Q4 2025 Compañía de Minas Buenaventura SAA Earnings Call

February 27, 2026

Operator: Good morning, ladies and gentlemen. Welcome to the Compañía de Minas Buenaventura Q4 2025 Earnings Results Conference Call. At this time, all participants are in listen-only mode. Please note that this call is being recorded. I would now like to introduce you to your host for today's call, Mr. Sebastián Valencia, Head of Investor Relations. Mr. Valencia, you may begin.

Speaker #2: I would now like to introduce you to your host for today's call, Mr. Sebastian Valencia, Head of Investor Relations. Mr. Valencia, you may begin.

Speaker #2: Good morning, everyone, and thank you for joining us today to discuss our fourth quarter 2025 results. Today's discussion will be led by Mr. Leandro Garcia.

Sebastián Valencia: Good morning, everyone, and thank you for joining us today to discuss our Q4 2025 results. Today's discussion will be led by Mr. Leandro García, Chief Executive Officer. Also, joining our call today and available for your questions are Mr. Daniel Domínguez, Chief Financial Officer, Mr. Juan Carlos Ortiz, Vice President of Operations, Mr. Aldo Maza, Vice President of Business Development and Commercial, Mr. Alejandro Hermoza, Vice President of Sustainability, Mr. Renzo Macher, Vice President of Projects, Mr. Juan Carlos Salazar, Vice President of Geology and Explorations, Mr. Roque Benavides, Chairman, and Mr. Raúl Benavides, Director. Before I hand the call over, let me first touch on a few items. On Buenaventura's website, you will find our press release that was posted yesterday after the market close. Please note that today's remarks include forward-looking statements that are based on management current views and assumptions.

Speaker #2: Chief Executive Officer also, joining our call today and available for your questions are Mr. Daniel Domínguez, Chief Financial Officer; Mr. Juan Carlos Ortiz; Vice President of Operations; Mr. Aldo Masa; Vice President of Business Development and Commercial; Mr. Alejandro Hermosa; Vice President of Sustainability; Mr. Renzo Maher; Vice President of Projects; Mr. Juan Carlos Salazar; Vice President of Geology and Explorations; Mr. Roger Benavides, Chairman; and Mr. Raúl Benavides, Director.

Speaker #2: Before I hand the call over, let me first touch on a few items. On Buenaventura's website, you will find our press release that was posted yesterday after market close.

Speaker #2: Please note that today's remarks include forward-looking statements that are based on management current views and assumptions, while management believes that these assumptions, expectations, and projections are reasonable in view of the current available information we are cautioned not to place on the reliance on these forward-looking statements.

Sebastián Valencia: While management believes that these assumptions, expectations, and projections are reasonable in view of the current available information, we are cautioned not to place under reliance on these forward-looking statements. I encourage you to read the full disclosure concerning forward-looking statements within the earnings result that was issued on 26 February 2026. Let me now turn the call to Mr. Leandro Garcia.

Speaker #2: I encourage you to read the full disclosure concerning forward-looking statements within the earnings results that were issued on February 26, 2026. Let me now turn the call over to Mr. Leandro Garcia.

Speaker #3: Thank you so much, Tim. Good morning, and thank you for joining us today to discuss the quarterly results of the company and the year-end.

Leandro García: Thank you, Sebastián. Good morning, thank you for joining us today to discuss the quarterly results of the company at the year-end. On slide 2 is our cautionary statement, important information that I encourage you to read. Today, we will talk about our 2025 performance, our main achievements, our priorities for the future. After the presentation, we will be available for our Q&A session, where our team will be happy to answer your questions. The next slide, I will start by providing a summary of our strong results for the year. Copper production in the full year of 2025 reached 52.4 thousand tons, down 8% over year. This was mainly because the company processed the stockpiles with higher precious metal content, following a sharp increase in precious metal. This was in Brocal.

Speaker #3: On slide 2 is our cautionary statement, important information that I encourage you to read. Today, we will talk about our 2025 performance, our main achievements, and our priorities for the future.

Speaker #3: After the presentation, we will be available for our Q&A session, where our team will be happy to answer your questions. On the next slide, I will start by providing a summary of our strong results for the year.

Speaker #3: Copper production in the full year of 2025 reached 52.54 thousand tons, down 8% over a year. This was mainly because the company processed stockpiles with higher precious metal content, following a sharp increase in precious metal.

Speaker #3: This was in Brocal. Silver production reached 15.6 million ounces, 1% higher compared to the 15.5 million ounces produced during the same period last year.

Leandro García: Silver production reached 15.6 million ounces, 1% higher compared to the 15.5 million ounces produced during the same period last year, in line with our annual expectations. Gold production was 121,000 ounces, down 18% year-on-year, mainly due to lower output at Orcopampa and Tambomayo, consistent with the 2025 planned mining sequence. EBITDA from our direct operations in full year of 2025 was $112 million, which represents an 88% increase compared to the $431.5 million in 2024. Net income for the full year was $830 million, compared to $416 million in 2024, which include $157.3 million from the sale of Chaupiloma.

Speaker #3: In line with our annual expectations, gold production was 121,000 ounces, down 18% year on year, mainly due to lower output at Orcopampa and Tambomayo, consistent with the 2025 planned mining sequence.

Speaker #3: EBITDA from our direct operations in the full year of 2025 was US$112 million, which represents an 88% increase compared to the $59.5 million in 2024.

