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Southern Copper CorporationMay, 2019

1

I. Introduction

2

This presentation contains certain statements that are neither reported financial results nor other

historical information. These estimates are forward-looking statements within the meaning of the

safe-harbor provisions of the securities laws. These forward-looking estimates are subject to risk

and uncertainties that could cause actual results to differ materially from the expressed in the

forward-looking statements. Many of these risks and uncertainties relate to factors that are

beyond Southern Copper’s (SCC) ability to control or estimate precisely, such as future market

conditions, commodity prices, the behavior of other market participants and the actions of

governmental regulators. Readers are cautioned not to place undue reliance on these forward-

looking statements, which speak only as of the date of this presentation. SCC does not

undertake any obligation to publicly release any revision to these forward-looking estimates to

reflect events or circumstances after the date of this presentation.

Safe Harbor Statement

3

Corporate Structure

100.0% (*)

99.29 % 99.96 %

11.1% (*)

Public Float

SCC Peru Branch Minera Mexico

(*) As of December 31, 2018

AMERICASMINING

CORPORATION

88.9% (*)

Transport11%

Electrical Network

24%

Construction30%

Industrial Machinery

10%

Consumer & General Products

25%

LME Copper Cash Price vs. Inventories

Copper Consumption by End-use

Solid Fundamentals Copper Consumption by Region

Wood Mackenzie 2018

Copper – The Best Fundamental Story in Commodities

4

Copper has the best fundamentals in the basic materials space:

― Our basic scenario does not consider an escalation of U.S. – China commercial protectionism or a recession.

― Expect 2.5% copper demand growth. 2019 demand driven by worldwide economic growth.

― Expect supply growth of 1.5% due to lack of projects.

― Possible 2019 market deficit due to 165K tonsproduction losses in Chile and Peru during 1Q19.

Wood Mackenzie 2018

► Refined copper inventories have decreased by 49%, since its peak in March, 2018.

-

100,000

200,000

300,000

400,000

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LME COMEX shanghai LME Cash

5

Southern Copper Strengths

►#2 copper reserves of the industry

►Excellent organic growth projects

►Low cost, fully integrated operations

►Experienced management team

►Strong financial performance / investment grade since 2005

►Outstanding dividend history

►Good long-term copper & by-product fundamentals

6

II. Overview of Operations

7

Peru

Ilo

Mexico

Copper open pit mines

Underground mines

Smelters and Refineries

Key

Company Overview

Copper Reserves 1: 69.7 mmt

2018 Cash Cost $ 0.87/lb.

2019 Estimates (@ $2.96 x Lb of Cu):

Copper Production: 987 kt

Sales: $ 7.5 B

EBITDA: $ 4.1 B

54% of Sales

#2 copper company by reserves 2

#5 copper producer 3

#10 copper smelter 3

#7 refinery 3

Source: Company FilingsNotes: 1 Copper contained in reserves based on US$2.90 per pound of copper as of December 31, 20182 Based on available companies reports3 Wood Mackenzie Limited 2017

Santa Barbara

Charcas

Taxco

San Luis Potosi

Santa Eulalia

San Martin

Cuajone

La Caridad

Buenavista

ToquepalaTia Maria

Projects

El Arco

El Pilar

Los Chancas

Michiquillay

70

56

47 46

37 37 37 34 32

20

SCCO Anglo American KGHM Codelco Freeport BHP Rio Tinto First Quantum Antofagasta Glencore

78

69

47 45

28 26 24 22 22 16

Codelco SCCO BHP Freeport Glencore KGHM First Quantum Anglo American Rio Tinto Antofagasta

Large Scale Reserve Base Underpins Industry-Leading Mine Life

Second Largest Copper Reserve Base Globally(1)

Longest Mine Life in the Copper Space

Attributable Copper Reserves; Mt

Attributable Copper Reserves / 2019E Copper Production; Years

1,704 987 1,275 1,215 1,428 557 688 393 594 509

Attributable 2019E Production; kt

(2)

Source: SCCO filings, Wood Mackenzie.Notes: Based on Wood Mackenzie estimates except for SCCO’s reserves and 2019E production, which is based on SCCO’s management estimates.(1) Latest reserve figures from

Wood Mackenzie, as of 2017. (2) 2018 reserve figures from SCCO filings.

