Compañía de Minas Buenaventura A : Buenaventura anuncia los resultados del 1er trimestre de 2024 (inglés)

Buenaventura Announces

First Quarter 2024 Results

Lima, Peru, April 29, 2024 - 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 first quarter (1Q24) ended March 31, 2024. 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$).

First Quarter 2024 Highlights:

• 1Q24 EBITDA from direct operations was US$ 94.4 million, compared to US$ 51.6 million reported in 1Q23.
• 1Q24 net income was US$ 67.1 million, compared to US$ 72.8 million net income in 1Q23.
• Buenaventura's cash position reached US$ 174.0 million, while net debt amounted to US$ 525.3 million, resulting in a Leverage Ratio of 1.87x by quarter's end, March 31, 2024.
• On March 18, 2024, the Peruvian Ministry of Energy and Mines granted Buenaventura its final operating permit to begin production at its Yumpag mine. This milestone marks the initiation of 1,000 ton per day uninterrupted mining at Yumpag, enabling Buenaventura to achieve its 2024 production guidance of 6.5 - 7.2 million silver ounces.
• On April 26, 2024, Buenaventura received US$29.4 million in dividends related to its stake in Cerro Verde.
• 1Q24 CAPEX related to San Gabriel was US$ 38.4 million, primarily for the comprehensive installation and operation of the concrete plant, camp construction completion, underground mine rehabilitation, and civil works at the plant.

Financial Highlights (in millions of US$, excluding EPS):

	1Q24	1Q23	Var %
Total Revenues	246.8	185.5	33%
Operating Income	46.9	12.6	N.A.
EBITDA Direct Operations	94.4	51.6	83%
EBITDA Including Affiliates	185.4	178.4	4%
Net Income (1)	61.4	64.4	-5%
EPS (2)	0.24	0.25	-5%

1. Net Income attributable to owners of the parent
2. As of March 31, 2024, Buenaventura had a weighted average number of shares outstanding of 253,986,867

CAPEX

1Q24 capital expenditures reached US$ 58.0 million, compared to US$ 36.2 million in 1Q23. 1Q24 CAPEX includes US$ 38.4 million related to the San Gabriel Project and US$ 12.0 million related to the Yumpag Project.

Operating Revenues

1Q24 net sales were US$ 246.8 million, compared to US$ 185.5 million in 1Q23. Increased net sales were due to increased volume of copper and silver sold, driven by El Brocal's 11,000 tpd underground mine exploitation rate initiative and the restart of the Uchucchacua and Yumpag mines, as well as higher gold, silver and zinc prices.

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The Company recorded a positive US$ 3.2 million provisional price adjustment for 1Q24. This is comprised of a US$ 4.0 million increase in fair value of accounts receivables and a US$ 0.7 million decrease in adjustments to prior period liquidations in 1Q24. This compares to a positive US$ 7.9 million adjustment for the 1Q23.

Operating Highlights	1Q24	1Q23	Var %
Net Sales (millions of US$)		246.8	185.5	33%
Average Gold Price (US$/oz.) Direct Operations (1) (2)	2,111	1,915	10%
Average Gold Price (US$/oz.) incl. Associated (2) (3)		2,108	1,916	10%
Average Silver Price (US$/oz.) (2)	23.44	22.52	4%
Average Lead Price (US$/MT) (2)		2,012	2,139	-6%
Average Zinc Price (US$/MT) (2)	2,336	2,004	17%
Average Copper Price (US$/MT) (2)		8,258	8,972	-8%
Volume Sold		1Q24	1Q23	Var %
Gold Oz Direct Operations (1)		33,585	35,518	-5%
Gold Oz incl. Associated (3)		42,286	38,266	11%
Silver Oz		2,968,025	1,310,630	N.A.
Lead MT		4,707	1,370	N.A.
Zinc MT		7,194	1,307	N.A.
Copper MT		14,588	11,765	24%

1. Buenaventura Consolidated figure includes 100% of Buenaventura's operating units, 100% of La Zanja and 100% of El Brocal.
2. Realized prices include both provisional sales and final adjustments for price changes.
3. Considers 100% of Buenaventura's operating units, 100% of La Zanja, 100% of El Brocal and 40.094% of Coimolache.

