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6-K

Buenaventura Mining Co Inc (BVN)

6-K 2025-01-23 For: 2025-01-23
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Added on July 04, 2026

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549FORM 6-KREPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16UNDER THE SECURITIES EXCHANGE ACT OF 1934For the month of January, 2025

Commission File Number: 001-14370

COMPAÑÍA DE MINAS BUENAVENTURAS.A.A.

(Exact name of registrant as specified in itscharter)

BUENAVENTURA MINING COMPANY INC.

(Translation of registrant’s name intoEnglish)

LAS BEGONIAS 415 FLOOR 19

SAN ISIDRO, LIMA 27, PERU(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-For Form 40-F:

Form 20-F             x Form 40-F      ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes ¨ No     x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes ¨ No     x

BUENAVENTURATABLE OF CONTENTS

ITEM
1. Management’s Discussion and Analysis of Financial<br> Condition and Results of Operations for the nine-month period ended September 30, 2024.
2. Unaudited Interim Condensed Consolidated Financial Statements<br> as of and for the nine-month periods ended September 30, 2024 and 2023.

Item 1

MANAGEMENT’S DISCUSSION AND ANALYSISOF FINANCIAL CONDITIONAND RESULTS OF OPERATIONS

The following discussion contains forward-lookingstatements that involve risks and uncertainties. Our actual results may differ materially from those discussed in the forward-lookingstatements as a result of various factors, including, without limitation, those set forth in “Forward-looking statements,” “Risk factors” and the other matters set forth in our Annual Report for the year ended December 31, 2023 on Form 20-F(our “Annual Report”). The following discussion of our financial condition and results of operations is based on the annualand interim financial information of Compañía de Minas Buenaventura S.A.A. and its subsidiaries (“Buenaventura”),and should be read in conjunction with our Unaudited Interim Condensed Consolidated Financial Statements as of and for the nine-monthperiods ended September 30, 2024 and 2023 furnished as Item 2 hereunder.

Overview

We are Peru’s largest publicly traded precious metals company in terms of market capitalization and we are engaged in the exploration, mining and processing of gold, silver, copper and (to a lesser extent) other metals in Peru. We currently operate the Orcopampa, Uchucchacua, Julcani, Tambomayo and La Zanja mines and have controlling interests in two other mining companies that operate the Colquijirca-Marcapunta and Coimolache mines. We also own an electric power transmission company, a hydroelectric plant and a processing plant, as well as non-controlling interests in several other mining companies, including a significant ownership interest in Cerro Verde, a Peruvian company that operates a copper mine located in the south of Peru. For the year ended December 31, 2023, our consolidated total operating income was US$823.8 million and our consolidated net profit was US$32.7 million. For the nine-month period ended September 30, 2024, our consolidated total operating income was US$855.0 million and our consolidated net profit was US$385.9 million.

During the first several decades of our operations, we focused on the exploration and development of silver mines in Peru, including our Julcani, Orcopampa and Uchucchacua mines. Beginning in the early 1980s, we began to explore for gold and other metals in Peru, in order to diversify our business and reduce our dependence on silver. We expanded our mineral reserves through property acquisition and intensive exploration programs which were designed to increase reserves and production of gold. We also conducted exploration leading to the discovery of gold mineralization and subsequent production of gold at our Orcopampa, La Zanja, Breapampa (operation sold in 2017) and Tambomayo mines. In addition, we made significant equity investments in Cerro Verde, which operates an open pit copper mine in Peru, and Coimolache, which owns the Coimolache gold mine that we operate. As a result of these initiatives, the majority of our revenues are now derived from the production of gold, silver and copper.

We mainly produce refined gold and silver, either as concentrates or doré bars, and other metals such as lead, zinc and copper as concentrates that we distribute and sell locally and internationally. The following table sets forth the production of the Orcopampa, Tambomayo, Uchucchacua, Julcani, La Zanja and El Brocal (Colquijirca-Marcapunta) mines by type of product for the last three years, calculated in each case on the basis of 100% of the applicable mine’s production. Production from Cerro Verde and Coimolache are not included in these production figures.

Nine-month period ended September 30<br> <br>(Unaudited)^(1)(2)^ Year ended December 31 (Unaudited)^(1)(2)^
2024 2023 2023 2022 2021
Gold (oz.) 109,321 111,574 154,673 181,773 160,411
Silver (oz.) 11,516,207 4,857,709 9,099,978 8,198,488 14,398,043
Zinc (t) 22,540 10,275 25,008 36,869 55,312
Lead (t) 14,523 5,408 11,410 17,610 24,717
Copper (t) 42,716 44,126 57,721 47,352 37,877
^(1)^ The amounts in this table reflect the total production of all of our consolidated subsidiaries,<br> including El Brocal and La Zanja.
--- ---
^(2)^ Amounts exclude production from the operating mines that are classified as discontinued operations.

Nine-month period ended September 30, 2024 compared tonine-month period ended September 30, 2023

The following table summarizes certain of our financial and operating data for the nine-month periods ended September 30, 2024 and 2023 on a consolidated basis.

Nine-month period<br> ended September 30,
2024 2023 Change from<br><br> prior year % Change from<br><br> prior year
(in<br> thousands of US, except for percentages) (unaudited)
Continuing operations
Operating income:
Sales of goods 850,235 559,489 290,746 52 %
Sales of services 4,777 10,555 (5,778 ) (55 )%
Total operating income 855,012 570,044 284,968 50 %
Costs of sales
Cost of sales of goods excluding depreciation<br> and amortization (399,725 ) (338,695 ) (61,030 ) 18 %
Unabsorbed cost due to production stoppage (1,711 ) (18,002 ) 16,291 (90 )%
Cost of sales of services excluding depreciation<br> and amortization (2,292 ) (3,476 ) 1,184 (34 )%
Depreciation and amortization (119,717 ) (121,816 ) 2,099 (2 )%
Exploration in operating units (35,808 ) (39,051 ) 3,243 (8 )%
Mining royalties (15,017 ) (13,381 ) (1,636 ) 12 %
Total<br> costs of sales (574,270 ) (534,421 ) (39,849 ) 7 %
Gross profit 280,742 35,623 245,119 688 %
Operating expenses, net
Administrative expenses (45,800 ) (54,656 ) 8,856 (16 )%
Selling expenses (18,670 ) (12,745 ) (5,925 ) 46 %
Exploration in non-operating areas (16,847 ) (8,715 ) (8,132 ) 93 %
Reversal (provision) of contingents (1,878 ) 5,534 (7,412 ) (134 )%
Other, net 202,187 (4,033 ) 206,220 (5113 )%
Total<br> operating income (expenses), net 118,992 (74,615 ) 193,607 (260 )%
Operating income (loss) 399,734 (38,992 ) 438,726 (1126 )%
Share in the results of associates and joint<br> venture, net 150,189 113,368 36,821 32 %
Finance income 7,627 6,073 1,554 26 %
Foreign currency exchange difference (572 ) 3,450 (4,022 ) (117 )%
Finance costs (42,377 ) (43,455 ) 1,078 (2 )%
Profit before income tax 514,601 40,444 474,157 1172 %
Current income tax (90,049 ) (22,228 ) (67,821 ) 305 %
Deferred income tax (37,178 ) 24,298 (61,476 ) (253 )%
(127,227 ) 2,070 (129,297 ) (6246 )%
Profit from continuing<br> operations 387,374 42,514 344,860 811 %
Discontinued operations
Profit (loss) from discontinued<br> operations (1,521 ) 439 (1,960 ) 446 %
385,853 42,953 342,900 798 %
Profit attributable to:
Owners of the parent 369,075 29,627 339,448 1146 %
Non-controlling interest 16,778 13,326 3,452 26 %
385,853 42,953 342,900 798 %

All values are in US Dollars.

Sales of Goods

For the nine-month period ended September 30, 2024, silver and copper sales were our principal source of sale of goods, with 31% and 37% of our total sales of goods before commercial deductions, respectively, as shown in the chart below.

Nine-month period<br> ended September 30,
2024 2023 Change from prior year % Change from prior year
(in<br> thousands of US, except for percentages) (unaudited)
Sales by metal:
Copper 363,891 364,408 (517 ) 0 %
Silver 300,461 113,396 187,065 165 %
Gold 232,676 197,882 34,794 18 %
Zinc 48,213 17,916 30,297 169 %
Lead 27,288 9,742 17,546 180 %
Manganese sulfate 2,864 - 2,864 100 %
975,393 703,344 272,049 39 %
Commercial deductions^(1)^ (131,352 ) (134,651 ) 3,299 (2 )%
Total revenues from contracts with customers 844,041 568,693 275,348 48 %
Fair value of accounts receivables^(2)^ 3,272 (13,746 ) 17,018 (124 )%
Adjustments<br> to prior period liquidations^(3)^ 2,922 (1,514 ) 4,436 (293 )%
Hedge operations^(3)^ - 6,056 (6,056 ) (100 )%
Sale of goods 850,235 559,489 290,746 52 %

All values are in US Dollars.

^(1)^ The 2% decrease in commercial deductions is mainly due to the net effect of: (1) an increase<br> in deductions from manganese sulfate sales from Yumpag mining unit; and (2) a decrease in deductions related to the reduction<br> of silver/zinc sales, which received significant deductions in 2023, as well as updated commercial terms for copper sales in<br> 2024. Figures correspond to adjustments in price for treatment and refining charges, and can include certain penalties that, in accordance<br> with the applicable contract, are deducted from the international fine metal spot price and incurred after the time of sale of the<br> applicable concentrate.
^(2)^ The 124% increase in the fair value of accounts receivables is mainly due to higher future quotation<br> prices of copper and silver in the nine months ended September 30, 2024 compared to September 30, 2023.
^(3)^ The figures are derived from adjustments to final settlements of hedge operations related to open<br> positions that were settled in 2023. Buenaventura has not entered into any hedge contracts in the current period of 2024.

Sales of goods increased 52%, from US$559.5 million for the nine-month period ended September 30, 2023 to US$850.2 million for the nine-month period ended September 30, 2024, primarily as a result of an increase in sales of silver, gold, zinc and lead.

Silver sales increased 165% from US$113.4 million for the nine-month period ended September 30, 2023 to US$300.5 million for the nine-month period ended September 30, 2024 due to the start of operations at the Yumpag mining unit, the resumption of operations at the Uchucchacua mining unit, and favorable market price improvements.

Gold sales increased 18% from US$197.9 million for the nine-month period ended September 30, 2023 to US$232.7 million for the nine-month period ended September 30, 2024 due to higher recoverability rates at the Río Seco, Julcani and Colquijirca mining units, and an increase in gold market prices.

Zinc sales increased 169% from US$17.9 million for the nine-month period ended September 30, 2023 to US$48.2 million for the nine-month period ended September 30, 2024 due to higher sales from Tambomayo and Uchucchacua mining units following the resumption of operations of Uchucchacua, partially offset by lower sales from Colquijirca mining unit as a result of the suspension of activities in the open pit operation.

Lead sales increased 180% from US$9.7 million for the nine-month period ended September 30, 2023 to US$27.3 million for the nine-month period ended September 30, 2024 due to higher sales from Uchucchacua mining units following the resumption of its operations, partially offset by lower sales from Colquijirca mining unit as a result of the suspension of activities in the open pit operation.

Manganese sulfate sales increased from no sales for the nine-month period ended September 30, 2023 to US$2.9 million for the nine-month period ended September 30, 2024 driven by production at the Rio Seco mining unit, which resumed operations in November 2023.

Cost of sales

Total cost of sales for the nine-month period ended September 30, 2024 increased by 7% compared to the nine-month period ended September 30, 2023, as indicated in the following table:

Nine-month period<br> ended September 30,
2024 2023 Change from<br><br> prior year % Change from<br><br> prior year
in<br> thousands of US, except for percentages) (unaudited)
Cost of sales
Cost of sales of goods excluding<br> depreciation and amortization (399,725 ) (338,695 ) (61,030 ) 18 %
Unabsorbed cost due to production stoppage (1,711 ) (18,002 ) 16,291 (90 )%
Cost of sales of services excluding depreciation<br> and amortization (2,292 ) (3,476 ) 1,184 (34 )%
Depreciation and amortization (119,717 ) (121,816 ) 2,099 (2 )%
Exploration in operating units (35,808 ) (39,051 ) 3,243 (8 )%
Mining royalties (15,017 ) (13,381 ) (1,636 ) 12 %
Total<br> cost of sales (574,270 ) (534,421 ) (39,849 ) 7 %

All values are in US Dollars.

Cost of sales of goods excluding depreciation and amortization

Cost of sales of goods without considering depreciation and amortization increased by 18%, from US$338.7 million for the nine-month period ended September 30, 2023 to US$399.7 million for the nine-month period ended September 30, 2024. This increase is mainly due to costs associated with the resumption and start of operations at the Uchucchacua and Yumpag mining units, partially offset by a cost reduction at the El Brocal mining unit due to lower extraction activities resulting from the suspension of the open pit operation.

Unabsorbed cost due to production stoppage

Unabsorbed cost due to production stoppage decreased by 90%, from US$18.0 million for the nine-month period ended September 30, 2023 to US$1.7 million for the nine-month period ended September 30, 2024. This decrease is mainly due to the resumption of operations at the Uchucchacua mining unit.

Depreciation and amortization

Depreciation and amortization charges related to cost of sales decreased by 2% from US$121.8 million loss for the nine-month period ended September 30, 2023 to US$119.7 million loss for the nine-month period ended September 30, 2024 mainly due to slightly lower production at the El Brocal mining unit resulting from the suspension of open pit operations, partially offset by higher charges at the Uchucchacua mining unit as a result of the resumption of its operation, and the start of production at the Yumpag mining unit.

Exploration in operating units

Exploration costs in operational mining sites decreased by 8% from US$39.1 million loss for the nine-month period ended September 30, 2023 to US$35.8 million loss for the nine-month period ended September 30, 2024, mainly due to reduced exploration activities at the Uchucchacua and Yumpag mining units, totaling US$9.6 million, partially offset by increases of US$3.7 million, US$1.2 million and US$1.0 million at the Julcani, Orcopampa and Tambomayo mining units, respectively.

Operating expenses, net

Total operating expenses, net for the nine-month period ended September 30, 2024 decreased by 259% compared to the nine-month period ended September 30, 2023, as indicated in the following table:

Nine-month<br> period ended September 30,
2024 2023 Change<br> from<br><br> prior year %<br> Change from<br><br> prior year
(in<br> thousands of US, except for percentages) (unaudited)
Operating<br> expenses, net
Administrative<br> expenses ^(1)^ (45,800 ) (54,656 ) 8,856 (16 )%
Selling<br> expenses ^(2)^ (18,670 ) (12,745 ) (5,925 ) 46 %
Exploration<br> in non-operating areas ^(3)^ (16,847 ) (8,715 ) (8,132 ) 93 %
Reversal<br> (provision) of contingents^(4)^ (1,878 ) 5,534 (7,412 ) (134 )%
Other,<br> net^(5)^ 202,187 (4,033 ) 206,220 (5113 )%
Total<br> operating income (expenses), net 118,992 (74,615 ) 193,607 (259 )%

All values are in US Dollars.

