C A Z E N O V E Europe Equity Research 23 July 2026 Anglo American First Take: Q2'26 headline is Copper cost guidance lowered 16%. Impressive cost control - our cost fears do not materialise Our Take – Anglo cuts 2026 cost guidance & strong Teck Q2 EBITDA: We had placed Anglo on Negative Catalyst Watch into this print on: risk of cost inflation, freight impacts on iron ore price realisations, Collahuasi desalination plant suspension update. Our key risk of a cost blowout does not materialise - instead Anglo ...