Grupo Mexico B de C : 01.3rd Quarter 2022 Report

RESULTS

Third Quarter 2022

Mexico City, October 27th, 2022.

Grupo Mexico, S.A.B de C.V. ("Grupo Mexico"- BMV: GMEXICOB)

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-asignificant 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-asharp increase of 39.5% vs. 3Q21.

Accrued copper production in 3Q22 totaled 737,560 tons-a 9.6% decrease compared to the previous year-duemainly to non-recurringevents, 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-a40.9% 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-up66.9% 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.

gmexico.mx

THIRD QUARTER RESULTS 2022

Relevant Events

Grupo México

Grupo México is the third largest company in the country in terms of market capitalization and securitization, as well as the second company in terms of tax payments in Mexico. Additionally, we are among the companies with the highest profit sharing in both Mexico and Peru.

To date, Grupo México has 29,995 direct employees and more than 110 thousand highly skilled and well-paid indirect employees. Grupo México is the fifth largest copper producer in the world with the lowest cash cost in the industry worldwide.

ESG. - Sustainability is a key pillar of Grupo México's business model.

Grupo México, along with Southern Copper and GMXT improved their Corporate Sustainability Assessment (CSA) 2022 ratings from S&P Global. The improvements are as follows: GMEX: 11%, SCC 13% and GMXT 8% compared to 2021. The continuous improvement of this evaluation reflects the progress in our commitment to a better management of risks and opportunities in ESG matters.

Americas Mining Corporation (AMC), a subsidiary of Grupo Mexico, adheres to the United Nations Global Compact. With this participation, we reaffirm our interest in aligning our policies, strategies, and operations with the Global Compact's Ten Universal Principles, covering human rights, labor rights, the environment, and anti-corruption.This adherence to the Global Compact will also enable us to boost our contributions to the Sustainable Development Goals of Agenda 2030 and the Paris Agreement.

Grupo Mexico Transportes (GMXT) increased its rating on the S&P Global Corporate Sustainability Assessment (CSA) by 8% compared to the score obtained in 2021. Thanks to the continuous performance and the rating obtained, Grupo Mexico Transportes was added for the first time to the S&P/BMV Total Mexico ESG sustainability index.

We strengthened governance on climate change, while creating a working group formed by the three divisions with the aim of defining targets for the reduction of greenhouse gas emissions in the medium and long term. We are actively participating with the International Copper Association (ICA) in the definition of a Global Copper Decarbonization Roadmap for the copper sector, which is aligned with the Paris Agreement.

Due to the reduction in accident rates, and a renewed boost to the care of employees' life and health, our Toquepala mining unit received the "Award for Excellence in Safety 2021" from MAPFRE-Peru. This is a recognition of the effectiveness of the Comprehensive Occupational Safety and Health Management System, which is implemented in our mining units.

Endorsing our commitment to the use and care of the water resource, we have begun the construction of the wastewater treatment plant in the province of Ilo, Moquegua, Peru. This work will require an investment of US$27 million and will benefit more than 77 people. The company will oversee the operation and maintenance of the plant for the next 30 years, which will prevent the discharge of wastewater into the sea and protect the marine ecosystem and public health. It was an honor to have the presence of the President of Peru's Council of Ministers, Anibal Torres, during the opening ceremony. Together with the Ministers of Energy and Mines, and Housing, Minister Torres noted that "the mining sector is fundamental for the country's growth and the synergy between the State and the private sector is enabling the construction of emblematic works".

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THIRD QUARTER RESULTS 2022

Relevant Events

Mining Division

Projects

Over the years, Grupo México has proven the ability to have an organic growth portfolio through various stages of the copper price cycle. It continues to focus on being a global industry cost leader and operating with efficiency and financial discipline. Grupo México's projects are a source of employment and wellbeing in the communities and countries where it operates.

Grupo Mexico has worked on several projects in Mexico and Peru with our approved capital investment program of US$7.20 billion, of which we have already invested US$5.40 billion.

Considering the projects of Buenavista Zinc, Pilares, El Pilar and El Arco in Mexico, as well as Tia Maria, Los Chancas, and Michiquillay in Peru, the total investment program for both countries amount to US$10.00 billion.

Projects in Mexico

Buenavista Zinc, Sonora. - This project is located within the Buenavista facility and includes the development of a new concentrator to produce approximately 100,000 tons of zinc and 20,000 tons of copper per year. We have completed the engineering study. All the main equipment is on site and construction site works are in progress. The project has all the necessary permits, and the capital budget is $413 million. When completed, this new facility will double the Company's zinc production capacity and provide 490 direct jobs and 1,470 indirect jobs.

