6-K

BUENAVENTURA MINING CO INC (BVN)

6-K 2022-07-27 For: 2022-07-26
View Original
Added on April 04, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 6-K

REPORT OF FOREIGN ISSUER

  PURSUANT TO RULE 13a-16 OR 15b-16 OF

  THE SECURITIES EXCHANGE ACT OF 1934

For the month of July 2022

Commission File Number 001-14370

COMPANIA DE MINAS BUENAVENTURA S.A.A.

(Exact name of registrant as specified in its charter)

BUENAVENTURA MINING COMPANY INC.

  \(Translation of registrant’s name into English\)

Republic of Peru

  \(Jurisdiction of incorporation or organization\)

CARLOS VILLARAN 790

  SANTA CATALINA, LIMA 13, PERU

  \(Address of principal executive offices\)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or 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): [ ]

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

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes _______ No ___X____

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): Not applicable.


Buenaventura Announces

Second Quarter and Six-month 2022 Results

Lima, Peru, July 26, 2022 – Compañia de Minas Buenaventura S.A.A. (“Buenaventura” or “the Company”) (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru’s largest publicly-traded precious metals mining company, today announced results for the second quarter (2Q22) and six-month period ended June 30, 2022.  All figures have been prepared in accordance with IFRS (International Financial Reporting Standards) on a non-GAAP basis and are stated in U.S. dollars (US$).

Second Quarter 2022 Highlights:

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

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

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

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


Compañía de Minas Buenaventura S.A.A.

Second Quarter 2021 Results

Page 2 of 25

Operating Revenues

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

Operating Highlights 2Q22 2Q21 % 6M22 6M21 %
Net Sales (million of US$) 150.1 235.9 -36% 381.6 417.9 -9%
Average Gold Price (US$/oz.) Direct Operations ^(1) (2)^ 1,825 1,815 1% 1,861 1,776 5%
Average Gold Price (US$/oz.) inc Associated ^(2) (3)^ 1,829 1,813 1% 1,861 1,779 5%
Average Silver Price (US$/oz.) ^(2)^ 22.71 27.06 -16% 23.42 27.02 -13%
Average Lead Price (US$/MT) ^(2)^ 2,180 2,192 -1% 2,280 2,166 5%
Average Zinc Price (US$/MT) ^(2)^ 4,489 3,010 49% 4,257 3,108 37%
Average Copper Price (US$/MT) ^(2)^ 9,073 10,033 -10% 9,498 9,585 -1%
Volume Sold 2Q22 2Q21 % 6M22 6M21 %
--- --- --- --- --- --- ---
Gold Oz Direct Operations ^(1)^ 37,718 33,575 12% 77,885 59,763 30%
Gold Oz inc Associated ^(3)^ 45,958 45,529 1% 94,379 82,981 14%
Silver Oz 1,813,579 3,505,471 -48% 3,701,368 6,681,750 -45%
Lead MT 3,811 6,713 -43% 8,401 11,517 -27%
Zinc MT 6,632 12,476 -47% 16,810 23,282 -28%
Copper MT 10,330 9,966 4% 20,063 17,517 15%
(1) Buenaventura Consolidated figure includes 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal.
--- ---
(2) The realized price takes into account the adjustments of quotational periods.
(3) Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 100% of El Brocal and 40.095% of Coimolache.
Production and Operating Costs
---

Buenaventura’s 2Q22 equity gold production was 47,596 ounces, compared to 46,421 ounces produced in 2Q21. Silver production decreased by 51% year on year, lead production decreased by 41% year on year and zinc production decreased by 46% year on year, primarily due to the suspension of Uchucchacua’s operations as was previously announced, and a change of the mine plan sequence at El Brocal. The Company’s 2Q22 copper production has remained consistent, year on year.


Compañía de Minas Buenaventura S.A.A.

Second Quarter 2021 Results

        Page 3 of 25
Equity Production 2Q22 2Q21 % 6M22 6M21 %
Gold Oz Direct Operations^(1)^ 39,605 34,241 16% 81,075 61,379 32%
Gold Oz including Associated^(2)^ Companies 47,596 46,421 3% 96,889 84,037 15%
Silver Oz Direct Operations^(1)^ 1,607,230 3,278,118 -51% 3,369,931 6,450,745 -48%
Lead MT 3,749 6,332 -41% 7,891 10,589 -25%
Zinc MT 6,467 11,990 -46% 15,400 21,326 -28%
Copper MT Direct Operations^(1)^ 6,473 6,447 0% 12,714 11,340 12%
Copper MT including Associated Companies^(3)^ 27,900 24,769 13% 55,157 48,916 13%
Consolidated Production 2Q22 2Q21 % 6M22 6M21 %
--- --- --- --- --- --- ---
Gold Oz^(4)^ 41,324 35,906 15% 84,471 64,227 32%
Silver Oz^(4)^ 1,918,152 3,896,475 -51% 4,089,566 7,676,312 -47%
Lead Pb^(4)^ 4,253 7,417 -43% 9,357 12,499 -25%
Zinc MT^(4)^ 8,066 15,311 -47% 20,382 28,585 -29%
Copper MT^(4)^ 10,537 10,494 0% 20,696 18,460 12%
(1) Buenaventura’s Direct Operations includes 100% of Buenaventura’s operating units, 100% of La Zanja and 61.43% of El Brocal.
--- ---
(2) Based on 100% of Buenaventura´s operating units, 100% of La Zanja, 61.43% of El Brocal and 40.095% of Coimolache.
(3) Based on 100% of Buenaventura´s operating units, 61.43% of El Brocal and 19.58% of Cerro Verde.
(4) Based on 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal

Tambomayo (100% owned by Buenaventura)

Production
2Q22 2Q21 Var % 6M22 6M21 Var %
Gold Oz 14,351 17,964 -20% 28,218 33,311 -15%
Silver Oz 433,820 432,638 0% 853,216 717,315 19%
Cost Applicable to Sales
--- --- --- --- --- --- --- ---
2Q22 2Q21 Var % 6M22 6M21 Var %
Gold US$/Oz 944 873 8% 977 895 9%

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


Compañía de Minas Buenaventura S.A.A.

