Equibles

6-K

CHEMICAL & MINING CO OF CHILE INC (SQM)

6-K 2023-06-09 For: 2023-06-08
View Original
Added on April 11, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE

SECURITIES EXCHANGE ACT OF 1934

For the month of June, 2023.

Commission File Number 33-65728

CHEMICAL AND MINING COMPANY OF CHILE INC.

(Translation of registrant’s name into English)

El Trovador 4285, Santiago, Chile (562) 2425-2000

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F: ☒ Form 40-F ☐

Santiago,Chile. June 8, 2023.- Sociedad Química y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A) reports the translation of its financial statements for the three months ended March 31, 2023, the Spanish version of which was filed with the Chilean Commission for the Financial Market (Comisión para el Mercado Financiero or “CMF”) on May 17, 2023.

CONSOLIDATEDINTERIM FINANCIAL STATEMENTS

As of and for the period ended

March 31, 2023

SociedadQuímica y Minera de Chile S.A. and

subsidiaries

In thousands of United States dollars

This document includes:

- Consolidated<br>Interim Statements of Financial Position
- Consolidated<br> Interim Statements of Income
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- Consolidated<br> Interim Statements of Comprehensive Income
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- Consolidated<br> Interim Statements of Cash Flows
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- Consolidated<br> Interim Statements of Changes in Equity
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- Notes<br> to the Consolidated Interim Financial Statements
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Notes to the Consolidated Interim Financial Statements<br> December 31, 2022
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Table of Contents –Consolidated Financial Statements

Consolidated Interim<br> Classified Statements of Financial Position 1
Consolidated Interim<br> Classified Statements of Financial Position 2
Consolidated Interim<br> Statements of Income (Unaudited) 3
Consolidated Interim<br> Statements of Comprehensive Income (Unaudited) 4
Consolidated Interim<br> Statements of Cash Flows (Unaudited) 5
Consolidated Interim<br> Statements of Changes in Equity (Unaudited) 7
Note 1 Identification and Activities<br> of the Company and Subsidiaries 10
1.1 Historical background 10
1.2 Main domicile where the Company<br> performs its production activities 10
1.3 Codes of main activities 10
1.4 Description of the nature of<br> operations and main activities 10
1.5 Other background 12
Note 2 Basis of presentation for the<br> consolidated financial statements 14
2.1 Accounting period 14
2.2 Consolidated financial statements 14
2.3 Basis of measurement 15
2.4 Accounting pronouncements 15
2.5 Basis of consolidation 17
2.6 Investments in associates and<br> joint ventures 17
Note 3 Significant accounting policies 19
3.1 Classification of balances as<br> current and non-current 19
3.2 Functional and presentation<br> currency 19
3.3 Accounting policy for foreign<br> currency translation 19
3.4 Consolidated statement of cash<br> flows 21
3.5 Financial assets 21
3.6 Financial assets impairment 22
3.7 Financial liabilities 22
3.8 Estimated fair value of financial<br> instruments 22
3.9 Reclassification of financial<br> instruments 24
3.10 Financial instruments derecognition 24
3.11 Derivative and hedging financial<br> instruments 24
3.12 Derivative financial instruments<br> not considered as hedges 25
3.13 Deferred acquisition costs from<br> insurance contracts 25
3.14 Leases 25
3.15 Inventory measurement 26
3.16 Non-controlling interests 27
3.17 Related party transactions 27
3.18 Property, plant and equipment 27
Notes to the Consolidated Interim Financial Statements<br> December 31, 2022
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3.19 Depreciation of property, plant<br> and equipment 28
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3.20 Goodwill 29
3.21 Intangible assets other than<br> goodwill 29
3.22 Research and development expenses 30
3.23 Exploration and evaluation expenses 30
3.24 Impairment of non-financial<br> assets 31
3.25 Minimum dividend 31
3.26 Earnings per share 31
3.27 Other provisions 32
3.28 Obligations related to employee<br> termination benefits and pension commitments 32
3.29 Compensation plans 32
3.30 Revenue recognition 32
3.31 Finance income and finance costs 33
3.32 Current income tax and deferred 33
3.33 Operating segment reporting 34
3.34 Primary accounting criteria,<br> estimates and assumptions 35
3.35 Environment 36
3.36 Government grants 36
Note 4 Financial risk management 36
4.1 Financial risk management policy 36
4.2 Risk Factors 36
4.3 Financial risk management 41
Note 5 Separate information on the<br> main office, parent entity and joint action agreements 42
5.1 Parent’s stand-alone assets<br> and liabilities 42
5.2 Parent entity 42
Note 6 Board of Directors, Senior Management<br> and Key management personnel 43
6.1 Remuneration of the Board of<br> Directors and Senior Management 43
6.2 Key management personnel compensation 45
Note 7 Background on companies included<br> in consolidation and non-controlling interests 46
7.1 Background on companies included<br> in consolidation 46
7.2 Assets and, liabilities of consolidated<br> subsidiaries as of March 31, 2023 and profit of consolidated subsidiaries for the period ended as March 31, 2023 48
7.3 Non-controlling interests 52
Note 8 Equity-accounted investees 53
8.1 Investments in associates recognized<br> according to the equity method of accounting 53
8.2 Assets, liabilities, revenue<br> and expenses of associates 55
8.3 Disclosures regarding interests<br> in associates 56
Note 9 Joint Ventures 57
9.1 Investment in joint ventures<br> accounted for under the equity method of accounting. 57
9.2 Assets, liabilities, revenue<br> and expenses from joint ventures 59
9.3 Other Joint Venture disclosures 60
9.4 Disclosure of interests in joint<br> ventures 61
9.5 Joint Operations 61
Notes to the Consolidated Interim Financial Statements<br> December 31, 2022
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Note 10 Cash and cash equivalents 62
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10.1 Types of cash and cash equivalents 62
10.2 Short-term investments, classified<br> as cash equivalents 62
10.3 Amount restricted cash balances 62
10.4 Short-term deposits, classified<br> as cash equivalents 63
Note 11 Inventories 65
Note 12 Related party disclosures 67
12.1 Related party disclosures 67
12.2 Relationships between the parent<br> and the entity 67
12.3 Detailed identification of related<br> parties and subsidiaries 68
12.4 Detail of related parties and<br> related party transactions 72
12.5 Trade receivables due from related<br> parties, current: 73
12.6 Other disclosures: 73
Note 13 Financial instruments 74
13.1 Types of other current and non-current<br> financial assets 74
13.2 Trade and other receivables 75
13.3 Hedging assets and liabilities 78
13.4 Financial liabilities 79
13.5 Trade and other payables 91
13.6 Financial asset and liability<br> categories 93
13.7 Fair value measurement of finance<br> assets and liabilities 95
13.8 Reconciliation of net debt<br> and lease liabilities. 98
Note 14 Right-of-use assets and Lease<br> liabilities 99
14.1 Right-of-use assets 99
14.2 Lease liabilities 100
Note 15 Intangible assets and goodwill 111
15.1 Reconciliation of changes in<br> intangible assets and goodwill 111
Note 16 Property, plant and equipment 114
16.1 Types of property, plant and<br> equipment 114
16.2 Conciliation of changes in<br> property, plant and equipment by type: 116
16.3 Detail of property, plant and<br> equipment pledged as guarantee 117
16.4 Cost of capitalized interest,<br> property, plant and equipment 117
Note 17 Other current and non-current<br> non-financial assets 118
Note 18 Employee benefits 121
18.1 Provisions for employee benefits 121
18.2 Policies on defined benefit<br> plan 121
18.3 Other long-term benefits 122
18.4 Post-employment benefit obligations 122
18.5 Staff severance indemnities 123
18.6 Executive compensation plan 124
Note 19 Provisions and other non-financial<br> liabilities 125
19.1 Types of provisions 125
19.2 Description of other provisions 126
Notes to the Consolidated Interim Financial Statements<br> December 31, 2022
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19.3 Changes in provisions 128
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19.4 Other non-financial liabilities,<br> Current 129
Note 20 Disclosures on equity 130
20.1 Capital management 130
20.2 Operational restrictions and<br> financial limits 131
20.3 Disclosures on preferred share<br> capital 132
20.4 Disclosures on reserves in<br> Equity 133
20.5 Dividend policies 135
20.6 Interim and provisional dividends 136
20.7 Potential and provisional dividends 137
Note 21 Contingencies and restrictions 138
21.1 Lawsuits and other relevant<br> events 138
21.2 Environmental contingencies 140
21.3 Tax Contingencies 141
21.4 Contingencies regarding to<br> the Contracts with Corfo 142
21.5 Indirect guarantees 142
Note 22 Environment 143
22.1 Disclosures of disbursements<br> related to the environment 143
22.2 Detailed information on disbursements<br> related to the environment 144
22.3 Description of each project,<br> indicating whether these are in process or have been finished 156
Note 23 Gains (losses) from operating<br> activities in the statement of income of expenses, included according to their nature 164
23.1 Revenue from operating activities<br> customer activities 164
23.2 Cost of sales 166
23.3 Other income 167
23.4 Administrative expenses 167
23.5 Other expenses 168
23.6 Other (losses) gains 168
23.7 (Impairment) reversal of value<br> of financial assets impairment losses 168
23.8 Summary of expenses by nature 169
23.9 Finance expenses 169
23.10 Finance income 170
Note 24 Reportable segments 171
24.1 Reportable segments 171
24.2 Reportable segment disclosures: 173
24.3 Statement of comprehensive<br> income classified by reportable segments based on groups of products 175
24.4 Disclosures on geographical<br> areas 177
24.5 Disclosures on main customers 177
24.6 Segments by geographical areas 178
Note 25 Effect of fluctuations in foreign<br> currency exchange rates 179
Note 26 Disclosures on the effects<br> of fluctuations in foreign currency exchange rates 180
Note 27 Income tax and deferred taxes 186
Notes to the Consolidated Interim Financial Statements<br> December 31, 2022
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27.1 Current and non-current tax<br> assets 186
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27.2 Current tax liabilities 187
27.3 Income tax and deferred taxes 188
Note 28 Events occurred after the reporting<br> date 196
28.1 Authorization of the financial<br> statements 196
28.2 Disclosures<br> on events occurring after the reporting date 196
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
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Consolidated Interim Classified Statements of Financial Position

ASSETS Note N° As ofMarch 31,2023(Unaudited) As ofDecember 31,2022(Audited)
ThUS ThUS
Current Assets
Cash and cash equivalents 10.1
Other current financial assets 13.1
Other current non-financial assets 17
Trade and other receivables, current 13.2
Trade receivables due from related parties, current 12.5
Current inventories 11
Current tax assets 27.1
Total current assets other than those classified as held for sale or disposal
Non-current assets or groups of assets classified as held for sale
Total non-current assets held for sale
Total current assets
Non-current assets
Other non-current financial assets 13.1
Other non-current non-financial assets 17
Non-current trade receivables 13.2
Investments classified using the equity method of accounting 8.1-9.1
Intangible assets other than goodwill 15.1
Goodwill 15.1
Property, plant and equipment net 16.1
Right-of-use assets 14.1
Non-current tax assets 27.1
Deferred tax assets 27.3
Total non-current assets
Total assets

All values are in US Dollars.

The accompanying notes form an integral part of these consolidated interim financial statements.

1
Notes to the Consolidated Interim Financial Statements<br> December 31, 2022

Consolidated Interim Classified Statements of Financial Position

Liabilities<br> and Equity Note<br> N° As<br> of March 31, 2023 (Unaudited) As<br> of <br> December 31, <br> 2022 (Audited)
ThUS ThUS
Current liabilities
Other current financial liabilities 13.4
Current lease liabilities 14.2
Current trade and other payables 13.5
Other current provisions 19.1
Current tax liabilities 27.2
Current provisions for employee benefits 18.1
Other current non-financial<br> liabilities 19.4
Total<br> current liabilities
Non-current liabilities
Other non-current financial liabilities 13.4
Non-current lease liabilities 14.2
Other non-current provisions 19.1
Deferred tax liabilities 27.3
Non-current provisions<br> for employee benefits 18.1
Total<br> non-current liabilities
Total<br> liabilities
Equity
Equity attributable<br> to owners of the Parent 20
Share capital
Retained earnings
Other reserves ) )
Equity<br> attributable to owners of the Parent
Non-controlling interests
Total<br> equity
Total<br> liabilities and equity

All values are in US Dollars.

The accompanying notes form an integral part of these consolidated interim financial statements.

2
Notes to the Consolidated Interim Financial Statements<br> December 31, 2022

Consolidated Interim Statements of Income (Unaudited)

For the period from<br> January to March of the year
Consolidated<br> Interim Statements of Income Note<br> N° 2023 2022
ThUS ThUS
Revenue 23.1
Cost of sales 23.2 ) )
Gross<br> profit
Other income 23.3
Administrative expenses 23.4 ) )
Other expenses 23.5 ) )
(Impairment) reversal of value of financial assets<br> impairment losses 23.7 ) )
Other (losses) gains 23.6 )
Profit<br> from operating activities
Finance income 23.10
Finance costs 16-23.9 ) )
Share of profit of associates and joint ventures<br> accounted for using the equity method 8.1-9.3
Foreign currency translation<br> differences 25 )
Profit<br> before taxes
Income tax expense 27.3 ) )
Net profit
Profit attributable to:
Profit attributable to Owners of the Parent
Profit attributable to Non-controlling<br> interests

All values are in US Dollars.

For the period from<br> January to March of the year
Earnings<br> per share 2023 2022
ThUS ThUS
Common shares
Basic earnings per share (US per share)
Diluted common shares
Earnings per share (US per share)

All values are in US Dollars.

The accompanying notes form an integral part of these consolidated interim financial statements.

3
Notes to the Consolidated Interim Financial Statements<br> December 31, 2022

Consolidated Interim Statements of Comprehensive Income (Unaudited)

For<br> the period from January to March of the year
Consolidated Interim Statements of Comprehensive Income 2023 **** 2022 ****
ThUS ThUS
Net profit
Items of other comprehensive income<br> that will not be reclassified to profit for the year, before taxes
(Losses) gains from measurements of defined benefit<br> plans )
(losses) gains from financial assets<br> measured irrevocably at fair value through other comprehensive income )
Total other<br> comprehensive losses that will not be reclassified to profit for the year, before taxes )
Items of other comprehensive income<br> that will be reclassified to profit for the year, before taxes
Foreign currency exchange (losses) gains
Cash flow hedges- effective portion of changes in far<br> value
Cash flow hedges-reclassified to<br> profit or loss ) )
Total other<br> comprehensive income (loss)that will be reclassified to profit for the year
Other items<br> of other comprehensive income, before taxes
Income taxes related to items of<br> other comprehensive income that will not be reclassified to profit for the year
Income tax benefit (expense) related to measurement<br> of defined benefit pension plans through other comprehensive income )
Income tax benefit (expense) related<br> to (losses) gains on financial assets measured irrevocably at fair value through other comprehensive income )
Total income<br> tax relating to components of other comprehensive income that will be not reclassified to profit for the year )
Income taxes relating to components<br> of other comprehensive income that will be reclassified to profit for the year
Income tax (expense) benefit related<br> to gains on cash flow hedges ) )
Total income<br> tax (expense) benefit relating to components of other comprehensive income that will be reclassified to profit for the year ) )
Total other<br> comprehensive income
Total comprehensive<br> income
Comprehensive income attributable<br> to
Comprehensive income attributable to owners of the parent
Comprehensive income attributable to non-controlling<br> interest

All values are in US Dollars.

See note 20.

The accompanying notes form an integral part of these consolidated interim financial statements.

4
Notes to the Consolidated Interim Financial Statements<br> December 31, 2022

ConsolidatedInterim Statements of Cash Flows (Unaudited)

For the period from January to March of the year
Consolidated Statements of Cash Flows Note N° 2023 2022
ThUS ThUS
Cash flows generated from (used in) operating activities
Classes of cash receipts from operating activities
Cash receipts from sales of goods and rendering of services
Cash receipts from premiums and benefits, annuities and other benefits from policies entered
Cash receipts derived from sub-leases
Classes of Payments
Cash payments to suppliers for the provision of goods and services ) )
Cash payments relating to variable leases ) )
Other payments related to operating activities ) )
Net cash generated from operating activities
Dividends received
Interest paid ) )
Interest paid on lease liabilities ) )
Interest received )
Income taxes paid ) )
Other cash outflows (1) ) )
Net cash generated from operating activities )
Cash flows generated from (used in) investing activities
Proceeds from the purchase of shares in associates )
Proceeds from the sale of property, plant and equipment
Acquisition of property, plant and equipment ) )
Proceeds from sales of intangible assets
Proceeds (payments) related to futures, forward options and swap contracts )
Loans to related parties
Acquisition of other long-term assets ) )
Other cash inflows (outflows) (2) (3) )
Cash flow used in investing activities ) )

All values are in US Dollars.

(1) Other inflows (outflows) of cash from operating activities include net increases (decreases) of value added tax, banking expenses, expenses associated with obtaining loans and taxes associated with interest payments.

(2) Other inflows (outflows) of cash include investments and redemptions of time deposits and other financial instruments that do not qualify as cash and cash equivalent in accordance with IAS 7, paragraph 7, since they mature in more than 90 days from the original investment date.

(3) Other inflows (outflows) of cash from investing activities include guarantees deposits described in note 13.2.

The accompanying notes form an integral part of these consolidated interim financial statements.

5
Notes to the Consolidated Interim Financial Statements<br> December 31, 2022

ConsolidatedInterim Statements of Cash Flows (Unaudited)

For the period from January to March of the year
Consolidated Statements of Cash Flows Note N° 2023 2022
ThUS ThUS
Cash<br> flows generated from (used in) financing activities
Repayment<br> of lease liabilities ) )
Proceeds<br> from long-term loans
Proceeds<br> from short-term loans
Payment<br> of borrowings ) )
Net<br> cash flows generated from (used in) financing activities )
Net<br> (decrease) Increase in cash and cash equivalents before the effect of changes in the exchange rate )
Effects<br> of exchange rate fluctuations on cash and cash equivalents )
(Decrease)<br> increase in cash and cash equivalents )
Cash<br> and cash equivalents at beginning of period
Cash<br> and cash equivalents at end of period 10

All values are in US Dollars.

The accompanying notes form an integral part of these consolidated interim financial statements.

6
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023

Consolidated Interim Statements of Changes in Equity (Unaudited)

Consolidated<br> Interim Statements of Changes in Equity Share<br> <br>capital Foreign<br> <br>currency <br>translation <br>reserves Hedge<br> <br>reserves Gains<br> and <br>losses from financial <br>assets<br> reserve Actuarial<br><br> gains and <br>losses from <br>defined<br> benefit plans reserve Accumulated<br> <br>other comprehensive income Other<br> miscellaneous reserves Total reserves Retained<br> earnings Equity<br> <br>attributable<br> to owners <br>of the <br>Parent Non-<br>controlling<br><br> interests Total<br><br> Equity
ThUS ThUS ThUS ThUS ThUS ThUS ThUS ThUS ThUS ThUS ThUS ThUS
Equity at January 1, 2023 ) ) ) ) ) )
Net profit
Other comprehensive<br> income ) ) )
Comprehensive<br> income ) )
Dividends (1) ) ) ) )
Other (decreases)<br> in equity ) ) ) )
Total<br> changes in equity ) ) )
Equity<br> as of March 31, 2023 ) ) ) ) ) )

All values are in US Dollars.

Consolidated<br> Interim Statements of Changes in Equity Share<br> <br>capital Foreign<br> <br>currency <br>translation <br>reserves Hedge<br> <br>reserves Gains<br> and <br>losses from financial <br>assets<br> reserve Actuarial<br><br> gains and <br>losses from <br>defined<br> benefit plans reserve Accumulated<br> <br>other comprehensive income Other<br> miscellaneous reserves Total reserves Retained<br> earnings Equity<br> <br>attributable<br> to owners <br>of the <br>Parent Non-<br>controlling<br><br> interests Total<br><br> Equity
ThUS ThUS ThUS ThUS ThUS ThUS ThUS ThUS ThUS ThUS ThUS ThUS
Equity at January<br> 1, 2022 ) ) ) ) ) )
Net profit
Other<br> comprehensive income )
Comprehensive<br> income
Dividends (1) ) ) ) )
Total<br> changes in equity )
Equity<br> as of March 31, 2022 ) ) ) ) ) )

All values are in US Dollars.

(1) See<br> Note 20.7

The accompanying notes form an integral part of these consolidated Interim financial statements.

7
Notesto the Consolidated Interim Financial StatementsMarch 31, 2023

Glossary

The Following capitalized terms in these financial statements (including their notes) will have the following meaning:

“ADS” American Depositary Shares;

“CAM” Arbitration and Mediation Center of the Santiago Chamber of Commerce;

“CCHEN” Chilean Nuclear Energy Commission;

“CCS” cross currency swap;

“CINIIF” International Financial Reporting Interpretations Committee;

“CMF” Financial Market Commission;

“Directors’Committee” The Company’s Directors’ Committee;

“CorporateGovernance Committee” The Company’s Corporate Governance Committee;

“Health,Safety and Environment Committee” The Company’s Health, Safety and Environment Committee;

“LeaseAgreement” the mining concessions lease agreement signed by SQM Salar and Corfo in 1993, as subsequently amended;

“ProjectContract” project contract for Salar de Atacama undersigned by Corfo and SQM Salar in 1993, as subsequently amended”;

“Corfo” Chilean Economic Development Agency;

“DCV” Central Securities Depository;

“DGA” General Directorate of Water Resources;

“Board” The Company’s Board of Directors;

“Dollar” o “US$” Dollars of the United States of America;

“DPA” Deferred Prosecution Agreement*;*

“EIEP” Passive foreign investment company;

“UnitedStates” United States of America;

“FNE” Chilean National Economic Prosecutor’s Office;

“Management” the Company’s management;

“SQMGroup” The corporate group composed of the Company and its subsidiaries

“PampaGroup” Jointly the Sociedad de Inversiones Pampa Calichera S.A., Potasios de Chile S.A. and Inversiones Global Mining (Chile) Limitada;

“IASB” International Accounting Standards Board;

“SSI” Staff severance indemnities;

8
Notesto the Consolidated Interim Financial StatementsMarch 31, 2023

“IFRIC” International Financial Reporting Interpretations Committee;

“IPC” Consumer Price Index;

“IRS” interest rate swap;

“SecuritiesMarket Law” Securities Market Law No. 18,045;

“CorporateLaw” Ley 18,046 on corporations;

“ThUS$” thousands of Dollars;

“MUS$” millions of Dollars;

“IAS” International Accounting Standard;

“IFRS” International Financial Reporting Standard;

“ILO” International Labor Organization;

“WHO” World Health Organization;

“Pesos” or “Ch$” Chilean pesos, legal tender in Chile;

“SEC” Securities and Exchange Commission;

“Sernageomin” National Geology and Mining Service;

“SIC” Standard Interpretations Committee;

“SII” Chilean Internal Revenue Service;

“SMA” Environmental Superintendent’s Office;

“Company” Sociedad Química y Minera de Chile S.A.;

“SOFR” Secured overnight financing rate;

“SQMIndustrial” SQM Industrial S.A.;

“SQMNA” SQM North America Corporation;

“SQMNitratos” SQM Nitratos S.A.;

“SQMPotasio” SQM Potasio S.A.;

“SQMSalar” SQM Salar S.A.;

“Tianqi” Tianqi Lithium Corporation;

“UF” Unidad de Fomento (a Chilean Peso based inflation indexed currency unit);

9
Notesto the Consolidated Interim Financial StatementsMarch 31, 2023
Note 1 Identification and Activities of the Company and Subsidiaries
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1.1 Historical<br> background
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Sociedad Química y Minera de Chile S.A. is an open stock corporation founded under the laws of the Republic of Chile and its Chilean Tax Identification Number is 93.007.000-9.

The Company was incorporated through a public deed dated June 17, 1968 by the public notary of Santiago Mr. Sergio Rodríguez Garcés. Its existence was approved by Decree No. 1,164 of June 22, 1968 of the Ministry of Finance, and it was registered on June 29, 1968 in the Registry of Commerce of Santiago, on page 4,537 No. 1,992. SQM’s headquarters are located at El Trovador 4285, Floor 6, Las Condes, Santiago, Chile, The Company’s telephone number is +(56 2) 2425-2000.

The Company is registered in the CMF under number 184 of March 18, 1983 and is therefore subject to oversight by that entity.

1.2 Main<br> domicile where the Company performs its production activities

The Company’s main domiciles are: Calle Dos Sur plot No. 5 - Antofagasta; Arturo Prat 1060 - Tocopilla; Administration Building w/n - Maria Elena; Administration Building w/n Pedro de Valdivia - María Elena, Anibal Pinto 3228 - Antofagasta, Kilometer 1378 Ruta 5 Norte Highway - Antofagasta, Coya Sur Plant w/n - Maria Elena, kilometer 1760 Ruta 5 Norte Highway - Pozo Almonte, Salar de Atacama (Atacama Saltpeter deposit) potassium chloride plant w/n - San Pedro de Atacama, potassium sulfate plant at Salar de Atacama w/n – San Pedro de Atacama, Minsal Mining Camp w/n CL Plant CL, Potassium– San Pedro de Atacama, formerly the Iris Saltpeter office w/n, Commune of Pozo Almonte, Iquique, Level 1 and 225 Dt Georges Tce Perth WA 6000, Australia.

1.3 Codes<br> of main activities

The codes of the main activities as established by the CMF, as follows:

• 1700<br> (Mining)
• 2200<br> (Chemical products)
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• 1300<br> (Investment)
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1.4 Description<br> of the nature of operations and main activities
--- ---

The products of the Company are mainly derived from mineral deposits found in northern Chile where mining takes place and caliche and brine deposits are processed.

(a) Specialty plant nutrition: Four main types of specialty plant nutrients are produced: potassium nitrate, sodium nitrate, sodium potassium nitrate and specialty blends. In addition, other specialty fertilizers are sold including third party products.

(b) Iodine: The Company produces iodine and iodine derivatives, which are used in a wide range of medical, pharmaceutical, agricultural and industrial applications, including x-ray contrast media, polarizing films for LCD and LED, antiseptics, biocides and disinfectants, in the synthesis of pharmaceuticals, electronics, pigments and dye components.

(c) Lithium: The Company produces lithium carbonate, which is used in a variety of applications, including electrochemical materials for batteries, frits for the ceramic and enamel industries, and it is an important ingredient in the manufacture of gunpowder, heat-resistant glass (ceramic glass), air conditioning chemicals, continuous casting powder for steel extrusion, primary aluminum smelting process, pharmaceuticals and lithium derivatives. We are also a leading supplier of lithium hydroxide, which is primarily used as an input for the lubricating greases industry and for certain cathodes for batteries.

10
Notesto the Consolidated Interim Financial StatementsMarch 31, 2023

(d) Industrial chemicals: The Company produces three industrial chemicals: sodium nitrate, potassium nitrate and potassium chloride. Sodium nitrate is used primarily in the production of glass, explosives, and metal treatment. Potassium nitrate is used in the manufacturing of specialty glass, and it is also an important raw material to produce of frits for the ceramics and enamel industries. Solar salts, a combination of potassium nitrate and sodium nitrate, are used as a thermal storage medium in concentrated solar power plants. Potassium chloride is a basic chemical used to produce potassium hydroxide, and it is also used oil drilling, and to produce carrageenan.

(e) Potassium: The Company produces potassium chloride and potassium sulfate from brines extracted from the Salar de Atacama. Potassium chloride is a commodity fertilizer used to fertilize a variety of crops including corn, rice, sugar, soybean and wheat. Potassium sulfate is a specialty fertilizer used mainly in crops such as vegetables, fruits and industrial crops.

(f) Other products and services: The Company also sells other fertilizers and blends, some of which we do not produce, mainly potassium nitrate, potassium sulfate and potassium chloride. This business line also includes revenue from commodities, services, interests, royalties and dividends.

11
Notesto the Consolidated Interim Financial StatementsMarch 31, 2023
1.5 Other<br> background
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(a) Employees
--- ---

As of March 31, 2023, and December 31, 2022, the workforce was as follows:

As<br> of March 31, 2023 As<br> of December 31, 2022
Employees SQM<br> S.A. Other<br> <br><br> subsidiaries Total SQM<br> S.A. Other<br> <br><br> subsidiaries Total
Executives 30 130 160 32 128 160
Professionals 174 2,619 2,793 177 2,506 2,683
Technicians<br> and operators 320 3,965 4,285 309 3,845 4,154
Total 524 6,714 7,238 518 6,479 6,997
As<br> of March 31, 2023 As of December 31, 2022
--- --- --- --- --- --- --- --- --- --- --- --- ---
Place<br> of work SQM<br> S.A. Other<br> <br><br> subsidiaries Total SQM<br> S.A. Other<br> <br><br> subsidiaries Total
In<br> Chile 524 6,211 6,735 518 6,015 6,533
Outside<br> Chile - 503 503 - 464 464
Total 524 6,714 7,238 518 6,479 6,997
(b) Main shareholders
--- ---

As of March 31, 2023, there were 1,141 shareholders.

Following table shows information about the main shareholders of the Company’s Series A or Series B shares in circulation as of March 31, 2023, and as of December 31, 2022, in line with information provided by the DCV, with respect to each shareholder that, to our knowledge, owns more than 5% of the outstanding Series A or Series B shares. The following information is derived from our registry and reports managed by the DCV and informed to the CMF and the Chilean Stock Exchange:

Shareholders<br> as of March 31, 2023 No.<br> of Series A %<br> of Series A <br> shares No.<br> of Series B %<br> of Series B <br> shares %<br> of total <br> shares
The<br> Bank of New York Mellon, ADRs - - 62,591,646 43.83 % 21.91 %
Inversiones<br> TLC Spa (1) 62,556,568 43.80 % - - 21.90 %
Sociedad<br> de Inversiones Pampa Calichera S.A. (2) 43,133,789 30.20 % 1,611,227 1.13 % 15.66 %
Potasios<br> De Chile S.A. 18,179,147 12.73 % - - 6.36 %
Banco<br> de Chile via State Street 464 0.00 % 11,385,679 7.97 % 3.99 %
AFP Habitat<br> S.A. 365,207 0.26 % 9,819,209 6.88 % 3.57 %
Inv.<br> Global Mining Chile Ltda. 8,798,539 6.16 % - - 3.08 %
Banco<br> Santander via foreign investor accounts 93,873 0.07 % 7,980,629 5.59 % 2.83 %
AFP Cuprum<br> S.A. - - 6,458,143 4.52 % 2.26 %
AFP Capital<br> S.A. - - 6,116,443 4.28 % 2.14 %
Banco<br> de Chile non-resident third party accounts 134,379 0.09 % 5,598,489 3.92 % 2.01 %
AFP Provida<br> S.A. - - 5,608,591 3.93 % 1.96 % 
12
Notesto the Consolidated Interim Financial StatementsMarch 31, 2023
Shareholders<br> as of December 31, 2022 No.<br> of <br> Series A %<br> of <br> Series A <br> shares No.<br> of <br> Series B %<br> of <br> Series B <br> shares %<br> of total <br>  shares
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
The<br> Bank of New York Mellon, ADRs - - 64,555,045 45.20 % 22.60 %
Inversiones<br> TLC Spa (1) 62,556,568 43.80 % - - 21.90 %
Sociedad<br> de Inversiones Pampa Calichera S.A. (2) 43,133,789 30.20 % 1,611,227 1.13 % 15.66 %
Potasios<br> De Chile S.A. 18,179,147 12.73 % - - 6.36 %
Banco<br> de Chile via State Street 79,265 0.06 % 10,979,388 7.69 % 3.87 %
AFP Habitat<br> S.A. - - 9,504,885 6.66 % 3.33 %
Inv.<br> Global Mining Chile Ltda. 8,798,539 6.16 % - - 3.08 %
Banco<br> Santander via foreign investor accounts 545,729 0.38 % 8,181,775 5.73 % 3.06 %
AFP Cuprum<br> S.A. - - 6,535,039 4.58 % 2.29 %
Banco<br> de Chile non-resident third party accounts 62,829 0.04 % 6,181,476 4.33 % 2.19 %
AFP Capital<br> S.A. - - 5,652,982 3.96 % 1.98 %
AFP Provida<br> S.A. - - 5,263,361 3.69 % 1.84 %

(1) As reported by DCV, which records the Company’s shareholders’ register as of March 31, 2023 and December 31, 2022, Inversiones TLC SpA, a subsidiary wholly owned Tianqi Lithium Corporation, is the direct owner of 62,556,568 Series A shares of The Company equivalent to 21.90% of SQM’s shares. Tianqi Lithium Corporation it owns 748,490 Series B SQM shares as reported by Inversiones TLC Spa. So as of March 31, 2023, Tianqi Lithium Corporation owns 22.16% of SQM’s total Series A shares and ADS holders of Series B shares. As of December 31, 2022, Tianqi Lithium Corporation holds 23.75% of all SQM shares through Series A shares and ADS holders of Series B shares.

(2) As of March 31, 2023, and December 31, 2022, Sociedad de Inversiones Pampa Calichera S.A. owned 46,600,458 Series A and B shares with 1,855,442 Series A shares held in custody by brokers.

13
Notesto the Consolidated Interim Financial StatementsMarch 31, 2023
Note 2 Basis of presentation for the consolidated financial statements
--- ---
2.1 Accounting<br> period
--- ---

These consolidated financial statements cover the following periods:

(a) Consolidated<br> Interim Statements of Financial Position as of March 31, 2023 and December 31, 2022.
(b) Consolidated<br> Interim Statements of Income for the three-month periods ended March 31, 2023 and 2022.
--- ---
(c) Consolidated<br> Interim Statements of Comprehensive Income for the three-month periods ended March 31,<br> 2023 and 2022.
--- ---
(d) Consolidated<br> Interim Statements of Changes in Equity for the three-month periods ended March 31, 2023<br> and 2022.
--- ---
(e) Consolidated<br> Interim Statements of Cash Flows for the three-month periods ended March 31, 2023 and<br> 2022.
--- ---
2.2 Consolidated<br> financial statements
--- ---

The consolidated interim financial statements of Sociedad Química y Minera de Chile S.A. and its subsidiaries were prepared in accordance with la IAS 34 “Interim Financial Reporting”.

The consolidated interim financial statements should be read in conjunction with the annual financial statements as of December 31, 2022.

The accounting principles and criteria used in these interim financial statements were consistently applied throughout both periods and to the annual financial statements as of December 31, 2022. There have been no changes in the methods used to calculate accounting estimates during the periods reported.

IFRS establish certain alternatives for their application, those applied by the Company are detailed in this Note and Note 3.

14
Notesto the Consolidated Interim Financial StatementsMarch 31, 2023
2.3 Basis<br> of measurement
--- ---

The consolidated financial statements have been prepared on the historical cost basis except for the following:

(a) Inventories<br> are recorded at the lower of cost and net realizable value.
(b) Financial<br> derivatives measured at fair value.
--- ---
(c) Certain<br> financial investments measured at fair value with an offsetting entry in other comprehensive<br> income.
--- ---
2.4 Accounting<br> pronouncements
--- ---

Newaccounting pronouncements

(a) The<br> following standards, interpretations and amendments are mandatory for the first time<br> for annual periods beginning on January 1, 2023:
Amendments<br> and improvements Description Mandatory<br> for annual periods<br><br>beginning on or after
--- --- ---
Amendments<br> to IAS 1: “Presentation of the Financial Statements” and IAS 8 “Accounting policies changes in accounting<br> estimates and errors” The amendments<br> are intended to improve disclosures of accounting policies and to help users of financial statements distinguish between changes<br> in accounting estimates and changes in accounting policies. 01-01-2023
Amendment<br> to IAS 12 – Deferred taxes related to assets and liabilities that arise from a single transaction These<br> amendments require companies to recognize deferred taxes on transactions that result in equal amounts in taxable and deductible<br> temporary differences in the initial recognition. 01-01-2023

Management determined that the adoption of the aforementioned standards, amendments and interpretations did not significantly impact the company’s consolidated financial statements.

15
Notesto the Consolidated Interim Financial StatementsMarch 31, 2023
(b) Standards,<br> interpretations and amendments issued that had not become effective for financial statements<br> beginning on January 1, 2023 and which the Company has not adopted early are as follows:
--- ---
Standards<br> and Interpretations Description Mandatory<br> for annual periods <br><br>beginning on or after
--- --- ---
Amendment<br> to IAS 1 “Non-current liabilities with covenants”. The amendment<br> is aimed at improving the information that an entity provides when the payment terms of its liabilities can be deferred depending<br> on compliance with covenants within the twelve months following the date of issue of the financial statements. 01-01-2024
Amendments<br> to IFRS 16 “Leases” On sales<br> with leaseback, which explains how an entity should recognize the rights to use the asset and how the profits or losses from<br> the sale and leaseback should be recognized in the financial statements. 01-01-2024

Management believes that the adoption of the above standards, amendments and interpretations will not have a significant impact on the Company’s financial statements.

16
Notesto the Consolidated Interim Financial StatementsMarch 31, 2023
2.5 Basis<br> of consolidation
--- ---
(a) Subsidiaries
--- ---

The Company established control as the basis of consolidation of its financial statements. The Company controls a subsidiary when it is exposed, or has rights, to variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power over the subsidiary.

The consolidation of a subsidiary starts when the Group controls it and it is no longer included in the consolidation when this control is lost.

Subsidiaries are consolidated through a line by line method, adding items that represent assets, liabilities, income and expenses with a similar content, and eliminating operations between companies within the SQM Group.

Results for dependent companies acquired or disposed of during the period are included in the consolidated accounts from the date on which control is transferred to the SQM Group or until the date when this control ends, as relevant.

To account for an acquisition of a business, the Company uses the acquisition method. Under this method, the acquisition cost is the fair value of assets delivered, equity securities issued, and incurred or assumed liabilities at the date of exchange. Assets, liabilities and contingencies identifiable assumed in a business combination are measured initially at fair value at the acquisition date. For each business combination, the Company will measure the non-controlling interest of the acquiree either at fair value or as proportional share of net identifiable assets of the acquire.

The details of the consolidated companies can be found in Note 7.

2.6 Investments<br> in associates and joint ventures

Investments in joint arrangements are classified as joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement.

(a) Joint<br> operations

The Company recognizes its direct right to the assets, liabilities, income and expenses of the joint arrangement.

(b) Joint<br> ventures and investments in associates

Interests in companies over which joint control is exercised (joint ventures) or where an entity has significant influence (associates) are recognized using the equity accounting method. Significant influence is presumed when the investor owns over 20% of the investee’s share capital. The investment is recognized using this method in the statement of financial position at cost plus changes subsequent to acquisition and includes the proportional share of the associate’s equity. For these purposes, the percentage interest in the associate is used. The associated acquired goodwill is included in the investee’s book value and is not amortized. The debit or credit to the income statement reflects the proportional share of the profit or loss of the associate.

Unrealized gains from transactions with joint ventures or associates are eliminated in accordance with the Company’s percentage interest in such entities. Any unrealized losses are also eliminated, unless that transaction provides evidence that the transferred asset is impaired.

Changes in associate’s or joint ventures equity are recognized proportionally with a charge or credit to “Other Reserves” and are classified according to their origin. The reporting dates of the associate or joint ventures, the Company and related policies are similar for equivalent transactions and events in similar circumstances. In the event that significant influence is lost, or the investment is sold, or held for sale, the equity method is suspended, not recognizing the proportional share of the gain or loss. If the resulting value under the equity method is negative, the share of profit or loss is reflected as zero in the consolidated financial statements, unless there is a commitment by the Company to restore the capital position of the Company, in which case the related risk provision and expense are recorded.

17
Notesto the Consolidated Interim Financial StatementsMarch 31, 2023

Dividends received by these companies are recorded by reducing the value of the investment and are shown in cash flows from operating activities, and the proportional share of the gain or loss recognized in accordance with the equity method is included in the consolidated income statement under “Share of Gains (Losses) of Associates and Joint Ventures Accounted for Using the Equity Method”.

18
Notesto the Consolidated Interim Financial StatementsMarch 31, 2023
Note 3 Significant accounting policies
--- ---
3.1 Classification<br> of balances as current and non-current
--- ---

In the consolidated statement of financial position, balances are classified in consideration of their recovery (maturity) dates; i.e., those maturing within a period equal to or less than 12 months are classified as current counted from the closing date of the consolidated financial statements and those with maturity dates exceeding the aforementioned period are classified as non-current.

The exception to the foregoing relates to deferred taxes, which are classified as non-current, regardless of the maturity they have.

3.2 Functional<br> and presentation currency

The Company’s consolidated financial statements are presented in United States dollars, without decimal places, which is the Company’s functional and presentation currency and is the currency of the main economic environment in which it operates. Consequently, the term foreign currency is defined as any currency other than the U.S. dollar.

3.3 Accounting<br> policy for foreign currency translation
(a) SQM<br>group entities:
--- ---

The revenue, expenses, assets and liabilities of all entities that have a functional currency other than the presentation currency are converted to the presentation currency as follows:

- Assets<br> and liabilities are converted at the closing exchange rate prevailing on the reporting<br> date.
- Revenues<br> and expenses of each profit or loss account are converted at monthly average exchange<br> rates.
--- ---
- All<br> resulting foreign currency translation gains and losses are recognized as a separate<br> component in translation reserves.
--- ---

In consolidation, foreign currency differences arising from the translation of a net investment in foreign entities are recorded in shareholder’s equity (“foreign currency translation reserve”). At the date of disposal, such foreign currency translation differences are recognized in the statement of income as part of the gain or loss from the sale.

19
Notesto the Consolidated Interim Financial StatementsMarch 31, 2023

The main exchange rates and UF used to translate monetary assets and liabilities, expressed in foreign currency at the end and average of each period in respect to U.S. dollars, are as follows:

Closing<br> exchange rates Average<br> exchange rates
Currencies As<br> of March<br> 31,<br> 2023 As<br> of  December<br> 31, <br> 2022 As<br> of   March<br> 31, <br> 2023 As<br> of  December<br> 31,<br> 2022
ThUS ThUS ThUS ThUS
Brazilian<br> real
New<br> Peruvian sol
Japanese<br> yen
Euro
Mexican<br> peso
Australian<br> dollar
Pound<br> Sterling
South<br> African rand
Chilean<br> peso
Chinese<br> yuan
Indian<br> rupee
Thai<br> Baht
Turkish<br> lira
Korean<br> Won
Indonesian<br> Rupiah
United<br> Arab Emirates dirham
Polish<br> Zloty
UF (*)

All values are in US Dollars.

(*) US$ per UF

(b)         Transactions and balances

The Company’s non-monetary transactions in currencies other than the functional currency (Dollar) are translated to the respective functional currencies of Group entities at the exchange rate on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currency at the exchange rate at that date. All differences are recorded in the statement of income except for all monetary items that provide an effective hedge for a net investment in a foreign operation. These items are recognized in other comprehensive income until disposal of the investment, when they are recognized in the statement of income. Charges and credits attributable to foreign currency translation differences on those hedge monetary items are also recognized in other comprehensive income.

Non-monetary assets and liabilities that are measured at historical cost in a foreign currency are retranslated to the functional currency at the historical exchange rate of the transaction. Non-monetary items that are measured based on fair value in a foreign currency are translated using the exchange rate at the date on which the fair value is determined.

20
Notesto the Consolidated Interim Financial StatementsMarch 31, 2023
3.4 Consolidated<br> statement of cash flows
--- ---

Cash equivalents correspond to highly liquid short-term investments that are easily convertible into known amounts of cash and subject to insignificant risk of changes in their value and mature in less than three months from the date of acquisition of the instrument.

For the purposes of the statement of cash flows, cash and cash equivalents comprise cash and cash equivalents as defined above.

The statement of cash flows present cash transactions performed during the period, determined using the direct method.

3.5 Financial<br> assets

Management determines the classification of its financial assets at fair value (either through other comprehensive income, or through profit or loss), and at amortized cost. The classification depends on the business model of the entity to manage the financial assets and the contractual terms of the cash flows.

The initial value of the Company’s financial assets valued at fair value through comprehensive income includes the transaction costs that are directly attributable to acquiring that financial asset on the date the Company commits to acquiring it, whereas the transaction costs for financial assets valued at fair value through profit or loss are expensed. The initial value of trade and other receivables that do not include a significant financial component is their transaction price.

After initial recognition, the Company measures its financial assets according to the Company’s business model for managing its financial assets and the contractual terms of its cash flows:

(a) Financial<br> debt instruments measured at amortized cost. Financial assets that meet the following<br> conditions are included in this category (i) the business model that supports it<br> aims to maintain the financial assets to obtain the contractual cash flows and the contractual<br> conditions of the financial asset give place, on specified dates, to cash flows that<br> are only payments of the principal and interest on the outstanding principal amount.<br> The Company’s financial assets that meet these conditions are: (ii) cash equivalents;<br> (iii) related party receivables; (iv) trade debtors; (v) other receivables.
(b) Financial<br> instruments at fair value. A financial asset should be measured at fair value through<br> profit or loss or fair value through other comprehensive income, depending on the following:
--- ---
(i) “Fair<br> Value Through Other Comprehensive Income”: Assets held to collect contractual cash<br> flows and to be sold, where the asset cash flows are only capital and interest payments,<br> are measured at fair value through other comprehensive income. Changes in book values<br> are through other comprehensive income, except for the recognition of impairment losses,<br> interest income and exchange gains and losses, which are recognized in the income statement.<br> When a financial asset is derecognized, the cumulative gain or loss previously recognized<br> in other comprehensive income is reclassified from equity to the income statement. Interest<br> income from these financial assets is included in financial income using the effective<br> interest method.
--- ---
(ii) “Fair<br> Value Through Profit and Loss”: Assets that do not meet the amortized cost or “Fair<br> Value Through Other Comprehensive Income” criteria are valued at “Fair Value<br> Through Profit and Loss”.
--- --- 
21
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
(c) Financial<br> equity instruments at fair value through other comprehensive income. Equity instruments<br> that are not classified as held for trading and which the Group has irrevocably chosen<br> to recognize in this category. Amounts presented in other comprehensive income will not<br> be subsequently transferred to profit or loss.
--- ---
3.6 Financial<br> assets impairment
--- ---

The Company evaluates expected credit losses associated with its debt instruments carried at amortized cost and fair value through other comprehensive income. The impairment method used depends on whether there has been a significant increase in credit risk.

The Company applies simplified approach to measure expected credit losses using the lifetime expected loss on all trade receivables. Expected credit losses are measured by grouping receivables by their shared credit risk characteristics and days overdue.

The Company has concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for contract assets. Expected loss rates are based on sales payment profiles and historical credit losses within this period. Historical loss rates are adjusted to reflect current expectations and information regarding macroeconomic factors that affect the ability of customers to meet their commitments.

Impairment losses from receivables and contract assets are shown as net impairment losses in the line “Impairment of financial assets and reversal of impairment losses,” see Note 23.7. The subsequent recovery of previously canceled amounts are credited to the same line.

3.7 Financial<br> liabilities

Management accounts for its financial liabilities at amortized cost.

Upon initial recognition, the Company measures its financial liabilities by their fair value less the transaction costs that are directly attributable to the acquisition of the financial liability. The Company subsequently measures its financial liabilities at amortized cost.

Financial liabilities measured at amortized cost are commercial accounts payable and other accounts payable and other financial liabilities.

Amortized cost is based using the effective interest rate method. Amortized cost is calculated by considering any premium or discount on the acquisition and includes transaction costs that are an integral part of the effective interest rate.

3.8 Estimated<br> fair value of financial instruments

The fair value of financial assets and liabilities is estimated using the following information. Although the data represent Management’s best estimates, it is subjective and involves significant estimates regarding current economic conditions, market conditions and risk characteristics.

Methodologies and assumptions used depend on the risk terms and characteristics of instruments and include the following as a summary:

22
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023

Fairvalue estimation for book value

Financial assets and liabilities measured at fair value consist of forwards hedging the mismatch in the balance sheet and cash flows, options hedging the mismatch in the balance sheet and cross currency swaps to hedge bonds issued in local currency (Peso/UF).

The fair value of the Company’s assets and liabilities recognized by cross currency swaps contracts is calculated as the difference between the present value of discounted cash flows of the asset (Peso/UF) and liability (Dollar) parts of the derivative. In the case of the IRS, the asset value recognized is calculated as the difference between the discounted cash flows of the asset (variable rate) and liability (fixed rate) parts of the derivative. Forwards are calculated as the difference between the strike price of the contract and the spot price plus the forwards points at the date of the contract. Financial options: the value recognized is calculated using the Black-Scholes method.

In the case of CCS, the entry data used for the valuation models are UF, Peso, Dollar and basis swap rates. In the case of fair value calculations for interest rate swaps, the Forward Rate Agreement rate and ICVS 23 Curve (Bloomberg: cash/deposits rates, futures, swaps). In the case of forwards, the forwards curve for the currency in question is used. Finally, for options, the spot price, risk-free rate and volatility of exchange rate are used, all in accordance with the currencies used in each valuation. The financial information used as entry data for the Company’s valuation models is obtained from Bloomberg, the well-known financial software company. Conversely, the fair value provided by the counterparties of derivatives contracts is used only as a control and not for valuation.

The effects on profit or loss of movements in these amounts is recognized in the caption finance costs, foreign currency translation gain (loss) or cash flow hedge reserve in the statement of comprehensive income, depending on each particular case.

Estimateof fair value for reporting purposes

• Cash<br> equivalent approximates fair value due to the short-term maturities of these instruments.
• The<br> fair value of current trade receivables is considered to be equal to the carrying amount<br> due to the maturity of such accounts at short-term.
--- ---
• Payables,<br> current lease liabilities and other current financial liabilities are considered fair<br> value equal to book value due to the short-term maturity of these accounts.
--- ---
• The<br> fair value of the debt (long-term secured and unsecured debentures; bonds denominated<br> in local currency (Peso/UF) and foreign currency (Dollar), borrowings denominated in<br> foreign currency (Dollar) and lease liabilities of the Company are calculated at current<br> value of cash flows subtracted from market rates upon valuation, considering the terms<br> of maturity and exchange rates. The UF and Peso rate curves are used as inputs for the<br> valuation model. This information is obtained through from the renowned financial software<br> company, Bloomberg, and the Chilean Association of Banks and Financial Institutions.
--- --- 
23
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
3.9 Reclassification<br> of financial instruments
--- ---

When the Company changes its business model for managing financial assets, it will reclassify all its financial assets affected by the new business model. Financial liabilities cannot be reclassified.

3.10 Financial<br> instruments derecognition

The Company derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred; and the control of the financial assets has not been retained.

The Company derecognizes a financial liability when its contractual obligations or a part of these are discharged, paid to the creditor or legally extinguished from the principle responsibility contained in the liability.