Project update: as of September 30, 2022, we had invested $292.4 million in this project, where physical completion is at 83%. We expect to initiate operations in 2H23.

Pilares, Sonora. - Located 6 kilometers from La Caridad, this project consists of an open-pit mine operation with an annual production capacity of 35,000 tons of copper in concentrate. A new 25-meter-wideoff-road facility for mining trucks has been built and will be used to transport the ore from the pit to the primary crushers at the La Caridad copper concentrator. This project will significantly improve the overall mineral ore grade (combining the 0.78% expected from Pilares with the 0.29% from La Caridad). The budget for Pilares is $159 million.

Project update: as of September 30, 2022, the project was 95% complete and had obtained all permits and licenses required. Pilares has initiated operations and is currently mining copper oxides and mineral to be processed.

El Pilar, Sonora. - This low-capital intensity copper greenfield project is strategically located in Sonora, Mexico, approximately 45 kilometers from our Buenavista mine. Its copper oxide mineralization contains estimated proven and probable reserves of 317 million tons of ore with an average copper grade of 0.249%. We anticipate that El Pilar will operate as a conventional open pit mine with an annual production capacity of 36,000 tons of copper cathodes. This operation will use highly cost efficient and environmentally friendly SX-EW technology. The budget for El Pilar is $310 million. We expect production to begin in 2024 and the mine life is estimated at 13 years.

Project update: The results from experimental pads in the leaching process have confirmed adequate levels of copper recovery. Basic engineering study is finished, and the Company continue to develop the project and engage in onsite environmental activities. The SX-EW plant EPCM project has been awarded to a contractor and has started.

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THIRD QUARTER RESULTS 2022

El Arco, Baja California: This is a world-class copper deposit located in the central part of the Baja California peninsula with ore reserves of over 1,230 million tons with an average ore grade of 0.40% and 141 million tons of leach material with an average ore grade of 0.27%. The project includes an open-pit mine combining concentrator and SX-EW operations. Annual production is expected to total 190,000 tons of copper and 105,000 ounces of gold.

Project update: The Company has completed the environmental impact assessment, which will be filed with authorities shortly.

Projects in Peru

Tia Maria - Arequipa - This greenfield project, located in Arequipa, Peru, will use state of the art SX-EW technology with the highest international environmental standards to produce 120,000 tons of SX- EW copper cathodes per year. The estimated capital budget for the project is $1.4 billion.

Southern Copper has been consistently working to promote the welfare of the population of the Islay province. As part of these efforts, we have implemented successful social programs in education, healthcare and productive development to improve the quality of life in the region. We have also promoted agricultural and livestock activities in the Tambo Valley and supported growth in manufacturing, fishing and tourism in Islay.

We reiterate our view that the initiation of construction activities at Tia Maria will generate significant economic opportunities for the Islay province and the Arequipa region. Given the current Peruvian economic situation, it is crucial to move ahead on projects that will stimulate a sustainable growth cycle. We will make it a priority to hire local labor to fill the 9,000 jobs that we expect to generate during Tia Maria's construction. Additionally, from day one of our operations, we will generate significant contributions to revenues in the Arequipa region.

Los Chancas, Apurimac. - This greenfield project, located in Apurimac, Peru, is a copper and molybdenum porphyry deposit. Current estimates of indicated copper mineral resources are 98 million tons of oxides with a copper content of 0.45% and 52 million tons of sulfides with a copper content of 0.59%. The Los Chancas project envisions an open-pit mine with a combined operation of concentrator and SX-EW processes to produce 130,000 tons of copper and 7,500 tons of molybdenum annually. The estimated capital investment is $2,600 million and the project is expected to begin operating in 2027. In 2022, we continued to engage in social and environmental improvements for the local communities and worked on the project's environmental impact assessment.

Project update: In February 2022, some illegal miners occupied a portion of the project's land and began to produce copper through a small-scale artisanal process. This action was followed by an attack on the project mining camp on May 31, which caused a fire that destroyed the installations. As of September 30, 2022, part of the project's land continued to be occupied by illegal miners, some of whom have irregularly registered their stakes in the "Integral Registry of Mining Formalization" (REINFO) The Company has filed criminal complaints and other legal remedies, which have annulled the claims of 43 illegal miners while 32 cases remain open.

Michiquillay, Cajamarca. - In June 2018, Southern Copper signed a contract for the acquisition of the Michiquillay project in Cajamarca, Peru. Michiquillay is a world class mining project with inferred mineral resources of 2,288 million tons with an estimated copper grade of 0.43%. When developed, we expect Michiquillay to produce 225,000 tons of copper per year (along with by-products of molybdenum, gold and silver) for an initial mine life of more than 25 years and at a competitive cash-cost. We estimate an investment of approximately $2.5 billion will be

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