In this Item 5, we present information first with respect to Buenaventura, followed by information with respect to Cerro Verde, in which we have a 19.58% equity interest. We record our investment in Cerro Verde in accordance with the equity method as further described in “Item 5. Operating and Financial Review and Prospects—Buenaventura—A. Operating Results—General” and Note 2.4(f) to the Consolidated Financial Statements. BUENAVENTURA Introduction The following discussion should be read in conjunction with the Consolidated Financial Statements as of December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023 and the related Notes thereto included elsewhere in this Annual Report, and Item 5 to our Annual Report for the year ended December 31, 2024 (the “2024 20-F”). The Consolidated Financial Statements are prepared and presented in accordance with IFRS accounting standards as issued by the IASB. We present our consolidated financial statements in U.S. Dollars. A.Operating Results General Overview. We were established in 1953 and are one of Peru’s leading producers of gold, silver and other metals. Our consolidated financial statements comprise all of our accounts and those of our subsidiaries, which include: ● the Julcani, Tambomayo, Orcopampa, Uchucchacua/Yumpag, San Gabriel and La Zanja mining units; ● Colquijirca mine is our non-wholly-owned consolidated subsidiaries; ● Condesa, which is mainly a holding company for internal investments and other affiliated mining companies; 111 Table of Contents ● Conenhua, which is mainly engaged in the transmission of electric power to Yanacocha and other mining companies; ● other minor subsidiaries; and ● discontinued operations. We also have material equity investments in (i) Cerro Verde, which is an equity investee engaged in the exploitation and commercialization of copper, (ii) Coimolache, which is an equity investee engaged in the exploitation and commercialization of gold and silver and (iii) Tinka, which is an equity investee in exploration phase. We account for these investments under the equity method. Cerro Verde. As of December 31, 2025 and 2024, we had a 19.58% equity participation in Cerro Verde, which allows us to exercise significant influence over the company. As a result, we account for our investment in Cerro Verde using the equity method. Although Cerro Verde has no fixed dividend policy, there is an understanding that earnings not required for capital expenditures or future development projects are expected to be distributed. Results of operations. The primary factors affecting our results of operations are: ● the amount of gold, silver, zinc and copper produced and sold; ● prevailing world market prices for gold, silver, zinc and copper; ● commercial terms with respect to the sale of ore concentrates; and ● our operating expenses. Gold, silver and copper price hedging. Our revenues and earnings are strongly influenced by world market prices for gold, silver, zinc and copper that fluctuate widely and over which we have no control. Depending upon the metal markets and other conditions, we may from time to time hedge our gold, silver and copper sales to decrease our exposure to fluctuations in the prices of these metals. As of December 31, 2025 and 2024, we and our wholly-owned subsidiaries are currently completely unhedged as to the price at which our gold, silver and copper will be sold. As a result, we are fully exposed to the effects of changes in prevailing market prices of gold and silver. Operating costs and expenses. Operating costs and expenses consist of: ● operating costs, which are direct production costs, the major component of operating expenses; ● exploration costs in operational mining sites; ● depreciation and amortization expenses; ● exploration costs in non-operational mining areas; ● administrative expenses, which principally consist of personnel expenses; ● royalties, which consist of payments to third parties and the Peruvian government to operate leased mining rights; and ● selling expenses, which principally consist of freight expenses. Reserves. We utilize the geological model that includes geological mapping, projection of ore-bearing structures, diamond drilling, core logging and chemical assaying, in addition to drifting along previously indicated mineralization, as one of the inputs to replace and grow reserves. In addition, we use metallurgical test-work of core and bulk samples as a follow-up activity to prove the amenability of any previously indicated mineralization to certain extraction methods available on site. Each reserve estimation we analyze this information with respect to tonnage, precious and other metals average grades, metallurgical recoveries and economic value and allocate funds preferentially to those zones that have the best potential to sustain or enhance profitable mine production in the near-term. Our mining operations are conducted by open pit and underground methods and consist of deposits that have exploration potential and in which the value or prospects for ore based on geologic evidence exceeds the value based on proven and probable reserves throughout most of the LOMs supported by them. 112 Table of Contents In addition, underground mine infrastructure, such as declines, shafts and/or dewatering/ore haulage crosscuts, that facilitate access to ore reserves are constructed and categorized as mine development. We consider such underground mine infrastructure vital to assure sustainable mine production and reserve production. The design, construction and implementation of our underground mine infrastructure are presented and supervised by our operations manager with the Board of Directors’ (the “Board”) approval. We capitalize mine development and mineral land costs incurred after we have approved the feasibility of the conceptual study of a project. Upon commencement of production, we amortize these costs over the expected life of the mining area, based on proven and probable reserves and other factors. Net income and net distributable income. Under Peruvian law, each company is required to establish a legal reserve equal to at least 20% of its paid-in capital on an unconsolidated basis. An annual contribution of at least 10% of net income must be made until such legal reserve equals 20% of paid-in capital. The legal reserve may offset losses or be capitalized. However, following any instance in which the reserve is used, Peruvian law calls for mandatory replenishment of the reserve. Royalties. Royalty expenses consist mainly of payments made by us pursuant to lease agreements relating to mining rights for the Orcopampa mine. Specifically, we pay the lessor a royalty of 10% of the value of the concentrates produced. We are also required to pay the Peruvian government mining royalties and taxes. In addition to mining royalties, pursuant to Law No. 29789, effective October 1, 2011, mining operations in Peru are subject to an extraordinary mining tax. See “Item 4. Information on the Company—Buenaventura—B. Business Overview—Regulatory Framework—Mining Royalties and Taxes.” Environmental protection laws and related regulations. Our business is subject to Peruvian laws and regulations relating to the exploration and mining of mineral properties, as well as the possible effects of such activities on the environment. We conduct our operations substantially in accordance with such laws and regulations. Discontinued operations. During 2025, our mining units Poracota and Shila Paula have been mainly performing mining closure activities. The results of these mining units are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the consolidated statement of profit or loss. SUNAT litigation. Buenaventura is involved in legal proceedings against SUNAT in connection with SUNAT’s refusal to recognize Buenaventura’s deductions with respect to contracts for physical deliveries and certain contractual payments made by the Company during the years 2007 and 2008, as well as tax loss, which was offset in 2009 and 2010. During 2007 and 2008, Buenaventura modified its client contracts for gold sales, shifting from a fixed price arrangement to a variable price arrangement. This allowed the Company to appropriately benefit from improved market prices. Additionally, this caused Buenaventura to incur significant expenses during the two-year transition period from 2007 to 2008, which also impacted the income tax paid by Buenaventura for fiscal years 2008 and 2009. However, the modified pricing structure also favorably impacted Buenaventura’s financial results with a corresponding increase in Buenaventura’s income tax payment to SUNAT during subsequent fiscal years. SUNAT’s position is that Buenaventura should disregard the additional expenses incurred in connection with the shift to variable price arrangement for purposes of calculating its income tax for fiscal years 2007 and 2008. According to SUNAT, the said payments correspond to an early settlement of financial derivative contracts in situations where the Company did not establish the purpose or risks covered by such instruments. Furthermore, SUNAT does not recognize the tax losses which the Company offset during fiscal years 2009 and 2010, related to the losses incurred during fiscal years 2007 and 2008. The claim for the years 2007, 2008, 2009 and 2010 initially amounted to 373.3 million soles (approximately US$110.9 million updated at the exchange rate of December 31, 2025) which, when accounting for alleged penalties and fees at the date SUNAT commenced collection proceedings, and according to SUNAT’s estimations, amounted to 2,107.5 million soles (approximately US$625.7 million based on the exchange rate as of December 31, 2025). On November 26, 2020, following the intervening tax court’s decision to dismiss the Company’s appeal against certain Administrative Resolutions issued by SUNAT in connection with the above-referenced matter, SUNAT began collection proceedings in respect of such amounts. 113 Table of Contents On July 30, 2021, the Company paid the full amount of the disputed tax assessment related to the 2007, 2008, 2009 and 2010 tax proceedings that were subject to deferment and installment and that are recorded in the caption “Trade and other receivables, net”. For fiscal years 2007 and 2008, the total amount paid was S/1,583.1 million (equivalent to US$470.3 million based on the exchange rate corresponding to December 31, 2025). For fiscal year 2009, total amount paid was S/193 million (equivalent to US$57.6 million based on the exchange rate corresponding to December 31, 2025). For fiscal year 2010, the Company paid the full amount of S/356.7 million (equivalent to US$94.9 million at the exchange rate corresponding to December 31, 2025). As of December 31, 2025, as a result of the advance payment mentioned above, the deferral and installment resolutions of the SUNAT tax claim have been rendered null and the letters of credit that were delivered as collateral for said disputed payments have been returned to the issuing banks. In November 2023, the Fifth Chamber of Transitory Constitutional and Social Law of the Supreme Court notified the cassation ruling that the lawsuit filed by the Company unfounded regarding the derecognition of carry forwarded tax losses in the fiscal year 2009 to be unfounded. In response, on December 22, 2023, the Company and its sponsoring lawyers filed an amparo request before the Constitutional Chamber of the Superior Court of Justice with the purpose of declaring the annulment of the cassation ruling in response to the grievances to the constitutional right to effective procedural protection of the Company. As part of the assessment of the process’s status as of 2023, the Buenaventura’s legal advisors concluded that the probabilities of recovering a portion of the payments made under protest to the Tax Administration related to fiscal years 2009 and 2010 were less than 50%, hence a liability has been recognized with effect on results for the claim to the Tax Administration of S/420.2 million equivalent to US$113.2 million) regarding the portion of receivables related to these carryforward tax losses. The liability previously mentioned does not represent a withdrawal from the process, since the process remains in progress. Moreover, it does not imply a cash outflow as it is related to a payment in full made in previous years prior to the recognition of the account receivable. In March 2024, the Supreme Court notified the cassation ruling that declared unfounded the lawsuit filed by the Company to assert its position regarding derivative financial instruments operations in 2007. In April 2024, the Company and its sponsoring lawyers filed an amparo lawsuit requesting the nullity of the cassation judgment for grievance to constitutional rights and principles; principle of non-retroactivity of the lay, principle of legal certainty, and principle of legality, and as a successive petition, to order the Supreme Court to issue a new ruling without incurring the claimed grievances. On August 21, 2024, the Company’s counsel appealed such decision, and the case file was elevated to the Supreme Court acting as the appellate court. The Company will continue to file appeals on this matter in the Peruvian courts. These legal proceedings can be costly and time-consuming, and there are no guarantees regarding the final outcome of these proceedings or that SUNAT will not file future claims against us. See Note 30 (d) and 7(c) of the Consolidated Financial Statements for additional information. Critical Accounting Policies, Judgment and Estimates The following is a discussion of our application of critical accounting policies that require our management, or “Management,” to make certain assumptions about matters that are highly uncertain at the time the accounting estimate is made, and where different estimates that Management reasonably could