^(1)^ Administrative expenses decreased from US$54.7 million for the nine-month period ended September 30,<br> 2023 to US$45.8 million for the nine-month period ended September 30, 2024 mainly due to the consolidation of expenses from<br> Contacto Corredores de Seguros S.A. which was part of Buenaventura until November 2023, after which its expenses were no longer<br> included in the consolidated financials.
^(2)^ Selling expenses increased from US$12.7 million for the nine-month period ended September 30,<br> 2023 to US$18.7 million for the nine-month period ended September 30, 2024 mainly due to increased transport expenses from higher<br> sales following the resumption of operations at the Uchucchacua mining unit, and higher copper transport fares at the Colquijirca<br> mining unit.
^(3)^ Exploration in non-operating areas increased from US$8.7 million for the nine-month period ended<br> September 30, 2023 to US$16.8 million for the nine-month period ended September 30, 2024 mainly due to higher expenses<br> in the Don Jorge and El Faique projects, along with the reclassification of open-pit exploration expenses at the Colquijirca mining<br> unit due to the suspension of open-pit activities during the nine-month period ended September 30, 2024.
^(4)^ Reversal (provision) of contingents changed from an income of US$5.5 million for the nine-month<br> period ended September 30, 2023 to an expense of US$1.9 million for the nine-month period ended September 30, 2024 mainly<br> due to the reversal of provisions recognized in the prior period related to safety, labor, and tax processes, whereas the current<br> period’s provision mainly includes inspections from regulatory entities.
^(5)^ Other net expenses changed from an expense of US$4.0 million for the nine-month period ended September 30,<br> 2023 to an income of US$202.2 million for the nine-month period ended September 30, 2024 mainly due to the sale of the investment<br> in the subsidiary Chaupiloma Dos de Cajamarca S.A.C.

Other incomes (loss)

The following table summarizes certain other incomes (loss) for the nine-month periods ended September 30, 2024 and 2023.

Nine-month<br> period ended September 30,
2024 2023 Change<br> from<br><br> prior year % Change<br> from<br><br> prior year
(in<br> thousands of US, except for percentages) (unaudited)
Share<br> in the results of associates and joint venture, net ^(1)^ 150,189 113,368 36,821 32 %
Finance income 7,627 6,073 1,554 26 %
Foreign<br> currency exchange difference^(2)^ (572 ) 3,450 (4,022 ) (117 )%
Finance<br> costs (42,377 ) (43,455 ) 1,078 (2 )%
114,867 79,436 35,431 45 %

All values are in US Dollars.

^(1)^ Share in the results of associates and joint ventures<br> increased from an income of US$113.4 million for the nine-month period ended September 30, 2023 to an income US$150.2 million<br> for the nine-month period ended September 30, 2024 mainly due to an increase in the value of shares owned by Sociedad Minera<br> Cerro Verde S.A.A. and Compañía Minera Coimolache S.A., driven by their higher profits.
^(2)^ The US$4.0 million decrease of the foreign currency exchange difference<br> from an income of US$3.5 million for the nine-month period ended September 30, 2023 to an expense of US$0.6 million for the<br> nine-month period ended September 30, 2024 is mainly explained by exchange rate fluctuations resulting from macroeconomic and<br> domestic market factors that weakened the Sol currency compared to the U.S. dollar (exchanges rates were 3.790 SOL/US$ and 3.703<br> SOL/US$ as of September 30, 2023 and 2024; respectively). Furthermore, Buenaventura holds significant receivables in Soles related<br> to tax claims with the tax administration (SUNAT) amounting to S/420,231,000. As of September 30, 2023 and 2024, Buenaventura<br> had no liabilities associated with tax claims.

Current and deferred income tax expenses

The effective tax rate was 25% for the nine-month period ended September 30, 2024 compared to 5% for the nine-month period ended September 30, 2023. Changes in the effective tax rate are related to changes in our projections for the years ended December 31, 2024 and 2023. Our projections for the years 2024 and 2023 differ mainly as a result of the deferred stripping costs, which were fully amortized in the previous period, forecasted income before taxes, and anticipated exchange differences arising from carried-forward tax losses.

Liquidity and capital resources

Capital expenditures

For the nine-month period ended September 30, 2024 our total capital expenditures were US$236.8 million.

As of September 30, 2024, we had cash on hand of US$457.9 million. We believe that our current operations and planned capital expenditures can be funded from cash flows from existing operations and cash on hand. However, should our operating cash flows decline due to unforeseen events, including delivery restrictions or a protracted downturn in the prices of our goods, we would examine measures such as further capital expenditure program reductions, pre-sale agreements, asset dispositions or equity issuances, among other financial alternatives.

We will also use cash flows to service current and expected debt levels. For the nine months ended September 30, 2024, Buenaventura received US$924.8 million from proceeds primarily from sales of goods and services, dividends from associates, and US$210.0 million from the sale of shares of the subsidiary Chaupiloma Dos de Cajamarca S.A.C. For the nine months ended September 30, 2023, Buenaventura received US$686.7 from proceeds primarily from sales of goods and services, and dividends from associates.

Cash flows

The following table sets forth our cash flows for the periods indicated:

Nine-month period<br> ended September 30,
2024 2023 % Change from<br><br> prior year
(in<br> thousands of US, except for percentages) (unaudited)
Operating activities
Proceeds from sales of good and services 834,635 588,376 42 %
Dividends received from associates 90,169 98,323 (8 )%
Recovery from value added tax 32,101 42,971 (25 )%
Interest received 2,397 4,314 (44 )%
Dividends received from investments 1,150 150 667 %
Payments to suppliers and third-parties, and others net (419,396 ) (379,544 ) 10 %
Payments to employees (115,268 ) (100,969 ) 14 %
Interest paid (35,713 ) (37,590 ) (5 )%
Short-term and low value lease payments (32,807 ) (28,159 ) 17 %
Income tax and royalties paid to the Peruvian State (43,632 ) (19,393 ) 125 %
Payment of royalties (6,751 ) (9,446 ) (29 )%
Payments for tax litigation - (3,569 ) (100 )%
Others minor 1,083 - 100 %
Net cash flows from operating activities 307,968 155,464 98 %
Investing activities
Collection from sale of subsidiary Chaupiloma Dos de Cajamarca<br> S.A.C. Shares 210,000 - 100 %
Proceeds from sale of property, plant and equipment 9,587 6,485 48 %
Proceeds from the sale of Contacto Corredores de Seguros S.A. to Howden Hodcco Perú<br> S.A.C. 1,060 - 100 %
Proceeds from sale of investments - 245 (100 )%
Payments for acquisition of property, plant and equipment (236,769 ) (145,659 ) 63 %
Payments for acquisitions of other assets (1,524 ) (1,772 ) (14 )%
Net cash flows from (used in) investing activities (17,646 ) (140,701 ) (87 )%
Financing activities
Increase of bank loans - 49,000 (100 )%
Decrease (increase) of bank accounts in trust (1,040 ) 17 (6218 )%
Payments of bank loans - (49,000 ) (100 )%
Payments of financial obligations (23,276 ) (23,276 ) 0 %
Dividends paid to controlling interest (18,441 ) (18,542 ) (1 )%
Lease payments (3,575 ) (3,430 ) 4 %
Dividends paid to non-controlling interest (5,888 ) (1,641 ) 259 %
Net cash flows used in financing activities (52,220 ) (46,872 ) 11 %
Increase (decrease) in cash and cash equivalents during the period, net 238,102 (32,109 ) 842 %
Cash and cash equivalents at beginning of period 219,790 253,918 (13 )%
Cash and cash equivalents at period-end 457,892 221,809 106 %

All values are in US Dollars.

Cash flows provided by operating activities

For the nine-month period ended September 30, 2024, cash provided by operating activities was US$308.0 million, representing an increase of 98%, from US$155.5 million for the nine-month period ended September 30, 2023.

This increase was mainly due to proceeds from higher sales and production by Buenaventura in the current period, the resumption of activities at the Uchucchacua mining unit, and the start of production at the Yumpag mining unit on April 1, 2024. This was partially offset by payments of mining royalties, income taxes and suppliers.

Cash flows used in investing activities

For the nine-month period ended September 30, 2024, cash used in investing activities was US$17.6 million, representing a decrease of 87%, from US$140.7 million for the nine-month period ended September 30, 2023.

This decrease was mainly due to the cash received from the sale of shares of the subsidiary Chaupiloma Dos de Cajamarca S.A.C. for US$210.0 million, which offset the cash outflows related to purchases of property, plant and equipment amounting to US$236.8 million.

Cash flows used in financing activities

Cash used in financing activities was US$52.2 million and US$46.9 million for the nine-month period ended September 30, 2024 and for the nine-month period ended September 30, 2023, respectively. The increase in payments is mainly explained by dividends paid to non-controlling interests.

Contractual Obligations

As of September 30, 2024, there was no material change to the amount or timing of payments related to our outstanding contractual obligations as set forth in “Item 5. F. Tabular disclosure of contractual obligations” in our Annual Report.

Financial Obligations

As of September 30, 2024 and December 31, 2023, we had total outstanding financial obligations of US$682.6 million and US$706.6 million, respectively, as set forth in the table below.

As<br> of September 30, As of<br> <br>December 31,
2024 2023
(in thousands of US)
(unaudited) (audited)
Compañía de Minas Buenaventura S.A.A.
Bonds
Senior Notes at 5.50% due 2026 545,684 544,062
Empresa de Generación Huanza S.A.
Banco de Crédito del Perú – Finance lease 74,812 79,436
Sociedad Minera El Brocal S.A.A.
Banco de Crédito del Perú – Financial obligation 54,591 72,762
Lease liabilities 7,485 10,320
Total financial obligations 682,572 706,580
Classification by maturity:
Current portion 35,889 34,219
Non-current portion 646,683 672,361
Total financial obligations 682,572 706,580

All values are in US Dollars.

Off-balance sheet arrangements

There are no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

Item 2

UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIALSTATEMENTS AS OF AND FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2024 AND 2023

Compañíade Minas Buenaventura S.A.A. and Subsidiaries

Unaudited interim condensed consolidated financial statements as of September 30, 2024 and 2023 and for the three-month and nine-month periods then ended

Compañía de Minas BuenaventuraS.A.A. and Subsidiaries

Interim condensed consolidated statements of financial position

As of September 30, 2024 (unaudited) and December 31, 2023 (audited)

Notes 2024 2023
US(000) US(000)
Assets
Current assets
Cash and cash equivalents 3 457,892 219,790
Trade and other receivables 4(a) 248,982 240,319
Inventories 5(a) 79,620 76,527
Current income tax 6,016 15,150
Prepaid expenses 13,373 25,976
805,883 577,762
Non-current assets
Trade and other receivables 4(a) 602,012 612,880
Investments in associates and joint venture 6(a) 1,587,033 1,527,123
Property, plant, equipment and development cost 7(a) 1,778,027 1,600,295
Deferred income tax asset 99,001 131,863
Prepaid expenses 21,484 22,148
Current income tax assets 1,668 1,909
Other non-financial assets 58,734 59,819
4,147,959 3,956,037
Total assets 4,953,842 4,533,799
Liabilities and equity
Current liabilities
Trade and other payables 8 266,935 293,621
Financial obligations 9(a) 35,889 34,219
Provisions 87,738 107,491
Income tax payable 53,414 6,274
443,976 441,605
Non-current liabilities
Trade and other payables 8 9,290 5,385
Financial obligations 9(a) 646,683 672,361
Provisions 262,048 193,209
Contingent consideration liability 20(a) 26,224 21,614
Deferred income tax liabilities 34,518 30,414
978,763 922,983
Total liabilities 1,422,739 1,364,588
Equity 11
Capital stock 750,497 750,497
Investment shares 791 791
Additional paid-in capital 218,450 218,450
Legal reserve 163,539 163,372
Other reserves 31,897 31,897
Other reserves of equity (96 ) (96 )
Retained earnings 2,192,001 1,841,549
Shareholders’ equity attributable to owners of the parent 3,357,079 3,006,460
Non-controlling interest 12(a) 174,024 162,751
Total equity 3,531,103 3,169,211
Total liabilities and equity 4,953,842 4,533,799

All values are in US Dollars.

Compañía de Minas BuenaventuraS.A.A. and Subsidiaries

Interim condensed consolidated statements of profit or loss (unaudited)

For the three-month and nine-month periods ended September 30, 2024 and 2023

For the three-month periods For the nine-month periods
ended September 30, ended September 30,
Notes 2024 2023 2024 2023
US(000) US(000) US(000) US(000)
Continuing<br> operations
Operating<br> income
Sales of goods 13 329,017 207,705 850,235 559,489
Sales of<br> services 2,089 3,588 4,777 10,555
Total<br> operating income 331,106 211,293 855,012 570,044
Cost of sales
Cost of sales<br> of goods, excluding depreciation and amortization 14 (153,640 ) (134,863 ) (399,725 ) (338,695 )
Unabsorbed cost<br> due to production stoppage (271 ) (7,467 ) (1,711 ) (18,002 )
Cost of sales<br> of services, excluding depreciation and amortization (759 ) (1,332 ) (2,292 ) (3,476 )
Depreciation<br> and amortization (43,815 ) (51,264 ) (119,717 ) (121,816 )
Exploration<br> in operating units (13,703 ) (12,418 ) (35,808 ) (39,051 )
Mining<br> royalties (5,866 ) (4,439 ) (15,017 ) (13,381 )
Total<br> cost of sales (218,054 ) (211,783 ) (574,270 ) (534,421 )
Gross<br> profit (loss) 113,052 (490 ) 280,742 35,623
Operating<br> income (expenses), net
Administrative<br> expenses (16,950 ) (17,536 ) (45,800 ) (54,656 )
Selling expenses (7,003 ) (4,277 ) (18,670 ) (12,745 )
Exploration<br> in non-operating areas (6,297 ) (4,553 ) (16,847 ) (8,715 )
Reversal (provision)<br> of contingencies (1,245 ) 240 (1,878 ) 5,534
Other,<br> net 15 204,751 (2,919 ) 202,187 (4,033 )
Total<br> operating income (expenses), net 173,256 (29,045 ) 118,992 (74,615 )
Operating<br> income (loss) 286,308 (29,535 ) 399,734 (38,992 )
Share in the<br> results of associates and joint venture 6(b) 48,664 46,375 150,189 113,368
Finance income 3,654 2,122 7,627 6,073
Foreign currency<br> exchange difference 18,369 (31,176 ) (572 ) 3,450
Finance<br> costs (12,969 ) (13,381 ) (42,377 ) (43,455 )
Profit<br> (loss) before income tax 344,026 (25,595 ) 514,601 40,444
Current income<br> tax 18(a) (67,756 ) (11,925 ) (90,049 ) (22,228 )
Deferred<br> income tax 18(a) (30,385 ) 13,189 (37,178 ) 24,298
(98,141 ) 1,264 (127,227 ) 2,070
Profit<br> (loss) from continuing operations 245,885 (24,331 ) 387,374 42,514
Discontinued<br> operations
Profit<br> (loss) from discontinued operations 1(e) (1,459 ) (167 ) (1,521 ) 439
Net profit<br> (loss) 244,426 (24,498 ) 385,853 42,953
Profit<br> (loss) attributable to:
Owners of the<br> parent 236,927 (28,032 ) 369,075 29,627
Non-controlling<br> interest 12(a) 7,499 3,534 16,778 13,326
244,426 (24,498 ) 385,853 42,953
Basic and<br> diluted profit (loss) per share, stated in U.S. dollars
Attributable<br> to owners of parent 0.93 (0.11 ) 1.45 0.12
Attributable<br> to owners of the parent for continuing operations 0.93 (0.11 ) 1.45 0.12

All values are in US Dollars.

