BUENAVENTURA
A.History and Development
Overview
We are Peru’s largest publicly traded precious metals company in terms of market capitalization as of December 31, 2025 and we are engaged in the exploration, mining and processing of gold, silver, copper and (to a lesser extent) other metals in Peru. We currently operate El Brocal (Colquijirca-Marcapunta), Uchucchacua/Yumpag, Orcopampa, Tambomayo, Julcani, and La Zanja mines and have a non-controlling interest in the Coimolache mine. We also operate Condesa, a mining and facilities holding company and own an electric power transmission company, a hydroelectric plant and a processing plant, as well as non-controlling interests in several other mining companies, including a significant ownership interest in Cerro Verde, a Peruvian company that operates a copper mine located in the south of Peru. In addition, we operate Buenaventura Trading S.A.S., a trading company. For the year ended December 31, 2025, our consolidated operating income were US$1,732 million and our consolidated net profit was US$830 million.
Discontinued operations. As of December 31, 2025, we have classified two mining units as units with discontinued operations: Poracota and Shila-Paula. See Note 2.4 (u) to the Consolidated Financial Statements.
The table below summarizes the total production and our equity share of production for the Orcopampa, Uchucchacua/Yumpag, Julcani, Tambomayo, El Brocal, La Zanja, Coimolache and Cerro Verde mines for the year ended December 31, 2025:
Total Production (unaudited) Buenaventura’s Equity Share of Production (unaudited)
Buenaventura’s
Equity Silver Gold Lead Zinc Copper Molybdenum Silver Gold Lead Zinc Copper Molybdenum
UNIT Ownership (Oz) (Oz) (t) (t) (t) (t) (Oz) (Oz) (t) (t) (t) (t)
Orcopampa 100.00 % 18,358 55,632 0 0 0 0 18,358 55,632 0 0 0 0
Uchucchacua/Yumpag 100.00 % 11,126,109 0 16,050 26,239 0 11,126,109 0 16,050 26,239 0 0
Julcani 100.00 % 1,369,756 8,669 679 459 0 1,369,756 8,669 679 0 459 0
Tambomayo 100.00 % 1,119,821 15,842 2,734 2,781 84 0 1,119,821 15,842 2,734 2,781 84 0
El Brocal 61.43 % 1,895,554 21,102 0 0 51,902 0 1,164,439 12,963 0 0 31,883 0
La Zanja 100.00 % 48,081 20,061 0 0 0 48,081 20,061 0 0 0 0
Coimolache 40.094 % 331,401 64,229 0 0 0 132,872 25,752 0 0 0 0
Cerro Verde 19.58 % 3,300,513 0 0 0 391,495 9,694 646,240 0 0 0 76,655 1,898
Total Production 19,209,593 185,535 19,464 29,020 443,940 9,694 15,625,676 138,919 19,464 29,020 109,081 1,898
Compañía de Minas Buenaventura S.A.A., a sociedad anónima abierta (publicly held corporation) under the laws of Peru, was originally established in 1953 as a corporation (sociedad anónima) under the laws of Peru. Our registered office is located at Las Begonias 415, 19th floor, Lima 27, Peru, telephone no. 511-419-2500. Our website may be found at http://www.buenaventura.com. The information on our website is not a part of, and is not incorporated into, this document.
The SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. All of the SEC filings made electronically by the Company are available to the public on the SEC website at www.sec.gov (commission file number 1-14370).
History
During the first several decades of our operations, we focused on the exploration and development of silver mines in Peru, including our Julcani, Orcopampa and Uchucchacua mines. Beginning in the early 1980s, we began to explore for gold and other metals in Peru, in order to diversify our business and reduce our dependence on silver. We expanded our mineral reserves through property acquisition and intensive exploration programs which were designed to increase reserves and production of gold. We also conducted exploration leading to the discovery of gold mineralization and subsequent production of gold at our Orcopampa, La Zanja and Tambomayo mines.
Over the last 45 years, we have held an interest in Sociedad Minera El Brocal S.A.A., or “El Brocal,” located in Cerro de Pasco, where we currently own a 61.43% stake and manage the operation. El Brocal operates two mines: Colquijirca and Marcapunta.
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In 2024, we began operations at Yumpag, a silver mine located in Pasco, which utilizes the nearby Uchucchacua plant for mineral processing. By the end of 2025, our San Gabriel mine was in the process of transitioning from project execution toward the commencement of operations, which began in January 2026. San Gabriel is an underground gold and silver mine, with doré bars as the final product.
In addition, we made significant equity investments in Cerro Verde, which operates an open pit copper mine in Peru, and Coimolache, which owns the Coimolache gold mine that we operate. As a result of these initiatives, the majority of our revenues are now derived from the production of gold, silver and copper.
Business Strategy
Our strategy is to maximize the Issuer’s value by operating mines with strong and sustainable cash generation. To achieve this, we focus on developing operations that meet the following criteria: (i) positioned near the second quartile of the cost curve, (ii) with a life of mine (“LOM”) exceeding five years for underground operations and over ten years for open-pit operations, and (iii) generating Adjusted EBITDA margins of more than 30% on an average LOM basis.
Our current revenue mix consists of 59% precious metals and 41% base metals. We plan to conduct future exploration programs to maintain a well-diversified metal portfolio.
Regarding leverage, the Issuer has successfully reduced its consolidated net debt (defined as consolidated debt less cash and cash equivalents, excluding any amount listed in the Issuer’s consolidated statement of financial position as “restricted” on such statement of financial position) to Adjusted EBITDA ratio from 3.60:1 as of December 31, 2021 to 0.22:1 as of December 31, 2025. The Issuer’s goal is to maintain a leverage ratio below 2.00:1.
In line with its financial strategy, the Issuer has secured the necessary liquidity to fund its CAPEX programs for the coming years. As part of this strategy, on August 13, 2024, Buenaventura, together with its subsidiary Compañía Minera Condesa S.A. (Condesa), sold their holdings in their jointly-wholly owned subsidiary S.M.R.L. Chaupiloma Dos de Cajamarca (Chaupiloma), the collector of royalties from the Yanacocha mine, to Compañía de Regalías del Perú S.A. (a subsidiary of Franco-Nevada Corporation). Buenaventura and Condesa received a total cash payment of US$210 million (US$70 million and US$140 million corresponding to the Company and Condesa, respectively) upon closing on August 13, 2024, and, subject to satisfaction of the condition that the Conga project achieves commercial production for a full year prior to the twentieth anniversary of closing of the transaction, Buenaventura is entitled to receive a contingent payment in an amount equal to 118,534 common shares of Franco-Nevada or US$15 million in the event that Franco-Nevada is no longer a public company listed on any stock exchange.
We are actively engaged in exploration and mine development programs and are involved in several mining exploration projects with Southern Copper Corporation, Freeport-McMoRan Inc., and Tinka Resources Limited. Additionally, we are focused on enhancing the efficiency and capacity of our mining operations. We are committed to our social and environmental responsibilities and strive to excel in the prevention, mitigation, and rehabilitation of mining-related impacts.
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Maintaining an Active Exploration Program
During the years ended December 31, 2025, 2024 and 2023, our “exploration in non-operating areas” expenses and “exploration in operating units” expenses were as follow:
Year ended December 31,
2025 2024 2023
(US$ in thousands)
Exploration in non-operating areas
Marcapunta 11,958 7,966 4,095
Emperatriz 3,216 4,000 3,958
Algarrobo 2,206 — —
El Faique 1,956 1,434 614
San Gabriel 1,199 623 1,148
Don Jorge 103 1,431 208
Trapiche 21 468 —
Tajo Norte — 1,425 —
Anamaray (Uchucchacua) — 891 —
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 units
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
In 2026 we intend to invest approximately between US$85.0 and US$95.0 million in exploration in operating units (mainly in Uchucchacua/Yumpag and El Brocal) and between US$25.0 and US$35.0 million in exploration in non-operating areas.
Participation in Mining Exploration Agreements
In addition to managing and operating precious metals mines, we participate in mining exploration agreements with mining partners to reduce risks, gain exposure to new technologies and diversify revenues to include other base metals, such as copper and zinc. See “B. Business Overview—Exploration.” We believe that maintaining our focus on mining operations complements our partnership strategy because the engineering and geological expertise gained from such operations enhances our ability to participate in, and contribute to, those projects.
Buenaventura recognizes the increasing relevance of climate change for Peru and the areas where our mining operations are conducted. In response to this challenge, our company has continued its assessment of climate change-associated risks, expanding the analysis to incorporate updated climate data and forecasts provided by national institutions, as well as direct monitoring from our operational units. This approach allows us to evaluate potential climate-related impacts on our operations and to take preventive measures that ensure business continuity and environmental responsibility.
Buenaventura proactively aligns its sustainability efforts with international best practices, including recommendations from the Task Force on Climate-related Financial Disclosures (“TCFD”). Buenaventura has strengthened its alignment with the TCFD recommendations through an updated gap assessment that identifies key areas for improvement. This process has resulted in a strategic roadmap for compliance, prioritizing climate governance, risk management, and climate-related financial disclosures.
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We have enhanced our analysis of long-term climate risks by refining the assessment of physical risks at each of our mining operations. This assessment follows the methodology proposed by the Intergovernmental Panel on Climate Change (IPCC) Sixth Assessment Report (AR6) and considers two climate scenarios—SSP1-2.6 and SSP5-8.5—across three time horizons: baseline, 2030, and 2050. These results will guide our adaptation and mitigation strategies moving forward.
Regarding greenhouse gas (GHG) emissions management, Buenaventura remains committed to a low-emission operational strategy supported by the use of renewable energy across its mining operations, where 94% of electricity consumption is sourced from renewable energy.
According to our 2024 corporate carbon footprint inventory, total GHG emissions reached 396,157.56 tCO₂e with a location-based approach and 309,650.54 tCO₂e with a market-based approach. This represents a slight variation from previous years, largely influenced by operational adjustments and energy procurement strategies. In line with our sustainability commitments, we have outlined our renewable energy consumption strategy for our mining operations. Our continued investment in cleaner energy sources aligns with our long-term goal of reducing our carbon footprint while maintaining operational efficiency.
Regarding physical climate risks, Buenaventura’s operations continue to be exposed to physical risks that are carefully monitored, and mitigation strategies are continuously improved to ensure the safety of our workforce and the resilience of our infrastructure.
The analysis identified the main risks associated with the Mining Units (MUs) as follows:
● An increase in indicators associated with extreme heat is projected for 2030 and 2050 in all MUs in both scenarios evaluated.
● Water stress risks for all MUs evaluated present a minimum baseline exposure level, considering the low materialization of impacts in areas with high water availability, and a moderate risk level for the La Zanja, Coimolache, Colquijirca, and Ucchuchacua MUs for an SSP5-8.5 climate scenario by 2050.
● In all MUs, the risk of extreme cold decreases by 2030 and 2050 compared to the baseline due to rising global temperatures.
● Indicators of flooding due to river overflows and flooding due to extreme rainfall were classified as low risk in the La Zanja, Coimolache, and Orcopampa MUs and moderate risk in the Colquijirca, Tambomayo, Uchuchaccua, and Julcani MUs. These findings are consistent with the company’s internal climate risk assessments, which highlight the increasing frequency and intensity of extreme precipitation events as a potential factor affecting mining infrastructure and access to operations.
In terms of transition risks, Buenaventura faces potential regulatory, technological, and market-related challenges as part of the shift to a low-carbon economy.
● Regulatory Risks: Changes in carbon pricing mechanisms and environmental regulations could impose additional costs on mining operations.
● Technological Risks: The transition to cleaner technologies may require significant investments, and existing processes may become obsolete.
● Market Risks: Evolving investor and consumer preferences may increase demand for sustainable mining practices and low-emission mineral production.
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Climate change adaptation remains a priority for Buenaventura. We continue to strengthen the resilience of our infrastructure against extreme weather events by actively monitoring climate projections through 2050 and adjusting operational strategies to mitigate potential disruptions. To enhance our preparedness, particular attention is given to integrated water management practices, while we continue improving early warning systems, implementing annual rainy season plans, upgrading and continuously monitoring infrastructure, and integrating climate risk considerations into corporate planning.
Our key objectives include efficient and sustainable water management, maintaining high standards in the use of renewable energy across our operations, and long-term operational sustainability through investments in cleaner technologies, renewable energy, and energy efficiency improvements.
We actively engage with stakeholders to ensure transparency in our climate strategy, emissions data, and risk management approaches. Our reporting aligns with global sustainability standards, reinforcing our commitment to responsible mining and corporate environmental stewardship.
As we move forward, Buenaventura will continue strengthening its climate strategy through ongoing risk assessments, emission reduction initiatives, and stakeholder engagement efforts. We remain committed to aligning our business practices with global sustainability trends while maintaining our operational resilience in the face of climate-related challenges. Through these actions, we reinforce our position as a responsible mining company dedicated to environmental stewardship and sustainable growth.
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Mining Operations
Map 1. Mines and Properties in Peru.
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Orcopampa
Location and means of access
The Orcopampa mine is located in the province of Castilla, department of Arequipa, approximately 1,350 kilometers southeast of the city of Lima, at an altitude between 3,800 and 4,500 meters above sea level. There are two routes of access to the property: (1) through Peru’s Panamerican Highway starting in Lima and continuing to the city of Arequipa for a total distance of 319 kilometers from Orcopampa; and (2) the route between Arequipa and Aplao-Viraco for a total distance of 333 kilometers. The Orcopampa mine is also accessible through a commercial flight directly from Lima.
History
The first mining operations date back to colonial times. The district was abandoned from 1842 until 1910, when the Orcopampa Mining Union was formed to continue mining. In 1960, we became interested in the area, and in 1962, exploration began in Orcopampa, with work resuming in the Tudela area and studies in Manto. The results of our initial work concluded with the signing of a lease agreement with the Orcopampa Mining Union and consequently with the construction of a 300 ton concentrator plant, which began operating in 1967 under an agreement with the Orcopampa Mining Union for royalties. We have maintained our operations at the site since that date.
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Title, leases and options
The Orcopampa mine is wholly owned and operated by Buenaventura. We lease the rights to the mining concessions of Orcopampa from a group of private investors. This lease, which expires in 2043, requires us to pay 10% of production value, subject to certain conditions. Operations began at the Orcopampa mine in 1965. In 2025, we made lease payments of US$15.4 million. We operated Orcopampa as a silver mine until the late 1990s, when we also began to mine gold-bearing veins.
Mineralization
The Orcopampa mine consists of an epithermal gold telluride deposit, hosted into lava flows and domes of Sarpane complex (calc-alkaline to high potassium), of early Miocene to Holocene, which forms part of the tertiary metallogenic belt of Southern Peru (Au-Ag).
Operations and infrastructure
Mining operations at Orcopampa are conducted using underground techniques, specifically employing cut-and-fill methods as well as underhand drift and fill. The mined ore is processed utilizing carbon-in-leach and flotation methods within a processing facility located at Orcopampa. The primary source of electric power for these operations is derived from the Peruvian national electricity grid. Water necessary for mining activities is sourced from a nearby lake and a local river.
