Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Buenaventura Announces Third Quarter and Nine-month 2023 Results By: Compañia de Minas Buenaventura S.A.A. via Business Wire October 30, 2023 at 20:47 PM EDT Compañia de Minas Buenaventura S.A.A. (“Buenaventura” or “the Company”) (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru’s largest publicly-traded precious metals mining company, today announced results for the third quarter (3Q23) and nine-month period ended September 30, 2023 (9M23). All figures have been prepared in accordance with IFRS (International Financial Reporting Standards) on a non-GAAP basis and are stated in U.S. dollars (US$). Third Quarter and Nine-Month 2023 Highlights: 3Q23 EBITDA from direct operations was US$ 53.3 million, compared to US$ 22.2 million reported in 3Q22. 9M23 EBITDA from direct operations reached US$ 121.9 million, compared to US$ 96.3 million reported in 9M22. 2022 EBITDA does not include US$ 300 million resulting from the sale of Buenaventura's 43.65% stake in Yanacocha. 3Q23 net loss from direct operations reached US$ 24.3 million, compared to a US$ 22.6 million net loss for the same period in 2022. 9M23 net income from direct operations was US$ 42.5 million, compared to US$ 67.7 million net income for the 9M22. Buenaventura recorded US$ 51.3 million in Depreciation and Amortization for the 3Q23: US$ 17.6 million was due to deferred stripping related to the final open pit expansion works, which was completely mined in September 2023, when mining activities at Colquijirca’s Tajo Norte mine were suspended. Buenaventura's 9M23 consolidated copper production increased 35% YoY. Zinc production decreased by 65% YoY, lead decreased by 61% YoY, silver decreased by 19% YoY, and gold decreased by 17% YoY. Buenaventura's cash position reached US$ 221.8 million and net debt decreased to US$ 493.7 million with an average maturity of 2.7 years by quarter’s end, September 30, 2023. 3Q23 capital expenditures were US$ 59.8 million, compared to US$ 37.2 million for the same period in 2022. 9M23 capital expenditures reached US$ 145.7 million, compared to US$ 93.2 million in 9M22, and includes US$ 46.5 million related to the San Gabriel Project and US$ 31.4 million related to the Yumpag Project. The Yumpag project’s Environmental Impact Assessment (EIA) was approved on September 7, 2023. The Company promptly submitted a request to the Peruvian Ministry of Energy and Mines to obtain the necessary authorizations to initiate the deposit’s exploitation. However, 4Q23 targeted production initiation remains unchanged, as resumed activities at the Uchucchacua processing plant also enables Buenaventura to perform metallurgical tests for up to 124,600 tons of ore from the Yumpag project’s pilot stope. Cerro Verde paid a total dividend of US$ 250 million on August 3, 2023. Buenaventura received US$ 49.0 million relative to its stake in Cerro Verde. Financial Highlights (in millions of US$, except EPS figures): 3Q23 3Q22 Var % 9M23 9M22 Var % Total Revenues 211.3 195.4 8% 570.0 578.4 -1% Operating Income -29.5 -20.0 48% -39.0 -52.0 -25% EBITDA Direct Operations (1) 53.3 22.2 N.A. 121.9 96.3 27% EBITDA Including Affiliates (1) 152.7 78.2 95% 418.5 369.8 13% Net Income (2) -28.0 -19.8 42% 29.6 548.5 -95% EPS (3) -0.11 -0.08 42% 0.12 2.16 -95% (1) Does not include US$ 300 million from the sale of Buenaventura’s stake in Yanacocha. (2) Net Income attributable to owners of the parent (3) As of September 30, 2023, Buenaventura had a weighted average number of shares outstanding of 253,986,867. Operating Revenues 3Q23 net sales were US$ 211.3 million, compared to US$ 195.4 million in 3Q22; a year-on-year increase resulting from improved copper volume sold. The Company recorded a negative US$ 15.3 million provisional price adjustment for the accumulated first nine months of 2023. This is comprised of US$ 13.7 million in fair value of accounts receivables and US$ 1.5 million in adjustments to prior period liquidations. This compares to a negative US$ 40.4 million adjustment for the accumulated first nine months of 2022. Operating Highlights 3Q23 3Q22 Var % 9M23 9M22 Var % Net Sales (millions of US$) 211.3 195.4 8% 570.0 577.1 -1% Average Gold Price (US$/oz.) Direct Operations (1) (2) 1,921 1,678 14% 1,927 1,794 7% Average Gold Price (US$/oz.) incl. Associated (2) (3) 1,917 1,677 14% 1,925 1,794 7% Average Silver Price (US$/oz.) (2) 25.67 17.33 48% 24.30 21.32 14% Average Lead Price (US$/MT) (2) 2,225 1,713 30% 2,030 2,093 -3% Average Zinc Price (US$/MT) (2) 1,762 3,412 -48% 2,152 3,983 -46% Average Copper Price (US$/MT) (2) 8,291 7,261 14% 8,689 8,685 0% Volume Sold 3Q23 3Q22 Var % 9M23 9M22 Var % Gold Oz Direct Operations (1) 33,265 45,807 -27% 102,700 123,692 -17% Gold Oz incl. Associated (3) 41,780 54,399 -23% 117,239 148,778 -21% Silver Oz 1,743,629 1,954,000 -11% 4,666,199 5,655,367 -17% Lead MT 1,269 4,129 -69% 4,799 12,530 -62% Zinc MT 3,029 8,061 -62% 8,324 24,871 -67% Copper MT 17,802 11,449 55% 41,940 31,512 33% (1) Buenaventura Consolidated figure includes 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal. (2) The realized price takes into account the adjustments of quotational periods. (3) Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 100% of El Brocal and 40.095% of Coimolache. Production and Operating Costs Buenaventura’s 3Q23 equity gold production was 43,449 ounces, compared to 55,837 ounces produced in 3Q22, primarily due to decreased production at Tambomayo and La Zanja. 3Q23 silver production decreased by 12% primarily due to Julcani and Tambomayo performance. 3Q23 lead and zinc production decreased by 66% and 62%, respectively, due to decreased production at Tambomayo and El Brocal. The Company’s 3Q23 equity copper production was 34,168 MT, compared to 28,909 MT produced in 3Q22, due to increased production at El Brocal and Cerro Verde. Equity Production 3Q23 3Q22 Var % 9M23 9M22 Var % Gold Oz Direct Operations(1) 33,978 47,057 -28% 105,930 128,131 -17% Gold Oz including Associated(2) Companies 43,449 55,837 -22% 121,884 152,726 -20% Silver Oz Direct Operations(1) 1,472,907 1,664,600 -12% 3,984,040 5,034,531 -21% Lead MT Direct Operations(1) 1,279 3,738 -66% 4,575 11,628 -61% Zinc MT Direct Operations(1) 2,663 6,937 -62% 7,706 22,336 -66% Copper MT Direct Operations(1) 11,565 7,438 55% 27,200 20,152 35% Copper MT including Associated Companies(3) 34,168 28,909 18% 94,336 84,065 12% Consolidated Production 3Q23 3Q22 Var % 9M23 9M22 Var % Gold Oz(4) 36,228 49,789 -27% 111,574 134,261 -17% Silver Oz(4) 1,933,025 1,906,679 1% 4,857,709 5,996,245 -19% Lead MT(4) 1,620 4,340 -63% 5,408 13,698 -61% Zinc MT(4) 3,762 9,129 -59% 10,275 29,511 -65% Copper MT(4) 18,826 12,108 55% 44,277 32,805 35% (1) Buenaventura’s Direct Operations includes 100% of Buenaventura’s operating units, 100% of La Zanja and 61.43% of El Brocal. (2) Based on 100% of Buenaventura´s operating units, 100% of La Zanja, 61.43% of El Brocal and 40.095% of Coimolache. (3) Based on 100% of Buenaventura´s operating units, 61.43% of El Brocal and 19.58% of Cerro Verde. (4) Based on 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal Tambomayo (100% owned by Buenaventura) Production 3Q23 3Q22 Var % 9M23 9M22 Var % Gold Oz 8,127 13,755 -41% 29,623 41,973 -29% Silver Oz 301,963 546,256 -45% 1,237,001 1,399,472 -12% Cost Applicable to Sales 3Q23 3Q22 Var % 9M23 9M22 Var % Gold US$/Oz 1,891 982 93% 1,357 978 39% Tambomayo 3Q23 gold production decreased 41% year on year aligned with the Company’s mine plan for this asset, while silver production decreased 45% year on year and by 12% for the first nine months of 2023 compared to the same period of 2022 due to lower than planned mining rate within the mine's upper zone, which required more extensive rehabilitation to enable access to high-grade ore. Cost Applicable to Sales (CAS) increased to 1,891 US$/Oz in 3Q23 from 982 US$/Oz in 3Q22. This increase was primarily due to decreased volume sold in 3Q23. Orcopampa (100% owned by Buenaventura) Production 3Q23 3Q22 Var % 9M23 9M22 Var % Gold Oz 20,576 20,164 2% 60,547 56,944 6% Silver Oz 7,168 8,247 -13% 22,028 23,437 -6% Cost Applicable to Sales 3Q23 3Q22 Var % 9M23 9M22 Var % Gold US$/Oz 970 803 21% 973 911 7% 3Q23 gold production was in line with 3Q22 and with the planned mining sequence. Cost Applicable to Sales (CAS) increased to 970 US$/Oz in 3Q23, compared to 803 US$/Oz in 3Q22, primarily due to lower gold grades in 2023 compared to 2022. La Zanja (100% owned by Buenaventura) Production 3Q23 3Q22 Var % 9M23 9M22 Var % Gold Oz 1,692 8,786 -81% 6,772 19,452 -65% Silver Oz 3,681 31,665 -88% 15,633 85,347 -82% Cost Applicable to Sales 3Q23 3Q22 Var % 9M23 9M22 Var % Gold US$/Oz 1,140 1,892 -40% 1,679 1,914 -12% 3Q23 gold production decreased by 81% year on year, in line with 2023 estimates, as mining and ore stockpiling was suspended in 4Q22. 3Q23 Cost Applicable to Sales (CAS) was 1,140 US$/Oz, a decrease from 1,892 US$/Oz gold production in 3Q22 as only pad leaching and water treatment are being performed at the property, as well as exploration. Coimolache (40.10% owned by Buenaventura) Production 3Q23 3Q22 Var % 9M23 9M22 Var % Gold Oz 23,621 21,899 8% 39,789 61,341 -35% Silver Oz 87,185 76,133 15% 176,755 228,832 -23% Cost Applicable to Sales 3Q23 3Q22 Var % 9M23 9M22 Var % Gold US$/Oz 1,083 1,710 -37% 1,711 1,288 33% Coimolache 3Q23 gold production increased by 8% year-over-year, due to increased treated ore, higher gold grades and accelerated gold extraction from the leach pad. Cost Applicable to Sales (CAS) therefore decreased to 1,083 US$/Oz in 3Q23, from 1,710 US$/Oz in 3Q22. Uchucchacua (100% owned by Buenaventura) Production 3Q23 3Q22 Var % 9M23 9M22 Var % Silver Oz N.A. N.A. N.A. N.A. N.A. N.A. Zinc MT N.A. N.A. N.A. N.A. N.A. N.A. Lead MT N.A. N.A. N.A. N.A. N.A. N.A. Cost Applicable to Sales 3Q23 3Q22 Var % 9M23 9M22 Var % Silver US$/Oz N.A. N.A. N.A. N.A. N.A. N.A. Buenaventura submitted Uchucchacua’s updated mine plan to the Peruvian Ministry of Energy and Mines on August 28, 2023. Buenaventura initiated a short ore processing campaign at the processing plant, ensuring plant operational readiness to process ore from Uchucchacua and Yumpag during the 4Q23. Exploration and mine development progressed as scheduled during 3Q23. The Yumpag project’s Environmental Impact Assessment (EIA) was approved on September 7, 2023. The Company promptly submitted a request to the Peruvian Ministry of Energy and Mines to obtain the necessary authorizations to initiate the deposit’s exploitation. 4Q23 targeted production initiation remains unchanged, as resumed activities at the Uchucchacua processing plant also enables Buenaventura to perform metallurgical tests for up to 124,600 tons of ore from the Yumpag project’s pilot stope. Yumpag’s ore concentrates will be processed at the Rio Seco plant to reduce manganese content. The Rio Seco plant is scheduled to resume operations in November 2023. Julcani (100% owned by Buenaventura) Production 3Q23 3Q22 Var % 9M23 9M22 Var % Silver Oz 427,269 692,876 -38% 1,317,895 1,994,565 -34% Cost Applicable to Sales 3Q23 3Q22 Var % 9M23 9M22 Var % Silver US$/Oz 26.09 13.80 89% 22.40 14.55 54% 3Q23 silver production decreased 38% year on year primarily due to a negative geology reconciliation with decreased treated ore. 3Q23 Cost Applicable to Sales (CAS) was 26.09 US$/Oz, compared to 13.80 US$/Oz in 2Q22; an 89% year on year increase due to decreased volume sold. Exploration and development of Julcani’s Rosario sector at 610 level began during 3Q23. This new zone includes gold and copper which Buenaventura will begin processing during the fourth quarter 2023. The Company will also submit a related reserves and resources analysis by year end 2023. El Brocal (61.43% owned by Buenaventura) Production 3Q23 3Q22 Var % 9M23 9M22 Var % Copper MT 18,826 12,108 55% 44,277 32,805 35% Zinc MT 2,849 5,683 -50% 6,661 18,601 -64% Silver Oz 1,192,944 627,635 90% 2,265,152 2,493,424 -9% Cost Applicable to Sales 3Q23 3Q22 Var % 9M23 9M22 Var % Copper US$/MT 6,029 6,690 -10% 6,290 6,676 -6% Zinc US$/MT 1,924 2,698 -29% 1,859 2,931 -37% El Brocal 3Q23 copper production increased by 55% year on year as underground mine production ramp-up continued ahead of expectations during the quarter. Transitional ore from the open pit also had a higher than estimated copper content with improved metallurgical recovery. Buenaventura maintains its targeted underground mine 10,000 tpd exploitation rate for 4Q23. 3Q23 silver production increased by 90% year on year in line with the 2023 planned mining sequence. 3Q23 zinc production decreased by 50% year on year as part as the planned transition to copper from polymetallic ore. On October 3, 2023, Buenaventura submitted a notice to the Peruvian Ministry of Energy and Mines (MINEM) for the temporary suspension of mining activities at Colquijirca’s Tajo Norte mine for up to three years due to approval delay of Colquijirca’s Modification of Environmental Impact Assessment. Buenaventura expects to now process 100% of the El Brocal lead and zinc inventories by year end 2023 with the remaining open pit copper inventories expected in 1Q24. In the 4Q23, the company will recognize the deferred stripping costs associated with lead and zinc inventories, which are expected to be in line with the amortization reported in the 3Q23. 2Q23 Copper Cost Applicable to Sales (CAS) decreased by 10% year on year due to increased volume sold. Share in Associated Companies Buenaventura’s share in associated companies was US$ 46.4 million in 3Q23, compared with US$ 20.4 million in 3Q22, comprised of: Share in Associates’ Results (in US$ millions) 3Q23 3Q22 Var % 9M23 9M22 Var % Cerro Verde 44.4 20.7 N.A. 122.3 120.1 2% Coimolache 2.5 -0.2 N.A. -7.7 0.3 N.A. Other minor -0.5 0.0 N.A. -1.2 -2.2 -45% Total 46.4 20.4 N.A. 113.4 118.1 -4% CERRO VERDE (19.58% owned by Buenaventura) 3Q23 copper production was 115,441 MT, 22,603 MT of which is attributable to Buenaventura; a 5% increase as compared to 109,655 MT produced in 3Q22, 21,471 MT of which was attributable to Buenaventura. Cerro Verde reported US$ 225.5 million net income in 3Q23, compared to US$ 105.5 million net income in 3Q22. This is primarily due to a 40% year on year net sales increase, primarily due to a higher average realized copper price of US$ 3.77 per pound in the third quarter of 2023, compared to US$ 3.14 per pound in the third quarter of 2022, as well as an 11% increase in volume of copper sold. This increase was partially offset by a year-on-year cost of sales increase due to an inventory variation, and higher tax paid during the quarter. 3Q23 Cerro Verde capital expenditures were US$ 70.8 million. COIMOLACHE (40.10% owned by Buenaventura) Coimolache reported US$ 6.6 million in 3Q23 net income, compared to US$ 1.0 million net loss in 3Q22. SAN GABRIEL Project 3Q23 and 9M23 capital expenditures was US$ 22.4 million and US$ 46.5 million, respectively, primarily related to earthworks and construction-related water dam excavation. The Company has also invested an additional US$ 40.0 million in the project as advance payment for equipment manufacturing, primarily related to the processing plant. This amount is reported within Buenaventura’s financial statements as accounts receivable and will be reclassified as CAPEX once the equipment arrives at the project. The underground mining tender process was completed during 3Q23. Personnel hiring and mobilization is in progress, and contractors will begin field works during 4Q23. Item Description Progress as of: 1Q23 2Q23 3Q23 1 Engineering 66% 81% 90% 2 Procurement 85% 85% 89% 3 Construction 3% 7% 14% 4 Commissioning 0% 0% 0% Total 15% 23% 28% Company Description Compañía de Minas Buenaventura S.A.A. is Peru’s largest, publicly traded precious and base metals Company and a major holder of mining rights in Peru. The Company is engaged in the exploration, mining development, processing and trade of gold, silver and other base metals via wholly-owned mines and through its participation in joint venture projects. Buenaventura currently operates several mines in Peru (Orcopampa*, Uchucchacua*, Julcani*, Tambomayo*, La Zanja*, El Brocal and Coimolache). The Company owns 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer (a partnership with Freeport-McMorRan Inc. and Sumitomo Corporation). For a printed version of the Company’s 2022 Form 20-F, please contact the investor relations contacts on page 1 of this report or download the PDF format file from the Company’s web site at www.buenaventura.com. (*) Operations wholly owned by Buenaventura Note on Forward-Looking Statements This press release and related conference call contain, in addition to historical information, forward-looking statements including statements related to the Company’s ability to manage its business and liquidity during and after the COVID-19 pandemic, the impact of the COVID-19 pandemic on the Company’s results of operations, including net revenues, earnings and cash flows, the Company’s ability to reduce costs and capital spending in response to the COVID-19 pandemic if needed, the Company’s balance sheet, liquidity and inventory position throughout and following the COVID-19 pandemic, the Company’s prospects for financial performance, growth and achievement of its long-term growth algorithm following the COVID-19 pandemic, future dividends and share repurchases. This press release may also contain forward-looking information (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including those concerning the Company’s, Cerro Verde’s costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver, copper and other metals mined, the success of joint ventures, estimates of future explorations, development and production, subsidiaries’ plans for capital expenditures, estimates of reserves and Peruvian political, economic, social and legal developments. These forward-looking statements reflect the Company’s view with respect to the Company’s, Cerro Verde’s future financial performance. Actual results could differ materially from those projected in the forward-looking statements as a result of a variety of factors discussed elsewhere in this Press Release. **Tables to follow** APPENDIX 1 Equity Participation in Subsidiaries and Associates (as of September 30, 2023) BVN Operating Equity % Mines / Business El Molle Verde S.A.C* 100.00 Trapiche Project Minera La Zanja S.A* 100.00 La Zanja Sociedad Minera El Brocal S.A.A* 61.43 Colquijirca and Marcapunta Compañía Minera Coimolache S.A** 40.10 Tantahuatay Sociedad Minera Cerro Verde S.A.A** 19.58 Cerro Verde Processadora Industrial Rio Seco S.A* 100.00 Rio Seco chemical plant Consorcio Energético de Huancavelica S.A* 100.00 Energy – Huanza Hydroelectrical plant (*) Consolidated (**) Equity Accounting APPENDIX 2 Gold Production Mining Unit Operating Results Unit 3Q23 3Q22 △% 9M23 9M22 △ % Underground Tambomayo Ore Milled DMT 143,469 161,764 -11% 435,103 468,323 -7% Ore Grade Gr/MT 2.22 3.00 -26% 2.57 3.17 -19% Recovery Rate % 79.35 88.26 -10% 82.08 87.97 -7% Ounces Produced Oz 8,127 13,755 -41% 29,623 41,973 -29% Orcopampa Ore Milled DMT 74,026 63,736 16% 213,474 180,342 18% Ore Grade Gr/MT 8.96 10.16 -12% 9.19 10.00 -8% Recovery Rate % 96.48 96.90 0% 96.01 98.17 -2% Ounces Produced* Oz 20,576 20,164 2% 60,547 56,944 6% Marcapunta Ore Milled DMT 776,985 794,447 -2% 2,465,994 2,174,456 13% Ore Grade Gr/MT 0.88 0.70 25% 0.64 0.65 -2% Recovery Rate % 24.86 38.72 -36% 28.09 34.02 -17% Ounces Produced* Oz 5,431 7,085 -23% 13,970 15,711 -11% Open Pit La Zanja Ounces Produced Oz 1,692 8,786 -81% 6,772 19,452 -65% Tajo Norte Cu - Ag Ounces Produced Oz 402 - N.A. 661 181 N.A. Coimolache Ounces Produced Oz 23,621 21,899 8% 39,789 61,341 -35% Silver Production Mining Unit Operating Results Unit 3Q23 3Q22 △% 9M23 9M22 △ % Underground Tambomayo Ore Milled DMT 143,469 161,764 -11% 435,103 468,323 -7% Ore Grade Oz/MT 2.55 3.54 -28% 3.29 3.13 5% Recovery Rate % 82.04 96.43 -15% 85.84 95.54 -10% Ounces Produced Oz 301,963 546,256 -45% 1,237,001 1,399,472 -12% Orcopampa Ore Milled DMT 74,026 63,736 16% 213,474 180,342 18% Ore Grade Oz/MT 0.13 0.17 -27% 0.14 0.18 -23% Recovery Rate % 75.79 73.54 3% 74.27 72.54 2% Ounces Produced Oz 7,168 8,247 -13% 22,028 23,437 -6% Uchucchacua Ore Milled DMT - - N.A. - - N.A. Ore Grade Oz/MT - - N.A. - - N.A. Recovery Rate % - - N.A. - - N.A. Ounces Produced Oz - - N.A. - - N.A. Julcani Ore Milled DMT 31,268 34,691 -10% 87,663 98,294 -11% Ore Grade Oz/MT 14.25 20.36 -30% 15.63 20.66 -24% Recovery Rate % 95.81 98.10 -2% 96.04 98.22 -2% Ounces Produced* Oz 427,269 692,876 -38% 1,317,895 1,994,565 -34% Marcapunta Ore Milled DMT 776,985 794,447 -2% 2,465,994 2,174,456 13% Ore Grade Oz/MT 0.94 0.98 -4% 0.91 0.88 3% Recovery Rate % 58.70 55.65 5% 56.15 53.28 5% Ounces Produced Oz 428,293 442,811 -3% 1,259,899 1,036,547 22% Open Pit Tajo Norte Cu - Ag Ore Milled DMT 354,994 - N.A. 478,455 156,342 N.A. Ore Grade Oz/MT 2.58 - N.A. 2.24 2.15 4% Recovery Rate % 56.71 - N.A. 55.51 53.45 4% Ounces Produced Oz 601,473 - N.A. 682,291 178,769 N.A. Tajo Norte Pb - Zn Ore Milled DMT 162,367 425,835 -62% 366,699 1,486,286 -75% Ore Grade Oz/MT 1.97 0.84 N.A. 1.56 1.61 -3% Recovery Rate % 51.94 69.56 -25% 58.92 58.29 1% Ounces Produced Oz 163,178 370,460 -56% 322,962 1,463,744 -78% La Zanja Ounces Produced Oz 3,681 31,665 -88% 15,633 85,347 -82% Coimolache Ounces Produced Oz 87,185 76,133 15% 176,755 228,832 -23% Lead Production Mining Unit Operating Results Unit 3Q23 3Q22 △% 9M23 9M22 △ % Underground Tambomayo Ore Milled DMT 143,469 161,764 -11% 435,103 468,323 -7% Ore Grade % 0.57 1.81 -69% 0.77 1.87 -59% Recovery Rate % 75.05 90.25 -17% 83.41 90.82 -8% MT Produced MT 603 2,639 -77% 2,851 7,970 -64% Uchucchacua Ore Milled DMT - - N.A. - - N.A. Ore Grade % - - N.A. - - N.A. Recovery Rate % - - N.A. - - N.A. MT Produced MT - - N.A. - - N.A. Julcani Ore Milled DMT 31,268 34,691 -10% 87,663 98,294 -11% Ore Grade % 0.48 0.44 8% 0.51 0.40 26% Recovery Rate % 88.79 91.04 -2% 88.95 91.46 -3% Ounces Produced* MT 132 140 -5% 398 363 9% Open Pit Tajo Norte Pb - Zn Ore Milled DMT 162,367 425,835 -62% 366,699 1,486,286 -75% Ore Grade % 1.63 1.04 57% 1.49 0.96 55% Recovery Rate % 34.08 41.61 -18% 40.22 39.51 2% MT Produced MT 885 1,781 -50% 2,160 5,584 -61% Zinc Production Mining Unit Operating Results Unit 3Q23 3Q22 △% 9M23 9M22 △ % Underground Tambomayo Ore Milled DMT 143,469 161,764 -11% 435,103 468,323 -7% Ore Grade % 0.87 2.44 -64% 1.06 2.61 -59% Recovery Rate % 71.98 87.43 -18% 77.50 89.41 -13% MT Produced MT 913 3,446 -74% 3,614 10,910 -67% Uchucchacua Ore Milled DMT - - N.A. - - N.A. Ore Grade % - - N.A. - - N.A. Recovery Rate % - - N.A. - - N.A. MT Produced MT - - N.A. - - N.A. Open Pit Tajo Norte Pb - Zn Ore Milled DMT 162,367 425,835 -62% 366,699 1,486,286 -75% Ore Grade % 4.09 2.66 54% 3.61 2.44 48% Recovery Rate % 42.97 59.70 -28% 51.87 53.20 -2% MT Produced MT 2,849 6,403 -56% 6,661 19,321 -66% Copper Production Mining Unit Operating Results Unit 3Q23 3Q22 △% 9M23 9M22 △ % Underground Marcapunta Ore Milled DMT 776,985 794,447 -2% 2,465,994 2,174,456 13% Ore Grade % 1.75 1.78 -2% 1.70 1.72 -1% Recovery Rate % 84.71 85.60 -1% 85.57 84.99 1% MT Produced MT 11,501 12,108 -5% 35,891 31,709 13% Tajo Norte Cu - Ag Ore Milled DMT 354,994 - N.A. 478,455 156,342 N.A. Ore Grade % 2.86 - N.A. 2.49 1.13 N.A. Recovery Rate % 59.71 - N.A. 59.89 61.97 -3% MT Produced MT 7,325 - N.A. 8,387 1,096 N.A. APPENDIX 3: Adjusted EBITDA Reconciliation (in thousand US$) 3Q23 3Q22 9M23 9M22 Net Income -24,498 -22,487 42,953 547,593 Add / Subtract: 77,758 44,733 78,961 -151,322 Income from sale of investment in Yanacocha 0 0 - 300,000 Depreciation and Amortization in cost of sales 51,264 41,477 121,816 131,531 Provision (credit) for income tax, net -1,264 -16,296 -2,070 -35,198 Interest expense 13,381 12,641 43,455 42,092 Loss (gain) on currency exchange difference 31,176 27,961 -3,450 3,086 Provision of bonuses and compensations 4,447 7,260 10,391 11,964 Loss (gain) from discontinued operations 167 -62 -439 -479,869 Workers' participation provision 2,899 -2,666 4,691 271 Depreciation and amortization in administration expenses 651 600 1,943 1,816 Depreciation and Amortization in other, net 30 25 79 76 Provision (reversal) for contingencies -240 1,960 -5,534 3,805 Share in associated companies by the equity method, net -46,375 -20,442 -113,368 -118,149 Write-off of fixed assets 632 4 870 322 Impairment (reversal) of inventories 23,112 -6,392 26,650 -1,508 Interest income -2,122 -1,337 -6,073 -11,561 EBITDA Buenaventura Direct Operations 53,260 22,246 121,914 396,271 EBITDA Cerro Verde (19.58%) 95,953 52,321 296,566 261,100 EBITDA Coimolache (40.095%) 3,528 3,667 -3 12,392 EBITDA Buenaventura + All Associates 152,741 78,235 418,477 669,763 *Cerro Verde’s EBITDA accounts for D&A related to the capitalization of the stripping. Note: EBITDA (Buenaventura Direct Operations) consists of earnings before net interest, taxes, depreciation and amortization, share in associated companies, net, loss on currency exchange difference, other, net, provision for workers’ profit sharing and provision for long-term officers’ compensation. EBITDA (including associated companies) consists of EBITDA (Buenaventura Direct Operations), plus (1) Buenaventura’s equity share of EBITDA (Cerro Verde), plus (2) Buenaventura’s equity share of EBITDA (Coimolache). All EBITDA mentioned were similarly calculated using financial information provided to Buenaventura by the associated companies. Buenaventura presents EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) to provide further information with respect to its operating performance and the operating performance of its equity investees, the affiliates. EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) are not a measure of financial performance under IFRS and may not be comparable to similarly titled measures of other companies. You should not consider EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) as alternatives to operating income or net income determined in accordance with IFRS, as an indicator of Buenaventura’s, affiliates operating performance, or as an alternative to cash flows from operating activities. APPENDIX 4: COST APPLICABLE TO SALES RECONCILIATION Reconciliation of Costs Applicable to Sales and Cost Applicable to Sales per Unit Sold Cost applicable to sales consists of cost of sales, excluding depreciation and amortization, plus selling expenses. Cost applicable to sales per unit sold for each mine consists of cost applicable to sales for a particular metal produced at a given mine divided by the volume of such metal produced at such mine in the specified period. We note that cost applicable to sales is not directly comparable to the cash operating cost figures disclosed in previously furnished earnings releases. Cost applicable to sales and Cost applicable to sales per unit of mineral sold are not measures of financial performance under IFRS and may not be comparable to similarly titled measures of other companies. We consider Cost applicable to sales and Cost applicable to sales per unit of mineral sold to be key measures in managing and evaluating our operating performance. These measures are widely reported in the precious metals industry as a benchmark for performance, but do not have standardized meanings. You should not consider Cost applicable to sales or Cost applicable to sales per unit of mineral sold as alternatives to cost of sales determined in accordance with IFRS, as indicators of our operating performance. Cost applicable to sales and Cost applicable to sales per unit of mineral sold are calculated without adjusting for by-product revenue amounts. Operations’ Cost applicable to sales does not include operating cost for those months during which Buenaventura’s operations were suspended due to COVID-19, as these have been classified as “Unabsorbed costs due to production stoppage” within the financial statements. The tables below set forth (i) a reconciliation of consolidated Cost of sales, excluding depreciation and amortization to consolidated Cost applicable to sales, (ii) reconciliations of the components of Cost applicable to sales (by mine and mineral) to the corresponding consolidated line items set forth on our consolidated statements of profit or loss for the three and twelve months ended December 31, 2022 and 2021 and (iii) reconciliations of Cost of sales, excluding depreciation and amortization to Cost applicable to sales for each of our mining units. The amounts set forth in Cost applicable to sales and Cost applicable to sales per unit sold for each mine and mineral indicated in the tables below can be reconciled to the amounts set forth on our consolidated statements of profit or loss for the three and twelve months ended December 31, 2021 and 2022 by reference to the reconciliations of Cost of sales, excluding depreciation and amortization (by mine and mineral), Selling Expenses (by mine and metal) expenses and Exploration in units in operations (by mine and mineral) to consolidated Cost of sales, excluding depreciation and amortization, consolidated Selling Expenses and consolidated Exploration in units in operations expenses, respectively, set forth below. Set forth below is a reconciliation of consolidated Cost of sales, excluding depreciation and amortization, to consolidated Cost applicable to sales: For the 3 months ended September 30 For the 9 months ended September 30 2023 2022 2023 2022 (in thousands of US$) Consolidated Cost of sales excluding depreciation and amortization 136,195 118,419 342,171 337,503 Add: Consolidated Exploration in units in operation 12,418 20,708 39,051 53,629 Consolidated Commercial deductions 51,260 42,039 134,651 137,887 Consolidated Selling expenses 4,277 5,854 12,745 15,490 Consolidated Cost applicable to sales 204,150 187,020 528,618 544,509 Set forth below is a reconciliation of Cost of sales, excluding depreciation and amortization (by mine and mineral) to consolidated Cost of sales: For the 3 months ended September 30 For the 9 months ended September 30 2023 2022 2023 2022 Cost of sales by mine and mineral (in thousands of US$) Julcani, Gold 71 43 123 12 Julcani, Silver 7,761 6,843 21,670 20,965 Julcani, Lead 181 130 513 302 Julcani, Copper 99 68 296 211 Orcopampa, Gold 17,987 12,207 52,819 41,227 Orcopampa, Silver 69 51 195 233 Orcopampa, Copper 0 0 0 0 Uchucchacua, Gold 0 0 0 0 Uchucchacua, Silver 0 0 0 0 Uchucchacua, Lead 0 0 0 0 Uchucchacua, Zinc 0 0 0 0 Tambomayo, Gold 11,899 8,430 29,626 25,782 Tambomayo, Silver 5,758 3,434 15,406 9,584 Tambomayo, Zinc 1,020 1,757 2,982 14,353 Tambomayo, Lead 0 4,578 2,979 6,034 La Zanja, Gold 1,909 14,961 11,009 33,201 La Zanja, Silver 112 647 597 1,771 El Brocal, Gold 3,367 5,089 7,489 8,531 El Brocal, Silver 10,936 6,818 19,045 21,345 El Brocal, Lead 610 1,523 1,654 4,541 El Brocal, Zinc 2,485 9,404 5,428 27,179 El Brocal, Copper 66,626 47,037 153,802 119,290 Non Mining Units 5,305 -4,601 16,538 2,942 Consolidated Cost of sales, excluding depreciation and amortization 136,195 118,419 342,171 337,503 Set forth below is a reconciliation of Exploration expenses in units in operation (by mine and mineral) to consolidated Exploration expenses in mining units: For the 3 months ended September 30 For the 9 months ended September 30 2023 2022 2023 2022 Exploration expenses in units in operation by mine and mineral (in thousands of US$) Julcani, Gold 16 11 28 3 Julcani, Silver 1,793 1,716 4,937 4,781 Julcani, Lead 42 33 117 69 Julcani, Copper 23 17 67 48 Orcopampa, Gold 1,434 3,328 4,697 9,499 Orcopampa, Silver 6 14 17 54 Orcopampa, Copper 0 0 0 0 Uchucchacua, Gold 0 0 0 0 Uchucchacua, Silver 6,661 6,536 20,592 15,531 Uchucchacua, Lead 0 0 0 -182 Uchucchacua, Zinc 0 0 0 0 Tambomayo, Gold 459 1,424 1,304 3,694 Tambomayo, Silver 222 580 678 1,373 Tambomayo, Lead 39 297 131 865 Tambomayo, Zinc 0 774 131 2,057 La Zanja, Gold 103 1,056 415 2,454 La Zanja, Silver 6 46 23 131 El Brocal, Gold 65 355 236 625 El Brocal, Silver 210 476 601 1,564 El Brocal, Lead 12 106 52 333 El Brocal, Zinc 48 656 171 1,991 El Brocal, Copper 1,280 3,282 4,853 8,739 Non Mining Units 0 0 0 0 Consolidated Exploration expenses in units in operation 12,418 20,708 39,051 53,629 Set forth below is a reconciliation of Commercial Deductions in units in operation (by mine and mineral) to consolidated Commercial deductions: For the 3 months ended September 30 For the 9 months ended September 30 2023 2022 2023 2022 Commercial Deductions in units in operation by mine and mineral (in thousands of US$) Julcani, Gold 4 2 7 -6 Julcani, Silver 549 352 1,273 1,496 Julcani, Lead 12 6 29 22 Julcani, Copper 6 4 16 13 Orcopampa, Gold 215 217 826 608 Orcopampa, Silver 1 0 0 13 Orcopampa, Copper 0 0 0 0 Uchucchacua, Gold 0 0 0 0 Uchucchacua, Silver 753 1,340 3,299 1,837 Uchucchacua, Lead 0 12 0 7 Uchucchacua, Zinc 0 0 0 272 Tambomayo, Gold 1,274 1,414 4,071 4,998 Tambomayo, Silver 685 738 2,355 2,439 Tambomayo, Lead 70 285 351 1,128 Tambomayo, Zinc 301 3,027 1,756 11,282 La Zanja, Gold 6 131 86 211 La Zanja, Silver 3 23 9 28 El Brocal, Gold 2,114 2,607 5,025 5,561 El Brocal, Silver 5,888 3,229 11,634 12,325 El Brocal, Lead 193 719 608 2,328 El Brocal, Zinc 1,906 3,672 4,379 16,214 El Brocal, Copper 37,280 24,260 98,928 77,110 Non Mining Units 0 0 0 0 Consolidated Commercial deductions in units in operation 51,260 42,039 134,651 137,887 Set forth below is a reconciliation of Selling expenses (by mine and mineral) to consolidated Selling expenses: For the 3 months ended September 30 For the 9 months ended September 30 2023 2022 2023 2022 Selling expenses by mine and mineral (in thousands of US$) Julcani, Gold 0 0 1 0 Julcani, Silver 43 71 156 307 Julcani, Lead 1 1 4 4 Julcani, Copper 1 1 2 3 Orcopampa, Gold 202 150 512 443 Orcopampa, Silver 1 1 2 3 Orcopampa, Copper 0 0 0 0 Uchucchacua, Gold 0 0 0 0 Uchucchacua, Silver 600 1,084 2,203 2,472 Uchucchacua, Lead 0 0 0 -29 Uchucchacua, Zinc 0 0 0 0 Tambomayo, Gold 400 665 1,175 1,966 Tambomayo, Silver 194 271 611 731 Tambomayo, Lead 34 139 118 460 Tambomayo, Zinc 0 361 118 1,095 La Zanja, Gold 11 74 46 126 La Zanja, Silver 1 3 3 7 El Brocal, Gold 103 205 286 339 El Brocal, Silver 336 274 728 849 El Brocal, Lead 19 61 63 181 El Brocal, Zinc 76 378 208 1,082 El Brocal, Copper 2,045 1,892 5,882 4,747 Non Mining Units 210 222 626 703 Consolidated Selling expenses 4,277 5,854 12,745 15,490 JULCANI JULCANI 3Q 2023 3Q 2022 9M 2023 9M 2022 GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL Cost of Sales (without D&A) (US$000) 71 7,761 181 - 99 8,112 43 6,843 130 - 68 7,084 Cost of Sales (without D&A) (US$000) 123 21,670 513 - 296 22,602 12 20,965 302 - 211 21,490 Add: Add: Exploration Expenses (US$000) 16 1,793 42 - 23 1,874 11 1,716 33 - 17 1,777 Exploration Expenses (US$000) 28 4,937 117 - 67 5,149 3 4,781 69 - 48 4,901 Commercial Deductions (US$000) 4 549 12 - 6 571 2 352 6 - 4 364 Commercial Deductions (US$000) 7 1,273 29 - 16 1,325 -6 1,496 22 - 13 1,526 Selling Expenses (US$000) 0 43.05 1.00 - 1 45 0 71 1 - 1 74 Selling Expenses (US$000) 1 156 4 - 2 163 0 307 4 - 3 315 Cost Applicable to Sales (US$000) 92 10,145 236 - 129 10,602 57 8,983 170 - 89 9,299 Cost Applicable to Sales (US$000) 158 28,036 663 - 382 29,239 9 27,550 397 - 275 28,232 Divide: Divide: Volume Sold 51 388,854 107 - 16 Not Applicable 39 651,077 112 - 18 Not Applicable Volume Sold 90 1,251,585 339 - 50 Not Applicable 79 1,893,014 280 - 48 No Aplicable CAS 1,791 26.09 2,196 - 8,019 Not Applicable 1,457 13.80 1,521 - 5,024 Not Applicable CAS 1,759 22.40 1,955 - 7,637 No Applicable 120 14.55 1,417 - 5,737 No Applicable ORCOPAMPA ORCOPAMPA 3Q 2023 3Q 2022 9M 2023 9M 2022 GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL Cost of Sales (without D&A) (US$000) 17,987 69 - - - 18,056 12,207 51 - - - 12,258 Cost of Sales (without D&A) (US$000) 52,819 195 - - - 53,014 41,227 233 - - - 41,460 Add: - Add: Exploration Expenses (US$000) 1,434 6 - - - 1,440 3,328 14 - - - 3,342 Exploration Expenses (US$000) 4,697 17 - - - 4,714 9,499 54 - - - 9,553 Commercial Deductions (US$000) 215 1 - - - 216 217 0 - - - 217 Commercial Deductions (US$000) 826 0 - - - 826 608 13 - - - 621 Selling Expenses (US$000) 202 1 - - - 203 150 1 - - - 151 Selling Expenses (US$000) 512 2 - - - 514 443 3 - - - 446 Cost Applicable to Sales (US$000) 19,839 76 - - - 19,915 15,903 65 - - - 15,968 Cost Applicable to Sales (US$000) 58,854 214 - - - 59,068 51,777 303 - - - 52,080 Divide: Divide: Volume Sold 20,460 6,710 - - - Not Applicable 19,814 7,715 - - - Not Applicable Volume Sold 60,504 19,432 - - - Not Applicable 56,840 27,054 - - - Not Applicable CAS 970 11.34 - - - Not Applicable 803 8.48 - - - Not Applicable CAS 973 11.01 - - - No Applicable 911 11.19 - - - No Applicable UCHUCCHACUA UCHUCCHACUA 3Q 2023 3Q 2022 9M 2023 9M 2022 GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL Cost of Sales (without D&A) (US$000) - - - - - - - - - - - - Cost of Sales (without D&A) (US$000) - - - - - - - - - - - - Add: Add: Exploration Expenses (US$000) - 6,661 - - - 6,661 - 6,536 - - - 6,536 Exploration Expenses (US$000) - 20,592 - - - 20,592 - 15,531 -182 - - 15,349 Commercial Deductions (US$000) - 753 - - - 753 - 1,340 12 - - 1,352 Commercial Deductions (US$000) - 3,299 - - - 3,299 - 1,837 7 272 - 2,116 Selling Expenses (US$000) - 600 - - - 600 - 1,084 - - - 1,084 Selling Expenses (US$000) - 2,203 - - - 2,203 - 2,472 -29 - - 2,443 Cost Applicable to Sales (US$000) - 8,014 - - - 8,014 - 8,960 12 - - 8,972 Cost Applicable to Sales (US$000) - 26,094 - - - 26,094 - 19,840 -204 272 - 19,908 Divide: - - Divide: Volume Sold 85,499 - - - Not Applicable - 150,426 - - - Not Applicable Volume Sold - 366,778 - - - Not Applicable - 308,844 18 - - Not Applicable CAS - 93.74 - - - No Applicable - 59.56 - - - No Applicable CAS - 71.15 - - - No Applicable - 64.24 - - - No Applicable TAMBOMAYO TAMBOMAYO 3Q 2023 3Q 2022 9M 2023 9M 2022 GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL Cost of Sales (without D&A) (US$000) 11,899 5,758 1,020 - - 18,677 8,430 3,434 1,757 4,578 - 18,198 Cost of Sales (without D&A) (US$000) 29,626 15,406 2,979 2,982 - 50,993 25,782 9,584 6,034 14,353 - 55,753 Add: Add: Exploration Expenses (US$000) 459 222 39 - - 720 1,424 580 297 774 - 3,075 Exploration Expenses (US$000) 1,304 678 131 131 - 2,244 3,694 1,373 865 2,057 - 7,989 Commercial Deductions (US$000) 1,274 685 70 301 - 2,330 1,414 738 285 3,027 - 5,464 Commercial Deductions (US$000) 4,071 2,355 351 1,756 - 8,532 4,998 2,439 1,128 11,282 - 19,847 Selling Expenses (US$000) 400 194 34 - - 628 665 271 139 361 - 1,436 Selling Expenses (US$000) 1,175 611 118 118 - 2,023 1,966 731 460 1,095 - 4,252 Cost Applicable to Sales (US$000) 14,031 6,858 1,164 301 - 22,355 11,933 5,023 2,477 8,739 - 28,173 Cost Applicable to Sales (US$000) 36,176 19,050 3,578 4,988 - 63,792 36,440 14,128 8,487 28,786 - 87,841 Divide: Divide: Volume Sold 7,421 269,542 525 682 - Not Applicable 12,150 468,076 2,449 2,832 - Not Applicable Volume Sold 26,649 1,125,434 2,521 2,846 - Not Applicable 37,248 1,195,466 7,353 9,016 - Not Applicable CAS 1,891 25.44 2,218 441 - No Applicable 982 10.73 1,012 3,086 - No Applicable CAS 1,357 16.93 1,419 1,753 - No Applicable 978 11.82 1,154 3,193 - Not Applicable LA ZANJA LA ZANJA 3Q 2023 3Q 2022 9M 2023 9M 2022 GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL Cost of Sales (without D&A) (US$000) 1,909 112 - - - 2,021 14,961 647 - - - 15,608 Cost of Sales (without D&A) (US$000) 11,009 597 - - - 11,606 33,201 1,771 - - - 34,972 Add: Add: Exploration Expenses (US$000) 103 6 - - - 109 1,056 46 - - - 1,102 Exploration Expenses (US$000) 415 23 - - - 438 2,454 131 - - - 2,585 Commercial Deductions (US$000) 6 3 - - - 8 131 23 - - - 154 Commercial Deductions (US$000) 86 9 - - - 96 211 28 - - - 239 Selling Expenses (US$000) 11 1 - - - 12 74 3 - - - 77 Selling Expenses (US$000) 46 3 - - - 49 126 7 - - - 133 Cost Applicable to Sales (US$000) 2,029 122 - - - 2,150 16,221 720 - - - 16,941 Cost Applicable to Sales (US$000) 11,557 632 - - - 12,189 35,992 1,937 - - - 37,929 Divide: Divide: Volume Sold 1,780 6,442 - - - Not Applicable 8,575 34,147 - - - Not Applicable Volume Sold 6,883 28,973 - - - Not Applicable 18,800 85,237 - - - Not Applicable CAS 1,140 18.91 - - - Not Applicable 1,892 21.07 - - - Not Applicable CAS 1,679 21.80 - - - No Applicable 1,914 22.72 - - - Not Applicable BROCAL BROCAL 3Q 2023 3Q 2022 9M 2023 9M 2022 GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL Cost of Sales (without D&A) (US$000) 3,367 10,936 610 2,485 66,626 84,024 5,089 6,818 1,523 9,404 47,037 69,872 Cost of Sales (without D&A) (US$000) 7,489 19,045 1,654 5,428 153,802 187,418 8,531 21,345 4,541 27,179 119,290 180,886 Add: Add: Exploration Expenses (US$000) 65 210 12 48 1,280 1,614 355 476 106 656 3,282 4,876 Exploration Expenses (US$000) 236 601 52 171 4,853 5,914 625 1,564 333 1,991 8,739.38 13,252 Commercial Deductions (US$000) 2,114 5,888 193 1,906 37,280 47,382 2,607 3,229 719 3,672 24,260 34,487 Commercial Deductions (US$000) 5,025 11,634 608 4,379 98,928 120,572 5,561 12,325 2,328 16,214 77,110 113,539 Selling Expenses (US$000) 103 336 19 76 2,045 2,579 205 274 61 378 1,892 2,810 Selling Expenses (US$000) 286 728 63 208 5,882 7,167 339 849 181 1,082 4,747 7,198 Cost Applicable to Sales (US$000) 5,649 17,370 833 4,516 107,231 135,599 8,256 10,797 2,409 14,111 76,472 112,045 Cost Applicable to Sales (US$000) 13,036 32,008 2,377 10,185 263,465 321,071 15,057 36,083 7,383 46,465 209,887 314,875 Divide: Divide: Volume Sold 3,553 986,583 636 2,347 17,786 Not Applicable 5,229 642,558 1,568 5,229 11,431 Not Applicable Volume Sold 8,575 1,873,998 1,939 5,478 41,889 Not Applicable 10,725 2,145,751 4,878 15,855 31,439 Not Applicable CAS 1,590 17.61 1,309 1,924 6,029 Not Applicable 1,579 16.80 1,536 2,698 6,690 Not Applicable CAS 1,520 17.08 1,226 1,859 6,290 No Applicable 1,404 16.82 1,513 2,931 6,676 Not Applicable NON MINING COMPANIES NON MINING COMPANIES 3Q 2023 3Q 2022 9M 2023 9M 2022 GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL Cost of Sales (without D&A) (US$000) - - - - - 5,305 - - - - - -4,601 Cost of Sales (without D&A) (US$000) - - - - - 16,538 - - - - - 2,942 Add: Add: - - Selling Expenses (US$000) - - - - - 210 - - - - - 222 Selling Expenses (US$000) - - - - - 626 - - - - - 703 Total (US$000) - - - - - 5,515 - - - - - -4,379 Total (US$000) - - - - - 17,164 - - - - - 3,645 BUENAVENTURA CONSOLIDATED BUENAVENTURA CONSOLIDATED 3Q 2023 3Q 2022 9M 2023 9M 2022 GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL Cost of Sales (without D&A) (US$000) 35,233 24,636 1,811 2,485 66,725 136,195 40,730 17,793 3,410 13,982 47,105 118,419 Cost of Sales (without D&A) (US$000) 101,066 56,913 5,145 8,410 154,099 342,171 108,753 53,899 10,877 41,532 119,501 337,503 Add: Add: Exploration Expenses (US$000) 2,077 8,897 93 48 1,303 12,418 6,175 9,368 436 1,430 3,299 20,708 Exploration Expenses (US$000) 6,680 26,847 300 302 4,921 39,051 16,275 23,434 1,084 4,048 8,787 53,629 Commercial Deductions (US$000) 3,613 7,879 275 2,207 37,287 51,260 4,372 5,683 1,023 6,699 24,264 42,039 Commercial Deductions (US$000) 10,014 18,571 987 6,135 98,944 134,651 11,372 18,139 3,486 27,768 77,123 137,887 Selling Expenses (US$000) 717 1,174 54 76 2,046 4,277 1,094 1,704 201 739 1,892 5,854 Selling Expenses (US$000) 2,021 3,703 185 326 5,884 12,745 2,876 4,369 616 2,176 4,750 15,490 Cost Applicable to Sales (US$000) 41,640 42,586 2,233 4,816 107,360 204,150 52,371 34,549 5,069 22,850 76,561 187,020 Cost Applicable to Sales (US$000) 119,781 106,034 6,618 15,173 263,847 528,618 139,276 99,840 16,063 75,523 210,162 544,509 Divide: Divide: Volume Sold 33,265 1,743,629 1,269 3,029 17,802 Not Applicable 45,807 1,954,000 4,129 8,061 11,449 Not Applicable Volume Sold 102,700 4,666,199 4,799 8,324 41,940 Not Applicable 123,692 5,655,367 12,530 24,871 31,487 Not Applicable CAS 1,252 24.42 1,760 1,590 6,031 Not Applicable 1,143 17.68 1,228 2,835 6,687 Not Applicable CAS 1,166 22.72 1,379 1,823 6,291 Not Applicable 1,126 17.65 1,282 3,037 6,675 Not Applicable COIMOLACHE COIMOLACHE 3Q 2023 3Q 2022 9M 2023 9M 2022 GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL Cost of Sales (without D&A) (US$000) 18,044 866 - - - 18,910 33,976.00 1,285 - - - 35,261 Cost of Sales (without D&A) (US$000) 51,805 2,881 - - - 54,686 73,723 3,529 - - - 77,252 Add: Add: Exploration Expenses (US$000) 4,530 217 - - - 4,747 2,292.30 87 - - - 2,379 Exploration Expenses (US$000) 9,485 527 - - - 10,012 5,768 276 - - - 6,044 Commercial Deductions (US$000) 181 40 - - - 221 111 2 - - - 113 Commercial Deductions (US$000) 293 48 - - - 342 436 40 - - - 477 Selling Expenses (US$000) 234 11 - - - 245 276 10 - - - 286 Selling Expenses (US$000) 468 26 - - - 494 684 33 - - - 717 Cost Applicable to Sales (US$000) 22,989 1,134 - - - 24,123 36,655 1,384 - - - 38,039 Cost Applicable to Sales (US$000) 62,051 3,483 - - - 65,534 80,611 3,879 - - - 84,490 Divide: Divide: Volume Sold 21,237 82,379 - - - Not Applicable 21,431 78,028 - - - Not Applicable Volume Sold 36,261 164,895 - - - Not Applicable 62,568 259,521 - - - Not Applicable CAS 1,083 13.77 - - - Not Applicable 1,710 17.74 - - - Not Applicable CAS 1,711 21.12 - - - No Applicable 1,288 14.95 - - - Not Applicable APPENDIX 5: All-in Sustaining Cost All-in Sustaining Cost for 3Q23 Buenaventura1 La Zanja Tantahuatay Attributable 2 3Q23 3Q23 3Q23 3Q23 Au Ounces Sold Net 27,932 1,780 21,237 38,227 3Q23 3Q23 3Q23 3Q23 Income Statement & Cash Flow US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au Cost of Sales 44,648 1,598 5,656 3,178 18,910 890 57,886 1,514 Exploration in Operating Units 10,695 383 109 61 4,747 224 12,707 332 Royalties 3,235 116 0 0 0 0 3,235 85 Comercial Deductions3 3,870 139 8 5 221 10 3,967 104 Selling Expenses 1,476 53 12 7 245 12 1,586 41 Administrative Expenses 9,740 349 812 456 1,002 47 10,954 287 Other, net 2,378 85 255 143 -110 -5 2,589 68 Sustaining Capex4 2,364 85 1,732 973 719 34 4,385 115 By-product Credit -21,851 -782 -166 -93 -1,938 -91 -22,794 -596 All-in Sustaining Cost 56,555 2,025 8,419 4,731 23,796 1,121 74,515 1,949 *All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas. Notes: 1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A. 2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 40.095% from Tantahuatay. 