Production and Operating Costs

Buenaventura's 1Q24 equity gold production was 43,060 ounces, compared to 38,984 ounces produced in 1Q23, primarily due to increased production at Coimolache. 1Q24 silver production was 2,734,049 ounces, compared to 1,094,691 ounces produced in 1Q23. 1Q24 lead production was 5,187 MT, compared to 1,430 MT produced in 1Q23. 1Q24 zinc production was 8,048 MT, compared to 1,552 MT produced in 1Q23. Silver, lead, and zinc production increased primarily due to production initiation at Uchucchacua and Yumpag, as well as a year on year increase in production at El Brocal. The Company's 1Q24 equity copper production was 29,708 MT, compared to 29,254 MT produced in 1Q23, primarily due to increased production at El Brocal, which was partially offset by decreased production at Cerro Verde.

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Equity Production	1Q24	1Q23		Var %
Gold Oz Direct Operations(1)	33,921	36,363	-7%
Gold Oz including Associated(2) Companies	43,060	38,984	10%
Silver Oz Direct Operations(1)	2,734,049	1,094,691		N.A.
Lead MT Direct Operations(1)	5,187	1,430		N.A.
Zinc MT Direct Operations(1)	8,048	1,552		N.A.
Copper MT Direct Operations(1)	9,506	7,518	26%
Copper MT including Associated Companies(3)	29,708	29,254	2%
Consolidated Production		1Q24	1Q23		Var %
Gold Oz(4)		36,495	38,068		-4%
Silver Oz(4)		3,070,773	1,263,118		N.A.
Lead MT(4)		5,187	1,430		N.A.
Zinc MT(4)		8,814	1,552		N.A.
Copper MT(4)		15,462	12,238		26%

1. Buenaventura's Direct Operations includes 100% of Buenaventura's operating units, 100% of La Zanja and
   61.43% of El Brocal.
2. Based on 100% of Buenaventura´s operating units, 100% of La Zanja, 61.43% of El Brocal and 40.094% of Coimolache.
3. Based on 100% of Buenaventura´s operating units, 61.43% of El Brocal and 19.58% of Cerro Verde.
4. Based on 100% of Buenaventura's operating units, 100% of La Zanja and 100% of El Brocal

Tambomayo (100% owned by Buenaventura)

Production

		1Q24	1Q23	Var %
Gold	Oz	9,124	10,600	-14%
Silver	Oz	329,066	394,305	-17%

Gold

	Cost Applicable to Sales
	1Q24		1Q23	Var %
US$/Oz	1,307		1,169	12%

Tambomayo 1Q24 gold production decreased by 14% year on year. However, this exceeded prior estimates by 23% due to higher than expected grade within areas mined during 1Q24. 1Q24 silver production decreased by 17% year on year compared to the same period of 2023, primarily due to lower than expected grades within areas mined. Gold production exceeded 1Q24 projections due to a change in mining sequence, prioritizing higher-margin prepared areas with higher gold grades, which was partially offset by decreased silver production. Cost Applicable to Sales (CAS) increased to 1,307 US$/Oz in 1Q24 from 1,169 US$/Oz in 1Q23 due to decreased volume sold and higher exploration expenses related to infill exploration at the operation.

Orcopampa (100% owned by Buenaventura)

Production

		1Q24	1Q23	Var %
Gold	Oz	19,026	19,996	-5%
Silver	Oz	7,988	7,618	5%

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Cost Applicable to Sales

		1Q24	1Q23	Var %
Gold	US$/Oz	956	947	1%

1Q24 gold production decreased by 5% year-over-year, consistent with the 2024 planned mining sequence. CAS increased slightly, to 956 US$/Oz in 1Q24 compared to 947 US$/Oz in 1Q23 due to decreased volume sold.

Coimolache (40.09% owned by Buenaventura)

Production

				1Q24	1Q23	Var %
	Gold	Oz		22,795	6,536	N.A.
	Silver	Oz		103,958	25,485	N.A.
			Cost Applicable to Sales
				1Q24	1Q23	Var %
	Gold	US$/Oz		1,057	3,640	-71%

Coimolache 1Q24 gold production increased by 16,259 oz year-over-year, in line with expectations. Environmental permitting delays reduced available leach pad space, adversely impacting the volume of fresh ore which could be placed on the pad, as was previously announced. Silver production exceeded that of 1Q23, as well as the Company's prior projections, due to higher grade silver ore processed from the Tantahuatay NW-Ext, which was placed on the leach pad during 4Q23. CAS therefore decreased to 1,057 US$/Oz in 1Q24, from 3,640 US$/Oz in 1Q23.

