Buenaventura Announces Third Quarter and Nine-month 2023 Results

Compañia 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 results for the third quarter (3Q23) and nine-month period ended September 30, 2023 (9M23). All figures have been prepared in accordance with IFRS (International Financial Reporting Standards) on a non-GAAP basis and are stated in U.S. dollars (US$).

Third Quarter and Nine-Month 2023 Highlights:

3Q23 EBITDA from direct operations was US$ 53.3 million, compared to US$ 22.2 million reported in 3Q22. 9M23 EBITDA from direct operations reached US$ 121.9 million, compared to US$ 96.3 million reported in 9M22. 2022 EBITDA does not include US$ 300 million resulting from the sale of Buenaventura's 43.65% stake in Yanacocha.
3Q23 net loss from direct operations reached US$ 24.3 million, compared to a US$ 22.6 million net loss for the same period in 2022. 9M23 net income from direct operations was US$ 42.5 million, compared to US$ 67.7 million net income for the 9M22.
Buenaventura recorded US$ 51.3 million in Depreciation and Amortization for the 3Q23: US$ 17.6 million was due to deferred stripping related to the final open pit expansion works, which was completely mined in September 2023, when mining activities at Colquijirca’s Tajo Norte mine were suspended.
Buenaventura's 9M23 consolidated copper production increased 35% YoY. Zinc production decreased by 65% YoY, lead decreased by 61% YoY, silver decreased by 19% YoY, and gold decreased by 17% YoY.
Buenaventura's cash position reached US$ 221.8 million and net debt decreased to US$ 493.7 million with an average maturity of 2.7 years by quarter’s end, September 30, 2023.
3Q23 capital expenditures were US$ 59.8 million, compared to US$ 37.2 million for the same period in 2022. 9M23 capital expenditures reached US$ 145.7 million, compared to US$ 93.2 million in 9M22, and includes US$ 46.5 million related to the San Gabriel Project and US$ 31.4 million related to the Yumpag Project.
The Yumpag project’s Environmental Impact Assessment (EIA) was approved on September 7, 2023. The Company promptly submitted a request to the Peruvian Ministry of Energy and Mines to obtain the necessary authorizations to initiate the deposit’s exploitation. However, 4Q23 targeted production initiation remains unchanged, as resumed activities at the Uchucchacua processing plant also enables Buenaventura to perform metallurgical tests for up to 124,600 tons of ore from the Yumpag project’s pilot stope.
Cerro Verde paid a total dividend of US$ 250 million on August 3, 2023. Buenaventura received US$ 49.0 million relative to its stake in Cerro Verde.

Financial Highlights (in millions of US$, except EPS figures):

3Q23

3Q22

Var %

9M23

9M22

Var %

Total Revenues

211.3

195.4

570.0

578.4

-1%

Operating Income

-29.5

-20.0

48%

-39.0

-52.0

-25%

EBITDA Direct Operations (1)

53.3

22.2

N.A.

121.9

96.3

27%

EBITDA Including Affiliates (1)

152.7

78.2

95%

418.5

369.8

13%

Net Income (2)

-28.0

-19.8

42%

29.6

548.5

-95%

EPS (3)

-0.11

-0.08

42%

0.12

2.16

-95%

(1)

Does not include US$ 300 million from the sale of Buenaventura’s stake in Yanacocha.

(2)

Net Income attributable to owners of the parent

(3)

As of September 30, 2023, Buenaventura had a weighted average number of shares outstanding of 253,986,867.

Operating Revenues

3Q23 net sales were US$ 211.3 million, compared to US$ 195.4 million in 3Q22; a year-on-year increase resulting from improved copper volume sold.

The Company recorded a negative US$ 15.3 million provisional price adjustment for the accumulated first nine months of 2023. This is comprised of US$ 13.7 million in fair value of accounts receivables and US$ 1.5 million in adjustments to prior period liquidations. This compares to a negative US$ 40.4 million adjustment for the accumulated first nine months of 2022.

Operating Highlights

3Q23

3Q22

Var %

9M23

9M22

Var %

Net Sales (millions of US$)

211.3

195.4

570.0

577.1

-1%

Average Gold Price (US$/oz.) Direct Operations (1) (2)

1,921

1,678

14%

1,927

1,794

Average Gold Price (US$/oz.) incl. Associated (2) (3)

1,917

1,677

14%

1,925

1,794

Average Silver Price (US$/oz.) (2)

25.67

17.33

48%

24.30

21.32

14%

Average Lead Price (US$/MT) (2)

2,225

1,713

30%

2,030

2,093

-3%

Average Zinc Price (US$/MT) (2)

1,762

3,412

-48%

2,152

3,983

-46%

Average Copper Price (US$/MT) (2)

8,291

7,261

14%

8,689

8,685

Volume Sold

3Q23

3Q22

Var %

9M23

9M22

Var %

Gold Oz Direct Operations (1)

33,265

45,807

-27%

102,700

123,692

-17%

Gold Oz incl. Associated (3)

41,780

54,399

-23%

117,239

148,778

-21%

Silver Oz

1,743,629

1,954,000

-11%

4,666,199

5,655,367

-17%

Lead MT

1,269

4,129

-69%

4,799

12,530

-62%

Zinc MT

3,029

8,061

-62%

8,324

24,871

-67%

Copper MT

17,802

11,449

55%

41,940

31,512

33%

(1)

Buenaventura Consolidated figure includes 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal.

(2)

The realized price takes into account the adjustments of quotational periods.

(3)

Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 100% of El Brocal and 40.095% of Coimolache.

Production and Operating Costs

Buenaventura’s 3Q23 equity gold production was 43,449 ounces, compared to 55,837 ounces produced in 3Q22, primarily due to decreased production at Tambomayo and La Zanja. 3Q23 silver production decreased by 12% primarily due to Julcani and Tambomayo performance. 3Q23 lead and zinc production decreased by 66% and 62%, respectively, due to decreased production at Tambomayo and El Brocal. The Company’s 3Q23 equity copper production was 34,168 MT, compared to 28,909 MT produced in 3Q22, due to increased production at El Brocal and Cerro Verde.

Equity Production

3Q23

3Q22

Var %

9M23

9M22

Var %

Gold Oz Direct Operations(1)

33,978

47,057

-28%

105,930

128,131

-17%

Gold Oz including Associated(2) Companies

43,449

55,837

-22%

121,884

152,726

-20%

Silver Oz Direct Operations(1)

1,472,907

1,664,600

-12%

3,984,040

5,034,531

-21%

Lead MT Direct Operations(1)

1,279

3,738

-66%

4,575

11,628

-61%

Zinc MT Direct Operations(1)

2,663

6,937

-62%

7,706

22,336

-66%

Copper MT Direct Operations(1)

11,565

7,438

55%

27,200

20,152

35%

Copper MT including Associated Companies(3)

34,168

28,909

18%

94,336

84,065

12%

Consolidated Production

3Q23

3Q22

Var %

9M23

9M22

Var %

Gold Oz(4)

36,228

49,789

-27%

111,574

134,261

-17%

Silver Oz(4)

1,933,025

1,906,679

4,857,709

5,996,245

-19%

Lead MT(4)

1,620

4,340

-63%

5,408

13,698

-61%

Zinc MT(4)

3,762

9,129

-59%

10,275

29,511

-65%

Copper MT(4)

18,826

12,108

55%

44,277

32,805

35%

(1)

Buenaventura’s Direct Operations includes 100% of Buenaventura’s operating units, 100% of La Zanja and 61.43% of El Brocal.

(2)

Based on 100% of Buenaventura´s operating units, 100% of La Zanja, 61.43% of El Brocal and 40.095% of Coimolache.

(3)

Based on 100% of Buenaventura´s operating units, 61.43% of El Brocal and 19.58% of Cerro Verde.