have used in the current period, or changes in the accounting estimate that are reasonably likely to occur from period to period, would have a material impact on our consolidated financial statements. Management has identified the following accounting estimates and policies as critical: ● determination of mineral reserves and resources; ● units of production depreciation; ● closure of mining units provision; 114 Table of Contents ● inventories and net realizable value of inventories; ● impairment of non-financial assets; ● deferred income tax asset and recoverability; ● fair value of contingent consideration; ● contingencies and uncertain tax treatment; and ● useful life of property, plant and equipment. We also have certain accounting policies that we consider important, such as our policies for investments carried at fair value, and exploration costs that do not meet the definition of critical accounting estimates, as they do not require Management to make estimates or judgments that are subjective or highly uncertain. Management has discussed the development and selection of our critical accounting estimates with the Audit Committee of the Board. Determination of mineral reserves and resources Recoverable proven and probable reserves and resources are the part of a mineral deposit than can be economically and legally extracted or produced at the time of the reserve and resources determination. The determination of reserves involves numerous uncertainties with respect to the ultimate geology of the ore bodies, including quantities, grades and recovery rates. Estimating the quantity and grade of reserves and resources requires Buenaventura to determine the size, shape and depth of its ore bodies by analyzing geological data, such as sampling of drill holes, tunnels and other underground workings. In addition to the geology of Buenaventura’s mines, assumptions are required to determine the economic feasibility of mining these reserves, including estimates of future commodity prices and demand, the mining methods Buenaventura used and the related cost incurred to develop and mine its reserves and resources. The process to estimate proven and probable ore reserves and resources is audited by an independent consultant each year. All estimated reserves and resources represent estimated quantities of mineral proven and probable that under current conditions can be economically and legally processed. Changes could occur on reserve and resources estimates due to, among others, revisions to the data or geological assumptions, changes in prices, production costs and results of exploration activities. Changes in estimated reserves and resources could primarily affect the depreciation of development costs, property, plant and equipment related directly to mining activity, the provision for mine closure, the assessment of the deferred asset’s recoverability and the amortization period for development costs. Units of production depreciation Reserves and resources (measured and indicated) are used in determining the depreciation and amortization of mine-specific assets, except for the subsidiary El Brocal who considers only reserves. This results in a depreciation or amortization charge proportional to the depletion of the anticipated remaining LOM production. Each mine’s life is assessed annually to evaluate: (i) physical life limitations inherent to the asset, and (ii) new assessments of mineral reserves economically recoverable. These calculations require the use of estimates and assumptions, including the amount of mineral reserves economically recoverable. Changes in these estimates are recorded prospectively. 115 Table of Contents Closure of mining units provision We record a provision for mine closure when a legally enforceable obligation arises, which is independent of the full depletion of the mine reserves. Once such an obligation has been appropriately measured, it is recorded by creating a liability equal to the amount of the obligation at its present value and recording a corresponding increase to the carrying amount of the related long-lived asset (mine development cost and property, plant and equipment). Over time, the amount of the obligation changes, impacting recording and accretion expenses. Additionally, the capitalized cost is depreciated and/or amortized based on the useful lives of the related assets. Any difference in the settlement of the liability is recorded in the results of the period in which such settlement occurs. The changes in the fair value of an obligation or the useful life of the related assets that occur from the revision of the initial estimates should be recorded as an increase or decrease in the book value of each of the obligation and related asset. Following our accounting treatment, as of December 31, 2025 and 2024, we have recorded an accrual for mine closure costs of US$387.1 million and US$316.9 million, respectively, to comply with governmental requirements for environmental remediation for Buenaventura and its mining subsidiaries. Please see Note 14(b) to the Consolidated Financial Statements. We assess our provision for closure of mining units annually. This assessment entails significant estimates and assumptions because there are a number of factors that will affect the ultimate liability for this obligation. These factors include estimating the scope and costs of closing activities, technological changes, regulatory changes, increases in costs compared to inflation rates and changes in the discount rates. Such estimates or assumptions may result in actual expenses in the future that differ from the amounts provisioned at the time the provisions were established. The provision at the date of this report represents our best estimate of the present value of future costs for the closure of mining units. Inventories and net realizable value of inventories Net realizable value tests are performed at each reporting date and represent the estimated future sales price of the product the entity expects to realize when the product is processed and sold, less estimated costs to complete production and bring the product to sale. Impairment of non-financial assets We assess at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, we estimate the asset’s or cash generating unit’s (“CGU”) recoverable amount. An asset’s or CGU’s recoverable amount is the higher of (i) the fair value less costs of disposal and (ii) value in use; and is determined for an individual asset (cash-generating unit) unless the asset does not generate cash inflows that are clearly independent of those from other assets or groups of assets. These assessments require the use of estimates and assumptions such as long-term commodity prices, discount rates, operating costs and others. These estimates and assumptions are subject to risk and uncertainty. A cash-generating unit is the smallest identifiable group of assets that generates cash inflows from continuing use that are independent of the cash inflow generated by other assets or groups of assets. We have determined the operations of each mining unit as a single cash generating unit. In assessing value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less cost of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. At each reporting date, we update our assessment of the recoverability of the book value of our long-term assets under the procedures established by IAS 36 – “Impairment of Assets” for all of our mining units that had impairment indicators at each reporting date. In 2024, and 2023, we evaluated and concluded that there was no impairment as a result of the analysis of the recoverable amount based on the value in use of our mining units. In 2025, we evaluated and concluded that there was no impairment as a result of the analysis of the recoverable amount based on the value in use for the Colquijirca mining unit, and the fair value less cots of disposal for the Tambomayo, Orcopampa, La Zanja mining units and Río Seco. See note 11(b) to the Consolidated Financial Statements. 116 Table of Contents Impairment charges, if any, have no impact on operating cash flows. Cash flows used to assess recoverability of our long-lived assets and measure the carrying value of our mining operations were derived from current business plans using near-term price forecasts reflective of the current environment and Management’s projections for long-term average metal prices and operating costs. Our asset impairment evaluations based on the value in use required us to make several assumptions in the discounted cash flow valuation of (i) our individual mining operations, including near and long-term metal price assumptions, production volumes, estimates of commodity-based and other input costs and (ii) proven and probable reserve estimates, including any costs to develop the reserves and the timing of producing the reserves, as well as the appropriate discount rate. Our December 31, 2025 and 2024 impairment evaluation was based on price assumptions reflecting prevailing metals prices for the following years. Our asset impairment evaluations based on fair value less costs of disposal required us to rely on valuations prepared by an independent appraiser using the replacement cost method. This approach involved market-based analyses of the underlying assets and appropriate adjustment factors to estimate market value. We believe events that could result in additional impairment of our long-lived assets include, but are not limited to, (i) decreases in future metal prices, (ii) decreases in estimated recoverable proven and probable reserves and (iii) any event that might otherwise have a material effect on mine site production levels or costs. Deferred income tax asset and recoverability Deferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Significant management judgment is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits together with future tax planning strategies. Fair Value of contingent consideration The contingent consideration arising from a business combination is measured at fair value at the date of acquisition, as part of the business combination. If the contingent consideration is eligible to be recognized as a financial liability the fair value is subsequently re-measured at each date of the Consolidated Financial Statements. Determining the fair value of the contingent consideration is based on a model of discounted future cash flows. The key assumptions consider the likelihood of achieving each goal of financial performance as well as the discount rate. The results of the re-measurement are recorded as financial income or cost in the Consolidated Statements of Profit or Loss, see note 28(b) of the Consolidated Financial Statements. Contingencies and uncertain tax treatment Contingent liabilities, when identified, are assessed as either remote, possible or probable. When it is probable that future events will confirm the existence of present obligations that will require an outflow of resources to settle such obligations, the Company records a provision in the consolidated financial statements. Contingent liabilities deemed as possible are only disclosed, together with a possible debit range, when determinable, in notes to the Consolidated Financial Statements. Contingent assets are not recognized in the Consolidated Financial Statements; however, they may be disclosed in notes to the Consolidated Financial Statements if it is probable that such contingent assets will be realized. See Note 30(c) and (d) to the Consolidated Financial Statements. Determining contingencies inherently involves the exercise of judgment and calculation of the estimated outcomes of future events. The Company is subject to income tax in all countries in which it operates. Significant judgement is required in determining the income tax provision. The ultimate tax determination is uncertain for many transactions and calculations. The Company also recognizes liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current and deferred tax assets and liabilities in the period in which such determination is made. 117 Table of Contents The Company determines whether to consider each uncertain tax position separately or together with one or more other uncertain tax positions and uses the approach that better predicts the resolution of the uncertainty. In Peru, there are only two possibilities to measure uncertain Peruvian tax positions: 100% probability of recovery in the event that the Company has a favorable decision on the matter to be evaluated, or 0% probability of recovery, in the event that the Company does not prevail in the procedures before the tax authority. The Company determines, based on its tax compliance and transfer pricing studies whether or not it is probable that its tax positions (including those for the subsidiaries) would be accepted by the tax authorities. Useful life of property, plant and equipment Straight-line method Depreciation is calculated under the straight-line method of accounting considering the lower of estimated useful lives of the asset or estimated reserves of the mining unit. The useful lives are the following: ​ ​ ​ Property, Plant and Equipment ​ ​ ​ Estimated Years of Useful Life Buildings, constructions and other ​ 2 to 40 Hydroelectric power station ​ 20 to 40 Machinery and equipment ​ 2 to 30 Transportation units 5 Furniture and fixtures 3 to 10 Other equipment ​ 3 to 10 Computer equipment 1 to 4 ​ An item of property, plant and equipment is de-recognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising from de-recognizing an asset (calculated as the difference between the proceeds from the sale and the book value of the asset) is included in the consolidated statement of profit or loss in the year the asset is de-recognized. Results of Operations for the Years Ended December 31, 2025 and 2024 Sales of goods. Sales of goods increased by 50%, mainly due to (i) the net effect variation of volume and average prices, and (ii) higher adjustments to prior liquidations and fair value of accounts receivable driven by an increase of mineral prices over the period, as set forth in the chart below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ ​ Sales of goods ​ ​ 2025 ​ ​ 2024 ​ ​ Variation ​ ​ Variation ​ ​ (US$ in thousands) ​ % Silver (a) ​ 626,799 ​ 415,399 ​ 211,400 ​ 51 Copper (b) ​ 588,441 ​ 483,547 ​ 104,894 ​ 22 Gold (c) ​ 388,004 ​ 326,742 ​ 61,262 ​ 19 Zinc (d) ​ 68,188 ​ 63,125 ​ 5,063 ​ 8 Lead ​ 34,304 ​ 33,779 ​ 525 ​ 2 Manganese sulfate (e) ​ 9,114 ​ 3,658 ​ 5,456 ​ 149 Antimony ​ 309 ​ — ​ 309 ​ — ​ ​ 1,715,159 ​ 1,326,250 ​ 388,909 ​ 29 Commercial deductions (f) ​ (122,045) ​ (172,273) ​ 50,228 ​ (29) Fair value of accounts receivable (g) ​ 83,636 ​ (8,039) ​ 91,675 ​ (1,140) Adjustments to prior period liquidations (h) ​ 43,584 ​ 1,652 ​ 41,932 ​ 2,538 Total sales of goods ​ 1,720,334 ​ 1,147,590 ​ 572,744 ​ 50 (a) Silver sales. The increase in silver sales was primarily due to the combined effect of: (i) an increase of 10% in the sales volumes from Uchucchacua/Yumpag mining unit, partially offset by a decrease in sales volume from the Colquijirca mining unit of 11%, and (ii) an increase in the average realized silver price of 45%. (b) Cooper sales. The increase in copper sales was primarily due to the combined effect of a decrease of 7% in the volumes sold from the Colquijirca mining unit which was partially offset by an increase in the average realized cooper price of 11%. (c) Gold Sales. The increase in gold sales was primarily due to the combined effect of: (i) an increase of 95% of the volume sold from Julcani mining unit, partially offset by a decrease in the sales volume from the Tambomayo mining unit of 55%, and (ii) an increase in the average realized price of gold of 47%. 