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6-K

Buenaventura Mining Co Inc (BVN)

6-K 2021-02-26 For: 2021-02-25
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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 February 2021

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

Fourth Quarter and Twelve Month 2020 Results

Lima, Peru, February 25, 2021 – 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 fourth quarter (4Q20) and twelve-month (FY20) period ended December 31, 2020.  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$).

Fourth Quarter 2020 Highlights:

● EBITDA from direct operations reached US$ 59.1 million in 4Q20, compared to US$ 73.9 million reported in 4Q19.
● 4Q20 Adjusted EBITDA including associated companies reached US$ 192.4 million, compared to US$ 183.7 million in 4Q19.
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● 4Q20 capital expenditures were US$ 38.0 million, compared to US$ 39.6 million for the same period in 2019.
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● 4Q20 net loss of US$ 60.0 million, compared to a net loss of US$ 53.7 million for the same period in 2019.
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● The Company´s De-Bottlenecking Program continued to progress at a reduced level during the fourth quarter of 2020. The program focused primarily on Buenaventura’s Tambomayo, Uchucchacua and El Brocal<br> mines during 2020 (please refer to page 6 for related details).
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● Buenaventura’s cash position reached US$ 235.4 million for the fourth quarter 2020.
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● The Company had no mine-related fatalities during the full year 2020.
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Financial Highlights (in millions of US$, except EPS figures):

4Q20 4Q19 Var FY20 FY19 Var
Total Revenues 236.1 235.5 0% 676.5 867.9 -22%
Operating Profit -16.4 -8.7 -90% -81.3 -58.0 -40%
EBITDA Direct Operations 59.1 73.9 -20% 147.3 202.8 -27%
Adjusted EBITDA (Inc Associates) 192.4 183.7 5% 490.6 652.0 -25%
Net Income -60.0 -53.7 -12% -135.7 -12.2 -1,012%
EPS* -0.24 -0.21 -12% -0.53 -0.05 -1,012%

(*) As of December 31, 2020, Buenaventura had a weighted average number of shares outstanding of 253,986,867.

Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter 2020 Results<br><br> <br>Page 2 of 28
Operating Revenues
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4Q20 net sales were US$ 231.5 million; in line with US$ 230.6 million reported in 4Q19. Increased commodity prices (excluding lead) supported fourth quarter 2020 net sales figures despite reduced volume sold due to the adverse effects of COVID-19.

Royalty income decreased 5% in the 4Q20 to US$ 4.6 million, from US$ 4.9 million in 4Q19. This was due to a 3% decrease in Yanacocha revenues.

Operating Highlights 4Q20 4Q19 % FY20 FY19 %
Net Sales (in millions of US$) 231.5 230.6 0% 657.9 845.6 -22%
Average Realized Gold Price (US$/oz) ^(1) (2)^ 1,858 1,487 25% 1,842 1,405 31%
Average Realized Gold Price (US$/oz) Inc. Affiliates ^(2)(3)^ 1,860 1,482 25% 1,791 1,399 28%
Average Realized Silver Price (US$/oz) ^(1) (2)^ 24.96 17.38 44% 22.14 16.36 35%
Average Realized Lead Price (US$/MT)^(1) (2)^ 1,954 1,952 0% 1,708 1,938 -12%
Average Realized Zinc Price (US$/MT)^(1) (2)^ 2,915 2,208 32% 2,234 2,491 -10%
Average Realized Copper Price (US$/MT)^(1) (2)^ 7,121 5,602 27% 6,259 5,808 8%
Volume Sold 4Q20 4Q19 % FY20 FY19 %
--- --- --- --- --- --- ---
Consolidated Gold Oz ^(1)^ 37,108 51,432 -28% 124,644 180,876 -31%
Gold Oz Inc. Associated Companies^(3)^ 85,102 119,224 -29% 314,666 476,877 -34%
Consolidated Silver Oz ^(1)^ 3,146,072 4,779,765 -34% 10,410,477 18,224,320 -43%
Consolidated Lead MT ^(1)^ 7,499 10,858 -31% 28,348 45,995 -38%
Consolidated Zinc MT ^(1)^ 13,569 14,702 -8% 53,971 59,953 -10%
Consolidated Copper MT ^(1^^)^ 8,932 11,520 -22% 28,966 41,027 -29%
(1) Buenaventura Consolidated figure includes 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal.
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(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, 40.095% of Coimolache and 43.65% of<br> Yanacocha.
Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter 2020 Results<br><br> <br>Page 3 of 28
Production and Operating Costs
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duction and Operating Costs

Buenaventura’s 4Q20 equity gold production was 79,507 ounces, compared to 114,865 ounces produced in 4Q19. This was primarily due to a 46% percent production decrease at Tambomayo, and a 30% production decrease at Yanacocha.

Silver equity production decreased by 35% year on year, primarily due to a 56% decrease in production at the Uchucchacua mine as this mine did not achieve full capacity during the fourth quarter 2020, as was previously announced. Lead equity production decreased by 34% year on year, primarily due to an 67% decrease at the Uchucchacua mine. Zinc equity production decreased by 16% year on year, primarily due to a 64% production decrease at the Uchucchacua mine.

Equity Production 4Q20 4Q19 % FY20 FY19 %
Gold Oz Direct Operations^(1)^ 31,271 50,060 -38% 121,342 169,273 -28%
Gold Oz including Associated^(2)^ Companies 79,507 114,865 -31% 312,282 464,487 -33%
Silver Oz Direct Operations^(1)^ 3,112,211 5,092,300 -39% 10,554,928 18,558,980 -43%
Silver Oz including Associated Companies 3,651,305 5,594,969 -35% 12,432,202 20,100,565 -38%
Lead MT 6,819 10,257 -34% 24,436 40,701 -40%
Zinc MT 11,453 13,570 -16% 44,221 55,588 -20%
Copper MT Direct Operations^(1)^ 5,737 7,516 -24% 18,930 26,842 -29%
Copper MT including Associated Companies^(3)^ 25,404 31,432 -19% 91,766 115,990 -21%
Consolidated Production 4Q20 4Q19 % FY20 FY19 %
--- --- --- --- --- --- ---
Gold Oz^(4)^ 35,311 55,266 -36% 134,000 191,281 -30%
Silver Oz^(4)^ 3,550,156 5,546,895 -36% 11,947,919 20,288,743 -41%
Lead MT^(4)^ 8,453 12,504 -32% 32,175 49,803 -35%
Zinc MT^(4)^ 16,541 18,071 -8% 65,399 72,397 -10%
Copper MT^(4)^ 9,306 12,206 -24% 30,735 43,578 -29%
(1) Buenaventura’s Direct Operations includes 100% of Buenaventura’s operating units, 53.06% of La Zanja and 61.43% of El Brocal.
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(2) Based on 100% of Buenaventura´s operating units, 53.06% of La Zanja, 61.43% of el Brocal, 40.095% of Coimolache and 43.65% of Yanacocha.
(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.
Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter 2020 Results<br><br> <br>Page 4 of 28

Tambomayo (100% owned by Buenaventura)

Production
4Q20 4Q19 Var % FY20 FY19 Var %
Gold Oz 15,699 28,861 -46% 63,477 99,245 -36%
Silver Oz 477,127 841,868 -43% 1,668,582 2,556,391 -35%
Cost Applicable to Sales
--- --- --- --- --- --- --- ---
4Q20 4Q19 Var % FY20 FY19 Var %
Gold US$/Oz 1,011 766 32% 941 679 39%

4Q20 year on year gold production at Tambomayo decreased 46% mainly due to a reduction in ore treated. 4Q20 production also decreased due to inventory adjustments after lower-than-expected gold recoveries within the flotation cyanidation circuit. Cost Applicable to Sales (CAS) increased to 1,011 US$/Oz in 4Q20, compared to 766 US$/Oz in 4Q19, primarily due to at 31% decrease in volume sold and higher preparation cost.

Orcopampa (100% owned by Buenaventura)

Production
4Q20 4Q19 Var % FY20 FY19 Var %
Gold Oz 10,260 14,226 -28% 41,129 41,660 -1%
Silver Oz 2,414 4,367 -45% 9,069 18,791 -52%
Cost Applicable to Sales
--- --- --- --- --- --- --- ---
4Q20 4Q19 Var % FY20 FY19 Var %
Gold US$/Oz 1,318 976 35% 962 1,489 -35%

The decrease in 4Q20 gold production at Orcopampa was mainly due to a 33% year on year decrease in ore treated. Cost Applicable to Sales (CAS) increased to 1,318 US$/Oz in 4Q20, compared to 976 US$/Oz in 4Q19, primarily due to a 18% decrease in volume sold and a 76% increase in exploration activities.

La Zanja (53.06% owned by Buenaventura)

Production
4Q20 4Q19 Var % FY20 FY19 Var %
Gold Oz 5,817 6,217 -6% 17,228 31,500 -45%
Silver Oz 27,083 16,216 67% 84,641 97,204 -13%
Cost Applicable to Sales
--- --- --- --- --- --- --- ---
4Q20 4Q19 Var % FY20 FY19 Var %
Gold US$/Oz 1,822 1,780 2% 1,739 1,233 41%

4Q20 gold production decreased by 6% year on year despite increased throughput, primarily due to a lower ore grade. 4Q20 Cost Applicable to Sales (CAS) was 1,822 US$/Oz; a 2% increase compared to 1,780 US$/Oz in 4Q19, in line with 4Q19 reported La Zanja gold production.

Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter 2020 Results<br><br> <br>Page 5 of 28

Coimolache (40.10% owned by Buenaventura)

Production
4Q20 4Q19 Var % FY20 FY19 Var %
Gold Oz 43,500 51,474 -15% 106,017 162,196 -35%
Silver Oz 245,024 293,326 -16% 699,361 754,306 -7%
Cost Applicable to Sales
--- --- --- --- --- --- --- ---
4Q20 4Q19 Var % FY20 FY19 Var %
Gold US$/Oz 806 694 16% 854 684 25%

4Q20 gold production at Coimolache decreased by 15% year on year, primarily due to lower ore grades despite an increase in ore treated. 4Q20 Cost Applicable to Sales (CAS) was 806 US$/Oz; a 16% increase compared to 694 US$/Oz in 4Q19, mainly due to a 23% decrease in volume sold.

Uchucchacua (100% owned by Buenaventura)

Production
4Q20 4Q19 Var % FY20 FY19 Var %
Silver Oz 1,274,529 2,876,329 -56% 5,000,312 10,640,913 -53%
Zinc MT 1,474 4,046 -64% 5,223 19,144 -73%
Lead MT 1,369 4,174 -67% 5,151 17,635 -71%
Cost Applicable to Sales
--- --- --- --- --- --- --- ---
4Q20 4Q19 Var % FY20 FY19 Var %
Silver US$/Oz 30.20 14.90 103% 22.24 12.15 83%

4Q20 silver production at Uchucchacua decreased by 56%, primarily due to a reduction in ore treated despite higher ore grades. Uchucchacua did not achieve full capacity during the fourth quarter 2020 as the operational focus for this operation was on the ramp-up of mine development and exploration, which was adversely affected by a reduced workforce during prior quarters in 2020 due to the COVID-19 pandemic. Cost Applicable to Sales (CAS) in 4Q20 increased by 103% year on year.

Julcani (100% owned by Buenaventura)

Production
4Q20 4Q19 Var % FY20 FY19 Var %
Silver Oz 666,507 649,226 3% 1,676,731 2,609,006 -36%
Cost Applicable to Sales
--- --- --- --- --- --- --- ---
4Q20 4Q19 Var % FY20 FY19 Var %
Silver US$/Oz 13.70 13.20 4% 14.27 13.49 6%

4Q20 silver production increased 3% year on year due to a 10% increase in ore grades as compared to the same period last year, despite the lower ore treated. Fourth quarter 2020 silver production includes 43,742 silver ounces derived from tailings dam retreatment. 4Q20 Cost Applicable to Sales (CAS) was 13.7 US$/Oz, in line with the figure reported in 4Q19.

Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter 2020 Results<br><br> <br>Page 6 of 28

El Brocal (61.43% owned by Buenaventura)

Production
4Q20 4Q19 Var % FY20 FY19 Var %
Copper MT 9,252 12,159 -24% 30,608 43,394 -29%
Zinc MT 13,191 11,670 13% 54,909 43,580 26%
Silver Oz 1,102,496 1,158,888 -5% 3,508,585 4,366,438 -20%
Cost Applicable to Sales
--- --- --- --- --- --- --- ---
4Q20 4Q19 Var % FY20 FY19 Var %
Copper US$/MT 5,386 5,352 1% 5,135 5,385 -5%
Zinc US$/MT 2,308 1,989 16% 1,923 2,007 -4%

El Brocal 4Q20 copper production decreased by 24% year on year, mainly due to a 42% decrease in ore treated at Marcapunta due to limited availability of ore transport vehicles during the quarter, despite higher ore grades (23%) at Marcapunta and additional copper ore derived from its Tajo Norte mine. Tajo Norte 4Q20 zinc production increased by 13% year on year due to a 6% increase in ore treated and a 13% increase in recovery rate compared to the same period in 2019.

4Q20 Copper Cost Applicable to Sales (CAS) was in-line with that of 4Q19. Zinc CAS increased by 16% year on year for the fourth quarter 2020, mainly due to increased commercial deductions resulting from less favorable market conditions as compared to 2019.

De-bottlenecking Program — 2020 Program

De-Bottlenecking Program – 2020 Update

Buenaventura’s De-Bottlenecking Program progressed well during the fourth quarter 2020, particularly in light of considerable headwinds, and successfully resulted in incremental EBITDA as is illustrated below:

Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter 2020 Results<br><br> <br>Page 7 of 28
General and Administrative Expenses
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4Q20 General and Administrative expenses were US$ 17.3 million; a 19% decrease as compared to US$ 21.4 million in 4Q19. This decrease is due to the Company´s successful cost containment and expense reduction during the quarter, which partially offset the adverse effects of Peru’s current State of Emergency.

Exploration in Non-Operating Areas

4Q20 exploration costs in Non-Operating Areas were US$ 3.2 million, compared with US$ 2.7 million in 4Q19. During the period, Buenaventura focused exploration efforts primarily on its Emperatriz project, resulting in US$ 1.3 million in exploration costs during 4Q20.

Share in Associated Companies

Share in Associated Companies

During 4Q20, Buenaventura’s share in associated companies was US$ -25.6 million, compared to US$ -62.3 million reported in 4Q19, comprised of:

Share in the Result of Associates<br><br> <br>(in millions of US$) 4Q20 4Q19 Var FY20 FY19 Var
Cerro Verde 29.5 17.9 65% 53.8 76.5 -30%
Yanacocha -63.2 -85.9 26% -72.2 -41.6 -74%
Coimolache 8.6 5.8 49% 10.1 12.9 -22%
Others -0.5 0.2 N.A. -1.1 0.0 N.A.
Total -25.6 -62.3 59% -9.5 47.7 N.A.

YANACOCHA

At Yanacocha, which is 43.65% owned by Buenaventura, 4Q20 gold production was 70,548 ounces, 30,794 ounces of which were attributable to Buenaventura. This represents a 30% decrease as compared to the 101,183 ounces produced in 4Q19; 44,166 ounces of which were attributable to Buenaventura.

Full year 2020 gold production was 340,052, 148,433 ounces of which were attributable to Buenaventura; a 36% decrease as compared to 527,336 ounces in FY19, 230,182 ounces of which were attributable to Buenaventura.

Yanacocha reported a net loss of US$ -144.8 million for 4Q20, compared to a net loss of US$ -196.8 million reported in 4Q19. CAS in 4Q20 was 1,071 US$/Oz; a 12% increase compared to 958 US$/Oz in 3Q19, mainly due to a 32% decrease in volume sold.

Capital expenditures at Yanacocha were US$ 43.0 million in 4Q20.

The Yanacocha Sulfides project

● Currently in the Definitive Feasibility Stage.
● Decision to proceed expected in 2021, with a three-year development schedule.
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● Investment of approximately US$ 2 billion will be required
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● Environmental Impact Assessment (EIA) study was approved in March 2019.
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Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter 2020 Results<br><br> <br>Page 8 of 28

CERRO VERDE

Cerro Verde (19.58% owned by Buenaventura) 4Q20 copper production was 100,442 MT, 19,666 MT of which is attributable to Buenaventura; a decrease as compared to 122,142 MT produced in 4Q19, 23,915 MT of which was attributable to Buenaventura.

FY20 copper production was 371,992 MT; 72,836 MT of which was attributable to Buenaventura compared to FY19 copper production of 455,305 MT; 89,149 MT of which was attributable to Buenaventura.

Cerro Verde reported 4Q20 net income of US$ 150.6 million, compared to net income of US$ 131.6 million in 4Q19. This is primarily due to a 7% year on year net sales increase primarily attributed to higher average realized copper price of US$ 3.83 per pound in the fourth quarter of 2020, compared to US$2.84 per pound in the fourth quarter of 2019. This increase was partially offset by a US$ 37.1 million increase in financial expense and a US$ 28.9 million increase in income tax expense as compared to the same period in 2019.

4Q20 capital expenditures at Cerro Verde were US$ 43.6 million.

COIMOLACHE (Tantahuatay operation)

Coimolache (40.10% owned by Buenaventura) 4Q20 attributable contribution to net income was US$ 8.6 million, as compared to US$ 5.8 million in 4Q19.

Others

The following resolution was passed at the Company’s February 25, 2021 Board of Directors Meeting:

• Call for the Annual Shareholders Meeting to be held on March 30, 2021 with the following items proposed for approval:

a) Approval of the 2020 Annual Report

b) Approval of the Financial Statements for the year ended on December 31, 2020

c) Compensation for the Board of Directors – 2020

d) Amendment to the Policy on Compensation for the Board of Directors

e) Appointment of Independent Auditors for Year 2021

Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter 2020 Results<br><br> <br>Page 9 of 28

***

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: Orcopampa*, Uchucchacua*, Julcani*, El Brocal, La Zanja and Coimolache, and is developing the Tambomayo project.

The Company owns 43.65% of Minera Yanacocha S.R.L (a partnership with Newmont Mining Corporation), an important precious metal producer; 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer.