(4)

Based on 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal

Tambomayo (100% owned by Buenaventura)

Production

3Q23

3Q22

Var %

9M23

9M22

Var %

Gold

8,127

13,755

-41%

29,623

41,973

-29%

Silver

301,963

546,256

-45%

1,237,001

1,399,472

-12%

Cost Applicable to Sales

3Q23

3Q22

Var %

9M23

9M22

Var %

Gold

US$/Oz

1,891

982

93%

1,357

978

39%

Tambomayo 3Q23 gold production decreased 41% year on year aligned with the Company’s mine plan for this asset, while silver production decreased 45% year on year and by 12% for the first nine months of 2023 compared to the same period of 2022 due to lower than planned mining rate within the mine's upper zone, which required more extensive rehabilitation to enable access to high-grade ore. Cost Applicable to Sales (CAS) increased to 1,891 US$/Oz in 3Q23 from 982 US$/Oz in 3Q22. This increase was primarily due to decreased volume sold in 3Q23.

Orcopampa (100% owned by Buenaventura)

Production

3Q23

3Q22

Var %

9M23

9M22

Var %

Gold

20,576

20,164

60,547

56,944

Silver

7,168

8,247

-13%

22,028

23,437

-6%

Cost Applicable to Sales

3Q23

3Q22

Var %

9M23

9M22

Var %

Gold

US$/Oz

970

803

21%

973

911

3Q23 gold production was in line with 3Q22 and with the planned mining sequence. Cost Applicable to Sales (CAS) increased to 970 US$/Oz in 3Q23, compared to 803 US$/Oz in 3Q22, primarily due to lower gold grades in 2023 compared to 2022.

La Zanja (100% owned by Buenaventura)

Production

3Q23

3Q22

Var %

9M23

9M22

Var %

Gold

1,692

8,786

-81%

6,772

19,452

-65%

Silver

3,681

31,665

-88%

15,633

85,347

-82%

Cost Applicable to Sales

3Q23

3Q22

Var %

9M23

9M22

Var %

Gold

US$/Oz

1,140

1,892

-40%

1,679

1,914

-12%

3Q23 gold production decreased by 81% year on year, in line with 2023 estimates, as mining and ore stockpiling was suspended in 4Q22. 3Q23 Cost Applicable to Sales (CAS) was 1,140 US$/Oz, a decrease from 1,892 US$/Oz gold production in 3Q22 as only pad leaching and water treatment are being performed at the property, as well as exploration.

Coimolache (40.10% owned by Buenaventura)

Production

3Q23

3Q22

Var %

9M23

9M22

Var %

Gold

23,621

21,899

39,789

61,341

-35%

Silver

87,185

76,133

15%

176,755

228,832

-23%

Cost Applicable to Sales

3Q23

3Q22

Var %

9M23

9M22

Var %

Gold

US$/Oz

1,083

1,710

-37%

1,711

1,288

33%

Coimolache 3Q23 gold production increased by 8% year-over-year, due to increased treated ore, higher gold grades and accelerated gold extraction from the leach pad. Cost Applicable to Sales (CAS) therefore decreased to 1,083 US$/Oz in 3Q23, from 1,710 US$/Oz in 3Q22.

Uchucchacua (100% owned by Buenaventura)

Production

3Q23

3Q22

Var %

9M23

9M22

Var %

Silver

N.A.

N.A.

N.A.

N.A.

Zinc

N.A.

N.A.

N.A.

N.A.

Lead

N.A.

N.A.

N.A.

N.A.

Cost Applicable to Sales

3Q23

3Q22

Var %

9M23

9M22

Var %

Silver

US$/Oz

N.A.

N.A.

N.A.

N.A.

Buenaventura submitted Uchucchacua’s updated mine plan to the Peruvian Ministry of Energy and Mines on August 28, 2023. Buenaventura initiated a short ore processing campaign at the processing plant, ensuring plant operational readiness to process ore from Uchucchacua and Yumpag during the 4Q23. Exploration and mine development progressed as scheduled during 3Q23.

The Yumpag project’s Environmental Impact Assessment (EIA) was approved on September 7, 2023. The Company promptly submitted a request to the Peruvian Ministry of Energy and Mines to obtain the necessary authorizations to initiate the deposit’s exploitation. 4Q23 targeted production initiation remains unchanged, as resumed activities at the Uchucchacua processing plant also enables Buenaventura to perform metallurgical tests for up to 124,600 tons of ore from the Yumpag project’s pilot stope.

Yumpag’s ore concentrates will be processed at the Rio Seco plant to reduce manganese content. The Rio Seco plant is scheduled to resume operations in November 2023.

Julcani (100% owned by Buenaventura)

Production

3Q23

3Q22

Var %

9M23

9M22

Var %

Silver

427,269

692,876

-38%

1,317,895

1,994,565

-34%

Cost Applicable to Sales

3Q23

3Q22

Var %

9M23

9M22

Var %

Silver

US$/Oz

26.09

13.80

89%

22.40

14.55

54%

3Q23 silver production decreased 38% year on year primarily due to a negative geology reconciliation with decreased treated ore. 3Q23 Cost Applicable to Sales (CAS) was 26.09 US$/Oz, compared to 13.80 US$/Oz in 2Q22; an 89% year on year increase due to decreased volume sold.

Exploration and development of Julcani’s Rosario sector at 610 level began during 3Q23. This new zone includes gold and copper which Buenaventura will begin processing during the fourth quarter 2023. The Company will also submit a related reserves and resources analysis by year end 2023.

El Brocal (61.43% owned by Buenaventura)

Production

3Q23

3Q22

Var %

9M23

9M22

Var %

Copper

18,826

12,108

55%

44,277

32,805

35%

Zinc

2,849

5,683

-50%

6,661

18,601

-64%

Silver

1,192,944

627,635

90%

2,265,152

2,493,424

-9%

Cost Applicable to Sales

3Q23

3Q22

Var %

9M23

9M22

Var %

Copper

US$/MT

6,029

6,690

-10%

6,290

6,676

-6%

Zinc

US$/MT

1,924

2,698

-29%

1,859

2,931

-37%

El Brocal 3Q23 copper production increased by 55% year on year as underground mine production ramp-up continued ahead of expectations during the quarter. Transitional ore from the open pit also had a higher than estimated copper content with improved metallurgical recovery. Buenaventura maintains its targeted underground mine 10,000 tpd exploitation rate for 4Q23.

3Q23 silver production increased by 90% year on year in line with the 2023 planned mining sequence.

3Q23 zinc production decreased by 50% year on year as part as the planned transition to copper from polymetallic ore. On October 3, 2023, Buenaventura submitted a notice to the Peruvian Ministry of Energy and Mines (MINEM) for the temporary suspension of mining activities at Colquijirca’s Tajo Norte mine for up to three years due to approval delay of Colquijirca’s Modification of Environmental Impact Assessment. Buenaventura expects to now process 100% of the El Brocal lead and zinc inventories by year end 2023 with the remaining open pit copper inventories expected in 1Q24. In the 4Q23, the company will recognize the deferred stripping costs associated with lead and zinc inventories, which are expected to be in line with the amortization reported in the 3Q23.

2Q23 Copper Cost Applicable to Sales (CAS) decreased by 10% year on year due to increased volume sold.

Share in Associated Companies

Buenaventura’s share in associated companies was US$ 46.4 million in 3Q23, compared with US$ 20.4 million in 3Q22, comprised of:

Share in Associates’ Results (in US$ millions)

3Q23

3Q22

Var %

9M23

9M22

Var %

Cerro Verde

44.4

20.7

N.A.

122.3

120.1

Coimolache

2.5

-0.2

N.A.

-7.7

0.3

N.A.

Other minor

-0.5

0.0

N.A.

-1.2

-2.2

-45%

Total

46.4

20.4

N.A.

113.4

118.1

-4%

CERRO VERDE (19.58% owned by Buenaventura)

3Q23 copper production was 115,441 MT, 22,603 MT of which is attributable to Buenaventura; a 5% increase as compared to 109,655 MT produced in 3Q22, 21,471 MT of which was attributable to Buenaventura.

