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

1. 4Q24 gold production exceeded expectations; 2025 guidance shows overall decline. 2. Silver production guidance stable despite lower grades; tension from operational challenges. 3. Increased throughput anticipated at Uchucchacua for 2025, boosting silver and lead output. 4. San Gabriel project on track for 4Q25 production start; permits pending. 5. Higher grades in certain areas may offset lower production rates in 2025.

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Future guidance reflects mixed production outlooks, reminiscent of 2020's volatility.

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Production metrics and future projections critically impact strategy for metals investors.

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Production outlook changes may influence stock performance over several quarters.; prior projections often adjust over time.

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Cerro VerdeFCXSUM
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 4Q24 results for production and volume sold. Production per Metal Three Months Ended December 31, 2024 Year Ended December 31, 2024 Year Ended December 31, 2025 Guidance(1)   Gold ounces produced El Brocal 6,317 23,646 15.5k - 18.5k Orcopampa 16,466 70,892 45.0k - 50.0k Tambomayo 7,823 33,896 12.5k - 15.5k Julcani 1,664 4,504 7.5k - 9.5k La Zanja 7,091 15,746 18.0k – 21.0k San Gabriel (4) 0 0 10.0k – 15.0k Total Direct Operations (2) 39,362 148,683 108.5k – 129.5k Coimolache 9,566 48,120 50.0k - 55.0k Total incl. Associated (3) 40,761 158,856 122.6k – 144.4k   Silver ounces produced El Brocal 420,802 2,122,742 1.1M - 1.4M Uchucchacua 839,090 2,364,035 2.7M - 3.2M Yumpag (5) 2,105,606 8,123,445 7.3M - 7.8M Orcopampa 6,636 29,493 - Tambomayo 268,602 1,412,092 1.2M - 1.5M Julcani 312,554 1,402,786 1.5M - 1.8M La Zanja 8,733 23,637 - Total Direct Operations (2) 3,962,024 15,478,231 13.8M - 15.7M Coimolache 57,741 236,082 0.2M - 0.3M Total incl. Associated (3) 3,822,871 14,754,144 13.5M - 15.3M   Lead metric tons produced Uchucchacua 2,939 13,751 16.0k - 18.0k Tambomayo 965 4,058 - Julcani 108 727 0.8k - 1.0k Total Direct Operations (2) 4,013 18,536 16.8k - 19.0k   Zinc metric tons produced El Brocal 0 1,985 - Uchucchacua 4,684 21,205 23.0k - 26.0k Tambomayo 1,228 5,262 1.0k - 1.3k Total Direct Operations (2) 5,913 28,452 24.0k - 27.3k   Copper metric tons produced El Brocal 14,191 56,525 55.0k - 60.0k Total Direct Operations (2) 14,191 56,525 55.0k - 60.0k 2025 projections are considered to be forward-looking statements and represent management’s good faith estimates or expectations of future production results as of February 2025. Considers 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal. Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 61.43% of El Brocal and 40.094% of Coimolache. 4Q25 targeted production initiation remains unchanged, subject to final permitting and required approvals. Considers ore from the pilot stope approved within Yumpag EIA-sd. Volume Sold per Metal Three Months Ended December 31, 2024 Year Ended December 31, 2024   Gold ounces sold El Brocal 3,825 14,501 Orcopampa 16,403 70,626 Tambomayo 7,129 31,328 Julcani 1,460 3,987 La Zanja 6,798 15,323 Total Direct Operations (1) 35,615 135,766 Coimolache 10,414 48,941 Total incl. Associated (2) 38,315 149,795 Silver ounces sold El Brocal 336,635 1,739,941 Uchucchacua 734,812 2,080,541 Yumpag (3) 2,062,192 7,847,952 Orcopampa 4,947 27,121 Tambomayo 232,468 1,268,157 Julcani 290,618 1,342,669 La Zanja 25,694 57,835 Total Direct Operations (1) 3,687,366 14,364,215 Coimolache 61,500 238,893 Total incl. Associated (2) 3,582,184 13,788,902 Lead metric tons sold El Brocal 0 72 Uchucchacua 2,515 12,267 Yumpag (3) 8 63 Tambomayo 821 3,513 Julcani 91 649 Total Direct Operations (1) 3,435 16,564 Zinc metric tons sold El Brocal 0 1,592 Uchucchacua 3,858 17,451 Tambomayo 978 4,209 Total Direct Operations (1) 4,835 23,252 Copper metric tons sold El Brocal 13,398 53,107 Tambomayo 63 158 Julcani 8 87 Total Direct Operations (1) 13,469 53,353 Considers 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal. Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 61.43% of El Brocal and 40.094% of Coimolache. Considers ore from the pilot stope approved within Yumpag EIA-sd. Average realized prices(1)(2) Three Months Ended December 31, 2024 Year Ended December 31, 2024   Gold (US$/Oz) 2,641 2,407 Silver (US$/Oz) 31.17 28.92 Lead (US$/MT) 1,890 2,039 Zinc (US$/MT) 3,084 2,715 Copper (US$/MT) 8,883 9,063 Considers Buenaventura consolidated figures. Realized prices include both provisional sales and final adjustments for price changes. Commentary on Operations Tambomayo: 2024 gold production exceeded revised guidance, primarily due to an increase in processed ore. 2024 lead and zinc production were in line with expectations. 