Faced with a challenging environment and some atypical events during the year, Grupo Mexico remains focused
on the long term, investing consistently and steadily to ensure the generation of value for our stakeholders in the
future through our current and growth projects.
As a result of Grupo Mexico's diversification of sales and EBITDA sources, the excellent results of the Transportation
and Infrastructure divisions during the quarter were able to partially mitigate the decline in the financial results of
the Mining Division.

Consolidated revenues for 3Q22 reached US$10.08 billion, down 8.3% vs. the same period of 2021, mainly due to
a decrease in sales in the Mining Division. The Mining Division’s sales totaled US$7.93 billion in 3Q22, down 11.8%
vs. 2021, due to a 9.6% drop in production as a result of the illegal blockages of neighboring communities in
Cuajone and a general decrease in ore grades, as well as in the copper (-1.9%) and silver (-14.9) price. In the
Transportation Division, sales during the year reached a new record, US$2.01 billion—6.4% higher than in 2021.
The Infrastructure Division accrued net sales of US$508 million—a significant 23.9% increase from 2021, due to
higher revenues across all business lines.
Consolidated revenues in 3Q22 reached US$3.12 billion—14.7% lower than in 3Q21. The Mining Division reported
sales of US$2.36 billion in 3Q22, 20.1% lower than in 3Q21, due to a 46.3% decrease in copper prices and an 18.6%
drop in molybdenum prices. In the Transportation Division, revenues during the quarter totaled US$700 million—
6.8% more than in 3Q21. The Infrastructure Division achieved quarterly net revenues of US$193 million—a sharp
increase of 39.5% vs. 3Q21.

Accrued copper production in 3Q22 totaled 737,560 tons—a 9.6% decrease compared to the previous year—due
mainly to non-recurring events, such as the illegal blockade of our complex in Cuajone during the first half of the
year and variations in the ore grades. After the Company resumed operations at our Cuajone facilities in April, a
plan was implemented to gradually scale up production to recover volume losses after the 54-day stoppage at this
mine. At this point, we estimate that our Peruvian operations will reach 94% of the 2022 production plan of 360,900
tons.

During the third quarter, production decreased by 6.6% vs. 3Q21, totaling 256,343; This decrease is the result of
a general decline in operations in Peru and La Caridad, due to lower ore grades and recovery levels. However,
production showed a solid recovery of 7.6% vs. the preceding quarter and the highest production level for the year.
Which is the result of a solid financial position of the Mining Division and the continuous focus on efficiency, as
well as the full recovery of Cuajone after the violent illegal blockage suffered during the first half of this year.

Faced with a complicated global inflationary environment, the accrued cash cost up to 3Q22 stood at US$1.13 per
pound—a 40.9% increase, due mainly to a general hike in the cost of production, as well as a decreasing effect of
units produced. Net cash cost was US$1.28 per pound of copper during the quarter—up 66.9% vs. the same quarter of the previous year mainly due to higher costs for fuel, energy, and explosives and to the unit cost effect generated
by a decrease in pounds of copper produced. As a result of efficient cost control and a recovery in production, cash cost is following a downtrend (1.0%) compared to 2Q22. Thus, we remain the producers with the lowest cash cost
in the industry worldwide. Likewise, we remained in first place globally in copper reserves.

Accrued EBITDA totaled US$5.05 billion—a 25.0% decrease compared to 2021, with a 50.1% margin as a result of
the decrease in sales mentioned above and a sharp hike in costs as a result of widespread inflation worldwide.
During the year, the Mining Division’s EBITDA settled at US$3.95 billion, down 30.9% from 2021. The Transportation Division accrued US$918 million in EBITDA, 8.0% higher compared to 2021. In the Infrastructure Division, EBITDA reached US$198 million, 13.9% higher compared to 2021.
During 3Q22, consolidated EBITDA reached US$1.42 billion, 34.7% lower than in 3Q21. The Mining Division reached an EBITDA of US$1.03 billion during the quarter, 44.2% greater than in the same period of 2021. The Transportation Division’s EBITDA reached US$326 million in 3Q21, which is an all-time record—and an 11.1% increase vs. 3Q21.
The Infrastructure Division achieved quarterly EBITDA of US$72 million, a 27.2% increase vs. 3Q21.

Cumulative net income in 3Q22 was US$1.98 billion while the profit for 3Q22 was US$577 million, representing 19.7% and 18.5% Net Income Margin respectively.

Capital investments during 3Q22 totaled US$1.03 billion. By 3Q22, they totaled US$365 million—7.8% higher than in 3Q21—as a result of progress in projects including Pilares, El Pilar, and Buenavista Zinc. Our investment program for 2022 totals roughly US$1.74 billion in different projects across the Three Divisions that will continue to be sources of economic revival and job creation for the countries where we operate.
Dividend. - On October 21, 2022, the Board of Directors decreed the payment of a cash dividend of $0.75 pesos per share outstanding, to be made in a single installment as of November 25th, 2022. This dividend implies an annualized dividend yield of 4.7%. see & read more on
https://www.gmexico.com/GMDocs/Home/Eng/3rd_Quarter_2022_Report.pdf