3. For all metals produced. 4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment. All-in Sustaining Cost for 3Q22 Buenaventura1 La Zanja Tantahuatay Attributable 2 3Q22 3Q22 3Q22 3Q22 Au Ounces Sold Net 32,003 8,575 21,431 49,170 3Q22 3Q22 3Q22 3Q22 Income Statement & Cash Flow US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au Cost of Sales 39,582 1,237 11,214 1,308 26,671 1,245 61,490 1,251 Exploration in Operating Units 14,729 460 1,103 129 1,994 93 16,631 338 Royalties 2,789 87 0 0 0 0 2,789 57 Comercial Deductions3 7,398 231 154 18 113 5 7,598 155 Selling Expenses 2,875 90 77 9 217 10 3,039 62 Administrative Expenses 9,175 287 692 81 916 43 10,234 208 Other, net -249 -8 -107 -12 -338 -16 -492 -10 Sustaining Capex4 2,921 91 548 64 3,099 145 4,712 96 By-product Credit -36,603 -1,144 -621 -72 -1,355 -63 -37,767 -768 All-in Sustaining Cost 42,618 1,332 13,060 1,523 31,316 1,461 68,234 1,388 *All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas. Notes: 1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A. 2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 40.095% from Tantahuatay. 3. For all metals produced. 4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment. All-in Sustaining Cost for 9M23 Buenaventura1 La Zanja Tantahuatay Attributable 2 9M23 9M23 9M23 9M23 Au Ounces Sold Net 87,243 6,883 36,261 108,665 9M23 9M23 9M23 9M23 Income Statement & Cash Flow US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au Cost of Sales 129,229 1,481 24,261 3,525 54,686 1,508 175,416 1,614 Exploration in Operating Units 32,699 375 438 64 10,012 276 37,151 342 Royalties 9,446 108 0 0 0 0 9,446 87 Comercial Deductions3 13,983 160 96 14 342 9 14,216 131 Selling Expenses 4,903 56 49 7 494 14 5,150 47 Administrative Expenses 31,765 364 2,206 321 3,053 84 35,195 324 Other, net 2,446 28 518 75 -751 -21 2,663 25 Sustaining Capex4 5,532 63 2,087 303 4,121 114 9,272 85 By-product Credit -78,958 -905 -700 -102 -3,864 -107 -81,207 -747 All-in Sustaining Cost 151,045 1,731 28,955 4,207 68,093 1,878 207,302 1,908 *All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas. Notes: 1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A. 2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 40.095% from Tantahuatay. 3. For all metals produced. 4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment. All-in Sustaining Cost for 9M22 Buenaventura1 La Zanja Tantahuatay Attributable 2 9M22 9M22 9M22 9M22 Au Ounces Sold Net 94,167 18,800 62,568 138,053 9M22 9M22 9M22 9M22 Income Statement & Cash Flow US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au Cost of Sales 124,486 1,322 37,120 1,974 77,252 1,235 192,580 1,395 Exploration in Operating Units 37,792 401 2,586 138 6,044 97 42,801 310 Royalties 8,455 90 0 0 0 0 8,455 61 Comercial Deductions3 24,109 256 239 13 477 8 24,540 178 Selling Expenses 7,850 83 133 7 717 11 8,270 60 Administrative Expenses 31,423 334 2,011 107 2,680 43 34,509 250 Other, net 1,446 15 -287 -15 319 5 1,287 9 Sustaining Capex4 5,822 62 848 45 12,373 198 11,631 84 By-product Credit -123,387 -1,310 -1,786 -95 -5,376 -86 -127,329 -922 All-in Sustaining Cost 117,996 1,253 40,864 2,174 94,486 1,510 196,744 1,425 *All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas. Notes: 1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A. 2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 40.095% from Tantahuatay. 3. For all metals produced. 4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment. APPENDIX 6 Compañía de Minas Buenaventura S.A.A. and Subsidiaries Interim condensed consolidated statements of financial position As of September 30, 2023 (unaudited) and December 31, 2022 (audited) 2023 2022 Assets US$(000) US$(000) Current assets Cash and cash equivalents 221,809 253,918 Trade and other receivables 181,528 221,899 Inventories 86,573 88,345 Income tax credit 15,478 28,046 Prepaid expenses 11,141 19,333 Hedge derivative financial instruments - 8,839 516,529 620,380 Non-current assets Trade and other receivables 682,949 673,627 Investments in associates and joint venture 1,536,007 1,520,977 Property, plant, equipment and development cost 1,563,063 1,535,195 Deferred income tax asset 129,691 106,170 Prepaid expenses 22,369 23,033 Other non-financial assets 24,289 23,845 3,958,368 3,882,847 Total assets 4,474,897 4,503,227 Liabilities and equity Current liabilities Trade and other payables 221,187 247,989 Provisions 108,729 94,171 Income tax payable 9,801 2,366 Financial obligations 34,191 35,071 373,908 379,597 Non-current liabilities Trade and other payables 2,825 3,553 Provisions 188,712 204,347 Financial obligations 681,287 703,463 Contingent consideration liability 19,536 16,905 Deferred income tax liabilities 29,057 32,421 921,417 960,689 Total liabilities 1,295,325 1,340,286 Equity Capital stock 750,497 750,497 Investment shares 791 791 Additional paid-in capital 218,450 218,450 Legal reserve 163,372 163,270 Other reserves 31,897 31,897 Other reserves of equity (99) 2,184 Retained earnings 1,851,445 1,841,761 Shareholders’ equity attributable to owners of the parent 3,016,353 3,008,850 Non-controlling interest 163,219 154,091 Total equity 3,179,572 3,162,941 Total liabilities and equity 4,474,897 4,503,227 Compañía de Minas Buenaventura S.A.A. and Subsidiaries Interim condensed consolidated statements of profit or loss (unaudited) For the three-month and nine-month ended September 30, 2023 and 2022 For the three-month periodended September 30, For the nine-month periodended September 30, 2023 2022 2023 2022 Continuing operations US$(000) US$(000) US$(000) US$(000) Operating income Sales of goods 207,705 192,084 559,489 566,531 Sales of services 3,588 3,332 10,555 10,528 Royalty income - - - 1,381 Total operating income 211,293 195,416 570,044 578,440 Cost of sales Cost of sales of goods, excluding depreciation and amortization (134,863) (117,740) (338,695) (335,441) Unabsorbed cost due to production stoppage (7,467) (3,944) (18,002) (14,913) Cost of sales of services, excluding depreciation and amortization (1,332) (679) (3,476) (2,062) Depreciation and amortization (51,264) (41,477) (121,816) (131,531) Exploration in operating units (12,418) (20,708) (39,051) (53,629) Mining royalties (4,439) (4,525) (13,381) (13,384) Total costs of sales (211,783) (189,073) (534,421) (550,960) Gross profit (loss) (490) 6,343 35,623 27,480 Operating income (expenses), net Administrative expenses (17,536) (15,365) (54,656) (50,442) Selling expenses (4,277) (5,854) (12,745) (15,490) Exploration in non-operating areas (4,553) (4,236) (8,715) (11,066) Reversal (provision) of contingencies 240 (1,960) 5,534 (3,805) Other, net (2,919) 1,050 (4,033) 1,317 Total operating income (expenses), net (29,045) (26,365) (74,615) (79,486) Operating loss (29,535) (20,022) (38,992) (52,006) Share in the results of associates and joint venture 46,375 20,442 113,368 118,149 Finance income 2,122 1,337 6,073 11,561 Foreign currency exchange difference (31,176) (27,961) 3,450 (3,086) Finance costs (13,381) (12,641) (43,455) (42,092) Profit (loss) before income tax (25,595) (38,845) 40,444 32,526 Current income tax (11,925) 7,869 (22,228) (8,423) Deferred income tax 13,189 8,427 24,298 43,621 1,264 16,296 2,070 35,198 Profit (loss) from continuing operations (24,331) (22,549) 42,514 67,724 Discontinued operations Profit (loss) from discontinued operations (167) 62 439 479,869 Net profit (loss) (24,498) (22,487) 42,953 547,593 Profit (loss) attributable to: Owners of the parent (28,032) (19,771) 29,627 548,469 Non-controlling interest 3,534 (2,716) 13,326 (876) (24,498) (22,487) 42,953 547,593 Basic and diluted profit (loss) per share, stated in U.S. dollars (0.11) (0.08) 0.12 2.16 Compañía de Minas Buenaventura S.A.A. and Subsidiaries Interim condensed consolidated statements of cash flows (unaudited) For the three-month and nine-month ended September 30, 2023 and 2022 For the three-month periodended September 30, For the nine-month periodended September 30, 2023 2022 2023 2022 US$(000) US$(000) US$(000) US$(000) Cash flows from (used in) of operating activities Proceeds from sales of goods and services 206,711 188,639 588,376 635,447 Dividends received from associates 48,961 - 98,323 29,377 Recovery from value added tax 9,631 4,982 42,971 26,835 Interest received 1,639 771 4,314 1,582 Dividends received from investments - - 150 - Royalty received - - - 5,183 Payments to suppliers and third-parties, and other net (104,989) (120,901) (379,544) (441,030) Payments to employees (33,962) (29,245) (100,969) (93,925) Interest paid (16,081) (17,260) (37,590) (38,860) Short-term and low value lease payments (9,884) (10,497) (28,159) (29,697) Income tax and royalties paid to the Peruvian State (7,293) (8,063) (19,393) (75,301) Payment of royalties (3,235) (2,789) (9,446) (8,455) Payments for tax litigation (3,331) - (3,569) - Net cash flows from operating activities 88,167 5,637 155,464 11,156 Cash flows from (used in) of investing activities Proceeds from sale of property, plant and equipment 2,455 2,462 6,485 11,245 Income from sale of shares 245 - 245 1,577 Collection for sale of participation in Yanacocha - - - 300,000 Collection for purchase of La Zanja shares - - - 45,000 Payments for acquisition of property, plant and equipment (59,786) (37,198) (145,659) (93,205) Payments for acquisitions of other assets (1,052) (34) (1,772) (153) Capital increase in associates - - - (1,677) Net cash flows from (used in) investing activities (58,138) (34,770) (140,701) 262,787 Cash flows from (used in) financing activities Increase of bank loans - - 49,000 - Decrease (increase) of bank accounts in trust - (1,110) 17 (1,859) Payments of bank loans - - (49,000) (50,000) Payments of financial obligations (7,758) (7,085) (23,276) (315,974) Dividends paid to controlling interest - - (18,542) (18,542) Lease payments (1,181) (1,022) (3,430) (3,071) Dividends paid to non-controlling interest (1,641) - (1,641) (2,647) Increase of restricted time deposits - - - 29,117 Net cash and cash equivalents used in financing activities (10,580) (9,217) (46,872) (362,976) Increase (decrease) in cash and cash equivalents during the period, net 19,449 (38,350) (32,109) (89,033) Cash and cash equivalents at beginning of period 202,360 326,316 253,918 376,999 Cash and cash equivalents at the end of the period 221,809 287,966 221,809 287,966 For the three-month periodended September 30, For the nine-month periodended September 30, 2023 2022 2023 2022 US$(000) US$(000) US$(000) US$(000) Reconciliation of net profit to cash and cash equivalents provided by operating activities Net profit (loss) (24,498) (22,487) 42,953 547,593 Plus (less): Share in the results of associates and joint venture (46,375) (20,442) (113,368) (118,149) Deferred income tax (continuing operations) (13,189) (8,427) (24,298) (43,621) Exchange difference 31,176 27,961 (3,450) 3,086 Reversal (provision) of contingencies (240) 1,960 (5,534) 3,805 Depreciation and amortization in cost of sales 51,264 41,477 121,816 131,531 Non - cash discontinued operations (49) 52 (1,637) (524,757) Provision for estimated fair value of sales 18 (14,733) 13,746 19,738 Workers´ participation provision 2,899 (2,666) 4,691 271 Bonus provision - executives & employes 4,447 7,260 10,391 11,964 Other minor 4,482 2,856 14,778 (4,980) Net changes in operating assets and liabilities: Decrease (increase) in operating assets - Trade and other accounts receivable 16,604 27,756 56,241 82,952 Inventories (26,589) 4,969 (24,878) (5,459) Income tax credit - (13,282) 9,178 (7,129) Prepaid expenses 7,677 6,601 8,855 13,141 Increase (decrease) in operating liabilities - Trade and other accounts payable 20,476 (46,147) (43,590) (116,091) Provisions (5,101) (2,604) (12,619) (10,932) Income tax payable 19,535 15,533 7,435 (1,184) Payments for tax litigation (3,331) - (3,569) - Proceeds from dividends in associates 48,961 - 98,323 29,377 Net cash and cash equivalents used in operating activities 88,167 5,637 155,464 11,156 View source version on businesswire.com: https://www.businesswire.com/news/home/20231030523224/en/Contacts Contacts in Lima: Daniel Dominguez, Chief Financial Officer (511) 419 2540 Gabriel Salas, Head of Investor Relations (511) 419 2591 / gabriel.salas@buenaventura.pe Contact in NY: Barbara Cano (646) 452-2334 / barbara@inspirgroup.com Company Website: http://www.buenaventura.com Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. 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Buenaventura Announces Third Quarter and Nine-month 2023 Results By: Compañia de Minas Buenaventura S.A.A. via Business Wire October 30, 2023 at 20:47 PM EDT Compañia de Minas Buenaventura S.A.A. (“Buenaventura” or “the Company”) (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru’s largest publicly-traded precious metals mining company, today announced results for the third quarter (3Q23) and nine-month period ended September 30, 2023 (9M23). All figures have been prepared in accordance with IFRS (International Financial Reporting Standards) on a non-GAAP basis and are stated in U.S. dollars (US$). Third Quarter and Nine-Month 2023 Highlights: 3Q23 EBITDA from direct operations was US$ 53.3 million, compared to US$ 22.2 million reported in 3Q22. 9M23 EBITDA from direct operations reached US$ 121.9 million, compared to US$ 96.3 million reported in 9M22. 2022 EBITDA does not include US$ 300 million resulting from the sale of Buenaventura's 43.65% stake in Yanacocha. 3Q23 net loss from direct operations reached US$ 24.3 million, compared to a US$ 22.6 million net loss for the same period in 2022. 9M23 net income from direct operations was US$ 42.5 million, compared to US$ 67.7 million net income for the 9M22. Buenaventura recorded US$ 51.3 million in Depreciation and Amortization for the 3Q23: US$ 17.6 million was due to deferred stripping related to the final open pit expansion works, which was completely mined in September 2023, when mining activities at Colquijirca’s Tajo Norte mine were suspended. Buenaventura's 9M23 consolidated copper production increased 35% YoY. Zinc production decreased by 65% YoY, lead decreased by 61% YoY, silver decreased by 19% YoY, and gold decreased by 17% YoY. Buenaventura's cash position reached US$ 221.8 million and net debt decreased to US$ 493.7 million with an average maturity of 2.7 years by quarter’s end, September 30, 2023. 3Q23 capital expenditures were US$ 59.8 million, compared to US$ 37.2 million for the same period in 2022. 9M23 capital expenditures reached US$ 145.7 million, compared to US$ 93.2 million in 9M22, and includes US$ 46.5 million related to the San Gabriel Project and US$ 31.4 million related to the Yumpag Project. The Yumpag project’s Environmental Impact Assessment (EIA) was approved on September 7, 2023. The Company promptly submitted a request to the Peruvian Ministry of Energy and Mines to obtain the necessary authorizations to initiate the deposit’s exploitation. However, 4Q23 targeted production initiation remains unchanged, as resumed activities at the Uchucchacua processing plant also enables Buenaventura to perform metallurgical tests for up to 124,600 tons of ore from the Yumpag project’s pilot stope. Cerro Verde paid a total dividend of US$ 250 million on August 3, 2023. Buenaventura received US$ 49.0 million relative to its stake in Cerro Verde. Financial Highlights (in millions of US$, except EPS figures): 3Q23 3Q22 Var % 9M23 9M22 Var % Total Revenues 211.3 195.4 8% 570.0 578.4 -1% Operating Income -29.5 -20.0 48% -39.0 -52.0 -25% EBITDA Direct Operations (1) 53.3 22.2 N.A. 121.9 96.3 27% EBITDA Including Affiliates (1) 152.7 78.2 95% 418.5 369.8 13% Net Income (2) -28.0 -19.8 42% 29.6 548.5 -95% EPS (3) -0.11 -0.08 42% 0.12 2.16 -95% (1) Does not include US$ 300 million from the sale of Buenaventura’s stake in Yanacocha. (2) Net Income attributable to owners of the parent (3) As of September 30, 2023, Buenaventura had a weighted average number of shares outstanding of 253,986,867. Operating Revenues 3Q23 net sales were US$ 211.3 million, compared to US$ 195.4 million in 3Q22; a year-on-year increase resulting from improved copper volume sold. The Company recorded a negative US$ 15.3 million provisional price adjustment for the accumulated first nine months of 2023. This is comprised of US$ 13.7 million in fair value of accounts receivables and US$ 1.5 million in adjustments to prior period liquidations. This compares to a negative US$ 40.4 million adjustment for the accumulated first nine months of 2022. Operating Highlights 3Q23 3Q22 Var % 9M23 9M22 Var % Net Sales (millions of US$) 211.3 195.4 8% 570.0 577.1 -1% Average Gold Price (US$/oz.) Direct Operations (1) (2) 1,921 1,678 14% 1,927 1,794 7% Average Gold Price (US$/oz.) incl. Associated (2) (3) 1,917 1,677 14% 1,925 1,794 7% Average Silver Price (US$/oz.) (2) 25.67 17.33 48% 24.30 21.32 14% Average Lead Price (US$/MT) (2) 2,225 1,713 30% 2,030 2,093 -3% Average Zinc Price (US$/MT) (2) 1,762 3,412 -48% 2,152 3,983 -46% Average Copper Price (US$/MT) (2) 8,291 7,261 14% 8,689 8,685 0% Volume Sold 3Q23 3Q22 Var % 9M23 9M22 Var % Gold Oz Direct Operations (1) 33,265 45,807 -27% 102,700 123,692 -17% Gold Oz incl. Associated (3) 41,780 54,399 -23% 117,239 148,778 -21% Silver Oz 1,743,629 1,954,000 -11% 4,666,199 5,655,367 -17% Lead MT 1,269 4,129 -69% 4,799 12,530 -62% Zinc MT 3,029 8,061 -62% 8,324 24,871 -67% Copper MT 17,802 11,449 55% 41,940 31,512 33% (1) Buenaventura Consolidated figure includes 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal. (2) The realized price takes into account the adjustments of quotational periods. (3) Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 100% of El Brocal and 40.095% of Coimolache. Production and Operating Costs Buenaventura’s 3Q23 equity gold production was 43,449 ounces, compared to 55,837 ounces produced in 3Q22, primarily due to decreased production at Tambomayo and La Zanja. 3Q23 silver production decreased by 12% primarily due to Julcani and Tambomayo performance. 