3.11 Derivative<br> and hedging financial instruments

The financial instruments derivatives are recognized initially at fair value as of the date on which the derivatives contract is signed and, they are subsequently assessed at fair value. The method for recognizing the resulting gain or loss depends on whether the derivative has been designated as an accounting hedge instrument and, if so, it depends on the type of hedging, which may be as follows:

a) Fair<br> value hedge of assets and liabilities recognized (fair value hedges).
b) Hedging<br> of a single risk associated with a recognized asset or liability or a highly probable<br> forecast transaction (cash flow hedge).
--- ---

At the beginning of the transaction, the Company documents the relationship that exists between hedging instruments and those items hedged, as well as their objectives for risk management purposes and the strategy to conduct different hedging operations.

The Company also documents its evaluation both at the beginning and at the end of each period if the derivatives used in hedging transactions are highly effective to offset changes in the fair value or in cash flows of hedged items.

The fair value of derivative instruments used for hedging purposes is shown in Note 13.3.

Derivatives that are not designated or do not qualify as hedging derivatives are classified as current assets or liabilities, and changes in the fair value are directly recognized through profit or loss.

a) Fair<br> value hedge

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in profit or loss, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The gain or loss relating to the effective portion of interest rate swaps that hedge fixed rate borrowings is recognized in profit or loss within finance costs, together with changes in the fair value of the hedged fixed rate borrowings attributable to interest rate risk. The gain or loss relating to the ineffective portion is recognized in profit or loss within other income or other expenses. If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item for which the effective interest method is used is amortized to profit or loss over the period to maturity using a recalculated effective interest rate.

24
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
b) Cash<br>flow hedges
--- ---

The effective portion of the gain or loss on the hedging instrument is initially recognized with a debit or credit to other comprehensive income, while any ineffective portion is immediately recognized to income, as appropriate, depending on the nature of the hedged risk. The amounts accumulated in other comprehensive income are carried over to results when the hedged items are settled or when these have an impact on income.

When a hedging instrument no longer meets the criteria for hedge accounting, any cumulative deferred gain or loss and deferred costs of hedging in equity at that time remains in equity until the forecast transaction occurs.

When the forecast transaction is no longer expected to occur, the cumulative gain or loss and deferred costs of hedging that were reported in other comprehensive income are immediately reclassified to profit or loss.

3.12 Derivative<br> financial instruments not considered as hedges

Derivative financial instruments not considered as hedges are recognized at fair value with the effect in the profit of the year. The Company has derivative financial instruments to hedge foreign currency risk exposure.

The Company continually evaluates the existence of embedded derivatives in both its contracts and in its financial instruments. As of March 31, 2023, and December 31, 2022, the Company does not have any embedded derivatives.

3.13 Deferred<br> acquisition costs from insurance contracts

Acquisition costs from insurance contracts are classified as prepayments and correspond to insurance contracts in force, recognized using the straight-line method and on an accrual basis independent of payment date. These are recognized under other non-financial assets current.

3.14 Leases
(a) Right-of-use<br> assets
--- ---

The Company recognizes right-of-use assets on the initial lease date (i.e., the date on which the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, adjusted by any new measurement of the lease liability. The cost of right-of-use assets includes the amount of recognized lease liabilities, direct initial costs incurred and lease payments made on the start date or sooner, less the lease incentives received. Unless the Company is reasonably sure it will take ownership of the leased asset at the end of the lease period, the assets recognized through right-of-use are depreciated in a straight line during the shortest period of their estimated useful life and lease period. Right-of-use assets are subject to impairment.

(b) Lease<br> liabilities

On the lease start date, the Company recognizes lease liabilities measured at present value of lease payments that will be made during the lease period. Lease payments include fixed payments (including payments that are essentially fixed), less incentives for lease receivables, variable lease payments that are dependent on an index or rate and amounts that are expected to be paid as guaranteed residual value. Lease payments also include the exercise price of a purchase option if the Company is reasonably sure it will exercise this and penalty payments for terminating a lease, if the lease period reflects that the Company will exercise the option to terminate. Variable lease payments that are not dependent on an index or rate are recognized as expenses in the period that produces the event or condition that triggers payment.

When calculating the present value of lease payments, the Company uses the incremental borrowing rate on the initial lease date if the interest rate implicit in the lease cannot be determined easily. After the start date, the lease liability balance will increase to reflect the accumulation of interest and will diminish as lease payments are made. Furthermore, the book value of lease liabilities is remeasured in the event of an amendment, a change in the lease period, a change in the fixed lease payments in substance or a change in the assessment to buy the underlying asset.

25
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023

Payments made that affect lease liabilities are presented as part of the financing activities in the cash flow statement.

(c) Short-term<br> leases and low-value asset leases

The Company applies the short-term lease recognition exemption to leases with a lease term of 12 months or less starting on the start date and that don’t have a purchase option. It also applies the low-value asset lease recognition exemptions to leases less than the limit specified in the respective accounting standard. Lease payments in short-term leases and low-value asset leases are recognized as lineal expenses during the lease term.

(d) Significant<br> judgments in the determination of the lease term for contracts with renewal options.

The Company determines the lease term as the non-cancellable period of the lease, together with periods covered by an option to extend the lease if it is reasonably certain that this will be exercised, or any period covered by an option to terminate the lease, if it is reasonably certain that this will not be exercised.

The Company has the option, under some of its leases, to lease assets for additional terms. The Company applies its judgment when assessing whether it is reasonably certain that it will exercise the option to renovate. In other words, it considers all the relevant factors that create an economic incentive for it to exercise the option to renovate. After the start date, the Company reevaluates the lease term if there is a significant event or change in the circumstances that are under its control and affect its capacity to exercise (or not exercise) the option to renovate.

3.15 Inventory<br> measurement

The method used to determine the cost of inventories is the weighted average monthly cost of warehouse storage. In determining production costs for own products, the company includes the costs of labor, raw materials, materials and supplies used in production, depreciation and maintenance of the goods that participate in the production process, the costs of product movement necessary to maintain stock on location and in the condition in which they are found, and also includes the indirect costs of each task such as laboratories, process and planning areas, and personnel expenses related to production, among others.

For finished and in-process products, the company has four types of provisions, which are reviewed quarterly:

(a) Provision<br> associated with the lower value of stock: The provision is directly identified with the<br> product that generates it and involves three types: (i) provision of lower realizable<br> value, which corresponds to the difference between the inventory cost of intermediary<br> or finished products, and the sale price minus the necessary costs to bring them to the<br> same conditions and location as the product with which they are compared; (ii) provision<br> for future uncertain use that corresponds to the value of those products in process that<br> are likely not going to be used in sales based on the company’s long-term plans;<br> (iii) reprocessing costs of products that are unfeasible for sale due to current<br> specifications.
(b) Provision<br> associated with physical differences in inventory: A provision is made for differences<br> that exceed the tolerance considered in the respective inventory process (physical and<br> annual inventories are taken for the productive units in Chile and the port of Tocopilla;<br> the business subsidiaries depend on the last zero ground obtained, but in general it<br> is at least once a year), these differences are recognized immediately.
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26
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
(c) Potential<br> errors in the determination of stock: The company has an algorithm that is reviewed at<br> least once a year and corresponds to diverse percentages assigned to each inventory based<br> on the product, location, complexity involved in the associated measurement, rotation<br> and control mechanisms.
--- ---

Inventories of raw materials, materials and supplies for production are recorded at acquisition cost. Cyclical inventories are performed in warehouses, as well as general inventories every three years. Differences are recognized at the moment they are detected. The company has a provision based on quarterly calculations from percentages associated with each type of material (classification by warehouse and rotation), these percentages use the lower value resulting from deterioration or obsolescence as well as potential losses. This provision is reviewed at least annually, and considers the historical profit and loss obtained in the inventory processes.

3.16 Non-controlling<br> interests

Non-controlling interests are recorded in the consolidated statement of financial position within equity but separate from equity attributable to the owners of the Parent.

3.17 Related<br> party transactions

Transactions between the Company and its subsidiaries are part of the Company’s normal operations within its scope of business activities. Conditions for such transactions are those normally effective for those types of operations with regard to terms and market prices. The maturity conditions vary according to the originating transaction.

3.18 Property,<br> plant and equipment

Property, plant and equipment are stated at acquisition cost, net of the related accumulated depreciation, amortization and impairment losses that they might have experienced.

In addition to the price paid for the acquisition of tangible property, plant and equipment, the Company has considered the following concepts as part of the acquisition cost, as applicable:

(a) Accrued<br> interest expenses during the construction period that are directly attributable to the<br> acquisition, construction or production of qualifying assets, which are those that require<br> a substantial period prior to being ready for use. The interest rate used is that related<br> to the project’s specific financing or, should this not exist, the average financing<br> rate of the investor company.
(b) The<br> future costs that the Company will have to experience, related to the closure of its<br> facilities at the end of their useful life, are included at the present value of disbursements<br> expected to be required to settle the obligation and are recorded as a liability and<br> its subsequent variation is recorded directly in results.
--- ---

Having initially recognized provisions for closure and refurbishment, the corresponding cost is capitalized as an asset in “Property, plant and equipment” and amortized in line with the amortization criteria for the associated assets.

Construction-in-progress is transferred to property, plant and equipment in operation once the assets are available for use and the related depreciation and amortization begins on that date.

Extension, modernization or improvement costs that represent an increase in productivity, ability or efficiency or an extension of the useful lives of property, plant and equipment are capitalized as a higher cost of the related assets. All the remaining maintenance, preservation and repair expenses are charged to expense as they are incurred.

The replacement of assets, which increase the asset’s useful life or its economic capacity, are recorded as a higher value of property, plant and equipment with the related derecognition of replaced or renewed elements.

27
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023

Gains or losses which are generated from the sale or disposal of property, plant and equipment are recognized as income (or loss) in the period and calculated as the difference between the asset’s sales value and its net carrying value.

Costs derived from the daily maintenance of property, plant and equipment are recognized when incurred.

The cost of interest is recognized by applying an average or average weighted interest rate for all financing costs incurred by the Company to the final monthly balances for works underway and complies with the requirements of the required standard.

Financing costs are not activated for periods that exceed the normal term for acquisition, construction or installation of the property; such is the case for delays, interruptions or temporary suspension of the project due to technical, financial or other problems that make it impossible to leave the property in usable conditions.

3.19 Depreciation<br> of property, plant and equipment

Property, plant and equipment are depreciated through the straight-line distribution of cost over the estimated technical useful life of the asset, which is the period in which the Company expects to use the asset. When components of one item of property, plant and equipment have different useful lives, they are recorded as separate assets and depreciated over their expected useful lives. Useful lives are reviewed on an annual basis.

Fixed assets located in the Salar de Atacama consider useful life to be the lesser value between the technical useful life and the years remaining until 2030.

In the case of certain mobile equipment, depreciation is performed depending on the hours of operation.

The useful lives used for the depreciation and amortization of assets included in property, plant and equipment in years are presented below:

Classes of property, plant and equipment Minimum life or rate <br><br>(years) Maximum life or rate <br><br>(years) Life or average rate <br><br>in years
Mining assets 3 10 8
Energy generating assets 5 16 10
Buildings 3 25 13
Supplies and accessories 4 10 8
Office equipment 5 10 9
Transport equipment 8 9 9
Network and communication equipment 4 12 8
IT equipment 5 10 8
Machinery, plant and equipment 3 25 10
Other fixed assets 3 15 9 
28
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
3.20 Goodwill
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Goodwill acquired represents the excess in acquisition cost on the fair value of the Company’s ownership of the net identifiable assets of the subsidiary on the acquisition date. Goodwill acquired related to the acquisition of subsidiaries is included in the line item goodwill, which is subject to impairment tests annually or more frequently if events or changes in circumstances indicate that it might be impaired and is stated at cost less accumulated impairment losses. Gains and losses related to the sale of an entity include the carrying value of goodwill related to the entity sold.

This intangible asset is assigned to cash-generating units with the purpose of testing impairment losses. It is allocated based on cash-generating units expected to obtain benefits from the business combination from which the aforementioned goodwill acquired arose.

3.21 Intangible<br> assets other than goodwill

Intangible assets other than goodwill mainly relate to water rights, costs for rights of way for electricity lines, software and licensing costs, the development of computer software and mining property and concession rights.

(a) Water<br>rights

Water rights acquired by the Company relate to water from natural sources and are recorded at acquisition cost. The Company separates water rights into:

i) Finite rights with amortization using the straight-line method, and

ii) Indefinite rights, which are not amortized, given that these assets represent rights granted in perpetuity to the Company, which are subject to an annual impairment assessment.

(b) Rights<br> of way for electric lines

As required for the operation of industrial plants, the Company has paid rights of way in order to install wires for the different electric lines on third party land. These rights are presented under intangible asset. Amounts paid are capitalized at the date of the agreement and amortized in the statement of income, according to the life of the right of way.

(c) Computer<br> software

Licenses for IT programs acquired are capitalized based on their acquisition and customization costs. These costs are amortized over their estimated useful lives.

Expenses related to the development or maintenance of IT programs are recognized as an expense as and when incurred. Costs directly related to the production of unique and identifiable IT programs controlled by the Group, and which will probably generate economic benefits that are higher than its costs during more than a year, are recognized as intangible assets. Direct costs include the expenses of employees who develop information technology software and general expenses in accordance with corporate charges received.

The costs of development for IT programs are recognized as assets are amortized over their estimated useful lives.

(d) Mining<br> property and concession rights

The Company holds mining property and concession rights from the Chilean and Western Australian Governments. Property rights from the State of Chile are usually obtained at no initial cost (other than the payment of mining patents and minor recording expenses) and once the rights on these concessions have been obtained, they are retained by the Company while annual patents are paid. Such patents, which are paid annually, are recorded as prepaid assets and amortized over the following twelve months. Amounts attributable to mining concessions acquired from third parties that are not from the Chilean Government are recorded at acquisition cost within intangible assets.

29
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023

The finite useful life of mining properties is calculated using the productive unit method, except for the mining properties owned by Corfo, which have been leased to the Company and grant it the right to exclusively exploit them until December 31, 2030.

The estimated useful life for software which they are amortized corresponds to the periods defined by the contracts or rights from which they originate.

Minimum and maximum amortization lives or rates of intangible assets:

Estimated useful life or amortization rate Minimum Life or <br><br>Rate Maximum Life or <br><br>Rate
Water rights 5 years Indefinite
Rights of way Indefinite Indefinite
Corfo Mining properties (1) 7 years 7 years
Mining rights Unit-production method
Intellectual property 9 years 9 years
IT programs 3 years 9 years

(1) Mining properties owned by CORFO and leased to the Company, which grant it the exclusive right to exploit them until December 31, 2030.

3.22 Research<br> and development expenses

Research and development expenses are charged to profit or loss in the period in which the expenditure was incurred.

3.23 Exploration<br> and evaluation expenses

The Company holds mining concessions for exploration and exploitation of ore, the Company gives the following treatment to expenses associated:

Once the rights have been obtained, the Company records the disbursements directly associated with the exploration and evaluation of the deposit in execution as property, plant and equipment (construction in progress) at its cost. These disbursements include the following items: geological surveys, drilling, borehole extraction and sampling, activities related to the technical assessment and commercial viability of the extraction, and in general, any disbursement directly related to specific projects where the objective is to find ore resources. If the technical studies determine that the ore grade is not economically viable, the asset is directly charged to profit and loss. If determined otherwise, the asset described above is associated with the extractable ore tonnage which is amortized as it is used.

(a) Limestone and metallic exploration

These assets are included in Other Non-Current Non-Financial Assets, and the portion related to the area to be exploited in the year are reclassified to Current Inventory, if applicable. Costs related to metal exploration are charged to profit or loss in the period in which they are recognized if the project assessed doesn’t qualify for consideration as advanced exploration otherwise, these are amortized during the development stage.

(b) Exploration and evaluation at the Mt. Holland Project

Mount Holland exploration and evaluation expenditure is included in Property, plant and equipment, specifically in Construction in Progress.

30
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
3.24 Impairment<br> of non-financial assets
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Assets subject to depreciation and amortization are also subject to impairment testing, provided that an event or change in the circumstances indicates that the amounts in the accounting records may not be recoverable, an impairment loss is recognized for the excess of the book value of the asset over its recoverable amount.

For assets other than goodwill, the Group annually assesses whether there is any indication that a previously recognized impairment loss may no longer exist or may have decreased. Should such indications exist, the recoverable amount is estimated.

The recoverable amount of an asset is the higher between the fair value of an asset or cash generating unit less costs of sales and its value in use, and is determined for an individual asset unless the asset does not generate any cash inflows that are clearly independent from other assets or groups of assets.

In evaluating value in use, estimated future cash flows are discounted using a pre-tax discount rate that reflects current market assessment, the value of money over time and the specific asset risks.

Impairment losses from continuing operations are recognized with a debit to profit or loss in the categories of expenses associated with the impaired asset function.

For assets other than goodwill, a previously recognized impairment loss is only reversed if there have been changes in the estimates used to determine the asset’s recoverable amount since the last time an impairment loss was recognized. If this is the case, the carrying value of the asset is increased to its recoverable amount. This increased amount cannot exceed the carrying value that would have been determined, net of depreciation, if an asset impairment loss had not been recognized in prior years. This reversal is recognized with a credit to profit or loss.

Assets with indefinite lives are assessed for impairment annually.

3.25 Minimum<br> dividend

As required by Chilean law and regulations, our dividend policy is decided upon from time to time by our Board of Directors and is announced at the Annual Ordinary Shareholders’ Meeting, which is generally held in April of each year. Shareholder approval of the dividend policy is not required. However, each year the Board must submit the declaration of the final dividend or dividends in respect of the preceding year, consistent with the then-established dividend policy, to the Annual Ordinary Shareholders’ Meeting for approval. As required by the Chilean Companies Act, unless otherwise decided by unanimous vote of the holders of issued shares, we must distribute a cash dividend in an amount equal to at least 30% of our consolidated net income for that year (determined in accordance with CMF regulations), unless and to the extent the Company has a deficit in retained earnings. (See Note 20.5).

3.26 Earnings<br> per share

The basic earnings per share amounts are calculated by dividing the profit for the year attributable to the ordinary owners of the parent by the weighted average number of ordinary shares outstanding during the year.

The Company has not conducted any type of operation of potential dilutive effect that would entail the disclosure of diluted earnings per share.

31
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
3.27 Other<br> provisions
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Provisions are recognized when:

• The<br> Company has a present, legal or constructive obligation as the result of a past event.
• It<br> is more likely than not that certain resources must be used, to settle the obligation.
• A<br> reliable estimate can be made of the amount of the obligation.

In the event that the provision or a portion of it is reimbursed, the reimbursement is recognized as a separate asset solely if there is certainty of income.

In the consolidated statement of income, the expense for any provision is presented net of any reimbursement.

Should the effect of the value of money over time be significant, provisions are discounted using a discount rate before tax that reflects the liability’s specific risks. When a discount rate is used, the increase in the provision over time is recognized as a finance cost.

The Company’s policy is to maintain provisions to cover risks and expenses based on a better estimate to deal with possible or certain and quantifiable responsibilities from current litigation, compensations or obligations, pending expenses for which the amount has not yet been determined, collaterals and other similar guarantees for which the Company is responsible. These are recorded at the time the responsibility or the obligation that determines the compensation or payment is generated.

3.28 Obligations<br> related to employee termination benefits and pension commitments

Obligations towards the Company’s employees comply with the provisions of the collective bargaining agreements in force, which are formalized through collective employment agreements and individual employment contracts, except for the United States, details in Note 18.4.

These obligations are valued using actuarial calculations, according to the projected unit credit method which considers such assumptions as the mortality rate, employee turnover, interest rates, retirement dates, effects related to increases in employees’ salaries, as well as the effects on variations in services derived from variations in the inflation rate.

Actuarial gains and losses that may be generated by variations in defined, pre-established obligations are directly recorded in “Other Comprehensive Income”.

Actuarial losses and gains have their origin in deviations between the estimate and the actual behavior of actuarial assumptions or in the reformulation of established actuarial assumptions.

The Company’s subsidiary SQM North America has established pension plans for its retired employees that are calculated by measuring the projected obligation using a net salary progressive rate net of adjustments for inflation, mortality and turnover assumptions, deducting the resulting amounts at present value. The net balance of this obligation is presented under the “Non-Current Provisions for Employee Benefits” (refer to Note 18.4).

3.29 Compensation<br> plans

Compensation plans implemented through benefits provided in share-based payments settled in cash are recognized in the financial statements at their fair value, in accordance with IFRS 2. Changes in the fair value of options granted are recognized with a charge to payroll in the results for the period (see Note 18.6).

3.30 Revenue<br> recognition

Revenue includes the fair value of considerations received or receivable for the sale of goods and services during the performance of the Company’s activities. Revenue is presented net of value added tax, estimated returns, rebates and discounts and after the elimination of sales among subsidiaries.

32
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023

Revenues are recognized when the specific conditions for each income stream are met, as follows:

(a)       Sale of goods

The sale of goods is recognized when the Company has delivered products to the customer, and there is no obligation pending compliance that could affect the acceptance of products by the customer. The delivery does not occur until products have been shipped to the customer or confirmed as received by the customer, and the related risks of obsolescence and loss have been transferred to the customer and the customer has accepted the products in accordance with the conditions established in the sale, when the acceptance period has ended, or when there is objective evidence that those criteria required for acceptance have been met.

Sales are recognized in consideration of the price set in the sales agreement, net of volume discounts and estimated returns at the date of the sale. Volume discounts are evaluated in consideration of annual foreseen purchases and in accordance with the criteria defined in agreements.

(b)       Sale of services

Revenue associated with the rendering of services is recognized considering the degree of completion of the service as of the date of presentation of the consolidated classified statement of financial position, provided that the result from the transaction can be estimated reliably.

(c)       Income from dividends

Income from dividends is recognized when the right to receive the payment is established.

3.31 Finance<br> income and finance costs

Finance income is mainly composed of interest income from financial instruments such as term deposits and mutual fund deposits. Interest income is recognized in profit or loss at amortized cost, using the effective interest rate method.

Finance costs are mainly composed of interest on bank borrowing expenses, interest on bonds issued and interest capitalized for borrowing costs for the acquisition, construction or production or qualifying assets. Borrowing costs and bonds issued are also recognized in profit or loss using the effective interest rate method.

3.32 Current<br> income tax and deferred

Corporate income tax for the year is determined as the sum of current and deferred income taxes from the different consolidated companies.

Current taxes are based on the application of the various types of taxes attributable to taxable income for the period. The Company periodically assesses the positions taken in the determination of taxes with respect to situations in which the applicable tax regulation is subject to interpretation and considers whether it is probable that a tax authority will accept an uncertain tax treatment. The Company measures its tax balances based on the most probable amount or expected value, depending on which method provides a better prediction of the resolution of uncertainty.

Differences between the book value of assets and liabilities and their tax basis generate the balance of deferred tax assets or liabilities, which are calculated using the tax rates expected to be applicable when the assets and liabilities are realized.

In conformity with current tax regulations, the provision for corporate income tax and taxes on mining activity is recognized on an accrual basis, presenting the net balances of accumulated monthly tax provisional payments for the fiscal period and associated credits. The balances of these accounts are presented in current income taxes recoverable or current taxes payable, as applicable.

33
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023

Income tax and variations in deferred tax assets or liabilities that are not the result of business combinations are recorded in income or equity, considering the origin of the gains or losses which have generated them.

At each reporting period, the carrying amount of deferred tax assets is reviewed and recognized only if it is probable that future taxable amounts will be available to allow the recovery of all or a portion of the deferred tax assets.

With respect to deductible temporary differences associated with investments in subsidiaries, associated companies and interest in joint ventures, deferred tax assets are recognized solely provided that it is more likely than not that the temporary differences will be reversed in the near future and that there will be taxable income with which they may be used. The deferred taxes related to items directly recognized in equity is registered with effect on other comprehensive income and not with effect on income.

Deferred tax assets and liabilities are offset if there is a legally receivable right of offsetting tax assets against tax liabilities and the deferred tax is related to the same tax entity and authority.

The recognized deferred tax assets refer to the amount of income tax to recover in future periods, related to:

a) deductible<br> temporary differences;
b) compensation<br> for losses obtained in prior periods, which have not yet been subject to tax deduction;<br> and
--- ---
c) compensation<br> for unused credits from prior periods.
--- ---

The Company recognizes deferred tax assets when it has the certainty that they can be offset with tax income from subsequent periods, unused tax losses or credits to date, but only when this availability of future tax income is likely and can be used for offsetting these unused tax losses or credits.

The recognized deferred tax liabilities refer to the amount of income tax to pay in a future period, related to taxable temporary differences.

The Company does not recognize deferred tax liabilities in all cases of taxable temporary differences associated with investments in subsidiaries, branches and associates, or with joint ventures, because based on the standard, the two following conditions both apply:

(i) the<br> parent company, investor or shareholder is capable of controlling the moment of the reversal<br> of temporary differences; and
(ii) it<br> is probable that the temporary difference will not be reversed in the foreseeable future.
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Moreover, the Company does not recognize deferred tax assets for all the deductible temporary differences that originate from investments in subsidiaries, branches and associates, or from joint ventures, because it is unlikely that they meet the following requirements:

(i) temporary<br> differences are reversed in the foreseeable future; and
(ii) there<br> is taxable profit available against which temporary differences can be used.
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3.33 Operating<br> segment reporting
--- ---

IFRS 8 requires that companies adopt a management approach to disclose information on the operations generated by its operating segments. In general, this is the information that management uses internally for the evaluation of segment performance and making the decision on how to allocate resources for this purpose.

An operating segment is a group of assets and operations responsible for providing products or services subject to risks and performance that are different from those of other business segments. A geographical segment is responsible for providing products or services in a given economic environment subject to risks and performance that are different from those of other segments operating in other economic environments.

34
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023

Allocation of assets and liabilities, to each segment is not possible given that these are associated with more than one segment, except for depreciation, amortization and impairment of assets, which are directly allocated in accordance with the criteria established in the costing process for product inventories to the corresponding segments.

3.34 Primary<br> accounting criteria, estimates and assumptions

Management is responsible for the information contained in these consolidated annual accounts, which expressly indicate that all the principles and criteria included in IFRS, as issued by the IASB, have been applied in full.

In preparing the consolidated financial statements of the Company and its subsidiaries, management has made significant judgments and estimates to quantify certain assets, liabilities, revenues, expenses and commitments included therein. Basically, these estimates refer to:

• Estimated<br>useful lives are determined based on current facts and past experience and take into consideration the expected physical life<br>of the asset, the potential for technological obsolescence, and regulations. (See Notes 3.21, 15 and 16).
• Impairment<br>losses of certain assets - Goodwill and intangible assets that have an indefinite useful life are not amortized and are assessed<br>for impairment on an annual basis, or more frequently if the events or changes in circumstances indicate that these may have deteriorated<br>Other assets, including property, plant and equipment, exploration assets, goodwill and intangible assets are reviewed for impairment<br>whenever events or changes in circumstances indicate that their carrying amounts exceed their recoverable amounts. If an impairment<br>assessment is required, the assessment of fair value or value in use often requires estimates and assumptions such as discount<br>rates, exchange rates, commodity prices, future capital requirements and future operating performance. Changes in such estimates<br>could impact the recoverable values of these assets. Estimates are reviewed regularly by management (See Notes 15 and 16).
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• Assumptions<br> used in calculating the actuarial amount of pension-related and severance indemnity payment<br> benefit commitments (See Note 18).
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• Contingencies<br> – The amount recognized as a provision, including legal, contractual, constructive<br> and other exposures or obligations, is the best estimate of the consideration required<br> to settle the related liability, including any related interest charges, considering<br> the risks and uncertainties surrounding the obligation. In addition, contingencies will<br> only be resolved when one or more future events occur or fail to occur. Therefore, the<br> assessment of contingencies inherently involves the exercise of significant judgment<br> and estimates of the outcome of future events. The Company assesses its liabilities and<br> contingencies based upon the best information available, relevant tax laws and other<br> appropriate requirements (See Note 21). If the Company is unable to rationally estimate<br> the obligation or concluded no loss is probable but it is reasonably possible that a<br> loss may be incurred, no provision is recorded but disclosed in the notes to the consolidated<br> financial statements.
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• Volume<br> determination for certain in-process and finished products is based on topographical<br> measurements and technical studies that cover the different variables (density for bulk<br> inventories and density and porosity for the remaining stock, among others), and related<br> allowance.
--- ---
• Estimates<br> for obsolescence provisions to ensure that the carrying value of inventory is not in<br> excess of the net realizable Inventory valuation. (See Note 11).
--- ---

Even though these estimates have been made on the basis of the best information available on the date of preparation of these consolidated financial statements, certain events may occur in the future and oblige their amendment (upwards or downwards) over the next few years, which would be made prospectively.

35
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
3.35 Environment
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In general, Grupo SQM companies follow the criteria of assigning the costs associated with the protection and improvement of the environment as environmental expenses. However, the costs of elements incorporated into facilities, machinery and equipment for the same purpose are considered property, plant and equipment, where relevant.

3.36 Government<br>grants

The Company recognizes an unconditional government grant in the income statement as part of other income when the associated cash flows are received.

Note<br> 4 Financial<br>risk management
4.1 Financial<br> risk management policy
--- ---

The Company’s financial risk management policy is focused on safeguarding the stability and sustainability of the Company and its subsidiaries with regard to all such relevant financial uncertainty components.

The Company’s operations are subject to certain financial risk factors that may affect its financial position or results. The most significant risk exposures are market risk, liquidity risk, currency risk, credit risk, and interest rate risk, among others.

There could also be additional risks, which are either unknown or known but not currently deemed to be significant, which could also affect the Company’s business operations, its business, financial position, or profit or loss.

The financial risk management structure includes identifying, determining, analyzing, quantifying, measuring and controlling these events. Management and in particular, Finance Management, is responsible for constantly assessing the financial risk.

4.2 Risk<br> Factors
(a) Credit<br> risk
--- ---

A global economic contraction may have potentially negative effects on the financial assets of the Company, which are primarily made up of financial investments and trade receivables, and the impact on of our customers could extend the payment terms of the Company’s receivables by increasing its exposure to credit risk. Although measures are taken to minimize the risk, this global economic situation could mean losses with adverse material effects on the business, financial position or profit and loss of the Company’s operations.

Trade receivables: to mitigate credit risk, the Company maintains active control of collection and requires the use of credit insurance. Credit insurance covers the risk of insolvency and unpaid invoices corresponding to 80% of all receivables with third parties. The credit risk associated with receivables is analyzed in Note 13.2 b) and the related accounting policy can be found in Note 3.6.

Bank promissory notes: These are negotiable promissory notes issued by a bank payable upon maturity at the request of customers to guarantee collection. These notes are accepted based on the credit quality of the issuing banks.

36
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
Financial institution Financial assets Rating As of March 31, 2023
--- --- --- --- --- ---
Moody´s S&P Fitch MUS
Agricultural Bank of China Bank notes P-1 A-1 -
Bank of China Bank notes P-1 A-1 F1+
Bank of Communications Bank notes P-1 A-2 -
Bank of Jiangsu Bank notes P-2 - -
Bank of Ningbo Bank Notes P-2 - -
Bank of Shangai Bank Notes P-2 - -
China Bohai Bank Bank Notes - A-3 -
China Citic Bank Bank Notes P-2 A-2 -
China Construction Bank Corporation Bank Notes - A-1 -
China Everbrigth Bank Bank Notes (P) P-2 A-2 -
China Guangfa Bank Bank Notes P-3 A-3 -
China Merchants Bank Notes - A-2 -
China Minsheng Bank Bank Notes - A-3 -
China Zheshang Bank Bank Notes - A-3 -
Huaxia Bank Bank Notes - A-3 -
Industrial & Commercial Bank of China Limited Bank Notes P-1 A-1 -
Industrial Bank Bank Notes P-2 - -
Ping An Bank Bank Notes P-2 A-2 -
Shanghai Pudong Development Bank Bank Notes P-2 A-2 -
HSBC Bank Notes P-2 A-2 F1+
Others Bank Notes - - -
Total

All values are in US Dollars.

Financial institution Financial assets Rating As<br>of December 31, <br>2022
Moody´s S&P Fitch ThUS
Agricultural Bank of China Bank notes P-1 A-1 F1+
Bank of China Bank notes P-1 A-1 F1+
Bank of Jiujiang Bank notes P-2 - -
Bank of Ningbo Bank notes P-2 - -
Others Bank notes - - -
Total

All values are in US Dollars.

Concentrations of credit risk with regard to trade receivables are reduced, owing to the Company’s large number of clients and their distribution around the globe.

No significant modifications have been made during the period to risk models or parameters used in comparison to March 31, 2023, and no modifications have been made to contractual cash flows that have been significant during this period, except for considering in December 2022 the incorporation of cash flows received from insurance claims in the determination of the allowance for doubtful accounts. The effect of this change was not significant to the overall financial statements as of December 31, 2022.

Financial investments: correspond to time deposits whose maturity date is greater than 90 days and less than 360 days from the date of investment, so they are not exposed to excessive market risks. The counterparty risk in implementation of financial operations is assessed on an ongoing basis for all financial institutions in which the Company holds financial investments.

37
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023

The credit quality of financial assets that are not past due or impaired can be evaluated by reference to external credit ratings (if they are available) or historical information on counterparty late payment rates:

Financial institution Financial assets Rating As of March 31, 2023
Moody´s S&P Fitch MUS
Banco Crédito e Inversiones Time deposits - A-2 F2
Banco de Chile Time deposits P-1 A-1 -
Banco Estado Time deposits P-1 A-1 -
Banco Santander- Santiago Time deposits P-1 A-2 -
Itau Corpbanca Time deposits P-2 A-2 -
Scotiabank Sud Americano Time deposits - - F1+
JP Morgan US dollar Liquidity Fund Institutional Investment fund Aaa-mf AAAm AAAmmf
Legg Mason - Western Asset Institutional cash reserves Investment fund - AAAm AAAmmf
Total

All values are in US Dollars.

Financial institution Financial assets Rating As of March 31, 2023
Moody´s S&P Fitch MUS
Banco Crédito e Inversiones Time deposits - A-2 F2
Banco Santander Time deposits P-1 A-2 -
Banco Itaú Corpbanca Time deposits P-2 A-2 -
Banco Estado Time deposits P-1 A-1 -
Banco de Chile Time deposits P-1 A-1 -
Scotiabank Sud Americano Time deposits - - F1+
Sumitomo Mitsui Banking Time deposits P-2 A-2 -
Total

All values are in US Dollars.

Financial institution Financial assets Rating As of December 31, <br>2022
Moody´s S&P Fitch MUS
Banco Crédito e Inversiones Time deposits - A-2 F2
Banco Itaú Corpbanca Time deposits P-2 A-2 -
Banco Santander - Santiago Time deposits P-1 A-2 -
Scotiabank Chile Time deposits - - F1+
Sumitomo Mitsui Banking Time deposits P-1 - -
Banco de Chile Time deposits - A-1 -
JP Morgan US dollar Liquidity Fund Institutional Investment fund Aaa-mf AAAm AAAmmf
Legg Mason - Western Asset Institutional cash reserves Investment fund - AAAm AAAmmf
Total

All values are in US Dollars.

Financial institution Financial assets Rating As of December 31, <br>2022
Moody´s S&P Fitch MUS
Banco Crédito e Inversiones Time deposits - A-2 F2
Banco Itaú Corpbanca Time deposits P-2 A-2 -
Banco Santander - Santiago Time deposits P-1 A-2 -
Banco Estado Time deposits P-1 A-1 -
Scotiabank Chile Time deposits - - F1+
Banco de Chile Time deposits - A-1 -
Sumitomo Mitsui Banking Time deposits P-1 - -
Total

All values are in US Dollars.

38
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
(b) Exchange risk
--- ---

The functional currency of the company is the US dollar, due to its influence on the determination of price levels, its relation to the cost of sales and considering that a significant part of the Company’s business is conducted in this currency. However, the global nature of the Company’s business generates an exposure to exchange rate variations of several currencies with the US dollar. Therefore, the Company maintains hedge contracts to mitigate the exposure generated by its main mismatches (net between assets and liabilities) in currencies other than the US dollar against the exchange rate variation, updating these contracts periodically depending on the amount of mismatching to be covered in these currencies. Occasionally, subject to the approval of the Board, the Company ensures short-term cash flows from certain specific line items in currencies other than the US dollar.

A significant portion of the Company’s costs, especially salary payments, is associated with the Peso. Therefore, an increase or decrease in its exchange rate with the US dollar will provoke a respective decrease or increase to these accounting costs, which would be reflected in the Company’s profit and loss. By the first quarter of 2023, approximately US$204 million accumulated in expenses are associated with the Peso.

As of March 31, 2023, the Company held derivative instruments classified as hedges of foreign exchange risks associated with 100% of all the bond obligations denominated in UF, for a net liability fair value of US$42.73 million, this significant variation is explained primarily by the USD/CLP exchange rate observed at the end of the period. As of December 31, 2022, this value corresponds to a net liability amounting US$ 11.73 million.

Furthermore, on of March 31, 2023, the Company held derivative instruments classified as hedges of foreign exchange risks associated with 100% of all nominative term deposits in UF and in pesos, at a net liabilities fair value of US$32.85 million. As of December 31, 2022, a net assets fair value was recognized for an amount of US$29.98 million of net liabilities.

The Company contracted derivatives classified as foreign exchange hedges for all the expected disbursements in Australian dollars for the Mt Holland project (See note 9.5), to hedge its exposure to cash flow variations. The fair value of this hedge was a net asset of US$ 3.87 million as of December 31, 2022.

The Company had the following derivative contracts as of March 31, 2023 (at the absolute value of the sum of their notional values), to hedge the difference between its assets and liabilities: US$ 103.80 million CLP/US dollar derivative contracts, US$ 33.12 million Euro/US dollar derivative contracts, US$ 20.82 million in South African rand/US dollar derivative contracts, US$ 574.27 million in Chinese renminbi/US dollar derivative contracts, US$ 49.89 million in Australian dollar/US dollar derivative contracts and US$ 7.81 million in other currencies..

These derivative contracts are held with domestic and foreign banks, which have the following credit ratings as of March 31, 2023.

Financial institution Financial assets Rating
Moody´s S&P Fitch
Banco Estado Derivative P-1 A-1 -
Merrill Lynch International Derivative - A-1 -
JP Morgan Derivative P-1 A-2 F1+
Morgan Stanley Derivative P-1 A-2 F1
The Bank of Nova Scotia Derivative P-1 A-1 F1+
Banco Itaú Corpbanca Derivative P-2 A-2 -
Goldman Sachs Derivative P-1 A-2 F1 
39
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
(c) Interest rate risk
--- ---

Interest rate fluctuations, primarily due to the uncertain future behavior of markets, may have a material impact on the financial results of the Company. Significant increases in the rate could make it difficult to access financing at attractive rates for the Company’s investment projects.

The Company maintains current and non-current financial debt at fixed rates and LIBOR (maturing on May 30, 2023) rate plus spread and at a SOFR rate plus spread.

As of March 31, 2023, the Company has 7.2% of its financial liabilities linked to variations SOFR and 2.5% of its financial liabilities subject to variations in the LIBOR rate. 100% of these obligations are covered by derivative instruments classified as interest rate hedges, whose value as of March 31, 2023 was a net asset of ThUS$ 1,687. Therefore, a significant increase in the rate would not affect the financial value of this hedged obligation.

(d) Liquidity risk

Liquidity risk relates to the funds needed to comply with payment obligations. The Company’s objective is to maintain financial flexibility through a comfortable balance between fund requirements and cash flows from regular business operations, bank borrowings, bonds, short term investments and marketable securities, among others. For this purpose, the Company keeps a high liquidity ratio^1^, which enables it to cover current obligations with clearance. (As of March 31, 2023, this was 2.19 and 2.29 for December 31, 2022).

The Company has an important capital expense program which is subject to change over time.

On the other hand, world financial markets go through periods of contraction and expansion that are unforeseeable in the long-term and may affect The Company’s access to financial resources. Such factors may have a material adverse impact on the Company’s business, financial position and results of operations.

The Company constantly monitors the matching of its obligations with its investments, taking due care of maturities of both, from a conservative perspective, as part of this financial risk management strategy. As of March 31, 2023, the Company had unused, available revolving credit facilities with banks, for a total of US$722 million. In addition, as of March 31, 2023, the Company had undisbursed bank loans contracted amounting to US$90 million.

Cash and cash equivalents are invested in highly liquid mutual funds with an AAA risk rating.

Nature of undiscounted cash flows
As of March 31, 2023<br> <br>(Figures expressed in millions of US dollars) Carrying <br> amount Less than 1 <br> year 1 to 5 years Over 5 years Total
Bank borrowings 370.23 84.33 220.69 10.96 315.98
Unsecured obligations 2,575.97 407.73 755.94 2,806.69 3,970.36
Sub total 2,946.20 492.06 976.63 2,817.65 4,286.34
Hedging liabilities 39.53 36.93 15.56 - 52.49
Derivative financial instruments 2.87 2.87 - - 2.87
Sub total 42.4 39.8 15.56 - 55.36
Current and non-current lease liabilities 62.79 14.70 36.08 27.83 78.61
Trade accounts payable and other accounts payable 411.43 411.43 - - 411.43
Total 3,462.82 957.99 1,028.27 2,845.48 4,831.74

^1^ All current assets divided by all current liabilities.

40
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
Nature of undiscounted cash flows
--- --- --- --- --- --- --- --- --- --- ---
As of December 31, 2022<br> <br>(Figures expressed in millions of US dollars) Carrying <br> amount Less than 1 <br> year 1 to 5 years Over 5 years Total
Bank borrowings 330.80 144.83 220.33 - 365.16
Unsecured obligations 2,550.60 405.17 616.66 2,935.15 3,956.98
Sub total 2,881.40 550.00 836.99 2,935.15 4,322.14
Hedging liabilities 62.53 40.76 20.43 12.68 73.87
Derivative financial instruments 5.82 5.82 - - 5.82
Sub total 68.35 46,58 20,43 12.68 79.69
Current and non-current lease liabilities 61,73 13.94 36.33 27.85 78.12
Trade accounts payable and other accounts payable 374.79 374.79 - - 374.79
Total 3,386.27 985.31 893.75 2,975.68 4,854.74

As of March 31, 2023, the nominal value of the agreed cash flows in US dollars of the CCS contracts were ThUS$ 398,682 (ThUS$ 512,236 as of December 31, 2022).

4.3 Financial risk management

The Company documents and maintains methods for qualitatively measuring the effectiveness and efficiency of financial risk management strategies. These methods are consistent with SQM Group’s risk management profile.

41
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
Note 5 Separate information on the main office, parent entity<br>and joint action agreements
--- ---
5.1 Parent’s stand-alone assets and liabilities
--- ---
Parent’s stand-alone assets and liabilities As of March 31, 2023 As of December 31, 2022
--- --- --- --- ---
ThUS ThUS
Assets
Liabilities ) )
Equity

All values are in US Dollars.

5.2 Parent entity

Pursuant to Article 99 of the Securities Market Law, the CMF may determine that a company does not have a controlling entity in accordance with the distribution and dispersion of its ownership. On November 30, 2018, the CMF issued the ordinary letter No. 32,131 whereby it determined that the Pampa Group do not exert decisive power over the management of the Company since it does not have a predominance in the ownership that allows it to make management decisions. Therefore, the CMF has determined not to consider Pampa Group the controlling entity of the Company and that the Company does not have a controlling entity given its current ownership structure.

42
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
Note 6 Board of Directors, Senior Management and Key managementpersonnel
--- ---
6.1 Remuneration of the Board of Directors and Senior Management
--- ---

(a)       Board of directors

SQM S.A. is managed by a Board of Directors which is composed of 8 directors, who are elected for a three-year period. The Board of Directors was elected during the ordinary shareholders’ meeting held on April 26, 2023, which included the election of 2 independent directors. Subsequent to such election, the following is the integration of the Company’s committees:

- Directors’ Committee: This committee is comprised by Gina Ocqueteau Tacchini, Antonio Gil<br>Nievas and Ashley Ozols and fulfills the functions established in Article 50 bis of Chilean Law on publicly-held corporations.<br>This committee takes on the role of the audit committee in accordance with the US-based Sarbanes Oxley law.
- The Company’s Health, Safety and Environment Committee: This committee is comprised of Antonio<br>Schneider, Patricio Contesse Fica and Gonzalo Guerrero Yamamoto.
--- ---
- Corporate Governance Committee: This committee is comprised of Hernán Büchi Buc, Patricio<br>Contesse Fica and Xu Tieying.
--- ---

During the periods covered by these financial statements, there are no pending receivable and payable balances between the Company, its directors or members of Senior Management, other than those related to remuneration, fee allowances and profit-sharing. There were no transactions between the Company, its directors and senior management in the period between January and March 2023, except for the one identified in Note 12 in the period between January and March 2022 between the Company and director Gonzalo Guerrero.

(b) Board of Directors’ Compensation

Board members’ compensation for 2022, that is from April 26, 2022 to April 26, 2023, was determined by the Annual General Shareholders Meeting held on April 26, 2022. It is as follows:

(i) The payment of a fixed, gross and monthly amount of UF 800 in favor of the Chairman of the Board<br>of Directors, of UF 700 in favor of the vice-president of the board of directors and of UF 600 in favor of the remaining six directors<br>and regardless of the number of Board of Directors’ Meetings held or not held during the related month.
(ii) A variable gross amount payable to the Chairman and Vice President of the board of directors equivalent<br>to 0.12% of the net liquid income earned by the Company in the respective business year for each; and
--- ---
(iii) A variable gross amount payable to each Company director, excluding the Chairman and Vice President<br>of the board of directors, equivalent to 0.06% of the net liquid income earned in the respective business year.
--- ---

To calculate the variable compensation amount for 2022, net earnings from 2022 will be considered, up to a maximum of 110% of the 2021 net earnings.

Compensation of the Board for 2023, that is from April 26, 2023 to April 26, 2024, was determined by the Annual General Shareholders Meeting held on April 26, 2023. It is as follows:

(i) The payment of a fixed, gross and monthly amount of UF 800 in favor of the Chairman of the Board<br>of Directors, of UF 700 in favor of the vice-president of the board of directors and of UF 600 in favor of the remaining six directors<br>and regardless of the number of Board of Directors’ Meetings held or not held during the related month.
(ii) A variable gross amount payable to the Chairman and Vice President of the board of directors equivalent<br>to 0.12% of the net liquid income that the Company effectively obtains during the respective business year for each; and
--- ---
(iii) A variable gross amount payable in local currency to each Company director, excluding the Chairman<br>and Vice President of the Company, equivalent to 0.06% of the net liquid income that the Company effectively obtains during the<br>respective business year.
--- ---

Profit for the 2023 fiscal year will be considered for the calculation of variable compensation for 2023. The amount of variable compensation for 2023 will be capped at 110% of the amount paid to the Company’s directors for variable compensation in 2022.

43
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023

These fixed and variable amounts for both periods shall not be challenged and those expressed in percentage terms shall be paid immediately after the respective annual general shareholders meeting approves the financial statements, the annual report, the account inspectors report and the external auditors report for the respective year.

Accordingly, the compensation and profit sharing paid to members of the Directors’ Committee and the directors as of March 31, 2023, amounted to ThUS$ 824 and as of March 31, 2022 to ThUS$ 744.

(c) Directors’ Committee compensation

Compensation for the Board of Directors is the same for both 2022 and 2023, as follows:

(i) The payment of a fixed, gross and monthly amount of UF 200 in favor of each of the 3 directors<br>who were members of the Directors’ Committee, regardless of the number of meetings of the Directors’ Committee that<br>have or have not been held during the month concerned.
(ii) The payment in domestic currency and in favor of each of the 3 directors of a variable and gross<br>amount equivalent to 0.02% of total net profit from the respective business year.
--- ---

To calculate the variable compensation amount for 2022, the net income from 2022 will be considered, up to a maximum of 110% of the 2021 net income.

Profit for the 2023 fiscal year will be considered for the calculation of variable compensation for 2023. The amount of variable compensation for 2023 will be capped at 110% of the amount paid to the Company’s directors for variable compensation in 2022.

These fixed and variable amounts for both periods shall not be challenged and those expressed in percentage terms shall be paid immediately after the respective annual general shareholders meeting approves the financial statements, the annual report, the account inspectors report and the external auditors report for the respective year.

(d) Health, Safety and Environmental Matters Committee:

The remuneration of this committee for the 2022 period was composed of the payment of a fixed, gross, monthly amount of UF 100 for each of the 3 directors on the committee regardless of the number of meetings it has held. For the 2023 period, this remuneration remains unchanged.

(e) Corporate Governance Committee

The remuneration for this committee for the 2022 period was composed of the payment of a fixed, gross, monthly amount of UF 100 for each of the 3 directors on the committees regardless of the number of meetings it has held. For the 2023 period, this remuneration remains unchanged.

(f) Guarantees constituted in favor of the directors

No guarantees have been constituted in favor of the directors.

(g) Senior management compensation:
(i) This includes monthly fixed salary and variable performance bonuses. (See Note 6.2)
--- ---
(ii) The Company has an annual bonus plan based on goal achievement and individual contribution to the<br>Company’s results. These incentives are structured as a minimum and maximum number of gross monthly salaries and are paid<br>once a year.
--- ---
(iii) In addition, there are retention bonuses for its executives (see Note 18.6)
--- ---
(h) Guarantees pledged in favor of the Company’s management
--- ---

No guarantees have been pledged in favor of the Company’s management.

44
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023

(i)          Pensions, life insurance, paid leave, shares in earnings, incentives, disability loans, other than those mentioned in the above points.

The Company’s Management and Directors do not receive or have not received any benefit during the ended March 31, 2023 and the year ended December 31, 2022 or compensation for the concept of pensions, life insurance, paid time off, profit sharing, incentives, or benefits due to disability other than those mentioned in the preceding points.

6.2 Key management personnel compensation

As of March 31, 2023 and 2022, the number of the key management personnel is 154 and 133, respectively.

Key management personnel compensation For the <br>year ended <br>March 31, 2023 For the <br>year ended <br>March 31, 2022
ThUS ThUS
Key management personnel compensation

All values are in US Dollars.

Please also see the description of the compensation for executives in Note 18.6.

