Despite a period of uncertainty in the countries where we operate, Grupo Mexico continues with its expansion plans to keep fostering economic growth and wellbeing in these countries. As a result of our sustained investment plan over several decades, as well as a continued focus on cost control, we were able to benefit from the positive copper price environment, showing double-digit growth in all our indicators, led by the excellent results of the Mining Division. In addition, we achieved the expected production at the new Buenavista Zinc concentrator in Mexico, which has produced 23,300 tons of zinc and 5,544 tons of copper as at 2H24.

Accrued consolidated revenues in 2Q24 reached US$8.19 billion-12.1% higher than in the same period of 2023, and up 27.4% compared to 2Q23. The Mining Division’s revenues settled at US$6.22 billion in 2Q24-10.9%higher than in 2023, and 32.7% higher than in 2Q23, due to increases of 2.2%, 14.8% and 33.7% in copper, molybdenum, and zinc sales volumes, respectively, and a 6.0% hike in copper prices during the first half of the year. This was partially offset by a 23.0% decrease in molybdenum prices and a 7.0% drop in zinc prices. The Transportation Division achieved accrued revenues of US$1.77 billion-12.4%higher than in 2023 and 9.0% higher than in 2Q23. The Infrastructure Division’s accrued net revenues totaled US$388 million-a15.7% increase vs. 2023 and 10.3% higher than in 2Q23.

Accrued consolidated copper production in 1H24 showed a 5.3% recovery versus 1H23, reaching 538,741 tons, including 5,544 tons of copper from the new Buenavista Zinc concentrator in Mexico. The increase in copper production is mainly due to growth in our Peruvian operations, given higher ore grades, as well as higher production in Mexico, which was partially offset by a decrease in Asarco’s production. During 2Q24, production rose 4.7%, following similar dynamics to the first half of the year.

We continue to have the best cost in the copper industry worldwide. Net cash cost of byproducts showed a 0.4% improvement compared to 1H23, due to an improvement in unit production costs given higher volumes, as well as higher byproduct credits for molybdenum, zinc and silver.

Compared to 2Q23, net cash cost was 22.1% lower, going from US$1.32 to US$1.03-aUS$0.29 reduction-mainly due to higher byproduct credits. Likewise, it shows a 19.5% improvement versus 1Q24, mainly due to increased byproduct credits due to higher volumes and prices, and the economy of scale effect, due to the units produced.

Consolidated EBITDA for 1H24 totaled US$4.30 billion-15.1% above the same period of the previous year and 43.3% higher on a quarterly basis. During 1H24, the Mining Division obtained US$3.35 billion in EBITDA-18.3%higher than in 2023-andshowed an increase of 60.7% during 2Q24. The Transportation Division obtained an EBITDA of US$764 million during 1H24-a2.3% increase compared to the previous year, and a 3.7% drop during 2Q24-significantlyaffected by the coordinated actions undertaken by the authorities to control migratory flows. Our rail network received an unprecedented number of migrants entering our country, which caused high levels of congestion. This was reflected in higher costs and an impact on operating metrics, as well as on revenues. We are in constant dialogue with the Federal authorities, and today, we can report zero trains boarded by crowds, thus avoiding the risks incurred by migrants traveling illegally on board freight trains.

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SECOND QUARTER RESULTS 2024

In the Infrastructure Division, accrued EBITDA totaled US$229 million-41.5% higher compared to 1H23 and 82.8% higher during the quarter.

Dividend. – On July 19, 2024, the Board of Directors declared the payment of a cash dividend of $1.20 pesos per share outstanding, to be made in a single installment as of August 28, 2024. This dividend implies an annualized dividend yield of 4.6%.

All figures are stated in dollars (“US$”), currency of the United States of America, under U.S. GAAP, except where otherwise noted. Net profit includes the capital gain/loss of the shares, as well as their effect on deferred taxes.

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SECOND QUARTER RESULTS 2024

Relevant Events

Grupo México

Grupo Mexico is one of the largest companies in the Mexican Stock Exchange in terms of market capitalization and marketability. It is also the second taxpayer in Mexico. In addition, it is number one in profit-sharing in Mexico and Peru. To date, Grupo México has nearly 31,000 direct employees and more than 110 thousand highly skilled and well-paid indirect employees. Grupo México is the fifth largest copper producer in the world, and has the lowest cash-cost and the largest copper reserves in the world.

