Compañia de Minas Buenaventura SAA

07/27/2022 | Press release | Distributed by Public on 07/27/2022 15:16

Buenaventura Announces Correction to Financial Tables in Second Quarter and Six-month 2022 Results - Form 6-K/A

Buenaventura Announces Correction to Financial Tables
in Second Quarter and Six-month 2022 Results

Lima, Peru, July 27, 2022 - 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, announced today that the table located on page 25 of the Company's second quarter 2022 earnings press release have been replaced.

On page 25, the amounts in the columns labeled "For the three-month period ended June 30,2022", "For the three-month period ended June 30,2021" and "For the six-month period ended June 30,2021" have changed in lines "Provision for estimated fair value of sales" and "Trade and other accounts payable" as follows:

For the three-month period ended June 30,
For the six-month period ended June 30,
2022
2021
2022
2021
US$(000)
US$(000)
US$(000)
US$(000)
Provision for estimated fair value of sales
39,879
(992
)
34,471
11,059
Trade and other accounts payable
433
19,483
(68,161
)
3,967
The corrected release reads:
Buenaventura Announces
Second Quarter and Six-month 2022 Results

Lima, Peru, July 26, 2022 - 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 second quarter (2Q22) and six-month period ended June 30, 2022. 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$).

Second Quarter 2022 Highlights:
•
2Q22 EBITDA from direct operations was US$ -19.1 million, compared to US$ 68.5 million reported in 2Q21.
•
2Q22 Operating Cash Flow reached US$ 72.7 million, compared to US$ 101.7 million in 2Q21.
•
2Q22 net loss was US$ 39.9 million, compared to a US$ 37.5 million net income for the same period in 2021.
•
2Q22 exploration at operating units increased to US$ 18.9 million, compared to US$ 14.5 million in 2Q21. This increase was part of the Company's revised strategy to increase its focus on exploration in order to extend LOM.
•
2Q22 capital expenditures were US$ 30.4 million, compared to US$ 21.4 million for the same period in 2021. 2Q22 CAPEX includes US$ 11.0 million related to the San Gabriel Project and US$ 6.3 million related to the Yumpag Project.
•
The Company continued its strategy of progressively reducing fixed costs at the Uchucchacua mine to improve the cost structure efficiency when the operation restarts.
•
COVID related expenses were reduced from US$ 19.1 million in 2Q21 to US$ 1.9 million reported in 2Q22.
•
Buenaventura's cash position reached US$ 326.3 million as of June 30, 2022. Net Debt was reduced to US$ 416.4 million, with and average maturity of 3.8 years (vs. 2Q21: 2.2 years).
•
On April 29, 2022, Cerro Verde paid a total dividend of US$ 150 million. Buenaventura received US$ 29.4 million relative to its stake in Cerro Verde.
•
Huanza's current debt amounts to US$90 million with a coupon rate of 5.05% per annum, payable until 2027.

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

2Q22
2Q21
Var
6M22
6M21
Var
Total Revenues
150.1
240.9
-38%
383.0
426.7
-10%
Operating Income
-70.4
10.5
N.A.
6.9
1.0
N.A.
EBITDA Direct Operations
-19.1
68.5
N.A.
412.9
108.2
282%
EBITDA Including Affiliates
51.6
180.9
-71%
630.4
343.6
83%
Net Income
-39.9
37.5
N.A.
596.3
53.9
N.A.
EPS
-0.16
0.15
N.A.
2.35
0.21
N.A.

(*) As of June 30, 2022, Buenaventura had a weighted average number of shares outstanding of 253,986,867.



Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 2 of 25


Operating Revenues

2Q22 net sales were US$ 150.1 million, as compared to US$ 235.9 million reported in 2Q21; a year on year decrease driven by lower volume sold of lead, zinc and silver.

Operating Highlights
2Q22
2Q21
%
6M22
6M21
%
Net Sales (million of US$)
150.1
235.9
-36%
381.6
417.9
-9%
Average Gold Price (US$/oz.) Direct Operations (1) (2)
1,825
1,815
1%
1,861
1,776
5%
Average Gold Price (US$/oz.) inc Associated (2) (3)
1,829
1,813
1%
1,861
1,779
5%
Average Silver Price (US$/oz.) (2)
22.71
27.06
-16%
23.42
27.02
-13%
Average Lead Price (US$/MT) (2)
2,180
2,192
-1%
2,280
2,166
5%
Average Zinc Price (US$/MT) (2)
4,489
3,010
49%
4,257
3,108
37%
Average Copper Price (US$/MT) (2)
9,073
10,033
-10%
9,498
9,585
-1%

Volume Sold
2Q22
2Q21
%
6M22
6M21
%
Gold Oz Direct Operations (1)
37,718
33,575
12%
77,885
59,763
30%
Gold Oz inc Associated (3)
45,958
45,529
1%
94,379
82,981
14%
Silver Oz
1,813,579
3,505,471
-48%
3,701,368
6,681,750
-45%
Lead MT
3,811
6,713
-43%
8,401
11,517
-27%
Zinc MT
6,632
12,476
-47%
16,810
23,282
-28%
Copper MT
10,330
9,966
4%
20,063
17,517
15%

(1)
Buenaventura Consolidated figure includes 100% of Buenaventura's operating units, 100% of La Zanja and 100% of El Brocal.
(2)
The realized price takes into account the adjustments of quotational periods.
(3)
Considers 100% of Buenaventura's operating units, 100% of La Zanja, 100% of El Brocal and 40.095% of Coimolache.


Production and Operating Costs

Buenaventura's 2Q22 equity gold production was 47,596 ounces, compared to 46,421 ounces produced in 2Q21. Silver production decreased by 51% year on year, lead production decreased by 41% year on year and zinc production decreased by 46% year on year, primarily due to the suspension of Uchucchacua's operations as was previously announced, and a change of the mine plan sequence at El Brocal. The Company's 2Q22 copper production has remained consistent, year on year.
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 3 of 25

Equity Production
2Q22
2Q21
%
6M22
6M21
%
Gold Oz Direct Operations(1)
39,605
34,241
16%
81,075
61,379
32%
Gold Oz including Associated(2) Companies
47,596
46,421
3%
96,889
84,037
15%
Silver Oz Direct Operations(1)
1,607,230
3,278,118
-51%
3,369,931
6,450,745
-48%
Lead MT
3,749
6,332
-41%
7,891
10,589
-25%
Zinc MT
6,467
11,990
-46%
15,400
21,326
-28%
Copper MT Direct Operations(1)
6,473
6,447
0%
12,714
11,340
12%
Copper MT including Associated Companies(3)
27,900
24,769
13%
55,157
48,916
13%

Consolidated Production
2Q22
2Q21
%
6M22
6M21
%
Gold Oz(4)
41,324
35,906
15%
84,471
64,227
32%
Silver Oz(4)
1,918,152
3,896,475
-51%
4,089,566
7,676,312
-47%
Lead Pb(4)
4,253
7,417
-43%
9,357
12,499
-25%
Zinc MT(4)
8,066
15,311
-47%
20,382
28,585
-29%
Copper MT(4)
10,537
10,494
0%
20,696
18,460
12%

(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 40.095% 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
2Q22
2Q21
Var %
6M22
6M21
Var %
Gold
Oz
14,351
17,964
-20%
28,218
33,311
-15%
Silver
Oz
433,820
432,638
0%
853,216
717,315
19%

Cost Applicable to Sales
2Q22
2Q21
Var %
6M22
6M21
Var %
Gold
US$/Oz
944
873
8%
977
895
9%

2Q22 gold production at Tambomayo decreased 20% year on year, primarily due to a 28% decrease in the gold grade despite increased amounts of ore treated. Cost Applicable to Sales (CAS) increased to 944 US$/Oz in 2Q22, from 873 US$/Oz in 2Q21. This primarily due to a 48% year on year increase in commercial deductions, as the Company sold more lead and zinc concentrates and less gold and silver during the second quarter of 2022.
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 4 of 25

Orcopampa(100% owned by Buenaventura)

Production
2Q22
2Q21
Var %
6M22
6M21
Var %
Gold
Oz
17,749
9,130
94%
36,780
15,116
143%
Silver
Oz
7,334
1,781
312%
15,190
2,823
438%

Cost Applicable to Sales
2Q22
2Q21
Var %
6M22
6M21
Var %
Gold
US$/Oz
1,079
1,650
-35%
969
1,813
-47%

La Zanja (100.00% owned by Buenaventura)

Production
2Q22
2Q21
Var %
6M22
6M21
Var %
Gold
Oz
4,767
4,447
7%
10,667
8,355
28%
Silver
Oz
30,318
20,519
48%
53,682
47,561
13%

Cost Applicable to Sales
2Q22
2Q21
Var %
6M22
6M21
Var %
Gold
US$/Oz
1,650
1,775
-7%
1,935
1,693
14%

2Q21 gold production increased by 7% year on year due to a 129% year on year increase in ore volume treated. 2Q22 Cost Applicable to Sales (CAS) was 1,650 US$/Oz; a 7% decrease compared to 1,775 US$/Oz in 2Q21 mainly due to an increase in ore treated. La Zanja's mining plan has been updated to reflect an inflation based OpEx increase in Phase 5 of the Pampa Verde pit. Mining operations will therefore only be extended through October 2022 when Phase 4 mining will be completed. Operations will be limited to pad leaching during November 2022 while Buenaventura continues exploration related to the underground Cu/Au-sulphide project.


