Financial Data and Key Metrics Changes - Copper production in Q3 2025 reached 12,800 tons, down 24% year-on-year, primarily due to processing of ore stockpiled during the previous year's suspension [5] - Silver production was 4.3 million ounces, a 3% decrease from 4.4 million ounces in the same period last year, attributed to lower output at Uchuchaco and Yumpac [6] - Gold production totaled 30,894 ounces, down 21% year-on-year, mainly due to reduced output at Orcompampa and Tambomayo [6] - EBITDA from direct operations was $202.1 million, a 48% increase compared to $136.5 million in Q3 2024 [6] - Net income for the quarter was $167.1 million, down from $236.9 million in Q3 2024, which included $157.3 million from the sale of Chaupilón [6] - The company ended the quarter with a cash position of $486 million and total debt of $711 million, resulting in a leverage ratio of 0.41 times [7] Business Line Data and Key Metrics Changes - CAPEX for the San Gabriel project in Q3 2025 was $92 million, aimed at completing the processing plant for commercial production in Q4 2025 [7][9] - San Gabriel's overall progress reached 96% completion, with construction at 95% complete [10][12] - Coimolache received a new operating permit, allowing full capacity production, with expectations to produce over 8,000 ounces of gold next year [11] Market Data and Key Metrics Changes - The company is on track to begin production at San Gabriel in Q4 2025, pending timely approval of necessary permits [10] - The operational ramp-up at San Gabriel is expected to start in January, with projected production of 70,000 to 90,000 ounces of gold next year [23] Company Strategy and Development Direction - The company is focused on stable and continuous production at flagship operations while prioritizing cost efficiency [11] - Strong cash flow generation and a solid balance sheet enable the company to return value to shareholders and resume its dividend policy [11] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in obtaining final permits for San Gabriel and anticipates producing the first gold bar by the end of the year [15][17] - The company expects to reach break-even by the second quarter of next year, even if not operating at full capacity [25] Other Important Information - The Board of Directors approved a dividend payment of $0.1446 per ADS [7] Q&A Session Summary Question: What is still pending for San Gabriel regarding permits and government approvals? - Management is confident that all necessary permits will be granted, with production of two bars expected by the end of the year [15] Question: What is the timeline for the commissioning process and production ramp-up at San Gabriel? - The power line construction is complete, and commissioning will take about two months, with the first gold bar expected by mid-December [21][23] Question: When does management expect San Gabriel to be EBITDA neutral? - Management anticipates reaching break-even by the first or second quarter of next year, even with initial high-grade production [25]

Cautionary Statement This presentation contains certain information that may constitute forward-looking information under applicable U.S. securities legislation, including but not limited to information about costs applicable to sales, general and administrative expenses; production volumes; current expectations on the timing, extent and success of exploration; development and metallurgical sampling activities, the timing and success of mining operations and the optimization of mine plans. This forward-look ...

LIMA, Peru--(BUSINESS WIRE)--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 (3Q25) and nine-month period ended September 30, 2025 (9M25). 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-Mon. ...

Core Insights - Buenaventura Mining (BVN) is set to report its third-quarter 2025 results on October 30, with total sales expected to reach $363 million, reflecting a 9.7% increase year-over-year [1][5] - The earnings consensus estimate has risen by 17.1% over the past 60 days, currently projected at 41 cents per share, indicating a 41.4% growth compared to the same quarter last year [1][5] Financial Performance - BVN has a history of earnings surprises, beating the Zacks Consensus Estimate in three of the last four quarters, with an average surprise of 14.63% [2][3] - The company reported gold production of 30,894 ounces, a 15% decline year-over-year, while total gold sold was 32,438 ounces, down 16% [8] - Silver production increased by 1% to approximately 4.28 million ounces, with silver sales volumes rising by 6% to 4.12 million ounces [9][10] Pricing Environment - The average realized gold price surged by 43% year-over-year to $3,594 per ounce, while silver prices averaged around $40.81 per ounce, up 36% [10] - Copper prices increased by 6% year-over-year, although lead and zinc prices saw declines of 9% and 2%, respectively [10] Stock Performance - Buenaventura Mining's shares have appreciated by 86.7% year-to-date, compared to the industry's growth of 104.8% [12]

