Financial Data and Key Metrics Changes - Copper production in 2025 was 52.4 thousand tons, down 8% year-over-year due to processing stockpiles with higher precious metal content [5] - Silver production reached 15.6 million ounces, a 1% increase from 15.5 million ounces in the previous year [6] - Gold production was 121,000 ounces, down 18% year-on-year, primarily due to lower output at Orcopampa and Tambomayo [6] - EBITDA for 2025 was $112 million, an 88% increase from $431.5 million in 2024 [6] - Net income for 2025 was $830 million, compared to $460 million in 2024, including $157.3 million from the sale of Chaupiloma [6] - The company ended the year with a cash position of $530 million and total debt of $710 million, resulting in a leverage ratio of 0.22x [7] Business Line Data and Key Metrics Changes - The focus for gold production is shifting to San Gabriel, expected to become the main gold-producing asset in the coming years [8] - CapEx for 2025 is projected between $385 million and $415 million, with $200 million-$220 million allocated for sustaining CapEx [8] Market Data and Key Metrics Changes - The company anticipates stable copper and silver production at El Brocal and Uchucchacua, maintaining consistent output levels [8] - The expected production guidance for gold in 2026 is between 48,000 and 55,000 ounces [10] Company Strategy and Development Direction - The company aims to enhance exploration investments to reinforce reserves and resources while advancing progressive closures to improve efficiency [12] - San Gabriel is transitioning from project execution to ramp-up, targeting a stable throughput of 2,000 tons per day by the third quarter of 2026 [11] Management Comments on Operating Environment and Future Outlook - Management highlighted a supportive environment for exploration investments and emphasized a strong cash flow generation and solid balance sheet [12] - The company is focused on improving ventilation systems and addressing production flexibility due to recent operational challenges [22] Other Important Information - The board approved a dividend of $0.9904 per share, totaling $1.135 per share over the past 12 months [7] - The company received $98 million in dividends from its stake in Cerro Verde after the quarter ended [7] Q&A Session Summary Question: CapEx increase and reasons behind it - Management explained that the increase in CapEx is primarily due to pending works related to earthworks and ramp-up at San Gabriel [14][15] Question: Lower production guidance for San Gabriel - Management indicated that the lower guidance is due to construction and permitting delays, as well as the need to redesign the ventilation system [19][21] Question: Guidance on G&A and exploration budget - The expected G&A for 2026 is around $60 million-$70 million, with exploration budget increased to $90 million-$100 million [28][29] Question: Status of asset sales and strategic review of mines - Management confirmed ongoing evaluations of asset sales, with a focus on the feasibility of selling mines separately or as a whole [56][58] Question: Dividend payment timeline - The dividend payment is expected in April, with $200 million in dividends from Cerro Verde anticipated throughout the year [62][63]