SCCO is set apart from its peers by its large scale copper reserve base and market leading mine life

8

21 172 200 182 226 285

447 431 414 428

118

114 121 121 126

131

133 135 132 131

6

6 6 6

5 6

6 5 6 14

169

156 152 139 140

144

141 148 170 258

165

140 159 169

178 178

171 158 161

156

479

587 638 617

677 743

900 877 884

987

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Guidance

Buenavista La Caridad IMMSA Toquepala Cuajone

Proven Development Capabilities to Deliver Stable Organic Growth

SCCO Copper Production Track Record (2010 – 2019)Cu Production by Mine; kt

BuenavistaNew SX-EW III Plant

US$1.4 bn mm / +120kt Cu

CuajoneConcentrator Optimization

US$157 mm / +24kt Cu

BuenavistaNew Concentrator Plant

US$1.8 bn / +188kt Cu +2.6kt Mo

2nd Generation of Projects (Board Approved, 2019 – 2021) + Strong Pipeline of Organic Growth Projects (+2022)

BrownfieldBrownfield Greenfield

SCCO has a proven track record of operational efficiency and project development execution, having been able to double copper production in the last 10 years (from 479kt Cu in 2010 to 987kt Cu in 2019E)

ToquepalaConcentrator Expansion

US$1.3 bn – 100kt Cu +3.1kt Mo

Source: SCCO filings, company estimates.

Buenavista Zinc

+80kt Zn / +20kt Cu Zinc Concentrator – US$413 mm

Pilares

35ktNew Mine Development – US$159 mm

Tia Maria

+120kt CuSX-EW – US$1.4 bn

Mexico Operations Peru Operations

9

Geographic Footprint & Product Diversification

2018 Revenue by Product 2018 Revenue by Market

10

Copper80%

Molybdenum7%

Zinc5%

Silver4%

Other4%

Asia 25%

Mexico 23%

Europe 22%

United States18%

Other LatAm7%

Peru 5%

Operating Materials

19%

Fuel14%

Power15%Labor

14%

Maintenance20%

Other18%

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Low Cost Operations

Cash Cost per Pound of Copper Produced Net of By-Products

Operating Cash Cost per Pound of Copper Produced

Low Cost Drivers

Fully integrated low cost operations

World class assets

Significant SX-EW production

Strong by-product credits

Management focus on cost efficiency and growth

(1) Last 12 months

Cost Structure (1)

1.07 1.11

0.950.92

0.87

0.80

0.7

0.9

1.1

2014 2015 2016 2017 2018 2019 E

(US

$/lb

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1.89

1.66

1.44 1.49 1.54 1.48

1.20

1.70

2.20

2014 2015 2016 2017 2018 2019 E

(US

$/lb

)

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Cost Leadership Among Largest Copper Producers

2019E C1 Cash Costs, Composite Costs, Grouped by Company (1), US$/Lb

(1.00)

(0.50)

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0.50

1.00

1.50

2.00

2.50

3.00

0% 20% 40% 60% 80% 100%

1st Quartile

12Note: (1) Composite by company and based on Wood Mackenzie estimates except for SCCO’s 2019E C1 cost, which is based on SCCO’s management estimates

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III. Financial Overview

$1,199 $795 $1,094

$2,269 $2,435 $2,508

2014 2015 2016 2017 2018 1Q19 LTM

677 743 900 877 884 908

$5,788 $5,046 $5,380

$6,655 $7,097 $7,009

$3.11

$2.50 $2.21

$2.80 $2.96 $2.82

2014 2015 2016 2017 2018 1Q19 LTM

$1,530 $1,150 $1,119 $1,024 $1,121 $999

2014 2015 2016 2017 2018 1Q19 LTM

Solid Operational and Financial Track Record

$2,728 $1,945 $2,212

$3,292 $3,556 $3,507

47.1%

38.5% 41.1%

49.5% 50.1% 50.0%

2014 2015 2016 2017 2018 1Q19 LTM

Capital ExpendituresUS$ mm

Free Cash Flow (Adj. EBITDA – Capex)US$ mm

Net Revenue and Avg. Cu PriceUS$ mm; US$/lb(1)(2)

Adj. EBITDA and Adj. EBITDA MarginUS$ mm; %

Cash Flow Conversion(4)

Total Cu Production, kt

43.9% 40.9% 49.4% 68.9% 68.5% 71.5%

Source: SCCO filings.Notes: (1) Average LME price. (2) Average LME price for the three months ended March 31, 2019. (3) Cash cost incurred at each processing stage, from mining through to recoverable

metal delivered to market, net of by-product credits. (4) (Adj. EBITDA – Capex) / Adj. EBITDA.