Second Quarter 2021 Results

Page 4 of 25

Orcopampa (100% owned by Buenaventura)

Production
2Q22 2Q21 Var % 6M22 6M21 Var %
Gold Oz 17,749 9,130 94% 36,780 15,116 143%
Silver Oz 7,334 1,781 312% 15,190 2,823 438%
Cost Applicable to Sales
--- --- --- --- --- --- --- ---
2Q22 2Q21 Var % 6M22 6M21 Var %
Gold US$/Oz 1,079 1,650 -35% 969 1,813 -47%

La Zanja (100.00% owned by Buenaventura)

Production
2Q22 2Q21 Var % 6M22 6M21 Var %
Gold Oz 4,767 4,447 7% 10,667 8,355 28%
Silver Oz 30,318 20,519 48% 53,682 47,561 13%
Cost Applicable to Sales
--- --- --- --- --- --- --- ---
2Q22 2Q21 Var % 6M22 6M21 Var %
Gold US$/Oz 1,650 1,775 -7% 1,935 1,693 14%

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

Coimolache (40.10% owned by Buenaventura)

Production
2Q22 2Q21 Var % 6M22 6M21 Var %
Gold Oz 19,930 30,378 -34% 39,442 56,510 -30%
Silver Oz 75,504 166,327 -55% 152,699 367,320 -58%
Cost Applicable to Sales
--- --- --- --- --- --- --- ---
2Q22 2Q21 Var % 6M22 6M21 Var %
Gold US$/Oz 867 851 2% 1,072 834 29%

2Q22 gold production at Coimolache decreased by 34% year on year, primarily due to an 18% decrease in gold grade and a 30% decrease in ore stockpiled on the leach pad. 2Q22 Cost Applicable to Sales (CAS) of 867 US$/Oz was in line with 2Q21 CAS 851 US$/Oz in 2Q21, reflecting a slight 2% increase.


Compañía de Minas Buenaventura S.A.A.

Second Quarter 2021 Results

Page 5 of 25

Uchucchacua (100% owned by Buenaventura)

Production
2Q22 2Q21 Var % 6M22 6M21 Var %
Silver Oz N.A. 1,268,082 N.A. N.A. 2,511,997 N.A.
Zinc MT N.A. 3,029 N.A. N.A. 4,275 N.A.
Lead MT N.A. 1,715 N.A. N.A. 3,006 N.A.
Cost Applicable to Sales
--- --- --- --- --- --- --- ---
2Q22 2Q21 Var % 6M22 6M21 Var %
Silver US$/Oz N.A. 28.16 N.A. N.A. 28.73 N.A.

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

Julcani (100% owned by Buenaventura)

Production
2Q22 2Q21 Var % 6M22 6M21 Var %
Silver Oz 640,557 570,248 12% 1,301,689 1,219,102 7%
Cost Applicable to Sales
--- --- --- --- --- --- --- ---
2Q22 2Q21 Var % 6M22 6M21 Var %
Silver US$/Oz 14.71 17.56 -16% 14.91 16.94 -12%

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

El Brocal (61.43% owned by Buenaventura)

Production
2Q22 2Q21 Var % 6M22 6M21 Var %
Copper MT 10,537 10,494 0% 20,696 18,460 12%
Zinc MT 4,146 8,612 -52% 12,918 18,819 -31%
Silver Oz 806,123 1,603,208 -50% 1,865,789 3,177,513 -41%
Cost Applicable to Sales
--- --- --- --- --- --- --- ---
2Q22 2Q21 Var % 6M22 6M21 Var %
Copper US$/MT 7,211 6,243 16% 6,886 5,957 16%
Zinc US$/MT 4,161 1,555 168% 3,099 1,697 83%

El Brocal 2Q22 copper production was in line with 2Q21 production. Zinc and silver production decreased by 52% and 50%, respectively, year on year as part as the planned transition from polymetallic to copper ore as well as due to the need to alter El Brocal’s mine plan as a result of the landslide which occurred within the mine’s open pit on March 19, 2022.


Compañía de Minas Buenaventura S.A.A.

Second Quarter 2021 Results

Page 6 of 25

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

General and Administrative Expenses

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

Exploration in Non-Operating Areas

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

Share in Associated Companies

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

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

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

CERRO VERDE (19.58% owned by Buenaventura)

2Q22 copper production was 109,382 MT, 21,417 MT of which is attributable to Buenaventura; a 17% increase as compared to 93,576 MT produced in 2Q21, 18,322 MT of which was attributable to Buenaventura. This is primarily due to a 14% increase in ore treated and a 6% increase in copper grade.


Compañía de Minas Buenaventura S.A.A.

Second Quarter 2021 Results

Page 7 of 25

Cerro Verde reported 2Q22 net income of US$ 127.8 million, compared to net income of US$ 240.3 million in 2Q21. This is primarily due to:

i. US$ 86.7 million year on year net sales decrease, mainly due to a lower average realized copper price of US$ 3.18 per pound in 2Q22 compared to US$ 4.73 per pound in the 2Q21;
ii. An increase in costs due to an inflationary increase materials and supplies
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iii. Increased selling expenses associated with an increase in ocean freight coupled with higher sales volumes. This decrease was partially offset by a year-on-year income tax decrease.
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2Q22 capital expenditures at Cerro Verde were US$ 41.4 million.

COIMOLACHE (40.10% owned by Buenaventura)

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

***

Company Description

Compañía de Minas Buenaventura S.A.A. is Peru’s largest, publicly traded, precious metals company and a major holder of mining rights in Peru. The Company is engaged in the mining, processing, development and exploration of gold and silver and other metals via wholly owned mines as well as through its participation in joint exploration projects.

Buenaventura currently operates several mines in Peru: Tambomayo*, Orcopampa*, Uchucchacua*, Julcani*, La Zanja*, El Brocal and Coimolache.

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

For a printed version of the Company’s 2021 Form 20-F, please contact the investor relations contacts on page 1 of this report or download the PDF format file from the Company’s web site at www.buenaventura.com.

(*) Operations wholly owned by Buenaventura

Note on Forward-Looking Statements
This press release and related conference call contain, in addition to historical information, forward-looking statements including statements related to the Company’s ability to manage its business and<br> liquidity during and after the COVID-19 pandemic, the impact of the COVID-19 pandemic on the Company’s results of operations, including net revenues, earnings and cash flows, the Company’s ability to reduce costs and capital spending in<br> response to the COVID-19 pandemic if needed, the Company’s balance sheet, liquidity and inventory position throughout and following the COVID-19 pandemic, the Company’s prospects for financial performance, growth and achievement of its<br> long-term growth algorithm following the COVID-19 pandemic, future dividends and share repurchases.
This press release may also contain forward-looking information (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including those concerning the<br> Company’s, Cerro Verde’s costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver, copper and other metals mined, the success of joint ventures, estimates of<br> future explorations, development and production, subsidiaries’ plans for capital expenditures, estimates of reserves and Peruvian political, economic, social and legal developments.  These forward-looking statements reflect the Company’s<br> view with respect to the Company’s, Cerro Verde’s future financial performance.  Actual results could differ materially from those projected in the forward-looking statements as a result of a variety of factors discussed elsewhere in this<br> Press Release.

Compañía de Minas Buenaventura S.A.A.