Speaker #3: Net income for the full year was 1,830 million, compared to 416 million in 2024, which includes 157.3 million dollars from the sale of Chaupiloma.

Speaker #3: The year ended with a cash position of $530 million and total debt of $710 million, resulting in a leverage ratio of 0.22 times.

Leandro García: The year ended with a cash position of $530 million and total debt of $710 million, resulting in a leverage ratio of 0.22 times. Moving on to San Gabriel. As of now, San Gabriel has reached 99% overall progress. CapEx for the project in Q4 2025 was $153 million, primarily allocated to the completion of the processing plant construction. After the quarter ended on 29 January 2026, when Aventura received $98 million in dividends from its stake in Cerro Verde. Finally, the board approved a dividend of $0.9904 per share. With this approval, total dividends declared over the past 12 months reached $1.135 per share at ADS. Moving forward to our 2025 guidance.

Speaker #3: Moving on to San Gabriel. As of now, San Gabriel has reached 99% overall progress, CAPEX for the project in the fourth quarter of 2025 was 153 million dollars, primarily allocated to the completion of the processing plant construction.

Speaker #3: After the quarter ended on January 29, 2026, Buenaventura received a 98 million in dividends from its stake in Cerro Verde. Finally, the board approved a dividend of 0.9904 per share, with this approval total dividends declared over the past 12 months reached $1.135 per share ADS.

Speaker #3: Moving forward to our 2025 guidance, regarding gold production, our primary focus is in San Gabriel, which is expected to become our main gold-producing asset in the coming years, playing a key role in our long-term growth strategy.

Leandro García: Regarding gold production, our primary focus is in San Gabriel, which is expected to become our main gold-producing asset in the coming years, playing a key role in our long-term growth strategy. We anticipate a stable copper and silver production at both El Brocal, Uchucchacua, and Yumpag, maintaining consistent output levels. For 2025, we expect total CapEx of between $385 and 415 million, around $200 to 220 million with sustaining CapEx, mainly focused on mine development, tailings, and ventilation outreach at El Brocal, Uchucchacua, and Yumpag, as well as readiness and wrap-up works at San Gabriel. Growth CapEx for 2026 is expected to be between $185 and 195 million, mainly focused on the completing of San Gabriel and advancing Trapiche and Algarrobo.

Speaker #3: We anticipate a stable copper and silver production at both El Brocal and Uchuchacuayumpa, maintaining consistent output levels. For 2025, we expect total CAPEX of between 385 and 415 million dollars, around 200 to 220 million with sustaining CAPEX, mainly focused on mine development, tailings, and ventilation outbreaks at El Brocal, Uchuchacuayumpa, as well as readiness and wrap-up works at San Gabriel.

Speaker #3: Growth CAPEX for 2026 is expected to be between $185 and $195 million, mainly focused on the completion of San Gabriel and advancing Trapiche and Algarrobo.

Speaker #3: Moving on, the cost applicable to sales trend. Copper cash increased in the fourth quarter of 2025, mainly due to higher personnel costs driven by improved profitability.

Leandro García: Moving on the cost applicable to sales trend, copper cash increased in Q4 2025, mainly due to higher personnel costs, driven by improved profitability, increased cement consumption, and foreign exchange impacts at El Brocal. Silver cash increased due to higher commercial deductions on Yumpag, non-payable value, and escalators. Additionally, there were increased ore throughput, partially offsetting lower grades at Uchucchacua and Julcani. Gold cash has increased due to lower throughput, reducing the scale efficiency at Orcopampa and Tambomayo. On the next slide, we will present free cash flow generation. The Q4 cash position increased during the quarter, mainly driven by net cash inflows from operating activities. Moving on to slide 6, I would like to highlight a key milestone achieved last December. We produced our first gold bar at San Gabriel, and we have received the initial operating permit.

Speaker #3: Increased cement consumption and foreign exchange impacts at El Brocal. Silver cash increased due to higher commercial deductions and UNPAC, non-payable value, and escalators. Additionally, there were increased ore throughput, partially offsetting lower grades at Uchuchacua and Julcani.

Speaker #3: Gold cash has increased due to lower throughput, reducing scale efficiency at Orcopampa and Tambomayo. On the next slide, we will present free cash flow generation. The fourth quarter cash position increased during the quarter, mainly driven by net cash inflows from operating activities.

Speaker #3: Moving on to slide 6, I would like to highlight a key milestone achieved last December. We produced our first Dorebar at San Gabriel, and we have received the initial operating permit.

Speaker #3: The water license is expected in the coming weeks. For 2026, our production guidance is between 48,000 and 55,000 gold ounces. There are still some pending milestones to achieve full potential.

Leandro García: The water license is expected in the coming weeks. For 2026, our production guidance is between 48,000 and 55,000 gold ounces. There are still some pending milestones to achieve full potential. These include the expansion of tailings drying areas and upgrades on the ventilation system. We expect to complete this milestone, enable a stable 2,000 tons per day throughput in Q3 2026, and continued ramp up. San Gabriel's cumulative progress has reached 99% overall completion by Q4 2025, primarily driven by finishing the engineering and procurement, as well as the construction at 98% of advance. On the next slide, we are showing the processing plant's progress, the primary crusher mechanical works at 100%. The SAG and balls mechanical works are at 100% also.

Speaker #3: This includes the expansion of tailings, drying areas, and upgrades to the ventilation system. We expect to complete these milestones, enabling a stable 2,000 tons per day throughput in the third quarter of 2026 and continued ramp-up.