Coimolache (40.10% owned by Buenaventura)

Production
2Q22
2Q21
Var %
6M22
6M21
Var %
Gold
Oz
19,930
30,378
-34%
39,442
56,510
-30%
Silver
Oz
75,504
166,327
-55%
152,699
367,320
-58%

Cost Applicable to Sales
2Q22
2Q21
Var %
6M22
6M21
Var %
Gold
US$/Oz
867
851
2%
1,072
834
29%

2Q22 gold production at Coimolache decreased by 34% year on year, primarily due to an 18% decrease in gold grade and a 30% decrease in ore stockpiled on the leach pad. 2Q22 Cost Applicable to Sales (CAS) of 867 US$/Oz was in line with 2Q21 CAS 851 US$/Oz in 2Q21, reflecting a slight 2% increase.
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 5 of 25


Uchucchacua(100% owned by Buenaventura)

Production
2Q22
2Q21
Var %
6M22
6M21
Var %
Silver
Oz
N.A.
1,268,082
N.A.
N.A.
2,511,997
N.A.
Zinc
MT
N.A.
3,029
N.A.
N.A.
4,275
N.A.
Lead
MT
N.A.
1,715
N.A.
N.A.
3,006
N.A.

Cost Applicable to Sales
2Q22
2Q21
Var %
6M22
6M21
Var %
Silver
US$/Oz
N.A.
28.16
N.A.
N.A.
28.73
N.A.

Mine exploration at Uchucchacua continues as planned. Buenaventura has completed 100% of the tunneling to date and expects to reach 700m/month by August 2022. A larger part of said 700m/month has gradually been allocated to mine development in order to ensure production resumes by 4Q23.

Julcani (100% owned by Buenaventura)

Production
2Q22
2Q21
Var %
6M22
6M21
Var %
Silver
Oz
640,557
570,248
12%
1,301,689
1,219,102
7%

Cost Applicable to Sales
2Q22
2Q21
Var %
6M22
6M21
Var %
Silver
US$/Oz
14.71
17.56
-16%
14.91
16.94
-12%

2Q22 silver production increased 12% year on year primarily due to a 7% increase in ore treated and an 8% increase in silver grade. 2Q22 Cost Applicable to Sales (CAS) was 14.71 US$/Oz; compared to 17.56 US$/Oz in 2Q21, a 16% year on year decrease due to a 62% decrease in commercial deductions.


El Brocal(61.43% owned by Buenaventura)

Production
2Q22
2Q21
Var %
6M22
6M21
Var %
Copper
MT
10,537
10,494
0%
20,696
18,460
12%
Zinc
MT
4,146
8,612
-52%
12,918
18,819
-31%
Silver
Oz
806,123
1,603,208
-50%
1,865,789
3,177,513
-41%

Cost Applicable to Sales
2Q22
2Q21
Var %
6M22
6M21
Var %
Copper
US$/MT
7,211
6,243
16%
6,886
5,957
16%
Zinc
US$/MT
4,161
1,555
168%
3,099
1,697
83%

El Brocal 2Q22 copper production was in line with 2Q21 production. Zinc and silver production decreased by 52% and 50%, respectively, year on year as part as the planned transition from polymetallic to copper ore as well as due to the need to alter El Brocal's mine plan as a result of the landslide which occurred within the mine's open pit on March 19, 2022.
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 6 of 25


2Q22 Copper Cost Applicable to Sales (CAS) increased by 16% year on year, mainly due to a 10% year on year increase in cost of sales driven by ramp-up from 7,500 to 8,500tpd during 2022 as well as inflationary pressures in diesel, reagents and consumables. 2Q22 Zinc CAS increased by 168% year on year due to a 52% decrease in zinc production.

General and Administrative Expenses

2Q22 General and Administrative expenses were US$ 16.6 million; an 3% increase as compared to US$ 16.1 million in 2Q21.

Exploration in Non-Operating Areas

2Q22 exploration costs in Non-Operating Areas were US$ 4.8 million, compared with US$ 2.0 million in 2Q21. The increase in exploration during the quarter is in line with Buenaventura's strategy to focus on extending LOM.

Share in Associated Companies

Buenaventura's share in associated companies was US$ 56.1 million in 2Q22, which remained unchanged as compared to US$ 56.1 million reported in 2Q21, comprised of:

Share in the Result of Associates
(in millions of US$)
2Q21
2Q20
Var
6M21
6M20
Var
Cerro Verde
25.0
47.1
-47%
99.4
101.2
-2%
Coimolache
-0.6
3.4
N.A.
0.5
7.9
-94%
Other minor
-2.2
-0.4
423%
-2.2
-0.8
189%
Total
22.3
50.0
-55%
97.7
108.3
10%

SAN GABRIEL Project

Construction has been delayed due to local social matters which are being addressed. Construction is expected to resume activity in the weeks ahead. Engineering and Procurement work packages are underway; engineering has reached 40% completion and procurement has reached 61% completion. Power Line BOOT bidding has begun with 93% of the land secured and 3.5 Km remain.

CERRO VERDE (19.58% owned by Buenaventura)

2Q22 copper production was 109,382 MT, 21,417 MT of which is attributable to Buenaventura; a 17% increase as compared to 93,576 MT produced in 2Q21, 18,322 MT of which was attributable to Buenaventura. This is primarily due to a 14% increase in ore treated and a 6% increase in copper grade.
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 7 of 25

Cerro Verde reported 2Q22 net income of US$ 127.8 million, compared to net income of US$ 240.3 million in 2Q21. This is primarily due to:
i.
US$ 86.7 million year on year net sales decrease, mainly due to a lower average realized copper price of US$ 3.18 per pound in 2Q22 compared to US$ 4.73 per pound in the 2Q21;
ii.
An increase in costs due to an inflationary increase materials and supplies
iii.
Increased selling expenses associated with an increase in ocean freight coupled with higher sales volumes. This decrease was partially offset by a year-on-year income tax decrease.

2Q22 capital expenditures at Cerro Verde were US$ 41.4 million.

COIMOLACHE (40.10% owned by Buenaventura)

Coimolache reported 2Q22 net loss of US$ 1.9 million, compared to net income of US$ 7.9 million in 2Q21.


***

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

The Company owns 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer.

For a printed version of the Company's 2021 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.

Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 8 of 25

**Tables to follow**
APPENDIX 1
Equity Participation in
Subsidiaries and Associates (as of June 30, 2021)
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. **
40.10
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

Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 9 of 25

APPENDIX 2

Gold Production

Mining Unit
Operating Results
Unit
2Q22
2Q21
△%
6M22
6M21
△ %
Underground
Tambomayo
Ore Milled
DMT
164,266
150,476
9%
306,559
262,749
17%
Ore Grade
Gr/MT
3.08
4.27
-28%
3.27
4.74
-31%
Recovery Rate
%
88.21
86.95
1%
87.67
83.11
5%
Ounces Produced
Oz
14,351
17,964
-20%
28,218
33,311
-15%
Orcopampa
Ore Milled
DMT
57,309
31,607
81%
116,606
48,659
140%
Ore Grade
Gr/MT
6.41
9.91
-35%
8.25
10.19
-19%
Recovery Rate
%
100.07
90.64
10%
99.79
94.85
5%
Ounces Produced*
Oz
17,749
9,130
94%
36,780
15,116
143%
Open Pit
La Zanja
Ounces Produced
Oz
4,767
4,447
7%
10,667
8,355
28%
Coimolache
Ounces Produced
Oz
19,930
30,378
-34%
39,442
56,510
-30%

Silver Production
Mining Unit
Operating Results
Unit
2Q22
2Q21
△%
6M22
6M21
△ %
Underground
Tambomayo
Ore Milled
DMT
164,266
150,476
9%
306,559
262,749
17%
Ore Grade
Oz/MT
2.69
3.13
-14%
2.92
3.14
-7%
Recovery Rate
%
98.25
91.96
7%
95.36
86.82
10%
Ounces Produced
Oz
433,820
432,638
0%
853,216
717,315
19%
Uchucchacua
Ore Milled
DMT
-
292,177
N.A.
-
483,398
N.A.
Ore Grade
Oz/MT
-
5.93
N.A.
-
6.66
N.A.
Recovery Rate
%
-
73.20
N.A.
-
78.03
N.A.
Ounces Produced
Oz
-
1,268,082
N.A.
-
2,511,997
N.A.
Julcani
Ore Milled
DMT
32,112
30,024
7%
63,603
62,163
2%
Ore Grade
Oz/MT
20.33
18.77
8%
20.82
19.77
5%
Recovery Rate
%
98.13
96.88
1%
98.30
96.86
1%
Ounces Produced
Oz
640,557
570,248
12%
1,301,689
1,219,102
7%
Marcapunta
Ore Milled
DMT
742,030
644,455
15%
1,380,010
1,142,223
21%
Ore Grade
Oz/MT
0.78
0.97
-20%
0.82
0.88
-6%
Recovery Rate
%
50.64
48.62
4%
52.23
50.82
3%
Ounces Produced
Oz
291,328
303,197
-4%
593,736
508,753
17%
Open Pit
Tajo Norte
Cu - Ag
Ore Milled
DMT
57,405
185,554
-69%
156,342
237,396
-34%
Ore Grade
Oz/MT
1.88
4.77
-61%
2.15
4.63
-54%
Recovery Rate
%
54.79
57.18
-4%
53.16
54.90
-3%
Ounces Produced
Oz
59,130
505,739
-88%
178,769
608,128
-71%
Tajo Norte
Pb - Zn
Ore Milled
DMT
468,339
584,976
-20%
1,060,451
1,159,724
-9%
Ore Grade
Oz/MT
1.97
1.89
4%
1.92
2.46
-22%
Recovery Rate
%
49.34
71.77
-31%
53.58
72.14
-26%
Ounces Produced
Oz
455,665
794,272
-43%
1,093,284
2,060,632
-47%

Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 10 of 25

Zinc Production
Mining Unit
Operating Results
Unit
2Q22
2Q21
△%
6M22
6M21
△ %
Underground
Tambomayo
Ore Milled
DMT
164,266
150,476
9%
306,559
262,749
17%
Ore Grade
%
2.43
3.07
-21%
2.70
2.74
-1%
Recovery Rate
%
98.36
79.48
24%
90.01
76.23
18%
MT Produced
MT
3,920
3,671
7%
7,464
5,491
36%
Uchucchacua
Ore Milled
DMT
-
292,177
N.A.
-
483,398
N.A.
Ore Grade
%
-
1.76
N.A.
-
1.57
N.A.
Recovery Rate
%
-
58.84
N.A.
-
56.39
N.A.
MT Produced
MT
-
3,029
N.A.
-
4,275
N.A.
Open Pit
Tajo Norte
Pb - Zn
Ore Milled
DMT
468,339
584,976
-20%
1,060,451
1,159,724
-9%
Ore Grade
%
2.15
2.49
-14%
2.35
2.65
-11%
Recovery Rate
%
41.26
59.23
-30%
51.83
61.27
-15%
MT Produced
MT
4,146
8,612
-52%
12,918
18,819
-31%
Copper Production
Mining Unit
Operating Results
Unit
2Q22
2Q21
△%
6M22
6M21
△ %
Underground
Marcapunta
Ore Milled
DMT
742,030
644,455
15%
1,380,010
1,142,223
21%
Ore Grade
%
1.61
1.69
-5%
1.68
1.70
-1%
Recovery Rate
%
85.24
85.06
0%
84.54
86.14
-2%
MT Produced
MT
10,192
9,252
10%
19,600
16,699
17%
Tajo Norte
Cu - Ag
Ore Milled
DMT
57,405
185,554
-69%
156,342
237,396
-34%
Ore Grade
%
0.93
1.05
-12%
1.13
0.99
14%
Recovery Rate
%
64.93
64.00
1%
62.17
62.93
-1%
MT Produced
MT
345
1,242
-72%
1,096
1,482
-26%

Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 11 of 25


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

EBITDA RECONCILIATION
(in thousand US$)

2Q22
2Q21
6M22
6M21
Net Income
-50,745
37,969
595,550
56,086
Add / Substract:
31,680
30,577
-182,683
52,129
Income from sale of investment in Yanacocha
0
0
300,000
-
Depreciation and Amortization in cost of sales
44,333
48,332
90,054
94,820
Provision (credit) for income tax, net
-32,696
9,710
-5,530
25,783
Interest expense
12,880
10,984
29,451
21,893
Loss (gain) on currency exchange difference
22,935
7,506
-24,875
8,947
Provision of bonuses and compensations
766
2,480
4,704
6,227
Loss (gain) from discontinued operations
190
-5,097
-479,807
-2,760
Workers' participation provision
-2,254
1,971
2,937
1,971
Depreciation and amortization in administration expenses
298
908
1,216
1,817
Depreciation and Amortization in other, net
26
28
51
54
Provision (reversal) for contingencies
2,591
-735
1,845
-429
Share in associated companies by the equity method, net
-22,287
-50,039
-97,707
-108,263
Write-off of fixed assets
318
6,763
318
6,763
Impairment (reversal) of inventories
5,231
-1,686
4,884
-3,998
Interest income
-651
-548
-10,224
-696
EBITDA Buenaventura Direct Operations
-19,065
68,546
412,867
108,215
EBITDA Cerro Verde (19.58%)
66,804
99,496
208,778
210,575
EBITDA Coimolache (40.095%)
3,907
12,820
8,725
24,805
EBITDA Buenaventura + All Associates
51,647
180,862
630,370
343,595

*Cerro Verde's EBITDA accounts for D&A related to the capitalization of the stripping.
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 12 of 25

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.
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 13 of 25


APPENDIX 4: COST APPLICABLE TO SALES RECONCILIATION

Reconciliation of Costs Applicable to Sales and Cost Applicable to Sales per Unit Sold
Cost applicable to sales consists of cost of sales, excluding depreciation and amortization, plus selling expenses. Cost applicable to sales per unit sold for each mine consists of cost applicable to sales for a particular metal produced at a given mine divided by the volume of such metal produced at such mine in the specified period. We note that cost applicable to sales is not directly comparable to the cash operating cost figures disclosed in previously furnished earnings releases.
Cost applicable to sales and Cost applicable to sales per unit of mineral sold are not measures of financial performance under IFRS and may not be comparable to similarly titled measures of other companies. We consider Cost applicable to sales and Cost applicable to sales per unit of mineral sold to be key measures in managing and evaluating our operating performance. These measures are widely reported in the precious metals industry as a benchmark for performance, but do not have standardized meanings. You should not consider Cost applicable to sales or Cost applicable to sales per unit of mineral sold as alternatives to cost of sales determined in accordance with IFRS, as indicators of our operating performance. Cost applicable to sales and Cost applicable to sales per unit of mineral sold are calculated without adjusting for by-product revenue amounts.
Operations' Cost applicable to sales does not include operating cost for those months during which Buenaventura's operations were suspended due to COVID-19, as these have been classified as "Unabsorbed costs due to production stoppage" within the financial statements.
The tables below set forth (i) a reconciliation of consolidated Cost of sales, excluding depreciation and amortization to consolidated Cost applicable to sales, (ii) reconciliations of the components of Cost applicable to sales (by mine and mineral) to the corresponding consolidated line items set forth on our consolidated statements of profit or loss for the three and twelve months ended December 31, 2020 and 2021 and (iii) reconciliations of Cost of sales, excluding depreciation and amortization to Cost applicable to sales for each of our mining units. The amounts set forth in Cost applicable to sales and Cost applicable to sales per unit sold for each mine and mineral indicated in the tables below can be reconciled to the amounts set forth on our consolidated statements of profit or loss for the three and twelve months ended December 31, 2021 and 2022 by reference to the reconciliations of Cost of sales, excluding depreciation and amortization (by mine and mineral), Selling Expenses (by mine and metal) expenses and Exploration in units in operations (by mine and mineral) to consolidated Cost of sales, excluding depreciation and amortization, consolidated Selling Expenses and consolidated Exploration in units in operations expenses, respectively, set forth below.
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 14 of 25