Second Quarter 2021 Results

Page 8 of 25

**Tables to follow**

APPENDIX 1

Equity Participation in<br><br> <br>Subsidiaries and Associates (as of June 30, 2021)
BVN Operating
Equity % Mines / Business
El Molle Verde S.A.C* 100.00 Trapiche Project
Minera La Zanja S.A* 100.00 La Zanja
Sociedad Minera El Brocal S.A.A* 61.43 Colquijirca and Marcapunta
Compañía Minera Coimolache S.A. ** 40.10 Tantahuatay
Sociedad Minera Cerro Verde S.A.A ** 19.58 Cerro Verde
Processadora Industrial Rio Seco S.A* 100.00 Rio Seco chemical plant
Consorcio Energético de Huancavelica S.A* 100.00 Energy – Huanza Hydroelectrical plant

(*) Consolidated

(**) Equity Accounting


Compañía de Minas Buenaventura S.A.A.

Second Quarter 2021 Results

Page 9 of 25

APPENDIX 2

Gold Production

Mining Unit Operating Results Unit 2Q22 2Q21 △% 6M22 6M21 △ %
Underground
Tambomayo Ore Milled DMT 164,266 150,476 9% 306,559 262,749 17%
Ore Grade Gr/MT 3.08 4.27 -28% 3.27 4.74 -31%
Recovery Rate % 88.21 86.95 1% 87.67 83.11 5%
Ounces Produced Oz 14,351 17,964 -20% 28,218 33,311 -15%
Orcopampa Ore Milled DMT 57,309 31,607 81% 116,606 48,659 140%
Ore Grade Gr/MT 6.41 9.91 -35% 8.25 10.19 -19%
Recovery Rate % 100.07 90.64 10% 99.79 94.85 5%
Ounces Produced* Oz 17,749 9,130 94% 36,780 15,116 143%
Open Pit
La Zanja Ounces Produced Oz 4,767 4,447 7% 10,667 8,355 28%
Coimolache Ounces Produced Oz 19,930 30,378 -34% 39,442 56,510 -30%
Silver Production
--- --- --- --- --- --- --- --- ---
Mining Unit Operating Results Unit 2Q22 2Q21 △% 6M22 6M21 △ %
Underground
Tambomayo Ore Milled DMT 164,266 150,476 9% 306,559 262,749 17%
Ore Grade Oz/MT 2.69 3.13 -14% 2.92 3.14 -7%
Recovery Rate % 98.25 91.96 7% 95.36 86.82 10%
Ounces Produced Oz 433,820 432,638 0% 853,216 717,315 19%
Uchucchacua Ore Milled DMT - 292,177 N.A. - 483,398 N.A.
Ore Grade Oz/MT - 5.93 N.A. - 6.66 N.A.
Recovery Rate % - 73.20 N.A. - 78.03 N.A.
Ounces Produced Oz - 1,268,082 N.A. - 2,511,997 N.A.
Julcani Ore Milled DMT 32,112 30,024 7% 63,603 62,163 2%
Ore Grade Oz/MT 20.33 18.77 8% 20.82 19.77 5%
Recovery Rate % 98.13 96.88 1% 98.30 96.86 1%
Ounces Produced Oz 640,557 570,248 12% 1,301,689 1,219,102 7%
Marcapunta Ore Milled DMT 742,030 644,455 15% 1,380,010 1,142,223 21%
Ore Grade Oz/MT 0.78 0.97 -20% 0.82 0.88 -6%
Recovery Rate % 50.64 48.62 4% 52.23 50.82 3%
Ounces Produced Oz 291,328 303,197 -4% 593,736 508,753 17%
Open Pit
Tajo Norte<br><br> Cu - Ag Ore Milled DMT 57,405 185,554 -69% 156,342 237,396 -34%
Ore Grade Oz/MT 1.88 4.77 -61% 2.15 4.63 -54%
Recovery Rate % 54.79 57.18 -4% 53.16 54.90 -3%
Ounces Produced Oz 59,130 505,739 -88% 178,769 608,128 -71%
Tajo Norte<br><br> Pb - Zn Ore Milled DMT 468,339 584,976 -20% 1,060,451 1,159,724 -9%
Ore Grade Oz/MT 1.97 1.89 4% 1.92 2.46 -22%
Recovery Rate % 49.34 71.77 -31% 53.58 72.14 -26%
Ounces Produced Oz 455,665 794,272 -43% 1,093,284 2,060,632 -47%

Compañía de Minas Buenaventura S.A.A.

Second Quarter 2021 Results

Page 10 of 25

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

Compañía de Minas Buenaventura S.A.A.

Second Quarter 2021 Results

Page 11 of 25

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

EBITDA RECONCILIATION

(in thousand US$)

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

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


Compañía de Minas Buenaventura S.A.A.

Second Quarter 2021 Results

Page 12 of 25

Note:

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

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

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


Compañía de Minas Buenaventura S.A.A.

Second Quarter 2021 Results

Page 13 of 25

APPENDIX 4: COST APPLICABLE TO SALES RECONCILIATION

Reconciliation of Costs Applicable to Sales and Cost Applicable to Sales per Unit Sold

Cost applicable to sales consists of cost of sales, excluding depreciation and amortization, plus selling expenses. Cost applicable to sales per unit sold for each mine consists of cost applicable to sales for a particular metal produced at a given mine divided by the volume of such metal produced at such mine in the specified period. We note that cost applicable to sales is not directly comparable to the cash operating cost figures disclosed in previously furnished earnings releases.

Cost applicable to sales and Cost applicable to sales per unit of mineral sold are not measures of financial performance under IFRS and may not be comparable to similarly titled measures of other companies. We consider Cost applicable to sales and Cost applicable to sales per unit of mineral sold to be key measures in managing and evaluating our operating performance. These measures are widely reported in the precious metals industry as a benchmark for performance, but do not have standardized meanings. You should not consider Cost applicable to sales or Cost applicable to sales per unit of mineral sold as alternatives to cost of sales determined in accordance with IFRS, as indicators of our operating performance.  Cost applicable to sales and Cost applicable to sales per unit of mineral sold are calculated without adjusting for by-product revenue amounts.

Operations’ Cost applicable to sales does not include operating cost for those months during which Buenaventura’s operations were suspended due to COVID-19, as these have been classified as “Unabsorbed costs due to production stoppage” within the financial statements.