C1 Cash Costs(3); US$/lb

$1.07 $1.11 $0.95 $0.92 $0.87 $0.90

SCCO has a strong track record of profitability through the copper business cycle. Conservative leverage levels and long-dated amortization profile support SCCO’s investment grade rating

Total Cu Production CAGR: 6.9%

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$2,728

$1,945

$2,212

$3,292

$3,556 $3,507

$1,199

$795

$1,094

$2,269 $2,435 $2,508

$3.11

$2.50

$2.21

$2.80 $2.96

$2.82

$3.28

$3.90 $3.85

$3.45

2014 2015 2016 2017 2018 1Q19 LTM 2019E 2020E 2021E 2022E

Adj. EBITDA FCF (Adj. EBITDA - Capex) Avg. Cu Price Cash Flow Conversion

43.9%

40.9%

49.4%

68.9% 68.5% 71.5%

Proven Economic Resilience to Volatility and Commodity Environment Downturns

Source: SCCO filings, Wood Mackenzie.Notes: (1) Average annual LME price in 2014-2018. (2) Average LME price for the three months ended March 31, 2019 for 1Q19. (3) Wood Mackenzie forecasts. (4) Calculated as (Adj.

EBITDA – Capex) / Adj. EBITDA.

SCCO has a solid track record of profitability through the copper business cycles. Conservative leverage levels support SCCO’s investment grade ratingTotal Copper Production; kt

Cash Balance; US$ mm

(4)(1)(2)(3)

Increased cash generation potential from production growth, consistent

cost efficiency and copper price consensus estimates above current

price levels

Investment Grade Since 2005

BBB+(Stable)

11/18/2018

BBB+(Stable)

10/18/2018

Baa2(Positive)

03/27/2019Debt; US$ mm

Net Debt / Adj. EBITDA; x

Dividends; US$ mm

$703 $878 $597 $1,055 $1,058 $951

$4,181 $5,952 $5,954 $5,957 $5,960 $5,961

1.3x 2.6x 2.4x 1.5x 1.4x 1.4x

$381 $271 $139 $456 $1,082 $1,160

677 743 900 877 884 908

15

16Source: SCC

Toquepala Concentrator Expansion4Q18 - $1.2B - 100K Tons Cu, 3.1K

Tons Mo

2017-2019 2020-2022Buenavista:- $3.1B program to increase capacity

from 180K Tons Cu to 500K Tons Cu, 4.6K Tons Mo

Buenavista Zinc Conc. 3Q22 - $413M 20K Tons Cu, 100K Tons Zn

Los Chancas Conc. & SX/EW -$2.8B - 130K Tons Cu, 7.5K Tons Mo

Pilares 1Q21 - $159M 35K Tons Cu

Investment Program to SignificantlyIncrease Production

Board approved Other projects

2018-2026 Capex Program Overview (MM) 2018-2026 Copper Production Forecast (‘000 MT Cu)

Tia Maria SX/EW 2Q22 – $1.4B - 120K Tons Cu

El Arco Conc. & SX/EW - $2.8B 190K Tons Cu, 105K Oz Au

Ilo Smelter & Refinery Expansion

El Pilar 1Q23 - $256M – 35K Tons Cu

MEXICO PERU

Michiquillay $2.5B - 225K Tons Cu

884 987 990 983

1,067 1,170 1,198

1,369

1,808

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2018 2019 2020 2021 2022 2023 2024 2025 2026

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Key Differentiators to Achieve Lower Capital Intensity

Growth profile based on pipeline of organic projects

Regional synergies, growth projects also located in Mexico and Peru

Significant infrastructure economies of scale with ~35% of targeted production growth coming from brownfield expansions

Highly experienced project development team focused on capital efficiency and discipline

SX-EW Technology: lower capital intensity; underpins production growth

High-Quality, Low-Capital Intensive Growth Profile

Low Capital Intensity Organic Growth Completed and Expansion Projects; US$ ‘000s/ton of Annual Cu-Eq Production

Low Capital Intensity Versus Greenfield Development Projects(1)

Capital Intensity; US$ ‘000s/ton of Annual Cu-Eq Production

Source: SCCO filings, Wood Mackenzie.Note: (1) Includes largest 15 greenfield copper development projects by average production expected to come online between 2019 and 2022 according to Wood Mackenzie. SCCO

figures based on SCCO’s management estimates.

Brownfield Greenfield

Avg. Brownfield: $10.0Avg. Greenfield: $13.4

17

$2,728

$1,945 $2,212

$3,292$3,556

$4,074

47%

38% 41% 49%

50%54%

2014 2015 2016 2017 2018 2019E

SCC EBITDA and % Margin(in US$ millions)

SCC is the Premier Copper Play• World class assets in investment grade countries.

