Group 1 - The presentation highlights Buenaventura's progress in implementing its strategy and the strong financial foundations that support its long-term vision [1] - The company is focused on unlocking the full potential of its flagship projects and advancing its exploration and project pipeline [1] - The presentation will be led by key executives including the CEO, CFO, and Vice President of Operations, with the Chairman also available for questions [3] Group 2 - The session includes a Q&A segment after the presentation, allowing both in-person and webcast participants to submit questions [2][3] - Forward-looking statements will be made based on management's current views and assumptions, with a caution against placing undue reliance on these statements [2]

Summary of Compañía de Minas Buenaventura (NYSE:BVN) 2025 Investor Day Company Overview - **Company**: Compañía de Minas Buenaventura - **Event**: 2025 Investor Day held on November 18, 2025 - **Key Speakers**: Leandro García (CEO), Daniel Dominguez (CFO), Juan Carlos Ortiz (VP of Operations), Roque Benavides (Chairman) Industry Insights - **Mining Sector**: Focus on gold, silver, and copper production - **Market Position**: Currently ranked 81st in market capitalization, with aspirations to reach the top 50 in 15 years - **Production Goals**: - Gold: From current 120,000-130,000 ounces to 200,000-220,000 ounces per year - Silver: From current levels to 20-22 million ounces per year - Copper: From current levels to 120,000-130,000 tons per year Core Strategies and Financial Performance - **Revenue Mix**: 50% base metals and 50% precious metals, targeting a minimum EBITDA margin of 30% [5][6] - **Financial Strength**: Current leverage ratio at 0.45, down from 6 times EBITDA five years ago [9] - **Investment Grade**: Aiming to regain investment grade status and participate in new mining standards [5] Production and Operational Highlights - **Flagship Projects**: - **Cerro Verde**: Partnership with Freeport-McMoRan - **Uchucua and Yumpac**: Silver complex - **Brocal**: Copper mine - **San Gabriel**: Expected to start production in December 2025 [3][6] - **Production Forecast**: - Gold production expected to reach 75,000-80,000 ounces in 2026, increasing to over 100,000 ounces in subsequent years [28] - Copper production at El Brocal projected to reach 60,000 tons per year by 2029 [34] Cost Management and Efficiency - **Cost Reduction Initiatives**: - San Gabriel cash costs projected to decrease from $2,000 to $1,500-$1,400 per ounce as production ramps up [52] - El Brocal cash costs expected to reduce from $6,000 to $5,000 per ton [53] - Uchucua cash costs projected to decrease from $12 to $9-$10 per ounce [53] - Coimolache costs expected to drop from $1,400 to $1,100 per ounce [54] Environmental, Social, and Governance (ESG) Practices - **Local Employment**: 64% of employees are from local communities [14] - **Safety Record**: Zero fatal accidents reported this year [15] - **Renewable Energy**: 100% of energy sourced from renewable sources [16] - **Community Investment**: $240 million spent annually on local services and goods [15] Political and Economic Context - **Political Landscape**: Upcoming elections in Peru may bring discussions on nationalization and tax changes, but the current political context is more stable compared to 2021 [18][19] - **Macroeconomic Fundamentals**: Strong central bank and positive performance of the Peruvian sol [19] Future Outlook - **Cash Flow Projections**: Expected positive free cash flow starting in 2026, with projections of $150 million in 2026 and $400 million in 2027 [56][57] - **Capital Expenditures**: Estimated at $400 million for 2025, with a focus on San Gabriel construction and sustaining CapEx for other projects [55] - **Dividend Expectations**: Anticipated dividends from Cerro Verde of $150 million-$170 million annually [56] Conclusion - **Strategic Focus**: Buenaventura is committed to operational stability, strategic expansion, and maintaining a strong financial position while enhancing production capabilities across its flagship projects [58][59]

Group 1 - The article does not provide any specific content or key points related to a company or industry [1]

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]

Financial Performance - EBITDA increased by 48% from US$136.5 million in 3Q24 to US$202.1 million in 3Q25[4] - Net income decreased by 29% from US$236.9 million in 3Q24 to US$167.1 million in 3Q25, noting that 3Q24 net income included US$157.3 million from the sale of Chaupiloma[5] - The company's cash position is US$486 million, with a debt of US$711 million[5] - The leverage ratio decreased from 2.44x in 3Q24 to 2.17x in 3Q25[5] Production - Silver production increased by 3% from 4.3 million ounces (MOz) in 3Q24 to 4.4 million ounces (MOz) in 3Q25[4] - Gold production decreased by 21% from 38.9 thousand ounces (kOz) in 3Q24 to 30.9 thousand ounces (kOz) in 3Q25[4] - Copper production decreased by 24% from 16.9 thousand tons (kton) in 3Q24 to 12.8 thousand tons (kton) in 3Q25[4] Project Development - San Gabriel project has reached 96% total progress, with construction 95% complete, and commissioning at 65%[6, 17] - 3Q25 CAPEX related to San Gabriel was US$92 million, with a total cumulative CAPEX of US$681 million[6, 17] - The company anticipates the first gold bar from San Gabriel in 4Q25[16, 25] Other Key Points - A dividend payment of US$0.1446 per share/ADS has been approved by Buenaventura's Board of Directors[6] - Coimolache received a permit for full-capacity operations at its mine and leach pad, which is expected to lead to higher cash flow in the coming quarters[6, 24]

Core Insights - Compañia de Minas Buenaventura S.A.A. is Peru's largest publicly-traded precious metals mining company, and it announced its financial results for the third quarter and nine-month period ended September 30, 2025 [1] Financial Performance - The financial results have been prepared in accordance with IFRS on a non-GAAP basis and are stated in U.S. dollars [1]

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]