45
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
Note 7 Background on companies included in consolidation and<br>non-controlling interests
--- ---
7.1 Background on companies included in consolidation
--- ---

The following tables detail general information as of March 31, 2023 and 2022 on the companies in which the group exercises control:

Country of Functional Ownership Interest
Subsidiaries TAX ID No. Address Incorporation Currency Direct Indirect Total
SQM Nitratos S.A. 96.592.190-7 El Trovador 4285, Las Condes Chile Dollar 99.9999 0.0001 100.0000
SQM Potasio S.A. 96.651.060-9 El Trovador 4285, Las Condes Chile Dollar 99.9999 0.0001 100.0000
Serv. Integrales de Tránsito y Transf. S.A. 79.770.780-5 Arturo Prat 1060, Tocopilla Chile Dollar 0.0003 99.9997 100.0000
Isapre Norte Grande Ltda. 79.906.120-1 Aníbal Pinto 3228, Antofagasta Chile Peso 1.0000 99.0000 100.0000
Ajay SQM Chile S.A. 96.592.180-K Av. Pdte. Eduardo Frei 4900, Santiago Chile Dollar 51.0000 - 51.0000
Almacenes y Depósitos Ltda. 79.876.080-7 El Trovador 4285, Las Condes Chile Peso 1.0000 99.0000 100.0000
SQM Salar S.A. 79.626.800-K El Trovador 4285, Las Condes Chile Dollar 18.1800 81.8200 100.0000
SQM Industrial S.A. 79.947.100-0 El Trovador 4285, Las Condes Chile Dollar 99.0470 0.9530 100.0000
Exploraciones Mineras S.A. 76.425.380-9 El Trovador 4285, Las Condes Chile Dollar 0.2691 99.7309 100.0000
Sociedad Prestadora de Servicios de Salud Cruz del Norte S.A. 76.534.490-5 Aníbal Pinto 3228, Antofagasta Chile Peso - 100.0000 100.0000
Soquimich Comercial S.A. 79.768.170-9 El Trovador 4285, Las Condes Chile Dollar - 60.6383 60.6383
Comercial Agrorama Ltda. 76.064.419-6 El Trovador 4285, Las Condes Chile Dollar - 60.6383 60.6383
Comercial Hydro S.A. 96.801.610-5 El Trovador 4285, Las Condes Chile Dollar - 100.0000 100.0000
Agrorama S.A. 76.145.229-0 El Trovador 4285, Las Condes Chile Dollar - 60.6383 60.6383
Orcoma Estudios SPA 76.359.919-1 Apoquindo 3721 OF 131, Las Condes Chile Dollar 100.0000 - 100.0000
Orcoma SPA 76.360.575-2 Apoquindo 3721 OF 131, Las Condes Chile Dollar 100.0000 - 100.0000
SQM MaG SpA 76.686.311-9 Los Militares 4290, Las Condes Chile Dollar - 100.0000 100.0000
Sociedad Contractual Minera Búfalo 77.114.779-8 Los Militares 4290, Las Condes Chile Dollar 99.9000 0.1000 100.0000
SQM North America Corp. Foreign 2727 Paces Ferry Road, Building Two, Suite 1425, Atlanta, GA United States of America Dollar 40.0000 60.0000 100.0000
RS Agro Chemical Trading Corporation A.V.V. Foreign Caya Ernesto O. Petronia 17, Orangestad Aruba Dollar 98.3333 1.6667 100.0000
Nitratos Naturais do Chile Ltda. Foreign Al. Tocantis 75, 6° Andar, Conunto 608 Edif. West Gate, Alphaville Barureri, CEP 06455-020, Sao Paulo Brazil Dollar - 100.0000 100.0000
SQM Corporation N.V. Foreign Pietermaai 123, P.O. Box 897, Willemstad, Curacao Curacao Dollar 0.0002 99.9998 100.0000
SQM Ecuador S.A. Foreign Av. José Orrantia y Av. Juan Tanca Marengo Edificio Executive Center Piso 2 Oficina 211 Ecuador Dollar 0.00401 99.9960 100.0000
SQM Brasil Ltda. Foreign Al. Tocantis 75, 6° Andar, Conunto 608 Edif. West Gate, Alphaville Barureri, CEP 06455-020, Sao Paulo Brazil Dollar 0.5300 99.470 100.0000
SQMC Holding Corporation. Foreign 2727 Paces Ferry Road, Building Two, Suite 1425, Atlanta United States of America Dollar 0.1000 99.9000 100.0000
SQM Japan Co. Ltd. Foreign From 1st Bldg 207, 5-3-10 Minami- Aoyama, Minato-ku, Tokio Japan Dollar 0.1597 99.8403 100.0000
(1) SQM has control over Comercial Agrorama Ltda.´s<br>management.
--- --- 
46
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
Country of Functional Ownership Interest
--- --- --- --- --- --- --- ---
Subsidiaries TAX ID No. Address Incorporation Currency Direct Indirect Total
SQM Europe N.V. Foreign Houtdok-Noordkaai 25a B-2030 Amberes Belgium Dollar 0.5800 99.4200 100.0000
SQM Indonesia S.A. Foreign Perumahan Bumi Dirgantara Permai, Jl Suryadarma Blok Aw No 15 Rt 01/09 17436 Jatisari Pondok Gede Indonesia Dollar - 80.0000 80.0000
North American Trading Company Foreign 2727 Paces Ferry Road, Building Two, Suite 1425, Atlanta, GA United States of America Dollar - 100.0000 100.0000
SQM Virginia LLC Foreign 2727 Paces Ferry Road, Building Two, Suite 1425, Atlanta, GA United States of America Dollar - 100.0000 100.0000
SQM Comercial de México S.A. de C.V. Foreign Av. Moctezuma 144-4 Ciudad del Sol. CP 45050, Zapopan, Jalisco México México Dollar 0.0100 99.9900 100.0000
SQM Investment Corporation N.V. Foreign Pietermaai 123, P.O. Box 897, Willemstad, Curacao Curacao Dollar 1.0000 99.0000 100.0000
Royal Seed Trading Corporation A.V.V. Foreign Caya Ernesto O. Petronia 17, Orangestad Aruba Dollar 1.6700 98.3300 100.0000
SQM Lithium Specialties Limited Partnership Foreign 2727 Paces Ferry Road, Building Two, Suite 1425, Atlanta, GA United States of America Dollar - 100.0000 100.0000
Comercial Caimán Internacional S.A. Foreign Edificio Plaza Bancomer Panamá Dollar - 100.0000 100.0000
SQM France S.A. Foreign ZAC des Pommiers 27930 FAUVILLE France Dollar - 100.0000 100.0000
Administración y Servicios Santiago S.A. de C.V. Foreign Av. Moctezuma 144-4 Ciudad del Sol, CP 45050, Zapopan, Jalisco México México Dollar - 100.0000 100.0000
SQM Nitratos México S.A. de C.V. Foreign Av. Moctezuma 144-4 Ciudad del Sol, CP 45050, Zapopan, Jalisco México México Dollar - 100.0000 100.0000
Soquimich European Holding B.V. Foreign Luna Arena, Herikerbergweg 238 1101 CM Amsterdan Holland Dollar - 100.0000 100.0000
SQM Iberian S.A. Foreign Provenza 251 Principal 1a CP 08008, Barcelona Spain Dollar - 100.0000 100.0000
SQM África Pty Ltd. Foreign Tramore House, 3 Wterford Office Park, Waterford Drive, 2191 Fourways, Johannesburg South Africa Dollar - 100.0000 100.0000
SQM Oceanía Pty Ltd. Foreign Level 9, 50 Park Street, Sydney NSW 2000, Sydney Australia Dollar - 100.0000 100.0000
SQM Beijing Commercial Co. Ltd. Foreign Room 1001C, CBD International Mansion N 16 Yong An Dong Li, Jian Wai Ave Beijing 100022, P.R. China Dollar - 100.0000 100.0000
SQM Thailand Limited Foreign Unit 2962, Level 29, N° 388, Exchange Tower Sukhumvit Road, Klongtoey Bangkok Thailand Dollar - 99.9980 99.9980
SQM Colombia SAS Foreign Cra 7 No 32 – 33 piso 29 Pbx: (571) 3384904 Fax: (571) 3384905 Bogotá D.C. – Colombia. Colombia Dollar - 100.0000 100.0000
SQM Australia PTY Foreign Level 16, 201 Elizabeth Street Sydney Australia Dollar - 100.0000 100.0000
SQM International N.V. Foreign Houtdok-Noordkaai 25a B-2030 Amberes Belgium Dollar 0.5800 99.4200 100.0000
SQM (Shanghai) Chemicals Co. Ltd. Foreign Room 3802, 38F, No. 300 Middle Huaihai Road, Huangpu District, Shanghai, 200021 China China Dollar - 100.0000 100.0000
SQM Korea LLC Foreign Suite 22, Kyobo Building, 15th Floor, 1 Jongno Jongno-gu, Seoul, 03154 South Korea Korea Dollar - 100.0000 100.0000
SQM Holland B.V. Foreign Herikerbergweg 238, 1101 CM Amsterdam Zuidoost Holland Dollar - 100.0000 100.0000 
47
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
7.2 Assets and, liabilities of consolidated subsidiaries as of March 31, 2023 and profit of consolidated subsidiaries for the period<br>ended as March 31, 2023.
--- ---
Assets Liabilities Net profit Comprehensive
--- --- --- --- --- --- --- --- --- ---
Subsidiaries Currents Non-currents Currents Non-currents Revenue (loss) income (loss)
ThUS ThUS ThUS ThUS ThUS ThUS ThUS
SQM Nitratos S.A.
SQM Potasio S.A.
Serv. Integrales de Tránsito y Transf. S.A.
Isapre Norte Grande Ltda.
Ajay SQM Chile S.A.
Almacenes y Depósitos Ltda.
SQM Salar S.A.
SQM Industrial S.A.
Exploraciones Mineras S.A.
Sociedad Prestadora de Servicios de Salud Cruz del Norte S.A. ) )
Soquimich Comercial S.A.
Comercial Agrorama Ltda.
Comercial Hydro S.A.
Agrorama S.A.
Orcoma SpA ) )
Orcoma Estudio SpA
SQM MaG SPA
Sociedad Contractual Minera Búfalo ) )
SQM North America Corp.
RS Agro Chemical Trading Corporation A.V.V. ) )
Nitratos Naturais do Chile Ltda. ) )
SQM Corporation N.V.
SQM Ecuador S.A. ) )
SQM Brasil Ltda. ) )
Subtotal

All values are in US Dollars.

48
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
Assets Liabilities Net profit Comprehensive
--- --- --- --- --- --- --- --- --- ---
Subsidiaries Currents Non-currents Currents Non-currents Revenue (loss) income (loss)
ThUS ThUS ThUS ThUS ThUS ThUS ThUS
SQMC Holding Corporation L.L.P.
SQM Japan Co. Ltd. ) )
SQM Europe N.V.
SQM Indonesia S.A.
North American Trading Company
SQM Virginia LLC
SQM Comercial de México S.A. de C.V.
SQM Investment Corporation N.V.
Royal Seed Trading Corporation A.V.V. ) )
SQM Lithium Specialties LLP
Comercial Caimán Internacional S.A.
SQM France S.A.
Administración y Servicios Santiago S.A. de C.V. ) )
SQM Nitratos México S.A. de C.V.
Soquimich European Holding B.V.
SQM Iberian S.A. ) )
SQM Africa Pty Ltd.
SQM Oceania Pty Ltd.
SQM Beijing Commercial Co. Ltd. ) )
SQM Thailand Limited
SQM Colombia SAS ) )
SQM International NV
SQM Shanghai Chemicals Co. Ltd. ) )
SQM Australia Pty Ltd. ) )
SQM Korea LLC ) )
SQM Holland B.V. ) )
Subtotal
Total

All values are in US Dollars.

49
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023

Assets and, liabilities of consolidated subsidiaries as ofDecember 31, 2022 and profit of consolidated subsidiaries for the period ended as March 31, 2022.

Assets Liabilities Net profit Comprehensive
Subsidiaries Currents Non-currents Currents Non-currents Revenue (loss) income (loss)
ThUS ThUS ThUS ThUS ThUS ThUS ThUS
SQM Nitratos S.A.
SQM Potasio S.A.
Serv. Integrales de Tránsito y Transf. S.A.
Isapre Norte Grande Ltda.
Ajay SQM Chile S.A. ) )
Almacenes y Depósitos Ltda. )
SQM Salar S.A.
SQM Industrial S.A.
Exploraciones Mineras S.A. ) )
Sociedad Prestadora de Servicios de Salud Cruz del Norte S.A.
Soquimich Comercial S.A.
Comercial Agrorama Ltda.
Comercial Hydro S.A.
Agrorama S.A.
Orcoma SpA ) )
Orcoma Estudio SpA ) )
SQM MaG SPA
Sociedad Contractual Minera Búfalo
SQM North America Corp.
RS Agro Chemical Trading Corporation A.V.V.
Nitratos Naturais do Chile Ltda. ) )
SQM Corporation N.V.
SQM Perú S.A. ) )
SQM Ecuador S.A.
SQM Brasil Ltda. ) )
Subtotal

All values are in US Dollars.

50
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
Assets Liabilities Net profit Comprehensive
--- --- --- --- --- --- --- --- --- ---
Subsidiaries Currents Non-currents Currents Non-currents Revenue (loss) income (loss)
ThUS ThUS ThUS ThUS ThUS ThUS ThUS
SQMC Holding Corporation L.L.P.
SQM Japan Co. Ltd. ) )
SQM Europe N.V.
SQM Indonesia S.A.
North American Trading Company
SQM Virginia LLC
SQM Comercial de México S.A. de C.V.
SQM Investment Corporation N.V.
Royal Seed Trading Corporation A.V.V.
SQM Lithium Specialties LLP
Comercial Caimán Internacional S.A.
SQM France S.A.
Administración y Servicios Santiago S.A. de C.V. ) )
SQM Nitratos México S.A. de C.V.
Soquimich European Holding B.V.
SQM Iberian S.A.
SQM Africa Pty Ltd. ) )
SQM Oceania Pty Ltd.
SQM Beijing Commercial Co. Ltd. ) )
SQM Thailand Limited ) )
SQM Colombia SAS
SQM International NV
SQM Shanghai Chemicals Co. Ltd.
SQM Australia Pty Ltd. ) )
SQM Korea LLC
SQM Holland B.V.
Subtotal
Total

All values are in US Dollars.

51
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
7.3 Non-controlling interests
--- ---
% of interests in <br> the ownership Profit (loss) attributable to non-controlling interests for the year ended Equity, non-controlling interests for the year ended Dividends paid to non-controlling interests for the year ended
--- --- --- --- --- --- --- --- --- --- --- ---
Subsidiary held by <br> non-controlling <br> interests As of March 31, 2023 As of March 31, 2022 As of March 31, 2023 As of March 31, 2022 As of March 31, 2023 As of March 31, 2022
ThUS ThUS ThUS ThUS ThUS ThUS
SQM Potasio S.A. 0.0000001 %
Ajay SQM Chile S.A. 49.00000 % )
Soquimich Comercial S.A. 39.36168 %
Comercial Agrorama Ltda. 30.00000 % )
SQM Indonesia S.A. 20.00000 %
SQM Thailand Limited 0.00200 %
Total

All values are in US Dollars.

52
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
Note 8 Equity-accounted investees
--- ---
8.1 Investments in associates recognized according to the equity method of accounting
--- ---

As of March 31, 2023, and December 31, 2022, in accordance with criteria established in Note 2:

Equity-accounted<br> investees Share<br> in profit (loss) of associates accounted for using the equity method Share<br> in other comprehensive income of associates accounted for using the equity method Share<br> in total other comprehensive income of associates accounted for using the equity method
Associates As<br> of March<br> 31, 2023 As<br> of December<br> 31, 2022 For<br> the year ended March<br> 31, 2023 For<br> the year ended March<br> 31, 2022 For<br> the year ended March<br> 31, 2023 For<br> the year ended March<br> 31, 2022 For<br> the year ended March<br> 31, 2023 For<br> the year ended March<br> 31, 2022
ThUS ThUS ThUS ThUS ThUS ThUS ThUS ThUS
Ajay North America
Ajay Europe SARL )
Azure Minerals Limited
Total )

All values are in US Dollars.

53
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
Dividends received for the periods<br> ending
--- --- --- --- --- --- --- --- ---
Associate Description of the nature of the relationship Address Country of <br><br>incorporation Share of <br><br>ownership in <br><br>associates As of <br>March 31, <br>2023 As of <br>March 31, <br>2022
ThUS ThUS
Abu Dhabi Fertilizer Industries WWL Distribution and commercialization of specialty plant<br> nutrients in the Middle East. PO Box 71871, Abu Dhabi Emiratos Árabes 37 %
Ajay North America Production and distribution of iodine and iodine derivatives. 1400 Industry RD Power Springs GA 30129 United States of America 49 %
Ajay Europe SARL Production and distribution of iodine and iodine derivatives. Z.I. du Grand Verger BP 227 53602 Evron Cedex France 50 %
Azure Minerals Limited Mineral exploration in nickel, cobalt, gold<br> and copper deposits Level 1, 34 Colin Street West Perth, WA 6005 Australia 19.99 %
Total

All values are in US Dollars.

54
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
8.2 Assets, liabilities, revenue and expenses of associates
--- ---
As of March 31, 2023 For the period ended as March 31, 2023
--- --- --- --- --- --- --- --- ---
Assets Liabilities Other <br><br> comprehensive Comprehensive
Associate Current Non-current Current Non-current Revenue Net gain (loss) income income
ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$
Ajay North America 27,327 16,203 6,899 2 18,143 2,917 - 2,917
Ajay Europe SARL 35,405 2,024 18,229 - 21,719 2,221 5 2,226
Total 62,732 18,227 25,128 2 39,862 5,138 5 5,143
As of December 31, 2022 For the period ended as March 31, 2022
--- --- --- --- --- --- --- --- ---
Assets Liabilities Other<br> <br> comprehensive Comprehensive
Associate Current Non-current Current Non-current Revenue Net gain (loss) income income
ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS ThUS$
Ajay North America 30,455 15,972 10,395 2 18,508 3,560 - 5,560
Ajay Europe SARL 33,742 1,992 18,486 - 16,216 3,681 (8 3,673
Total 64,197 17,964 28,881 2 34,724 7,241 (8 7,233

All values are in US Dollars.

55
Notes to the Consolidated Interim Financial Statements<br><br> March 31, 2023
8.3 Disclosures<br>regarding interests in associates
--- ---
(a) Transactions<br>for the year ended March 31, 2023:
--- ---
• During<br>the first quarter of 2023, the Company made an investment of ThUS$13,372 to acquire a 19.99% interest in Azure Minerals Limited<br>(a company listed on the Australian Stock Exchange). SQM and Azure have entered into an acquisition agreement under which SQM<br>has the right to acquire 25% of all lithium products in which Azure has an interest on commercially competitive market terms.
--- ---
(b) Transactions<br>for the year ended December 31, 2022
--- ---
• During<br>February 2022, the Company received dividends of ThUS$ 3,000 from Abu Dhabi Fertilizer Industries WWL which triggered a income<br>of ThUS$ 523 recorded in the line item other (losses), corresponding to the excess over the account receivable recognized in December<br>2021.
--- --- 
56
Notes to the Consolidated Interim Financial Statements<br><br> March 31, 2023
Note 9 Joint Ventures
--- ---
9.1 Investment<br> in joint ventures accounted for under the equity method of accounting.
--- ---
**** Equity-accounted investees Share<br>in profit (loss) of associates and joint ventures accounted for using the equity method Share on other comprehensive income of associates and joint ventures accounted for using the equity method, net of taxes Share<br>on total other comprehensive income of associates and joint ventures accounted for using the equity method
--- --- --- --- --- --- --- --- ---
Joint<br> Venture As of<br><br>March 31,<br>2023 As of<br><br>December 31,<br>2022 As ofMarch 31,2023 As of<br><br>March 31,<br>2022 As of<br><br>March 31,<br>2023 As ofMarch 31,2022 As ofMarch 31,2023 As ofMarch 31,2022
ThUS$ ThUS$ ThUS ThUS$ ThUS$ ThUS ThUS ThUS
SQM Vitas<br> Fzco. 21,152 20,793 (2,186 6,010 698 1,811 (1,488 7,821
Pavoni & C. Spa 7,437 7,315 72 267 59 (78 131 189
Covalent<br> Lithium Pty Ltd. - - - - 860 (42 860 (42
Total 28,589 28,108 (2,114 6,277 1,617 1,691 (497 7,968

All values are in US Dollars.

57
Notes to the Consolidated Interim Financial Statements<br><br> March 31, 2023

The amounts described in the following box represent subsidiaries of Vitas Fzco:

**** Equity-accounted investees Share<br> in profit (loss) of associates and joint ventures accounted for using the equity method Share on other comprehensive income of associates and joint ventures accounted for using the equity method, for the period ended Share<br> on total other comprehensive income of associates and joint ventures accounted for using the equity method for the period<br> ended
Joint Venture As of<br><br>March 31,2023 As of<br><br>December 31,<br><br>2022 As ofMarch 31,2023 As of<br><br>March 31,2022 As of<br><br>March 31,2023 As ofMarch 31,2022 As ofMarch 31,2023 As of<br> <br>March 31,2022
**** ThUS$ ThUS$ ThUS ThUS$ ThUS$ ThUS ThUS ThUS$
SQM Vitas<br> Brasil Agroindustria 75,720 14,667 (10,382 4,748 - (1,811 (10,382 2,937
SQM<br> Vitas Perú S.A.C. 2,815 1,340 (177 1,126 - - (177 1,126
Total 78,535 16,007 (10,559 5,874 - (1,811 (10,559 4,063

All values are in US Dollars.

Dividends<br> received for the period ending
Joint<br> venture Description<br> of the nature of the relationship Domicile Country<br> of incorporation Share<br> of interest in ownership As of<br> <br>March 31,<br> 2023 As of<br> <br>March 31,<br> 2022
ThUS$ ThUS$
Pavoni<br> & C. Spa Production<br> of specialty fertilizers and others for distribution in Italy and other countries. Corso<br> Italia 172, 95129 Catania (CT), Sicilia Italy 50 % - -
Covalent<br> Lithium Pty Ltd. Development<br> and operation of the Mt Holland Lithium project, which will include the construction of a lithium extraction and refining<br> mine. L18,<br> 109 St Georges Tce Perth WA 6000 PO Box Z5200 St Georges Tce Perth WA 6831 Australia 50 % - -
SQM<br> Vitas Fzco. Production<br> and commercialization of specialty plant, animal nutrition and industrial hygiene. Jebel<br> ALI Free Zone P.O. Box 18222, Dubai United<br> Arab Emirates 50 % - -
SQM<br> Vitas Brasil Agroindustria Production<br> and trading of specialty vegetable and animal nutrition and industrial hygiene. Via<br> Cndeias, Km. 01 Sem Numero, Lote 4, Bairro Cia Norte, Candeias, Bahia. Brazil 49.99 % - -
SQM<br> Vitas Perú S.A.C. Production<br> and trading of specialty vegetable and animal nutrition and industrial hygiene Av.<br> Juan de Arona 187, Torre B, Oficina 301-II, San Isidro, Lima Peru 50 % - -
Total - - 
58
Notes to the Consolidated Interim Financial Statements<br><br> March 31, 2023
9.2 Assets,<br> liabilities, revenue and expenses from joint ventures
--- ---
As<br> of March 31, 2023 For<br> the period ended March 31, 2023
--- --- --- --- --- --- --- --- ---
Assets Liabilities Other comprehensive Comprehensive
Joint<br> Venture Current Non-current Current Non-current Revenue Net<br> gain (loss) income income
ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS ThUS$ ThUS
SQM Vitas<br> Fzco. (*) 9,694 - 48 - - 75 - 75
SQM Vitas Brasil Agroindustria<br> (*) 66,108 6,406 41,951 - 26,887 (4,095 245 (3,850
SQM Vitas Perú<br> S.A.C. (*) 49,953 6,991 40,465 66 12,086 (354 - (354
Pavoni & C. Spa<br> (*) 11,688 6,453 8,878 801 5,157 144 54 198
Covalent<br> Lithium Pty Ltd. 2,435 3,002 4,677 3,955 - - 1,628 1,628
Total 139,878 22,852 96,019 4,822 44,130 (4,230 1,927 (2,303

All values are in US Dollars.

As<br> of December 31, 2022 For<br> the period ended March 31, 2022
Assets Liabilities Other<br> comprehensive Comprehensive
Joint<br> Venture Current Non-current Current Non-current Revenue Net<br> gain (loss) income income
ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS ThUS
SQM Vitas<br> Fzco. (*) 9,618 - 49 - - 24 - 24
SQM Vitas Brasil Agroindustria<br> (*) 73,045 6,111 45,894 - 38,203 9,447 (3,623 5,824
SQM Vitas Perú<br> S.A.C. (*) 59,196 7,285 49,596 117 16,550 2,552 - 2,552
Pavoni & C. Spa<br> (*) 11,516 6,358 8,853 802 6,218 534 (156 378
Covalent<br> Lithium Pty Ltd. 2,077 3,088 7,062 3,017 - - (84 (84
Total 155,452 22,842 111,454 3,936 60,971 12,557 (3,863 8,694

All values are in US Dollars.

(*) The<br> financial figures presented correspond to the individual information of each join venture. 
59
Notes to the Consolidated Interim Financial Statements<br><br> March 31, 2023
9.3 Other<br> Joint Venture disclosures
--- ---
Cash and cash equivalents Other current financial liabilities Other non-current financial liabilities
--- --- --- --- --- --- ---
Joint<br> Venture As of<br> March 31,<br><br> 2023 As of<br> December 31,<br><br> 2022 As of<br> March 31,<br><br> 2023 As of<br> December 31,<br><br> 2022 As of<br> March 31,<br><br> 2023 As of<br> December 31,<br><br> 2022
ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$
SQM Vitas<br> Fzco. 3,872 3,866 - - - -
SQM Vitas Brasil Agroindustria 3,775 3,820 12,682 9,753 - -
SQM Vitas Perú<br> S.A.C. 886 2,208 21 82 66 117
Pavoni & C. Spa 1,283 1,088 3,541 4,951 - -
Covalent<br> Lithium Pty Ltd. 2,316 1,931 374 494 - -
Total 12,132 12,913 16,618 15,280 66 117
Depreciation<br> and amortization expense<br>for the year ending Interest<br> expense for the year ending Income<br> tax benefit (expense)<br>for the year ending
--- --- --- --- --- --- ---
Joint<br> Venture As<br> of March 31, 2023 As<br> of March 31, 2022 As<br> of March 31, 2023 As<br> of March 31, 2022 As<br> of March 31, 2023 As<br> of March 31, 2022
ThUS ThUS ThUS ThUS ThUS ThUS
SQM Vitas Fzco. - - - - - -
SQM Vitas<br> Brasil Agroindustria - (86 (160 (66 - (853
SQM Vitas Perú<br> S.A.C. (89 (89 (7 (79 (171 (1,039
Pavoni & C. Spa (27 (43 (134 (124 (100 (259
Covalent<br> Lithium Pty Ltd. (42 (71 (6 (12 - -
Total (158 (289 (307 (281 (271 (2,151

All values are in US Dollars.

60
Notes to the Consolidated Interim Financial Statements<br><br> March 31, 2023
9.4 Disclosure<br> of interests in joint ventures
--- ---
a) Transactions<br>in the year 2023
--- ---
• As<br>of March 31, 2023, there are no transactions to disclose.
--- ---
b) Transactions<br>in the year 2022
--- ---
• As<br>of December 31, 2022, there are no transactions to disclose.
--- ---
9.5 Joint<br>Operations
--- ---

In 2017, together with our subsidiary SQM Australia Pty, we entered into an agreement to acquire 50% of the assets of the Mt Holland lithium project in Western Australia. The Mt Holland Lithium Project consist, to design, construct and operate a mine, concentrator and refinery to produce lithium hydroxide.

On February 17, 2021, the Board of Directors approved the investment in the Mount Holland lithium project in Western Australia. SQM’s share of the project investment is expected to be approximately US$700 million, between 2021 and 2025. The feasibility study confirms an expected initial production capacity of 50,000 metric tons of lithium hydroxide during the second half of 2024.

As of December 31, 2022, a total of US$537 million has been contributed to the Mt Holland lithium project. The revised investment budget for this project considers an outstanding investment balance of US$388 million.

61
Notes to the Consolidated Interim Financial Statements<br><br> March 31, 2023
Note 10 Cash and cash equivalents
--- ---
10.1 Types<br>of cash and cash equivalents
--- ---

As of March 31, 2023, and December 31, 2022, cash and cash equivalents are detailed as follows:

Cash As of<br> <br>March 31,<br> <br>2023 As of<br> <br>December 31, 2022
ThUS$ ThUS$
Cash on hand 34 43
Cash in banks 1,120,655 529,606
Total Cash 1,120,689 529,649
Cash equivalents As of<br> <br>March 31,<br> <br>2023 As of<br> <br>December 31, 2022
--- --- ---
ThUS$ ThUS$
Short-term deposits, classified as cash equivalents 656,731 1,099,441
Short-term investments, classified as cash equivalents 311,143 1,026,146
Total cash equivalents 967,874 2,125,587
Total cash and cash equivalents 2,088,563 2,655,236
10.2 Short-term<br>investments, classified as cash equivalents
--- ---

As of March 31, 2023, and December 31, 2022, the short-term investments classified as cash and cash equivalents relate to mutual funds (investment liquidity funds) for investments in:

Institution As of<br> <br>March 31,<br> <br>2023 As of<br> <br>December 31,<br> 2022
ThUS$ ThUS$
Legg Mason - Western Asset Institutional Cash Reserves 114,997 590,661
JP Morgan US dollar Liquidity Fund Institutional 196,146 435,485
Total 311,143 1,026,146

Short-term investments are highly liquid mutual funds that are basically invested in short-term fixed rate notes in the U.S. market.

10.3 Amount<br>restricted cash balances

The Company has granted a guarantee consisting of financial instruments, specified in deposits, custody and administration to Banco de Chile, for its subsidiary Isapre Norte Grande Ltda., in compliance with the provisions of the Superintendence of Health, which regulates social security health institutions.

According to the regulations of the Superintendence of Health, this guarantee is for the total payable to its affiliates and medical providers. Banco de Chile reports the current value of the guarantee to the Superintendence of Health and Isapre Norte Grande Ltda. on a daily basis.

As of March 31, 2023, and December 31, 2022 pledged assets are as follows:

Restricted cash balances As of<br> <br>March 31,<br> <br>2023 As of<br> <br>December 31,<br> <br>2022
ThUS$ ThUS$
Isapre Norte Grande Ltda. 795 717
Total 795 717 
62
Notes to the Consolidated Interim Financial Statements<br><br> March 31, 2023
10.4 Short-term<br> deposits, classified as cash equivalents
--- ---

The detail at the end of each balance date is as follows:

Receiver of the deposit Type of deposit Original<br><br>Currency Interest<br> <br>Rate Placement<br><br> date Expiration<br><br> date Principal Interest<br> accrued to-date As<br> of March 31, 2023
ThUS ThUS ThUS
Banco Crédito e Inversiones Fixed term Peso 0.96 % 03-03-2023 04-27-2023
Banco Crédito e Inversiones Fixed term Peso 0.95 % 03-20-2023 04-19-2023
Itau Corpbanca Fixed term Peso 0.96 % 03-02-2023 04-27-2023
Itau Corpbanca Fixed term Peso 0.96 % 03-20-2023 04-19-2023
Itau Corpbanca Fixed term Peso 0.96 % 03-06-2023 04-27-2023
Itau Corpbanca Fixed term Peso 0.96 % 03-08-2023 04-27-2023
Scotiabank Sud Americano Fixed term Peso 0.97 % 03-06-2023 04-27-2023
Scotiabank Sud Americano Fixed term Peso 0.96 % 03-06-2023 04-27-2023
Scotiabank Sud Americano Fixed term Peso 0.97 % 03-08-2023 04-27-2023
Banco Crédito e Inversiones Fixed term Dollar 0.55 % 03-31-2023 05-02-2023
Banco de Chile Fixed term Dollar 1.25 % 02-07-2023 04-28-2023
Banco de Chile Fixed term Dollar 1.16 % 02-10-2023 04-28-2023
Banco Estado Fixed term Dollar 0.58 % 03-22-2023 04-24-2023
Banco Estado Fixed term Dollar 0.63 % 03-28-2023 05-02-2023
Banco Santander - Santiago Fixed term Dollar 0.91 % 02-28-2023 04-28-2023
Banco Santander - Santiago Fixed term Dollar 0.80 % 03-06-2023 04-24-2023
Itau Corpbanca Fixed term Dollar 1.23 % 02-08-2023 04-28-2023
Itau Corpbanca Fixed term Dollar 1.31 % 01-10-2023 04-03-2023
Itau Corpbanca Fixed term Dollar 1.38 % 01-17-2023 04-14-2023
Itau Corpbanca Fixed term Dollar 1.17 % 02-01-2023 04-17-2023
Itau Corpbanca Fixed term Dollar 0.97 % 02-23-2023 04-28-2023
Itau Corpbanca Fixed term Dollar 0.74 % 03-08-2023 04-21-2023
Scotiabank Sud Americano Fixed term Peso 0.22 % 03-28-2023 04-04-2023
Scotiabank Sud Americano Fixed term Dollar 1.28 % 01-09-2023 04-03-2023
Scotiabank Sud Americano Fixed term Dollar 1.25 % 01-11-2023 04-03-2023
Scotiabank Sud Americano Fixed term Dollar 1.01 % 01-31-2023 04-06-2023
Scotiabank Sud Americano Fixed term Peso 0.32 % 03-31-2023 04-10-2023
Total

All values are in US Dollars.

63
Notes to the Consolidated Interim Financial Statements<br><br> March 31, 2023
Receiver<br> of the deposit Type<br> of deposit Original<br><br>Currency Interest<br> <br>Rate Placement<br> date Expiration<br> date Principal Interest<br> <br>accrued to-date As<br> of December 31, 2022
--- --- --- --- --- --- --- --- --- --- ---
ThUS ThUS ThUS
Banco<br> Crédito e Inversiones Fixed<br> term Peso 0.95 % 11-17-2022 01-25-2023
Banco<br> Crédito e Inversiones Fixed<br> term Peso 0.94 % 12-15-2022 01-25-2023
Itau Corpbanca Fixed<br> term Peso 0.96 % 12-06-2022 01-05-2023
Itau Corpbanca Fixed<br> term Peso 0.96 % 12-12-2022 01-25-2023
Itau Corpbanca Fixed<br> term Peso 0.95 % 11-17-2022 01-25-2023
Itau Corpbanca Fixed<br> term Peso 0.95 % 11-16-2022 01-25-2023
Itau Corpbanca Fixed<br> term Peso 0.96 % 12-13-2022 01-25-2023
Santander Fixed<br> term Peso 0.95 % 12-16-2022 01-25-2023
Santander Fixed<br> term Peso 0.94 % 12-06-2022 01-05-2023
Scotiabank<br> Sud Americano Fixed<br> term Peso 0.96 % 12-12-2022 01-25-2023
Scotiabank<br> Sud Americano Fixed<br> term Peso 0.98 % 12-13-2022 01-25-2023
Scotiabank<br> Sud Americano Fixed<br> term Peso 0.96 % 12-13-2022 01-25-2023
Scotiabank<br> Sud Americano Fixed<br> term Peso 0.97 % 12-14-2022 01-25-2023
Scotiabank<br> Sud Americano Fixed<br> term Dollar 4.54 % 11-21-2022 01-25-2023
Sumitomo<br> Mitsui Banking Fixed<br> term Dollar 4.54 % 11-21-2022 01-25-2023
Banco<br> Crédito e Inversiones Fixed<br> term Dollar 0.42 % 12-06-2022 01-06-2023
Banco<br> Crédito e Inversiones Fixed<br> term Dollar 0.44 % 12-01-2022 01-03-2023
Banco<br> Crédito e Inversiones Fixed<br> term Peso 0.22 % 12-30-2022 01-06-2023
Banco<br> de Chile Fixed<br> term Dollar 0.95 % 12-12-2022 02-14-2023
Itau Corpbanca Fixed<br> term Dollar 1.02 % 12-13-2022 02-16-2023
Itau Corpbanca Fixed<br> term Dollar 0.46 % 11-30-2022 01-03-2023
Itau Corpbanca Fixed<br> term Dollar 0.42 % 12-06-2022 01-06-2023
Itau Corpbanca Fixed<br> term Dollar 1.07 % 12-21-2022 02-27-2023
Scotiabank<br> Sud Americano Fixed<br> term Dollar 0.66 % 12-07-2022 01-27-2023
Scotiabank<br> Sud Americano Fixed<br> term Dollar 0.64 % 11-16-2022 01-03-2023
Scotiabank<br> Sud Americano Fixed<br> term Dollar 0.72 % 12-28-2022 02-13-2023
Scotiabank<br> Sud Americano Fixed<br> term Dollar 0.96 % 12-30-2022 03-03-2023
Scotiabank<br> Sud Americano Fixed<br> term Dollar 0.58 % 11-22-2022 01-03-2023
Scotiabank<br> Sud Americano Fixed<br> term Dollar 0.38 % 12-16-2022 01-13-2023
Scotiabank<br> Sud Americano Fixed<br> term Dollar 0.87 % 12-22-2022 02-16-2023
Total

All values are in US Dollars.

64
Notes to the Consolidated Interim Financial Statements<br><br> March 31, 2023
Note 11 Inventories
--- ---

The composition of inventory at each period-end is as follows:

Type<br> of inventory As<br> of March<br> 31, 2023 As<br> of December<br> 31, 2022
ThUS ThUS
Raw<br> material
Production supplies
Products-in-progress
Finished<br> product
Total

All values are in US Dollars.

As of March 31, 2023, the Company held caliche stockpiles, solutions in solar ponds and intermediary salts amounting ThUS$ 552,919 and as of December 31, 2022 was ThUS$ 513,209 (including products in progress). As of March 31, 2023, bulk inventories recognized within work in progress were ThUS$ 160,859, while as of December 31, 2022 this value amounted to ThUS$ 122,284.

As of March 31, 2023, bulk inventories recognized within finished goods were ThUS$ 176,146 as of December 31, 2022, this value amounted to ThUS$ 198,796.

As of March 31, 2023, and December 2022, recognized inventory allowances recognized, amounted to ThUS$ 103,486 and ThUS$ 104,057, respectively. For finished and in-process products, recognized allowances include the provision associated with the lower value of stock (considers lower realizable value, uncertain future use, reprocessing costs of off-specification products, etc.), provision for inventory differences and the provision for potential errors in the determination of inventories (e.g., errors in topography, grade, moisture, etc.). (See Note 3.15).

For raw materials, supplies, materials and parts, the lower value provision was associated to the proportion of defective materials and potential differences.

The breakdown of inventory allowances is detailed as follows:

Type<br> of inventory As<br> of March<br> 31, 2023 As<br> of December<br> 31, 2022
ThUS ThUS
Raw<br> material and supplies for production
Products-in-progress
Finished<br> product
Total

All values are in US Dollars.

The Company has not pledged inventory as collateral for the periods indicated above.

65
Notes to the Consolidated Interim Financial Statements<br><br> March 31, 2023

As of March 31, 2023, and December 31, 2022, movements in provisions are detailed as follows:

Conciliation As<br> of March<br> 31, 2023 As<br> of December<br> 31, 2022
ThUS ThUS
Beginning<br> balance
Increase in<br> Lower Value )
Additional Provision<br> Differences of Inventory )
Provision<br> Used ) )
Total<br> changes )
Final<br> balance

All values are in US Dollars.

For further details, see accounting policy for inventory measurement in Note 3.15

66
Notes to the Consolidated Interim Financial Statements<br><br> March 31, 2023
Note 12 Related party disclosures
--- ---
12.1 Related<br> party disclosures
--- ---

Balances pending at period-end are not guaranteed, accrue no interest and are settled in cash, no guarantees have been delivered or received for trade and other receivables due from related parties or trade and other payables due to related parties.

12.2 Relationships<br> between the parent and the entity

Pursuant to Article 99 of Law of the Securities Market Law, the CMF may determine that a company does not have a controlling entity in accordance with the distribution and dispersion of its ownership. On November 30, 2018, the CMF issued the ordinary letter No. 32,131 whereby it determined that Pampa Group, do not exert decisive power over the management of the Company since it does not have a predominance in the ownership that allows it to make management decisions. Therefore, the CMF has determined not to consider Pampa Group as the controlling entity of the Company and that the Company does not have a controlling entity given its current ownership structure.

67
Notes to the Consolidated Interim Financial Statements<br><br> March 31, 2023
12.3 Detailed<br> identification of related parties and subsidiaries
--- ---

As of March 31, 2023 and December 31, 2022, the detail of entities that are identified as subsidiaries or related parties of the SQM Group is as follows:

Tax<br> ID No Name Country<br> of origin Functional<br> currency Nature
Foreign Nitratos<br> Naturais Do Chile Ltda. Brazil Dollar Subsidiary
Foreign SQM North<br> America Corp. United<br> States Dollar Subsidiary
Foreign SQM Europe<br> N.V. Belgium Dollar Subsidiary
Foreign Soquimich<br> European Holding B.V. Netherlands Dollar Subsidiary
Foreign SQM Corporation<br> N.V. Curacao Dollar Subsidiary
Foreign SQM Comercial<br> De México S.A. de C.V. Mexico Dollar Subsidiary
Foreign North<br> American Trading Company United<br> States Dollar Subsidiary
Foreign Administración<br> y Servicios Santiago S.A. de C.V. Mexico Dollar Subsidiary
Foreign SQM Perú S.A. (2) Peru Dollar Subsidiary
Foreign SQM Ecuador<br> S.A. Ecuador Dollar Subsidiary
Foreign SQM Nitratos<br> Mexico S.A. de C.V. Mexico Dollar Subsidiary
Foreign SQMC<br> Holding Corporation L.L.P. United<br> States Dollar Subsidiary
Foreign SQM Investment<br> Corporation N.V. Curacao Dollar Subsidiary
Foreign SQM Brasil<br> Limitada Brazil Dollar Subsidiary
Foreign SQM France<br> S.A. France Dollar Subsidiary
Foreign SQM Japan<br> Co. Ltd. Japan Dollar Subsidiary
Foreign Royal<br> Seed Trading Corporation A.V.V. Aruba Dollar Subsidiary
Foreign SQM Oceania<br> Pty Limited Australia Dollar Subsidiary
Foreign Rs Agro-Chemical<br> Trading Corporation A.V.V. Aruba Dollar Subsidiary
Foreign SQM Indonesia<br> S.A. Indonesia Dollar Subsidiary
Foreign SQM Virginia<br> L.L.C. United<br> States Dollar Subsidiary
Foreign Comercial<br> Caimán Internacional S.A. Panama Dollar Subsidiary
Foreign SQM África<br> Pty. Ltd. South<br> Africa Dollar Subsidiary
Foreign SQM Colombia<br> SAS Colombia Dollar Subsidiary
Foreign SQM Internacional<br> N.V. Belgium Dollar Subsidiary
Foreign SQM (Shanghai)<br> Chemicals Co. Ltd. China Dollar Subsidiary
Foreign SQM Lithium<br> Specialties LLC United<br> States Dollar Subsidiary
Foreign SQM Iberian<br> S.A. Spain Dollar Subsidiary
Foreign SQM Beijing<br> Commercial Co. Ltd. China Dollar Subsidiary
Foreign SQM Thailand<br> Limited Thailand Dollar Subsidiary
Foreign SQM Australia<br> PTY Australia Dollar Subsidiary
Foreign SQM Holland<br> B.V. Netherlands Dollar Subsidiary
Foreign SQM Korea<br> LLC Korea Dollar Subsidiary
96.801.610-5 Comercial<br> Hydro S.A. Chile Dollar Subsidiary
96.651.060-9 SQM Potasio<br> S.A. Chile Dollar Subsidiary
96.592.190-7 SQM Nitratos<br> S.A. Chile Dollar Subsidiary
96.592.180-K Ajay<br> SQM Chile S.A. Chile Dollar Subsidiary
79.947.100-0 SQM Industrial<br> S.A. Chile Dollar Subsidiary
79.906.120-1 Isapre<br> Norte Grande Ltda. Chile Peso Subsidiary
79.876.080-7 Almacenes<br> y Depósitos Ltda. Chile Peso Subsidiary 
68
Notes to the Consolidated Interim Financial Statements<br><br> March 31, 2023
Tax<br> ID No Name Country<br> of origin Functional<br> currency Nature
--- --- --- --- ---
79.770.780-5 Servicios<br> Integrales de Tránsitos y Transferencias S.A. Chile Dollar Subsidiary
79.768.170-9 Soquimich<br> Comercial S.A. Chile Dollar Subsidiary
79.626.800-K SQM Salar<br> S.A. Chile Dollar Subsidiary
76.534.490-5 Sociedad<br> Prestadora de Servicios de Salud Cruz del Norte S.A. Chile Peso Subsidiary
76.425.380-9 Exploraciones<br> Mineras S.A. Chile Dollar Subsidiary
76.064.419-6 Comercial<br> Agrorama Ltda. Chile Peso Subsidiary
76.145.229-0 Agrorama<br> S.A. Chile Peso Subsidiary
76.359.919-1 Orcoma<br> Estudios SPA Chile Dollar Subsidiary
76.360.575-2 Orcoma<br> SPA Chile Dollar Subsidiary
76.686.311-9 SQM MaG<br> SpA Chile Dollar Subsidiary
77.114.779-8 Sociedad<br> Contractual Minera Búfalo Chile Dollar Subsidiary
Foreign Abu Dhabi<br> Fertilizer Industries WWL Arab<br> Emirates Arab<br> Emirates dirham Associate
Foreign Ajay<br> North America United<br> States Dollar Associate
Foreign Ajay<br> Europe SARL France Euro Associate
Foreign Kore<br> Potash PLC United<br> Kingdom Dollar Associate
Foreign SQM Vitas<br> Fzco. Arab<br> Emirates Arab<br> Emirates dirham Joint<br> venture
Foreign Covalent<br> Lithium Pty Ltd. Australia Dollar Joint<br> venture
Foreign Pavoni<br> & C, SPA Italy Euro Joint<br> venture
96.511.530-7 Sociedad<br> de Inversiones Pampa Calichera Chile Dollar Other<br> related parties
96.529.340-K Norte<br> Grande S.A. Chile Peso Other<br> related parties
Foreign SQM Vitas<br> Brasil Agroindustria (1) Brazil Brazilian<br> real Other<br> related parties
Foreign SQM Vitas<br> Perú S.A.C. (1) Peru Dollar Other<br> related parties
(1) These<br>Companies are subsidiaries of the joint venture SQM Vitas Fzco.
--- ---
(2) This<br>Company was liquidated in December 2022
--- --- 
69
Notes to the Consolidated Interim Financial Statements<br><br> March 31, 2023

The following other related parties correspond to mining contractual corporations.

Tax<br> ID No. Name Country<br> of origin Functional<br> currency Relationship
N/A Ara<br> Dos Primera del Salar de Pampa Blanca, Sierra Gorda Chile Peso Other<br> related parties
N/A Ara<br> Tres Primera del Salar de Pampa Blanca, Sierra Gorda Chile Peso Other<br> related parties
N/A Ara<br> Cuatro Primera del Salar de Pampa Blanca, Sierra Gorda Chile Peso Other<br> related parties
N/A Ara<br> Cinco Primera del Salar de Pampa Blanca, Sierra Gorda Chile Peso Other<br> related parties
N/A Curicó<br> Dos Primera del Salar de Pampa Alta, Sierra Gorda Chile Peso Other<br> related parties
N/A Curicó<br> Tres Primera del Sector de Pampa Alta, Sierra Gorda Chile Peso Other<br> related parties
N/A Evelyn<br> Veinticuatro Primera de Sierra Gorda Chile Peso Other<br> related parties
N/A Filomena<br> Tres Primera de Oficina Filomena, Sierra Gorda Chile Peso Other<br> related parties
N/A Filomena<br> Cuatro Primera de Oficina Filomena, Sierra Gorda Chile Peso Other<br> related parties
N/A Francis<br> Cuatro Primera de Pampa Blanca, Sierra Gorda Chile Peso Other<br> related parties
N/A Francis<br> Cuatro Segunda del Salar de Pampa Blanca, Sierra Gorda Chile Peso Other<br> related parties
N/A Francis<br> Cuatro Tercera de Pampa Blanca, Sierra Gorda Chile Peso Other<br> related parties
N/A Francis<br> Cuatro Cuarta de Pampa Blanca, Sierra Gorda Chile Peso Other<br> related parties
N/A Francis<br> Cuatro Quinta de Pampa Blanca, Sierra Gorda Chile Peso Other<br> related parties
N/A Francis<br> Primera del Salar de Pampa Blanca de Sierra Gorda Chile Peso Other<br> related parties
N/A Francis<br> Segunda del Salar de Pampa Blanca de Sierra Gorda Chile Peso Other<br> related parties
N/A Francis<br> Tercera del Salar de Pampa Blanca de Sierra Gorda Chile Peso Other<br> related parties
N/A Ivon<br> Primera de Sierra Gorda Chile Peso Other<br> related parties
N/A Ivon<br> Décima Segunda de Sierra Gorda Chile Peso Other<br> related parties
N/A Ivon<br> Sexta de Sierra Gorda Chile Peso Other<br> related parties
N/A Julia<br> Primera de Sierra Gorda Chile Peso Other<br> related parties
N/A Lorena<br> Trigésimo Quinta de Sierra Gorda Chile Peso Other<br> related parties
N/A Perseverancia<br> Primera de Sierra Gorda Chile Peso Other<br> related parties
N/A Tamara<br> 40 Primera del Sector S.E. OF. Concepción, Sierra Gorda Chile Peso Other<br> related parties
N/A Tamara<br> Tercera de Oficina Concepción, Sierra Gorda Chile Peso Other<br> related parties
N/A Tamara<br> 40 Segunda del Sector S.E. OF Concepción, Sierra Gorda Chile Peso Other<br> related parties 
70
Notes to the Consolidated Interim Financial Statements<br><br> March 31, 2023

Below is a list of transactions with clients and suppliers with whom a relationship with key Company personnel was identified:

Tax<br> ID No Name Country<br> of origin Nature
76.389.727-3 Sociedad<br> Periodística El Libero Chile Other<br> related parties
90.193.000-7 El Mercurio<br> S.A.P. Chile Other<br> related parties
92.580.000-7 Empresa<br> Nacional de Telecomunicaciones S.A. Chile Other<br> related parties
96.806.980-2 Entel<br> PCS Telecomunicaciones S.A. Chile Other<br> related parties
97.004.000-5 Banco<br> de Chile Chile Other<br> related parties
99.012.000-5 Compañía<br> de Seguros de Vida Consorcio Nacional Chile Other<br> related parties
10.581.580-8 Gonzalo<br> Guerrero Yamamoto Chile Other<br> related parties
96.529.340-K Norte<br> Grande S.A. Chile Other<br> related parties
65.204.189-2 Fundación<br> para el desarrollo social Chile Other<br> related parties
82.135.600-8 Instituto<br> Chileno administración empresas Chile Other<br> related parties
76.184.068-1 Nitratos<br> de Chile S.A. Chile Other<br> related parties
76.165.311-3 Potasios<br> de Chile S.A. Chile Other<br> related parties
96.532.830-0 Sociedad<br> Inversiones Oro Blanco S.A. Chile Other<br> related parties
96.511.530-7 Sociedad<br> de Inversiones Pampa Calichera S.A. Chile Other<br> related parties
65.614.340-1 Corporación<br> Endeavor Chile Chile Other<br> related parties 
71
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
12.4 Detail<br> of related parties and related party transactions
--- ---

Transactions between the Company and its subsidiaries, associated businesses, joint ventures and other related parties are part of the Company’s common transactions. Their conditions are those customary for this type of transactions in respect of terms and market prices. Maturity terms for each case vary by virtue of the transaction giving rise to them.