The tables below set forth (i) a reconciliation of consolidated Cost of sales, excluding depreciation and amortization to consolidated Cost applicable to sales, (ii) reconciliations of the components of Cost applicable to sales (by mine and mineral) to the corresponding consolidated line items set forth on our consolidated statements of profit or loss for the three and twelve months ended December 31, 2020 and 2021 and (iii) reconciliations of Cost of sales, excluding depreciation and amortization to Cost applicable to sales for each of our mining units.  The amounts set forth in Cost applicable to sales and Cost applicable to sales per unit sold for each mine and mineral indicated in the tables below can be reconciled to the amounts set forth on our consolidated statements of profit or loss for the three and twelve months ended December 31, 2021 and 2022 by reference to the reconciliations of Cost of sales, excluding depreciation and amortization (by mine and mineral), Selling Expenses (by mine and metal) expenses and Exploration in units in operations (by mine and mineral) to consolidated Cost of sales, excluding depreciation and amortization, consolidated Selling Expenses and consolidated Exploration in units in operations expenses, respectively, set forth below.


Compañía de Minas Buenaventura S.A.A.

Second Quarter 2021 Results

Page 14 of 25

Set forth below is a reconciliation of consolidated Cost of sales, excluding depreciation and amortization,
to consolidated Cost applicable to sales:
For the 3 months ended June 30 For the 6 months ended June 30
2022 2022 2021
(in thousands of US)
Consolidated Cost of sales excluding depreciation and amortization 117,274 225,242 251,249
Add:
Consolidated Exploration in units in operation 18,904 32,921 23,843
Consolidated Commercial deductions 44,963 95,848 98,761
Consolidated Selling expenses 5,044 9,636 9,755
Consolidated Cost applicable to sales 186,185 363,647 383,608
Set forth below is a reconciliation of Cost of sales, excluding depreciation and amortization
(by mine and mineral) to consolidated Cost of sales:
For the 3 months ended June 30 For the 6 months ended June 30
2022 2022 2021
Cost of sales by mine and mineral (in thousands of US)
Julcani, Gold 37 0 40
Julcani, Silver 6,782 14,085 14,442
Julcani, Lead 97 179 205
Julcani, Copper 89 142 31
Orcopampa, Gold 15,182 29,017 23,317
Orcopampa, Silver 130 185 85
Orcopampa, Copper 0 0 0
Uchucchacua, Gold 0 0 0
Uchucchacua, Silver 0 0 44,648
Uchucchacua, Lead 0 0 3,710
Uchucchacua, Zinc 0 0 6,901
Tambomayo, Gold 8,824 17,352 21,044
Tambomayo, Silver 3,108 6,179 6,535
Tambomayo, Zinc 2,216 9,765 5,042
Tambomayo, Lead 5,206 4,258 3,162
La Zanja, Gold 6,580 18,252 13,917
La Zanja, Silver 517 1,112 1,339
El Brocal, Gold 2,322 4,250 2,780
El Brocal, Silver 7,134 14,843 22,258
El Brocal, Lead 1,058 3,106 3,587
El Brocal, Zinc 7,514 18,384 15,992
El Brocal, Copper 43,520 76,589 53,920
Non Mining Units 6,959 7,543 8,294
Consolidated Cost of sales, excluding depreciation and amortization 117,274 225,242 251,249
Set forth below is a reconciliation of Exploration expenses in units in operation (by mine and mineral) to consolidated Exploration expenses in mining units:
For the 3 months ended June 30 For the 6 months ended June 30
2022 2022 2021
Exploration expenses in units in operation by mine and mineral (in thousands of US)
Julcani, Gold 9 0 8
Julcani, Silver 1,602 3,054 2,857
Julcani, Lead 23 39 41
Julcani, Copper 21 31 6
Orcopampa, Gold 3,495 6,172 4,244
Orcopampa, Silver 30 39 15
Orcopampa, Copper 0 0 0
Uchucchacua, Gold 0 0 0
Uchucchacua, Silver 5,883 8,813 4,920
Uchucchacua, Lead 78 0 409
Uchucchacua, Zinc 0 0 760
Tambomayo, Gold 1,180 2,271 2,411
Tambomayo, Silver 416 809 749
Tambomayo, Lead 296 557 362
Tambomayo, Zinc 696 1,278 578
La Zanja, Gold 708 1,398 124
La Zanja, Silver 56 85 12
El Brocal, Gold 166 304 179
El Brocal, Silver 511 1,061 1,434
El Brocal, Lead 76 222 231
El Brocal, Zinc 539 1,314 1,030
El Brocal, Copper 3,119 5,475 3,473
Non Mining Units 0 0 0
Consolidated Exploration expenses in units in operation 18,904 32,921 23,843

All values are in US Dollars.


Compañía de Minas Buenaventura S.A.A.

Second Quarter 2021 Results

Page 15 of 25

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

All values are in US Dollars.


Compañía de Minas Buenaventura S.A.A.

