Grupo Mexico B de C : 01.4th Quarter 2021 Report

RESULTS

Fourth Quarter and Annual Results

Mexico City, February 1st, 2022

Grupo Mexico, S.A.B de C.V. ("Grupo Mexico" "GMéxico"- BMV: GMEXICO)

As a result of the intensive investment deployed in the last 20 years, during 2021, Grupo México achieved record revenues and EBITDA, driven mainly by excellent results in the Mining Division, given higher metal prices of copper and byproducts and the recovery of volumes transported in the Transportation Division.

We view the future with optimism, given the positive environment of copper prices and our growth projects in the Mining Division, as well as volume growth in Transportation, to generate excellent results for the benefit of our stakeholders.

Accrued revenue during 2021 reached US$14.78 billion, a record in the history of Grupo México, 35.5% higher than in 2020 and 17.4% higher during 4Q21. The Mining Division achieved revenues of US$12.09 billion in 2021, a record for the Division, 41.1% higher than in 2020 and 17.8% higher during 4Q21, mainly due to a favorable environment of Copper prices in the year (+51.4%), as well as higher prices of all our byproducts: Molybdenum (+82.4%), Zinc (+32%), Silver (+22.1%), and Gold (+1.7%), which offset the decrease in production. In the Transportation Division, revenues totaled US$2.52 billion, 16.9% higher than in 2020 and 16.5% more during 4Q21, mainly due to higher volumes transported (+10.2%) in the year. The Infrastructure Division achieved US$558 million in accrued net revenues, an increase of 5.7%, during the year and of 8.7% in 4Q21.

During 2021, an excellent metal price environment was maintained, which offset the drop in production, given the optimized mining plan for 2021 and 2022 that suggested mining through areas with lower ore grades, that will increase in the following years. We managed to keep the production of molybdenum, our main byproduct, stable and slightly increased our gold production. Copper production totaled 1,084,806 tons, 3.9% below 2020 and 7.2% lower during 4Q21. Molybdenum production remained in line with the previous year, totaling 30,261 tons and was 5.6% higher in 4Q21, mainly due to higher production in Toquepala during 2021. Copper sales were lower than production during 2021 due to the absence of third party concentrate purchases as well as some delays in shipments as a consequence of the pandemic.

The Mining Division showed an improvement in global net cash cost of 1.9% for 2021, which decreased from US$0.86 to US$0.84, due to higher byproduct credits, confirming Grupo México's ability to remain the company with the lowest net cash cost in the world, even in an inflationary cost environment. Total cost increased by 17.5% from US$1.46 to US$1.72, due to an overall hike in the cost of production and in costs per unit generated by lower production.

Grupo México held on to the first place worldwide in copper reserves.

Accrued EBITDA reached US$8.93 billion during 2021, a record figure for the Group, 66.5% above the previous year and 26.3% higher in 4Q21. The Mining Division achieved record EBITDA of US$7.58 billion in 2021, 82.4% higher than in 2020 and 30.3% higher during 4Q21. The Transportation Division obtained an EBITDA of US$1.12 billion in 2021, increasing 18.9% in the year and 16.9% above 4Q20. The Infrastructure Division achieved US$229 million in EBITDA in 2021, 14.4% lower than in 2021, and 13.7% lower than in 4Q20, mainly due to the adjustment of quotas in PEMSA, a mismatch in projects in Constructora, and lower exchange rate gains.

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Consolidated net income in 2021 was US$3.60 billion. The profit for 4Q21 was US$845 million.

Capital investments during 2021 reached US$1.36 billion, a 22.2% increase compared to 2020, due to progress in growth projects. Our investment program for 2022 is approximately US$2.27 billion at a consolidated level in different projects that will be sources of economic growth, job creation, and wellbeing for the countries where we operate.

Dividend. - On January 28, 2022, the Board of Directors decreed the payment of a cash dividend of $1.75 pesos per share outstanding, to be made in a single installment as of March 4, 2022. This dividend implies an annualized dividend yield of approximately 8.0%, similar to the yield in previous quarters.

	Fourth Quarte r	Variance	January - De ce mbe r	Variance
(Thousand US Dollars)	2021	2020	US$000	%	2021	2020	US$000	%
Sales	3,776,303	3,216,954	559,349	17.4	14,776,738	10,909,181	3,867,557	35.5
Cost of Sales	1,459,502	1,473,569	(14,067)	(1.0)	5,562,558	5,297,736	264,822	5.0
Operating Income	1,840,811	1,314,842	525,970	40.0	7,467,199	3,958,016	3,509,184	88.7
EBITDA	2,190,383	1,734,915	455,468	26.3	8,927,252	5,362,988	3,564,264	66.5
EBITDA Margin (%)	58.0%	53.9%			60.4%	49.2%
Net Income (Whitout
equity securities)	985,033	879,135	105,897	12.0	4,351,780	2,179,968	2,171,811	99.6
Net Income	844,860	1,077,033	(232,173)	(21.6)	3,599,609	2,118,435	1,481,175	69.9
Profit Margin (%)	22.4%	33.5%			24.4%	19.4%
Investments / Capex	343,609	402,597	(58,988)	(14.7)	1,361,906	1,114,692	247,213	22.2

All figures are stated in dollars ("US$"), currency of the United States of America, under U.S. GAAP, except where otherwise noted.

In order to showcase the performance of our operations, we are including the concept of profit before shareholding. Net profit includes the capital gain/loss of the shares, as well as their effect on deferred taxes.

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Relevant Events

Grupo México

Grupo México is the third largest company in the country in terms of market capitalization and securitization, as well as the highest taxpayer in Mexico. In addition, it is number one in profit sharing in Mexico and Peru.

