The following discussion contains forward-looking statements that are subject to risks and uncertainties, many of which are outside of our control. Our primary market risks are related to fluctuations in the prices of gold, silver, zinc and lead. To a lesser extent, we are subject to market risk related to fluctuations in US$/ Sol exchange rates and to market risk related to interest rate fluctuation on our cash balances. Commodity Contracts Gold, silver, lead and copper hedging and sensitivity to market price Our revenues and earnings are to a great extent influenced by world market prices for gold, copper, silver, zinc and lead that fluctuate widely and over which we have no control. We and our wholly owned subsidiaries are completely unhedged as to the price at which our gold and silver will be sold. See “Item 3. Key Information—D. Risk Factors—Factors Relating to the Company—Our financial performance is highly dependent on the prices of gold, silver, copper and other metals.” As of March 31, 2026, we had no silver derivative contracts or gold convertible put option contracts in place. From January to the date of this report El Brocal had no outstanding hedging commitments. No such hedging commitments are anticipated in 2026. Cerro Verde has informed us that they have generally not engaged in, and are currently not engaged in, gold or copper price hedging activities, such as forward sales or option contracts, to minimize their exposure to fluctuations in the prices of gold or copper. Normal Sales We had no normal sales contracts with fixed or capped prices outstanding as of March 31, 2026. Foreign currency risk While all of our operations are carried out in Peru, our functional currency is the U.S. Dollar. Consequently, our exposure to foreign currency relates primarily to our operating activities in Soles. In order to mitigate our foreign currency risk, we conduct most of our transactions in our functional currency and management maintains a reduced cash position in Soles in order to cover any needs that may arise in Soles as part of our operations in Peru (which consist primarily of payment of taxes). We estimate that the future exchange rate fluctuations of Peruvian currency versus the U.S. Dollar will not significantly affect the results of our future operations. See Note 34 (a.1) to the Consolidated Financial Statements. Interest Rate Sensitivity We reduce our exposure to the risks due to variations in interest rates by engaging in financial obligations and capital leasing with fixed interest rates. See Note 34(a.3) to the Consolidated Financial Statements. Consequently, we do not use derivative instruments to manage this risk and we do not expect to incur significant losses based on interest risks. ​ 175 Table of Contents