Set forth below is a reconciliation of consolidated Cost of sales, excluding depreciation and amortization,
to consolidated Cost applicable to sales:
For the 3 months ended June 30
For the 6 months ended June 30
2022
2021
2022
2021
(in thousands of US$)
Consolidated Cost of sales excluding depreciation and amortization
117,274
136,979
225,242
251,249
Add:
Consolidated Exploration in units in operation
18,904
14,515
32,921
23,843
Consolidated Commercial deductions
44,963
55,703
95,848
98,761
Consolidated Selling expenses
5,044
5,697
9,636
9,755
Consolidated Cost applicable to sales
186,185
212,894
363,647
383,608
Set forth below is a reconciliation of Cost of sales, excluding depreciation and amortization
(by mine and mineral) to consolidated Cost of sales:
For the 3 months ended June 30
For the 6 months ended June 30
2022
2021
2022
2021
Cost of sales by mine and mineral
(in thousands of US$)
Julcani, Gold
37
36
0
40
Julcani, Silver
6,782
6,924
14,085
14,442
Julcani, Lead
97
97
179
205
Julcani, Copper
89
18
142
31
Orcopampa, Gold
15,182
13,274
29,017
23,317
Orcopampa, Silver
130
31
185
85
Orcopampa, Copper
0
0
0
0
Uchucchacua, Gold
0
0
0
0
Uchucchacua, Silver
0
22,260
0
44,648
Uchucchacua, Lead
0
2,090
0
3,710
Uchucchacua, Zinc
0
4,576
0
6,901
Tambomayo, Gold
8,824
10,623
17,352
21,044
Tambomayo, Silver
3,108
3,581
6,179
6,535
Tambomayo, Zinc
2,216
1,875
9,765

5,042
Tambomayo, Lead
5,206
3,225
4,258

3,162
La Zanja, Gold
6,580
7,728
18,252
13,917
La Zanja, Silver
517
622
1,112
1,339
El Brocal, Gold
2,322
1,693
4,250
2,780
El Brocal, Silver
7,134
12,048
14,843
22,258
El Brocal, Lead
1,058
2,010
3,106
3,587
El Brocal, Zinc
7,514
7,129
18,384
15,992
El Brocal, Copper
43,520
32,939
76,589
53,920
Non Mining Units
6,959
4,198
7,543
8,294
Consolidated Cost of sales, excluding depreciation and amortization
117,274
136,979
225,242
251,249
Set forth below is a reconciliation of Exploration expenses in units in operation (by mine and mineral) to consolidated Exploration expenses in mining units:
For the 3 months ended June 30
For the 6 months ended June 30
2022
2021
2022
2021
Exploration expenses in units in operation by mine and mineral
(in thousands of US$)
Julcani, Gold
9
7
0
8
Julcani, Silver
1,602
1,405
3,054
2,857
Julcani, Lead
23
20
39
41
Julcani, Copper
21
4
31
6
Orcopampa, Gold
3,495
2,453
6,172
4,244
Orcopampa, Silver
30
6
39
15
Orcopampa, Copper
0
0
0
0
Uchucchacua, Gold
0
0
0
0
Uchucchacua, Silver
5,883
2,991
8,813
4,920
Uchucchacua, Lead
78
281
0
409
Uchucchacua, Zinc
0
615
0
760
Tambomayo, Gold
1,180
1,571
2,271
2,411
Tambomayo, Silver
416
530
809
749
Tambomayo, Lead
296
277
557
362
Tambomayo, Zinc
696
477
1,278
578
La Zanja, Gold
708
126
1,398
124
La Zanja, Silver
56
10
85
12
El Brocal, Gold
166
114
304
179
El Brocal, Silver
511
808
1,061
1,434
El Brocal, Lead
76
135
222
231
El Brocal, Zinc
539
478
1,314
1,030
El Brocal, Copper
3,119
2,208
5,475
3,473
Non Mining Units
0
0
0
0
Consolidated Exploration expenses in units in operation
18,904
14,515
32,921
23,843

Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 15 of 25


Set forth below is a reconciliation of Commercial Deductions in units in operation (by mine and mineral)
to consolidated Commercial deductions:
For the 3 months ended June 30
For the 6 months ended June 30
2022
2021
2022
2021
Commercial Deductions in units in operation by mine and mineral
(in thousands of US$)
Julcani, Gold
2
6
-8
7
Julcani, Silver
442
1,165
1,145
2,152
Julcani, Lead
6
16
14
30
Julcani, Copper
6
2
10
4
Orcopampa, Gold
309
66
390
84
Orcopampa, Silver
12
0
13
3
Orcopampa, Copper
0
0
0
0
Uchucchacua, Gold
0
0
0
0
Uchucchacua, Silver
524
8,379
497
13,778
Uchucchacua, Lead
11
522
-5
866
Uchucchacua, Zinc
0
4,438
272
5,973
Tambomayo, Gold
1,539
1,652
3,584
3,236
Tambomayo, Silver
701
702
1,701
1,246
Tambomayo, Lead
400
322
843
537
Tambomayo, Zinc
3,196
1,260
8,255
2,399
La Zanja, Gold
37
31
81
57
La Zanja, Silver
2
8
4
11
El Brocal, Gold
1,409
1,330
2,953
2,335
El Brocal, Silver
3,991
6,546
9,097
11,627
El Brocal, Lead
430
812
1,610
1,563
El Brocal, Zinc
5,715
3,108
12,542
8,690
El Brocal, Copper
26,231
25,338
52,850
44,164
Non Mining Units
0
0
0
0
Consolidated Commercial deductions in units in operation
44,963
55,703
95,848
98,761
Set forth below is a reconciliation of Selling expenses (by mine and mineral) to consolidated
Selling expenses:
For the 3 months ended June 30
For the 6 months ended June 30
2022
2021
2022
2021
Selling expenses by mine and mineral
(in thousands of US$)
Julcani, Gold
0
1
0
1
Julcani, Silver
81
122
236
234
Julcani, Lead
1
2
3
3
Julcani, Copper
1
0
2
1
Orcopampa, Gold
140
78
293
122
Orcopampa, Silver
1
0
2
0
Orcopampa, Copper
0
0
0
0
Uchucchacua, Gold
0
0
0
0
Uchucchacua, Silver
1,033
890
1,359
1,468
Uchucchacua, Lead
14
84
0
122
Uchucchacua, Zinc
0
183
0
227
Tambomayo, Gold
645
694
1,301
1,310
Tambomayo, Silver
227
234
463
407
Tambomayo, Lead
162
123
319
197
Tambomayo, Zinc
381
211
732
314
La Zanja, Gold
20
21
53
41
La Zanja, Silver
2
2
3
4
El Brocal, Gold
79
83
159
134
El Brocal, Silver
242
594
556
1,075
El Brocal, Lead
36
99
116
173
El Brocal, Zinc
255
351
688
773
El Brocal, Copper
1,479
1,624
2,868
2,605
Non Mining Units
243
300
481
544
Consolidated Selling expenses
5,044
5,697
9,636
9,755

Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 16 of 25

JULCANI
2Q 2022
2Q 2021
GOLD (OZ)
SILVER (OZ)
LEAD (MT)
ZINC (MT)
COPPER (MT)
TOTAL
GOLD (OZ)
SILVER (OZ)
LEAD (MT)
ZINC (MT)
COPPER (MT)
TOTAL
Cost of Sales (without D&A) (US$000)
37
6,782
97
-
89
7,004
36
6,924
97
-
18
7,075
Add:
Exploration Expenses (US$000)
9
1,602
23
-
21
1,655
7
1,405
20
-
4
1,436
Commercial Deductions (US$000)
2
442
6
-
6
456
6
1,165
16
-
2
1,190
Selling Expenses (US$000)
0
81.33
1.16
-
1
84
1
122
2
-
0
125
Cost Applicable to Sales (US$000)
48
8,907
127
-
116
9,199
50
9,616
135
-
24
9,826
Divide:
Volume Sold
40
605,641
93
-
19
Not Applicable
46
547,606
91
-
18
Not Applicable
CAS
1,214
14.71
1,369
-
6,137
Not Applicable
1,083
17.56
1,485
-
1,359
Not Applicable

