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

LIMA, Peru–(BUSINESS WIRE)–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 3Q24 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 October 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 was in line with expectations. 2024 guidance remains unchanged.
• Silver production was below 3Q24 projections due to delays related to mine development and in the preparation of high silver grade ore stopes. 2024 remains unchanged.

Orcopampa:

• 3Q24 gold and silver production was in line with expectations. 2024 guidance remains unchanged.

Coimolache:

• Gold production exceeded 3Q24 projections due to an accelerated percolation rate at the leach pad. 2024 guidance has therefore been updated.
• During the 3Q24, Buenaventura filed for a leach pad expansion construction permit at Coimolache, which is currently pending with the Ministry of Energy and Mines. Approval is expected by the end of 1Q25, enabling the Company to begin construction in 2Q25 and to resume leaching fresh ore in 3Q25.

Julcani:

• Gold and copper production at the Julcani mine is gradually increasing as the operation transitions to zones richer in these metals, successfully offsetting lower production from the Achilla zone which has historically produced lead and silver.
• 2024 guidance has therefore been revised to reflect increased gold production with lower silver grades.

Uchucchacua:

• Silver and lead production was in line with expectations for 3Q24. 2024 guidance remains unchanged.
• Zinc production exceeded expectations due to higher grades than was previously projected. 2024 guidance has therefore been updated.
• Uchucchacua achieved 1,500 TPD average daily throughput in 3Q24, aligned with the Company’s targeted 1,500 TPD by year end 2024.

Yumpag:

• Silver production was in line with expectations for 3Q24. 2024 guidance remains unchanged.

El Brocal:

• Copper production was in line with expectations for 3Q24. 2024 guidance remains unchanged.
• Gold and silver production exceeded expectations for 3Q24 due to increased volume processed during the quarter. 2024 guidance has therefore been updated.
• All ore stockpiled in 2Q24 was processed during the 3Q24, enabling El Brocal to meet its targeted production for the first nine months of 2024. The average mining rate during 3Q24 was 12,000 tons per day, and the average mining rate for the first nine months of the year was 11,000 tons per day, aligned with the Company’s target for full year production to exceed 11,000 tons per day.

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.

Contacts

Contacts in Lima:
Daniel Dominguez, Chief Financial Officer
+51 1 419 2540

Gabriel Salas, Head of Investor Relations
+51 1 419 2591

[email protected]

Contact in New York:
Barbara Cano, InspIR Group
+1 646 452 2334

[email protected]

Website: www.buenaventura.com