Financial Data and Key Metrics Changes - EBITDA for Q2 2025 was $130 million, up from $107 million in Q2 2024, indicating a year-over-year increase of approximately 21.5% [6] - Net income for Q2 2025 reached $91 million, compared to $71 million in Q2 2024, reflecting a year-over-year increase of about 28.2% [7] - Cash position at the end of Q2 2025 was $589 million, with total debt of $860 million, resulting in a leverage ratio of 0.56 times [9] Business Line Data and Key Metrics Changes - Silver production in Q2 2025 was 3.6 million ounces, down 11% from 4 million ounces in Q2 2024, primarily due to lower production at Jumpac, Tambomayo, and Huican [7] - Copper production increased by 28% year-over-year, attributed to halted operations at El Brocal in 2024 affecting copper ore processing [7] - Gold production decreased to 27,345 ounces from 33,119 ounces in Q2 2024, mainly due to reduced output at Tambomayo and Orcopampa, partially offset by increases at La Sanja and El Brocal [8] Market Data and Key Metrics Changes - The company initiated the sale of part of the Cerro Verde copper concentrate, selling approximately 20,000 metric tons by the end of Q2 2025, with a total of 40,000 metric tons expected for the full year [8] - Cerro Verde announced a new dividend distribution of $59 million on July 24, corresponding to Buenaventura's equity share, contributing to a total of $108 million in dividends [9] Company Strategy and Development Direction - The company is committed to stable and continuous production of flagship assets, with ongoing optimization efforts to increase throughput [14] - Continuous exploration is emphasized as part of the company's strategy to extend the life of its mining assets [15] - The San Gabriel project achieved 88% overall completion by Q2 2025, with expectations to commence ramp-up in Q3 2025 and produce the first gold bar in Q4 2025, subject to timely permit approvals [12][15] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in obtaining necessary permits for the San Gabriel project, with no anticipated risks regarding the permit for production commencement [20] - The company plans to maintain financial stability and has redeemed the remaining 2026 notes, indicating a focus on managing debt levels [15] - The ramp-up of production at San Gabriel is expected to take all of 2026, with stabilization projected between 100,000 and 120,000 ounces [22] Other Important Information - Total CapEx for Q2 2025 was $107 million, with $82 million allocated to the San Gabriel project [9] - The all-in sustaining costs for copper increased by 63% year-over-year, primarily driven by lower byproduct credits [10] Q&A Session Summary Question: Can you provide more details on the pending permits for San Gabriel? - Management indicated that they have invited authorities to visit the plant in September and do not foresee risks in obtaining the necessary permits [20] Question: What is the expected CapEx for the second half of 2025? - Total CapEx for San Gabriel is expected to remain between $720 million and $750 million, with approximately $130 million to $160 million disbursed in the second half of 2025 [22][23] Question: What is the status of silver production at Uchucchacua? - Management noted a decrease in silver grades due to a shift towards polymetallic stops, with plans to monitor and potentially resume mining in the bottom part of the mine by Q4 2025 [36][37] Question: How is the commercialization of Cerro Verde concentrate impacting overall costs? - The company has started selling 40,000 tons of copper concentrates from Cerro Verde, which is expected to improve terms and overall margins [42][43] Question: What is the timeline for the Trepiche project? - The environmental impact study is on track for approval by the end of the year, with the feasibility study expected to be completed by mid-2026 [55][57] Question: What is the definition of commercial production for San Gabriel? - Commercial production is defined as producing two gold bars over 20 continuous days at 65% capacity [64][70]

Compañía de Minas Buenaventura (BVN) Q2 2025 Earnings Call July 25, 2025 11:00 AM ET Speaker0Good morning, ladies and gentlemen. Welcome to the Compania de Minas Buenaventura Second Quarter twenty twenty five Earnings Results Conference Call. At this time, all participants are in a listen only mode. And please note that this call is being recorded. I would now like to introduce your host for today's call, Mr.Sebastian Valencia, Head of Investor Relations. Mr. Valencia, you may begin.Speaker1Good morning, ev ...

