Compañía de Minas Buenaventura (BVN) Investor Day 2024 summary

Strategic priorities and operational focus

• Emphasis on operational excellence, cost reduction, and mine life extension through exploration and disciplined capital allocation.

• Refocusing on high-value, long-life assets and divesting less profitable operations to enhance value creation.

• Sustainability integrated into all operations, with 63% renewable energy use and 85% water recycling.

• Strong community engagement, with 67% of workforce from local areas and robust union representation.

• Safety culture, transparent community relations, and robust ESG practices underpin operational stability and local economic development.

Growth projects and production outlook

• Key projects include Uchucchacua, Yumpag, El Brocal, San Gabriel, Coimolache, and a 20% stake in Cerro Verde.

• San Gabriel gold project on track for first gold bar in 4Q25, with $351M CAPEX executed and $219M pending.

• Trapiche copper project advancing toward feasibility by mid-2026, with 1.4Mt reserves and 18+ year LOM.

• Yumpag and Uchucchacua ramping up to consolidate low-cost, long-life silver operations, targeting 10-year and 5-year mine lives, respectively.

• Coimolache to resume full gold oxide production by 3Q25, with copper sulfides pre-feasibility underway.

Exploration and resource development

• Consistent growth in gold, silver, and copper reserves, with 2024 showing a 22% increase in gold and 12% in copper reserves over 2023.

• Yumpag’s M&I silver resources up 34% to 92 million ounces; El Brocal’s M&I copper resources increased 43% to 1,310kt.

• Advanced exploration at La Zanja and Coimolache sulfides, with pre-feasibility and feasibility studies underway.

• Exploration extends mine lives and focuses on high-value assets in Peru's key metal belts.

• Trapiche copper project targets a bankable feasibility study by 2026, with ongoing land and permit acquisition.