118 Table of Contents (d) Zinc sales. The increase in zinc sales was primarily due to the combined effect of an increase in the average realized zinc price of 5%, which was partially offset by a decrease of 49% in the sales volumes from Tambomayo mining unit. (e) Manganese sulfate sales. The increase in manganese sulfate sales was primarily due the combined effect of: (i) an increase of 150% in the volumes and (ii) an increase in the average realized manganese sulfate price of 552%. (f) Commercial deductions. The decrease of 29% in the commercial deduction is primarily explained by the improvements of commercial terms of copper and silver sales. Commercial deductions corresponds to adjustments in price for treatment and refining charges. These charges can include certain penalties that, in accordance with the applicable contract, are deducted from the international fine metal spot price and that are incurred after the time of sale of the underlaying concentrate. (g) Fair value of account receivable. Sales of goods figures reflect the effect of adjusting the carrying amount of outstanding receivables to their favir value at the end of each period, based on future prices at the quotation date. At the end of period 2025, the trend in metal prices reflected significantly higher prices compared to those used in provisional sales. (h) Adjustments to prior period liquidations. Sales of goods figures consider the effect of the adjustment provisional sales from previous periods, which are subsequently updated based on prices at the quotation date. During 2025, prices primarily increased throughout the year; as a result, liquidations adjustments were significantly higher than in previous years. The following tables reflect the average realized prices and volumes of gold, silver, lead, zinc and copper sold during the years ended December 31, 2025 and 2024, as well as the variation in such average realized prices and volumes recorded for these years: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, Average Realized Price ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ Variation Silver (US$/oz.) ​ 41.87 28.92 45 % Copper (US$/t) ​ 10,071.04 9,063.16 11 % Gold (US$/oz.) ​ 3,547.08 2,406.66 47 % Zinc (US$/t) ​ 2,843.54 2,714.82 5 % Lead (US$/t) ​ 1,911.94 ​ 2,039.30 ​ (6) % Manganese sulfate (US$/t) ​ 446.81 ​ 68.56 ​ 552 % Antimony (US$/t) ​ 28,090.91 ​ — ​ — % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, Volume Sold ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ Variation Silver (oz.) ​ 14,969,374 14,364,215 4 % Copper (t) ​ 58,429 53,353 10 % Gold (oz.) ​ 109,387 135,766 (19) % Zinc (t) ​ 23,980 23,252 3 % Lead (t) ​ 17,942 16,564 8 % Manganese sulfate (t) ​ 20,398 ​ 8,172 ​ 150 % Antimony (t) ​ 11 ​ — ​ — % ​ Sales of services. Sales of services during 2025 increased by 61%, mainly due to higher energy generation and transmission revenues resulting from increased sales to third parties. In contrast, the previous year included revenues from a contract with our mining unit Colquijirca, which concluded in the second quarter of 2024. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ Sales by services ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ Variation ​ ​ ​ Variation ​ ​ (US$ in thousands) ​ % Energy generation and transmission 11,305 7,015 4,290 61 % Total sales of services 11,305 7,015 4,290 61 % ​ 119 Table of Contents Total operating costs. Total operating costs increased by 19% compared to 2024 as indicated in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ Operating Costs ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ Variation ​ ​ ​ Variation ​ ​ (US$ in thousands) ​ % Cost of sales of goods, excluding depreciation and amortization (a) (750,985) (568,482) (182,503) 32 % Unabsorbed cost due to production stoppage (2,968) (2,135) (833) 39 % Cost of sales of services, excluding depreciation and amortization (4,699) (3,050) (1,649) 54 % Depreciation and amortization (b) (120,138) (150,821) 30,683 (20) % Exploration in operating units (51,906) (50,884) (1,022) 2 % Mining royalties (18,552) (19,946) 1,394 (7) % Total operating costs (949,248) (795,318) (153,930) 19 % (a) Cost of sales of goods, excluding depreciation and amortization. The increase in cost of sales of goods was mainly due to the costs related to the new unit Buenaventura trading of US$97.3 million, and higher costs related to production of Río Seco, Uchucchacua/Yumpag and Colquijirca mining unit for a grand total of US$76.7 million. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ Variation ​ ​ ​ Variation ​ ​ (US$ in thousands) ​ Colquijirca (i) (263,877) (242,257) (21,620) 9 % Uchucchacua/Yumpag (ii) (148,599) (118,533) (30,066) 25 % Tambomayo ​ (72,621) ​ (74,030) ​ 1,409 ​ (2) % Buenaventura Trading SAS (iii) (97,281) — (97,281) n/a % Orcopampa (80,860) (78,381) (2,479) 3 % Rio Seco (iv) ​ (47,318) ​ (22,230) ​ (25,088) ​ 113 % Julcani (v) (40,004) (32,966) (7,038) 21 % La Zanja (425) (85) (340) 400 % Cost of sales of goods, excluding depreciation and amortization ​ (750,985) ​ (568,482) ​ (182,503) ​ 32 % (i) Colquijirca. The increase in cost of sales is primarily explained by the lower ore grade obtained during the period, which required higher consumption of supplies to achieve extraction and production levels comparable to those of the previous period. (ii) Uchucchacua/Yumpag. The increase in cost of sales was primarily explained by the higher production of the period considering that Yumpag had a full period of operations (during 2025 Yumpag started operations since April 2024). (iii) Buenaventura Trading SAS. Corresponds to a new unit that is engaged in the purchase and sales of minerals, therefore the related costs correspond to copper and silver purchases made during the period. (iv) Río Seco. The increase in cost of sales is mainly explained by the increase in the production and sales levels of manganese sulfate compared to those of the previous period. ​ (b) Depreciation and amortization. The decrease in depreciation and amortization was primarily due to the increase of the LOM resulting from the update of reserves that reduced the depreciation under production units mainly in the Colquijirca and Tambomayo mining units; partially offset by the decrease of the LOM in the Julcani mining unit. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ Variation ​ ​ ​ Variation ​ ​ (US$ in thousands) ​ % ​ Colquijirca (47,372) (62,085) 14,713 (24) % Tambomayo (26,052) (42,472) 16,420 (39) % Julcani (15,988) (5,764) (10,224) 177 % Orcopampa (10,510) (12,459) 1,949 (16) % Uchucchacua/Yumpag (8,546) (12,234) 3,688 31 % Energy generation and transmission (7,458) (7,773) 315 (4) % La Zanja (2,538) (4,492) 1,954 (43) % Industrial activities (1,674) (3,542) 1,868 (53) % Depreciation and amortization ​ (120,138) ​ (150,821) ​ 30,683 ​ (20) % ​ 120 Table of Contents Total operating income (expenses). Operating income (expenses), net has changed from a net operating income of US$86.4 million to a net operating expense of US$149.2 million in 2025, due to changes in the following components: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ Operating income (expenses), net ​ 2025 ​ ​ ​ 2024 ​ ​ ​ Variation ​ ​ ​ Variation ​ ​ ​ (US$ in thousands) ​ % ​ Administrative expenses (a) ​ (70,213) ​ (61,340) ​ (8,873) ​ 14 % Selling expense ​ (28,662) ​ (25,768) ​ (2,894) ​ 11 % Exploration in non-operating areas ​ (24,766) ​ (21,860) ​ (2,906) ​ 13 % Provision (reversal) for contingences ​ (732) ​ (596) ​ (136) ​ 23 % Income from the sale of investments (b) ​ — ​ 210,000 ​ (210,000) ​ (100) % Cost of sales of impaired supplies (c) ​ (14,707) ​ — ​ (14,707) ​ (100) % Changes in the closure provision of environmental liabilities and exploration projects (d) ​ (471) ​ (4,062) ​ 3,591 ​ (88) % Other, net ​ (9,634) ​ (10,006) ​ 372 ​ (4) % Total operating income (expenses), net ​ (149,185) ​ 86,368 ​ (235,553) ​ (273) % (a) Administrative expenses. The increase in administrative expenses was primarily driven by higher employee’s profit sharing resulting from the Company’s profits during the period 2025. (b) Income from the sale of investments. Corresponds to the one-time income from the sale of the Company’s investment in S.M.R.L. Chaupiloma Dos de Cajamarca for a cash consideration of US$210 million on August 2024. There was no similar divestment during 2025. (c) Cost of sales of impaired supplies. Corresponds to the carrying amount of inventories previously impaired and sold during 2025. The related revenues were not significant and have been recorded in Others, net. (d) Changes in the closure provision of environmental liabilities and exploration projects. The decrease was primarily driven by higher provisions in the period 2024 mainly related to the Colquijirca mining unit and Río Seco for US$1.1 million and US$1.0 million; respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ Non-operating income (expenses) ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ Variation ​ ​ ​ Variation ​ ​ (US$ in thousands) ​ % Shares in the results of associates and joint venture (a) 307,920 ​ 189,847 ​ (151,927) ​ (80) % Finance income (b) 48,346 ​ 12,528 ​ 35,818 ​ 286 % Finance costs (c) (87,129) ​ (65,397) ​ (21,732) ​ 33 % Net income (loss) from currency exchange difference (d) 64,967 ​ (9,184) ​ 74,151 ​ n/a ​ Total non-operating income (expenses), net ​ 64,104 ​ 127,794 ​ (63,690) ​ (50) % (a) Shares in the results of associates and joint ventures. Shares in the results of associates and joint venture increased in US$118.1 million during 2025 compared to 2024 primarily explained by an increase in our net-equity share of Sociedad Minera Cerro Verde S.A.A. for US$81.1 million (See “Item 5. Operating and Financial Review and Prospects – Cerro Verde”) and the effect of changes in our net equity-share of Compañía Minera Coimolache S.A. for US$38.9 million mainly due to an increase in the equity derived from a profit of US$9.9 million in 2024 to a profit of US$107 million in 2025. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ Variation ​ ​ ​ Variation ​ ​ ​ (US$ in thousands) ​ % Associates: ​ ​ ​ ​ ​ ​ ​ ​ ​ Sociedad Minera Cerro Verde S.A.A. ​ ​ ​ 267,610 ​ 186,539 ​ 81,071 ​ 230 % Compañía Minera Coimolache S.A. 42,935 ​ 3,999 ​ 38,936 ​ 10 % Tinka Resource Ltd. (2,881) ​ (817) ​ (2,064) ​ 40 % Joint Venture ​ 256 ​ 126 ​ 130 ​ 97 % Shares in the results of associates and joint ventures ​ 307,920 ​ 189,847 ​ 118,073 ​ 161 % ​ 121 Table of Contents (b) Finance income. Finance income increased by US$35.8 million during 2025 compared to 2024 primarily explained by combined effect of: (i) increase of interest on time deposits accrued in 2025 of US$8.9 million and (ii) interest of tax claims of US$28.2 million. See Note 28(a) of the Consolidated Financial Statements. (c) Finance costs. Finance costs increased by US$21.7 million during 2025 compared to 2024 primarily explained by the combined effect of: (i) higher interest related to the senior notes issued in 2025 for US$16.7 million, (ii) higher fair value variations related to the update of contingent consideration liability for US$4.4 million. See Note 28(a) of the Consolidated Financial Statements. (d) Net income (loss) from currency exchange difference. The change from a foreign exchange loss from US$9.2 million in 2024 to a gain of US$64.9 million in 2025 is primarily explained by exchange rate fluctuations, driven by a year-over-year appreciation of the Peruvian sol against to the U.S. dollar (3.750 PEN/USD as of December 31, 2024, compared to 3.360 PEN/USD as of December 31, 2025). SUNAT’s claims are recorded in Peruvian Soles as part of Buenaventura’s “accounts receivables”; therefore, a higher exchange rate increases the total amount when converted to U.S. dollars. Results of Operations for the Years Ended December 31, 2025 and 2024 by Segment We present the operating results for each of our operating segments for the years ended December 31, 2025 and 2024 in more detail in Note 32 to the Consolidated Financial Statements. Sales of goods – Mining Segments The following tables set forth the volumes of gold, silver, lead, zinc and copper sold at each of our mining segments during the years ended December 31, 2025 and 2024, as well as the variation in such volumes sold for the year ended December 31, 2025 as compared to the year ended December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sales of goods - Mining Segment ​ Volume Sold for the year ended December 31, 2025 (Unaudited) ​ ​ ​ ​ Gold (oz.) ​ ​ ​ Silver (oz.) ​ ​ ​ Lead (t) ​ ​ ​ Zinc (t) ​ ​ ​ Copper (t) Julcani 7,773 ​ 1,300,621 ​ 603 ​ 2 ​ 58 Orcopampa 56,385 ​ 20,029 ​ — ​ — ​ — Uchucchacua/Yumpag — ​ 10,907,520 ​ 15,218 ​ 21,835 ​ — Tambomayo 14,238 ​ 1,015,694 ​ 2,121 ​ 2,143 ​ 404 La Zanja 235 ​ 400 ​ — ​ — ​ — Colquijirca 11,499 ​ 1,554,536 ​ — ​ — ​ 49,124 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sales of goods - Mining Segment ​ Volume Sold for the year ended December 31, 2024 (Unaudited) ​ ​ ​ ​ Gold (oz.) ​ ​ ​ Silver (oz.) ​ ​ ​ Lead (t) ​ ​ ​ Zinc (t) ​ ​ ​ Copper (t) Julcani 3,987 1,342,669 649 — 87 Orcopampa 70,627 27,120 — — 1 Uchucchacua/Yumpag — 9,928,493 12,330 17,451 — Tambomayo 31,328 1,268,157 3,513 4,209 158 La Zanja 15,323 57,835 — — — Colquijirca 14,501 1,739,941 72 1,592 53,107 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mining Segment ​ 2025 vs 2024 Change (%) ​ ​ ​ ​ Gold (oz.) ​ ​ ​ Silver (oz.) ​ ​ ​ Lead (t) ​ ​ ​ Zinc (t) ​ ​ ​ Copper (t) Julcani 95 % (3) % (7) % — % (33) % Orcopampa (20) % (26) % — % — % — % Uchucchacua/Yumpag — % 10 % 23 % 25 % — % Tambomayo (55) % (20) % (40) % (49) % 156 % La Zanja (98) % (99) % — % — % — % Colquijirca (21) % (11) % — % — % (7) % ​ 122 Table of Contents The change in sales of goods for the year ended December 31, 2025 as compared to the year ended December 31, 2024 is mainly explained by the changes in volume sold, as presented in the following chart: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ ​ Sales of goods – Mining Segments ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ Variation ​ ​ ​ Variation ​ ​ (US$ in thousands) ​ % Colquijirca (a) 500,642 ​ 441,456 ​ 59,186 ​ 13 % Uchucchacua/Yumpag (b) 526,819 ​ 328,590 ​ 198,229 ​ 60 % Orcopampa (c) 201,529 ​ 169,779 ​ 31,750 ​ 19 % Tambomayo (d) 104,182 ​ 121,818 ​ (17,636) ​ (14) % Julcani (e) 81,480 ​ 48,619 ​ 32,861 ​ 68 % La Zanja (f) 67,529 ​ 38,978 ​ 28,551 ​ 73 % (a) Colquijirca. Sales of goods increased by 13% in 2025 compared to 2024 primarily due to an increase of 11% and 51% in the realized copper and silver prices in this mining unit, which was partially offset by a 21% and 11% decrease in the volumes of copper and silver sold, respectively, related to the lower ore grade and its impact in production. (b) Uchucchacua/Yumpag. Sales of goods increased by 60% in 2025 compared to 2024 primarily due to a 10%, 21% and 25% increase in the volumes of silver, lead and zinc sold, respectively, related to the full year operation of Yumaq in 2025 compared to eight months in 2024. Moreover, the realized silver and zinc prices in this mining unit increased by 46% and 3% respectively, whereas realized lead prices decreased by 11%. (c) Orcopampa. Sales of goods increased by 19% in 2025 compared to 2024 primarily due to a 26% and 20% decrease in the volumes of silver and gold sold. This decrease was offset by increases of 38% and 48% in the realized silver and gold prices in this mining unit. (d) Tambomayo. Sales of goods decreased by 14 % in 2025 compared to 2024 primarily due to a 20%, 49% and 40% decrease in the volumes of silver, zinc and lead sold, respectively. This decrease was offset by increases of 2% and 56% in the realized zinc and silver prices in this mining unit; whereas realized lead prices decreased by 12%. (e) Julcani. Sales of goods increased by 68% in 2025 compared to 2024 primarily due to a 3% decrease in the volumes of silver sales, partially offset by a 95% increase in the volume of gold sold. Moreover, realized silver and gold prices in this mining unit increased by 38% and 39%, respectively. (f) La Zanja. Sales of goods increased by 73% in 2025 compared to 2024 primarily due to a 46% decrease in the volumes of silver sold. This decrease was offset by an increase of 113% in the realized silver price in this mining unit. Moreover, sales includes inter-segment revenues within the Group amounting to US$66.6 million and US$38.8 million in 2025 and 2024, respectively, Total operating expenses – Mining Segments. The change in operating expenses for the year ended December 31, 2025 as compared to the year ended December 31, 2024 is mainly explained by: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ ​ Operating Expenses – Mining Segments ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ Variation ​ ​ ​ Variation ​ ​ (US$ in thousands) ​ % Julcani (6,278) ​ (3,797) ​ (2,481) 65 % Orcopampa (9,604) ​ (8,386) ​ (1,218) 15 % Uchucchacua / Yumpag (34,319) ​ (32,435) ​ (1,884) 6 % Tambomayo (11,413) ​ (10,811) ​ (602) 6 % La Zanja (6,343) ​ (6,516) ​ 173 (3) % Colquijirca (a) (38,058) ​ (45,617) ​ (7,559) (17) % (a) Colquijirca. The higher operating expenses of US$7.56 million was mainly due to (i) lower selling expenses and provision of contingencies for a grand total of US$5.6 million, offset by higher administrative expenses and exploration in non-operating areas of US$4.0 million, and (ii) higher other expenses of US$6.0 million mainly related to an impairment provision of mill equipment of US$4.1 million performed in year 2024. 123 Table of Contents Total operating expenses - Other Segments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ ​ Operating income (expenses) – Other Segments ​ 2025 ​ ​ ​ 2024 ​ ​ ​ Variation ​ ​ ​ Variation ​ (US$ in thousands) ​ % ​ Trading (30) ​ — ​ (30) ​ — ​ Construction, development and exploration mining projects (a) (4,234) ​ (282) ​ (3,952) ​ 1,401 % Energy generation and transmission segment (2,628) ​ (3,786) ​ 1,158 ​ (31) % Industrial activities (3,917) ​ (1,226) ​ (2,691) ​ 219 % Corporate (b) (27,217) ​ 47,897 ​ (75,114) ​ (157) % Rental of mining concessions (c) — ​ 7,101 ​ (7,101) ​ n/a ​ Holding of investment in shares (d) 230 ​ 139,062 ​ (138,832) ​ (100) % (a) Exploration and development mining projects. The variation from an expense of US$0.3 million in 2024 compared to an expense of US$4.2 million in 2025 was mainly due to the variation of other, net for US$2.0 million related to expenses performed mainly in San Garbiel project. (b) Corporate. The variation from an income of US$47.8 million in 2024 compared to an expense of US$27.2 million in 2025 was mainly due to (i) the sale of the investment in Chaupiloma Dos de Cajamarca of US$70 million in 2024 (Buenaventura’s participation), and (ii) higher administrative expenses related to the update of accumulative corporate expenses of the period. (c) Rental of mining concessions. The Group does not record any rental from mining concessions since July 2024. (d) Holding of investment in shares. The variation from an income of US$139.0 million in 2024 compared to an income of US$0.2 million in 2025 was mainly due to the sale of the investment in Chaupiloma Dos de Cajamarca for US$140 million in 2024 (Condesa’s participation). Results of Operations for the Years Ended December 31, 2024 and 2023 See “Item 5. Operating and Financial Review and Prospects” in our 2025 20-F for a comparative discussion of our consolidated results of operations for the year ended December 31, 2024 and 2023. Reconciliation of Costs Applicable to Sales and Cost Applicable to Sales per Unit Sold Cost applicable to sales and Cost applicable to sales per unit of mineral sold are not measures of financial performance under IFRS accounting standards, 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 accounting standards 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. In calculating these figures, we utilize financial records maintained with respect to the various mining units and subsidiaries, each on a standalone basis. Within the standalone accounts for each mining unit or subsidiary, we then allocate cost of sales (excluding depreciation and amortization), exploration in operating units and selling expenses in the proportion to each mineral’s commercial value (realized price multiplied by volume sold). The tables below set forth (i) a reconciliation of Consolidated Cost of sales of goods excluding depreciation and amortization, and Cost of sales of services 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 years ended December 31, 2025 and 2024 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 years ended December 31, 2025 and 2024 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 operating units (by mine and mineral) to consolidated Cost of sales, excluding depreciation and amortization, consolidated Selling Expenses and Consolidated Exploration in operating units expenses, set forth below. 124 Table of Contents Set forth below is a reconciliation of consolidated Cost of sales, excluding depreciation and amortization, to consolidated Cost applicable to sales: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2025 ​ ​ ​ 2024 ​ (in thousands of US$) Consolidated Cost of sales of goods excluding depreciation and amortization 750,985 ​ 568,482 Cost of sales of services excluding depreciation and amortization 4,699 ​ 3,050 Add: ​ ​ ​ Consolidated Exploration in operating units ​ 51,906 ​ 50,884 Commercial Deductions ​ 122,045 ​ 172,273 Consolidated Selling Expenses ​ 28,662 ​ 25,768 Consolidated Cost applicable to sales 958,297 ​ 820,457 ​ Set forth below is a reconciliation of Cost of sales, excluding depreciation and amortization (by mine and mineral) to consolidated Cost of sales, excluding depreciation and amortization: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Cost of sales by mine and mineral ​ 2025 ​ ​ ​ 2024 ​ (US$ in thousands) Julcani, Gold 13,029 ​ 6,466 Julcani, Silver 25,742 ​ 25,141 Julcani, Lead 553 ​ 884 Julcani, Zinc 3 ​ 0 Julcani, Copper 279 ​ 475 Orcopampa, Gold 80,549 ​ 78,028 Orcopampa, Silver 311 ​ 350 Orcopampa, Copper 0 ​ 3 Uchucchacua/Yumpag, Gold 0 ​ 0 Uchucchacua/Yumpag, Silver ​ 123,922 ​ 94,446 Uchucchacua/Yumpag, Lead ​ 8,016 ​ 8,202 Uchucchacua/Yumpag, Zinc ​ 17,092 ​ 15,886 Tambomayo, Gold ​ 33,144 ​ 41,975 Tambomayo, Silver ​ 30,456 ​ 20,852 Tambomayo, Zinc ​ 3,748 ​ 6,144 Tambomayo, Lead ​ 2,608 ​ 4,204 Tambomayo, Copper ​ 2,666 ​ 856 La Zanja, Gold 39,471 ​ 18,357 La Zanja, Silver 2,156 ​ 809 El Brocal, Gold ​ 18,008 ​ 14,874 El Brocal, Silver ​ 28,842 ​ 20,633 El Brocal, Lead ​ 0 ​ 0 El Brocal, Zinc ​ 0 ​ 1,597 El Brocal, Copper ​ 216,994 ​ 205,153 Buenaventura Trading, Silver ​ 3,735 ​ 0 Buenaventura Trading, Copper ​ 93,546 ​ 0 Non Mining Units ​ 10,815 ​ 6,199 ​ ​ 755,684 ​ 571,532 ​ ​ 125 Table of Contents Set forth below is a reconciliation of Exploration in operating units expenses (by mine and mineral) to consolidated Exploration in operating units expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Exploration in operating units by mine and mineral ​ 2025 ​ ​ ​ 2024 ​ (US$ in thousands) Julcani, Gold 3,086 ​ 2,293 Julcani, Silver 6,097 ​ 8,916 Julcani, Lead 131 ​ 314 Julcani, Zinc 1 ​ 0 Julcani, Copper 66 ​ 168 Orcopampa, Gold 6,697 ​ 7,426 Orcopampa, Silver ​ 26 ​ 33 Orcopampa, Copper ​ 0 ​ 0 Uchucchacua/Yumpag, Gold ​ 0 ​ 0 Uchucchacua/Yumpag, Silver ​ 15,436 ​ 12,758 Uchucchacua/Yumpag, Lead ​ 999 ​ 1,108 Uchucchacua/Yumpag, Zinc 2,129 ​ 2,146 Tambomayo, Gold 2,784 ​ 2,961 Tambomayo, Silver 2,558 ​ 1,471 Tambomayo, Lead 219 ​ 297 Tambomayo, Zinc 315 ​ 434 Tambomayo, Copper 224 ​ 60 La Zanja, Gold 0 ​ 0 La Zanja, Silver ​ 0 ​ 0 El Brocal, Gold 760 ​ 645 El Brocal, Silver 1,218 ​ 894 El Brocal, Lead 0 ​ 0 El Brocal, Zinc 0 ​ 69 El Brocal, Copper 9,162 ​ 8,890 Buenaventura Trading, Silver 0 ​ 0 Buenaventura Trading, Copper 0 ​ 0 Non Mining Units ​ 0 ​ 0 ​ ​ 51,906 ​ 50,884 ​ 126 Table of Contents Set forth below is a reconciliation of Commercial Deductions (by mine and mineral) to consolidated Commercial Deductions in revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Commercial Deductions in operating units by mine and mineral ​ 2025 ​ ​ ​ 2024 ​ (US$ in thousands) Julcani, Gold 304 ​ 541 Julcani, Silver 1,387 ​ 1,920 Julcani, Lead 47 ​ 64 Julcani, Zinc 0 ​ 0 Julcani, Copper ​ 20 ​ 42 Orcopampa, Gold ​ 9 ​ 662 Orcopampa, Silver ​ (1) ​ 4 Orcopampa, Copper ​ 0 ​ 1 Uchucchacua/Yumpag, Gold ​ 1 ​ 0 Uchucchacua/Yumpag, Silver ​ 15,359 ​ 20,049 Uchucchacua/Yumpag, Lead ​ 744 ​ 2,850 Uchucchacua/Yumpag, Zinc ​ 2,449 ​ 11,069 Tambomayo, Gold ​ 1,627 ​ 3,145 Tambomayo, Silver ​ 1,725 ​ 2,117 Tambomayo, Lead ​ 128 ​ 346 Tambomayo, Zinc ​ 1,305 ​ 2,532 Tambomayo, Copper ​ 117 ​ 32 La Zanja, Gold ​ 143 ​ 64 La Zanja, Silver ​ 6 ​ 4 El Brocal, Gold ​ 6,698 ​ 7,891 El Brocal, Silver ​ 9,562 ​ 10,592 El Brocal, Lead ​ 1 ​ (49) El Brocal, Zinc ​ (13) ​ 1,146 El Brocal, Copper ​ 82,135 ​ 107,252 Buenaventura Trading, Silver ​ (66) ​ 0 Buenaventura Trading, Copper ​ (1,644) ​ 0 Non Mining Units 0 ​ 0 ​ 122,045 ​ 172,273 ​ 127 Table of Contents Set forth below is a reconciliation of selling expenses (by mine and mineral) to consolidated selling expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Selling expenses by mine and mineral ​ 2025 ​ ​ ​ 2024 ​ (US$ in thousands) Julcani, Gold 525 ​ 185 Julcani, Silver 1,037 ​ 718 Julcani, Lead 22 ​ 25 Julcani, Zinc 0 ​ 0 Julcani, Copper 11 ​ 14 Orcopampa, Gold 723 ​ 627 Orcopampa, Silver 3 ​ 3 Orcopampa, Copper 0 ​ 0 Uchucchacua/Yumpag, Gold ​ 0 ​ 0 Uchucchacua/Yumpag, Silver ​ 11,144 ​ 5,854 Uchucchacua/Yumpag, Lead ​ 721 ​ 508 Uchucchacua/Yumpag, Zinc ​ 1,537 ​ 985 Tambomayo, Gold 570 ​ 1,657 Tambomayo, Silver 523 ​ 823 Tambomayo, Lead 45 ​ 166 Tambomayo, Zinc 64 ​ 243 Tambomayo, Copper 46 ​ 34 La Zanja, Gold 320 ​ 620 La Zanja, Silver 17 ​ 27 El Brocal, Gold 648 ​ 768 El Brocal, Silver 1,038 ​ 