3Q23 lead and zinc production decreased by 66% and 62%, respectively, due to decreased production at Tambomayo and El Brocal. The Company’s 3Q23 equity copper production was 34,168 MT, compared to 28,909 MT produced in 3Q22, due to increased production at El Brocal and Cerro Verde. Equity Production 3Q23 3Q22 Var % 9M23 9M22 Var % Gold Oz Direct Operations(1) 33,978 47,057 -28% 105,930 128,131 -17% Gold Oz including Associated(2) Companies 43,449 55,837 -22% 121,884 152,726 -20% Silver Oz Direct Operations(1) 1,472,907 1,664,600 -12% 3,984,040 5,034,531 -21% Lead MT Direct Operations(1) 1,279 3,738 -66% 4,575 11,628 -61% Zinc MT Direct Operations(1) 2,663 6,937 -62% 7,706 22,336 -66% Copper MT Direct Operations(1) 11,565 7,438 55% 27,200 20,152 35% Copper MT including Associated Companies(3) 34,168 28,909 18% 94,336 84,065 12% Consolidated Production 3Q23 3Q22 Var % 9M23 9M22 Var % Gold Oz(4) 36,228 49,789 -27% 111,574 134,261 -17% Silver Oz(4) 1,933,025 1,906,679 1% 4,857,709 5,996,245 -19% Lead MT(4) 1,620 4,340 -63% 5,408 13,698 -61% Zinc MT(4) 3,762 9,129 -59% 10,275 29,511 -65% Copper MT(4) 18,826 12,108 55% 44,277 32,805 35% (1) Buenaventura’s Direct Operations includes 100% of Buenaventura’s operating units, 100% of La Zanja and 61.43% of El Brocal. (2) Based on 100% of Buenaventura´s operating units, 100% of La Zanja, 61.43% of El Brocal and 40.095% of Coimolache. (3) Based on 100% of Buenaventura´s operating units, 61.43% of El Brocal and 19.58% of Cerro Verde. (4) Based on 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal Tambomayo (100% owned by Buenaventura) Production 3Q23 3Q22 Var % 9M23 9M22 Var % Gold Oz 8,127 13,755 -41% 29,623 41,973 -29% Silver Oz 301,963 546,256 -45% 1,237,001 1,399,472 -12% Cost Applicable to Sales 3Q23 3Q22 Var % 9M23 9M22 Var % Gold US$/Oz 1,891 982 93% 1,357 978 39% Tambomayo 3Q23 gold production decreased 41% year on year aligned with the Company’s mine plan for this asset, while silver production decreased 45% year on year and by 12% for the first nine months of 2023 compared to the same period of 2022 due to lower than planned mining rate within the mine's upper zone, which required more extensive rehabilitation to enable access to high-grade ore. Cost Applicable to Sales (CAS) increased to 1,891 US$/Oz in 3Q23 from 982 US$/Oz in 3Q22. This increase was primarily due to decreased volume sold in 3Q23. Orcopampa (100% owned by Buenaventura) Production 3Q23 3Q22 Var % 9M23 9M22 Var % Gold Oz 20,576 20,164 2% 60,547 56,944 6% Silver Oz 7,168 8,247 -13% 22,028 23,437 -6% Cost Applicable to Sales 3Q23 3Q22 Var % 9M23 9M22 Var % Gold US$/Oz 970 803 21% 973 911 7% 3Q23 gold production was in line with 3Q22 and with the planned mining sequence. Cost Applicable to Sales (CAS) increased to 970 US$/Oz in 3Q23, compared to 803 US$/Oz in 3Q22, primarily due to lower gold grades in 2023 compared to 2022. La Zanja (100% owned by Buenaventura) Production 3Q23 3Q22 Var % 9M23 9M22 Var % Gold Oz 1,692 8,786 -81% 6,772 19,452 -65% Silver Oz 3,681 31,665 -88% 15,633 85,347 -82% Cost Applicable to Sales 3Q23 3Q22 Var % 9M23 9M22 Var % Gold US$/Oz 1,140 1,892 -40% 1,679 1,914 -12% 3Q23 gold production decreased by 81% year on year, in line with 2023 estimates, as mining and ore stockpiling was suspended in 4Q22. 3Q23 Cost Applicable to Sales (CAS) was 1,140 US$/Oz, a decrease from 1,892 US$/Oz gold production in 3Q22 as only pad leaching and water treatment are being performed at the property, as well as exploration. Coimolache (40.10% owned by Buenaventura) Production 3Q23 3Q22 Var % 9M23 9M22 Var % Gold Oz 23,621 21,899 8% 39,789 61,341 -35% Silver Oz 87,185 76,133 15% 176,755 228,832 -23% Cost Applicable to Sales 3Q23 3Q22 Var % 9M23 9M22 Var % Gold US$/Oz 1,083 1,710 -37% 1,711 1,288 33% Coimolache 3Q23 gold production increased by 8% year-over-year, due to increased treated ore, higher gold grades and accelerated gold extraction from the leach pad. Cost Applicable to Sales (CAS) therefore decreased to 1,083 US$/Oz in 3Q23, from 1,710 US$/Oz in 3Q22. Uchucchacua (100% owned by Buenaventura) Production 3Q23 3Q22 Var % 9M23 9M22 Var % Silver Oz N.A. N.A. N.A. N.A. N.A. N.A. Zinc MT N.A. N.A. N.A. N.A. N.A. N.A. Lead MT N.A. N.A. N.A. N.A. N.A. N.A. Cost Applicable to Sales 3Q23 3Q22 Var % 9M23 9M22 Var % Silver US$/Oz N.A. N.A. N.A. N.A. N.A. N.A. Buenaventura submitted Uchucchacua’s updated mine plan to the Peruvian Ministry of Energy and Mines on August 28, 2023. Buenaventura initiated a short ore processing campaign at the processing plant, ensuring plant operational readiness to process ore from Uchucchacua and Yumpag during the 4Q23. Exploration and mine development progressed as scheduled during 3Q23. The Yumpag project’s Environmental Impact Assessment (EIA) was approved on September 7, 2023. The Company promptly submitted a request to the Peruvian Ministry of Energy and Mines to obtain the necessary authorizations to initiate the deposit’s exploitation. 4Q23 targeted production initiation remains unchanged, as resumed activities at the Uchucchacua processing plant also enables Buenaventura to perform metallurgical tests for up to 124,600 tons of ore from the Yumpag project’s pilot stope. Yumpag’s ore concentrates will be processed at the Rio Seco plant to reduce manganese content. The Rio Seco plant is scheduled to resume operations in November 2023. Julcani (100% owned by Buenaventura) Production 3Q23 3Q22 Var % 9M23 9M22 Var % Silver Oz 427,269 692,876 -38% 1,317,895 1,994,565 -34% Cost Applicable to Sales 3Q23 3Q22 Var % 9M23 9M22 Var % Silver US$/Oz 26.09 13.80 89% 22.40 14.55 54% 3Q23 silver production decreased 38% year on year primarily due to a negative geology reconciliation with decreased treated ore. 3Q23 Cost Applicable to Sales (CAS) was 26.09 US$/Oz, compared to 13.80 US$/Oz in 2Q22; an 89% year on year increase due to decreased volume sold. Exploration and development of Julcani’s Rosario sector at 610 level began during 3Q23. This new zone includes gold and copper which Buenaventura will begin processing during the fourth quarter 2023. The Company will also submit a related reserves and resources analysis by year end 2023. El Brocal (61.43% owned by Buenaventura) Production 3Q23 3Q22 Var % 9M23 9M22 Var % Copper MT 18,826 12,108 55% 44,277 32,805 35% Zinc MT 2,849 5,683 -50% 6,661 18,601 -64% Silver Oz 1,192,944 627,635 90% 2,265,152 2,493,424 -9% Cost Applicable to Sales 3Q23 3Q22 Var % 9M23 9M22 Var % Copper US$/MT 6,029 6,690 -10% 6,290 6,676 -6% Zinc US$/MT 1,924 2,698 -29% 1,859 2,931 -37% El Brocal 3Q23 copper production increased by 55% year on year as underground mine production ramp-up continued ahead of expectations during the quarter. Transitional ore from the open pit also had a higher than estimated copper content with improved metallurgical recovery. Buenaventura maintains its targeted underground mine 10,000 tpd exploitation rate for 4Q23. 3Q23 silver production increased by 90% year on year in line with the 2023 planned mining sequence. 3Q23 zinc production decreased by 50% year on year as part as the planned transition to copper from polymetallic ore. On October 3, 2023, Buenaventura submitted a notice to the Peruvian Ministry of Energy and Mines (MINEM) for the temporary suspension of mining activities at Colquijirca’s Tajo Norte mine for up to three years due to approval delay of Colquijirca’s Modification of Environmental Impact Assessment. Buenaventura expects to now process 100% of the El Brocal lead and zinc inventories by year end 2023 with the remaining open pit copper inventories expected in 1Q24. In the 4Q23, the company will recognize the deferred stripping costs associated with lead and zinc inventories, which are expected to be in line with the amortization reported in the 3Q23. 2Q23 Copper Cost Applicable to Sales (CAS) decreased by 10% year on year due to increased volume sold. Share in Associated Companies Buenaventura’s share in associated companies was US$ 46.4 million in 3Q23, compared with US$ 20.4 million in 3Q22, comprised of: Share in Associates’ Results (in US$ millions) 3Q23 3Q22 Var % 9M23 9M22 Var % Cerro Verde 44.4 20.7 N.A. 122.3 120.1 2% Coimolache 2.5 -0.2 N.A. -7.7 0.3 N.A. Other minor -0.5 0.0 N.A. -1.2 -2.2 -45% Total 46.4 20.4 N.A. 113.4 118.1 -4% CERRO VERDE (19.58% owned by Buenaventura) 3Q23 copper production was 115,441 MT, 22,603 MT of which is attributable to Buenaventura; a 5% increase as compared to 109,655 MT produced in 3Q22, 21,471 MT of which was attributable to Buenaventura. Cerro Verde reported US$ 225.5 million net income in 3Q23, compared to US$ 105.5 million net income in 3Q22. This is primarily due to a 40% year on year net sales increase, primarily due to a higher average realized copper price of US$ 3.77 per pound in the third quarter of 2023, compared to US$ 3.14 per pound in the third quarter of 2022, as well as an 11% increase in volume of copper sold. This increase was partially offset by a year-on-year cost of sales increase due to an inventory variation, and higher tax paid during the quarter. 3Q23 Cerro Verde capital expenditures were US$ 70.8 million. COIMOLACHE (40.10% owned by Buenaventura) Coimolache reported US$ 6.6 million in 3Q23 net income, compared to US$ 1.0 million net loss in 3Q22. SAN GABRIEL Project 3Q23 and 9M23 capital expenditures was US$ 22.4 million and US$ 46.5 million, respectively, primarily related to earthworks and construction-related water dam excavation. The Company has also invested an additional US$ 40.0 million in the project as advance payment for equipment manufacturing, primarily related to the processing plant. This amount is reported within Buenaventura’s financial statements as accounts receivable and will be reclassified as CAPEX once the equipment arrives at the project. The underground mining tender process was completed during 3Q23. Personnel hiring and mobilization is in progress, and contractors will begin field works during 4Q23. Item Description Progress as of: 1Q23 2Q23 3Q23 1 Engineering 66% 81% 90% 2 Procurement 85% 85% 89% 3 Construction 3% 7% 14% 4 Commissioning 0% 0% 0% Total 15% 23% 28% Company Description Compañía de Minas Buenaventura S.A.A. is Peru’s largest, publicly traded precious and base metals Company and a major holder of mining rights in Peru. The Company is engaged in the exploration, mining development, processing and trade of gold, silver and other base metals via wholly-owned mines and through its participation in joint venture projects. Buenaventura currently operates several mines in Peru (Orcopampa*, Uchucchacua*, Julcani*, Tambomayo*, La Zanja*, El Brocal and Coimolache). The Company owns 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer (a partnership with Freeport-McMorRan Inc. and Sumitomo Corporation). For a printed version of the Company’s 2022 Form 20-F, please contact the investor relations contacts on page 1 of this report or download the PDF format file from the Company’s web site at www.buenaventura.com. (*) Operations wholly owned by Buenaventura Note on Forward-Looking Statements This press release and related conference call contain, in addition to historical information, forward-looking statements including statements related to the Company’s ability to manage its business and liquidity during and after the COVID-19 pandemic, the impact of the COVID-19 pandemic on the Company’s results of operations, including net revenues, earnings and cash flows, the Company’s ability to reduce costs and capital spending in response to the COVID-19 pandemic if needed, the Company’s balance sheet, liquidity and inventory position throughout and following the COVID-19 pandemic, the Company’s prospects for financial performance, growth and achievement of its long-term growth algorithm following the COVID-19 pandemic, future dividends and share repurchases. This press release may also contain forward-looking information (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including those concerning the Company’s, Cerro Verde’s costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver, copper and other metals mined, the success of joint ventures, estimates of future explorations, development and production, subsidiaries’ plans for capital expenditures, estimates of reserves and Peruvian political, economic, social and legal developments. These forward-looking statements reflect the Company’s view with respect to the Company’s, Cerro Verde’s future financial performance. Actual results could differ materially from those projected in the forward-looking statements as a result of a variety of factors discussed elsewhere in this Press Release. **Tables to follow** APPENDIX 1 Equity Participation in Subsidiaries and Associates (as of September 30, 2023) BVN Operating Equity % Mines / Business El Molle Verde S.A.C* 100.00 Trapiche Project Minera La Zanja S.A* 100.00 La Zanja Sociedad Minera El Brocal S.A.A* 61.43 Colquijirca and Marcapunta Compañía Minera Coimolache S.A** 40.10 Tantahuatay Sociedad Minera Cerro Verde S.A.A** 19.58 Cerro Verde Processadora Industrial Rio Seco S.A* 100.00 Rio Seco chemical plant Consorcio Energético de Huancavelica S.A* 100.00 Energy – Huanza Hydroelectrical plant (*) Consolidated (**) Equity Accounting APPENDIX 2 Gold Production Mining Unit Operating Results Unit 3Q23 3Q22 △% 9M23 9M22 △ % Underground Tambomayo Ore Milled DMT 143,469 161,764 -11% 435,103 468,323 -7% Ore Grade Gr/MT 2.22 3.00 -26% 2.57 3.17 -19% Recovery Rate % 79.35 88.26 -10% 82.08 87.97 -7% Ounces Produced Oz 8,127 13,755 -41% 29,623 41,973 -29% Orcopampa Ore Milled DMT 74,026 63,736 16% 213,474 180,342 18% Ore Grade Gr/MT 8.96 10.16 -12% 9.19 10.00 -8% Recovery Rate % 96.48 96.90 0% 96.01 98.17 -2% Ounces Produced* Oz 20,576 20,164 2% 60,547 56,944 6% Marcapunta Ore Milled DMT 776,985 794,447 -2% 2,465,994 2,174,456 13% Ore Grade Gr/MT 0.88 0.70 25% 0.64 0.65 -2% Recovery Rate % 24.86 38.72 -36% 28.09 34.02 -17% Ounces Produced* Oz 5,431 7,085 -23% 13,970 15,711 -11% Open Pit La Zanja Ounces Produced Oz 1,692 8,786 -81% 6,772 19,452 -65% Tajo Norte Cu - Ag Ounces Produced Oz 402 - N.A. 661 181 N.A. Coimolache Ounces Produced Oz 23,621 21,899 8% 39,789 61,341 -35% Silver Production Mining Unit Operating Results Unit 3Q23 3Q22 △% 9M23 9M22 △ % Underground Tambomayo Ore Milled DMT 143,469 161,764 -11% 435,103 468,323 -7% Ore Grade Oz/MT 2.55 3.54 -28% 3.29 3.13 5% Recovery Rate % 82.04 96.43 -15% 85.84 95.54 -10% Ounces Produced Oz 301,963 546,256 -45% 1,237,001 1,399,472 -12% Orcopampa Ore Milled DMT 74,026 63,736 16% 213,474 180,342 18% Ore Grade Oz/MT 0.13 0.17 -27% 0.14 0.18 -23% Recovery Rate % 75.79 73.54 3% 74.27 72.54 2% Ounces Produced Oz 7,168 8,247 -13% 22,028 23,437 -6% Uchucchacua Ore Milled DMT - - N.A. - - N.A. Ore Grade Oz/MT - - N.A. - - N.A. Recovery Rate % - - N.A. - - N.A. Ounces Produced Oz - - N.A. - - N.A. Julcani Ore Milled DMT 31,268 34,691 -10% 87,663 98,294 -11% Ore Grade Oz/MT 14.25 20.36 -30% 15.63 20.66 -24% Recovery Rate % 95.81 98.10 -2% 96.04 98.22 -2% Ounces Produced* Oz 427,269 692,876 -38% 1,317,895 1,994,565 -34% Marcapunta Ore Milled DMT 776,985 794,447 -2% 2,465,994 2,174,456 13% Ore Grade Oz/MT 0.94 0.98 -4% 0.91 0.88 3% Recovery Rate % 58.70 55.65 5% 56.15 53.28 5% Ounces Produced Oz 428,293 442,811 -3% 1,259,899 1,036,547 22% Open Pit Tajo Norte Cu - Ag Ore Milled DMT 354,994 - N.A. 478,455 156,342 N.A. Ore Grade Oz/MT 2.58 - N.A. 2.24 2.15 4% Recovery Rate % 56.71 - N.A. 55.51 53.45 4% Ounces Produced Oz 601,473 - N.A. 682,291 178,769 N.A. Tajo Norte Pb - Zn Ore Milled DMT 162,367 425,835 -62% 366,699 1,486,286 -75% Ore Grade Oz/MT 1.97 0.84 N.A. 1.56 1.61 -3% Recovery Rate % 51.94 69.56 -25% 58.92 58.29 1% Ounces Produced Oz 163,178 370,460 -56% 322,962 1,463,744 -78% La Zanja Ounces Produced Oz 3,681 31,665 -88% 15,633 85,347 -82% Coimolache Ounces Produced Oz 87,185 76,133 15% 176,755 228,832 -23% Lead Production Mining Unit Operating Results Unit 3Q23 3Q22 △% 9M23 9M22 △ % Underground Tambomayo Ore Milled DMT 143,469 161,764 -11% 435,103 468,323 -7% Ore Grade % 0.57 1.81 -69% 0.77 1.87 -59% Recovery Rate % 75.05 90.25 -17% 83.41 90.82 -8% MT Produced MT 603 2,639 -77% 2,851 7,970 -64% Uchucchacua Ore Milled DMT - - N.A. - - N.A. Ore Grade % - - N.A. - - N.A. Recovery Rate % - - N.A. - - N.A. MT Produced MT - - N.A. - - N.A. Julcani Ore Milled DMT 31,268 34,691 -10% 87,663 98,294 -11% Ore Grade % 0.48 0.44 8% 0.51 0.40 26% Recovery Rate % 88.79 91.04 -2% 88.95 91.46 -3% Ounces Produced* MT 132 140 -5% 398 363 9% Open Pit Tajo Norte Pb - Zn Ore Milled DMT 162,367 425,835 -62% 366,699 1,486,286 -75% Ore Grade % 1.63 1.04 57% 1.49 0.96 55% Recovery Rate % 34.08 41.61 -18% 40.22 39.51 2% MT Produced MT 885 1,781 -50% 2,160 5,584 -61% Zinc Production Mining Unit Operating Results Unit 3Q23 3Q22 △% 9M23 9M22 △ % Underground Tambomayo Ore Milled DMT 143,469 161,764 -11% 435,103 468,323 -7% Ore Grade % 0.87 2.44 -64% 1.06 2.61 -59% Recovery Rate % 71.98 87.43 -18% 77.50 89.41 -13% MT Produced MT 913 3,446 -74% 3,614 10,910 -67% Uchucchacua Ore Milled DMT - - N.A. - - N.A. Ore Grade % - - N.A. - - N.A. Recovery Rate % - - N.A. - - N.A. MT Produced MT - - N.A. - - N.A. Open Pit Tajo Norte Pb - Zn Ore Milled DMT 162,367 425,835 -62% 366,699 1,486,286 -75% Ore Grade % 4.09 2.66 54% 3.61 2.44 48% Recovery Rate % 42.97 59.70 -28% 51.87 53.20 -2% MT Produced MT 2,849 6,403 -56% 6,661 19,321 -66% Copper Production Mining Unit Operating Results Unit 3Q23 3Q22 △% 9M23 9M22 △ % Underground Marcapunta Ore Milled DMT 776,985 794,447 -2% 2,465,994 2,174,456 13% Ore Grade % 1.75 1.78 -2% 1.70 1.72 -1% Recovery Rate % 84.71 85.60 -1% 85.57 84.99 1% MT Produced MT 11,501 12,108 -5% 35,891 31,709 13% Tajo Norte Cu - Ag Ore Milled DMT 354,994 - N.A. 478,455 156,342 N.A. Ore Grade % 2.86 - N.A. 2.49 1.13 N.A. Recovery Rate % 59.71 - N.A. 59.89 61.97 -3% MT Produced MT 7,325 - N.A. 8,387 1,096 N.A. APPENDIX 3: Adjusted EBITDA Reconciliation (in thousand US$) 3Q23 3Q22 9M23 9M22 Net Income -24,498 -22,487 42,953 547,593 Add / Subtract: 77,758 44,733 78,961 -151,322 Income from sale of investment in Yanacocha 0 0 - 300,000 Depreciation and Amortization in cost of sales 51,264 41,477 121,816 131,531 Provision (credit) for income tax, net -1,264 -16,296 -2,070 -35,198 Interest expense 13,381 12,641 43,455 42,092 Loss (gain) on currency exchange difference 31,176 27,961 -3,450 3,086 Provision of bonuses and compensations 4,447 7,260 10,391 11,964 Loss (gain) from discontinued operations 167 -62 -439 -479,869 Workers' participation provision 2,899 -2,666 4,691 271 Depreciation and amortization in administration expenses 651 600 1,943 1,816 Depreciation and Amortization in other, net 30 25 79 76 Provision (reversal) for contingencies -240 1,960 -5,534 3,805 Share in associated companies by the equity method, net -46,375 -20,442 -113,368 -118,149 Write-off of fixed assets 632 4 870 322 Impairment (reversal) of inventories 23,112 -6,392 26,650 -1,508 Interest income -2,122 -1,337 -6,073 -11,561 EBITDA Buenaventura Direct Operations 53,260 22,246 121,914 396,271 EBITDA Cerro Verde (19.58%) 95,953 52,321 296,566 261,100 EBITDA Coimolache (40.095%) 3,528 3,667 -3 12,392 EBITDA Buenaventura + All Associates 152,741 78,235 418,477 669,763 *Cerro Verde’s EBITDA accounts for D&A related to the capitalization of the stripping. Note: EBITDA (Buenaventura Direct Operations) consists of earnings before net interest, taxes, depreciation and amortization, share in associated companies, net, loss on currency exchange difference, other, net, provision for workers’ profit sharing and provision for long-term officers’ compensation. EBITDA (including associated companies) consists of EBITDA (Buenaventura Direct Operations), plus (1) Buenaventura’s equity share of EBITDA (Cerro Verde), plus (2) Buenaventura’s equity share of EBITDA (Coimolache). All EBITDA mentioned were similarly calculated using financial information provided to Buenaventura by the associated companies. Buenaventura presents EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) to provide further information with respect to its operating performance and the operating performance of its equity investees, the affiliates. EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) are not a measure of financial performance under IFRS and may not be comparable to similarly titled measures of other companies. You should not consider EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) as alternatives to operating income or net income determined in accordance with IFRS, as an indicator of Buenaventura’s, affiliates operating performance, or as an alternative to cash flows from operating activities. APPENDIX 4: COST APPLICABLE TO SALES RECONCILIATION Reconciliation of Costs Applicable to Sales and Cost Applicable to Sales per Unit Sold Cost applicable to sales consists of cost of sales, excluding depreciation and amortization, plus selling expenses. Cost applicable to sales per unit sold for each mine consists of cost applicable to sales for a particular metal produced at a given mine divided by the volume of such metal produced at such mine in the specified period. We note that cost applicable to sales is not directly comparable to the cash operating cost figures disclosed in previously furnished earnings releases. Cost applicable to sales and Cost applicable to sales per unit of mineral sold are not measures of financial performance under IFRS and may not be comparable to similarly titled measures of other companies. We consider Cost applicable to sales and Cost applicable to sales per unit of mineral sold to be key measures in managing and evaluating our operating performance. These measures are widely reported in the precious metals industry as a benchmark for performance, but do not have standardized meanings. You should not consider Cost applicable to sales or Cost applicable to sales per unit of mineral sold as alternatives to cost of sales determined in accordance with IFRS, as indicators of our operating performance. Cost applicable to sales and Cost applicable to sales per unit of mineral sold are calculated without adjusting for by-product revenue amounts. Operations’ Cost applicable to sales does not include operating cost for those months during which Buenaventura’s operations were suspended due to COVID-19, as these have been classified as “Unabsorbed costs due to production stoppage” within the financial statements. The tables below set forth (i) a reconciliation of consolidated Cost of sales, excluding depreciation and amortization to consolidated Cost applicable to sales, (ii) reconciliations of the components of Cost applicable to sales (by mine and mineral) to the corresponding consolidated line items set forth on our consolidated statements of profit or loss for the three and twelve months ended December 31, 2022 and 2021 and (iii) reconciliations of Cost of sales, excluding depreciation and amortization to Cost applicable to sales for each of our mining units. The amounts set forth in Cost applicable to sales and Cost applicable to sales per unit sold for each mine and mineral indicated in the tables below can be reconciled to the amounts set forth on our consolidated statements of profit or loss for the three and twelve months ended December 31, 2021 and 2022 by reference to the reconciliations of Cost of sales, excluding depreciation and amortization (by mine and mineral), Selling Expenses (by mine and metal) expenses and Exploration in units in operations (by mine and mineral) to consolidated Cost of sales, excluding depreciation and amortization, consolidated Selling Expenses and consolidated Exploration in units in