To date, Grupo México has 29,700 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, with the lowest cash-cost in the industry worldwide and the largest copper reserves in the world.

Current Situation COVID-19.- The appearance of the Omicron variant of the SARS-COV-2 virus accelerated at the end of 2021 the infection trends around the world and warned about the need to reinforce preventive actions. The company maintains its rigorous preventive health measures, such as the strict wearing of face masks, preferably double tri-layer masks or the N95 line, social distancing, and the promotion of vaccination campaigns.

The entire organization was informed of the implementation of emergency measures to deal with the new variant in all its operations, including the increase in the number and frequency of antigen and PCR testing, the decrease in capacity at the offices and common spaces, and their adequate ventilation.

Restrictions were also placed, as far as possible, on face-to-face meetings and access to company camps, and the use of sanitary filters and home-work-home security was reinforced, as were isolation measures in suspected cases and/or contact with positive people.

So far, in Mexico, Peru, and the United States, the Mining Division averages 92 percent of personnel who have already received at least one dose of the COVID-19 vaccine. In the Transportation Division and the Infrastructure Division, the percentage of employees vaccinated with at least one dose is 98 and 95 percent, respectively. We continue to support vaccination logistics in the communities where we are present, in coordination with the government authorities in Mexico and Peru.

The medical and psychological counseling hotline (customer service center), the health committees of each business center, the support through actions agreed by the municipal health committees, and the donations of supplies and diagnostic tests to the communities also remain in operation.

Grupo México endorses the priority of keeping work environments safe and implementing measures that contribute to the healthcare of its employees and their families.

ESG. - Sustainability is a key pillar of Grupo México's business model.

Southern Copper Corporation increased its rating in S&P Global's 2021 Corporate Sustainability Assessment. This rating reflects a continuous progression and allows integration into the Dow Jones Sustainability Index for the third consecutive year. The performance of 2021 was 22% better than in 2020, ranking 79% above the average in the Mining and Metals industry, thanks to the good ratings obtained in topics such as business ethics, labor relations, community development, environmental and social reporting, human rights, and water management and climate change, among others.

Southern Copper Corporation is committed to the Copper Mark, a voluntary verification scheme that promotes responsible production practices in the copper industry, supporting the United Nations Sustainable Development Goals. The open pit mine of La Caridad, as well as the smelter and refinery of the Sonora Metallurgical Complex, are the first units to formalize this commitment. Our vision is to assure customers, investors, communities, and other stakeholders that the copper produced in all of the company's mining units meets the Copper Mark's 32

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strict environmental, social, and governance performance criteria, and that they have been verified by an independent third party.

Responsible production is an essential axis of our sustainable development strategy, which comprises specific goals and objectives in areas such as water management, climate change, and mining waste, our people, occupational safety and health, labor relations, and community development, among others. Our sustainable development policies can be consulted on the Grupo México website.

In the context of the agreement signed between the Southern Copper Corporation and the Ministry of Health of Peru (MINSA), it was possible to apply more than one million doses of COVID-19 vaccines in the five regions in Peru where Southern Copper Corporation has operations. This achievement is greater than the initially established goal of applying 850,000 doses in the region.

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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 efficiency and financial discipline. Grupo México's projects are a source of employment and wellbeing in the communities and countries where it operates.

Projects in Mexico

The next stage of investment projects, including the large-scale projects of El Arco and Empalme, are part of an investment plan worth over US$7.70 billion over the next 10 years.

Buenavista Zinc, Sonora. - This project is located within the Buenavista deposit in Sonora and consists of the construction of a concentrator with a production capacity of 100,000 tons of zinc and an additional 20,000 tons of copper per year. The engineering study has been completed. To continue with the project, greater preventive measures against COVID-19 have been implemented. The progress of equipment purchases has reached 96%, and the main equipment is already on site. In addition, site construction work is in progress. The project has all the necessary permits, and this investment has a budget of US$413 million. Up to December 31, 2021, we have invested US$217 million in this project. It is expected to become operational in 2023. At the completion of this new concentrator, zinc production capacity will be doubled, and it is estimated that it will generate 490 direct and 1,470 indirect jobs.

Pilares, Sonora. - This project is located in Sonora 6 km away from the La Caridad mine and consists of an open pit mine with an annual production capacity of 35,000 tons of copper in concentrates. A 25-meter-wide road was built for mining trucks that will transport the ore between the Pilares pit and the primary crushing plants of La Caridad. This project will significantly improve the total ore grade (combining the expected 0.78% from Pilares with the 0.31% from La Caridad). The investment budget is US$159 million, of which we have invested US$75.9 million so far, and the project is expected to become operational in the second half of 2022.

El Pilar, Sonora. - This new low-capital-intensive copper project is strategically located in Sonora, Mexico, approximately 45 kilometers from our Buenavista mine. Its copper oxide mineralization contains proven and probable estimated reserves of 281 million tons of ore with an average copper grade of 0.301%. El Pilar will operate as a conventional open pit mine with an annual production capacity of 36,000 tons of copper cathode using highly cost-efficient and environmentally friendly SX/EW technology. The budget for El Pilar is US$310 million and we expect production to begin during 2024, with a mine life of 13 years. The results on the pads in the leaching process confirm that there are adequate levels of copper recovery. At this time, the Basic Engineering Study has been completed and the company continues to develop the project and environmental activities on site.

El Arco, Baja California: This is a world-class copper deposit located in the central part of the Baja California peninsula with ore reserves exceeding 2.4 billion tons with an ore grade of 0.422%; 0.3 billion leaching material with an ore grade of 0.288%; and 0.11 grams of gold per ton. This project includes an open pit mine with concentrator operations and a leaching plant. We expect annual production to be close to 190,000 tons of copper

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