Compañía de Minas BuenaventuraS.A.A. and Subsidiaries

Interim condensed consolidated statements of other comprehensive income (unaudited)

For the three-month and nine-month periods ended September 30, 2024 and 2023

For<br> the three-month periods ended<br> September 30, For<br> the nine-month periods ended<br> September 30,
2024 2023 2024 2023
US(000) US(000) US(000) US(000)
Net<br> profit (loss) 244,426 (24,498 ) 385,853 42,953
Other comprehensive<br> income (loss) to be reclassified to profit or loss, net of income tax
Net change in unrealized<br> gain (loss) on copper and zinc prices hedge, net of income tax, note 17 - - - (6,232 )
Translation loss<br> from associate (182 ) - (182 ) -
Share of other comprehensive<br> income of associates accounted for using equity method, net of income tax - 3 - 3
Total<br> other comprehensive income that will be reclassified to profit or loss, net of tax (182 ) 3 (182 ) (6,229 )
Total<br> other comprehensive profit (loss) net of income tax 244,244 (24,495 ) 385,671 36,724
Comprehensive<br> income (loss) attributable to:
Equity holders of<br> the parent 236,745 (28,029 ) 368,893 25,955
Non-controlling interests 7,499 3,534 16,778 10,769
244,244 (24,495 ) 385,671 36,724

All values are in US Dollars.

Compañíade Minas Buenaventura S.A.A. and Subsidiaries

Interim condensed consolidated statements of changes in shareholders’ equity (unaudited)

For the nine-month periods ended September 30, 2024 and 2023

Attributable<br> to equity holders of the parent
Other reserves
Capital stock and investment shares of<br> equity
Share of other
comprehensive
income of
associates and
joint venture
Number of Additional accounted for
shares Common Investment paid-in Legal Other using equity Retained Non-controlling
Outstanding Shares shares capital reserve reserves method earnings Sub<br> total interest Total<br> equity
US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000)
As of January<br> 1, 2023 253,715,190 750,497 791 218,450 163,270 31,897 2,184 1,841,761 3,008,850 154,091 3,162,941
Net profit - - - - - - - 29,627 29,627 13,326 42,953
Other<br> comprehensive loss - - - - - - (3,672 ) - (3,672 ) (2,557 ) (6,229 )
Total<br> other comprehensive income (loss) - - - - - - (3,672 ) 29,627 25,955 10,769 36,724
Dividends<br> declared and paid, note 11(c) - - - - - - - (18,542 ) (18,542 ) (1,641 ) (20,183 )
Expired<br> dividends, note 11(e) - - - - 102 - - - 102 - 102
Other changes<br> in equity - - - - - - 1,389 (1,401 ) (12 ) - (12 )
As of September<br> 30, 2023 253,715,190 750,497 791 218,450 163,372 31,897 (99 ) 1,851,445 3,016,353 163,219 3,179,572
As of January<br> 1, 2024 253,715,190 750,497 791 218,450 163,372 31,897 (96 ) 1,841,549 3,006,460 162,751 3,169,211
Net profit - - - - - - - 369,075 369,075 16,778 385,853
Other comprehensive<br> income - - - - - - - (182 ) (182 ) - (182 )
Total<br> other comprehensive income (loss) - - - - - - - 368,893 368,893 16,778 385,671
Dividends<br> declared and paid, note 11(c) - - - - - - - (18,441 ) (18,441 ) (5,535 ) (23,976 )
Other changes<br> in equity, note 11(e) - - - - 167 - - - 167 30 197
As of September<br> 30, 2024 253,715,190 750,497 791 218,450 163,539 31,897 (96 ) 2,192,001 3,357,079 174,024 3,531,103

All values are in US Dollars.

Compañía de Minas BuenaventuraS.A.A. and Subsidiaries

Interim condensed consolidated statements of cash flows (unaudited)

For the three-month and nine-month periods ended September 30, 2024 and 2023

For the three-month periods For the nine-month periods
ended September 30, ended September 30,
Notes 2024 2023 2024 2023
US(000) US(000) US(000) US(000)
Cash flows<br> from operating activities
Proceeds<br> from sales of goods and services 318,002 206,711 834,635 588,376
Dividends received<br> from associates 16(a) 59,902 48,961 90,169 98,323
Recovery from<br> value added tax 9,141 9,631 32,101 42,971
Interest received 1,609 1,639 2,397 4,314
Dividends received<br> from investments - - 1,150 150
Payments to suppliers<br> and third parties, and others net (105,890 ) (104,989 ) (419,396 ) (379,544 )
Payments to employees (55,682 ) (33,962 ) (115,268 ) (100,969 )
Interest paid (16,862 ) (16,081 ) (35,713 ) (37,590 )
Short-term and<br> low value lease payments (12,355 ) (9,884 ) (32,807 ) (28,159 )
Income tax and<br> royalties paid to the Peruvian State (17,546 ) (7,293 ) (43,632 ) (19,393 )
Payment of royalties - (3,235 ) (6,751 ) (9,446 )
Payments for tax<br> litigation (542 ) (3,331 ) - (3,569 )
Others<br> minor 1,083 - 1,083 -
Net<br> cash flows from operating activities 180,860 88,167 307,968 155,464
Cash flows<br> from (used in) of investing activities
Collection from<br> the sale of shares of the subsidiary Chaupiloma Dos de Cajamarca S.C.R.L. 210,000 - 210,000 -
Proceeds from<br> sale of property, plant and equipment 3,387 2,455 9,587 6,485
Proceeds from<br> the sale Contacto Corredores de Seguros S.A. shares to Howden - - 1,060 -
Proceeds from<br> sale of investments - 245 - 245
Payments for acquisition<br> of property, plant and equipment (95,448 ) (59,786 ) (236,769 ) (145,659 )
Payments<br> for acquisition of other assets (155 ) (1,052 ) (1,524 ) (1,772 )
Net<br> cash flows from (used in) investing activities 117,784 (58,138 ) (17,646 ) (140,701 )
Cash flows<br> from (used in) financing activities
Increase of bank<br> loans - - - 49,000
Decrease (increase)<br> of bank accounts in trust 4(a) (970 ) - (1,040 ) 17
Payments of bank<br> loans - - - (49,000 )
Payments of financial<br> obligations 9(d) (7,759 ) (7,758 ) (23,276 ) (23,276 )
Dividends paid<br> to controlling interest 11(c) - - (18,441 ) (18,542 )
Lease payments 9(d) (1,782 ) (1,181 ) (3,575 ) (3,430 )
Dividends<br> paid to non-controlling interest (1,787 ) (1,641 ) (5,888 ) (1,641 )
Net<br> cash flows used in financing activities (12,298 ) (10,580 ) (52,220 ) (46,872 )
Increase (decrease)<br> in cash and cash equivalents during the period, net 286,346 19,449 238,102 (32,109 )
Cash<br> and cash equivalents at beginning of period 3 171,546 202,360 219,790 253,918
Cash<br> and cash equivalents at the end of the period 3 457,892 221,809 457,892 221,809
Financing<br> and investing activities not affecting cash flows:
Changes in estimates<br> of mine closure plans (1,674 ) (4,271 ) 55,158 2,190
Leases additions 2,501 - 3,364 -
Due from for sales<br> of properties and concessions - (704 ) - 1,832

All values are in US Dollars.

Compañíade Minas Buenaventura S.A.A. and Subsidiaries

Notes to the interim condensed consolidated financial statements (unaudited)

For the three-month and nine-month periods ended September 30, 2024 and 2023

1. Identification and business activity
(a) Identification<br> -
--- ---

Compañía de Minas Buenaventura S.A.A. (hereafter “the Company” or “Buenaventura”) is a publicly traded corporation incorporated in Peru in 1953. The Company stock is traded on the Lima and New York Stock Exchanges through American Depositary Receipts (ADRs), which represent the Company’s shares deposited in the Bank of New York. The Company’s legal domicile is at Las Begonias Street N°415, San Isidro, Lima, Peru. The Company is the ultimate controlling party.

(b) Business<br> activity -

The Company and its subsidiaries (hereinafter “the Group") are principally engaged in the exploration, mining, concentration, smelting and marketing of polymetallic ores and metals.

As of September 30, 2024, the Group operates directly fiveoperating mining units in Peru (Orcopampa, Julcani, Uchucchacua, Tambomayo and Yumpag), two discontinued mining units (Poracota and Shila-Paula), and one mining unit under development stage (San Gabriel). In addition, the Company has a controlling interest in (i) Sociedad Minera El Brocal S.A.A. (hereinafter “El Brocal”), which operates the Colquijirca mining unit; (ii) Minera La Zanja S.R.L. (hereinafter “La Zanja”), which operates La Zanja mining unit; (iii) El Molle Verde S.A.C. (hereinafter “Molle Verde”) which operates Trapiche, a mining unit at the development stage; and (iv) other entities dedicated to energy generation and transmission services, and other activities. All these activities are carried out in Peru.

The legal domicile of the subsidiaries and associates is the same as that of the Company, except for:

- Sociedad<br> Minera Cerro Verde S.A.A. whose legal domicile is located at Calle Jacinto Ibáñez<br> 315, Urb. Parque Industrial, Cercado de Arequipa, Arequipa.
- Tinka<br> Resources Ltd. whose legal domicile is located at #1305 - 1090 West Georgia Street, Vancouver,<br> British Columbia, V6E 3V7 Canada.
--- ---

Restartof activities at the Uchucchacua mining unit -

Due to operational problems that were aggravated by the COVID-19 pandemic (delays in mine preparation and exploration), on October 15, 2021, the Company requested from the Ministry of Energy and Mines, the temporary suspension of activities in the Uchucchacua unit, specifically those related to mining exploitation and benefit.

As a result of said stoppage, the industrial activities in the subsidiary Procesadora Industrial Río Seco S.A. (which receives raw materials from the Uchucchacua mining unit) were suspended until operations resume in Uchucchacua.

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

On August 28, 2023, the Company presented the Mining Plan Update to the Ministry of Energy and Mines, thus completing the procedures required for the restart of the activities of the Uchucchacua mining unit, as of September 1 of 2023.

As of September 1, 2023, the maintenance and start-up work commenced. Likewise, starting in the second half of September, mineral processing began at the Uchucchacua concentrator plant with the objective of achieving a stable production between 2,600 tons and 2,800 tons per day, which will be maintained for the following years.

Approvalof the environmental impact study of the Yumpag project -

The Detailed Environmental Impact Study of the Yumpag Project (EIA) was approved in September 2023. After that the Company prepared and presented all the required procedures before the Ministry of Energy and Mines to obtain the necessary authorizations to initiate the project’s exploitation phase.

On March 18, 2024, the Company received the final authorizations from the Ministry of Energy and Mines to begin production of Yumpaq mine project. The production started on April 1, 2024.

(c) Approval<br> of interim condensed consolidated financial statements -

The interim condensed consolidated financial statements as of September 30, 2024 were approved and authorized for issue by the Board of Directors on October 30, 2024 and subsequent events have been considered through that date.

2

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

(d) The<br> interim condensed consolidated financial statements include the financial statements of the<br> Company and the following subsidiaries:
Country of Ownership as of
--- --- --- --- --- --- --- --- --- ---
incorporation<br><br> and business September 30, <br><br>2024 December 31, <br><br>2023
Direct Indirect Direct Indirect
% % % %
Mining activities:
Compañía Minera Condesa S.A. Peru 100.00 - 100.00 -
Compañía Minera Colquirrumi S.A. Peru 100.00 - 100.00 -
Sociedad Minera El Brocal S.A.A (i) Peru 3.19 58.24 3.19 58.24
Inversiones Colquijirca S.A. (i) Peru 89.76 10.24 89.76 10.24
S.M.R.L. Chaupiloma Dos de Cajamarca (ii) Peru - - 33.00 67.00
Minera La Zanja S.R.L. Peru 100.00 - 100.00 -
El Molle Verde S.A.C. Peru 99.98 0.02 99.98 0.02
Apu Coropuna S.R.L. Peru 70.00 - 70.00 -
Cerro Hablador S.A.C. Peru 99.00 1.00 99.00 1.00
Minera Azola S.A.C. Peru 99.00 1.00 99.00 1.00
Energy generation and transmission services:
Consorcio Energético de Huancavelica S.A. Peru 100.00 - 100.00 -
Empresa de Generación Huanza S.A. Peru - 100.00 - 100.00
Industrial activities:
Procesadora Industrial Río Seco S.A. Peru 100.00 - 100.00 -
(i) As<br> of September 30, 2024 and December 31, 2023 includes the participation of the Company<br> in the voting rights of El Brocal of 61.43% through its participation in Inversiones Colquijirca<br> S.A. (hereinafter “Colquijirca”), a subsidiary of the Company (100% of the participation<br> in its voting rights as September 30, 2024 and December 31, 2023), which has an<br> investment over the voting rights of El Brocal, representing an indirect ownership of the<br> Company in El Brocal of 58.24% as September 30, 2024 and December 31, 2023.
--- ---
(ii) On<br> August 13, 2024, the Company, Compañia Minera Condesa S.A., and Compañía<br> de Regalias del Perú S.A. signed a contract for the sale of its shares of its subsidiary<br> SMRL Chaupiloma Dos de Cajamarca for US$210 million, paid in cash. The net cost of sale of<br> the investment was US$1,100,000. The income and its net disposal cost were recognized in<br> the caption Others, net.
--- --- 
3

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

(e) Discontinued<br> operations

As of September 30, 2024 and 2023, the mining units with discontinued operations were Poracota and Shila-Paula. Information of income, expenses and results of discontinued mining units are presented below:

In addition, during the three-month and nine-month periods ended September 30, 2024 and 2023, there were no net cash flows generated by the discontinued mining units.

For the three-month periods<br><br>ended September 30, For the nine-month periods<br><br>ended September 30,
2024 2023 2024 2023
US(000) US(000) US(000) US(000)
Operating income (expenses), net
Reversal (provision) of contingents - 79 404 1,735
Administrative expenses (2,324 ) (219 ) (2,627 ) (471 )
Other, net 835 - 791 (726 )
Total operating income (loss), net (1,489 ) (140 ) (1,432 ) 538
Operating profit (loss) (1,489 ) (140 ) (1,432 ) 538
Financial costs 47 (30 ) (144 ) (98 )
Exchange difference net (17 ) 3 55 (1 )
Profit (loss) before income tax (1,459 ) (167 ) (1,521 ) 439
Current income tax - - - -
Deferred income tax - - - -
Profit (loss) from continuing operations (1,459 ) (167 ) (1,521 ) 439

All values are in US Dollars.

2. Basis for preparation, consolidation and changes in accounting policies
2.1. Basis<br> of preparation and presentation -
--- ---

The unaudited interim condensed consolidated financial statements have been prepared and presented in accordance with IAS 34 - “Interim Financial Reporting” performed in compliance with the rules of the Superintendence of the Securities Market (SMV by its acronym in Spanish). Likewise, the Group uses the same accounting policies applied in preparing the annual financial statements, except for the income tax expense that is recognized, according to IAS 34, for each interim period based on the best estimate of the weighted average annual income effective tax rate expected for the full financial year.

The unaudited interim condensed consolidated financial statements have been prepared on a historical cost basis, from the accounting records of the Group, except for financial the derivative financial instruments and financial assets and liabilities that have been measured at fair value through profit or loss and discontinued operations that have been valued at the lower of (i) their carrying amount and (ii) its fair value less cost to sell.

The Group has prepared the interim condensed consolidated financial statements on the basis that it will continue to operate as a going concern. Management considers that there are no material uncertainties that may cast significant doubt over this assumption.

4

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

The unaudited interim condensed consolidated financial statements are stated in U.S. dollars and all values have been rounded to the nearest thousands, except when otherwise indicated.

The unaudited interim condensed consolidated financial statements provide comparative information for prior periods, however, do not include all information and disclosures required in the annual consolidated financial statements, and should be read in conjunction with the Group’s audited consolidated financial statements as of December 31, 2023.

2.2. New<br> standards and interpretations adopted by the Group -

The accounting policies used by the Group for the preparation of the interim condensed consolidated financial statements are consistent with those used in the preparation of the annual consolidated financial statements as of December 31, 2023, except for the adoption of the new standards effective from January 1, 2024. The Group has not early adopted any standard, interpretation or modification issued and not yet effective.