Speaker #3: San Gabriel's cumulative progress has reached 99% overall completion by the fourth quarter of 2025, primarily driven by finishing the engineering and procurement, as well as the construction at 98% of advance.

Speaker #3: On the next slide, we are showing the processing plant's progress. The primary crusher mechanical works are at 100%, the SAG and ball mechanical works are at 100% also, and finally, the seal tanks mechanical works are completed with 100% achievement.

Leandro García: Finally, the sealed tanks mechanical works are ended with 100% achievement. Moving on, we can see the progress of the main components of the plant. Moving on to slide 9, we are showing the progress made at the filter tailings plant, which is now complete. To conclude the presentation, I would like to share a few final thoughts. Consistent copper and silver output, supported by steady operations at El Brocal, Uchucchacua, and Yumpag, ensuring operational reliability. Solid performance from affiliate companies, Coimolache, is operating at full capacity, while Cerro Verde distribute $98 million in dividends attributable to Buenaventura's stake. San Gabriel has entered in its transition phase, moving from project execution to ramp up during the first half of 2026, positioning the operation to achieve a stable 2,000 tons per day throughput in Q3 2026.

Speaker #3: Moving on, we can see the progress of the main components of the plant. Moving on to slide 9, we are showing the progress made at the filtered tailings plant, which is now complete.

Speaker #3: To conclude the presentation, I would like to share a few final thoughts. Consistent copper and silver output, supported by steady operations at El Brocal, Uchuchacua, and UNPAC, is ensuring operational reliability.

Speaker #3: Solid performance from affiliate companies. Cosmolache is operating at full capacity, while Cerro Verde distributes $98 million in dividends attributable to the Buenaventura stake. San Gabriel has entered its transition phase.

Speaker #3: Moving from project execution to ramp-up during the first half of 2026, positioning the operation to achieve a stable 2,000 tons per day throughput in the third quarter of 2026.

Speaker #3: A supportive environment allows us to step up exploration and investment, to reinforce our reserves and resources base, while advancing progressive closures to enhance efficiency. Strong cash flow generation and a solid balance sheet with disciplined capital allocation enable us to return value to shareholders, reaffirming our commitment to investor returns.

Leandro García: A supportive environment allows us to step up exploration investment to reinforce our reserves and resources base, while advancing progressive closures to enhance efficiency. A strong cash flow generation, a solid balance sheet, and a disciplined capital allocation enable us to return value to shareholders, reaffirming our commitment to investor returns. Thank you for your attention, I will call back to the operator to open the line for questions. Operator, please go ahead.

Speaker #3: Thank you for your attention, and I will call back to the operator to open the line for questions. Operator, please go ahead.

Speaker #1: Thank you. We will now begin the question-and-answer session. To ask a question, dial in by phone and press star then 1 on your telephone keypad.

Operator: Thank you. We will now begin the question-and-answer session. To ask a question, dial in by phone and press star, then one on your telephone keypad. Make sure your mute function is turned off, and if you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then two. The first question comes from Carlos de Alba with Morgan Stanley. Sir, your line is live. Please proceed with your questions.

Speaker #1: Make sure your mute function is turned off, and if you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then 2.

Speaker #1: The first question comes from Carlos de Alba with Morgan Stanley. Sir, your line is live. Please proceed with your questions.

Speaker #2: Yeah, good morning, everyone. Thank you. So the first one is maybe on CAPEX. Leandro, your significant increase on CAPEX versus what expectations are in the sales cycle consensus and also probably more intriguing versus what you guys told us just a few months ago in your investor day.

Carlos de Alba: Yeah, good morning, everyone. Thank you. First one is maybe on CapEx. Leandro, your significant increase on CapEx versus what expectations are in the sell side consensus and also and probably more intriguing versus what you guys told us just a few months ago in your Investor Day. Maybe can you please provide some detail as to what happened in those last months that led the company to significantly revise all the CapEx? I have a couple of other questions.

Speaker #2: So maybe can you please provide some details as to what happened in those last months that led the company to significantly revise all the CAPEX?

Speaker #2: I have a couple of other questions.

Speaker #3: Thank you, Carlos, for your question. Mainly, primarily in San Gabriel, the pending works are related to earthworks and continue to the for the ramp-up of the project.

Leandro García: Thank you, Carlos, for your question. Mainly, primarily in San Gabriel, the pending works are related to earthworks and continue to the ramp up of the project. Maybe Renzo can explain the pending issues to be resolved and have the production steady.

Speaker #3: Maybe Renzo can explain the pending issues to be resolved and have the production steady.

Speaker #4: Yeah, sure. Hi. Yes, effectively, we are going to be we have some remaining works on earthworks, especially after the rainy season, where we're kind of all the water systems and the roads are starting to be tested with rain.

Renzo Macher: Yeah, sure. Hi, everyone, hi. Yes, effectively, we have some remaining works on earthworks, especially after the rainy season, where kind of all the water systems and the roads are starting to be tested with rain. There are some minor slope semi-failures that we need to cover and fix, some channels to redirect water that are gonna need additional care. We need to continue with the grouting for the tape, for the water dam, for the last part of the grouting. That's, that plus closing some contracts for some additional quantities and material in the plant that is already finished.

Speaker #4: So, there are some minor slopes, semi-failures that we need to cover and fix. Some channels to redirect water that are going to need additional care.