For a printed version of the Company’s 2019 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<br><br> <br>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<br> its business and liquidity during and after the COVID-19 pandemic, the impact of the COVID-19 pandemic on the Company’s results of operations, including net revenues, earnings and cash flows, the Company’s ability to reduce costs and<br> capital spending in response to the COVID-19 pandemic if needed, the Company’s balance sheet, liquidity and inventory position throughout and following the COVID-19 pandemic, the Company’s prospects for financial performance, growth<br> and achievement of its long-term growth algorithm following the COVID-19 pandemic, future dividends and share repurchases.<br><br> <br><br><br> <br>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<br> those concerning the Company’s, Yanacocha’s and 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<br> success of joint ventures, estimates of future explorations, development and production, subsidiaries’ plans for capital expenditures, estimates of reserves and Peruvian political, economic, social and legal developments.  These<br> forward-looking statements reflect the Company’s view with respect to the Company’s, Yanacocha’s and Cerro Verde’s future financial performance.  Actual results could differ materially from those projected in the forward-looking<br> statements as a result of a variety of factors discussed elsewhere in this Press Release.
Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter 2020 Results<br><br> <br>Page 10 of 28

**Tables to follow**

APPENDIX 1

Equity Participation in<br><br> <br>Subsidiaries and Associates (as of September 30, 2020)
BVN Operating
Equity % Mines / Business
El Molle Verde S.A.C* 100.00 Trapiche Project
Minera La Zanja S.A* 53.06 La Zanja
Sociedad Minera El Brocal S.A.A* 61.43 Colquijirca and Marcapunta
Compañía Minera Coimolache S.A. ** 40.10 Tantahuatay
Minera Yanacocha S.R.L. ** 43.65 Yanacocha
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.<br><br> <br>Fourth Quarter 2020 Results<br><br> <br>Page 11 of 28

APPENDIX 2

4Q20
Gold Production 16 19
Mining Unit Operating Results Unit 4Q20 4Q19 △% FY20 FY19 △ %
Underground
Tambomayo Ore Milled DMT 150,851 182,359 -17% 510,405 640,914 -20%
Ore Grade Gr/MT 5.25 5.89 -11% 5.10 5.80 -12%
Recovery Rate % 61.69 83.60 -26% 75.80 83.11 -9%
Ounces Produced* Oz 15,699 28,861 -46% 63,477 99,245 -36%
Orcopampa Ore Milled DMT 24,171 35,983 -33% 88,249 127,079 -31%
Ore Grade Gr/MT 12.88 12.12 6% 14.65 10.30 42%
Recovery Rate % 93.38 96.92 -4% 96.41 96.75 0%
Ounces Produced* Oz 10,260 14,226 -28% 41,129 41,660 -1%
Open Pit
La Zanja Ounces Produced Oz 5,817 6,217 -6% 17,228 31,500 -45%
Coimolache Ounces Produced Oz 43,500 51,474 -15% 106,017 162,196 -35%
(*) Includes ounces from retreatment of tailing dams
Silver Production
Mining Unit Operating Results Unit 4Q20 4Q19 △% FY20 FY19 △ %
Underground
Tambomayo Ore Milled DMT 150,851 182,359 -17% 510,405 640,914 -20%
Ore Grade Oz/MT 3.59 5.26 -32% 3.97 4.54 -13%
Recovery Rate % 88.06 87.81 0% 82.39 87.76 -6%
Ounces Produced Oz 477,127 841,868 -43% 1,668,582 2,556,391 -35%
Uchucchacua Ore Milled DMT 148,173 373,965 -60% 550,718 1,335,018 -59%
Ore Grade Oz/MT 10.07 8.28 22% 10.10 9.06 11%
Recovery Rate % 85.45 92.93 -8% 89.88 87.96 2%
Ounces Produced Oz 1,274,529 2,876,329 -56% 5,000,312 10,640,913 -53%
Julcani Ore Milled DMT 26,904 31,268 -14% 71,943 123,818 -42%
Ore Grade Oz/MT 23.88 21.67 10% 22.67 21.90 3%
Recovery Rate % 96.95 95.83 1% 96.88 96.22 1%
Ounces Produced* Oz 666,507 649,226 3% 1,676,731 2,609,006 -36%
Marcapunta Ore Milled DMT 472,303 809,772 -42% 1,659,731 2,926,124 -43%
Ore Grade Oz/MT 0.96 0.70 38% 0.78 0.77 1%
Recovery Rate % 52.82 62.48 -15% 62.98 62.07 1%
Ounces Produced Oz 239,555 352,328 -32% 812,501 1,392,363 -42%
Open Pit
Tajo Norte - Pb Zn Ore Milled DMT 864,200 817,132 6% 2,873,790 3,407,914 -16%
Ore Grade Oz/MT 1.73 1.55 11% 1.41 1.38 2%
Recovery Rate % 57.83 63.61 -9% 66.52 63.32 5%
Ounces Produced Oz 862,941 806,560 7% 2,696,084 2,974,075 -9%
Tajo Norte - Cu Ore Milled DMT 91,477 0 - 91,477 0 -
Ore Grade Oz/MT 3.80 0.00 - 3.80 0.00 -
Recovery Rate % 50.51 0.00 - 50.51 0.00 -
Ounces Produced Oz 175,556 0 - 175,556 0 -
(*) Includes 43,472 ounces from retreatment of tailing dams in 4Q20 and 96,812 in FY20.
Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter 2020 Results<br><br> <br>Page 12 of 28
Zinc Production
--- --- --- --- --- --- --- --- ---
Mining Unit Operating Results Unit 4Q20 4Q19 △% FY20 FY19 △ %
Underground
Tambomayo Ore Milled DMT 150,851 182,359 -17% 510,405 640,914 -20%
Ore Grade % 2.20 1.85 19% 1.92 1.99 -3%
Recovery Rate % 56.66 69.93 -19% 53.62 75.77 -29%
MT Produced MT 1,876 2,356 -20% 5,266 9,672 -46%
Uchucchacua Ore Milled DMT 148,173 373,965 -60% 550,718 1,335,018 -59%
Ore Grade % 1.50 1.67 -10% 1.56 2.20 -29%
Recovery Rate % 66.49 64.79 3% 60.90 65.08 -6%
MT Produced MT 1,474 4,046 -64% 5,223 19,144 -73%
Open Pit
Tajo Norte Ore Milled DMT 864,200 817,132 6% 2,873,790 3,407,914 -16%
Ore Grade % 2.76 2.92 -5% 3.43 2.42 42%
Recovery Rate % 55.32 48.95 13% 55.70 52.86 5%
MT Produced MT 13,191 11,670 13% 54,909 43,580 26%
Copper Production
Mining Unit Operating Results Unit 4Q20 4Q19 △% FY20 FY19 △ %
Underground
Marcapunta Ore Milled DMT 472,303 809,772 -42% 1,659,731 2,926,124 -43%
Ore Grade % 2.05 1.66 23% 1.97 1.67 18%
Recovery Rate % 89.77 90.45 -1% 91.78 88.68 3%
MT Produced MT 8,681 12,159 -29% 30,038 43,394 -31%
Tajo Norte - Cu Ore Milled DMT 91,477 0 - 91,477 0 -
Ore Grade % 1.04 0.00 - 1.04 0.00 -
Recovery Rate % 59.97 0.00 - 59.97 0.00 -
MT Produced MT 570 0 - 570 0 -
Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter 2020 Results<br><br> <br>Page 13 of 28

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

4Q20 4Q19 FY20 FY19
Net Income -59,859 -58,874 -150,339 -28,459
Add / Substract: 118,991 132,744 297,593 231,266
Depreciation and Amortization in cost of sales 59,125 57,606 189,620 226,335
Share in associated companies by the equity method, net 25,583 62,278 9,517 -47,710
Interest expense 14,692 8,494 37,822 42,173
Impairment (reversal) of inventories -2,112 3,256 6,558 2,239
Provision of bonuses and compensations 2,537 3,797 13,106 15,855
Depreciation and amortization in administration expenses 950 3,825 3,700 3,825
Loss (gain) on currency exchange difference 225 -938 4,116 734
Profit from discontinued operations -9,689 3,871 -5,409 10,514
Provision (credit) for income tax, net 12,771 -19,477 25,430 -25,590
Depreciation and amortization in other, net 28 - 105 586
Interest income -171 -4,019 -2,411 -9,675
Provision (reversal) for contingencies 3,763 -879 4,150 -2,968
Workers participation provision (reversal) 57 -25 57 -7
Write-off of fixed assets 12,675 2,926 12,675 2,926
Changes in provision of exploration activities 640 4,965 640 4,965
Contractor claims provisions - 4,401 - 4,401
Impairment of long-term lived assets -2,083 2,083 -2,083 2,083
Other non-cash provisions - 580 - 580
EBITDA Buenaventura Direct Operations 59,132 73,870 147,254 202,807
EBITDA Yanacocha (43.65%) 20,703 20,531 87,769 139,694
EBITDA Cerro Verde (19.58%) 93,273 71,339 212,163 259,121
EBITDA Coimolache (40.095%) 19,297 17,987 43,419 50,332
EBITDA Buenaventura + All Associates 192,406 183,727 490,605 651,954

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

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 (Yanacocha) (2) Buenaventura’s equity share of EBITDA (Cerro Verde), plus (3) 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, determined in accordance with IFRS, as an indicator of cash flows or as a measure of liquidity.

Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter 2020 Results<br><br> <br>Page 14 of 28

APPENDIX 4: 2020 RESERVES

RESERVES AS OF DECEMBER 31st 2020
PRELIMINARY PROVEN AND PROBABLE RESERVES
GOLD
% Ownership MT (000) Grade Oz/TMS Oz (000) Attributable (000)
Orcopampa 100.00 469 0.299 140 140
Julcani 100.00 269 0.007 2 2
Tambomayo 100.00 2,339 0.107 249 249
La Zanja 53.06 5,197 0.012 65 34
La Zanja (on Pads and Plant) 53.06 1 1
Coimolache (Oxides) 40.10 75,193 0.011 798 320
Coimolache (on Pads and Plant) 40.10 2 1
El Brocal Marcapunta 61.43 30,530 0.021 655 402
El Brocal (Tajo Norte Smelter - Cu-Ag) 61.43 31,760 0.007 212 130
San Gabriel 100.00 11,576 0.150 1,741 1,741
Total 3,865 3,021
SILVER
% Ownership MT (000) Grade Oz/TMS Oz (000) Attributable (000)
Uchucchacua (Ag - Zn - Pb) 100.00 7,617 9.67 73,662 73,662
Julcani 100.00 269 20.93 5,636 5,636
Orcopampa 100.00 469 0.55 260 260
Tambomayo 100.00 2,339 4.08 9,546 9,546
La Zanja 53.06 5,197 0.13 659 350
La Zanja (on Pads and Plant) 53.06 33 18
Coimolache (Oxides) 40.10 75,193 0.23 17,385 6,970
Coimolache (on Pads and Plant) 40.10 79 32
El Brocal (Tajo Norte Smelter - Cu-Ag) 61.43 31,760 0.80 25,352 15,574
El Brocal (Tajo Norte Smelter - Zn-Pb-Ag) 61.43 9,840 2.76 27,169 16,690
El Brocal Marcapunta 61.43 30,530 1.04 31,651 19,443
San Gabriel 100.00 11,576 0.24 2,724 2,724
Total 194,156 150,904
ZINC
% Ownership MT (000) % Zn MT (000) Attributable (000)
Uchucchacua (Ag - Zn - Pb) 100.00 7,617 1.93 147 147
Tambomayo 100.00 2,339 1.50 35 35
El Brocal (Tajo Norte - Smelter Zn - Pb - Ag ) 61.43 9,840 2.15 211 130
Total 393 312
LEAD
% Ownership MT (000) % Pb MT (000) Attributable (000)
Uchucchacua (Ag - Zn - Pb) 100.00 7,617 1.11 85 85
Julcani 100.00 269 1.86 5 5
Tambomayo 100.00 2,339 1.00 23 23
El Brocal (Tajo Norte - Smelter Zn - Pb - Ag ) 61.43 9,840 1.00 98 60
Total 211 173
COPPER
% Ownership MT (000) % Cu MT (000) Attributable (000)
Julcani 100.00 269 0.45 1 1
El Brocal Marcapunta Norte 61.43 30,530 1.29 393 241
El Brocal (Tajo Norte - Smelter Cu - Ag) 61.43 31,760 1.48 469 288
Trapiche 100.00 283,200 0.51 1,444 1,444
Total 2,307 1,975

Prices used for Buenaventura´s Reserves calculation: Gold 1,600 US$/Oz - Silver 20.00 US$/Oz - Zinc 2,300 US$/MT - Lead 1,900US$/MT - Copper 6,500 US$/MT

Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter 2020 Results<br><br> <br>Page 15 of 28

APPENDIX 5: 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 nine months ended September 30, 2015 and 2016, 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 nine months ended September 30, 2015 and 2016 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.<br><br> <br>Fourth Quarter 2020 Results<br><br> <br>Page 16 of 28
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 December 31 For the 12 months ended December 31
2020 2020 2019
(in thousands of US)
Consolidated Cost of sales excluding depreciation and amortization 136,410 395,442 516,252
Add:
Consolidated Exploration in units in operation 11,981 28,044 44,163
Consolidated Commercial deductions 53,318 179,748 220,306
Consolidated Selling expenses 6,466 18,533 24,313
Consolidated Cost applicable to sales 208,175 621,768 805,034
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 December 31 For the 12 months ended December 31
2020 2020 2019
Cost of sales by mine and mineral (in thousands of US)
Julcani, Gold 50 7 166
Julcani, Silver 6,017 15,961 24,405
Julcani, Lead 105 251 971
Julcani, Copper 0 23 47
Orcopampa, Gold 13,213 34,315 51,154
Orcopampa, Silver 25 81 228
Orcopampa, Copper 0 0 0
Uchucchacua, Gold 3 11 0
Uchucchacua, Silver 26,741 74,134 79,562
Uchucchacua, Lead 1,890 5,119 14,815
Uchucchacua, Zinc 2,818 6,326 19,004
Tambomayo, Gold 12,580 40,648 47,741
Tambomayo, Silver 4,464 12,640 13,540
Tambomayo, Zinc 1,884 4,123 4,979
Tambomayo, Lead 1,732 3,670 7,058
La Zanja, Gold 9,185 30,373 37,445
La Zanja, Silver 683 2,499 1,140
El Brocal, Gold 1,504 5,541 8,429
El Brocal, Silver 8,904 25,652 26,966
El Brocal, Lead 2,892 12,331 20,388
El Brocal, Zinc 12,510 41,583 42,537
El Brocal, Copper 24,939 73,408 110,979
Non Mining Units 4,271 6,746 4,697
Consolidated Cost of sales, excluding depreciation and amortization 136,410 395,442 516,252

All values are in US Dollars.

Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter 2020 Results<br><br> <br>Page 17 of 28
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 December 31 For the 12 months ended December 31
2020 2020 2019
Exploration expenses in units in operation by mine and mineral (in thousands of US)
Julcani, Gold 11 1 38
Julcani, Silver 1,338 3,112 5,593
Julcani, Lead 23 49 223
Julcani, Copper 0 4 11
Orcopampa, Gold 2,332 5,186 9,000
Orcopampa, Silver 4 12 40
Orcopampa, Copper 0 0 0
Uchucchacua, Gold 0 1 0
Uchucchacua, Silver 2,523 5,830 6,257
Uchucchacua, Lead 178 403 1,165
Uchucchacua, Zinc 266 498 1,495
Tambomayo, Gold 1,622 4,763 7,562
Tambomayo, Silver 576 1,481 2,145
Tambomayo, Lead 243 483 789
Tambomayo, Zinc 223 430 1,118
La Zanja, Gold 1 2 2
La Zanja, Silver 0 0 0
El Brocal, Gold 78 202 351
El Brocal, Silver 463 937 1,124
El Brocal, Lead 151 450 850
El Brocal, Zinc 651 1,519 1,774
El Brocal, Copper 1,298 2,681 4,627
Non Mining Units 0 0 0
Consolidated Exploration expenses in units in operation 11,981 28,044 44,163
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 December 31 For the 12 months ended December 31
2020 2020 2019
Commercial Deductions in units in operation by mine and mineral (in thousands of US)
Julcani, Gold 14 11 19
Julcani, Silver 939 2,505 3,084
Julcani, Lead 16 38 122
Julcani, Copper 0 5 8
Orcopampa, Gold 42 234 201
Orcopampa, Silver 0 9 1
Orcopampa, Copper 0 0 0
Uchucchacua, Gold 0 1 -1
Uchucchacua, Silver 5,072 18,831 29,088
Uchucchacua, Lead 296 1,111 3,324
Uchucchacua, Zinc 522 2,082 10,197
Tambomayo, Gold 3,145 6,266 7,786
Tambomayo, Silver 1,663 4,023 4,265
Tambomayo, Lead 548 1,219 1,497
Tambomayo, Zinc 1,536 3,585 6,170
La Zanja, Gold 29 376 102
La Zanja, Silver 2 21 2
El Brocal, Gold 1,263 5,377 7,438
El Brocal, Silver 5,678 17,258 14,730
El Brocal, Lead 1,161 6,528 5,495
El Brocal, Zinc 11,076 41,907 27,302
El Brocal, Copper 20,316 68,360 99,477
Non Mining Units 0 0 0
Consolidated Commercial deductions in units in operation 53,318 179,748 220,306

All values are in US Dollars.

Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter 2020 Results<br><br> <br>Page 18 of 28
Set forth below is a reconciliation of Selling expenses (by mine and mineral) to consolidated
--- --- --- ---
Selling expenses:
For the 3 months ended December 31 For the 12 months ended December 31
2020 2020 2019
Selling expenses by mine and mineral (in thousands of US)
Julcani, Gold 2 0 3
Julcani, Silver 196 430 384
Julcani, Lead 3 7 15
Julcani, Copper 0 1 1
Orcopampa, Gold 111 435 257
Orcopampa, Silver 0 1 1
Orcopampa, Copper 0 0 0
Uchucchacua, Gold 0 0 0
Uchucchacua, Silver 904 2,751 4,278
Uchucchacua, Lead 64 190 797
Uchucchacua, Zinc 95 235 1,022
Tambomayo, Gold 859 2,570 2,566
Tambomayo, Silver 305 799 728
Tambomayo, Lead 129 261 268
Tambomayo, Zinc 118 232 379
La Zanja, Gold 0 74 312
La Zanja, Silver 0 6 9
El Brocal, Gold 94 317 437
El Brocal, Silver 557 1,468 1,399
El Brocal, Lead 181 706 1,057
El Brocal, Zinc 782 2,379 2,206
El Brocal, Copper 1,559 4,200 5,756
Non Mining Units 509 1,471 2,439
Consolidated Selling expenses 6,466 18,533 24,313

All values are in US Dollars.

Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter 2020 Results<br><br> <br>Page 19 of 28
JULCANI JULCANI
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
4Q 2020 4Q 2019 FY 2020 FY 2019
GOLD<br><br> <br>(OZ) SILVER<br><br> <br>(OZ) LEAD<br><br> <br>(MT) ZINC<br><br> <br>(MT) COPPER<br><br> (MT) TOTAL GOLD<br><br> <br>(OZ) SILVER<br><br> <br>(OZ) LEAD<br><br> <br>(MT) ZINC<br><br> <br>(MT) COPPER<br><br> <br>(MT) TOTAL GOLD<br><br> <br>(OZ) SILVER<br><br> <br>(OZ) LEAD<br><br> <br>(MT) ZINC<br><br> <br>(MT) COPPER<br><br> <br>(MT) TOTAL GOLD<br><br> <br>(OZ) SILVER<br><br> <br>(OZ) LEAD<br><br> <br>(MT) ZINC<br><br> <br>(MT) COPPER<br><br> <br>(MT) TOTAL
Cost of Sales<br><br> <br>(without D&A)<br><br> <br>(US$000) 50 6,017 105 - - 6,172 136 5,977 204 - - 6,317 Cost of Sales<br><br> <br>(without D&A)<br><br> <br>(US$000) 7 15,961 251 - 23 16,241 166 24,405 971 - 47 25,589
Add: Add:
Exploration<br><br> <br>Expenses<br><br> <br>(US$000) 11 1,338 23 - - 1,372 29 1,290 44 - - 1,363 Exploration<br><br> <br>Expenses<br><br> <br>(US$000) 1 3,112 49 - 4 3,167 38 5,593 223 - 11 5,864
Commercial<br><br> <br>Deductions<br><br> <br>(US$000) 14 939 16 - -0 969 16 683 23 - - 722 Commercial<br><br> <br>Deductions<br><br> <br>(US$000) 11 2,505 38 - 5 2,559 19 3,084 122 - 8 3,233
Selling Expenses<br><br> <br>(US$000) 2 196 3 - - 201 2.71 119.22 4.08 - - 126 Selling Expenses<br><br> <br>(US$000) 0 430 7 - 1 438 3 384 15 - 1 403
Cost Applicable<br><br> <br>to Sales<br><br> <br>(US$000) 76 8,490 148 - -0 8,714 184 8,069 276 - - 8,528 Cost Applicable<br><br> <br>to Sales<br><br> <br>(US$000) 19 22,008 345 - 33 22,405 225 33,467 1,331 - 66 35,089
Divide: Divide:
Volume<br><br> <br>Sold 63 619,666 128 - -1 Not<br><br> <br>Applicable 162 611,490 194 - - Not<br><br> <br>Applicable Volume<br><br> <br>Sold 133 1,542,568 306 - 18 Not<br><br> <br>Applicable 179 2,480,173 839 - 14 Not<br><br> <br>Applicable
CAS 1,220 13.70 1,157 - - Not<br><br> <br>Applicable 1,138 13.20 1,422 - - Not<br><br> <br>Applicable CAS 143 14.27 1,126 - 1,819 Not<br><br> Applicable 1,259 13.49 1,585 - 4,788 Not<br><br> <br>Applicable
6%
ORCOPAMPA ORCOPAMPA
4Q 2020 4Q 2019 FY 2020 FY 2019
GOLD<br><br> <br>(OZ) SILVER<br><br> <br>(OZ) LEAD<br><br> <br>(MT) ZINC<br><br> <br>(MT) COPPER<br><br> <br>(MT) TOTAL GOLD<br><br> <br>(OZ) SILVER<br><br> <br>(OZ) LEAD<br><br> <br>(MT) ZINC<br><br> <br>(MT) COPPER<br><br> <br>(MT) TOTAL GOLD<br><br> <br>(OZ) SILVER<br><br> <br>(OZ) LEAD<br><br> <br>(MT) ZINC<br><br> <br>(MT) COPPER<br><br> (MT) TOTAL GOLD<br><br> <br>(OZ) SILVER<br><br> <br>(OZ) LEAD<br><br> (MT) ZINC<br><br> <br>(MT) COPPER<br><br> <br>(MT) TOTAL
Cost of Sales<br><br> <br>(without D&A)<br><br> <br>(US$000) 13,213 25 - - - 13,238 12,736 42 - - - 12,778 Cost of Sales<br><br> <br>(without D&A)<br><br> <br>(US$000) 34,315 81 - - - 34,396 51,154 228 - - - 51,382
Add: - Add:
Exploration<br><br> <br>Expenses<br><br> <br>(US$000) 2,332 4 - - - 2,336 1,327 4 - - - 1,331 Exploration<br><br> <br>Expenses<br><br> <br>(US$000) 5,186 12 - - - 5,198 9,000 40 - - - 9,040
Commercial<br><br> <br>Deductions<br><br> <br>(US$000) 42 0 - - - 42 98 0 - - - 99 Commercial<br><br> <br>Deductions<br><br> <br>(US$000) 234 9 - - - 243 201 1 - - - 202
Selling Expenses<br><br> <br>(US$000) 111 0 - - - 111 92 0 - - - 92 Selling Expenses<br><br> <br>(US$000) 435 1 - - - 436 257 1 - - - 258
Cost Applicable<br><br> <br>to Sales<br><br> <br>(US$000) 15,697 30 - - - 15,727 14,253 47 - - - 14,300 Cost Applicable<br><br> <br>to Sales<br><br> <br>(US$000) 40,169 104 - - - 40,273 60,612 271 - - - 60,882
Divide: Divide:
Volume<br><br> <br>Sold 11,907 1,616 - - - Not<br><br> <br>Applicable 14,601 3,849 - - - Not<br><br> <br>Applicable Volume<br><br> <br>Sold 41,757 8,113 - - - Not<br><br> <br>Applicable 40,702 15,049 - - - Not<br><br> <br>Applicable
CAS 1,318 18.64 - - - Not<br><br> <br>Applicable 976 12.23 - - - Not<br><br> <br>Applicable CAS 962 12.78 - - - Not<br><br> <br>Applicable 1,489 17.98 - - - Not<br><br> <br>Applicable
UCHUCCHACUA UCHUCCHACUA
4Q 2020 4Q 2019 FY 2020 FY 2019
GOLD<br><br> <br>(OZ) SILVER<br><br> <br>(OZ) LEAD<br><br> <br>(MT) ZINC<br><br> <br>(MT) COPPER<br><br> (MT) TOTAL GOLD<br><br> <br>(OZ) SILVER<br><br> <br>(OZ) LEAD<br><br> <br>(MT) ZINC<br><br> <br>(MT) COPPER<br><br> (MT) TOTAL GOLD<br><br> <br>(OZ) SILVER<br><br> <br>(OZ) LEAD<br><br> <br>(MT) ZINC<br><br> (MT) COPPER<br><br> <br>(MT) TOTAL GOLD<br><br> <br>(OZ) SILVER<br><br> <br>(OZ) LEAD<br><br> <br>(MT) ZINC<br><br> (MT) COPPER<br><br> <br>(MT) TOTAL
Cost of Sales<br><br> <br>(without D&A)<br><br> <br>(US$000) 3 26,741 1,890 2,818 - 31,452 - 24,307 3,650 4,071 - 32,029 Cost of Sales<br><br> <br>(without D&A)<br><br> (US$000) 11 74,134 5,119 6,326 - 85,590 - 79,562 14,815 19,004 - 113,381
Add: Add:
Exploration<br><br> <br>Expenses<br><br> <br>(US$000) 0 2,523 178 266 - 2,967 - 1,541 231 258 - 2,031 Exploration<br><br> <br>Expenses<br><br> <br>(US$000) 1 5,830 403 498 - 6,731 - 6,257 1,165 1,495 - 8,917
Commercial<br><br> <br>Deductions<br><br> <br>(US$000) 0 5,072 296 522 - 5,890 0 11,739 1,341 2,406 - 15,487 Commercial<br><br> <br>Deductions<br><br> <br>(US$000) 1 18,831 1,111 2,082 - 22,026 -1 29,088 3,324 10,197 - 42,608
Selling Expenses<br><br> <br>(US$000) 0 904 64 95 - 1,063 - 1,671 251 280 - 2,202 Selling Expenses<br><br> <br>(US$000) 0 2,751 190 235 - 3,176 - 4,278 797 1,022 - 6,096
Cost Applicable<br><br> <br>to Sales<br><br> <br>(US$000) 4 35,240 2,427 3,701 - 41,372 0 39,259 5,474 7,015 - 51,749 Cost Applicable<br><br> <br>to Sales<br><br> <br>(US$000) 13 101,547 6,823 9,141 - 117,523 -1 119,184 20,101 31,718 - 171,002
Divide: Divide:
Volume<br><br> <br>Sold 2 1,166,790 1,095 1,127 - Not<br><br> <br>Applicable - 2,634,857 3,471 3,211 - Not<br><br> <br>Applicable Volume<br><br> <br>Sold 2 4,566,624 4,209 4,066 - Not<br><br> <br>Applicable 0 9,808,791 15,347 15,315 - Not<br><br> <br>Applicable
CAS 2,129 30.20 2,216 3,285 - Not<br><br> <br>Applicable - 14.90 1,577 2,185 - Not<br><br> <br>Applicable CAS 7,067 22.24 1,621 2,248 - Not<br><br> <br>Applicable - 12.15 1,310 2,071 - Not<br><br> <br>Applicable