Certain standards and amendments apply from January 1, 2024; however, they do not impact the unaudited interim condensed consolidated financial statements of the Group as of September 30, 2024 and, therefore, they have not been disclosed.

Amendmentsto IFRS 16: Lease Liability in a Sale and Leaseback -

In September 2022, the IASB issued amendments to IFRS 16 to specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognize any amount of the gain or loss that relates to the right of use it retains. The amendments didn’t have an impact on the Group’s interim condensed consolidated financial statements.

Amendmentsto IAS 1: Classification of Liabilities as Current or Non-current -

In January 2020 and October 2022, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 to specify the requirements for classifying liabilities as current or non-current. The amendments clarify:

· What<br> is meant by a right to defer settlement.
· That<br> a right to defer must exist at the end of the reporting period.
· That<br> classification is unaffected by the likelihood that an entity will exercise its deferral<br> right.
· That<br> only if an embedded derivative in a convertible liability is itself an equity instrument<br> would the terms of a liability not impact its classification.

In addition, a requirement has been introduced to require disclosure when a liability arising from a loan agreement is classified as non-current and the entity’s right to defer settlement is contingent on compliance with future covenants within twelve months.

The amendments didn’t have an impact on the Group’s interim condensed consolidated financial statements.

5

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

SupplierFinance Arrangements - Amendments to IAS 7 and IFRS 7 -

In May 2023, the IASB issued amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures to clarify the characteristics of supplier finance arrangements and require additional disclosure of such arrangements. The disclosure requirements in the amendments are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity’s liabilities, cash flows and exposure to liquidity risk.

The transition rules clarify that one entity is not required to present information in any interim period during the amendment’s year of initial application. Therefore, the amendments did not have an impact in the interim condensed consolidated financial statements.

3. Cash and cash equivalents

This caption is made up as follow:

As of<br> September 30, As of<br> December 31,
2024 2023
US(000) US(000)
Cash on hand 84 122
Balances with banks (i) 49,153 63,979
Short-term deposits (ii) 408,655 155,689
457,892 219,790

All values are in US Dollars.

(i) Banks<br> accounts are freely available and earn interest at floating rates based on market rates.
(ii) As<br> of September 30, 2024 and December 31, 2023, time deposits were kept in prime financial<br> institutions, which generated interest at annual market rates and have original current maturities,<br> lower than 90 days, according to the immediate cash needs of the Group.
--- --- 
6

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

4. Trade and other receivables
(a) This<br> caption is made up as follows:
--- ---
As of<br> <br>September  30, 2024 As of<br> <br>December 31, 2023
--- --- --- --- --- --- ---
US(000) US(000)
Trade receivables
Domestic clients 176,527 157,296
Foreign clients 42,199 46,051
Related entities, note 16(b) 449 421
219,175 203,768
Allowance for expected credit losses<br> (b) (24,569 ) (22,276 )
194,606 181,492
Other receivables
Tax claims (c) 545,290 546,385
Value added tax credit 55,047 66,515
Other receivables to third parties 27,499 27,585
Tax deposits (d) 8,627 3,075
Accounts receivable from Howden Hodco Perú (e) 7,332 12,564
Interest receivable 3,654 2,634
Advances to suppliers 3,443 6,810
Refund applications of value added tax (f) 2,914 2,591
Related entities, note 16(b) 2,368 2,486
Bank accounts in trust 2,098 1,058
Loans to third parties 1,404 555
Loans to personnel to personal 533 574
Due from sales of assets 108 2,744
Other receivables 185 272
660,502 675,848
Allowance for expected credit losses<br> (b) (4,114 ) (4,141 )
656,388 671,707
Total trade and other receivables 850,994 853,199
Classification by maturity:
Current portion 248,982 240,319
Non-current portion 602,012 612,880
Total trade and other receivables 850,994 853,199
Classification by nature:
Financial receivables 247,743 237,708
Non-financial receivables 603,251 615,491
Total trade and other receivables 850,994 853,199
Classification by measurement:
Trade receivables (not subject to provisional prices) 78,143 55,906
Trade receivables (subject to provisional prices) 116,463 125,586
Other accounts receivables 656,388 671,707
Total trade and other receivables 850,994 853,199

All values are in US Dollars.

(b) In<br> the opinion of the Group’s Management, the balance of the allowance for expected credit<br> losses is sufficient to cover adequately the risks of failure to date of the interim condensed<br> consolidated statement of financial position. 
7

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

(c) Corresponds<br> to seizures and forced payments of tax debts that are in litigation and that, in the opinion<br> of Management and its legal advisors, a favorable result should be obtained in the judicial<br> and administrative processes that have been initiated, see note 31(d) of the audited<br> annual consolidated financial statements:
Concept **** Disbursement<br><br> <br>Date **** **** As of<br> September<br>  30, 2024 **** **** As<br> of December<br>  31, 2023 ****
--- --- --- --- --- --- --- --- --- ---
US(000) US(000)
Buenaventura -
Payment of tax debt in relation to fiscal year<br> 2007 - 2008 July 2021 426,606 426,374
Payment of tax debt in relation to fiscal year 2010 July 2021 96,325 96,273
Payment of tax debt in relation to fiscal year 2009 July 2021 52,227 52,199
SUNAT seizure for payment on account from January to<br> December 2009; January and February 2010 December 2019 32,477 32,459
Forced payment of part of the tax liability debt for fiscal<br> year 2007 November and<br> December 2020 19,461 19,451
SUNAT seizure for payment on account on Income Tax 2007-2008-2009 January 2021 5,177 5,174
Payment in claim to SUNAT for the year 2018 August 2023 2,886 3,306
Payment of tax debt in relation to fiscal year 2017 December 2022 2,493 2,490
Payment of the tax liability debt imputed by SUNAT in<br> the IGV inspection process January-December 2014 to benefit from the gradual nature of the fine November 2020 1,281 1,280
Payment of part of the tax debt for fiscal year 2010 December 2020 486 486
Payment in claim to SUNAT for the year<br> 2014 June 2023 235 236
Payment in claim to the Tax Administration 639,654 639,728
Inminsur's tax<br> liability debt (absorbed by Buenaventura), by the inspection process for the years 1996-1997 and claimed in court May 2017 809 809
Claim payment to OSINERGMIN for the year 2015 December 2022 639 638
Claim payment to OSINERGMIN for the year 2014 August 2021 626 630
Claim payment to OSINERGMIN for the year 2017 April 2024 135 -
Payment in claim to Oyon Municipality December 2020 518 519
Other claims 2,727 2,596
642,381 642,324

All values are in US Dollars.

8

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

Concept Disbursement<br><br> <br>Date As of<br> September<br>  30, 2024 As<br> of December<br>  31, 2023
US(000) US(000)
El Brocal -
Payment under protest of the tax liability for fiscal year<br> 2017 October 2023 6,080 6,079
Forced payment of part of the tax debt for fiscal year 2014 January 2021 848 1,314
Payment of the fine for the benefit of<br> reducing the fine for fiscal year 2015 January 2020 194 269
7,122 7,662
Río Seco -
Forced payment of part of the VAT liability for 2012. July to<br> September 2019 3,253 3,232
Forced in force related to tax review of non-domiciled of<br> year 2020 December 2022 616 620
Payment in force as part of the tax liability<br> of year 2020 February 2023 5 4
3,874 3,856
Huanza -
Payment under protest of the tax liability<br> for fiscal year 2014 December 2022 1,645 1,644
Conenhua -
Payment under protest of the tax liability<br> of the fiscal year 2017 June 2014 15 -
La Zanja -
SUNAT seizure for income tax for fiscal year 2016 October 2022 2,419 2,418
Forced payment of part of the tax debt for fiscal year 2013-2015. April 2021 826 826
Forced payment of part of the tax debt<br> for fiscal year 2019 December 2023 492 494
3,737 3,738
Chaupiloma -
SUNAT seizure for income tax for fiscal<br> year 2011 September 2021 - 339
Total 658,774 659,563

All values are in US Dollars.

(i) During<br> the year 2024, the tax administration, in compliance with the rules of the Constitutional<br> Court, performed partial payments of the claimed amounts from the fiscal periods 2014 and<br> 2015 related to the observations of expense faithfulness and development expenses for US$467,000<br> and US$75,000; respectively, from El Brocal. 
9

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

As September 30, 2024 and December 31, 2023, the Group holds a liability associated with tax claims of previous periods for a total of S/420,231,000 (equivalent to US$113,484,000) recognized during the year 2023:

Years Disbursements Tac claim<br> liability Tax claims
US(000) US(000) US(000)
2007 182,497 - 182,497
2008 263,187 - 263,187
2009 86,426 (35,318 ) 51,108
2010 100,648 (78,166 ) 22,482
2014 1,516 - 1,516
2017 2,493 - 2,493
2018 2,887 - 2,887
Buenaventura’s forced payments<br> claimed 639,654 (113,484 ) 526,170
Other claims 2,727 - 2,727
Other Buenaventura’s subsidiaries<br> forced payments claimed 16,393 - 16,393
658,774 (113,484 ) 545,290

All values are in US Dollars.

(d) Corresponds<br> to deposits held in the Peruvian State bank, which only can be used to offset tax debts that<br> the Group have with the Tax Authorities.
(e) As<br> September 30, 2024 and December 31, 2023, the Group holds accounts receivable with<br> Howden Hodco Perú S.A., due to the sale of its Subsidiary Contacto Corredores de Seguros<br> S.A., for US$8.6 million and US$14.5 million; respectively, recognized in the interim condensed<br> consolidated financial statements at a present value of US$7.3million and US$12.5 million,<br> respectively.
--- ---

During the second quarter of year 2024, The Group recorded the financial price setting according to the contract, as a result the account receivable was reduced in US$4.8 million, this effect was recognized in profit & loss within the caption “Others, net”. Likewise, in June of 2024, the amount of US$1.06 million was collected, the collection of the remaining amount will be performed within the five calendar days following the third commemoration date of the transaction closing.

During the third quarter of year 2024, the financial update of the long-term accounts receivables generated the recognition of a financial income of US$451,000. These accounts receivables were determined based on the agreed contractual conditions between parties.

(f) Corresponds<br> mainly to current year refunds requests that are pending as of September 30, 2024 and<br> December 31, 2023. 
10

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

5. Inventories
(a) This<br> caption is made up as follows:
--- ---
As of<br> <br>September 30, As of<br> <br>December 31,
--- --- --- --- ---
2024 2023
US(000) US$(000)
Finished goods 2,956 1,154
Products in process 13,517 18,506
Spare parts and supplies 63,147 56,867
79,620 76,527

All values are in US Dollars.

(b) In<br> the opinion of Group’s Management, the provision for impairment of value of inventories<br> adequately covers this risk as of the date of the interim condensed consolidated statements<br> of financial position. The provision for impairment of value of inventory had the following<br> movement:
For the nine-month periods<br> <br>ended September 30, For the year<br> <br>ended
--- --- --- --- --- --- --- --- --- ---
2024 2023 2023
US(000) US(000) US(000)
Beginning balance 34,762 29,842 29,842
Continuing operations:
Finished and in progress goods, note<br> 14 -
Provision for impairment 3,165 24,201 10,536
Reversal for impairment (9,387 ) (394 ) (6,685 )
(6,222 ) 23,807 3,851
Spare parts and supplies, note<br> 15 -
Provision for impairment 27,305 25,379 20,478
Reversal for impairment (25,375 ) (22,536 ) (19,409 )
1,930 2,843 1,069
Ending balance 30,470 56,492 34,762

All values are in US Dollars.

11

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

6. Investments in associates and joint venture
(a) This<br> caption is made up as follows:
--- ---
Share in<br> equity
--- --- --- --- --- --- --- --- ---
As of<br><br> September<br><br> 30, 2024 As of<br><br> December<br><br> 31, 2023 As of<br> <br>September 30,<br> <br>2024 As of<br><br> December 31,<br><br> 2023
% % US(000) US$(000)
Investments in associates
Sociedad Minera Cerro Verde S.A.A. 19.58 19.58 1,475,155 1,416,051
Compañía Minera Coimolache S.A. 40.10 40.10 100,439 99,060
Tinka Resources Ltd. 19.32 19.32 8,456 9,218
1,584,050 1,524,329
Joint venture 1,817 1,628
Financial investments 1,166 1,166
1,587,033 1,527,123

All values are in US Dollars.

(b) The<br> table below presents the Group’s net share in profit (loss) of associates and joint<br> venture for the period of three-month and nine-month periods ended as September 30,<br> 2024 and 2023:
For the three-month periods For the nine-month periods
--- --- --- --- --- --- --- --- --- --- --- --- ---
ended September 30, ended September 30,
2024 2023 2024 2023
US(000) US(000) US(000) US(000)
Associates
Sociedad Minera Cerro Verde S.A.A. 49,749 44,381 147,233 122,271
Compañía Minera Coimolache S.A. (718 ) 2,457 3,421 (7,713 )
Tinka Resources Ltd. (285 ) (409 ) (583 ) (1,126 )
48,746 46,429 150,071 113,432
Joint venture (82 ) (54 ) 118 (64 )
48,664 46,375 150,189 113,368

All values are in US Dollars.

(c) Changes<br> in this caption are as follows:
For the nine-month periods<br> <br>ended September 30, For the year<br> <br>ended
--- --- --- --- --- --- --- --- --- ---
2024 2023 2023
US(000) US(000) US(000)
Beginning balance 1,527,123 1,520,977 1,520,977
Net share in profit of associates and joint venture (b) 150,189 113,368 152,225
Dividends issued and collected, note16(a) (90,171 ) (98,323 ) (147,286 )
Translation effect and other minors (108 ) (18 ) 1,204
Unrealized results on investments - 3 3
Ending balance 1,587,033 1,536,007 1,527,123

All values are in US Dollars.

12

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

7. Property, plant, equipment and development costs
(a) This<br> caption is made up as follow:
--- ---
Cost Accumulated<br><br> depreciation /<br><br> amortization Provision for<br><br> impairment<br><br> of long–lived<br><br> assets Net cost
--- --- --- --- --- --- --- --- --- --- --- --- ---
US(000) US(000) US(000) US(000)
As of January 1, 2024 4,165,696 (2,558,856 ) (6,545 ) 1,600,295
Additions 238,742 (96,974 ) - 141,768
Disposals (1,790 ) 1,125 - (665 )
Estimations 54,119 (17,467 ) - 36,652
Sales (1,039 ) 1,016 - (23 )
As of September 30, 2024 4,455,728 (2,671,156 ) (6,545 ) 1,778,027
As of January 1, 2023 3,958,613 (2,416,873 ) (6,545 ) 1,535,195
Additions 145,659 (151,569 ) - (5,910 )
Estimations (1,594 ) 284 - (1,310 )
Disposals 35,100 - - 35,100
Sales (653 ) 641 - (12 )
As of September 30, 2023 4,137,125 (2,567,517 ) (6,545 ) 1,563,063

All values are in US Dollars.

(b) The<br> net right of use assets maintained by the Group correspond to the following:
As<br> of<br> September<br> 30, 2024 As<br> of December 31, 2023
--- --- ---
US(000) US(000)
Buildings 5,317 9,236
Transportation units 1,655 1,403
Machinery and equipment 199 1,117
7,171 11,756

All values are in US Dollars.

For the three- and nine-month periods ended September 30, 2024, the additions of right of use assets were US$1 million (US$0.7 million and US$1.9 million for three- and nine-month period ended September 30, 2023; respectively).

For the three- and nine-month period ended September 30, 2024 and 2023, there were no disposals.