Speaker #4: And we need to continue with the grouting for the water dam for the last part of the grouting. So that's that, plus closing some contracts for some additional quantities and material in the plant that is already finished.

Speaker #2: And all these failures just eventuated or the company discovered them as the ramp-up started?

Carlos de Alba: All these failures just eventuated or the company discovered them as the ramp up started?

Speaker #3: Well, kind of when we finish the earthworks, it's still untested. So this is the we are currently in the middle of the rainy season.

Renzo Macher: Well, kind of when we finish the earthworks, it is still untested. This is the. We are currently in the middle of the rainy season, you're still, you keep finding things that can be improved or things that need some extra work to be finished. If there are certain roads, are not working as expected, and we need to do alternative roads, and some areas can be accessed with that. Anything major.

Speaker #3: So, you're still—you keep finding things that can be improved or things that need some extra work to be finished. Is there certain roads that are not working as expected, and we need to do alternative roads?

Speaker #3: And some areas can be accessed with that, but nothing major.

Speaker #2: Okay. All right, thank you. And then, on San Gabriel—thank you for the color on the ramp-up. Just, what is behind the lower guidance for production this year?

Carlos de Alba: Okay. All right, thank you. On San Gabriel, thank you for the color on the ramp up. Just maybe what is behind the lower guidance for production this year? You know, similar, I guess, to CapEx, a little bit of a surprise or a surprise, given that just a few months ago, you guided to a higher number.

Speaker #2: Similar, I guess, to CAPEX, a little bit of a surprise or a surprise, given that just a few months ago, you guided to a higher number.

Speaker #3: Yes, Carlos. As we anticipate, we were we continue working in the ramp-up and putting all the things away and ordered. To reach by phases the production of the design plant, no?

Leandro García: Carlos, as we anticipate, we continue working in the ramp up and putting all the things away and in order to reach by phases the production of the design plant. We are going to reach the 3,000 tons per day next year. We are making all the efforts to reach as soon as possible, but we foresee a production of 2,000 tons per day all this year. Actually, the ventilation, we have to improve the ventilation in order to work on the high grades areas. We have a little flexibility of the higher grade areas, we are planning to work in only three galleries.

Speaker #3: So we are going to reach the 3,000 tons per day next year. We are all making all the efforts to reach as soon as possible.

Speaker #3: But we foresee a production of 2,000 tons per day all this year. And actually, the ventilation—we have to improve the ventilation in order to work on the high-grade areas.

Speaker #3: We have a little flexibility with the higher-grade areas, so we are planning to work in only three galleries. Well, maybe Juan Carlos can give the exact explanation of the components of our production.

Leandro García: Well, maybe Juan Carlos can give the exact explanation of the components of our production.

Speaker #4: Yes, Leandro, thank you. Well, number one, as you mentioned, Leandro, is all the components that are still pending for construction and permitting. We will finalize the construction and get the permit granted—the final operational permits—by the second quarter this year.

Juan Carlos Ortiz: Yes, Leandro, thank you. Well, number one, as you mentioned, Leandro, is the all the components that are still pending for construction and permitting. We will finalize the construction and get the permit granted, the final operational permits, by Q2 of this year. At that time, we will have all the area for drying the tailings and for compaction of the tailings is inside the reservoir, all set up. We have partial permits already set up for commissioning. We have to have the definitive permit by Q2 of this year. In addition to that, the mine, it's rescheduling the production plan because after the accident that we have late December last year, we need to redesign the ventilation circuit.

Speaker #4: At that time, we will have all the area for drying the tailings and for compaction of the tailings inside the reservoir all set up.

Speaker #4: We'll have partial permits already set up for commissioning. We have to have this definitive permit by the second quarter this year. In addition to that, the mine is rescheduling the production plan because, after the accident that we had late December last year, we need to redesign the ventilation sequence.

Speaker #4: We need to triple the amount of air freshener that we need to push into the galleries in order to dilute all the gases that we have underground.

Juan Carlos Ortiz: We need to triple the amount of air, fresh air, that we need to push into the galleries in order to dilute all the gases that we have underground. In order to that, we are bringing more ventilator, more fans, more electrical devices in order to power these equipments. The consequence of that, also in order to have a higher control of the ventilation and the risk linked to gases and heat underground, is that we are losing part of the flexibility that we expected to have in 2026. The flexibility in order to mine high-grade areas in 6 different levels, now we're gonna be restricted to mine only in 3 levels. By throughput, it will be the same. By the gold grade, it will be lower. We are not mining high-grade areas.

Speaker #4: In order to do that, we are bringing more ventilators, more fans, more electrical devices in order to power these equipments. And the consequence of that, also, in order to have a higher control of the ventilation and the risk linked to gases underground, is that we are losing part of the flexibility that we expected to have in 2026—the flexibility in order to mine high-grade areas in six different levels.

Speaker #4: Now we're going to be restricted to mine only in three levels. So by throughput, it will be the same. By the gold grade, it will be lower.

Speaker #4: We are not mining high-grade areas. We are going to be restricted to three levels, in which we need to mine the high-grade and the average-grade to complete the throughput that we compromise with the processing plant.

Juan Carlos Ortiz: We are gonna be restricted to three levels, in which we need to mine the high grade and the average grade to complete the throughput that we compromise with the processing plant. The main reason, therefore, is the lower grade that we are mining this initial year, 2026.

Speaker #4: The main reason, therefore, is the lower grade that we are mining in the initial year, 2026.