As of March 31, 2023 and 2022, the detail of significant transactions with related parties is as follows:

Tax ID No Name Nature Country of origin Transaction As of March 31, 2023 As of March 31, 2022
ThUS ThUS
Foreign Ajay Europe S.A.R.L. Associate France Sale of products
Foreign Ajay North America LL.C. Associate United States of America Sale of products
Foreign Ajay North America LL.C. Associate United States of America Dividends
Foreign Abu Dhabi Fertilizer Industries WWL Associate Emiratos Árabes Dividends
Foreign SQM Vitas Brasil Agroindustria Other related parties Brazil Sale of products
Foreign SQM Vitas Perú S.A.C. Other related parties Peru Sale of products
Foreign Pavoni & CPA Joint venture Italy Sale of products
Chile Banco de Chile Other related parties Chile Service Provider ) )
Chile Norte Grande S.A. Other related parties Chile Client
Chile El Mercurio S.A.P. Other related parties Chile Service Provider ) )
Chile Compañía de Seguros de Vida Consorcio Nacional Other related parties Chile Service Provider ) )
Chile Entel PCS Telecomunicaciones S.A. Other related parties Chile Service Provider ) )
Chile Gonzalo Guerrero Yamamoto Other related parties Chile Service Provider )
Chile Empresa Nacional de Telecomunicaciones Other related parties Chile Service Provider ) )
Chile Instituto Chileno administración empresas Other related parties Chile Service Provider )
Chile Nitratos de Chile S.A. Other related parties Chile Client
Chile Potasios de Chile S.A. Other related parties Chile Client
Chile Sociedad Inversiones Oro Blanco S.A. Other related parties Chile Client
Chile Sociedad de Inversiones Pampa Calichera S.A. Other related parties Chile Client
Chile Corporación Endeavor Chile Other related parties Chile Service Provider )

All values are in US Dollars.

72
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
12.5 Trade<br> receivables due from related parties, current:
--- ---
Tax ID No Name Nature Country of origin Currency As of March 31, 2023 As of December 31, 2022
--- --- --- --- --- --- ---
ThUS ThUS
Extranjero Ajay Europe S.A.R.L. Associate France Euro
Extranjero Ajay North America LL.C. Associate United States of America Dollar
96.511.530-7 Soc. de Inversiones Pampa Calichera Other related parties Chile Dollar
Extranjero SQM Vitas Brasil Agroindustria Other related parties Brazil Dollar
Extranjero SQM Vitas Perú S.A.C. Other related parties Perú Dollar
Extranjero SQM Vitas Fzco. Joint venture United Arab Emirates United Arab Emirates Dirham
Extranjero Pavoni & C. SpA Joint venture Italy Euro
Extranjero Covalent Lithium Pty Ltd. Joint venture Australia Australian dollar
Total

All values are in US Dollars.

As of March 31, 2023 and December 31, 2022, receivables are net of provision for ThUS$ 1,251 and ThUS$ 1,378, respectively.

12.6 Other<br> disclosures:

Note 6 describes the remuneration of the board of directors, administration and key management personnel.

73
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
Note<br> 13 Financial<br>instruments
--- ---
13.1 Types<br> of other current and non-current financial assets
--- ---
Description of other financial assets As of March 31, 2023 As of December 31, 2022
--- --- ---
ThUS ThUS
Financial assets at amortized cost (1)
Derivative financial instruments
- For hedging
- Non-hedging (2)
Total other current financial assets
Financial assets at fair value through other comprehensive income
Derivative financial instruments
- For hedging
Other financial assets at amortized cost
Total other non-current financial assets

All values are in US Dollars.

Institution As of March 31, 2023 As of December 31, 2022
ThUS ThUS
Banco de Crédito e Inversiones
Banco Santander (3)
Banco Itaú CorpBanca
Banco Estado
Banco de Chile
Scotiabank Sud Americano
Sumitomo Mitsui Banking
Total

All values are in US Dollars.

(1) Corresponds<br> to term deposits whose maturity date is greater than 90 days and less than 360 days from<br> the investment date constituted in the aforementioned financial institutions.
(2) Correspond<br> to forwards and options that were not classified as hedging instruments (See detail in<br> Note 13.3).
--- ---
(3) As<br> of March 31, 2023, and December 31, 2022, no margin calls were recorded
--- --- 
74
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
13.2 Trade<br> and other receivables
--- ---
As of March 31, 2023 As of December 31, 2022
--- --- --- --- --- --- ---
Trade and other receivables Current Non-current Total Current Non-current Total
ThUS ThUS ThUS ThUS ThUS ThUS
Trade receivables, current
Prepayments, current
Other receivables, current
Guarantee deposits (1)
Total trade and other receivables

All values are in US Dollars.

See discussion about credit risk in Note 4.2.

As of March 31, 2023 As of December 31, 2022
Trade and other receivables Gross receivables Impairment provision for doubtful receivables Trade receivables, net Gross receivables Impairment provision for doubtful receivables Trade receivables, net
ThUS ThUS ThUS ThUS ThUS ThUS
Receivables related to credit operations, current ) )
Prepayments, current ) )
Other receivables, current ) )
Guarantee deposits (1)
Other receivables, non-current
Total trade and other receivables ) )

All values are in US Dollars.

(1) During the third quarter of 2022, the Company signed an agreement for an option to potentially acquire a battery-grade lithium hydroxide monohydrate plant with a production capacity of approximately 20,000 tons per year from lithium sulfate salts. In addition, the transaction secures rights to adjacent land for future expansion.

The acquisition cost totals CNY 869 million (ThUS$ 126,448) broken down into a deposit of CNY 204,5 million (ThUS$ 29,322) paid in the first quarter of 2023, CNY 57.5 million (ThUS$ 8,367) in the second quarter of 2023 and the remaining balance would be paid subject to the fulfillment of various conditions precedent in the second quarter of 2023. The Company´s payments would be backed by various guarantees granted by the seller and any failure to fulfil the conditions required by the contract would be considered a material breach of contract, giving the Company the right to demand the restitution of the amounts already paid.

75
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
(a) Renegotiated<br> portfolio
--- ---

As of March 31, 2023, and December 31, 2022 the detail of the renegotiated portfolio is as follows:

As of March 31, 2023
Portfolio analysis
Past due segments Number of customers with non-renegotiated portfolio Gross non-renegotiated <br>portfolio ThUS Number ofcustomers with renegotiated portfolio Gross renegotiated <br>portfolio ThUS
Current 955 1
1 - 30 days 164 -
31 - 60 days 41 6
61 - 90 days 7 5
91 - 120 days 4 3
121 - 150 days 5 3
151 - 180 days 11 3
181 - 210 days 4 -
211 - 250 days 1 -
>250 days 168 52
Total 1,360 73

All values are in US Dollars.

As of December 31, 2022
Portfolio analysis
Past due segments Number of customers with non-renegotiated portfolio Gross non-renegotiated <br>portfolio ThUS Number ofcustomers withrenegotiated portfolio Gross renegotiated <br>portfolio ThUS
Current 997 12
1 - 30 days 149 4
31 - 60 days 25 2
61 - 90 days 2 3
91 - 120 days 10 -
121 - 150 days 1 -
151 - 180 days 2 1
181 - 210 days 4 2
211 - 250 days 7 3
>250 days 76 55
Total 1,273 82

All values are in US Dollars.

76
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
(b) Impairment<br> provision for doubtful receivables
--- ---
As of March 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Trade accounts receivable days past due Trade
Trade and other receivables Current 1 to 30 <br><br>days 31 to 60 <br><br>days 61 to 90 <br><br>days Over 90 <br><br>days Trade receivables <br>due from <br>related <br>parties
ThUS ThUS
Expected Loss Rate on 0 % 3 % 6 % 14 % 59 %
Total Gross Book Value 1,466,022 14,119 11,159 790 4,810
Impairment Estimate 1,698 414 638 108 2,841

All values are in US Dollars.

As of December 31, 2022
Trade accounts receivable days past due Trade
Trade and other receivables Current 1 to 30 <br><br>days 31 to 60 <br><br>days 61 to 90 <br><br>days Over 90 <br><br>days Trade receivables <br>due from <br>related <br>parties
ThUS ThUS
Expected Loss Rate on 0 % 1 % 7 % 6 % 81 %
Total Gross Book Value 968,129 30,187 1,457 3,336 3,873
Impairment Estimate 948 391 108 186 3,126

All values are in US Dollars.

As of March 31, 2023, and December 31, 2022, movements in provisions are as follows:

Provisions As of March 31, 2023 As of December 31, 2022
ThUS ThUS
Impairment provision of Accounts receivable at the beginning of the year
Increase (decrease) impairment of accounts receivable )
Difference in exchange rate )
Impairment provision of Accounts Receivable Provision at the end of the year
(1) Trade and other Receivables Provision
(2) Current Other Receivables Provision
(3) Trade receivables with related parties, current Provision
Impairment provision of Accounts Receivable Provision
Renegotiated receivables
Non-renegotiated receivables

All values are in US Dollars.

77
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
13.3 Hedging<br> assets and liabilities
--- ---

The balance represents derivative financial instruments measured at fair value which have been classified as hedges for exchange and interest rate risks relating to the total obligations with the public associated with bonds in UF and investments in Chilean pesos. (See more detail in Note 4.2 b).

As of March 31, 2023 Assets Liabilities Total Realized Hedging Reserve<br><br>in Gross<br><br>Equity (1)
Type of Instrument: Cross currency interest rate swaps and Forwards
Cash flow hedge derivatives
Short term 15,042 36,986 - -
Long term 36,048 2,541 - -
Subtotal 51,090 39,527 22,642 (11,079 )
Type of Instrument: Forwards
Non-hedging derivatives disbursement SQM Australia Pty
Long term 3,868 - - 3,868
Subtotal 3,868 - - 3,868
Underlying Investments Hedge 54,958 39,527 22,642 (7,211 )
Type of Instrument: Forwards/Options
Non-hedge derivatives with effect on income
Short term 5,126 2,871 - -
Underlying Investments Hedge 5,126 2,871 10,447 -
Total Instruments 60,084 42,398 33,089 (7,211 )
As of December 31, 2022 Assets Liabilities Total Realized Hedging<br> Reserve<br> in Gross<br><br>Equity (1)
--- --- --- --- --- --- --- --- --- --- ---
Type of Instrument: Cross currency interest rate swaps UF/CLP
Cash flow hedge derivatives
Short term 7,014 42,754 - -
Long term 15,467 19,772 - -
Subtotal 22,481 62,526 (12,939 ) (27,106 )
Type of Instrument: Forwards
Non-hedging derivatives disbursement SQM Australia Pty
Long term 7,139 - - 7,139
Subtotal 7,139 - - 7,139
Underlying Investments Hedge 29,620 62,526 (12,939 ) (19,967 )
Type of Instrument: Forwards/Options
Non-hedge derivatives with effect on income
Short term 4,174 5,816 - -
Underlying Investments Hedge 4,174 5,816 38,653 -
Total Instruments 33,794 68,342 25,714 (19,967 )

(1) See underlying hedges in Note 4.2 letters b) and d) and movement of cash flow hedge reserve in Note 20.4.

78
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023

The balances in the column “Total Realized” consider the intermediate effects of the contracts that were in place between January 1 and March 31, 2023, and January 1 and December 31, 2022.

Reconciliation<br> of asset and liability hedging derivatives As<br> of<br> December 31,<br><br> 2022 Cash<br> Flow Income<br> <br><br> statement Equity<br> and <br><br> Others As<br> of<br><br> March 31,<br><br> 2023
Hedge-to-debt<br> derivatives (10,061 ) 1,814 38,730 13,935 44,418
Hedging<br> derivatives to investment (29,984 ) 14,745 (20,966 ) 3,351 (32,854 )
Non-hedging<br> derivatives disbursement SQM Australia Pty 7,139 1,259 - (4,530 ) 3,868
Non-hedging<br> derivatives (1,643 ) (6,550 ) 10,447 - 2,254

Derivative contract maturities are detailed as follows:

Series Contract amount Maturity date
ThUS
H 98,773 01/05/2024
O 58,748 02/01/2030
P 134,228 01/15/2028
Q 106,933 06/01/2030

All values are in US Dollars.

Effectiveness

The Company uses CCS, Forwards and IRS to hedge the potential financial risk associated with exchange rate and interest rate volatility. The objective is to hedge the exchange rate and inflation financial risks associated with bond obligations, exchange rate financial risks associated with investments in Chilean pesos, exchange rate financial risk associated with projects under construction in Australian dollars and interest rate financial risk associated with bank loans. Hedges are documented and qualitatively assessed to demonstrate their effectiveness based on a comparison of their critical terms.

The hedges used by the Company as of the reporting date are highly effective given that the amounts, currencies, exchange dates and rates of the hedged item and the hedge are aligned, maintaining a close economic relationship.

13.4 Financial<br> liabilities

Othercurrent and non-current financial liabilities

As of March 31, 2023 and December 31, 2022, the detail is as follows:

Other current and non-current As of March 31, 2023 As of December 31, 2022
financial liabilities Currents Non-Current Total Currents Non-Current Total
ThUS ThUS ThUS ThUS ThUS ThUS
Liabilities at amortized cost
Bank borrowings
Obligations with the public
Derivative financial instruments
For hedging
Non-Hedging
Total

All values are in US Dollars.

79
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
a) Bank<br>borrowings, current:
--- ---

As of March 31, 2023, the detail of this caption is as follows:

Debtor Creditor
Tax ID No. Company Country Tax ID No. Financial institution Country Currency or<br><br> adjustment index Payment of interest Repayment Effective rate Nominal rate
93.007.000-9 SQM S.A. Chile O-E Scotiabank Cayman United States of America Dollar Upon maturity 05-30-2023 0.97 % 5.22 %
93.007.000-9 SQM S.A. Chile O-E Bank of Nova Scotia United States of America Dollar Upon maturity 06-20-2023 6.28 % 6.08 %
79.947.100-0 SQM Industrial S.A. Chile 97.036.000-K Banco Santander Chile Dollar Upon maturity 04-19-2023 5.61 % 5.61 %
79.626.800-K SQM Salar S.A. Chile 97.036.000-K Banco Santander Chile Dollar Upon maturity 04-19-2023 5.61 % 5.61 %
93.007.000-9 SQM S.A. Chile 97.006.000-6 BCI Chile Dollar Upon maturity 04-19-2023 5.74 % 5.74 %
93.007.000-9 SQM S.A. Chile 97.036.000-K Banco Santander Chile Dollar Upon maturity 04-19-2023 5.47 % 5.47 %
93.007.000-9 SQM S.A. Chile O-E Banco Santander/Kexim Spain/Korea Dollar Upon maturity 06-21-2023 8.01 % 5.93 %
Debtor Creditor Nominal<br> amounts as of March 31, 2023 Current<br> amounts as of March 31, 2022
--- --- --- --- --- --- --- --- --- --- ---
Company Financial<br> institution Up<br> to 90 days 90<br> days to 1 year Total Up<br> to 90 days 90<br> days to 1 year Subtotal Borrowing<br><br> costs Total
ThUS ThUS ThUS ThUS ThUS ThUS ThUS ThUS
SQM<br> S.A. Scotiabank<br> Cayman )
SQM<br> S.A. Bank<br> of Nova Scotia )
SQM<br> S.A. Banco<br> Santander
SQM<br> S.A. Banco<br> Santander/Kexim )
SQM<br> S.A. BCI
SQM<br> Industrial S.A. Banco<br> Santander
SQM<br> Salar S.A. Banco<br> Santander
Total )

All values are in US Dollars.

80
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023

As of December 31, 2022

Debtor Creditor
Tax<br> ID No. Company Country Tax<br> ID No. Financial<br> <br><br>institution Country Currency<br> or <br><br>adjustment <br><br>index Payment<br> of <br><br>interest Repayment Effective<br> rate Nominal<br> rate
93.007.000-9 SQM<br> S.A. Chile O-E Scotiabank<br> Cayman United<br> States of America Dollar Upon<br> maturity 05-30-2023 0.97 % 5.22 %
93.007.000-9 SQM S.A. Chile 97.023.000-9 Itaú Chile Dollar Upon<br> maturity 01-05-2023 4.50 % 4.50 %
93.007.000-9 SQM<br> S.A. Chile 97.030.000-7 Banco<br> Estado Chile Dollar Upon<br> maturity 01-05-2023 4.59 % 4.59 %
Debtor Creditor Nominal amounts as of December 31, 2022 Current amounts as of December 31, 2022
--- --- --- --- --- --- --- --- --- --- ---
Company Financial institution Up to 90 days 90 days to 1 year Total Up to 90 days 90 days to 1 year Subtotal Borrowing costs Total
ThUS ThUS ThUS ThUS ThUS ThUS ThUS ThUS
SQM S.A. Scotiabank Cayman )
SQM S.A. Itaú
SQM S.A. Banco Estado
SQM S.A. Scotiabank
Total )

All values are in US Dollars.

b) Unsecured<br> obligations, current:

As of March 31, 2023, the detail of current unsecured interest-bearing obligations is composed of promissory notes and bonds, as follows:

Debtor Periodicity
Tax<br> ID No. Company Country Number<br> of <br><br> registration or ID of <br><br> the instrument Series Maturity<br> date Currency<br> or <br><br> adjustment index Payment<br> of <br><br> interest Repayment Effective<br> rate Nominal<br> rate
93.007.000-9 SQM<br> S.A. Chile - MUS$250 07/28/2023 US$ Semiannual Upon<br> maturity 1.00 % 4.38 %
93.007.000-9 SQM<br> S.A. Chile - MUS$300 04/03/2023 US$ Semiannual Upon<br> maturity 0.56 % 3.63 %
93.007.000-9 SQM<br> S.A. Chile - MUS$450 05/07/2023 US$ Semiannual Upon<br> maturity 3.01 % 4.25 %
93.007.000-9 SQM<br> S.A. Chile - MUS$400 07/22/2023 US$ Semiannual Upon<br> maturity 3.72 % 4.25 %
93.007.000-9 SQM<br> S.A. Chile - MUS$700 09/10/2023 US$ Semiannual Upon<br> maturity 3.38 % 3.50 %
93.007.000-9 SQM<br> S.A. Chile 564 H 07/05/2023 UF Semiannual Semiannual 1.17 % 4.90 %
93.007.000-9 SQM<br> S.A. Chile 699 O 08/01/2023 UF Semiannual Upon<br> maturity 1.76 % 3.80 %
93.007.000-9 SQM<br> S.A. Chile 563 P 07/15/2023 UF Semiannual Upon<br> maturity 1.56 % 3.25 %
93.007.000-9 SQM<br> S.A. Chile 700 Q 06/01/2023 UF Semiannual Upon<br> maturity 2.63 % 3.45 %

Effective rates of bonds in Pesos and UF are expressed and calculated in Dollars based on the flows agreed in Cross Currency Swap Agreements.

81
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
Nominal<br> amounts as of March 31, 2023 Carrying<br> amounts of maturities as of March 31, 2023
--- --- --- --- --- --- --- --- --- --- ---
Company Country Series Up<br> to 90 days 90<br> days to 1 year Total Up<br> to 90 days 90<br> days to 1 year Subtotal Borrowing<br> costs Total
ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS ThUS$
SQM<br> S.A. Chile MMUS$250 - 1,914 1,914 - 1,914 1,914 (433 1,481
SQM S.A. Chile MMUS$300 305,377 - 305,377 305,377 - 305,377 - 305,377
SQM S.A. Chile MMUS$450 7,650 - 7,650 7,650 - 7,650 (678 6,972
SQM S.A. Chile MMUS$400 - 3,258 3,258 - 3,258 3,258 (235 3,023
SQM S.A. Chile MMUS$700 - 1,429 1,429 - 1,429 1,429 (555 874
SQM S.A. Chile H - 17,692 17,692 - 17,692 17,692 (172 17,520
SQM S.A. Chile O - 424 424 - 424 424 (82 342
SQM S.A. Chile P - 919 919 - 919 919 (12 907
SQM<br> S.A. Chile Q - 1,540 1,540 - 1,540 1,540 (20 1,520
Total 313,027 27,176 340,203 313,027 27,176 340,203 (2,187 338,016

All values are in US Dollars.

As of December 31, 2022

Debtor Periodicity
Tax<br> ID No. Company Country Number<br> of <br><br>registration or ID of <br><br>the instrument Series Maturity<br> date Currency<br> or <br><br>adjustment index Payment<br> of <br><br>interest Repayment Effective<br> rate Nominal<br> rate
93.007.000-9 SQM<br> S.A. Chile - MUS$250 01/28/2023 US$ Semiannual Upon<br> maturity 1.17 % 4.38 %
93.007.000-9 SQM<br> S.A. Chile - MUS$300 04/03/2023 US$ Semiannual Upon<br> maturity 0.56 % 3.63 %
93.007.000-9 SQM<br> S.A. Chile - MUS$450 05/07/2023 US$ Semiannual Upon<br> maturity 3.01 % 4.25 %
93.007.000-9 SQM<br> S.A. Chile - MUS$400 01/22/2023 US$ Semiannual Upon<br> maturity 3.79 % 4.25 %
93.007.000-9 SQM<br> S.A. Chile - MUS$700 03/10/2023 US$ Semiannual Upon<br> maturity 3.44 % 3.50 %
93.007.000-9 SQM<br> S.A. Chile 564 H 01/05/2023 UF Semiannual Semiannual 1.23 % 4.90 %
93.007.000-9 SQM<br> S.A. Chile 699 O 02/01/2023 UF Semiannual Upon<br> maturity 1.89 % 3.80 %
93.007.000-9 SQM<br> S.A. Chile 563 P 01/15/2023 UF Semiannual Upon<br> maturity 1.72 % 3.25 %
93.007.000-9 SQM<br> S.A. Chile 700 Q 06/01/2023 UF Semiannual Upon<br> maturity 2.63 % 3.45 %

Effective rates of bonds in Pesos and UF are expressed and calculated in Dollars based on the flows agreed in Cross Currency Swap Agreements.

82
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
Nominal<br> amounts as of December 31, 2022 Carrying<br> amounts of maturities as of December 31, 2022
--- --- --- --- --- --- --- --- --- --- ---
Company Country Series Up<br> to 90 days 90<br> days to 1 year Total Up<br> to 90 days 90<br> days to 1 year Subtotal Borrowing<br> costs Total
ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS ThUS$
SQM<br> S.A. Chile MUS$250 4,648 - 4,648 4,648 - 4,648 (433 4,215
SQM<br> S.A. Chile MUS$300 - 302,658 302,658 - 302,658 302,658 (170 302,488
SQM<br> S.A. Chile MUS$450 - 2,869 2,869 - 2,869 2,869 (679 2,190
SQM<br> S.A. Chile MUS$400 7,508 - 7,508 7,508 - 7,508 (237 7,271
SQM<br> S.A. Chile MUS$700 - 7,554 7,554 - 7,554 7,554 (555 6,999
SQM<br> S.A. Chile H 17,566 - 17,566 17,566 - 17,566 (172 17,394
SQM<br> S.A. Chile O 965 - 965 965 - 965 (82 883
SQM<br> S.A. Chile P 1,830 - 1,830 1,830 - 1,830 (12 1,818
SQM<br> S.A. Chile Q - 351 351 - 351 351 (20 331
Total 32,517 313,432 345,949 32,517 313,432 345,949 (2,360 343,589

All values are in US Dollars.

83
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
c) Classes<br> of interest-bearing loans, non-current
--- ---

The following table shows the details of bank loans as of March 31, 2023:

Debtor Creditor
Tax<br> ID No. Company Country Tax<br> ID No. Financial<br> institution Country Currency<br> or <br><br>adjustment index Type<br> of <br><br>amortization Effective<br> rate Nominal<br> rate
93.007.000-9 SQM<br> S.A. Chile O-E Bank<br> of Nova Scotia Canada USD Upon<br> maturity 5.37 % 6.08 %
93.007.000-9 SQM<br> S.A. Chile O-E Banco<br> Santander/Kexim Spain/Korea USD Upon<br> maturity 2.30 % 5.93 %
Debtor Creditor Nominal<br> non-current maturities as of March 31, 2023 Carrying<br> amounts of maturities as of March 31, 2023
--- --- --- --- --- --- --- --- --- --- --- ---
Company Financial<br> institution Between<br> 1 and 2 Between<br> 2 and 3 Between<br> 3 and 4 Total Between<br> 1 and 2 Between<br> 2 and 3 Between<br> 3 and 4 Subtotal Costs<br> of <br>obtaining <br>loans Total
ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS ThUS$
SQM<br> S.A. Bank<br> of Nova Scotia - 200,000 - 200,000 - 200,000 - 200,000 (1,439 198,561
SQM<br> S.A. Banco<br> Santander/Kexim - - 10,000 10,000 - - 10,000 10,000 (2,105 7,895
Total - 200,000 10,000 210,000 - 200,000 10,000 210,000 (3,544 206,456

All values are in US Dollars.

As of December 31, 2022

Debtor Creditor
Tax<br> ID No. Company Country Tax<br> ID No. Financial<br> institution Country Currency<br> or <br><br>adjustment index Type<br> of <br><br>amortization Effective<br> rate Nominal<br> rate
93.007.000-9 SQM<br> S.A. Chile O-E Scotiabank<br> Cayman USA USD Upon<br> maturity 2.33 % 3.19 %
93.007.000-9 SQM<br> S.A. Chile O-E Scotiabank Canada USD Upon<br> maturity 5.10 % 6.08 %
Debtor Creditor Nominal<br> non-current maturities as of December 31, 2022 Carrying<br> amounts of maturities as of December 31, 2022
--- --- --- --- --- --- --- --- --- --- --- ---
Company Financial institution Between 1 and 2 Between 2 and 3 Between 3 and 4 Total Between 1 and 2 Between 2 and 3 Between 3 and 4 Subtotal Costs<br> of <br> obtaining <br> loans Total
ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS ThUS$
SQM<br> S.A. Scotiabank<br> Cayman - - - - - - - - - -
SQM<br> S.A. Scotiabank - 200,000 - 200,000 - 200,000 - 200,000 (2,478 197,522
Total - 200,000 - 200,000 - 200,000 - 200,000 (2,478 197,522

All values are in US Dollars.

84
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
d) Non-current<br>unsecured interest-bearing bonds
--- ---

The following table shows the details of “unsecured debentures that accrue non-current interest” as of March 31, 2023:

Number of
Debtor registration or ID of Currency or Periodicity
Tax ID No. Company Country the instrument Series Maturity date adjustment index Payment of interest Repayment Effective rate Nominal rate
93.007.000-9 SQM S.A. Chile - MUS$250 01/28/2025 US$ Semiannual Upon maturity 4.24 % 4.38 %
93.007.000-9 SQM S.A. Chile - MUS$450 05/07/2029 US$ Semiannual Upon maturity 4.14 % 4.25 %
93.007.000-9 SQM S.A. Chile - MUS$400 01/22/2050 US$ Semiannual Upon maturity 4.23 % 4.25 %
93.007.000-9 SQM S.A. Chile - MUS$700 09/10/2051 US$ Semiannual Upon maturity 3.45 % 3.50 %
93.007.000-9 SQM S.A. Chile 564 H 01/05/2030 UF Semiannual Semiannual 4.76 % 4.90 %
93.007.000-9 SQM S.A. Chile 699 O 02/01/2033 UF Semiannual Upon maturity 3.69 % 3.80 %
93.007.000-9 SQM S.A. Chile 563 P 01/15/2028 UF Semiannual Upon maturity 3.24 % 3.25 %
93.007.000-9 SQM S.A. Chile 700 Q 06/01/2038 UF Semiannual Upon maturity 3.54 % 3.45 %
Nominal<br> non-current maturities as of March 31, 2023 Carrying<br> amounts of maturities as of March 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Series Over<br> 1 year <br><br>to 2 Over<br> 2 years to 3 Over<br> 3 Years to 4 Over<br> 4 Years to 5 Over<br> 5 years Total Over<br> 1 year <br><br>to 2 Over<br> 2 years to 3 Over<br> 3 Years to 4 Over<br> 4 Years to 5 Over<br> 5 years Subtotal Bond<br> issuance costs Total
ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS ThUS$
MUS$250 - - 250,000 - - 250,000 - - 250,000 - - 250,000 (361 249,639
MUS$450 - - - - 450,000 450,000 - - - - 450,000 450,000 (3,499 446,501
MUS$400 - - - - 400,000 400,000 - - - - 400,000 400,000 (6,055 393,945
MUS$700 - - - - 700,000 700,000 - - - - 700,000 700,000 (15,203 684,797
H - - - - 98,202 98,202 - - - - 98,202 98,202 (991 97,211
O - - - - 67,513 67,513 - - - - 67,513 67,513 (720 66,793
P - - - - 135,026 135,026 - - - - 135,026 135,026 (49 134,977
Q - - - - 135,027 135,027 - - - - 135,027 135,027 (303 134,724
Total - - 250,000 - 1,985,768 2,235,768 - - 250,000 - 1,985,768 2,235,768 (27,181 2,208,587

All values are in US Dollars.

85
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023

As of December 31, 2022

Number of
Debtor registration or ID of Currency or Periodicity
Tax ID No. Company Country the instrument Series Maturity date adjustment index Payment of interest Repayment Effective rate Nominal rate
93.007.000-9 SQM S.A. Chile - MUS$250 01/28/2025 US$ Semiannual Upon maturity 4.08 % 4.38 %
93.007.000-9 SQM S.A. Chile - MUS$450 05/07/2029 US$ Semiannual Upon maturity 4.10 % 4.25 %
93.007.000-9 SQM S.A. Chile - MUS$400 01/22/2050 US$ Semiannual Upon maturity 4.19 % 4.25 %
93.007.000-9 SQM S.A. Chile - MUS$700 09/10/2051 US$ Semiannual Upon maturity 3.42 % 3.50 %
93.007.000-9 SQM S.A. Chile 564 H 01/05/2030 UF Semiannual Semiannual 4.76 % 4.90 %
93.007.000-9 SQM S.A. Chile 699 O 02/01/2033 UF Semiannual Upon maturity 3.69 % 3.80 %
93.007.000-9 SQM S.A. Chile 563 P 01/15/2028 UF Semiannual Upon maturity 3.24 % 3.25 %
93.007.000-9 SQM S.A. Chile 700 Q 06/01/2038 UF Semiannual Upon maturity 3.43 % 3.45 %
Nominal<br> non-current maturities as of December 31, 2022 Carrying<br> amounts of maturities as of December 31, 2022
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Series Over<br> 1 year <br><br>to 2 Over<br> 2 years to 3 Over<br> 3 Years to 4 Over<br> 4 Years to 5 Over<br> 5 years Total Over<br> 1 year <br><br>to 2 Over<br> 2 years to 3 Over<br> 3 Years to 4 Over<br> 4 Years to 5 Over<br> 5 years Subtotal Bond<br> issuance costs Total
ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS ThUS$
MUS$250 - - 250,000 - - 250,000 - - 250,000 - - 250,000 (469 249,531
MUS$450 - - - - 450,000 450,000 - - - - 450,000 450,000 (3,666 446,334
MUS$400 - - - - 400,000 400,000 - - - - 400,000 400,000 (6,112 393,888
MUS$700 - - - - 700,000 700,000 - - - - 700,000 700,000 (15,341 684,659
H - - - - 96,967 96,967 - - - - 96,967 96,967 (1,034 95,933
O - - - - 61,536 61,536 - - - - 61,536 61,536 (741 60,795
P - - - - 123,072 123,072 - - - - 123,072 123,072 (52 123,020
Q - - - - 123,073 123,073 - - - - 123,073 123,073 (309 122,764
Total - - 250,000 - 1,954,648 2,204,648 - - 250,000 - 1,954,648 2,204,648 (27,724 2,176,924

All values are in US Dollars.

86
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
e) Additional<br> information
--- ---

Bonds

The details of each issuance are as follows:

(i) Series “H” bonds

On January 13, 2009, the Company placed the Series H bond for UF 4,000,000 equivalent to ThUS$ 139,216 at an annual interest rate of 4.9%, with a term of 21 years and amortizations of principal beginning in July, 2019.

During 2021, amortization of principal amounted to UF 363,636.36, equivalent to ThUS$ 14,870 with an associated cross currency swap hedge loss of ThUS$ 760.For more details on restrictions. See Note 20.1.

During 2022, amortization of principal amounted to UF 363,636.36, equivalent to ThUS$ 13,117 with an associated cross currency swap hedge loss of ThUS$ 993.

During 2023, amortization of principal amounted to UF 181,818.18, equivalent to ThUS$ 7,478 with an associated cross currency swap hedge gain of Th US$442.

As of March 31, 2023, and 2022, the Company has made the following payments with a charge to the Series H bonds and their associated CCS hedging:

Payments made As of March 31,  2023 As of March 31, 2022
ThUS ThUS
Payments of interest, Series H bonds
CCS Coverage

All values are in US Dollars.

(ii) Series “O” bonds

On April 4, 2012, the Company issued “Series O” for UF 1,500,000 (ThUS$ 69,901) at a term of 21 years with a single payment at the maturity of the term and an annual interest rate of 3.80%. See more details with respect a restriction in Note 20.1.

As of March 31, 2023, and 2022, the Company has made the following payments with a charge to Series O bonds and their associated CCS hedging:

Payments made As of March 31,  2023 As of March 31,  2022
ThUS ThUS
Payment of interest, Series O bonds
CCS Coverage

All values are in US Dollars.

87
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
(iii) Single series bonds, third issue MUS$ 300
--- ---

On April 3, 2013, the Company issued a non-secured bond in the United States with a value of US$ 300 million. pursuant to Rule 144-A and Regulation S of the SEC. The bond is for a 10-year term with an annual coupon rate of 3.625%.

As of March 31, 2023, and 2022, no payments have been made.

(iv) Single series bonds, fourth issuance MUS $250

On October 23, 2014, the Company issued unsecured bonds amounting ThUS$ 250,000 in international markets, pursuant to Rule 144-A and Regulation S of the Securities and Exchange Commission. These bonds mature in 2025 and have annual interest rate of 4.375%.

As of March 31, 2023, and 2022, the following payments have been made:

Payments made As of March 31,  2023 As of March 31,  2022
ThUS ThUS
Payment of interest

All values are in US Dollars.

(v) Series “P” bonds

The Company on March 31, 2018 issued the placement on the stock market of the Series “P” bond (the “Bonds” Series P) with a value of UF 3,000,000, with a charge to the 10 years Bonds Line registered in the CMF Securities Registry under number 563.

The bonds Series P (i) mature on January 15, 2028; (ii) will accrue on the unpaid principal, expressed in UF, at an annual interest rate of 3.25% from January 15, 2018; and (iii) can be early redeemed by the Company starting from the date of placement, that was, as of April 5, 2018.

As of March 31, 2023, and 2022, the following payments and their associated CCS have been made:

Payments made As of March 31,  2023 As of March 31,  2022
ThUS ThUS
Payment of interest series P
CCS Coverage

All values are in US Dollars.

88
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
(vi) Series Q bonds
--- ---

On October 31, 2018, the issuance of Series Q bonds was authorized in the general stock market for the amount of UF 3,000,000, which were registered in the Securities Registry of your Commission on February 14, 2019 under number 700.

The bonds Series Q (i) mature on the first day of June 2038; (ii) will earn an interest rate of 3.45% per annum on the outstanding capital, expressed in UF, from June 1, 2018 thereon; and (iii) may be early redeemed by the Company starting from the placement date, that was, as of November 8, 2018.

On November 8, 2018, all the Series Q Bonds have been placed and sold to Euroamerica S.A. for a total amount of $ 83,567,623,842, which was paid in full and in cash by Euroamerica S.A. to the Company.

As of March 31, 2023, and 2022, no payments have been made.

(vii) Single series fifth issue bonds ThUS$ 450

On May 7, 2019, the CMF was informed that the Company issued and placed unsecured bonds for ThUS$ 450,000 pursuant to Rule 144-A and Regulation S of the Securities and Exchange Commission on international markets. These bonds will mature in 2029 and carry an interest rate of 4.25% per annum.

As of March 31, 2023, and 2022, no payments have been made:

(viii) Single series sixth issue bonds MUS$ 400

On January 22, 2020, the Company has placed unsecured bonds in international markets for US$ 400 million, pursuant to Rule 144-A and Regulation S of the Securities and Exchange Commission, at an annual interest rate of 4.250% and a maturity in the year 2050.

As of March 31, 2023, and 2022, the following payments have been made:

Payments made As of March 31,  2023 As of March 31,  2022
ThUS ThUS
Payment of interest

All values are in US Dollars.

89
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
(ix) Single series seventh issue bonds MUS$ 700
--- ---

On September 10, 2021, the Company has placed unsecured bonds in international markets for US$ 700 million, pursuant to Rule 144-A and Regulation S of the Securities and Exchange Commission, at an annual interest rate of 3.50% and a maturity in the year 2051.

As of March 31, 2023, and 2022, the following payments have been made:

Payments made As of March 31,  2023 As of March 31,  2022
ThUS ThUS
Payment of interest

All values are in US Dollars.

90
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
13.5 Trade and other payables
--- ---
a) Details trade and other payables
--- ---
As of March 31, 2023 As of December 31, 2022
--- --- --- --- --- --- ---
Details trade and other payables Current Non-current Current Current Non-current Total
ThUS ThUS ThUS ThUS ThUS ThUS
Accounts payable
Other accounts payable
Prepayments from customers
Total

All values are in US Dollars.

As of March 31, 2023, and December 31, 2022, the balance of current and past due accounts payable is made up as follows:

Supplierscurrent on all payments

Amounts according to payment periods as of March 31, 2023
Type of Supplier Up to 30<br> Days 31 - 60<br> days 61 - 90<br> Days 91 - 120<br> days 121 - 365<br> days 366 and more<br> days Total
ThUS
Goods 297,334 2,369 224 44 4 -
Services 79,380 123 16 40 88 -
Others 20,974 - - - 1 -
Total 397,688 2,492 240 84 93 -

All values are in US Dollars.

Amounts according to payment periods as of December 31, 2022
Type of Supplier Up to 30<br> Days 31 - 60<br> days 61 - 90<br> Days 91 - 120<br> days 121 - 365<br> days 366 and more<br> days Total
ThUS
Goods 239,108 786 877 339 - -
Services 91,499 1,270 73 - 65 -
Others 34,325 - - - - -
Total 364,932 2,056 950 339 65 -

All values are in US Dollars.

91
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023

Supplierspast due on payments

Amounts according to payment periods as of March 31, 2023
Type of Supplier Up to 30<br> Days 31 - 60<br> days 61 - 90<br> Days 91 - 120<br> days 121 - 365<br> days 366 and more<br> days Total
ThUS
Goods 950 855 156 8 48 -
Services 6,586 98 24 5 52 -
Others 12 15 2 - 26 -
Total 7,548 968 182 13 126 -

All values are in US Dollars.

Amounts according to payment periods as of December 31, 2022
Type of Supplier Up to 30<br> Days 31 - 60<br> days 61 - 90<br> Days 91 - 120<br> days 121 - 365<br> days 366 and more<br> days Total
ThUS
Goods 1,294 135 64 24 1,363 -
Services 1,548 174 20 1 196 -
Others 136 27 - - 27 -
Total 2,978 336 84 25 1,586 -

All values are in US Dollars.

Purchase commitments held by the Company are recognized as liabilities when the goods and services are received by the Company. As of March 31, 2023, the Company has purchase orders amounting to ThUS$ 216,777 and ThUS$ 191,319 as of December 31, 2022.

92
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
13.6 Financial asset and liability categories
--- ---
a) Financial<br>Assets
--- ---
As of March 31, 2023 As of December 31, 2022
--- --- --- --- --- --- ---
Description of financial assets Current Non-current Total Current Non-current Total
ThUS ThUS ThUS ThUS ThUS ThUS
Cash and cash equivalent
Trade receivables due from related parties at amortized cost
Financial assets measured at amortized cost
Trade and other receivables
Total financial assets measured at amortized cost
Financial instruments for hedging purposes
Financial instruments held for trading
Financial assets classified as available for sale at fair value through equity
Total financial assets at fair value
Total financial assets

All values are in US Dollars.

93
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
b) Financial<br>Liabilities
--- ---
As of March 31, 2023 As of December 31, 2022
--- --- --- --- --- --- ---
Description of financial liabilities Current Non-current Total Current Non-current Total
ThUS ThUS ThUS ThUS ThUS ThUS
For hedging purposes through equity
Held for trading at fair value through profit or loss
Financial liabilities at fair value
Bank loans
Obligations to the public
Lease Liabilities
Trade and other payables
Total financial liabilities at amortized cost
Total financial liabilities

All values are in US Dollars.

94
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
13.7 Fair value measurement of finance assets and liabilities
--- ---

The fair value hierarchy is detailed as follows:

(a) Level 1: The fair value of financial instruments traded in active markets (such as publicly<br> traded derivatives, and equity securities) is based on quoted market prices at the end<br> of the reporting period. The quoted market price used for financial assets held by the<br> Company is the current bid price. These instruments are included in level 1.
(b) Level 2: The fair value of financial instruments that are not traded in an active market<br> (for example, over-the-counter derivatives) is determined using valuation techniques<br> which maximize the use of observable market data and rely as little as possible on entity-specific<br> estimates. If all significant inputs required to fair value an instrument are observable,<br> the instrument is included in level 2.
--- ---
(c) Level 3: If one or more of the significant inputs is not based on observable market data,<br> the instrument is included in level 3. This is the case for unlisted equity securities.
--- --- 
95
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
As of March 31, 2023 Measurement Methodology
--- --- --- --- --- --- ---
Fair value measurement of <br><br>assets and liabilities Carrying Amount at <br>Amortized Cost Fair value (informative) Fair Amount registered Level 1 Level 2 Level 3
ThUS ThUS ThUS ThUS ThUS ThUS
Financial Assets
Cash and cash equivalents
Other current financial assets
- Time deposits
- Derivative financial instruments
- Forwards
- Options
- Hedging assets
- Swaps
Non-current accounts receivable
Other non-current financial assets:
- Other
- Equity instruments
- Hedging assets – Swaps
Other current financial liabilities
- Bank borrowings
- Derivative instruments
- Forwards
- Options
- Hedging liabilities – Swaps
- Swaps hedges, investments
- Unsecured obligations
Other non-current financial liabilities
- Bank borrowings
- Unsecured obligations

All values are in US Dollars.

96
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
As of December 31, 2022 Measurement Methodology
--- --- --- --- --- --- ---
Fair value measurement of <br><br>assets and liabilities Carrying Amount at<br> Amortized Cost Fair<br>value (informative) Fair<br>Amount registered Level 1 Level 2 Level 3
ThUS ThUS ThUS ThUS ThUS ThUS
Financial Assets
Cash and cash equivalents
Other current financial assets
- Time deposits
- Derivative financial instruments
- Forwards
- Options
- Hedging assets
- Swaps
Non-current accounts receivable
Other non-current financial assets:
- Other
- Equity instruments
- Hedging assets – Swaps
Other current financial liabilities
- Bank borrowings
- Derivative instruments
- Forwards
- Options
- Hedging liabilities – Swaps
- Swaps hedges, investments
- Unsecured obligations
Other non-current financial liabilities
- Bank borrowings
- Unsecured obligations
- Non-current hedging liabilities

All values are in US Dollars.

97
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
13.8 Reconciliation of net debt and lease liabilities.
--- ---

This section presents an analysis of net debt plus lease liabilities and their movements for each of the reported periods. The definition of the net debt is described in Note 20.1. and includes current and non-current lease liabilities to complete its analysis.

Net debt As of March 31,  2023 As of December 31, <br>2022
ThUS ThUS
Cash and cash equivalents
Other current financial assets
Other non-current financial hedge assets
Other current financial liabilities ) )
Lease liabilities, current ) )
Other non-current financial liabilities ) )
Non-current Lease liabilities ) )
Total )

All values are in US Dollars.

From<br> cash flow Not<br> from cash flow
Cash<br> and cash equivalents As<br> of December<br> 31, 2022 Amounts<br> from loans Amounts<br> from interests Other<br> cash income/expenses Income<br> statement Equity<br> and others As<br> of March<br> 31, 2023
ThUS ThUS ThUS ThUS ThUS ThUS ThUS
Obligations with the public and bank loans ) ) ) )
Current and non-current lease liabilities ) ) )
Financial instruments derived<br> from hedging ) ) )
Current and<br> Non-Current Financial Liabilities ) ) ) )
Cash and cash equivalents )
Debt Hedging Derivative Financial Instruments ) )
Non-hedging Derivatives on Other Financial Assets ) )
Deposits that do not qualify as cash and cash equivalents ) )
Derivatives for investment hedges<br> SQM Australia )
Total ) ) )

All values are in US Dollars.

98
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
Note 14 Right-of-use assets and Lease liabilities
--- ---
14.1 Right-of-use assets
--- ---
Reconciliation of changes in right-of-use assets as of March 31, 2023, net value Land Buildings Other property, plant and equipment Transport equipment Machinery, plant and equipment Total
--- --- --- --- --- --- --- --- --- --- --- ---
ThUS ThUS ThUS ThUS ThUS ThUS
Opening Balance
Additions
Depreciation expenses ) ) ) ) )
Transfer to property, plant and equipment ) )
Other increases (decreases) )
Total changes ) ) )
Closing balance

All values are in US Dollars.

Reconciliation of changes in right-of-use assets as of December 31, 2022, net value Land Buildings Other property, plant and equipment Transport equipment Machinery, plant and equipment Total
ThUS ThUS ThUS ThUS ThUS ThUS
Opening Balance
Additions
Depreciation expenses ) ) ) ) )
Transfer to property, plant and equipment ) ) )
Other increases / decreases ) )
Total changes ) )
Closing balance

All values are in US Dollars.

The Company’s lease activities included the following aspects:

(a) The nature of the Company’s lease activities is related to contracts focused primarily on business operations, mainly rights-of-use to equipment and real estate,

(b) The Company does not estimate any significant future cash outflows that would potentially expose the Company, and these are likewise not reflected in the measurement of lease liabilities, related to concepts such as: (i) Variable lease payments, (ii) Expansion options and termination options, (iii) Guaranteed residual value and (iv) Leases not yet undertaken but committed by the Company.

(c) These are not subject to restrictions or agreements imposed by contracts.

There were no sales transactions with leases later in the period.

99
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
14.2 Lease liabilities
--- ---
As of March 31, 2023 As of December 31, 2022
--- --- --- --- ---
Lease liabilities Current Non-Current Current Non-Current
ThUS ThUS ThUS ThUS
Lease liabilities
Total

All values are in US Dollars.