13

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

(c) Below<br> is distribution of the depreciation expenses of the period:
For the three-month periods For the nine-month periods
--- --- --- --- --- --- --- --- ---
ended September 30, ended September 30,
2024 2023 2024 2023
US(000) US(000) US(000) US$(000)
Cost of sales of goods 22,939 72,358 89,573 133,474
Cost of sales of services 2,122 2,037 4,755 6,109
Property, plant and equipment 554 338 1,389 985
Administrative expenses 326 500 1,079 1,488
Selling expenses 26 24 72 70
Exploration in non-operating areas 20 21 61 70
Unabsorbed cost due to production stoppage - 3,080 1 9,338
Discontinued operations - - - 1
Other, net 15 14 44 34
26,002 78,372 96,974 151,569

All values are in US Dollars.

8. Trade and other payables

This caption is made up as follows:

As of September 30,<br> 2024 As of December 31,<br> 2023
US(000) US$(000)
Trade payables
Domestic suppliers 201,571 231,661
Related entities, note 16(b) 658 454
202,229 232,115
Other payables
Remuneration and similar benefits payable 47,483 38,617
Taxes payable 7,528 6,833
Interest payable 7,027 14,601
Royalties payable to the Peruvian State 5,873 3,603
Dividends payable 238 567
Related entities, note 16(b) 64 14
Other liabilities 5,783 2,656
73,996 66,891
Total trade and other payables 276,225 299,006
Classification by maturity:
Current portion 266,935 293,621
Non-current portion 9,290 5,385
Total trade and other payables 276,225 299,006
Classification by nature:
Financial payables 262,824 288,570
Non-financial payables 13,401 10,436
Total trade and other payables 276,225 299,006

All values are in US Dollars.

14

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

9. Financial obligations
(a) This<br> caption is made up as follow:
--- ---
As of September 30,<br> 2024 As of December 31,<br> 2023
--- --- --- --- ---
US(000) US$(000)
Compañía de Minas Buenaventura S.A.A.
Bonds  -
Senior Notes at 5.50% due 2026 545,684 544,062
Empresa de Generación Huanza S.A.
Banco de Crédito del Perú –Finance lease 74,812 79,436
Sociedad Minera El Brocal S.A.A. (b)
Banco de Crédito del Perú – Financial<br> obligation 54,591 72,762
Lease liabilities -
Finance lease (c) 7,485 10,320
Total financial obligations 682,572 706,580
Classification by maturity:
Current portion 35,889 34,219
Non-current portion 646,683 672,361
Total financial obligations 682,572 706,580

All values are in US Dollars.

(b) As<br> part of the acquired commitments in regard of the financing<br> contract, El Brocal is required to comply with the following financial ratios:

Subsidiary El Brocal

- Debt<br> service coverage ratio: Higher than 1.3.
- Leverage Ratio: Less than 1.0 times.
- Indebtedness ratio: Less than 2.25 times.

The financial obligation is collateralized by a security agreement in respect of assets; certain contractual rights, flows and account balances, a real estate mortgage; and a mortgage on certain mining concessions.

Subsidiary Huanza

Huanza is committed to comply with the following financial ratios:

- Debt<br> service coverage ratio higher than 1.2.
- Indebtedness ratio no lower than 2.20.

The compliance of previously mentioned restrictive clauses is monitored by the Group’s Management. As September 30, 2024 and December 31, 2023, the Group complies with the previously mentioned ratio.

15

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

(c) Lease<br> liabilities related to the right of use asset are as follows:
As of<br> September<br> 30, 2024 As of<br> December 31,<br> 2023
--- --- ---
US(000) US(000)
Buildings 5,609 7,412
Machinery and equipment 1,677 1,031
Transportation units 199 1,877
7,485 10,320
Classification by maturity:
Current portion 2,243 2,087
Non-current portion 5,242 8,233
7,485 10,320

All values are in US Dollars.

Lease payments are presented in the consolidated statements of cash flows in “Lease payments” caption as part of the financing activities. Interest’s expense related to the lease liabilities for the three-month periods ended September 30, 2024 and 2023 is presented in the “Financial costs” caption.

(d) Below<br> is presented the movement of the item:
Por<br> los períodos de nueve meses terminados<br> el 30 de septiembre de Por<br> el año terminado<br> al
--- --- --- --- --- --- --- ---
2024 2023 2023
US(000) US(000) US(000)
Beginning balance as of January 1, 706,580 738,534 738,534
Bonds -
Amortization of bond issuance costs 1,622 1,612 2,082
Financial obligations -
Payments (23,276 ) (23,276 ) (31,034 )
Effect of amortized cost 41 124 155
Accrual of commissions for financial<br> obligations - (51 ) (85 )
Lease obligations -
Additions 650 1,929 1,137
Accretion expense 530 35 266
Payments (3,575 ) (3,429 ) (4,475 )
Ending balance as of September 30, 682,572 715,478 706,580

All values are in US Dollars.

(e) The<br> Group holds lines of credit with financial institutions for US$200 million, which are subject<br> to compliance with financial indicators that will become effective if the Group makes use<br> of such lines of credit. As of September 30, 2024, the Gorup has not made of these lines<br> of credit. 
16

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

10. Commitments and contingencies

Included in note 31 of annual consolidated financial statements is a disclosure of the material contingencies outstanding as of December 31, 2023. As of September 30, 2024, there was not significant changes in contingent liabilities or contingent assets since the last annual reporting date.

11. Equity
(a) Capital<br> stock -
--- ---

The Group’s share capital is stated in soles and consisted of common shares with voting rights, with a nominal amount of S/10.00 per share. The table below presents the composition of the capital stock as of September 30, 2024 and December 31, 2023:

Number of<br><br> shares Capital<br> <br>stock Capital stock
S/(000) US(000)
Common shares 274,889,924 2,748,899 813,162
Treasury shares (21,174,734 ) (211,747 ) (62,665 )
253,715,190 2,537,152 750,497

All values are in US Dollars.

(b) Investment<br> shares -

Investment shares have a nominal value of S/10.00 per share. Holders of investment shares are neither entitled to exercise voting rights nor to participate in shareholders’ meetings; however, they confer upon the holders thereof the right to participate in the dividend’s distribution. The table below presents the composition of the investment shares as of September 30, 2024 and December 31, 2023:

Number of<br><br> shares Capital<br> <br>stock Capital stock
S/(000) US(000)
Investment shares 744,640 7,447 2,161
Treasury investment shares (472,963 ) (4,730 ) (1,370 )
271,677 2,717 791

All values are in US Dollars.

(c) Dividends

By means of Mandatory Annual Shareholders’ Meeting held on March 27, 2024, a distribution of dividends was approved for US$0.0726 per share, equivalent to US$20,011,069 (US$18,441,000 net of treasury shares). Dividends were paid on May 02, 2024.

By means of Mandatory Annual Shareholders’ Meeting held on March 31, 2023, a distribution of dividends was approved for US$0.073 per share, equivalent to US$20,121,323 (US$18,542,000 net of treasury shares).

Dividends issued corresponding to non-controlling shareholders were US$5,505,000 for the nine-month period ended September 30, 2024 (US$1,641,000 for the nine-month period ended September 3, 2023).

17

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

(d) Basic<br> and diluted profit per share -

Profit per share is calculated by dividing net profit for the three-month and nine-month periods ended September 30, 2024 and 2023 by the weighted average number of shares outstanding during that period. The calculation of profit per share is presented below:

For the three-month periods For the nine-month periods
ended September 30, ended September 30,
2024 2023 2024 2023
Gain (loss) for the period (numerator) - US 236,927,000 (28,032,000 ) 369,075,000 29,627,000
Total common and investment shares (denominator) 253,986,867 253,986,867 253,986,867 253,986,867
Gain (loss) net per basic share and<br> diluted - US 0.93 (0.11 ) 1.45 0.12

All values are in US Dollars.

(e) Legal<br> reserve –

The Peruvian Corporation Law requires that a minimum of 10 percent of the distributable earnings for each period, after deducting the income tax, be transferred to a legal reserve until the latter is equal to 20 percent of the capital stock. This legal reserve can be used to offset losses or may be capitalized, with the obligation, in both cases, to subsequently replenish it.

Although the balance of the legal reserve exceeded the limit mentioned above, the Company increased its legal reserve by US$197,000 and US$102,000 in the years 2024 and 2023, respectively, due to the expiration of dividends. According to the General Law of Companies, dividends expire ten years after the payment is due.

18

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

12. Subsidiaries with material non-controlling interest
(a) Financial<br> information of the main subsidiaries that have material non-controlling interest are provided<br> below:
--- ---
Country<br> of<br><br> incorporation <br><br> and operation As<br> of <br><br> September 30, <br><br> 2024 As<br> of <br><br> December 31, <br><br> 2023
--- --- --- --- --- --- --- --- --- --- ---
% %
Equity<br> interest held by non-controlling interests:
Sociedad<br> Minera El Brocal S.A.A. Peru 38.57 38.57
Apu<br> Coropuna S.R..L Peru 30.00 30.00
Accumulated<br> balances of material non-controlling interest:
Sociedad<br> Minera El Brocal S.A.A. 174,189 162,863
Apu<br> Coropuna S.R.L. (165 ) (112 )
174,024 162,751
For<br> the three-month periods For<br> the nine-month periods
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
ended<br> September 30, ended<br> September 30,
2024 2023 2024 2023
US(000) US(000) US(000) US(000)
Profit<br> (loss) allocated to material non-controlling interest:
Sociedad<br> Minera El Brocal S.A.A. 7,501 3,538 16,831 13,354
Apu<br> Coropuna S.R.L. (2 ) (4 ) (53 ) (28 )
7,499 3,534 16,778 13,326

All values are in US Dollars.

19

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

(b) The<br> summarized financial information of these subsidiaries, before inter-company eliminations,<br> is presented below:

Statements of financial position as of September 30, 2024 and December 31, 2023:

As<br> of September 30, 2024 As<br> of December 31, 2023
Sociedad<br> <br> Minera El<br> Brocal <br> S.A.A. Apu<br> <br> Coropuna <br> S.R.L. Sociedad<br> <br> Minera El<br> Brocal S.A.A. Apu<br> <br> Coropuna <br> S.R.L.
US(000) US(000) US(000) US(000)
Current<br> assets 253,489 187 230,761 355
Non-current<br> assets 445,986 446 452,549 6
Current<br> liabilities (133,330 ) (443 ) (182,902 ) -
Non-current<br> liabilities (138,289 ) (740 ) (101,917 ) (735 )
Equity 427,856 (550 ) 398,491 (374 )
Attributable<br> to:
Shareholders<br> of the Group 253,667 (385 ) 235,628 (262 )
Non-controlling<br> interests 174,189 (165 ) 162,863 (112 )
427,856 (550 ) 398,491 (374 )

All values are in US Dollars.

Statements of profit or loss for the three-month and nine-month periods ended September 30, 2024 and 2023:

Sociedad<br> Minera El<br> Brocal S.A.A. Apu<br> <br> Coropuna<br> S.R.L.
US(000) US(000)
2024-
Revenues 334,491 -
Net<br> profit (loss) 43,635 (176 )
Attributable<br> to non-controlling interests 16,831 (53 )
2023-
Revenues 318,221 -
Net<br> profit (loss) 32,594 (92 )
Attributable<br> to non-controlling interests 13,354 (28 )

All values are in US Dollars.

20

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

Statements of cash flow for the three-month and nine-month periods ended September 30, 2024 and 2023:

Sociedad<br> Minera <br> El Brocal S.A.A. Apu<br> Coropuna <br> S.R.L.
US(000) US(000)
2024-
Operating<br> activities 84,952 (168 )
Investing<br> activities (10,070 ) -
Financing<br> activities (33,583 ) -
41,299 (168 )
2023-
Operating<br> activities 120,320 (105 )
Investing<br> activities (46,228 ) -
Financing<br> activities (22,945 ) -
51,147 (105 )

All values are in US Dollars.

13. Sales of goods

The table below presents the sales of goods for the three-month and nine-month periods ending September 30, 2024 and 2023:

For<br> the three-month periods For<br> the nine-month periods
ended<br> September 30, ended<br> September 30,
2024 2023 2024 2023
US(000) US(000) US(000) US(000)
Sales<br> by metal -
Copper 146,716 147,592 363,891 364,408
Silver 115,957 44,764 300,461 113,396
Gold 88,863 63,887 232,676 197,882
Zinc 17,281 5,338 48,213 17,916
Lead 9,274 2,824 27,288 9,742
Manganese<br> sulfate 1,735 - 2,864 -
379,826 264,405 975,393 703,344
Commercial<br> deduction (49,738 ) (51,260 ) (131,352 ) (134,651 )
Total<br> revenue from contracts with customers 330,088 213,145 844,041 568,693
Fair<br> value of accounts receivables 7,488 (18 ) 3,272 (13,746 )
Adjustments<br> to prior period liquidations (8,559 ) (5,422 ) 2,922 (1,514 )
Hedge<br> operations - - - 6,056
Sale<br> of goods 329,017 207,705 850,235 559,489

All values are in US Dollars.

For the three-month and nine-month periods ended September 30, 2024, the two customers with sales of more than 10 percent of total sales represented 70 percent and 74 percent from the total sales of the Group; respectively. During the three-month and nine-month periods ended September 30, 2023, the three customers with sales of more than 10 percent of total sales represented 74 percent and 73 percent from the total sales of the Group; respectively

21

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

14. Cost of sales of goods and services, without considering depreciation and amortization

The table below presents the caption composition for the three-month and nine-month periods ending September 30, 2024 and 2023:

For<br> the three-month periods For<br> the nine-month periods
ended<br> September 30, ended<br> September 30,
2024 2023 2024 2023
US(000) US(000) US(000) US(000)
Beginning<br> balance of finished goods and products in process, net of depreciation and amortization 22,327 20,283 18,748 21,835
Cost<br> of production
Services<br> provided by third parties 63,185 44,428 152,675 115,205
Consumption<br> of materials and supplies 21,951 23,559 75,936 64,687
Direct<br> labor 32,681 20,345 75,757 56,516
Electricity<br> and water 11,162 5,658 26,956 18,838
Short-term<br> and low-value lease 6,387 10,163 18,342 21,884
Insurance 4,762 4,275 15,473 11,968
Maintenance<br> and repair 3,433 5,000 15,006 13,836
Other<br> cost of production 2,785 2,357 10,786 5,652
Transport 2,753 3,445 9,750 9,386
Provision<br> (reversal) for impairment of finished goods and product in progress, note 5(b) (4,304 ) 20,269 (6,222 ) 23,807
Total<br> cost of production of the period 144,795 139,499 394,459 341,779
Final<br> balance of products in process and finished goods, net of depreciation and amortization (13,482 ) (24,919 ) (13,482 ) (24,919 )
Cost<br> of sales of goods, without considering depreciation and amortization 153,640 134,863 399,725 338,695

All values are in US Dollars.