operations expenses, respectively, set forth below. Set forth below is a reconciliation of consolidated Cost of sales, excluding depreciation and amortization, to consolidated Cost applicable to sales: For the 3 months ended September 30 For the 9 months ended September 30 2023 2022 2023 2022 (in thousands of US$) Consolidated Cost of sales excluding depreciation and amortization 136,195 118,419 342,171 337,503 Add: Consolidated Exploration in units in operation 12,418 20,708 39,051 53,629 Consolidated Commercial deductions 51,260 42,039 134,651 137,887 Consolidated Selling expenses 4,277 5,854 12,745 15,490 Consolidated Cost applicable to sales 204,150 187,020 528,618 544,509 Set forth below is a reconciliation of Cost of sales, excluding depreciation and amortization (by mine and mineral) to consolidated Cost of sales: For the 3 months ended September 30 For the 9 months ended September 30 2023 2022 2023 2022 Cost of sales by mine and mineral (in thousands of US$) Julcani, Gold 71 43 123 12 Julcani, Silver 7,761 6,843 21,670 20,965 Julcani, Lead 181 130 513 302 Julcani, Copper 99 68 296 211 Orcopampa, Gold 17,987 12,207 52,819 41,227 Orcopampa, Silver 69 51 195 233 Orcopampa, Copper 0 0 0 0 Uchucchacua, Gold 0 0 0 0 Uchucchacua, Silver 0 0 0 0 Uchucchacua, Lead 0 0 0 0 Uchucchacua, Zinc 0 0 0 0 Tambomayo, Gold 11,899 8,430 29,626 25,782 Tambomayo, Silver 5,758 3,434 15,406 9,584 Tambomayo, Zinc 1,020 1,757 2,982 14,353 Tambomayo, Lead 0 4,578 2,979 6,034 La Zanja, Gold 1,909 14,961 11,009 33,201 La Zanja, Silver 112 647 597 1,771 El Brocal, Gold 3,367 5,089 7,489 8,531 El Brocal, Silver 10,936 6,818 19,045 21,345 El Brocal, Lead 610 1,523 1,654 4,541 El Brocal, Zinc 2,485 9,404 5,428 27,179 El Brocal, Copper 66,626 47,037 153,802 119,290 Non Mining Units 5,305 -4,601 16,538 2,942 Consolidated Cost of sales, excluding depreciation and amortization 136,195 118,419 342,171 337,503 Set forth below is a reconciliation of Exploration expenses in units in operation (by mine and mineral) to consolidated Exploration expenses in mining units: For the 3 months ended September 30 For the 9 months ended September 30 2023 2022 2023 2022 Exploration expenses in units in operation by mine and mineral (in thousands of US$) Julcani, Gold 16 11 28 3 Julcani, Silver 1,793 1,716 4,937 4,781 Julcani, Lead 42 33 117 69 Julcani, Copper 23 17 67 48 Orcopampa, Gold 1,434 3,328 4,697 9,499 Orcopampa, Silver 6 14 17 54 Orcopampa, Copper 0 0 0 0 Uchucchacua, Gold 0 0 0 0 Uchucchacua, Silver 6,661 6,536 20,592 15,531 Uchucchacua, Lead 0 0 0 -182 Uchucchacua, Zinc 0 0 0 0 Tambomayo, Gold 459 1,424 1,304 3,694 Tambomayo, Silver 222 580 678 1,373 Tambomayo, Lead 39 297 131 865 Tambomayo, Zinc 0 774 131 2,057 La Zanja, Gold 103 1,056 415 2,454 La Zanja, Silver 6 46 23 131 El Brocal, Gold 65 355 236 625 El Brocal, Silver 210 476 601 1,564 El Brocal, Lead 12 106 52 333 El Brocal, Zinc 48 656 171 1,991 El Brocal, Copper 1,280 3,282 4,853 8,739 Non Mining Units 0 0 0 0 Consolidated Exploration expenses in units in operation 12,418 20,708 39,051 53,629 Set forth below is a reconciliation of Commercial Deductions in units in operation (by mine and mineral) to consolidated Commercial deductions: For the 3 months ended September 30 For the 9 months ended September 30 2023 2022 2023 2022 Commercial Deductions in units in operation by mine and mineral (in thousands of US$) Julcani, Gold 4 2 7 -6 Julcani, Silver 549 352 1,273 1,496 Julcani, Lead 12 6 29 22 Julcani, Copper 6 4 16 13 Orcopampa, Gold 215 217 826 608 Orcopampa, Silver 1 0 0 13 Orcopampa, Copper 0 0 0 0 Uchucchacua, Gold 0 0 0 0 Uchucchacua, Silver 753 1,340 3,299 1,837 Uchucchacua, Lead 0 12 0 7 Uchucchacua, Zinc 0 0 0 272 Tambomayo, Gold 1,274 1,414 4,071 4,998 Tambomayo, Silver 685 738 2,355 2,439 Tambomayo, Lead 70 285 351 1,128 Tambomayo, Zinc 301 3,027 1,756 11,282 La Zanja, Gold 6 131 86 211 La Zanja, Silver 3 23 9 28 El Brocal, Gold 2,114 2,607 5,025 5,561 El Brocal, Silver 5,888 3,229 11,634 12,325 El Brocal, Lead 193 719 608 2,328 El Brocal, Zinc 1,906 3,672 4,379 16,214 El Brocal, Copper 37,280 24,260 98,928 77,110 Non Mining Units 0 0 0 0 Consolidated Commercial deductions in units in operation 51,260 42,039 134,651 137,887 Set forth below is a reconciliation of Selling expenses (by mine and mineral) to consolidated Selling expenses: For the 3 months ended September 30 For the 9 months ended September 30 2023 2022 2023 2022 Selling expenses by mine and mineral (in thousands of US$) Julcani, Gold 0 0 1 0 Julcani, Silver 43 71 156 307 Julcani, Lead 1 1 4 4 Julcani, Copper 1 1 2 3 Orcopampa, Gold 202 150 512 443 Orcopampa, Silver 1 1 2 3 Orcopampa, Copper 0 0 0 0 Uchucchacua, Gold 0 0 0 0 Uchucchacua, Silver 600 1,084 2,203 2,472 Uchucchacua, Lead 0 0 0 -29 Uchucchacua, Zinc 0 0 0 0 Tambomayo, Gold 400 665 1,175 1,966 Tambomayo, Silver 194 271 611 731 Tambomayo, Lead 34 139 118 460 Tambomayo, Zinc 0 361 118 1,095 La Zanja, Gold 11 74 46 126 La Zanja, Silver 1 3 3 7 El Brocal, Gold 103 205 286 339 El Brocal, Silver 336 274 728 849 El Brocal, Lead 19 61 63 181 El Brocal, Zinc 76 378 208 1,082 El Brocal, Copper 2,045 1,892 5,882 4,747 Non Mining Units 210 222 626 703 Consolidated Selling expenses 4,277 5,854 12,745 15,490 JULCANI JULCANI 3Q 2023 3Q 2022 9M 2023 9M 2022 GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL Cost of Sales (without D&A) (US$000) 71 7,761 181 - 99 8,112 43 6,843 130 - 68 7,084 Cost of Sales (without D&A) (US$000) 123 21,670 513 - 296 22,602 12 20,965 302 - 211 21,490 Add: Add: Exploration Expenses (US$000) 16 1,793 42 - 23 1,874 11 1,716 33 - 17 1,777 Exploration Expenses (US$000) 28 4,937 117 - 67 5,149 3 4,781 69 - 48 4,901 Commercial Deductions (US$000) 4 549 12 - 6 571 2 352 6 - 4 364 Commercial Deductions (US$000) 7 1,273 29 - 16 1,325 -6 1,496 22 - 13 1,526 Selling Expenses (US$000) 0 43.05 1.00 - 1 45 0 71 1 - 1 74 Selling Expenses (US$000) 1 156 4 - 2 163 0 307 4 - 3 315 Cost Applicable to Sales (US$000) 92 10,145 236 - 129 10,602 57 8,983 170 - 89 9,299 Cost Applicable to Sales (US$000) 158 28,036 663 - 382 29,239 9 27,550 397 - 275 28,232 Divide: Divide: Volume Sold 51 388,854 107 - 16 Not Applicable 39 651,077 112 - 18 Not Applicable Volume Sold 90 1,251,585 339 - 50 Not Applicable 79 1,893,014 280 - 48 No Aplicable CAS 1,791 26.09 2,196 - 8,019 Not Applicable 1,457 13.80 1,521 - 5,024 Not Applicable CAS 1,759 22.40 1,955 - 7,637 No Applicable 120 14.55 1,417 - 5,737 No Applicable ORCOPAMPA ORCOPAMPA 3Q 2023 3Q 2022 9M 2023 9M 2022 GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL Cost of Sales (without D&A) (US$000) 17,987 69 - - - 18,056 12,207 51 - - - 12,258 Cost of Sales (without D&A) (US$000) 52,819 195 - - - 53,014 41,227 233 - - - 41,460 Add: - Add: Exploration Expenses (US$000) 1,434 6 - - - 1,440 3,328 14 - - - 3,342 Exploration Expenses (US$000) 4,697 17 - - - 4,714 9,499 54 - - - 9,553 Commercial Deductions (US$000) 215 1 - - - 216 217 0 - - - 217 Commercial Deductions (US$000) 826 0 - - - 826 608 13 - - - 621 Selling Expenses (US$000) 202 1 - - - 203 150 1 - - - 151 Selling Expenses (US$000) 512 2 - - - 514 443 3 - - - 446 Cost Applicable to Sales (US$000) 19,839 76 - - - 19,915 15,903 65 - - - 15,968 Cost Applicable to Sales (US$000) 58,854 214 - - - 59,068 51,777 303 - - - 52,080 Divide: Divide: Volume Sold 20,460 6,710 - - - Not Applicable 19,814 7,715 - - - Not Applicable Volume Sold 60,504 19,432 - - - Not Applicable 56,840 27,054 - - - Not Applicable CAS 970 11.34 - - - Not Applicable 803 8.48 - - - Not Applicable CAS 973 11.01 - - - No Applicable 911 11.19 - - - No Applicable UCHUCCHACUA UCHUCCHACUA 3Q 2023 3Q 2022 9M 2023 9M 2022 GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL Cost of Sales (without D&A) (US$000) - - - - - - - - - - - - Cost of Sales (without D&A) (US$000) - - - - - - - - - - - - Add: Add: Exploration Expenses (US$000) - 6,661 - - - 6,661 - 6,536 - - - 6,536 Exploration Expenses (US$000) - 20,592 - - - 20,592 - 15,531 -182 - - 15,349 Commercial Deductions (US$000) - 753 - - - 753 - 1,340 12 - - 1,352 Commercial Deductions (US$000) - 3,299 - - - 3,299 - 1,837 7 272 - 2,116 Selling Expenses (US$000) - 600 - - - 600 - 1,084 - - - 1,084 Selling Expenses (US$000) - 2,203 - - - 2,203 - 2,472 -29 - - 2,443 Cost Applicable to Sales (US$000) - 8,014 - - - 8,014 - 8,960 12 - - 8,972 Cost Applicable to Sales (US$000) - 26,094 - - - 26,094 - 19,840 -204 272 - 19,908 Divide: - - Divide: Volume Sold 85,499 - - - Not Applicable - 150,426 - - - Not Applicable Volume Sold - 366,778 - - - Not Applicable - 308,844 18 - - Not Applicable CAS - 93.74 - - - No Applicable - 59.56 - - - No Applicable CAS - 71.15 - - - No Applicable - 64.24 - - - No Applicable TAMBOMAYO TAMBOMAYO 3Q 2023 3Q 2022 9M 2023 9M 2022 GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL Cost of Sales (without D&A) (US$000) 11,899 5,758 1,020 - - 18,677 8,430 3,434 1,757 4,578 - 18,198 Cost of Sales (without D&A) (US$000) 29,626 15,406 2,979 2,982 - 50,993 25,782 9,584 6,034 14,353 - 55,753 Add: Add: Exploration Expenses (US$000) 459 222 39 - - 720 1,424 580 297 774 - 3,075 Exploration Expenses (US$000) 1,304 678 131 131 - 2,244 3,694 1,373 865 2,057 - 7,989 Commercial Deductions (US$000) 1,274 685 70 301 - 2,330 1,414 738 285 3,027 - 5,464 Commercial Deductions (US$000) 4,071 2,355 351 1,756 - 8,532 4,998 2,439 1,128 11,282 - 19,847 Selling Expenses (US$000) 400 194 34 - - 628 665 271 139 361 - 1,436 Selling Expenses (US$000) 1,175 611 118 118 - 2,023 1,966 731 460 1,095 - 4,252 Cost Applicable to Sales (US$000) 14,031 6,858 1,164 301 - 22,355 11,933 5,023 2,477 8,739 - 28,173 Cost Applicable to Sales (US$000) 36,176 19,050 3,578 4,988 - 63,792 36,440 14,128 8,487 28,786 - 87,841 Divide: Divide: Volume Sold 7,421 269,542 525 682 - Not Applicable 12,150 468,076 2,449 2,832 - Not Applicable Volume Sold 26,649 1,125,434 2,521 2,846 - Not Applicable 37,248 1,195,466 7,353 9,016 - Not Applicable CAS 1,891 25.44 2,218 441 - No Applicable 982 10.73 1,012 3,086 - No Applicable CAS 1,357 16.93 1,419 1,753 - No Applicable 978 11.82 1,154 3,193 - Not Applicable LA ZANJA LA ZANJA 3Q 2023 3Q 2022 9M 2023 9M 2022 GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL Cost of Sales (without D&A) (US$000) 1,909 112 - - - 2,021 14,961 647 - - - 15,608 Cost of Sales (without D&A) (US$000) 11,009 597 - - - 11,606 33,201 1,771 - - - 34,972 Add: Add: Exploration Expenses (US$000) 103 6 - - - 109 1,056 46 - - - 1,102 Exploration Expenses (US$000) 415 23 - - - 438 2,454 131 - - - 2,585 Commercial Deductions (US$000) 6 3 - - - 8 131 23 - - - 154 Commercial Deductions (US$000) 86 9 - - - 96 211 28 - - - 239 Selling Expenses (US$000) 11 1 - - - 12 74 3 - - - 77 Selling Expenses (US$000) 46 3 - - - 49 126 7 - - - 133 Cost Applicable to Sales (US$000) 2,029 122 - - - 2,150 16,221 720 - - - 16,941 Cost Applicable to Sales (US$000) 11,557 632 - - - 12,189 35,992 1,937 - - - 37,929 Divide: Divide: Volume Sold 1,780 6,442 - - - Not Applicable 8,575 34,147 - - - Not Applicable Volume Sold 6,883 28,973 - - - Not Applicable 18,800 85,237 - - - Not Applicable CAS 1,140 18.91 - - - Not Applicable 1,892 21.07 - - - Not Applicable CAS 1,679 21.80 - - - No Applicable 1,914 22.72 - - - Not Applicable BROCAL BROCAL 3Q 2023 3Q 2022 9M 2023 9M 2022 GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL Cost of Sales (without D&A) (US$000) 3,367 10,936 610 2,485 66,626 84,024 5,089 6,818 1,523 9,404 47,037 69,872 Cost of Sales (without D&A) (US$000) 7,489 19,045 1,654 5,428 153,802 187,418 8,531 21,345 4,541 27,179 119,290 180,886 Add: Add: Exploration Expenses (US$000) 65 210 12 48 1,280 1,614 355 476 106 656 3,282 4,876 Exploration Expenses (US$000) 236 601 52 171 4,853 5,914 625 1,564 333 1,991 8,739.38 13,252 Commercial Deductions (US$000) 2,114 5,888 193 1,906 37,280 47,382 2,607 3,229 719 3,672 24,260 34,487 Commercial Deductions (US$000) 5,025 11,634 608 4,379 98,928 120,572 5,561 12,325 2,328 16,214 77,110 113,539 Selling Expenses (US$000) 103 336 19 76 2,045 2,579 205 274 61 378 1,892 2,810 Selling Expenses (US$000) 286 728 63 208 5,882 7,167 339 849 181 1,082 4,747 7,198 Cost Applicable to Sales (US$000) 5,649 17,370 833 4,516 107,231 135,599 8,256 10,797 2,409 14,111 76,472 112,045 Cost Applicable to Sales (US$000) 13,036 32,008 2,377 10,185 263,465 321,071 15,057 36,083 7,383 46,465 209,887 314,875 Divide: Divide: Volume Sold 3,553 986,583 636 2,347 17,786 Not Applicable 5,229 642,558 1,568 5,229 11,431 Not Applicable Volume Sold 8,575 1,873,998 1,939 5,478 41,889 Not Applicable 10,725 2,145,751 4,878 15,855 31,439 Not Applicable CAS 1,590 17.61 1,309 1,924 6,029 Not Applicable 1,579 16.80 1,536 2,698 6,690 Not Applicable CAS 1,520 17.08 1,226 1,859 6,290 No Applicable 1,404 16.82 1,513 2,931 6,676 Not Applicable NON MINING COMPANIES NON MINING COMPANIES 3Q 2023 3Q 2022 9M 2023 9M 2022 GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL Cost of Sales (without D&A) (US$000) - - - - - 5,305 - - - - - -4,601 Cost of Sales (without D&A) (US$000) - - - - - 16,538 - - - - - 2,942 Add: Add: - - Selling Expenses (US$000) - - - - - 210 - - - - - 222 Selling Expenses (US$000) - - - - - 626 - - - - - 703 Total (US$000) - - - - - 5,515 - - - - - -4,379 Total (US$000) - - - - - 17,164 - - - - - 3,645 BUENAVENTURA CONSOLIDATED BUENAVENTURA CONSOLIDATED 3Q 2023 3Q 2022 9M 2023 9M 2022 GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL Cost of Sales (without D&A) (US$000) 35,233 24,636 1,811 2,485 66,725 136,195 40,730 17,793 3,410 13,982 47,105 118,419 Cost of Sales (without D&A) (US$000) 101,066 56,913 5,145 8,410 154,099 342,171 108,753 53,899 10,877 41,532 119,501 337,503 Add: Add: Exploration Expenses (US$000) 2,077 8,897 93 48 1,303 12,418 6,175 9,368 436 1,430 3,299 20,708 Exploration Expenses (US$000) 6,680 26,847 300 302 4,921 39,051 16,275 23,434 1,084 4,048 8,787 53,629 Commercial Deductions (US$000) 3,613 7,879 275 2,207 37,287 51,260 4,372 5,683 1,023 6,699 24,264 42,039 Commercial Deductions (US$000) 10,014 18,571 987 6,135 98,944 134,651 11,372 18,139 3,486 27,768 77,123 137,887 Selling Expenses (US$000) 717 1,174 54 76 2,046 4,277 1,094 1,704 201 739 1,892 5,854 Selling Expenses (US$000) 2,021 3,703 185 326 5,884 12,745 2,876 4,369 616 2,176 4,750 15,490 Cost Applicable to Sales (US$000) 41,640 42,586 2,233 4,816 107,360 204,150 52,371 34,549 5,069 22,850 76,561 187,020 Cost Applicable to Sales (US$000) 119,781 106,034 6,618 15,173 263,847 528,618 139,276 99,840 16,063 75,523 210,162 544,509 Divide: Divide: Volume Sold 33,265 1,743,629 1,269 3,029 17,802 Not Applicable 45,807 1,954,000 4,129 8,061 11,449 Not Applicable Volume Sold 102,700 4,666,199 4,799 8,324 41,940 Not Applicable 123,692 5,655,367 12,530 24,871 31,487 Not Applicable CAS 1,252 24.42 1,760 1,590 6,031 Not Applicable 1,143 17.68 1,228 2,835 6,687 Not Applicable CAS 1,166 22.72 1,379 1,823 6,291 Not Applicable 1,126 17.65 1,282 3,037 6,675 Not Applicable COIMOLACHE COIMOLACHE 3Q 2023 3Q 2022 9M 2023 9M 2022 GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL Cost of Sales (without D&A) (US$000) 18,044 866 - - - 18,910 33,976.00 1,285 - - - 35,261 Cost of Sales (without D&A) (US$000) 51,805 2,881 - - - 54,686 73,723 3,529 - - - 77,252 Add: Add: Exploration Expenses (US$000) 4,530 217 - - - 4,747 2,292.30 87 - - - 2,379 Exploration Expenses (US$000) 9,485 527 - - - 10,012 5,768 276 - - - 6,044 Commercial Deductions (US$000) 181 40 - - - 221 111 2 - - - 113 Commercial Deductions (US$000) 293 48 - - - 342 436 40 - - - 477 Selling Expenses (US$000) 234 11 - - - 245 276 10 - - - 286 Selling Expenses (US$000) 468 26 - - - 494 684 33 - - - 717 Cost Applicable to Sales (US$000) 22,989 1,134 - - - 24,123 36,655 1,384 - - - 38,039 Cost Applicable to Sales (US$000) 62,051 3,483 - - - 65,534 80,611 3,879 - - - 84,490 Divide: Divide: Volume Sold 21,237 82,379 - - - Not Applicable 21,431 78,028 - - - Not Applicable Volume Sold 36,261 164,895 - - - Not Applicable 62,568 259,521 - - - Not Applicable CAS 1,083 13.77 - - - Not Applicable 1,710 17.74 - - - Not Applicable CAS 1,711 21.12 - - - No Applicable 1,288 14.95 - - - Not Applicable APPENDIX 5: All-in Sustaining Cost All-in Sustaining Cost for 3Q23 Buenaventura1 La Zanja Tantahuatay Attributable 2 3Q23 3Q23 3Q23 3Q23 Au Ounces Sold Net 27,932 1,780 21,237 38,227 3Q23 3Q23 3Q23 3Q23 Income Statement & Cash Flow US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au Cost of Sales 44,648 1,598 5,656 3,178 18,910 890 57,886 1,514 Exploration in Operating Units 10,695 383 109 61 4,747 224 12,707 332 Royalties 3,235 116 0 0 0 0 3,235 85 Comercial Deductions3 3,870 139 8 5 221 10 3,967 104 Selling Expenses 1,476 53 12 7 245 12 1,586 41 Administrative Expenses 9,740 349 812 456 1,002 47 10,954 287 Other, net 2,378 85 255 143 -110 -5 2,589 68 Sustaining Capex4 2,364 85 1,732 973 719 34 4,385 115 By-product Credit -21,851 -782 -166 -93 -1,938 -91 -22,794 -596 All-in Sustaining Cost 56,555 2,025 8,419 4,731 23,796 1,121 74,515 1,949 *All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas. Notes: 1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A. 2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 40.095% from Tantahuatay. 3. For all metals produced. 4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment. All-in Sustaining Cost for 3Q22 Buenaventura1 La Zanja Tantahuatay Attributable 2 3Q22 3Q22 3Q22 3Q22 Au Ounces Sold Net 32,003 8,575 21,431 49,170 3Q22 3Q22 3Q22 3Q22 Income Statement & Cash Flow US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au Cost of Sales 39,582 1,237 11,214 1,308 26,671 1,245 61,490 1,251 Exploration in Operating Units 14,729 460 1,103 129 1,994 93 16,631 338 Royalties 2,789 87 0 0 0 0 2,789 57 Comercial Deductions3 7,398 231 154 18 113 5 7,598 155 Selling Expenses 2,875 90 77 9 217 10 3,039 62 Administrative Expenses 9,175 287 692 81 916 43 10,234 208 Other, net -249 -8 -107 -12 -338 -16 -492 -10 Sustaining Capex4 2,921 91 548 64 3,099 145 4,712 96 By-product Credit -36,603 -1,144 -621 -72 -1,355 -63 -37,767 -768 All-in Sustaining Cost 42,618 1,332 13,060 1,523 31,316 1,461 68,234 1,388 *All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas. Notes: 1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A. 2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 40.095% from Tantahuatay. 3. For all metals produced. 4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment. All-in Sustaining Cost for 9M23 Buenaventura1 La Zanja Tantahuatay Attributable 2 9M23 9M23 9M23 9M23 Au Ounces Sold Net 87,243 6,883 36,261 108,665 9M23 9M23 9M23 9M23 Income Statement & Cash Flow US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au Cost of Sales 129,229 1,481 24,261 3,525 54,686 1,508 175,416 1,614 Exploration in Operating Units 32,699 375 438 64 10,012 276 37,151 342 Royalties 9,446 108 0 0 0 0 9,446 87 Comercial Deductions3 13,983 160 96 14 342 9 14,216 131 Selling Expenses 4,903 56 49 7 494 14 5,150 47 Administrative Expenses 31,765 364 2,206 321 3,053 84 35,195 324 Other, net 2,446 28 518 75 -751 -21 2,663 25 Sustaining Capex4 5,532 63 2,087 303 4,121 114 9,272 85 By-product Credit -78,958 -905 -700 -102 -3,864 -107 -81,207 -747 All-in Sustaining Cost 151,045 1,731 28,955 4,207 68,093 1,878 207,302 1,908 *All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas. Notes: 1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A. 2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 40.095% from Tantahuatay. 3. For all metals produced. 4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment. All-in Sustaining Cost for 9M22 Buenaventura1 La Zanja Tantahuatay Attributable 2 9M22 9M22 9M22 9M22 Au Ounces Sold Net 94,167 18,800 62,568 138,053 9M22 9M22 9M22 9M22 Income Statement & Cash Flow US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au Cost of Sales 124,486 1,322 37,120 1,974 77,252 1,235 192,580 1,395 Exploration in Operating Units 37,792 401 2,586 138 6,044 97 42,801 310 Royalties 8,455 90 0 0 0 0 8,455 61 Comercial Deductions3 24,109 256 239 13 477 8 24,540 178 Selling Expenses 7,850 83 133 7 717 11 8,270 60 Administrative Expenses 31,423 334 2,011 107 2,680 43 34,509 250 Other, net 1,446 15 -287 -15 319 5 1,287 9 Sustaining Capex4 5,822 62 848 45 12,373 198 11,631 84 By-product Credit -123,387 -1,310 -1,786 -95 -5,376 -86 -127,329 -922 All-in Sustaining Cost 117,996 1,253 40,864 2,174 94,486 1,510 196,744 1,425 *All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas. Notes: 1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A. 2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 40.095% from Tantahuatay. 3. For all metals produced. 