Note: (1) Consolidated figures includes 100% BVN, 100% La Zanja and 100% El Brocal. (2) Net Income attributable to owners of the parent. 3 2Q25 Earnings Results Conference Call 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 ...

Key Takeaways BVN's Q2 gold output at Orcopampa fell 30.2% Y/Y, El Brocal gold rose 40.2% and silver climbed 25%. Tambomayo gold and silver output dropped 66.6% and 49.7% Y/Y due to ore processing delays. Coimolache gold production surged 77.9% Y/Y. BVN kept its 2025 guidance at 50,000-55,000 ounces.Buenaventura Mining (BVN) reported second-quarter 2025 production and volume sold from its operating mines.Gold production at the Coimolache mine, and gold and silver production at the Julcani mine were in lin ...

Group 1 - Compañía de Minas Buenaventura S.A.A. (NYSE: BVN) has been monitored for over 20 years, with previous hesitations primarily due to doubts regarding the value proposition of gold [1] - The company operates in a diverse range of industries, including mining, and has been analyzed through various economic crises and market conditions [1] Group 2 - The analyst has a long position in ORAAF shares, indicating a positive outlook on the company's performance [2] - The article reflects the author's personal opinions and does not represent any business relationship with the companies mentioned [2]

1Q25 Earnings Results Conference Call 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 optimiz ...

Financial Data and Key Metrics Changes - The company's EBITDA from direct operations for Q1 2025 was $126 million, up from $95 million in Q1 2024, reflecting an EBITDA margin increase to 41% from 38% year-over-year [8] - Net income for Q1 2025 was $140 million, compared to $61 million in the same period last year [8] - The cash position at the end of the year was $648 million, with total debt at $862 million, resulting in a net leverage ratio of 0.46 times [9] Business Line Data and Key Metrics Changes - Silver production increased by 20% year-over-year to 3.7 million ounces, with 2.2 million ounces coming from Jumpak [11] - Copper production decreased by 21% year-over-year, primarily due to the processing of remaining inventories from the El Brocal pen pit [11] - Gold production was 27,980 ounces, down from 36,593 ounces in Q1 2024, mainly due to decreased output at Tambomayo and Orcopampa [11] Market Data and Key Metrics Changes - The all-in sustaining cost for Q1 2025 decreased by 83% compared to the same period last year, driven by lower commercial deductions and higher by-product rates [12] - Cash costs applicable to sales for copper increased year-over-year due to lower by-product credit contributions at El Brocal [13] Company Strategy and Development Direction - The company is focused on reserve growth, EBITDA maximization, and cost efficiency at flagship mines, with a strong pipeline of projects [17] - The San Gabriel project is on track, with 79% overall completion and expected to produce its first gold bar in Q4 2025, pending necessary permits [15][17] Management's Comments on Operating Environment and Future Outlook - Management highlighted that the CapEx for San Gabriel is expected to be between $720 million and $750 million, with an internal rate of return around 12% to 13% [22][23] - The company anticipates an increase in overall CapEx for 2025 to a range of $400 million to $420 million due to adjustments in the San Gabriel project [38] Other Important Information - The company received $49 million in dividends related to its stake in Cerro Verde [10] - The exploration budget for 2025 is projected to be around $40 million to $45 million for operating units and $20 million for non-operating areas [32] Q&A Session Summary Question: Clarification on San Gabriel CapEx and expected returns - Management clarified that the CapEx increase in 2025 is due to geotechnical and hydraulic issues, with expected returns maintaining profitability at $1,600 per ounce [22][23] Question: Exploration budget and administrative expenses - The exploration budget is set at $40 million to $45 million for operating units, with administrative expenses expected to be around $60 million to $65 million for the year [32][33] Question: Updates on underground operations and training - The company is on track with training underground miners and has 60,000 tons of ore on the surface, with development proceeding as planned [50][51] Question: Status of permits and construction at Comalache - Construction permits were granted in March, and construction began in April, with expectations to start piling fresh ore by August [55]

Compañía de Minas Buenaventura (BVN) Q1 2025 Earnings Call May 01, 2025 10:00 AM ET Speaker0 Good morning, ladies and gentlemen. Welcome to the Companion Gamingas Buenaventura First Quarter twenty twenty five Earnings Results Conference Call. At this time, all participants are in listen only mode. And please note that this call is being recorded. I would now like to introduce your host for today's call, Mr. Sebastien Valencia, Head of Investor Relations. Mr. Valencia, you may begin. Speaker1 Good morning, a ...