22

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

15. Others, net

The details of the captions are presented below

For<br> the three-month periods For<br> the nine-month periods
ended<br> September 30, ended<br> September 30,
2024 2023 2024 2023
US(000) US(000) US(000) US(000)
Other<br> income
Income<br> from the sale of the investment in Chaupiloma, note 1(d)(ii) 210,000 - 210,000 -
Sale<br> of supplies and merchandise to third parties 9,881 10,016 27,770 26,433
Reversal<br> for impairment of spare parts and supplies, note 5(b) 25,375 22,536 25,375 22,536
Income<br> from transfer of ownership of mining rights - 2,932 6,637 7,125
Income<br> from dividends of Ferrocarril Central Andino S.A. - - 1,150 -
Income<br> from the sale of BISA S.A., performed in the year 2018 534 - 534 -
Other<br> minors 1,390 1,450 6,853 5,698
247,180 36,934 278,319 61,792
Other<br> expenses
Provision<br> for impairment of spare parts and supplies, note 5(b) (27,305 ) (25,379 ) (27,305 ) (25,379 )
Provision<br> for impairment of spare parts and supplies (10,616 ) (10,022 ) (30,699 ) (26,332 )
Adjustment<br> of the final selling Price of Contacto according with the contractual terms - - (4,807 ) -
Administrative<br> fines (1,469 ) (513 ) (2,996 ) (4,224 )
Disposal<br> of informatic assets - - (2,007 ) -
Net<br> disposal cost of the sale of Chaupiloma, note 1(d)(ii) (1,100 ) - (1,100 ) -
Other<br> minors (1,939 ) (3,939 ) (7,218 ) (9,890 )
(42,429 ) (39,853 ) (76,132 ) (65,825 )
204,751 (2,919 ) 202,187 (4,033 )

All values are in US Dollars.

23

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

16. Related entities transactions
(a) The<br> table below presents main transactions made by the Group with its related parties the three-month<br> and nine-month periods ending September 30, 2024 and 2023:
--- ---
For<br> the three-month periods For<br> the nine-month periods
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
ended<br> September 30, ended<br> September 30,
2024 2023 2024 2023
US(000) US(000) US(000) US(000)
Revenue<br> from:
Income<br> from:
Energy 1,210 856 3,020 2,277
Supplies 35 246 364 331
Purchases<br> from:
Supplies 15 18 53 86
Services<br> rendered to:
Administrative<br> and Management services 857 76 2,785 326
Operation<br> and maintenance services related to energy transmission 80 80 239 236
Building<br> services - 10 - 10
Dividends<br> declared and collected from:
Sociedad<br> Minera Cerro Verde S.A.A. 59,902 48,961 88,128 97,922
Compañía<br> Minera Coimolache S.A. - - 2,041 401
59,902 48,961 90,169 98,323
Joint<br> Venture -
Interest<br> received from:
Transportadora<br> Callao S.A. 25 31 85 70
Non-controlling<br> shareholders -
Dividends<br> paid to:
Newmont<br> Peru Limited - Succursal del Perú - 1,641 - 1,641
- 1,641 - 1,641

All values are in US Dollars.

24

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

(b) As<br> a result of the transactions indicated and other minors, the Group had the following accounts<br> receivable and payable from/to related parties:
As<br> of September 30, As<br> of December 31,
--- --- --- --- --- --- ---
2024 2023
US(000) US(000)
Trade<br> receivables, note 4(a)
Compañía<br> Minera Coimolache S.A. 449 421
449 421
Other<br> receivables, note 4(a)
Consorcio<br> Transportadora Callao S.A. (c) 2,368 2,486
2,368 2,486
2,817 2,907
Trade<br> payables, note 8
Compañía<br> Minera Coimolache S.A. 658 454
Other<br> payables, note 8
Others 64 14
64 468

All values are in US Dollars.

The trade and other receivables from related entities corresponds mainly to disbursements made to these entities in order to finance their operating activities, which generate interest at fixed market rates.

(c) The<br> account receivable from Consorcio Transportadora Callao S.A. corresponds to the disbursements,<br> made by the subsidiary El Brocal, between 2011 and 2013 to participate in a joint venture<br> which objective was to build a fixed conveyor belt for minerals and deposits in the Port<br> of Callao. This account receivable accrues interest at a fixed annual rate of 5.82% and it<br> is expected to be collected by 2030.
(d) Key<br> officers -
--- ---

As of September 30, 2024 and December 31, 2023, no loans employees nor to directors and key personnel were granted.

There are no loans to the Group’s directors and key personnel guaranteed with Buenaventura or any of its Subsidiaries’ shares.

The Group’s key executives’ compensation (including the related income taxes assumed by the Group) are presented below:

25

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

As<br> of<br> September 30, 2024 As<br> of<br> December 31, 2023
US(000) US(000)
Accounts<br> payable:
Bonus<br> to officers 7,369 7,750
Salaries 1,333 847
Directors’<br> compensations 3,444 2,027
12,146 10,624

All values are in US Dollars.

For<br> the three-month periods For<br> the nine-month periods
ended<br> September 30, ended<br> September 30,
2024 2023 2024 2023
US(000) US(000) US(000) US(000)
Disbursements:
Salaries 2,094 1,767 10,184 9,384
Directors’<br> compensations 239 - 2,206 3,588
2,333 1,767 12,390 12,972
Expenses:
Salaries 2,125 1,532 10,245 10,540
Directors’<br> compensations 1,151 480 3,444 2,494
3,276 2,012 13,689 13,034

All values are in US Dollars.

17. Hedge derivative financial instruments –

Copper and Zinc prices hedge –

The volatility of copper prices has caused El Brocal´s management to enter into forward contracts. These contracts are intended to reduce the volatility of the cash flows attributable to the fluctuations in the copper and zinc price in accordance with existing copper concentrate sales commitments, which are related to 50 percent of the annual production of copper and 25 percent of the production of two years of zinc, according to the risk strategy approved by the Board of Directors.

During the year 2023, the Management of El Brocal decided to evaluate its hedging risk strategy for the price of metals, hence El Brocal did not signed new future contracts since the end of the first quarter of 2023. As a result of this decision, as of September 30, 2024 and December 31, 2023, the Group did not hold amounts receivable/payable from hedge derivative financial instruments pending of settlement.

The variation of the caption “Hedge derivative financial instruments” is included in the caption “Unrealized loss of derivative financial instruments, net of income tax” in the condensed consolidated interim statement of comprehensive income. For the three- and nine-month period ended September 30, 2024, The Group not recognized not realized because of not subscribing hedge derivative financial instruments contracts, and for the three- and nine-month period ended September 30, 2023, the Group obtained an unrealized loss of US$8,839,000 (unrealized loss of US$6,232,000, net of income taxes).

26

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

18. Income taxes
(a) The<br> following is the composition of the provision for income taxes shown in the condensed consolidated<br> statement of income for the three-month and nine-month periods ended September 30, 2024<br> and 2023:
--- ---
For<br> the three-month periods ended September 30, For<br> the nine-month periods ended September 30,
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
2024 2023 2024 2023
US(000) US(000) US(000) US(000)
Income<br> tax
Current (63,069 ) (10,012 ) (79,280 ) (18,232 )
Deferred (30,385 ) 13,189 (37,178 ) 24,298
(93,454 ) 3,177 (116,458 ) 6,066
Mining<br> Royalties and Special Mining Tax
Current (4,687 ) (1,913 ) (10,769 ) (3,996 )
Total<br> income tax (98,141 ) 1,264 (127,227 ) 2,070

All values are in US Dollars.

(b) During<br> the three-month and nine-month periods ended September 30, 2024, the effective income<br> tax rates were -28% and -25%, respectively, whereas during the three-month and nine-month<br> periods ended September 30, 2023, the effective tax rates were -5% and 5%, respectively.

The variation for the three-month period ended September 30, 2024 and 2023 due to the following: i) projections of the projected exchange rate as of December 31, 2024 and 2023, ii) changes in projections of results before taxes from one period to another; and ii) lower income from share in the results of associates and joint venture in 2024.

The variations for the nine-month periods ended September 30, 2024 and 2023, is mainly due to the increase from one period to another is mainly due to the following: i) lower projections of the projected exchange rate as of December 31, 2024 and 2023; ii) lower taxes for mining royalties and a special tax on mining; iii) variation in the projections of the results before taxes of a period with another; and ii) lower income from share in the results of associates and joint venture in 2024.

19. Disclosure of information on segments

Management has determined its operating segments based on reports that the Group’s Chief Operating Decision Maker (CODM) uses for making decisions. The Group is organized into business units based on its products and services, activities and geographic locations. The broad categories of the Group’s business units are:

- Production<br> and sale of minerals.
- Exploration<br> and development activities.
- Energy<br> generation and transmission services.
- Insurance<br> brokerage.
- Rental<br> of mining concessions.
- Holding<br> of investment in shares.
- Industrial<br> activities. 
27

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

The CODM monitors the operating results of the business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on operating profit or loss and is measured consistently with operating profit or loss in the Group’s consolidated financial statements. In addition, the Group’s financing and income taxes are managed at the corporate level and are not allocated to the operating segments.

28

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

Equity accounted investees
Colquijirca (Operation) Tambomayo (Operation) Orcopampa (Operation) Julcani (Operation) Uchucchacua (Operation) Yumpag (Operation) La Zanja (Operation) Exploration and development mining projects Energy generation and transmission Rental of mining concessions Holding of investment in shares) Industrial (Operation) Corporate Sociedad Minera Cerro Verde S.A.A Compañía Minera Coimolache S.A. Tinka Resources Ltd. Total operating segments Adjustments and eliminations Total
US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000)
For the nine-month period ended September 30, 2024
Profit or loss:
Continuing operations
Operating income
Sales of goods 334,491 93,436 126,500 35,288 110,307 125,840 20,698 - - - - 24,247 - 3,246,311 90,310 - 4,207,428 (3,357,193 ) 850,235
Sales of services - - - - - - - - 38,593 - 363 14,078 - - - - 53,034 (48,257 ) 4,777
Total operating income 334,491 93,436 126,500 35,288 110,307 125,840 20,698 - 38,593 - 363 38,325 - 3,246,311 90,310 - 4,260,462 (3,405,450 ) 855,012
Cost of sales
Cost of sales of goods, excluding depreciation and amortization (178,813 ) (55,186 ) (59,365 ) (26,863 ) (62,955 ) (27,498 ) (15,677 ) 70 - - - (19,869 ) 33 (1,530,991 ) (54,444 ) - (2,031,558 ) 1,631,833 (399,725 )
Unabsorbed cost due to production stoppage (1,711 ) - - - - - - - - - - - - - - - (1,711 ) - (1,711 )
Cost of sales of services, excluding depreciation and amortization - - - - - - - - (19,114 ) - - (8,506 ) - - - - (27,620 ) 25,328 (2,292 )
Depreciation and amortization (47,220 ) (31,944 ) (9,690 ) (4,442 ) (4,931 ) (8,693 ) (2,515 ) (70 ) (5,909 ) - - (4,090 ) - - (14,190 ) - (133,694 ) 13,977 (119,717 )
Exploration in operating units (6,449 ) (3,242 ) (5,940 ) (8,890 ) (7,950 ) (3,036 ) (113 ) - - - - - - - (6,070 ) - (41,690 ) 5,882 (35,808 )
Mining royalties (1,444 ) (387 ) (12,004 ) (140 ) (532 ) (342 ) (168 ) - - - - - - - (408 ) - (15,425 ) 408 (15,017 )
Total costs of sales (235,637 ) (90,759 ) (86,999 ) (40,335 ) (76,368 ) (39,569 ) (18,473 ) - (25,023 ) - - (32,465 ) 33 (1,530,991 ) (75,112 ) - (2,251,698 ) 1,677,428 (574,270 )
Gross profit (loss) 98,854 2,677 39,501 (5,047 ) 33,939 86,271 2,225 - 13,570 - 363 5,860 33 1,715,320 15,198 - 2,008,764 (1,728,022 ) 280,742
Operating income (expenses)
Administrative expenses (6,942 ) (4,397 ) (6,126 ) (1,692 ) (5,556 ) (6,429 ) (1,272 ) (1,003 ) (1,525 ) (58 ) (305 ) (482 ) (10,013 ) - (2,701 ) - (48,501 ) 2,701 (45,800 )
Selling expenses (8,899 ) (2,347 ) (434 ) (632 ) (3,072 ) (1,948 ) (58 ) - (834 ) - - (446 ) - (233,089 ) (549 ) - (252,308 ) 233,638 (18,670 )
Exploration in non-operating areas (6,934 ) (135 ) - - (1,757 ) - (3,348 ) (785 ) - - - - (3,952 ) - - - (16,911 ) 64 (16,847 )
Reversal (provision) of contingencies (2,331 ) 395 168 206 276 - 519 - (129 ) - - (217 ) (765 ) - 100 - (1,778 ) (100 ) (1,878 )
Other, net (2,689 ) (1,838 ) 10 (443 ) (734 ) 44 (1,757 ) 2,045 (492 ) 7,159 139,349 459 65,583 (306,034 ) (96 ) (23,597 ) (123,031 ) 325,218 202,187
Total operating income (expenses) (27,795 ) (8,322 ) (6,382 ) (2,561 ) (10,843 ) (8,333 ) (5,916 ) 257 (2,980 ) 7,101 139,044 (686 ) 50,853 (539,123 ) (3,246 ) (23,597 ) (442,529 ) 561,521 118,992
Operating profit (loss) 71,059 (5,645 ) 33,119 (7,608 ) 23,096 77,938 (3,691 ) 257 10,590 7,101 139,407 5,174 50,886 1,176,197 11,952 (23,597 ) 1,566,235 (1,166,501 ) 399,734
Share in the results of associates and joint venture 115 - - - - - - - 5,806 - 28,082 - 282,546 - - 316,549 (166,360 ) 150,189
Foreign currency exchange difference (151 ) (179 ) 573 131 614 (145 ) (68 ) 213 55 91 69 (66 ) (1,709 ) 7,410 (240 ) - 6,598 (7,170 ) (572 )
Finance income 3,645 1 - - 1 - 158 2 745 48 276 129 2,622 22,210 6,649 - 36,486 (28,859 ) 7,627
Finance costs (4,877 ) (309 ) (510 ) (353 ) (727 ) (11 ) (1,570 ) (235 ) (2,924 ) (1 ) (15 ) (4 ) (30,841 ) (2,162 ) - (44,539 ) 2,162 (42,377 )
Profit (loss) before income tax 69,791 (6,132 ) 33,182 (7,830 ) 22,984 77,782 (5,171 ) 237 14,272 7,239 167,819 5,233 303,504 1,205,817 16,199 (23,597 ) 1,881,329 (1,366,728 ) 514,601
Current income tax (17,726 ) (1,186 ) (1,565 ) (462 ) (1,274 ) (1,934 ) (107 ) - (2,171 ) (2,125 ) (41,583 ) (480 ) (19,436 ) (466,816 ) (3,679 ) - (560,544 ) 470,495 (90,049 )
Deferred income tax (8,430 ) - - - - - (108 ) - (799 ) - - (1,086 ) (26,755 ) 13,491 (4,622 ) - (28,309 ) (8,869 ) (37,178 )
(26,156 ) (1,186 ) (1,565 ) (462 ) (1,274 ) (1,934 ) (215 ) - (2,970 ) (2,125 ) (41,583 ) (1,566 ) (46,191 ) (453,325 ) (8,301 ) - (588,853 ) 461,626 (127,227 )
Profit (loss) from continuing operations 43,635 (7,318 ) 31,617 (8,292 ) 21,710 75,848 (5,386 ) 237 11,302 5,114 126,236 3,667 257,313 752,492 7,898 (23,597 ) 1,292,476 (905,102 ) 387,374
Loss from discontinued operations, net of taxes (1,521 )
Net profit for the period 385,853
Other information of segments:
Total assets as September 30, 2024 702,392 112,808 35,753 25,721 89,028 170,313 53,274 904,894 372,898 1,394 273,149 72,984 3,151,234 8,279,990 397,746 73,369 14,716,947 (9,763,105 ) 4,953,842
Total liabilities as September 30, 2024 271,619 36,938 58,822 36,178 56,914 10,598 75,968 83,565 111,164 597 41,414 9,346 689,233 1,297,422 389,847 520 3,170,145 (1,747,406 ) 1,422,739
Investment in subsidiaries and associates as September 30, 2024 - - - - - - - - - - - - 2,215,036 - - - 2,215,036 (628,003 ) 1,587,033
Additions of property, plant and equipment as September 30, 2024 10,076 741 805 1,130 5,779 17,787 44 196,099 247 - - 569 5,465 - - - 238,742 - 238,742

All values are in US Dollars.

