Core Viewpoint - Compañia de Minas Buenaventura S.A.A. will host its Analyst and Investor Day on November 18, 2025, in New York, NY, aimed at equity analysts and institutional investors [1] Company Information - Buenaventura is Peru's largest publicly-traded precious metals mining company [1] - The event will feature presentations from the Company's senior management team, including Mr. Leandro García, Chief Executive [1]

Group 1: Momentum Investing Overview - Momentum investing involves following a stock's recent trend, with the strategy of buying high and selling higher, capitalizing on established price movements [1] - The Zacks Momentum Style Score helps define momentum characteristics, with Buenaventura (BVN) currently holding a Momentum Style Score of A [2][3] Group 2: Performance Metrics - Buenaventura has a Zacks Rank of 1 (Strong Buy), indicating strong potential for outperformance in the market [3] - Over the past week, BVN shares increased by 0.4%, while the Zacks Mining - Silver industry rose by 3.16% [5] - In the last quarter, BVN shares surged by 23.26%, and over the past year, they gained 47.14%, significantly outperforming the S&P 500's increases of 10.66% and 18.43% respectively [6] Group 3: Trading Volume and Earnings Outlook - The average 20-day trading volume for BVN is 1,031,934 shares, which is a bullish indicator when combined with rising stock prices [7] - In the past two months, one earnings estimate for BVN increased, raising the consensus estimate from $1.43 to $1.66, with no downward revisions noted [9] Group 4: Conclusion - Given the strong performance metrics and positive earnings outlook, Buenaventura is positioned as a 1 (Strong Buy) stock with a Momentum Score of A, making it a compelling investment option [11]

Financial Performance - Compañía de Minas Buenaventura S.A.A. reported strong second-quarter 2025 results, with EBITDA from direct operations increasing to $130.1 million from $107.2 million in Q2 2024 [1] - Net income rose to $98.2 million from $74.4 million year-over-year [1] - For the first half of 2025, EBITDA was $256.4 million and net income was $245.2 million, both significantly higher than the same period in the previous year [1] Debt and Cash Position - The company reported a leverage ratio of 0.56x and net debt of $271.7 million [1] - Cash reserves stood at $588.5 million [1] - Buenaventura repaid $149 million in 2026 notes on July 23, 2025 [1] Operational Highlights - El Brocal's restart led to a 28% year-over-year increase in copper production [3] - However, silver output declined by 11% and gold production dropped by 19% due to reduced production at Orcopampa and Tambomayo [3] - Lead output increased by 2%, while zinc production surged by 22% [3] Investment and Sales Initiatives - Buenaventura invested $82.2 million in mining and plant development for the San Gabriel project [3] - The company began selling Cerro Verde's copper concentrate, with 20,000 WMT sold in Q2 2025 out of an anticipated 40,000 WMT for the year [3] Market Position - Compañía de Minas Buenaventura S.A.A. is ranked ninth among the Best Silver Mining Stocks according to hedge funds [1][3]

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]

Financial Data and Key Metrics Changes - EBITDA for Q2 2025 was $130 million, up from $107 million in Q2 2024, reflecting a strong performance [7] - Net income increased to $91 million in Q2 2025 from $71 million in Q2 2024 [8] - Total CapEx for the quarter was $107 million, with $82 million allocated to the San Gabriel project [9] - Cash position at the end of the quarter 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 decreased by 11% year-over-year to 3.6 million ounces, primarily due to lower output at Jumpac, Tambomayo, and Huican [8] - Copper production increased by 28% year-over-year, attributed to halted operations at El Brocal in 2024 [8] - Gold production fell to 27,345 ounces from 33,119 ounces in the same quarter last year, mainly due to decreased output at Tambomayo and Orcopampa [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 the quarter, with a total of 40,000 metric tons expected for the full year 2025 [8] - Cerro Verde announced a new dividend distribution of $59 million, corresponding to Buenaventura's equity share, to be distributed in August [9] Company Strategy and Development Direction - The company is committed to stable and continuous production of flagship assets and is focused on optimizing throughput [15] - Continuous exploration efforts are emphasized to extend the life of mining assets [15] - The San Gabriel project is on track with 88% overall completion, with expectations to produce the first gold bar in Q4 2025, subject to timely permit approvals [13][16] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in obtaining necessary permits for the San Gabriel project, indicating no significant risks [19] - The company plans to maintain financial stability and has redeemed the remaining 2026 notes [16] - The ramp-up of production at San Gabriel is expected to take all of 2026, with stabilization anticipated thereafter [21] Other Important Information - The all-in sustaining costs for copper increased by 63% year-over-year, primarily due to lower byproduct credits [11] - The company received $49 million in dividends from Cerro Verde, which contributed to operating cash flow [12] 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 [19] 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 [20][22] Question: When do you expect to reach full production capacity at San Gabriel? - The ramp-up will take all of 2026, with expectations to stabilize production between 100,000 and 120,000 ounces [21] Question: How is Uchucchacua performing regarding silver grades and costs? - Management noted a decrease in silver grades due to a shift towards polymetallic stops, with expectations to stabilize in Q3 [32][35] Question: What is the strategy for El Brocal moving forward? - The company plans to prioritize mining blocks with higher gold and silver content while maintaining a target copper production of 1.45% [38] Question: Can you clarify the commercialization of Cerro Verde concentrate? - The company has sold 20,000 tons of copper concentrate in the first half and plans to sell another 20,000 tons in the second half, with margins expected around $1.2 million for each 10,000 tons [48][50] Question: What is the status of 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 in Q3 2026 [55] 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][68]