Financial Data and Key Metrics Changes - Copper production in 2025 reached 52.4 thousand tons, down 8% year-over-year due to processing stockpiles with higher precious metal content [5] - Silver production was 15.6 million ounces, a 1% increase from 15.5 million ounces in the previous year [6] - Gold production decreased by 18% year-on-year to 121,000 ounces, primarily due to lower output at Orcopampa and Tambomayo [6] - EBITDA from direct operations for 2025 was $112 million, an 88% increase from $431.5 million in 2024 [6] - Net income for 2025 was $830 million, compared to $460 million in 2024, including $157.3 million from the sale of Chaupiloma [6] - The company ended the year with a cash position of $530 million and total debt of $710 million, resulting in a leverage ratio of 0.22 times [7] Business Line Data and Key Metrics Changes - San Gabriel project reached 99% overall progress, with CapEx in Q4 2025 amounting to $153 million, mainly for the processing plant construction [7] - The company anticipates stable copper and silver production at El Brocal and Uchucchacua Yumpag, maintaining consistent output levels [8] - For 2025, total CapEx is expected to be between $385 million and $415 million, with sustaining CapEx focused on mine development and readiness works at San Gabriel [8] Market Data and Key Metrics Changes - The company expects gold production guidance for 2026 to be between 48,000 and 55,000 ounces, with pending milestones to achieve full potential [10] - The cash position increased in Q4 2025, driven by net cash inflows from operating activities [9] Company Strategy and Development Direction - San Gabriel is expected to become the main gold-producing asset, playing a key role in the long-term growth strategy [8] - The company aims to step up exploration investment to reinforce reserves and resources while enhancing efficiency through progressive closures [12] Management Comments on Operating Environment and Future Outlook - Management highlighted a supportive environment for exploration investment and emphasized a strong cash flow generation and solid balance sheet [12] - The company is focused on achieving a stable 2,000 tons per day throughput at San Gabriel by Q3 2026 [11] Other Important Information - The board approved a dividend of $0.9904 per share, totaling $1.135 per share over the past 12 months [7] - The company received $98 million in dividends from its stake in Cerro Verde after the quarter ended [7] Q&A Session Summary Question: CapEx increase and reasons behind it - Management explained that the significant increase in CapEx is primarily due to pending works related to earthworks and ramp-up of the San Gabriel project [14][15] Question: Lower production guidance for San Gabriel - Management indicated that the lower guidance is due to the need for improved ventilation and a revised production plan following an accident [18][22] Question: Changes in mining plans due to rising metal prices - Management confirmed that only the San Gabriel mining plan has been reviewed, with no changes to copper and silver objectives [24] Question: G&A and exploration budget for 2026 - The expected G&A for 2026 is around $60 million-$70 million, with exploration budget increased to $90 million-$100 million [30] Question: Status of asset sales and potential decisions - Management is evaluating asset sales and will inform the market once a decision is made, considering the current precious metals prices [39][58]

Financial Data and Key Metrics Changes - Copper production in 2025 reached 52.4 thousand tons, down 8% year-over-year due to processing stockpiles with higher precious metal content [5] - Silver production was 15.6 million ounces, a 1% increase from 15.5 million ounces in the previous year [6] - Gold production decreased by 18% year-on-year to 121,000 ounces, primarily due to lower output at Orcopampa and Tambomayo [6] - EBITDA for 2025 was $112 million, an 88% increase from $431.5 million in 2024 [6] - Net income for 2025 was $830 million, compared to $460 million in 2024, including $157.3 million from the sale of Chaupiloma [6] - The company ended the year with a cash position of $530 million and total debt of $710 million, resulting in a leverage ratio of 0.22 times [7] Business Line Data and Key Metrics Changes - The company anticipates stable copper and silver production at El Brocal and Uchucchacua Yumpag, maintaining consistent output levels [8] - CapEx for 2025 is expected to be between $385 million and $415 million, with $200 million-$220 million allocated for sustaining CapEx [8] Market Data and Key Metrics Changes - The company received $98 million in dividends from its stake in Cerro Verde after the quarter ended [7] - The board approved a dividend of $0.9904 per share, totaling $1.135 per share at ADS over the past 12 months [7] Company Strategy and Development Direction - San Gabriel is expected to become the main gold-producing asset, playing a key role in the long-term growth strategy [8] - The company is focusing on exploration investments to reinforce reserves and resources while enhancing operational efficiency [13] Management Comments on Operating Environment and Future Outlook - Management highlighted a supportive environment for exploration investments and a strong cash flow generation [13] - The company is transitioning San Gabriel from project execution to ramp-up, aiming for stable production of 2,000 tons per day by the third quarter of 2026 [12] Other Important Information - The company produced its first gold bar at San Gabriel and received the initial operating permit [10] - The water license is expected in the coming weeks [11] Q&A Session Summary Question: CapEx increase and reasons behind it - Management explained that the increase in CapEx is primarily due to pending works related to earthworks and ramp-up of the San Gabriel project [15][16] Question: Lower production guidance for San Gabriel - Management indicated that the lower guidance is due to pending construction and permitting issues, as well as the need to improve ventilation systems [19][22] Question: Exploration and G&A guidance for 2026 - Management expects G&A for 2026 to be around $60 million-$70 million, with exploration budget increased to $90 million-$100 million [30][31] Question: Status of asset sales and Coimolache sulfides study - Management confirmed that they are analyzing the feasibility of selling certain mines and expect to provide updates on the Coimolache study in the first half of the year [34][61] Question: Dividend payment timeline - The dividend payment is expected in April, with $200 million in dividends from Cerro Verde anticipated throughout the year [67]