Speaker #2: Thank you, Leandro. Juan Carlos, sorry. And then maybe one more—with the very significant increase in gold and silver prices, I mean, others as well—but is the company foreseeing any changes in the mining plan that was presented late last year, and maybe the guidance will change?

Carlos de Alba: Thank you, Juan Carlos, sorry. Maybe, one more. With a very significant increase in gold and silver prices, in others as well, but, is the company foreseeing any changes in the mining plan that was presented late last year? Maybe the guidance will change. Can you offer some color there?

Speaker #2: Can you offer some color there?

Juan Carlos Ortiz: Yeah. No. Well, we have reviewed the mining plans of all our operations, well, the only change we have, foresee, realized is this San Gabriel, right? In copper, we still with the same objective, silver also.

Speaker #3: Yeah. No. Well, we have reviewed the mining plans of all our operations. And, well, the only change we have foreseen—realized—is this San Gabriel, right?

Speaker #3: In copper, we still have the same objective. And silver also.

Speaker #2: Thank you. I'll get back in the queue. Thank you.

Carlos de Alba: Thank you. I'll get back on the queue. Thank you.

Speaker #1: The next question is from Tanya Jacusconic with Scotiabank. Please go ahead.

Operator: The next question is from Tanya Jakusconek with Scotiabank. Please go ahead.

Speaker #5: Oh, great. Good morning, everybody. Thank you for taking my questions. Just if I could finish off on San Gabriel. I just want to make sure I understand.

Tanya Jakusconek: Oh, great. Good morning, everybody. Thank you for taking my question. If I could finish off on San Gabriel, I just want to make sure I understand. Just of the growth capital of $185 to $195, how much of that is San Gabriel, and what is going to the earthworks and what's going to ventilation?

Speaker #5: It's not the growth capital of $185 to $195 million. How much of that is San Gabriel? And what is going to the earthworks, and what's going to ventilation?

Speaker #3: Yeah, thank you, Tanya. Thank you for your question. Maybe Renzo, you—do you have the figures there?

Juan Carlos Ortiz: Yeah. Thank you, Tanya. Thank you for your question. Maybe, Renzo, you have the figures there?

Speaker #6: Yes. Hi. Thanks for the question, Tanya. Yeah. From that, in San Gabriel, it's going to be like $160 million. That includes the closing of all the contracts that we have.

Daniel Domínguez: Yes. Hi, thanks for the question, Tanya. Yeah, from that, in San Gabriel is gonna be, like, $160 million. That includes the closing of all the contracts that we have. That's probably half of that, and the other half is additional work in the earthworks. I think the ventilation is more in the, in the sustaining topics.

Renzo Macher: Yes. Hi, thanks for the question, Tanya. Yeah, from that, in San Gabriel is gonna be, like, $160 million. That includes the closing of all the contracts that we have. That's probably half of that, and the other half is additional work in the earthworks. I think the ventilation is more in the, in the sustaining topics.

Speaker #6: That's probably half of that, and the other half is additional work in the earthworks. I think the ventilation is more in the sustaining CAPEX.

Speaker #5: Okay, so you've put it there. Okay, understood. And maybe if I could just get Daniel to give me some more guidance—I found the expiration in G&A was lower than I expected in Q4.

Tanya Jakusconek: Okay, so you've put it there. Okay. Understood. And maybe if I could just get Daniel to just give me some more guidance. I found the exploration in G&A was lower than I expected in Q4. Can you give me some guidance on G&A for 2026 exploration and dividends from Yanacocha, including the dividend payout, whether you're reviewing that with your board meeting in March?

Speaker #5: So can you give me some guidance on G&A for 2026 expiration and dividends from Yanacocha? Including the dividend payout, whether you're reviewing that with your board meeting in March?

Daniel Domínguez: Thank you for the question, Tanya. The G&A that we expect for the entire 2026 will be around $60 to $70 million, which is similar to what we reported in year 2025. This increase, compared to previous years, is because the workers' participations in profits, number one, and number two, due to the stronger Peruvian currency. For explorations, we have the explorations in the mining sites, in the operating sites, which will be around $60 to $70 million. We have increased our budget in explorations because we are focusing on more labors in San Gabriel, in Brocal and Chuquihuayu.

Speaker #6: Thank you for the question, Tanya. The G&A that we expect for the entire 2026 will be around $60 to $70 million, which is similar to what we reported in year 2025.

Speaker #6: This increase compared to previous years is because of, number one, the workers' participation in profits. And number two, due to the stronger Peruvian currency. Then, for explorations, we have the explorations in the mining sites—in the operating sites—which will be around $60 to $70 million.

Speaker #6: We have increased our budget in explorations because we are focusing on more laborers in San Gabriel in Brocal and Uchuchacuayumpac. And also, in the non-operating sites, we'll be dispersing some cash for the other projects that we have: greenfield projects and this will be around 20 to 30 million dollars.

Daniel Domínguez: Also, in the non-operating sites, we'll be disbursing some cash, for the other projects that we have, greenfield projects, and this will be around $20 to 30 million. Our total budget for explorations is between $90 and 100 million, compared to the $70 million that we have been disbursing in the past. Finally... Sorry?

Speaker #6: Our total budget for explorations is between $90 and $100 million, compared to the $70 million that we have been dispersing in the past.

Speaker #6: And finally, sorry? And finally, for dividends, what we expect to receive from Cerro Verde this year is around 200 million dollars. A little bit higher than what we received in year 2025.