1,065 El Brocal, Lead 0 ​ 0 El Brocal, Zinc 0 ​ 82 El Brocal, Copper 7,808 ​ 10,587 Buenaventura Trading, Silver 0 ​ 0 Buenaventura Trading,Copper 0 ​ 0 Non Mining Units 1,860 ​ 777 ​ 28,662 ​ 25,768 ​ Set forth below is a reconciliation of Cost of sales, excluding depreciation and amortization, to Cost applicable to sales and Cost applicable to sales per unit of mineral for the Julcani mine: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ JULCANI ​ ​ GOLD (oz.) ​ SILVER(oz.) ​ LEAD (t) ​ COPPER (t) ​ ​ For the year ended ​ For the year ended ​ For the year ended ​ For the year ended ​ ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ (US$ in thousands except operating and per unit data) Consolidated Cost of sales of goods excluding depreciation and amortization and 13,029 ​ 6,466 ​ 25,742 ​ 25,141 ​ 553 ​ 884 ​ 279 ​ 475 Cost of sales of services excluding depreciation and amortization ​ 0 ​ 0 ​ 0 ​ 0 ​ 0 ​ 0 ​ 0 ​ 0 Add: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration in units in operation 3,086 ​ 2,293 ​ 6,097 ​ 8,916 ​ 131 ​ 314 ​ 66 ​ 168 Commercial Deductions 304 ​ 541 ​ 1,387 ​ 1,920 ​ 47 ​ 64 ​ 20 ​ 42 Selling expenses 525 ​ 185 ​ 1,037 ​ 718 ​ 22 ​ 25 ​ 11 ​ 14 Cost applicable to sales 16,943 ​ 9,485 ​ 34,262 ​ 36,695 ​ 753 ​ 1,287 ​ 376 ​ 699 Divide: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Volume Sold (unaudited) 7,773 ​ 3,987 ​ 1,300,621 ​ 1,342,669 ​ 603 ​ 649 ​ 58 ​ 87 Cost applicable to sales per unit of mineral sold (US$) 2,180 ​ 2,379 ​ 26.34 ​ 27.33 ​ 1,250 ​ 1,984 ​ 6,501 ​ 8,016 ​ 128 Table of Contents Set forth below is a reconciliation of Cost of sales, excluding depreciation and amortization, to cost applicable to sales and Cost applicable to sales per unit of mineral for the Orcopampa mine: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ORCOPAMPA ​ ​ GOLD (oz.) ​ SILVER (oz.) ​ COPPER (t) ​ ​ For the year ended ​ For the year ended ​ For the year ended ​ ​ December 31, ​ December 31, ​ December 31, ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ (US$ in thousands except operating and per unit data) Consolidated Cost of sales of goods excluding depreciation and amortization and 80,549 ​ 78,028 ​ 311 ​ 350 ​ 0 ​ 3 Cost of sales of services excluding depreciation and amortization 0 ​ 0 ​ 0 ​ 0 ​ 0 ​ 0 Add: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration in units in operation 6,697 ​ 7,426 ​ 26 ​ 33 ​ 0 ​ 0 Commercial Deductions 9 ​ 662 ​ (1) ​ 4 ​ 0 ​ 1 Selling expenses ​ 723 ​ 627 ​ 3 ​ 3 ​ 0 ​ 0 Cost applicable to sales ​ 87,979 ​ 86,744 ​ 339 ​ 390 ​ 0 ​ 4 Divide: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Volume Sold (unaudited) 56,385 ​ 70,626 ​ 20,029 ​ 27,121 ​ 0 ​ 1 Cost applicable to sales per unit of mineral sold (US$) 1,560 ​ 1,228 ​ 16.90 ​ 14.39 ​ 0 ​ 5,850 ​ Set forth below is a reconciliation of Cost of sales, excluding depreciation and amortization, to cost applicable to sales and Cost applicable to sales per unit of mineral for the Uchucchacua/Yumpag mine: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UCHUCCHACUA / YUMPAG ​ ​ SILVER (oz.) ​ LEAD (t) ​ ZINC (t) ​ ​ For the year ended ​ For the year ended ​ For the year ended ​ ​ December 31, ​ December 31, ​ December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ (US$ in thousands except operating and per unit data) Consolidated Cost of sales of goods excluding depreciation and amortization and ​ 123,922 ​ 94,446 ​ 8,016 ​ 8,202 ​ 17,092 ​ 15,886 Cost of sales of services excluding depreciation and amortization 0 ​ 0 ​ 0 ​ 0 ​ ​ ​ ​ Add: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration in units in operation 15,436 ​ 12,758 ​ 999 ​ 1,108 ​ 2,129 ​ 2,146 Commercial Deductions 15,359 ​ 20,049 ​ 744 ​ 2,850 ​ 2,449 ​ 11,069 Selling expenses ​ 11,144 ​ 5,854 ​ 721 ​ 508 ​ 1,537 ​ 985 Cost applicable to sales ​ 165,861 ​ 133,107 ​ 10,480 ​ 12,668 ​ 23,208 ​ 30,085 Divide: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Volume Sold (unaudited) 10,907,520 ​ 9,928,493 ​ 15,217 ​ 12,330 ​ 21,835 ​ 17,451 Cost applicable to sales per unit of mineral sold (US$) 15.21 ​ 13.41 ​ 689 ​ 1,027 ​ 1,063 ​ 1,724 ​ 129 Table of Contents Set forth below is a reconciliation of Cost of sales, excluding depreciation and amortization, to Cost applicable to sales and Cost applicable to sales per unit of mineral for the Tambomayo mine: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TAMBOMAYO ​ ​ GOLD (oz.) ​ SILVER (oz.) ​ LEAD (t) ​ ZINC(t) COPPER (t) ​ ​ For the year ended ​ For the year ended ​ For the year ended ​ For the year ended For the year ended ​ ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ (US$ in thousands except operating and per unit data) Consolidated Cost of sales of goods excluding depreciation and amortization and ​ 33,144 ​ 41,975 ​ 30,456 ​ 20,852 ​ 2,608 ​ 4,204 ​ 3,748 ​ 6,144 ​ 2,666 ​ 856 Cost of sales of services excluding depreciation and amortization 0 ​ 0 ​ 0 ​ 0 ​ 0 ​ 0 ​ 0 ​ 0 ​ 0 ​ 0 Add: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration in units in operation 2,784 ​ 2,961 ​ 2,558 ​ 1,471 ​ 219 ​ 297 ​ 315 ​ 434 ​ 224 ​ 60 Commercial Deductions 1,627 ​ 3,145 ​ 1,725 ​ 2,117 ​ 128 ​ 346 ​ 1,305 ​ 2,532 ​ 117 ​ 32 Selling expenses 570 ​ 1,657 ​ 523 ​ 823 ​ 45 ​ 166 ​ 64 ​ 243 ​ 46 ​ 34 Cost applicable to sales 38,124 ​ 49,739 ​ 35,263 ​ 25,263 ​ 2,999 ​ 5,012 ​ 5,432 ​ 9,352 ​ 3,053 ​ 981 Divide: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Volume Sold (unaudited) 14,238 ​ 31,328 ​ 1,015,694 ​ 1,268,157 ​ 2,121 ​ 3,513 ​ 2,143 ​ 4,209 ​ 404 ​ 158 Cost applicable to sales per unit of mineral sold (US$) 2,678 ​ 1,588 ​ 34.72 ​ 19.92 ​ 1,414 ​ 1,426 ​ 2,535 ​ 2,222 ​ 7,556 ​ 6,211 ​ Set forth below is a reconciliation of Cost of sales, excluding depreciation and amortization, to cost applicable to sales and Cost applicable to sales per unit of mineral for the La Zanja mine: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LA ZANJA ​ ​ GOLD (oz.) ​ SILVER (oz.) ​ ​ For the year ended ​ For the year ended ​ ​ December 31, ​ December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ (US$ in thousands except operating and per unit data) Consolidated Cost of sales of goods excluding depreciation and amortization and ​ 39,471 ​ 18,357 ​ 2,156 ​ 809 Cost of sales of services excluding depreciation and amortization 0 ​ 0 ​ 0 ​ 0 Add: ​ ​ ​ ​ ​ ​ ​ Exploration in units in operation 0 ​ 0 ​ 0 ​ 0 Commercial Deductions ​ 143 ​ 64 ​ 6 ​ 4 Selling expenses ​ 320 ​ 620 ​ 17 ​ 27 Cost applicable to sales 39,934 ​ 19,041 ​ 2,180 ​ 840 Divide: ​ ​ ​ ​ ​ ​ ​ Volume Sold (unaudited) 19,492 ​ 15,323 ​ 89,310 ​ 57,835 Cost applicable to sales per unit of mineral sold (US$) 2,049 ​ 1,243 ​ 24.41 ​ 14.52 ​ 130 Table of Contents Set forth below is a reconciliation of Cost of sales, excluding depreciation and amortization, to cost applicable to sales and Cost applicable to sales per unit of mineral for the El Brocal mine: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ EL BROCAL ​ ​ GOLD (oz.) ​ SILVER (oz.) ​ LEAD (t) ​ ZINC (t) ​ COPPER (t) ​ ​ For the year ended ​ For the year ended ​ For the year ended ​ For the year ended ​ For the year ended ​ ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2025 ​ ​ ​ 2024 ​ 2025 ​ ​ ​ 2024 ​ ​ (US$ in thousands except operating and per unit data) Consolidated Cost of sales of goods excluding depreciation and amortization and ​ 18,008 ​ 14,874 ​ 28,842 ​ 20,633 ​ 0 ​ 0 ​ 0 ​ 1,597 ​ 216,994 ​ 205,153 Cost of sales of services excluding depreciation and amortization ​ 0 ​ 0 ​ 0 ​ 0 ​ 0 ​ 0 ​ 0 ​ 0 ​ 0 ​ 0 Add: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration in units in operation ​ 760 ​ 645 ​ 1,218 ​ 894 ​ 0 ​ 0 ​ 0 ​ 69 ​ 9,162 ​ 8,890 Commercial Deductions ​ 6,698 ​ 7,891 ​ 9,562 ​ 10,592 ​ 1 ​ (49) ​ (13) ​ 1,146 ​ 82,135 ​ 107,252 Selling expenses ​ 648 ​ 768 ​ 1,038 ​ 1,065 ​ 0 ​ 0 ​ 0 ​ 82 ​ 7,808 ​ 10,587 Cost applicable to sales 26,114 ​ 24,177 ​ 40,660 ​ 33,184 ​ 1 ​ (49) ​ (13) ​ 2,895 ​ 316,099 ​ 331,882 Divide: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Volume Sold (unaudited) 11,499 ​ 14,501 ​ 1,554,536 ​ 1,739,941 ​ 0 ​ 72 ​ 0 ​ 1,592 ​ 49,124 ​ 53,107 Cost applicable to sales per unit of mineral sold (US$) 2,271 ​ 1,667 ​ 26.16 ​ 19.07 ​ 0 ​ 0 ​ 0 ​ 1,818 ​ 6,435 ​ 6,249 ​ Set forth below is a reconciliation of Cost of sales, excluding depreciation and amortization, to cost applicable to sales and Cost applicable to sales per unit of mineral for Buenaventura Trading: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ BUENAVENTURA TRADING ​ ​ SILVER (oz.) ​ COPPER (t) ​ ​ For the year ended ​ For the year ended ​ ​ December 31, ​ December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ (US$ in thousands except operating and per unit data) Consolidated Cost of sales of goods excluding depreciation and amortization and 3,735 0 93,546,546 0 Cost of sales of services excluding depreciation and amortization 0 0 0 0 Add: ​ ​ ​ ​ Exploration in units in operation — 0 — 0 Commercial Deductions (66) 0 (1,644) 0 Selling expenses — 0 — 0 Cost applicable to sales 3,670 0 91,902 0 Divide: ​ ​ ​ ​ Volume Sold (unaudited) 81,665 0 8,843 0 Cost applicable to sales per unit of mineral sold (US$) 44.93 0 10,392 0 ​ Set forth below is a reconciliation of Cost of sales, excluding depreciation and amortization, to cost applicable to sales and Cost applicable to sales per unit of mineral for non-mining units: ​ ​ ​ ​ ​ ​ ​ NON-MINING UNITS TOTAL ​ ​ For the year ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ (US$ in thousands except operating and per unit data) Consolidated Cost of sales of goods excluding depreciation and amortization and 6,128 ​ 3,149 Cost of sales of services excluding depreciation and amortization 4,687 ​ 3,050 Add: ​ ​ ​ Exploration in units in operation 0 ​ 0 Commercial Deductions ​ 0 ​ 0 Selling expenses ​ 1,860 ​ 777 Cost applicable to sales 12,675 ​ 6,976 ​ 131 Table of Contents B.Liquidity and Capital Resources As of December 31, 2025 and 2024, we had cash and cash equivalents of US$529.8 million and of US$478.7 million, respectively. Cash provided by operating activities for the years ended December 31, 2025 and 2024. Net cash and cash equivalents provided by operating activities changed from a net cash-inflow of US$486.1 million in 2024 to a net cash-inflow of US$577.3 million in 2025, primarily due to the changes shown in the chart below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ ​ Operating activities cash flows ​ 2025 ​ ​ ​ 2024 ​ ​ ​ Variation ​ ​ ​ Variation ​ (US$ in thousands) ​ % ​ Proceeds from sales (a) 1,459,767 1,142,569 317,198 28 % Dividends received from related parties (b) ​ 118,004 ​ 168,890 ​ (50,886) ​ (30) % Value-added tax and other taxes recovered 98,014 35,455 62,559 176 % Interest received 19,018 5,210 13,808 265 % Dividends received from other investments 1,050 1,150 (100) (9) % Payments to suppliers and third parties, and other net (c) (733,001) (597,949) (135,052) 23 % Payments to employees (d) (178,147) (149,482) (28,665) 19 % Payments for tax litigation (8,296) (6,862) (1,434) 21 % Income tax and Royalties paid to Peruvian State (e) (137,391) (58,918) (78,473) 133 % Interest paid (45,524) (38,172) (7,352) 19 % Payments of mining royalties ​ (16,174) ​ (15,832) ​ (342) ​ 2 % Net operating activities cash flows 577,320 486,059 91,261 19 % (a) The increase in the proceeds from sales was mainly due to higher sales resulting from the increase of volume sold and improvement of metal prices such as gold, silver and copper compared to year 2024, sales details are described in Results of Operations for the Years Ended December 31, 2025 and 2024 by Segment. (b) The increase is mainly explained by a decrease in dividends received from Cerro Verde from US$166.5 million received during 2024 to US$107.7 million received in 2025. (c) The increase in payments to suppliers and third parties is mainly explained by the increase in the cost of sales, excluding depreciation and amortization, and operation expenses, as described in Results of Operations for the Years Ended December 31, 2025 and 2024 by Segment. (d) The increase is mainly explained by higher direct labor costs resulting mostly from the increase of workers profit share in line with the higher taxable income of the year 2025, as described in Results of Operations for the Years Ended December 31, 2025 and 2024 by Segment. (e) The higher income tax and royalties paid to Peruvian State are mainly explained by the increase of the taxable income that increased the income tax and mining royalties of (i) the Company from US$18.9 million in 2024 to US$45.9 million in 2025 and (ii) Colquijirca mining unit from US$31.9 million in 2024 to US$43.2 million in 2025. Moreover, the Company made additional tax payments in 2025 related to the senior notes transaction of US$5.8 million and tax payments related to claims of US$8.3 million. ​ 132 Table of Contents Cash used in investing activities for the years ended December 31, 2025 and 2024. Net cash and cash equivalents used in investing activities changed from a net cash outflow of US$117.9 million to a net cash outflow of US$477.7 million primarily due to the changes shown in the chart below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, Investing activities cash flows ​ 2025 ​ ​ ​ 2024 ​ ​ ​ Variation ​ ​ ​ Variation % ​ (US$ in thousands) ​ Proceeds from sale of investments in Contacto ​ — ​ 1,060 ​ (1,060) ​ (100) % Proceeds from sale of property, plant and equipment (a) 2,242 11,131 (8,889) (80) % Proceeds from sale of investments in Chaupiloma (a) — 210,534 (210,534) (100) % Additions to property, plant and equipment (b) (473,008) (337,743) (135,265) 40 % Cash contribution in associate ​ — ​ (400) ​ 400 ​ (100) % Payments for acquisition of other assets ​ (6,900) ​ (2,506) ​ (4,394) ​ 175 % Net investing activities cash flows ​ (477,666) ​ (117,924) ​ (359,742) ​ 305 % (a) During 2025, the Company