STOCKHOLDERS' EQUITY:

6 Months Ended

Jun. 30, 2025

STOCKHOLDERS' EQUITY:

STOCKHOLDERS' EQUITY:

NOTE 11 — STOCKHOLDERS’EQUITY:

Treasury Stock:

Activity in treasury stock in the six-month periods ended June 30, 2025 and 2024 was as follows (in millions):

	2025		2024
Southern Copper common shares
Balance as of January 1,	$	2,337.3	$	2,766.7
Dividends paid in common stock		(338.8)		(199.5)
Used for corporate purposes		(0.2)		(0.2)
Balance as of June 30,		1,998.4		2,567.0
Parent Company (Grupo Mexico) common shares
Balance as of January 1,		363.4		382.3
Other activity, including dividend, interest and foreign currency translation effect		10.2		(3.1)
Balance as of June 30,		373.5		379.3
Treasury stock balance as of June 30,	$	2,371.9	$	2,946.2

Common Stock:

Dividend paid in common stock:

On February 27, 2025, the Company paid a dividend of 0.0073 shares per common share, which represented a reduction of 5,769,600 shares of common stock in treasury for a total of $143.2 million.

On May 19, 2025, the Company paid a dividend of 0.0099 shares per common share, which represented a reduction of 7,881,820 shares of common stock in treasury for a total of $195.6 million.

On June 30, 2025 and on December 31, 2024, 80,528,161 and 94,185,981 shares of SCC’s common stock were in Treasury, respectively.

Directors’ Stock Award Plan:

The Company has established a Director´s Stock Award Plan (the “Plan”) for certain non-employee directors. Southern Copper has reserved 600,000 shares of common stock for the Plan. Under the Plan, participants are entitled to an award of 1,600 shares of common stock upon election to the Board of Directors and are eligible to receive 1,600 additional shares of common stock per year thereafter. Commencing with the second quarter of 2021, Directors receive quarterly awards of 400 shares, contingent upon attendance of each quarterly Board meeting. The fair value of the award is measured each year at the date of the grant. On May 27, 2022, the Company’s stockholders approved a five-year extension of the Plan until January 27, 2028. On May 23, 2025, the Company’s stockholders approved an extension of the Plan for three years until January 27, 2031, and an amendment to the Plan to provide an annual grant of 200 additional shares to each eligible Director, contingent upon their attendance of all Board of Director’s meetings for the year. The award is not subject to vesting requirements.

For the first six months of 2025 and 2024, the stock-based compensation expense associated with the Plan totaled $0.6 million and $0.9 million, respectively.

The activity of the Plan for the six-month periods ended June 30, 2025 and 2024 was as follows:

	2025	2024
Total SCC shares reserved for the plan	600,000	600,000
Total shares granted at January 1,	(444,400)	(428,800)
Granted in the period	(6,400)	(8,800)
Total shares granted at June 30,	(450,800)	(437,600)
Remaining shares reserved	149,200	162,400

Parent Company common shares:

Total common shares of Grupo Mexico held by the treasury stood at 54,595,684 and 61,972,864 as of June 30, 2025 and December 31, 2024, respectively.

Employee Stock Purchase Plan:

2018 Plan: In November 2018, the Company offered a stock purchase plan to eligible employees through a trust that acquires series B shares of Grupo Mexico stock for sale to its employees, and employees of subsidiaries, and certain affiliated companies. The purchase price was established at 37.89 Mexican pesos (approximately $1.86) for the initial subscription, which expires in October 2026. Every two years employees will be able to acquire title to 50% of the shares paid in the previous two years. The employees will pay for shares purchased through monthly payroll deductions over the eight-year period of the plan. At the end of the eight-year period, the Company will grant the participant a bonus of 1 share for every 10 shares purchased by the employee. Any future subscription will be at the average market price at the date of acquisition or the grant date.

If Grupo Mexico pays dividends on shares during the eight-year period, the participants will be entitled to receive the dividend in cash for all shares that have been fully purchased and paid as of the date that the dividend is paid. If the participant has only partially paid for shares, the entitled dividends will be used to reduce the remaining liability owed for purchased shares.