Uchucchacua & Yumpag (100% owned by Buenaventura)

Production

					1Q24	1Q23	Var %
	Silver - Uchucchacua		Oz		507,052	N.A.	N.A.
	Silver - Yumpag		Oz		964,996	N.A.	N.A.
	Zinc		MT		5,494	N.A.	N.A.
	Lead		MT		3,910	N.A.	N.A.
		Cost Applicable to Sales
					1Q24	1Q23	Var %
	Silver		US$/Oz		12.19	N.A.	N.A.

Uchucchacua's 1Q24 silver, lead, and zinc production was consistent with expectations for the quarter. Uchucchacua production increased sequentially, to an average of 1,000 tpd during 1Q24 from 800 tpd reported for 4Q23, aligned with the Company's plan to reach 1,500 tpd by the end of 2024.

Yumpag successfully completed processing 124,600 tons of ore from its pilot stope in January 2024. Yumpag received final operating permitting approval on March 18, 2024, enabling uninterrupted mining of up to 1,000 tons per day. Yumpag's silver production therefore exceeded 1Q24 projections as ore processing was initiated earlier than expected due to the operating permit approval. Processing had previously been expected to begin in 2Q24.

1Q24 Silver CAS reached 12.19 US$/Oz, which is below the average cost for Uchucchacua- Yumpag's LOM due to the fact that costs incurred related to Yumpag pilot stope mining are considered to be CAPEX per the exploration permit. Beginning in 2Q24, mining costs will be included within the cost calculation, based on Yumpag's definitive exploration permit.

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Julcani (100% owned by Buenaventura)

Production

				1Q24		1Q23	Var %
	Silver	Oz		386,340		417,887	-8%
			Cost Applicable to Sales
				1Q24		1Q23	Var %
	Silver	US$/Oz		26.15		19.50	34%

1Q24 silver production decreased by 8% year on year. 1Q24 CAS was 26.15 US$/Oz, compared to 19.50 US$/Oz in 1Q23; a 34% year on year increase due to decreased volume sold and increased exploration expenses.

El Brocal (61.43% owned by Buenaventura)

Production

				1Q24	1Q23	Var %
	Copper	MT		15,441	12,238	26%
	Zinc	MT		1,985	N.A.	N.A.
	Silver	Oz		873,021	436,678	100%
			Cost Applicable to Sales
				1Q24	1Q23	Var %
	Copper	US$/MT		5,348	6,738	-21%

El Brocal's 1Q24 copper production increased by 26% year on year, in line with expectations for the quarter. El Brocal's underground mine exploitation rate reached 10,500 tpd in 1Q24, consistent with the Company's target to reach 11,000 tpd by the end of 2024.

1Q24 silver production doubled, year on year, while 1Q24 zinc production reached 1,985 metric tons. Silver production exceeded 1Q24 projections due to higher than anticipated grades from the open pit's remaining stockpiled mined inventories, which was partially offset by lower than anticipated zinc grades during the quarter.

Approximately 293,000 metric tons of polymetallic ore, representing the final inventories from the open pit mine, were processed during 1Q24. The total remaining deferred stripping was therefore recognized.

1Q24 copper CAS decreased by 21% year-over-year, primarily due to increased volume sold and increased by-product credits.

Share in Associated Companies

Buenaventura's share in associated companies was US$ 41.1 million in 1Q24, compared with US$

59.4 million in 1Q23, comprised of:

Share in Associates' Results (in US$ millions)	1Q24	1Q23	Var %
Cerro Verde	35.8	66.6	-46%
Coimolache	5.5	-6.8	N.A.
Other minor investments	-0.1	-0.5	-80%
Total	41.1	59.4	-31%

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Cerro Verde (19.58% owned by Buenaventura)

1Q24 copper production was 103,175 MT, 20,202 MT of which is attributable to Buenaventura; a 7% decrease as compared to 111,012 MT produced in 1Q23, 21,736 MT of which was attributable to Buenaventura.