recorded collections from the sale of not strategic components of property, plant and equipment, whereas in 2024, the Company recorded collections from the sale of all of the shares the Company owned in Chaupiloma Dos de Cajamarca for a consideration collected in full of US$210 million (b) During 2025 corresponds primarily to development expenses and work in progress of San Gabriel related to the commissioning for the crushing, grinding, grinding and leaching circuits for a grand total of US$335.9 million, and Colquijirca for US$48.1 million related to the expansion of the tailing dam infrastructures, whereas in 2024 the amounts were mostly related to the initial development of San Gabriel, as well as other developments in Trapiche and Colquijirca mining units. Cash provided by (used in) financing activities for the years ended December 31, 2025 and 2024. Net cash and cash equivalents used in financing activities changed from a net cash outflow of US$109.5 million in 2024 to a net cash outflow of US$48.5 million in 2025 primarily due to the changes shown in the chart below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, Financing activities cash flows ​ 2025 ​ ​ ​ 2024 ​ ​ ​ Variation ​ ​ ​ Variation ​ ​ (US$ in thousands) Issuance of Senior Notes, net of issuance costs (a) 634,344 — 634,344 — % Payments of financial obligations (a) (556,750) (79,602) (477,148) 599 % Lease payments (3,366) (4,138) 772 (19) % Dividends paid to controlling interest (b) (110,949) (18,440) (92,509) 502 % Dividends paid to non-controlling shareholders (b) (11,529) (7,343) (4,186) 57 % Decrease (Increase) of bank accounts in trust — 33 (33) (100) % Net financing activities cash flows (48,250) (109,490) 61,240 (56) % ​ (a) During 2025, the Company received funds from the issuance of the new senior notes, and also recorded the liquidation of the previous senior notes liabilities, the detail of the transaction are included in the section Long Term Debt. (b) Dividends increased as a result of higher net profit attributable to shareholders in 2024, distributed in the first half of 2025, and stronger partial results in 2025, partially distributed in the final quarter of the year. Short-Term Debt We borrow, from time to time, short-term unsecured loans from local Peruvian banks to supplement our working capital needs at favorable short-term interest rates. During 2025 and 2024, the Group did not acquire any short-term debt. ​ 133 Table of Contents Long-Term Debt Empresa de Generación Huanza S.A. The long-term debt of Huanza is made up of: (i) a financial lease agreement with Banco de Crédito del Perú (Tranche I) on December 2, 2009 whose terms and conditions were updated through subsequent addenda on October 29, 2020 and April 29, 2022; and (ii) a financial lease agreement with Banco de Crédito del Perú (Tranche II) on June 30, 2014 whose terms and conditions were updated through subsequent addenda on October 29, 2020 and April 29, 2022. As of December 31, 2024 and 2023, the total amount outstanding under the lease was US$73.1 million and US$79.4 million, respectively. Below we detail the main additional terms and conditions: ​ ​ ​ ​ ​ ​ ​ ​ ​ Tranche I ​ ​ ​ Tranche II Principal ​ US$35,000,000 ​ US$55,000,000 Annual interest rate 5.05% ​ 5.05% Term 60 months since May 2, 2022 with final maturity in 2027. 60 months since May 2, 2022 with final maturity in 2027. Guarantee Leased equipment Leased equipment. Amortization Through 20 fixed quarterly installments and a final installment of US$22,531,250 at the end of the payment term. Through 20 fixed quarterly installments and a final installment of US$35,406,250 at the end of the payment term. ​ In addition, Huanza granted a security interest for 100% of shares. According to the lease contract mentioned above, Huanza is required to maintain the following financial ratios: - Debt service coverage ratio: Higher than 1.2. - Debt ratio less than 2.20. 5.500% Senior Notes due 2026 In order to comply with its tax obligations, the Buenaventura’s Shareholders’ Meeting held on May 21, 2021 and its board of directors meeting held on July 12, 2021 approved the issue of senior unsecured notes due 2026 (hereinafter the “2026 Notes”) which were issued on July 23, 2021. On February 4, 2025, Buenaventura purchased, by means of a tender offer, approximately 72.98% of the 2026 Notes outstanding as of such date. Thereafter, Buenaventura exercised its redemption rights pursuant to the terms of the Notes and on July 23, 2025 it redeemed the remaining outstanding 2026 Notes. 6.800% Senior Notes due 2032 At Buenaventura’s Shareholders’ Meeting held on December 4, 2024 and its board of directors meeting held on January 23, 2025 the issue of the following series of notes (which were issued on February 4, 2025) was approved, with the following terms: - Denomination of Issue: US$650,000,000 6.800% Senior Notes due 2032. - Principal Amount: US$650,000,000. - Issue Date: February 4, 2025. - Maturity Date: February 4, 2032. - Issue Price: 98.367% of the principal amount. - Interest Rate: 6.800% (coupon) per annum. - Offering Format: private placement under Rule 144A and Regulation S of the U.S. Securities Act of 1933. - Listing: The bonds are in the process of being listed on the SGX-ST The Notes were offered in a private placement to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended (hereinafter the “Securities Act”), and outside the United States to non-U.S. persons in accordance with Regulation S under the Securities Act. The Notes are fully and unconditionally guaranteed jointly and severally by Inversiones Colquijirca S.A., Procesadora Industrial Río Seco S.A. and Consorcio Energético Huancavelica S.A. 134 Table of Contents As part of its issuance of the Notes, Buenaventura entered into an indenture (the “Indenture”) among Buenaventura, The Bank of New York Mellon, and various subsidiary guarantors. Under the terms of the Indenture, Buenaventura agreed to comply with certain restrictive covenants. As a result of these covenants, Buenaventura must confirm that it is in compliance with the Notes Indenture if it wants to undertake any of the following transactions that involve: (i) the incurrence of additional debt; (ii) certain asset sales; (iii) the making of certain investments; (iv) the payment of dividends; (v) the purchasing of Buenaventura’s equity interests or making any principal payment prior to any scheduled final maturity or scheduled repayment of any indebtedness that is subordinated to the Notes (collectively, “Restricted Payments”, as defined in the Indenture); (vi) creation of liens; or (vii) a merger, consolidation or sale of substantially all assets. These covenants are known as “Limitations on Incurrence of Indebtedness”, “Limitation on Asset Sales”, “Limitation on Restricted Payments”, “Limitation on Liens” and “Limitation on Merger, Consolidation or Sale of Assets”, respectively, which also have exceptions that let the Company operate in the ordinary course of business. Exploration Costs and Capital Expenditures During the years ended December 31, 2025, 2024 and 2023, our expenses in exploration in non-operating areas and on exploration in operating units were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2025 ​ 2024 ​ 2023 ​ ​ (US$ in thousands) Exploration in non-operating areas ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marcapunta 11,958 ​ 7,966 ​ 4,095 La Zanja Sulfides (Emperatriz) 3,216 ​ 4,000 ​ 3,958 Algarrobo 2,206 ​ — ​ — El Faique 1,956 ​ 1,434 ​ 614 Don Jorge ​ 103 ​ 1,431 ​ 208 Tajo Norte ​ — ​ 1,425 ​ — Anamaray (Uchucchacua) ​ — ​ 891 ​ — San Gabriel ​ 1,199 ​ 623 ​ 1,148 Trapiche ​ 21 ​ 468 ​ — Ccelloccasa ​ — ​ — ​ 151 Other, net 4,107 ​ 3,622 ​ 3,278 Total exploration in non-operating areas 24,766 ​ 21,860 ​ 13,452 ​ ​ ​ ​ ​ ​ ​ Exploration in operating areas ​ ​ ​ ​ ​ Uchucchacua/Yumpag 18,528 ​ 16,013 ​ 24,423 Colquijirca 11,140 ​ 10,497 ​ 7,761 Julcani ​ 9,415 ​ 11,691 ​ 6,990 Orcopampa ​ 6,724 ​ 7,460 ​ 6,071 Tambomayo ​ 6,099 ​ 5,223 ​ 3,446 La Zanja ​ — ​ — ​ 538 Total exploration in operating areas 51,906 ​ 50,884 ​ 49,229 ​ ​ 135 Table of Contents We expect that we will meet our working capital, capital expenditure and exploration expense requirements for the next several years from internally generated funds, cash on hand and dividends received from our investments in non-consolidated mining operations. Additional financing, if necessary, for the construction of any project, is expected to be obtained from borrowings under bank loans and the issuance of debt securities. There can be no assurance, however, that sufficient funding will be available to us from the internal or external sources to finance any future capital expenditure program, or that external funding will be available to us for such purpose on terms or at prices favorable to us. A very significant decline in the prices of gold and silver would be reasonably likely to affect the availability of such sources of liquidity. In addition, if we fund future capital expenditures from internal cash flow, there may be fewer funds available for the payment of dividends. Standards and interpretations issued but not yet effective Certain new accounting standards and interpretations have been issued that were not yet effective as of December 31, 2025, and the Company has not opted for early adoption thereof as of the date of this report. These standards are not expected to have a material impact on the Company in the current or future reporting periods and on foreseeable future transactions. IFRS 18 Presentation and disclosures in Financial Statements - In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. It also requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and includes new requirements for aggregation and disaggregation of financial information based on the identified ‘roles’ of the primary financial statements (PFS) and the notes. In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from ‘profit or loss’ to ‘operating profit or loss’ and removing the optionality around classification of cash flows from dividends and interest. Consequently, there are new amendments to several other standards. IFRS 18, and the amendments to the other standards, is effective for reporting periods beginning on or after 1 January 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively. The Group is currently working to identify all impacts the amendments will have on its consolidated financial statements. IFRS 19 Subsidiaries without Public Accountability: Disclosures – In May 2024, the IASB issued IFRS 19, which allows eligible entities to elect to apply its reduced disclosure requirements while still applying the recognition, measurement and presentation requirements in other IFRS accounting standards. To be eligible, at the end of the reporting period, an entity must be a subsidiary as defined in IFRS 10, cannot have public accountability and must have a parent (ultimate or intermediate) that prepares consolidated financial statements, available for public use, which comply with IFRS accounting standards. IFRS 19 will become effective for reporting periods beginning on or after 1 January 2027, with early application permitted. Since the Company is a public entity, IFRS 19 does not apply. Amendments to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7 - In May 2024, the IASB issued Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments (the “Amendments”). These include: ● Clarification that a financial liability is derecognized on the “settlement date” and the introduction of an accounting option (if certain conditions are met) to derecognize financial liabilities settled through an electronic payment system before the settlement date. 136 Table of Contents ● Additional guidance on how contractual cash flows for financial assets linked to environmental, social, and governance (ESG) sustainability characteristics should be assessed. ● Clarifications on what is considered “non-recourse” characteristics and what the characteristics of contractually linked instruments are. ● New disclosure requirements for financial instruments with contingent characteristics, and additional requirements for equity instruments classified at fair value through other comprehensive income (OCI). The amendments are effective for annual periods beginning on or after January 1, 2026, with early adoption permitted for the classification of financial assets and the associated disclosures. The Group does not anticipate that these amendments will have a material impact on its consolidated financial statements. Annual Improvements to International Financial Reporting Standards – Volume 11 – In July 2024, the IASB issued narrow-scope improvements as part of the periodic maintenance of IFRS standards. The improvements include clarifications, simplifications, corrections, or changes to enhance consistency in: IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 7 Financial Instruments: Disclosures and its Implementation Guidance. The amendments will become effective for annual periods beginning on or after January 1, 2026. Early adoption is permitted, provided that this fact is disclosed. The Group does not expect these amendments to have a material impact on its consolidated financial statements. Nature-dependent Electricity Contracts – Amendments to IFRS 9 and IFRS 7 – In December 2024, the IASB issued amendments to IFRS 9 and IFRS 7 – Nature-dependent Electricity Contracts. The amendments apply only to contracts that reference nature-dependent electricity and include: ● Clarification of the “own-use” requirement for contracts within the scope. ● Amendments to the hedge designation requirements for cash flow hedging relationships in contracts within the scope. ● New disclosure requirements to enable investors to understand the effect of these contracts on the Company’s financial performance and cash flows. The amendments