ASG. – Sustainability is a key pillar of Grupo México’s business model.

Renewable Energy. On August 1st 2024, the Company will start receiving eolic energy from the Fenicias wind park, operated by Grupo Mexico Infraestructura. This will reduce our CO2 emission by approximately 250.000 tons per year, which is equivalent of close to 7% of our carbon footprint.

Responsible production. Our Buenavista mine in Sonora, Mexico, has received The Copper Mark, The Zinc Mark and The Molybdenum Mark certifications for responsible production following a third-party independent evaluation of our performance in environmental, social and governance (ESG) matters, including human rights. Consequently, all of our open pit Mexican copper, zinc and molybdenum production has been certified with these standards.

Dr. Vagón. During the second quarter, Dr. Vagón visited 4 communities in Guadalajara, attending to more than 5,000 patients. Among its services, 1,316 diagnostic tests were performed, 1,813 pairs of glasses were distributed, and the first cataract surgery campaign was conducted, evaluating 67 patients and performing 61 surgeries. Currently, Dr. Vagón is the first train in the Americas with the capability to perform surgeries.

Human Development. Grupo Mexico’s swimming team advisor and trainer, Jorge Iga, qualified for the Paris 2024 Olympic Games, breaking Mexico’s record in the 100-meter freestyle. Due to his support, in 2024, 17 students from this team have participated in 6 top-level competitions.

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SECOND QUARTER RESULTS 2024

Relevant Events

Mining Division

Projects

Over the years, Grupo México has proven the ability to have an organic growth portfolio through various stages of the copper price cycle. It continues to focus on being a global industry cost leader and operating with financial efficiency and discipline. Grupo México’s projects are a source of employment and wellbeing in the communities and countries where it operates.

Our capital investment program for this decade exceeds US$15 billion, including investments in the Buenavista Zinc, Pilares, El Pilar and El Arco projects in Mexico, and Tia Maria, Los Chancas and Michiquillay in Peru. This investment plan includes several infrastructure investments, including key investments to boost the competitiveness of the El Arco project.

Peruvian Projects

Tia Maria – Arequipa: This greenfield project, located in Arequipa, Peru, will use state of the art SX-EW technology with the highest international environmental standards to produce 120,000 tons of SX- EW copper cathodes per year

Southern Copper has consistently promoted the welfare of the population of the Islay province and the Arequipa region. As part of these efforts, we have implemented successful social programs in education, healthcare and productive development to improve the quality of life in the region.

Project update: As of July 1st, the Company has restarted activities at the Tía María project, which reflects advances on the social and political fronts in the province of Islay, the Arequipa region and at the national level. We reiterate our view that Tia Maria will generate significant economic and social opportunities for the Islay province and the Arequipa region.

In 2024, the Company will, among other scheduled activities, install a live fence as well as 1,000 fog catchers. SCC will also roll out earth-moving work this year. All these activities will generate 370 direct jobs in 2024 for the local population. In 2025, we expect to begin mine construction, which will generate 1,100 direct jobs over the year. To the fullest extent possible, we intend to fill the 9,000 jobs that we expect to generate during Tia Maria’s construction with workers from the Islay province. When we start operations in 2027, the project will generate 600 direct jobs and 4,800 indirect jobs.

Our social programs in Islay totaled $6.3 million in the last two years. Our current programs promote a reduction in the cost of agricultural production by improving productivity with cutting-edge technology. Additionally, we are working to provide internet access to 4,600 school students. On top of this, we are committed to developing health facilities, high performance schools, research centers and roads in the Arequipa region via the “work for taxes” mechanism.

Tia Maria will generate significant revenues for the Arequipa region from day one of its operations. At current copper prices, we expect to export $17.5 billion and contribute $3.4 billion in taxes and royalties during the first

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SECOND QUARTER RESULTS 2024

20 years of operation. The Company is currently reviewing its historical capital budget for Tia Maria of $1.4 billion. We will update this budget by year-end.