Cerro Verde reported US$ 182.6 million net income in 1Q24, compared to US$ 328.4 million net income in 1Q23. This decrease is primarily due to a 23% year-on-year decrease in net sales resulting from a lower average realized copper price of US$3.97 per pound in the 1Q24, compared to US$4.42 per pound in the 1Q23, as well as a 7% decrease in volume of copper sold. Further, decreased molybdenum net sales for the quarter due to lower prices and reduced volumes sold. This decrease was partially offset by lower taxes paid during the quarter.

1Q24 Cerro Verde capital expenditures were US$ 69.8 million.

Coimolache (40.09% owned by Buenaventura)

Coimolache reported US$ 13.3 million in 1Q24 net income, compared to US$ 16.7 million net loss in 1Q23.

San Gabriel Project

1Q24 capital expenditures were US$ 38.4 million. These expenditures were primarily related to the full installation and operation of the concrete plant and concrete for the processing plant foundations where the mill, thickeners and leaching tanks will be located. The definitive camp has been fully completed, including offices, dining areas, and sleeping rooms. The initial phase of underground mine rehabilitation, focusing on the main ramp, has also concluded. Mine development tunneling will begin in 2Q24.

	Item			Description						Cumulative Progress as of:
					2Q23			3Q23			4Q23			1Q24
	1			Engineering			81%			90%			92%			94%
2			Procurement	85%		89%		89%			94%
	3			Construction			7%			14%			27%			37%
4			Commissioning	0%		0%		0%			0%
				Total			23%			28%			38%			47%

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***

Company Description

Compañía de Minas Buenaventura S.A.A. is Peru's largest, publicly traded precious and base metals Company and a major holder of mining rights in Peru. The Company is engaged in the exploration, mining development, processing and trade of gold, silver and other base metals via wholly-owned mines and through its participation in joint venture projects. Buenaventura currently operates several mines in Peru (Orcopampa*, Uchucchacua*, Julcani*, Tambomayo*, La Zanja*, El Brocal and Coimolache).

The Company owns 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer (a partnership with Freeport-McMorRan Inc. and Sumitomo Corporation).

For a printed version of the Company's 2023 Form 20-F, please contact the investor relations contacts on page 1 of this report or download the PDF format file from the Company's web site at www.buenaventura.com.

(*) Operations wholly owned by Buenaventura

Note on Forward-Looking Statements

This press release and related conference call contain, in addition to historical information, forward-looking statements including statements related to the Company's ability to manage its business and liquidity during and after the COVID-19 pandemic, the impact of the COVID-19 pandemic on the Company's results of operations, including net revenues, earnings and cash flows, the Company's ability to reduce costs and capital spending in response to the COVID-19 pandemic if needed, the Company's balance sheet, liquidity and inventory position throughout and following the COVID-19 pandemic, the Company's prospects for financial performance, growth and achievement of its long-term growth algorithm following the COVID-19 pandemic, future dividends and share repurchases.

This press release may also contain forward-looking information (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including those concerning the Company's, Cerro Verde's costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver, copper and other metals mined, the success of joint ventures, estimates of future explorations, development and production, subsidiaries' plans for capital expenditures, estimates of reserves and Peruvian political, economic, social and legal developments. These forward-looking statements reflect the Company's view with respect to the Company's, Cerro Verde's future financial performance. Actual results could differ materially from those projected in the forward-looking statements as a result of a variety of factors discussed elsewhere in this Press Release.

**Tables to follow**

APPENDIX 1

Equity Participation in

Subsidiaries and Associates (as of March 31, 2024)

	BVN	Operating
	Equity %	Mines / Business
El Molle Verde S.A.C*	100.00	Trapiche Project
Minera La Zanja S.A*	100.00	La Zanja
Sociedad Minera El Brocal S.A.A*	61.43	Colquijirca and Marcapunta
Compañía Minera Coimolache S.A**	40.09	Tantahuatay
Sociedad Minera Cerro Verde S.A.A**	19.58	Cerro Verde
Processadora Industrial Rio Seco S.A*	100.00	Rio Seco chemical plant
Consorcio Energético de Huancavelica S.A*	100.00	Energy - Huanza Hydroelectrical plant