Second Quarter 2021 Results

Page 16 of 25

JULCANI
2Q 2022 2Q 2021
GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL
Cost of Sales (without D&A) (US$000) 37 6,782 97 - 89 7,004 36 6,924 97 - 18 7,075
Add:
Exploration Expenses (US$000) 9 1,602 23 - 21 1,655 7 1,405 20 - 4 1,436
Commercial Deductions (US$000) 2 442 6 - 6 456 6 1,165 16 - 2 1,190
Selling Expenses (US$000) 0 81.33 1.16 - 1 84 1 122 2 - 0 125
Cost Applicable to Sales (US$000) 48 8,907 127 - 116 9,199 50 9,616 135 - 24 9,826
Divide:
Volume Sold 40 605,641 93 - 19 Not Applicable 46 547,606 91 - 18 Not Applicable
CAS 1,214 14.71 1,369 - 6,137 Not Applicable 1,083 17.56 1,485 - 1,359 Not Applicable
JULCANI
--- --- --- --- --- --- --- --- --- --- --- --- ---
6M 2022 6M 2021
GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL
Cost of Sales (without D&A) (US$000) - 14,085 179 - 142 14,406 40 14,442 205 - 31 14,719
Add:
Exploration Expenses (US$000) - 3,054 39 - 31 3,124 8 2,857 41 - 6 2,912
Commercial Deductions (US$000) -8 1,145 14 - 10 1,162 7 2,152 30 - 4 2,193
Selling Expenses (US$000) - 236 3 - 2 241 1 234 3 - 1 238
Cost Applicable to Sales (US$000) -8 18,520 235 - 185 18,933 55 19,685 279 - 42 20,062
Divide:
Volume Sold 40 1,241,952 168 - 30 Not Applicable 56 1,161,770 204 - 32 Not Aplicable
CAS - 14.91 1,399 - 6,118 Not Applicable 990 16.94 1,372 - 1,307 Not Applicable
ORCOPAMPA
--- --- --- --- --- --- --- --- --- --- --- --- ---
2Q 2022 2Q 2021
GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL
Cost of Sales (without D&A) (US$000) 15,182 130 - - - 15,312 13,274 31 - - - 13,305
Add: -
Exploration Expenses (US$000) 3,495 30 - - - 3,525 2,453 6 - - - 2,459
Commercial Deductions (US$000) 309 12 - - - 322 66 0 - - - 66
Selling Expenses (US$000) 140 1 - - - 141 78 0 - - - 78
Cost Applicable to Sales (US$000) 19,127 173 - - - 19,300 15,871 37 - - - 15,908
Divide:
Volume Sold 17,719 12,411 - - - Not Applicable 9,618 1,518 - - - Not Applicable
CAS 1,079 13.93 - - - Not Applicable 1,650 24.49 - - - Not Applicable
ORCOPAMPA
--- --- --- --- --- --- --- --- --- --- --- --- ---
6M 2022 6M 2021
GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL
Cost of Sales (without D&A) (US$000) 29,017 185 - - - 29,202 23,317 85 - - - 23,402
Add:
Exploration Expenses (US$000) 6,172 39 - - - 6,211 4,244 15 - - - 4,259
Commercial Deductions (US$000) 390 13 - - - 403 84 3 - - - 87
Selling Expenses (US$000) 293 2 - - - 295 122 0 - - - 122
Cost Applicable to Sales (US$000) 35,872 239 - - - 36,111 27,766 104 - - - 27,870
Divide:
Volume Sold 37,026 19,339 - - - Not Applicable 15,316 3,396 - - - Not Applicable
CAS 969 12.37 - - - Not Applicable 1,813 30.62 - - - Not Applicable
UCHUCCHACUA
--- --- --- --- --- --- --- --- --- --- --- --- ---
2Q 2022 2Q 2021
GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL
Cost of Sales (without D&A) (US$000) - - - - - - - 22,260 2,090 4,576 - 28,926
Add:
Exploration Expenses (US$000) - 5,883 78 - - 5,961 - 2,991 281 615 - 3,887
Commercial Deductions (US$000) - 524 11 - - 534 - 8,379 522 4,438 - 13,338
Selling Expenses (US$000) - 1,033 14 - - 1,047 - 890 84 183 - 1,157
Cost Applicable to Sales (US$000) - 7,440 102 - - 7,542 - 34,521 2,976 9,812 - 47,308
Divide:
Volume Sold - 139,688 18 - - Not Applicable - 1,226,055 1,450 2,309 - Not Applicable
CAS - 53.26 5,558 - - Not Applicable - 28.16 2,053 4,250 - Not Applicable
UCHUCCHACUA
--- --- --- --- --- --- --- --- --- --- --- --- ---
6M 2022 6M 2021
GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL
Cost of Sales (without D&A) (US$000) - - - - - - - 44,648 3,710 6,901 - 55,259
Add:
Exploration Expenses (US$000) - 8,813 - - - 8,813 - 4,920 409 760 - 6,089
Commercial Deductions (US$000) - 497 -5 272 - 763 0 13,778 866 5,973 - 20,618
Selling Expenses (US$000) - 1,359 - - - 1,359 - 1,468 122 227 - 1,817
Cost Applicable to Sales (US$000) - 10,669 -5 272 - 10,935 0 64,814 5,108 13,861 - 83,783
Divide:
Volume Sold - 158,418 18 - - Not Applicable - 2,255,872 2,463 3,223 - Not Applicable
CAS - 67.35 - - - Not Applicable - 28.73 2,074 4,300 - Not Applicable
TAMBOMAYO
--- --- --- --- --- --- --- --- --- --- --- --- ---
2Q 2022 2Q 2021
GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL
Cost of Sales (without D&A) (US$000) 8,824 3,108 2,216 5,206 - 19,355 10,623 3,581 1,875 3,225 - 19,304
Add:
Exploration Expenses (US$000) 1,180 416 296 696 - 2,588 1,571 530 277 477 - 2,855
Commercial Deductions (US$000) 1,539 701 400 3,196 - 5,837 1,652 702 322 1,260 - 3,936
Selling Expenses (US$000) 645 227 162 381 - 1,415 694 234 123 211 - 1,262
Cost Applicable to Sales (US$000) 12,188 4,453 3,075 9,479 - 29,195 14,540 5,047 2,597 5,173 - 27,357
Divide:
Volume Sold 12,917 376,313 2,629 3,262 - Not Applicable 16,652 380,029 2,575 3,049 - Not Applicable
CAS 944 11.83 1,170 2,906 - Not Applicable 873 13.28 1,008 1,697 - Not Applicable
TAMBOMAYO
--- --- --- --- --- --- --- --- --- --- --- --- ---
6M 2022 6M 2021
GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL
Cost of Sales (without D&A) (US$000) 17,352 6,179 4,258 9,765 - 37,555 21,044 6,535 3,162 5,042 - 35,783
Add:
Exploration Expenses (US$000) 2,271 809 557 1,278 - 4,914 2,411 749 362 578 - 4,100
Commercial Deductions (US$000) 3,584 1,701 843 8,255 - 14,383 3,236 1,246 537 2,399 - 7,417
Selling Expenses (US$000) 1,301 463 319 732 - 2,816 1,310 407 197 314 - 2,228
Cost Applicable to Sales (US$000) 24,508 9,152 5,978 20,030 - 59,668 28,001 8,936 4,258 8,332 - 49,528
Divide:
Volume Sold 25,098 727,390 4,904 6,184 - Not Applicable 31,283 637,319 4,015 4,451 - Not Applicable
CAS 977 12.58 1,219 3,239 - Not Applicable 895 14.02 1,061 1,872 - Not Applicable

Compañía de Minas Buenaventura S.A.A.

