Thor Explorations (THX) Study result summary

Financial and operational highlights

• Achieved record net sales of $13.4 billion, up 17% year-on-year, driven by higher by-product production and improved metal prices.

• Adjusted EBITDA reached $7.8 billion, a 22% increase, and net income rose 28% to $4.3 billion.

• Copper production for 2025 was 956,270 tons, down 1.8%, with a further 4.7% decrease expected in 2026 due to lower ore grades.

• By-product production surged: zinc up 36%, silver up 15%, and molybdenum up 7% year-on-year.

• Operating costs increased 19% in Q4 2025, mainly due to higher labor and contractor expenses.

Market and pricing environment

• LME copper prices rose 21% to $5.03/lb in Q4 2025; COMEX prices increased 22% to $5.15/lb.

• Estimated global copper market deficit of 320,000 tons for 2026, with inventories at 14 days of global demand.

• Molybdenum, silver, and zinc prices all increased, supporting higher by-product revenues.

Production and cost guidance

• 2026 copper production expected at 911,400 tons, reflecting lower ore grades in Peru.

• Molybdenum production forecasted at 26,000 tons for 2026, down from 31,200 tons in 2025.

• Silver production guidance for 2026 is 24 million ounces, matching 2025 levels.

• Operating cash cost per pound of copper before by-product credit was $2.17 in 2025, with net by-product credit cash cost at $0.58.

• Cost structure impacted by currency appreciation in Mexico and Peru; 39% of costs in pesos, 10% in soles, 51% in USD.