Los Chancas – Apurimac: This greenfield project, located in Apurimac, Peru, is a copper and molybdenum porphyry deposit. Current estimates of indicated copper mineral resources are 98 million tons of oxides with a copper content of 0.45% and 52 million tons of sulfides with a copper content of 0.59%. The Los Chancas project envisions an open-pit mine with a combined operation of concentrator and SX-EW processes to produce 130,000 tons of copper and 7,500 tons of molybdenum annually. The estimated capital investment is $2,600 million and the project is expected to begin operating in 2031. We continue to engage in social and environmental improvements for the local communities and are working on the project’s environmental impact assessment.

Project update: The Company continues to coordinate efforts with the Peruvian authorities to eradicate illegal mining activity. Once this process is completed, we will resume the environmental impact assessment and initiate hydrogeological as well as geotechnical studies. We also will conduct a diamond drilling campaign for 40,000 meters to gather additional information on the characteristics of the Los Chancas deposit.

Michiquillay Project – Cajamarca: In June 2018, Southern Copper signed a contract for the acquisition of the Michiquillay project in Cajamarca, Peru. Michiquillay is a world – class mining project with inferred mineral resources of 2.28 billion tons with an estimated copper grade of 0.63%. When developed, we expect Michiquillay to produce 225,000 tons of copper per year (along with by-products of molybdenum, gold and silver) at a competitive cash-cost for an initial mine life of more than 25 years. We estimate an investment of approximately $2.5 billion will be required and expect production start-up by 2032. Michiquillay will become one of Peru’s largest copper mines and will create significant business opportunities in the Cajamarca region; generate new jobs for the local communities; and contribute with taxes and royalties to the local, regional, and national governments.

Project update: As of June 30, 2024, total advancement on the exploration project stood at 30%. We drilled 104,000 meters (total program = 148,000 meters) and obtained 33,991 core samples for chemical analysis. Diamond drilling is underway, which will provide data for cross-section interpretation, geological modeling and resource evaluation. This month, we will begin hydrogeological studies and in August, geotechnical studies will commence. We will also assess the results of metallurgical testing at the deposit in August.

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SECOND QUARTER RESULTS 2024

Relevant Events

Transportation Division

In the Transportation Division, 2Q24 revenues totaled US$1.76 billion and EBITDA US$764 million, increasing 12.4% and 2.3%, respectively.

Volume. – Transported volumes during 2Q24 grew 10.5% compared to the same period of 2023, reaching 525,184 carloads. Volume growth was led by the intermodal segment, with a 32% increase in carloads, followed by the Agricultural segment, which grew 13% in carloads. We lost almost 50,000 carloads (an additional 12%) that we were unable to transport due to the impact on capacity and service resulting from the reasons mentioned above.

Segments with the highest revenue growth in peso terms in 2Q24:

Growth in the Intermodal Segment. – The segment showed growth of 23% in revenues and 23% in tons-km, as a result of the rise in volumes of consumer goods and auto parts on domestic Cross Border routes, resulting from a higher market share.

Growth in the Agriculture Segment. – The segment showed growth of 21% in revenues and 17% in tons-km thanks to the increase in grain import volumes through ports and across borders.

Growth in the Energy Segment. – The segment grew 13% in revenues and 8% in tons-km, mainly due to an increase in refined goods, as well as a rise in fuel oil loads at refineries.

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SECOND QUARTER RESULTS 2024

Relevant Events

Infrastructure Division

Infrastructure Division.- At the end of 2Q24, net revenues accrued US$388.2 million and EBITDA US$229.2 million, with increases of 15.7% and 41.5%, respectively, compared to the same period of 2023. This is due to the additional 1Q integration of the GM Inmobiliaria (PlaniGrupo) operations, the start of commercial operations of the Fenicias Wind Farm, the increase in daily quotas from the 6 drilling rigs, increased traffic in Highways, higher production in Constructora and foreign exchange rate variations. The Division’s EBITDA margin reached 59.0%.

Power Generation. – At the end of 2Q24, accrued revenues totaled US$133.7 million and EBITDA US$78.1 million, representing variations of -1.0% and +15.8%, respectively vs. 2023.

