Higher Cash CostsGuided cash costs rose above market expectations due to lower by‑product price assumptions, reduced volumes and lower‑grade zones, applying pressure to margins.
Production Guidance ShortfallConsolidated production guidance for 2026 is below consensus, with shortfalls concentrated at Mantoverde cathodes and Pinto Valley, risking investor disappointment and near‑term volume weakness.
Working Capital And Indebtedness PressureTiming of sales at Mantoverde caused copper sales to lag payable production, generating negative working capital and contributing to an increase in net debt that could strain liquidity.