Third Quarter

2021 Third Quarter Report

Compañía Minera Autlán, S.A.B. de C.V.

2021 Third Quarter Report

San Pedro Garza García, N.L., Mexico, October 25th, 2021.- Compañía Minera Autlán, S.A.B. de C.V. and Subsidiaries (Autlán o the Company) presents its third quarter 2021 (3Q21) financial and operating results in accordance with the International Financial Reporting Standards (IFRS). Figures may vary due to rounding.

Results and Relevant Events

• Quarterly sales and EBITDA at their highest level in 12 years
• Ferroalloy and EMD prices keep rising while global supply is limited
• Stronger debt profile with refinancing of US$80 million
• Solid net leverage ratio of 1.8x
• Winner of the CONCAMIN Ethics and Values Award for the second consecutive year
• Autlán awarded the Exporter Merit Award by COMCE Noreste

Industry and Operations

Autlán Manganese and EMD

Year to date, the World Steel Association estimates that the world production of liquid steel grew by 9% compared to the same period in 2020, determining 2021 as a historic year for the international steel market.

In North America, the steel production activity showed a positive performance as the health and vaccination indicators for the COVID-19 pandemic improved, reaching an installed capacity utilization close to 85% in the month of September. On the other hand, production in Mexico is also expected to show significant growth with a variation of approximately 14% in the first nine months of 2021.

During 2021, the international manganese ore price showed an increase of 12% compared to the end of 2020. This occured in part due to the increase in maritime freight rates and the strength of the South African rand. Similarly, the prices of manganese ferroalloys continued the upward trend in the third quarter, registering increases in their prices of more than 100% over the previous year. These prices reached levels not seen since 2008. The high levels are expected to remain until the end of 2021, due to strong demand and high energy costs.

October 25, 2021

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2021 Third Quarter Report

The EMD (Electrolytic Manganese Dioxide) market continued showing consumption stability in Europe. However, towards the end of the quarter there was a 26% recovery in the prices of this material in the Chinese market.

Autlán Energy

During the 3Q21, due to the greater amount of rainfall, it was possible to make total use of the power generation capacity of the Atexcaco Hydroelectric Plant in Puebla, registering an increase of 22% compared to 3Q20, which represented the highest generation of the last 2 years. September recorded the highest monthly generation in the history of the Hydroelectric plant, reaching 25.3 GWh.

During the quarter, 21% of the total electrical energy requirement for the ferroalloy plants was satisfied. The foregoing represented a cost savings of $3.2 million dollars, which totaled a cumulative benefit of $6.8 million from our own sources of clean energy. Furthermore, the supply from clean energy sources represented 35% of Autlán's quarterly consumption.

Autlán Metallorum

The gold price showed a slight decrease of 1% during the third quarter after the beginning of the economic reactivation in the United States and the progress of COVID-19 vaccination. On the other hand, global measures aimed at promoting economic reactivation and the gradual withdrawal of economic stimuli focused on reducing inflation in the United States increase the chances that the FED raises interest rates in the future, pushing down the gold price which, during 2021, has experienced a price reduction of 4.8%.

Taking advantage of the positive situation in the manganese market, Autlán Metallorum started a program to slow down the mining operation to the point that the extraction and crushing of the mineral was temporarily suspended. As a consequence, the mineral deposited in the leaching pads and available for sale was reduced, which resulted in minimal sales volume this quarter.

This reduction in the level of operation allowed us to focus the priority of this Division towards the exploration and formulation of a new life-of-mine plan. We are working with the support of specialized experts to interpret the ore bodies in our potential mining pits, with the natural risks of this activity, which lead us to an optimal design of this mineralized deposit.

In parallel, the areas adjacent to our current operation have been studied and due to the positive results obtained in surface sampling, we have started geological work in those contiguous areas to verify the inferred resources. With this, we intend to work on several potential mining fronts and have greater flexibility to resume operations. In addition to these actions, we have started a program of possible strategic associations for the Autlán Metallorum Division.

October 25, 2021

www.autlan.com.mx

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2021 Third Quarter Report

Relevant figures

Adoption of the Dollar as Functional and Reporting Currency

According to the International Financial Reporting Standards (IFRS), the functional currency must be determined depending on the currency of the economic environment in which the issuer and its subsidiaries predominantly operate, which in the case of Autlán since 2016 is the US dollar. Due to this situation, the unaudited figures reported here have been prepared in that currency.