(*) Consolidated

(**) Equity Accounting

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APPENDIX 2

Gold Production		13
Mining Unit	Operating Results	Unit	1Q24	1Q23	△%
Underground
	Ore Milled	DMT	133,677	140,194	-5%
Tambomayo	Ore Grade	Gr/MT	2.46	2.79	-12%
Recovery Rate	%	86.29	84.40	2%
	Ounces Produced*	Oz	9,124	10,600	-14%
	Ore Milled	DMT	75,000	69,171	8%
Orcopampa	Ore Grade	Gr/MT	8.30	9.39	-12%
Recovery Rate	%	95.08	95.73	-1%
	Ounces Produced*	Oz	19,026	19,996	-5%
	Ore Milled	DMT	958,210	841,663	14%
Marcapunta	Ore Grade	Gr/MT	0.85	0.52	64%
Recovery Rate	%	24.79	31.30	-21%
	Ounces Produced*	Oz	6,511	4,402	48%
Julcani	Ounces Produced	Oz	281	-	N.A.
Cu - Au
Open Pit
La Zanja	Ounces Produced	Oz	1,390	3,051	-54%
Tajo Norte	Ounces Produced	Oz	164	19	N.A.
Cu - Ag
Coimolache	Ounces Produced	Oz	22,795	6,536	N.A.
Silver Production
Mining Unit	Operating Results	Unit	1Q24	1Q23	△%
Underground
	Ore Milled	DMT	133,677	140,194	-5%
Tambomayo	Ore Grade	Oz/MT	2.79	3.18	-12%
Recovery Rate	%	88.17	88.58	0%
	Ounces Produced	Oz	329,066	394,305	-17%
	Ore Milled	DMT	75,000	69,171	8%
Orcopampa	Ore Grade	Oz/MT	0.15	0.15	4%
Recovery Rate	%	69.38	74.28	-7%
	Ounces Produced	Oz	7,988	7,618	5%
	Ore Milled	DMT	112,301	-	N.A.
Uchucchacua	Ore Grade	Oz/MT	5.40	-	N.A.
Recovery Rate	%	83.57	-	N.A.
	Ounces Produced	Oz	507,052	-	N.A.
	Ore Milled	DMT	32,542	-	N.A.
Yumpag	Ore Grade	Oz/MT	31.45	-	N.A.
Recovery Rate	%	94.28	-	N.A.
	Ounces Produced	Oz	964,996	-	N.A.
	Ore Milled	DMT	19,131	25,432	-25%
Julcani	Ore Grade	Oz/MT	18.61	16.93	10%
Pb - Ag	Recovery Rate	%	97.50	97.05	0%
	Ounces Produced	Oz	347,049	417,887	-17%
	Ore Milled	DMT	3,913	-	N.A.
Julcani	Ore Grade	Oz/MT	10.53	-	N.A.
Cu - Au	Recovery Rate	%	95.35	-	N.A.
	Ounces Produced	Oz	39,291	-	N.A.
	Ore Milled	DMT	958,210	841,663	14%
Marcapunta	Ore Grade	Oz/MT	0.82	0.89	-8%
Recovery Rate	%	51.50	56.56	-9%
	Ounces Produced	Oz	402,498	424,102	-5%
Open Pit
	Ore Milled	DMT	209,668	14,856	N.A.
Tajo Norte	Ore Grade	Oz/MT	3.47	1.53	N.A.
Cu - Ag	Recovery Rate	%	52.19	55.32	-6%
	Ounces Produced	Oz	379,333	12,576	N.A.
	Ore Milled	DMT	84,369	-	N.A.
Tajo Norte	Ore Grade	Oz/MT	3.15	-	N.A.
Pb - Zn	Recovery Rate	%	34.30	-	N.A.
	Ounces Produced	Oz	91,190	-	N.A.
La Zanja	Ounces Produced	Oz	2,311	6,630	-65%
Coimolache	Ounces Produced	Oz	103,958	25,485	N.A.

