Compañía de Minas Buenaventura SAA Q1 FY2025 earnings call

• Strong first quarter results in EBITDA, net income, and reserves. - San Gabriel project: 79% overall completion by Q1 2025, total CapEx reached $505 million. Full year 2025 CapEx guidance revised to $220M-$250M. On track for Q3 ramp-up and Q4 first gold bar (subject to permits). - Processing plants progress: primary crusher 100%, SAG and Ball 98%, CIL tanks 97%. Filtered tailings plant at 74%. - Yumpag as growth driver, delivering 2.3 million ounces of silver. - Exploration: Operating unit explorations $40M-$45M for 2025, nonoperating unit explorations $20M for 2025. - Administrative expenses: Higher due to higher worker participation, ~$60M-$65M for 2025.

In the first quarter of 2025, Compania de Minas Buenaventura's silver production reached 3.7 million ounces, 20% higher than the first quarter of 2024 (3.1 million ounces), with 2.2 million ounces from Yumpag due to full-scale operation. Copper production decreased 21% year-over-year, primarily due to remaining El Brocal open pit inventories processed in Q1 2024. Gold production was 27,980 ounces compared to 36,593 ounces in Q1 2024, down mainly due to decreased production at Tambomayo and Orcopampa, partially offset by increased production at La Zanja. EBITDA from direct operations was $126 million in Q1 2025 compared to $95 million in Q1 2024, with an EBITDA margin of 41% vs. 38% in the previous year. Net income was $140 million in Q1 2025 vs. $61 million in Q1 2024. Cash position was $648 million, total debt $862 million, net leverage ratio 0.46x. CapEx for the quarter was $36 million, with $22 million allocated to the San Gabriel project. Buenaventura received $49 million in dividends from Cerro Verde. Consolidated reserves updated as of end-2024: gold up 482,000 ounces, silver up 61 million ounces, copper up 253,000 tonnes.

• Full year 2025 CapEx guidance revised to $220M-$250M. - San Gabriel: Anticipates Q3 ramp-up, Q4 first gold bar (subject to permits). - Processing plants and filtered tailings plant progress on schedule.

• Permit approvals needed for San Gabriel's production start. - Geotechnical and hydraulic issues at San Gabriel causing CapEx overrun. - Ground conditions at San Gabriel affecting development.

Q: On San Gabriel CapEx increase, return, permits, production range; exploration and admin expenses A: Renzo Macher discussed geotech and hydrogeology issues at San Gabriel and related CapEx spending, Leandro Garcia and Daniel Dominguez provided details on exploration expenses ($40M-$45M for operating units, $20M for nonoperating units) and administrative expenses (~$60M-$65M for 2025) Q: Capital expenditure for 2025, exploration, admin expenses A: Daniel Dominguez stated 2025 CapEx expected to be $400M-$420M, exploration details as above, admin expenses ~$60M-$65M Q: Coimolache permits and construction A: Juan Carlos Ortiz mentioned construction permit granted in March, construction started in April, expect to pile fresh ore on pad by August with production increase seen by late October/early November Q: San Gabriel water dam and TSF, transition to operating self A: Renzo Macher clarified water dam and TSF are separate, geotechnical issues caused CapEx overrun; Juan Carlos Ortiz discussed transition to operating self at Uchucchacua, Yumpag, and El Brocal with Sandvik equipment