In the case of voluntary or involuntary resignation/termination of the employee, the Company will pay to the employee the fair market sales price on the date of resignation of the fully paid shares, net of costs and taxes. When the fair market sales value of the shares is higher than the purchase price, the Company will apply a deduction over the amount to be paid to the employee based on a decreasing schedule specified in the plan.

In case of retirement or death of the employee, the Company will render the buyer or his legal beneficiary, the fair market sales value as of the date of retirement or death of the shares effectively paid, net of costs and taxes.

The stock based compensation expense for the six-month period ended June 30, 2025 and 2024 and the unrecognized compensation expense under this plan were as follows (in millions):

	2025		2024
Stock based compensation expense	$	0.3	$	0.3
Unrecognized compensation expense	$	0.7	$	1.4

The following table presents the stock award activity of this plan for the six-month periods ended June 30, 2025 and 2024:

			Unit Weighted Average
	Shares		Grant Date Fair Value
Outstanding shares at January 1, 2025	1,901,089	$	1.86
Granted	—	$	—
Exercised	(602,500)		1.86
Forfeited	—		—
Outstanding shares at June 30, 2025	1,298,589	$	1.86
Outstanding shares at January 1, 2024	1,962,936	$	1.86
Granted	—		—
Exercised	(41,742)		1.86
Forfeited	—		—
Outstanding shares at June 30, 2024	1,921,194	$	1.86

2025 Plan: In April 2025, the Company offered a new stock purchase plan (the “New Employee Stock Purchase Plan”) to eligible employees through a trust that acquires series B shares of Grupo Mexico stock for sale to its employees, and employees of subsidiaries, and certain affiliated companies. The purchase price was established at 92.52 Mexican pesos (approximately $4.94) for the initial subscription, which expires in April 2033. Every two years employees will be able to acquire title to 50% of the shares paid in the previous two years. The employees will pay for shares purchased through monthly payroll deductions over the eight-year period of the plan. At the end of the eight-year period, the Company will grant the participant a bonus of 1 share for every 10 shares purchased by the employee. Any future subscription will be at the average market price at the date of acquisition or the grant date.

If Grupo Mexico pays dividends on shares during the eight-year period, the participants will be entitled to receive the dividend in cash for all shares that have been fully purchased and paid as of the date that the dividend is paid. If the participant has only partially paid for shares, the entitled dividends will be used to reduce the remaining liability owed for purchased shares.

In the case of voluntary or involuntary resignation/termination of the employee, the Company will pay to the employee the fair market sales price on the date of resignation of the fully paid shares, net of costs and taxes. When the fair market sales value of the shares is higher than the purchase price, the Company will apply a deduction over the amount to be paid to the employee based on a decreasing schedule specified in the plan.

In case of retirement or death of the employee, the Company will render the buyer or his legal beneficiary, the fair market sales value as of the date of retirement or death of the shares effectively paid, net of costs and taxes.

The following table presents the stock award activity of this plan for the six-month period ended June 30, 2025:

			Unit Weighted Average
	Shares		Grant Date Fair Value
Outstanding shares at January 1, 2025	—		—
Granted	2,372,449	$	4.94
Exercised	—		—
Forfeited	—		—
Outstanding shares at June 30, 2025	2,372,449	$	4.94

Executive Stock Purchase Plan:

Grupo Mexico also offers a stock purchase plan to certain members of its executive management; to executive management at its subsidiaries; and to certain affiliated companies. Under this plan, participants will receive cash incentive bonuses to purchase shares of Grupo Mexico, which are deposited in a trust.

Non-controlling interest:

The following table presents the non-controlling interest activity for the six-month periods ended June 30, 2025 and 2024 (in millions):

	2025		2024
Balance as of January 1,	$	66.6	$	63.1
Net earnings		6.4		6.4
Dividend paid		(4.4)		(1.8)
Balance as of June 30,	$	68.6	$	67.7