Compañía de Minas Buenaventura S.A.A. Q4 FY2025 earnings call

• In 2025, copper, silver, and gold production had specific trends. EBITDA and net income showed significant changes. - San Gabriel reached 99% overall progress, with CAPEX in Q4 2025 for processing plant construction. - Received $98 million in dividends from Cerro Verde after quarter end. - Board approved a dividend of $0.9904 per share. - Key milestone in December 2025 was producing first dorebar at San Gabriel and receiving initial operating permit, with water license expected in coming weeks. - San Gabriel's cumulative progress was 99% overall, with processing plant components like primary crusher, SAC, BOS, and sealed tanks at 100% progress. - Filter tailings plant was complete. - Affiliate companies: Colmolache operating at full capacity, Cerro Verde distributed dividends. - 2026 production guidance for gold is 48,000 - 55,000 ounces, aiming for 2,000 tons per day throughput in third quarter 2026 after completing certain milestones. - Consistent copper and silver output supported by steady operations at El Brocal, Uchuchagua, and Yumpac. - Environment allows exploration investment to reinforce reserves and resources base, and progressive closures to enhance efficiency.

Copper production in 2025 reached 52.4 thousand tons, down 8% year - on - year. Silver production was 15.6 million ounces, 1% higher year - on - year. Gold production was 121,000 ounces, down 18% year - on - year. EBITDA from direct operations in 2025 was US$112 million, an 88% increase from 2024. Net income was $1,830 million compared to $416 million in 2024. San Gabriel had 99% overall progress as of fourth quarter 2025, with CAPEX in the quarter being $153 million. Copper cash cost increased in Q4 2025 due to higher personnel costs, increased cement consumption, and foreign exchange impacts. Silver cash cost increased due to higher commercial deductions and non - payable value. Gold cash cost increased due to lower throughput reducing scale efficiency.

• For 2025, expected total CAPEX between $385 and $415 million, around $200 - $220 million for mine development, tailings, ventilation, and San Gabriel readiness. - For 2026, expected CAPEX between 185 and 195 million, mainly for completing San Gabriel and advancing Trapiche and Algarro. - 2026 gold production guidance 48,000 - 55,000 ounces, aiming for 2,000 tons per day throughput in third quarter 2026 after completing certain milestones. - Revenues expected in range of $1.8 to $2 billion with prices at $4,500 for gold, $70 for silver, and $12,000 for copper, including sales from Cerro Verde concentrate. - EBITDA expected in range of $800 million to $1 billion.

• Delays in permits for San Gabriel, such as water permit. - Uncertainties in the progress of exploration and potential issues with asset sales due to re - evaluation of metal prices. - Risks related to ventilation and tailings in San Gabriel affecting production ramp - up.

Q: On CAPEX, what led to significant revision?

A: Mainly in San Gabriel, pending works like earthworks, dealing with issues during rainy season such as water systems, roads, grouting for water dam, and closing some contracts for plant materials.

Q: Why lower guidance for San Gabriel production in 2026?

A: Pending construction and permitting components, need to finalize by second quarter 2026, mine rescaling due to accident requiring redesign of ventilation sequence, restricting mining to three levels instead of six, leading to lower grade and lower production guidance.

Q: Changes in mining plan due to gold and silver prices?

A: Only change foreseen is in San Gabriel, copper and silver plans remain the same.

Q: How much of 2026 CAPEX is for San Gabriel?

A: San Gabriel is around $160 million including closing contracts and additional earthwork.

Q: G&A guidance for 2026?

A: Around $60 - $70 million.

Q: Exploration budget for 2026?

A: Between 90 - 100 million.

Q: Dividends from Cerro Verde in 2026?

A: Around $200 million, dividend policy is not less than 20% of net income, paid 40% of 2025 net income.

Q: Status of Cameloche sulfide study?

A: Ending study, expect to inform market in first half of 2026.

Q: Why cost applicable to sales rose 16% in quarter?

A: More silver concentrate with lower grade and escalators in contracts due to sharp increase in silver price.

Q: EBITDA and revenues guidance for 2026?

A: Revenues $1.8 - $2 billion, EBITDA $800 million - $1 billion with given metal prices.

Q: Status of mines under strategic review?

A: Began process of analyzing feasibility of selling, re - analyzing due to increasing metal prices, close to final decision, likely to sell separately.

Q: When will dividend of $0.99 per share be paid?

A: Expected in April.

Q: When will $200 million in dividends from Cerro Verde be received?

A: $100 million received in January, $50 million by July, and $50 million in fourth quarter.