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Consolidated copper production is expected to grow over the next three years, reaching between 80,000 and 90,000 tonnes by 2028. At the Caraiba Operations, plant debottlenecking completed in 2025 is expected to support higher sustained throughput levels going forward, accommodating increased ore tonnage from the Surubim Mine in 2026 and from the Pilar Mine's Deepening Extension Zone beginning in 2027. Copper production at the Tucuma Operation is expected to remain relatively steady through 2028, reflecting higher throughput levels, lower planned grades, and an improved stockpile management framework that is expected to reduce rehandle costs over the outlook period. Xavantina's mining and processing operations are projected to deliver higher sustained production of between 50,000 and 60,000 ounces in 2027 and 2028, driven by the transition to mechanized mining and further utilization of excess plant capacity. The Company also expects sales of gold concentrates to continue through mid-2027.

Consolidated copper production is expected to be in the range of 67,500 to 77,500 tonnes, representing an increase of up to 20% compared to 2025. Guidance reflects higher sustained plant throughput and lower planned grades at both Caraiba and Tucuma. Consolidated C1 cash costs are expected to be between $2.15 and $2.35 per pound of copper produced. At the Xavantina Operations, gold production from mine operations is expected to total 40,000 to 50,000 ounces representing an increase of up to 34% compared to 2025, with C1 cash costs of $1,000 to $1,250 per ounce of gold produced and all-in sustaining costs of $2,000 to $2,500 per ounce produced. In addition, gold sales from the Xavantina Operations are expected to be significantly bolstered with the continued sale of gold concentrates that commenced in Q4 2025, and which are expected to continue through mid-2027 . Capital expenditures across the Company's operating portfolio are expected to range between $245 and $280 million. This includes capital for additional mine ventilation, development, and equipment to support future growth at the Xavantina Operations, as well as approximately $80 million related to the continued construction of the Pilar Mine's new shaft and ancillary infrastructure at the Caraiba Operations. The Company expects to spend an additional $30 to $40 million to continue advancing Furnas exploration, engineering, and permitting workstreams, and to further advance several exploration opportunities within the Company's portfolio.

Optimization initiatives across the Company's operating portfolio in 2025 contributed to record quarterly copper production of 19,706 tonnes and quarterly gold production of 13,837 ounces, representing production improvements of nearly 60% and more than 100% compared to Q1 for copper and gold, respectively. An additional 14,999 ounces of gold in concentrates were sold from the Xavantina Operations during Q4, the result of a year-long value-creation initiative that is expected to continue to augment gold production through mid-2027. Record full-year consolidated copper production of 64,307 tonnes, combined with gold production and gold from concentrate sales totaling 52,290 ounces, contributed to a quarter-on-quarter increase in liquidity of nearly $40 million. As a result, year-end liquidity totaled approximately $150M. In 2025, the Company completed nearly 50,000 meters of exploration drilling at the Furnas Copper-Gold Project and expects to publish the first preliminary economic assessment on the project in H1 2026. A further 50,000 meters of exploration drilling is planned in 2026 in support of accelerated engineering studies.