2024 silver production underperformed slightly relative to adjusted guidance, primarily due to delays related to poor ground conditions at the high silver grade ore stopes which made extraction more challenging. 2025 Guidance: Buenaventura anticipates a decrease in gold, lead, and zinc production at its Tambomayo operations relative to 2024. The Company expects an approximately 40% decrease in throughput for the year, as well as lower gold, lead, and zinc grades as the mining sequence progresses into lower-grade areas. However, higher silver grades in the scheduled 2025 mining areas are expected to offset the decrease in volume processed, resulting in stable silver production, year-on-year. Orcopampa: 2024 gold and silver production was in line with expectations. 2025 Guidance: Guidance reflects a year-on-year decrease in gold production as well as an approximately 45% reduction in annual throughput, partially offset by higher gold grades expected in the scheduled 2025 mining areas as some stopes from Pucarina and Nazareno veins come into production. Coimolache: 2024 Gold production exceeded projections due to an accelerated percolation rate at the leach pad and to higher grades than was previously expected. 2025 Guidance: The Company expects a year-on-year increase in gold production due to the expansion of the leach pad, which will be ready to receive fresh ore starting in 2H25. Buenaventura expects to obtain the necessary permits in 1Q25 with expected construction in 2Q25 and the resulting resumption of fresh ore leaching in 3Q25. The Coimolache production plan combines fresh ore with low-grade stockpile ore for leaching on the Tantahuatay pad to offset the decreased production planned for the 1H25. Julcani: 2024 silver production underperformed slightly relative to adjusted guidance, primarily due to the transition from silver into copper-gold stopes. 2024 gold production therefore exceeded revised guidance slightly, gradually increasing as the operation transitions to zones richer in copper-gold. 2025 Guidance: The Company expects a year-on-year increase in silver and gold production due to an approximately 20% increase in expected throughput for the year, driven by an increased contribution of ore extracted from the Socorro sector. Uchucchacua: 2024 silver and zinc production was in line with expectations. 2024 lead production underperformed slightly relative to adjusted guidance due to lower than expected grades. 2025 Guidance: Buenaventura anticipates a year-on-year increase in silver, lead, and zinc production resulting from an approximately 20% increase in throughput for 2025. This is due to optimized operations at Uchucchacua, which is projected to increase to 2,000 tpd by year-end 2025 from 1,500 tpd currently. Yumpag: 2024 Silver production exceeded projections mainly due to higher than expected grades. 2025 Guidance: Buenaventura expects a decrease in silver production year-over-year, primarily due to lower silver grades. However, this will be partially mitigated by increased ore volume processed, as 2025 represents Yumpag’s first full 12-months of production at 1,000 tpd; the operations’ maximum allowable throughput based on the environmental permit currently in place. Buenaventura has planned to apply in 2025 for mining extraction rate expansion, enabling these operations to achieve 1,200 tpd during 2026. El Brocal: 2024 copper and zinc production was in line with expectations. 2024 gold and silver production exceeded expectations primarily due to better than expected by-product recovery from copper concentrate extracted from the underground mine. 2025 Guidance: Buenaventura expects copper production to remain consistent with 2024 levels as underground mine production ramp-up continues, partially offset by lower copper grades. The targeted underground mine exploitation rate at El Brocal exceeded the original 11,500tpd target, reaching 12,500 tpd in 4Q24. A significant decrease in El Brocal silver and gold production is expected in 2025 due to the full depletion of the remaining ore inventory from Colquijirca’s Tajo Norte Mine in 2024, as well as ongoing temporary suspension of mining activities at Tajo Norte Mine. There are no plans for lead and zinc production for 2025. San Gabriel: 2025 Guidance: Construction and mine development at San Gabriel will continue as planned during 1H25. In 3Q25, Buenaventura will focus on ensuring the processing plant's operational readiness for commercial production. 4Q25 targeted production initiation remains unchanged, subject to final permitting and required approvals. 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.

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