The predominant mining methodology utilized in Orcopampa’s underground workings is the conventional and mechanized cut-and-fill method, which is effective for ore vein thicknesses ranging from 0.9 to 5 meters. Mining operations are executed by our team in conjunction with a service contractor. The equipment employed for development and exploration includes single-arm jumbos, bolters, scalers, and scoop loaders with a capacity of 4 cubic yards. For conventional production, the equipment comprises jacklegs and micro-electrical scoops with a capacity of 1.5 cubic yards, while mechanized production utilizes single-arm jumbos and diesel scoop loaders with a capacity of 4 cubic yards. Ore transportation to the surface is facilitated through the use of 10 cubic meter underground tipper trucks, alongside a 40 cubic meter loading pocket located in the Nazareno and Prometida shafts. The ore is subsequently transported to the processing plant using 15 cubic meter tipper trucks.
Production
The Orcopampa mine is in the production stage and has a treatment plant capacity of 3,000 tonnes of ore per day. The table below summarizes the Orcopampa mine’s concentrate production, metal contained in concentrates produced and average grades for the periods indicated.
For the Year Ended December 31,
2025 2024 2023
Treatment ore (in tonnes) 220,951 339,573 288,104
Average ore grade
Gold grade (g/t) 8.30 6.92 9.34
Silver grade (g/t) 3.73 4.67 4.42
Metal contained in concentrates production
Gold (Oz) 55,632 70,892 83,239
Silver (Oz) 18,358 29,493 30,164
Cost applicable to sales per oz. of gold (US$/Oz-Au) 1,560 1,228 951
Cost applicable to sales per oz. of silver (US$/Oz-Ag) 16.90 14.39 10.96
Capital Expenditures (in millions of US$) 4.6 2.4 4.5
Mineral Reserves and Mineral Resources
Despite all the exploration efforts in recent years at Orcopampa, we have not successfully replenished reserves and resources at the same rate as we have been producing. Company management considers the Orcopampa nearly depleted but deems the depletion immaterial when compared to the Company’s aggregate reserves and resources disclosed elsewhere in this Annual Report. Orcopampa has approximately 1 more year of LOM and therefore the Company will discontinue reporting of reserves and resources in respect of the Orcopampa property going forward.
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The total book value for the Orcopampa property and its associated plant and equipment was US$24.2 million as of December 31, 2025.
Uchucchacua/Yumpag
Location and means of access
The Uchucchacua/Yumpag mine is wholly owned and operated by Buenaventura. Operations began in 1975 and Uchucchacua/Yumpag remains our largest single source silver production. The mine was temporarily closed from October 2021 due to the operational problems that were aggravated by the COVID-19 pandemic, including delays in the preparation and exploration of the mine and resumed its operations in September 2023. Uchucchacua is located in the province of Oyón, in the department of Lima, approximately 265 kilometers northeast of the city of Lima at an altitude of between 4,000 and 5,000 meters above sea level. Yumpag is located in the province of Daniel Alcides Carrión, in the department of Pasco, approximately 325 kilometers northeast of the city of Lima at an altitude of 4,500 meters above sea level. The mine site is accessible through the Panamericana Norte highway, following the Lima - Huacho - Sayán - Churín - Oyón - Uchucchacua route for a distance of 283 kilometers.
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History
Uchucchacua is a silver deposit in the central highlands discovered during the viceroyalty. Evidence of this are the many Spanish workings in the areas of Nazareno, Mercedes, Huantajalla and Casualidad. The mines passed into the hands of the Jungbluth, who continued with small scale works and even mined ore in Uchucpaton and Otuto, where there are vestiges of old “mills”.
At the beginning of 1960, Cia. de Minas Buenaventura started prospecting-exploration works in the area. Initial conditions were difficult as there was no road between Oyón and Chacua road until 1965, and the road was only later extended to Yanahuanca. From 1969 to 1973, Buenaventura installed a pilot plant that initially treated ores from the Socorro and Carmen mines. Satisfactory results led to the installation of an industrial plant in 1975, which currently has a treatment capacity of 4,200 metric tonnes per day. Currently, the Socorro, Carmen and Casualidad mines are operating. The Huantajalla area mine is also operating, though to a lesser extent. In September 2023 Yumpag mine initiated an industrial treatment test in Uchucchacua plant, thereafter transitioned into production and has remained in operation since then.
Title, leases and options
The Uchucchacua mining unit, including Yumpag, comprises 31 mining concessions and one beneficiation concession (concentrator). These 31 concessions represent the area of mines and exploration projects. Mining and exploration activities are carried out within these mining concessions. Uchucchacua’s concessions have a total area of approximately 45,600 hectares.
Mineralization
The Uchucchacua mineral structures, which include the Uchucchacua and Yumpag mines, are hosted by Mesozoic limestone of the Jumasha Formation and are classified as a mesothermal polymetallic deposit of silver-lead-zinc with important contents of manganese. The main mineralized structures are veins and ore bodies with high-grade silver content.
Operations and infrastructure
Uchucchacua is an underground mine that uses the mechanized bench-and-fill mining method to exploit narrow veins with widths ranging from 1.0 to 3.5 meters. Ore extraction is carried out 100% by Buenaventura. Additionally, three development fleets are currently deployed for the preparation of new mining areas. The fleet is currently being renewed — including jumbos, bolters, scalers, and 4 cubic yard scooptrams — to support mine growth. Development and exploration activities are executed by a contractor. Ore is hauled using 12 cubic meter dump trucks and 9 cubic meter dumpers from the loading pockets to the Luz and Master shafts. Ore haulage to surface is carried out by locomotives delivering ore to the processing plant.
The Yumpag mine is exploited using the mechanized over drift and fill method. This method is employed in 4 by 4 meter drifts of variable length. The advance sequence in the over drift and fill method is ascending, using primary and secondary overdrifts, which are backfilled with cemented rock fill or waste rock fill. All development advances are carried out by Buenaventura. Mine preparation, development, and exploration equipment includes jumbos, bolters, scalers, and loaders (scooptrams) (6 cubic yards and 7 cubic yards). Ore haulage to surface is carried out using 15 cubic meter underground dump trucks, operated by a mining services contractor. Ore is transported to the Colquicocha stockpile, located at the Uchucchacua mine, for subsequent processing.
Ore is processed at a concentrator plant located at Uchucchacua. The plant has a nominal capacity of 4,200 tonnes per day and employs differential flotation to produce a lead-silver concentrate and a zinc concentrate. Electrical power is supplied by the Peruvian national electricity grid, a hydroelectric power plant, and a diesel generator. Process water at Uchucchacua is sourced from three local lakes.
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Production
The table below summarizes the mine’s concentrate production, metal contained in concentrates produced and average grades for the periods indicated.
For the Year Ended December 31,
2025 2024 2023
Treatment ore (in tonnes) 1,010,693 818,886 171,471
Average ore grade
Silver grade (g/t) 372.10 438.78 519.08
Zinc Grade (%) 3.01 4.99 2.19
Lead Grade (%) 1.74 3.01 1.28
Metal contained in concentrates production
Silver (Oz) 11,126,109 10,487,480 2,595,038
Zinc (t) 26,239 21,205 2,763
Lead (t) 16,050 13,751 1,962
Cost applicable to sales per oz. of silver (US$/Oz-Ag) 15.21 13.41 19.92
Cost applicable to sales per ton of zinc (US$/t-Zn) 1,063 1,724 3,046
Cost applicable to sales per ton of lead (US$/t-Pb) 689 1,027 1,996
Capital Expenditures (in millions of US$) 41.4 29.7 52.1
Mineral Reserves and Mineral Resources
The Uchucchacua/Yumpag Mineral Reserves are estimated at an NSR cut-off value between 64.9 US$/t to 167.9 US$/t. A minimum mining width of 0.9 to 12 meters was used and inclusive dilution was applied based on mining method. The NSR cut-off value is determined using mine operating costs, as well as ore treatment, general and administrative costs, off site costs and capital costs. The NSR value is determined using reserve metal prices, refining costs, and metal recoveries. Metal prices used for Mineral Reserves are based on market study and long-term consensus sources. Mineral Reserves are estimated using the following metal prices, based on average long term metal prices of silver: 29 US$/oz, lead: 1,900 US$/t, zinc: 2,600 US$/t. Metallurgical recoveries are accounted for in NSR calculations based on historical processing data and are variable as a function of head grade. Recoveries at LOM average amounts to 88.9% for silver, 83.3% for lead and 68.4% for zinc. The current LOM plan continues through 2032. The total book value for the Uchucchacua/Yumpag property and its associated plant and equipment was US$198.7 million as of December 31, 2025.
Uchucchacua/Yumpag – Year End Mineral Reserves as of December 31, 2025 (on a 100% ownership basis)(1)(3)(4)
Grade Contained Metal
Tonnage(2) Silver Zinc Lead Silver Zinc Lead
Ownership Class (t) (g/t) (%) (%) (Oz) (t) (t)
Proven 1,344,221 295.96 2.82 1.38 12,790,671 37,937 18,534
100% Probable 5,611,642 480.96 1.93 1.14 86,774,077 108,439 64,099
Subtotal 6,955,864 445.21 2.10 1.19 99,564,747 146,376 82,633
Notes:
1. S-K 1300 definitions were followed for Mineral Reserves.
2. Mineral Reserves data presented in this table represents 100% of the Mineral Reserves estimates for the property. Buenaventura owns 100% of this property.
3. Numbers may not add up due to rounding.
4. The qualified person for the Mineral Reserves estimate is SRK Consulting Perú S.A.
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The Uchucchacua/Yumpag Mineral Reserves are estimated considering the modifying factors for conversion of measured and indicated resource classes into proven and probable reserves. Inferred resources are considered as waste in the LOM plan. The Mineral Reserve estimate has been prepared using industry accepted practice and conforms to the disclosure requirements of S-K 1300. Mineral reserve estimates consider technical, economic, and environmental, and regulatory parameters containing inherent risks. Changes in grade and/or metal recovery estimation, realized metal prices, and operating and capital costs have a direct relationship to the cash flow and profitability of the mine. Mineral reserve and mineral resource estimates are evaluated annually, providing the opportunity to reassess the assumed conditions. Additional information regarding the Mineral Reserve estimates provided can be found in Section 12 of the Uchucchacua/Yumpag Technical Report Summary.
Uchucchacua/Yumpag – Net Difference in Mineral Reserves between December 31, 2025 versus December 31, 2024 (on a 100% ownership basis)(1)
Contained Metal
Tonnage(2) Silver Zinc Lead
Class (t) (Oz) (t) (t)
Proven 463,190 (1,707,212) 20,656 8,265
Probable (829,518) (14,453,646) (11,988) (6,775)
Subtotal (366,327) (16,160,858) 8,668 1,487
Notes:
1. Numbers may not add up due to rounding.
2. The total Mineral Reserves dated from December 31, 2025 and December 31, 2024 considered an ownership basis of 100%.
In comparison to 2024, Uchucchacua/Yumpag’s Mineral Reserves show a decrease mainly attributable to depletion, the inability to recover reserves located in bridges and pillars, and the updating of the block model which did not offset the incorporation of reserves from the exploration campaign in Uchucchacua/Yumpag.
Uchucchacua/Yumpag – Year End Mineral Resources as of December 31, 2025 (on a 100% Buenaventura ownership basis) (1)(3)(4)(5)
Grade Contained Metal
Tonnage(2) Silver Zinc Lead Silver Zinc Lead
Ownership Class (t) (g/t) (%) (%) (Oz) (t) (t)
Measured 1,306,936 284.55 3.14 1.84 11,956,346 40,996 24,092
Indicated 2,914,016 289.99 2.54 1.48 27,168,466 74,125 43,000
100% Subtotal 4,220,952 288.30 2.73 1.59 39,124,812 115,121 67,092
Inferred 7,739,185 382.37 2.17 1.42 95,142,037 167,678 109,640
Notes:
1. S-K 1300 definitions were followed for Mineral Resources.
2. Mineral Resources data presented in this table represents 100% of the Mineral Resources estimates for the property. Buenaventura owns 100% of this property.
3. Mineral Resources are reported exclusive of those Mineral Resources that were converted to Mineral Reserves, and Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
4. Numbers may not add up due to rounding.
5. The qualified person for the Mineral Resources estimate is SRK Consulting Perú S.A.
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The Uchucchacua/Yumpag Mineral Resources estimates in the table above were estimated with a 3D geological model informed by various types of data (mainly drill holes, mine channels, working mapping and section interpretation) to constrain and control the shapes of minerals veins. Drilling data from cores and mine channels were combined into geological structures, silver, lead, zinc, iron and manganese grades were interpolated into block models for the different zones of the mine using Ordinary Kriging and Inverse Distance methods in its different veins. The results were validated visually, through various statistical comparisons. Additional information regarding the Mineral Resources estimates provided can be found in Section 11 of the Uchucchacua/Yumpag Technical Report Summary.
Uchucchacua/Yumpag – Net Difference in Mineral Resources between December 31, 2025 versus December 31, 2024 (on a 100% ownership basis) (1)
Contained Metal
Tonnage(2) Silver Zinc Lead
Class (t) (Oz) (t) (t)
Measured 489,939 4,206,223 22,426 13,172
Indicated 666,807 7,925,619 26,104 14,518
Subtotal 1,156,746 12,131,842 48,529 27,690
Inferred 2,158,803 33,019,688 33,730 31,114
Notes:
1. Numbers may not add up due to rounding.
2. The total Mineral Resources dated from December 31, 2025 and December 31, 2024 considered an ownership basis of 100%.
In comparison to 2024, Uchucchacua/Yumpag’s Mineral Resources show an increase, mainly due to drilling exploration and change in the silver price, and Uchucchacua/Yumpag’s Mineral Resources conversion to reserves.
Julcani
Location and means of access
Julcani is an underground mine that is wholly owned and operated by us and was acquired in 1953 as our first operating mine. Julcani is located in the province of Angaraes, in the department of Huancavelica, approximately 500 kilometers southeast of Lima at an altitude between 4,200 and 5,000 meters above sea level. There are two routes to access the mine site, both departing from Lima: (1) a road starting in Lima and continuing to La Oroya followed by Huancayo and Huancavelica for a total distance of 444 kilometers; and (2) another road starting in Lima and continuing to Pisco and then through Huancavelica which is 45 kilometers from the property for a total distance of approximately 499 kilometers.
History
The mining district of Julcani has been explored since colonial times. Between 1936 and 1945 the Swiss-Peruvian Julcani Mining Company mined the veins on an industrial scale. The mine was then worked by the Cerro de Pasco Corporation until 1951. In 1953, the Buenaventura Mining Company was founded and has worked the Julcani mines until today, more than 70 years later.
Title, leases and options
The Julcani mining unit, comprises six mining concessions and one beneficiation concession (concentrator). These six concessions represent the area of mines and exploration projects. Mining and exploration activities are carried out within these mining concessions. Julcani’s concessions have a total area of approximately 11,566 hectares.
