| Schedule of temporary difference, unused tax losses and unused tax credits |
| (a) | The Group recognizes the effects of timing differences between the accounting and tax basis. This caption is made up as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Credit (debit) to | | | | | | Credit (debit) to | | | | | As of | | consolidated | | | | As of | | consolidated | | As of | | | January 1, | | statement of profit | | | | December 31, | | statement of profit | | December 31, | | | 2024 | | or loss | | Others | | 2024 | | or loss | | 2025 | | | US$(000) | | US$(000) | | US$(000) | | US$(000) | | US$(000) | | US$(000) | | | | | | | | | | | | | | Deferred asset for income tax | | | | | | | | | | | | | Tax - loss carryforwards | | 189,970 | | (40,268) | | — | | 149,702 | | (40,952) | | 108,750 | Difference in depreciation and amortization rates | | 44,425 | | 6,562 | | — | | 50,987 | | 3,164 | | 54,151 | Provision for closure of mining units, net | | 32,578 | | (3,573) | | — | | 29,005 | | 11,641 | | 40,646 | Provision for impairment of value of inventory | | 10,585 | | (1,270) | | — | | 9,315 | | 454 | | 9,769 | Contingent consideration liability | | 6,391 | | 2,003 | | — | | 8,394 | | 3,335 | | 11,729 | Provision for bonuses to employees and officers | | 2,478 | | (593) | | — | | 1,885 | | 814 | | 2,699 | Impairment loss of long-lived assets provision | | 1,930 | | — | | — | | 1,930 | | — | | 1,930 | Contractors claims provisions | | 371 | | 1,020 | | — | | 1,391 | | 126 | | 1,517 | Other | | 10,633 | | 4,818 | | 211 | | 15,662 | | 568 | | 16,230 | | | 299,361 | | (31,301) | | 211 | | 268,271 | | (20,850) | | 247,421 | Deferred assets for mining royalties and special mining tax | | 9 | | (10) | | 1 | | — | | — | | — | Total deferred asset | | 299,370 | | (31,311) | | 212 | | 268,271 | | (20,850) | | 247,421 | | | | | | | | | | | | | | | | | | | | | | | | | | | Deferred liability for income tax | | | | | | | | | | | | | Effect of translation into U.S. dollars | | (47,649) | | (7,833) | | — | | (55,482) | | 49,600 | | (5,882) | Differences in amortization rates for development costs | | (75,108) | | (11,230) | | — | | (86,338) | | (23,116) | | (109,454) | Difference in depreciation and amortization rates | | (45,267) | | 1,541 | | — | | (43,726) | | 1,475 | | (42,251) | Fair value of mining concessions | | (14,892) | | — | | — | | (14,892) | | — | | (14,892) | Withdrawal of the sale of Contacto Corredores de Seguros S.A. investment | | (1,220) | | 1,220 | | — | | — | | — | | — | Fair value of account receivables | | (836) | | 836 | | — | | — | | (23,138) | | (23,138) | Other | | (12,923) | | (6,426) | | — | | (19,349) | | 5,691 | | (13,658) | | | (197,895) | | (21,892) | | — | | (219,787) | | 10,512 | | (209,275) | | | | | | | | | | | | | | Deferred liability for mining royalties and special mining tax | | (26) | | 155 | | — | | 129 | | 2,471 | | 2,600 | Total deferred tax assets an liability | | (197,921) | | (21,737) | | — | | (219,658) | | 12,983 | | (206,675) | | | | | | | | | | | | | | Deferred income tax asset, net | | 101,449 | | (53,048) | | 212 | | 48,613 | | (7,867) | | 40,746 |
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| Schedule of detailed information about provision for income taxes |
| (c) | The following is the composition of the provision for income taxes shown in the consolidated statement of income for the years 2025, 2024 and 2023: |
| | | | | | | | | 2025 | | 2024 | | 2023 | | | US$(000) | | US$(000) | | US$(000) | | | | | | | | Income tax expense | | | | | | | Current | | (84,440) | | (88,485) | | (63,782) | Deferred | | (10,338) | | (53,203) | | 26,193 | | | (94,778) | | (141,688) | | (37,589) | Mining Royalties and Special Mining Tax | | | | | | | Current | | (35,894) | | (14,631) | | (5,524) | Deferred | | 2,471 | | 155 | | 119 | | | (33,423) | | (14,476) | | (5,405) | | | | | | | | Total income tax | | (128,201) | | (156,164) | | (42,994) |
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| Schedule of reconciliation of accounting profit multiplied by applicable tax rates |
| (d) | Below is a reconciliation of income tax expense and the accounting profit before income tax multiplied by the statutory tax rate for the years 2025, 2024 and 2023: |
| | | | | | | | | | 2025 | | 2024 | | 2023 | | | | US$(000) | | US$(000) | | US$(000) | | | | | | | | | | Profit before income tax | | 967,310 | | 573,449 | | 82,524 | | Loss from discontinued operations before income tax | | (8,921) | | (1,022) | | (6,848) | | | | | | | | | | Profit before income tax | | 958,389 | | 572,427 | | 75,676 | | | | | | | | | | Theoretical income tax expense | | (283,115) | | (168,866) | | (22,324) | | | | | | | | | | Permanent items and others: | | | | | | | | Share in the results of associates and joint venture (e) | | 90,837 | | 56,005 | | 44,906 | | Effect of translation into U.S. dollars | | 65,791 | | (7,794) | | 11,222 | | Exchange rate effect of permanent items | | 18,067 | | (9,931) | | (10,553) | | Income tax from previous years | | 11,448 | | — | | — | | Non-deductible expenses | | 12,761 | | (1,472) | | 5,106 | | Derecognition of asset for non-recoverable tax loss | | (7,198) | | — | | — | | Non-deductible expense related to deferred stripping activity | | (899) | | (6,289) | | — | | Liability related to the tax claim of the years 2009-2010, note 30(d) | | — | | — | | (20,075) | | Other permanent items | | 4,094 | | (1,670) | | (554) | | Income tax (expense) benefit | | (92,308) | | (138,347) | | 8,282 | | Higher income tax paid by order of the Tax Administration for the year 2014, note 30(d) | | — | | (3,823) | | — | | Income tax of tax claim, note 30(d) | | — | | — | | (45,126) | | Mining Royalties and Special Mining Tax | | (35,893) | | (13,994) | | (6,150) | | Total income tax expense | | (128,201) | | (156,164) | | (42,994) | | | | | | | | | | Income tax from continuing operations | | (128,201) | | (156,164) | | (42,994) | | Income tax from discontinued operations | | — | | — | | — | | | | (128,201) | | (156,164) | | (42,994) | | | | | | | | | | Effective tax rate | | 13.38 | % | 27.28 | % | 56.81 | % |
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