Earnings Report for the third quarter 2021 Income Statement for the third quarter of 2021

(figures in thousands of dollars, unless otherwise specified) (according to IFRS)

	Accumulated Figures		Quarterly Figures
	2021	20201	3Q21	2Q21	1Q21	4Q20	3Q20
Net Sales	315,052	263,788	124,521	98,728	91,802	82,452	79,349
Ferroalloys (thousand MT2)	178.1	160.1	62.0	55.7	60.4	53.8	50.8
Manganese Mining (thousand MT)	73.4	152.0	28.4	28.0	17.0	41.3	56.2
Power* (GWh)	146.9	140.7	65.7	40.0	41.2	60.6	53.7
Precious metals (thousand Eq Oz)	8.3	25.3	0.7	2.7	5.0	4.9	5.3
EMD (thousand MT)	8.9	8.1	3.1	2.7	3.1	2.9	2.9
Cost of sales	-235,823	-210,681	-81,935	-75,661	-78,226	-73,203	-63,453
Gross profit	79,229	53,107	42,586	23,067	13,576	9,249	15,896
Operating expenses	-44,832	-37,586	-18,143	-13,927	-12,762	-14,644	-11,460
Operating income	34,397	15,520	24,443	9,140	815	-5,396	4,436
EBITDA	76,084	57,668	37,599	22,788	15,697	10,342	17,961
Net profit	6,187	4,150	12,938	-4,225	-2,527	-19,437	-10,788

* When consolidating results, Autlán Energy sales to our own manganese ferroalloy plants are eliminated.

Net sales

In 3Q21, there were net revenues of $124.5 million dollars, the highest level in the last 12 years. The demand for manganese ferroalloys continued to rise during the third quarter, which allowed the volume sold to increase by 22% compared to 3Q20.

In the third quarter, we kept down the sale of manganese nodules to convert them into ferroalloys, taking advantage of the strong recovery in prices. In contrast, and taking advantage of the positive situation in the manganese market, Autlán Metallorum was concentrating its efforts on exploring and updating its mine plans. As for the Autlán EMD Division, it continues with stable operations, contributing with close to $5.5 million dollars to the company consolidated sales.

1 Consolidated figures include Autlan EMD as of february 2020.

October 25, 2021

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2021 Third Quarter Report

Year to date, net sales amounted to $315.1 million, exceeding by 19% the amount of the same period in 2020.

Cost of Sales

The rise in prices and the higher volume sold of manganese ferroalloys led the 3Q21 cost of sales to represent 65.8% of sales, a margin not seen in the last 3 years. Operational efforts have been undertaken to keep low costs to maximize margins despite the fact that some inputs have begun to show significant increases in their prices. The rise in energy prices in Europe at the end of the third quarter negatively impacted the margins of the Autlán EMD Division.

Cumulative, the cost of sales totaled $235.8 million dollars, representing 74.9% of sales, comparing favorably against 79.9% of the same period in 2020.

Operating Expenses

Operating expenses for the quarter totaled $18.1 million, representing 14.6% of sales in line with the 14.4% registered in 3Q20.

The operating income for the third quarter of $24.4 million continued the positive trend that this line has shown during the year, increasing by $20 million dollars against last year. The operating margin represented 19.6% of net sales. In the nine months of the year, operating income increased 2.2 times against the same interval in 2020, totaling $34.4 million, contributing a margin of 10.9% on sales.

Similarly, EBITDA generation for the quarter was a record for the last twelve years. In its comparison with 3Q20, an additional $19.6 million was generated, reaching $37.6 million, which represented 30.2% of sales. On the other hand, the accumulated EBITDA generation reached $76.1 million with a margin of 24.1%. These results were 49% higher than those of the same period of the previous year and already exceeded the total generation of fiscal year 2020.

Financial Income and Expenses

In the third quarter, net financial expenses decreased by $6.6 million dollars compared to 3Q20, totaling an expense of $4.0 million dollars.

Year to date, the net financial expense was $16.5 million dollars while last year this concept was favored by the profit in exchange generated by the devaluation of the Mexican peso against the US dollar.

October 25, 2021

www.autlan.com.mx

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2021 Third Quarter Report

Net (loss) Profit

In the third quarter of 2021, the company generated a net profit of $12.9 million dollars, comparing favorably against the loss of $10.8 million in 3Q20.

In the three quarters of the year, the net profit increased $2.0 million dollars against the same period of 2020 adding a profit of $6.2 million.

October 25, 2021

www.autlan.com.mx

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