Second Quarter 2021 Results

Page 17 of 25

LA ZANJA
2Q 2022 2Q 2021
GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL
Cost of Sales (without D&A) (US$000) 6,580 517 - - - 7,097 7,728 622 - - - 8,351
Add:
Exploration Expenses (US$000) 708 56 - - - 764 126 10 - - - 136
Commercial Deductions (US$000) 37 2 - - - 39 31 8 - - - 39
Selling Expenses (US$000) 20 2 - - - 22 21 2 - - - 23
Cost Applicable to Sales (US$000) 7,346 576 - - - 7,922 7,906 642 - - - 8,549
Divide:
Volume Sold 4,452 29,273 - - - Not Applicable 4,455 24,710 - - - Not Applicable
CAS 1,650 19.67 - - - Not Applicable 1,775 26.00 - - - Not Applicable
LA ZANJA
--- --- --- --- --- --- --- --- --- --- --- --- ---
6M 2022 6M 2021
GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL
Cost of Sales (without D&A) (US$000) 18,252 1,112 - - - 19,364 13,917 1,339 - - - 15,257
Add:
Exploration Expenses (US$000) 1,398 85 - - - 1,483 124 12 - - - 136
Commercial Deductions (US$000) 81 4 - - - 85 57 11 - - - 68
Selling Expenses (US$000) 53 3 - - - 56 41 4 - - - 45
Cost Applicable to Sales (US$000) 19,783 1,205 - - - 20,988 14,140 1,366 - - - 15,506
Divide:
Volume Sold 10,225 51,090 - - - Not Applicable 8,352 53,673 - - - Not Applicable
CAS 1,935 23.58 - - - Not Applicable 1,693 25.45 - - - Not Applicable
BROCAL
--- --- --- --- --- --- --- --- --- --- --- --- ---
2Q 2022 2Q 2021
GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL
Cost of Sales (without D&A) (US$000) 2,322 7,134 1,058 7,514 43,520 61,547 1,693 12,048 2,010 7,129 32,939 55,819
Add:
Exploration Expenses (US$000) 166 511 76 539 3,119 4,411 114 808 135 478 2,208 3,742
Commercial Deductions (US$000) 1,409 3,991 430 5,715 26,231 37,775 1,330 6,546 812 3,108 25,338 37,135
Selling Expenses (US$000) 79 242 36 255 1,479 2,092 83 594 99 351 1,624 2,752
Cost Applicable to Sales (US$000) 3,976 11,879 1,600 14,022 74,348 105,825 3,220 19,996 3,056 11,067 62,110 99,448
Divide:
Volume Sold 2,590 650,260 1,071 3,370 10,311 Not Applicable 2,805 1,325,553 2,597 7,117 9,948 Not Applicable
CAS 1,535 18.27 1,494 4,161 7,211 Not Applicable 1,148 15.08 1,177 1,555 6,243 Not Applicable
BROCAL
--- --- --- --- --- --- --- --- --- --- --- --- ---
6M 2022 6M 2021
GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL
Cost of Sales (without D&A) (US$000) 4,250 14,843 3,106 18,384 76,589 117,172 2,780 22,258 3,587 15,992 53,920 98,536
Add:
Exploration Expenses (US$000) 304 1,061 222 1,314 5,475 8,376 179 1,434 231 1,030 3,473 6,347
Commercial Deductions (US$000) 2,953 9,097 1,610 12,542 52,850 79,052 2,335 11,627 1,563 8,690 44,164 68,378
Selling Expenses (US$000) 159 556 116 688 2,868 4,388 134 1,075 173 773 2,605 4,761
Cost Applicable to Sales (US$000) 7,667 25,556 5,054 32,928 137,782 208,988 5,428 36,394 5,554 26,485 104,162 178,022
Divide:
Volume Sold 5,496 1,503,193 3,310 10,626 20,008 Not Applicable 4,756 2,569,720 4,836 15,608 17,485 Not Applicable
CAS 1,395 17.00 1,527 3,099 6,886 Not Applicable 1,141 14.16 1,148 1,697 5,957 Not Applicable
NON MINING COMPANIES
--- --- --- --- --- --- --- --- --- --- --- --- ---
2Q 2022 2Q 2021
GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL
Cost of Sales (without D&A) (US$000) - - - - - 6,959 - - - - - 4,198
Add:
Selling Expenses (US$000) - - - - - 243 - - - - - 300
Total (US$000) - - - - - 7,202 - - - - - 4,498
NON MINING COMPANIES
--- --- --- --- --- --- --- --- --- --- --- --- ---
6M 2022 6M 2021
GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL
Cost of Sales (without D&A) (US$000) - - - - - 7,543 - - - - - 8,294
Add: -
Selling Expenses (US$000) - - - - - 481 - - - - - 544
Total (US$000) - - - - - 8,024 - - - - - 8,838
BUENAVENTURA CONSOLIDATED
--- --- --- --- --- --- --- --- --- --- --- --- ---
2Q 2022 2Q 2021
GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL
Cost of Sales (without D&A) (US$000) 32,946 17,670 3,371 12,720 43,608 117,274 33,355 45,466 6,072 14,931 32,957 136,979
Add:
Exploration Expenses (US$000) 5,559 8,498 473 1,235 3,140 18,904 4,271 5,750 713 1,570 2,212 14,515
Commercial Deductions (US$000) 3,297 5,672 848 8,911 26,236 44,963 3,084 16,800 1,672 8,806 25,341 55,703
Selling Expenses (US$000) 885 1,587 213 636 1,480 4,801 878 1,843 307 745 1,624 5,697
Cost Applicable to Sales (US$000) 42,686 33,427 4,904 23,501 74,465 178,983 41,588 69,859 8,763 26,052 62,134 212,894
Divide:
Volume Sold 37,718 1,813,586 3,811 6,632 10,330 Not Applicable 33,575 3,505,471 6,713 12,476 9,966 Not Applicable
CAS 1,132 18.43 1,287 3,544 7,209 Not Applicable 1,239 19.93 1,305 2,088 6,234 Not Applicable
BUENAVENTURA CONSOLIDATED
--- --- --- --- --- --- --- --- --- --- --- --- ---
6M 2022 6M 2021
GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL
Cost of Sales (without D&A) (US$000) 68,872 36,404 7,543 28,149 76,731 225,242 61,098 89,307 10,665 27,934 53,951 251,249
Add:
Exploration Expenses (US$000) 10,144 13,861 818 2,592 5,506 32,921 6,966 9,987 1,043 2,368 3,479 23,843
Commercial Deductions (US$000) 7,001 12,457 2,462 21,069 52,860 95,848 5,719 28,817 2,996 17,062 44,168 98,761
Selling Expenses (US$000) 1,806 2,619 439 1,421 2,871 9,155 1,608 3,188 496 1,314 2,606 9,755
Cost Applicable to Sales (US$000) 87,823 65,341 11,262 53,230 137,968 355,623 75,391 131,299 15,199 48,677 104,204 383,608
Divide:
Volume Sold 77,885 3,701,382 8,401 16,810 20,038 Not Applicable 59,763 6,681,750 11,517 23,282 17,517 Not Applicable
CAS 1,128 17.65 1,341 3,167 6,885 Not Applicable 1,262 19.65 1,320 2,091 5,949 Not Applicable
COIMOLACHE
--- --- --- --- --- --- --- --- --- --- --- --- ---
2Q 2022 2Q 2021
GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL
Cost of Sales (without D&A) (US$000) 16124.17 823.825599 - - - 16,948 23,670 2,093 - - - 25,763
Add:
Exploration Expenses (US$000) 1,466 75 - - - 1,541 1,160 103 - - - 1,263
Commercial Deductions (US$000) 71 9 - - - 80 286 73 - - - 359
Selling Expenses (US$000) 166 9 - - - 175 263 23 - - - 286
Cost Applicable to Sales (US$000) 17,828 916 - - - 18,744 25,379 2,292 - - - 27,671
Divide:
Volume Sold 20,551 84,859 - - - Not Applicable 29,815 178,729 - - - Not Applicable
CAS 867 10.80 - - - Not Applicable 851 12.83 - - - Not Applicable
COIMOLACHE
--- --- --- --- --- --- --- --- --- --- --- --- ---
6M 2022 6M 2021
GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL
Cost of Sales (without D&A) (US$000) 39,894 2,097 - - - 41,991 45,834 4,688 - - - 50,522
Add:
Exploration Expenses (US$000) 3,482 183 - - - 3,665 1,470 150 - - - 1,620
Commercial Deductions (US$000) 325 39 - - - 364 506 99 - - - 606
Selling Expenses (US$000) 409 22 - - - 431 494 50 - - - 544
Cost Applicable to Sales (US$000) 44,111 2,340 - - - 46,451 48,303 4,989 - - - 53,292
Divide:
Volume Sold 41,137 181,494 - - - Not Applicable 57,909 394,377 - - - Not Applicable
CAS 1,072 12.89 - - - Not Applicable 834 12.65 - - - Not Applicable