TAMBOMAYO TAMBOMAYO
4Q 2020 4Q 2019 FY 2020 FY 2019
GOLD<br><br> <br>(OZ) SILVER<br><br> <br>(OZ) LEAD<br><br> <br>(MT) ZINC<br><br> <br>(MT) COPPER<br><br> <br>(MT) TOTAL GOLD<br><br> (OZ) SILVER<br><br> <br>(OZ) LEAD<br><br> <br>(MT) ZINC<br><br> <br>(MT) COPPER<br><br> <br>(MT) TOTAL GOLD<br><br> <br>(OZ) SILVER<br><br> <br>(OZ) LEAD<br><br> <br>(MT) ZINC<br><br> <br>(MT) COPPER<br><br> <br>(MT) TOTAL GOLD<br><br> <br>(OZ) SILVER<br><br> <br>(OZ) LEAD<br><br> <br>(MT) ZINC<br><br> <br>(MT) COPPER<br><br> <br>(MT) TOTAL
Cost of Sales<br><br> <br>(without D&A)<br><br> <br>(US$000) 12,580 4,464 1,884 1,732 - 20,660 13,574 3,679 1,181 1,293.36 - 19,727 Cost of Sales<br><br> <br>(without D&A)<br><br> <br>(US$000) 40,648 12,640 4,123 3,670 - 61,082 47,741 13,540 4,979 7,058 - 73,319
Add: Add:
Exploration<br><br> <br>Expenses<br><br> <br>(US$000) 1,622 576 243 223 - 2,664 1,576 427 137 150 - 2,290 Exploration<br><br> <br>Expenses<br><br> <br>(US$000) 4,763 1,481 483 430 - 7,157 7,562 2,145 789 1,118 - 11,613
Commercial<br><br> <br>Deductions<br><br> <br>(US$000) 3,145 1,663 548 1,536 - 6,891 3,912 1,544 447 1,324 - 7,227 Commercial<br><br> <br>Deductions<br><br> <br>(US$000) 6,266 4,023 1,219 3,585 - 15,093 7,786 4,265 1,497 6,170 - 19,718
Selling Expenses<br><br> <br>(US$000) 859 305 129 118 - 1,410 1,031 280 90 98 - 1,499 Selling Expenses<br><br> <br>(US$000) 2,570 799 261 232 - 3,862 2,566 728 268 379 - 3,940
Cost Applicable<br><br> <br>to Sales<br><br> <br>(US$000) 18,205 7,007 2,803 3,610 - 31,625 20,093 5,929 1,855 2,866 - 30,743 Cost Applicable<br><br> <br>to Sales<br><br> <br>(US$000) 54,247 18,944 6,086 7,917 - 87,194 65,655 20,677 7,532 14,725 - 108,590
Divide: Divide:
Volume<br><br> <br>Sold 17,999 469,849 2,501 1,603 - Not<br><br> <br>Applicable 26,240 623,846 1,782 1,800 - Not<br><br> <br>Applicable Volume<br><br> <br>Sold 57,633 1,474,485 6,009 4,463 - Not<br><br> <br>Applicable 96,636 2,318,434 7,211 7,850 - Not<br><br> <br>Applicable
CAS 1,011 14.91 1,121 2,252 - Not<br><br> <br>Applicable 766 9.50 1,041 1,592 - Not<br><br> <br>Applicable CAS 941 12.85 1,013 1,774 - Not<br><br> <br>Applicable 679 8.92 1,045 1,876 - Not<br><br> <br>Applicable
Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter 2020 Results<br><br> <br>Page 20 of 28
LA ZANJA LA ZANJA
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
4Q 2020 4Q 2019 FY 2020 FY 2019
GOLD<br><br> <br>(OZ) SILVER<br><br> (OZ) LEAD<br><br> <br>(MT) ZINC<br><br> <br>(MT) COPPER<br><br> <br>(MT) TOTAL GOLD<br><br> <br>(OZ) SILVER<br><br> <br>(OZ) LEAD<br><br> <br>(MT) ZINC<br><br> <br>(MT) COPPER<br><br> <br>(MT) TOTAL GOLD<br><br> <br>(OZ) SILVER<br><br> <br>(OZ) LEAD<br><br> <br>(MT) ZINC<br><br> <br>(MT) COPPER<br><br> (MT) TOTAL GOLD<br><br> (OZ) SILVER<br><br> <br>(OZ) LEAD<br><br> <br>(MT) ZINC<br><br> <br>(MT) COPPER<br><br> <br>(MT) TOTAL
Cost of Sales<br><br> <br>(without D&A)<br><br> <br>(US$000) 9,185 683 - - - 9,868 11,028 200 - - - 11,228 Cost of Sales<br><br> <br>(without D&A)<br><br> <br>(US$000) 30,373 2,499 - - - 32,872 37,445 1,140 - - - 38,585
Add: Add:
Exploration<br><br> <br>Expenses<br><br> <br>(US$000) 1 0 - - - 1 1 0 - - - 1 Exploration<br><br> <br>Expenses<br><br> <br>(US$000) 2 0 - - - 2 2 0 - - - 2
Commercial<br><br> <br>Deductions<br><br> <br>(US$000) 29 2 - - - 31 17 0 - - - 17 Commercial<br><br> <br>Deductions<br><br> <br>(US$000) 376 21 - - - 397 102 2 - - - 104
Selling<br><br> <br>Expenses<br><br> <br>(US$000) - - - - - - 50 1 - - - 51 Selling<br><br> <br>Expenses<br><br> <br>(US$000) 74 6 - - - 80 312 9 - - - 321
Cost Applicable<br><br> <br>to Sales<br><br> <br>(US$000) 9,215 686 - - - 9,900 11,097 201 - - - 11,297 Cost Applicable<br><br> <br>to Sales<br><br> <br>(US$000) 30,825 2,526 - - - 33,351 37,861 1,151 - - - 39,012
Divide: Divide:
Volume<br><br> <br>Sold 5,057 27,476 - - - Not<br><br> <br>Applicable 6,233 9,722 - - - Not<br><br> <br>Applicable Volume<br><br> <br>Sold 17,730 122,180 - - - Not<br><br> <br>Applicable 30,710 80,880 - - - Not<br><br> <br>Applicable
CAS 1,822 24.96 - - - Not<br><br> <br>Applicable 1,780 20.64 - - - Not<br><br> <br>Applicable CAS 1,739 20.67 - - - Not<br><br> <br>Applicable 1,233 14.24 - - - Not<br><br> <br>Applicable
BROCAL BROCAL
4Q 2020 4Q 2019 FY 2020 FY 2019
GOLD<br><br> <br>(OZ) SILVER<br><br> <br>(OZ) LEAD<br><br> <br>(MT) ZINC<br><br> <br>(MT) COPPER<br><br> <br>(MT) TOTAL GOLD<br><br> <br>(OZ) SILVER<br><br> (OZ) LEAD<br><br> <br>(MT) ZINC<br><br> <br>(MT) COPPER<br><br> <br>(MT) TOTAL GOLD<br><br> <br>(OZ) SILVER<br><br> <br>(OZ) LEAD<br><br> <br>(MT) ZINC<br><br> <br>(MT) COPPER<br><br> <br>(MT) TOTAL GOLD<br><br> <br>(OZ) SILVER<br><br> <br>(OZ) LEAD<br><br> (MT) ZINC<br><br> <br>(MT) COPPER<br><br> <br>(MT) TOTAL
Cost of Sales<br><br> <br>(without D&A)<br><br> <br>(US$000) 1,504 8,904 2,892 12,510 24,939 50,749 3,108 8,061 5,304 10,557 32,217 59,247 Cost of Sales<br><br> <br>(without D&A)<br><br> <br>(US$000) 5,541 25,652 12,331 41,583 73,408 158,515 8,429 26,966 20,388 42,537 110,979 209,299
Add: Add:
Exploration<br><br> <br>Expenses<br><br> <br>(US$000) 78 463 151 651 1,298 2,641 122 315 208 413 1,260 2,318 Exploration<br><br> <br>Expenses<br><br> <br>(US$000) 202 937 450 1,519 2,681 5,789 351 1,124 850 1,774 4,627 8,727
Commercial<br><br> <br>Deductions<br><br> <br>(US$000) 1,263 5,678 1,161 11,076 20,316 39,495 2,519 4,458 1,653 7,710 26,373 42,713 Commercial<br><br> <br>Deductions<br><br> <br>(US$000) 5,377 17,258 6,528 41,907 68,360 139,431 7,438 14,730 5,495 27,302 99,477 154,441
Selling<br><br> <br>Expenses<br><br> <br>(US$000) 94 557 181 782 1,559 3,172 174 452 297 591 1,805 3,319 Selling<br><br> <br>Expenses<br><br> <br>(US$000) 317 1,468 706 2,379 4,200 9,070 437 1,399 1,057 2,206 5,756 10,856
Cost Applicable<br><br> <br>to Sales<br><br> <br>(US$000) 2,939 15,602 4,385 25,019 48,112 96,057 5,923 13,286 7,462 19,271 61,655 107,597 Cost Applicable<br><br> <br>to Sales<br><br> <br>(US$000) 11,437 45,315 20,015 87,388 148,650 312,805 16,656 44,219 27,790 73,818 220,840 383,323
Divide: Divide:
Volume<br><br> <br>Sold 2,080 860,675 3,775 10,839 8,933 Not<br><br> <br>Applicable 4,197 896,000 5,412 9,691 11,520 Not<br><br> <br>Applicable Volume<br><br> <br>Sold 7,390 2,696,506 17,824 45,442 28,948 Not<br><br> <br>Applicable 12,648 3,520,992 22,598 36,788 41,013 Not<br><br> <br>Applicable
CAS 1,413 18.13 1,162 2,308 5,386 Not<br><br> <br>Applicable 1,411 14.83 1,379 1,989 5,352 Not<br><br> <br>Applicable CAS 1,548 16.80 1,123 1,923 5,135 Not<br><br> <br>Applicable 1,317 12.56 1,230 2,007 5,385 Not<br><br> <br>Applicable
NON MINING COMPANIES NON MINING COMPANIES
4Q 2020 4Q 2019 FY 2020 FY 2019
GOLD<br><br> <br>(OZ) SILVER<br><br> <br>(OZ) LEAD<br><br> <br>(MT) ZINC<br><br> <br>(MT) COPPER<br><br> <br>(MT) TOTAL GOLD<br><br> (OZ) SILVER<br><br> <br>(OZ) LEAD<br><br> <br>(MT) ZINC<br><br> <br>(MT) COPPER<br><br> <br>(MT) TOTAL GOLD<br><br> <br>(OZ) SILVER<br><br> <br>(OZ) LEAD<br><br> <br>(MT) ZINC<br><br> <br>(MT) COPPER<br><br> <br>(MT) TOTAL GOLD<br><br> <br>(OZ) SILVER<br><br> <br>(OZ) LEAD<br><br> <br>(MT) ZINC<br><br> (MT) COPPER<br><br> <br>(MT) TOTAL
Cost of Sales<br><br> <br>(without D&A)<br><br> (US$000) - - - - - 4,271 - - - - - 1,864 Cost of Sales<br><br> <br>(without D&A)<br><br> <br>(US$000) - - - - - 6,746 - - - - - 4,697
Add: - Add: -
Selling<br><br> <br>Expenses<br><br> <br>(US$000) - - - - - 509 - - - - - 538 Selling<br><br> <br>Expenses<br><br> <br>(US$000) - - - - - 1,471 - - - - - 2,439
Total<br><br> <br>(US$000) - - - - - 4,780 - - - - - 2,402 Total<br><br> <br>(US$000) - - - - - 8,217 - - - - - 7,136
BUENAVENTURA CONSOLIDATED BUENAVENTURA CONSOLIDATED
4Q 2020 4Q 2019 FY 2020 FY 2019
GOLD<br><br> <br>(OZ) SILVER<br><br> <br>(OZ) LEAD<br><br> <br>(MT) ZINC<br><br> <br>(MT) COPPER<br><br> <br>(MT) TOTAL GOLD<br><br> <br>(OZ) SILVER<br><br> <br>(OZ) LEAD<br><br> <br>(MT) ZINC<br><br> <br>(MT) COPPER<br><br> <br>(MT) TOTAL GOLD<br><br> <br>(OZ) SILVER<br><br> <br>(OZ) LEAD<br><br> <br>(MT) ZINC<br><br> <br>(MT) COPPER<br><br> <br>(MT) TOTAL GOLD<br><br> <br>(OZ) SILVER<br><br> <br>(OZ) LEAD<br><br> <br>(MT) ZINC<br><br> <br>(MT) COPPER<br><br> <br>(MT) TOTAL
Cost of Sales<br><br> <br>(without D&A)<br><br> <br>(US$000) 36,534 46,834 6,771 17,060 24,939 136,410 40,582 42,266 10,340 15,922 32,217 143,190 Cost of Sales<br><br> <br>(without D&A)<br><br> <br>(US$000) 110,894 130,967 21,825 51,579 73,431 395,442 144,936 145,842 41,153 68,599 111,026 516,252
Add: Add:
Exploration<br><br> <br>Expenses<br><br> <br>(US$000) 4,044 4,904 595 1,140 1,298 11,981 3,054 3,578 620 821 1,260 9,334 Exploration<br><br> <br>Expenses<br><br> <br>(US$000) 10,155 11,373 1,385 2,446 2,685 28,044 16,953 15,159 3,026 4,386 4,638 44,163
Commercial<br><br> <br>Deductions<br><br> <br>(US$000) 4,492 13,355 2,021 13,134 20,316 53,318 6,563 18,425 3,464 11,440 26,373 66,265 Commercial<br><br> <br>Deductions<br><br> <br>(US$000) 12,265 42,647 8,897 47,574 68,365 179,748 15,545 51,170 10,437 43,669 99,485 220,306
Selling<br><br> <br>Expenses<br><br> <br>(US$000) 1,065 1,961 377 995 1,559 6,466 1,350 2,523 642 970 1,805 7,827 Selling<br><br> <br>Expenses<br><br> <br>(US$000) 3,397 5,455 1,163 2,846 4,201 18,533 3,574 6,799 2,137 3,607 5,757 24,313
Cost Applicable<br><br> <br>to Sales<br><br> <br>(US$000) 46,136 67,054 9,764 32,330 48,112 208,175 51,549 66,791 15,066 29,153 61,655 226,616 Cost Applicable<br><br> <br>to Sales<br><br> <br>(US$000) 136,710 190,442 33,269 104,446 148,683 621,768 181,008 218,970 56,754 120,261 220,906 805,034
Divide: Divide:
Volume<br><br> <br>Sold 37,108 3,146,072 7,499 13,569 8,932 Not<br><br> <br>Applicable 51,432 4,779,765 10,858 14,702 11,520 Not<br><br> <br>Applicable Volume<br><br> <br>Sold 124,644 10,410,477 28,348 53,971 28,966 Not<br><br> <br>Applicable 180,876 18,224,320 45,995 59,953 41,027 Not<br><br> <br>Applicable
CAS 1,243 21.31 1,302 2,383 5,387 Not<br><br> <br>Applicable 1,002 13.97 1,388 1,983 5,352 Not<br><br> <br>Applicable CAS 1,097 18.29 1,174 1,935 5,133 Not<br><br> <br>Applicable 1,001 12.02 1,234 2,006 5,384 Not<br><br> <br>Applicable
COIMOLACHE COIMOLACHE
4Q 2020 4Q 2019 FY 2020 FY 2019
GOLD<br><br> <br>(OZ) SILVER<br><br> <br>(OZ) LEAD<br><br> <br>(MT) ZINC<br><br> <br>(MT) COPPER<br><br> <br>(MT) TOTAL GOLD<br><br> <br>(OZ) SILVER<br><br> <br>(OZ) LEAD<br><br> <br>(MT) ZINC<br><br> <br>(MT) COPPER<br><br> <br>(MT) TOTAL GOLD<br><br> <br>(OZ) SILVER<br><br> <br>(OZ) LEAD<br><br> <br>(MT) ZINC<br><br> <br>(MT) COPPER<br><br> <br>(MT) TOTAL GOLD<br><br> <br>(OZ) SILVER<br><br> <br>(OZ) LEAD<br><br> <br>(MT) ZINC<br><br> <br>(MT) COPPER<br><br> <br>(MT) TOTAL
Cost of Sales<br><br> <br>(without D&A)<br><br> <br>(US$000) 29,590 2,128 - - - 31,718 33,557 2,174 - - - 35,731 Cost of Sales<br><br> <br>(without D&A)<br><br> <br>(US$000) 84,413 6,676 - - - 91,089 103,136 5,588 - - - 108,724
Add: Add:
Exploration<br><br> <br>Expenses<br><br> <br>(US$000) 2,373 171 - - - 2,544 2,222 144 - - - 2,366 Exploration<br><br> <br>Expenses<br><br> (US$000) 3,323 263 - - - 3,586 6,154 333 - - - 6,487
Commercial<br><br> <br>Deductions<br><br> <br>(US$000) 125 11 - - - 135 141 9 - - - 150 Commercial<br><br> <br>Deductions<br><br> <br>(US$000) 585 57 - - - 642 436 23 - - - 459
Selling<br><br> <br>Expenses<br><br> <br>(US$000) 459 33 - - - 492 357 23 - - - 380 Selling<br><br> <br>Expenses<br><br> <br>(US$000) 1,195 94 - - - 1,289 1,103 60 - - - 1,163
Cost Applicable<br><br> <br>to Sales<br><br> <br>(US$000) 32,547 2,342 - - - 34,889 36,278 2,349 - - - 38,627 Cost Applicable<br><br> <br>to Sales<br><br> <br>(US$000) 89,516 7,090 - - - 96,606 110,830 6,003 - - - 116,833
Divide: Divide:
Volume<br><br> <br>Sold 40,369 225,775 - - - Not<br><br> <br>Applicable 52,272 287,716 - - - Not<br><br> <br>Applicable Volume<br><br> <br>Sold 104,797 699,918 - - - Not<br><br> <br>Applicable 162,013 737,689 - - - Not<br><br> <br>Applicable
CAS 806 10.37 - - - Not<br><br> <br>Applicable 694 8.17 - - - Not<br><br> <br>Applicable CAS 854 10.13 - - - Not<br><br> <br>Applicable 684 8.14 - - - Not<br><br> <br>Applicable
Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter 2020 Results<br><br> <br>Page 21 of 28

