BVN · Compañía de Minas Buenaventura S.A.A.

Buenaventura's 1Q26 production results showed outperformance across several key operations. Uchucchacua's silver production exceeded projections due to higher grades, with lead and zinc in line. Yumpag also beat silver guidance on elevated grades. El Brocal surpassed copper, silver, and gold targets, driven by higher grades from rescheduled stopes and improved gold recovery. Orcopampa, Julcani, and Tambomayo's silver/lead also exceeded expectations from higher-grade ore prioritization, though Tambomayo's gold and zinc fell short on lower grades. Coimolache met gold guidance but beat silver on grades and recovery. San Gabriel, in early ramp-up, focused on infrastructure commissioning, resulting in lower throughput and gold output below guidance, with sales anticipated in 2Q26 as volumes build. La Zanja aligned with gold projections. Sales volumes tracked production closely, with realized prices reflecting strong gold at $4,875/oz but softer base metals. 2026 guidance incorporates direct operations at 100% (except El Brocal at 61.43%) plus associates like Coimolache at 40.094%, providing a framework for full-year expectations amid operational variability from grades and recoveries.