Leandro García: Finally, for dividends, what we expect to receive from Cerro Verde this year is around $200 million, a little bit higher than what we received in year 2025. What we decided at the board meeting yesterday, that was that we were going to pay for this time, as the prices are going well and our CapEx for San Gabriel has basically been completed, we will pay 40% of the net income of the previous year from 2025. Remember that our dividend policy is not less than 20% of the net income of the year. We have increased that to 40%, and we will continue evaluating in the future, depending on the prices and also with our CapEx program.

Daniel Domínguez: Finally, for dividends, what we expect to receive from Cerro Verde this year is around $200 million, a little bit higher than what we received in year 2025. What we decided at the board meeting yesterday, that was that we were going to pay for this time, as the prices are going well and our CapEx for San Gabriel has basically been completed, we will pay 40% of the net income of the previous year from 2025. Remember that our dividend policy is not less than 20% of the net income of the year. We have increased that to 40%, and we will continue evaluating in the future, depending on the prices and also with our CapEx program.

Speaker #6: And what we decided at the board meeting yesterday was that we were going to pay for this time as the prices are going well and our CAPEX for San Gabriel has basically been completed.

Speaker #6: We will pay 40% of the net income of the previous year, starting from 2025. Remember that our dividend policy is not less than 20% of the net income of the year.

Speaker #6: We have increased that to 40%, and we will continue evaluating in the future depending on the prices and also with our CAPEX program.

Speaker #5: Okay. Thank you for that. And then just maybe my last question comes on permits. And just on Camalote sulfides. Are we still looking for that study to come out in Q1 on the Camalote sulfides?

Tanya Jakusconek: Okay. Thank you for that. Just maybe my last question comes on permits and just on Coimolache sulfides. Are we still looking for that study to come out in Q1 on the Coimolache sulfides? No, I think it was H1, the conceptual study on the project. On the permitting side, just on San Gabriel, I know we're waiting for this water permit. What's taking so long? Asset sales, if I could, where is that going on some of your asset sales? Are we hoping to get those done this year?

Speaker #5: No, I think it was H1, the conceptual study on the project. And then, on the permitting side, just on San Gabriel, I know we're waiting for this water permit.

Speaker #5: What's taking so long? And then asset sales, if I could. Where is that going on some of your asset sales? And are we hoping to get those done this year?

Speaker #3: Thank you, Tanya. Regarding your further question, the coymolache—we are just ending the study. We have to discuss internally with the Southern and Espro.

Leandro García: Thank you, Tanya. For the first question, Coimolache, we are just ending the study. We have to discuss internally with Southern and ESPRO, which are the following steps we need. We should inform to the market sure in the first half of this year, what are the following positive news for the project. We continue working on that, but we have to, well, put it on the board of Coimolache and get the approval to continue. In terms of what's the following, San Gabriel?

Speaker #3: Which are the following steps. We need we should inform to the market sure in the first half of this year what are the following positive news.

Speaker #3: For the project. So we continue working on that. But we have to well, put it on the board of coymolache. And get the approval to continue.

Speaker #3: In terms of what's—the San Gabriel, yes. The authority has already visited us. We are just waiting for the permit to be signed.

Tanya Jakusconek: Gabriel, yeah.

Leandro García: Yes. The authority has already visited us. We are just waiting for the permit to be signed. We expect in the following couple of weeks, we hope to receive, to be granted of this permit. What the last question about was?

Speaker #3: So, we expect in the following couple of weeks—we hope—to receive, to be granted, this permit. And, well, the last question about—was?

Tanya Jakusconek: Asset sales, yeah.

Speaker #5: Asset sales. Yeah.

Speaker #3: Well.

Leandro García: Well-

Speaker #6: The asset sales.

Aldo Maza: The asset sale.

Speaker #3: The asset sales. Yes. Yes. Sorry. We continue evaluating this asset. We are in the last part of taking a decision, and as soon as we arrive at a conclusion, we will inform the market.

Leandro García: The asset sale. Yes, sorry. We continue evaluating this asset. We are in the last part of taking a decision. As soon as we arrive to a conclusion, we will inform it to the market.

Speaker #5: Okay. So we're still planning something by Q1.

Tanya Jakusconek: Okay, we're still planning by Q1.

Leandro García: Maybe, may Aldo?

Speaker #3: Maybe Aldo?

Speaker #6: Yes. Yes. Tanya, yes. We will make a huge analysis about the asset sales. We haven't taken a decision yet regarding whether we are going to sell or not.

Aldo Maza: Yes, Tanya, yes, we will make a huge analysis about the asset sales. We haven't taken a decision yet, you know, if we are going to sell or not.

Speaker #6: But you have to take into consideration that this increase in precious metals prices really you have to think a lot if you are want to sell or not an asset right now.

Tanya Jakusconek: Okay.

Aldo Maza: You have to take into consideration that this increase in precious metals prices, really, you have to think a lot if you want to sell or not an asset right now, no? We are still analyzing, and we will take a decision very soon.

Speaker #6: But we are still analyzing, and we will take a decision very soon.

Speaker #5: Okay. Okay. Thank you.

Tanya Jakusconek: Okay. Okay, thank you.

Speaker #7: The next question is from Cesar Perez Novo with BTG Pactual. Please go ahead.

Operator: The next question is from Cesar Perez-Novoa with BTG Pactual. Please go ahead.

