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

Buenaventura's first quarter 2026 results reflect a significant operational and financial turnaround. Total revenues more than doubled to $624.6 million from $307.7 million in the same period last year, driven by an 8% increase in gold production and a 6% increase in silver production. The ramp-up of the San Gabriel mine, which entered the ramp-up phase during the quarter, contributed to higher gold output. Additionally, higher throughput at Uchucchacua boosted lead and zinc production by 20% and 27% YoY, respectively, while copper production declined 11% due to a shift in mine plan prioritizing lead-silver ore. Operating income surged to $329.3 million from $93.9 million, and EBITDA from direct operations reached $386.3 million, up from $126.3 million. Net income attributable to owners was $335.4 million ($1.32 per share), compared to $140.1 million ($0.55 per share) in 1Q25. The company maintained a strong balance sheet with $759.9 million in cash and a net cash position (negative net debt of $51.9 million). Subsequent to quarter end, Buenaventura received $58.7 million in dividends from its 19.58% stake in Cerro Verde, bringing year-to-date dividends to $156.6 million. Capital expenditures for San Gabriel totaled $49.2 million in Q1, primarily for the processing plant. The strong cash position and dividend income provide financial flexibility for future growth and shareholder returns.