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Mineralization
Julcani is a large polymetallic deposit located in central Peru, which primarily produces silver and, as a byproduct, lead. The silver is mainly present in the form of sulfosalts in numerous veins with complex mineralogy. These veins are narrow and are hosted in domes of dacitic rocks, tuffs, breccias, and other tertiary volcanic rocks.
Operations and infrastructure
Ore is processed in two stages per month, both by flotation, to produce silver-lead and pyrite-gold concentrates. The plant has a rated capacity of 600 tonnes per day. Water for operations at Julcani is obtained from mine drainage (which must be previously treated with lime), seasonal streams, and a small lagoon.
The mining method used in this operation is cut-and-fill, for which the primary equipment employed includes pneumatic shovels and locomotives. The mine is currently deepening operations to Level 710, operating with synergistic equipment such as electric shovels and battery-powered locomotives. The current production rate is approximately 13,000 tonnes per month, sourced from two main zones, Acchilla and Rosario, each contributing approximately 50% of total production. In addition, resources and infrastructure are currently being evaluated with the objective of increasing production to 15,000 tonnes per month.
Electric power for the site is generated by two hydroelectric plants, Huapa and El Ingenio. Power is also supplied by the Peruvian national electricity grid, to which Julcani is connected.
Production
The table below summarizes the Julcani’s mine’s concentrate production, metal contained in concentrates produced and average grades for the periods indicated.
For the Year Ended December 31,
2025 2024 2023
Treatment ore (in tonnes) 142,191 112,195 113,035
Average ore grade
Gold grade (g/t) 2.12 1.49 0.23
Silver grade (g/t) 310.24 401.45 478.15
Lead grade (%) 0.69 0.78 0.55
Metal contained in concentrates production
Gold (Oz) 8,669 4,504 237
Silver (Oz) 1,369,756 1,402,787 1,670,679
Lead (t) 679 727 545
Cost applicable to sales per oz. of silver (US$/Oz-Ag) 26.34 27.33 23.83
Cost applicable to sales per tonne of lead (US$/t-Pb) 1,250 1,984 2,040
Capital Expenditures (in millions of US$) 3.4 1.9 0.9
Mineral Reserves and Mineral Resources
The method used to estimate resources and reserves in the Julcani property requires the person preparing the estimation to manually determine the blocks and samples to be used, as well as the scope of the grades to be considered for such purposes. This manual determination is made subjectively by the applicable geologist upon visiting the property and is not based on objective parameters such as an interpretation of the vein. Additionally, the information used by Company’s management for internal purposes is prepared on the basis of ‘relative coordinates’ that would need to be converted to The World Geodetic System 1984 standards for purposes of producing information compliant with the requirements of Regulation S-K 1300.
These manual processes prevent the possibility of repetition across different blocks within the property, which in turn would lead to the production of information that would not meet the standard of “transparency” required pursuant to Regulation S-K 1300. Further, given that the scope of the samples is not based on objective natural parameters, the Company’s calculations would likely also fail to satisfy the principle of “materiality” underlying Regulation S-K 1300.
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In light of the material amount of resources that would be required for the Company to produce reserves and resources information that is compliant with Regulation S-K 1300 for a property that Company management deems to be nearly depleted and immaterial when compared to the Company’s aggregate reserves and resources disclosed elsewhere in this Annual Report, the Company has decided that the cost to produce such information would outweigh its benefits and therefore discontinued its reporting of reserves and resources in respect of the Julcani property going forward.
The total book value for the Julcani property and its associated plant and equipment was US$ 27.4 million as of December 31, 2025.
Tambomayo
Location and means of access
The Tambomayo mine is located in the province of Caylloma, Arequipa region, at an altitude between 4,550 and 5,000 meters above sea level. There is one route of access to the property through Peru’s Panamericana Highway starting in Lima and going to the city of Arequipa for a total distance of 764 kilometers. Between Arequipa and Tambomayo, there is a 300 kilometer road along Cañahuas-Sibayo-Caylloma-Talta Huarahuarco. The site is also accessible through a commercial flight from Lima to Arequipa and by highway from Tambomayo.
History
Between 1990 and 2004 the Hochschild mining company developed several exploration campaigns in the Surihuire mountain without any success. For the years 2006 to 2007, CEDIMIN SAC (Shila-Paula) carried out the procedures to delineate the high zones of the eastern part of the Molloco River, and when they obtained the concessions, they named it Tuyumina.
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In 2008, exploration work began, evidencing a prominent outcrop that showed a silica-quartz outcrop, which had continuity in length, known today as the Mirtha Vein. After an aggressive exploration campaign in which geological mapping and sampling were developed, we obtained robust geological information by 2009, which included geochemical analysis of the Mirtha vein sector, which led us to begin a drilling campaign at the site in late 2009. Between January and May 2010, the results of the first drill holes were obtained, validating the continuity of the structure at depth.
Finally, in 2013, Compañía de Minas Buenaventura acquired directly 100% of the Tuyumina concessions, changing its name to Tambomayo.
Title, leases and options
The Tambomayo mining unit comprises eleven mining concessions and one beneficiation concession (concentrator). These eleven concessions represent the area of mines and exploration projects. Mining and exploration activities are carried out within these mining concessions. Tambomayo’s concessions have a total area of approximately 32,876 hectares.
Mineralization
Tambomayo is an underground mine that is wholly owned and operated by us. It is considered an epithermal deposit with quartz veins and mineralization mainly of gold and silver with important contents of lead and zinc.
Operations and infrastructure
The mining operations at the Tambomayo underground mine employ various techniques, including sub-level stoping, mechanized bench-and-fill, overhand cut-and-fill, and underhand cut-and-fill. These methods are specifically designed for the efficient extraction of a substantial ore body, observing a vertical spacing of 15 meters between sublevels and a stope span of 20 meters. Ore extraction is conducted concurrently with horizontal labor operations, managed by a service contractor.
The equipment utilized for development and exploration consists of single-arm jumbos, bolters, scalers, and scoop loaders with capacities ranging from 4 to 6 cubic yards. The transportation of ore to the surface is facilitated by 15 cubic meter tipper trucks.
The processing plant has a treatment capacity of 2,000 tonnes per day, utilizing gravimetric and mineral flotation processes, followed by the cyanidation of gold concentrates. Electric power for operations is primarily sourced from the Peruvian national electricity grid, while water required for Tambomayo’s operations is procured from a local river.
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Production
The table below summarizes the Tambomayo mine’s concentrate production, metal contained in concentrates produced, and average grades for the periods indicated.
For the Year Ended December 31,
2025 2024 2023
Treatment ore (in tonnes) 396,598 575,960 584,246
Average ore grade
Gold grade (g/t) 1.6 2.17 2.66
Silver grade (g/t) 102.64 86.67 97.68
Lead grade (%) 0.82 0.83 0.79
Zinc grade (%) 1.09 1.21 1.11
Metal contained in concentrates production
Gold (Oz) 15,842 33,896 41,675
Silver (Oz) 1,119,821 1,412,092 1,590,784
Lead (t) 2,734 4,058 3,877
Zinc (t) 2,781 5,262 5,092
Cost applicable to sales per oz. of gold (US$/Oz-Au) 2,678 1,588 1,364
Cost applicable to sales per oz. of silver (US$/Oz-Ag) 34.72 19.92 17.01
Cost applicable to sales per ton of lead (US$/t-Pb) 1,414 1,426 1,445
Cost applicable to sales per ton of zinc (US$/t-Zn) 2,535 2,222 1,955
Capital Expenditures (in millions of US$) 3.2 1.4 0.3
Mineral Reserves and Mineral Resources
Despite all the exploration efforts in recent years at Tambomayo, we have not successfully replenished reserves and resources at the same rate as we have been producing. Company management considers the Tambomayo nearly depleted but deems the depletion immaterial when compared to the Company’s aggregate reserves and resources disclosed elsewhere in this Annual Report Tambomayo has approximately less than 1 year of LOM and therefore the Company will discontinue reporting of reserves and resources in respect of the Tambomayo property going forward.
The total book value for the Tambomayo property and its associated plant and equipment was US$49.6 million as of December 31, 2025.
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El Brocal
Location and means of access
The Tajo Norte and Marcapunta mines are adjacent and are located 285 kilometers east of the city of Lima and 16 kilometers south of the city of Cerro de Pasco. There are three routes of access to the property: (1) Through Peru´s Central Highway starting in Lima and continuing to the city of Colquijirca for a total distance of 240 kilometers, (2) through the Canta - Huaral highway for a total distance of 250 kilometers and (3) a commercial flight from Lima to Jauja followed by travel on the highway from Jauja to Colquijirca for a total distance of 142 kilometers.
History
The Tajo Norte (also known as Colquijirca) and Marcapunta Norte mines are wholly owned by El Brocal. El Brocal was founded in 1956 and is engaged in the extraction, concentration and sale of concentrates of polymetallic minerals—mainly zinc, copper, lead and silver. Our aggregate direct and indirect equity interest in El Brocal was 61.43% as of December 31, 2025. On October 3, 2023, Buenaventura announced that the Company submitted a notice to the Peruvian Ministry of Energy and Mines (MINEM) for the temporary suspension of mining activities at Tajo Norte mine for up to three years.
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Title, leases and options
El Brocal mining unit comprises one mining concession, one mining transport concession and one beneficiation concession (concentrator). These concessions represent the area of mines and exploration projects. Mining and exploration activities are carried out within this mining concession. El Brocal’s concession has an area of approximately 33,748 hectares.
Mineralization
El Brocal produces copper, zinc, lead and silver concentrates from the Tajo Norte mine and copper concentrates from the Marcapunta mine.
El Brocal consists of three important polymetallic deposits: (1) Tajo Norte–Sur, which contains zinc, silver, lead, copper and gold; (2) Marcapunta, which contains an auriferous mineralization in breccia oxides and an arsenic copper enargite mineralization as a continuation of the mineralized mantles of the Marcapunta mine; and (3) San Gregorio, which contains zinc.
Operations and infrastructure
The Tajo Norte (Colquijirca) and Marcapunta mine rely primarily on a power line connected to the Peruvian national electricity grid, and the ore from these mines is processed mainly in two plants. El Brocal has two plants with a processing permit for 25,000 tons of ore per day, according to the latest approved Environmental Impact Assessment (“EIA”). Copper recovery is carried out using flotation.
In 2025, El Brocal continued to focus on optimizing the mining method at the Marcapunta mine, also seeking to optimize productivity and production costs, as well as to accelerate the conversion of resources into reserves.
The extraction method at the Marcapunta mine (underground) consists of sublevel mining with continuous pillars and cemented hydraulic backfill. This method is used to extract copper ore bodies with a thickness of up to 60 meters. Extraction is carried out by a contractor with their own equipment; the mining equipment consists of boom jumbos and 6 cubic yard underground loaders. The production equipment includes Simbas S7 top hammers and two Wassara ITH (down-the-hole) drills with remotely controlled 6 cubic yard underground loaders. The ore is transported to the surface using 12 cubic meter and 17 cubic meter dump trucks. 65% of the ore is transported directly to the processing plant, and the remainder is transported via conveyor belt.
The hydraulic backfill plant will continue operating through 2026. According to the strategic plan, this plant will allow for the backfilling of previously mined primary stopes to initiate secondary mining, thus facilitating pillar recovery and ensuring the economic viability of the process.
Regarding mine growth, we are moving forward with new expansion projects to the southeast (towards the Cerro de Pasco fault), southward (toward the San Gregorio project), with the tailings ramp, to generate infrastructure, and the Unish ramp, to create a new access through the Unish sector.
In 2025, we increased underground mine production to 12,000 tons per day, and we are continuing with the expansion plan to exceed that production level during 2026.
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Production
The table below summarizes the Polymetallic Zinc-Lead-Silver zone of Tajo Norte (Colquijirca) mine’s concentrate production, metal contained in concentrates produced and average grades for the periods indicated.
Tajo Norte - Polymetallic Zinc-Lead-Silver
For the Year Ended December 31,
2025 2024 2023
Treatment ore (in tonnes) 123,353 84,369 959,442
Average ore grade
Silver grade (g/t) 108.86 97.98 54.16
Lead grade (%) — — 1.53
Zinc grade (%) — 4.95 3.61
Metal contained in concentrates production
Silver (Oz) 166,696 91,190 858,469
Lead (t) — — 5,026
Zinc (t) — 1,985 17,153
Cost applicable to sales per oz. of silver (US$/Oz-Ag) 26.16 19.07 16.44
Cost applicable to sales per ton of lead (US$/t-Pb) — — 1,338
Cost applicable to sales per ton of zinc (US$/t-Zn) — 1,818 1,918
Capital Expenditures (in millions of US$) 60.1 24.9 61.8
The table below summarizes the Copper zone of Tajo Norte (Colquijirca) mine’s concentrate production, metal contained in concentrates produced and average grades for the periods indicated.
Tajo Norte - Copper
For the Year Ended December 31,
2025 2024 2023
Treatment ore (in tonnes) — 209,668 478,455
Average ore grade
Gold grade (g/t) — 0.10 0.17
Silver grade (g/t) — 107.75 69.72
Copper grade (%) — 2.52 2.49
Metal contained in concentrates production
Gold (Oz) — 164 661
Silver (Oz) — 379,333 600,569
Copper (t) — 3,006 7,104
Cost applicable to sales per oz. of gold (US$/Oz) 2,271 1,667 1,463
Cost applicable to sales per oz. of silver (US$/Oz) 26.16 19.07 16.44
Cost applicable to sales per ton of copper (US$/t) 6,435 6,249 5,962
Capital Expenditures (in millions of US$) 60.1 24.9 61.8
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The table below summarizes the El Brocal Marcapunta underground mine’s concentrate production, metal contained in concentrates produced and average grades for the periods indicated.
Marcapunta
For the Year Ended December 31,
2025 2024 2023
Treatment ore (in tonnes) 4,232,207 4,111,108 3,456,535
Average ore grade
Gold grade (g/t) 0.57 0.65 0.70
Silver grade (g/t) 22.55 24.26 28.11
Copper grade (%) 1.41 1.51 1.67
Metal contained in concentrates production
Gold (Oz) 21,102 23,482 20,442
Silver (Oz) 1,728,858 1,652,220 1,733,686
Copper (t) 51,902 53,518 49,472
Cost applicable to sales per oz. of gold (US$/Oz) 2,271 1,667 1,463
Cost applicable to sales per oz. of silver (US$/Oz) 26.16 19.07 16.44
Cost applicable to sales per ton of copper (US$/t) 6,435 6,249 5,962
Capital Expenditures (in millions of US$) 60.1 24.9 61.8
Mineral Reserves and Mineral Resources
Due to the geotechnical conditions on the west wall of the Tajo Norte (Colquijirca) mining areas, which indicate that shallow angles would be required for recovery (increasing the stripping ratio and making extraction uneconomical), open pit mining operations remained suspended during 2025, while we continued to focus on underground mining in this area. We believe that this continued suspension does not entail a material change in the reserve report, as the portion corresponding to copper ore has now been internally reclassified and included in the Marcapunta Mineral Reserves and Mineral Resources report. Starting in 2025, we began to classify Mineral Reserves and Mineral Resources in Tajo Norte (Colquijirca) as Marcapunta and Polymetallic Zinc-Lead-Silver.