will be effective for annual periods beginning on or after January 1, 2026. Early adoption is permitted, and it must be disclosed. The amendments related to “own-use” must be applied retrospectively, while those related to hedge accounting apply prospectively to new hedging relationships from the initial application date. The disclosure amendments to IFRS 7 must be implemented alongside the modifications to IFRS 9. If the entity does not restate comparative information, it cannot present comparative disclosures. The Group does not expect these amendments to have a material impact on its consolidated financial statements. The Group is currently working to identify all the impacts that the modifications will have on the consolidated financial statements. Off-Balance Sheet Arrangements Other than in connection with the Bonds, there are no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors. 137 Table of Contents Tabular Disclosure of Contractual Obligations The following table shows our contractual obligations as of December 31, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payments due by Period (US$ in millions) ​ ​ Less than ​ Between 1 ​ Between 2 ​ More than 5 ​ ​ ​ ​ 1 year ​ and 2 years ​ and 5 years ​ years ​ Total ​ ​ US$(000) ​ US$(000) ​ US$(000) ​ US$(000) ​ US$(000) Trade and other payables ​ ​ ​ 457,832 ​ — ​ — ​ — ​ 457,832 Financial obligation – capital 6,750 ​ 59,625 ​ — ​ 650,000 ​ 716,375 Financial obligation – interest 47,401 ​ 45,673 ​ 132,600 ​ 66,300 ​ 291,974 Lease – capital 1,201 ​ 978 ​ 3,411 ​ 1,822 ​ 7,412 Lease – interest 496 ​ 409 ​ 730 ​ 155 ​ 1,790 Contingent consideration liability 4,634 ​ 5,249 ​ 18,030 ​ 61,822 ​ 89,735 Total Contractual Cash Obligations 518,314 ​ 111,934 ​ 154,771 ​ 780,099 ​ 1,565,118 ​ As of December 31, 2025, we had no other commercial commitments. C.Research and Development Not applicable. D.Trend Information Other than as disclosed in this Annual Report, we are not aware of any trends, uncertainties, demands, commitments, or events which are reasonably likely to have a material effect upon our net sales or revenues, income from continuing operations, profitability, liquidity or capital resources, or that would cause reported financial information to be not necessarily indicative of future operating results or financial condition. For our exploration activities, there is no production, sales or inventory in a conventional sense. Our financial success is dependent upon the extent to which we are capable of discovering mineralization and the economic viability of exploration properties. The construction and operation of such properties may take years to complete and the resulting income, if any, cannot be determined with certainty. Further, the sales value of mineralization discovered by us is largely dependent upon factors beyond our control, including the market value of the metals produced at any given time. E. Critical Accounting Estimates A summary of our significant accounting judgments, estimates and assumptions is included in Note 3 to our audited consolidated financial statements, which are included in this Annual Report. 138 Table of Contents CERRO VERDE Introduction The following discussion should be read in conjunction with the Cerro Verde Financial Statements as of December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023 and the related Notes thereto included elsewhere in this Annual Report, and (ii) Item 5 to our 2025 20-F. The Cerro Verde Financial Statements are prepared and presented in accordance with IFRS accounting standards as issued by the IASB. A. Operating Results Overview We hold a 19.58% interest in Cerro Verde, which operates an open-pit copper and molybdenum mining complex located 20 miles southwest of Arequipa, Peru. The site is accessible by paved highway. The Cerro Verde mine has been in operation since 1976 and was previously owned by the Peruvian government before its privatization in 1993. Freeport-McMoRan Inc. holds a majority interest in Cerro Verde. The Cerro Verde mine is a porphyry copper deposit that has oxide, secondary sulfide, and primary sulfide mineralization. The predominant oxide copper minerals are brochantite, chrysocolla, malachite and copper “pitch.” Chalcocite and covellite are the most important secondary copper sulfide minerals. Chalcopyrite, minor bornite and molybdenite are the dominant primary sulfides. The Cerro Verde’s operation includes 2 concentrating facilities with an annual average permitted milling capacity of 409,500 metric tonnes of ore per day (and the ability to annually treat up to 10% more for a total of 450,450 metric tonnes of ore per day). As a result of several efficiency initiatives implemented over the past several years, Cerro Verde’s 2 concentrators were able to achieve a combined average milling rate exceeding 400,000 metric tonnes of ore per day since 2023. Cerro Verde also operates SX/EW leaching facilities, which have a production capacity of approximately 200 million pounds of copper per year. The available fleet consists of fifty-four 300-metric-ton haul trucks, ninety-one 250-metric-ton haul trucks (19 of which are currently on standby) and twenty 380-metric-ton haul trucks (13 of which are currently leased) loaded by 14 electric shovels with bucket sizes ranging from 33]to 57 cubic meters. This fleet is capable of moving an average of approximately 1,000,000 metric tonnes of material per day. Copper cathodes and concentrate production that are not sold locally are transported approximately 70 miles by truck and by rail to the Port of Matarani for shipment to international markets. Molybdenum concentrate is transported by truck to either the Ports of Callao or Matarani for shipment. Cerro Verde currently receives electrical power, including hydro-generated power, under long-term contracts with ElectroPeru and Engie Energia Peru S.A. During 2023, Cerro Verde entered into a new power purchase agreement that is expected to transition its electric power to fully renewable energy sources in 2026. Water for Cerro Verde’s processing operations comes from renewable sources through a series of storage reservoirs on the Río Chili watershed that collect water primarily from seasonal precipitation and from wastewater collected from the city of Arequipa and treated at a wastewater treatment plant originally constructed and currently operated by Cerro Verde. In December 2025, Cerro Verde entered into an offtake agreement with SEDAPAR, the municipal water and sanitation services provider in the Arequipa region, to operate, maintain and expand the existing wastewater treatment plant and complete additional infrastructure projects, for the benefit of Arequipa’s population. Cerro Verde believes that the operation has sufficient water sources to support current operations, but they are closely monitoring ongoing weather patterns. 139 Table of Contents Presented in the table below are certain summary financial and operating data regarding Cerro Verde for the years ended December 31, 2025, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the year ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ 2023 Income statement data (1) ​ ​​ ​ ​ ​ ​​ Sales (US$ in thousands) 4,728,340 ​ 4,238,322 ​ 4,143,228 Profit for the year (US$ in thousands) 1,367,129 ​ 953,177 ​ 778,964 Proven and Probable Reserves (2) ​ ​ ​ ​ ​ ​ Proven: ​ ​ ​ ​ ​ Leachable ore reserves (metric tonnes in thousands) 17,067 ​ 17,282 ​ 23,585 Millable ore reserves (metric tonnes in thousands) 726,013 ​ 629,278 ​ 654,982 Probable: ​ ​ ​ ​ ​ Leachable ore reserves (metric tonnes in thousands) 58,232 ​ 61,522 ​ 65,324 Millable ore reserves (metric tonnes in thousands) 3,058,800 ​ 3,185,994 ​ 3,343,085 Average copper grade of leachable ore reserves (%) 0.21 ​ 0.24 ​ 0.24 Average copper grade of millable ore reserves (%) 0.34 ​ 0.34 ​ 0.35 Production ​ ​ ​ ​ ​ Cathodes (in thousands of recoverable pounds) 62,180 ​ 76,211 ​ 99,962 Concentrates (in thousands of recoverable pounds) 800,919 ​ 873,252 ​ 885,580 Average realized price of copper sold (US$per ton payable) 10,781 ​ 9,237 ​ 8,532 (1) Derived from Cerro Verde’s financial statements. See the Cerro Verde Financial Statements, including the Notes thereto, appearing elsewhere in this Annual Report. (2) Reserve calculations are derived from “Item 3. Key Information – A. Selected Financial Data.” Cerro Verde used US$3.25 per pound of copper to determine copper as of December 31, 2025. The calculation or estimation of proven and probable ore reserves for Cerro Verde may differ in some respects from the calculations of proven and probable ore reserves for us located elsewhere in this Annual Report. According to Cerro Verde, ore estimates for Cerro Verde are based upon engineering evaluations, proven and probable mineral reserves were determined from the application of relevant modifying factors to geological data to establish an operational, economically viable mine plan. Cerro Verde’s ore estimates include assessments of the resource, mining and metallurgy, as well as consideration of economic, marketing, legal, environmental, social and governmental factors, including projected long-term prices for copper and molybdenum and Cerro Verde’s estimate of future cost trends. (3) Derived from “Item 3. Key Information – A. Selected Financial Data.” Cerro Verde Mining Royalties On June 23, 2004, Law 28258 was approved, which requires the holder of a mineral concession to pay a royalty in return for the exploitation of metallic and non-metallic minerals. The royalty is calculated using ranging from 1% to 3% of the value of concentrate or its equivalent according to the international price of the commodity published by the Ministry of Energy and Mines. Prior to January 1, 2014, the Company determined that these royalties were not applicable because it operated under the 1998 Stability Agreement with the Peruvian government. However, beginning January 1, 2014, the Company began paying royalties calculated on operating income with rates between 1% to 12% and a new special mining tax for its entire production base under its current 15-year tax stability agreement, which became effective January 1, 2014. The amount to be paid for the mining royalty will be the greater of a progressive rate of the quarterly operating income or 1% of quarterly sales. SUNAT assessed mining royalties on materials processed by the Company’s concentrator, which commenced operations in late 2006. These assessments cover the period December 2006 to December 2013. The Company contested each of these assessments because it considers that its 1998 Stability Agreement exempts from royalties all minerals extracted from its mining concession, irrespective of the method used for processing such minerals. No assessments can be issued for years after 2013, as the Company began paying royalties on all of its production in January 2014 under its new 15-year stability agreement. 140 Table of Contents Since 2017, the Company has recognized the related expense for the royalty and special mining tax assessments for the period December 2006 through the year 2013. Since 2014, the Company has made total payments of S/2.9 billion (US$791.9 million based on the date of payment exchange rate) for the disputed assessments for the period from December 2006 through December 2013 under installment payment programs granted through scheduled monthly installments, which were paid in advance in August 2021. In February 2020, Freeport, on its own behalf and on behalf of the Company, requested the initiation of an international arbitration proceeding against the Government of Peru under the United States-Peru Trade Promotion Agreement. The hearing on the merits was held in May 2023 and the final argument took place on July 15, 2023. In April 2020, Sumitomo filed another international arbitration proceeding against the Peruvian government under the Netherlands-Peru Bilateral Investment Treaty. The hearing on the Sumitomo merits was held in February 2023. In May 2024, the arbitration tribunal in the case of Freeport and the Peruvian government issued its decision and dismissed the claims that Freeport (on behalf of itself and Cerro Verde) filed in 2020. Other than expenses that each party must assume, the decision by the arbitration tribunal did not result in any additional impact to the Cerro Verde’s financial statements because Cerro Verde had previously paid in prior years all disputed tax assessments and the related penalties and interest that the Peruvian government had demanded in relation to royalties and related taxes, which were the amounts in dispute in the arbitration. On September 16, 2024, Freeport (on behalf of itself and Cerro Verde) filed a Partial Annulment Application based on the Award’s rejection of Freeport’s claims for penalties and interest on the Royalty Assessments be annulled. The issuance of the arbitration decision for the Sumitomo case is currently pending. Critical Accounting Policies Cerro Verde has furnished us with a discussion of its critical accounting policies and methods used in the preparation of its financial statements. Critical accounting policies are defined as those that are reflective of significant judgments and uncertainties and could potentially impact results under different assumptions and conditions. Note 2 to the Cerro Verde Financial Statements includes a summary of the significant accounting policies and methods used in the preparation of the Cerro Verde Financial Statements. The following is a brief discussion of the identified critical accounting policies and the estimates and judgments made by Cerro Verde. Contingencies By their nature, contingencies will be resolved only when one or more uncertain future events occur or fail to occur. The assessment of the existence and potential amount of contingencies inherently involves the exercise of significant judgment and the use of estimates regarding the outcome of future events. Stripping cost Cerro Verde incurs waste removal costs (stripping costs) during the development and production phases of its surface mining operations. Production stripping costs can be incurred both in relation to the production of inventory in that period and the creation of improved access and mining flexibility in relation to ore to be mined in the future. The waste removal cost is included as part of the costs of inventory, while the production stripping costs are capitalized as a stripping activities asset, as part of the “property, plant and equipment, net” if certain criteria are met. Inventories Net realizable value tests are performed at least annually and represent the estimated future sales price of the product based on prevailing spot metals prices, less estimated costs to complete production and bring the inventory to sale. Additionally, in calculating the net realizable value of Cerro Verde’s long-term stockpiles, Cerro Verde’s management also considers the time value of money. Mill and leach stockpiles generally contain lower grade ores that have been extracted from the ore body and are available for copper recovery. Mill stockpiles contain sulfide ores and recovery of metal is through milling and concentrating. Leach stockpiles contain oxide ores and certain secondary sulfide ores and recovery of metal is through exposure to acidic solutions that dissolve contained copper and deliver it in a solution to extraction processing facilities. 