4Q25 Earnings Results Conference Call Cautionary Statement Net Income (US$ M)(3) 30 406 416 830 4Q24 4Q25 FY24 FY25 +99% Cash Position: US$ 530 M Debt: US$ 710 M Leverage Ratio 6.14x 3.58x 2.80x 2.44x 0.34x 0.22x FY20 FY21 FY22 FY23 FY24 FY25 San Gabriel has reached 99% total progress. Construction is 98% complete. 4Q25 CAPEX related to San Gabriel was US$ 153 M On 29-Jan, BVN received US$ 98 M in dividends from Cerro Verde Buenaventura's Board of Directors has approved a dividend payment of US$ 0.9904 per ...

Core Viewpoint - Compañia de Minas Buenaventura S.A.A. reported its financial results for the fourth quarter and full year of 2025, highlighting its position as Peru's largest publicly-traded precious metals mining company [1] Financial Performance - The company’s results for 4Q25 and FY25 were prepared in accordance with IFRS on a non-GAAP basis and are expressed in U.S. dollars [1]

Key Takeaways BVN is set to report Q4 results with sales expected to rise 49% and earnings up 354% year over year.Higher gold, silver and copper prices, plus stronger sales volumes, likely aided Q4 performance.Gold prices jumped 60% and silver 88%, while copper sales volumes rose 18% in the quarter.Buenaventura Mining (BVN) is scheduled to report fourth-quarter 2025 results on Feb. 26, after market close.The Zacks Consensus Estimate for Buenaventura Mining’s fourth-quarter total sales is pegged at $447.6 mi ...

Financial Data and Key Metrics Changes - OR Royalties achieved record annual revenues of $277.4 million, record operating cash flow of $246 million, and record earnings of $1.10 per share for the year 2025, driven by elevated precious metals prices [3][4] - The company ended 2025 with $142.1 million in cash and was completely debt-free, having paid off its credit facility in Q3 [4][33] - The company declared a quarterly dividend of $0.055, marking its 45th consecutive dividend, with over $279 million returned to shareholders to date [4][5] Business Line Data and Key Metrics Changes - OR Royalties earned 80,775 gold equivalent ounces (GEOs) in 2025, with 95% of GEOs coming from precious metals, including 65% from gold and 31% from silver [3][9] - The company had 22 producing assets at the end of 2025, with a significant portion of contributions from Tier One mining jurisdictions [9][12] Market Data and Key Metrics Changes - The company expects GEOs earned in 2026 to range between 80,000 and 90,000, with an average cash margin of approximately 97% [24][25] - The 2026 guidance reflects a consensus commodity price ratio of 73-to-1 for gold to silver, with current spot ratios around 64-to-1 [26] Company Strategy and Development Direction - The company emphasized a disciplined approach to capital allocation, prioritizing value over volume in acquisitions, with only $25 million spent on royalty and stream acquisitions in 2025 [6][7] - OR Royalties is targeting assets that contribute to a projected 50% growth trajectory through to 2030, focusing on accretive value creation [34][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the current operating environment, highlighting the strategic advantage of being debt-free and having a strong cash position [4][33] - The company anticipates significant growth in GEOs from various assets, including Canadian Malartic, Island Gold, Dalgaranga, San Gabriel, and Namdini, particularly in 2027 [25][26] Other Important Information - The company recently acquired a 1.5% NSR royalty at Buenaventura's San Gabriel Mine, which is expected to ramp up production and contribute meaningfully to GEOs from 2028 onwards [12][14] - The acquisition of the Gold Fields royalty portfolio is expected to strengthen the company's long-term pipeline and provide immediate cash flow [34] Q&A Session Summary Question: Guidance for year-over-year performance - Management explained that the methodology for 2026 guidance is consistent with previous years, using a consensus pricing ratio of 73-to-1 for gold to silver, with potential upside if silver prices stabilize [40][41] Question: Mine ramp-ups and production profile - Management indicated no significant new ramp-ups beyond disclosed assets, with Mantos Blancos being the largest contributor to silver deliveries [42][43] Question: Opportunities for further acquisitions - Management confirmed ongoing exploration of acquisition opportunities, including familiar assets and new portfolios, while maintaining a focus on geography [44][45] Question: Expected GEOs from specific assets in 2030 - Management stated that the 2030 guidance includes minimum payments from Cascabel, with potential additional GEOs from various assets [54] Question: Mantos performance expectations - Management confirmed that expectations for Mantos are effectively flat compared to 2025 and 2026 [58]