Market Prices - The morning fixing price for gold on the London Bullion Market was US$2,611 per ounce on December 31, 2024, and US$3,120 per ounce on March 31, 2025[51]. - The afternoon fixing spot price of silver on the London market was US$28.91 per ounce on December 31, 2024, and US$34.06 per ounce on March 31, 2025[51]. - The London Metal Exchange Spot Price for copper was US$8,706 per tonne on December 31, 2024, and US$9,673 per tonne on March 31, 2025[51]. - A continued decline in market prices of gold, silver, and copper could adversely impact revenues, net income, and cash flows[53]. Operating Costs and Profitability - Increased operating costs, including higher equipment, energy, and production costs, could adversely affect profitability and results of operations[68]. - The company no longer engages in hedging activities for gold and silver prices, exposing it fully to market price fluctuations[51]. Mineral Reserves and Exploration - The company may face challenges in replenishing mineral reserves due to the speculative nature of exploration and potential changes in economic feasibility[64]. - The estimates of proven and probable reserves are subject to uncertainties, and actual recovery may vary from estimates[72]. Tax Liabilities - The tax claim for the years 2007, 2008, 2009, and 2010 initially amounted to 373.3 million soles (approximately US$99.0 million), escalating to 2,107.5 million soles (approximately US$559.0 million) due to penalties and fees[78]. - The total amount paid for the disputed tax assessment related to fiscal years 2007 and 2008 was S/1,584,227,000 (equivalent to US$420,219,000), while for fiscal year 2009 it was S/193,398,000 (equivalent to US$51,299,000), and for fiscal year 2010 it was S/356,691,000 (equivalent to US$94,613,000)[80]. - As of 2023, the probability of recovering a portion of the payments made under protest to the Tax Administration related to fiscal years 2009 and 2010 was assessed to be less than 50%, leading to a recognized liability of S/420,231,000 (equivalent to US$111,823,000)[82]. Labor Relations - Unions represented approximately 17.6% of the company's and its subsidiaries' employees as of December 31, 2024, indicating potential risks related to labor disputes[88]. Partnerships and Interests - The company holds a 19.58% partnership interest in Cerro Verde and has no longer any interest in Yanacocha, having sold its stake to Newmont on February 8, 2022[96]. Credit Ratings - The company is rated "BB" by Fitch, "Ba3" by Moody's Investors Service, and "BB-" by S&P Global Ratings, which could impact borrowing costs if ratings are downgraded[102]. Political and Social Risks - The company has faced local political protests and social risks that could disrupt operations and affect future mining projects[89]. - The political and social situation in Peru directly impacts the company's operations, with significant unrest leading to violence and vandalism affecting mining facilities[121]. - Over 60 Peruvians died during three months of violence in early 2023, impacting public and private institutions, including critical mining infrastructure[122]. Legal and Compliance Risks - Legal proceedings against SUNAT could have a material adverse effect on the company's business, with ongoing appeals in Peruvian courts[85]. - The company is subject to evolving anti-bribery and anti-corruption laws in Peru, which may not be as stringent as those in other jurisdictions, necessitating ongoing compliance efforts[110]. Community Relations - The company has implemented extensive community relations practices to manage social issues that may arise at its operations[101]. Geotechnical and Environmental Risks - Geotechnical challenges could adversely impact production and profitability, with potential risks from severe weather and hydrological conditions[91]. - The company owns 15 tailings dams, including 1 under construction, 5 active, and 9 inactive, which could present stability risks, especially related to liquefaction[104]. - The company maintains strict operational controls on critical components to mitigate risks associated with tailings dam failures, which could lead to severe damages and loss of life[106]. Cybersecurity Risks - Cyber incidents, including deliberate attacks, have been increasing, posing risks to the company's information technology systems and potentially disrupting operations[107]. - A cyber-attack could cause temporary interruptions in production and expose the company to liabilities if sensitive personal information is compromised[108]. Shareholder Rights and Corporate Governance - As of March 31, 2025, the Benavides Family holds approximately 35% of the company's outstanding share capital, potentially limiting other shareholders' influence[129]. - Shareholders' rights under Peruvian law are less defined compared to those in the U.S., which may complicate enforcement of their rights[132]. - The company is subject to less stringent disclosure requirements than U.S. companies, potentially resulting in less information available to investors[134]. - Holders of ADSs may be unable to exercise preemptive rights and accretion rights for Common Shares unless specific conditions are met[136]. - A capital increase requires approval from holders of at least 40% of Common Shares at a properly called meeting[136]. - U.S. Holders of ADSs may face limitations in exercising rights unless a registration statement under the Securities Act is effective[136]. - Any rights offering could have a dilutive effect on shareholders who do not exercise their rights[136]. - The Depositary has discretion to sell preemptive rights or accretion rights for holders of ADSs and distribute net proceeds[136]. - If the Depositary cannot make rights available, they may allow the rights to lapse[136].