JULCANI
6M 2022
6M 2021
GOLD (OZ)
SILVER (OZ)
LEAD (MT)
ZINC (MT)
COPPER (MT)
TOTAL
GOLD (OZ)
SILVER (OZ)
LEAD (MT)
ZINC (MT)
COPPER (MT)
TOTAL
Cost of Sales (without D&A) (US$000)
-
14,085
179
-
142
14,406
40
14,442
205
-
31
14,719
Add:
Exploration Expenses (US$000)
-
3,054
39
-
31
3,124
8
2,857
41
-
6
2,912
Commercial Deductions (US$000)
-8
1,145
14
-
10
1,162
7
2,152
30
-
4
2,193
Selling Expenses (US$000)
-
236
3
-
2
241
1
234
3
-
1
238
Cost Applicable to Sales (US$000)
-8
18,520
235
-
185
18,933
55
19,685
279
-
42
20,062
Divide:
Volume Sold
40
1,241,952
168
-
30
Not Applicable
56
1,161,770
204
-
32
Not Aplicable
CAS
-
14.91
1,399
-
6,118
Not Applicable
990
16.94
1,372
-
1,307
Not Applicable

ORCOPAMPA
2Q 2022
2Q 2021
GOLD (OZ)
SILVER (OZ)
LEAD (MT)
ZINC (MT)
COPPER (MT)
TOTAL
GOLD (OZ)
SILVER (OZ)
LEAD (MT)
ZINC (MT)
COPPER (MT)
TOTAL
Cost of Sales (without D&A) (US$000)
15,182
130
-
-
-
15,312
13,274
31
-
-
-
13,305
Add:
-
Exploration Expenses (US$000)
3,495
30
-
-
-
3,525
2,453
6
-
-
-
2,459
Commercial Deductions (US$000)
309
12
-
-
-
322
66
0
-
-
-
66
Selling Expenses (US$000)
140
1
-
-
-
141
78
0
-
-
-
78
Cost Applicable to Sales (US$000)
19,127
173
-
-
-
19,300
15,871
37
-
-
-
15,908
Divide:
Volume Sold
17,719
12,411
-
-
-
Not Applicable
9,618
1,518
-
-
-
Not Applicable
CAS
1,079
13.93
-
-
-
Not Applicable
1,650
24.49
-
-
-
Not Applicable

ORCOPAMPA
6M 2022
6M 2021
GOLD (OZ)
SILVER (OZ)
LEAD (MT)
ZINC (MT)
COPPER (MT)
TOTAL
GOLD (OZ)
SILVER (OZ)
LEAD (MT)
ZINC (MT)
COPPER (MT)
TOTAL
Cost of Sales (without D&A) (US$000)
29,017
185
-
-
-
29,202
23,317
85
-
-
-
23,402
Add:
Exploration Expenses (US$000)
6,172
39
-
-
-
6,211
4,244
15
-
-
-
4,259
Commercial Deductions (US$000)
390
13
-
-
-
403
84
3
-
-
-
87
Selling Expenses (US$000)
293
2
-
-
-
295
122
0
-
-
-
122
Cost Applicable to Sales (US$000)
35,872
239
-
-
-
36,111
27,766
104
-
-
-
27,870
Divide:
Volume Sold
37,026
19,339
-
-
-
Not Applicable
15,316
3,396
-
-
-
Not Applicable
CAS
969
12.37
-
-
-
Not Applicable
1,813
30.62
-
-
-
Not Applicable

UCHUCCHACUA
2Q 2022
2Q 2021
GOLD (OZ)
SILVER (OZ)
LEAD (MT)
ZINC (MT)
COPPER (MT)
TOTAL
GOLD (OZ)
SILVER (OZ)
LEAD (MT)
ZINC (MT)
COPPER (MT)
TOTAL
Cost of Sales (without D&A) (US$000)
-
-
-
-
-
-
-
22,260
2,090
4,576
-
28,926
Add:
Exploration Expenses (US$000)
-
5,883
78
-
-
5,961
-
2,991
281
615
-
3,887
Commercial Deductions (US$000)
-
524
11
-
-
534
-
8,379
522
4,438
-
13,338
Selling Expenses (US$000)
-
1,033
14
-
-
1,047
-
890
84
183
-
1,157
Cost Applicable to Sales (US$000)
-
7,440
102
-
-
7,542
-
34,521
2,976
9,812
-
47,308
Divide:
Volume Sold
-
139,688
18
-
-
Not Applicable
-
1,226,055
1,450
2,309
-
Not Applicable
CAS
-
53.26
5,558
-
-
Not Applicable
-
28.16
2,053
4,250
-
Not Applicable

UCHUCCHACUA
6M 2022
6M 2021
GOLD (OZ)
SILVER (OZ)
LEAD (MT)
ZINC (MT)
COPPER (MT)
TOTAL
GOLD (OZ)
SILVER (OZ)
LEAD (MT)
ZINC (MT)
COPPER (MT)
TOTAL
Cost of Sales (without D&A) (US$000)
-
-
-
-
-
-
-
44,648
3,710
6,901
-
55,259
Add:
Exploration Expenses (US$000)
-
8,813
-
-
-
8,813
-
4,920
409
760
-
6,089
Commercial Deductions (US$000)
-
497
-5
272
-
763
0
13,778
866
5,973
-
20,618
Selling Expenses (US$000)
-
1,359
-
-
-
1,359
-
1,468
122
227
-
1,817
Cost Applicable to Sales (US$000)
-
10,669
-5
272
-
10,935
0
64,814
5,108
13,861
-
83,783
Divide:
Volume Sold
-
158,418
18
-
-
Not Applicable
-
2,255,872
2,463
3,223
-
Not Applicable
CAS
-
67.35
-
-
-
Not Applicable
-
28.73
2,074
4,300
-
Not Applicable

TAMBOMAYO
2Q 2022
2Q 2021
GOLD (OZ)
SILVER (OZ)
LEAD (MT)
ZINC (MT)
COPPER (MT)
TOTAL
GOLD (OZ)
SILVER (OZ)
LEAD (MT)
ZINC (MT)
COPPER (MT)
TOTAL
Cost of Sales (without D&A) (US$000)
8,824
3,108
2,216
5,206
-
19,355
10,623
3,581
1,875
3,225
-
19,304
Add:
Exploration Expenses (US$000)
1,180
416
296
696
-
2,588
1,571
530
277
477
-
2,855
Commercial Deductions (US$000)
1,539
701
400
3,196
-
5,837
1,652
702
322
1,260
-
3,936
Selling Expenses (US$000)
645
227
162
381
-
1,415
694
234
123
211
-
1,262
Cost Applicable to Sales (US$000)
12,188
4,453
3,075
9,479
-
29,195
14,540
5,047
2,597
5,173
-
27,357
Divide:
Volume Sold
12,917
376,313
2,629
3,262
-
Not Applicable
16,652
380,029
2,575
3,049
-
Not Applicable
CAS
944
11.83
1,170
2,906
-
Not Applicable
873
13.28
1,008
1,697
-
Not Applicable

TAMBOMAYO
6M 2022
6M 2021
GOLD (OZ)
SILVER (OZ)
LEAD (MT)
ZINC (MT)
COPPER (MT)
TOTAL
GOLD (OZ)
SILVER (OZ)
LEAD (MT)
ZINC (MT)
COPPER (MT)
TOTAL
Cost of Sales (without D&A) (US$000)
17,352
6,179
4,258
9,765
-
37,555
21,044
6,535
3,162
5,042
-
35,783
Add:
Exploration Expenses (US$000)
2,271
809
557
1,278
-
4,914
2,411
749
362
578
-
4,100
Commercial Deductions (US$000)
3,584
1,701
843
8,255
-
14,383
3,236
1,246
537
2,399
-
7,417
Selling Expenses (US$000)
1,301
463
319
732
-
2,816
1,310
407
197
314
-
2,228
Cost Applicable to Sales (US$000)
24,508
9,152
5,978
20,030
-
59,668
28,001
8,936
4,258
8,332
-
49,528
Divide:
Volume Sold
25,098
727,390
4,904
6,184
-
Not Applicable
31,283
637,319
4,015
4,451
-
Not Applicable
CAS
977
12.58
1,219
3,239
-
Not Applicable
895
14.02
1,061
1,872
-
Not Applicable

Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 17 of 25


LA ZANJA
2Q 2022
2Q 2021
GOLD (OZ)
SILVER (OZ)
LEAD (MT)
ZINC (MT)
COPPER (MT)
TOTAL
GOLD (OZ)
SILVER (OZ)
LEAD (MT)
ZINC (MT)
COPPER (MT)
TOTAL
Cost of Sales (without D&A) (US$000)
6,580
517
-
-
-
7,097
7,728
622
-
-
-
8,351
Add:
Exploration Expenses (US$000)
708
56
-
-
-
764
126
10
-
-
-
136
Commercial Deductions (US$000)
37
2
-
-
-
39
31
8
-
-
-
39
Selling Expenses (US$000)
20
2
-
-
-
22
21
2
-
-
-
23
Cost Applicable to Sales (US$000)
7,346
576
-
-
-
7,922
7,906
642
-
-
-
8,549
Divide:
Volume Sold
4,452
29,273
-
-
-
Not Applicable
4,455
24,710
-
-
-
Not Applicable
CAS
1,650
19.67
-
-
-
Not Applicable
1,775
26.00
-
-
-
Not Applicable


LA ZANJA
6M 2022
6M 2021
GOLD (OZ)
SILVER (OZ)
LEAD (MT)
ZINC (MT)
COPPER (MT)
TOTAL
GOLD (OZ)
SILVER (OZ)
LEAD (MT)
ZINC (MT)
COPPER (MT)
TOTAL
Cost of Sales (without D&A) (US$000)
18,252
1,112
-
-
-
19,364
13,917
1,339
-
-
-
15,257
Add:
Exploration Expenses (US$000)
1,398
85
-
-
-
1,483
124
12
-
-
-
136
Commercial Deductions (US$000)
81
4
-
-
-
85
57
11
-
-
-
68
Selling Expenses (US$000)
53
3
-
-
-
56
41
4
-
-
-
45
Cost Applicable to Sales (US$000)
19,783
1,205
-
-
-
20,988
14,140
1,366
-
-
-
15,506
Divide:
Volume Sold
10,225
51,090
-
-
-
Not Applicable
8,352
53,673
-
-
-
Not Applicable
CAS
1,935
23.58
-
-
-
Not Applicable
1,693
25.45
-
-
-
Not Applicable

BROCAL
2Q 2022
2Q 2021
GOLD (OZ)
SILVER (OZ)
LEAD (MT)
ZINC (MT)
COPPER (MT)
TOTAL
GOLD (OZ)
SILVER (OZ)
LEAD (MT)
ZINC (MT)
COPPER (MT)
TOTAL
Cost of Sales (without D&A) (US$000)
2,322
7,134
1,058
7,514
43,520
61,547
1,693
12,048
2,010
7,129
32,939
55,819
Add:
Exploration Expenses (US$000)
166
511
76
539
3,119
4,411
114
808
135
478
2,208
3,742
Commercial Deductions (US$000)
1,409
3,991
430
5,715
26,231
37,775
1,330
6,546
812
3,108
25,338
37,135
Selling Expenses (US$000)
79
242
36
255
1,479
2,092
83
594
99
351
1,624
2,752
Cost Applicable to Sales (US$000)
3,976
11,879
1,600
14,022
74,348
105,825
3,220
19,996
3,056
11,067
62,110
99,448
Divide:
Volume Sold
2,590
650,260
1,071
3,370
10,311
Not Applicable
2,805
1,325,553
2,597
7,117
9,948
Not Applicable
CAS
1,535
18.27
1,494
4,161
7,211
Not Applicable
1,148
15.08
1,177
1,555
6,243
Not Applicable

BROCAL
6M 2022
6M 2021
GOLD (OZ)
SILVER (OZ)
LEAD (MT)
ZINC (MT)
COPPER (MT)
TOTAL
GOLD (OZ)
SILVER (OZ)
LEAD (MT)
ZINC (MT)
COPPER (MT)
TOTAL
Cost of Sales (without D&A) (US$000)
4,250
14,843
3,106
18,384
76,589
117,172
2,780
22,258
3,587
15,992
53,920
98,536
Add:
Exploration Expenses (US$000)
304
1,061
222
1,314
5,475
8,376
179
1,434
231
1,030
3,473
6,347
Commercial Deductions (US$000)
2,953
9,097
1,610
12,542
52,850
79,052
2,335
11,627
1,563
8,690
44,164
68,378
Selling Expenses (US$000)
159
556
116
688
2,868
4,388
134
1,075
173
773
2,605
4,761
Cost Applicable to Sales (US$000)
7,667
25,556
5,054
32,928
137,782
208,988
5,428
36,394
5,554
26,485
104,162
178,022
Divide:
Volume Sold
5,496
1,503,193
3,310
10,626
20,008
Not Applicable
4,756
2,569,720
4,836
15,608
17,485
Not Applicable
CAS
1,395
17.00
1,527
3,099
6,886
Not Applicable
1,141
14.16
1,148
1,697
5,957
Not Applicable

NON MINING COMPANIES
2Q 2022
2Q 2021
GOLD (OZ)
SILVER (OZ)
LEAD (MT)
ZINC (MT)
COPPER (MT)
TOTAL
GOLD (OZ)
SILVER (OZ)
LEAD (MT)
ZINC (MT)
COPPER (MT)
TOTAL
Cost of Sales (without D&A) (US$000)
-
-
-
-
-
6,959
-
-
-
-
-
4,198
Add:
Selling Expenses (US$000)
-
-
-
-
-
243
-
-
-
-
-
300
Total (US$000)
-
-
-
-
-
7,202
-
-
-
-
-
4,498

NON MINING COMPANIES
6M 2022
6M 2021
GOLD (OZ)
SILVER (OZ)
LEAD (MT)
ZINC (MT)
COPPER (MT)
TOTAL
GOLD (OZ)
SILVER (OZ)
LEAD (MT)
ZINC (MT)
COPPER (MT)
TOTAL
Cost of Sales (without D&A) (US$000)
-
-
-
-
-
7,543
-
-
-
-
-
8,294
Add:
-
Selling Expenses (US$000)
-
-
-
-
-
481
-
-
-
-
-
544
Total (US$000)
-
-
-
-
-
8,024
-
-
-
-
-
8,838

BUENAVENTURA CONSOLIDATED
2Q 2022
2Q 2021
GOLD (OZ)
SILVER (OZ)
LEAD (MT)
ZINC (MT)
COPPER (MT)
TOTAL
GOLD (OZ)
SILVER (OZ)
LEAD (MT)
ZINC (MT)
COPPER (MT)
TOTAL
Cost of Sales (without D&A) (US$000)
32,946
17,670
3,371
12,720
43,608
117,274
33,355
45,466
6,072
14,931
32,957
136,979
Add:
Exploration Expenses (US$000)
5,559
8,498
473
1,235
3,140
18,904
4,271
5,750
713
1,570
2,212
14,515
Commercial Deductions (US$000)
3,297
5,672
848
8,911
26,236
44,963
3,084
16,800
1,672
8,806
25,341
55,703
Selling Expenses (US$000)
885
1,587
213
636
1,480
4,801
878
1,843
307
745
1,624
5,697
Cost Applicable to Sales (US$000)
42,686
33,427
4,904
23,501
74,465
178,983
41,588
69,859
8,763
26,052
62,134
212,894
Divide:
Volume Sold
37,718
1,813,586
3,811
6,632
10,330
Not Applicable
33,575
3,505,471
6,713
12,476
9,966
Not Applicable
CAS
1,132
18.43
1,287
3,544
7,209
Not Applicable
1,239
19.93
1,305
2,088
6,234
Not Applicable

BUENAVENTURA CONSOLIDATED
6M 2022
6M 2021
GOLD (OZ)
SILVER (OZ)
LEAD (MT)
ZINC (MT)
COPPER (MT)
TOTAL
GOLD (OZ)
SILVER (OZ)
LEAD (MT)
ZINC (MT)
COPPER (MT)
TOTAL
Cost of Sales (without D&A) (US$000)
68,872
36,404
7,543
28,149
76,731
225,242
61,098
89,307
10,665
27,934
53,951
251,249
Add:
Exploration Expenses (US$000)
10,144
13,861
818
2,592
5,506
32,921
6,966
9,987
1,043
2,368
3,479
23,843
Commercial Deductions (US$000)
7,001
12,457
2,462
21,069
52,860
95,848
5,719
28,817
2,996
17,062
44,168
98,761
Selling Expenses (US$000)
1,806
2,619
439
1,421
2,871
9,155
1,608
3,188
496
1,314
2,606
9,755
Cost Applicable to Sales (US$000)
87,823
65,341
11,262
53,230
137,968
355,623
75,391
131,299
15,199
48,677
104,204
383,608
Divide:
Volume Sold
77,885
3,701,382
8,401
16,810
20,038
Not Applicable
59,763
6,681,750
11,517
23,282
17,517
Not Applicable
CAS
1,128
17.65
1,341
3,167
6,885
Not Applicable
1,262
19.65
1,320
2,091
5,949
Not Applicable

