Compañía de Minas Buenaventura S.A.A. Q3 FY2025 earnings call

• Copper, silver, gold production details with year-over-year changes.
• EBITDA, net income, cash position, and debt metrics presented.
• San Gabriel project progress detailed, including CapEx and completion percentages.
• Coimolache's new operating permit enabling full capacity production.
• Dividend approval announced.

Copper production in Q3 2025 was 12,800 tonnes, down 24% y-o-y. Silver production was 4.3 million ounces, 3% lower y-o-y. Gold production was 30,894 ounces, down 21% y-o-y. EBITDA from direct operations in Q3 2025 was $202.1 million, a 48% increase from $136.5 million in same quarter 2024. Net income was $167.1 million vs $236.9 million in Q3 2024 (including $157.3 million from Chaupiloma sale). Cash position was $486 million, total debt $711 million, leverage ratio 0.41x. San Gabriel CapEx in Q3 2025 was $92 million, 96% overall progress, construction 95% complete; Coimolache got new permit enabling full capacity production. Dividend of $0.1446 per share ADS approved.

• San Gabriel expected to start commercial production in Q4 2025.
• Production ramp-up for San Gabriel to start in January.
• Guidance for next year's gold production: 70,000 to 90,000 ounces.
• Breakeven expected in Q1/Q2 next year.

Q: Carlos de Alba asks about pending permits for San Gabriel, power access, production sequence, and breakeven.

A: Leandro Garcia, Renzo Macher, and Juan Ortiz Zevallos respond: Permits are being coordinated, power line construction complete with access expected Sunday, commissioning to take couple months, production ramp-up starts in January, next year's gold production guidance 70,000-90,000 ounces, breakeven expected in Q1/Q2 next year