Core Insights - Buenaventura reported its third quarter 2025 production and sales results, highlighting significant production volumes across various metals, including gold, silver, lead, zinc, and copper [1][2][4]. Production Summary - **Gold Production**: Total gold ounces produced in 3Q25 reached 30,894, with a nine-month total of 86,155. The updated guidance for 2025 is between 112,000 and 128,000 ounces [2][3]. - **Silver Production**: Total silver ounces produced in 3Q25 was 4,278,658, with a nine-month total of 11,520,791. The updated guidance for 2025 is between 14.2 million and 15.5 million ounces [2][3]. - **Lead Production**: Lead production for 3Q25 was 4,874 metric tons, with a nine-month total of 13,121 metric tons. The guidance for 2025 is between 17,200 and 19,800 metric tons [3]. - **Zinc Production**: Zinc production reached 6,989 metric tons in 3Q25, with a nine-month total of 20,538 metric tons. The guidance for 2025 is between 25,700 and 29,300 metric tons [3]. - **Copper Production**: Copper production totaled 12,770 metric tons in 3Q25, with a nine-month total of 38,162 metric tons. The guidance for 2025 is between 53,000 and 55,000 metric tons [3]. Sales Summary - **Gold Sales**: Total gold ounces sold in 3Q25 were 32,438, with a nine-month total of 90,752 [4][6]. - **Silver Sales**: Total silver ounces sold in 3Q25 reached 4,121,632, with a nine-month total of 11,110,268 [4][6]. - **Lead Sales**: Lead sales for 3Q25 were 4,586 metric tons, with a nine-month total of 12,341 metric tons [6]. - **Zinc Sales**: Zinc sales totaled 5,973 metric tons in 3Q25, with a nine-month total of 17,266 metric tons [6]. - **Copper Sales**: Copper sales reached 14,223 metric tons in 3Q25, with a nine-month total of 42,481 metric tons [6]. Average Realized Prices - **Gold**: Average realized price for gold in 3Q25 was $3,594 per ounce, compared to $3,287 in the previous year [10]. - **Silver**: Average realized price for silver was $40.81 per ounce, up from $36.08 [10]. - **Lead**: Average realized price for lead was $1,903 per metric ton, slightly up from $1,892 [10]. - **Zinc**: Average realized price for zinc was $2,811 per metric ton, compared to $2,710 [10]. - **Copper**: Average realized price for copper was $9,989 per metric ton, up from $9,632 [10]. Operational Commentary - The company noted that gold and silver production exceeded expectations in 3Q25 due to the successful initiation of full capacity mine and leach pad production [15]. - The 2025 production guidance for gold and silver has been revised, with adjustments made to reflect higher ore processing volumes [15]. - The company is transitioning to mining zones richer in gold and copper, which is expected to offset decreased production from historically lower-yield zones [15].

Core Insights - Silver has reached an all-time high, increasing over 70% year-to-date, with spot prices at approximately $51.70 per ounce, driven by economic uncertainty and industrial demand [1][3][11] Industry Overview - The surge in silver prices is attributed to renewed U.S.-China trade tensions, with President Trump imposing 100% tariffs on Chinese goods, raising concerns about supply-chain disruptions and global growth [3] - Expectations of further interest rate cuts by the Federal Reserve in October and December have also bolstered silver prices, as lower borrowing costs typically weaken the dollar, making silver more attractive [4] - Silver's demand is not only defensive; it is crucial for fast-growing sectors such as clean energy, solar power, electronics, and electric vehicles, which is expected to sustain its momentum [5] Company Highlights Buenaventura Mining Company (BVN) - Buenaventura is a leading precious metals company in Peru, operating several key mines and holding significant stakes in other mining ventures, providing strong exposure to silver production [6][7] - The Zacks Consensus Estimate for BVN indicates a projected sales growth of 25.7% and EPS growth of 12.5% for 2025, with further growth expected in 2026 [8] Fresnillo plc (FNLPF) - Fresnillo is a major silver and gold producer in Mexico, operating eight active mines and developing multiple exploration projects, positioning it for future growth [9][10] - The Zacks Consensus Estimate for Fresnillo suggests a substantial sales increase of 50.3% and an EPS surge of 352.8% for 2025, with continued growth anticipated in 2026 [12] Pan American Silver (PAAS) - Pan American is a significant silver and gold producer with operations across several countries, recently enhancing its silver reserves through the acquisition of MAG Silver [13][14] - The Zacks Consensus Estimate for PAAS indicates a sales growth of 21.5% and an EPS increase of 153% for 2025, with further growth expected in 2026 [15] First Majestic Silver (AG) - First Majestic focuses on silver and gold production in Mexico and the U.S., operating multiple underground mines and recently acquiring Gatos Silver to enhance its production capabilities [16][17] - The Zacks Consensus Estimate for AG forecasts a sales increase of 91.1% and an EPS jump of 228.5% for 2025, with positive revisions in EPS estimates for 2025 and 2026 [18]

