Buenaventura Announces Second Quarter 2024 Results for Production and Volume Sold per Metal

Compañía de Minas Buenaventura S.A.A. (“Buenaventura” or “the Company”) (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru’s largest publicly-traded precious metals mining company, today announced 2Q24 results for production and volume sold.

Production per Metal

1. 2024 projections are considered to be forward-looking statements and represent management’s good faith estimates or expectations of future production results as of July 2024.
2. Considers 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal.
3. Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 61.43% of El Brocal and 40.094% of Coimolache.
4. Considers ore from the pilot stope approved within Yumpag EIA-sd.
   
   

Volume Sold per Metal

1. Considers 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal.
2. Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 61.43% of El Brocal and 40.094% of Coimolache.
3. Considers ore from the pilot stope approved within Yumpag EIA-sd.

Average realized prices⁽¹⁾⁽²⁾

1. Considers Buenaventura consolidated figures.
2. Realized prices include both provisional sales and final adjustments for price changes.

Commentary on Operations

Tambomayo:

• Gold, lead and zinc production exceeded 2Q24 projections due to a positive reconciliation of gold, lead and zinc grades relative to the mid-term production program, partially offset by decreased silver production. Full year 2024 lead and zinc guidance has therefore been updated. 2024 gold guidance remains unchanged.

Orcopampa:

• 2Q24 gold production was in line with expectations. 2024 guidance remains unchanged.

Coimolache:

• 2Q24 gold production was in line with expectations. 2024 guidance remains unchanged.
• Coimolache’s third Environmental Impact Assessment was approved by Peru’s National Service of Environmental Certification for Sustainable Investments (SENACE) on May 31, 2024. This permit enables Buenaventura to file for the relevant construction permit to increase leach pad capacity at Coimolache.

Julcani:

• Silver and lead production was in line with expectations for 2Q24. 2024 guidance remains unchanged.

Uchucchacua:

• Silver production was in line with expectations for 2Q24.
• Lead and zinc production exceeded 2Q24 projections due to a positive ore grade reconciliation. 2024 guidance remains unchanged.
• Uchucchacua daily throughput increased to an average 1,200 TPD during the 6M24, aligned with the Company’s targeted 1,500 TPD by year end 2024.

Yumpag:

• Silver production exceeded 2Q24 projections as ore processing was initiated earlier than expected, in March 2024, due to operating permit approval which was initially expected in May 2024. 2024 guidance has therefore been updated.

El Brocal:

• Copper and silver production was below expectations for 2Q24 due to a decrease in volume processed during the quarter resulting from a 16 day voluntary temporary suspension of El Brocal’s processing plant facilities, as was announced by the Company on May 22, 2024.
• Buenaventura announced that ore treatment operations at its El Brocal processing plant resumed operations at midnight on June 7, 2024. El Brocal had accumulated approximately 220,000 tonnes of copper ore upon the plant’s reinitiation. The processing of said stockpiled inventories, combined with production from the mine, will gradually ramp to a processing rate of 15,000 tons per day, leveraging the two plants’ previously idle capacity. El Brocal is expected to achieve its nine month 2024 copper production target by September 2024. Full year 2024 copper guidance therefore remains unchanged.
• The Company’s target to achieve a 11,000 TPD underground mining rate by year end 2024 remains unchanged.
• Open pit ore inventories were fully processed by the end of 1Q24. Lead and zinc production is not expected until the open pit resumes operation. The Company temporarily suspended mining activities at the open pit mine for up to three years, as was previously announced on October 3, 2023. 2024 zinc guidance has therefore been updated.

Company Description

Compañía de Minas Buenaventura S.A.A. is Peru’s largest, publicly traded precious and base metals Company and a major holder of mining rights in Peru. The Company is engaged in the exploration, mining development, processing and trade of gold, silver and other base metals via wholly-owned mines and through its participation in joint venture projects. Buenaventura currently operates several mines in Peru (Orcopampa*, Uchucchacua*, Julcani*, Tambomayo*, La Zanja*, El Brocal and Coimolache).

The Company owns 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer (a partnership with Freeport-McMorRan Inc. and Sumitomo Corporation).

(*) Operations wholly owned by Buenaventura.

Note on Forward-Looking Statements

This press release may contain forward-looking information (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including those concerning Cerro Verde’s costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver, copper and other metals mined, the success of joint ventures, estimates of future explorations, development and production, subsidiaries’ plans for capital expenditures, estimates of reserves and Peruvian political, economic, social and legal developments. These forward-looking statements reflect the Company’s view with respect to Cerro Verde’s future financial performance. Actual results could differ materially from those projected in the forward-looking statements as a result of a variety of factors discussed elsewhere in this Press Release.

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