Antofagasta PLC (OTC: ANFGF)

Antofagasta PLC (OTC: ANFGF) is a UK-listed mining group with core operations in Chile, primarily engaged in the production of copper and associated by-products. The company operates through two segments—Mining and Transport. Its Mining portfolio comprises four assets: Los Pelambres and Centinela, which predominantly produce copper concentrates along with by-products such as gold, silver, and molybdenum, and Antucoya and Zaldívar, which focus on the production of copper cathodes.

As per Kalkine’s Diversified Opportunities Report published on ‘ANFGF’ on Jan 29, 2026, Kalkine provided an ‘Buy’ stance on the stock at USD 51.25 based on fundamental analysis and the stock price has now moved up by ~ 12.66% since then.

Noted below are the details of support and resistance levels provided in our previous report:

Rationale:

Antofagasta delivered record FY2025 results, with revenue up 30% to USD 8.6 billion and EBITDA rising 52% to USD 5.2 billion, supported by strong copper prices and disciplined cost control; however, much of this strength appears reflected in the share price, which has more than doubled over the past year and now trades at a premium to peers. While production growth projects remain on track and margins expanded to 60.3%, earnings momentum remains heavily dependent on copper prices, which have shown recent softness after a strong rally. Additionally, higher capital expenditure of USD 3.7 billion, a 69% increase in net debt, and a final dividend that fell short of some market expectations temper the otherwise solid operational performance. With elevated commodity-linked sensitivity and limited margin for disappointment at current levels, risk-reward appears skewed to the downside.

Valuation (Using Price/Earnings Multiple)

Share Price Chart  

Conclusion

Earnings remain closely tied to copper price movements, and any moderation in the metal’s rally could weigh on forward expectations. Given higher capital expenditure, increased net debt, final dividend announcement, and sharp re-rating driven by peak copper prices and record earnings, a "Sell" recommendation on Antofagasta PLC (OTC: ANFGF) has been given at the current market price of USD 57.74 as on 24 February 2026 at 8:29 am PST.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is 24 February 2026. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level which the stock is expected to reach as per the relative valuation method and/or technical analysis taking into consideration both short-term and long-term scenario.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the London Stock Exchange (LSE) and or REFINITIV. Typically, both sources (LSE and or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’

Note 6: Dividend Yield may vary as per the stock price movement.