APPENDIX 6: All-in Sustaining Cost

Buenaventura
All-in Sustaining Cost for 4Q20
Buenaventura1 La Zanja Tantahuatay Attributable 2
4Q20 4Q20 4Q20 4Q20
Au Ounces Sold BVN
Au Ounces bought from La Zanja
Au Ounces Sold Net
4Q20 US 000' US 000' US 000'
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
Exploration in Operating Units
Royalties
Comercial Deductions^3^
Selling Expenses
Administrative Expenses
Other, net
Sustaining Capex^4^
By-product Credit
All-in Sustaining Cost
*All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas.

All values are in US Dollars.

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., 53.06% 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.<br><br> <br>Fourth Quarter 2020 Results<br><br> <br>Page 22 of 28
Buenaventura
--- --- --- --- --- --- --- --- ---
All-in Sustaining Cost for 4Q19
Buenaventura1 La Zanja Tantahuatay Attributable 2
4Q19 4Q19 4Q19 4Q19
Au Ounces Sold BVN
Au Ounces bought from La Zanja
Au Ounces Sold Net
4Q19 4Q19 4Q19
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
Exploration in Operating Units
Royalties
Comercial Deductions^3^
Selling Expenses
Administrative Expenses
Other, net
Sustaining Capex^4^
By-product Credit
All-in Sustaining Cost
*All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas.

All values are in US Dollars.

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., 53.06% 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.<br><br> <br>Fourth Quarter 2020 Results<br><br> <br>Page 23 of 28
All-in Sustaining Cost for FY20
--- --- --- --- --- --- --- --- ---
Buenaventura1 La Zanja Tantahuatay Attributable 2
FY20 FY20 FY20 FY20
Au Ounces Sold Net
FY20 FY20 FY20 FY20
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
Exploration in Operating Units
Royalties
Comercial Deductions^3^
Selling Expenses
Administrative Expenses
Other, net
Sustaining Capex^4^
By-product Credit
All-in Sustaining Cost
*All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas.

All values are in US Dollars.

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., 53.06% 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.<br><br> <br>Fourth Quarter 2020 Results<br><br> <br>Page 24 of 28
Buenaventura
--- --- --- --- --- --- --- --- ---
All-in Sustaining Cost for FY19
Buenaventura1 La Zanja Tantahuatay Attributable 2
FY19 FY19 FY19 FY19
Au Ounces Sold BVN
Au Ounces bought from La Zanja
Au Ounces Sold Net
FY19 FY19 FY19 FY19
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
Exploration in Operating Units
Royalties
Comercial Deductions^3^
Selling Expenses
Administrative Expenses
Other, net
Sustaining Capex^4^
By-product Credit
All-in Sustaining Cost
*All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas.

All values are in US Dollars.

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., 53.06% 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.<br><br> <br>Fourth Quarter 2020 Results<br><br> <br>Page 25 of 28

APPENDIX 7

Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Consolidated Statement of Financial Position
As of December 31, 2020 and 2019
2020 2019
Assets US(000) US(000)
Current assets
Cash and cash equivalents
Trade and other receivables, net
Inventory, net
Income tax credit
Prepaid expenses
Non-current assets
Trade and other receivables, net
Inventories, net
Investment in associates and joint venture
Mining concessions, development costs, right-of-use, property, plant and equipment, net
Investment properties, net
Deferred income tax asset
Prepaid expenses
Other assets, net
Total assets
Liabilities and shareholders’ equity, net
Current liabilities
Bank loans
Trade and other payables
Provisions, contingent liabilities and other liabilities
Income tax payable
Financial obligations
Hedge derivative financial instruments
Non-current liabilities
Trade and other payables
Provisions, contingent liabilities and other liabilities
Financial obligations
Contingent consideration liability
Deferred income tax liabilities
Total liabilities
Shareholders’ equity, net
Capital stock
Investment shares
Additional paid-in capital
Legal reserve
Other reserves
Retained earnings
Other reserves of equity ) )
Shareholders’ equity, net attributable to owners of the parent
Non-controlling interest
Total shareholders’ equity, net
Total liabilities and shareholders’ equity, net

All values are in US Dollars.

Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter 2020 Results<br><br> <br>Page 26 of 28
Compañía de Minas Buenaventura S.A.A. and Subsidiaries
--- --- --- --- --- --- --- --- ---
Consolidated Statement of Income
For the three and twelve month periods ended December 31, 2020 and 2019
For the three-month period<br> ended December 31, For the twelve month period<br> ended December, 31
2020 2019 2020 2019
Continuing operations US(000) US(000) US(000) US(000)
Sales revenue
Sales of goods
Sales of services
Royalty income
Total sales revenue
Operating costs
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 operating costs ) ) ) )
Gross profit (loss)
Operating expenses, net
Administrative expenses ) ) ) )
Selling expenses ) ) ) )
Write –off of stripping activity asset ) )
Exploration in non-operating areas ) ) ) )
Reversal (provision) for contingencies and others ) )
Impairment recovery (loss) of long-lived assets ) )
Other, net ) )
Total operating expenses, net ) ) ) )
Operating profit (loss) ) ) ) )
Financial income
Financial costs ) ) ) )
Share in the results of associates and joint venture ) ) )
Net gain (loss) from currency exchange difference ) ) )
Loss before income tax ) ) ) )
Current income tax ) ) ) )
Deferred income tax ) )
Loss from continuing operations ) ) ) )
Discontinued operations
Profit (loss) from discontinued operations attributable to equity holders of the parent ) )
Net loss ) ) ) )
Attributable to:
Equity holders of the parent ) ) ) )
Non-controlling interest ) ) )
) ) ) )
Basic and diluted loss per share attributable
to equity holders of the parent, stated in U.S. dollars ) ) ) )

All values are in US Dollars.

Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter 2020 Results<br><br> <br>Page 27 of 28
Compañía de Minas Buenaventura S.A.A. and Subsidiaries
--- --- --- --- --- --- --- --- ---
Consolidated Statement of Cash Flows
For the three and twelve month periods ended December 31, 2020 and 2019
For the three-month period<br> ended December, 31 For the twelve month period<br> ended December, 31
2020 2019 2020 2019
US(000) US(000) US(000) US(000)
Operating activities
Proceeds from sales
Recovery from value added tax and other taxes
Royalty received
Dividends received from related parties
Dividends received from investments
Proceeds from insurance claim
Interest received
Payments to suppliers and third-parties, and other net ) ) ) )
Payments to employees ) ) ) )
Payments of income taxes and royalties paid to Peruvian State ) ) ) )
Payments for tax litigation ) ) ) )
Interest paid ) ) ) )
Payments of royalties ) ) ) )
Net cash and cash equivalents provided by operating activities )
Investing activities
Proceeds from sale of property, plant and equipment to third parties
Additions to mining concessions, development costs, property, plant and equipment ) ) ) )
Acquisition of investment in associate )
Payments for acquisition of other assets ) ) ) )
Net cash and cash equivalents used in investing activities ) ) ) )
Financing activities
Proceeds of bank loans
Payments of bank loans ) ) )
Proceeds of financial obligations
Payments of financial obligations ) ) ) )
Dividends paid to controlling shareholders ) )
Short-term and low value lease payments ) ) ) )
Decrease (increase) of bank accounts in trust )
Dividends paid to non-controlling interest ) ) ) )
Net cash and cash equivalents used in financing activities ) ) ) )
Net increase (decrease) in cash and cash equivalents during the period ) ) )
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at period-end

All values are in US Dollars.

Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter 2020 Results<br><br> <br>Page 28 of 28
For the three-month period<br> ended December, 31 For the twelve month period<br> ended December, 31
--- --- --- --- --- --- --- --- ---
2020 2019 2020 2019
US(000) US(000) US(000) US(000)
Reconciliation of net profit to cash and cash equivalents provided
by operating activities
Net loss ) ) ) )
Plus (less):
Depreciation and amortization in cost of sales
Depreciation and amortization in other, net
Depreciation and amortization in administration expenses )
Net share in results of associates and joint venture )
Reversal (provision) for impairment loss of inventories )
Bonus provision - executives & employes
Accretion expense of provision for closure of mining units and exploration projects
Net loss (gain) from currency exchange difference )
Provision for estimated fair value of sales ) ) ) )
Deferred income tax expense (income) ) )
Recovery (expense) for provision for contingencies ) )
Fair value of provision for contingences liabilities )
Provision for impairment of long-lived assets ) )
Write-off of fixed assets
Write –off of stripping activity asset
Other net ) )
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, contingent liabilities and other liabilities ) ) ) )
Income tax payable )
Proceeds from dividends
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: February 25, 2021

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