Cerro Verde reported US$ 225.5 million net income in 3Q23, compared to US$ 105.5 million net income in 3Q22. This is primarily due to a 40% year on year net sales increase, primarily due to a higher average realized copper price of US$ 3.77 per pound in the third quarter of 2023, compared to US$ 3.14 per pound in the third quarter of 2022, as well as an 11% increase in volume of copper sold. This increase was partially offset by a year-on-year cost of sales increase due to an inventory variation, and higher tax paid during the quarter.

3Q23 Cerro Verde capital expenditures were US$ 70.8 million.

COIMOLACHE (40.10% owned by Buenaventura)

Coimolache reported US$ 6.6 million in 3Q23 net income, compared to US$ 1.0 million net loss in 3Q22.

SAN GABRIEL Project

3Q23 and 9M23 capital expenditures was US$ 22.4 million and US$ 46.5 million, respectively, primarily related to earthworks and construction-related water dam excavation. The Company has also invested an additional US$ 40.0 million in the project as advance payment for equipment manufacturing, primarily related to the processing plant. This amount is reported within Buenaventura’s financial statements as accounts receivable and will be reclassified as CAPEX once the equipment arrives at the project.

The underground mining tender process was completed during 3Q23. Personnel hiring and mobilization is in progress, and contractors will begin field works during 4Q23.

Item

Description

Progress as of:

1Q23

2Q23

3Q23

Engineering

66%

81%

90%

Procurement

85%

89%

Construction

14%

Commissioning

Total

15%

23%

28%

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).

For a printed version of the Company’s 2022 Form 20-F, please contact the investor relations contacts on page 1 of this report or download the PDF format file from the Company’s web site at www.buenaventura.com.

(*) Operations wholly owned by Buenaventura

Note on Forward-Looking Statements

This press release and related conference call contain, in addition to historical information, forward-looking statements including statements related to the Company’s ability to manage its business and liquidity during and after the COVID-19 pandemic, the impact of the COVID-19 pandemic on the Company’s results of operations, including net revenues, earnings and cash flows, the Company’s ability to reduce costs and capital spending in response to the COVID-19 pandemic if needed, the Company’s balance sheet, liquidity and inventory position throughout and following the COVID-19 pandemic, the Company’s prospects for financial performance, growth and achievement of its long-term growth algorithm following the COVID-19 pandemic, future dividends and share repurchases.

This press release may also 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 the Company’s, 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 the Company’s, 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.

**Tables to follow**

APPENDIX 1

Equity Participation in Subsidiaries and Associates (as of September 30, 2023)

BVN

Operating

Equity %

Mines / Business

El Molle Verde S.A.C*

100.00

Trapiche Project

Minera La Zanja S.A*

100.00

La Zanja

Sociedad Minera El Brocal S.A.A*

61.43

Colquijirca and Marcapunta

Compañía Minera Coimolache S.A**

40.10

Tantahuatay

Sociedad Minera Cerro Verde S.A.A**

19.58

Cerro Verde

Processadora Industrial Rio Seco S.A*

100.00

Rio Seco chemical plant

Consorcio Energético de Huancavelica S.A*

100.00

Energy – Huanza Hydroelectrical plant

(*) Consolidated (**) Equity Accounting

APPENDIX 2

Gold Production

Mining Unit

Operating Results

Unit

3Q23

3Q22

△%

9M23

9M22

△ %

Underground

Tambomayo

Ore Milled

DMT

143,469

161,764

-11%

435,103

468,323

-7%

Ore Grade

Gr/MT

2.22

3.00

-26%

2.57

3.17

-19%

Recovery Rate

79.35

88.26

-10%

82.08

87.97

-7%

Ounces Produced

8,127

13,755

-41%

29,623

41,973

-29%

Orcopampa

Ore Milled

DMT

74,026

63,736

16%

213,474

180,342

18%

Ore Grade

Gr/MT

8.96

10.16

-12%

9.19

10.00

-8%

Recovery Rate

96.48

96.90

96.01

98.17

-2%

Ounces Produced*

20,576

20,164

60,547

56,944

Marcapunta

Ore Milled

DMT

776,985

794,447

-2%

2,465,994

2,174,456

13%

Ore Grade

Gr/MT

0.88

0.70

25%

0.64

0.65

-2%

Recovery Rate

24.86

38.72

-36%

28.09

34.02

-17%

Ounces Produced*

5,431

7,085

-23%

13,970

15,711

-11%

Open Pit

La Zanja

Ounces Produced

1,692

8,786

-81%

6,772

19,452

-65%

Tajo Norte Cu - Ag

Ounces Produced

402

N.A.

661

181

N.A.

Coimolache

Ounces Produced

23,621

21,899

39,789

61,341

-35%

Silver Production

Mining Unit

Operating Results

Unit

3Q23

3Q22

△%

9M23

9M22

△ %

Underground

Tambomayo

Ore Milled

DMT

143,469

161,764

-11%

435,103

468,323

-7%

Ore Grade

Oz/MT

2.55

3.54

-28%

3.29

3.13

Recovery Rate

82.04

96.43

-15%

85.84

95.54

-10%

Ounces Produced

301,963

546,256

-45%

1,237,001

1,399,472

-12%

Orcopampa

Ore Milled

DMT

74,026

63,736

16%

213,474

180,342

18%

Ore Grade

Oz/MT

0.13

0.17

-27%

0.14

0.18

-23%

Recovery Rate

75.79

73.54

74.27

72.54

Ounces Produced

7,168

8,247

-13%

22,028

23,437

-6%

Uchucchacua

Ore Milled

DMT

N.A.

Ore Grade

Oz/MT

N.A.

Recovery Rate

N.A.

Ounces Produced

N.A.

Julcani

Ore Milled

DMT

31,268

34,691

-10%

87,663

98,294

-11%

Ore Grade

Oz/MT

14.25

20.36

-30%

15.63

20.66

-24%

Recovery Rate

95.81

98.10

-2%

96.04

98.22

-2%

Ounces Produced*

427,269

692,876

-38%

1,317,895

1,994,565

-34%

Marcapunta

Ore Milled

DMT

776,985

794,447

-2%

2,465,994

2,174,456

13%

Ore Grade

Oz/MT

0.94

0.98

-4%

0.91

0.88

Recovery Rate

58.70

55.65

56.15

53.28

Ounces Produced

428,293

442,811

-3%

1,259,899

1,036,547

22%

Open Pit

Tajo Norte Cu - Ag

Ore Milled

DMT

354,994

N.A.

478,455

156,342

N.A.

Ore Grade

Oz/MT

2.58

N.A.

2.24

2.15

Recovery Rate

56.71

N.A.

55.51

53.45

Ounces Produced

601,473

N.A.

682,291

178,769

N.A.

Tajo Norte Pb - Zn

Ore Milled

DMT

162,367

425,835

-62%

366,699

1,486,286

-75%

Ore Grade

Oz/MT

1.97

0.84

N.A.

1.56

1.61

-3%

Recovery Rate

51.94

69.56

-25%

58.92

58.29

Ounces Produced

163,178

370,460

-56%

322,962

1,463,744

-78%

La Zanja

Ounces Produced

3,681

31,665

-88%

15,633

85,347

-82%

Coimolache

Ounces Produced

87,185

76,133

15%

176,755

228,832

-23%

Lead Production

Mining Unit

Operating Results

Unit

3Q23

3Q22

△%

9M23

9M22

△ %

Underground

Tambomayo

Ore Milled

DMT

143,469

161,764

-11%

435,103

468,323

-7%

Ore Grade

0.57

1.81

-69%

0.77

1.87

-59%

Recovery Rate

75.05

90.25

-17%

83.41

90.82

-8%

MT Produced

603

2,639

-77%

2,851

7,970

-64%

Uchucchacua

Ore Milled

DMT

N.A.

Ore Grade

N.A.

Recovery Rate

N.A.

MT Produced

N.A.