As a result of the above reclassification, the Brocal Zinc-Lead-Copper-Silver zone of Tajo Norte (Colquijirca) Mineral Reserves report will be reported as the Polymetallic Zinc-Lead-Silver going forward, as detailed below. The Polymetallic Zinc-Lead-Silver Mineral Reserves are estimated at an NSR cut-off value between 59.5 US$/t to 82.3 US$/t. A minimum mining width of 4 meters was used and inclusive dilution was applied based on mining methods. The NSR cut-off value is determined using mine operating costs, as well as ore treatment, general and administrative costs, off site costs and sustaining capital costs with a contingency. The NSR value is determined using reserve metal prices, refining costs, and metal recoveries. Metal prices used for Mineral Reserves are based on market studies and long-term consensus sources. Mineral Reserves are estimated using metal prices, based on average long term metal prices of zinc: 2,600 US$/t, lead: 1,900 US$/t and silver: 29 US$/oz. Metallurgical recoveries are accounted for in NSR calculations based on historical processing data and are variable as a function of head grade. Recoveries over the LOM average amounts to 53.2% for zinc, 54.5% for lead and 74.5% for silver. The current LOM plan continues through 2037. The total book value for the El Brocal property and its associated plant and equipment was US$472.4 million as of December 31, 2025.
El Brocal Zinc-Lead-Silver zone of Polymetallic (Colquijirca) – Year End Mineral Reserves as of December 31, 2025 (on a 61.43% Buenaventura attributable ownership basis) (1)(3)(4)(5)(6)(7)(8)(9)(10)(11)(12)
Grade Contained Metal
Tonnage(2) Silver Lead Zinc Silver Lead Zinc
Ownership Class (t) (g/t) (%) (%) (Oz) (t) (t)
Proven 706,426 160.56 1.62 3.28 3,646,702 11,444 23,153
61.43% Probable 50,635 153.04 0.95 2.17 249,150 480 1,099
Subtotal 757,061 160.06 1.58 3.20 3,895,851 11,924 24,252
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Notes:
1. S-K 1300 definitions were followed for Mineral Reserves.
2. Mineral Reserves data presented in this table is reported on 61.43% Buenaventura attributable ownership.
3. Mineral Resources are reported based on the December 31, 2025 topography surface
4. Mineral Resources are reported at an effective date of December 31, 2025, and on an in-situ basis, without application of mining dilution, mining losses, or process losses.
5. The Mineral Resource estimate are based on metal price of Pb: $1,900/t, Zn: $2,600/t, Cu: $9,000/t, Au: $2,500/oz, and Ag: $29.00/oz.
6. Metallurgical recoveries for Copper mineral type are accounted for in the NSR calculations based on historical processing data and are variable as a function of head grade. Life of mine (LOM) average recoveries are 81.6% for Cu, 48.5% for Ag, and 21.2% for Au for Plant 1 (Cu), and 53.2% for Zn, 54.4% for Pb, and 74.5% for Ag for Plan 2 (Pb-Zn).
7. Mineral Reserves are reported within shapes above marginal cut-off values depending on mining method: Sub-Level Stoping (SLS) with hydraulic cemented fill: US$37.44/t, SLS with paste fill: US$36.08, and Overhand Drift and Fill (ODF) with cemented rockfill: US$59.51/t.
8. Mineral Resources are reported exclusive of Mineral Reserves.
9. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
10. Numbers may not add up due to rounding.
11. Mineral reserves incorporate dilution and mining recovery.
12. The qualified person for the Mineral Reserves estimate is SLR Consulting (Canada) Ltd.
El Brocal Zinc-Lead-Silver zone of Polymetallic (Colquijirca) – Year End Mineral Reserves as of December 31, 2025 (on a 100% ownership basis)(1)(3)(4)(5)(6)(7)(8)(9)(10)(11)(12)
Grade Contained Metal
Tonnage(2) Silver Lead Zinc Silver Lead Zinc
Ownership Class (t) (g/t) (%) (%) (Oz) (t) (t)
Proven 1,149,969 160.56 1.62 3.28 5,936,353 18,629 37,690
100% Probable 82,428 153.04 0.95 2.17 405,583 782 1,789
Subtotal 1,232,397 160.06 1.58 3.20 6,341,936 19,411 39,479
Notes:
1. S-K 1300 definitions were followed for Mineral Reserves.
2. Mineral Reserves data presented in this table represents 100% of the Mineral Reserves estimates for the property. Buenaventura owns 61.43% of this property.
3. Mineral Resources are reported based on the December 31, 2025 topography surface
4. Mineral Resources are reported at an effective date of December 31, 2025, and on an in-situ basis, without application of mining dilution, mining losses, or process losses.
5. The Mineral Resource estimate are based on metal price of Pb: $1,900/t, Zn: $2,600/t, Cu: $9,000/t, Au: $2,500/oz, and Ag: $29.00/oz.
6. Metallurgical recoveries for Copper mineral type are accounted for in the NSR calculations based on historical processing data and are variable as a function of head grade. Life of mine (LOM) average recoveries are 81.6% for Cu, 48.5% for Ag, and 21.2% for Au for Plant 1 (Cu), and 53.2% for Zn, 54.4% for Pb, and 74.5% for Ag for Plan 2 (Pb-Zn).
7. Mineral Reserves are reported within shapes above marginal cut-off values depending on mining method: Sub-Level Stoping (SLS) with hydraulic cemented fill: US$37.44/t, SLS with paste fill: US$36.08, and Overhand Drift and Fill (ODF) with cemented rockfill: US$59.51/t.
8. Mineral Resources are reported exclusive of Mineral Reserves.
9. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
10. Numbers may not add up due to rounding.
11. Mineral reserves incorporate dilution and mining recovery.
12. The qualified person for the Mineral Reserves estimate is SLR Consulting (Canada) Ltd.
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The Brocal Zinc-Lead-Copper-Silver zone of Tajo Norte (Colquijirca) Mineral Reserves (now classified as the Polymetallic Zinc-Lead-Silver reserves) are estimated considering the modifying factors for conversion of measured and indicated resource classes into proven and probable reserves. Inferred resources are considered as waste in the LOM plan. The Mineral Reserve estimate has been prepared using industry accepted practice and conforms to the disclosure requirements of S-K 1300. Mineral Reserve estimates consider technical, economic, and environmental, and regulatory parameters containing inherent risks. Changes in grade and/or metal recovery estimation, realized metal prices, and operating and capital costs have a direct relationship to the cash flow and profitability of the mine. Mineral Reserve and Mineral Resource estimates are evaluated annually, providing the opportunity to reassess the assumed conditions.
El Brocal Zinc-Lead-Silver zone of Polymetallic (Colquijirca) – Net Difference in Mineral Reserves between December 31, 2025 versus December 31, 2024 (on a 61.43% Buenaventura attributable ownership basis) (1)
Contained Metal
Tonnage(2) Silver Lead Zinc
Class (t) (Oz) (t) (t)
Proven (303,963) (536,278) (9,108) (18,112)
Probable (24,031) 43,677 (187) (1,743)
Subtotal (327,994) (492,601) (9,294) (19,855)
Notes:
1. Numbers may not add up due to rounding.
2. The total Mineral Reserves dated from December 31, 2025 and December 31, 2024 considered an ownership basis of 61.43%.
El Brocal Zinc-Lead-Silver zone of Polymetallic (Colquijirca) – Net Difference in Mineral Reserves between December 31, 2025 versus December 31, 2024 (on a 100% ownership basis) (1)
Contained Metal
Tonnage(2) Silver Lead Zinc
Class (t) (Oz) (t) (t)
Proven (494,813) (872,990) (14,826) (29,484)
Probable (39,119) 71,100 (304) (2,838)
Subtotal (533,932) (801,890) (15,130) (32,322)
Notes:
1. Numbers may not add up due to rounding.
2. The total Mineral Reserves data presented in this table are calculated on 100% basis. Buenaventura owns 61.43%.
In comparison to 2024, El Brocal Zinc-Lead-Silver zone of Polymetallic (Colquijirca)’s Mineral Reserves show a decrease mainly due to a change in mining method from open pit to underground mining due to higher costs associated with the underground mining method.
El Brocal Zinc-Lead-Silver zone of Polymetallic (Colquijirca) – Year End Mineral Resources as of December 31, 2025 (on a 61.43% Buenaventura attributable ownership basis) (1)(3)(4)(5)(6)(7)(8)(9)(10)
Grade Contained Metal
Tonnage(2) Silver Lead Zinc Silver Lead Zinc
Ownership Class (t) (g/t) (%) (%) (Oz) (t) (t)
Measured 16,563 117.87 0.83 2.15 62,767 138 357
Indicated 4,105 144.63 0.59 2.77 19,086 24 114
61.43% Subtotal 20,668 123.18 0.78 2.28 81,854 162 470
Inferred 2,081 398.68 1.06 2.28 26,679 22 48
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Notes:
1. S-K 1300 definitions were followed for Mineral Resources.
2. Mineral Resources Tonnes and Contained Metal presented in this table is reported on 61.43% Buenaventura attributable ownership.
3. Mineral Resources are reported based on the December 31, 2025 topography surface
4. Mineral Resources are reported at an effective date of December 31, 2025, and on an in-situ basis, without application of mining dilution, mining losses, or process losses.
5. The Mineral Resource estimate are based on metal price of Pb: $1,900/t, Zn: $2,600/t, Cu: $9,000/t, Au: $2,500/oz, and Ag: $29.00/oz.
6. Metallurgical recoveries for Copper mineral type are accounted for in the NSR calculations based on historical processing data and are variable as a function of head grade. Life of mine (LOM) average recoveries are 81.6% for Cu, 48.5% for Ag, and 21.2% for Au for Plant 1 (Cu), and 53.2% for Zn, 54.4% for Pb, and 74.5% for Ag for Plan 2 (Pb-Zn).
7. Mineral Reserves are reported within shapes above marginal cut-off values depending on mining method: Sub-Level Stoping (SLS) with hydraulic cemented fill: US$37.44/t, SLS with paste fill: US$36.08, and Overhand Drift and Fill (ODF) with cemented rockfill: US$59.51/t.
8. Mineral Resources are reported exclusive of Mineral Reserves.
9. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
10. Numbers may not add up due to rounding.
El Brocal Zinc-Lead-Silver zone of Polymetallic (Colquijirca) – Year End Mineral Resources as of December 31, 2025 (on a 100% Buenaventura ownership basis) (1)(3)(4)(5)(6)(7)(8)(9)(10)
Grade Contained Metal
Tonnage(2) Silver Lead Zinc Silver Lead Zinc
Ownership Class (t) (g/t) (%) (%) (Oz) (t) (t)
Measured 26,963 117.87 0.83 2.15 102,177 224 580
Indicated 6,682 144.63 0.59 2.77 31,070 39 185
100% Subtotal 33,645 123.18 0.78 2.28 133,247 264 766
Inferred 3,388 398.68 1.06 2.28 43,430 36 77
Notes:
1. S-K 1300 definitions were followed for Mineral Resources.
2. Mineral Resources Tonnes and Contained Metal presented in this table is reported on 100% Buenaventura attributable ownership.
3. Mineral Resources are reported based on the December 31, 2025 topography surface
4. Mineral Resources are reported at an effective date of December 31, 2025, and on an in-situ basis, without application of mining dilution, mining losses, or process losses.
5. The Mineral Resource estimate are based on metal price of Pb: $1,900/t, Zn: $2,600/t, Cu: $9,000/t, Au: $2,500/oz, and Ag: $29.00/oz.
6. Metallurgical recoveries for Copper mineral type are accounted for in the NSR calculations based on historical processing data and are variable as a function of head grade. Life of mine (LOM) average recoveries are 81.6% for Cu, 48.5% for Ag, and 21.2% for Au for Plant 1 (Cu), and 53.2% for Zn, 54.4% for Pb, and 74.5% for Ag for Plan 2 (Pb-Zn).
7. Mineral Reserves are reported within shapes above marginal cut-off values depending on mining method: Sub-Level Stoping (SLS) with hydraulic cemented fill: US$37.44/t, SLS with paste fill: US$36.08, and Overhand Drift and Fill (ODF) with cemented rockfill: US$59.51/t.
8. Mineral Resources are reported exclusive of Mineral Reserves.
9. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
10. Numbers may not add up due to rounding.
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The El Brocal Zinc-Lead-Silver zone of Tajo Norte (Colquijirca) Mineral Resources estimates in the table above were estimated with a 3D geological model (lithological, structural and mineralization bodies) that was elaborated with several types of data (mainly drill holes, working mapping and section interpretation) to constrain and control ore shapes and domains. Drilling data from cores were combined into geological structures, copper, zinc, lead, silver, gold, and iron grades were interpolated into block models for the different mine zones using the Ordinary Kriging method in each domain. The results were visually validated through various statistical comparisons.
El Brocal Zinc-Lead-Silver zone of Tajo Norte (Colquijirca) – Net Difference in Mineral Resources between December 31, 2025 versus December 31, 2024 (on a 61.43% Buenaventura attributable ownership basis) (1)
Contained Metal
Tonnage(2) Silver Lead Zinc
Class (t) (Oz) (t) (t)
Measured (25,375) (79,125) (935) (779)
Indicated (24,859) (103,336) (173) (410)
Subtotal (50,234) (182,461) (1,108) (1,188)
Inferred (26,655) (105,511) (85) (316)
Notes:
1. Numbers may not add up due to rounding.
2. The total Mineral Reserves dated from December 31, 2025 and December 31, 2024 considered an ownership basis of 61.43%.
El Brocal Zinc-Lead-Silver zone of Tajo Norte (Colquijirca) – Net Difference in Mineral Resources between December 31, 2025 versus December 31, 2024 (on a 100% ownership basis) (1)
Contained Metal
Tonnage(2) Silver Lead Zinc
Class (t) (Oz) (t) (t)
Measured (41,308) (128,805) (1,523) (1,269)
Indicated (40,467) (168,218) (282) (667)
Subtotal (81,775) (297,023) (1,804) (1,934)
Inferred (43,391) (171,758) (138) (514)
Notes:
1. Numbers may not add up due to rounding.
2. Mineral Resources data presented in this table are calculated on 100% basis. Buenaventura owns 61.43%.
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In comparison to 2024, El Brocal Zinc-Lead-Silver zone of Tajo Norte (Colquijirca)’s Mineral Resources show a decrease, mainly due to a change in mining method from open pit to underground mining due to higher costs associated with the underground mining method. Consequently, starting in 2025, we report reserves in respect of the El Brocal Copper-Silver zone of Tajo Norte-Sur (Colquijirca) as part of the Mineral Reserves for El Brocal Marcapunta.
