Tia Maria Project

Greenfield copper SX-EW project in the Districts of Cocachacra, Mejia and Dean Valdivia, Islay Province, Arequipa, Peru, comprising the La Tapada and Tia Maria oxide deposits. Will use SX-EW technology with capacity of 120,000 t/yr of copper cathodes. Budget $1,805M; $790M committed and construction progress at 24% as of Dec 31, 2025; large-scale earthmoving has moved 1.7 Mt of material from La Tapada; main substation earthworks complete and transmission line under construction. Operations expected to start in 2027 (764 direct jobs); ~5,000 construction jobs at peak. Project previously experienced community-related delays. S-K 1300 TRS Exhibit 96.3.