COIMOLACHE
2Q 2022
2Q 2021
GOLD (OZ)
SILVER (OZ)
LEAD (MT)
ZINC (MT)
COPPER (MT)
TOTAL
GOLD (OZ)
SILVER (OZ)
LEAD (MT)
ZINC (MT)
COPPER (MT)
TOTAL
Cost of Sales (without D&A) (US$000)
16124.17
823.825599
-
-
-
16,948
23,670
2,093
-
-
-
25,763
Add:
Exploration Expenses (US$000)
1,466
75
-
-
-
1,541
1,160
103
-
-
-
1,263
Commercial Deductions (US$000)
71
9
-
-
-
80
286
73
-
-
-
359
Selling Expenses (US$000)
166
9
-
-
-
175
263
23
-
-
-
286
Cost Applicable to Sales (US$000)
17,828
916
-
-
-
18,744
25,379
2,292
-
-
-
27,671
Divide:
Volume Sold
20,551
84,859
-
-
-
Not Applicable
29,815
178,729
-
-
-
Not Applicable
CAS
867
10.80
-
-
-
Not Applicable
851
12.83
-
-
-
Not Applicable

COIMOLACHE
6M 2022
6M 2021
GOLD (OZ)
SILVER (OZ)
LEAD (MT)
ZINC (MT)
COPPER (MT)
TOTAL
GOLD (OZ)
SILVER (OZ)
LEAD (MT)
ZINC (MT)
COPPER (MT)
TOTAL
Cost of Sales (without D&A) (US$000)
39,894
2,097
-
-
-
41,991
45,834
4,688
-
-
-
50,522
Add:
Exploration Expenses (US$000)
3,482
183
-
-
-
3,665
1,470
150
-
-
-
1,620
Commercial Deductions (US$000)
325
39
-
-
-
364
506
99
-
-
-
606
Selling Expenses (US$000)
409
22
-
-
-
431
494
50
-
-
-
544
Cost Applicable to Sales (US$000)
44,111
2,340
-
-
-
46,451
48,303
4,989
-
-
-
53,292
Divide:
Volume Sold
41,137
181,494
-
-
-
Not Applicable
57,909
394,377
-
-
-
Not Applicable
CAS
1,072
12.89
-
-
-
Not Applicable
834
12.65
-
-
-
Not Applicable

Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 18 of 25

APPENDIX 5: All-in Sustaining Cost

All-in Sustaining Cost for 2Q22
Buenaventura1
La Zanja
Tantahuatay
Attributable 2
2Q22
2Q22
2Q22
2Q22
Au Ounces Sold Net
30,676
4,452
20,551
43,368
2Q22
2Q22
2Q22
2Q22
Income Statement & Cash Flow
US$ 000'
US$/Oz Au
US$ 000'
US$/Oz Au
US$ 000'
US$/Oz Au
US$ 000'
US$/Oz Au
Cost of Sales
43,543
1,419
14,424
3,240
25,538
695
68,206
1,573
Exploration in Operating Units
13,730
448
764
172
1,926
50
15,266
352
Royalties
2,732
89
0
0
0
0
2,732
63
Comercial Deductions3
7,149
233
39
9
80
3
7,220
166
Selling Expenses
2,818
92
22
5
244
5
2,938
68
Administrative Expenses
10,173
332
635
143
859
46
11,152
257
Other, net
2,526
82
-72
-16
1,029
8
2,867
66
Sustaining Capex4
1,439
47
266
60
4,872
153
3,658
84
By-product Credit
-45,064
-1,469
-647
-145
-1,943
-47
-46,490
-1,072
All-in Sustaining Cost
39,046
1,273
15,431
3,466
32,604
1,586
67,550
1,558
*All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas.

Notes:
1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A.
2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 40.095% from Tantahuatay.
3. For all metals produced.
4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.

Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 19 of 25


All-in Sustaining Cost for 2Q21
Buenaventura1
La Zanja
Tantahuatay
Attributable 2
2Q21
2Q21
2Q21
2Q21
Au Ounces Sold Net
26,315
4,455
29,815
42,724
2Q21
2Q21
2Q21
2Q21
Income Statement & Cash Flow
US$ 000'
US$/Oz Au
US$ 000'
US$/Oz Au
US$ 000'
US$/Oz Au
US$ 000'
US$/Oz Au
Cost of Sales
74,927
2,847
11,474
2,576
25,764
695
96,731
2,264
Exploration in Operating Units
10,637
404
136
31
1,264
50
11,280
264
Royalties
1,528
58
0
0
0
0
1,528
36
Comercial Deductions3
18,529
704
39
9
359
3
18,712
438
Selling Expenses
2,792
106
23
5
286
5
2,930
69
Administrative Expenses
9,568
364
703
158
949
46
10,652
249
Other, net
125
5
-396
-89
104
8
-229
-5
Sustaining Capex4
2,737
104
357
80
3,581
153
4,530
106
By-product Credit
-82,166
-3,122
-692
-155
-4,757
-47
-84,766
-1,984
All-in Sustaining Cost
38,677
1,470
11,644
2,614
27,550
924
61,367
1,436
*All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas.

Notes:
1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A.
2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 40.095% from Tantahuatay.
3. For all metals produced.
4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.

Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 20 of 25

All-in Sustaining Cost for 1S22
Buenaventura1
La Zanja
Tantahuatay
Attributable 2
1S22
1S22
1S22
1S22
Au Ounces Sold Net
62,164
10,225
41,137
88,883
1S22
1S22
1S22
1S22
Income Statement & Cash Flow
US$ 000'
US$/Oz Au
US$ 000'
US$/Oz Au
US$ 000'
US$/Oz Au
US$ 000'
US$/Oz Au
Cost of Sales
84,904
1,366
25,906
2,534
50,581
1,230
131,090
1,475
Exploration in Operating Units
23,063
371
1,483
145
4,050
98
26,170
294
Royalties
5,666
91
0
0
0
0
5,666
64
Comercial Deductions3
16,711
269
85
8
364
9
16,942
191
Selling Expenses
4,975
80
56
5
500
12
5,231
59
Administrative Expenses
22,248
358
1,319
129
1,764
43
24,274
273
Other, net
1,695
27
-180
-18
657
16
1,778
20
Sustaining Capex4
2,898
47
300
29
9,274
225
6,917
78
By-product Credit
-86,423
-1,390
-1,165
-114
-4,021
-98
-89,200
-1,004
All-in Sustaining Cost
75,737
1,218
27,804
2,719
63,170
1,536
128,869
1,450
*All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas.

Notes:
1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A.
2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 40.095% from Tantahuatay.
3. For all metals produced.
4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.

Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 21 of 25


All-in Sustaining Cost for 1S21
Buenaventura1
La Zanja
Tantahuatay
Attributable 2
1S21
1S21
1S21
1S21
Au Ounces Sold Net
46,654
8,352
57,909
78,225
1S21
1S21
1S21
1S21
Income Statement & Cash Flow
US$ 000'
US$/Oz Au
US$ 000'
US$/Oz Au
US$ 000'
US$/Oz Au
US$ 000'
US$/Oz Au
Cost of Sales
142,097
3,046
21,061
2,522
50,522
872
183,415
2,345
Exploration in Operating Units
17,360
372
136
16
1,620
28
18,146
232
Royalties
2,304
49
0
0
0
0
2,304
29
Comercial Deductions3
30,315
650
68
8
606
10
30,626
392
Selling Expenses
4,722
101
45
5
544
9
4,985
64
Administrative Expenses
20,009
429
1,458
175
1,955
34
22,251
284
Other, net
1,752
38
-366
-44
344
6
1,524
19
Sustaining Capex4
5,213
112
396
47
9,845
170
9,556
122
By-product Credit
-146,206
-3,134
-1,481
-177
-10,579
-183
-151,926
-1,942
All-in Sustaining Cost
77,566
1,663
21,317
2,552
54,857
947
120,878
1,545
*All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas.