The Brocal Marcapunta Mineral Reserves are estimated at an NSR cut-off value between 36.1 US$/t to 82.3 US$/t. A minimum mining width of 6 to 16m was used and inclusive dilution was applied based on mining methods. The NSR cut-off value is determined using mine operating costs, as well as ore treatment, general and administrative costs, off site costs and sustaining capital costs with a contingency. The NSR value is determined using reserve metal prices, refining costs, and metal recoveries. Metal prices used for Mineral Reserves are based on market study and long-term consensus sources. Mineral Reserves are estimated using metal prices, based on average long term metal prices of copper: 9,000 US$/t, gold: 2,500 US$/oz and silver: 29 US$/oz. Metallurgical recoveries are accounted for in NSR calculations based on historical processing data and are variable as a function of head grade. Recoveries over the LOM average amounts to 81.4% for copper, 48.5% for silver and 21.1% for gold. The current LOM plan continues through 2040. The total book value for the El Brocal property and its associated plant and equipment was US$472.4 million as of December 31, 2025.
El Brocal Marcapunta – Year End Mineral Reserves as of December 31, 2025 (on a 61.43% Buenaventura attributable ownership basis) (1)(3)(4)(5)(6)(7)(8)(9)(10)
Grade Contained Metal
Tonnage(2) Gold Silver Copper Gold Silver Copper
Ownership Class (t) (g/t) (g/t) (%) (Oz) (Oz) (t)
Proven 25,148,886 0.57 24.12 1.20 458,489 19,506,164 300,567
61.43% Probable 25,129,183 0.51 21.72 1.07 412,150 17,549,480 269,863
Subtotal 50,278,069 0.54 22.92 1.13 870,639 37,055,644 570,429
Notes:
1. S-K 1300 definitions were followed for Mineral Reserves.
2. Mineral Reserves data presented in this table is reported on 61.43% Buenaventura attributable ownership.
3. Numbers may not add up due to rounding.
4. Mineral Reserves are reported within shapes above marginal cut-off values depending on mining method: Sub-Level Stoping (SLS) with hydraulic cemented fill: US$37.44/t, SLS with paste fill: US$36.08, and Overhand Drift and Fill (ODF) with cemented rockfill: US$59.51/t.
5. Mineral Reserves are estimated using average long term metal prices of Pb: US$1,900/t, Zn: US$2,600/t, Cu: US$9,000/t, Au: US$2,500/oz, and Ag: US$29.00/oz.
6. The Mineral Reserve represents mill feed material after dilution and mining recovery.
7. Metallurgical recoveries are accounted for in the net smelter return (NSR) calculations based on historical processing data and are variable as a function of head grade. Life of mine (LOM) average recoveries are 81.6% for Cu, 48.5% for Ag, and 21.2% for Au for Plant 1 (Cu), and 53.2% for Zn, 54.4% for Pb, and 74.5% for Ag for Plan 2 (Pb-Zn).
8. For SLS, a dilution equivalent linear overbreak slough (ELOS) of 0.60 m was applied to secondary stopes and an additional factor of 4% was applied to all stopes to account for backfill dilution. For ODF, an ELOS of 0.40 m was applied to secondary drifts, and an additional factor of 4% was applied to all drifts to account for backfill dilution.
9. For SLS, a mining recovery factor of 90% was applied to stopes and 100% to development. For ODF, a mining recovery factor of 95% was applied to all drifts.
10. The qualified person for the Mineral Reserves estimate is SLR Consulting (Canada) Ltd.
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El Brocal Marcapunta – Year End Mineral Reserves as of December 31, 2025 (on a 100% ownership basis)(1)(3)(4)(5)(6)(7)(8)(9)(10)
Grade Contained Metal
Tonnage(2) Gold Silver Copper Gold Silver Copper
Ownership Class (t) (g/t) (g/t) (%) (Oz) (Oz) (t)
Proven 40,939,096 0.57 24.12 1.20 746,360 31,753,482 489,283
100% Probable 40,907,021 0.51 21.72 1.07 670,927 28,568,256 439,301
Subtotal 81,846,116 0.54 22.92 1.13 1,417,287 60,321,738 928,584
Notes:
1. S-K 1300 definitions were followed for Mineral Reserves.
2. Mineral Reserves data presented in this table represents 100% of the Mineral Reserves estimates for the property. Buenaventura owns 61.43% of this property.
3. Numbers may not add up due to rounding.
4. Mineral Reserves are reported within shapes above marginal cut-off values depending on mining method: Sub-Level Stoping (SLS) with hydraulic cemented fill: US$37.44/t, SLS with paste fill: US$36.08, and Overhand Drift and Fill (ODF) with cemented rockfill: US$59.51/t.
5. Mineral Reserves are estimated using average long term metal prices of Pb: US$1,900/t, Zn: US$2,600/t, Cu: US$9,000/t, Au: US$2,500/oz, and Ag: US$29.00/oz.
6. The Mineral Reserve represents mill feed material after dilution and mining recovery.
7. Metallurgical recoveries are accounted for in the net smelter return (NSR) calculations based on historical processing data and are variable as a function of head grade. Life of mine (LOM) average recoveries are 81.6% for Cu, 48.5% for Ag, and 21.2% for Au for Plant 1 (Cu), and 53.2% for Zn, 54.4% for Pb, and 74.5% for Ag for Plan 2 (Pb-Zn).
8. For SLS, a dilution equivalent linear overbreak slough (ELOS) of 0.60 m was applied to secondary stopes and an additional factor of 4% was applied to all stopes to account for backfill dilution. For ODF, an ELOS of 0.40 m was applied to secondary drifts, and an additional factor of 4% was applied to all drifts to account for backfill dilution.
9. For SLS, a mining recovery factor of 90% was applied to stopes and 100% to development. For ODF, a mining recovery factor of 95% was applied to all drifts.
10. The qualified person for the Mineral Reserves estimate is SLR Consulting (Canada) Ltd.
The El Brocal Marcapunta Mineral Reserves are estimated considering the modifying factors for conversion of measured and indicated resource classes into proven and probable reserves. Inferred resources are considered as waste in the LOM plan. The Mineral Reserve estimate has been prepared using industry accepted practice and conforms to the disclosure requirements of S-K 1300. Mineral Reserve estimates consider technical, economic, and environmental, and regulatory parameters containing inherent risks. Changes in grade and/or metal recovery estimation, realized metal prices, and operating and capital costs have a direct relationship to the cash flow and profitability of the mine. Mineral Reserve and Mineral Resource estimates are evaluated annually, providing the opportunity to reassess the assumed conditions.
El Brocal Marcapunta – Net Difference in Mineral Reserves between December 31, 2025 versus December 31, 2024 (on a 61.43% Buenaventura attributable ownership basis) (1)
Contained Metal
Tonnage(2) Gold Silver Copper
Class (t) (Oz) (Oz) (t)
Proven 5,446,956 19,513 5,605,896 55,490
Probable (1,026,927) (23,415) 2,554,202 (45,524)
Subtotal 4,420,030 (3,902) 8,160,098 9,966
Notes:
1. Numbers may not add up due to rounding.
2. The total Mineral Reserves dated from December 31, 2025 and December 31, 2024 considered an ownership basis of 61.43%.
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El Brocal Marcapunta – Net Difference in Mineral Reserves between December 31, 2025 versus December 31, 2024 (on a 100% ownership basis) (1)
Contained Metal
Tonnage(2) Gold Silver Copper
Class (t) (Oz) (Oz) (t)
Proven 8,866,932 31,765 9,125,665 90,330
Probable (1,671,702) (38,117) 4,157,907 (74,107)
Subtotal 7,195,230 (6,352) 13,283,572 16,223
Notes:
1. Numbers may not add up due to rounding.
2. The total Mineral Reserves data presented in this table are calculated on 100% basis. Buenaventura owns 61.43%.
In comparison to 2024, El Brocal Marcapunta’s Mineral Reserves show an increase mainly due to the incorporation of copper ore from open pit into underground mining, recategorization of resources to reserves in the block model, and optimizations in the design of underground stopes.
El Brocal Marcapunta – Year End Mineral Resources as of December 31, 2025 (on a 61.43% Buenaventura attributable ownership basis) (1)(3)(4)(5)(6)(7)(8)(9)
Grade Contained Metal
Tonnage(2) Gold Silver Copper Gold Silver Copper
Ownership Class (t) (g/t) (g/t) (%) (Oz) (Oz) (t)
Measured 8,282,633 0.50 18.11 1.19 133,435 4,821,873 98,971
Indicated 8,248,529 0.38 18.57 0.98 100,182 4,924,000 80,958
61.43% Subtotal 16,531,163 0.44 18.34 1.09 233,616 9,745,873 179,929
Inferred 12,935,003 0.60 30.81 1.15 247,655 12,812,669 148,629
Notes:
1. The definitions for Mineral Resources in S-K 1300 was followed for Mineral Resources.
2. The Mineral Resource estimate is reported on a 61.43% Buenaventura attributable ownership basis.
3. Mineral Resources were depleted for production with mined out wireframes to August 31, 2025 and planned production to December 31, 2025, and on an in-situ basis, without application of mining dilution, mining losses, or process losses.
4. The underground Mineral Resources were constrained within optimized shapes using an NSR cut-off value of $36.03/t to $47.44/t for the mineralization depending on the mining method and area.
5. The Mineral Resource estimates are based on metal price of Pb: $1,900/t, Zn: $2,600/t, Cu: $9,000/t, Au: $2,500/oz, and Ag: $29.00/oz.
6. Metallurgical recoveries for Copper mineral type are accounted for in the NSR calculations based on historical processing data and are variable as a function of head grade. Life of mine (LOM) average recoveries are 81.6% for Cu, 48.5% for Ag, and 21.2% for Au for Plant 1 (Cu), and 53.2% for Zn, 54.4% for Pb, and 74.5% for Ag for Plan 2 (Pb-Zn).
7. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
8. Mineral Resources are reported exclusive of Mineral Reserves.
9. Numbers may not add up due to rounding.
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El Brocal Marcapunta – Year End Mineral Resources as of December 31, 2025 (on a 100% Buenaventura ownership basis) (1)(3)(4)(5)(6)(7)(8)(9)
Grade Contained Metal
Tonnage(2) Gold Silver Copper Gold Silver Copper
Ownership Class (t) (g/t) (g/t) (%) (Oz) (Oz) (t)
Measured 13,483,043 0.50 18.11 1.19 217,214 7,849,378 161,111
Indicated 13,427,526 0.38 18.57 0.98 163,082 8,015,627 131,790
100% Subtotal 26,910,570 0.44 18.34 1.09 380,297 15,865,005 292,901
Inferred 21,056,492 0.60 30.81 1.15 403,150 20,857,348 241,949
Notes:
1. The definitions for Mineral Resources in S-K 1300 was followed for Mineral Resources.
2. The Mineral Resource estimate is reported on a 100% Buenaventura attributable ownership basis.
3. Mineral Resources were depleted for production with mined out wireframes to August 31, 2025 and planned production to December 31, 2025, and on an in-situ basis, without application of mining dilution, mining losses, or process losses.
4. The underground Mineral Resources were constrained within optimized shapes using an NSR cut-off value of $36.03/t to $47.44/t for the mineralization depending on the mining method and area.
5. The Mineral Resource estimates are based on metal price assumptions of Pb: $1,900/t, Zn: $2,600/t, Cu: $9,000/t, Au: $2,500/oz, and Ag: $29.00/oz.
6. Metallurgical recoveries for Copper mineral type are accounted for in the NSR calculations based on historical processing data and are variable as a function of head grade. Life of mine (LOM) average recoveries are 81.6% for Cu, 48.5% for Ag, and 21.2% for Au for Plant 1 (Cu), and 53.2% for Zn, 54.4% for Pb, and 74.5% for Ag for Plan 2 (Pb-Zn).
7. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
8. Mineral Resources are reported exclusive of Mineral Reserves.
9. Numbers may not add up due to rounding.
The El Brocal Marcapunta Mineral Resources estimates in the table above were estimated with a 3D geological model (lithological, structural and mineralization bodies) that was elaborated with several types of data (mainly drill holes, working mapping and section interpretation) to constraint and control ore shapes and domains. Drilling data from cores were combined into geological structures, copper, zinc, lead, silver, gold, and iron grades were interpolated into block models for the different mine zones using the Ordinary Kriging and inverse distance method in each domain. The results were visually validated through various statistical comparisons.
El Brocal Marcapunta – Net Difference in Mineral Resources between December 31, 2025 versus December 31, 2024 (on a 61.43% Buenaventura attributable ownership basis)(1)
Contained Metal
Tonnage(2) Gold Silver Copper
Class (t) (Oz) (Oz) (t)
Measured (500,405) (2,990) 123,921 21,570
Indicated (3,184,438) (48,519) (565,827) (19,959)
Subtotal (3,684,843) (51,509) (441,905) 1,611
Inferred (2,365,148) (36,865) 807,346 (56,379)
Notes:
1. Numbers may not add up due to rounding.
2. The total Mineral Reserves dated from December 31, 2025 and December 31, 2024 considered an ownership basis of 61.43%.
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El Brocal Marcapunta – Net Difference in Mineral Resources between December 31, 2025 versus December 31, 2024 (on a 100% ownership basis)(1)
Contained Metal
Tonnage(2) Gold Silver Copper
Class (t) (Oz) (Oz) (t)
Measured (814,594) (4,868) 201,728 35,113
Indicated (5,183,848) (78,983) (921,092) (32,491)
Subtotal (5,998,442) (83,849) (719,364) 2,622
Inferred (3,850,151) (60,011) 1,314,254 (91,778)
Notes:
1. Numbers may not add up due to rounding.
2. Mineral Resources data presented in this table are calculated on 100% basis. Buenaventura owns 61.43%.
In comparison to 2024, El Brocal Marcapunta’s Mineral Resources show an overall decrease, mainly driven by improvements in the interpretation of orebody geometry and the estimation of copper grades, supported by reconciliation results.
La Zanja
Location and means of access
The La Zanja mine is located in the district of Pulan, province of Santa Cruz, department of Cajamarca, 48 kilometers northwest of the Yanacocha gold mine, at an average altitude of 3,500 meters above sea level. Access to the operation site is available through the Panamericana Norte highway from Lima to Cajamarca followed by a departmental road network that leads to Pulán where the mining concession is located. We operate the La Zanja mine.
History
In 1990, La Zanja was part of the northern Peru project established between Buenaventura and Newmont, covering 83,900 hectares in the Yanacocha volcanic belt by Buenaventura Ingenieros S.A. In addition to La Zanja, other copper and gold prospects were discovered in the La Huaca, Peña Verde and Galeno zones. In 1997, a total of 3,800m of diamond drilling was completed at La Zanja.
After many years, in August 2010, the Peruvian government granted permits to Buenaventura to commence metallurgical operations at La Zanja. In September 2010, Buenaventura and Newmont began production at La Zanja. The mine was expected to produce 100,000 oz of gold per year over a seven-year mine life.
Title, leases and options
The La Zanja mining unit comprises one mining concession and one beneficiation concession (concentrator). These concessions represent the area of mines and exploration projects. Mining and exploration activities are carried out within these mining concessions. La Zanja’s concession has an extension of approximately 12, 247 hectares. In 2025, La Zanja’s mining concessions, previously comprising 17 concessions, were consolidated into a single concession following the approval of an accumulation process.