Financial Data and Key Metrics Changes - OR Royalties achieved record annual revenues of $277.4 million in 2025, with record operating cash flow of $246 million and earnings of $1.10 per share, reflecting a cash margin of nearly 97% [4][5][8] - The company ended 2025 with $142.1 million in cash and was completely debt-free after paying off its credit facility [5][33] - The company declared a quarterly dividend of $0.055, marking its 45th consecutive dividend, with over $279 million returned to shareholders to date [5][6] Business Line Data and Key Metrics Changes - In 2025, OR Royalties earned 80,775 gold equivalent ounces (GEOs), with 95% of these coming from precious metals, primarily gold (65%) and silver (31%) [4][9] - The company had 22 producing assets at the end of 2025, with a significant portion of royalties coming from Tier One mining jurisdictions, including Canada, the U.S., and Australia [9][10] Market Data and Key Metrics Changes - The company noted that 2025 was characterized by elevated precious metals prices, which significantly influenced revenue and earnings [4][8] - The breakdown of GEOs earned indicated a strong reliance on precious metals, with expectations for continued stability in production from key assets like Mantos Blancos and Canadian Malartic [9][10][19] Company Strategy and Development Direction - OR Royalties emphasized a disciplined approach to capital allocation, completing only $25 million in royalty and stream acquisitions in 2025, while prioritizing value over volume [7][34] - The company plans to continue focusing on accretive value creation and will not pursue growth for its own sake [34] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting a strong cash position and the potential for growth through new acquisitions and existing asset ramp-ups [6][34] - The company expects marginal growth in GEOs for 2026, with significant increases anticipated in 2027 due to contributions from several key assets [25][26] Other Important Information - The company recently acquired a 1.5% NSR royalty at Buenaventura's San Gabriel Mine, which is expected to contribute significantly to GEOs from 2028 onwards [12][15] - The acquisition of the Gold Fields royalty portfolio is seen as a strategic move to enhance cash flow and long-term growth potential [14][34] Q&A Session Summary Question: Guidance for year-over-year performance - Management explained that the methodology for 2026 guidance is consistent with previous years, using a consensus price deck of 73-to-1 for gold to silver ratios, with potential upside if silver prices remain stable [39][40] Question: Mine ramp-ups and production profile - Management indicated that there are no significant new ramp-ups beyond what has been disclosed, with Mantos Blancos being a key contributor to silver deliveries [41][42] Question: M&A opportunities and asset acquisitions - Management confirmed that there are significant opportunities for acquiring familiar assets and new portfolios, with a focus on maintaining a strong geographical presence in Canada, the U.S., and Australia [43][44] Question: Expected GEOs from specific assets in 2030 - Management stated that the 2030 guidance includes minimum payments from Cascabel and anticipates an aggregate upside of 20,000-30,000 GEOs from various assets [51][52] Question: Mantos production expectations - Management confirmed that expectations for Mantos are effectively flat compared to 2025 and 2026 [55][57]