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Lead Production
Mining Unit	Operating Results	Unit	1Q24	1Q23	△%
Underground
	Ore Milled	DMT	133,677	140,194	-5%
Tambomayo	Ore Grade	%	0.92	1.05	-13%
Recovery Rate	%	84.03	90.14	-7%
	MT Produced	MT	1,028	1,324	-22%
	Ore Milled	DMT	112,301	-	N.A.
Uchucchacua	Ore Grade	%	3.84	-	N.A.
Recovery Rate	%	90.70	-	N.A.
	MT Produced	MT	3,910	-	N.A.
	Ore Milled	DMT	19,131	25,432	-25%
Julcani	Ore Grade	%	1.35	0.47	N.A.
Pb - Ag	Recovery Rate	%	96.30	89.58	8%
	Ounces Produced*	MT	249	106	N.A.
Open Pit
	Ore Milled	DMT	-	-	N.A.
Tajo Norte	Ore Grade	%	-	-	N.A.
Pb - Zn	Recovery Rate	%	-	-	N.A.
	MT Produced	MT	-	-	N.A.
Zinc Production
Mining Unit	Operating Results	Unit	1Q24	1Q23	△%
Underground
	Ore Milled	DMT	133,677	140,194	-5%
Tambomayo	Ore Grade	%	1.28	1.35	-5%
Recovery Rate	%	78.10	81.91	-5%
	MT Produced	MT	1,335	1,552	-14%
	Ore Milled	DMT	112,301	-	N.A.
Uchucchacua	Ore Grade	%	5.76	-	N.A.
Recovery Rate	%	84.95	-	N.A.
	MT Produced	MT	5,494	-	N.A.
Open Pit
	Ore Milled	DMT	84,369	-	N.A.
Tajo Norte	Ore Grade	%	4.95	-	N.A.
Pb - Zn	Recovery Rate	%	47.52	-	N.A.
	MT Produced	MT	1,985	-	N.A.
Copper Production
Mining Unit	Operating Results	Unit	1Q24	1Q23	△%
Underground
	Ore Milled	DMT	958,210	841,663	14%
Marcapunta	Ore Grade	%	1.52	1.64	-8%
Recovery Rate	%	85.30	87.86	-3%
	MT Produced	MT	12,435	12,163	2%
	Ore Milled	DMT	209,668	14,856	N.A.
Tajo Norte	Ore Grade	%	2.52	0.85	N.A.
Cu - Ag	Recovery Rate	%	56.79	59.29	-4%
	MT Produced	MT	3,006	75	N.A.
Julcani	MT Produced	MT	20	-	N.A.
Cu - Au

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APPENDIX 3: Adjusted EBITDA Reconciliation (in thousand US$)

1Q24

1Q23

Net Income	67,053	72,812
Add / Substract:	27,397	-21,218
Depreciation and amortization in costs of sales	41,503	31,438
Provision (credit) for income tax, net	7,085	-2,955
Interest expense	13,977	13,884
Loss (gain) on currency exchange difference	1,655	-9,407
Provision of bonuses and compensations	3,746	5,162
Loss (gain) from discontinued operations	-41	-582
Workers´ participation provision	1,371	1,407
Depreciation and amortization in administration expenses	365	646
Depreciation and amortization in other, net	-8	24
Provision (reversal) for contingencies	1,476	-7,038
Share in associated companies by the equity method, net	-41,133	-59,363
Impairment (reversal) of inventories	-2,705	7,390
Interest income	-1,724	-1,824
Changes in provision of exploration activities	106	0
Changes in environmental liabilities provisions	1,725	0
EBITDA Buenaventura Direct Operations	94,450	51,594
EBITDA Cerro Verde (19.58%)	81,461	129,012
EBITDA Coimolache (40.095%)	9,539	-2,249
EBITDA Buenaventura + All Associates	185,450	178,356

*Cerro Verde's EBITDA accounts for D&A related to the capitalization of the stripping.

Note:

EBITDA (Buenaventura Direct Operations) consists of earnings before net interest, taxes, depreciation and amortization, share in associated companies, net, loss on currency exchange difference, other, net, provision for workers' profit sharing and provision for long-term officers' compensation.

EBITDA (including associated companies) consists of EBITDA (Buenaventura Direct Operations), plus (1) Buenaventura's equity share of EBITDA (Cerro Verde), plus (2) Buenaventura's equity share of EBITDA (Coimolache). All EBITDA mentioned were similarly calculated using financial information provided to Buenaventura by the associated companies.

Buenaventura presents EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) to provide further information with respect to its operating performance and the operating performance of its equity investees, the affiliates. EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) are not a measure of financial performance under IFRS and may not be comparable to similarly titled measures of other companies. You should not consider EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) as alternatives to operating income or net income determined in accordance with IFRS, as an indicator of Buenaventura's, affiliates operating performance, or as an alternative to cash flows from operating activities.

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