4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment. APPENDIX 6 Compañía de Minas Buenaventura S.A.A. and Subsidiaries Interim condensed consolidated statements of financial position As of September 30, 2023 (unaudited) and December 31, 2022 (audited) 2023 2022 Assets US$(000) US$(000) Current assets Cash and cash equivalents 221,809 253,918 Trade and other receivables 181,528 221,899 Inventories 86,573 88,345 Income tax credit 15,478 28,046 Prepaid expenses 11,141 19,333 Hedge derivative financial instruments - 8,839 516,529 620,380 Non-current assets Trade and other receivables 682,949 673,627 Investments in associates and joint venture 1,536,007 1,520,977 Property, plant, equipment and development cost 1,563,063 1,535,195 Deferred income tax asset 129,691 106,170 Prepaid expenses 22,369 23,033 Other non-financial assets 24,289 23,845 3,958,368 3,882,847 Total assets 4,474,897 4,503,227 Liabilities and equity Current liabilities Trade and other payables 221,187 247,989 Provisions 108,729 94,171 Income tax payable 9,801 2,366 Financial obligations 34,191 35,071 373,908 379,597 Non-current liabilities Trade and other payables 2,825 3,553 Provisions 188,712 204,347 Financial obligations 681,287 703,463 Contingent consideration liability 19,536 16,905 Deferred income tax liabilities 29,057 32,421 921,417 960,689 Total liabilities 1,295,325 1,340,286 Equity Capital stock 750,497 750,497 Investment shares 791 791 Additional paid-in capital 218,450 218,450 Legal reserve 163,372 163,270 Other reserves 31,897 31,897 Other reserves of equity (99) 2,184 Retained earnings 1,851,445 1,841,761 Shareholders’ equity attributable to owners of the parent 3,016,353 3,008,850 Non-controlling interest 163,219 154,091 Total equity 3,179,572 3,162,941 Total liabilities and equity 4,474,897 4,503,227 Compañía de Minas Buenaventura S.A.A. and Subsidiaries Interim condensed consolidated statements of profit or loss (unaudited) For the three-month and nine-month ended September 30, 2023 and 2022 For the three-month periodended September 30, For the nine-month periodended September 30, 2023 2022 2023 2022 Continuing operations US$(000) US$(000) US$(000) US$(000) Operating income Sales of goods 207,705 192,084 559,489 566,531 Sales of services 3,588 3,332 10,555 10,528 Royalty income - - - 1,381 Total operating income 211,293 195,416 570,044 578,440 Cost of sales Cost of sales of goods, excluding depreciation and amortization (134,863) (117,740) (338,695) (335,441) Unabsorbed cost due to production stoppage (7,467) (3,944) (18,002) (14,913) Cost of sales of services, excluding depreciation and amortization (1,332) (679) (3,476) (2,062) Depreciation and amortization (51,264) (41,477) (121,816) (131,531) Exploration in operating units (12,418) (20,708) (39,051) (53,629) Mining royalties (4,439) (4,525) (13,381) (13,384) Total costs of sales (211,783) (189,073) (534,421) (550,960) Gross profit (loss) (490) 6,343 35,623 27,480 Operating income (expenses), net Administrative expenses (17,536) (15,365) (54,656) (50,442) Selling expenses (4,277) (5,854) (12,745) (15,490) Exploration in non-operating areas (4,553) (4,236) (8,715) (11,066) Reversal (provision) of contingencies 240 (1,960) 5,534 (3,805) Other, net (2,919) 1,050 (4,033) 1,317 Total operating income (expenses), net (29,045) (26,365) (74,615) (79,486) Operating loss (29,535) (20,022) (38,992) (52,006) Share in the results of associates and joint venture 46,375 20,442 113,368 118,149 Finance income 2,122 1,337 6,073 11,561 Foreign currency exchange difference (31,176) (27,961) 3,450 (3,086) Finance costs (13,381) (12,641) (43,455) (42,092) Profit (loss) before income tax (25,595) (38,845) 40,444 32,526 Current income tax (11,925) 7,869 (22,228) (8,423) Deferred income tax 13,189 8,427 24,298 43,621 1,264 16,296 2,070 35,198 Profit (loss) from continuing operations (24,331) (22,549) 42,514 67,724 Discontinued operations Profit (loss) from discontinued operations (167) 62 439 479,869 Net profit (loss) (24,498) (22,487) 42,953 547,593 Profit (loss) attributable to: Owners of the parent (28,032) (19,771) 29,627 548,469 Non-controlling interest 3,534 (2,716) 13,326 (876) (24,498) (22,487) 42,953 547,593 Basic and diluted profit (loss) per share, stated in U.S. dollars (0.11) (0.08) 0.12 2.16 Compañía de Minas Buenaventura S.A.A. and Subsidiaries Interim condensed consolidated statements of cash flows (unaudited) For the three-month and nine-month ended September 30, 2023 and 2022 For the three-month periodended September 30, For the nine-month periodended September 30, 2023 2022 2023 2022 US$(000) US$(000) US$(000) US$(000) Cash flows from (used in) of operating activities Proceeds from sales of goods and services 206,711 188,639 588,376 635,447 Dividends received from associates 48,961 - 98,323 29,377 Recovery from value added tax 9,631 4,982 42,971 26,835 Interest received 1,639 771 4,314 1,582 Dividends received from investments - - 150 - Royalty received - - - 5,183 Payments to suppliers and third-parties, and other net (104,989) (120,901) (379,544) (441,030) Payments to employees (33,962) (29,245) (100,969) (93,925) Interest paid (16,081) (17,260) (37,590) (38,860) Short-term and low value lease payments (9,884) (10,497) (28,159) (29,697) Income tax and royalties paid to the Peruvian State (7,293) (8,063) (19,393) (75,301) Payment of royalties (3,235) (2,789) (9,446) (8,455) Payments for tax litigation (3,331) - (3,569) - Net cash flows from operating activities 88,167 5,637 155,464 11,156 Cash flows from (used in) of investing activities Proceeds from sale of property, plant and equipment 2,455 2,462 6,485 11,245 Income from sale of shares 245 - 245 1,577 Collection for sale of participation in Yanacocha - - - 300,000 Collection for purchase of La Zanja shares - - - 45,000 Payments for acquisition of property, plant and equipment (59,786) (37,198) (145,659) (93,205) Payments for acquisitions of other assets (1,052) (34) (1,772) (153) Capital increase in associates - - - (1,677) Net cash flows from (used in) investing activities (58,138) (34,770) (140,701) 262,787 Cash flows from (used in) financing activities Increase of bank loans - - 49,000 - Decrease (increase) of bank accounts in trust - (1,110) 17 (1,859) Payments of bank loans - - (49,000) (50,000) Payments of financial obligations (7,758) (7,085) (23,276) (315,974) Dividends paid to controlling interest - - (18,542) (18,542) Lease payments (1,181) (1,022) (3,430) (3,071) Dividends paid to non-controlling interest (1,641) - (1,641) (2,647) Increase of restricted time deposits - - - 29,117 Net cash and cash equivalents used in financing activities (10,580) (9,217) (46,872) (362,976) Increase (decrease) in cash and cash equivalents during the period, net 19,449 (38,350) (32,109) (89,033) Cash and cash equivalents at beginning of period 202,360 326,316 253,918 376,999 Cash and cash equivalents at the end of the period 221,809 287,966 221,809 287,966 For the three-month periodended September 30, For the nine-month periodended September 30, 2023 2022 2023 2022 US$(000) US$(000) US$(000) US$(000) Reconciliation of net profit to cash and cash equivalents provided by operating activities Net profit (loss) (24,498) (22,487) 42,953 547,593 Plus (less): Share in the results of associates and joint venture (46,375) (20,442) (113,368) (118,149) Deferred income tax (continuing operations) (13,189) (8,427) (24,298) (43,621) Exchange difference 31,176 27,961 (3,450) 3,086 Reversal (provision) of contingencies (240) 1,960 (5,534) 3,805 Depreciation and amortization in cost of sales 51,264 41,477 121,816 131,531 Non - cash discontinued operations (49) 52 (1,637) (524,757) Provision for estimated fair value of sales 18 (14,733) 13,746 19,738 Workers´ participation provision 2,899 (2,666) 4,691 271 Bonus provision - executives & employes 4,447 7,260 10,391 11,964 Other minor 4,482 2,856 14,778 (4,980) Net changes in operating assets and liabilities: Decrease (increase) in operating assets - Trade and other accounts receivable 16,604 27,756 56,241 82,952 Inventories (26,589) 4,969 (24,878) (5,459) Income tax credit - (13,282) 9,178 (7,129) Prepaid expenses 7,677 6,601 8,855 13,141 Increase (decrease) in operating liabilities - Trade and other accounts payable 20,476 (46,147) (43,590) (116,091) Provisions (5,101) (2,604) (12,619) (10,932) Income tax payable 19,535 15,533 7,435 (1,184) Payments for tax litigation (3,331) - (3,569) - Proceeds from dividends in associates 48,961 - 98,323 29,377 Net cash and cash equivalents used in operating activities 88,167 5,637 155,464 11,156 View source version on businesswire.com: https://www.businesswire.com/news/home/20231030523224/en/Contacts Contacts in Lima: Daniel Dominguez, Chief Financial Officer (511) 419 2540 Gabriel Salas, Head of Investor Relations (511) 419 2591 / gabriel.salas@buenaventura.pe Contact in NY: Barbara Cano (646) 452-2334 / barbara@inspirgroup.com Company Website: http://www.buenaventura.com
Compañia de Minas Buenaventura S.A.A. (“Buenaventura” or “the Company”) (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru’s largest publicly-traded precious metals mining company, today announced results for the third quarter (3Q23) and nine-month period ended September 30, 2023 (9M23). All figures have been prepared in accordance with IFRS (International Financial Reporting Standards) on a non-GAAP basis and are stated in U.S. dollars (US$). Third Quarter and Nine-Month 2023 Highlights: 3Q23 EBITDA from direct operations was US$ 53.3 million, compared to US$ 22.2 million reported in 3Q22. 9M23 EBITDA from direct operations reached US$ 121.9 million, compared to US$ 96.3 million reported in 9M22. 2022 EBITDA does not include US$ 300 million resulting from the sale of Buenaventura's 43.65% stake in Yanacocha. 3Q23 net loss from direct operations reached US$ 24.3 million, compared to a US$ 22.6 million net loss for the same period in 2022. 9M23 net income from direct operations was US$ 42.5 million, compared to US$ 67.7 million net income for the 9M22. Buenaventura recorded US$ 51.3 million in Depreciation and Amortization for the 3Q23: US$ 17.6 million was due to deferred stripping related to the final open pit expansion works, which was completely mined in September 2023, when mining activities at Colquijirca’s Tajo Norte mine were suspended. Buenaventura's 9M23 consolidated copper production increased 35% YoY. Zinc production decreased by 65% YoY, lead decreased by 61% YoY, silver decreased by 19% YoY, and gold decreased by 17% YoY. Buenaventura's cash position reached US$ 221.8 million and net debt decreased to US$ 493.7 million with an average maturity of 2.7 years by quarter’s end, September 30, 2023. 3Q23 capital expenditures were US$ 59.8 million, compared to US$ 37.2 million for the same period in 2022. 9M23 capital expenditures reached US$ 145.7 million, compared to US$ 93.2 million in 9M22, and includes US$ 46.5 million related to the San Gabriel Project and US$ 31.4 million related to the Yumpag Project. The Yumpag project’s Environmental Impact Assessment (EIA) was approved on September 7, 2023. The Company promptly submitted a request to the Peruvian Ministry of Energy and Mines to obtain the necessary authorizations to initiate the deposit’s exploitation. However, 4Q23 targeted production initiation remains unchanged, as resumed activities at the Uchucchacua processing plant also enables Buenaventura to perform metallurgical tests for up to 124,600 tons of ore from the Yumpag project’s pilot stope. Cerro Verde paid a total dividend of US$ 250 million on August 3, 2023. Buenaventura received US$ 49.0 million relative to its stake in Cerro Verde. Financial Highlights (in millions of US$, except EPS figures): 3Q23 3Q22 Var % 9M23 9M22 Var % Total Revenues 211.3 195.4 8% 570.0 578.4 -1% Operating Income -29.5 -20.0 48% -39.0 -52.0 -25% EBITDA Direct Operations (1) 53.3 22.2 N.A. 121.9 96.3 27% EBITDA Including Affiliates (1) 152.7 78.2 95% 418.5 369.8 13% Net Income (2) -28.0 -19.8 42% 29.6 548.5 -95% EPS (3) -0.11 -0.08 42% 0.12 2.16 -95% (1) Does not include US$ 300 million from the sale of Buenaventura’s stake in Yanacocha. (2) Net Income attributable to owners of the parent (3) As of September 30, 2023, Buenaventura had a weighted average number of shares outstanding of 253,986,867. Operating Revenues 3Q23 net sales were US$ 211.3 million, compared to US$ 195.4 million in 3Q22; a year-on-year increase resulting from improved copper volume sold. The Company recorded a negative US$ 15.3 million provisional price adjustment for the accumulated first nine months of 2023. This is comprised of US$ 13.7 million in fair value of accounts receivables and US$ 1.5 million in adjustments to prior period liquidations. This compares to a negative US$ 40.4 million adjustment for the accumulated first nine months of 2022. Operating Highlights 3Q23 3Q22 Var % 9M23 9M22 Var % Net Sales (millions of US$) 211.3 195.4 8% 570.0 577.1 -1% Average Gold Price (US$/oz.) Direct Operations (1) (2) 1,921 1,678 14% 1,927 1,794 7% Average Gold Price (US$/oz.) incl. Associated (2) (3) 1,917 1,677 14% 1,925 1,794 7% Average Silver Price (US$/oz.) (2) 25.67 17.33 48% 24.30 21.32 14% Average Lead Price (US$/MT) (2) 2,225 1,713 30% 2,030 2,093 -3% Average Zinc Price (US$/MT) (2) 1,762 3,412 -48% 2,152 3,983 -46% Average Copper Price (US$/MT) (2) 8,291 7,261 14% 8,689 8,685 0% Volume Sold 3Q23 3Q22 Var % 9M23 9M22 Var % Gold Oz Direct Operations (1) 33,265 45,807 -27% 102,700 123,692 -17% Gold Oz incl. Associated (3) 41,780 54,399 -23% 117,239 148,778 -21% Silver Oz 1,743,629 1,954,000 -11% 4,666,199 5,655,367 -17% Lead MT 1,269 4,129 -69% 4,799 12,530 -62% Zinc MT 3,029 8,061 -62% 8,324 24,871 -67% Copper MT 17,802 11,449 55% 41,940 31,512 33% (1) Buenaventura Consolidated figure includes 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal. (2) The realized price takes into account the adjustments of quotational periods. (3) Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 100% of El Brocal and 40.095% of Coimolache. Production and Operating Costs Buenaventura’s 3Q23 equity gold production was 43,449 ounces, compared to 55,837 ounces produced in 3Q22, primarily due to decreased production at Tambomayo and La Zanja. 3Q23 silver production decreased by 12% primarily due to Julcani and Tambomayo performance. 3Q23 lead and zinc production decreased by 66% and 62%, respectively, due to decreased production at Tambomayo and El Brocal. The Company’s 3Q23 equity copper production was 34,168 MT, compared to 28,909 MT produced in 3Q22, due to increased production at El Brocal and Cerro Verde. Equity Production 3Q23 3Q22 Var % 9M23 9M22 Var % Gold Oz Direct Operations(1) 33,978 47,057 -28% 105,930 128,131 -17% Gold Oz including Associated(2) Companies 43,449 55,837 -22% 121,884 152,726 -20% Silver Oz Direct Operations(1) 1,472,907 1,664,600 -12% 3,984,040 5,034,531 -21% Lead MT Direct Operations(1) 1,279 3,738 -66% 4,575 11,628 -61% Zinc MT Direct Operations(1) 2,663 6,937 -62% 7,706 22,336 -66% Copper MT Direct Operations(1) 11,565 7,438 55% 27,200 20,152 35% Copper MT including Associated Companies(3) 34,168 28,909 18% 94,336 84,065 12% Consolidated Production 3Q23 3Q22 Var % 9M23 9M22 Var % Gold Oz(4) 36,228 49,789 -27% 111,574 134,261 -17% Silver Oz(4) 1,933,025 1,906,679 1% 4,857,709 5,996,245 -19% Lead MT(4) 1,620 4,340 -63% 5,408 13,698 -61% Zinc MT(4) 3,762 9,129 -59% 10,275 29,511 -65% Copper MT(4) 18,826 12,108 55% 44,277 32,805 35% (1) Buenaventura’s Direct Operations includes 100% of Buenaventura’s operating units, 100% of La Zanja and 61.43% of El Brocal. (2) Based on 100% of Buenaventura´s operating units, 100% of La Zanja, 61.43% of El Brocal and 40.095% of Coimolache. (3) Based on 100% of Buenaventura´s operating units, 61.43% of El Brocal and 19.58% of Cerro Verde. (4) Based on 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal Tambomayo (100% owned by Buenaventura) Production 3Q23 3Q22 Var % 9M23 9M22 Var % Gold Oz 8,127 13,755 -41% 29,623 41,973 -29% Silver Oz 301,963 546,256 -45% 1,237,001 1,399,472 -12% Cost Applicable to Sales 3Q23 3Q22 Var % 9M23 9M22 Var % Gold US$/Oz 1,891 982 93% 1,357 978 39% Tambomayo 3Q23 gold production decreased 41% year on year aligned with the Company’s mine plan for this asset, while silver production decreased 45% year on year and by 12% for the first nine months of 2023 compared to the same period of 2022 due to lower than planned mining rate within the mine's upper zone, which required more extensive rehabilitation to enable access to high-grade ore. Cost Applicable to Sales (CAS) increased to 1,891 US$/Oz in 3Q23 from 982 US$/Oz in 3Q22. This increase was primarily due to decreased volume sold in 3Q23. Orcopampa (100% owned by Buenaventura) Production 3Q23 3Q22 Var % 9M23 9M22 Var % Gold Oz 20,576 20,164 2% 60,547 56,944 6% Silver Oz 7,168 8,247 -13% 22,028 23,437 -6% Cost Applicable to Sales 3Q23 3Q22 Var % 9M23 9M22 Var % Gold US$/Oz 970 803 21% 973 911 7% 3Q23 gold production was in line with 3Q22 and with the planned mining sequence. Cost Applicable to Sales (CAS) increased to 970 US$/Oz in 3Q23, compared to 803 US$/Oz in 3Q22, primarily due to lower gold grades in 2023 compared to 2022. La Zanja (100% owned by Buenaventura) Production 3Q23 3Q22 Var % 9M23 9M22 Var % Gold Oz 1,692 8,786 -81% 6,772 19,452 -65% Silver Oz 3,681 31,665 -88% 15,633 85,347 -82% Cost Applicable to Sales 3Q23 3Q22 Var % 9M23 9M22 Var % Gold US$/Oz 1,140 1,892 -40% 1,679 1,914 -12% 3Q23 gold production decreased by 81% year on year, in line with 2023 estimates, as mining and ore stockpiling was suspended in 4Q22. 3Q23 Cost Applicable to Sales (CAS) was 1,140 US$/Oz, a decrease from 1,892 US$/Oz gold production in 3Q22 as only pad leaching and water treatment are being performed at the property, as well as exploration. Coimolache (40.10% owned by Buenaventura) Production 3Q23 3Q22 Var % 9M23 9M22 Var % Gold Oz 23,621 21,899 8% 39,789 61,341 -35% Silver Oz 87,185 76,133 15% 176,755 228,832 -23% Cost Applicable to Sales 3Q23 3Q22 Var % 9M23 9M22 Var % Gold US$/Oz 1,083 1,710 -37% 1,711 1,288 33% Coimolache 3Q23 gold production increased by 8% year-over-year, due to increased treated ore, higher gold grades and accelerated gold extraction from the leach pad. Cost Applicable to Sales (CAS) therefore decreased to 1,083 US$/Oz in 3Q23, from 1,710 US$/Oz in 3Q22. Uchucchacua (100% owned by Buenaventura) Production 3Q23 3Q22 Var % 9M23 9M22 Var % Silver Oz N.A. N.A. N.A. N.A. N.A. N.A. Zinc MT N.A. N.A. N.A. N.A. N.A. N.A. Lead MT N.A. N.A. N.A. N.A. N.A. N.A. Cost Applicable to Sales 3Q23 3Q22 Var % 9M23 9M22 Var % Silver US$/Oz N.A. N.A. N.A. N.A. N.A. N.A. Buenaventura submitted Uchucchacua’s updated mine plan to the Peruvian Ministry of Energy and Mines on August 28, 2023. Buenaventura initiated a short ore processing campaign at the processing plant, ensuring plant operational readiness to process ore from Uchucchacua and Yumpag during the 4Q23. Exploration and mine development progressed as scheduled during 3Q23. The Yumpag project’s Environmental Impact Assessment (EIA) was approved on September 7, 2023. The Company promptly submitted a request to the Peruvian Ministry of Energy and Mines to obtain the necessary authorizations to initiate the deposit’s exploitation. 4Q23 targeted production initiation remains unchanged, as resumed activities at the Uchucchacua processing plant also enables Buenaventura to perform metallurgical tests for up to 124,600 tons of ore from the Yumpag project’s pilot stope. Yumpag’s ore concentrates will be processed at the Rio Seco plant to reduce manganese content. The Rio Seco plant is scheduled to resume operations in November 2023. Julcani (100% owned by Buenaventura) Production 3Q23 3Q22 Var % 9M23 9M22 Var % Silver Oz 427,269 692,876 -38% 1,317,895 1,994,565 -34% Cost Applicable to Sales 3Q23 3Q22 Var % 9M23 9M22 Var % Silver US$/Oz 26.09 13.80 89% 22.40 14.55 54% 3Q23 silver production decreased 38% year on year primarily due to a negative geology reconciliation with decreased treated ore. 3Q23 Cost Applicable to Sales (CAS) was 26.09 US$/Oz, compared to 13.80 US$/Oz in 2Q22; an 89% year on year increase due to decreased volume sold. Exploration and development of Julcani’s Rosario sector at 610 level began during 3Q23. This new zone includes gold and copper which Buenaventura will begin processing during the fourth quarter 2023. The Company will also submit a related reserves and resources analysis by year end 2023. El Brocal (61.43% owned by Buenaventura) Production 3Q23 3Q22 Var % 9M23 9M22 Var % Copper MT 18,826 12,108 55% 44,277 32,805 35% Zinc MT 2,849 5,683 -50% 6,661 18,601 -64% Silver Oz 1,192,944 627,635 90% 2,265,152 2,493,424 -9% Cost Applicable to Sales 3Q23 3Q22 Var % 9M23 9M22 Var % Copper US$/MT 6,029 6,690 -10% 6,290 6,676 -6% Zinc US$/MT 1,924 2,698 -29% 1,859 2,931 -37% El Brocal 3Q23 copper production increased by 55% year on year as underground mine production ramp-up continued ahead of expectations during the quarter. Transitional ore from the open pit also had a higher than estimated copper content with improved metallurgical recovery. Buenaventura maintains its targeted underground mine 10,000 tpd exploitation rate for 4Q23. 3Q23 silver production increased by 90% year on year in line with the 2023 planned mining sequence. 3Q23 zinc production decreased by 50% year on year as part as the planned transition to copper from polymetallic ore. On October 3, 2023, Buenaventura submitted a notice to the Peruvian Ministry of Energy and Mines (MINEM) for the temporary suspension of mining activities at Colquijirca’s Tajo Norte mine for up to three years due to approval delay of Colquijirca’s Modification of Environmental Impact Assessment. Buenaventura expects to now process 100% of the El Brocal lead and zinc inventories by year end 2023 with the remaining open pit copper inventories expected in 1Q24. In the 4Q23, the company will recognize the deferred stripping costs associated with lead and zinc inventories, which are expected to be in line with the amortization reported in the 3Q23. 2Q23 Copper Cost Applicable to Sales (CAS) decreased by 10% year on year due to increased volume sold. Share in Associated Companies Buenaventura’s share in associated companies was US$ 46.4 million in 3Q23, compared with US$ 20.4 million in 3Q22, comprised of: Share in Associates’ Results (in US$ millions) 3Q23 3Q22 Var % 9M23 9M22 Var % Cerro Verde 44.4 20.7 N.A. 122.3 120.1 2% Coimolache 2.5 -0.2 N.A. -7.7 0.3 N.A. Other minor -0.5 0.0 N.A. -1.2 -2.2 -45% Total 46.4 20.4 N.A. 113.4 118.1 -4% CERRO VERDE (19.58% owned by Buenaventura) 3Q23 copper production was 115,441 MT, 22,603 MT of which is attributable to Buenaventura; a 5% increase as compared to 109,655 MT produced in 3Q22, 21,471 MT of which was attributable to Buenaventura. Cerro Verde reported US$ 225.5 million net income in 3Q23, compared to US$ 105.5 million net income in 3Q22. This is primarily due to a 40% year on year net sales increase, primarily due to a higher average realized copper price of US$ 3.77 per pound in the third quarter of 2023, compared to US$ 3.14 per pound in the third quarter of 2022, as well as an 11% increase in volume of copper sold. This increase was partially offset by a year-on-year cost of sales increase due to an inventory variation, and higher tax paid during the quarter. 