29

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

Equity accounted investees
Colquijirca (Operation) Tambomayo (Operation) Orcopampa (Operation) Julcani (Operation) Uchucchacua<br> (Operation) Yumpag (Operation) La Zanja (Operation) Exploration and development mining projects Energy generation and transmission Rental of mining concessions Holding<br>of investment in shares) Industrial (Operation) Corporate Sociedad Minera Cerro Verde S.A.A Compañía Minera Coimolache S.A. Tinka Resources Ltd. Total operating segments Adjustments and eliminations Total
US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000)
For the three-month period ended September 30, 2024
Profit or loss:
Continuing operations
Operating income
Sales of goods 129,080 32,892 45,792 11,611 32,202 63,239 12,516 - - - - 14,190 - 1,077,227 22,280 - 1,441,029 (1,112,012 ) 329,017
Sales of services - - - - - - - - 12,815 - 132 4,676 - - - - 17,623 (15,534 ) 2,089
Total operating income 129,080 32,892 45,792 11,611 32,202 63,239 12,516 - 12,815 - 132 18,866 - 1,077,227 22,280 - 1,458,652 (1,127,546 ) 331,106
Cost of sales
Cost of sales of goods, excluding depreciation and amortization (67,606 ) (19,733 ) (21,647 ) (8,961 ) (19,201 ) (16,829 ) (7,849 ) 70 - - - (12,421 ) 33 (360,488 ) (14,216 ) - (548,848 ) 395,208 (153,640 )
Unabsorbed cost due to production stoppage (271 ) - - - - - - - - - - - - - - - (271 ) - (271 )
Cost of sales of services, excluding depreciation and amortization - - - - - - - - (6,914 ) - - (2,831 ) - - - - (9,745 ) 8,986 (759 )
Depreciation and amortization (16,329 ) (11,107 ) (3,788 ) (1,520 ) (1,445 ) (4,367 ) (1,665 ) (70 ) (1,863 ) - - (1,477 ) - - (4,793 ) - (48,424 ) 4,609 (43,815 )
Exploration in operating units (2,570 ) (1,169 ) (2,028 ) (3,233 ) (2,628 ) (2,034 ) (63 ) - - - - - - - (4,688 ) - (18,413 ) 4,710 (13,703 )
Mining royalties (352 ) (129 ) (4,882 ) (45 ) (127 ) (248 ) (84 ) - - - - - - - (213 ) - (6,080 ) 214 (5,866 )
Total costs of sales (87,128 ) (32,138 ) (32,345 ) (13,759 ) (23,401 ) (23,478 ) (9,661 ) - (8,777 ) - - (16,729 ) 33 (360,488 ) (23,910 ) - (631,781 ) 413,727 (218,054 )
Gross profit (loss) 41,952 754 13,447 (2,148 ) 8,801 39,761 2,855 - 4,038 - 132 2,137 33 716,739 (1,630 ) - 826,871 (713,819 ) 113,052
Operating income (expenses)
Administrative expenses (2,347 ) (1,017 ) (1,869 ) (381 ) (921 ) (3,490 ) (421 ) (279 ) (440 ) (5 ) (79 ) (179 ) (5,522 ) - (833 ) - (17,783 ) 833 (16,950 )
Selling expenses (3,052 ) (772 ) (158 ) (284 ) (977 ) (1,100 ) (29 ) - (448 ) - - (184 ) - (37,485 ) (139 ) - (44,628 ) 37,625 (7,003 )
Exploration in non-operating areas (2,847 ) (49 ) - - (501 ) - (1,445 ) (356 ) - - - - (1,104 ) - - - (6,302 ) 5 (6,297 )
Reversal (provision) of contingencies (951 ) 610 (141 ) 154 (106 ) - (27 ) - (74 ) - - (30 ) (680 ) - - - (1,245 ) - (1,245 )
Other, net 1,469 (1,531 ) (239 ) (210 ) (77 ) 14 (1,364 ) 185 156 1,080 139,358 280 70,927 (239,319 ) (24 ) (23,597 ) (52,892 ) 257,643 204,751
Total operating income (expenses) (7,728 ) (2,759 ) (2,407 ) (721 ) (2,582 ) (4,576 ) (3,286 ) (450 ) (806 ) 1,075 139,279 (113 ) 63,621 (276,804 ) (996 ) (23,597 ) (122,850 ) 296,106 173,256
Operating profit (loss) 34,224 (2,005 ) 11,040 (2,869 ) 6,219 35,185 (431 ) (450 ) 3,232 1,075 139,411 2,024 63,654 439,935 (2,626 ) (23,597 ) 704,021 (417,713 ) 286,308
Share in the results of associates and joint venture (84 ) - - - - - - - 2,029 - 11,366 - 161,329 - - - 174,640 (125,976 ) 48,664
Foreign currency exchange difference (21 ) (142 ) (278 ) (206 ) (692 ) (262 ) 409 438 155 92 75 231 18,568 11,343 1,090 - 30,800 (12,431 ) 18,369
Finance income 1,168 1 - - 1 - 47 1 410 2 223 54 1,748 8,229 2,387 - 14,271 (10,617 ) 3,654
Finance costs (1,678 ) 79 314 158 (120 ) (11 ) 31 22 (963 ) - (13 ) (2 ) (10,786 ) - 537 - (12,432 ) (537 ) (12,969 )
Profit (loss) before income tax 33,609 (2,067 ) 11,076 (2,917 ) 5,408 34,912 56 11 4,863 1,169 151,062 2,307 234,513 459,507 1,388 (23,597 ) 911,300 (567,274 ) 344,026
Current income tax (8,641 ) (433 ) (611 ) (155 ) (432 ) (841 ) (107 ) - (949 ) (327 ) (41,556 ) (41 ) (15,858 ) (210,754 ) 2,856 - (277,849 ) 210,093 (67,756 )
Deferred income tax (5,526 ) - - - - - 30 - 60 - - (662 ) (24,287 ) 4,855 (6,221 ) - (31,751 ) 1,366 (30,385 )
(14,167 ) (433 ) (611 ) (155 ) (432 ) (841 ) (77 ) - (889 ) (327 ) (41,556 ) (703 ) (40,145 ) (205,899 ) (3,365 ) - (309,600 ) 211,459 (98,141 )
Profit (loss) from continuing operations 19,442 (2,500 ) 10,465 (3,072 ) 4,976 34,071 (21 ) 11 3,974 842 109,506 1,604 194,368 253,608 (1,977 ) (23,597 ) 601,700 (355,815 ) 245,885
Loss from discontinued operations, net of taxes (1,459 )
Net profit for the period 244,426
Other segment information:
Additions of property, plant and equipment 7,782 277 632 621 4,679 14,223 10 121,501 183 - - 476 4,102 - - - 154,486 - 154,486

All values are in US Dollars.

30

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

Equity accounted investees
Colquijirca (Operation) Tambomayo (Operation) Orcopampa (Operation) Julcani (Operation) Uchucchacua<br> (Temporary<br> suspension) La Zanja<br> (Operation) Exploration and development mining projects Energy generation and transmission Insurance<br> brokerage Rental of mining concessions Holding<br>of investment in shares Industrial<br> (Temporary<br> suspension) Corporate Sociedad Minera Cerro Verde S.A.A Compañía Minera Coimolache S.A. Tinka Resources Ltd. Total<br> segments Adjustments and eliminations Total
US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000)
For the nine-month period ended September 30, 2023
Profit or loss:
Continuing operations
Operating income
Sales of goods 318,221 77,889 116,126 28,495 5,260 11,850 - - - - - 13,740 - 3,214,463 73,006 - 3,859,050 (3,299,561 ) 559,489
Sales of services - - - - - - - 35,090 7,260 - 336 - - - - - 42,686 (32,131 ) 10,555
Total operating income 318,221 77,889 116,126 28,495 5,260 11,850 - 35,090 7,260 - 336 13,740 - 3,214,463 73,006 - 3,901,736 (3,331,692 ) 570,044
Cost of sales
Cost of sales of goods, excluding depreciation and amortization (191,114 ) (51,567 ) (53,990 ) (23,672 ) - (24,261 ) - - - - - (12,936 ) - (1,911,092 ) (54,686 ) - (2,323,318 ) 1,984,623 (338,695 )
Unabsorbed cost due to production stoppage - - - - (19,226 ) - - - - - - (2,028 ) - - - - (21,254 ) 3,252 (18,002 )
Cost of sales of services, excluding depreciation and amortization - - - - - - - (26,325 ) - - - - - - - - (26,325 ) 22,849 (3,476 )
Depreciation and amortization (51,514 ) (37,636 ) (9,213 ) (4,899 ) (4,676 ) (2,863 ) - (6,774 ) - - - (4,699 ) - - (25,975 ) - (148,249 ) 26,433 (121,816 )
Exploration in operating units (5,914 ) (2,244 ) (4,714 ) (5,149 ) (20,592 ) (438 ) - - - - - - - - (10,012 ) - (49,063 ) 10,012 (39,051 )
Mining royalties (1,565 ) (762 ) (10,586 ) (279 ) (52 ) (137 ) - - - - - - - - (687 ) - (14,068 ) 687 (13,381 )
Total costs of sales (250,107 ) (92,209 ) (78,503 ) (33,999 ) (44,546 ) (27,699 ) - (33,099 ) - - - (19,663 ) - (1,911,092 ) (91,360 ) - (2,582,277 ) 2,047,856 (534,421 )
Gross profit (loss) 68,114 (14,320 ) 37,623 (5,504 ) (39,286 ) (15,849 ) - 1,991 7,260 - 336 (5,923 ) - 1,303,371 (18,354 ) - 1,319,459 (1,283,836 ) 35,623
Operating income (expenses), net
Administrative expenses (7,217 ) (9,127 ) (13,583 ) (3,352 ) (644 ) (2,206 ) (1,281 ) (2,077 ) (10,340 ) (105 ) (309 ) (313 ) (4,536 ) - (3,053 ) - (58,143 ) 3,487 (54,656 )
Selling expenses (7,167 ) (2,023 ) (514 ) (163 ) (2,203 ) (49 ) - (533 ) - - - (93 ) - (120,772 ) (494 ) - (134,011 ) 121,266 (12,745 )
Exploration in non-operating areas (2,418 ) - - - (53 ) (2,392 ) (799 ) - - - - - (3,098 ) - - - (8,760 ) 45 (8,715 )
Reversal (provision) of contingencies (538 ) (1,189 ) 49 1,775 1,240 1,869 (239 ) 55 - (103 ) 127 150 2,338 - 26 - 5,560 (26 ) 5,534
Other, net (2,710 ) 158 (922 ) (902 ) (2,323 ) (2,422 ) (6 ) (52 ) - 6,095 (11 ) (589 ) 1,431 (80,583 ) 751 (26,441 ) (108,526 ) 104,493 (4,033 )
Total operating income (expenses), net (20,050 ) (12,181 ) (14,970 ) (2,642 ) (3,983 ) (5,200 ) (2,325 ) (2,607 ) (10,340 ) 5,887 (193 ) (845 ) (3,865 ) (201,355 ) (2,770 ) (26,441 ) (303,880 ) 229,265 (74,615 )
Operating profit (loss) 48,064 (26,501 ) 22,653 (8,146 ) (43,269 ) (21,049 ) (2,325 ) (616 ) (3,080 ) 5,887 143 (6,768 ) (3,865 ) 1,102,016 (21,124 ) (26,441 ) 1,015,579 (1,054,571 ) (38,992 )
Share in the results of associates and joint venture (94 ) - - - - - - (1,555 ) - - 20,936 - 105,749 - - - 125,036 (11,668 ) 113,368
Foreign currency exchange difference 1,122 8 4 4 28 636 11 897 - 42 328 226 2,854 26,499 4,436 - 37,095 (31,022 ) 6,073
Finance income 225 96 45 78 90 (150 ) 21 (96 ) (21 ) - 340 46 2,776 8,077 (143 ) - 11,384 (7,934 ) 3,450
Finance costs (5,795 ) (592 ) (1,361 ) (821 ) (894 ) (2,243 ) (384 ) (3,157 ) (30 ) (1 ) (2 ) (5 ) (28,170 ) (65,928 ) (4,093 ) - (113,476 ) 70,021 (43,455 )
Profit (loss) before income tax 43,522 (26,989 ) 21,341 (8,885 ) (44,045 ) (22,806 ) (2,677 ) (4,527 ) (3,131 ) 5,928 21,745 (6,501 ) 79,344 1,070,664 (20,924 ) (26,441 ) 1,075,618 (1,035,174 ) 40,444
Current income tax (19,598 ) (96 ) (132 ) (33 ) (6 ) - - (482 ) (8 ) (1,859 ) (14 ) - - (487,940 ) (109 ) - (510,277 ) 488,049 (22,228 )
Deferred income tax 8,670 - - - - 1,735 - 1,725 852 - - 1,022 10,294 30,788 2,776 - 57,862 (33,564 ) 24,298
(10,928 ) (96 ) (132 ) (33 ) (6 ) 1,735 - 1,243 844 (1,859 ) (14 ) 1,022 10,294 (457,152 ) 2,667 - (452,415 ) 454,485 2,070
Profit (loss) from continuing operations 32,594 (27,085 ) 21,209 (8,918 ) (44,051 ) (21,071 ) (2,677 ) (3,284 ) (2,287 ) 4,069 21,731 (5,479 ) 89,638 613,512 (18,257 ) (26,441 ) 623,203 (580,689 ) 42,514
Net profit from discontinued operations, net of taxes 439
Net profit for the period 42,953
Other segment information:
Total assets as of September 30, 2023 676,812 150,808 49,943 35,997 155,621 48,948 621,797 361,844 9,730 3,206 231,039 63,207 2,979,900 7,996,721 345,814 68,859 13,800,246 (9,325,349 ) 4,474,897
Total liabilities as of September 30, 2023 277,181 28,254 56,901 33,368 47,653 71,638 30,346 118,989 3,715 272 247 2,444 657,775 1,232,421 116,873 416 2,678,493 (1,383,168 ) 1,295,325
Investments in associates and joint venture  as of September 30, 2023 2,393 - - - - - - 120,094 - - 225,999 - 2,119,374 - - - 2,467,860 (931,853 ) 1,536,007
Additions of property, plant and equipment 46,228 315 3,779 543 32,114 2,087 58,016 958 3 - - 28 1,588 - - - 145,659 - 145,659

All values are in US Dollars.

