The Codelco board of directors took note of the audit concluded today and instructed by its Audit, Compensation and Ethics Committee (CACE), which investigated a complaint about possible irregularities in the recognition and reporting of annual production of metric tons of fine copper (tmf) corresponding to the 2025 fiscal year.

The complaint was incorporated into the respective institutional channel on March 3, after which CACE ratified the need to instruct an investigation into the 2025 production reports and compliance with the internal regulations applicable to their recognition and registration.

The audit concluded that there were deviations in the application of internal standards associated with the recognition of production, specifically in 20,000 tmf contained in oxides from the Chuquicamata Division and 6,875 tmf contained in calcium arsenite from the Ministro Hales Division, equivalent together to approximately 2% of Codelco’s own production reported for the year.

The investigation determined that these materials required further processing, did not fully meet the conditions stipulated by internal regulations to be considered finished products, and should have remained registered as work-in-process. This identified regulatory non-compliance, improper use of exceptions, and deficiencies in mandatory approvals, as well as impacts on the calculation of corporate goals and incentives.

The review of the findings of this audit has not identified any negative effects that would require modification of the Corporation’s audited financial statements as of December 31, 2025. Instead, explanatory notes will be generated regarding the production figure included in the report, the reasoned analysis, the Corporation’s website, and other official communications.

The internal audit also established individual responsibilities regarding a group of seven executives and one former executive, from the Head Office and the Chuquicamata and Ministro Hales divisions.

Given these circumstances, disciplinary measures were adopted, including the dismissal of one executive and reprimands for the other professionals involved. A review and update of internal regulations regarding production reports was also ordered, incorporating international standards and best practices, with the aim of strengthening corporate processes and preventing similar situations in the future. Additionally, the Corporation’s Board of Directors will file a complaint with the Public Prosecutor’s Office so that, within its jurisdiction, it may investigate the possible existence of any criminal activity.

As a result of the correction to the reported production volumes, the variable incentives associated with these indicators must also be recalculated. The board has instructed management to implement the appropriate recovery mechanisms in accordance with current regulations.

The board considers it especially relevant to highlight that it was Codelco’s own institutional framework, through its internal control, supervision and corporate governance mechanisms, that addressed and investigated these events, following the provisions of its crime prevention model.

The development of the investigation process and the measures adopted seek to safeguard the honest, professional and responsible work with which thousands of Codelco workers and executives perform their functions daily and contribute to the development of the country.

Codelco reaffirms to the company’s employees, the authorities, the market and all its stakeholders that it will act with the utmost firmness against any deviation from its rules and internal controls, always safeguarding a management based on responsibility, transparency and strict adherence to its corporate standards.