Mineralization
La Zanja is located within a large area of hydrothermal alteration, mainly related to epithermal gold deposits in high sulfidation environments, in addition to some bonanza gold vein epithermal systems, Cu-Au transitional epithermal-porphyry, and breccias pipe Cu-Au-Mo. We have two-ore deposits in production in oxide material: San Pedro Sur and Pampa Verde.
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Operations and infrastructure
The mine site, which was discovered by Buenaventura, is located in Pulan district, Santa Cruz province, Cajamarca region. The mine started operations in 2010 with Buenaventura managing the operation, and consists of two open pits: the San Pedro Sur open-pit and the Pampa Verde open-pit. and one Heap Leach PAD: San Pedro Sur Leach PAD, where the ore is washed with a leaching solution that carries the contained metals into a rich gold-silver solution. This solution is extracted via Merril-Crowe and carbon adsorption-desorption-recovery.
The operation is now focused on rehandle and releaching the San Pedro Sur heap leach PAD to recover the remaining gold ounces. Additionally, recovery tests were conducted in material from WRF San Pedro Sur. The equipment used to carry out the operations includes Volvo 540 (26 m3 and 24 m3) truck fleet with CAT 395 (5.2 m3) and CAT 340 (4.4 m3) crawler excavators, which are outsourced equipment.
A total of 27 diamond drillings were conducted with a total of 7,811 meters within the Cu-Au exploration project Emperatriz and structures linked to high-sulfidation systems. Also, 36 diamond drillings were conducted with a total of 2,871 meters within the San Pedro Sur open-pit to reevaluate the oxide mineralization. Finally, 23 diamond drillings were conducted with a total of 963 meters within the WRF San Pedro sur.
Production
La Zanja is a depleted mine, but it is currently in the exploration stage. The table below summarizes the La Zanja mine’s doré bars production, metal contained in doré bars produced, and average grades for the periods indicated.
For the Year Ended December 31,
2025 2024 2023
Treatment ore (in tonnes) — — —
Average ore grade
Gold grade (g/t) — — —
Silver grade (oz/t) — — —
Metal contained in concentrates production
Gold (Oz) 20,061 15,746 9,080
Silver (Oz) 48,081 23,637 20,589
Cost applicable to sales per oz. of gold (US$/Oz-Au) 2,049 1,243 1,772
Cost applicable to sales per oz. of silver (US$/Oz-Ag) 24.41 14.52 22.45
Capital Expenditures (in millions of US$) 5.6 0.1 2.3
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Mineral Reserves and Mineral Resources
In light of the material amount of resources that would be required for the Company to produce reserves and resources information that is compliant with Regulation S-K 1300 for a property that Company management deems to be nearly depleted and immaterial when compared to the Company’s aggregate reserves and resources disclosed elsewhere in this Annual Report, the Company has decided that the cost to produce such information would outweigh its benefits and therefore discontinued its reporting of reserves and resources in respect of the La Zanja property going forward.
The total book value for the La Zanja property and its associated plant and equipment was US$13.2 million as of December 31, 2025.
Coimolache
Location and means of access
Coimolache is a gold and silver mine located in the district and province of Hualgayoc, in the department of Cajamarca, in northern Peru, at an average altitude of 3,900 meters above sea level. Access to the operation site is available through the Panamericana Norte highway from Lima to Cajamarca followed by a departmental road network that leads to Chugur, where the mining concession is located. Coimolache is operated by Buenaventura, and wholly owned by Coimolache, in which we hold a 40.094% equity interest.
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History
In the Tantahuatay Project (Compañía Minera Coimolache S.A.), initial explorations took place from 1991 to 1998 by Southern Peru. The first doré bar was obtained in 2011. Currently, Buenaventura is the operator.
Compañía Minera Coimolache S.A. (CMC) was established in 1981. Currently, Cía. de Minas Buenaventura S.A.A. (BVN) holds 40.094% of the shares, 44.244% is held by Southern Copper Corporation (SPCC) and 15.662% is held by ESPRO S.A.C.
Coimolache’s history is linked from its origins to the Hualgayoc Mining District, a historic mining center in northern Peru. The first work in the area was recorded from 1969 to 1971 by the British Geological Survey (BGS) who carried out sediment sampling in the region and the district and identified seven anomalies in the Tantahuatay and Sinchao creeks. From 1970 to 1991 Cia. Minera Colquirrumi S.A., developed exploration and exploitation works in the Hualgayoc district.
The first works during SPCC’s administration involved geological mapping, rock and soil geochemistry in trenches and test pits. From 1994 to 1998 they carried out 27,411 meters of diamond drilling between the sectors of Tantahuatay, Mirador, Ciénaga and Peña de las Águilas as Calera Orbamas S.A. (the company’s name was CMC at that time).
BVN took over the administration in 1999 and carried out underground exploration for oxides with two tunnels in the deposits of Tantahuatay 2 and Cienaga Norte, respectively. BVN also carried out diamond infill drilling in the deposits of Tantahuatay 2 (BISA) and Ciénaga Norte, Mirador Norte (CEDIMIN) during 2002 and from 2006 to 2007 for a total of 6,063 meters.
CMC began the pre-feasibility stage in 2007, the EIA was completed with a public hearing in Hualgayoc in 2008, and construction began in 2009. The oxide operation started in June 2011.
Title, leases and options
The area of the concessions in which CMC performs exploitation and beneficiation activities totals 18,431 hectares and the titleholder is Compañía Minera Coimolache S.A.
There are 18 mining concessions and one beneficiation concession (beneficiation plant). These 18 concessions cover the area of the mines and the exploration projects. The mining operation and the explorations are conducted within the mining concessions. All the mining reserves and resources of Coimolache are located within these concessions controlled by Compañía Minera Coimolache.
Mineralization
Geologically, the Coimolache ore deposits are located in a sequence volcano-magmatic hydrothermal, predominantly linked to the regional mineralized sector northern of Peru.
Coimolache consists of several areas of epithermal Au-Ag mineralization, contained in oxide material. Below the oxides level of the Cerro Tantahuatay area, there is a significant copper, gold and silver mineralization associated to pyrite-enargite-chalcopyrite (sulfides), which are present as disseminations and fracture fillings associated with an epithermal-porphyry transitional zone, breccias bodies multiphases, and porphyry intrusives.
Operations and infrastructure
The mine site, which was discovered by Buenaventura, is located between the Hualgayoc and Chugur district, Hualgayoc province, Cajamarca region. The mine started operations in 2011 with Buenaventura managing the operation and consists of five open pits: the Tantahuatay 02 open-pit, Tantahuatay 02 NO open-pit, Mirador Norte open-pit, Mirador Sur open-pit, and Cienaga Norte open-pit. The open-pit operation involves blasting, loading, hauling and dumping the ore into the Tantahuatay heap leach PAD and the Cienaga heap leach PAD, where the ore is washed with a leaching solution that carries the contained metals into a rich gold-silver solution. This solution is extracted via Merril-Crowe and carbon adsorption-desorption-recovery.
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The operation is now focused on the Tantahuatay 2 Extensión NO (between the 3956 - 3836 level) open-pit and dumping the ore into the Tantahuatay heap leach PAD. The equipment used to carry out the operations includes Volvo 8x4 R (26 m3) truck fleet with CAT 374 (4.4 m3) and CAT 340 (2.9 m3) crawler excavators, which are outsourced equipment.
A total of 74 diamond drill holes were conducted with a total of 6,016 meters within the Tantahuatay 02 open-pit to reevaluate the oxide and the transitional mineralization.
Production
The Coimolache mine is in the production stage and has a treatment plant capacity of 60,000 tonnes of ore per day. The table below summarizes the Coimolache mine’s doré bars production, metal contained in doré bars produced and average grades for the periods indicated.
For the Year Ended December 31,
2025 2024 2023
Treatment ore (in tonnes) 9,067,941 4,263,536 6,939,705
Average ore grade
Gold grade (g/t) 0.37 0.34 0.48
Silver grade (oz/t) 0.37 0.38 0.33
Metal contained in production
Gold (Oz) 64,229 48,120 67,140
Silver (Oz) 331,401 236,082 264,835
Cost applicable to sales per oz. of gold (US$/Oz-Au) 1,471 1,637 1,376
Cost applicable to sales per oz. of silver (US$/Oz-Ag) 17.26 19.37 16.57
Capital Expenditures (in millions of US$) 14.1 7.4 8.9
Mineral Reserves and Mineral Resources
The Coimolache Mineral Reserves are estimated at an internal NSR cut-off value between 6.38 US$/t to 7.33 US$/t. The NSR cut-off value is determined using mine operating costs, as well as ore treatment, general and administrative costs, off site costs and capital costs. The NSR value is determined using reserve metal prices, refining costs, and metal recoveries. Metal prices used for Mineral Reserves are based on market study and long-term consensus sources. Mineral Reserves are estimated using metal prices, based on average long term metal prices of gold: 2,500 US$/oz and silver: 29 US$/oz. Metallurgical recoveries are accounted for in NSR calculations based on historical processing data and are variable as a function of head grade. Recoveries at LOM range from 69.5% to 76.3% for gold, and silver recoveries range from 10% to 30.8%. The current LOM plan continues through 2029. The total book value for the Coimolache property and its associated plant and equipment was US$101.4 million as of December 31, 2025.
Coimolache – Year End Mineral Reserves as of December 31, 2025 (on a 40.094% Buenaventura attributable ownership basis) (1)(3)(4)(5)(6)(7)(8)(9)(10)
Grade Contained Metal
Tonnage(2) Gold Silver Gold Silver
Ownership Class (t) (g/t) (g/t) (Oz) (Oz)
Proven — — — — —
40.094% Probable 25,176,373 0.23 10.66 186,280 8,625,961
Subtotal 25,176,373 0.23 10.66 186,280 8,625,961
Notes:
1. S-K 1300 definitions were followed for Mineral Reserves.
2. Mineral Reserves data presented in this table is reported on 40.094% Buenaventura attributable ownership.
3. Mineral Reserves are reported based on the December 31, 2025, topography surface, forecasted based on the end of September 2025 actual topography.
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4. Mineral Reserves are estimated at an NSR cut-off value of US$6.38/t for Tantahuatay 2, US$7.33/t for Tantahuatay 2 Ext NO and Tantahuatay 5, US$6.58/t for Ciénaga, and US$6.75./t for Mirador Norte and Mirador Sur.
5. Mineral Reserves are estimated using average long-term metal prices of Au: US$2,500/oz, Ag: US$29/oz.
6. Metallurgical recoveries are accounted for in the NSR calculations based on historical processing data. Metallurgical recoveries for the different pits are 73.5% for gold and 25.3% for silver for Tantahuatay 2 and Tantahuatay Ext NO., 69.5% for gold and 24.0% for silver for Tantahuatay 5, 76.3% for gold and 10.0% for silver for Ciénaga, and 72.5% for gold and 30.8% for silver for Mirador.
7. Dilution is 5%, 95% mining recovery.
8. Bulk density is assigned by both lithology and oxidation state, varies by pit location, and ranges from a minimum of 2.0 t/m3 to 2.6 t/m3.
9. Numbers may not add up due to rounding.
10. The qualified person for the Mineral Reserves estimate is SLR Consulting (Canada) Ltd.
Coimolache – Year End Mineral Reserves as of December 31, 2025 (on a 100% ownership basis)(1)(3)(4)(5)(6)(7)(8)(9)(10)(11)
Grade Contained Metal
Tonnage(2) Gold Silver Gold Silver
Ownership Class (t) (g/t) (g/t) (Oz) (Oz)
Proven — — — — —
100% Probable 62,793,368 0.23 10.66 464,609 21,514,344
Subtotal 62,793,368 0.23 10.66 464,609 21,514,344
Notes:
1. S-K 1300 definitions were followed for Mineral Reserves.
2. Mineral Reserves data presented in this table represents 100% of the Mineral Reserves estimates for the property. Buenaventura owns 40.094% of this property.
3. Mineral Reserves are reported based on the December 31, 2025, topography surface, forecasted based on the end of September 2025 actual topography.
4. Mineral Reserves are estimated at an NSR cut-off value of US$6.38/t for Tantahuatay 2, US$7.33/t for Tantahuatay 2 Ext NO and Tantahuatay 5, US$6.58/t for Ciénaga, and US$6.75./t for Mirador Norte and Mirador Sur.
5. Mineral Reserves are estimated using average long-term metal prices of Au: US$2,500/oz, Ag: US$29/oz.
6. Metallurgical recoveries are accounted for in the NSR calculations based on historical processing data. Metallurgical recoveries for the different pits are 73.5% for gold and 25.3% for silver for Tantahuatay 2 and Tantahuatay Ext NO., 69.5% for gold and 24.0% for silver for Tantahuatay 5, 76.3% for gold and 10.0% for silver for Ciénaga, and 72.5% for gold and 30.8% for silver for Mirador.
7. Dilution is 5%, 95% mining recovery.
8. Bulk density is assigned by both lithology and oxidation state, varies by pit location, and ranges from a minimum of 2.0 t/m3 to 2.6 t/m3.
9. Numbers may not add up due to rounding.
10. Dilution is 5%, 95% mining recovery.
11. The qualified person for the Mineral Reserves estimate is SLR Consulting (Canada) Ltd.
The Coimolache Mineral Reserves are estimated considering the modifying factors for conversion of measured and indicated resource classes into proven and probable reserves. Inferred resources are considered as waste in the LOM plan. The Mineral Reserve estimate has been prepared using industry accepted practice and conforms to the disclosure requirements of S-K 1300. Mineral Reserve estimates consider technical, economic, and environmental, and regulatory parameters containing inherent risks. Changes in grade and/or metal recovery estimation, realized metal prices, and operating and capital costs have a direct relationship to the cash flow and profitability of mine. Mineral Reserve and Mineral Resource estimates are evaluated annually, providing the opportunity to reassess the assumed conditions. Additional information regarding the Mineral Reserve estimates provided can be found in Section 12 of the Coimolache Technical Report Summary.
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Coimolache – Net Difference in Mineral Reserves between December 31, 2025 versus December 31, 2024 (on a 40.094% Buenaventura attributable ownership basis)(1)
Contained Metal
Tonnage(2) Gold Silver
Class (t) (Oz) (Oz)
Proven — — —
Probable 4,829,486 12,442 1,474,531
Subtotal 4,829,486 12,442 1,474,531
Notes:
1. Numbers may not add up due to rounding.
2. The total Mineral Reserves dated from December 31, 2025, and December 31, 2024 considered an ownership basis of 40.094%.
Coimolache – Net Difference in Mineral Reserves between December 31, 2025 versus December 31, 2024 (on a 100% ownership basis)(1)
Contained Metal
Tonnage(2) Gold Silver
Class (t) (Oz) (Oz)
Proven — — —
Probable 12,045,408 31,033 3,677,686
Subtotal 12,045,408 31,033 3,677,686
Notes:
1. Numbers may not add up due to rounding.
2. The total Mineral Reserves data presented in this table is calculated on 100% basis. Buenaventura owns 40.094%.
In comparison to 2024, Coimolache’s Mineral Reserves show an increase mainly due to a corresponding increase in gold and silver prices.