Compañía de Minas Buenaventura S.A.A.

Second Quarter 2021 Results

Page 18 of 25

APPENDIX 5: All-in Sustaining Cost

All-in Sustaining Cost for 2Q22
Buenaventura^1^ La Zanja Tantahuatay Attributable ^2^
2Q22 2Q22 2Q22 2Q22
Au Ounces Sold Net 30,676 4,452 20,551 43,368
2Q22 2Q22 2Q22 2Q22
Income Statement & Cash Flow US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au
Cost of Sales 43,543 1,419 14,424 3,240 25,538 695 68,206 1,573
Exploration in Operating Units 13,730 448 764 172 1,926 50 15,266 352
Royalties 2,732 89 0 0 0 0 2,732 63
Comercial Deductions^3^ 7,149 233 39 9 80 3 7,220 166
Selling Expenses 2,818 92 22 5 244 5 2,938 68
Administrative Expenses 10,173 332 635 143 859 46 11,152 257
Other, net 2,526 82 -72 -16 1,029 8 2,867 66
Sustaining Capex^4^ 1,439 47 266 60 4,872 153 3,658 84
By-product Credit -45,064 -1,469 -647 -145 -1,943 -47 -46,490 -1,072
All-in Sustaining Cost 39,046 1,273 15,431 3,466 32,604 1,586 67,550 1,558
*All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas.
Notes:
---
1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A.
2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 40.095% from Tantahuatay.
3. For all metals produced.
4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.

Compañía de Minas Buenaventura S.A.A.

Second Quarter 2021 Results

Page 19 of 25

All-in Sustaining Cost for 2Q21
Buenaventura^1^ La Zanja Tantahuatay Attributable ^2^
2Q21 2Q21 2Q21 2Q21
Au Ounces Sold Net 26,315 4,455 29,815 42,724
2Q21 2Q21 2Q21 2Q21
Income Statement & Cash Flow US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au
Cost of Sales 74,927 2,847 11,474 2,576 25,764 695 96,731 2,264
Exploration in Operating Units 10,637 404 136 31 1,264 50 11,280 264
Royalties 1,528 58 0 0 0 0 1,528 36
Comercial Deductions^3^ 18,529 704 39 9 359 3 18,712 438
Selling Expenses 2,792 106 23 5 286 5 2,930 69
Administrative Expenses 9,568 364 703 158 949 46 10,652 249
Other, net 125 5 -396 -89 104 8 -229 -5
Sustaining Capex^4^ 2,737 104 357 80 3,581 153 4,530 106
By-product Credit -82,166 -3,122 -692 -155 -4,757 -47 -84,766 -1,984
All-in Sustaining Cost 38,677 1,470 11,644 2,614 27,550 924 61,367 1,436
*All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas.
Notes:
---
1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A.
2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 40.095% from Tantahuatay.
3. For all metals produced.
4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.

Compañía de Minas Buenaventura S.A.A.

Second Quarter 2021 Results

Page 20 of 25

All-in Sustaining Cost for 1S22
Buenaventura^1^ La Zanja Tantahuatay Attributable ^2^
1S22 1S22 1S22 1S22
Au Ounces Sold Net 62,164 10,225 41,137 88,883
1S22 1S22 1S22 1S22
Income Statement & Cash Flow US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au
Cost of Sales 84,904 1,366 25,906 2,534 50,581 1,230 131,090 1,475
Exploration in Operating Units 23,063 371 1,483 145 4,050 98 26,170 294
Royalties 5,666 91 0 0 0 0 5,666 64
Comercial Deductions^3^ 16,711 269 85 8 364 9 16,942 191
Selling Expenses 4,975 80 56 5 500 12 5,231 59
Administrative Expenses 22,248 358 1,319 129 1,764 43 24,274 273
Other, net 1,695 27 -180 -18 657 16 1,778 20
Sustaining Capex^4^ 2,898 47 300 29 9,274 225 6,917 78
By-product Credit -86,423 -1,390 -1,165 -114 -4,021 -98 -89,200 -1,004
All-in Sustaining Cost 75,737 1,218 27,804 2,719 63,170 1,536 128,869 1,450
*All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas.
Notes:
---
1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A.
2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 40.095% from Tantahuatay.
3. For all metals produced.
4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.

Compañía de Minas Buenaventura S.A.A.

Second Quarter 2021 Results

Page 21 of 25

All-in Sustaining Cost for 1S21
Buenaventura^1^ La Zanja Tantahuatay Attributable ^2^
1S21 1S21 1S21 1S21
Au Ounces Sold Net 46,654 8,352 57,909 78,225
1S21 1S21 1S21 1S21
Income Statement & Cash Flow US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au
Cost of Sales 142,097 3,046 21,061 2,522 50,522 872 183,415 2,345
Exploration in Operating Units 17,360 372 136 16 1,620 28 18,146 232
Royalties 2,304 49 0 0 0 0 2,304 29
Comercial Deductions^3^ 30,315 650 68 8 606 10 30,626 392
Selling Expenses 4,722 101 45 5 544 9 4,985 64
Administrative Expenses 20,009 429 1,458 175 1,955 34 22,251 284
Other, net 1,752 38 -366 -44 344 6 1,524 19
Sustaining Capex^4^ 5,213 112 396 47 9,845 170 9,556 122
By-product Credit -146,206 -3,134 -1,481 -177 -10,579 -183 -151,926 -1,942
All-in Sustaining Cost 77,566 1,663 21,317 2,552 54,857 947 120,878 1,545
*All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas.
Notes:
---
1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A.
2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 40.095% from Tantahuatay.
3. For all metals produced.
4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.

