Compañía de Minas Buenaventura (BVN) Investor Day 2026 summary

Strategic direction

• 3Q26 LTM revenue mix: gold 31%, silver 19% and copper 31%; copper rises to 48% including affiliates.

• More than 70 years of exploration support a 35-target pipeline and a $110M 2026E budget; Mayra and Chaska are the latest targets near Tambomayo.

• Direct operations generated 59% of attributable EBITDA in 3Q26 LTM, up from 28% in 2022; EBITDA reached $1.2bn, 7.8x the 2022 level.

• Priorities include Coimolache oxide extensions, La Zanja, Alejandra, San Gabriel ramp-up, El Brocal expansion and continued growth at Uchucchacua-Yumpag.

• Five-year outlook targets stable copper output of 58,000 tons and silver output of 20M oz in 2029 and 22M oz in 2030, followed by growth at Coimolache and Trapiche.

Core asset ramp-ups

• San Gabriel targets 3.0 ktpd in 2H28, with recovery near 70% in 4Q26; 2029 is the first full year at capacity, with 100,000-110,000 oz of annual gold output and 14-15 years of mine life.

• El Brocal throughput is planned to rise from 13.5 ktpd in 2026 to 15 ktpd by 2030 and 17 ktpd by 2032; planned annual output is 52,000-56,000 tons of copper and 1.5M oz of silver.

• El Brocal is moving to a 50/50 owner-contractor model, with cost targets below $56-$57/t; lower arsenic is expected to reduce penalties.

• Uchucchacua targets 2.5 ktpd in 2027; Yumpag is planned to ramp from 1.2 to 2.0 ktpd in 2029, with 2030 its first full year at capacity.

• At full ramp-up, Yumpag is expected to produce 12-13M oz of silver annually and Uchucchacua ~2.5M oz; Yumpag C1 cash cost is projected at $12-$15/oz.

Exploration and reserves

• Preliminary 2026E consolidated reserves are up 2% YoY for copper, unchanged for gold and down 4% for silver; Yumpag exploration results are still being converted into reserves.

• Yumpag has 135+ Moz of high-grade silver at >18 oz/t; drilling in new areas could add 40+ Moz to resources, with further potential along the southwest trend and at depth.

• El Brocal's Esperanza has an initial resource of 230+ kt of low-arsenic copper; Marcapunta drilling confirmed copper mineralization, with longitudinal-target drilling scheduled for 1Q27.

• Recent Uchucchacua-Yumpag findings were excluded from the reserve outlook presented.