31

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

Equity accounted investees
Colquijirca (Operation) Tambomayo (Operation) Orcopampa (Operation) Julcani (Operation) Uchucchacua<br> (Temporary<br> suspension) La Zanja (Operation) Exploration and development mining projects Energy generation and transmission Insurance<br> brokerage Rental of mining concessions Holding of investment in shares Industrial<br> (Temporary<br> suspension) Corporate Sociedad Minera Cerro Verde S.A.A Compañía Minera Coimolache S.A. Tinka Resources Ltd. Total<br> segments Adjustments and eliminations Total
US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000)
For the three-month period ended September 30, 2023
Profit or loss:
Continuing operations
Operating income
Sales of goods 134,234 21,633 38,689 8,918 1,244 2,501 - - - - - 3,475 - 1,045,533 42,139 - 1,298,366 (1,090,661 ) 207,705
Sales of services - - - - - - - 12,706 2,385 - 119 - - - - - 15,210 (11,622 ) 3,588
Total operating income 134,234 21,633 38,689 8,918 1,244 2,501 - 12,706 2,385 - 119 3,475 - 1,045,533 42,139 - 1,313,576 (1,102,283 ) 211,293
Cost of sales
Cost of sales of goods, excluding depreciation and amortization (84,242 ) (18,212 ) (18,072 ) (8,364 ) - (5,657 ) - - - - - (3,324 ) - (639,582 ) (18,910 ) - (796,363 ) 661,500 (134,863 )
Unabsorbed cost due to production stoppage - - - - (7,595 ) - - - - - - (779 ) - - - - (8,374 ) 907 (7,467 )
Cost of sales of services, excluding depreciation and amortization - - - - - - - (12,284 ) - - - - - - - - (12,284 ) 10,952 (1,332 )
Depreciation and amortization (27,620 ) (12,680 ) (3,120 ) (1,642 ) (1,522 ) (1,004 ) - (2,259 ) - - - (1,570 ) - - (10,078 ) - (61,495 ) 10,231 (51,264 )
Exploration in operating units (1,614 ) (720 ) (1,440 ) (1,874 ) (6,661 ) (109 ) - - - - - - - - (4,747 ) - (17,165 ) 4,747 (12,418 )
Mining royalties (478 ) (212 ) (3,621 ) (88 ) (13 ) (27 ) - - - - - - - - (374 ) - (4,813 ) 374 (4,439 )
Total costs of sales (113,954 ) (31,824 ) (26,253 ) (11,968 ) (15,791 ) (6,797 ) - (14,543 ) - - - (5,673 ) - (639,582 ) (34,109 ) - (900,494 ) 688,711 (211,783 )
Gross profit (loss) 20,280 (10,191 ) 12,436 (3,050 ) (14,547 ) (4,296 ) - (1,837 ) 2,385 - 119 (2,198 ) - 405,951 8,030 - 413,082 (413,572 ) (490 )
Operating income (expenses), net
Administrative expenses (2,535 ) (2,630 ) (4,612 ) (1,075 ) (194 ) (812 ) (341 ) (738 ) (3,381 ) (32 ) (78 ) (97 ) (1,095 ) - (1,002 ) - (18,622 ) 1,086 (17,536 )
Selling expenses (2,579 ) (628 ) (203 ) (45 ) (600 ) (12 ) - (189 ) - - - (21 ) - (41,027 ) (245 ) - (45,549 ) 41,272 (4,277 )
Exploration in non-operating areas (1,214 ) - - - (32 ) (1,518 ) (562 ) - - - - - (1,235 ) - - - (4,561 ) 8 (4,553 )
Reversal (provision) of contingencies 210 (312 ) (28 ) 256 219 52 (154 ) (99 ) - (103 ) (1 ) 76 124 - 81 - 321 (81 ) 240
Other, net (1,709 ) (672 ) (217 ) (419 ) (1,395 ) (238 ) 24 201 - 2,404 45 (564 ) 224 (4,821 ) 110 (8,941 ) (15,968 ) 13,049 (2,919 )
Total operating income (expenses), net (7,827 ) (4,242 ) (5,060 ) (1,283 ) (2,002 ) (2,528 ) (1,033 ) (825 ) (3,381 ) 2,269 (34 ) (606 ) (1,982 ) (45,848 ) (1,056 ) (8,941 ) (84,379 ) 55,334 (29,045 )
Operating profit (loss) 12,453 (14,433 ) 7,376 (4,333 ) (16,549 ) (6,824 ) (1,033 ) (2,662 ) (996 ) 2,269 85 (2,804 ) (1,982 ) 360,103 6,974 (8,941 ) 328,703 (358,238 ) (29,535 )
Share in the results of associates and joint venture (85 ) - - - - - - (2,366 ) - - 5,812 - 39,246 - - - 42,607 3,768 46,375
Foreign currency exchange difference 498 4 4 3 12 238 4 444 - 7 122 91 725 8,958 1,407 - 12,517 (10,395 ) 2,122
Finance income (238 ) 4 48 4 57 (486 ) (648 ) (267 ) (15 ) (19 ) (272 ) (566 ) (28,778 ) (18,327 ) (1,386 ) - (50,889 ) 19,713 (31,176 )
Finance costs (1,729 ) (132 ) (459 ) (299 ) (304 ) (756 ) (130 ) (1,044 ) (9 ) - (1 ) (2 ) (8,516 ) 12,658 (1,342 ) - (2,065 ) (11,316 ) (13,381 )
Profit (loss) before income tax 10,899 (14,557 ) 6,969 (4,625 ) (16,784 ) (7,828 ) (1,807 ) (5,895 ) (1,020 ) 2,257 5,746 (3,281 ) 695 363,392 5,653 (8,941 ) 330,873 (356,468 ) (25,595 )
Current income tax (11,718 ) (1 ) (1 ) - - - - 591 - (782 ) (14 ) - - (168,514 ) (109 ) - (180,548 ) 168,623 (11,925 )
Deferred income tax 9,458 - - - - 1,009 - 428 397 - - 778 1,119 30,652 1,074 - 44,915 (31,726 ) 13,189
(2,260 ) (1 ) (1 ) - - 1,009 - 1,019 397 (782 ) (14 ) 778 1,119 (137,862 ) 965 - (135,633 ) 136,897 1,264
Profit (loss) from continuing operations 8,639 (14,558 ) 6,968 (4,625 ) (16,784 ) (6,819 ) (1,807 ) (4,876 ) (623 ) 1,475 5,732 (2,503 ) 1,814 225,530 6,618 (8,941 ) 195,240 (219,571 ) (24,331 )
Profit from discontinued operations (167 )
Net loss for the period (24,498 )
Other segment information:
Acquisitions of property, plant and equipment 14,944 309 1,451 144 12,341 1733 27,205 420 - - - 24 1,215 - - - 59,786 - 59,786

All values are in US Dollars.

32

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

Disaggregated revenue information

Set out below is the disaggregation of the Group’s revenue from contracts with customers:

Colquijirca<br> (Operation) Tambomayo<br> <br>(Operation) Orcopampa<br> <br>(Operation) Julcani<br> (Operation) Uchucchacua<br> (Operation) Yunpaq<br> <br>(Operation) La Zanja<br> <br>(Operation) Energy<br> generation<br> and<br> transmission Insurance<br> brokerage Holding of<br> investment<br> in shares Industrial<br> <br>(Operation) Total<br> operating<br> segments Adjustments<br> and<br> eliminations Total
US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US$(000)
Revenues by type of customers:
For the nine-month periods ended as of September 30, 2024
Sales by customers -
External 334,491 93,436 126,500 35,288 110,307 125,840 126 - - - 24,247 850,235 - 850,235
Inter-segment - - - - - - 20,572 - - - - 20,572 (20,572 ) -
334,491 93,436 126,500 35,288 110,307 125,840 20,698 - - - 24,247 870,807 (20,572 ) 850,235
Services -
External - - - - - - 4,777 - - - 4,777 - 4,777
Inter-segment - - - - - - 33,816 - 363 14,078 48,257 (48,257 ) -
- - - - - - 38,593 - 363 14,078 53,034 (48,257 ) 4,777
334,491 93,436 126,500 35,288 110,307 125,840 20,698 38,593 - 363 38,325 923,841 (68,829 ) 855,012
For the nine-month periods ended as of September 30, 2023
Sales by customers -
External 318,221 77,889 116,126 28,495 5,260 - (242 ) - - - 13,740 559,489 - 559,489
Inter-segment - - - - - - 12,092 - - - - 12,092 (12,092 ) -
318,221 77,889 116,126 28,495 5,260 - 11,850 - - - 13,740 571,581 (12,092 ) 559,489
Services -
External - - - - - - - 3,295 7,260 - - 10,555 - 10,555
Inter-segment - - - - - - - 31,795 - 336 - 32,131 (32,131 ) -
- - - - - - - 35,090 7,260 336 - 42,686 (32,131 ) 10,555
318,221 77,889 116,126 28,495 5,260 - 11,850 35,090 7,260 336 13,740 614,267 (44,223 ) 570,044

All values are in US Dollars.

33

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

Colquijirca<br> (Operation) Tambomayo<br> <br>(Operation) Orcopampa<br> <br>(Operation) Julcani<br> (Operation) Julcani<br> (Operation) Uchucchacua<br> (Operation) La Zanja<br> <br>(Operation) Energy<br> generation<br> and<br> transmission Insurance<br> brokerage Holding of<br> investment<br> in shares Industrial<br> <br>(Operation) Total<br> segments Adjustments<br> and<br> eliminations Total
US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US(000) US$(000)
Revenues by type of customers:
For the three-month periods ended as of September 30, 2024
Sales by customers -
External 129,080 32,892 45,792 11,611 32,202 63,239 11 - - - 14,190 329,017 - 329,017
Inter-segment - - - - - - 12,505 - - - - 12,505 (12,505 ) -
129,080 32,892 45,792 11,611 32,202 63,239 12,516 - - - 14,190 341,522 (12,505 ) 329,017
Services -
External - - - - - - - 2,089 - - - 2,089 - 2,089
Inter-segment - - - - - - - 10,726 - 132 4,676 15,534 (15,534 ) -
- - - - - - - 12,815 - 132 4,676 17,623 (15,534 ) 2,089
129,080 32,892 45,792 11,611 32,202 63,239 12,516 12,815 132 18,866 359,145 (28,039 ) 331,106
For the three-month periods ended as of September 30, 2023
Sales by customers -
External 134,234 21,633 38,689 8,918 1,244 - (488 ) - - - 3,475 207,705 - 207,705
Inter-segment - - - - - - 2,989 - - - - 2,989 (2,989 ) -
134,234 21,633 38,689 8,918 1,244 1,244 2,501 - - - 3,475 210,694 (2,989 ) 207,705
Services -
External - - - - - - - 1,203 2,385 - - 3,588 - 3,588
Inter-segment - - - - - - - 11,503 - 119 - 11,622 (11,622 ) -
- - - - - - - 12,706 2,385 119 - 15,210 (11,622 ) 3,588
134,234 21,633 38,689 8,918 1,244 - 2,501 12,706 2,385 119 3,475 225,904 (14,611 ) 211,293

All values are in US Dollars.

34

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

Reconciliation of segment profit (loss)

The reconciliation of segment profit (loss) to the consolidated profit (loss) from continued operations for the three-month and nine-month periods ended September 30, 2024 and 2023 follows:

For the three-month periods<br> <br>ended September 30, For the nine-month periods<br> <br>ended September 30,
2024 2023 2024 2023
US(000) US(000) US(000) US(000)
Segments profit (loss) 625,298 195,240 1,316,073 623,203
Elimination of profit of equity accounted investees, not consolidated (owned by third parties) (251,681 ) (223,207 ) (760,390 ) (568,814 )
Elimination of intercompany sales (28,041 ) (14,611 ) (68,829 ) (44,223 )
Elimination of cost of sales and operating expenses intercompany 26,092 14,509 66,880 44,103
Elimination of share in the results of subsidiaries and associates (125,976 ) 3,768 (166,360 ) (11,668 )
Others 193 (30 ) - (87 )
Consolidated profit (loss) from continued operations 245,885 (24,331 ) 387,374 42,514

All values are in US Dollars.

Reconciliation of segment assets

The reconciliation of segment assets to the consolidated assets follows:

As of<br> <br>September 30, As of<br><br> December 31,
2024 2023
US(000) US(000)
Segments assets 14,716,947 13,843,508
Elimination of assets of equity accounted investees, not consolidated (owned by third parties) (8,751,105 ) (8,387,620 )
Elimination of the subsidiaries and associates of the Parent company (1,002,420 ) (940,977 )
Elimination of intercompany receivables (26,399 ) (16,697 )
Others 16,819 35,585
Consolidated assets 4,953,842 4,533,799

All values are in US Dollars.

Reconciliation of segment liabilities

The reconciliation of segment liabilities to the consolidated liabilities follows:

As of<br> <br>September 30, As of<br><br> December 31,
2024 2023
US(000) US(000)
Segments liabilities 3,170,145 2,786,627
Elimination of liabilities of equity accounted investees, not consolidated (1,687,789 ) (1,379,966 )
Elimination of intercompany payables (241,608 ) (43,472 )
Others 181,991 1,399
Consolidated liabilities 1,422,739 1,364,588

All values are in US Dollars.

35

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

20. Fair value measurement

This note provides an update on the judgements and estimates made by the Group in determining the fair values of the financial instruments since the last annual financial report.

(a) Fair value disclosure of assets and liabilities according to its hierarchy -

The following table provides the fair value measurement hierarchy of the Group’s assets and liabilities:

Fair value measurement using:
Carrying<br> <br>value Quoted prices in active markets<br> <br>(Level 1) Observable inputs<br> <br>(Level 2) Unobservable inputs<br> <br>(Level 3)
US$(000) US$(000) US$(000) US$(000)
As of September 30, 2024 -
Assets and liabilities measured at fair value:
Fair value of account receivable (subject to provisional pricing) 116,463 - 116,463 -
Contingent consideration liability 26,224 - 26,224 -
Fair value of liabilities at amortized cost:
Financial obligations 600,275 - 620,094 -
As of December 31, 2023 -
Assets and liabilities measured at fair value:
Fair value of account receivable (subject to provisional pricing) 125,586 - 125,586 -
Contingent consideration liability 21,614 - 21,614 -
Hedge instruments liability (asset)
Fair value of liabilities at amortized cost:
Financial obligations 616,824 - 615,014 -
(b) Financial instruments whose fair value is similar to their book value -
--- ---

For financial assets and liabilities such as cash and cash equivalents, trade and other receivables, trade and other payables that are liquid or have short-term maturities (less than three months), it is estimated that their book value is similar to their fair value. The derivatives are also recorded at the fair value so that differences do not need to be reported.

The fair value of account receivable is determined using valuation techniques with information directly observable in the market (future metal quotations).

36

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

(c) Financial instruments at fixed and variable rates –

The fair value of financial assets and liabilities at fixed and variable rates at amortized cost is determined by comparing the market interest rates at the time of their initial recognition to the current market rates with regard to similar financial instruments. The estimated fair value of deposits that accrue interest is determined by means of cash flows discounted using the prevailing market interest rates in the currency with similar maturities and credit risks.

Based on the foregoing, there are no important existing difference between the value in books and the fair value of the assets and financial liabilities as of September 30, 2024 and December 31, 2023.

There were no transfers between Level 1 and Level 2 for the three-month periods ended September 30, 2024 and 2023.

(d) Fair value measurements using significant unobservable inputs (level 3) -

The following table summarizes the quantitative information about the significant unobservable inputs used in level 3 fair value measurements:

Description Fair value as of September 30,  2024 Unobservable<br><br> <br>inputs Range of inputs Relationship of unobservable<br><br> <br>inputs to fair value
Contingent consideration liability with Minera Gold Fields Peru S.A. 26,224 Rate before tax 10.81 A change in the discount rate by 10% higher/lower, the fair value would<br> increase/decrease in US$1.7 million.
Expected revenues annual average (US$000) 290,385 If expected sales change by 10% higher/lower, the fair value would increase/decrease in US$2.6 million.
21. Events after the reporting period
--- ---

No significant events were identified, that have occurred between the reporting period and the issuance date of the interim condensed consolidated financial statements approved by the Board of Directors on October 30, 2024, that must be disclosed.

In accordance with International Financial Reporting Standards

  • IFRS, the accompanying financial statements were prepared based on the conditions existing as of September 30, 2024 and considering those events that occurred after that date that provided evidence of conditions that existed at the end of the reporting period up to their issuance date.

    37

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

COMPAÑÍA DE MINAS<br> BUENAVENTURA S.A.A.
Date: January 23, 2025 By: /s/<br> Daniel Dominguez
Name: Daniel Dominguez
Title: Chief Financial Officer

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