Compañía de Minas Buenaventura (BVN) Investor Day 2025 summary

Strategic vision and growth targets

• Aims to move from 81st to top 50 in market capitalization by 2040, targeting top 45 in gold, top 5 in silver, and top 25 in copper production globally.

• Maintains a balanced 50/50 mix of base and precious metals, with a long-term EBITDA margin goal of at least 30% and a projected 30% increase over current levels.

• Pursues a three-pronged growth strategy: maximizing existing operations, developing world-class projects, and expanding through selective M&A in top-tier jurisdictions.

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

• Flagship mines (Cerro Verde, El Brocal, San Gabriel, Uchucchacua & Yumpag) drive long-life production and free cash flow.

Production, operational, and project pipeline

• Gold production expected to rise from 120–130k to 200–220k oz/year; silver to 20–22M oz/year in five years, with Uchucchacua & Yumpag targeting over 20M oz/year by 2028.

• Copper output to reach 120–130k tons/year, with Brocal ramping up to 70k tons/year and throughput increasing from 13k to 17k tons/day by late 2028.

• San Gabriel to start gold production in December, ramping up to 3.1ktpd by 2026 and 100k+ oz/year in phase two.

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

• Trapiche and Coimolache sulfide projects advance with major drilling campaigns and feasibility studies through 2027.

Financial performance and capital allocation

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

• EBITDA expected to peak at ~$750M in 2029, driven by higher output from Yumpag, Uchucchacua, and Brocal.

• Free cash flow turns positive in 2026, reaching $400M/year by 2027–2028 and $500M in 2029, with cash position rising to $1.8–$2B.

• Dividend policy resumed at minimum 20% of net income, with potential for higher payouts.

• Maintains a net leverage ratio below 2.0x, with bond maturities extended to 2032 and affiliate debt refinancing under review.