Buenaventura Announces First Quarter 2024 Results

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