Julcani

Ore Milled

DMT

31,268

34,691

-10%

87,663

98,294

-11%

Ore Grade

0.48

0.44

0.51

0.40

26%

Recovery Rate

88.79

91.04

-2%

88.95

91.46

-3%

Ounces Produced*

132

140

-5%

398

363

Open Pit

Tajo Norte Pb - Zn

Ore Milled

DMT

162,367

425,835

-62%

366,699

1,486,286

-75%

Ore Grade

1.63

1.04

57%

1.49

0.96

55%

Recovery Rate

34.08

41.61

-18%

40.22

39.51

MT Produced

885

1,781

-50%

2,160

5,584

-61%

Zinc Production

Mining Unit

Operating Results

Unit

3Q23

3Q22

△%

9M23

9M22

△ %

Underground

Tambomayo

Ore Milled

DMT

143,469

161,764

-11%

435,103

468,323

-7%

Ore Grade

0.87

2.44

-64%

1.06

2.61

-59%

Recovery Rate

71.98

87.43

-18%

77.50

89.41

-13%

MT Produced

913

3,446

-74%

3,614

10,910

-67%

Uchucchacua

Ore Milled

DMT

N.A.

Ore Grade

N.A.

Recovery Rate

N.A.

MT Produced

N.A.

Open Pit

Tajo Norte Pb - Zn

Ore Milled

DMT

162,367

425,835

-62%

366,699

1,486,286

-75%

Ore Grade

4.09

2.66

54%

3.61

2.44

48%

Recovery Rate

42.97

59.70

-28%

51.87

53.20

-2%

MT Produced

2,849

6,403

-56%

6,661

19,321

-66%

Copper Production

Mining Unit

Operating Results

Unit

3Q23

3Q22

△%

9M23

9M22

△ %

Underground

Marcapunta

Ore Milled

DMT

776,985

794,447

-2%

2,465,994

2,174,456

13%

Ore Grade

1.75

1.78

-2%

1.70

1.72

-1%

Recovery Rate

84.71

85.60

-1%

85.57

84.99

MT Produced

11,501

12,108

-5%

35,891

31,709

13%

Tajo Norte Cu - Ag

Ore Milled

DMT

354,994

N.A.

478,455

156,342

N.A.

Ore Grade

2.86

N.A.

2.49

1.13

N.A.

Recovery Rate

59.71

N.A.

59.89

61.97

-3%

MT Produced

7,325

N.A.

8,387

1,096

N.A.

APPENDIX 3: Adjusted EBITDA Reconciliation (in thousand US$)

3Q23

3Q22

9M23

9M22

Net Income

-24,498

-22,487

42,953

547,593

Add / Subtract:

77,758

44,733

78,961

-151,322

Income from sale of investment in Yanacocha

300,000

Depreciation and Amortization in cost of sales

51,264

41,477

121,816

131,531

Provision (credit) for income tax, net

-1,264

-16,296

-2,070

-35,198

Interest expense

13,381

12,641

43,455

42,092

Loss (gain) on currency exchange difference

31,176

27,961

-3,450

3,086

Provision of bonuses and compensations

4,447

7,260

10,391

11,964

Loss (gain) from discontinued operations

167

-62

-439

-479,869

Workers' participation provision

2,899

-2,666

4,691

271

Depreciation and amortization in administration expenses

651

600

1,943

1,816

Depreciation and Amortization in other, net

Provision (reversal) for contingencies

-240

1,960

-5,534

3,805

Share in associated companies by the equity method, net

-46,375

-20,442

-113,368

-118,149

Write-off of fixed assets

632

870

322

Impairment (reversal) of inventories

23,112

-6,392

26,650

-1,508

Interest income

-2,122

-1,337

-6,073

-11,561

EBITDA Buenaventura Direct Operations

53,260

22,246

121,914

396,271

EBITDA Cerro Verde (19.58%)

95,953

52,321

296,566

261,100

EBITDA Coimolache (40.095%)

3,528

3,667

-3

12,392

EBITDA Buenaventura + All Associates

152,741

78,235

418,477

669,763

*Cerro Verde’s EBITDA accounts for D&A related to the capitalization of the stripping.

Note:

EBITDA (Buenaventura Direct Operations) consists of earnings before net interest, taxes, depreciation and amortization, share in associated companies, net, loss on currency exchange difference, other, net, provision for workers’ profit sharing and provision for long-term officers’ compensation.

EBITDA (including associated companies) consists of EBITDA (Buenaventura Direct Operations), plus (1) Buenaventura’s equity share of EBITDA (Cerro Verde), plus (2) Buenaventura’s equity share of EBITDA (Coimolache). All EBITDA mentioned were similarly calculated using financial information provided to Buenaventura by the associated companies.

Buenaventura presents EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) to provide further information with respect to its operating performance and the operating performance of its equity investees, the affiliates. EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) are not a measure of financial performance under IFRS and may not be comparable to similarly titled measures of other companies. You should not consider EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) as alternatives to operating income or net income determined in accordance with IFRS, as an indicator of Buenaventura’s, affiliates operating performance, or as an alternative to cash flows from operating activities.

APPENDIX 4: COST APPLICABLE TO SALES RECONCILIATION

Reconciliation of Costs Applicable to Sales and Cost Applicable to Sales per Unit Sold

Cost applicable to sales consists of cost of sales, excluding depreciation and amortization, plus selling expenses. Cost applicable to sales per unit sold for each mine consists of cost applicable to sales for a particular metal produced at a given mine divided by the volume of such metal produced at such mine in the specified period. We note that cost applicable to sales is not directly comparable to the cash operating cost figures disclosed in previously furnished earnings releases.

Cost applicable to sales and Cost applicable to sales per unit of mineral sold are not measures of financial performance under IFRS and may not be comparable to similarly titled measures of other companies. We consider Cost applicable to sales and Cost applicable to sales per unit of mineral sold to be key measures in managing and evaluating our operating performance. These measures are widely reported in the precious metals industry as a benchmark for performance, but do not have standardized meanings. You should not consider Cost applicable to sales or Cost applicable to sales per unit of mineral sold as alternatives to cost of sales determined in accordance with IFRS, as indicators of our operating performance. Cost applicable to sales and Cost applicable to sales per unit of mineral sold are calculated without adjusting for by-product revenue amounts.

Operations’ Cost applicable to sales does not include operating cost for those months during which Buenaventura’s operations were suspended due to COVID-19, as these have been classified as “Unabsorbed costs due to production stoppage” within the financial statements.

The tables below set forth (i) a reconciliation of consolidated Cost of sales, excluding depreciation and amortization to consolidated Cost applicable to sales, (ii) reconciliations of the components of Cost applicable to sales (by mine and mineral) to the corresponding consolidated line items set forth on our consolidated statements of profit or loss for the three and twelve months ended December 31, 2022 and 2021 and (iii) reconciliations of Cost of sales, excluding depreciation and amortization to Cost applicable to sales for each of our mining units. The amounts set forth in Cost applicable to sales and Cost applicable to sales per unit sold for each mine and mineral indicated in the tables below can be reconciled to the amounts set forth on our consolidated statements of profit or loss for the three and twelve months ended December 31, 2021 and 2022 by reference to the reconciliations of Cost of sales, excluding depreciation and amortization (by mine and mineral), Selling Expenses (by mine and metal) expenses and Exploration in units in operations (by mine and mineral) to consolidated Cost of sales, excluding depreciation and amortization, consolidated Selling Expenses and consolidated Exploration in units in operations expenses, respectively, set forth below.