Coimolache – Year End Mineral Resources as of December 31, 2025 (on 40.094% Buenaventura attributable ownership basis) (1)(3)(4)(5)(6)(7)(8)(9)(10)
Grade Contained Metal
Tonnage(2) Gold Silver Gold Silver
Ownership Class (t) (g/t) (g/t) (Oz) (Oz)
Measured — — — — —
Indicated 10,273,592 0.20 9.84 65,338 3,249,939
40.094% Subtotal 10,273,592 0.20 9.84 65,338 3,249,939
Inferred 12,633,874 0.20 8.99 79,472 3,651,754
Notes:
1. The definitions for Mineral Resources in S-K 1300 were followed for Mineral Resources.
2. The Mineral Resource estimate above is reported on a 40.094% BAOB.
3. Mineral Resources are reported based on a topography survey on October 31, 2025, and a forecasted topography to December 31, 2025.
4. The Mineral Resources are contained within the resource pit shells generated using a net smelter return (NSR) cut-off value of $6.38/t for Tantahuatay 2, $7.33/t for Tantahuatay 2 Ext NO and Tantahuatay 5, $6.58/t for Ciénaga, and $6.75/t Mirador Norte and Sur.
5. The Mineral Resource estimate is based on metal price assumptions of $2,500/oz gold and $29/oz silver.
6. Metallurgical recoveries vary from 69.5% to 76.3% for gold and 10% to 30.8% for silver.
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7. Bulk density is assigned by alteration zone and ranges from 2.08 g/cm3 to 2.52 g/cm3.
8. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
9. Mineral Resources are reported exclusive of Mineral Reserves.
10. Numbers may not add up due to rounding.
Coimolache – Year End Mineral Resources as of December 31, 2025 (on a 100% Buenaventura ownership basis)(1)(3)(4)(5)(6)(7)(8)(9)(10)
Grade Contained Metal
Tonnage(2) Gold Silver Gold Silver
Ownership Class (t) (g/t) (g/t) (Oz) (Oz)
Measured — — — — —
Indicated 25,623,763 0.20 9.84 162,961 8,105,799
100% Subtotal 25,623,763 0.20 9.84 162,961 8,105,799
Inferred 31,510,634 0.20 8.99 198,215 9,107,981
Notes:
1. The definitions for Mineral Resources in S-K 1300 were followed for Mineral Resources.
2. The Mineral Resource estimate above is reported on a 100% BAOB.
3. Mineral Resources are reported based on a topography survey on October 31, 2025, and a forecasted topography to December 31, 2025.
4. The Mineral Resources are contained within the resource pit shells generated using a net smelter return (NSR) cut-off value of $6.38/t for Tantahuatay 2, $7.33/t for Tantahuatay 2 Ext NO and Tantahuatay 5, $6.58/t for Ciénaga, and $6.75/t Mirador Norte and Sur.
5. The Mineral Resource estimate is based on metal price assumptions of $2,500/oz gold and $29/oz silver.
6. Metallurgical recoveries vary from 69.5% to 76.3% for gold and 10% to 30.8% for silver.
7. Bulk density is assigned by alteration zone and ranges from 2.08 g/cm3 to 2.52 g/cm3.
8. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
9. Mineral Resources are reported exclusive of Mineral Reserves.
10. Numbers may not add up due to rounding.
The Coimolache Mineral Resources estimates in the table above were estimated in December 31, 2023. This model has three independent block models that were prepared for each of Tantahuatay’s deposits: Tantahuatay, Cienaga and Mirador, which are open pit operations. 3D geological model was generated by Buenaventura for different types of data (mainly drill holes, blastholes, working mapping and section interpretation) to constrain and control mineralization and its domains. Drilling data from cores were combined into geological structures. Gold and silver grades were interpolated into block models for the different deposits. Mine zones were modeled using ordinary Kriging in each deposit. The results were visually validated through various statistical comparisons. Additional information regarding the Mineral Resources estimates provided can be found in Section 11 of the Coimolache Technical Report Summary.
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Coimolache – Net Difference in Mineral Resources between December 31, 2025, versus December 31, 2024 (on a 40.094% Buenaventura attributable ownership basis)(1)
Contained Metal
Tonnage(2) Gold Silver
Class (t) (Oz) (Oz)
Measured 0 0 0
Indicated 1,100,973 (1,980) (100,134)
Subtotal 1,100,973 (1,980) (100,134)
Inferred 5,028,451 24,102 1,025,762
Notes:
1. Numbers may not add up due to rounding.
2. The total Mineral Reserves dated from December 31, 2025, and December 31, 2024 considered an ownership basis of 40.094%.
Coimolache – Net Difference in Mineral Resources between December 31, 2025, versus December 31, 2024 (on a 100% Buenaventura ownership basis)(1)
Contained Metal
Tonnage(2) Gold Silver
Class (t) (Oz) (Oz)
Measured 0 0 0
Indicated 2,745,980 (4,939) (249,747)
Subtotal 2,745,980 (4,939) (249,747)
Inferred 12,541,655 60,113 2,558,394
Notes:
1. Numbers may not add up due to rounding.
2. Mineral Resources data presented in this table are calculated on 100% basis. Buenaventura owns 40.094%.
In comparison to 2024, Coimolache’s Mineral Resources show a decrease in gold metal content, mainly due to the mining production of the year.
In comparison to 2024, Coimolache’s Mineral Resources show an increase in tonnage, mainly due to changes of the gold and silver prices.
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Cerro Verde
Location and means of access
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. (FCX) holds a majority interest in Cerro Verde.
History
The first activities of the Cerro Verde porphyry copper deposit date back to the late 1800s when artisanal mining produced high-grade oxide ore. In 1917 Anaconda Copper Mining Company acquired the property and operated intermittently until 1970 when the property was nationalized. Minero Perú S.A., a government-controlled mining company, commenced mining and processing of ore with a SX/EW plant and pilot concentrator plant in 1977. The SX/EW plant was among the first in the world to be commissioned.
Minero Perú S.A. sold Cerro Verde to Cyprus Climax Metals Company in 1994. By 1996, remaining ownership included Buenaventura and a variety of individual investors trading their shares on the Lima Stock Exchange. Shortly thereafter, Cyprus invested in improvements to the leach process production. Cyprus Climax Metals Company was acquired by the Phelps Dodge Corporation (PDC) in 1999. By 2004, the SX/EW plant capacity was at 200 million pounds of copper cathode per year (Bernal and Velarde, 2004).
In 2005, SMM Cerro Verde Netherlands B.V. acquired 21 % ownership, and Buenaventura increased their ownership to 18.3 % while PDC retained 53.56 % as part of construction of a primary sulfide concentrator (C1). Production started in 2006, with a capacity of 108,000 metric tonnes of ore per day. In 2011, C1 capacity was increased to 120,000 metric tonnes per day following completion of various debottlenecking projects.
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FCX acquired PDC in 2007. In 2007, FCX started a drilling program for deep exploration, infill confirmation, geomechanical, hydrogeological, and condemnation targets. Between 2008 and 2011, more than 200,000 meters were drilled.
Construction of new, additional concentrator facilities (C2) with a nominal capacity of 240,000 metric tonnes of ore per day was completed in 2016. As a result, the total Cerro Verde concentrating capacity expanded to 360,000 metric tonnes of ore per day. Recent production trends are exceeding the designed capacities. In 2018, ore processing capacity of C2 was increased to 288,000 metric tonnes of ore per day. As a result of several efficiency initiatives implemented over the past several years, the Cerro Verde’s two concentrators were able to achieve a combined average milling rate exceeding 400,000 metric tonnes of ore per day since 2023. The Cerro Verde mine is a well-developed property currently in operation and all previous exploration and development work has been incorporated where appropriate in the access and operation of the property.
Title, leases and options
In Peru, mining rights through claims and concessions are regulated by Peru’s General Mining Law. Cerro Verde’s major operations take place in the mining concession “Cerro Verde No 1, 2, y 3” and in the Cerro Verde processing facilities concession “Cerro Verde Beneficiation Plant”, (hereinafter the “Beneficiation Plant”). Sociedad Minera Cerro Verde is the titleholder of the entire mining concession, all other concessions, and areas where the Cerro Verde operations are located. They are retained through the annual payments of rights for the concessions or the corresponding penalties for not exploiting them. Surface land is not owned; however, Supreme Decree 017-1996-AG granted mining companies surface rights of those concessions already titled by the time this regulation was passed upon formal declaration before the Peruvian Ministry of Energy and Mines (MINEM). Cerro Verde mining and main core concessions were declared and exempted from the farmland’s privatization processes. The Beneficiation Plant authorization includes the processing and recovery methods of ore entirely sourced from the mining concession.
Mineralization
The Cerro Verde mine is a porphyry copper deposit that has leachable oxide and secondary sulfide mineralization, and millable 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.
Operations and infrastructure
Cerro Verde’s operation consists of an open pit copper mine, that includes (i) two concentrator facilities with a total permitted milling capacity of 409,500 metric tonnes per day, with the ability to treat annually up to a maximum of 10% more for a total of 450,450 metric tonnes per day and (ii) solution extraction and electrowinning (SX/EW) leaching facilities which have a production capacity of approximately 200 million pounds of copper per year.
Cerro Verde has sufficient equipment to move an average of approximately 1,000,000 metric tonnes of material per day using a fleet of haul trucks. Copper cathodes and concentrate production are transported approximately 70 miles by truck and rail to the Pacific Port of Matarani for shipment to international markets.
Cerro Verde currently receives electrical power, including hydro-generated power, under long-term contracts with electric utility companies. During 2023, Cerro Verde entered into a new purchase agreement that is expected to transition its electrical 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. 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 it will be sufficient to support its currently planned operations, but Cerro Verde closely monitors ongoing weather patterns.
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Production
The Cerro Verde mine is in the production stage and has an actual permitted milling plant capacity of 409,500 metric tonnes of ore per day with the ability to treat annually up to a maximum of 10% more for a total of 450,450 metric ton-per-day. The table below summarizes the Cerro Verde mine’s concentrate production, metal contained in concentrates produced and average grades for the periods indicated. Production in 2025 was lower than 2024 primarily due to lower ore grades.
For the Year Ended December 31,
2025 2024 2023
Treatment ore (in thousand metric tonnes) 165,375 167,527 181,861
Average ore grade
Mill Copper grade (%) 0.30 0.33 0.34
Metal contained in production
Silver (Oz) 3,300,512 3,599,132 4,076,615
Copper (MT) 391,496 430,670 447,035
Molybdenum (MT) 9,694 9,055 9,874
Copper Cash Cost (US$/Cu Lb) 2.17 2.18 2.17
Capital Expenditures (in millions of US$) 388.4 345.8 312.2
Mineral Reserves and Mineral Resources
Cerro Verde Mineral Reserves are estimated at an operational cut-off grade of 0.13% equivalent copper for mill operations and 0.08% equivalent copper for leach operations. In defining open pit mineral reserves, Cerro Verde applies an “operational cutoff grade” strategy, wherein multiple processing options, throughput constraints, mine development and ore availability are given consideration to maximize the value of our operations. Cerro Verde’s executive management establishes reasonable long-term metal pricing to be used in determining mineral reserves and mineral resources. These prices are based on reviewing external market projections, historical prices, comparison of peer mining companies’ reported price estimates, and internal capital investment guidelines. The long-term sale prices align with the company’s strategy for evaluating the economic feasibility of the mineral reserves and mineral resources. Mineral Reserves are estimated using average long term metal prices of copper: 3.25 US$/lb, silver: 20 US$/oz, molybdenum: 14 US$/lb. Metallurgical recoveries are based on historical processing data and are variable as a function of head grade. Mill recoveries at LOM are 85% for copper, 45% for silver and 54% for molybdenum. The current LOM plan continues through 2052. The total book value for the Cerro Verde property and its associated plant and equipment was US$5,756 million as of December 31, 2025.
Cerro Verde – Year End Mineral Reserves as of December 31, 2025 (on a 19.58% Buenaventura attributable ownership basis) (1)(3)(4)
Grade Contained Metal
Tonnage(2) Copper Moly Silver Copper Moly Silver
Ownership Class (Mt) (%) (%) (g/t) (M lbs) (M lbs) (kOz)
Proven 145 0.36 0.01 1.84 1,142 47 8,589
19.58% Probable 610 0.34 0.01 1.76 4,523 187 34,453
Subtotal 756 0.34 0.01 1.77 5,665 235 43,042
Notes:
1. S-K 1300 definitions were followed for Mineral Reserves.
2. Mineral Reserves data presented in this table are reported on 19.58% Buenaventura attributable ownership.
3. Numbers may not add due to rounding.
4. The various employees of Freeport-McMoRan Inc. (majority owner and operator for the Cerro Verde mine) served as the qualified person for Mineral Reserves
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Cerro Verde – Year End Mineral Reserves as of December 31, 2025 (on a 100% ownership basis)(1)(3)(4)
Grade Contained Metal
Tonnage(2) Copper Moly Silver Copper Moly Silver
Ownership Class (Mt) (%) (%) (g/t) (M lbs) (M lbs) (kOz)
Proven 743 0.36 0.01 1.84 5,832 241 43,866
100% Probable 3,117 0.34 0.01 1.76 23,103 957 175,960
Subtotal 3,860 0.34 0.01 1.77 28,935 1,198 219,827
Notes:
1. S-K 1300 definitions were followed for Mineral Reserves.
2. Mineral Reserves data presented in this table represents 100% of the Mineral Reserves estimates for the property. Buenaventura owns 19.58% of this property.
3. Numbers may not add due to rounding.
4. The various employees of Freeport-McMoRan Inc. (majority owner and operator for the Cerro Verde mine) served as the qualified person for Mineral Reserves
The Cerro Verde Mineral Reserves are summarized from the LOM plan, which is the compilation of the relevant modifying factors for establishing an operational, economically viable mine plan. The mineral reserves are estimated considering the modifying factors for conversion of measured and indicated resource classes into proven and probable reserves. Inferred resources are considered as waste in the LOM plan. The Mineral Reserve estimate has been prepared using industry accepted practice and conforms to the disclosure requirements of S-K1300. Mineral Reserve estimates consider technical, economic, and environmental, and regulatory parameters containing inherent risks. Changes in grade and/or metal recovery estimation, realized metal prices, and operating and capital costs have a direct relationship to the cash flow and profitability of the mine. Mineral Reserve and Mineral Resource estimates are evaluated annually, providing the opportunity to reassess the assumed conditions.
Cerro Verde – Net Difference in Mineral Reserves between December 31, 2025 versus December 31, 2024 (on a 19.58% Buenaventura attributable ownership basis)(1)
Contained Metal
Tonnage(2) Copper Moly Silver
Class (Mt) (M lbs) (M lbs) (kOz)
Proven 19 133 6 1,052
Probable (26) (179) (6) (1,382)
Subtotal (7) (46) — (329)
Notes:
1. Numbers may not add due to rounding.
2. The total Mineral Reserves dated from December 31,2025, and December 31, 2024 considered an ownership basis of 19.58%.