**i)**Current and non-current lease liabilities

Debtor Creditor Contract indexation Type of Maturity Effective
Tax<br> ID No. Company Country TAX<br> ID No. Supplier Country unit amortization date rate
79.626.800-K SQM Salar S.A. Chile 83.776.000-3 Empresa Constructora Contex Ltda. Chile UF Monthly 03-31-2025 5.39 %
79.626.800-K SQM Salar S.A. Chile 76.327.820-4 Maquinaria Astudillo y Hermanos Ltda. Chile UF Monthly 01-08-2026 2.89 %
79.626.800-K SQM Salar S.A. Chile 76.005.787-8 Obras y Servicios para la Industria y Minería S.A. Chile Peso Monthly 12-15-2026 2.61 %
79.626.800-K SQM Salar S.A. Chile 76.976.580-8 Sociedad Comercial Grandleasing Chile Ltda Chile UF Monthly 06-01-2026 0.00 %
79.626.800-K SQM Salar S.A. Chile 76.327.820-4 Maquinaria Astudillo y Hermanos Ltda. Chile Peso Monthly 11-24-2025 2.89 %
79.626.800-K SQM Salar S.A. Chile 76.158.471-5 Sociedad Inmobiliaria Amaru SpA Chile UF Monthly 07-11-2023 2.00 %
79.626.800-K SQM Salar S.A. Chile 76.327.820-4 Maquinaria Astudillo y Hermanos Ltda. Chile UF Monthly 06-01-2026 3.26 %
79.626.800-K SQM Salar S.A. Chile 76.951.498-8 Inversiones y Gestión New Energy SpA Chile UF Monthly 04-01-2024 0.00 %
79.626.800-K SQM Salar S.A. Chile 76.536.499-K Jungheinrich Rentalift SpA Chile UF Monthly 05-01-2028 2.90 %
79.626.800-K SQM Salar S.A. Chile 83.472.500-2 Tattersall Maquinarias S.A. Chile UF Monthly 05-01-2028 2.90 %
79.947.100-0 SQM Industrial S.A. Chile 96.856.400-5 El Trovador S.A. Chile UF Monthly 02-08-2030 3.10 %
79.947.100-0 SQM Industrial S.A. Chile 76.976.580-8 Sociedad Comercial Grandleasing Chile Ltda Chile UF Monthly 08-26-2024 2.72 %
79.947.100-0 SQM Industrial S.A. Chile 76.536.499-K Jungheinrich Rentalift SPA Chile UF Monthly 10-07-2024 3.49 %
96.592.190-7 SQM Nitratos S.A. Chile 76.536.499-K Jungheinrich Rentalift SPA Chile UF Monthly 10-07-2024 3.49 %
93.007.000-9 SQM S.A. Chile 76.536.499-K Jungheinrich Rentalift SPA Chile UF Monthly 10-07-2024 3.49 %
79.768.170-9 Soquimich Comercial S.A. Chile 91.577.000-2 Muelles de Penco S.A. Chile UF Monthly 07-06-2023 1.30 %
79.768.170-9 Soquimich Comercial S.A. Chile 91.577.000-2 Muelles de Penco S.A. Chile UF Monthly 07-06-2023 1.30 %
79.768.170-9 Soquimich Comercial S.A. Chile 76.722.280-7 Inmobiliaria Chincui SPA Chile UF Monthly 05-01-2028 3.38 %
79.768.170-9 Soquimich Comercial S.A. Chile 96.565.580-8 Compañía de Leasing Tattersall S.A. Chile UF Monthly 07-05-2025 2.97 %
79.768.170-9 Soquimich Comercial S.A. Chile 91.577.000-2 Muelles de Penco S.A. Chile UF Monthly 03-01-2029 4.11 %
79.768.170-9 Soquimich Comercial S.A. Chile 77.810.750-3 Inmobiliaria Alto Sur Ltda Chile UF Monthly 11-30-2025 3.10 %
79.768.170-9 Soquimich Comercial S.A. Chile 96.662.540-0 Container Operators S.A. Chile UF Monthly 12-31-2024 3.26 % 
100
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
Debtor Creditor Contract indexation Type of Maturity Effective
--- --- --- --- --- --- --- --- --- --- ---
Tax<br> ID No. Company Country TAX<br> ID No. Supplier Country unit amortization date rate
76.359.919-1 Orcoma SpA Chile 70.017.320-8 Obispado de Iquique Chile Peso Monthly 07-12-2036 6.16 %
76.359.919-1 Orcoma SpA Chile 73.190.800-1 Comunidad Indígena Aymara Pueblo de Pisiga Choque Chile UF Monthly 07-12-2024 2.53 %
76.359.919-1 Orcoma SpA Chile 6.848.218-6 Ruth del Carmen Cortez Maturana Chile Peso Monthly 07-12-2031 7.44 %
Foreign SQM North América Corp. United States Foreign Paces West LL. United States Dollar Monthly 12-31-2027 3.36 %
Foreign SQM North América Corp. United States Foreign Hawkins Nunmber One, LLC United States Dollar Monthly 08-31-2024 3.33 %
Foreign SQM North América Corp. United States Foreign Deep South Equipment Company United States Dollar Monthly 03-24-2024 1.33 %
Foreign SQM North América Corp. United States Foreign Tennant-South United States Dollar Monthly 07-02-2023 1.00 %
Foreign SQM North América Corp. United States Foreign Deacon Jones CDJR United States Dollar Monthly 03-30-2024 2.81 %
Foreign SQM North América Corp. United States Foreign Mt Mullahey Inc. Mullahey Chrysler Dodge United States Dollar Monthly 09-11-2022 2.81 %
Foreign SQM North América Corp. United States Foreign Berwyn Partners Inc. United States Dollar Monthly 12-24-2024 1.34 %
Foreign SQM North América Corp. United States Foreign Myers Ford Co Inc. United States Dollar Monthly 06-25-2024 1.51 %
Foreign SQM North América Corp. United States Foreign Ford Motor Credit Company United States Dollar Monthly 05-17-2025 4.19 %
Foreign SQM North América Corp. United States Foreign Porter and Howard INC. United States Dollar Monthly 11-22-2025 5.64 %
Foreign SQM North América Corp. United States Foreign Hanford Chrysler Dodge Jeep United States Dollar Monthly 07-18-2025 4.44 %
Foreign SQM Comercial de México S.A. de C.V. Mexico Foreign Onni Ensenada S.A. de C.V. Mexico Dollar Monthly 12-03-2026 3.45 %
Foreign SQM Comercial de México S.A. de C.V. Mexico Foreign Madol Inmobiliaria S.A. de C.V. Mexico Mexican Peso Monthly 10-31-2023 7.84 %
Foreign SQM Comercial de México S.A. de C.V. Mexico Foreign Madol Inmobiliaria S.A. de C.V. Mexico Mexican Peso Monthly 10-31-2023 7.84 %
Foreign SQM Europe N.V. Belgica Foreign Straatsburgdok N.V. Belgica Euro Monthly 03-31-2027 1.30 %
Foreign SQM Australia PTY Australia Foreign Eagle Petroleum (WA) Pty Ltd Australia Australian dollar Monthly 06-21-2022 5.00 %
Foreign SQM Australia PTY Australia Foreign The trust Company (Australia) Pty Ltd Australia Australian dollar Monthly 01-31-2021 3.60 %
Foreign SQM Australia PTY Australia Foreign Ausco Modular Pty Limited Australia Australian dollar Monthly 01-31-2023 5.00 %
Foreign SQM Australia PTY Australia Foreign Western Australian Land Authority Australia Australian dollar Monthly 08-31-2051 3.55 %
Foreign SQM Australia PTY Australia Foreign Mining Thiess Pty Ltd. Australia Australian dollar Monthly 08-31-2051 3.55 %
Foreign SQM Colombia S.A.S. Colombia Foreign Mareauto Colombia S.A.S. Colombia COP Monthly 12-18-2023 2.01 %
Foreign SQM Colombia S.A.S. Colombia Foreign Renting Colombia S.A. Colombia COP Monthly 10-16-2024 2.72 %
Foreign SQM Colombia S.A.S. Colombia Foreign Renting Colombia S.A. Colombia COP Monthly 12-27-2024 2.17 %
Foreign SQM África Pty Sudáfrica Foreign Goscor Finance (Pty) Ltd South Africa ZAR Monthly 11-01-2026 8.51 %
Foreign SQM África Pty South Africa Foreign ETC Agro África South Africa ZAR Monthly 12-31-2027 10.35 % 
101
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
(a) As of March 31, 2023, and December 31, 2022, current lease liabilities are analyzed as follows:
--- ---
Debtor Creditor Nominal<br> amounts as of March 31, 2023 Current values as of March 31,<br> 2023
--- --- --- --- --- --- --- ---
Company Supplier Up to 90 days 90 days to 1 year Total Up to 90 days 90 days to 1 year Total
ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$
SQM Salar S.A. Empresa Constructora Contex Ltda 540 1,618 2,158 488 1,503 1,991
SQM Salar S.A. Maquinarias Industriales Astudillo Hermanos Ltda. 100 300 400 93 281 374
SQM Salar S.A. Maquinarias Industriales Astudillo Hermanos Ltda. 48 145 193 45 136 181
SQM Salar S.A. Sociedad Inmobiliaria Amaru SpA 49 - 49 49 - 49
SQM Salar S.A. Maquinarias Industriales Astudillo Hermanos Ltda. 8 23 31 7 21 28
SQM Salar S.A. Inversiones y Gestión New Energy SpA 108 325 433 108 325 433
SQM Salar S.A. Jungheinrich Rentalift SpA 130 391 521 113 342 455
SQM Salar S.A. Tattersall Maquinarias S.A. 55 164 219 47 145 192
SQM Salar S.A. Obras y Servicios para la industria y Minera S.A. 294 882 1,176 268 815 1,083
SQM Salar S.A. Sociedad Comercial Grandleasing Chile Ltda 20 59 79 20 59 79
SQM Industrial S.A. El Trovador S.A. 466 1,399 1,865 378 1,153 1,531
SQM Industrial S.A. Sociedad Comercial Grandleasing Chile Ltda 180 541 721 174 530 704
SQM Industrial S.A. Jungheinrich Rentalift SpA 29 89 118 28 85 113
SQM Nitratos S.A. Jungheinrich Rentalift SpA 18 55 73 17 53 70
SQM S.A. Jungheinrich Rentalift SpA 20 59 79 19 57 76
Orcoma SpA Obispado de Iquique 1 4 5 1 1 2
Orcoma SpA Comunidad Indígena Aymara Pueblo Pisiga Choque 1 5 6 1 5 6
Orcoma SpA Ruth del Carmen Cortez Maturana 1 3 4 1 1 2
Soquimich Comercial S.A. Muelles de Penco S.A. 84 141 225 77 87 164
Soquimich Comercial S.A. Muelles de Penco S.A. 44 15 59 44 15 59
Soquimich Comercial S.A. Inmobiliaria Chincui SPA 157 471 628 132 405 537
Soquimich Comercial S.A. Compañia de leasing Tattersall S.A. 58 116 174 54 111 165
Soquimich Comercial S.A. Container Operators S.A. 86 257 343 81 248 329
Soquimich Comercial S.A. Inmobiliaria Alto Sur Ltda 16 47 63 15 44 59
SQM North América Corp. Paces West LL. 57 174 231 48 150 198
SQM North América Corp. Hawkins Nunmber One, LLC7 33 101 134 32 98 130
SQM North América Corp. Deep South Equipment Company 1 4 5 1 4 5
SQM North América Corp. Tennant- South 1 - 1 1 - 1
SQM North América Corp. Deacon Jones CDJR 2 6 8 2 6 8
SQM North América Corp. Berwyn Partners Inc. 2 6 8 2 6 8
SQM North América Corp. Myers Ford Co Inc. 2 5 7 2 5 7
SQM North América Corp. Ford Motor Credit Company 2 5 7 2 4 6
SQM North América Corp. Porter and Howard Inc. 1 4 5 1 3 4
SQM North América Corp. Hanford Chrysler Dodge Jeep 1 4 5 1 4 5
SQM Comercial de México S.A. de C.V. Onni Ensenada S.A. de C.V. 99 296 395 87 266 353
Subtotal 2,714 7,714 10,428 2,439 6,968 9,407 
102
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
Debtor Creditor Nominal<br> amounts as of March 31, 2023 Current values as of March 31,<br> 2023
--- --- --- --- --- --- --- ---
Company Supplier Up to 90 days 90 days to 1 year Total Up to 90 days 90 days to 1 year Total
ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$
SQM Comercial de México S.A. de C.V. Madol Inmobiliaria S.A. de C.V. 20 26 46 19 25 44
SQM Comercial de México S.A. de C.V. Madol Inmobiliaria S.A. de C.V. 7 9 16 7 9 16
SQM Europe N.V. Straatsburgdok N.V. 102 306 408 97 291 388
SQM Australia PTY Western Australian Land Authority 105 440 545 53 41 94
SQM Australia PTY Kwinana Refinery Lease - Laydown Area 24 48 72 23 70 93
SQM Australia PTY Thiess Pty Ltd. 596 1,784 2,380 491 1,516 2,007
SQM Australia PTY Project JV 21 65 86 19 60 79
SQM Australia PTY Far East St Georges Terrace Pty 31 94 125 26 82 108
SQM Australia PTY Project JV 17 50 67 14 43 57
SQM Colombia S.A.S. Mareauto Colombia S.A.S. 1 3 4 1 3 4
SQM Colombia S.A.S. Renting Colombia S.A. 2 6 8 2 6 8
SQM Colombia S.A.S. Renting Colombia S.A. 2 8 10 2 8 10
SQM África Pty Goscor Finance (Pty) Ltd. 12 36 48 9 28 37
SQM África Pty ETC Agro África 112 347 459 64 214 278
Subtotal 1,052 3,222 4,274 827 2,396 3,223
Total 3,766 10,936 14,702 3,266 9,364 12,630 
103
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
Debtor Creditor Nominal<br> amounts as of December 31, 2022 Current values as of December 31, 2022
--- --- --- --- --- --- --- ---
Company Supplier Up to 90 days 90 days to 1 year Total Up to 90 days 90 days to 1 year Total
ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$
SQM Salar S.A. Empresa Constructora Contex Ltda 540 1,619 2,159 482 1,483 1,965
SQM Salar S.A. Maquinarias Industriales Astudillo Hermanos Ltda. 100 300 400 92 280 372
SQM Salar S.A. Maquinarias Industriales Astudillo Hermanos Ltda. 48 145 193 44 136 180
SQM Salar S.A. Sociedad Inmobiliaria Amaru SpA 49 49 98 49 49 98
SQM Salar S.A. Maquinarias Industriales Astudillo Hermanos Ltda. 8 23 31 7 21 28
SQM Salar S.A. Inversiones y Gestión New Energy SpA 108 325 433 108 325 433
SQM Salar S.A. Jungheinrich Rentalift SpA 130 390 520 112 340 452
SQM Salar S.A. Tattersall Maquinarias S.A. 55 164 219 47 143 190
SQM Salar S.A. Obras y Servicios para la industria y Minera S.A. 294 882 1,176 267 810 1,077
SQM Salar S.A. Sociedad Comercial Grandleasing Chile Ltda 20 59 79 20 59 79
SQM Industrial S.A. El Trovador S.A. 466 1,399 1,865 376 1,144 1,520
SQM Industrial S.A. Sociedad Comercial Grandleasing Chile Ltda 180 540 720 173 526 699
SQM Industrial S.A. Jungheinrich Rentalift SpA 30 88 118 28 85 113
SQM Nitratos S.A. Jungheinrich Rentalift SpA 18 55 73 17 52 69
SQM S.A. Jungheinrich Rentalift SpA 20 59 79 18 55 73
Orcoma SpA Obispado de Iquique 1 4 5 1 2 3
Orcoma SpA Comunidad Indígena Aymara Pueblo de Pisiga Choque 1 4 5 1 4 5
Orcoma SpA Ruth del Carmen Cortez Maturana 1 3 4 1 2 3
Soquimich Comercial S.A. Muelles de Penco S.A. 84 182 266 77 165 242
Soquimich Comercial S.A. Muelles de Penco S.A. 43 59 102 44 59 103
Soquimich Comercial S.A. Inmobiliaria Chincui SPA 157 471 628 131 401 532
Soquimich Comercial S.A. Compañia de leasing Tattersall S.A. 58 174 232 54 165 219
SQM North America Corp. Paces West LL. 56 173 229 47 148 195
SQM North America Corp. Hawkins Nunmber One, LLC 34 100 134 31 97 128
SQM North America Corp. Deep South Equipment Company 1 4 5 1 4 5
SQM North America Corp. Tennant- South 1 1 2 2 1 3
SQM North America Corp. Deacon Jones CDJR 2 6 8 2 6 8
SQM North America Corp. Berwyn Partners Inc. 2 6 8 2 6 8
SQM North America Corp. Myers Ford Co Inc. 2 6 8 2 5 7
SQM North America Corp. Ford Motor Credit Company 2 5 7 2 5 7
SQM North America Corp. Porter and Howard Inc. 1 4 5 1 3 4
SQM North America Corp. Hanford Chrysler Dodge Jeep 1 3 4 1 4 5
SQM Comercial de México S.A. de C.V. Onni Ensenada S.A. de C.V. 99 296 395 86 264 350
SQM Comercial de México S.A. de C.V. Madol Inmobiliaria S.A. de C.V. 20 46 66 18 44 62
SQM Comercial de México S.A. de C.V. Madol Inmobiliaria S.A. de C.V. 7 16 23 7 16 23
Subtotal 2,639 7,660 10,299 2,351 6,909 9,260 
104
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
Debtor Creditor Nominal<br> amounts as of December 31, 2022 Current values as of December 31, 2022
--- --- --- --- --- --- --- ---
Company Supplier Up to 90 days 90 days to 1 year Total Up to 90 days 90 days to 1 year Total
ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$
SQM Europe N.V. Straatsburgdok N.V. 102 306 408 96 290 386
SQM Australia PTY Ausco Modular Pty Limited 15 - 15 14 - 14
SQM Australia PTY Western Australian Land Authority 105 387 492 54 94 148
SQM Australia PTY Kwinana Refinery Lease - Laydown Area 25 74 99 23 71 94
SQM Australia PTY Thiess Pty Ltd. 640 1,828 2,468 538 1,573 2,111
SQM Australia PTY Project JV 22 66 88 19 60 79
SQM Colombia S.A.S. Mareauto Colombia S.A.S. 1 4 5 1 4 5
SQM Colombia S.A.S. Renting Colombia S.A. 2 6 8 2 6 8
SQM Colombia S.A.S. Renting Colombia S.A. 2 7 9 2 7 9
SQM Africa Pty Goscor Finance (Pty) Ltd. 12 36 48 8 27 35
Subtotal 926 2,714 3,640 757 2,132 2,889
Total 3,565 10,374 13,939 3,108 9,041 12,149 
105
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
(b) As of March 31, 2023, and December 31, 2022, the non-current lease liabilities are analyzed as follows:
--- ---
Debtor Creditor Nominal<br> amounts as of March 31, 2023 Actual<br> amounts as of March 31, 2023
--- --- --- --- --- --- --- --- --- ---
Company Supplier 1-2 Years 2-3 Years 3-4 Years Total 1-2 Years 2-3 Years 3-4 Years Total
ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$
SQM Salar S.A. Empresa Constructora Contex Ltda 2,158 - - 2,158 2,098 - - 2,098
SQM Salar S.A. Maquinarias Industriales Astudillo Hermanos Ltda. 734 - - 734 714 - - 714
SQM Salar S.A. Maquinarias Industriales Astudillo Hermanos Ltda. 322 - - 322 314 - - 314
SQM Salar S.A. Maquinarias Industriales Astudillo Hermanos Ltda. 62 5 - 67 60 5 - 65
SQM Salar S.A. Inversiones y Gestión New Energy SpA 36 - - 36 36 - - 36
SQM Salar S.A. Jungheinrich Rentalift SpA 1,041 998 - 2,039 1,073 970 - 2,043
SQM Salar S.A. Tattersall Maquinarias S.A. 439 439 36 914 400 424 36 860
SQM Salar S.A. Obras y Servicios para la industria y Minera S. A 1,176 1,176 785 3,137 1,111 1,140 777 3,028
SQM Salar S.A. Sociedad Comercial Grandleasing Chile Ltda 79 79 20 178 79 79 20 178
SQM Industrial S.A. El Trovador S.A. 3,730 5,594 1,710 11,034 3,206 5,192 1,684 10,082
SQM Industrial S.A. Sociedad Comercial Grandleasing Chile Ltda 240 - - 240 239 - - 239
SQM Industrial S.A. Jungheinrich Rentalift SpA 69 - - 69 68 - - 68
SQM Nitratos S.A. Jungheinrich Rentalift SpA 43 - - 43 42 - - 42
SQM S.A. Jungheinrich Rentalift SpA 46 - - 46 46 - - 46
Orcoma Estudios SpA Obispado de Iquique 10 14 35 59 5 9 28 42
Orcoma Estudios SpA Comunidad Indígena Aymara Pueblo de Pisiga Choque 1 - - 1 1 - - 1
Orcoma Estudios SpA Ruth del Carmen Cortez Maturana 8 12 8 28 2 3 18 23
Soquimich Comercial S.A. Muelles de Penco S.A. 193 79 261 533 175 68 244 487
Soquimich Comercial S.A. Inmobiliaria Chincui SPA 1,255 1,360 - 2,615 1,128 1,310 - 2,438
Soquimich Comercial S.A. Compañia de leasing Tattersall S.A. 349 - - 349 340 - - 340
Soquimich Comercial S.A. Container Operators S.A. 349 - - 349 254 - - 254
Soquimich Comercial S.A. Inmobiliaria Alto Sur Ltda 63 48 - 111 61 47 - 108
SQM North América Corp. Paces West LL. 483 447 - 930 438 433 - 871
SQM North América Corp. Hawkins Nunmber One, LLC 56 - - 56 56 - - 56
SQM North América Corp. Berwyn Partners Inc. 6 - - 6 6 - - 6
SQM North América Corp. Myers Ford Co Inc. 2 - - 2 2 - - 2
SQM North América Corp. Ford Motor Credit Company 12 - - 12 8 - - 8
SQM North América Corp. Porter and Howard Inc. 5 3 - 8 5 2 - 7
SQM North América Corp. Hanford Chrysler Dodge Jeep 5 2 - 7 5 2 - 7
SQM Comercial de México S.A. de C.V. Onni Ensenada S.A. de C.V. 789 264 - 1,053 744 260 - 1,004
SQM Europe N.V. Straatsburgdok N.V. 899 451 - 1,350 875 448 - 1,323
Subtotal 14,660 10,971 2,855 28,486 13,591 10,392 2,807 26,790 
106
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
Debtor Creditor Nominal amounts as of March<br> 31, 2023 Actual amounts as of March 31,<br> 2023
--- --- --- --- --- --- --- --- --- ---
Company Supplier 1-2 Years 2-3 Years 3-4 Years Total 1-2 Years 2-3 Years 3-4 Years Total
ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$
SQM Australia PTY Thiess Pty Ltd. 2,119 1,845 - 3,964 1,934 1,636 - 3,570
SQM Australia PTY Western Australian Land Authority 1,722 3,162 23,894 28,778 112 752 16,680 17,544
SQM Australia PTY Project JV 60 - - 60 59 - - 59
SQM Australia PTY Far East St Georges Terrace Pty 129 122 - 251 119 121 - 240
SQM Australia PTY Project JV 67 125 - 192 61 56 - 117
SQM Colombia S.A.S. Renting Colombia S.A. 6 - - 6 6 - - 6
SQM Colombia S.A.S. Renting Colombia S.A. 9 - - 9 9 - - 9
SQM África Pty Goscor Finance (Pty) Ltd. 12 36 48 96 84 31 - 115
SQM África Pty ETC Agro África 495 535 1,033 2,063 342 418 945 1,705
Subtotal 4,619 5,825 24,975 35,419 2,726 3,014 17,625 23,365
Total 19,279 16,796 27,830 63,905 16,317 13,406 20,432 50,155 
107
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
Debtor Creditor Nominal amounts as of December<br> 31, 2022 Actual amounts as of December<br> 31, 2022
--- --- --- --- --- --- --- --- --- ---
Company Supplier 1-2 Years 2-3 Years 3-4 Years Total 1-2 Years 2-3 Years 3-4 Years Total
ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$
SQM Salar S.A. Empresa Constructora Contex Ltda 2,698 - - 2,698 2,606 - - 2,606
SQM Salar S.A. Maquinarias Industriales Astudillo Hermanos Ltda. 800 33 - 833 775 33 - 808
SQM Salar S.A. Maquinarias Industriales Astudillo Hermanos Ltda. 370 - - 370 359 - - 359
SQM Salar S.A. Maquinarias Industriales Astudillo Hermanos Ltda. 62 13 - 75 59 13 - 72
SQM Salar S.A. Inversiones y Gestión New Energy SpA 144 - - 144 145 - - 145
SQM Salar S.A. Jungheinrich Rentalift SpA 1,041 1,041 217 2,299 943 999 215 2,157
SQM Salar S.A. Tattersall Maquinarias S.A. 439 439 91 969 397 421 91 909
SQM Salar S.A. Obras y Servicios para la industria y Minera S.A. 1,176 1,176 1,078 3,430 1,104 1,133 1,064 3,301
SQM Salar S.A. Sociedad Comercial Grandleasing Chile Ltda 79 79 39 197 79 79 40 198
SQM Industrial S.A. El Trovador S.A. 3,730 5,595 2,176 11,501 3,182 5,152 2,135 10,469
SQM Industrial S.A. Sociedad Comercial Grandleasing Chile Ltda 420 - - 420 417 - - 417
SQM Industrial S.A. Jungheinrich Rentalift SpA 98 - - 98 97 - - 97
SQM Nitratos S.A. Jungheinrich Rentalift SpA 61 - - 61 60 - - 60
SQM S.A. Jungheinrich Rentalift SpA 66 - - 66 65 - - 65
Orcoma Estudios SpA Obispado de Iquique 10 14 36 60 5 8 29 42
Orcoma Estudios SpA Comunidad Indígena Aymara Pueblo de Pisiga Choque 4 - - 4 3 - - 3
Orcoma Estudios SpA Ruth del Carmen Cortez Maturana 8 12 10 30 3 3 18 24
Soquimich Comercial S.A. Muelles de Penco S.A. 170 102 261 533 153 90 244 487
Soquimich Comercial S.A. Inmobiliaria Chincui SPA 1,255 1,517 - 2,772 1,119 1,455 - 2,574
Soquimich Comercial S.A. Compañia de leasing Tattersall S.A. 349 - - 349 340 - - 340
SQM North America Corp. Paces West LL. 479 508 - 987 431 491 - 922
SQM North America Corp. Hawkins Nunmber One, LLC 90 - - 90 89 - - 89
SQM North America Corp. Deep South Equipment Company 1 - - 1 1 - - 1
SQM North America Corp. Deacon Jones CDJR 2 - - 2 2 - - 2
SQM North America Corp. Berwyn Partners Inc. 8 - - 8 8 - - 8
SQM North America Corp. Myers Ford Co Inc. 4 - - 4 4 - - 4
SQM North America Corp. Ford Motor Credit Company 12 - - 12 9 - - 9
SQM North America Corp. Porter and Howard Inc. 5 4 - 9 5 4 - 9
SQM North America Corp. Hanford Chrysler Dodge Jeep 5 3 - 8 5 3 - 8
SQM Comercial de México S.A. de C.V. Onni Ensenada S.A. de C.V. 789 362 - 1,151 738 356 - 1,094
SQM Europe N.V. Straatsburgdok N.V. 888 564 - 1,452 861 559 - 1,420
Subtotal 15,263 11,462 3,908 30,633 14,064 10,799 3,836 28,699 
108
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
Debtor Creditor Nominal amounts as of December<br> 31, 2022 Actual amounts as of December<br> 31, 2022
--- --- --- --- --- --- --- --- --- ---
Company Supplier 1-2 Years 2-3 Years 3-4 Years Total 1-2 Years 2-3 Years 3-4 Years Total
ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$
SQM Australia PTY Kwinana Refinery Lease - Laydown Area 25 - - 25 24 - - 24
SQM Australia PTY Thiess Pty Ltd. 2,231 2,422 - 4,653 2,858 - - 2,858
SQM Australia PTY Western Australian Land Authority 1,616 3,162 23,894 28,672 61 1,619 16,102 17,782
SQM Australia PTY Project JV 83 - - 83 80 - - 80
SQM Colombia S.A.S. Renting Colombia S.A. 7 - - 7 7 - - 7
SQM Colombia S.A.S. Renting Colombia S.A. 11 - - 11 11 - - 11
SQM Africa Pty Goscor Finance (Pty) Ltd. 12 36 48 96 82 42 - 124
Subtotal 3,985 5,620 23,942 33,547 3,123 1,661 16,102 20,886
Total 19,248 17,082 27,850 64,180 17,187 12,460 19,938 49,585 
109
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023

Other lease disclosures

Total lease expenses related to lease payments that did not qualify under the scope of IFRS 16 were ThUS$ 23,816 and ThUS$ 18,559 for the periods ended March 31, 2023 and 2022. See Note 23.8.

Expenses related to variable payments not included in lease liabilities were ThUS$ 1,204 and ThUS$ 470 for the periods ending March 31, 2023 and 2022.

Payments for contractual operating leases are disclosed in Note 4.2 Liquidity Risk.

110
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
Note 15 Intangible assets and goodwill
--- ---
15.1 Reconciliation of changes in intangible assets and goodwill
--- ---
As of March 31, 2023
--- --- ---
Intangible assets and goodwill Useful life Net Value
ThUS
IT programs Finite
Mining rights Finite
Water rights and rights of way Indefinite
Water rights Finite
Intellectual property Finite
Other intangible assets Finite
Intangible assets other than goodwill
Goodwill Indefinite
Total Intangible Asset

All values are in US Dollars.

As of December 31, 2022
Intangible assets and goodwill Useful life Net Value
ThUS
IT programs Finite
Mining rights Finite
Water rights and rights of way Indefinite
Water rights Finite
Intellectual property Finite
Other intangible assets Finite
Intangible assets other than goodwill
Goodwill Indefinite
Total Intangible Asset

All values are in US Dollars.

111
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
a) Movements in identifiable intangible assets as of March 31, 2023 and December 2022
--- ---
Movements in Identifiable intangible assets IT programs Mining rights, Finite Water rights, and rights of way, Indefinite Water rights Customer-related intangible assets Intellectual property Other intangible assets Goodwill Total
--- --- --- --- --- --- --- --- --- ---
ThUS ThUS ThUS ThUS ThUS ThUS ThUS ThUS ThUS
Equity at January 1, 2023 3,249 140,873 4,909 11,369 - 5,850 86 967 167,303
Additions 81 25 - - - - 3 - 109
Amortization for the year (303 (2,610 - (947 - (162 (7 - (4,029
Impairment losses recognized in profit or loss for the year - - - - - - - - -
Other increases / decreases for foreign currency exchange rates (29 - 2 - - - (5 - (32
Other increases (decreases) 891 - - - - - - - 891
Subtotal 640 (2,585 2 (947 - (162 (9 - (3,061
Equity as of March 31, 2023 3,889 138,288 4,911 10,422 - 5,688 77 967 164,242
Historical cost 37,400 162,741 7,422 18,000 1,778 7,215 2,289 4,501 241,346
Accumulated amortization (33,511 (24,453 (2,511 (7,578 (1,778 (1,527 (2,212 (3,534 (77,104
Equity at January 1, 2022 3,447 149,532 4,909 15,158 - 6,481 131 34,596 214,254
Additions 349 1,141 - - - - 14 - 1,504
Amortization for the year (1,039 (8,482 - (3,789 - (476 (59 - (13,845
Impairment losses recognized in profit or loss for the year (2) - (1,228 - - - - - (33,629 (34,857
Other increases / decreases for foreign currency exchange rates (4 - - - - (155 - - (159
Other increases (decreases) 496 (90 - - - - - - 406
Subtotal (198 (8,659 - (3,789 - (631 (45 (33,629 (46,951
Equity as of December 31, 2022 3,249 140,873 4,909 11,369 - 5,850 86 967 167,303
Historical cost 36,457 162,716 7,420 18,000 1,778 7,215 2,291 4,501 240,378
Accumulated amortization (33,208 (21,843 (2,511 (6,631 (1,778 (1,365 (2,205 (3,534 (73,075

All values are in US Dollars.

(1) See Note 23.5
(2) A definition made in the fourth quarter<br> of 2022 led to the identification of assets that are not in the company’s long-term<br> business plan. Therefore, the Company recognized impairment for the value of certain<br> intangible assets and associated goodwill in an amount of ThUS$34,149, which are related<br> to the Iodine and Derivatives Cash Generating Unit.
--- --- 
112
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
b) Movements in identifiable goodwill as of March 31, 2023 and December 2022:
--- ---
Accumulated impairment<br> Movements in identifiable goodwill Goodwill at the beginning of period January 1, 2023 Additional recognition Impairment <br>losses <br>recognized in <br>profit or loss <br>for the year (-) Total increase (decrease) Total
--- --- --- --- --- ---
ThUS ThUS ThUS ThUS ThUS
SQM S.A.
SQM Iberian S.A.
SQM Investment Corporation
Soquimich European Holding B.V. (*)
SQM Potasio S.A.
Total Increase (decreases)
Ending balance as of March 31, 2023

All values are in US Dollars.

(*) Based on a quantitative analysis conducted by management, this goodwill was adjusted for impairment based on the assessment that its partial or total book value is not recoverable.

Accumulated impairment<br> Movements in identifiable goodwill Goodwill at the <br>beginning of period January 1, 2022 Additional recognition Impairment <br>losses <br>recognized in <br>profit or loss <br>for the year (-) Total increase (decrease) Total
ThUS ThUS ThUS ThUS ThUS
SQM S.A. (*) ) )
SQM Iberian S.A.
SQM Investment Corporation
Soquimich European Holding B.V. (*) ) )
SQM Potasio S.A.
Total Increase (decreases) ) )
Ending balance as of December 31, 2022 ) )

All values are in US Dollars.

113
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
Note 16 Property, plant and equipment
--- ---

As of March 31, 2023, and December 31, 2022, the detail of property, plant and equipment is as follows:

16.1 Types of property, plant and equipment
Description of types of property, plant and equipment As of March 31, 2023 As of December 31, <br>2022
--- --- --- --- ---
ThUS ThUS
Property, plant and equipment, net
Land
Buildings
Other property, plant and equipment
Transport equipment
Supplies and accessories
Office equipment
Network and communication equipment
Mining assets
IT equipment
Energy generating assets
Constructions in progress
Machinery, plant and equipment
Total
Property, plant and equipment, gross
Land
Buildings
Other property, plant and equipment
Transport equipment
Supplies and accessories
Office equipment
Network and communication equipment
Mining assets
IT equipment
Energy generating assets
Constructions in progress
Machinery, plant and equipment
Total
Accumulated depreciation and value impairment of property, plant and equipment, total
Accumulated depreciation and impairment of buildings ) )
Accumulated depreciation and impairment of other property, plant and equipment ) )
Accumulated depreciation and impairment of transport equipment ) )
Accumulated depreciation and impairment of supplies and accessories ) )
Accumulated depreciation and impairment of office equipment ) )
Accumulated depreciation and impairment of network and communication equipment ) )
Accumulated depreciation and impairment of mining assets ) )
Accumulated depreciation and impairment of IT equipment ) )
Accumulated depreciation and impairment of energy generating assets ) )
Accumulated depreciation and impairment of machinery, plant and equipment ) )
Total ) )

All values are in US Dollars.

114
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
Description of classes of property, plant and equipment As of March 31, 2023 As of December 31, <br>2022
--- --- ---
ThUS ThUS
Property, plant and equipment, net
Pumps
Conveyor Belt
Crystallizer
Plant Equipment
Tanks
Filter
Electrical equipment/facilities
Other Property, Plant & Equipment
Site Closure
Piping
Well
Pond
Spare Parts (1)
Total

All values are in US Dollars.

(1) The reconciliation of the spare parts provisions as of March 31, 2023 and December 31, 2022 is<br>as follows:
Reconciliation As of March 31, 2023 As of December 31, <br>2022
--- --- ---
ThUS ThUS
Opening balance
Increase in provision
Closing balance

All values are in US Dollars.

115
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
16.2 Reconciliation of changes in property, plant and equipment by type:
--- ---

Reconciliation of changes in property, plant and equipment by class as of March 31, 2023 and December 31, 2022:

Reconciliation of changes in property, plant and equipment by class Land Buildings Other property, plant and equipment Transport equipment Supplies and accessories Equipment office Network and communication equipment Mining assets IT equipment Energy generating assets Assets under construction Machinery, plant and equipment Total
ThUS ThUS ThUS ThUS ThUS ThUS ThUS ThUS ThUS ThUS ThUS ThUS ThUS
Equity at January 1, 2023
Additions
Disposals
Depreciation for the year ) ) ) ) ) ) ) ) ) ) )
Impairment (2)
Increase (decrease) in foreign currency translation difference ) ) ) ) )
Reclassifications ) ) )
Other increases (decreases) (1) ) )
Decreases for classification as held for sale
Subtotal ) ) ) ) ) ) ) ) ) )
Equity as of March 31, 2023
Historical cost
Accumulated depreciation ) ) ) ) ) ) ) ) ) ) )
Equity at January 1, 2022
Additions
Disposals ) )
Depreciation for the year ) ) ) ) ) ) ) ) ) ) )
Impairment (2) ) ) )
Increase (decrease) in foreign currency translation difference ) ) ) ) )
Reclassifications )
Other increases (decreases) (1) ) ) ) ) ) )
Decreases for classification as held for sale ) ) )
Subtotale ) ) ) ) )
Equity as of December 31, 2022
Historical cost
Accumulated depreciation ) ) ) ) ) ) ) ) ) ) )

All values are in US Dollars.

(1) The net balance of “Other Increases (Decreases)” corresponds to all those items that are reclassified to or from “Property, Plant and Equipment” and they can have the following origin: (i) work in progress which is expensed to profit or loss, forming part of operating costs or other expenses per function, as appropriate; (ii) the variation representing the purchase and use of materials and spare parts; (iii) projects corresponding mainly to exploration expenditures and ground studies that are reclassified to the item other non-current financial assets; (iv) software that is reclassified to “Intangibles (v) Provisions related to the investment plan and assets related to closing the site.

(2) See note 23.5. This corresponds to assets identified as not being used in the operation due to their specific characteristics.

116
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
16.3 Detail of property, plant and equipment pledged as guarantee
--- ---

There are no restrictions in title or guarantees for compliance with obligations that affect property, plant and equipment.

16.4 Cost of capitalized interest, property, plant and equipment

The rates and costs for capitalized interest of property, plant and equipment are detailed as follows:

Costs of capitalized interest As of March 31, 2022
ThUS
Weighted average capitalization rate of capitalized interest costs % %
Amount of capitalized interest costs in ThUS

All values are in US Dollars.

117
Notes to the Consolidated Interim Financial Statements<br><br> March 31, 2023
Note 17 Other current and non-current non-financial assets
--- ---

As of March 31, 2023, and December 31, 2022, the detail of “Other Current and Non-current Assets” is as follows:

Other non-financial assets, current As of March 31, 2023 As of December 31, 2022
ThUS ThUS
Domestic Value Added Tax
Foreign Value Added Tax
Prepaid mining licenses
Prepaid insurance
Other prepayments
Refund of Value Added Tax to exporters
Other taxes
Other assets
Total

All values are in US Dollars.

Other non-financial assets, non-current As of March 31, 2023 As of December 31, 2022
ThUS ThUS
Exploration and evaluation expenses
Guarantee deposits
Other assets
Total

All values are in US Dollars.

Movements in assets for the exploration and evaluation of mineral resources as of March 31, 2023, and December 31, 2022:

Conciliation As of March 31, 2023 As of December 31, 2022
ThUS ThUS
Opening balance
Change in assets for exploration and evaluation of mineral resources
Additions
Short term reclassifications ) )
Increase (decrease) due to transfers and other charges
Total changes
Total

All values are in US Dollars.

As of the presentation date, no reevaluations of assets for exploration and assessment of mineral resources have been conducted.

118
Notes to the Consolidated Interim Financial Statements<br><br> March 31, 2023

Mineralresource exploration and evaluation expenditure

Given the nature of operations of the Company and the type of exploration it undertakes, disbursements for exploration can be found in 4 stages: execution, economically feasible, not economically feasible and in exploitation:

(a)       Not economically feasible: Exploration and evaluation disbursements, once finalized and concluded to be not economically feasible, will be charged to profit and loss. As of March 31, 2023, and December 31, 2022, there were no disbursements for this concept.

(b)       Execution: Disbursements for exploration and evaluation under implementation and therefore prior to determination of economic feasibility, are presented as part of property, plant and equipment as constructions in progress.

Explorations in execution As of March 31, 2023 As of December 31, 2022
ThUS ThUS
Chile
Total

All values are in US Dollars.

Conciliation of explorations in execution As of March 31, 2023 As of December 31, 2022
ThUS ThUS
Opening balance
Disbursements
Reclassifications )
Total changes
Total

All values are in US Dollars.

(c)       Economically feasible: Reimbursements for exploration and evaluation whose study concluded that its economic viability is viable are classified in “Other non-financial assets, non-current.”

Prospecting Type of Exploration As of March 31, 2023 As of December 31, 2022
ThUS ThUS
Chile (1) Metallic/Non-Metallic
Total

All values are in US Dollars.

(1) The value presented for Chile is composed as of March 2023 for ThUS 12,570, corresponding to non-metallic explorations and evaluations and ThUS$ 26,162 associated with metallic explorations. In December 2021, the amounts of non-metallic and metallic explorations were ThUS$ 11,417 ThUS$ 24,910, respectively.

119
Notes to the Consolidated Interim Financial Statements<br><br> March 31, 2023
Prospecting conciliation As of March 31, 2023 As of December 31, 2022
--- --- --- ---
ThUS ThUS
Opening balance
Additions
Reclassifications from Exploration in execution – Chile
Reclassifications to Exploration in Exploitation-Chile )
Total changes
Total

All values are in US Dollars.

(d)       In Exploitation: Caliche exploration disbursements that are found in this area are amortized based on the material exploited, the portion that is expected to be exploited in the following 12 months is presented as “Current Assets” in the “Inventories in process” and the remaining portion is classified as “Other Non-current Non-Financial Assets”.

Short-Term Exploitation Conciliation As of March 31, 2023 As of December 31, 2022
ThUS ThUS
Opening balance
Amortization
Reclassifications
Total changes
Total

All values are in US Dollars.

Long-Term Exploitation Conciliation As of March 31, 2023 As of December 31, 2022
ThUS ThUS
Opening balance
Amortization ) )
Reclassifications )
Total changes ) )
Total

All values are in US Dollars.

120
Notes to the Consolidated Interim Financial Statements<br><br> March 31, 2023
Note 18 Employee benefits
--- ---
18.1 Provisions<br> for employee benefits
--- ---
Classes of benefits and expenses by employee As of March 31, 2023 As of December 31, 2022
--- --- ---
ThUS ThUS
Current
Profit sharing and bonuses
Performance bonds and operational targets
Total
Non-current
Profit sharing and bonuses
Severance indemnity payments
Total

All values are in US Dollars.

18.2 Policies<br> on defined benefit plan

This policy is applied to all benefits received for services provided by the Company’s employees. This is divided as follows:

a) Short-term<br>benefits for active employees are represented by salaries, social welfare benefits, paid time off, sickness and other types of<br>leave, profit sharing and incentives and non-monetary benefits; e.g., healthcare service, housing, subsidized or free goods or<br>services. These will be paid in a term which does not exceed twelve months. The Company maintains incentive programs for its employees,<br>which are calculated based on the net result at the close of each period by applying a factor obtained from an evaluation based<br>on their personal performance, the Company’s performance and other short-term and long-term indicators.
b) Staff<br> severance indemnities are agreed and payable based on the final salary, calculated in<br> accordance with each year of service to the Company, with certain maximum limits in respect<br> of either the number of years or in monetary terms. In general, this benefit is payable<br> when the employee or worker ceases to provide his/her services to the Company and there<br> are a number of different circumstances through which a person can be eligible for it,<br> as indicated in the respective agreements; e.g. retirement, dismissal, voluntary retirement,<br> incapacity or disability, death, etc. See Note 18.3.
--- ---
c) Obligations<br> after employee retirement, described in Note 18.4.
--- ---
d) Retention<br> bonuses for a group of Company executives, described in Note 18.6.
--- --- 
121
Notes to the Consolidated Interim Financial Statements<br><br> March 31, 2023
18.3 Other<br> long-term benefits
--- ---

The actuarial assessment method has been used to calculate the Company’s obligations with respect to staff severance indemnities, which relate to defined benefit plans consisting of days of remuneration per year served at the time of retirement under conditions agreed in the respective agreements established between the Company and its employees.

Under this benefit plan, the Company retains the obligation to pay staff severance indemnities related to retirement, without establishing a separate fund with specific assets, which is referred to as not funded.

Benefit payment conditions

The staff severance indemnity benefit relates to remuneration days for years worked for the Company without a limit being imposed in regard of amount of salary or years of service. It applies when employees cease to work for the Company because they are made redundant or in the event of their death. This benefit is applicable up to a maximum age of 65 for men and 60 for women, which are the usual retirement ages according to the Chilean pensions system as established in Decree Law 3,500 of 1980.

Methodology

The determination of the defined benefit obligation is made under the requirements of IAS 19 “Employee benefits”.

18.4 Post-employment<br> benefit obligations

Our subsidiary SQM NA, together with its employees established a pension plan until 2002 called the “SQM North America Retirement Income Plan”. This obligation is calculated measuring the expected future forecast staff severance indemnity obligation using a net salary gradual rate of restatements for inflation, mortality and turnover assumptions, discounting the resulting amounts at present value using the interest rate defined by the authorities.

For workers under contract, since 2003, SQM NA offers benefits related to pension plans based on the 401-K system to its employees, which does not generate obligations for the Company.

As of March 31, 2023, and December 31, 2022, the value of assets associated with the SQM NA pension plan amounts to ThUS$4,703.

122
Notes to the Consolidated Interim Financial Statements<br><br> March 31, 2023
18.5 Staff<br> severance indemnities
--- ---

As of March 31, 2023, and December 31, 2022, severance indemnities calculated at the actuarial value are as follows:

Staff severance indemnities As of March 31, 2023 As of December 31, 2022
ThUS ThUS
Opening balance ) )
Current cost of service ) )
Interest cost ) )
Actuarial gain loss ) )
Exchange rate difference )
Benefits paid during the year
Total ) )

All values are in US Dollars.

(a) Actuarial<br>assumptions

The liability recorded for staff severance indemnity is valued at the actuarial value method, using the following actuarial assumptions:

Actuarial assumptions As of<br> <br>March 31,<br> <br>2023 As of<br> <br>December 31,<br> <br>2022 Annual/Years
Mortality rate RV - 2014 RV - 2014
Actual annual interest rate 5.14 % 5.12 %
Voluntary retirement rate:
Men 6.49 % 6.49 % Annual
Women 6.49 % 6.49 % Annual
Salary increase 3.00 % 3.00 % Annual
Retirement age:
Men 65 65 Years
Women 60 60 Years
(b) Sensitivity<br>analysis of assumptions
--- ---

December 31, 2022, the Company has conducted a sensitivity analysis of the main assumptions of the actuarial calculation, determining the following:

Sensitivity analysis as of December 31, 2022 Effect + 100 basis points Effect - 100 basis points
ThUS ThUS
Discount rate )
Employee turnover rate )

All values are in US Dollars.

Sensitivity relates to an increase/decrease of 100 basis points.

123
Notes to the Consolidated Interim Financial Statements<br><br> March 31, 2023
18.6 Executive<br> compensation plan
--- ---

The Company currently has a compensation plan with the purpose of motivating the Company’s executives and encouraging them to remain with the Company. There are two compensation plans in effect as of March 31, 2023:

I) Financial<br> target compensation plan
(a) Plan<br> characteristics
--- ---

This compensation plan is paid in cash.

(b) Plan<br> participants and payment dates

A total of 40 Company executives are entitled to this benefit, provided they remain with the Company until year end of 2025. The payment dates, where relevant, will be during the first quarter of 2026.

This compensation plan was approved by the Board and was first applied on January 1, 2022. Expenditure for the period corresponds to ThUS$3,232 and ThUS$ 2,000 as of March 31, 2023 and 2022 respectively

II) Share-based<br> compensation plan

During the first quarter of 2023, the remaining balance of this plan, which ended on December 31, 2022, was paid in the amount of ThUS$2,390.

124
Notes to the Consolidated Interim Financial Statements<br><br> March 31, 2023
Note 19 Provisions and other non-financial liabilities
--- ---
19.1 Types<br> of provisions
--- ---
Types of provisions As of March 31, 2023 As of December 31, 2022
--- --- --- --- --- --- ---
Current Non-current Total Current Non-current Total
ThUS ThUS ThUS ThUS ThUS ThUS
Provision for legal complaints (1)
Provision for dismantling, restoration and rehabilitation cost (2)
Other provisions (3)
Total

All values are in US Dollars.

(1) These provisions correspond to legal processes that are pending resolution or that have not yet been disbursed, these provisions are mainly related to litigation involving the subsidiaries located in Chile, Brazil and the United States (see note 21.1).

(2) Sernageomin commitments for the restoration of the location of the production sites have been incorporated. This cost value is calculated at discounted present value, using flows associated with plans with an evaluation horizon that fluctuates between 8 and 25 years for potassium-lithium operations and 11 to 22 years for nitrate-iodine operations. The rates used to discount future cash flows are based on market rates for the aforementioned terms.

(3) See Note 19.2.

125
Notes to the Consolidated Interim Financial Statements<br><br> March 31, 2023
19.2 Description<br> of other provisions
--- ---
Current provisions, other short-term provisions As of March 31, 2023 As of December 31, 2022
--- --- ---
ThUS ThUS
Rent under Lease contract (1)
Provision for additional tax related to foreign loans
End of agreement bonus
Directors’ per diem allowance
Miscellaneous provisions
Total

All values are in US Dollars.

(1) Payment Obligations for the lease contract with CORFO: These correspond to obligations assumed in the Lease Agreement. Our subsidiary SQM Salar holds exclusive rights to exploit the mineral resources in an area covering approximately 140,000 hectares of land in the Salar de Atacama in northern Chile, of which SQM Salar is only entitled to exploit the mineral resources in 81,920 hectares. These rights are owned by Corfo and leased to SQM Salar pursuant to the Lease Agreement. Corfo cannot unilaterally amend the Lease Agreement and the Project Agreement, and the rights to exploit the resources cannot be transferred. The Lease Agreement establishes that SQM Salar is responsible for making quarterly lease payments to Corfo according to specified percentages of the value of production of minerals extracted from the Salar de Atacama brines, maintaining Corfo’s rights over the Mining Exploitation Concessions and making annual payments to the Chilean government for such concession rights. The Lease Agreement was entered into in 1993 and expires on December 31, 2030. On January 17, 2018, SQM and CORFO reached an agreement to end an arbitration process directed by the arbitrator, Mr. Héctor Humeres Noguer, in case 1954-2014 of the Arbitration and Mediation Center of Santiago Chamber of Commerce and other cases related to it.

The agreement signed in January 2018, includes important amendments to the lease agreement and project agreement signed between CORFO and SQM in 1993. The main modifications became effective on April 10, 2018 and require (i) higher lease payments as a result of increased lease rates associated with the sale of the different products produced in the Salar de Atacama, including lithium carbonate, lithium hydroxide and potassium chloride; (ii) SQM Salar commits to make contributions to research and development efforts, and to the communities surrounding the Salar de Atacama basin, and to annually contribute a percentage of total sales to regional development; (iii) SQM Salar commits to contribute between US$10.8 and US$18.9 million per year to research and development efforts, between US$10 and US$15 million per year to the communities near the Salar de Atacama basin, and to annually contribute 1.7% of SQM Salar’s total annual sales to regional development; (iv) Corfo authorization for CCHEN to establish a total production and sales limit for lithium products produced in the Salar de Atacama of up to 349,553 metric tons of lithium metal equivalent (1,860,671 tons of lithium carbonate equivalent), which is in addition to the approximately 64,816 metric tons of lithium metal equivalent (345,015 tons of lithium carbonate equivalent) remaining from the originally authorized amount; (v) provisions relating to the return of real estate and movable property leased to Corfo, the transfer of environmental permits to Corfo at no cost and the granting of purchase options to Corfo for production facilities and water rights in the Salar de Atacama upon termination of Corfo agreements; and (vi) prohibitions on the sale of lithium brine extracted from leased mining concessions.

126
Notes to the Consolidated Interim Financial Statements<br><br> March 31, 2023

The fee structure is as follows:

Price US/MT Li2CO3
0 - 4,000 6.8 %
4,000 - 5,000 8.0 %
5,000 - 6,000 10.0 %
6,000 - 7,000 17.0 %
7,000 - 10,000 25.0 %
>10,000 40.0 %

All values are in US Dollars.

Price US/MT LiOH
0 - 5,000 6.8 %
Over 5,000 - 6,000 8.0 %
Over 6,000 - 7,000 10.0 %
Over 7,000 - 10,000 17.0 %
Over 10,000 - 12,000 25.0 %
Over 12,000 40.0 %

All values are in US Dollars.

Price US/MT KCl
0 - 300 3.0 %
Over 300 - 400 7.0 %
Over 400 - 500 10.0 %
Over 500 - 600 15.0 %
Over 600 20.0 %

All values are in US Dollars.

The Lease Agreement and the Project Agreement are subject to early termination in the case of certain default events. Under these, Corfo is obliged to use its best efforts to initiate a public bidding process or the corresponding contracting procedure for the execution of an act or contract for the exploitation of the OMA mining properties currently leased by SQM no later than June 30, 2027, and to resolve it no later than July 30, 2029.

127
Notes to the Consolidated Interim Financial Statements<br><br> March 31, 2023
19.3 Changes<br> in provisions
--- ---
Description of items that gave rise to variations<br> <br>as of March 31, 2023 Legal complaints Provision for dismantling, restoration and rehabilitation cost Other provisions Total
--- --- --- --- --- --- --- --- ---
ThUS ThUS ThUS ThUS
Total provisions, initial balance
Changes
Additional provisions
Provision used ) ) )
Increase(decrease) in foreign currency exchange
Others ) )
Total Increase (decreases) ) ) )
Total

All values are in US Dollars.