Industry Overview - Silver has experienced a significant upward trend, reaching an all-time high of $49.57 per ounce on October 8, 2025, with a notable increase of $3.32, or 7.2%, from $46.07 on September 28 [2] - The surge in silver prices is attributed to macroeconomic uncertainty, rising inflation concerns, and expectations of easing monetary policy from the Federal Reserve [1][9] Demand and Supply Dynamics - Industrial demand for silver, particularly in clean energy, solar panels, electronics, and electric vehicle manufacturing, has provided a robust boost to prices due to silver's superior conductivity and reflectivity [3] - Physical supplies of silver remain tight in major trading hubs, with increased deliveries to U.S. COMEX warehouses indicating sustained investor appetite [3][11] Company Performance - Compania de Minas Buenaventura S.A.A. (BVN) is expected to see a 4.4% earnings growth rate, with a 16.1% improvement in consensus estimates over the past 60 days [6] - Coeur Mining, Inc. (CDE) has a projected earnings growth rate of 361.1%, with a 6.4% increase in consensus estimates [7] - Fresnillo plc (FNLPF) is anticipated to achieve a 352.8% earnings growth rate, with a 13.2% rise in consensus estimates [8] Market Sentiment - The dual role of silver as both a precious and industrial metal has allowed it to outperform gold, benefiting from both safe-haven flows and global manufacturing trends related to the green transition [4] - Despite potential risks such as short-term corrections and liquidity swings, silver has established itself as a standout commodity on Wall Street this year [5][11]

Core Insights - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] - The Zacks Momentum Style Score helps investors identify stocks with strong momentum, addressing the challenges of defining momentum [2] Company Overview: Buenaventura (BVN) - Buenaventura currently holds a Momentum Style Score of B and a Zacks Rank of 1 (Strong Buy), indicating strong potential for outperformance [3][4] - Over the past week, BVN shares increased by 11.14%, outperforming the Zacks Mining - Silver industry, which rose by 9.89% [6] - In a longer timeframe, BVN shares have risen by 45.08% over the past quarter and 74.06% over the past year, significantly outperforming the S&P 500's gains of 7.36% and 19.22%, respectively [7] Trading Volume - BVN's average 20-day trading volume is 1,465,343 shares, which serves as a bullish indicator when combined with rising stock prices [8] Earnings Outlook - Over the past two months, one earnings estimate for BVN has increased, raising the consensus estimate from $1.43 to $1.66 for the full year, with no downward revisions [10] - The positive earnings estimate revisions contribute to BVN's strong momentum and Zacks Rank [9][10] Conclusion - Given the strong performance metrics and positive earnings outlook, Buenaventura is positioned as a promising investment opportunity with a Momentum Score of B and a Zacks Rank of 1 (Strong Buy) [12]

Core Insights - The U.S. Federal Reserve cut interest rates by 25 basis points after nearly nine months, initially boosting investor sentiment, but the S&P 500 ended a three-day rally shortly after [1] - Fed Chair Jerome Powell indicated that stock valuations remain high and the future of rate cuts is uncertain, while the labor market shows signs of slowing with moderating job growth and slightly rising unemployment [2] Value Investing Focus - In the current environment, a value investing approach focusing on quality companies at reasonable prices is particularly relevant [2] - Recommended stocks for value investors include Halozyme Therapeutics, Ranger Energy Services, Buenaventura Mining Company, Affiliated Managers Group, and LATAM Airlines Group, all of which exhibit high earnings yield [3] Earnings Yield Metric - Earnings yield is calculated as (Annual Earnings per Share/Market Price) x 100, indicating the anticipated return from earnings for each dollar invested [4] - A higher earnings yield suggests a stock is underpriced compared to those with lower earnings yield, which are seen as overpriced [4] Market Comparison - Earnings yield can be compared with the 10-year Treasury yield to assess the relative attractiveness of stocks versus bonds; when the market index yield exceeds the Treasury yield, stocks may be undervalued [5] Stock Screening Criteria - A primary screening criterion is an earnings yield greater than 10%, supplemented by estimated EPS growth for the next 12 months being greater than or equal to the S&P 500 [6] - Additional criteria include an average daily volume of at least 100,000 and a current price of $5 or more [7][8] Selected Stocks - Halozyme Therapeutics (HALO) is focused on oncology treatments, with projected earnings growth of 46% and 22.5% for 2025 and 2026, respectively [9] - Ranger Energy Services (RNGR) specializes in onshore well services, with expected earnings growth of 53% and 11.3% for 2025 and 2026 [11] - Buenaventura Mining Company (BVN) anticipates earnings growth of 4.4% and 17.7% for 2025 and 2026 [12] - Affiliated Managers Group (AMG) projects earnings growth of 13% and 15% for 2025 and 2026 [13] - LATAM Airlines Group (LTM) expects earnings growth of 45% and 19% for 2025 and 2026 [14]

Core Viewpoint - Buena Ventura Mining Company (BVN.US) has received an upgrade in its MSCI ESG rating from B to BB as of September 23, 2025, indicating improved performance in environmental, social, and governance factors [1] Company Summary - The upgrade in the MSCI ESG rating reflects the company's enhanced practices and commitments towards sustainability and responsible governance [1]