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    Alejandro Anibal Demichelis • Jefferies Financial Group Inc.

    Alejandro Anibal Demichelis's questions to Southern Copper Corp (SCCO) leadership

    Alejandro Anibal Demichelis's questions to Southern Copper Corp (SCCO) leadership • Q1 2025

    Question

    Alejandro Anibal Demichelis asked for the outlook on cash costs for the remainder of 2025 and the rationale behind the increased use of a share dividend.

    Answer

    Raul Jacob (executive) stated that Southern Copper expects the full-year 2025 cash cost to be in the $0.75 to $0.80 per pound range, assuming stable by-product prices. He explained that the share dividend was a prudent measure after a significant $711 million final tax payment for 2024 and other first-quarter dues reduced Q1 cash flow, a situation not expected to recur in subsequent quarters.

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    Alejandro Anibal Demichelis's questions to Southern Copper Corp (SCCO) leadership • Q3 2024

    Question

    Alejandro Anibal Demichelis asked for an indication of the CapEx budget for 2025. He also inquired about the current water situation in Mexico and the status of the Sonora River.

    Answer

    Executive Raul Jacob stated that while budgets are still under review, the company is considering a CapEx of about $920 million for 2025, though this is not yet final. Regarding water in Mexico, he assured that all operational needs for 2024 and 2025 are met, and the company is storing water as a precaution, but the situation is currently stable.

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    Alejandro Anibal Demichelis's questions to Southern Copper Corp (SCCO) leadership • Q2 2024

    Question

    Alejandro Anibal Demichelis from Jefferies followed up on net cash costs, asking if they would remain below $1 per pound given stable by-product volumes. He also inquired about the dividend policy for the rest of the year, particularly the cash-to-stock ratio, and confirmed the 2025 CapEx outlook for Tia Maria.

    Answer

    Executive Raul Jacob responded that while by-product volumes are expected to be stable, keeping net cash cost below $1 per pound is dependent on metal prices. He explained the 50/50 cash-stock dividend was a Board decision to conserve cash for investments like Tia Maria and a $500 million debt repayment in 2025. He confirmed the current 2025 Tia Maria CapEx budget is $316 million but is under review.

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    Alejandro Anibal Demichelis's questions to Southern Copper Corp (SCCO) leadership • Q1 2024

    Question

    Alejandro Anibal Demichelis from Jefferies followed up on the dividend, asking if stock dividends are limited to current treasury shares, and requested an update and potential timeline for the Tia Maria project.

    Answer

    Executive Raul Jacob confirmed the current stock dividend will use about 8 million of the 111 million shares held in treasury and that the company is not considering issuing new shares. On the Tia Maria project, he noted a very positive shift in the political environment and improved social sentiment due to years of community work, but declined to provide a specific timeline, committing only to quarterly updates.

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    Alejandro Anibal Demichelis's questions to Vista Energy SAB de CV (VIST) leadership

    Alejandro Anibal Demichelis's questions to Vista Energy SAB de CV (VIST) leadership • Q3 2024

    Question

    Alejandro Demichelis asked about the flexibility within the 2025 guidance, specifically how quickly Vista could ramp up production if spare pipeline capacity becomes available.

    Answer

    Chairman and CEO Miguel Galuccio explained that Vista will have significant flexibility in 2025 due to having spare evacuation capacity and a second frac set. To accelerate beyond the current guidance would require a fourth drilling rig, a decision that would depend on the market context, particularly international oil prices.

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