Description of items that gave rise to variations<br> <br>as of December 31, 2022 Legal complaints Provision for <br>dismantling, <br>restoration and <br>rehabilitation cost Other provisions Total
ThUS ThUS ThUS ThUS
Total provisions, initial balance
Changes
Additional provisions
Provision used ) )
Increase(decrease) in foreign currency exchange ) ) )
Others ) ) ) )
Total Increase (decreases) )
Total

All values are in US Dollars.

128
Notes to the Consolidated Interim Financial Statements<br><br> March 31, 2023
19.4 Other<br> non-financial liabilities, Current
--- ---
Description of other liabilities As of March 31, 2023 As of December 31, 2022
--- --- ---
ThUS ThUS
Tax withholdings
VAT payable
Guarantees received
Accrual for dividend
Monthly tax provisional payments
Deferred income
Withholdings from employees and salaries payable
Accrued vacations (1)
Other current liabilities
Total

All values are in US Dollars.

(1) Vacation benefit (short-term benefits to employees, current) is in line with the provisions established in Chile’s Labor Code, which indicates that employees with more than a year of service will be entitled to annual vacation for a period of at least fifteen paid business days. The Company provides the benefit of two additional vacation days.

129
Notes to the Consolidated Interim Financial Statements<br><br> March 31, 2023
Note 20 Disclosures on equity
--- ---

The detail and movements in the funds of equity accounts are shown in the consolidated statement of changes in equity.

20.1 Capital<br> management

The main object of capital management relative to the administration of the Company’s financial debt and equity is to ensure the regular conduct of operations and business continuity in the long term, with the constant intention of maintaining an adequate level of liquidity and in compliance with the financial safeguards established in the debt contracts in force. Within this framework, decisions are made in order to maximize the value of the company.

Capital management must comply with, among others, the limits contemplated in the Financing Policy approved by the Shareholders’ Meeting, which establish a maximum consolidated indebtedness level of 1.5 times the debt to equity ratio. This limit can be exceeded only if the Company’s management has first obtained express approval at an Extraordinary Shareholders’ Meeting.

The Company’s management controls capital management based on the following ratios:

Capital Management As of<br> December 31,<br> 2022 Description (1) Calculation (1)
Net Financial Debt (ThUS) 60,108 (721,980 ) Financial Debt – Financial Resources Other current Financial Liabilities + Other Non-Current Financial Liabilities – Cash and Cash Equivalents – Other Current Financial Assets – Hedging Assets, non-current
Liquidity 2.48 2.29 Current Assets divided by Current Liabilities Total Current Assets / Total Current Liabilities
ROE 70.78 % 79.37 % Profit for the year divided by Total Equity Profit for the year / Equity
Adjusted EBITDA (ThUS) 1,087,744 5,838,439 Adjusted EBITDA EBITDA – Other income – Other gains (losses) - Share of Profit of associates and joint ventures accounted for using the equity method + Other expenses by function + Net impairment gains on reversal (losses) of financial assets – Finance income – Currency differences.
EBITDA (ThUS) 1,124,404 5,817,605 EBITDA Profit (loss) + Depreciation and Amortization Expense adjustments + Finance Costs + Income Tax
ROA 66.95 % 78.61 % Adjusted EBITDA – Depreciation divided by Total Assets net of financial resources less related parties’ investments (Gross Profit – Administrative Expenses) / (Total Assets – Cash and Cash Equivalents – Other Current Financial Assets – Other Non-Current Financial Assets – Equity accounted Investments) (LTM)
Indebtedness 0.01 (0.15 ) Net Financial Debt on Equity Net Financial Debt / Total Equity

All values are in US Dollars.

The Company’s capital requirements change according to variables such as: working capital needs, new investment financing and dividends, among others. The SQM Group manages its capital structure and makes adjustments bases on the predominant economic conditions so as to mitigate the risks associated with adverse market conditions and take advantage of the opportunities there may be to improve the liquidity position of the SQM Group.

There have been no changes in the capital management objectives or policy within the years reported in this document, no breaches of external requirements of capital imposed have been recorded. There are no contractual capital investment commitments.

130
Notes to the Consolidated Interim Financial Statements<br><br> March 31, 2023
20.2 Operational<br> restrictions and financial limits
--- ---

Bond issuance contracts in the local market require the Company to maintain a Total Borrowing Ratio no higher than 1 for Series H, Series O and Series Q bonds, calculated over the last consecutive 12 months.

Capital management must ensure that the Borrowing Ratio remains below 1.0, with respect to the Series H, Series O and Series Q bonds must comply with a Borrowing Ratio below 1.0. As of March 31, 2023 this ratio was 0.01.

The financial restrictions with respect to the bonds issued by the Company for the periods ended March 31, 2023 and December 31, 2022.

Financial restrictions (member)
As of March 31, 2023 Financial<br> restrictions<br> (member) Financial<br> restrictions<br> (member) Financial<br> restrictions<br> (member) Financial<br> restrictions<br> (member)
Instrument with restriction Bonds Bonds Bonds Bank loans
Reporting party or subsidiary restriction
Creditor Bondholders Bondholders Bondholders Scotiabank
Registration number H Q O PB 70M
Name of financial indicator or ratio (See definition in Note 20.1) NFD/Equity NFD/Equity NFD/Equity NFD/Equity
Measurement frequency Quarterly Quarterly Quarterly Quarterly
Restriction (Range, value and unit of measure) Must be less than 1.00 Must be less than 1.00 Must be less than 1.00 Must be less than 1.00
Indicator or ratio determined by the company 0.01 0.01 0.01 0.01
Fulfilled YES/NO yes yes yes yes
Financial restrictions (member)
--- --- --- --- ---
As of December 31, 2022 Financial <br><br>restrictions<br><br> (member) Financial <br><br>restrictions<br><br> (member) Financial <br><br>restrictions<br><br> (member) Financial<br><br> restrictions<br><br> (member)
Instrument with restriction Bonds Bonds Bonds Bank loans
Reporting party or subsidiary restriction
Creditor Bondholders Bondholders Bondholders Scotiabank
Registration number H Q O PB 70M
Name of financial indicator or ratio (See definition in Note 20.1) NFD/Equity NFD/Equity NFD/Equity NFD/Equity
Measurement frequency Quarterly Quarterly Quarterly Quarterly
Restriction (Range, value and unit of measure) Must be less than 1.00 Must be less than 1.00 Must be less than 1.00 Must be less than 1.00
Indicator or ratio determined by the company (0.15) (0.15) (0.15) (0.15)
Fulfilled YES/NO yes yes yes yes

Bond issuance contracts in foreign markets require that the Company does not merge, or dispose of, or encumber all or a significant portion of its assets, unless all of the following conditions are met: (i) the legal successor is an entity constituted under the laws of Chile or the United States, which assumes all the obligations of the Company in a supplemental indenture, (ii) immediately after the merger or disposal or encumbrance there is no default by the issuer, and (iii) the issuer has provided a legal opinion indicating that the merger or disposal or encumbrance and the supplemental indenture comply with the requirements of the original indenture.

The Company and its subsidiaries are complying with all the aforementioned limitations, restrictions and obligations.

131
Notes to the Consolidated Interim Financial Statements<br><br> <br>March 31, 2023
20.3 Disclosures<br> on preferred share capital
--- ---

Issued share capital is divided into Series A shares and Series B shares. All such shares are nominative, have no par value and are fully issued, subscribed and paid.

Series B shares may not exceed 50% of the total issued, subscribed and paid-in shares of the Company and have a limited voting right, in that all of them can only elect one director of the Company, regardless of their equity interest and preferences:

(a) require<br> the calling of an Ordinary or Extraordinary Shareholders’ Meeting when so requested by<br> Series B shareholders representing at least 5% of the issued shares thereof; and
(b) require<br> the calling of an extraordinary meeting of the board of directors, without the president<br> being able to qualify the need for such a request, when so requested by the director<br> who has been elected by the shareholders of said Series B.
--- ---

The limitation and preferences of Series B shares have a duration of 50 consecutive and continuous years as of June 3, 1993.

The Series A shares have the preference of being able to exclude the director elected by the Series B shareholders in the voting process in which the president of the board of directors and of the Company must be elected and which follows the one in which the tie that allows such exclusion resulted.

The preference of the Series A shares will have a term of 50 consecutive and continuous years as of June 3, 1993. The form of the titles of the shares, their issuance, exchange, disablement, loss, replacement, assignment and other circumstances thereof shall be governed by the provisions of Law No, 18,046 and its regulations.

At March 31, 2023, the Group hold 648 Series A shares treasury shares.

Detail of capital classes in shares:

As of March 31, 2023, the Company has placed share issues in the market as described in note 1.7:

As<br> of December 31, 2022
Type<br> of capital in preferred shares Series<br> B Series<br> A Series<br> B
Description<br> of type of capital in shares
Number of authorized<br> shares 142,819,552 142,818,904 142,819,552 142,818,904
Number<br> of fully subscribed and paid shares 142,819,552 142,818,904 142,819,552 142,818,904
Number<br> of subscribed, partially paid shares - - - -
Increase<br> (decrease) in the number of current shares - - - -
Number of outstanding shares 142,818,904 142,818,904 142,818,904 142,818,904
Number<br> of shares owned by the Company or its subsidiaries or associates 648 - 648 -
Number<br> of shares whose issuance is reserved due to the existence of options or agreements to dispose shares - - - -
Capital<br> amount in shares ThUS 134,750 1,442,893 134,750 1,442,893
Total<br> number of subscribed shares 142,819,552 142,818,904 142,819,552 142,818,904

All values are in US Dollars.

132
Notes to the Consolidated Interim Financial Statements<br><br> <br>March 31, 2023
20.4 Disclosures<br> on reserves in Equity
--- ---

As of March 31, 2023, and December 31, 2022, this caption comprises the following:

As<br> of   March<br> 31, 2023 As<br> of   December<br> 31, 2022
Disclosures<br> on reserves in equity ThUS ThUS
Reserve<br> for currency exchange conversion (1) ) )
Reserve<br> for cash flow hedges (2) ) )
Reserve<br> for gains and losses from financial assets measured at fair value through other comprehensive income (3) ) )
Reserve<br> for actuarial gains or losses in defined benefit plans (4) ) )
Other<br> reserves
Total ) )

All values are in US Dollars.

(1) This balance reflects retained earnings for changes in the exchange rate when converting the financial statements of subsidiaries whose functional currency is different from the US dollar.

(2) The Company maintains, as hedge instruments, financial derivatives related to obligations with the public issued in UF and Chilean pesos, Changes from the fair value of derivatives designated and classified as hedges are recognized under this classification.

(3) This caption includes the fair value of equity investments that are not held for trading and that the group has irrevocably opted to recognize in this category upon initial recognition. In the event that such equity instruments are fully or partially disposed of, the proportional accumulated effect of accumulated fair value will be transferred to retained earnings.

(4) This caption reflects the effects of changes in actuarial assumptions, mainly changes in the discount rate.

133
Notes to the Consolidated Interim Financial Statements<br><br> <br>March 31, 2023

Movements in other reserves and changes in interest were as follows:

Foreign currency translation difference<br><br><br><br>(1) Reserve<br> for cash flow hedges Reserve for actuarial gains and losses from defined benefit plans Other reserves Total<br> reserves
Before<br><br><br><br><br><br><br><br>taxes Before<br> <br><br> taxes Tax Before<br><br><br><br><br><br><br><br>taxes Deferred taxes Deferred taxes Before<br><br><br><br><br><br><br><br>taxes Reserves Deferred taxes Total reserves
Movements ThUS ThUS ThUS ThUS ThUS ThUS ThUS ThUS ThUS ThUS ThUS
As<br> of January 1, 2022 (7,913 (46,589 12,564 (5,879 1,705 (15,271 4,125 13,103 (62,549 18,394 (44,155
Movement of reserves (129 36,079 - (6,276 - 190 - (985 28,879 - 28,879
Effect<br> on profit and loss - (9,457 - - - - - (455 (9,912 - (9,912
Related<br> taxes - - (7,172 - 1,252 - (17 - - (5,937 (5,937
As of<br> December 31, 2022 (8,042 (19,967 5,392 (12,155 2,957 (15,081 4,108 11,663 (43,582 12,457 (31,125
Movement of reserves 842 48,338 - (1,740 - (1,619 - (20 45,801 - 45,801
Effect<br> on profit and loss - (35,582 - - - - - - (35,582 - (35,582
Related<br> taxes - - (3,444 - 709 - 437 - - (2,298 (2,298
Balances<br> as of March 31, 2023 (7,200 (7,211 1,948 (13,895 3,666 (16,700 4,545 11,643 (33,363 10,159 (23,204

All values are in US Dollars.

(1) See details on reserves for foreign currency translation differences on conversion in Note 25, letter a).

134
Notes to the Consolidated Interim Financial Statements<br><br> <br>March 31, 2023

Otherreserves

This caption corresponds to the legal reserves reported in the stand-alone financial statements of the subsidiaries and associates that are mentioned below and that have been recognized in SQM’s equity through the application of the equity method.

As<br> of   March<br> 31, 2023 As<br> of   December<br> 31, 2022
Subsidiary<br> – Associate ThUS ThUS
SQM<br> Iberian S.A.
SQM Europe<br> NV
Soquimich<br> European holding B.V.
Soquimich<br> Comercial S.A. ) )
SQM Vitas<br> Fzco.
Pavoni<br> & C. Spa
SQM Iberian<br> S.A. ) )
Orcoma<br> Estudios SPA
Otros ) )
Total<br> Other reserves

All values are in US Dollars.

20.5 Dividend<br> policies

As required by Article 79 of the Chilean Companies Act, unless otherwise decided by unanimous vote of the holders of issued and subscribed shares, a publicly traded corporation must annually distribute a cash dividend to its shareholders, prorated based on their shares or the proportion established in the company’s bylaws if there are preferred shares, with at least 30% of our consolidated profit for each year.

Dividendpolicy for commercial year 2023

Company’s dividend policy for the 2023 business year was agreed upon by the Board of Directors on April 26, 2023. On that occasion, the following was decided:

(a) Distribute<br> and pay to the corresponding shareholders, a percentage of the net income that shall<br> be determined per the following financial parameters as a final dividend:
(i) 100%<br> of the profit for 2023 if all the following financial parameters are met: (a) “all<br> current assets” divided by “all current liabilities” is equal to or<br> greater than 2.5 times, and (b) the sum of “all current liabilities” and<br> “all non-current liabilities”, less “cash equivalents”, less<br> “other current financial assets”, all of the above divided by “total<br> equity” in equal or less than 0.8 times.
--- ---
(ii) 80%<br> of the profit for 2023 if all the following financial parameters are met: (a) “all<br> current assets” divided by “all current liabilities” is equal to or<br> greater than 2.0 times, and (b) the sum of “all current liabilities” and<br> “all non-current liabilities”, less “cash equivalents”, less<br> “other current financial assets”, all of the above divided by “total<br> equity” in equal or less than 0.9 times.
--- ---
(iii) 60%<br> of the profit for 2023 if all the following financial parameters are met: (a) “all<br> current assets” divided by “all current liabilities” is equal to or<br> greater than 1.5 times, and (b) the sum of “all current liabilities” and<br> “all non-current liabilities”, less “cash equivalents”, less<br> “other current financial assets”, all of the above divided by “total<br> equity” in equal or less than 1.0 times.
--- ---

If none of the foregoing financial parameters are met, the Company shall distribute and pay, as a final dividend, and in favor of the respective shareholders, 50% of the 2023 net income.

135
Notes to the Consolidated Interim Financial Statements<br><br> <br>March 31, 2023
(b) Distribute<br> and pay in 2023 interim dividends, which will be charged against the aforementioned final<br> dividend.
--- ---
(c) The<br> amount of the provisional dividends may be higher or lower, provided that, based on the<br> information available to the Board of Directors on the date when their distribution is<br> agreed to, this will not have a negative or material effect on the Company’s ability<br> to carry out its investments, meet its obligations, and in general to comply with the<br> investment and financing policy approved by the Ordinary Shareholders’ Meeting.
--- ---
(d) At<br> the ordinary meeting to be held in 2024, the Company’s Board of Directors will propose<br> a final dividend in line with the percentage corresponding to the financial parameters<br> outlined in (a) above, discounting the provisional dividends previously distributed in<br> 2023.
--- ---
(e) Any<br> remaining amount from the net profits from 2023 can be retained and used to finance the<br> Company’s own operations or one or more of its investment projects, notwithstanding<br> a possible distribution of dividends charged to accumulated profit that might be approved<br> by the shareholders’ meeting or the possible future capitalization of all or part<br> of it.
--- ---
(f) The<br> payment of additional dividends is not being considered.
--- ---

It must be expressly stated that this dividends policy details the intention of the Company’s Board of Directors and its fulfillment depends on the actual profits obtained, as well as on the results indicated by the projections the Company makes from time to time or on the existence of particular conditions, as appropriate. In any case, if the dividend policy set forth by the Board of Directors should undergo any substantial change, the Company must communicate it as a material event.

20.6 Interim<br> and provisional dividends

On April 26, 2023, the Board of Directors agreed to pay a final dividend equivalent to US$ 3.22373 per share which the Company must pay to reach the amount of US$10.94060 for the final dividend as per the Policy. This final dividend already considers the first interim dividend of US$ 2.78716 per share, the second interim dividend of US$ 1.84914 per share, and the eventual dividend of US$ 3.08056 per share that were paid in 2022.

136
Notes to the Consolidated Interim Financial Statements<br><br> <br>March 31, 2023
20.7 Potential<br> and provisional dividends
--- ---

Dividends discounted from equity from January to March 2023 and January to December 2022 were the following:

As<br> of March<br> 31, 2023 As<br> of December<br> 31, 2022
Dividends ThUS ThUS
Interim<br> dividend
Special<br> dividend
Dividend<br> according to policy
Owners<br> of the Parent
Special<br> dividend
Dividend<br> according to policy
Non-controlling<br> interests
Dividends<br> discounted from equity for the period

All values are in US Dollars.

137
Notes to the Consolidated Interim Financial Statements<br><br> <br>March 31, 2023
Note 21 Contingencies and restrictions
--- ---

In accordance with note 19.1, the Company recognizes a provision for those lawsuits in which there is a probability that the judgments will be unfavorable to the Company. The Company is party to the following lawsuits and other relevant legal actions:

21.1 Lawsuits<br> and other relevant events
(a) In<br> August 1996, Nitratos Naturais do Chile Ltda. was fined by Fazenda do Estado de Sao Paulo<br> for concluding activities without attaching the necessary documentation for submission<br> to the competent authorities. The treasury of the State of Sao Paulo initiated legal<br> actions to collect close to ThUS$ 492. Nitratos Naturais do Chile has presented a case<br> to the federal court of Brazil to request a reduction in the fine, which is currently<br> pending.
--- ---
(b) In<br> August 2004, Nitratos Naturais do Chile Ltda. was fined by Fazenda do Estado de Sao Paulo<br> for failing to report trade activities. The treasury of the State of Sao Paulo initiated<br> legal actions to collect close to ThUS$ 265. In 2018, the Court of Appeals agreed to<br> a reduction in the fine and the Fazenda do Estado de Sao Paulo appealed to the Court<br> of Brazil, and this appeal is still pending.
--- ---
(c) In<br> December 2010, the city of Pomona in the state of California, United States, filed a<br> claim against SQM NA, which was heard before the US District Court for the Central District<br> of California. The plaintiff requested the payment of expenses and other values related<br> to treatment of groundwater to make it apt for consumption, which involved the extraction<br> of perchlorate in this water, which allegedly came from Chilean fertilizers. On January<br> 27, 2022, a judgment was issued against SQM NA for MUS$ 48.1, which has been appealed.<br> On April 28, 2023, the 9th Circuit Court of Appeals reversed part of the judgment, ordering<br> a new determination of damages. The Company has recorded a charge of MUS$ 48.1 million,<br> before taxes to the income statement for the year ended December 30, 2021.
--- ---
(d) In<br> December 2010, the city of Lindsay in California, United States, filed a claim against<br> SQM NA, which was heard before the US District Court for the Central District of California.<br> The plaintiff requested the payment of expenses and other values related to treatment<br> of groundwater to make it apt for consumption, which involved the extraction of perchlorate<br> in this water, which allegedly came from Chilean fertilizers, the trial is currently<br> suspended.
--- ---
(e) In<br> May 2014, a claim of compensation for damages was filed against SQM Nitratos for its<br> alleged extracontractual liability derived from an explosion occurring in 2010 in the<br> vicinity of the town of Baquedano, which caused the death of six workers. The portion<br> of the claim that has not been settled in court is approximately US$ 1.2 million. On<br> May 7, 2019, the 18th Civil Court of Santiago dismissed the claim. The case currently<br> is in the Santiago Court of Appeals, which will make a determination on the motion for<br> appeal and cassation brought about on behalf of the plaintiff.
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(f) In<br> January 2018, the company Transportes Buen Destino S.A. filed an arbitration claim under<br> CAM rules against SQM Salar for controversies resulting from the execution of transport<br> contracts for lithium brine and transport of salts. The amount of the claim is close<br> to US$ 3 million. The arbitration is currently in the evidence stage.
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(g) In<br> September 2018, representatives Claudia Nathalie Mix Jiménez, Gael Fernanda Yeomans<br> Araya, Camila Ruzla and Rojas Valderrama filed a public right annulment suit against<br> Corfo regarding the Salar de Atacama Project Contract signed between Corfo and SQM Salar.<br> The Company has intervened as an independent third party. This discussion stage has concluded.<br> For more information, see Note 21.4.
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138
Notes to the Consolidated Interim Financial Statements<br><br> <br>March 31, 2023
(h) The<br> Company and FPC Ingeniería y Construcción SpA were sued in May 2019 for<br> compensation for damages resulting from alleged extracontractual liability derived from<br> the traffic accident occurring on March 5, 2018, involving the overturn of a truck owned<br> by FPC and the subsequent death of its two occupants, both employees of FPC. The four<br> children of one of the deceased workers are the plaintiffs in this case and are seeking<br> compensation for moral damages. The case is in the 19th Civil Court of Santiago and is<br> in the evidence stage. The amount of the claim is close to US$ 1.2 million.
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(i) The<br> Company has initiated an arbitration process against the company Sierra Gorda S.C.M.<br> due to controversies originating from the Mining, Royalties and Other Sales Contract<br> dated December 16, 2011. Sierra Gorda S.C.M. has filed counterclaims against the Company.<br> The counterclaims filed against the Company amount to US$ 46 million. On October 4, 2022,<br> a judgment was issued ordering the Company to pay US$ 3.6 million as a fine. This judgment<br> was appealed by the Company, which is pending resolution before the Court of Appeals<br> of Santiago, and was rejected on April 19, 2023.
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(j) Through<br> resolution dated April 14, 2020, the General Water Bureau (DGA) fined SQM Salar S.A.<br> an amount of 4,180 UTM for the alleged violation of article 294 of the Water Code. This<br> resolution was appealed for reconsideration, and its resolution is currently pending.
--- ---
(k) On<br> January 7, 2021, the Company Ocaña y Vega Limited has requested arbitration against<br> the Company to claim compensation for damages associated with the early termination of<br> two construction contracts. The case has reached the evidence stage, summons to hear<br> judgment. The cost of arbitration is valued at approximately ThUS$ 377. On April 24,<br> 2023, the court of arbitration partially accepted the claim in the amount of ThUS$238.7,<br> plus indexation and interest.
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(l) On<br> April 6, 2021, Empresa Eléctrica Cochrane SpA requested the constitution of arbitration<br> to resolve a dispute in relation to electricity supply contracts signed on March 30,<br> 2012, and February 1, 2013. The trial is currently in the discussion stage. On January<br> 17, 2022, the Company filed a claim for early termination of the electricity supply contracts<br> against Empresa Eléctrica Cochrane SpA. at the same arbitration tribunal. The<br> discussion. Both trials have reached the evidence stage
--- ---
(m) In<br> October 2021, the Company requested the constitution of an arbitration against Chilena<br> Consolidada Seguros Generales S.A. to resolve differences in relation to the interpretation<br> and execution of the directors’ and officers’ liability insurance policy. The discussion<br> stage of this suit is completed.
--- ---
(n) In<br> February 2022, the company Montajes Eléctricos y Construcciones RER Limitada filed<br> a claim for damages before the 21st Civil Court of Santiago against SQM Industrial S.A.<br> for its alleged liability derived from the breach of an electrical installation contract.<br> The case has reached the stage of summoning the parties to a conciliation hearing. The<br> amount of the lawsuit is approximately ThUS$542.
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139
Notes to the Consolidated Interim Financial Statements<br><br> <br>March 31, 2023
(o) In<br> June 2022, Mrs. Lorena Saa Nuñez and others filed a lawsuit against the Company<br> with the Labor Court of Pozo Almonte seeking compensation for damages moral damages and<br> lost profits resulting from the death of worker Oscar Muñoz Meza. The case has<br> reached the ruling stage. The lawsuit is for approximately ThUS 493. On March 20, 2023,<br> the court issued a judgment condemning the main defendant and rejecting the claim against<br> the Company. On March 31, 2023, the main defendant filed an appeal for annulment before<br> the Santiago Court of Appeals, which is still pending.
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(p) In<br> March 2023, Mr. Josué Merari Trujillo Montejano filed a lawsuit against SQM Comercial<br> de México, S.A. de C.V. for damages for third-party civil liability for the death<br> of his brother Mr. Manuel Agustín Trujillo Montejano, before the First Instance<br> Judge of the Civil Branch of the city of Zapopan, Mexico. The lawsuit is currently under<br> discussion. The amount of the lawsuit is approximately ThUS$330.
--- ---
(q) In<br> May 2023, Mrs. Nicole Denise Contreras Cereceda, filed a claim for compensation for moral<br> damages, consequential damages and loss of profits, derived from injuries suffered as<br> a result of a work-related accident, before the Labor Court of Antofagasta against a<br> contractor company and also against the Company. The case is currently under discussion.<br> The amount of the lawsuit is approximately ThUS$217.
--- ---

The Company and its subsidiaries have been involved and will probably continue to be involved either as plaintiffs or defendants in certain judicial proceedings that have been and will be heard by the arbitration or ordinary courts of justice that will make the final decision. Those proceedings that are regulated by the appropriate legal regulations are intended to exercise or oppose certain actions or exceptions related to certain mining claims either granted or to be granted and that do not or will not affect in an essential manner the development of the Company and its subsidiaries.

Soquimich Comercial S.A. has been involved and will probably continue being involved either as plaintiff or defendant in certain judicial proceedings through which it intends to collect and receive the amounts owed, the total nominal value of which is approximately US$ 1.05 million.

The Company and its subsidiaries have made efforts and continues making efforts to obtain payment of certain amounts that are still owed to the Company due to its activities. Such amounts will continue to be required using judicial or non-judicial means by the plaintiffs, and the actions and exercise related to these are currently in full force and effect.

21.2 Environmental<br> contingencies

The SMA issued a resolution dated November 28, 2016, rectified by a resolution dated December 23, 2016, which filed charges against SQM Salar for brine extraction in excess of authorized amounts, progressive impairment of the vitality of carob trees, providing incomplete information modification of follow-up plan variables, and other charges. SQM Salar S.A. presented a compliance program that was accepted by the SMA. On December 2019, the Environmental Court of Antofagasta rendered the accepted compliance program null. In October 2020, the SMA formulated new observations for the compliance program, which will enable the incorporation of improvements in line with the ruling of the Environmental Court of Antofagasta. On August 29, 2022, the SMA approved the compliance program presented by SQM Salar, which triggered an appeal filed by the Council of Atacameño Peoples before the Environmental Court of Antofagasta. The Atacameño communities of Peine and Coyo filed requests for injunction against SMA’s resolution, which have been dismissed by the Supreme Court. If the Council of Atacameño Peoples’ claim against SMA’s resolution that approved the compliance program is accepted and the program is annulled, the sanction process against SQM Salar could be resumed. This latter event may consider the application of fines up to MUS$ 9, temporary or permanent closure of facilities and in extreme circumstances, revocation of the respective environmental permit.

140
Notes to the Consolidated Interim Financial Statements<br><br> <br>March 31, 2023
21.3 Tax<br> Contingencies
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As of March 31, 2023, SQM Salar has filed three tax claims against the SII for taxes levied between tax years 2012 and 2018 (business years 2011 to 2017). The SII has sought to broaden the application of the specific tax on mining activities to the extraction of lithium, a substance that is not concessionable by law. The amount associated with these processes totals US$ 127.1 million, which has been paid by SQM Salar. This amount is recorded under “Non-current tax assets” in the Consolidated State of the Company as of March 31, 2023 and December 31, 2022 US$ 127.1.

The details of the claims can be found below:

(a) On<br> August 26, 2016, a tax claim was filed with the Third Tax and Customs Court of the Metropolitan<br> Region against tax assessments No. 169, 170, 171 and 172 for tax years 2012 to 2014.<br> The amount in dispute is US$ 17.8 million, of which (i) US$ 11.5 million correspond to<br> the contested tax (minus effect on first category income tax), and (ii) US$ 6.3 million<br> correspond to interest and associated fines. On June 28, 2022, the Santiago Court of<br> Appeal ruled invalid the first instance ruling handed down by the Tax and Customs Court,<br> ordering the case reopened with the competent judge hearing evidence in the case.
(b) On<br> March 24, 2017, a tax claim was filed with the Third Tax and Customs Court of the Metropolitan<br> Region against tax assessment No. 207 and resolution No. 156, both issued by the SII,<br> for tax years 2015 to 2016. The amount in dispute is US$ 8.6 million, of which (i) US$<br> 1.3 million correspond to amounts assessed in excess, (ii) US$ 6.9 million correspond<br> to the contested tax (minus effect on first category income tax), and (ii) US$ 0.4 million<br> correspond to interest and fines. On June 28, 2022, the Santiago Court of Appeal ruled<br> invalid the first instance ruling of the Tax and Customs Court, ordering the case reopened<br> with the competent judge hearing evidence in the case.
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(c) On<br> July 15, 2021, SQM Salar filed a public right annulment suit and tax claim with the First<br> Tax and Customs Court of the Metropolitan Region against tax assessments No. 65 and 66<br> for the 2017 and 2018 tax years. The amount in dispute is US$ 63.9 million, of which<br> (i) US$ 17.6 million correspond to overcharged amounts, (ii) US$ 30.2 million correspond<br> to the contested tax (minus effect on first category income tax), and (iii) US$ 16.1<br> million correspond to interest and fines. On November 7, 2022, the First Tax and Customs<br> Court upheld SQM Salar’s claim and ordered that these tax assessments be anulled.
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On September 29, 2022, the SII assessed the differences for the 2019 tax year with respect to specific mining tax and other adjustments that totalled US$ 36.8 million, which includes an excess collection of US$ 9.7 million. SQM Salar paid the amount assessed, and has one year to appeal against this assessment, which it intends to do in a vigorous manner.

Settlements received after March 31 are detailed as follows:

On April 17, 2023, the Chilean revenue service (SII) settled differences for tax years 2020, 2021 and 2022 (business years 2019, 2020 and 2021) with respect to the specific tax on mining activities for a total amount of US$79.8 million, which includes an excess charge of US$21.5 million. For tax years 2020 and 2021, the SII issued resolution No. 56/2023 where it offsets the taxes collected with the taxes withheld for the same tax years in the amount of US$20.8 million, of which US$5.6 million corresponds to amounts paid in excess and US$15.2 million corresponds to the tax claimed (net of the effect on first category tax). On the same date, the SII issued Settlement No. 1/2023 for tax year 2022 for a total amount of US$59.0 million, restated to the date of issuance of these financial statements, of which US$15.9 million is excess tax charged, US$36.1 million is tax claimed (net of first category tax effect) and US$7.0 million is interest and penalties. The Company is currently awaiting approval from the General Treasury of the Republic to offset withholding taxes for tax years 2019 and 2020 for US$53.0 million, leaving a balance payable of US$6.0 million at the date of issuance of these financial statements. SQM Salar has one year to claim this settlement, which it actively intends to do.

141
Notes to the Consolidated Interim Financial Statements<br><br> <br>March 31, 2023

The SII has not issued an assessment claiming differences in specific mining tax filed for tax years 2023 onward. If the SII uses criteria similar to that used in previous years, it may issue an assessment in the future for this period. The Company estimates a potential assessment of US$ 828.6 million (corporate income tax deducted) by the SII, without considering interests and fines.

To date, the Company has recorded no effect corresponding to this tax on its profit and loss.

21.4 Contingencies<br> regarding to the Contracts with Corfo

On September 6, 2018, representatives Claudia Nathalie Mix Jiménez, Gael Fernanda Yeomans Araya and Camila Ruzlay Rojas Valderrama and the Poder Ciudadano political party filed an annulment suit against Corfo, which requested that the Salar de Atacama Project Agreement between Corfo and the Company, SQM Potasio and SQM Salar be annulled. The Companies have taken part of the process as interested third parties.

In the event that the annulment claim is approved for the Salar de Atacama Project Agreement, SQM Salar may be prevented from the exploitation of the mining assets in the Salar de Atacama that it has leased from Corfo.

21.5 Indirect<br> guarantees

As of March 31, 2023, there are no indirect guarantees.

142
Notes to the Consolidated Interim Financial Statements<br><br> <br>March 31, 2023
Note 22 Environment
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22.1 Disclosures<br> of disbursements related to the environment
--- ---

Environmental protection, respect for human rights and overall impact on sustainability are ongoing concerns of the Company, both in its productive processes and throughout the supply chain. This commitment is supported by the principles indicated in the Company’s Sustainable Development Policy and human rights policy. The Company is currently operating under an Environmental Management System (EMS) that has allowed it to strengthen its environmental performance through the effective application of the Company’s Sustainable Development Policy. In 2020, the company announced an ambitious Sustainable Development Plan, which establishes specific measurable internal goals that seek to make SQM a leader in sustainability around the world. The main goals proposed are:

i) A<br> 65% reduction in the use of fresh water by the year 2040 and 40% by 2030, with respect<br> to BAU (Business as usual).
ii) A<br> 50% reduction in brine extraction from the Salar de Atacama by 2030, starting with 20%<br> by November 2020, compared to the environmental permit.
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iii) Ensure<br> that all our products are carbon neutral by 2040 and in the case of lithium, iodine and<br> potassium chloride, this goal is for 2030.
--- ---
iv) Stimulate<br> more and better instances for dialog with the communities near the operations.
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During the year 2023 we have been making progress with each of these goals, starting with quarterly management of sustainability indicators and monitoring them on a quarterly basis. This has helped us to identify initiatives that help us to achieve these goals.

Operations that use caliche as a raw material are carried out in desert areas with climatic conditions that are favorable for drying solids and evaporating liquids using solar energy. Operations involving the open-pit extraction of minerals.

Many of the Company’s products are shipped in bulk at the Port of Tocopilla. In 2007, the city of Tocopilla was declared a “zone saturated with MP10 Particles” mainly due to the emissions from the electric power plants that operate in that city. In October 2010, the “Decontamination Plan for Tocopilla” was put in place. Accordingly, the Company has committed to taking several measures to mitigate the effects derived from bulk product movements in the port, these measures have been timely implemented since 2007.

The Company carries out environmental follow-up and monitoring plans based on specialized scientific studies. Follow-up on relevant variables defined for each project enables the Company to verify the status, for example, of vegetation, flora, fauna and aquatic life in the ecosystems to protect. Follow-up plans are supported by a broad control network that includes monitoring points such as meteorological stations and wells, satellite images, plots for recording the status of vegetation and fauna, etc. The activities comprised in these plans are reported regularly to authorities based on the Company’s commitments made through resolutions that approve different SQM projects. For the specific case of the Salar de Atacama, the Company has implemented an online platform (www.sqmsenlinea.com), which enables any person to access all the environmental information compiled by the Company in keeping with its commitments.

In this context, the Company maintains environmental monitoring across the systems where it operates, which is supported by numerous studies that integrate diverse scientific efforts from prestigious research centers on a national and international level, such as the Spanish National Research Council (CSIC) and the Universidad Católica del Norte.

Furthermore, within the framework of the environmental studies which the Company is conducting, the Company performs significant activities in relation to the recording of Pre-Columbian and historical cultural heritage, as well as the protection of heritage sites, in accordance with current Chilean laws. These activities have been especially performed in the areas surrounding Maria Elena (ME) and the Nueva Victoria plant (NV). This effort is being accompanied by outreach activities for the community and development of sites of interest.

143
Notes to the Consolidated Interim Financial Statements<br><br> <br>March 31, 2023

As emphasized in its Sustainable Development Policy, the Company strives to maintain positive relationships with the communities surrounding the locations in which it carries out its operations, as well as to participate in communities’ development by supporting joint projects and activities which help to improve the quality of life for residents. For this purpose, the Company has focused its efforts on activities involving the rescue of historical heritage, education and culture, as well as development. In order to do so, it acts both individually and in conjunction with private and public entities.

22.2 Detailed<br> information on disbursements related to the environment

The cumulative disbursements which the Company had incurred as of March 31, 2023 for the concept of investments in production processes, verification and control of compliance with ordinances and laws related to industrial processes and facilities amounted to ThUS$ 16,026 and are detailed as follows:

144
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023

Accumulatedexpenses as of March 31, 2023

Parent<br> Company or <br><br> Subsidiary Project<br> Name Associated with Disbursement Reason<br> for Disbursement Asset<br> / <br><br> Expense Disbursement
ThUS
Miscellaneous Environment<br> - Operating Area Not<br> classified Expense 4,685
SQM<br> S.A. 01-I019400<br> - EIA Expansion of TEA and Seawater Impulsion Environmental<br> processing Assets 246
SQM<br> S.A. 01-I028200<br> - EIA Llamara Environmental<br> processing Expense 217
SQM<br> S.A. 01-I028300<br> - Implementation PDC 2019 - Llamara sanction process Sustainability:<br> Environment and Risk Prevention Expense 250
SQM<br> S.A. 01-I039600<br> - New Warehouse Iodine Stock NV Environmental<br> processing Assets 38
SQM<br> S.A. 01-I039700<br> - Adapting tanks for hazardous substances NV Environmental<br> processing Assets 1
SQM<br> S.A. 01-P010300<br> - Adapting tanks for hazardous substances PV Environmental<br> processing Assets 51
SQM<br> S.A. 01-F000100<br> - EIA Pampa Blanca Maritime Project Environmental<br> processing Expense 84
SQM<br> S.A. 01-I050900<br> - Responsible Behavior Sustainability:<br> Environment and Risk Prevention Expense 1
SQM<br> S.A. 01-F000300<br> - Reopening of the Pampa Blanca Project - Iodide Plant Sustainability:<br> Environment and Risk Prevention Assets 437
SQM<br> S.A. 01-I054700<br> - Implementation of Sustainability Project (Storm petrel protection) Sustainability:<br> Environment and Risk Prevention Assets 84
SQM<br> S.A. 01-I054800<br> - Implementation of Tente en el Aire Project’s environmental commitments Sustainability:<br> Environment and Risk Prevention Expense 134
SQM<br> S.A. 01-P012000<br> - Setting up infrastructure for Respel, maintenance workshop Sustainability:<br> Environment and Risk Prevention Expense 45
SQM<br> S.A. 01-I063000<br> - Installation of solar panels for NV new laboratory Sustainability:<br> Environment and Risk Prevention Assets 2
SQM<br> S.A. 01-I063800<br> - SO2 gas abatement in NV plant Sustainability:<br> Environment and Risk Prevention Assets 3
SQM<br> Industrial S.A. 04-J022700<br> - DIA integration of Coya Sur site Environmental<br> processing Expense 101
SQM<br> Industrial S.A. 04-J022800<br> - Adaptation of Light Pollution (DS 43) INDUSTRIAL Sustainability:<br> Environment and Risk Prevention Assets 530
SQM<br> Industrial S.A. 04-I050100<br> - Engineering for Orcoma seawater impulsion system Sustainability:<br> Environment and Risk Prevention Assets 21
SQM<br> Industrial S.A. 04-F000200<br> - Reopening of Pampa Blanca Project - Mine Operations Center / Conveyors Sustainability:<br> Environment and Risk Prevention Assets 100
SQM<br> Industrial S.A. 04-I055800<br> - Elena 13 Power Modification Sustainability:<br> Environment and Risk Prevention Assets 8
SQM<br> Industrial S.A. 04-J029200<br> - Electric ground transportation Sustainability:<br> Environment and Risk Prevention Assets 311
SQM<br> Industrial S.A. 04-G000700<br> - Pampa Orcoma Seawater Impulsion Sustainability:<br> Environment and Risk Prevention Assets 4,194
SQM<br> Industrial S.A. 04-J031700<br> - Standardization of the prilling and drying plant as per DS-43 and RCA Sustainability:<br> Environment and Risk Prevention Assets 30
SQM<br> Industrial S.A. 04-I061600<br> - Improvements and Cleaning Nueva Victoria Industrial Yard Sustainability:<br> Environment and Risk Prevention Expense 132
SQM<br> Industrial S.A. 04-I062400<br> - NV Tarp Analytic Video Sustainability:<br> Environment and Risk Prevention Assets 8
SIT<br> S.A. 03-T009900<br> - Air quality monitoring system for Tocopilla Sustainability:<br> Environment and Risk Prevention Assets 3
SIT<br> S.A. 03-T011800<br> - Mechanized Plant Automation Sustainability:<br> Environment and Risk Prevention Assets 6
SIT<br> S.A. 03-T012400<br> - Port paving 2022 (paving stone levelling) Formerly Copex) Sustainability:<br> Environment and Risk Prevention Assets 62
SIT<br> S.A. 03-T012900<br> - Reinforced Concrete Walls in Fields 6 and 12 Sustainability:<br> Environment and Risk Prevention Assets 280
SQM<br> Salar S.A. 19-L018900<br> - Evaporation 2018-2019 Sustainability:<br> Environment and Risk Prevention Assets 10
SQM<br> Salar S.A. 19-L021400<br> - Environmental monitoring 2019 PSA Environmental<br> processing Expense 0
SQM<br> Salar S.A. 19-S013400-<br> Online Monitoring Sustainability:<br> Environment and Risk Prevention Expense 36
SQM<br> Salar S.A. 19-S016300<br> - Consultancy 2020 Sustainability:<br> Environment and Risk Prevention Assets 59
SQM<br> Salar S.A. 19-S016900<br> - Monitoring of water/vegetation dynamics in the Aguas de Quelana sector Sustainability:<br> Environment and Risk Prevention Assets 34
SQM<br> Salar S.A. 19-L030100<br> - Standardization of Sectoral Environmental Permit 136 for the Salar de Atacama Works Environmental<br> processing Expense 8
SQM<br> Salar S.A. 19-L031300<br> - Global FM Compliance for Maintenance Area Environmental<br> processing Expense 15
Subtotal 12,226

All values are in US Dollars.

145
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023

Accumulatedexpenses as of March 31, 2023

Parent<br> Company or <br><br>Subsidiary Project<br> Name Associated with Disbursement Reason<br> for Disbursement Asset<br> / <br><br>Expense Disbursement
ThUS
SQM<br> Salar S.A. 19-L032300<br> - Hydrogeology EIA 2021 Sustainability:<br> Environment and Risk Prevention Assets 159
SQM<br> Salar S.A. 19-S021500<br> - Improvements to SK-1300 2021 Environmental<br> processing Expense -
SQM<br> Salar S.A. 19-C012800<br> - Capture of CO2 Sustainability:<br> Environment and Risk Prevention Assets 850
SQM<br> Salar S.A. 19-L034000<br> - Environmental Projects EIA + EIS 2021, 2022 Sustainability:<br> Environment and Risk Prevention Assets 632
SQM<br> Salar S.A. 19-C014600<br> - Support and Improvements to Plant Electrical Circuits and Lighting Sustainability:<br> Environment and Risk Prevention Assets 47
SQM<br> Salar S.A. 19-L042400<br> - SdA Sustainability - Solar Energy Sustainability:<br> Environment and Risk Prevention Assets 63
SQM<br> Salar S.A. 19-S024200<br> - LCA Lithium Upgrade Sustainability:<br> Environment and Risk Prevention Expense 9
SQM<br> Salar S.A. 19-C018600<br> - Facility Improvements, Automation and control Sustainability:<br> Environment and Risk Prevention Assets 2
SQM<br> Salar S.A. 19-L042300<br> - Energy Efficiency Project in Wells with Direct Start and Regulation Sustainability:<br> Environment and Risk Prevention Assets 93
SQM<br> Salar S.A. 19-C022800<br> - Implementation of Restrooms in TAR Plant Sustainability:<br> Environment and Risk Prevention Assets 1
SQM<br> Salar S.A. 19-C022900<br> - Improved Safety Conditions in Lithium Carbonate Plant ISO 45001 Sustainability:<br> Environment and Risk Prevention Assets 22
SQM<br> Salar S.A. 19-C023000<br> - Structural modification and compliance with standard DS43 Environmental<br> processing Assets 357
SQM<br> Salar S.A. 19-C023500<br> - Compliance with standard DS594 - Li2CO3 and modification of PT construction Environmental<br> processing Assets 65
SQM<br> Salar S.A. 19-C023800<br> - Installation and structural adaptations L3 - DS43 Sustainability:<br> Environment and Risk Prevention Assets 144
SQM<br> Salar S.A. 19-L042900<br> - Organization, Removal and Cleaning of SdA Industrial Waste Deposit Sustainability:<br> Environment and Risk Prevention Assets 253
SQM<br> Salar S.A. 19-L044400<br> - Compliance with Integrated Process Management System Environmental<br> processing Assets -
SQM<br> Salar S.A. 19-L045400<br> - New DLE technologies Environmental<br> processing Assets -
SQM<br> Salar S.A. 19-C024200<br> - Water and energy meters - pilot plants Sustainability:<br> Environment and Risk Prevention Assets -
SQM<br> Nitratos S.A. 12-F000400<br> - Reopening of Pampa Blanca Project - Mine workshop Sustainability:<br> Environment and Risk Prevention Assets 62
SQM<br> Nitratos S.A. 12-I061800<br> - Construction of RINP Waste Collection Sites Sustainability:<br> Environment and Risk Prevention Assets 60
Minera<br> Búfalo 20-A010300<br> - Búfalo Project Monitoring and Follow up Commitments Sustainability:<br> Environment and Risk Prevention Expense 145
SQM<br> Potasio S.A. 14-I039400<br> - Adapting Pond Iris Environmental<br> processing Assets 1
SQM<br> Potasio S.A. 14-I039800<br> - Adapting hazardous substances warehouse IRIS Environmental<br> processing Assets 36
Orcoma<br> Spa 15-I039100<br> - Sectoral Permits and compliance EIA Orcoma Project Environmental<br> processing Expense 799
Subtotal 3,800
Total 16,026

All values are in US Dollars.

146
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023

Committedexpenses for future periods as of March 31, 2023

Parent<br> Company or <br><br>Subsidiary Project<br> Name Associated with Disbursement Reason<br> for Disbursement Asset<br> / <br><br>Expense Disbursement
ThUS
Miscellaneous Environment<br> - Operating Area Not<br> classified Expense 8,149
SQM<br> S.A. 01-I017200<br> - CEDAM at Puquíos at Llamara Sustainability:<br> Environment and Risk Prevention Expense 18
SQM<br> S.A. 01-I017400<br> - Development of Pintados and Deposit Humberstone Sustainability:<br> Environment and Risk Prevention Expense 81
SQM<br> S.A. 01-I019400<br> - EIA Expansion of TEA and Seawater Impulsion Environmental<br> processing Assets 74
SQM<br> S.A. 01-I038400<br> - Update APT conceptual and numerical hydrogeological model Sustainability:<br> Environment and Risk Prevention Expense 4
SQM<br> S.A. 01-S015900<br> - SQM Sustainability Environmental<br> processing Expense 500
SQM<br> S.A. 01-I039700<br> - Adapting Pond Substances NV Environmental<br> processing Assets 7
SQM<br> S.A. 01-P010300<br> - Adapting pond substances PV Environmental<br> processing Assets 152
SQM<br> S.A. 01-P010400<br> - Adapting dispatch warehouse PV Environmental<br> processing Assets 5
SQM<br> S.A. 01-I041400<br> - DIA New pits and stockpiles in Sur Viejo Environmental<br> processing Expense 273
SQM<br> S.A. 01-I050900<br> - Responsible Behavior Sustainability:<br> Environment and Risk Prevention Expense 47
SQM<br> S.A. 01-F000100<br> - Pampa Blanca EIA - Sea water Project Environmental<br> processing Expense 343
SQM<br> S.A. 01-F000300<br> - Pampa Blanca Project Reopening - Iodide Plant Sustainability:<br> Environment and Risk Prevention Assets 932
SQM<br> S.A. 01-I054700<br> - Implementation of sustainability project (Wilson’s petrel protection) Sustainability:<br> Environment and Risk Prevention Assets 246
SQM<br> S.A. 01-I054800<br> - Implementation of environmental commitments for the Tente en el Aire project Sustainability:<br> Environment and Risk Prevention Expense 1,096
SQM<br> S.A. 01-I060400<br> - Standardization of Core Sample/Finished Product Room Sustainability:<br> Environment and Risk Prevention Assets 2
SQM<br> S.A. 01-I060500<br> - Improvements to input unloading area Sustainability:<br> Environment and Risk Prevention Assets 27
SQM<br> S.A. 01-I060900<br> - Regularization of Hazardous Waste Storage Yard and General Storage Areas Sustainability:<br> Environment and Risk Prevention Assets 20
SQM<br> S.A. 01-I062600<br> - Improved lighting at NV due to environmental and security standards Sustainability:<br> Environment and Risk Prevention Assets 17
SQM<br> S.A. 01-I063800<br> - SO2 gas abatement in NV plant Sustainability:<br> Environment and Risk Prevention Assets 255
SQM<br> Industrial S.A. 04-J013500<br> - Handling equipment associated with PCBs Sustainability:<br> Environment and Risk Prevention Expense 200
SQM<br> Industrial S.A. 04-J015200<br> - Implementation Economizers Sustainability:<br> Environment and Risk Prevention Assets 2
SQM<br> Industrial S.A. 04-J015700<br> - Update of Closure Plans Sustainability:<br> Environment and Risk Prevention Expense 3
SQM<br> Industrial S.A. 04-M003900<br> - Revocation PDME Sustainability:<br> Environment and Risk Prevention Expense 43
SQM<br> Industrial S.A. 04-J022800<br> - Improvements to light pollution (DS 43) INDUSTRIAL Sustainability:<br> Environment and Risk Prevention Assets 1,355
SQM<br> Industrial S.A. 04-M004300<br> - Industrial Waste Reduction Sustainability:<br> Environment and Risk Prevention Expense 1
SQM<br> Industrial S.A. 04-I038600<br> - Monitoring NV Extractions Sustainability:<br> Environment and Risk Prevention Assets 51
SQM<br> Industrial S.A. 04-J023700<br> - Regularization Hazardous Substances Decree for SQM Industrial Environmental<br> processing Assets 7
SQM<br> Industrial S.A. 04-I046900<br> - Pilot Floating Photovoltaic Solar Plant (FPV-SV) - Conceptual Engineering Sustainability:<br> Environment and Risk Prevention Expense 414
SQM<br> Industrial S.A. 04-I050100<br> - Engineering Seawater impulsion system Sustainability:<br> Environment and Risk Prevention Assets 54
SQM<br> Industrial S.A. 04-M005600<br> - N&Y Warehouse Improvements Sustainability:<br> Environment and Risk Prevention Assets 2
SQM<br> Industrial S.A. 04-F000200<br> - Pampa Blanca Project Reopening – Mining/Conveyors Sustainability:<br> Environment and Risk Prevention Assets 453
SQM<br> Industrial S.A. 04-J028700<br> - Electromobility pilot for passenger transportation Sustainability:<br> Environment and Risk Prevention Assets 10
SQM<br> Industrial S.A. 04-J028800<br> - NPT2 economizers and structural improvements Sustainability:<br> Environment and Risk Prevention Assets 17
SQM<br> Industrial S.A. 04-J029000<br> - Assembly of pilot solar thermal power plant Sustainability:<br> Environment and Risk Prevention Assets 1,560
SQM<br> Industrial S.A. 04-I052600<br> – Construction of courts sales descart Sustainability:<br> Environment and Risk Prevention Assets 150
Subtotal 16,570

All values are in US Dollars.