Compañía de Minas Buenaventura S.A.A.

Second Quarter 2021 Results

Page 22 of 25

APPENDIX 6

Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Interim condensed consolidated statements of financial position
As of June 30, 2022 (unaudited) and December 31, 2021 (audited)
2022 2021
Assets US(000) US(000)
Current assets
Cash and cash equivalents
Trade and other receivables
Inventories
Current income tax asset
Prepaid expenses
Hedge derivative financial instruments
Non-current assets
Trade and other receivables
Inventories
Investments in associates and joint venture
Property, plant, equipment, development costs, net
Deferred income tax asset
Prepaid expenses
Other assets
Total assets
Liabilities and equity
Current liabilities
Bank loans
Trade and other payables
Provisions
Current income tax payable
Financial obligations
Hedge derivative financial instruments
Liabilities directly associated with assets classified as held for sale
Non-current liabilities
Trade and other payables
Provisions
Financial obligations
Contingent consideration liability
Deferred income tax liabilities
Total liabilities
Equity
Capital stock
Investment shares
Additional paid-in capital
Legal reserve
Other reserves
Other reserves of equity )
Retained earnings
Shareholders’ equity, net attributable to owners of the parent
Non-controlling interest
Total equity
Total liabilities and equity

All values are in US Dollars.


Compañía de Minas Buenaventura S.A.A.

Second Quarter 2021 Results

Page 23 of 25

Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Interim consolidated statements of profit or loss (unaudited)
For the three-month and six-month period ended June 30, 2022 and 2021
For the three-month period<br> ended June 30, For the six-month period<br> ended June 30,
2021 2020 2022 2021
Continuing operations US(000) US(000) US(000) US(000)
Operating income
Sales of goods
Sales of services
Royalty income
Total operating income
Cost of sales
Cost of sales of goods, excluding depreciation and amortization ) ) ) )
Unabsorbed cost due to production stoppage ) )
Cost of sales of services, excluding depreciation and amortization ) ) ) )
Depreciation and amortization ) ) ) )
Exploration in operating units ) ) ) )
Mining royalties ) ) ) )
Total costs of sales ) ) ) )
Gross profit (loss) )
Operating income (expenses)
Administrative expenses ) ) ) )
Selling expenses ) ) ) )
Exploration in non-operating areas ) ) ) )
Reversal (provision) of contingents ) )
Write –off of stripping activity asset ) )
Other, net )
Total operating income (expenses) ) ) ) )
Operating profit (loss) )
Share in the results of associates and joint venture
Exchange difference ) ) )
Financial income
Financial costs ) ) ) )
Profit (loss) before income tax )
Current income tax ) ) )
Deferred income tax ) )
) )
Profit (loss) from continuing operations )
Gain (loss) from discontinued operations, net of taxes )
Net profit (loss) )
Attributable to:
Owners of the parent )
Non-controlling interest ) )
)
Basic and diluted profit (loss) per share stated in U.S. dollars )

All values are in US Dollars.


Compañía de Minas Buenaventura S.A.A.

Second Quarter 2021 Results

Page 24 of 25

Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Interim condensed consolidated statements of cash flows (unaudited)
For the three-month and six-month period ended June 30, 2022 and 2021
For the three-month period<br> ended June 30, For the six-month period<br> ended June 30,
2022 2021 2022 2021
US(000) US(000) US(000) US(000)
Cash flows from (used in) operating activities
Proceeds from sales of goods and services
Dividends received from associates
Recovery from value added tax
Royalty received
Interest received
Dividends received from investments
Payments to suppliers and third-parties, and others net ) ) ) )
Income tax and royalties paid to the Peruvian State ) ) ) )
Payments to employees ) ) ) )
Interest paid ) ) ) )
Payment of royalties ) ) ) )
Payments for tax litigation ) )
Net cash and cash equivalents provided by (used in) operating activities
Cash flows from (used in) investing activities
Gain from sale of investments
Income from purchase of shares in La Zanja
Proceeds from sales of property, plant and equipment
Income from sale of shares
Acquisitions of property, plant and equipment ) ) ) )
Capital increase in associates ) )
Payments for acquisitions of other assets ) ) ) )
Net cash flows from (used in) investing activities ) ) )
Cash flows from (used in) financing activities
Increase of restricted time deposits )
Payments of financial obligations ) ) ) )
Payments of bank loans ) ) )
Short-term and low value lease payments ) ) ) )
Dividends paid to controlling interest ) )
Dividends paid to non-controlling interest ) ) ) )
Payments of obligations for leases ) ) ) )
Increase (decrease) of restricted bank accounts ) )
Net cash and cash equivalents provided by (used in) in financing activities ) ) ) )
Increase (decrease) in cash and cash equivalents during the period, net ) )
Cash and cash equivalents at beginning of period
Cash and cash equivalents at period-end

All values are in US Dollars.


Compañía de Minas Buenaventura S.A.A.

Second Quarter 2021 Results

Page 25 of 25

For the three-month period<br> ended June 30, For the six-month period<br> ended June 30,
2022 2021 2022 2021
US(000) US(000) US(000) US(000)
Reconciliation of net profit to cash and cash equivalents provided
by operating activities
Net profit (loss) )
Plus (less):
Share in the results of associates and joint venture ) ) ) )
Deferred income tax in Continued operations ) )
Exchange difference )
Fair value of provision for contingences liabilities
Accretion expense of provision for closure of mining units and exploration projects
Recovery (expense) for provision for contingencies ) )
Income from purchase of shares in La Zanja )
Write –off of stripping activity asset
Depreciation and amortization in Cost of sales
Depreciation and amortization in Administration expenses
Depreciation and amortization in Other, net
Provision for estimated fair value of sales )
Workers´ participation provision )
Bonus provision - executives & employes
Reduction of debt restructuring costs by prepayment )
Deferred income tax expense (income) in Discontinued operations
Income from discontinued operation of Yanacocha in Discontinued operations )
Gain from sale of investments in Discontinued operations )
Other minor ) )
Net changes in operating assets and liabilities:
Decrease (increase) in operating assets -
Trade and other accounts receivable ) )
Inventories ) ) )
Income tax credit
Prepaid expenses
Increase (decrease) in operating liabilities -
Trade and other accounts payable )
Provisions ) ) ) )
Income tax payable )
Payments for tax litigation ) )
Proceeds from dividends in associates
Net cash and cash equivalents provided by operating activities

All values are in US Dollars.


  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 BUENAVENTURA S.A.A.

By: /s/ DANIEL DOMINGUEZ

Name: Daniel Dominguez

Title: Chief Financial Officer

Date: July 26, 2022