Financial Data and Key Metrics Changes - OR Royalties achieved record annual revenues of $277.4 million, record operating cash flow of $246 million, and record earnings of $1.10 per share in 2025, driven by elevated precious metals prices [4][5] - The company ended 2025 with $142.1 million in cash and was completely debt-free after paying off its credit facility [5][30] - The company declared a quarterly dividend of $0.055, marking its 45th consecutive dividend, with over $279 million returned to shareholders to date [5][6] Business Line Data and Key Metrics Changes - OR Royalties earned 21,735 GEOs in Q4 2025, totaling 80,775 GEOs for the year, aligning with the annual guidance range of 80,000-88,000 GEOs [4][9] - 95% of the 2025 GEOs came from precious metals, with gold accounting for 65% and silver for approximately 31% [9][10] - The company had 22 producing assets at the end of 2025, with a significant portion of royalties from Tier One mining jurisdictions [9] Market Data and Key Metrics Changes - The company noted that 2025 saw a year-over-year improvement in cash flow per share, marking the eighth consecutive year of increases [9] - The commodity breakdown indicated that 95% of GEOs were derived from precious metals, reflecting the company's strong positioning in the market [9][10] Company Strategy and Development Direction - OR Royalties emphasized a disciplined approach to capital allocation, completing only $25 million in royalty and stream acquisitions in 2025 while prioritizing value over volume [7][8] - The company plans to continue focusing on accretive value creation and will not pursue growth for its own sake [32] - The strategic advantage of having secured near-term growth and a strong balance sheet allows the company to wait for the right investment opportunities [8][32] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the potential for significant growth in GEOs from existing assets and new acquisitions [24][26] - The company expects marginal growth in 2026, with a more substantial increase anticipated in 2027 due to contributions from key assets [24][26] - Management noted that the 2030 outlook includes expected growth from several projects, with a target of 50% growth over the next five years [26][28] Other Important Information - The company has a completely untapped credit facility of $650 million, positioning it well for future opportunities [31] - Recent acquisitions, including the Gold Fields portfolio and the Namdini royalty, are expected to enhance cash flow and strengthen the long-term pipeline [32] Q&A Session Summary Question: Guidance for year performance - Management explained that the methodology for 2026 guidance is consistent with previous years, using a consensus price deck of 73-to-1 for gold to silver [36] Question: Mine ramp-ups and production profile - Management indicated that the biggest contributors from a silver perspective are Mantos Blancos and CSA, with stable throughput expected [39] Question: M&A opportunities - Management confirmed that there are significant opportunities for acquiring familiar assets and new opportunities, with a focus on geography [41][42] Question: 2030 guidance and asset contributions - Management clarified that the 2030 guidance includes minimum payments from Cascabel and highlighted potential upside from various assets [50] Question: Mantos performance in 2030 - Management confirmed that expectations for Mantos are effectively flat compared to 2025 and 2026 [54]

Core Viewpoint - Compañía de Minas Buenaventura S.A.A. reported its production and sales volume results for Q4 2025, highlighting significant production figures and future guidance for gold production [1]. Production Results - For the three months ended December 31, 2025, Buenaventura produced a total of 5,862 ounces of gold from its El Brocal mine, which represents a 61.43% increase compared to previous periods [1]. - The Orcopampa mine contributed 15,754 ounces of gold production during the same period [1]. Year-End Results - For the year ended December 31, 2025, the total gold production reached 21,102 ounces, indicating a strong performance for the company [1]. - The company has set a production guidance for the year ending December 31, 2026, estimating gold production to be between 15,000 to 17,000 ounces [1].