Speaker #8: Yes. Good morning, gentlemen. My question relates to Yumpaga and Uchuchacua. Could you comment on why cost applicable to sales rose 16% in the quarter?

Cesar Perez-Novoa: Yes, good morning, gentlemen. My question relates to Yumpag and Uchucchacua. Could you comment on why cost applicable to sales rose 16% in the quarter? I believe you attribute this to larger throughput of low-grade mineral, but also there are some commercial deductions, and you also mentioned increased non-payable value. Can you please explain this, what it is? My second and final question would be regarding guidance. Thank you for G&A and exploration data, but it would be really useful if you could complement this, if possible, with revenues and EBITDA for 2026. Thank you.

Speaker #8: I believe you attribute this to larger throughput of low-grade mineral, but also there are some commercial deductions, and you also mentioned increased non-payable value.

Speaker #8: Can you please explain this? What is it? And my second and final question would be regarding guidance. Thank you for GNA and exploration data.

Speaker #8: But it would be really useful if you could complement this, if possible, with revenues and EBITDA for 2026. Thank you.

Speaker #7: Thank you, Cesar. Happy to. Count on your questions.

Leandro García: Thank you, Cesar. Happy to count on your questions.

Speaker #6: Maybe, Leandro, I will explain a little bit about these deductions in Yumpaga.

Aldo Maza: Maybe, Leandro García, I will explain a little bit about these reductions in Yumpag.

Leandro García: The escalation. Yes, of course. Go ahead.

Speaker #3: The escalation. Yes, of course. Go ahead.

Leandro García: The escalation. Yes, of course. Go ahead.

Speaker #6: Yes, Cesar, thank you very much for your question. We have two main reasons here. The first one is when you sell silver concentrates with less than 2,500 grams, usually the payable for that concentrate is between 60 and 70 percent.

Aldo Maza: Yes. We, Cesar, thank you very much for your question. We have two main reasons that here. The first one is when you sell silver concentrates with less than 2,500 grams, usually the payable for that concentrate is between 60% and 70%. When you sell silver concentrate with higher than 2,500 grams, the payable is between 90% and 95%. In the last quarter, we produced more silver concentrate with lower grade, that's why the dilution is a lot more. The other reason is the escalators. We have escalators clauses in our contracts, and due to a sharp increase in the price of silver, right now, these escalators are applying to the contracts.

Speaker #6: When you sell silver concentrate with higher than 2,500 grams, the payable is between 90% and 95%. In the last quarter, we produced more silver concentrate with lower grade.

Speaker #6: That's why the deduction is a lot more. And the other reason is the escalators. We have escalators clauses in our contracts. And due to the sharp increase in the price of silver, right now these escalators are applying to the contracts.

Speaker #6: What it means is that if the upper range of the escalator is $50 per ounce, and the price of silver is $100, you would apply a percentage of the price.

Aldo Maza: What does it mean? That if the upper range of the escalator is $50 per ounce, and the price of silver is $100, apply a percentage of the price. You understand?

Speaker #6: You understand?

Speaker #8: Yes. Yes, I do. I do. All right. Okay. So those would be the two main reasons.

Cesar Perez-Novoa: Yes, I do. All right. Okay, those would be the two main reasons.

Speaker #6: These are the two reasons why the cost is higher.

Aldo Maza: These are the-

Cesar Perez-Novoa: Thank you.

Aldo Maza: Two reasons why the cost is high.

Speaker #7: Leandro, that resolves answer your question, Cesar?

Leandro García: That resolves, answers your question, Cesar?

Speaker #8: Yes. And if possible, could you provide some guidance for EBITDA or revenues?

Cesar Perez-Novoa: Yes, and if possibly you could provide some guidance for EBITDA or revenues.

Speaker #7: Tanya, please.

Leandro García: Daniel, please.

Daniel Domínguez: Hello, Cesar. Thanks for your question. If we consider prices at levels of $4,500 for gold, $70 for silver, and $12,000 for copper, we should be in the range of revenues at $1.8 to 2 billion. This includes close to $100 million of sales from the concentrate that we buy from Cerro Verde, from Freeport. The EBITDA that we expect for the total year will be around $800 million and $1 billion.

Speaker #6: Hello, Cesar. Thanks for your question. If we consider prices at levels of $4,500 for gold, $70 for silver, and $12,000 for copper, we should be in the range of revenues at $1.8 to $2 billion.

Speaker #6: This includes close to 100 million dollars of sales from the concentrate that we buy from Cerro Verde, from Freeport. The EBITDA that we expect for the total year will be around 800 million dollars and 1 billion dollars.

Speaker #8: All right, Daniel. Thank you very much.

Cesar Perez-Novoa: All right, Daniel. Thank you very much.

Operator: The next question is from Fernando Gil with Engesa, São Paulo. Please go ahead.

Speaker #7: The next question is from Fernando Gill with Engesa Sao Paulo. Please go ahead.

Speaker #9: Hi, thank you for taking my questions. Just a quick question regarding the Investor Day targets. I remember you announced that three mines are under permanent strategic review—Colquijirca, Tambomayo, and Julcani.

Operator 2: Hi, thank you for taking my questions. Just a quick question regarding the Investor Day targets. I remember you announced that three mines are under permanent strategic review, Orcopampa, Antamina, or Julcani. Could you tell us, what is the current status of these mines? Are you starting to do some action separately or together? Has there been any process, formal process for any kind of sale? Yeah, that would be it. Thank you very much.

