NEWS RELEASE, 30 MARCH 2023

NOTIFICATION OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES

This announcement is a notification made pursuant to Article 19 of the UK version of the EU Market Abuse Regulation 596/2014, which is part of UK law by virtue of the European Union (Withdrawal) Act 2018.

1,         Antofagasta plc (LEI: 213800MY6QVH4FVLD628) (the "Company") announces that, on 29 March 2023, awards calculated by reference to the value of ordinary shares of 5 pence each in the Company (ISIN: GB0000456144) ("Shares") were granted under the Antofagasta Long Term Incentive Plan (the "LTIP") to the Persons Discharging Managerial Responsibility ("PDMR") set out below:

These are awards granted under the LTIP which the Antofagasta group (the "Group") has established to reward senior executives in a way that aligns their interests with the interests of shareholders and with the Group's long-term strategic plan. Directors of the Company are not eligible to participate in the LTIP.

Awards granted under the LTIP are conditional rights to receive a cash payment by reference to the number of Shares relating to the relevant award which vests under the LTIP. The cash payment is determined by reference to the market value of the Shares at vesting. No Shares are issued to participants in the LTIP. No consideration was paid for the grant of any awards.

Performance awards are subject both to certain performance conditions, which are measured over a three year period (2023-2025), and to continued employment. Performance awards will normally vest only after the end of the three year performance period and only to the extent that those performance conditions are met.

Restricted awards are subject to continued employment and normally one third will vest in March 2024, one third in March 2025 and the final third in March 2026.

The above transaction took place outside of a trading venue.

2.         The Company announces that, on 29 March 2023, restricted awards granted under the LTIP on 29 March 2022 and calculated by reference to the value of Shares vested to the PDMRs set out below:

The market value of the Shares on the date the awards vested was £15.37.

The above transaction took place outside of a trading venue.

3.         The Company announces that, on 29 March 2023, restricted awards granted under the LTIP on 29 March 2021 and calculated by reference to the value of Shares vested to the PDMRs set out below:

The market value of the Shares on the date the awards vested was £15.37.

The above transaction took place outside of a trading venue.

4.          The Company announces that, on 27 March 2023, restricted awards granted under the LTIP on 27 March 2020 and calculated by reference to the value of Shares vested to the PDMRs set out below:

The market value of the Shares on the date the awards vested was £15.31.

The above transaction took place outside of a trading venue.

5.         The Company announces that, on 27 March 2023, performance awards granted under the LTIP on 27 March 2020 and calculated by reference to the value of Shares vested to the PDMRs set out below:

The overall performance score in connection with these awards was 100%.

The market value of the Shares on the date the awards vested was £15.31.

The above transaction took place outside of a trading venue.