147
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023

Committedexpenses for future periods as of March 31, 2023

Parent<br> Company or <br><br>Subsidiary Project<br> Name Associated with Disbursement Reason<br> for Disbursement Asset<br> / <br><br>Expense Disbursement
ThUS
SQM<br> Industrial S.A. 04-I055800<br> - Elena 13 Energy Modificaton Sustainability:<br> Environment and Risk Prevention Assets 96
SQM<br> Industrial S.A. 04-J029100<br> - Sustainability program support Sustainability:<br> Environment and Risk Prevention Assets 15
SQM<br> Industrial S.A. 04-G000700<br> - Pampa Orcoma Seawater Impulsion Sustainability:<br> Environment and Risk Prevention Assets 48,664
SQM<br> Industrial S.A. 04-J031700<br> - Standardization of Prilling and Drying Plant as per DS-43 and RCA Sustainability:<br> Environment and Risk Prevention Assets 76
SQM<br> Industrial S.A. 04-I066800<br> - Evaporation and water recovery piloting at AFN Sustainability:<br> Environment and Risk Prevention Assets 120
SIT<br> S.A. 03-T010500<br> - Hydrocarbon Detection System Tocopilla Port Sustainability:<br> Environment and Risk Prevention Assets 21
SIT<br> S.A. 03-T012400<br> - Paving stones at Port 2022 (Leveling paving stones Ex Copex) Sustainability:<br> Environment and Risk Prevention Assets 224
SIT<br> S.A. 03-T012900<br> - Reinforced Concrete Walls in Fields 6 and 12 Sustainability:<br> Environment and Risk Prevention Assets 145
SQM<br> Salar S.A. 19-S013400<br> - Online monitoring Sustainability:<br> Environment and Risk Prevention Expense 114
SQM<br> Salar S.A. 19-S016900<br> - Monitoring water-vegetation dynamics in the Aguas de Quelana sector Sustainability:<br> Environment and Risk Prevention Assets 1
SQM<br> Salar S.A. 19-L025300<br> - Compliance with Sanitary Resolution Sustainability:<br> Environment and Risk Prevention Assets 58
SQM<br> Salar S.A. 19-L028200<br> - 2020 Environmental Monitoring Sustainability:<br> Environment and Risk Prevention Expense 23
SQM<br> Salar S.A. 19-L031300<br> - Global FM Compliance Maintenance Area Environmental<br> processing Expense 73
SQM<br> Salar S.A. 19-S021500<br> - SK Improvements -1300 2021 Environmental<br> processing Expense 4
SQM<br> Salar S.A. 19-C012800<br> - CO2 Capture Sustainability:<br> Environment and Risk Prevention Assets 750
SQM<br> Salar S.A. 19-C013700<br> - Thermosolar plant study Sustainability:<br> Environment and Risk Prevention Expense 11
SQM<br> Salar S.A. 19-L034700<br> - Well electrification - Phase III (15 wells) Sustainability:<br> Environment and Risk Prevention Assets 45
SQM<br> Salar S.A. 19-L035200<br> - Environmental and personal risk prevention Sustainability:<br> Environment and Risk Prevention Assets 29
SQM<br> Salar S.A. 19-C016500<br> - Pond flowmeters and levels Sustainability:<br> Environment and Risk Prevention Assets 75
SQM<br> Salar S.A. 19-C017400<br> - Support for tanks and reactors Sustainability:<br> Environment and Risk Prevention Expense 13
SQM<br> Salar S.A. 19-S024200<br> - LCA Lithium Upgrade Sustainability:<br> Environment and Risk Prevention Expense 91
SQM<br> Salar S.A. 19-C018500<br> – PCA Maintenance Sustainability:<br> Environment and Risk Prevention Assets 33
SQM<br> Salar S.A. 19-C018600<br> - Facility Improvements, Automation and control Sustainability:<br> Environment and Risk Prevention Assets 8
SQM<br> Salar S.A. 19-C022800<br> – Implementation of Restrooms in TAR Plant Sustainability:<br> Environment and Risk Prevention Assets 9
SQM<br> Salar S.A. 19-C022900<br> - Improved Safety Conditions in Lithium Carbonate Plant ISO 45001 Sustainability:<br> Environment and Risk Prevention Assets 28
SQM<br> Salar S.A. 19-C023000<br> - Structural modification and compliance with standard DS43 Environmental<br> processing Assets 55
SQM<br> Salar S.A. 19-C023500<br> - Compliance with standard DS594 - Li2CO3 and modification of PT construction Environmental<br> processing Assets 195
SQM<br> Salar S.A. 19-C023800<br> - Installation and structural adaptations L3 - DS43 Sustainability:<br> Environment and Risk Prevention Assets 131
SQM<br> Salar S.A. 19-L042900<br> - Organization, Removal and Cleaning of SdA Industrial Waste Deposit Sustainability:<br> Environment and Risk Prevention Assets 97
SQM<br> Salar S.A. 19-L044000<br> - Renovation of discharge chutes MOP HII plant Sustainability:<br> Environment and Risk Prevention Assets 240
SQM<br> Salar S.A. 19-L044200<br> - Salar Futuro Sustainability:<br> Environment and Risk Prevention Assets 2,000
SQM<br> Salar S.A. 19-L044400<br> - Compliance with Integrated Process Management System Environmental<br> processing Assets 350
SQM<br> Salar S.A. 19-L045400<br> - New DEL technologies Environmental<br> processing Assets 175
SQM<br> Salar S.A. 19-L045600<br> - Brine Water Reclamation Project Phase II Environmental<br> processing Assets 200
SQM<br> Salar S.A. 19-C024200<br> - Water and energy meters - pilot plants Sustainability:<br> Environment and Risk Prevention Assets 79
SQM<br> Nitratos S.A. 12-F000400<br> - Reopening of Pampa Blanca Project - Mine workshop Sustainability:<br> Environment and Risk Prevention Assets 49
Subtotal 54,297

All values are in US Dollars.

148
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023

Committedexpenses for future periods as of March 31, 2023

Parent<br> Company or <br><br>Subsidiary Project<br> Name Associated with Disbursement Reason<br> for Disbursement Asset<br> / <br><br>Expense Disbursement
ThUS
SQM<br> Nitratos S.A. 12-I061800<br> - Construction of RINP Waste Collection Sites Sustainability:<br> Environment and Risk Prevention Assets 5
Minera<br> Búfalo 20-A010300<br> - Buffalo Project Monitoring and Tracking Commitments Sustainability:<br> Environment and Risk Prevention Expense 20
SQM<br> Potasio S.A. 14-I039400<br> - Adaptation of Iris Tank Environmental<br> processing Assets 58
Subtotal 83
Total 70,950

All values are in US Dollars.

149
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023

Accumulatedexpenses as of December 31, 2022

Parent<br> Company or <br><br>Subsidiary Project<br> Name Associated with Disbursement Reason<br> for Disbursement Asset<br> / <br><br>Expense Disbursement
ThUS
Miscellaneous Environment<br> - Operating Area Not<br> classified Expense 14,955
SQM<br> S.A. 01-I017200<br> - CEDAM at Puquíos at Llamara Sustainability:<br> Environment and Risk Prevention Expense 102
SQM<br> S.A. 01-I019400<br> - EIA Expansion of TEA and Seawater Impulsion Environmental<br> processing Assets 434
SQM<br> S.A. 01-I028200<br> - EIA Llamara Environmental<br> processing Expense 844
SQM<br> S.A. 01-I028300<br> - Implementation PDC 2019 - Llamara sanction process Sustainability:<br> Environment and Risk Prevention Expense 410
SQM<br> S.A. 01-S015900<br> - SQM Sustainability Environmental<br> processing Expense 30
SQM<br> S.A. 01-I039600<br> - New Warehouse Iodine Stock NV Environmental<br> processing Assets 201
SQM<br> S.A. 01-I039700<br> - Adapting tanks for hazardous substances NV Environmental<br> processing Assets 44
SQM<br> S.A. 01-P010300<br> - Adapting tanks for hazardous substances PV Environmental<br> processing Assets 71
SQM<br> S.A. 01-P010400<br> - Adaptation of dispatch warehouse PV Environmental<br> processing Assets 44
SQM<br> S.A. 01-I041400<br> - DIA New ponds and stockpiles at Sur Viejo Environmental<br> processing Expense 45
SQM<br> S.A. 01-I044400<br> - Improvement of NV heritage storage facility and offices Sustainability:<br> Environment and Risk Prevention Expense 1
SQM<br> S.A. 01-F000100<br> - EIA Pampa Blanca Maritime Project Environmental<br> processing Expense 448
SQM<br> S.A. 01-I050900<br> - Responsible Behavior Sustainability:<br> Environment and Risk Prevention Expense 188
SQM<br> S.A. 01-F000300<br> - Reopening of the Pampa Blanca Project - Iodide Plant Sustainability:<br> Environment and Risk Prevention Assets 854
SQM<br> S.A. 01-I054700<br> - Implementation of Sustainability Project (Storm petrel protection) Sustainability:<br> Environment and Risk Prevention Assets 219
SQM<br> S.A. 01-I054800<br> - Implementation of Tente en el Aire Project’s environmental commitments Sustainability:<br> Environment and Risk Prevention Expense 405
SQM<br> S.A. 01-P012000<br> - Setting up infrastructure for Respel, maintenance workshop Sustainability:<br> Environment and Risk Prevention Expense 4
SQM<br> S.A. 01-I063000<br> - Installation of solar panels for NV new laboratory Sustainability:<br> Environment and Risk Prevention Assets 36
SQM<br> S.A. 01-I062600<br> - Improved lighting at NV due to environmental and security standards Sustainability:<br> Environment and Risk Prevention Assets 33
SQM<br> S.A. 01-I063800<br> - SO2 gas abatement in NV plant Sustainability:<br> Environment and Risk Prevention Assets 162
SQM<br> Industrial S.A. 04-J015700<br> - Update of Closure Plans Sustainability:<br> Environment and Risk Prevention Expense 7
SQM<br> Industrial S.A. 04-J022700<br> - DIA integration of Coya Sur site Environmental<br> processing Expense 126
SQM<br> Industrial S.A. 04-J022800<br> - Adaptation light pollution Sustainability:<br> Environment and Risk Prevention Assets 941
SQM<br> Industrial S.A. 04-M004300<br> - Reduction of Industrial Waste Sustainability:<br> Environment and Risk Prevention Expense 18
SQM<br> Industrial S.A. 04-I038600<br> - Monitoring extractions NV Sustainability:<br> Environment and Risk Prevention Assets 512
SQM<br> Industrial S.A. 04-J023700<br> - Regularization Hazardous Substances Decree SQM Industrial Environmental<br> processing Assets 60
SQM<br> Industrial S.A. 04-I046900<br> - Pilot Floating Photovoltaic Solar Plant (FPV-SV) - Conceptual Engineering Sustainability:<br> Environment and Risk Prevention Expense 11
SQM<br> Industrial S.A. 04-M005400<br> - Rio Loa preventive monitoring (water and aquatic biota quality) Sustainability:<br> Environment and Risk Prevention Expense 25
SQM<br> Industrial S.A. 04-J013500<br> - Handling of equipment associated with PCBs Sustainability:<br> Environment and Risk Prevention Expense 5
SQM<br> Industrial S.A. 04-J015800<br> - Other 2019 industry regularizations Sustainability:<br> Environment and Risk Prevention Expense 13
SQM<br> Industrial S.A. 04-M005600<br> - Improve N&Y warehouse Sustainability:<br> Environment and Risk Prevention Assets 20
SQM<br> Industrial S.A. 04-I050100<br> - Engineering for Orcoma seawater impulsion system Sustainability:<br> Environment and Risk Prevention Assets 316
SQM<br> Industrial S.A. 04-F000200<br> - Reopening of Pampa Blanca Project - Mine Operations Center / Conveyors Sustainability:<br> Environment and Risk Prevention Assets 835
SQM<br> Industrial S.A. 04-J029000<br> - Assembly of pilot solar thermal power plant Sustainability:<br> Environment and Risk Prevention Assets 34
SQM<br> Industrial S.A. 04-I052600<br> - Construction of Waste Salt Yards Sustainability:<br> Environment and Risk Prevention Assets 1,440
Subtotal 23,893

All values are in US Dollars.

150
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023

Accumulatedexpenses as of December 31, 2022

Parent<br> Company or Subsidiary Project<br> Name Associated with Disbursement Reason<br> for Disbursement Asset<br> / Expense Disbursement
ThUS
SQM<br> Industrial S.A. 04-J029100<br> - Sustainability program support Sustainability:<br> Environment and Risk Prevention Assets 139
SQM<br> Industrial S.A. 04-J029200<br> - Electric ground transportation Sustainability:<br> Environment and Risk Prevention Assets 722
SQM<br> Industrial S.A. 04-G000700<br> - Pampa Orcoma Seawater Impulsion Sustainability:<br> Environment and Risk Prevention Assets 5,256
SQM<br> Industrial S.A. 04-J031700<br> - Standardization of the prilling and drying plant as per DS-43 and RCA Sustainability:<br> Environment and Risk Prevention Assets 129
SQM<br> Industrial S.A. 04-J032700<br> - Purchase Maxus electric truck Sustainability:<br> Environment and Risk Prevention Assets 280
SQM<br> Industrial S.A. 04-J015200<br> - Implement Economizers Sustainability:<br> Environment and Risk Prevention Assets 15
SQM<br> Industrial S.A. 04-J028800<br> - Implementation of Economizers and structural improvements, NPT2 Sustainability:<br> Environment and Risk Prevention Assets 17
SQM<br> Industrial S.A. 04-I061600<br> - Improvements and Cleaning Nueva Victoria Industrial Yard Sustainability:<br> Environment and Risk Prevention Expense 4
SQM<br> Industrial S.A. 04-I062400<br> - NV Tarp Analytic Video Sustainability:<br> Environment and Risk Prevention Assets 6
SQM<br> Industrial S.A. 04-S022100<br> - Recovery of Prill Heat in CS/Electric Buses Sustainability:<br> Environment and Risk Prevention Assets 163
SIT<br> S.A. 03-T009900<br> - Air quality monitoring system for Tocopilla Sustainability:<br> Environment and Risk Prevention Assets 8
SIT<br> S.A. 03-T011800<br> - Mechanized Plant Automation Sustainability:<br> Environment and Risk Prevention Assets 8
SIT<br> S.A. 03-T012400<br> - Port paving 2022 (paving stone levelling) Formerly Copex) Sustainability:<br> Environment and Risk Prevention Assets 766
SIT<br> S.A. 03-T012900<br> - Reinforced Concrete Walls in Fields 6 and 12 Sustainability:<br> Environment and Risk Prevention Assets 184
SQM<br> Salar S.A. 19-L018900<br> - Evaporation 2018-2019 Sustainability:<br> Environment and Risk Prevention Assets 28
SQM<br> Salar S.A. 19-L021400<br> - Environmental monitoring 2019 PSA Environmental<br> processing Expense 34
SQM<br> Salar S.A. 19-S013400-<br> Online Monitoring Sustainability:<br> Environment and Risk Prevention Expense 151
SQM<br> Salar S.A. 19-S016300<br> - Consultancy 2020 Sustainability:<br> Environment and Risk Prevention Assets 81
SQM<br> Salar S.A. 19-S016400<br> - Implement Acquiere BD Ambiental Sustainability:<br> Environment and Risk Prevention Assets 1
SQM<br> Salar S.A. 19-L025800<br> - Normalization of Energy Administration System Sustainability:<br> Environment and Risk Prevention Assets 2
SQM<br> Salar S.A. 19-L024200<br> - Environmental and Operational Risk Analysis Study of Salar de Atacama Sustainability:<br> Environment and Risk Prevention Assets 8
SQM<br> Salar S.A. 19-L025300<br> - Compliance with health department water permit Sustainability:<br> Environment and Risk Prevention Assets 19
SQM<br> Salar S.A. 19-L030200<br> - Removal and disposal of non- hazardous waste at Salar de Atacama landfill site Sustainability:<br> Environment and Risk Prevention Assets 7
SQM<br> Salar S.A. 19-L028200<br> - Environmental Monitoring 2020 Sustainability:<br> Environment and Risk Prevention Expense 75
SQM<br> Salar S.A. 19-L029800<br> - DS43 Adjustment Environmental<br> processing Assets 36
SQM<br> Salar S.A. 19-L030100<br> - Standardization of Sectoral Environmental Permit 136 for the Salar de Atacama Works Environmental<br> processing Expense 15
SQM<br> Salar S.A. 19-L031300<br> - Global FM Compliance for Maintenance Area Environmental<br> processing Assets 55
SQM<br> Salar S.A. 19-L031700<br> - Regulation of Emissions Sources of Light DS N°43 Sustainability:<br> Environment and Risk Prevention Assets 735
SQM<br> Salar S.A. 19-L032300<br> - Hydrogeology EIA 2021 Sustainability:<br> Environment and Risk Prevention Expense 752
SQM<br> Salar S.A. 19-L019800<br> - Salar de Atacama paleoclimatic study Sustainability:<br> Environment and Risk Prevention Assets 24
SQM<br> Salar S.A. 19-C012400<br> - New Disposal Salt Deposits Environmental<br> processing Expense 4,394
SQM<br> Salar S.A. 19-S021500<br> - Improvements to SK-1300 2021 Sustainability:<br> Environment and Risk Prevention Expense 9
SQM<br> Salar S.A. 19-C012800<br> - Capture of CO2 Sustainability:<br> Environment and Risk Prevention Assets 56
SQM<br> Salar S.A. 19-L034000<br> - Environmental Projects EIA + EIS 2021, 2022 Sustainability:<br> Environment and Risk Prevention Assets 2,102
SQM<br> Salar S.A. 19-C013700<br> - Thermosolar plant study Sustainability:<br> Environment and Risk Prevention Expense 5
SQM<br> Salar S.A. 19-L034700<br> - Electrification of Ponds- Stage III (15 ponds) Sustainability:<br> Environment and Risk Prevention Assets 64
Subtotal 16,350

All values are in US Dollars.

151
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023

Accumulatedexpenses as of December 31, 2022

Parent<br> Company or <br><br>Subsidiary Project<br> Name Associated with Disbursement Reason<br> for Disbursement Asset<br> / <br><br>Expense Disbursement
ThUS
SQM<br> Salar S.A. 19-L035100<br> - MOP G III Critical equipment overhaul Sustainability:<br> Environment and Risk Prevention Expense 58
SQM<br> Salar S.A. 19-L035200<br> - Environmental and personal risk prevention Sustainability:<br> Environment and Risk Prevention Assets 4
SQM<br> Salar S.A. 19-C014600<br> - Support and Improvements to Plant Electrical Circuits and Lighting Sustainability:<br> Environment and Risk Prevention Assets 46
SQM<br> Salar S.A. 19-L042400<br> - SdA Sustainability - Solar Energy Sustainability:<br> Environment and Risk Prevention Assets 240
SQM<br> Salar S.A. 19-L042600<br> - Installation of solar panels for the Salar Camp Sustainability:<br> Environment and Risk Prevention Assets 110
SQM<br> Salar S.A. 19-S024200<br> - LCA Lithium Upgrade Sustainability:<br> Environment and Risk Prevention Expense 124
SQM<br> Salar S.A. 19-C018600<br> - Facility Improvements, Automation and control Sustainability:<br> Environment and Risk Prevention Assets 2
SQM<br> Salar S.A. 19-L042300<br> - Energy Efficiency Project in Wells with Direct Start and Regulation Sustainability:<br> Environment and Risk Prevention Assets 38
SQM<br> Salar S.A. 19-C023000<br> - Structural modification and compliance with standard DS43 Environmental<br> processing Assets 48
SQM<br> Salar S.A. 19-C023800<br> - Installation and structural adaptations L3 - DS43 Sustainability:<br> Environment and Risk Prevention Assets 76
SQM<br> Salar S.A. 19-L042900<br> - Organization, Removal and Cleaning of SdA Industrial Waste Deposit Sustainability:<br> Environment and Risk Prevention Assets 41
SQM<br> Nitratos S.A. 12-I039000<br> - Adaptation of hazardous waste warehouse Environmental<br> processing Assets 1
SQM<br> Nitratos S.A. 12-F000400<br> - Pampa Blanca Project Reopening – Mining Workshop Sustainability:<br> Environment and Risk Prevention Assets 320
SQM<br> Nitratos S.A. 12-I061400<br> - Installation of fuel catalysts in 16 mining machines Sustainability:<br> Environment and Risk Prevention Assets 212
Minera<br> Búfalo 20-A010300<br> - Búfalo Project Monitoring and Follow up Commitments Sustainability:<br> Environment and Risk Prevention Expense 99
SQM<br> Potasio S.A. 14-I039400<br> - Adapting Pond Iris Environmental<br> processing Assets 18
SQM<br> Potasio S.A. 14-I039800<br> - Adapting hazardous substances warehouse IRIS Environmental<br> processing Assets 53
Orcoma<br> Spa 15-I039100<br> - Sectoral Permits and compliance EIA Orcoma Project Environmental<br> processing Expense 2,447
Subtotal 3,937
Total 44,180

All values are in US Dollars.

152
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023

Committedexpenses for future periods as of December 31, 2022

Parent<br> Company or <br><br>Subsidiary Project<br> Name Associated with Disbursement Reason<br> for Disbursement Asset<br> / <br><br>Expense Disbursement
ThUS
Miscellaneous Environment<br> - Operating Area Not<br> classified Expense 8,149
SQM<br> S.A. 01-I017200<br> - CEDAM at Puquíos at Llamara Sustainability:<br> Environment and Risk Prevention Expense 82
SQM<br> S.A. 01-I017400<br> - Development of Pintados and Deposit Humberstone Sustainability:<br> Environment and Risk Prevention Expense 117
SQM<br> S.A. 01-I019400<br> - EIA Expansion of TEA and Seawater Impulsion Environmental<br> processing Assets 516
SQM<br> S.A. 01-I028300<br> - Implementación PDC 2019 - Proceso sanción Llamara Sustainability:<br> Environment and Risk Prevention Expense 171
SQM<br> S.A. 01-I038400<br> - Update APT conceptual and numerical hydrogeological model Sustainability:<br> Environment and Risk Prevention Expense 42
SQM<br> S.A. 01-I039600<br> - New Warehouse Iodine Stock NV Environmental<br> processing Assets 121
SQM<br> S.A. 01-I039700<br> - Adapting Pond Substances NV Environmental<br> processing Assets 35
SQM<br> S.A. 01-P010300<br> - Adapting pond substances PV Environmental<br> processing Assets 267
SQM<br> S.A. 01-P010400<br> - Adapting dispatch warehouse PV Environmental<br> processing Assets 5
SQM<br> S.A. 01-I041400<br> - DIA New pits and stockpiles in Sur Viejo Environmental<br> processing Expense 269
SQM<br> S.A. 01-I044400<br> - Improve NV proprietary warehouse and offices Sustainability:<br> Environment and Risk Prevention Expense 8
SQM<br> S.A. 01-S022000<br> - Sustainability projects SQM-Sustainable luminaires iris-NV Sustainability:<br> Environment and Risk Prevention Assets 25
SQM<br> S.A. 01-F000100<br> - Pampa Blanca EIA - Sea water Project Environmental<br> processing Expense 493
SQM<br> S.A. 01-F000300<br> - Pampa Blanca Project Reopening - Iodide Plant Sustainability:<br> Environment and Risk Prevention Assets 1,090
SQM<br> S.A. 01-I054700<br> - Implementation of sustainability project (Wilson’s petrel protection) Sustainability:<br> Environment and Risk Prevention Assets 381
SQM<br> S.A. 01-I054800<br> - Implementation of environmental commitments for the Tente en el Aire project Sustainability:<br> Environment and Risk Prevention Assets 1,095
SQM<br> S.A. 01-P012000<br> - Installation of hazardous waste infrastructure, maintenance shop Sustainability:<br> Environment and Risk Prevention Expense 43
SQM<br> S.A. 01-I060400<br> - Standardization of Core Sample/Finished Product Room Sustainability:<br> Environment and Risk Prevention Assets 20
SQM<br> S.A. 01-I060500<br> - Improvements to input unloading area Sustainability:<br> Environment and Risk Prevention Assets 72
SQM<br> S.A. 01-I060900<br> - Regularization of Hazardous Waste Storage Yard and General Storage Areas Sustainability:<br> Environment and Risk Prevention Assets 52
SQM<br> S.A. 01-I062600<br> - Improved lighting at NV due to environmental and security standards Sustainability:<br> Environment and Risk Prevention Assets 25
SQM<br> Industrial S.A. 04-J013500<br> - Handling equipment associated with PCBs Sustainability:<br> Environment and Risk Prevention Expense 259
SQM<br> Industrial S.A. 04-J015200<br> - Implementation Economizers Sustainability:<br> Environment and Risk Prevention Assets 8
SQM<br> Industrial S.A. 04-J015700<br> - Update of Closure Plans Sustainability:<br> Environment and Risk Prevention Expense 26
SQM<br> Industrial S.A. 04-J015800<br> - Other Sector Regulatory Measures Sustainability:<br> Environment and Risk Prevention Expense 29
SQM<br> Industrial S.A. 04-M003900<br> - Revocation PDME Sustainability:<br> Environment and Risk Prevention Expense 47
SQM<br> Industrial S.A. 04-J022700<br> - DIA Integración Faena Coya Sur Environmental<br> processing Expense 184
SQM<br> Industrial S.A. 04-J022800<br> - Improvements to light pollution (DS 43) INDUSTRIAL Sustainability:<br> Environment and Risk Prevention Assets 2,659
SQM<br> Industrial S.A. 04-J023700<br> - Regularization Hazardous Substances Decree SQM Industrial Environmental<br> processing Assets 8
SQM<br> Industrial S.A. 04-I046900<br> - Pilot Floating Photovoltaic Solar Plant (FPV-SV) - Conceptual Engineering Sustainability:<br> Environment and Risk Prevention Expense 403
SQM<br> Industrial S.A. 04-J025000<br> - Scrubber Calderas NPT3 Sustainability:<br> Environment and Risk Prevention Assets 200
SQM<br> Industrial S.A. 04-M005400<br> - Rio Loa Preventive Monitoring (Water and Aquatic Biota Quality) Sustainability:<br> Environment and Risk Prevention Expense 88
SQM<br> Industrial S.A. 04-I050100<br> - Engineering Seawater impulsion system Sustainability:<br> Environment and Risk Prevention Assets 43
SQM<br> Industrial S.A. 04-S022100<br> - Prilled heat recovery in electric CS/Buses Sustainability:<br> Environment and Risk Prevention Assets 27
SQM<br> Industrial S.A. 04-F000200<br> - Pampa Blanca Project Reopening – Mining/Conveyors Sustainability:<br> Environment and Risk Prevention Assets 391
Subtotal 17,450

All values are in US Dollars.

153
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023

Committedexpenses for future periods as of December 31, 2022

Parent<br> Company or <br><br>Subsidiary Project<br> Name Associated with Disbursement Reason<br> for Disbursement Asset<br> / <br><br>Expense Disbursement
ThUS
SQM<br> Industrial S.A. 04-J028700<br> - Electromobility pilot for passenger transportation Sustainability:<br> Environment and Risk Prevention Assets 95
SQM<br> Industrial S.A. 04-J028800<br> - NPT2 economizers and structural improvements Sustainability:<br> Environment and Risk Prevention Assets 148
SQM<br> Industrial S.A. 04-J029000<br> - Assembly of pilot solar thermal power plant Sustainability:<br> Environment and Risk Prevention Assets 1,548
SQM<br> Industrial S.A. 04-I052600<br> – Construction of courts sales descart Sustainability:<br> Environment and Risk Prevention Assets 59
SQM<br> Industrial S.A. 04-I055800<br> - Elena 13 Energy Modificaton Sustainability:<br> Environment and Risk Prevention Assets 140
SQM<br> Industrial S.A. 04-J029100<br> - Sustainability program support Sustainability:<br> Environment and Risk Prevention Assets 11
SQM<br> Industrial S.A. 04-G000700<br> - Pampa Orcoma Seawater Impulsion Sustainability:<br> Environment and Risk Prevention Assets 49,744
SQM<br> Industrial S.A. 04-J031700<br> - Standardization of Prilling and Drying Plant as per DS-43 and RCA Sustainability:<br> Environment and Risk Prevention Assets 121
SQM<br> Industrial S.A. 04-I061300<br> - Reduction of water loss due to solar evaporation Sustainability:<br> Environment and Risk Prevention Assets 55
SQM<br> Industrial S.A. 04-J032700<br> - Purchase of Maxus electric truck Sustainability:<br> Environment and Risk Prevention Assets 50
SQM<br> Industrial S.A. 04-I061600<br> - Improvement and Cleaning of Nueva Victoria Industrial Yard Sustainability:<br> Environment and Risk Prevention Expense 171
SQM<br> Industrial S.A. 04-I062400<br> - Analytical Video Coating Machines NV Sustainability:<br> Environment and Risk Prevention Assets 9
SIT<br> S.A. 03-T009900<br> - Air quality monitoring system Tocopilla Sustainability:<br> Environment and Risk Prevention Assets 23
SIT<br> S.A. 03-T010500<br> - Hydrocarbon Detection System Tocopilla Port Sustainability:<br> Environment and Risk Prevention Assets 21
SIT<br> S.A. 03-T011800<br> - Mechanized Plant Automation Sustainability:<br> Environment and Risk Prevention Assets 9
SIT<br> S.A. 03-T012900<br> - Reinforced Concrete Walls in Fields 6 and 12 Sustainability:<br> Environment and Risk Prevention Assets 466
SQM<br> Salar S.A. 19-L018900<br> - Evaporation 2018-2019 Sustainability:<br> Environment and Risk Prevention Assets 7
SQM<br> Salar S.A. 19-L019800<br> - Paleoclimate Study Salar de Atacama Sustainability:<br> Environment and Risk Prevention Expense 2
SQM<br> Salar S.A. 19-L020000<br> - Improvement of Operational Monitoring Network Sustainability:<br> Environment and Risk Prevention Assets 2
SQM<br> Salar S.A. 19-S013400<br> - Online monitoring Sustainability:<br> Environment and Risk Prevention Expense 199
SQM<br> Salar S.A. 19-L024200<br> - Environmental Risk Analysis Study Salar de Atacama Sustainability:<br> Environment and Risk Prevention Expense 29
SQM<br> Salar S.A. 19-S016200<br> - Acquisition of Hardware- Software Sustainability:<br> Environment and Risk Prevention Assets 4
SQM<br> Salar S.A. 19-S016500<br> - Incorporation of IA prediction test models Sustainability:<br> Environment and Risk Prevention Assets 7
SQM<br> Salar S.A. 19-S016900<br> - Monitoring water-vegetation dynamics in the Aguas de Quelana sector Sustainability:<br> Environment and Risk Prevention Assets 35
SQM<br> Salar S.A. 19-L025300<br> - Compliance with Sanitary Resolution Sustainability:<br> Environment and Risk Prevention Assets 98
SQM<br> Salar S.A. 19-L030100<br> - Compliance with Sectoral Environmental Permit 136 at Salar de Atacama site Environmental<br> processing Expense 3
SQM<br> Salar S.A. 19-L030700<br> - Well electrification, second stage Sustainability:<br> Environment and Risk Prevention Assets 2
SQM<br> Salar S.A. 19-L031300<br> - Global FM Compliance Maintenance Area Environmental<br> processing Expense 88
SQM<br> Salar S.A. 19-L031700<br> - Regularization of Light Emitting Sources DS No. 43 Environmental<br> processing Assets 2
SQM<br> Salar S.A. 19-L032000<br> - Salar Sustainability Project Sustainability:<br> Environment and Risk Prevention Assets 1
SQM<br> Salar S.A. 19-S021500<br> - SK Improvements -1300 2021 Environmental<br> processing Expense 4
SQM<br> Salar S.A. 19-C012800<br> - CO2 Capture Sustainability:<br> Environment and Risk Prevention Assets 1,961
SQM<br> Salar S.A. 19-C013700<br> - Thermosolar plant study Sustainability:<br> Environment and Risk Prevention Expense 18
SQM<br> Salar S.A. 19-L034700<br> - Well electrification - Phase III (15 wells) Sustainability:<br> Environment and Risk Prevention Assets 26
SQM<br> Salar S.A. 19-L035100<br> - MOP G III Critical equipment overhaul Sustainability:<br> Environment and Risk Prevention Expense 2
SQM<br> Salar S.A. 19-L035200<br> - Environmental and personal risk prevention Sustainability:<br> Environment and Risk Prevention Assets 55
Subtotal 55,215

All values are in US Dollars.

154
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023

Committedexpenses for future periods as of December 31, 2022

Parent<br> Company or <br><br>Subsidiary Project<br> Name Associated with Disbursement Reason<br> for Disbursement Asset<br> / <br><br>Expense Disbursement
ThUS
SQM<br> Salar S.A. 19-L035600<br> - Electrification of P reservoir well system, with ½ tension system Sustainability:<br> Environment and Risk Prevention Assets 57
SQM<br> Salar S.A. 19-L014700<br> - Industrial Waste Management Sustainability:<br> Environment and Risk Prevention Expense 24
SQM<br> Salar S.A. 19-C014600<br> - Support and Improvements to Plant Electrical Circuits and Lighting Sustainability:<br> Environment and Risk Prevention Assets 16
SQM<br> Salar S.A. 19-C016500<br> - Pond flowmeters and levels Sustainability:<br> Environment and Risk Prevention Assets 100
SQM<br> Salar S.A. 19-C017400<br> - Support for tanks and reactors Sustainability:<br> Environment and Risk Prevention Expense 25
SQM<br> Salar S.A. 19-L040300<br> - Lithium Mitigation Project Sustainability:<br> Environment and Risk Prevention Expense 83
SQM<br> Salar S.A. 19-L042400<br> - SdA Sustainability - Solar Energy Sustainability:<br> Environment and Risk Prevention Assets 60
SQM<br> Salar S.A. 19-S024200<br> - LCA Lithium Upgrade Sustainability:<br> Environment and Risk Prevention Expense 51
SQM<br> Salar S.A. 19-C018500<br> – PCA Maintenance Sustainability:<br> Environment and Risk Prevention Assets 45
SQM<br> Salar S.A. 19-C018600<br> - Facility Improvements, Automation and control Sustainability:<br> Environment and Risk Prevention Assets 13
SQM<br> Salar S.A. 19-L042300<br> - Energy Efficiency Project in Wells with Direct Start and Regulation Sustainability:<br> Environment and Risk Prevention Activo 36
SQM<br> Salar S.A. 19-S024700<br> - Tool development for reporting monthly weather data to PdC Sustainability:<br> Environment and Risk Prevention Expense 50
SQM<br> Salar S.A. 19-S025600<br> - Maintenance workshop and warehouse infrastructure Sustainability:<br> Environment and Risk Prevention Assets 30
SQM<br> Nitratos S.A. 12-F000400<br> - Pampa Blanca Project Reopening – Mining Workshop Sustainability:<br> Environment and Risk Prevention Assets 54
SQM<br> Nitratos S.A. 12-I052000<br> - Pampa Blanca Project Reopening – Mining Workshop Sustainability:<br> Environment and Risk Prevention Expense 257
SQM<br> Nitratos S.A. 12-I061400<br> - Installation of fuel catalysts in 16 mining machines Sustainability:<br> Environment and Risk Prevention Assets 4
SQM<br> Nitratos S.A. 12-I061800<br> - Construction of RINP Waste Collection Sites Sustainability:<br> Environment and Risk Prevention Assets 200
Minera<br> Búfalo 20-A010300<br> - Búfalo Project Monitoring and Follow up Commitments Sustainability:<br> Environment and Risk Prevention Expense 201
SQM<br> Potasio S.A. 14-I039400<br> - Adapting Pond Iris Environmental<br> processing Assets 112
SQM Potasio<br> S.A. 14-I039800<br> - Adapting hazardous substances warehouse IRIS Environmental<br> processing Assets 89
SQM Salar<br> S.A. 19-C022800<br> – Implementation of Restrooms in TAR Plant Sustainability:<br> Environment and Risk Prevention Assets 23
SQM Salar<br> S.A. 19-C022900<br> - Improved Safety Conditions in Lithium Carbonate Plant ISO 45001 Sustainability:<br> Environment and Risk Prevention Assets 63
SQM Salar<br> S.A. 19-C023000<br> - Structural modification and compliance with standard DS43 Environmental<br> processing Assets 412
SQM Salar<br> S.A. 19-C023500<br> - Compliance with standard DS594 - Li2CO3 and modification of PT construction Environmental<br> processing Assets 260
SQM Salar<br> S.A. 19-C023800<br> - Installation and structural adaptations L3 - DS43 Sustainability:<br> Environment and Risk Prevention Assets 274
SQM Salar<br> S.A. 19-L042900<br> - Organization, Removal and Cleaning of SdA Industrial Waste Deposit Sustainability:<br> Environment and Risk Prevention Assets 389
SQM S.A. 01-I063800<br> - SO2 gas abatement in NV plant Sustainability:<br> Environment and Risk Prevention Assets 258
Subtotal 3,186
Total 75,851

All values are in US Dollars.

155
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
22.3 Description<br> of each project, indicating whether these are in process or have been finished
--- ---

SociedadQuimica y Minera de Chile S.A.

EnvironmentalCommitments Implementation Projects

**I0172:**The project includes the commitments the Tamarugos Environmental Management Plan, which contemplates an Environmental Education Program that includes the design, construction and start-up of an Environmental Education Center (CEDAM) at Puquios de Llamara.

**I0283:**The project involves the implementation of actions committed in the PDC. The implementation considers consulting with consultants (legal, hydrogeological and in processing with PDC), studies and additional follow-up.

**I0384:**The project contemplates updating the Conceptual and Numerical Hydrogeological Model for the Pampa del Tamarugal Aquifer.

**P0120:**The project consists of the manufacture and installation of structures for waste separation.

**I0547:**The project consists of taking an inventory of the lights installed at the Nueva Victoria e Iris site with experts and design a program to replace the current lights with those recommended to prevent petrel fatalities.

**I0604:**The project consists of the construction of a room for storing core samples at the Nueva Victoria Iodine plant, to meet client requirements and to comply with the DS 43 Regulation on Hazardous Substances.

**I0605:**The project consists of a 100% improvement to receiving and unloading facilities at the Nueva Victoria Iodine plant, to meet the requirements of suppliers and the comply with DS 43, the Regulation on Hazardous Substances.

**I0609:**The project consists of the regularization of the hazardous waste storage yard and general storage areas in the Nueva Victoria iodine plant, to comply with DS 43, the Regulation on Hazardous Substances.

**I0626:**Change all exterior lighting in NV plant, ensuring the material is antiexplosive and in keeping with the environmental decree.

**I0638:**SO2 gas abatement in NV plant to reduce emissions by 61%.

EnvironmentalImprovement Initiatives and Projects

**I0396:**The project involves improving NV’s hazardous substances pond facilities, in accordance with the Adaptation Plan for Hazardous Substances Regulation DS 43.

**I0397:**The project involves constructing a new NV warehouse, in accordance with the Hazardous Substances Regulation DS 43.

**I0444:**The project considers improving the proprietary warehouse and environmental offices in Nueva Victoria.

**P0103:**The project involves improving the hazardous substances pond facilities at PV, in accordance with the Adaptation Plan for Hazardous Substances Regulation DS 43.

**P0104:**The project involves adapting the PV warehouse, in accordance with the Hazardous Substances Regulation DS 43.

**I0509:**The project involves improving the NV Iodine plant sectors aligned with the CR principles in each of the principles that this requires (safety, environment, waste).

**I0630:**The project will install solar panels on the laboratory roof and the batteries to store energy and power lighting for the Nueva Victoria laboratory.

156
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023

**S0220:**The goal of the project is to finance the change in lighting with less energy consumption in the Iris Camp, aligned with the goals of the company’s sustainable development plan.

F0003: The project consists of the reopening of the Pampa Blanca iodide plant.

**I0174:**The project consists of the enhancement of the former Pintados station and preparation of a storage space at Humberstone for storing the archaeological materials that are recovered as part of the archaeological compensation measures involved in these projects.

**I0548:**The environmental commitments set out in the project correspond to the application of bischofite on access roads to the locality of Colonia Pintados, improvements to livestock corrals and water troughs in Bellavista, support for cultural activities, Bellavista and Colonia Pintados livestock, and other actions.

**I0194:**The project consists of the preparation and processing of the Environmental Impact Study for Expansion of TEA and Impulsion.

**I0282:**The project consists of the preparation and processing of the Environmental Impact Study for Llamara.

**I0414:**The project includes the preparation and processing of an Environmental Impact Statement (EIS) required to obtain environmental authorization for additional surface ponds, new scrap storage areas, increased transport of nitrate-rich salts to Coya Sur and increased BF portage (AFA) from Nueva Victoria to Sur Viejo.

**S0159:**The project considers surveying all the company’s sustainability initiatives, integrating the different practices in the areas of the company, identifying its strengths and opportunities to strengthen the management of its sustainability, aligning the strategy with the SDGs for all SQM operations in Chile. Support in completing the DJSI survey.

**F0001:**The project will develop the engineering and studies required to prepare the EIA, sectorial and territorial permits to operate the Pampa Blanca Mine.

SQMIndustrial S.A.

EnvironmentalCommitments Implementation Projects

**J0158:**The project will prepare and process sectorial permits for favorable reports to construct in Coya Sur (CS) and permits for hydraulic works defined in Article 294 of the Water Code (evaporation wells) at CS and NV.

EnvironmentalImprovement Initiatives and Projects

I0386The project considers a monitoring and transmission system for effective extractions and dynamic levels in extraction wells owned by SQM, which supply the Nueva Victoria site.

**I0469:**The project considers the development of conceptual engineering studies for assessment of technical-economic feasibility for the implementation of a pilot floating photovoltaic solar plant in the Sur Viejo water ponds (FPV-SV).

**I0616:**The project will clean two industrial yards in Nueva Victoria; the first is the operative yard, while the second is a non-standard yard.

**I0624:**The project will install cameras to visually register drivers in the Nueva Victoria coating machine area.

I0668: Recover water from the solar evaporation pool system through a forced evaporation system.

**J0135:**This project consists of dealing with all the oils and components that contain 50ppm or more of Polychlorobiphenyls (PCB) by 2025 at the latest.

157
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023

**J0157:**The project will update the closure plans in accordance with the normal regime established by current legislation. These requirements include an initial external audit, detailed risks analysis and their control, and other requirements.

**J0228:**The project considers the installation and normalization of lighting in Coya Sur and María Elena.

**J0237:**The project involves improving the hazardous substance pond facilities at CS and improvements to the hazardous substance storage facilities at CS and ME, in accordance with the Adaptation Plan for Hazardous Substances Regulation DS 43.

**M0043:**The project considers the removal of industrial waste to free up the sites defined for this purpose.

**M0056:**The project involves improving electrical facilities in the storage warehouses, repairing structures and roofs, improving patio floors, reducing waste generation, reducing the risk of fatigue among warehouse staff and increasing productivity, including equipment with electrical traction and mechanical support for storage and dispatch.

**I0501:**The project involves constructing a 400 l/s seawater collection and impulsion system for watering the leach heap, iodide plant and evaporation pond.

**J0250:**The project will install a scrubber, which will require developing structural engineering to support it and invite tenders for these structures at the NPT2 plant.

J0290The project will implement a solar pilot plant to generate thermal energy for heating solutions in NPT3. This first stage will draw O&M conclusions as well as yields for a potential industrial plant.

**I0526:**The project consists of the construction of yards for waste salts.

**J0291:**The project includes the acquisition of equipment and machines for the separation and reuse of waste in Nueva Victoria.

**I0558:**The project consists of removing power lines and posts.

**J0152:**The project consists of the installation of heat recovery equipment for boiler exhaust gas and the implementation of associated structural improvements.

**J0287:**The project consists of testing technology for the 100% reduction of emissions of greenhouse gases such as CO2, through the introduction of quick-charging electric pickups in CS operations.

**J0288:**The projects consists of the mounting and implementation of economizers for NPT2 plant steam boilers.

**J0292:**The project consists of an e-mobility pilot with an electric truck.

**S0221:**The project objective is to finance initiatives aligned with the goals of the Company’s Sustainable Development Plan. We have concrete targets we must meet through projects.

**J0317:**Switching of lights in the prilling and drying plants to comply with DS43 requirements.

**G0007:**Develop a 400 l/s seawater impulsion system for Pampa Orcoma.

**J0327:**A Maxus H6 truck will be purchased to study how it handles SQM roads and to assess the technical and economic feasibility of switching the entire ground fleet (350 trucks) in future.

**I0613:**The project consists of installing floating protective covers of recycled polypropylene (Hexa-cover) on three water storage ponds at SV to reduce water loss.

158
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023

Projectsfor the Studies and Presentations to the Environmental Assessment System

**J0227:**The project consists of the preparation and processing of an Environmental Impact Declaration (DIA) to extend the useful life of the NPT2 plant and incorporate fuel with KNO3. Prepare and process a DIA for the expansion and updating of Coya Sur.

**M0054:**The project involves developing the preliminary identification studies of the mine and PV heap area, identification of intake points and layouts for the sea water impulsion line.

**F0002:**The project includes the reconstruction and repair of the Mine Operations Centers that treat the leaching process solutions, install the conveyor solutions at the Pampa Blanca site.

**M0039:**The project consists of undertaking the legal technical analyses as per the request lodged with the Environment Ministry.

SITS.A.

EnvironmentalImprovement Initiatives and Projects

**T0099:**The project involves preparing a detailed emissions inventory, particulate matter dispersion model and protocol development. Measurement of fugitive emissions from Tocopilla Port operations and Air Quality Monitoring.

**T0105:**The purpose of the project is to install a system that detects and issues early warnings of hydrocarbons in the sea near the facilities at Tocopilla Port.

**T0118:**The objective of the project is to review and engineer all the equipment comprising this shipping circuit, conveyor belts, feeders and control system of the mechanized arm, in order to achieve automation.

**T0129:**Undertake all civil works necessary to elevate the outside wall of field 6 to 2.1 meters to prevent product seepage between piles.

T0124: The project will purchase and install 7,500 m2 of concrete new jersey barriers to protect pedestrians, and demarcate the pedestrian traffic areas.

SQMSalar S.A.

EnvironmentalCommitments Implementation Projects

**L0198:**The project will date sediment in the depositional environments of the last 50,000 years to complement the facies sedimentological model provided by the consultant. The project will try to reconstruct the variability history of the lagoon system with absolute ages.

**L0200:**The project will identify an appropriate device. Field testing of sensors. Purchase of sensors for all points. Installation of sensors. Analyze remote data transmission (future project).

**L0301:**The project will identify the requirements to request landfill permits and ensure their physical and chemical stability. It will include the safety measures that apply to construction and any future growth, in order to protect the environment and the life and welfare of people.

**L0323:**This considers undertaking hydrogeological and hydroecological studies, improvements in hydrogeological numerical modeling, instrumentation in environmentally sensitive areas and topographical surveys, to improve the hydrogeological-environmental understanding of the Salar de Atacama, to better respond to questions from environmental officials.

159
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023

**S0134:**The project involves showing information online regarding extractions and reinjections from the Salar. Additionally, it includes biotic and hydrogeological information to show authorities and the community the actions implemented by SQM for the environmental variable it has committed to.

**C0124:**The project involves the construction of discarded salt deposits, required by the increase in production in the lithium hydroxide and lithium carbonate plant.

**L0214:**The project consists of implementing a 2019 environmental follow up plan, monitoring optimal compliance with current environmental provisions.

**C0165:**The project consists of the installation of flowmeters and levels in ponds to carry out water balances for each discard pond so they can be reported to the environmental authorities.

**C0230:**Comply with DS43 through structural modifications and union of both warehouses, installation of new ventilation points, certifications and engineering at the Carmen Chemical Plant.

**C0235:**Comply with DS594 through structural modifications that allow the facilities to provide the sanitary conditions to support the increase in staffing at the El Carmen Lithium Chemical Plant.

**C0238:**Comply with DS43 through structural, electrical and access modifications and the creation of rack support for satellite carts at the Carmen Chemical Plant.

**L0214:**The Project involves implementing a 2019 environmental monitoring plan that monitors optimum compliance with current environmental standards.

**L0147:**The project involves managing industrial waste in the Salar de Atacama, eliminating unauthorized industrial waste storage points, in accordance with the RCA and current regulations.

**S0247:**The project will develop a monthly reporting tool for meteorological data required for the PdC.

**S0256:**The project will improve infrastructure at the maintenance workshop and hydrogeology warehouses to comply with ISO 14:001 2015 Standardization in Salar de Atacama.

EnvironmentalImprovement Initiatives and Projects

**C0185:**The project will create a team dedicated to the maintenance and control of PCA wells.

**C0186:**The project will automate the control systems for monitoring the Lithium Carbonate plant.

**C0242:**Implement measurements of water and energy consumption factors in pilot plants, to improve environmental indicators in new processes.

**L0189:**It includes improving the current lysimeter stations and implementing new stations in important sectors that are not currently measured, with the ability to remotely transmit information. This will improve the spatial coverage of the stations that measure evaporation within the basin. This considers consulting with an expert to propose methodological improvements.

**L0242:**This contemplates consulting to study the large-scale behavior of lagoon systems through the development of analytic or semi-analytic solutions.

**L0253:**This considers the regularization of the potable water system and the disposal of sewage waters from management.

**L0258:**This considers the normalization of the Electricity System for maintaining and operating the transformer substations.

**L0282:**It will consider an ecological assessment plan and environmental variables, a monitoring and early warning plan, a contingency plan and a vegetation response model. Hydro-geological modeling and early warning well modeling.