Fernando Gil de Santivañes: Hi, thank you for taking my questions. Just a quick question regarding the Investor Day targets. I remember you announced that three mines are under permanent strategic review, Orcopampa, Antamina, or Julcani. Could you tell us, what is the current status of these mines? Are you starting to do some action separately or together? Has there been any process, formal process for any kind of sale? Yeah, that would be it. Thank you very much.

Speaker #9: Could you tell us what is the current status of these mines, and are you starting to take any action separately or together? And has there been any process, formal process, for any kind of sale?

Speaker #9: Yeah. That would be it. Thank you very much.

Speaker #6: Thank you, Fernando, for your question. Well, we already began that process and are analyzing the feasibility of selling these units, these mines. However, as Aldo explained minutes before, with the increasing prices in metals, in the prices of gold and silver, we are reanalyzing the possibility and have been continuing to advance this process.

Leandro García: Thank you, Fernando, for your question. Well, we already began the process and analyzing the feasibility of selling this unit, this mine. However, as Aldo explained minutes before, with the increasing price in metal in the prices of gold and silver, we are reanalyzing the possibility. We have been continue advancing on this process. We are close to make a final decision, and if there are, will be sold, apart each by each unit, as separate or as a whole, we were open to all the possibilities. By now, the higher possibility, the best alternative is, if we sell it, to sell it separately.

Speaker #6: We are close to make a final decision. And if there are there will be sold a part each unit separate or as a whole, we were open to all the possibilities.

Speaker #6: But by now, the higher possibility—the higher, the best alternative—is if we sell it, to sell it separately.

Speaker #8: Okay. Thank you.

Operator 2: Okay, thank you.

Fernando Gil de Santivañes: Okay, thank you.

Speaker #7: Again, if you have a question, please press star, then one. The next question is a follow-up from Carlos De Alba with Morgan Stanley. Please go ahead.

Operator: Again, if you have a question, please press star then one. The next question is a follow-up from Carlos de Alba with Morgan Stanley. Please go ahead.

Speaker #6: Yeah. Thank you. Just on dividends—the $0.19 per share approved by the board—when do you expect to pay that? And also, the $200 million in expected dividend from Cerro Verde, when do you expect you would get that money?

Carlos de Alba: Yeah, thank you. Just on the dividends, like, the $0.99 per share approved by the board, when do you expect to pay that? Also, the $200 million in expected dividends from Cerro Verde, when do you expect you would get that money?

Leandro García: Yes, for this proposal of dividends have to be approved by the in the shareholder meeting, no? Daniel, please go ahead.

Speaker #3: Yes, of course. This proposal of dividends has to be approved by the shareholders in the shareholder meeting. But Daniel, please go ahead.

Leandro García: Yes, for this proposal of dividends have to be approved by the in the shareholder meeting, no? Daniel, please go ahead.

Speaker #6: Yes, Carlos. The dividend payment should be for April, the second quarter of this year. And regarding Cerro Verde's dividends, we have already received in January $100 million from Cerro Verde.

Daniel Domínguez: Yes, Carlo, the dividend payment should be for April, the Q2 of this year. Regarding Cerro Verde dividends, we have already received in January, $100 million from Cerro Verde, and we expect $50 million by July and another $50 million by the Q4 of this year.

Speaker #6: And we expect 50 million by July, and another 50 million by the fourth quarter of this year. So that's 150 million, but I thought you said 200 million.

Carlos de Alba: It's so that's 150, I thought you said 200.

Speaker #6: Yes. 100 in January. $50 million in July. And in the fourth quarter, another $50 million. Got it. Sorry. Okay. Got it. Thank you.

Daniel Domínguez: Yes, 100 in January.

Carlos de Alba: Yeah.

Daniel Domínguez: $50 million in July. In Q4, another $50 million.

Carlos de Alba: Yeah. Sorry. Okay, got it. Thank you.

Speaker #7: Ladies and gentlemen, with that, we will be concluding today's audio question-and-answer session. I would like to turn the floor back over to Sebastian Valencia, Head of Investor Relations, for any webcast questions.

Operator: Ladies and gentlemen, with that, we will be concluding today's audio question and answer session. I would like to turn the floor back over to Sebastián Valencia, Head of Investor Relations, for any webcast questions.

Speaker #10: Thank you, everybody, there. At this time, there are no further questions. I would like to turn the call over to Leandro Garcia.

Aldo Maza: Thanks, Operator. At this time, there are no further questions. I would like to turn the call over to Leandro García.

Sebastián Valencia: Thanks, Operator. At this time, there are no further questions. I would like to turn the call over to Leandro García.

Speaker #3: Thank you, Sebastian. Well, before we conclude today's conference call, I would like to thank you for the time and effort dedicated to joining us—your input is greatly appreciated.

Leandro García: Thank you, Sebastián. Well, before we conclude today's conference call, I would like to thank you for the time and effort dedicated in joining us today. Your participation and input are greatly appreciated. Thank you again, and have a wonderful day.

Speaker #3: Thank you again, and have a wonderful day.

Speaker #7: Ladies and gentlemen, that concludes Buenaventura's fourth quarter 2025 earnings results conference call. We would like to thank you again for your participation. You may now disconnect.

Operator: Ladies and gentlemen, that concludes Buenaventura's Q4 2025 earnings results conference call. We would like to thank you again for your participation. You may now disconnect.

Q4 2025 Compañía de Minas Buenaventura SAA Earnings Call

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