Compañía de Minas Buenaventura (BVN) investor relations material

Strategic vision and growth targets

• Aims to move from 81st to top 50 in market capitalization by 2040, with gold production rising from 63rd to top 45, silver from 15th to top 5, and copper from 34th to top 25 globally.

• Maintains a balanced 50/50 mix of base and precious metals, targeting at least a 30% EBITDA margin increase compared to current levels.

• Focuses on flagship assets: Cerro Verde (copper), Uchucchacua and Yumpag (silver), Brocal (copper), and San Gabriel (gold), with San Gabriel starting production in December and ramping up to 3.1ktpd by 2026.

• Pursues operational excellence, cost optimization, and disciplined capital allocation to maximize shareholder returns and resume dividend payments.

• Growth strategy includes maximizing existing operations, developing world-class projects, expanding through M&A, and regular review of legacy mines.

Production and operational outlook

• Gold output expected to rise from 120,000–130,000 to 200,000–220,000 ounces/year; silver to 20–22 million ounces/year in five years; copper to 120,000–130,000 tons/year including Trapiche and Brocal.

• San Gabriel to ramp up to 100,000+ ounces of gold/year by 2028, with costs declining from $2,000 to $1,400–$1,500/oz as throughput increases.

• El Brocal copper production to reach 70,000 tons/year by 2029, with costs dropping to $5,000/ton through increased throughput and in-house mining.

• Uchucchacua-Yumpag silver complex to ramp up to 20 million ounces/year, with costs reduced to $9–$10/oz and OPEX reduction by 20% over two years.

• Coimolache maintains gold output near 100,000 oz/year, leveraging permit approvals and preparing for transition to copper sulfides.

Project pipeline and capital allocation

• Key projects include San Gabriel phase two, Coimolache sulfides, Trapiche (feasibility and permitting), La Zanja sulfides, and Algarrobo.

• 2025 revenues projected at $1.4–$1.5 billion, with EBITDA of $550–$600 million and margins around 40–42%.

• CapEx peaks at $400 million in 2025 (mainly San Gabriel), then normalizes to $100–$120 million/year; growth CapEx for Trapiche and other projects.

• Free cash flow expected to turn positive in 2026, reaching $400–$500 million/year by 2028–2029, with cash position rising to $1.8–$2 billion.

• Dividend policy resumed at minimum 20% of net income, with strong cash flow generation and net leverage ratio below 2.0x.