Set forth below is a reconciliation of consolidated Cost of sales, excluding depreciation and amortization, to consolidated Cost applicable to sales: For the 3 months ended September 30 For the 9 months ended September 30

2023

2022

2023

2022

(in thousands of US$)

Consolidated Cost of sales excluding depreciation and amortization

136,195

118,419

342,171

337,503

Add:

Consolidated Exploration in units in operation

12,418

20,708

39,051

53,629

Consolidated Commercial deductions

51,260

42,039

134,651

137,887

Consolidated Selling expenses

4,277

5,854

12,745

15,490

Consolidated Cost applicable to sales

204,150

187,020

528,618

544,509

Set forth below is a reconciliation of Cost of sales, excluding depreciation and amortization (by mine and mineral) to consolidated Cost of sales: For the 3 months ended September 30 For the 9 months ended September 30

2023

2022

2023

2022

Cost of sales by mine and mineral (in thousands of US$) Julcani, Gold

123

Julcani, Silver

7,761

6,843

21,670

20,965

Julcani, Lead

181

130

513

302

Julcani, Copper

296

211

Orcopampa, Gold

17,987

12,207

52,819

41,227

Orcopampa, Silver

195

233

Orcopampa, Copper

Uchucchacua, Gold

Uchucchacua, Silver

Uchucchacua, Lead

Uchucchacua, Zinc

Tambomayo, Gold

11,899

8,430

29,626

25,782

Tambomayo, Silver

5,758

3,434

15,406

9,584

Tambomayo, Zinc

1,020

1,757

2,982

14,353

Tambomayo, Lead

4,578

2,979

6,034

La Zanja, Gold

1,909

14,961

11,009

33,201

La Zanja, Silver

112

647

597

1,771

El Brocal, Gold

3,367

5,089

7,489

8,531

El Brocal, Silver

10,936

6,818

19,045

21,345

El Brocal, Lead

610

1,523

1,654

4,541

El Brocal, Zinc

2,485

9,404

5,428

27,179

El Brocal, Copper

66,626

47,037

153,802

119,290

Non Mining Units

5,305

-4,601

16,538

2,942

Consolidated Cost of sales, excluding depreciation and amortization

136,195

118,419

342,171

337,503

Set forth below is a reconciliation of Exploration expenses in units in operation (by mine and mineral) to consolidated Exploration expenses in mining units: For the 3 months ended September 30 For the 9 months ended September 30

2023

2022

2023

2022

Exploration expenses in units in operation by mine and mineral (in thousands of US$) Julcani, Gold

Julcani, Silver

1,793

1,716

4,937

4,781

Julcani, Lead

117

Julcani, Copper

Orcopampa, Gold

1,434

3,328

4,697

9,499

Orcopampa, Silver

Orcopampa, Copper

Uchucchacua, Gold

Uchucchacua, Silver

6,661

6,536

20,592

15,531

Uchucchacua, Lead

-182

Uchucchacua, Zinc

Tambomayo, Gold

459

1,424

1,304

3,694

Tambomayo, Silver

222

580

678

1,373

Tambomayo, Lead

297

131

865

Tambomayo, Zinc

774

131

2,057

La Zanja, Gold

103

1,056

415

2,454

La Zanja, Silver

131

El Brocal, Gold

355

236

625

El Brocal, Silver

210

476

601

1,564

El Brocal, Lead

106

333

El Brocal, Zinc

656

171

1,991

El Brocal, Copper

1,280

3,282

4,853

8,739

Non Mining Units

Consolidated Exploration expenses in units in operation

12,418

20,708

39,051

53,629

Set forth below is a reconciliation of Commercial Deductions in units in operation (by mine and mineral) to consolidated Commercial deductions: For the 3 months ended September 30 For the 9 months ended September 30

2023

2022

2023

2022

Commercial Deductions in units in operation by mine and mineral (in thousands of US$) Julcani, Gold

-6

Julcani, Silver

549

352

1,273

1,496

Julcani, Lead

Julcani, Copper

Orcopampa, Gold

215

217

826

608

Orcopampa, Silver

Orcopampa, Copper

Uchucchacua, Gold

Uchucchacua, Silver

753

1,340

3,299

1,837

Uchucchacua, Lead

Uchucchacua, Zinc

272

Tambomayo, Gold

1,274

1,414

4,071

4,998

Tambomayo, Silver

685

738

2,355

2,439

Tambomayo, Lead

285

351

1,128

Tambomayo, Zinc

301

3,027

1,756

11,282

La Zanja, Gold

131

211

La Zanja, Silver

El Brocal, Gold

2,114

2,607

5,025

5,561

El Brocal, Silver

5,888

3,229

11,634

12,325

El Brocal, Lead

193

719

608

2,328

El Brocal, Zinc

1,906

3,672

4,379

16,214

El Brocal, Copper

37,280

24,260

98,928

77,110

Non Mining Units

Consolidated Commercial deductions in units in operation

51,260

42,039

134,651

137,887

Set forth below is a reconciliation of Selling expenses (by mine and mineral) to consolidated Selling expenses: For the 3 months ended September 30 For the 9 months ended September 30

2023

2022

2023

2022

Selling expenses by mine and mineral

(in thousands of US$)

Julcani, Gold

Julcani, Silver

156

307

Julcani, Lead

Julcani, Copper

Orcopampa, Gold

202

150

512

443

Orcopampa, Silver

Orcopampa, Copper

Uchucchacua, Gold

Uchucchacua, Silver

600

1,084

2,203

2,472

Uchucchacua, Lead

-29

Uchucchacua, Zinc

Tambomayo, Gold

400

665

1,175

1,966

Tambomayo, Silver

194

271

611

731

Tambomayo, Lead

139

118

460

Tambomayo, Zinc

361

118

1,095

La Zanja, Gold

126

La Zanja, Silver

El Brocal, Gold

103

205

286

339

El Brocal, Silver

336

274

728

849

El Brocal, Lead

181

El Brocal, Zinc

378

208

1,082

El Brocal, Copper

2,045

1,892

5,882

4,747

Non Mining Units

210

222

626

703

Consolidated Selling expenses

4,277

5,854

12,745

15,490

JULCANI JULCANI

3Q 2023

3Q 2022

9M 2023

9M 2022

GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL Cost of Sales (without D&A) (US$000)

7,761

181

8,112

6,843

130

7,084

Cost of Sales (without D&A) (US$000)

123

21,670

513

296

22,602

20,965

302

211

21,490

Add: Add: Exploration Expenses (US$000)

1,793

1,874

1,716

1,777

Exploration Expenses (US$000)

4,937

117

5,149

4,781

4,901

Commercial Deductions (US$000)

549

571

352

364

Commercial Deductions (US$000)

1,273

1,325

-6

1,496

1,526

Selling Expenses (US$000)

43.05

1.00

Selling Expenses (US$000)

156

163

307

315

Cost Applicable to Sales (US$000)

10,145

236

129

10,602

8,983

170

9,299

Cost Applicable to Sales (US$000)

158

28,036

663

382

29,239

27,550

397

275

28,232

Divide: Divide: Volume Sold

388,854

107

Not Applicable

651,077

112

Not Applicable Volume Sold

1,251,585

339

Not Applicable

1,893,014

280

No Aplicable CAS

1,791

26.09

2,196

8,019

Not Applicable

1,457

13.80

1,521

5,024

Not Applicable CAS

1,759

22.40

1,955

7,637

No Applicable

120

14.55

1,417

5,737

No Applicable ORCOPAMPA ORCOPAMPA

3Q 2023

3Q 2022

9M 2023

9M 2022

17,987

18,056

12,207

12,258

Cost of Sales (without D&A) (US$000)

52,819

195

53,014

41,227

233

41,460

Add:

Add: Exploration Expenses (US$000)

1,434

1,440

3,328

3,342

Exploration Expenses (US$000)

4,697

4,714

9,499

9,553

Commercial Deductions (US$000)

215

216

217

Commercial Deductions (US$000)

826

608

621

Selling Expenses (US$000)

202

203

150

151

Selling Expenses (US$000)

512

514

443

446

Cost Applicable to Sales (US$000)

19,839

19,915

15,903

15,968

Cost Applicable to Sales (US$000)

58,854

214

59,068

51,777

303

52,080

Divide: Divide: Volume Sold

20,460

6,710

Not Applicable

19,814

7,715

Not Applicable Volume Sold

60,504

19,432

Not Applicable

56,840

27,054

Not Applicable CAS

970

11.34

Not Applicable

803

8.48

Not Applicable CAS

973

11.01

No Applicable

911

11.19

No Applicable UCHUCCHACUA UCHUCCHACUA

3Q 2023

3Q 2022

9M 2023

9M 2022

Cost of Sales (without D&A) (US$000)