160
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023

**L0298:**It will consider adapting civil works to store hazardous substances, according to DS43.

**L0302:**It will consider removing non-hazardous industrial waste stored on site and reduce the amount of waste in authorized landfills.

**L0307:**The project will electrify 21 wells that provide high lithium brine or direct lithium in Salar de Atacama.

**L0313:**This considers generating protection and backup systems to ensure reliable operation of medium voltage equipment, which may provoke harm to people or damages to facilities.

**L0317:**This considers standardizing all external sources of lighting that do not have DS 43 certification for light pollution. The main activity involves regulating or changing all sources of emission that do not meet standards, considering the scopes and procedures established in this decree.

**L0423:**Energy efficiency in wells with direct start and regulation, reducing energy consumption, operating costs and CO2 emissions into the environment.

**L0424:**The project will install solar systems, renewable energy systems and reduce consumption by implementing energy efficiency systems.

**L0426:**Installation of 48 solar panels on a steel structure, which will serve a double function as both parking for service personnel and renewable energy use.

**L0429:**Organization, Removal and Cleaning of Salar de Atacama Industrial Waste Deposit.

**L0440:**Eliminate excessive leaks in the regrinding area of the MOP H II plant.

**L0442:**Definition of a comprehensive project to increase lithium production in the long term, through yield increases associated with the application of new technology and bringing the net water consumption of the mine to zero.

**L0444:**Fill the gaps encountered in order to qualify for certifications. Comply with legal and environmental standards.

**L0454:**Monitor new direct lithium extraction (DLE) technologies that resolve the new challenges and demands, which include solvent extraction, ion exchange, adsorption and nanofiltration.

**L0456:**Design, build and operate a pilot plant that uses solar energy to evaporate SQM brine and that is capable of recovering at least 90% of the evaporated water, complying with the chemical specifications of both the water and the concentrated brine.

**S0162:**This contemplates the acquisition of technology for optimization and traceability of GHS data.

**S0163:**The project contains measurement methodology for different terrain parameters and subsequent conceptual modeling.

**S0164:**This contemplates the unification of proprietary and third-party databases.

**S0165:**This project takes responsibility for an opportunity to improve the speed of data analysis and efficiency in decision-making.

**S0242:**The project consists of developing an LCA to understand the water footprint, considering the need to validate this information with third parties.

**L0320:**The project aims to finance waste separation and recycling initiatives in the Salar de Atacama.

**S0215:**The project includes improvements to practices and reportability under the SK-1300 international standard to maintain the standard for audits and to fulfill annual SEC requirements

**L0340:**Preparation of the “Salar de Atacama Sustainable Development Plan” EIA and “Increase in Capacity and Optimization of the Carmen Lithium Production Plant” EIS.

161
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023

**C0128:**This project consists of taking advantage of CO2 emissions for the production and/or purification of Lithium Carbonate.

**C0137:**This project consists of evaluating thermal solar energy use in VPOPL operations as a replacement to fossil fuels.

**L0347:**The project seeks to electrify the 15 wells medium-tension line, decreasing the use of generators that cause a greater impact in terms of CO2 emissions, diesel fuel consumption and maintenance costs.

**L0351:**This project consists of the overhaul of collectors 4 and 5 and includes both equipment and associated ductwork.

**L0352:**This project consists of generating a dust capture system on the stacker, to eliminate pollution and the loss of material.

**L0356:**This project consists of migrating the current electricity supply method (generator use) to a medium-tension supply that provides a continuous supply to the wells.

**S0169:**The project seeks to improve understanding of the dynamic between vegetation and water bodies in the Aguas de Quelana sector by applying spectral indicators with high resolution satellite images.

**C0146:**The project consists of improving lighting in the Lithium Carbonate plant, improving electrical circuits, updating them and improving the lights.

**C0174:**The project consists of repairing the tanks at the Lithium Carbonate plant, because they have been leaking and cracking due to operations.

**L0403:**The project consists of planting 5,000 native trees to compensate for/mitigate transportation emissions on the road between the Salar de Atacama and the El Carmen chemical plant, on the order of 10,000 tons of CO2.

**C0228:**The project involves the implementation of definitive bathrooms in the TAR plant, which must include bathrooms, showers and a men’s and women’s changing room.

**C0229:**The project consists of improving the conditions and operability of emergency showers in PQL and other safety devices necessary for ISO 45001 certification.

OrcomaEstudios Spa

EnvironmentalCommitments Implementation Projects

**I0391:**The project consists of obtaining sectoral and environmental sectoral permits for the Orcoma Project.

SQMNitratos S.A.

EnvironmentalImprovement Initiatives and Projects

**I0390:**The project contemplates making improvements to the common warehouse in Mina Oeste based on the commitments defined in the adaptation plan presented to the Health SEREMI, thereby complying with DS43.

I0520:The project involves strengthening the iodine and nitrate supply, reactivating mining operations for the extraction and construction of the leaching heaps of the Pampa Blanca Project in Region II (Antofagasta).

I0614:El proyecto consiste la instalación de catalizadores en 16 equipos de la flota de operaciones mineras para una potencial de reducción de 300 a 450 toneladas anuales de CO2eq.

**I0618:**The project will commission two non-hazardous waste collection sites, one at the TEA Mine and the other at Entorno Nueva Victoria.

162
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023

EnvironmentalCommitments Implementation Projects

**F0004:**Reopening the mine facilities of the mining project.

SociedadContractual Minera Búfalo

Projectsfor the Studies and Presentations to the Environmental Assessment System

**A0103:**The project consists of the implementation and execution of commitments acquired in the Búfalo Project environmental assessment.

SQMPotasio S.A.

EnvironmentalImprovement Initiatives and Projects

**I0394:**The project involves improving Iris’s hazardous substances pond facilities, in accordance with the Adaptation Plan for Hazardous Substances Regulation DS 43.

**I0398:**The project involves adapting the hazardous substances warehouse at the NV Iodine Plant, in accordance with Hazardous Substances Regulation DS 43.

163
Notes to the Consolidated Interim Financial Statements<br><br> March 31, 2023
Note<br> 23 Gains<br>(losses) from operating activities in the statement of income of expenses, included according to their nature
--- ---
23.1 Revenue<br> from operating activities customer activities
--- ---

The Group derives revenues from the sale of goods (which are recognized at one point in time) and from the provision of services (which are recognized over time) and are distributed among the following geographical areas and main product and service lines:

(a) Geographic<br>areas:
For the year ended March 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Geographic areas Specialty<br><br>plant<br><br>nutrition Iodine and<br><br>derivatives Lithium and<br><br>derivatives Potassium Industrial<br><br>chemicals Other Total ThUS
Chile 16,770 213 1,391 3,437 425 3,471
Latin America and the Caribbean 14,840 6,876 3,252 41,624 3,386 126
Europe 30,831 101,475 120,097 12,902 7,263 331
North America 109,369 39,902 45,498 20,111 13,011 200
Asia and Others 49,131 91,182 1,475,984 8,858 41,851 43
Total 220,941 239,648 1,646,222 86,932 65,936 4,171

All values are in US Dollars.

For the year ended as of March 31, 2022
Geographic areas Specialty<br><br>plant<br><br>nutrition Iodine and<br><br>derivatives Lithium and<br><br>derivatives Potassium Industrial<br><br>chemicals Other Total ThUS
Chile 29,796 554 200 18,136 1,483 4,051
Latin America and the Caribbean 29,992 2,113 400 57,835 2,039 168
Europe 57,346 64,955 70,454 4,433 7,599 266
North America 105,802 31,664 30,380 20,051 14,178 113
Asia and Others 52,363 53,130 1,344,928 13,603 1,760 26
Total 275,299 152,416 1,446,362 114,058 27,059 4,624

All values are in US Dollars.

164
Notes to the Consolidated Interim Financial Statements<br><br> March 31, 2023
(b) Main<br> product and service lines:
--- ---
For the period from January to March of the year
--- --- ---
**** Products and Services 2023 2022
ThUS ThUS
Specialty plant nutrition
- Sodium Nitrates
- Potassium nitrate and sodium potassium nitrate
- Specialty Blends
- Other specialty fertilizers
Iodine and derivatives
Lithium and derivatives
Potassium
Industrial chemicals
Other
- Services
- Income from property leases
- Income from subleases on right-of-use assets
- Commodities
- Other ordinary income of Commercial Offices
Total

All values are in US Dollars.

165
Notes to the Consolidated Interim Financial Statements<br><br> March 31, 2023
23.2 Cost<br>of sales
--- ---

Cost of sales broken down by nature of expense:

For the period from January to March of the year
Nature of expense 2023 2022
ThUS ThUS
Raw materials and consumables used ) )
Classes of employee benefit expenses ) )
Depreciation expense ) )
Depreciation of Right-of-use Assets (contracts under IFRS 16) ) )
Amortization expense ) )
Investment plan expenses ) )
Provision for materials, spare parts and supplies ) )
Contractors ) )
Operating leases ) )
Mining patents ) )
Operational transportation ) )
Freight / product transportation costs ) )
Purchase of products from third parties ) )
Insurance ) )
Corfo rights and other agreements ) )
Export costs ) )
Expenses related to variable lease payments (contracts under IFRS 16) ) )
Variation in gross inventory
Variation in inventory provision )
Other ) )
Total ) )

All values are in US Dollars.

166
Notes to the Consolidated Interim Financial Statements<br><br> March 31, 2023
23.3 Other<br>income
--- ---
Other income For the period from January to March of the year
--- --- ---
2023 2022
ThUS ThUS
Discounts obtained from suppliers
Fines charged to suppliers
Amounts recovered from taxes
Amounts recovered from insurance
Overestimate of provisions for third-party obligations
Sale of assets classified as properties, plant and equipment
Sales of materials, parts and supplies
Easements, pipelines and roads
Refunds for mining patents and notarial expenses
Government Grants (1)
Others
Total

All values are in US Dollars.

(1) The Company received an unconditional government grant for US$12,243 in March 2023, related to the permanence of its commercial office of SQM Shanghai Chemicals Co. Ltd. in the current district, which was recognized as part of this category.

23.4 Administrative<br>expenses
For the period from January to March of the year
--- --- --- --- ---
Administrative expenses 2023 2022
ThUS ThUS
Employee benefit expenses ) )
Marketing costs ) )
Amortization expenses ) )
Entertainment expenses ) )
Advisory services ) )
Lease of buildings and facilities ) )
Insurance ) )
Office expenses ) )
Contractors ) )
Depreciation of Right-of-use Assets (contracts under IFRS 16) ) )
Other expenses ) )
Total ) )

All values are in US Dollars.

167
Notes to the Consolidated Interim Financial Statements<br><br> March 31, 2023
23.5 Other<br>expenses
--- ---
For the period from January to March of the year
--- --- --- --- ---
Other expenses 2023 2022
ThUS ThUS
Depreciation and amortization expense
Depreciation of assets not in use
Subtotal
Impairment losses / reversals of impairment losses recognized in profit for the year
Properties, plant and equipment )
Intangible assets other than goodwill
Goodwill
Amortization of intangible assets )
Subtotal )
Other expenses, by nature
Legal expenses ) )
VAT and other unrecoverable taxes ) )
Fines paid ) )
Investment plan expenses ) )
Exploration expenses )
Contributions and donations ) )
Contract expenses in towns )
Other operating expenses ) )
Subtotal ) )
Total ) )

All values are in US Dollars.

23.6 Other<br>(losses) gains
For the period from January to March of the year
--- --- --- --- ---
Other (losses) gains 2023 2022
ThUS ThUS
Adjustment to prior periods due to applying the equity method )
Impairment of interests in associates
Others ) )
Total )

All values are in US Dollars.

23.7 (Impairment)<br>reversal of value of financial assets impairment losses
For the period from January to March of the year
--- --- --- --- ---
(Impairment) reversal of value of financial assets impairment losses 2023 2022
ThUS ThUS
(Impairment) reversal of value of financial assets impairment losses (See Note 13.2) ) )
Totals ) )

All values are in US Dollars.

168
Notes to the Consolidated Interim Financial Statements<br><br> March 31, 2023
23.8 Summary<br>of expenses by nature
--- ---

The following summary considers notes 23.2, 23.4 and 23.5

For the period from January to March of the year
Expenses by nature 2023 2022
ThUS ThUS
Raw materials and consumables ) )
Employee benefit expenses ) )
Depreciation expense ) )
Depreciation of right-of-use assets ) )
Impairment of properties, plant and equipment, intangible and Goodwill )
Amortization expense ) )
Legal expenses ) )
Investment plan expenses ) )
Exploration expenses )
Provision for materials, spare parts and supplies ) )
Contractors ) )
Operational leases ) )
Mining patents ) )
Operational transportation ) )
Freight and product transportation costs ) )
Purchase of products from third parties ) )
Corfo rights y other agreements ) )
Export costs ) )
Expenses related to variable lease payments (contracts under IFRS 16) ) )
Insurance ) )
Consultant and advisor services ) )
Variation in gross inventory
Variation in inventory provision )
Other expenses ) )
Total expenses by nature ) )

All values are in US Dollars.

23.9 Finance<br> expenses
For the period from January to March of the year
--- --- --- --- ---
Finance expenses 2023 2022
ThUS ThUS
Interest expense from bank borrowings and overdrafts ) )
Interest expense from bonds ) )
Interest expense from loans ) )
Reversal of capitalized interest expenses
Financial expenses for restoration and rehabilitation provisions ) )
Interest on lease agreement ) )
Other finance costs ) )
Total ) )

All values are in US Dollars.

169
Notes to the Consolidated Interim Financial Statements<br><br> March 31, 2023
23.10 Finance<br>income
--- ---
For the period from January to March of the year
--- --- ---
Finance income 2023 2022
ThUS ThUS
Interest from term deposits
Interest from marketable securities
Interest from maintenance of minimum bank balance in current account
Other finance income
Other finance interests
Total

All values are in US Dollars.

170
Notes to the Consolidated Interim Financial Statements<br><br> March 31, 2023
Note<br> 24 Reportable<br>segments
--- ---
24.1 Reportable<br>segments
--- ---
(a) Generalinformation:
--- ---

The amount of each item presented in each operating segment is equal to that reported to the highest authority that makes decisions regarding the operation, in order to decide on the allocation of resources to the defined segments and to assess its performance.

These operating segments mentioned are consistent with the way the Company is managed and how results will be reported by the Company. These segments reflect separate operating results that are regularly reviewed by the executive responsible for operational decisions in order to make decisions about the resources to be allocated to the segment and assess its performance (See Note 24.2).

The performance of each segment is measured based on net income and revenues. Inter-segment sales are made using terms and conditions at current market rates.

(b) Factors used to identify segments on which a report should be presented:

The segments covered in the report are strategic business units that offer different products and services. These are managed separately because each business requires different technology and marketing strategies.

(c) Description of the types of products and services from which each reportable segment obtains its income from ordinary activities

The operating segments as follows:

(i) Specialty<br> plant nutrients
(ii) Iodine<br> and its derivatives
--- ---
(iii) Lithium<br> and its derivatives
--- ---
(iv) Industrial<br> chemicals
--- ---
(v) Potassium
--- ---
(vi) Other<br> products and services
--- ---
(d) Description of income sources for all the other segments
--- ---

Information regarding assets, liabilities, profits and expenses that cannot be assigned to the segments indicated above, due to the nature of production processes, is included under the “Unallocated amounts” category of the disclosed information.

171
Notes to the Consolidated Interim Financial Statements<br><br> March 31, 2023
(e) Description of the nature of the differences between measurements of results of reportable segments and the result of the entity before the expense or income tax expense of incomes and discontinued operations
--- ---

The information reported in the segments is extracted from the Company’s consolidated financial statements and therefore there is no need to prepare reconciliations between the data mentioned above and those reported in the respective segments, according to what is stated in paragraph 28 of IFRS 8, “Operating Segments”.

For the allocation of inventory valuation costs, we identify the direct expenses (can be directly allocated to products) and the common expenses (belong to coproduction processes, for example common leaching expenses for production of Iodine and Nitrates), Direct costs are directly allocated to the product and the common costs are distributed according to percentages that consider different variables in their determination, such as margins, rotation of inventories, revenue, production etc.

The allocation of other common costs that are not included in the inventory valuation process, but go straight to the cost of sales, use similar criteria: the costs associated with a product or sales in particular are assigned to that particular product or sales, and the common costs associated with different products or business lines are allocated according to the sales.

(f) Description of the nature of the differences between measurements of assets of reportable segments and the Company´s assets

Assets are not shown classified by segments, as this information is not readily available, some of these assets are not separable by the type of activity by which they are affected since this information is not used by management in decision-making with respect to resources to be allocated to each defined segment. All assets are disclosed in the “unallocated amounts” category.

(g) Description of the nature of the differences between measurements of liabilities of reportable segments and the Company’s liabilities

Liabilities are not shown classified by segments, as this information is not readily available, some of these liabilities are not separable by the type of activity by which they are affected, since this information is not used by management in decision-making regarding resources to be allocated to each defined segment. All liabilities are disclosed in the “unallocated amounts” category.

172
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
24.2 Reportable segment disclosures:
--- ---
Operating segment items as of March 31, 2023 Specialty plant nutrients Iodine and its derivatives Lithium and its derivatives Industrial chemicals Potassium Other products and services Reportable segments Operating segments Unallocated amounts Total as of December 31, 2022
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
ThUS ThUS ThUS ThUS ThUS ThUS ThUS ThUS ThUS ThUS
Revenue
Revenues from transactions with other operating segments of the same entity
Revenues from external customers and transactions with other operating segments of the same entity
Costs of sales ) ) ) ) ) ) ) ) )
Administrative expenses ) )
Finance expense ) )
Depreciation and amortization expense ) ) ) ) ) ) ) ) )
The entity’s interest in the profit or loss of associates and joint ventures accounted for by the equity method
Income before taxes ) )
Income tax expense ) )
Net income (loss) ) )
Assets
Equity-accounted investees
Incorporation of non-current assets other than financial instruments, deferred tax assets, net defined benefit assets and rights arising from insurance contracts
Liabilities
Impairment loss of financial assets recognized in profit or loss ) )
Impairment loss of non-financial assets recognized in profit or loss
Cash flows
Cash flows from operating activities ) )
Cash flows used in investing activities ) )
Cash flows from financing activities

All values are in US Dollars.

173
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
Operating segment items as of March 31, 2022 Specialty plant nutrients Iodine and its derivatives Lithium and its derivatives Industrial chemicals Potassium Other products and services Reportable segments Operating segments Unallocated amounts Total as of March 31, 2022
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
ThUS ThUS ThUS ThUS ThUS ThUS ThUS ThUS ThUS ThUS
Revenue
Revenues from transactions with other operating segments of the same entity
Revenues from external customers and transactions with other operating segments of the same entity
Costs of sales ) ) ) ) ) ) ) ) )
Administrative expenses ) )
Finance expense ) )
Depreciation and amortization expense ) ) ) ) ) ) ) ) )
The entity’s interest in the profit or loss of associates and joint ventures accounted for by the equity method
Income before taxes )
Income tax expense ) )
Net income (loss) )
Assets
Equity-accounted investees
Incorporation of non-current assets other than financial instruments, deferred tax assets, net defined benefit assets and rights arising from insurance contracts
Liabilities
Impairment loss of financial assets recognized in profit or loss ) )
Impairment loss of non-financial assets recognized in profit or loss ) )
Cash flows from operating activities
Cash flows used in investing activities ) )
Cash flows from financing activities ) )

All values are in US Dollars.

174
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
24.3 Statement of comprehensive income classified by reportable segments based on groups of products
--- ---
Items in the statement of comprehensive income as of March 31, 2023 Specialty plant nutrients Iodine and its derivatives Lithium and its derivatives Industrial chemicals Potassium Other products and services Corporate Unit Total segments and corporate unit
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
ThUS ThUS ThUS ThUS ThUS ThUS ThUS ThUS
Revenue
Costs of sales ) ) ) ) ) ) )
Gross profit )
Other incomes by function
Administrative expenses ) )
Other expenses by function ) )
Impairment of gains and review of impairment losses (impairment losses) determined in accordance with IFRS 9 ) )
Other losses ) )
Financial income
Financial costs ) )
Interest in the profit (loss) of associates and joint ventures accounted for by the equity method
Exchange differences
Profit (loss) before taxes ) )
Income tax expense ) )
Profit (loss) net ) )

All values are in US Dollars.

175
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
Items in the statement of comprehensive income as of March 31, 2022 Specialty plant nutrients Iodine and its derivatives Lithium and its derivatives Industrial chemicals Potassium Other products and services Corporate Unit Total segments and corporate unit
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
ThUS ThUS ThUS ThUS ThUS ThUS ThUS ThUS
Revenue
Costs of sales ) ) ) ) ) ) )
Gross profit
Other incomes by function
Administrative expenses ) )
Other expenses by function ) )
Impairment of gains and review of impairment losses (impairment losses) determined in accordance with IFRS 9 ) )
Other losses
Financial income
Financial costs ) )
Interest in the profit (loss) of associates and joint ventures accounted for by the equity method
Exchange differences ) )
Profit (loss) before taxes )
Income tax expense ) )
Profit (loss) net )

All values are in US Dollars.

176
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
24.4 Disclosures on geographical areas
--- ---

As indicated in paragraph 33 of IFRS 8, the entity discloses geographical information on its revenue from operating activities with external customers and from non-current assets that are not financial instruments, deferred income tax assets, assets related to post-employment benefits or rights derived from insurance contracts.

24.5 Disclosures on main customers

With respect to the degree of dependency of the Company on its customers, in accordance with paragraph 34 of IFRS 8, the Company has no external customers who individually represent 10% or more of its revenue.

177
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
24.6 Segments by geographical areas
--- ---
Segments by geographical areas Chile Latin America and the Caribbean Europe North America Asia and others Total
--- --- --- --- --- --- ---
ThUS ThUS ThUS ThUS ThUS ThUS
Revenue at March 31, 2023
Non-current assets at March 31, 2023
Investment accounted for under the equity method
Intangible assets other than goodwill
Goodwill
Property, plant and equipment, net
Right-of-use assets
Other non-current assets
Non-current assets

All values are in US Dollars.

Segments by geographical areas Chile Latin America and the Caribbean Europe North America Asia and others Total
ThUS ThUS ThUS ThUS ThUS ThUS
Revenue at March 31, 2022
Non-current assets at December 31, 2022
Investment accounted for under the equity method
Intangible assets other than goodwill
Goodwill
Property, plant and equipment, net
Right-of-use assets
Other non-current assets
Non-current assets

All values are in US Dollars.

178
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
Note 25 Effect of fluctuations in foreign currency exchange rates
--- ---
(a) Reserves for foreign currency exchange differences:
--- ---

As of March 31, 2023, and December 2022, are detailed as follows:

Details As of March 31, 2023 As of December 31, 2022
ThUS ThUS
Changes in equity generated by the equity method value through conversion:
Comercial Hydro S.A.
SQMC Internacional Ltda. ) )
Proinsa Ltda. ) )
Comercial Agrorama Ltda.
Isapre Norte Grande Ltda. ) )
Almacenes y Depósitos Ltda.
Sacal S.A. ) )
Sociedad Prestadora de Servicios de Salud Cruz del Norte S.A. ) )
Agrorama S.A.
SQM Vitas Fzco ) )
Ajay Europe ) )
SQM Oceanía Pty Ltd. ) )
SQM Indonesia S.A. ) )
SQM Holland B.V.
SQM Thailand Limited ) )
SQM Europe ) )
SQM Australia Pty Ltd. ) )
Pavoni & C. Spa ) )
SQM Colombia SAS ) )
Total ) )

All values are in US Dollars.

(b) Functional and presentation currency

The functional currency of these companies corresponds to the currency of the country of origin of each entity, and its presentation currency is the dollar.

(c) Reasons to use one presentation currency and a different functional currency
– A relevant portion of the revenues of these subsidiaries<br>are associated with the local currency.
--- ---
– The cost structure of these companies is affected by<br>the local currency.
--- --- 
179
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
Note 26 Disclosures on the effects of fluctuations in foreign<br>currency exchange rates
--- ---
a) Assets held in foreign currency subject to fluctuations in exchange rates are detailed as follows:
--- ---
Class of assets Currency As of December 31, 2022
--- --- ---
ThUS
Cash and cash equivalents
Cash and cash equivalents CLP
Cash and cash equivalents CNY
Cash and cash equivalents
Cash and cash equivalents
Cash and cash equivalents AUD
Cash and cash equivalents
Cash and cash equivalents MXN
Cash and cash equivalents AED
Cash and cash equivalents
Cash and cash equivalents ZAR
Cash and cash equivalents KRW
Cash and cash equivalents IDR
Cash and cash equivalents PLN
Subtotal cash and cash equivalents
Other current financial assets
Other current financial assets BRL
Other current financial assets CLP
Subtotal other current financial assets
Other current non-financial assets
Other current non-financial assets AUD
Other current non-financial assets CLF
Other current non-financial assets CLP
Other current non-financial assets CNY
Other current non-financial assets
Other current non-financial assets COP
Other current non-financial assets MXN
Other current non-financial assets THB
Other current non-financial assets
Other current non-financial assets ZAR
Subtotal other non-financial current assets
Trade and other receivables
Trade and other receivables BRL
Trade and other receivables CLF
Trade and other receivables CLP
Trade and other receivables CNY
Trade and other receivables
Trade and other receivables
Trade and other receivables MXN
Trade and other receivables AED
Trade and other receivables
Trade and other receivables AUD
Trade and other receivables ZAR
Trade and other receivables COP
Trade and other receivables SEK
Subtotal trade and other receivables
Receivables from related parties
Receivables from related parties
Receivables from related parties AUD
Subtotal receivables from related parties

All values are in US Dollars.

180
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
Class of assets Currency As of December 31,  2022
--- --- ---
ThUS
Current inventories
Subtotal Current Inventories
Current tax assets
Current tax assets BRL
Current tax assets CLP
Current tax assets CNY
Current tax assets
Current tax assets MXN
Current tax assets ZAR
Current tax assets COP
Current tax assets KRW
Subtotal current tax assets
Non-current assets or groups of assets classified as held for sale
Subtotal Non-current assets or groups of assets classified as held for sale
Total current assets
Other non-current financial assets
Subtotal Other non-current financial assets
Other non-current non-financial assets
Subtotal Other non-current non-financial assets
Other receivables, non-current
Other receivables, non-current CLF
Other receivables, non-current MXN
Other receivables, non-current KRW
Other receivables, non-current CLP
Subtotal Other receivables, non-current
Investments classified using the equity method of accounting
Investments classified using the equity method of accounting AED
Investments classified using the equity method of accounting
Subtotal Investments classified using the equity method of accounting
Intangible assets other than goodwill
Subtotal intangible assets other than goodwill
Purchases goodwill, gross
Subtotal Purchases goodwill, gross
Property, plant and equipment
Subtotal property, plant and equipment
Right-of-use assets
Subtotal Right-of-use assets
Non-current tax assets
Subtotal non-current tax assets
Deferred Tax Assets
Subtotal Deferred Tax Assets
Total non-current assets
Total assets

All values are in US Dollars.

181
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
As of March 31, 2023 As of December 31, 2022
--- --- --- --- --- --- --- ---
Class of liability Currency Up to 90 days More than 90 days to 1 year Total Up to 90 days More than 90 days to 1 year Total
ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$
Current liabilities
Other current financial liabilities USD 511,448 5,378 516,826 120,652 381,922 502,574
Other current financial liabilities CLF 17,520 2,769 20,289 20,094 331 20,425
Subtotal other current financial liabilities 528,968 8,147 537,115 140,746 382,253 522,999
Lease liabilities, current USD - 7,041 7,041 - 6,549 6,549
Lease liabilities, current CLF - 2,348 2,348 - 2,331 2,331
Lease liabilities, current MXN - 414 414 - 436 436
Lease liabilities, current EUR - 388 388 - 387 387
Lease liabilities, current AUD - 2,439 2,439 - 2,446 2,446
Subtotal Lease liabilities, current - 12,630 12,630 - 12,149 12,149
Trade and other payables USD 78,663 176 78,839 121,260 110 121,370
Trade and other payables CLF 6,677 82 6,759 2,618 - 2,618
Trade and other payables BRL 5 - 5 10 - 10
Trade and other payables THB 4 - 4 4 - 4
Trade and other payables CLP 170,677 203 170,880 162,470 - 162,470
Trade and other payables CNY - - - 4,757 - 4,757
Trade and other payables EUR 45,377 976 46,353 56,118 564 56,682
Trade and other payables GBP 18 - 18 18 - 18
Trade and other payables MXN 637 - 637 802 - 802
Trade and other payables PEN - - - - - -
Trade and other payables AUD 25,921 - 25,921 24,394 - 24,394
Trade and other payables ZAR - 917 917 1,256 - 1,256
Trade and other payables AED - - - 72 - 72
Trade and other payables JPY - 74,548 74,548 - - -
Trade and other payables CHF - - - 32 - 32
Trade and other payables COP 202 - 202 115 - 115
Trade and other payables KRW 6,344 - 6,344 189 - 189
Subtotal trade and other payables 334,525 76,902 411,427 374,115 674 374,789
Other current provisions USD 1,088,987 87 1,089,074 1,300,878 2,051 1,302,929
Other current provisions CLP - 422 422 - 217 217
Subtotal other current provisions 1,088,987 509 1,089,496 1,300,878 2,268 1,303,146 
182
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
As of March 31, 2023 As of December 31, 2022
--- --- --- --- --- --- --- ---
Class of liability Currency Up to 90 days 91 days to 1 year Total Up to 90 days 91 days to 1 year Total
ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$
Current tax liabilities USD - 356,288 356,288 - 348,658 348,658
Current tax liabilities CLP - 60 60 - 999 999
Current tax liabilities EUR - 54,220 54,220 - 1,386 1,386
Current tax liabilities MXN - 2,349 2,349 - 5,568 5,568
Current tax liabilities CNY - 6,134 6,134 - - -
Subtotal current tax liabilities - 419,051 419,051 - 356,611 356,611
Provisions for employee benefits, current USD 6,597 - 6,597 25,867 8,631 34,498
Provisions for employee benefits, current AUD 487 - 487 390 - 390
Provisions for employee benefits, current EUR - - - 385 - 385
Provisions for employee benefits, current MXN - - - 103 - 103
Subtotal Provisions for employee benefits, current 7,084 - 7,084 26,745 8,631 35,376
Other current non-financial liabilities USD 329,439 417 329,856 393,401 98 393,499
Other current non-financial liabilities BRL 1 - 1 1 - 1
Other current non-financial liabilities CLP 17,403 1,121 18,524 8,281 39,456 47,737
Other current non-financial liabilities CNY 109 - 109 92 - 92
Other current non-financial liabilities EUR 1,705 286 1,991 1,564 250 1,814
Other current non-financial liabilities MXN 967 - 967 725 14 739
Other current non-financial liabilities JPY 60 6 66 47 - 47
Other current non-financial liabilities COP 89 - 89 250 - 250
Other current non-financial liabilities ARS 69 - 69 26 - 26
Other current non-financial liabilities ZAR 243 - 243 - 1 1
Other current non-financial liabilities KRW 3,512 - 3,512 2,271 - 2,271
Subtotal other current non-financial liabilities 353,597 1,830 355,427 406,658 39,819 446,477
Total current liabilities 2,313,161 519,069 2,832,230 2,249,142 802,405 3,051,547 
183
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
As of March 31, 2023
--- --- --- --- --- --- --- ---
Class of liability Currency Over 1 year to 2 years Over 2 years to 3 years Over 3 years to 4 years Over 4 years to 5 years Over 5 years Total
ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$
Non-current liabilities
Other non-current financial liabilities USD - 198,393 257,702 - 1,527,784 1,983,879
Other non-current financial liabilities CLF - - - - 433,705 433,705
Subtotal Other non-current financial liabilities - 198,393 257,702 - 1,961,489 2,417,584
Non-current lease liabilities USD - 9,419 - 6,479 - 15,898
Non-current lease liabilities CLP - 23 - - - 23
Non-current lease liabilities CLF - - - 10,388 - 10,388
Non-current lease liabilities MXN - - - 1,004 - 1,004
Non-current lease liabilities EUR - - - 1,323 - 1,323
Non-current lease liabilities AUD - - - 21,519 - 21,519
Subtotal non-current lease liabilities - 9,442 - 40,713 - 50,155
Non-current Trade and other payables USD - - - - - -
Subtotal Non-current Trade and other payables - - - - - -
Other non-current provisions USD - 29,971 - - 28,179 58,150
Subtotal Other non-current provisions - 29,971 - - 28,179 58,150
Deferred tax liabilities USD - 291,551 - - - 291,551
Subtotal Deferred tax liabilities - 291,551 - - - 291,551
Provisions for employee benefits, non-current USD 40,374 - - - 11,775 52,149
Provisions for employee benefits, non-current CLP 599 - - - - 599
Subtotal Provisions for employee benefits, non-current 40,973 - - - 11,775 52,748
Total non-current liabilities 40,973 529,357 257,702 40,713 2,001,443 2,870,188
Total liabilities 5,702,418 
184
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
As of December 31, 2022
--- --- --- --- --- --- --- ---
Class of liability Currency Over 1 year to 2 years Over 2 years to 3 years Over 3 years to 4 years Over 4 years to 5 years Over 5 years Total
ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$
Non-current liabilities
Other non-current financial liabilities USD - 197,521 249,531 - 1,544,654 1.991,706
Other non-current financial liabilities CLF - - - - 402,512 402,512
Subtotal Other non-current financial liabilities - 197,521 249,531 - 1,947,166 2,394,218
Non-current lease liabilities USD - 13,566 - 22,500 - 36,066
Non-current lease liabilities CLP - - - 23 - 23
Non-current lease liabilities CLF - - - 10,982 - 10,982
Non-current lease liabilities MXN - - - 1,094 - 1,094
Non-current lease liabilities EUR - - - 1,420 - 1,420
Subtotal non-current lease liabilities - 13,566 - 36,019 - 49,585
Non-current Trade and other payables USD - - - - - -
Subtotal Non-current Trade and other payables - - - - - -
Other non-current provisions USD - 3,648 - 26,200 28,205 58,053
Subtotal Other non-current provisions - 3,648 - 26,200 28,205 58,053
Deferred tax liabilities USD - 289,825 - - - 289,825
Subtotal Deferred tax liabilities - 289,825 - - - 289,825
Provisions for employee benefits, non-current USD 34,326 - - - 9,006 43,332
Provisions for employee benefits, non-current CLP 540 - - - - 540
Subtotal Provisions for employee benefits, non-current 34,866 - - - 9,006 43,872
Total non-current liabilities 34,866 504,560 249,531 62,219 1,984,377 2,835,553
Total liabilities 5,887,100
b) Effects<br> of changes in foreign currency exchange rates on the statement of net income and other<br> comprehensive income.
--- ---
For the period from January to March of the year
--- --- --- --- ---
Foreign currency exchange rate changes 2023 2022
ThUS ThUS
Foreign currency loss )
Foreign currency translation reserve )
Total )

All values are in US Dollars.

The average and closing exchange rate for foreign currency is disclosed in Note 3.3

185
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
Note 27 Income tax and deferred taxes
--- ---

Tax receivables as of March 31, 2023 and December 31, 2022, are as follows:

27.1 Current and non-current tax assets

(a)       Current

Current tax assets As of March 31, 2023 As of December 31, 2022
ThUS ThUS
Monthly provisional income tax payments, Chilean companies
Monthly provisional income tax payments, foreign companies
Corporate tax credits (1)
1st category tax absorbed by tax losses (2)
Taxes in recovery process
Total

All values are in US Dollars.

(b) Non-current

Non-current tax assets As of March 31, 2023 As of December 31,  2022
ThUS ThUS
Total tax paid at SQM Salar (see note 21.3)
Total

All values are in US Dollars.

(1) These<br> credits are available for companies and are related to corporate tax payments in April<br> of the following year. These credits include, among others, credits for training expenses<br> (SENCE), credits for acquisition of fixed assets, donations and credits in Chile for<br> taxes paid abroad.
(2) This<br> concept corresponds to the tax loss absorption determined by the company at the end of<br> the year, which must be attributed to the dividends received during the year.
--- --- 
186
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
27.2 Current tax liabilities
--- ---
Current tax liabilities As of March 31, 2023 As of December 31,  2022
--- --- ---
ThUS ThUS
1st Category income tax
Foreign company income tax
Article 21 single tax
Total

All values are in US Dollars.

Income tax is calculated based on the profit or loss for tax purposes that is applied to the effective tax rate applicable in Chile. As established by Law No. 20,780 is 27%.

The royalty is determined by applying the taxable rate to the net operating income obtained, according to the chart in force. The Company currently provisioned 8.82% for mining royalties that involve operations in the Salar de Atacama and 5.0% for caliche extraction operations.

The income tax rate for the main countries where the Company operates is presented below:

Country Income<br> tax Income<br> tax
2023 2022
Spain 25 % 25 %
Belgium 25 % 25 %
Mexico 30 % 30 %
United<br> States 21%<br> + 3.44 % 21%<br> + 3.51 %
South<br> Africa 28 % 28 %
Korea 21 %(2) 25 %
China 25%+12 %(1) 25%+12 %(1)
(1) Additional<br> tax of 12% on VAT payable.
--- ---
(2) Sliding<br> scale from 9% to 24% of taxable income.
--- --- 
187
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
27.3 Income tax and deferred taxes
--- ---
(a) Deferred tax assets and liabilities as of March 31, 2023
--- ---
Net liability position
--- --- --- ---
Description of deferred tax assets and liabilities as of March 31, 2023 Assets Liabilities
ThUS ThUS
Unrealized loss
Property, plant and equipment and capitalized interest (1) )
Restoration and rehabilitation provision
Manufacturing expenses )
Employee benefits and unemployment insurance )
Vacation accrual
Inventory provision
Materials provision
Others employee benefits
Research and development expenses )
Bad debt provision
Provision for legal complaints and expenses
Loan acquisition expenses )
Financial instruments recorded at market value
Specific tax on mining activity )
Tax loss benefit
Other
Foreign items (other)
Balances to date )
Net balance

All values are in US Dollars.

(1) This includes right-of-use assets. 
188
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
(b) Deferred tax assets and liabilities as of December 31, 2022
--- ---
Net liability position
--- --- --- ---
Description of deferred tax assets and liabilities as of December 31, 2022 Assets Liabilities
ThUS ThUS
Unrealized loss
Property, plant and equipment and capitalized interest (1) )
Restoration and rehabilitation provision
Manufacturing expenses )
Employee benefits and unemployment insurance )
Vacation accrual
Inventory provision
Materials provision
Others employee benefits
Research and development expenses )
Bad debt provision
Provision for legal complaints and expenses
Loan acquisition expenses )
Financial instruments recorded at market value
Specific tax on mining activity )
Tax loss benefit
Other
Foreign items (other)
Balances to date )
Net balance

All values are in US Dollars.

(1) This item includes right-of-use assets.

Deferred tax assets and liabilities in the consolidated statement of financial position as of March 31, 2023 and December 31, 2022, are as follows:

Movements of deferred tax assets and liabilities As of March 31, 2023 As of December 31, 2022
ThUS ThUS
Deferred tax assets
Deferred tax liabilities ) )
Total

All values are in US Dollars.

189
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
(c) Reconciliation of changes in deferred tax assets (liabilities) as of March 31, 2023
--- ---
Reconciliation of changes in deferred tax assets (liabilities) in deferred tax as of March 31, 2023 Deferred tax asset (liability) at beginning of period Deferred tax (expense) benefit recognized in profit loss for the year Deferred taxes related to items (credited) charged directly to equity Total change in deferred taxes Deferred tax asset (liability) at end of period
--- --- --- --- --- --- --- --- --- --- ---
ThUS ThUS ThUS ThUS ThUS
Unrealized loss
Property, plant and equipment and capitalized interest ) ) ) )
Restoration and rehabilitation provision
Manufacturing expenses ) )
Employee benefits and unemployment insurance ) ) ) )
Vacation accrual
Inventory provision ) )
Materials provision
Derivative financial instruments )
Others employee benefits
Research and development expenses ) ) ) )
Bad debt provision
Provision for legal complaints and expenses ) )
Loan approval expenses ) ) ) )
Financial instruments recorded at market value
Specific tax on mining activity ) )
Tax loss benefit
Others
Foreign items (other) ) )
Total temporary differences, unused losses and unused tax credits )

All values are in US Dollars.

190
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023
(d) Reconciliation of changes in deferred tax liabilities<br>(assets) as of December 31, 2022
--- ---
Reconciliation of changes in deferred tax assets (liabilities) in deferred tax as of December 31, 2022 Deferred tax asset (liability) at beginning of period Deferred tax (expense) benefit recognized in profit loss for the year Deferred taxes related to items (credited) charged directly to equity Total change in deferred taxes Deferred tax asset (liability) at end of period
--- --- --- --- --- --- --- --- --- --- ---
ThUS ThUS ThUS ThUS ThUS
Unrealized loss
Property, plant and equipment and capitalized interest ) ) ) )
Restoration and rehabilitation provision ) )
Manufacturing expenses ) ) ) )
Employee benefits and unemployment insurance ) ) ) )
Vacation accrual
Inventory provision
Materials provision
Derivative financial instruments )
Others employee benefits
Research and development expenses ) ) ) )
Bad debt provision ) )
Provision for legal complaints and expenses
Loan approval expenses ) )
Financial instruments recorded at market value ) )
Specific tax on mining activity ) ) ) )
Tax loss benefit
Others )
Foreign items (other) ) )
Total temporary differences, unused losses and unused tax credits ) )

All values are in US Dollars.

(e) Deferred taxes related to benefits for tax losses

The Company’s tax loss carryforwards were mainly generated by losses in Chile, which in accordance with current Chilean tax regulations have no expiration date.

As of March 31, 2023, and December 31, 2022, tax loss carryforwards are detailed as follows:

Deferred taxes related to benefits for tax losses As of March 31, 2023 As of December 31, 2022
ThUS ThUS
Chile
Foreign
Total

All values are in US Dollars.

The tax losses as of March 31, 2023, which are the basis for these deferred taxes correspond mainly to Comercial Hydro, Orcoma SpA., Orcoma Estudio SpA and SCM Búfalo, SQM Potasio S.A., SQM Holland B.V., SQM Africa Pty Ltda, SQM Iberian S.A., SQM Ecuador S.A. and SQM Korea LLC.

191
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023

(f)        Movements in deferred tax assets and liabilities

Movements in deferred tax assets and liabilities as of March 31, 2023 and December 31, 2022 are detailed as follows:

Assets (liabilities)
Movements in deferred tax assets and liabilities As of March 31, 2023 As of December 31, 2022
ThUS ThUS
Deferred tax assets and liabilities, net opening balance )
Increase (decrease) in deferred taxes in profit or loss
Increase (decrease) deferred taxes in equity ) )
Total

All values are in US Dollars.

(g)       Disclosures on income tax (expenses) benefit

Current and deferred tax (expenses) benefit are detailed as follows:

(Expense) Income
Disclosures on income tax (expense) benefit As of March 31, 2023 As of March 31, 2022
ThUS ThUS
Current income tax (expense) benefit
Current tax expense ) )
Adjustments to prior year current income tax (expense) benefit
Current income tax expense, net, total ) )
Deferred tax (expense) benefit
Deferred tax benefits relating to the creation and reversal of temporary differences
Tax adjustments related to the creation and reversal of temporary differences from the previous year )
Total deferred tax benefits, net
Income tax expense ) )

All values are in US Dollars.

Income tax (expenses) benefits for foreign and domestic parties are detailed as follows:

(Expense) Income
Income tax (expense) benefit As of March 31, 2023 As of March 31, 2022
ThUS ThUS
Current income tax benefit (expense) by foreign and domestic parties, net
Current income tax (expenses), foreign parties, net ) )
Current income tax (expenses), domestic, net ) )
Current income tax expense, net, total ) )
Deferred tax benefit (expense) by foreign and domestic parties, net
Current income tax benefit (expense) benefit, foreign parties, net )
Current income tax benefits, domestic, net
Deferred tax expense, net, total
Income tax expense ) )

All values are in US Dollars.

192
Notes to the Consolidated Interim Financial Statements<br> March 31, 2023

(h)       Disclosures on the tax effects of other comprehensive income components:

As of March 31, 2023
Income tax related to other income and expense components with a charge or<br><br> credit to net equity Amount before taxes <br>(expense) gain (Expense) income for <br>income taxes Amount after taxes
ThUS ThUS ThUS
(Losses) gains from defined benefit plans ) )
Cash flow hedge )
Reserve for gains (losses) from financial assets measured at fair value through other comprehensive income ) )
Total )

All values are in US Dollars.

As of March 31, 2022
Income tax related to other income and expense components with a charge or <br><br>credit to net equity Amount before taxes <br>(expense) gain (Expense) income for <br>income taxes Amount after taxes
ThUS ThUS ThUS
Gains (losses) from defined benefit plans )
Cash flow hedges )
Reserve for gains (losses) from financial assets measured at fair value through other comprehensive income )
Total )

All values are in US Dollars.

(i)        Explanation of the relationship between (expense) benefit for tax purposes and accounting income.

Based on IAS 12, paragraph 81, letter “c”, the company has estimated that the method that discloses the most significant information for users of the financial statements is the numeric conciliation between the tax benefit (expense) and the result of multiplying the accounting profit by the current rate in Chile. The aforementioned choice is based on the fact that the Company and subsidiaries established in Chile generate a large part of the Company’s tax benefit (expense). The amounts provided by subsidiaries established outside Chile have no relative importance in the overall context.

193
Notes to the Consolidated Interim Financial Statements<br><br> <br>March 31, 2023

Reconciliation between the tax benefit (expense) and the tax calculated by multiplying income before taxes by the Chilean corporate income tax rate.

(Expense)<br> Benefit
Income Tax Expense (Benefit) As<br> of   March<br> 31, 2023 As<br> of   March<br> 31, 2022
ThUS ThUS
Consolidated<br> income before taxes 1,033,439 1,111,447
Statutory<br> Income tax rate in Chile 27 27
Tax<br> expense using the statutory tax rate (279,029 (300,091
Net effect<br> of specific mining tax payments (7,755 (13,468
Tax effect<br> of income from regular activities exempt from taxation and dividends from abroad (335 3,257
Tax rate<br> effect of non-tax-deductible expenses for determining taxable profit (loss) (354 (500
Tax effect<br> of tax rates supported abroad 6,010 (4,948
Other<br> tax effects of reconciliation of accounting income to tax expense (438 1,677
Tax<br> expense using the effective tax rate (281,901 (314,073

All values are in US Dollars.

194
Notes to the Consolidated Interim Financial Statements<br><br> <br>March 31, 2023

(j)       Taxperiods potentially subject to verification:

The Group’s Companies are potentially subject to income tax audits by tax authorities in each country These audits are limited to a number of interim tax periods, which, in general, when they elapse, give rise to the expiration of these inspections.

Tax audits, due to their nature, are often complex and may require several years. Below, we provide a summary of tax periods that are potentially subject to verification, in accordance with the tax regulations in force in the country of origin:

(i) Chile

According to article 200 of Decree Law No 830, the taxes will be reviewed for any deficiencies in terms of payment and to generate any taxes that might arise. There is a 3-year prescriptive period for such review, dating from the expiration of the legal deadline when payment should have been made. This prescriptive period can be extended to 6 years for the revision of taxes subject to declaration, when such declaration has not been filed or has been presented with maliciously false information.

(ii) United States

In the United States, the tax authority may review tax returns for up to 3 years from the expiration date of the tax return. In the event that an omission or error is detected in the tax return of sales or cost of sales, the review can be extended for a period of up to 6 years.

(iii) Mexico:

In Mexico, the tax authority can review tax returns up to 5 years from the expiration date of the tax return.

(iv) Spain:

In Spain, the tax authority can review tax returns up to 4 years from the expiration date of the tax return.

(v) Belgium:

In Belgium, the tax authority may review tax returns for up to 3 years from the expiration date of the tax return if no tax losses exist. In the event of detecting an omission or error in the tax return, the review can be extended for a period of up to 5 years.

(vi) South Africa:

In South Africa, the tax authority may review tax returns for up to 3 years from the expiration date of the tax return. In the event that an omission or error in the tax return is detected, the review can be extended for a period of up to 5 years.

(vii) China:

Tax returns up to 3 years old from the due date of the return can be reviewed, in special circumstances this can be extended to 5 years. When tax evasion or fraud is involved, the tax authorities will pursue the collection of tax and there is no time limit.

(viii) Korea:

Tax returns up to 5 years old from the due date of the return can be reviewed, but this can be extended to 7 years for cross-border transactions. Failure to file the tax return on the legal due date will result in this deadline being extended by up to 5 years and 10 years for cross-border transactions. When tax evasion or fraud is involved, it will be extended by up to 10 years and 15 years for cross-border transactions.

195
Notes to the Consolidated Interim Financial Statements<br><br> <br>March 31, 2023
Note 28 Events occurred after the reporting date
--- ---
28.1 Authorization<br> of the financial statements
--- ---

The consolidated financial statements of the Company and its subsidiaries, prepared in accordance with IFRS for the year ended March 31, 2023, were approved and authorized for issuance by the Company´s Board of Directors on May 17, 2023.

28.2 Disclosures<br> on events occurring after the reporting date
(a) On<br> April 17, 2023, the SII settled differences for tax years 2020, 2021 and 2022 with respect<br> to the specific tax on mining activities for a total amount of US$79.8 million, which<br> includes an excess collection of US$21.5 million. For further details see note 21.3.
--- ---
(b) On<br> April 26, 2023, the Shareholders- Meeting agreed to approve the recommendation of the<br> Board of Directors to pay a dividend of US$ 3.22373 per share, which the Company must<br> pay to complete the amount of US$ 10.94060 as final dividend under the aforementioned<br> policy. This final dividend already considers the first, second and third interim dividends<br> of US$2.78716 per share, US$1.84914 per share and US$3.08056 per share, respectively,<br> which were paid during 2022.
--- ---
(c) On<br> May 17, 2023, the Company’s Board of Directors agreed to pay an interim dividend<br> equivalent to US$0.78760 per share charged to the Company’s 2023 fiscal year profits.<br> This amount will be paid in its equivalent in Chilean pesos, national currency based<br> on the observed US dollar value that appears in the Official Gazette on July 17, 2023.
--- ---

Management is not aware of any other significant events that occurred between March 31, 2023, and the date of issuance of these consolidated financial statements that may significantly affect them.

196

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

CHEMICAL AND MINING COMPANY OF CHILE INC.

(Registrant)

Date: June<br>8, 2023 /s/ Gerardo Illanes

By: Gerardo Illanes

CFO

Personswho are to respond to the collection of information contained SEC 1815 (04-09) in this form are not required to respond unlessthe form displays currently valid OMB control number.

197

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