• The “La Caridad” combined cycle plant obtained lower revenues due to the 51.0% decrease in gas costs.
• The “El Retiro” wind farm increased production by 22.4%, achieving increases of 32.5% and 91.7% in revenues and EBITDA, respectively.
• The “Fenicias” wind farm sold 28 GWh of test energy in May and began operations on June 1st, accruing US$10.2 million in EBITDA at the end of 2Q24. This wind farm will supply electric power to IMMSA’s mining and metallurgical operations starting August 1st, 2024.

Perforadora Mexico (PEMSA). – Accrued revenues at the end of 2Q24 were US$115.9 million and EBITDA totaled US$59.7 million, translating into increases of 13.3% and 10%, respectively, vs. the previous year. This is due to the 14.0% increase in daily quotas, the operation of our 6 oil rigs with an average cumulative efficiency of 98.3%, and better results in cementing operations.

México Compañía Constructora. – At the end of 2Q24, accrued revenues totaled US$48.6 million and EBITDA US$9.7 million, representing increases of 41.0% and 5.6%, respectively vs. 2023. The variations in results are attributable to the difference in production, completion of works, and continuity of projects between periods.

Engineering Services. – At the end of 2Q24, revenues accrued US$15.8 million and EBITDA accrued US$3.6 million, representing decreases of 8.4% and 12.8%, respectively vs. the same period of the previous year. This is due to lower production and higher start-up costs for new projects.

Highways. – At the end of 2Q24, accrued revenues totaled US$36.7 million and EBITDA US$24.4 million, representing increases of 15.8% and 14.3%, respectively, vs. the previous year, due to an average daily traffic equivalent of 21,961 units-6.6% higher compared to 2023.

Real Estate.- At the end of 2Q24, revenues totaled US$38 million and EBITDA US$24.8 million, representing operational increases of 9.0% and 22.7%, respectively, vs. the previous year; this was due to the hike in rents and fees, as well as a 0.8% improvement in venue occupancy, reaching 95%. The consolidation of GM Inmobiliaria (PlaniGrupo) into Infrastructure began on April 19, 2023; so, for the Division, these results translate into 100% real increases of US$23.7 million in revenues and US$14.6 million in EBITDA.

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SECOND QUARTER RESULTS 2024

Financing

Grupo México maintains a solid balance sheet with a low level of leverage with a net debt to EBITDA ratio of 0.2x. 77% of the debt contracts are dollar-denominated, and 23% are peso-denominated. 95% of the debt has a fixed rate. Moreover, Grupo Mexico has an extremely comfortable maturity schedule with payments below US$1 billion annually until 2035.

Grupo México Maturities

As at June 30, 2024

Millions

900.0

883

US$

763

700.0

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SECOND QUARTER RESULTS 2024

Mining Division

Americas Mining Corporation

Relevant figures

Average Metals Prices

Copper. – Copper production during 2Q24 totaled 270,747 tons-4.7% higher than the previous year-reporting higher production at our Peruvian operations and in Caridad, Mexico.

Molybdenum. – Molybdenum production during 2Q24 was 7,655 tons-20.8% above the previous year-due to higher production at all of our operations as a result of higher ore grades and higher recoveries with the exception of Caridad.

Zinc. – Zinc production in 2Q24 totaled 29,419 tons-70.8% higher than in 2Q23-due to the start-up of Buenavista Zinc.

Silver. – Silver production in 2Q24 was 2,951 thousand ounces-an increase of 28.4% compared to 2Q23-due to higher production at Caridad and ILO.

Gold. – Gold production during 2Q24 was 8,201 ounces-1.1% higher than in 2Q23, mainly due to greater production at ILO.

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SECOND QUARTER RESULTS 2024

Mining Production

Cash Cost

For 2Q24, operating cash cost per pound of copper after byproducts was US$1.03-a decrease of 22.1% versus 2Q23.

Original Article: https://www.marketscreener.com/quote/stock/GRUPO-MEXICO-S-A-B-DE-C-V-6492742/news/Grupo-Mexico-B-de-C-01-2nd-Quarter-2024-Report-47437345/#:~:text=Original-,Document,-Permalink