Add: Add: Exploration Expenses (US$000)

6,661

6,536

Exploration Expenses (US$000)

20,592

15,531

-182

15,349

Commercial Deductions (US$000)

753

1,340

1,352

Commercial Deductions (US$000)

3,299

1,837

272

2,116

Selling Expenses (US$000)

600

1,084

Selling Expenses (US$000)

2,203

2,472

-29

2,443

Cost Applicable to Sales (US$000)

8,014

8,960

8,972

Cost Applicable to Sales (US$000)

26,094

19,840

-204

272

19,908

Divide:

Divide: Volume Sold

85,499

Not Applicable

150,426

Not Applicable Volume Sold

366,778

Not Applicable

308,844

Not Applicable CAS

93.74

No Applicable

59.56

No Applicable CAS

71.15

No Applicable

64.24

No Applicable TAMBOMAYO TAMBOMAYO

3Q 2023

3Q 2022

9M 2023

9M 2022

11,899

5,758

1,020

18,677

8,430

3,434

1,757

4,578

18,198

Cost of Sales (without D&A) (US$000)

29,626

15,406

2,979

2,982

50,993

25,782

9,584

6,034

14,353

55,753

Add: Add: Exploration Expenses (US$000)

459

222

720

1,424

580

297

774

3,075

Exploration Expenses (US$000)

1,304

678

131

2,244

3,694

1,373

865

2,057

7,989

Commercial Deductions (US$000)

1,274

685

301

2,330

1,414

738

285

3,027

5,464

Commercial Deductions (US$000)

4,071

2,355

351

1,756

8,532

4,998

2,439

1,128

11,282

19,847

Selling Expenses (US$000)

400

194

628

665

271

139

361

1,436

Selling Expenses (US$000)

1,175

611

118

2,023

1,966

731

460

1,095

4,252

Cost Applicable to Sales (US$000)

14,031

6,858

1,164

301

22,355

11,933

5,023

2,477

8,739

28,173

Cost Applicable to Sales (US$000)

36,176

19,050

3,578

4,988

63,792

36,440

14,128

8,487

28,786

87,841

Divide: Divide: Volume Sold

7,421

269,542

525

682

Not Applicable

12,150

468,076

2,449

2,832

Not Applicable Volume Sold

26,649

1,125,434

2,521

2,846

Not Applicable

37,248

1,195,466

7,353

9,016

Not Applicable CAS

1,891

25.44

2,218

441

No Applicable

982

10.73

1,012

3,086

No Applicable CAS

1,357

16.93

1,419

1,753

No Applicable

978

11.82

1,154

3,193

Not Applicable LA ZANJA LA ZANJA

3Q 2023

3Q 2022

9M 2023

9M 2022

1,909

112

2,021

14,961

647

15,608

Cost of Sales (without D&A) (US$000)

11,009

597

11,606

33,201

1,771

34,972

Add: Add: Exploration Expenses (US$000)

103

109

1,056

1,102

Exploration Expenses (US$000)

415

438

2,454

131

2,585

Commercial Deductions (US$000)

131

154

Commercial Deductions (US$000)

211

239

Selling Expenses (US$000)

126

133

Cost Applicable to Sales (US$000)

2,029

122

2,150

16,221

720

16,941

Cost Applicable to Sales (US$000)

11,557

632

12,189

35,992

1,937

37,929

Divide: Divide: Volume Sold

1,780

6,442

Not Applicable

8,575

34,147

Not Applicable Volume Sold

6,883

28,973

Not Applicable

18,800

85,237

Not Applicable CAS

1,140

18.91

Not Applicable

1,892

21.07

Not Applicable CAS

1,679

21.80

No Applicable

1,914

22.72

Not Applicable BROCAL BROCAL

3Q 2023

3Q 2022

9M 2023

9M 2022

3,367

10,936

610

2,485

66,626

84,024

5,089

6,818

1,523

9,404

47,037

69,872

Cost of Sales (without D&A) (US$000)

7,489

19,045

1,654

5,428

153,802

187,418

8,531

21,345

4,541

27,179

119,290

180,886

Add: Add: Exploration Expenses (US$000)

210

1,280

1,614

355

476

106

656

3,282

4,876

Exploration Expenses (US$000)

236

601

171

4,853

5,914

625

1,564

333

1,991

8,739.38

13,252

Commercial Deductions (US$000)

2,114

5,888

193

1,906

37,280

47,382

2,607

3,229

719

3,672

24,260

34,487

Commercial Deductions (US$000)

5,025

11,634

608

4,379

98,928

120,572

5,561

12,325

2,328

16,214

77,110

113,539

Selling Expenses (US$000)

103

336

2,045

2,579

205

274

378

1,892

2,810

Selling Expenses (US$000)

286

728

208

5,882

7,167

339

849

181

1,082

4,747

7,198

Cost Applicable to Sales (US$000)

5,649

17,370

833

4,516

107,231

135,599

8,256

10,797

2,409

14,111

76,472

112,045

Cost Applicable to Sales (US$000)

13,036

32,008

2,377

10,185

263,465

321,071

15,057

36,083

7,383

46,465

209,887

314,875

Divide: Divide: Volume Sold

3,553

986,583

636

2,347

17,786

Not Applicable

5,229

642,558

1,568

5,229

11,431

Not Applicable Volume Sold

8,575

1,873,998

1,939

5,478

41,889

Not Applicable

10,725

2,145,751

4,878

15,855

31,439

Not Applicable CAS

1,590

17.61

1,309

1,924

6,029

Not Applicable

1,579

16.80

1,536

2,698

6,690

Not Applicable CAS

1,520

17.08

1,226

1,859

6,290

No Applicable

1,404

16.82

1,513

2,931

6,676

Not Applicable NON MINING COMPANIES NON MINING COMPANIES

3Q 2023

3Q 2022

9M 2023

9M 2022

5,305

-4,601

Cost of Sales (without D&A) (US$000)

16,538

2,942

Add: Add:

Selling Expenses (US$000)

210

222

Selling Expenses (US$000)

626

703

Total (US$000)

5,515

-4,379

Total (US$000)

17,164

3,645

BUENAVENTURA CONSOLIDATED BUENAVENTURA CONSOLIDATED

3Q 2023

3Q 2022

9M 2023

9M 2022

35,233

24,636

1,811

2,485

66,725

136,195

40,730

17,793

3,410

13,982

47,105

118,419

Cost of Sales (without D&A) (US$000)

101,066

56,913

5,145

8,410

154,099

342,171

108,753

53,899

10,877

41,532

119,501

337,503

Add: Add: Exploration Expenses (US$000)

2,077

8,897

1,303

12,418

6,175

9,368

436

1,430

3,299

20,708

Exploration Expenses (US$000)

6,680

26,847

300

302

4,921

39,051

16,275

23,434

1,084

4,048

8,787

53,629

Commercial Deductions (US$000)

3,613

7,879

275

2,207

37,287

51,260

4,372

5,683

1,023

6,699

24,264

42,039

Commercial Deductions (US$000)

10,014

18,571

987

6,135

98,944

134,651

11,372

18,139

3,486

27,768

77,123

137,887

Selling Expenses (US$000)

717

1,174

2,046

4,277

1,094

1,704

201

739

1,892

5,854

Selling Expenses (US$000)

2,021

3,703

185

326

5,884

12,745

2,876

4,369

616

2,176

4,750

15,490

Cost Applicable to Sales (US$000)

41,640

42,586

2,233

4,816

107,360

204,150

52,371

34,549

5,069

22,850

76,561

187,020

Cost Applicable to Sales (US$000)