Financial Data and Key Metrics Changes - Full year EBITDA for 2024 reached $431 million, a significant increase from $199 million in 2023, resulting in an EBITDA margin of 37% compared to 24% the previous year [8] - Net income for 2024 was $402.7 million, a substantial rise from $19.9 million in 2023, with a cash position of $478 million and total debt of $627 million, leading to a leverage ratio of 0.34 times [9] - Total capital expenditures (CapEx) for 2024 amounted to $378 million, with $291 million allocated to the San Gabriel project [11] Business Line Data and Key Metrics Changes - Silver production in 2024 reached 15.5 million ounces, a 69% increase from 9.2 million ounces in the previous year, with significant contributions from Uchucchacua and Yumpag complex [11] - The all-in sustaining cost for the fourth quarter of 2024 increased by 26% year-over-year, primarily due to increased exploration activities [13] Market Data and Key Metrics Changes - The company anticipates stable copper and silver production at El Brocal and Uchucchacua, maintaining consistent output levels [21] - The expected cash cost for the San Gabriel project is projected at $1,400 per ounce of gold, with an anticipated annual production of approximately 120,000 ounces [32] Company Strategy and Development Direction - The San Gabriel project is expected to become the main gold-producing asset, playing a crucial role in the company's long-term growth strategy [13] - The company has resumed its dividend payment policy, proposing a dividend of $0.2922 per share, reaffirming its commitment to delivering returns to investors [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the financial position following successful bond issuance, which enhances liquidity and flexibility for future growth [21] - The year 2025 is viewed as a significant transition period, with the ramp-up of production at San Gabriel marking an important milestone [21] Other Important Information - The company received $166.5 million in dividends for the full year 2024, including $78.3 million related to its stake in Cerro Verde [10] - The construction of the San Gabriel project is 71% complete, with the ramp-up phase expected to commence in the third quarter of 2025 [17] Q&A Session Summary Question: What are the key elements of the construction of San Gabriel that are still pending? - The main goals for the next three months include commissioning the electric room in the crusher circuit and the carbon in leaching area [29] Question: What is the expected cash cost and all-in sustaining cost for the San Gabriel project? - The expected cash cost is $1,400 per ounce of gold, with an annual production of around 120,000 ounces [32] Question: Is the proposed dividend the only payment for 2024? - The management proposed a dividend of around $80 million, which is 20% of net profit, and is open to evaluating additional dividends in the future [44] Question: Are there any risks related to the completion of the San Gabriel project? - There are minimal risks regarding procurement and weather, with no significant delays anticipated [52] Question: What is the expected cost for El Brocal? - The expected cost for El Brocal is around $6,500 per tonne of copper, with stable performance anticipated [56] Question: What is the progress on the underground mine at San Gabriel? - The underground mine is on track, with 20,000 tonnes of ore already on the surface and plans to increase stockpile to 300,000 tonnes by October [70] Question: What is the expected dilution in the stope models? - The expected dilution is around 12%, which will be monitored and fine-tuned as operations progress [82] Question: When will the updated reserves for San Gabriel be reported? - The updated reserves are expected to be reported on April 30 [90]