Notes:
1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A.
2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 40.095% from Tantahuatay.
3. For all metals produced.
4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 22 of 25

APPENDIX 6

Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Interim condensed consolidated statements of financial position
As of June 30, 2022 (unaudited) and December 31, 2021 (audited)
2022
2021
Assets
US$(000)
US$(000)
Current assets
Cash and cash equivalents
326,316
376,999
Trade and other receivables
147,970
240,432
Inventories
90,782
86,264
Current income tax asset
12,418
15,456
Prepaid expenses
14,297
20,394
Hedge derivative financial instruments
25,468
-
617,251
739,545
Non-current assets
Trade and other receivables
659,439
635,832
Inventories
13,827
12,802
Investments in associates and joint venture
1,492,130
1,422,295
Property, plant, equipment, development costs, net
1,498,459
1,537,870
Deferred income tax asset
119,249
164,351
Prepaid expenses
23,477
23,920
Other assets
24,467
25,196
3,831,048
3,822,266
Total assets
4,448,299
4,561,811
Liabilities and equity
Current liabilities
Bank loans
-
50,000
Trade and other payables
203,633
259,641
Provisions
79,386
81,039
Current income tax payable
2,031
3,026
Financial obligations
32,376
179,417
Hedge derivative financial instruments
-
6,976
317,426
580,099
Liabilities directly associated with assets classified as held for sale
-
264,838
317,426
844,937
Non-current liabilities
Trade and other payables
2,783
3,037
Provisions
232,983
232,288
Financial obligations
710,365
878,558
Contingent consideration liability
18,201
17,718
Deferred income tax liabilities
30,591
46,742
994,923
1,178,343
Total liabilities
1,312,349
2,023,280
Equity
Capital stock
750,497
750,497
Investment shares
791
791
Additional paid-in capital
218,450
218,450
Legal reserve
163,270
163,270
Other reserves
269
269
Other reserves of equity
9,389
(4,477
)
Retained earnings
1,835,306
1,239,526
Shareholders' equity, net attributable to owners of the parent
2,977,972
2,368,326
Non-controlling interest
157,978
170,205
Total equity
3,135,950
2,538,531
Total liabilities and equity
4,448,299
4,561,811
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 23 of 25


Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Interim consolidated statements of profit or loss (unaudited)
For the three-month and six-month period ended June 30, 2022 and 2021
For the three-month period
ended June 30,
For the six-month period
ended June 30,
2021
2020
2022
2021
Continuing operations
US$(000)
US$(000)
US$(000)
US$(000)
Operating income
Sales of goods
146,592
232,637
374,447
411,154
Sales of services
3,513
3,312
7,196
6,724
Royalty income
-
4,907
1,381
8,866
Total operating income
150,105
240,856
383,024
426,744
Cost of sales
Cost of sales of goods, excluding depreciation and amortization
(116,441
)
(136,748
)
(223,859
)
(250,856
)
Unabsorbed cost due to production stoppage
(4,890
)
-
(10,969
)
-
Cost of sales of services, excluding depreciation and amortization
(833
)
(230
)
(1,383
)
(393
)
Depreciation and amortization
(44,333
)
(48,332
)
(90,054
)
(94,820
)
Exploration in operating units
(18,904
)
(14,515
)
(32,921
)
(23,843
)
Mining royalties
(4,450
)
(2,725
)
(8,859
)
(4,437
)
Total costs of sales
(189,851
)
(202,550
)
(368,045
)
(374,349
)
Gross profit (loss)
(39,746
)
38,306
14,979
52,395
Operating income (expenses)
Administrative expenses
(16,583
)
(16,108
)
(35,077
)
(33,080
)
Selling expenses
(5,044
)
(5,697
)
(9,636
)
(9,755
)
Exploration in non-operating areas
(4,786
)
(1,960
)
(6,830
)
(3,698
)
Reversal (provision) of contingents
(2,591
)
735
(1,845
)
429
Write -off of stripping activity asset
-
(6,763
)
-
(6,763
)
Other, net
(1,624
)
1,972
45,267
1,462
Total operating income (expenses)
(30,628
)
(27,821
)
(8,121
)
(51,405
)
Operating profit (loss)
(70,374
)
10,485
6,858
990
Share in the results of associates and joint venture
22,287
50,039
97,707
108,263
Exchange difference
(22,935
)
(7,506
)
24,875
(8,947
)
Financial income
651
548
10,224
696
Financial costs
(12,880
)
(10,984
)
(29,451
)
(21,893
)
Profit (loss) before income tax
(83,251
)
42,582
110,213
79,109
Current income tax
6,038
(8,096
)
(16,292
)
(14,823
)
Deferred income tax
26,658
(1,614
)
21,822
(10,960
)
32,696
(9,710
)
5,530
(25,783
)
Profit (loss) from continuing operations
(50,555
)
32,872
115,743
53,326
Gain (loss) from discontinued operations, net of taxes
(190
)
5,097
479,807
2,760
Net profit (loss)
(50,745
)
37,969
595,550
56,086
Attributable to:
Owners of the parent
(39,898
)
37,542
596,254
53,912
Non-controlling interest
(10,847
)
427
(704
)
2,174
(50,745
)
37,969
595,550
56,086
Basic and diluted profit (loss) per share stated in U.S. dollars
(0.16
)
0.15
2.35
0.21
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 24 of 25


Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Interim condensed consolidated statements of cash flows (unaudited)
For the three-month and six-month period ended June 30, 2022 and 2021
For the three-month period
ended June 30,
For the six-month period
ended June 30,
2022
2021
2022
2021
US$(000)
US$(000)
US$(000)
US$(000)
Cash flows from (used in) operating activities
Proceeds from sales of goods and services
211,509
236,873
446,808
446,394
Dividends received from associates
29,377
39,169
29,377
42,720
Recovery from value added tax
13,826
15,266
21,853
21,700
Royalty received
-
4,173
5,183
8,883
Interest received
548
29
811
64
Dividends received from investments
-
1,599
-
3,049
Payments to suppliers and third-parties, and others net
(137,398
)
(151,474
)
(326,693
)
(302,885
)
Income tax and royalties paid to the Peruvian State
(9,741
)
(7,996
)
(67,238
)
(12,880
)
Payments to employees
(31,101
)
(29,941
)
(64,680
)
(63,097
)
Interest paid
(1,548
)
(3,524
)
(21,600
)
(7,338
)
Payment of royalties
(2,732
)
(1,528
)
(5,666
)
(2,304
)
Payments for tax litigation
-
(948
)
-
(8,410
)
Net cash and cash equivalents provided by (used in) operating activities
72,740
101,698
18,155
125,896
Cash flows from (used in) investing activities
Gain from sale of investments
-
-
300,000
-
Income from purchase of shares in La Zanja
-
-
45,000
-
Proceeds from sales of property, plant and equipment
8,741
102
8,783
257
Income from sale of shares
1,577
−
1,577
3,640
Acquisitions of property, plant and equipment
(30,442
)
(21,356
)
(49,443
)
(34,316
)
Capital increase in associates
(1,677
)
-
(1,677
)
-
Payments for acquisitions of other assets
(25
)
(109
)
(119
)
(205
)
Net cash flows from (used in) investing activities
(21,826
)
(21,363
)
304,121
(30,624
)
Cash flows from (used in) financing activities
Increase of restricted time deposits
-
-
29,117
(29,117
)
Payments of financial obligations
(28,493
)
(5,397
)
(308,889
)
(10,793
)
Payments of bank loans
-
(5,396
)
(50,000
)
(15,793
)
Short-term and low value lease payments
(11,606
)
(8,527
)
(19,200
)
(15,325
)
Dividends paid to controlling interest
(18,542
)
-
(18,542
)
-
Dividends paid to non-controlling interest
(1,573
)
(1,080
)
(2,647
)
(2,480
)
Payments of obligations for leases
(1,039
)
(1,019
)
(2,049
)
(2,036
)
Increase (decrease) of restricted bank accounts
(755
)
60
(749
)
55
Net cash and cash equivalents provided by (used in) in financing activities
(62,008
)
(21,359
)
(372,959
)
(75,489
)
Increase (decrease) in cash and cash equivalents during the period, net
(11,094
)
58,976
(50,683
)
19,783
Cash and cash equivalents at beginning of period
337,410
196,256
376,999
235,449
Cash and cash equivalents at period-end
326,316
255,232
326,316
255,232