119,781

106,034

6,618

15,173

263,847

528,618

139,276

99,840

16,063

75,523

210,162

544,509

Divide: Divide: Volume Sold

33,265

1,743,629

1,269

3,029

17,802

Not Applicable

45,807

1,954,000

4,129

8,061

11,449

Not Applicable Volume Sold

102,700

4,666,199

4,799

8,324

41,940

Not Applicable

123,692

5,655,367

12,530

24,871

31,487

Not Applicable CAS

1,252

24.42

1,760

1,590

6,031

Not Applicable

1,143

17.68

1,228

2,835

6,687

Not Applicable CAS

1,166

22.72

1,379

1,823

6,291

Not Applicable

1,126

17.65

1,282

3,037

6,675

Not Applicable COIMOLACHE COIMOLACHE

3Q 2023

3Q 2022

9M 2023

9M 2022

18,044

866

18,910

33,976.00

1,285

35,261

Cost of Sales (without D&A) (US$000)

51,805

2,881

54,686

73,723

3,529

77,252

Add: Add: Exploration Expenses (US$000)

4,530

217

4,747

2,292.30

2,379

Exploration Expenses (US$000)

9,485

527

10,012

5,768

276

6,044

Commercial Deductions (US$000)

181

221

111

113

Commercial Deductions (US$000)

293

342

436

477

Selling Expenses (US$000)

234

245

276

286

Selling Expenses (US$000)

468

494

684

717

Cost Applicable to Sales (US$000)

22,989

1,134

24,123

36,655

1,384

38,039

Cost Applicable to Sales (US$000)

62,051

3,483

65,534

80,611

3,879

84,490

Divide: Divide: Volume Sold

21,237

82,379

Not Applicable

21,431

78,028

Not Applicable Volume Sold

36,261

164,895

Not Applicable

62,568

259,521

Not Applicable CAS

1,083

13.77

Not Applicable

1,710

17.74

Not Applicable CAS

1,711

21.12

No Applicable

1,288

14.95

Not Applicable

APPENDIX 5: All-in Sustaining Cost

All-in Sustaining Cost for 3Q23 Buenaventura1 La Zanja Tantahuatay Attributable 2

3Q23

Au Ounces Sold Net

27,932

1,780

21,237

38,227

3Q23

Income Statement & Cash Flow US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au Cost of Sales

44,648

1,598

5,656

3,178

18,910

890

57,886

1,514

Exploration in Operating Units

10,695

383

109

4,747

224

12,707

332

Royalties

3,235

116

3,235

Comercial Deductions3

3,870

139

221

3,967

104

Selling Expenses

1,476

245

1,586

Administrative Expenses

9,740

349

812

456

1,002

10,954

287

Other, net

2,378

255

143

-110

-5

2,589

Sustaining Capex4

2,364

1,732

973

719

4,385

115

By-product Credit

-21,851

-782

-166

-93

-1,938

-91

-22,794

-596

All-in Sustaining Cost

56,555

2,025

8,419

4,731

23,796

1,121

74,515

1,949

*All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas. Notes: 1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A. 2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 40.095% from Tantahuatay. 3. For all metals produced. 4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment. All-in Sustaining Cost for 3Q22 Buenaventura1 La Zanja Tantahuatay Attributable 2

3Q22

Au Ounces Sold Net

32,003

8,575

21,431

49,170

3Q22

Income Statement & Cash Flow US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au Cost of Sales

39,582

1,237

11,214

1,308

26,671

1,245

61,490

1,251

Exploration in Operating Units

14,729

460

1,103

129

1,994

16,631

338

Royalties

2,789

Comercial Deductions3

7,398

231

154

113

7,598

155

Selling Expenses

2,875

217

3,039

Administrative Expenses

9,175

287

692

916

10,234

208

Other, net

-249

-8

-107

-12

-338

-16

-492

-10

Sustaining Capex4

2,921

548

3,099

145

4,712

By-product Credit

-36,603

-1,144

-621

-72

-1,355

-63

-37,767

-768

All-in Sustaining Cost

42,618

1,332

13,060

1,523

31,316

1,461

68,234

1,388

*All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas. Notes: 1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A. 2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 40.095% from Tantahuatay. 3. For all metals produced. 4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment. All-in Sustaining Cost for 9M23 Buenaventura1 La Zanja Tantahuatay Attributable 2

9M23

Au Ounces Sold Net

87,243

6,883

36,261

108,665

9M23

Income Statement & Cash Flow US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au Cost of Sales

129,229

1,481

24,261

3,525

54,686

1,508

175,416

1,614

Exploration in Operating Units

32,699

375

438

10,012

276

37,151

342

Royalties

9,446

108

9,446

Comercial Deductions3

13,983

160

342

14,216

131

Selling Expenses

4,903

494

5,150

Administrative Expenses

31,765

364

2,206

321

3,053

35,195

324

Other, net

2,446

518

-751

-21

2,663

Sustaining Capex4

5,532

2,087

303

4,121

114

9,272

By-product Credit

-78,958

-905

-700

-102

-3,864

-107

-81,207

-747

All-in Sustaining Cost

151,045

1,731

28,955

4,207

68,093

1,878

207,302

1,908

*All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas. Notes: 1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A. 2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 40.095% from Tantahuatay. 3. For all metals produced. 4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment. All-in Sustaining Cost for 9M22 Buenaventura1 La Zanja Tantahuatay Attributable 2

9M22

Au Ounces Sold Net

94,167

18,800

62,568

138,053

9M22

Income Statement & Cash Flow US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au Cost of Sales

124,486

1,322

37,120

1,974

77,252

1,235

192,580

1,395

Exploration in Operating Units

37,792

401

2,586

138

6,044

42,801

310

Royalties

8,455

Comercial Deductions3

24,109

256

239

477

24,540

178

Selling Expenses

7,850

133

717

8,270

Administrative Expenses

31,423

334

2,011

107

2,680

34,509

250

Other, net

1,446

-287

-15

319

1,287

Sustaining Capex4

5,822

848

12,373

198

11,631

By-product Credit

-123,387

-1,310

-1,786

-95

-5,376

-86

-127,329

-922

All-in Sustaining Cost

117,996

1,253

40,864

2,174

94,486

1,510

196,744

1,425

APPENDIX 6

Compañía de Minas Buenaventura S.A.A. and Subsidiaries Interim condensed consolidated statements of financial position As of September 30, 2023 (unaudited) and December 31, 2022 (audited)

2023

2022

Assets US$(000) US$(000) Current assets Cash and cash equivalents

221,809

253,918

Trade and other receivables

181,528

221,899

Inventories

86,573

88,345

Income tax credit

15,478

28,046

Prepaid expenses

11,141

19,333

Hedge derivative financial instruments

8,839

516,529

620,380

Non-current assets Trade and other receivables

682,949

673,627

Investments in associates and joint venture

1,536,007

1,520,977

Property, plant, equipment and development cost

1,563,063

1,535,195

Deferred income tax asset

129,691

106,170

Prepaid expenses

22,369

23,033

Other non-financial assets

24,289

23,845

3,958,368

3,882,847

Total assets

4,474,897

4,503,227

Liabilities and equity Current liabilities Trade and other payables

221,187

247,989

Provisions

108,729

94,171

Income tax payable

9,801

2,366

Financial obligations

34,191

35,071

373,908

379,597

Non-current liabilities Trade and other payables

2,825

3,553

Provisions

188,712

204,347

Financial obligations

681,287

703,463

Contingent consideration liability

19,536

16,905

Deferred income tax liabilities

29,057

32,421

921,417

960,689

Total liabilities

1,295,325

1,340,286

Equity Capital stock

750,497

Investment shares

791

Additional paid-in capital

218,450

Legal reserve

163,372

163,270

Other reserves

31,897

Other reserves of equity

(99)

2,184

Retained earnings

1,851,445

1,841,761

Shareholders’ equity attributable to owners of the parent

3,016,353

3,008,850

Non-controlling interest

163,219

154,091

Total equity

3,179,572

3,162,941

Total liabilities and equity

4,474,897

4,503,227

Compañía de Minas Buenaventura S.A.A. and Subsidiaries Interim condensed consolidated statements of profit or loss (unaudited) For the three-month and nine-month ended September 30, 2023 and 2022 For the three-month periodended September 30, For the nine-month periodended September 30,