• #2 in reserves of any company with various organic growth prospects.

- Copper production heading towards 1.8M Tons by 2026.

• Capacity to deliver projects through flexible capital structure and significant cash generation capability. Investments focused on cost competitiveness.

• Fully integrated low cost operations. Expects cash cost of $0.80 per pound by 2019.

• Outstanding dividend history.

• Experienced management with proven track record.

SCC’s Major Strengths

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Cu price $3.11 $2.50 $2.21 $2.80 $2.96 $2.96

19

Appendix

Active Social Responsibility Initiatives

More than 110 social responsibility initiatives designed to integrate SCCO’s operations with local communities were implemented in 2017 with over 12,800 community volunteers participating

– These initiatives fostered positive relationships with the communities to develop optimal social conditions and promote sustainable development of the area

– Over US$60 mm invested in 2017 community development projects in education, health, productive projects and development of infrastructure and services

SCCO looks to improve communities through their “Casa Grande” model:

– 15 Community Development Centers: Open Houses for communities, where courses and workshops are held to promote development

– Participatory Diagnostics: Communities and SCCO participate carrying out development projects

– Community Committees : Integrated by volunteer leaders from local communities and members of the Company who collaborate in evaluating sustainable projects

– Seed Capital: Investment in social projects, implementing strategies to improve quality of life in communities

– Productive Projects: Projects that transform community lives by productive skills

Key Environmental Certifications in Place

4 units certified under ISO 14001:2004

Strong commitment to clean industry practices

Internationally accepted standard for the handling of environmental management plans

Source: SCCO filings.

Management Team Committed to Highest HSE Standards

15 certifications in environmental quality

Certifications evidence strong commitment to achieving highest environmental quality standards

15 certifications in clean industry

Clean Industry

EnvironmentalQuality

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Financial Results

Source: SCCO filings.Notes: (1) Average annual LME price. (2) Average LME price for the three months ended March 31, 2019. (3) 1Q19 Total Debt / Adj. EBITDA and Net Debt / Adj. EBITDA calculated

using LTM Adj. EBITDA. (4) Net Capitalization considers the sum of book value of equity and net debt.

(2)

(US$ mm unless otherwise stated) 2014 2015 2016 2017 2018 1Q19

Avg. Cu Price; US$/lb(1) $3.11 $2.50 $2.21 $2.80 $2.96 $2.82Avg. Cash Cost (C1), Net of By-Products 1.07 1.11 0.95 0.92 0.87 0.90Avg. Cash Cost (C1), Before By-Products 1.89 1.65 1.44 1.49 1.54 1.53

Income Statement SummaryNet Sales $5,788 $5,046 $5,380 $6,655 $7,097 $1,753

Cost of Sales 2,841 2,928 3,034 3,253 3,409 844SG&A 103 99 94 93 103 29Depreciation, Amortization and Depletion 445 511 647 671 674 182Exploration and Other 166 94 40 18 30 6

EBIT $2,141 $1,369 $1,564 $2,630 $2,881 $694EBIT (%) 37.0% 27.1% 29.1% 39.5% 40.6% 39.6%

Adj. EBITDA $2,728 $1,945 $2,212 $3,292 $3,556 $890Adj. EBITDA Margin (%) 47.1% 38.5% 41.1% 49.5% 50.1% 50.8%

Net Income Attrib. to SCCO $1,333 $736 $777 $729 $1,543 $388Net Income Margin (%) 23.0% 14.6% 14.4% 10.9% 21.7% 22.1%

Balance Sheet SummaryCash & Equivalents $703 $878 $597 $1,055 $1,058 $951Total Debt 4,181 5,952 5,954 5,957 5,960 5,961Net Debt 3,478 5,074 5,357 4,902 4,902 5,010

Cash Flow Statement SummaryCapital Expenditures $1,530 $1,150 $1,119 $1,024 $1,121 $173SCCO Share Buybacks 683 1,004 72 -- -- --Dividends 381 271 139 456 1,082 309

Credit MetricsNet Debt / Adj. EBITDA(3) 1.3x 2.6x 2.4x 1.5x 1.4x 1.4x

Total Debt / Adj. EBITDA(3) 1.5 3.1 2.7 1.8 1.7 1.7

Net Debt / Net Capitalization(4) 37.3% 48.9% 47.7% 44.4% 42.6% 42.8%

Total Debt / Net Capitalization(4) 41.7 52.9 50.4 49.2 47.4 47.1EBIT / Interest Expense 8.1x 4.1x 4.3x 7.4x 8.0x 7.7x

21