Financial Performance - Buenaventura's 2Q25 net income was US$91 million, compared to US$71 million in 2Q24[4] - The company's cash position is US$589 million, with a debt of US$860 million[4] - Buenaventura redeemed the remaining US$149 million of its 2026 bond on July 23[4] - 2Q25 EBITDA was US$130 million[9] Production - Gold production reached 33800 ounces in 2Q25, a 28% increase compared to 27300 ounces in 2Q24[4] - Silver production was 4 million ounces in 2Q25, an 11% decrease compared to 3600000 ounces in 2Q24[4] - Copper production was 10300 tons in 2Q25, a 19% decrease compared to 13200 tons in 2Q24[4] Costs - Copper All-in Sustaining Cost was US$1872 per TMF-Cu in 2Q25, compared to US$1151 per TMF-Cu in 2Q24[6] - Cost Applicable to Sales was US$6478 per Oz-Au in 2Q25, compared to US$6414 per Oz-Au in 1Q25[6] San Gabriel Project - San Gabriel project is 88% complete and is preparing for ramp-up[13, 15] - 2Q25 CAPEX related to San Gabriel was US$82 million, with a total cumulative CAPEX of US$588 million[4, 12] - The company aims for the first gold bar by 4Q25, pending permits[12, 20]

Core Insights - Buenaventura Mining (BVN) reported its second-quarter 2025 production and sales figures from its operating mines, highlighting mixed performance across different sites [1] Group 1: Mine Performances - Gold production at the Orcopampa mine decreased by 30.2% year-over-year to 12,270 ounces, with sales of 12,158 ounces; the company expects 2025 production to be between 48,000 and 52,000 ounces [3][11] - El Brocal mine produced 5,581 ounces of gold, a 40.2% increase year-over-year, and silver production rose by 25% to 390,486 ounces; copper production was 13,079 MT, down 1% year-over-year [4][11] - Tambomayo's gold production fell 66.6% to 2,985 ounces, and silver production dropped 49.7% to 191,181 ounces due to processing delays; the company maintained 2025 production expectations for gold at 12,000-15,500 ounces and silver at 1.2-1.5 million ounces [6][7][11] - Coimolache mine saw a significant increase in gold production, rising 77.9% to 13,149 ounces, with sales of 13,440 ounces; production guidance for 2025 remains at 50,000-55,000 ounces [8][11] - Julcani mine's silver production decreased by 32.3% year-over-year to 299,697 ounces, with sales of 282,420 ounces; the expected silver production for 2025 is between 1.5 and 1.8 million ounces [9] Group 2: Sales and Guidance - In Q2 2025, Buenaventura sold 3,244 ounces of gold, 309,222 ounces of silver, and 12,439 MT of copper from the El Brocal mine; the company expects gold production from El Brocal to be between 18,000 and 20,000 ounces and silver production at 1.4-1.6 million ounces for 2025 [5] - The company maintained its overall production guidance for 2025, with expectations for gold production across its mines to remain stable despite the mixed results in Q2 [11] Group 3: Stock Performance - Buenaventura's stock has gained 5% over the past year, compared to the industry's growth of 10.7% [10]

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]

Financial Performance - The company's net income for 1Q25 was US$140 million, compared to US$61 million in 1Q24[4] - The company's cash position is US$648 million and debt is US$862 million, with a leverage ratio of 046x[4] - The company received US$49 million in dividends from Cerro Verde[6] - 1Q25 EBITDA was US$126 million with a 41% margin, compared to US$95 million with a 38% margin in 1Q24[4] Production - Copper production was 122 kton in 1Q25, a 20% increase compared to 102 kton in 1Q24[8] - Gold production was 365 kOz in 1Q25, a 24% decrease compared to 478 kOz in 1Q24[8] - Silver production was 31 Moz in 1Q25, a 21% decrease compared to 37 Moz in 1Q24[8] Costs - Copper All-in Sustaining Cost decreased 83% from 1Q24 to 1Q25[12] San Gabriel Project - The San Gabriel project is 79% complete as of 1Q25[6, 19, 20, 22] - Total CAPEX for San Gabriel as of 1Q25 is US$505 million[17] - The CAPEX for FY25 has been revised to US$220-250 million[17] - The company anticipates the first gold bar from San Gabriel in 4Q25[17, 18, 29] Reserves - Consolidated reserves have been updated as of 2024, with increases of 482 kOz for gold, 61 Moz for silver, and 253 kton for copper compared to 2023[9, 10]

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]