2023

2022

2023

2022

Continuing operations US$(000) US$(000) US$(000) US$(000) Operating income Sales of goods

207,705

192,084

559,489

566,531

Sales of services

3,588

3,332

10,555

10,528

Royalty income

1,381

Total operating income

211,293

195,416

570,044

578,440

Cost of sales Cost of sales of goods, excluding depreciation and amortization

(134,863)

(117,740)

(338,695)

(335,441)

Unabsorbed cost due to production stoppage

(7,467)

(3,944)

(18,002)

(14,913)

Cost of sales of services, excluding depreciation and amortization

(1,332)

(679)

(3,476)

(2,062)

Depreciation and amortization

(51,264)

(41,477)

(121,816)

(131,531)

Exploration in operating units

(12,418)

(20,708)

(39,051)

(53,629)

Mining royalties

(4,439)

(4,525)

(13,381)

(13,384)

Total costs of sales

(211,783)

(189,073)

(534,421)

(550,960)

Gross profit (loss)

(490)

6,343

35,623

27,480

Operating income (expenses), net Administrative expenses

(17,536)

(15,365)

(54,656)

(50,442)

Selling expenses

(4,277)

(5,854)

(12,745)

(15,490)

Exploration in non-operating areas

(4,553)

(4,236)

(8,715)

(11,066)

Reversal (provision) of contingencies

240

(1,960)

5,534

(3,805)

Other, net

(2,919)

1,050

(4,033)

1,317

Total operating income (expenses), net

(29,045)

(26,365)

(74,615)

(79,486)

Operating loss

(29,535)

(20,022)

(38,992)

(52,006)

Share in the results of associates and joint venture

46,375

20,442

113,368

118,149

Finance income

2,122

1,337

6,073

11,561

Foreign currency exchange difference

(31,176)

(27,961)

3,450

(3,086)

Finance costs

(13,381)

(12,641)

(43,455)

(42,092)

Profit (loss) before income tax

(25,595)

(38,845)

40,444

32,526

Current income tax

(11,925)

7,869

(22,228)

(8,423)

Deferred income tax

13,189

8,427

24,298

43,621

1,264

16,296

2,070

35,198

Profit (loss) from continuing operations

(24,331)

(22,549)

42,514

67,724

Discontinued operations Profit (loss) from discontinued operations

(167)

439

479,869

Net profit (loss)

(24,498)

(22,487)

42,953

547,593

Profit (loss) attributable to: Owners of the parent

(28,032)

(19,771)

29,627

548,469

Non-controlling interest

3,534

(2,716)

13,326

(876)

(24,498)

(22,487)

42,953

547,593

Basic and diluted profit (loss) per share, stated in U.S. dollars

(0.11)

(0.08)

0.12

2.16

Compañía de Minas Buenaventura S.A.A. and Subsidiaries Interim condensed consolidated statements of cash flows (unaudited) For the three-month and nine-month ended September 30, 2023 and 2022 For the three-month periodended September 30, For the nine-month periodended September 30,

2023

2022

2023

2022

US$(000) US$(000) US$(000) US$(000) Cash flows from (used in) of operating activities Proceeds from sales of goods and services

206,711

188,639

588,376

635,447

Dividends received from associates

48,961

98,323

29,377

Recovery from value added tax

9,631

4,982

42,971

26,835

Interest received

1,639

771

4,314

1,582

Dividends received from investments

150

Royalty received

5,183

Payments to suppliers and third-parties, and other net

(104,989)

(120,901)

(379,544)

(441,030)

Payments to employees

(33,962)

(29,245)

(100,969)

(93,925)

Interest paid

(16,081)

(17,260)

(37,590)

(38,860)

Short-term and low value lease payments

(9,884)

(10,497)

(28,159)

(29,697)

Income tax and royalties paid to the Peruvian State

(7,293)

(8,063)

(19,393)

(75,301)

Payment of royalties

(3,235)

(2,789)

(9,446)

(8,455)

Payments for tax litigation

(3,331)

(3,569)

Net cash flows from operating activities

88,167

5,637

155,464

11,156

Cash flows from (used in) of investing activities Proceeds from sale of property, plant and equipment

2,455

2,462

6,485

11,245

Income from sale of shares

245

1,577

Collection for sale of participation in Yanacocha

300,000

Collection for purchase of La Zanja shares

45,000

Payments for acquisition of property, plant and equipment

(59,786)

(37,198)

(145,659)

(93,205)

Payments for acquisitions of other assets

(1,052)

(34)

(1,772)

(153)

Capital increase in associates

(1,677)

Net cash flows from (used in) investing activities

(58,138)

(34,770)

(140,701)

262,787

Cash flows from (used in) financing activities Increase of bank loans

49,000

Decrease (increase) of bank accounts in trust

(1,110)

(1,859)

Payments of bank loans

(49,000)

(50,000)

Payments of financial obligations

(7,758)

(7,085)

(23,276)

(315,974)

Dividends paid to controlling interest

(18,542)

Lease payments

(1,181)

(1,022)

(3,430)

(3,071)

Dividends paid to non-controlling interest

(1,641)

(2,647)

Increase of restricted time deposits

29,117

Net cash and cash equivalents used in financing activities

(10,580)

(9,217)

(46,872)

(362,976)

Increase (decrease) in cash and cash equivalents during the period, net

19,449

(38,350)

(32,109)

(89,033)

Cash and cash equivalents at beginning of period

202,360

326,316

253,918

376,999

Cash and cash equivalents at the end of the period

221,809

287,966

221,809

287,966

For the three-month periodended September 30, For the nine-month periodended September 30,

2023

2022

2023

2022

US$(000) US$(000) US$(000) US$(000) Reconciliation of net profit to cash and cash equivalents provided by operating activities Net profit (loss)

(24,498)

(22,487)

42,953

547,593

Plus (less): Share in the results of associates and joint venture

(46,375)

(20,442)

(113,368)

(118,149)

Deferred income tax (continuing operations)

(13,189)

(8,427)

(24,298)

(43,621)

Exchange difference

31,176

27,961

(3,450)

3,086

Reversal (provision) of contingencies

(240)

1,960

(5,534)

3,805

Depreciation and amortization in cost of sales

51,264

41,477

121,816

131,531

Non - cash discontinued operations

(49)

(1,637)

(524,757)

Provision for estimated fair value of sales

(14,733)

13,746

19,738

Workers´ participation provision

2,899

(2,666)

4,691

271

Bonus provision - executives & employes

4,447

7,260

10,391

11,964

Other minor

4,482

2,856

14,778

(4,980)

Net changes in operating assets and liabilities: Decrease (increase) in operating assets - Trade and other accounts receivable

16,604

27,756

56,241

82,952

Inventories

(26,589)

4,969

(24,878)

(5,459)

Income tax credit

(13,282)

9,178

(7,129)

Prepaid expenses

7,677

6,601

8,855

13,141

Increase (decrease) in operating liabilities - Trade and other accounts payable

20,476

(46,147)

(43,590)

(116,091)

Provisions

(5,101)

(2,604)

(12,619)

(10,932)

Income tax payable

19,535

15,533

7,435

(1,184)

Payments for tax litigation

(3,331)

(3,569)

Proceeds from dividends in associates

48,961

98,323

29,377

Net cash and cash equivalents used in operating activities

88,167

5,637

155,464

11,156

View source version on businesswire.com: https://www.businesswire.com/news/home/20231030523224/en/

Contacts in Lima: Daniel Dominguez, Chief Financial Officer (511) 419 2540 Gabriel Salas, Head of Investor Relations (511) 419 2591 / gabriel.salas@buenaventura.pe

Contact in NY: Barbara Cano (646) 452-2334 / barbara@inspirgroup.com

Company Website: http://www.buenaventura.com

Compania De Minas Buenav... (NYSE:BVN)
Historical Stock Chart
From Oct 2024 to Nov 2024