141 Table of Contents Because it is generally impracticable to determine copper contained in mill and leach stockpiles by physical count, a reasonable estimation method is employed. The quantity of material delivered to mill and leach stockpiles is based on surveyed volumes of mined material and daily production records. Sampling and assaying of blast hole cuttings determine the estimated copper grades of material delivered to mill and leach stockpiles. Expected copper recovery rates for mill stockpiles are determined by metallurgical testing. The recoverable copper in mill stockpiles, once entered into the production process, can be produced into copper concentrate almost immediately. Expected copper recovery rates for leach stockpiles are determined using small-scale laboratory tests, historical trends and other factors, including mineralogy of the ore and rock type. Total copper recovery in leach stockpiles can vary significantly depending on several variables, including processing methodology, processing variables, mineralogy and particle size of the rock. Process rates and metal recoveries are monitored regularly, and recovery estimates are adjusted periodically as additional information becomes available and as related technology changes. Determination of mineral reserves Mineral reserves are the parts of mineral deposit ore that can be economically and legally extracted from the mine concessions. Cerro Verde estimates its mineral reserves based on information compiled by individuals qualified in reference to geological data about the size, depth and form of the ore body, and requires geological judgments in order to interpret the data. The estimation of recoverable reserves involves numerous uncertainties with respect to the ultimate geology of the ore body, including quantities, grades and recovery rates. Estimating the quantity and grade of mineral reserves requires Cerro Verde to determine the size, shape and depth of the ore body by analyzing geological data. In addition to the geology, assumptions are required to determine the economic feasibility of mining the reserves, including estimates of future commodity prices and demand, future requirements of capital and production costs and estimated exchange rates. Revisions in reserve or resource estimates have an impact on the value of mining properties, property, plant and equipment, provisions for cost of mine closure, recognition of assets for deferred taxes and depreciation and amortization of assets. Units of production Depreciation Estimated mineral reserves are used in determining the depreciation and/or amortization of mine-specific assets. This results in a depreciation/amortization charge proportional to the depletion of the anticipated remaining life-of-mine production. The life of each item, which is assessed at least annually, is impacted by both its physical life limitations and present assessments of economically recoverable reserves of the mine property where the asset is located. These calculations require the use of estimates and assumptions, including the amount of recoverable reserves. Provision for remediation and Mine Closure Cerro Verde assesses its provision for remediation and mine closure quarterly. It is necessary to make estimates and assumptions in determining this provision, including cost estimates of activities that are necessary for the rehabilitation of the site, technological and regulatory changes, interest rates and inflation rates. As discussed in Note 2(j) to the Cerro Verde Financial Statements, estimated changes in the fair value of the provision for remediation and mine closure or the useful life of the related assets are recognized as an increase or decrease in the book value of the provision and related asset retirement cost (“ARC”) in accordance with IAS 16, “Property, Plant and Equipment.” According to Cerro Verde’s accounting policies, the provision for remediation and mine closure represents the present value of the costs that are expected to be incurred in the closure period of the operating activities of Cerro Verde. Closure budgets are reviewed regularly to take into account any significant change in the studies conducted. Nevertheless, the closure costs of mining units will depend on the market prices for the closure work required, which would reflect future economic conditions. Also, the timing of disbursements depends on the useful life of the mine, which is based on estimates of future commodity prices. If any change in the estimate results in an increase to the provision for remediation and mine closure and related ARC, Cerro Verde shall consider whether or not this is an indicator of impairment of the assets and will apply impairment tests in accordance with IAS 36, “Impairments of Assets.” 142 Table of Contents Impairment of Long-lived Assets Cerro Verde has determined that its operations consist of one cash generating unit. Therefore, Cerro Verde’s operations are evaluated at least annually in order to determine if there are impairment indicators. If any such indication exists, Cerro Verde makes an estimate of the recoverable amount, which is the greater of the fair value less costs to sell and the value in use. These assessments require the use of estimates and assumptions, such as long-term commodity prices, discount rates, operating costs and others. Fair value is defined as the amount that would be obtained from the sale of the asset in an arm’s-length transaction between willing and knowledgeable parties. The fair value of assets is generally determined as the current value of future cash flows derived from the continuous use of the asset, which includes estimates, such as the cost of future expansion plans and eventual disposal, while applying assumptions that an independent market participant may take into account. The cash flows are discounted by applying a discount rate that reflects the current market, the time value of money and the risks specific to the asset. Results of Operations for the Years Ended December 31, 2025 and 2024 Sales. Sales, including mark-to-market adjustments for pounds of copper pending settlement and sales of molybdenum and silver contained in copper concentrates, increased by 12%, from US$4,238.3 million in 2024 to US$4,728.3 million in 2025, principally due to higher copper prices during 2025 compared to 2024, despite a decrease in the volume of copper sold during such period. The following table reflects the average realized price and volume sold of copper (both cathode and copper concentrate) during the years ended December 31, 2025, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ 2023 ​ ​ ​ Variation Average price ​ ​ ​ ​ ​ ​ Copper (US$ per metric ton) 10,781 ​ 9,237 ​ 8,532 17 % Volume sold (unaudited) ​ ​ ​ ​ ​ ​ ​ Copper (in metric tonnes) 393,197 ​ 431,571 ​ 450,449 (9) % ​ Average realized copper prices per metric tonnes increased from US$9,237 in 2024 to US$10,781 in 2025. The volume of copper sold decreased from 431,571 metric tonnes in 2024 to 450,449 metric tonnes in 2025. The combined effect of these changes resulted in a US$490.0 million increase in income from sales in 2025 compared to 2024. Total costs of sales of goods. Total costs of sales of goods decreased from US$2,588.8 million in 2024 to US$2,562.3 million in 2025, mainly due to the net effect of the following: (a) Materials and supplies decreased from US$917.5 million in 2024 to US$884.4 million in 2025, primarily associated with lower material processed at mills. (b) Labor costs, including workers’ profit sharing, decreased from US$501.7 million in 2024 to US$430.0 million in 2025. This was primarily explained because in year 2024 Cerro Verde recorded non-recurring cost associated with new collective labor agreements reached with its union, partially offset by higher profit-sharing expenses in year 2025. (c) Depreciation of property, plant and equipment increased from US$571.9 million in 2024 to US$637.5 million in 2025, due to higher stripping activity asset depreciation. Total operating expenses. Operating expenses increased by 7%, from US$164.0 million in 2024 to US$175.7 million in 2025 due mainly to the following: (a) Other operating expenses increased by 168%, from US$23.7 million in 2024 to US$63.5 million in 2025 primarily associated with the deployment of a new enterprise resource management system. (b) Selling expenses decreased by 19%, from US$145.8 million in 2024 to US$118.6 million in 2025 primarily associated with lower volume sold. 143 Table of Contents Income tax. Income tax expense, including current and deferred expense, increased by 29%, from an expense of US$564.6 million in 2024 to an expense of US$728.2 million in 2025 primarily due to higher taxable profit generated in 2025 partially offset by a tax credit as a result of the closure of the 2020 tax audit. Profit of the year. As a result of the foregoing, profit of the year increased by 43%, from US$953.2 million in 2024 to US$1,367.1 million in 2025. As a percentage of net sales, net income was 22% in 2024, compared to 29% in 2025. Results of Operations for the Years Ended December 31, 2024 and 2023 See “Item 5. Operating and Financial Review and Prospects” in our Form 20-F for the year ended December 31, 2024 for a comparative discussion of Cerro Verde’s consolidated results of operations for the year ended December 31, 2024 and 2023. B. Liquidity and Capital Resources As of December 31, 2025, Cerro Verde had cash and cash equivalents of US$1,088.1 million, compared to US$689.7 million as of December 31, 2024. Cash provided by operating activities for the years ended December 31, 2025, and 2024. Net cash and cash equivalents provided by operating activities were US$1,739.9 million in 2025, compared to net cash provided by operating activities of US$1,698.6 million in 2024. This change in net cash flow provided by operating activities in 2025 compared to 2024 was mainly attributable to the following factors: A decrease in payments from trade accounts and benefits to employees from US$2,150 million in 2024 to US$2,024 million in 2025; partially offset by an increase in tax payment from US$548 million in 2024 to US$651 million in 2025. Cash used in investing activities for the years ended December 31, 2025, and 2024. Net cash used in investing activities increased from US$658.1 million in 2024 to US$769.0 million in 2025. Cash used in financing activities for the years ended December 31, 2025, and 2024. Net cash and cash equivalents used in financing activities was US$860.4 million in 2024, compared to net cash used in financing activities of US$572.5 million in 2025 primarily due to lower amount of dividends paid. The following table shows Cerro Verde’s contractual obligations as of December 31, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payments due by Period (US$ in millions) ​ ​ ​ ​ Less than 1 ​ 1-5 ​ More than 5 ​ ​ ​ ​ Total ​ ​ ​ Year ​ ​ ​ years ​ ​ ​ Years Trade accounts payable ​ 314.1 ​ 314.1 ​ — ​ — Accounts payable – related parties ​ 2.9 ​ 2.9 ​ — ​ — Lease liabilities ​ 112.3 ​ 25.1 ​ 81.5 ​ 5.7 Other accounts payable ​ 32.9 ​ 32.9 ​ — ​ — Total Contractual Cash Obligations ​ 462.2 ​ 375.0 ​ 81.5 ​ 5.7 ​ Long-term Debt As of December 31, 2025, Cerro Verde had total long-term debt of US$87.2 million associated with lease liabilities. Off-Balance Sheet Arrangements Cerro Verde has informed us that there are no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on Cerro Verde’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors. Gold, silver, lead and copper hedging and sensitivity to market price 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. 144 Table of Contents C. Research and Development Not applicable. D. Trend Information Other than as disclosed in this Annual Report, Cerro Verde has informed us that it is not aware of any trends, uncertainties, demands, commitments or events which are reasonably likely to have a material effect upon Cerro Verde’s net sales or revenues, income from continuing operations, profitability, liquidity or capital resources, or that would cause reported financial information to not necessarily be indicative of future operating results or financial condition. E. Critical Accounting Estimates A summary of our significant accounting policies is included in Note 3 to our audited consolidated financial statements, which are included in this annual report. ​