3Q23 Cerro Verde capital expenditures were US$ 70.8 million. COIMOLACHE (40.10% owned by Buenaventura) Coimolache reported US$ 6.6 million in 3Q23 net income, compared to US$ 1.0 million net loss in 3Q22. SAN GABRIEL Project 3Q23 and 9M23 capital expenditures was US$ 22.4 million and US$ 46.5 million, respectively, primarily related to earthworks and construction-related water dam excavation. The Company has also invested an additional US$ 40.0 million in the project as advance payment for equipment manufacturing, primarily related to the processing plant. This amount is reported within Buenaventura’s financial statements as accounts receivable and will be reclassified as CAPEX once the equipment arrives at the project. The underground mining tender process was completed during 3Q23. Personnel hiring and mobilization is in progress, and contractors will begin field works during 4Q23. Item Description Progress as of: 1Q23 2Q23 3Q23 1 Engineering 66% 81% 90% 2 Procurement 85% 85% 89% 3 Construction 3% 7% 14% 4 Commissioning 0% 0% 0% Total 15% 23% 28% Company Description Compañía de Minas Buenaventura S.A.A. is Peru’s largest, publicly traded precious and base metals Company and a major holder of mining rights in Peru. The Company is engaged in the exploration, mining development, processing and trade of gold, silver and other base metals via wholly-owned mines and through its participation in joint venture projects. Buenaventura currently operates several mines in Peru (Orcopampa*, Uchucchacua*, Julcani*, Tambomayo*, La Zanja*, El Brocal and Coimolache). The Company owns 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer (a partnership with Freeport-McMorRan Inc. and Sumitomo Corporation). For a printed version of the Company’s 2022 Form 20-F, please contact the investor relations contacts on page 1 of this report or download the PDF format file from the Company’s web site at www.buenaventura.com. (*) Operations wholly owned by Buenaventura Note on Forward-Looking Statements This press release and related conference call contain, in addition to historical information, forward-looking statements including statements related to the Company’s ability to manage its business and liquidity during and after the COVID-19 pandemic, the impact of the COVID-19 pandemic on the Company’s results of operations, including net revenues, earnings and cash flows, the Company’s ability to reduce costs and capital spending in response to the COVID-19 pandemic if needed, the Company’s balance sheet, liquidity and inventory position throughout and following the COVID-19 pandemic, the Company’s prospects for financial performance, growth and achievement of its long-term growth algorithm following the COVID-19 pandemic, future dividends and share repurchases. This press release may also contain forward-looking information (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including those concerning the Company’s, Cerro Verde’s costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver, copper and other metals mined, the success of joint ventures, estimates of future explorations, development and production, subsidiaries’ plans for capital expenditures, estimates of reserves and Peruvian political, economic, social and legal developments. These forward-looking statements reflect the Company’s view with respect to the Company’s, Cerro Verde’s future financial performance. Actual results could differ materially from those projected in the forward-looking statements as a result of a variety of factors discussed elsewhere in this Press Release. **Tables to follow** APPENDIX 1 Equity Participation in Subsidiaries and Associates (as of September 30, 2023) BVN Operating Equity % Mines / Business El Molle Verde S.A.C* 100.00 Trapiche Project Minera La Zanja S.A* 100.00 La Zanja Sociedad Minera El Brocal S.A.A* 61.43 Colquijirca and Marcapunta Compañía Minera Coimolache S.A** 40.10 Tantahuatay Sociedad Minera Cerro Verde S.A.A** 19.58 Cerro Verde Processadora Industrial Rio Seco S.A* 100.00 Rio Seco chemical plant Consorcio Energético de Huancavelica S.A* 100.00 Energy – Huanza Hydroelectrical plant (*) Consolidated (**) Equity Accounting APPENDIX 2 Gold Production Mining Unit Operating Results Unit 3Q23 3Q22 △% 9M23 9M22 △ % Underground Tambomayo Ore Milled DMT 143,469 161,764 -11% 435,103 468,323 -7% Ore Grade Gr/MT 2.22 3.00 -26% 2.57 3.17 -19% Recovery Rate % 79.35 88.26 -10% 82.08 87.97 -7% Ounces Produced Oz 8,127 13,755 -41% 29,623 41,973 -29% Orcopampa Ore Milled DMT 74,026 63,736 16% 213,474 180,342 18% Ore Grade Gr/MT 8.96 10.16 -12% 9.19 10.00 -8% Recovery Rate % 96.48 96.90 0% 96.01 98.17 -2% Ounces Produced* Oz 20,576 20,164 2% 60,547 56,944 6% Marcapunta Ore Milled DMT 776,985 794,447 -2% 2,465,994 2,174,456 13% Ore Grade Gr/MT 0.88 0.70 25% 0.64 0.65 -2% Recovery Rate % 24.86 38.72 -36% 28.09 34.02 -17% Ounces Produced* Oz 5,431 7,085 -23% 13,970 15,711 -11% Open Pit La Zanja Ounces Produced Oz 1,692 8,786 -81% 6,772 19,452 -65% Tajo Norte Cu - Ag Ounces Produced Oz 402 - N.A. 661 181 N.A. Coimolache Ounces Produced Oz 23,621 21,899 8% 39,789 61,341 -35% Silver Production Mining Unit Operating Results Unit 3Q23 3Q22 △% 9M23 9M22 △ % Underground Tambomayo Ore Milled DMT 143,469 161,764 -11% 435,103 468,323 -7% Ore Grade Oz/MT 2.55 3.54 -28% 3.29 3.13 5% Recovery Rate % 82.04 96.43 -15% 85.84 95.54 -10% Ounces Produced Oz 301,963 546,256 -45% 1,237,001 1,399,472 -12% Orcopampa Ore Milled DMT 74,026 63,736 16% 213,474 180,342 18% Ore Grade Oz/MT 0.13 0.17 -27% 0.14 0.18 -23% Recovery Rate % 75.79 73.54 3% 74.27 72.54 2% Ounces Produced Oz 7,168 8,247 -13% 22,028 23,437 -6% Uchucchacua Ore Milled DMT - - N.A. - - N.A. Ore Grade Oz/MT - - N.A. - - N.A. Recovery Rate % - - N.A. - - N.A. Ounces Produced Oz - - N.A. - - N.A. Julcani Ore Milled DMT 31,268 34,691 -10% 87,663 98,294 -11% Ore Grade Oz/MT 14.25 20.36 -30% 15.63 20.66 -24% Recovery Rate % 95.81 98.10 -2% 96.04 98.22 -2% Ounces Produced* Oz 427,269 692,876 -38% 1,317,895 1,994,565 -34% Marcapunta Ore Milled DMT 776,985 794,447 -2% 2,465,994 2,174,456 13% Ore Grade Oz/MT 0.94 0.98 -4% 0.91 0.88 3% Recovery Rate % 58.70 55.65 5% 56.15 53.28 5% Ounces Produced Oz 428,293 442,811 -3% 1,259,899 1,036,547 22% Open Pit Tajo Norte Cu - Ag Ore Milled DMT 354,994 - N.A. 478,455 156,342 N.A. Ore Grade Oz/MT 2.58 - N.A. 2.24 2.15 4% Recovery Rate % 56.71 - N.A. 55.51 53.45 4% Ounces Produced Oz 601,473 - N.A. 682,291 178,769 N.A. Tajo Norte Pb - Zn Ore Milled DMT 162,367 425,835 -62% 366,699 1,486,286 -75% Ore Grade Oz/MT 1.97 0.84 N.A. 1.56 1.61 -3% Recovery Rate % 51.94 69.56 -25% 58.92 58.29 1% Ounces Produced Oz 163,178 370,460 -56% 322,962 1,463,744 -78% La Zanja Ounces Produced Oz 3,681 31,665 -88% 15,633 85,347 -82% Coimolache Ounces Produced Oz 87,185 76,133 15% 176,755 228,832 -23% Lead Production Mining Unit Operating Results Unit 3Q23 3Q22 △% 9M23 9M22 △ % Underground Tambomayo Ore Milled DMT 143,469 161,764 -11% 435,103 468,323 -7% Ore Grade % 0.57 1.81 -69% 0.77 1.87 -59% Recovery Rate % 75.05 90.25 -17% 83.41 90.82 -8% MT Produced MT 603 2,639 -77% 2,851 7,970 -64% Uchucchacua Ore Milled DMT - - N.A. - - N.A. Ore Grade % - - N.A. - - N.A. Recovery Rate % - - N.A. - - N.A. MT Produced MT - - N.A. - - N.A. Julcani Ore Milled DMT 31,268 34,691 -10% 87,663 98,294 -11% Ore Grade % 0.48 0.44 8% 0.51 0.40 26% Recovery Rate % 88.79 91.04 -2% 88.95 91.46 -3% Ounces Produced* MT 132 140 -5% 398 363 9% Open Pit Tajo Norte Pb - Zn Ore Milled DMT 162,367 425,835 -62% 366,699 1,486,286 -75% Ore Grade % 1.63 1.04 57% 1.49 0.96 55% Recovery Rate % 34.08 41.61 -18% 40.22 39.51 2% MT Produced MT 885 1,781 -50% 2,160 5,584 -61% Zinc Production Mining Unit Operating Results Unit 3Q23 3Q22 △% 9M23 9M22 △ % Underground Tambomayo Ore Milled DMT 143,469 161,764 -11% 435,103 468,323 -7% Ore Grade % 0.87 2.44 -64% 1.06 2.61 -59% Recovery Rate % 71.98 87.43 -18% 77.50 89.41 -13% MT Produced MT 913 3,446 -74% 3,614 10,910 -67% Uchucchacua Ore Milled DMT - - N.A. - - N.A. Ore Grade % - - N.A. - - N.A. Recovery Rate % - - N.A. - - N.A. MT Produced MT - - N.A. - - N.A. Open Pit Tajo Norte Pb - Zn Ore Milled DMT 162,367 425,835 -62% 366,699 1,486,286 -75% Ore Grade % 4.09 2.66 54% 3.61 2.44 48% Recovery Rate % 42.97 59.70 -28% 51.87 53.20 -2% MT Produced MT 2,849 6,403 -56% 6,661 19,321 -66% Copper Production Mining Unit Operating Results Unit 3Q23 3Q22 △% 9M23 9M22 △ % Underground Marcapunta Ore Milled DMT 776,985 794,447 -2% 2,465,994 2,174,456 13% Ore Grade % 1.75 1.78 -2% 1.70 1.72 -1% Recovery Rate % 84.71 85.60 -1% 85.57 84.99 1% MT Produced MT 11,501 12,108 -5% 35,891 31,709 13% Tajo Norte Cu - Ag Ore Milled DMT 354,994 - N.A. 478,455 156,342 N.A. Ore Grade % 2.86 - N.A. 2.49 1.13 N.A. Recovery Rate % 59.71 - N.A. 59.89 61.97 -3% MT Produced MT 7,325 - N.A. 8,387 1,096 N.A. APPENDIX 3: Adjusted EBITDA Reconciliation (in thousand US$) 3Q23 3Q22 9M23 9M22 Net Income -24,498 -22,487 42,953 547,593 Add / Subtract: 77,758 44,733 78,961 -151,322 Income from sale of investment in Yanacocha 0 0 - 300,000 Depreciation and Amortization in cost of sales 51,264 41,477 121,816 131,531 Provision (credit) for income tax, net -1,264 -16,296 -2,070 -35,198 Interest expense 13,381 12,641 43,455 42,092 Loss (gain) on currency exchange difference 31,176 27,961 -3,450 3,086 Provision of bonuses and compensations 4,447 7,260 10,391 11,964 Loss (gain) from discontinued operations 167 -62 -439 -479,869 Workers' participation provision 2,899 -2,666 4,691 271 Depreciation and amortization in administration expenses 651 600 1,943 1,816 Depreciation and Amortization in other, net 30 25 79 76 Provision (reversal) for contingencies -240 1,960 -5,534 3,805 Share in associated companies by the equity method, net -46,375 -20,442 -113,368 -118,149 Write-off of fixed assets 632 4 870 322 Impairment (reversal) of inventories 23,112 -6,392 26,650 -1,508 Interest income -2,122 -1,337 -6,073 -11,561 EBITDA Buenaventura Direct Operations 53,260 22,246 121,914 396,271 EBITDA Cerro Verde (19.58%) 95,953 52,321 296,566 261,100 EBITDA Coimolache (40.095%) 3,528 3,667 -3 12,392 EBITDA Buenaventura + All Associates 152,741 78,235 418,477 669,763 *Cerro Verde’s EBITDA accounts for D&A related to the capitalization of the stripping. Note: EBITDA (Buenaventura Direct Operations) consists of earnings before net interest, taxes, depreciation and amortization, share in associated companies, net, loss on currency exchange difference, other, net, provision for workers’ profit sharing and provision for long-term officers’ compensation. EBITDA (including associated companies) consists of EBITDA (Buenaventura Direct Operations), plus (1) Buenaventura’s equity share of EBITDA (Cerro Verde), plus (2) Buenaventura’s equity share of EBITDA (Coimolache). All EBITDA mentioned were similarly calculated using financial information provided to Buenaventura by the associated companies. Buenaventura presents EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) to provide further information with respect to its operating performance and the operating performance of its equity investees, the affiliates. EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) are not a measure of financial performance under IFRS and may not be comparable to similarly titled measures of other companies. You should not consider EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) as alternatives to operating income or net income determined in accordance with IFRS, as an indicator of Buenaventura’s, affiliates operating performance, or as an alternative to cash flows from operating activities. APPENDIX 4: COST APPLICABLE TO SALES RECONCILIATION Reconciliation of Costs Applicable to Sales and Cost Applicable to Sales per Unit Sold Cost applicable to sales consists of cost of sales, excluding depreciation and amortization, plus selling expenses. Cost applicable to sales per unit sold for each mine consists of cost applicable to sales for a particular metal produced at a given mine divided by the volume of such metal produced at such mine in the specified period. We note that cost applicable to sales is not directly comparable to the cash operating cost figures disclosed in previously furnished earnings releases. Cost applicable to sales and Cost applicable to sales per unit of mineral sold are not measures of financial performance under IFRS and may not be comparable to similarly titled measures of other companies. We consider Cost applicable to sales and Cost applicable to sales per unit of mineral sold to be key measures in managing and evaluating our operating performance. These measures are widely reported in the precious metals industry as a benchmark for performance, but do not have standardized meanings. You should not consider Cost applicable to sales or Cost applicable to sales per unit of mineral sold as alternatives to cost of sales determined in accordance with IFRS, as indicators of our operating performance. Cost applicable to sales and Cost applicable to sales per unit of mineral sold are calculated without adjusting for by-product revenue amounts. Operations’ Cost applicable to sales does not include operating cost for those months during which Buenaventura’s operations were suspended due to COVID-19, as these have been classified as “Unabsorbed costs due to production stoppage” within the financial statements. The tables below set forth (i) a reconciliation of consolidated Cost of sales, excluding depreciation and amortization to consolidated Cost applicable to sales, (ii) reconciliations of the components of Cost applicable to sales (by mine and mineral) to the corresponding consolidated line items set forth on our consolidated statements of profit or loss for the three and twelve months ended December 31, 2022 and 2021 and (iii) reconciliations of Cost of sales, excluding depreciation and amortization to Cost applicable to sales for each of our mining units. The amounts set forth in Cost applicable to sales and Cost applicable to sales per unit sold for each mine and mineral indicated in the tables below can be reconciled to the amounts set forth on our consolidated statements of profit or loss for the three and twelve months ended December 31, 2021 and 2022 by reference to the reconciliations of Cost of sales, excluding depreciation and amortization (by mine and mineral), Selling Expenses (by mine and metal) expenses and Exploration in units in operations (by mine and mineral) to consolidated Cost of sales, excluding depreciation and amortization, consolidated Selling Expenses and consolidated Exploration in units in operations expenses, respectively, set forth below. Set forth below is a reconciliation of consolidated Cost of sales, excluding depreciation and amortization, to consolidated Cost applicable to sales: For the 3 months ended September 30 For the 9 months ended September 30 2023 2022 2023 2022 (in thousands of US$) Consolidated Cost of sales excluding depreciation and amortization 136,195 118,419 342,171 337,503 Add: Consolidated Exploration in units in operation 12,418 20,708 39,051 53,629 Consolidated Commercial deductions 51,260 42,039 134,651 137,887 Consolidated Selling expenses 4,277 5,854 12,745 15,490 Consolidated Cost applicable to sales 204,150 187,020 528,618 544,509 Set forth below is a reconciliation of Cost of sales, excluding depreciation and amortization (by mine and mineral) to consolidated Cost of sales: For the 3 months ended September 30 For the 9 months ended September 30 2023 2022 2023 2022 Cost of sales by mine and mineral (in thousands of US$) Julcani, Gold 71 43 123 12 Julcani, Silver 7,761 6,843 21,670 20,965 Julcani, Lead 181 130 513 302 Julcani, Copper 99 68 296 211 Orcopampa, Gold 17,987 12,207 52,819 41,227 Orcopampa, Silver 69 51 195 233 Orcopampa, Copper 0 0 0 0 Uchucchacua, Gold 0 0 0 0 Uchucchacua, Silver 0 0 0 0 Uchucchacua, Lead 0 0 0 0 Uchucchacua, Zinc 0 0 0 0 Tambomayo, Gold 11,899 8,430 29,626 25,782 Tambomayo, Silver 5,758 3,434 15,406 9,584 Tambomayo, Zinc 1,020 1,757 2,982 14,353 Tambomayo, Lead 0 4,578 2,979 6,034 La Zanja, Gold 1,909 14,961 11,009 33,201 La Zanja, Silver 112 647 597 1,771 El Brocal, Gold 3,367 5,089 7,489 8,531 El Brocal, Silver 10,936 6,818 19,045 21,345 El Brocal, Lead 610 1,523 1,654 4,541 El Brocal, Zinc 2,485 9,404 5,428 27,179 El Brocal, Copper 66,626 47,037 153,802 119,290 Non Mining Units 5,305 -4,601 16,538 2,942 Consolidated Cost of sales, excluding depreciation and amortization 136,195 118,419 342,171 337,503 Set forth below is a reconciliation of Exploration expenses in units in operation (by mine and mineral) to consolidated Exploration expenses in mining units: For the 3 months ended September 30 For the 9 months ended September 30 2023 2022 2023 2022 Exploration expenses in units in operation by mine and mineral (in thousands of US$) Julcani, Gold 16 11 28 3 Julcani, Silver 1,793 1,716 4,937 4,781 Julcani, Lead 42 33 117 69 Julcani, Copper 23 17 67 48 Orcopampa, Gold 1,434 3,328 4,697 9,499 Orcopampa, Silver 6 14 17 54 Orcopampa, Copper 0 0 0 0 Uchucchacua, Gold 0 0 0 0 Uchucchacua, Silver 6,661 6,536 20,592 15,531 Uchucchacua, Lead 0 0 0 -182 Uchucchacua, Zinc 0 0 0 0 Tambomayo, Gold 459 1,424 1,304 3,694 Tambomayo, Silver 222 580 678 1,373 Tambomayo, Lead 39 297 131 865 Tambomayo, Zinc 0 774 131 2,057 La Zanja, Gold 103 1,056 415 2,454 La Zanja, Silver 6 46 23 131 El Brocal, Gold 65 355 236 625 El Brocal, Silver 210 476 601 1,564 El Brocal, Lead 12 106 52 333 El Brocal, Zinc 48 656 171 1,991 El Brocal, Copper 1,280 3,282 4,853 8,739 Non Mining Units 0 0 0 0 Consolidated Exploration expenses in units in operation 12,418 20,708 39,051 53,629 Set forth below is a reconciliation of Commercial Deductions in units in operation (by mine and mineral) to consolidated Commercial deductions: For the 3 months ended September 30 For the 9 months ended September 30 2023 2022 2023 2022 Commercial Deductions in units in operation by mine and mineral (in thousands of US$) Julcani, Gold 4 2 7 -6 Julcani, Silver 549 352 1,273 1,496 Julcani, Lead 12 6 29 22 Julcani, Copper 6 4 16 13 Orcopampa, Gold 215 217 826 608 Orcopampa, Silver 1 0 0 13 Orcopampa, Copper 0 0 0 0 Uchucchacua, Gold 0 0 0 0 Uchucchacua, Silver 753 1,340 3,299 1,837 Uchucchacua, Lead 0 12 0 7 Uchucchacua, Zinc 0 0 0 272 Tambomayo, Gold 1,274 1,414 4,071 4,998 Tambomayo, Silver 685 738 2,355 2,439 Tambomayo, Lead 70 285 351 1,128 Tambomayo, Zinc 301 3,027 1,756 11,282 La Zanja, Gold 6 131 86 211 La Zanja, Silver 3 23 9 28 El Brocal, Gold 2,114 2,607 5,025 5,561 El Brocal, Silver 5,888 3,229 11,634 12,325 El Brocal, Lead 193 719 608 2,328 El Brocal, Zinc 1,906 3,672 4,379 16,214 El Brocal, Copper 37,280 24,260 98,928 77,110 Non Mining Units 0 0 0 0 Consolidated Commercial deductions in units in operation 51,260 42,039 134,651 137,887 Set forth below is a reconciliation of Selling expenses (by mine and mineral) to consolidated Selling expenses: For the 3 months ended September 30 For the 9 months ended September 30 2023 2022 2023 2022 Selling expenses by mine and mineral (in thousands of US$) Julcani, Gold 0 0 1 0 Julcani, Silver 43 71 156 307 Julcani, Lead 1 1 4 4 Julcani, Copper 1 1 2 3 Orcopampa, Gold 202 150 512 443 Orcopampa, Silver 1 1 2 3 Orcopampa, Copper 0 0 0 0 Uchucchacua, Gold 0 0 0 0 Uchucchacua, Silver 600 1,084 2,203 2,472 Uchucchacua, Lead 0 0 0 -29 Uchucchacua, Zinc 0 0 0 0 Tambomayo, Gold 400 665 1,175 1,966 Tambomayo, Silver 194 271 611 731 Tambomayo, Lead 34 139 118 460 Tambomayo, Zinc 0 361 118 1,095 La Zanja, Gold 11 74 46 126 La Zanja, Silver 1 3 3 7 El Brocal, Gold 103 205 286 339 El Brocal, Silver 336 274 728 849 El Brocal, Lead 19 61 63 181 El Brocal, Zinc 76 378 208 1,082 El Brocal, Copper 2,045 1,892 5,882 4,747 Non Mining Units 210 222 626 703 Consolidated Selling expenses 4,277 5,854 12,745 15,490 JULCANI JULCANI 3Q 2023 3Q 2022 9M 2023 9M 2022 GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL Cost of Sales (without D&A) (US$000) 71 7,761 181 - 99 8,112 43 6,843 130 - 68 7,084 Cost of Sales (without D&A) (US$000) 123 21,670 513 - 296 22,602 12 20,965 302 - 211 21,490 Add: Add: Exploration Expenses (US$000) 16 1,793 42 - 23 1,874 11 1,716 33 - 17 1,777 Exploration Expenses (US$000) 28 4,937 117 - 67 5,149 3 4,781 69 - 48 4,901 Commercial Deductions (US$000) 4 549 12 - 6 571 2 352 6 - 4 364 Commercial Deductions (US$000) 7 1,273 29 - 16 1,325 -6 1,496 22 - 13 1,526 Selling Expenses (US$000) 0 43.05 1.00 - 1 45 0 71 1 - 1 74 Selling Expenses (US$000) 1 156 4 - 2 163 0 307 4 - 3 315 Cost Applicable to Sales (US$000) 92 10,145 236 - 129 10,602 57 8,983 170 - 89 9,299 Cost Applicable to Sales (US$000) 158 28,036 663 - 382 29,239 9 27,550 397 - 275 28,232 Divide: Divide: Volume Sold 51 388,854 107 - 16 Not Applicable 39 651,077 112 - 18 Not Applicable Volume Sold 90 1,251,585 339 - 50 Not Applicable 79 1,893,014 280 - 48 No Aplicable CAS 1,791 26.09 2,196 - 8,019 Not Applicable 1,457 13.80 1,521 - 5,024 Not Applicable CAS 1,759 22.40 1,955 - 7,637 No Applicable 120 14.55 1,417 - 5,737 No Applicable ORCOPAMPA ORCOPAMPA 3Q 2023 3Q 2022 9M 2023 9M 2022 GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL Cost of Sales (without D&A) (US$000) 17,987 69 - - - 18,056 12,207 51 - - - 12,258 Cost of Sales (without D&A) (US$000) 52,819 195 - - - 53,014 41,227 233 - - - 41,460 Add: - Add: Exploration Expenses (US$000) 1,434 6 - - - 1,440 3,328 14 - - - 3,342 Exploration Expenses (US$000) 4,697 17 - - - 4,714 9,499 54 - - - 9,553 Commercial Deductions (US$000) 215 1 - - - 216 217 0 - - - 217 Commercial Deductions (US$000) 826 0 - - - 826 608 13 - - - 621 Selling Expenses (US$000) 202 1 - - - 203 150 1 - - - 151 Selling Expenses (US$000) 512 2 - - - 514 443 3 - - - 446 Cost Applicable to Sales (US$000) 19,839 76 - - - 19,915 15,903 65 - - - 15,968 Cost Applicable to Sales (US$000) 58,854 214 - - - 59,068 51,777 303 - - - 52,080 Divide: Divide: Volume Sold 20,460 6,710 - - - Not Applicable 19,814 7,715 - - - Not Applicable Volume Sold 60,504 19,432 - - - Not Applicable 56,840 27,054 - - - Not Applicable CAS 970 11.34 - - - Not Applicable 803 8.48 - - - Not Applicable CAS 973 11.01 - - - No Applicable 911 11.19 - - - No Applicable UCHUCCHACUA UCHUCCHACUA 3Q 2023 3Q 2022 9M 2023 9M 2022 GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL Cost of Sales (without D&A) (US$000) - - - - - - - - - - - - Cost of Sales (without D&A) (US$000) - - - - - - - - - - - - Add: Add: Exploration Expenses (US$000) - 6,661 - - - 6,661 - 6,536 - - - 6,536 Exploration Expenses (US$000) - 20,592 - - - 20,592 - 15,531 -182 - - 15,349 Commercial Deductions (US$000) - 753 - - - 753 - 1,340 12 - - 1,352 Commercial Deductions (US$000) - 3,299 - - - 3,299 - 1,837 7 272 - 2,116 Selling Expenses (US$000) - 600 - - - 600 - 1,084 - - - 1,084 Selling Expenses (US$000) - 2,203 - - - 2,203 - 2,472 -29 - - 2,443 Cost Applicable to Sales (US$000) - 8,014 - - - 8,014 - 8,960 12 - - 8,972 Cost Applicable to Sales (US$000) - 26,094 - - - 26,094 - 19,840 -204 272 - 19,908 Divide: - - Divide: Volume Sold 85,499 - - - Not Applicable - 150,426 - - - Not Applicable Volume Sold - 366,778 - - - Not Applicable - 308,844 18 - - Not Applicable CAS - 93.74 - - - No Applicable - 59.56 - - - No Applicable CAS - 71.15 - - - No Applicable - 64.24 - - - No Applicable TAMBOMAYO TAMBOMAYO 3Q 2023 3Q 2022 9M 2023 9M 2022 GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL Cost of Sales (without D&A) (US$000) 11,899 5,758 1,020 - - 18,677 8,430 3,434 1,757 4,578 - 18,198 Cost of Sales (without D&A) (US$000) 29,626 15,406 2,979 2,982 - 50,993 25,782 9,584 6,034 14,353 - 55,753 Add: Add: Exploration Expenses (US$000) 459 222 39 - - 720 1,424 580 297 774 - 3,075 Exploration Expenses (US$000) 1,304 678 131 131 - 2,244 3,694 1,373 865 2,057 - 7,989 Commercial Deductions (US$000) 1,274 685 70 301 - 2,330 1,414 738 285 3,027 - 5,464 Commercial Deductions (US$000) 4,071 2,355 351 1,756 - 8,532 4,998 2,439 1,128 11,282 - 19,847 Selling Expenses (US$000) 400 194 34 - - 628 665 271 139 361 - 1,436 Selling Expenses (US$000) 1,175 611 118 118 - 2,023 1,966 731 460 1,095 - 4,252 Cost Applicable to Sales (US$000) 14,031 6,858 1,164 301 - 22,355 11,933 5,023 2,477 8,739 - 28,173 Cost Applicable to Sales (US$000) 36,176 19,050 3,578 4,988 - 63,792 36,440 14,128 8,487 28,786 - 87,841 Divide: Divide: Volume Sold 7,421 269,542 525 682 - Not Applicable 12,150 468,076 2,449 2,832 - Not Applicable Volume Sold 26,649 1,125,434 2,521 2,846 - Not Applicable 37,248 1,195,466 7,353 9,016 - Not Applicable CAS 1,891 25.44 2,218 441 - No Applicable 982 10.73 1,012 3,086 - No Applicable CAS 1,357 16.93 1,419 1,753 - No Applicable 978 11.82 1,154 3,193 - Not Applicable LA ZANJA LA ZANJA 3Q 2023 3Q 2022 9M 2023 9M 2022 GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL Cost of Sales (without D&A) (US$000) 1,909 112 - - - 2,021 14,961 647 - - - 15,608 Cost of Sales (without D&A) (US$000) 11,009 597 - - - 11,606 33,201 1,771 - - - 34,972 Add: Add: Exploration Expenses (US$000) 103 6 - - - 109 1,056 46 - - - 1,102 Exploration Expenses (US$000) 415 23 - - - 438 2,454 131 - - - 2,585 Commercial Deductions (US$000) 6 3 - - - 8 131 23 - - - 154 Commercial Deductions (US$000) 86 9 - - - 96 211 28 - - - 239 Selling Expenses (US$000) 11 1 - - - 12 74 3 - - - 77 Selling Expenses (US$000) 46 3 - - - 49 126 7 - - - 133 Cost Applicable to Sales (US$000) 2,029 122 - - - 2,150 16,221 720 - - - 16,941 Cost Applicable to Sales (US$000) 11,557 632 - - - 12,189 35,992 1,937 - - - 37,929 Divide: Divide: Volume Sold 1,780 6,442 - - - Not Applicable 8,575 34,147 - - - Not Applicable Volume Sold 6,883 28,973 - - - Not Applicable 18,800 85,237 - - - Not Applicable CAS 1,140 18.91 - - - Not Applicable 1,892 21.07 - - - Not Applicable CAS 1,679 21.80 - - - No Applicable 1,914 22.72 - - - Not Applicable BROCAL BROCAL 3Q 2023 3Q 2022 9M 2023 9M 2022 GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL Cost of Sales (without D&A) (US$000) 3,367 10,936 610 2,485 66,626 84,024 5,089 6,818 1,523 9,404 47,037 69,872 Cost of Sales (without D&A) (US$000) 7,489 19,045 1,654 5,428 153,802 187,418 8,531 21,345 4,541 27,179 119,290 180,886 Add: Add: Exploration Expenses (US$000) 65 210 12 48 1,280 1,614 355 476 106 656 3,282 4,876 Exploration Expenses (US$000) 236 601 52 171 4,853 5,914 625 1,564 333 1,991 8,739.38 13,252 Commercial Deductions (US$000) 2,114 5,888 193 1,906 37,280 47,382 2,607 3,229 719 3,672 24,260 34,487 Commercial Deductions (US$000) 5,025 11,634 608 4,379 98,928 120,572 5,561 12,325 2,328 16,214 77,110 113,539 Selling Expenses (US$000) 103 336 19 76 2,045 2,579 205 274 61 378 1,892 2,810 Selling Expenses (US$000) 286 728 63 208 5,882 7,167 339 849 181 1,082 4,747 7,198 Cost Applicable to Sales (US$000) 5,649 17,370 833 4,516 107,231 135,599 8,256 10,797 2,409 14,111 76,472 112,045 Cost Applicable to Sales (US$000) 13,036 32,008 2,377 10,185 263,465 321,071 15,057 36,083 7,383 46,465 209,887 314,875 Divide: Divide: Volume Sold 3,553 986,583 636 2,347 17,786 Not Applicable 5,229 642,558 1,568 5,229 11,431 Not Applicable Volume Sold 8,575 1,873,998 1,939 5,478 41,889 Not Applicable 10,725 2,145,751 4,878 15,855 31,439 Not Applicable CAS 1,590 17.61 1,309 1,924 6,029 Not Applicable 1,579 16.80 1,536 2,698 6,690 Not Applicable CAS 1,520 17.08 1,226 1,859 6,290 No Applicable 1,404 16.82 1,513 2,931 6,676 Not Applicable NON MINING COMPANIES NON MINING COMPANIES 3Q 2023 3Q 2022 9M 2023 9M 2022 GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL Cost of Sales (without D&A) (US$000) - - - - - 5,305 - - - - - -4,601 Cost of Sales (without D&A) (US$000) - - - - - 16,538 - - - - - 2,942 Add: Add: - - Selling Expenses (US$000) - - - - - 210 - - - - - 222 Selling Expenses (US$000) - - - - - 626 - - - - - 703 Total (US$000) - - - - - 5,515 - - - - - -4,379 Total (US$000) - - - - - 17,164 - - - - - 3,645 BUENAVENTURA CONSOLIDATED BUENAVENTURA CONSOLIDATED 3Q 2023 3Q 2022 9M 2023 9M 2022 GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL Cost of Sales (without D&A) (US$000) 35,233 24,636 1,811 2,485 66,725 136,195 40,730 17,793 3,410 13,982 47,105 118,419 Cost of Sales (without D&A) (US$000) 101,066 56,913 5,145 8,410 154,099 342,171 108,753 53,899 10,877 41,532 119,501 337,503 Add: Add: Exploration Expenses (US$000) 2,077 8,897 93 48 1,303 12,418 6,175 9,368 436 1,430 3,299 20,708 Exploration Expenses (US$000) 6,680 26,847 300 302 4,921 39,051 16,275 23,434 1,084 4,048 8,787 53,629 Commercial Deductions (US$000) 3,613 7,879 275 2,207 37,287 51,260 4,372 5,683 1,023 6,699 24,264 42,039 Commercial Deductions (US$000) 10,014 18,571 987 6,135 98,944 134,651 11,372 18,139 3,486 27,768 77,123 137,887 Selling Expenses (US$000) 717 1,174 54 76 2,046 4,277 1,094 1,704 201 739 1,892 5,854 Selling Expenses (US$000) 2,021 3,703 185 326 5,884 12,745 2,876 4,369 616 2,176 4,750 15,490 Cost Applicable to Sales (US$000) 41,640 42,586 2,233 4,816 107,360 204,150 52,371 34,549 5,069 22,850 76,561 187,020 Cost Applicable to Sales (US$000) 119,781 106,034 6,618 15,173 263,847 528,618 139,276 99,840 16,063 75,523 210,162 544,509 Divide: Divide: Volume Sold 33,265 1,743,629 1,269 3,029 17,802 Not Applicable 45,807 1,954,000 4,129 8,061 11,449 Not Applicable Volume Sold 102,700 4,666,199 4,799 8,324 41,940 Not Applicable 123,692 5,655,367 12,530 24,871 31,487 Not Applicable CAS 1,252 24.42 1,760 1,590 6,031 Not Applicable 1,143 17.68 1,228 2,835 6,687 Not Applicable CAS 1,166 22.72 1,379 1,823 6,291 Not Applicable 1,126 17.65 1,282 3,037 6,675 Not Applicable COIMOLACHE COIMOLACHE 3Q 2023 3Q 2022 9M 2023 9M 2022 GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL Cost of Sales (without D&A) (US$000) 18,044 866 - - - 18,910 33,976.00 1,285 - - - 35,261 Cost of Sales (without D&A) (US$000) 51,805 2,881 - - - 54,686 73,723 3,529 - - - 77,252 Add: Add: Exploration Expenses (US$000) 4,530 217 - - - 4,747 2,292.30 87 - - - 2,379 Exploration Expenses (US$000) 9,485 527 - - - 10,012 5,768 276 - - - 6,044 Commercial Deductions (US$000) 181 40 - - - 221 111 2 - - - 113 Commercial Deductions (US$000) 293 48 - - - 342 436 40 - - - 477 Selling Expenses (US$000) 234 11 - - - 245 276 10 - - - 286 Selling Expenses (US$000) 468 26 - - - 494 684 33 - - - 717 Cost Applicable to Sales (US$000) 22,989 1,134 - - - 24,123 36,655 1,384 - - - 38,039 Cost Applicable to Sales (US$000) 62,051 3,483 - - - 65,534 80,611 3,879 - - - 84,490 Divide: Divide: Volume Sold 21,237 82,379 - - - Not Applicable 21,431 78,028 - - - Not Applicable Volume Sold 36,261 164,895 - - - Not Applicable 62,568 259,521 - - - Not Applicable CAS 1,083 13.77 - - - Not Applicable 1,710 17.74 - - - Not Applicable CAS 1,711 21.12 - - - No Applicable 1,288 14.95 - - - Not Applicable APPENDIX 5: All-in Sustaining Cost All-in Sustaining Cost for 3Q23 Buenaventura1 La Zanja Tantahuatay Attributable 2 3Q23 3Q23 3Q23 3Q23 Au Ounces Sold Net 27,932 1,780 21,237 38,227 3Q23 3Q23 3Q23 3Q23 Income Statement & Cash Flow US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au Cost of Sales 44,648 1,598 5,656 3,178 18,910 890 57,886 1,514 Exploration in Operating Units 10,695 383 109 61 4,747 224 12,707 332 Royalties 3,235 116 0 0 0 0 3,235 85 Comercial Deductions3 3,870 139 8 5 221 10 3,967 104 Selling Expenses 1,476 53 12 7 245 12 1,586 41 Administrative Expenses 9,740 349 812 456 1,002 47 10,954 287 Other, net 2,378 85 255 143 -110 -5 2,589 68 Sustaining Capex4 2,364 85 1,732 973 719 34 4,385 115 By-product Credit -21,851 -782 -166 -93 -1,938 -91 -22,794 -596 All-in Sustaining Cost 56,555 2,025 8,419 4,731 23,796 1,121 74,515 1,949 *All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas. Notes: 1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A. 2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 40.095% from Tantahuatay. 3. For all metals produced. 4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment. All-in Sustaining Cost for 3Q22 Buenaventura1 La Zanja Tantahuatay Attributable 2 3Q22 3Q22 3Q22 3Q22 Au Ounces Sold Net 32,003 8,575 21,431 49,170 3Q22 3Q22 3Q22 3Q22 Income Statement & Cash Flow US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au Cost of Sales 39,582 1,237 11,214 1,308 26,671 1,245 61,490 1,251 Exploration in Operating Units 14,729 460 1,103 129 1,994 93 16,631 338 Royalties 2,789 87 0 0 0 0 2,789 57 Comercial Deductions3 7,398 231 154 18 113 5 7,598 155 Selling Expenses 2,875 90 77 9 217 10 3,039 62 Administrative Expenses 9,175 287 692 81 916 43 10,234 208 Other, net -249 -8 -107 -12 -338 -16 -492 -10 Sustaining Capex4 2,921 91 548 64 3,099 145 4,712 96 By-product Credit -36,603 -1,144 -621 -72 -1,355 -63 -37,767 -768 All-in Sustaining Cost 42,618 1,332 13,060 1,523 31,316 1,461 68,234 1,388 *All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas. Notes: 1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A. 2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 40.095% from Tantahuatay. 3. For all metals produced. 4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment. All-in Sustaining Cost for 9M23 Buenaventura1 La Zanja Tantahuatay Attributable 2 9M23 9M23 9M23 9M23 Au Ounces Sold Net 87,243 6,883 36,261 108,665 9M23 9M23 9M23 9M23 Income Statement & Cash Flow US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au Cost of Sales 129,229 1,481 24,261 3,525 54,686 1,508 175,416 1,614 Exploration in Operating Units 32,699 375 438 64 10,012 276 37,151 342 Royalties 9,446 108 0 0 0 0 9,446 87 Comercial Deductions3 13,983 160 96 14 342 9 14,216 131 Selling Expenses 4,903 56 49 7 494 14 5,150 47 Administrative Expenses 31,765 364 2,206 321 3,053 84 35,195 324 Other, net 2,446 28 518 75 -751 -21 2,663 25 Sustaining Capex4 5,532 63 2,087 303 4,121 114 9,272 85 By-product Credit -78,958 -905 -700 -102 -3,864 -107 -81,207 -747 All-in Sustaining Cost 151,045 1,731 28,955 4,207 68,093 1,878 207,302 1,908 *All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas. Notes: 1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A. 2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 40.095% from Tantahuatay. 3. For all metals produced. 4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment. All-in Sustaining Cost for 9M22 Buenaventura1 La Zanja Tantahuatay Attributable 2 9M22 9M22 9M22 9M22 Au Ounces Sold Net 94,167 18,800 62,568 138,053 9M22 9M22 9M22 9M22 Income Statement & Cash Flow US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au Cost of Sales 124,486 1,322 37,120 1,974 77,252 1,235 192,580 1,395 Exploration in Operating Units 37,792 401 2,586 138 6,044 97 42,801 310 Royalties 8,455 90 0 0 0 0 8,455 61 Comercial Deductions3 24,109 256 239 13 477 8 24,540 178 Selling Expenses 7,850 83 133 7 717 11 8,270 60 Administrative Expenses 31,423 334 2,011 107 2,680 43 34,509 250 Other, net 1,446 15 -287 -15 319 5 1,287 9 Sustaining Capex4 5,822 62 848 45 12,373 198 11,631 84 By-product Credit -123,387 -1,310 -1,786 -95 -5,376 -86 -127,329 -922 All-in Sustaining Cost 117,996 1,253 40,864 2,174 94,486 1,510 196,744 1,425 *All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas. Notes: 1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A. 2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 40.095% from Tantahuatay. 3. For all metals produced. 4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment. APPENDIX 6 Compañía de Minas Buenaventura S.A.A. and Subsidiaries Interim condensed consolidated statements of financial position As of September 30, 2023 (unaudited) and December 31, 2022 (audited) 2023 2022 Assets US$(000) US$(000) Current assets Cash and cash equivalents 221,809 253,918 Trade and other receivables 181,528 221,899 Inventories 86,573 88,345 Income tax credit 15,478 28,046 Prepaid expenses 11,141 19,333 Hedge derivative financial instruments - 8,839 516,529 620,380 Non-current assets Trade and other receivables 682,949 673,627 Investments in associates and joint venture 1,536,007 1,520,977 Property, plant, equipment and development cost 1,563,063 1,535,195 Deferred income tax asset 129,691 106,170 Prepaid expenses 22,369 23,033 Other non-financial assets 24,289 23,845 3,958,368 3,882,847 Total assets 4,474,897 4,503,227 Liabilities and equity Current liabilities Trade and other payables 221,187 247,989 Provisions 108,729 94,171 Income tax payable 9,801 2,366 Financial obligations 34,191 35,071 373,908 379,597 Non-current liabilities Trade and other payables 2,825 3,553 Provisions 188,712 204,347 Financial obligations 681,287 703,463 Contingent consideration liability 19,536 16,905 Deferred income tax liabilities 29,057 32,421 921,417 960,689 Total liabilities 1,295,325 1,340,286 Equity Capital stock 750,497 750,497 Investment shares 791 791 Additional paid-in capital 218,450 218,450 Legal reserve 163,372 163,270 Other reserves 31,897 31,897 Other reserves of equity (99) 2,184 Retained earnings 1,851,445 1,841,761 Shareholders’ equity attributable to owners of the parent 3,016,353 3,008,850 Non-controlling interest 163,219 154,091 Total equity 3,179,572 3,162,941 Total liabilities and equity 4,474,897 4,503,227 Compañía de Minas Buenaventura S.A.A. and Subsidiaries Interim condensed consolidated statements of profit or loss (unaudited) For the three-month and nine-month ended September 30, 2023 and 2022 For the three-month periodended September 30, For the nine-month periodended September 30, 2023 2022 2023 2022 Continuing operations US$(000) US$(000) US$(000) US$(000) Operating income Sales of goods 207,705 192,084 559,489 566,531 Sales of services 3,588 3,332 10,555 10,528 Royalty income - - - 1,381 Total operating income 211,293 195,416 570,044 578,440 Cost of sales Cost of sales of goods, excluding depreciation and amortization (134,863) (117,740) (338,695) (335,441) Unabsorbed cost due to production stoppage (7,467) (3,944) (18,002) (14,913) Cost of sales of services, excluding depreciation and amortization (1,332) (679) (3,476) (2,062) Depreciation and amortization (51,264) (41,477) (121,816) (131,531) Exploration in operating units (12,418) (20,708) (39,051) (53,629) Mining royalties (4,439) (4,525) (13,381) (13,384) Total costs of sales (211,783) (189,073) (534,421) (550,960) Gross profit (loss) (490) 6,343 35,623 27,480 Operating income (expenses), net Administrative expenses (17,536) (15,365) (54,656) (50,442) Selling expenses (4,277) (5,854) (12,745) (15,490) Exploration in non-operating areas (4,553) (4,236) (8,715) (11,066) Reversal (provision) of contingencies 240 (1,960) 5,534 (3,805) Other, net (2,919) 1,050 (4,033) 1,317 Total operating income (expenses), net (29,045) (26,365) (74,615) (79,486) Operating loss (29,535) (20,022) (38,992) (52,006) Share in the results of associates and joint venture 46,375 20,442 113,368 118,149 Finance income 2,122 1,337 6,073 11,561 Foreign currency exchange difference (31,176) (27,961) 3,450 (3,086) Finance costs (13,381) (12,641) (43,455) (42,092) Profit (loss) before income tax (25,595) (38,845) 40,444 32,526 Current income tax (11,925) 7,869 (22,228) (8,423) Deferred income tax 13,189 8,427 24,298 43,621 1,264 16,296 2,070 35,198 Profit (loss) from continuing operations (24,331) (22,549) 42,514 67,724 Discontinued operations Profit (loss) from discontinued operations (167) 62 439 479,869 Net profit (loss) (24,498) (22,487) 42,953 547,593 Profit (loss) attributable to: Owners of the parent (28,032) (19,771) 29,627 548,469 Non-controlling interest 3,534 (2,716) 13,326 (876) (24,498) (22,487) 42,953 547,593 Basic and diluted profit (loss) per share, stated in U.S. dollars (0.11) (0.08) 0.12 2.16 Compañía de Minas Buenaventura S.A.A. and Subsidiaries Interim condensed consolidated statements of cash flows (unaudited) For the three-month and nine-month ended September 30, 2023 and 2022 For the three-month periodended September 30, For the nine-month periodended September 30, 2023 2022 2023 2022 US$(000) US$(000) US$(000) US$(000) Cash flows from (used in) of operating activities Proceeds from sales of goods and services 206,711 188,639 588,376 635,447 Dividends received from associates 48,961 - 98,323 29,377 Recovery from value added tax 9,631 4,982 42,971 26,835 Interest received 1,639 771 4,314 1,582 Dividends received from investments - - 150 - Royalty received - - - 5,183 Payments to suppliers and third-parties, and other net (104,989) (120,901) (379,544) (441,030) Payments to employees (33,962) (29,245) (100,969) (93,925) Interest paid (16,081) (17,260) (37,590) (38,860) Short-term and low value lease payments (9,884) (10,497) (28,159) (29,697) Income tax and royalties paid to the Peruvian State (7,293) (8,063) (19,393) (75,301) Payment of royalties (3,235) (2,789) (9,446) (8,455) Payments for tax litigation (3,331) - (3,569) - Net cash flows from operating activities 88,167 5,637 155,464 11,156 Cash flows from (used in) of investing activities Proceeds from sale of property, plant and equipment 2,455 2,462 6,485 11,245 Income from sale of shares 245 - 245 1,577 Collection for sale of participation in Yanacocha - - - 300,000 Collection for purchase of La Zanja shares - - - 45,000 Payments for acquisition of property, plant and equipment (59,786) (37,198) (145,659) (93,205) Payments for acquisitions of other assets (1,052) (34) (1,772) (153) Capital increase in associates - - - (1,677) Net cash flows from (used in) investing activities (58,138) (34,770) (140,701) 262,787 Cash flows from (used in) financing activities Increase of bank loans - - 49,000 - Decrease (increase) of bank accounts in trust - (1,110) 17 (1,859) Payments of bank loans - - (49,000) (50,000) Payments of financial obligations (7,758) (7,085) (23,276) (315,974) Dividends paid to controlling interest - - (18,542) (18,542) Lease payments (1,181) (1,022) (3,430) (3,071) Dividends paid to non-controlling interest (1,641) - (1,641) (2,647) Increase of restricted time deposits - - - 29,117 Net cash and cash equivalents used in financing activities (10,580) (9,217) (46,872) (362,976) Increase (decrease) in cash and cash equivalents during the period, net 19,449 (38,350) (32,109) (89,033) Cash and cash equivalents at beginning of period 202,360 326,316 253,918 376,999 Cash and cash equivalents at the end of the period 221,809 287,966 221,809 287,966 For the three-month periodended September 30, For the nine-month periodended September 30, 2023 2022 2023 2022 US$(000) US$(000) US$(000) US$(000) Reconciliation of net profit to cash and cash equivalents provided by operating activities Net profit (loss) (24,498) (22,487) 42,953 547,593 Plus (less): Share in the results of associates and joint venture (46,375) (20,442) (113,368) (118,149) Deferred income tax (continuing operations) (13,189) (8,427) (24,298) (43,621) Exchange difference 31,176 27,961 (3,450) 3,086 Reversal (provision) of contingencies (240) 1,960 (5,534) 3,805 Depreciation and amortization in cost of sales 51,264 41,477 121,816 131,531 Non - cash discontinued operations (49) 52 (1,637) (524,757) Provision for estimated fair value of sales 18 (14,733) 13,746 19,738 Workers´ participation provision 2,899 (2,666) 4,691 271 Bonus provision - executives & employes 4,447 7,260 10,391 11,964 Other minor 4,482 2,856 14,778 (4,980) Net changes in operating assets and liabilities: Decrease (increase) in operating assets - Trade and other accounts receivable 16,604 27,756 56,241 82,952 Inventories (26,589) 4,969 (24,878) (5,459) Income tax credit - (13,282) 9,178 (7,129) Prepaid expenses 7,677 6,601 8,855 13,141 Increase (decrease) in operating liabilities - Trade and other accounts payable 20,476 (46,147) (43,590) (116,091) Provisions (5,101) (2,604) (12,619) (10,932) Income tax payable 19,535 15,533 7,435 (1,184) Payments for tax litigation (3,331) - (3,569) - Proceeds from dividends in associates 48,961 - 98,323 29,377 Net cash and cash equivalents used in operating activities 88,167 5,637 155,464 11,156 View source version on businesswire.com: https://www.businesswire.com/news/home/20231030523224/en/
Contacts in Lima: Daniel Dominguez, Chief Financial Officer (511) 419 2540 Gabriel Salas, Head of Investor Relations (511) 419 2591 / gabriel.salas@buenaventura.pe Contact in NY: Barbara Cano (646) 452-2334 / barbara@inspirgroup.com Company Website: http://www.buenaventura.com