Cerro Verde – Net Difference in Mineral Reserves between December 31, 2025 versus December 31, 2024 (on a 100% ownership basis)(1)
Contained Metal
Tonnage(2) Copper Moly Silver
Class (Mt) (M lbs) (M lbs) (kOz)
Proven 97 679 30 5,375
Probable (130) (916) (28) (7,058)
Subtotal (34) (236) 1 (1,683)
Notes:
1. Numbers may not add due to rounding.
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2. The total Mineral Reserves data presented in this table are calculated on 100% basis. Buenaventura owns 19.58%.
In comparison to 2024, Cerro Verde’s Mineral Reserves show a decrease mainly due to depletion during 2025.
Cerro Verde – Year End Mineral Resources as of December 31, 2025 (on a 19.58% Buenaventura attributable ownership basis) (1)(3)(4)(5)
Grade Contained Metal
Tonnage(2) Copper Moly Silver Copper Moly Silver
Ownership Class (Mt) (%) (%) (g/t) (M lbs) (M lbs) (kOz)
Measured 22 0.28 0.01 1.42 134 4 993
19.58% Indicated 321 0.33 0.01 1.73 2,313 82 17,824
Subtotal 342 0.32 0.01 1.71 2,448 86 18,817
Inferred 82 0.33 0.01 1.74 599 22 4,549
Notes:
1. S-K 1300 definitions were followed for Mineral Resources.
2. Mineral Resources data presented in this table are reported on 19.58% Buenaventura attributable ownership.
3. Mineral Resources are reported exclusive of those Mineral Resources that were converted to Mineral Reserves, and Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
4. Numbers may not add due to rounding.
5. The various employees of Freeport-McMoRan Inc. (majority owner and operator for the Cerro Verde mine) served as the qualified person for Mineral Resources.
Cerro Verde – Year End Mineral Resources as of December 31, 2025 (on a 100% Buenaventura ownership basis)(1)(3)(4)(5)
Grade Contained Metal
Tonnage(2) Copper Moly Silver Copper Moly Silver
Ownership Class (Mt) (%) (%) (g/t) (M lbs) (M lbs) (kOz)
Measured 111 0.28 0.01 1.42 686 22 5,072
100% Indicated 1,637 0.33 0.01 1.73 11,815 418 91,031
Subtotal 1,748 0.32 0.01 1.71 12,501 440 96,103
Inferred 416 0.33 0.01 1.74 3,059 112 23,235
Notes:
1. S-K 1300 definitions were followed for Mineral Resources.
2. Mineral Resources data presented in this table represents 100% of the Mineral Resources estimates for the property. Buenaventura owns 19.58% of this property.
3. Mineral Resources are reported exclusive of those Mineral Resources that were converted to Mineral Reserves, and Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
4. Numbers may not add due to rounding.
5. The various employees of Freeport-McMoRan Inc. (majority owner and operator for the Cerro Verde mine) served as the qualified person for Mineral Resources
The Cerro Verde Mineral Resources estimates in the table above are evaluated using the application of technical and economic factors to a geologic resource block model and employing optimization algorithms to generate digital surfaces of mining limits, using specialized geologic and mine planning computer software. The resulting surfaces volumetrically identify material as potentially economical, using the assumed parameters. Mineral resources are the resultant contained metal inventories.
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Cerro Verde – Net Difference in Mineral Resources between December 31, 2025 versus December 31, 2024 (on a 19.58% Buenaventura attributable ownership basis)(1)
Contained Metal
Tonnage(2) Copper Moly Silver
Class (Mt) (M lbs) (M lbs) (kOz)
Measured 5 23 1 174
Indicated (18) (66) (3) (493)
Subtotal (13) (43) (3) (319)
Inferred (43) (330) (12) (2,506)
Notes:
1. Numbers may not add due to rounding.
2. The total Mineral Resources dated from December 31, 2025 and December 31, 2024 considered an ownership basis of 19.58%.
Cerro Verde – Net Difference in Mineral Resources between December 31, 2025 versus December 31, 2024 (on a 100% Buenaventura ownership basis)(1)
Contained Metal
Tonnage(2) Copper Moly Silver
Class (Mt) (M lbs) (M lbs) (kOz)
Measured 25 118 3 889
Indicated (90) (335) (16) (2,517)
Subtotal (66) (218) (13) (1,627)
Inferred (221) (1,686) (64) (12,796)
Notes:
1. Numbers may not add due to rounding.
2. The total Mineral Resources data presented in this table are calculated on 100% basis. Buenaventura owns 19.58%.
In comparison to 2024, Cerro Verde’s Mineral Resources show a decrease, primarily as the result of higher cost assumptions and geological modelling updates.
Mining greenfield projects
Project Name Current Project Status
San Gabriel(1) Construction
Trapiche(2) Development
Tantahuatay Sulfides(3) Development
(1) San Gabriel qualifies as a project in the construction stage under S-K 1300.
(2) Trapiche qualifies as a project in the development stage under S-K 1300.
(3) Tantahuatay Sulfides qualifies as a project in the development stage under S-K 1300.
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San Gabriel
Location and means of access
The San Gabriel Project is located in the Ichuña district, in the General Sánchez Cerro Province of the Moquegua Region in southern Peru. The project is approximately 837 kilometers southeast of Lima and 116 kilometers northeast of Moquegua.
The San Gabriel Project can be accessed from the cities of Arequipa, Moquegua, and Juliaca via a mixture of paved and unpaved roads.
History
In 2003, Minera Gold Fields Peru S.A. (Gold Fields Peru) obtained the Chucapaca, Chucapaca Norte, Orcori, Yaretapampa and Yaretapampa Sur mining concessions. In February 2007, Gold Fields Peru joint ventured the Project with Buenaventura. In 2009, Buenaventura and Gold Fields Peru formed Canteras del Hallazgo S.A.C. (Canteras del Hallazgo) as the operating entity. On August 18, 2014, Buenaventura acquired 51% of the voting shares of Canteras del Hallazgo S.A.C. from Gold Fields Peru, which represented the whole interest of Gold Fields Peru in the equity of such entity.
Title, leases and options
The San Gabriel Project comprises three mining concessions and one beneficiation concession (concentrator), covering an area of 53,581 hectares. Buenaventura complies with government mandated annual payments for the maintenance of the mining property, license fees and, if applicable, payment of any penalties incurred. Three royalties are payable on the area covered by the Ichuña 2 IMG concession. However, the producing asset is only subject to a royalty due to the part of the concession in which it is located.
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Mineralization
The San Gabriel deposit shows many of the characteristics of an intermediate sulfidation epithermal deposit.
An inlier of folded and faulted basement Jurassic-Cretaceous siliciclastic and carbonate sedimentary rocks of the Yura Group forms a basement high in the Ichuña District. It is overlain by a cover sequence of Cenozoic (Paleogene, Neogene, and Quaternary) volcaniclastic sediments and lavas.
Mineralization is hosted in Jurassic–Cretaceous Yura Group sediments, with dark grey limestones and interbedded clastic rocks of the Gramadal Formation hosting the most continuous replacement-style alteration and mineralization. The San Gabriel deposit is approximately 3,000 meters long, 250 meters wide, and averages 170 meters in thickness. It has been drill tested to a depth of 700 meters.
Operations and infrastructure
During 2025, the San Gabriel Project reached full engineering completion (100%). As of December 31, 2025, the project had achieved 99% overall completion, and, as of the date of this annual report, construction was nearing completion, with progress at 98%. During 2025, the C1, C2 and C3 commissioning stages for the crushing, grinding and leaching circuits were completed, and C4 commissioning is planned for the first quarter of 2026. The first gold bar was produced on December 23, 2025. Commercial production is scheduled to start in the second quarter of 2026. The relevant authorities have granted the Mining Operations License. The Water Use Authorization is pending, with approval expected in the second quarter of 2026.
No major social issues have been reported with the surrounding communities. Buenaventura maintains a strong commitment to local employment; for exploration, construction and operational activities, the company prioritizes hiring workforce from local communities. During operations, Buenaventura will continue to preferentially employ both skilled and unskilled personnel from the project’s area of influence, including C.C. Santa Cruz de Oyo, Maycunaca, Antajahua, C.C. Corire, and the Ichuña District. If local labor is unavailable, recruitment will extend first to the broader Moquegua region, and subsequently to other regions as needed.
The infrastructure supporting the LOM plan includes an underground mine, backfill and concrete batch plants, waste rock storage facilities, topsoil stockpile, process plant, ROM stockpile, process water ponds, mine water pond, freshwater dam, filtered tailings storage facility, tailings thickening and filtering platform, tailings drying platforms, temporary tailings storage area, mine operations and warehouse area, administration offices, maintenance workshops, fuel station, gatehouse, accommodation camp, sewage treatment plant, temporary waste storage area, and electrical substation. The 220 kV transmission line commenced commercial operations in December 2025 and is fully operational in preparation for the production phase.
Mineral Reserves and Mineral Resources
The San Gabriel Project Mineral Reserves are estimated at an NSR cut-off value between 92.1 US$/t to 135.5 US$/t. Mineral Reserves represent mill feed material after dilution and mining recovery. The NSR cut-off value is determined using mine operating costs, as well as ore treatment general and administrative costs and sustaining capital cost. The NSR value is determined using reserve metal prices and metal recoveries. Metal prices used for Mineral Reserves are based on market study and long-term consensus sources. Mineral Reserves are estimated using average long term metal prices of gold: 1,900 US$/oz and silver: 24 US$/oz. Metallurgical recoveries are accounted for in NSR calculations based on extensive test work data and are variable as a function of head grade. Recoveries at LOM average amounts to 85.3% for gold and 45.3% for silver. The project LOM is currently estimated at 15 years. The total book value for the San Gabriel property and its associated plant and equipment was US$1,132.2 million as of December 31, 2025.
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San Gabriel – Year End Mineral Reserves as of December 31, 2025 (on a 100% ownership basis)(1)(3)(4)(5)(6)(7)(8)(9)(10)(11)
Grade Contained Metal
Tonnage(2) Gold Silver Gold Silver
Ownership Class (t) (g/t) (g/t) (Oz) (Oz)
Proven 3,165,939 4.14 3.78 421,861 385,192
100% Probable 12,139,250 3.60 6.98 1,405,050 2,722,252
Subtotal 15,305,189 3.71 6.32 1,826,910 3,107,445
Notes:
1. S-K 1300 definitions were followed for Mineral Reserves.
2. The mineral reserves are unchanged from previous estimate as of December 31, 2024.
3. Mineral Reserves data presented in this table represents 100% of the Mineral Reserves estimates for the property. Buenaventura owns 100% of this property.
4. Mineral Reserves represent mill feed material after dilution and mining recovery.
5. Mineral Reserves are reported within mining shapes above a marginal cut-off value of $92.14/t.
6. Mineral Reserves are estimated using long term industry consensus metal prices of Au: US$1,900.00/oz and Ag:US$24.00/oz.
7. Metal net smelter return (NSR) factors excluding metallurgical recovery are $60.89/g for Au and $0.77/g for Ag.
8. Metallurgical recoveries are accounted for in the NSR calculations based on metallurgical test work and are variable as a function of contained organic carbon. LOM average recoveries are 86.2% for Au and 47.2% for Ag
9. Numbers may not add up due to rounding.
10. Dilution factors were applied to account for backfill dilution. Factors vary based on number of faces in contact with backfill. Average dilution is 8.6%.
11. The qualified person for the Mineral Reserves estimate is SLR Consulting (Canada) Ltd.
The San Gabriel Mineral Reserves are estimated by converting Measured Mineral Resources and Indicated Mineral Resources to Proven Mineral Reserves and Probable Mineral Reserves assuming underhand drift-and-fill and overhand sub-level retreat mining methods. An NSR cut-off was used in preference to a grade cut-off, since both gold and silver are contributors to the San Gabriel Project economics. Additional information regarding the Mineral Reserve estimates provided can be found in Section 12 of the San Gabriel Technical Report Summary.
San Gabriel – Net Difference in Mineral Reserves between December 31, 2025, versus December 31, 2024 (on a 100% ownership basis)(1)(3)
Contained Metal
Tonnage(2) Gold Silver
Class (t) (Oz) (Oz)
Proven 0 0 0
Probable 0 0 0
Subtotal 0 0 0
Notes:
1. Numbers may not add up due to rounding.
2. The total Mineral Reserves dated from December 31, 2025, and December 31, 2024 considered an ownership basis of 100%.
3. The mineral reserves report as of December 31, 2025, is the same as that reported as of December 31, 2024.
In comparison to 2024, San Gabriel Mineral Reserves show no change.
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San Gabriel – Year End Mineral Resources as of December 31, 2025 (on a 100% Buenaventura ownership basis)(1)(3)(4)(5)
Grade Contained Metal
Tonnage(2) Gold Silver Gold Silver
Ownership Class (t) (g/t) (g/t) (Oz) (Oz)
Measured 661,229 2.26 4.21 47,946 89,431
100% Indicated 7,101,507 2.37 7.96 540,437 1,817,263
Subtotal 7,762,736 2.36 7.64 588,383 1,906,694
Inferred 7,049,203 3.23 7.34 733,148 1,663,842
Notes:
1. S-K 1300 definitions were followed for Mineral Resources.
2. Mineral Resources data presented in this table represents 100% of the Mineral Resources estimates for the property. Buenaventura owns 100% of this property.
3. Mineral Resources are reported exclusive of those Mineral Resources that were converted to Mineral Reserves, and Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Mineral Resources reported in 2021 were reported inclusive of Mineral Resources that were converted into Mineral Reserves.
4. Numbers may not add up due to rounding.
5. The qualified person for the Mineral Resources estimate is SRK Consulting Perú S.A.
The San Gabriel Mineral Resources estimates in the table above is supported by core drilling. Leapfrog Software version 6.0 and Vulcan © version 12.1 were used to construct the geological solids, prepare assay data for geostatistical analysis, construct the block model, estimate metal grades and tabulate mineral resources. Supervisor © Software version 8.13 was used for geostatistical analysis, variography, and quantitative kriging neighborhood analysis (QKNA). The block model block size of 5 x 5 x 5 meters and subblock size of 1 x 1 x 1 meters is considered acceptable given the average deposit thickness and assumptions of underground cut-and-fill mining methods. Additional information regarding the Mineral Resources estimates provided can be found in Section 11 of the San Gabriel Technical Report Summary for 2024. During 2025, there was no update in respect of the Mineral Resources estimation for San Gabriel.
San Gabriel – Net Difference in Mineral Resources between December 31, 2025, versus December 31, 2024 (on a 100% ownership basis)(1)(3)
Contained Metal
Tonnage(2) Gold Silver
Class (t) (Oz) (Oz)
Measured 0 0 0
Indicated 0 0 0
Subtotal 0 0 0
Inferred 0 0 0
Notes:
1. Numbers may not add up due to rounding.
2. The total Mineral Resources dated from December 31, 2025, and December 31, 2024 considered an ownership basis of 100%.
3. In 2025, exclusive resources are being reported as the beginning of operations.
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Trapiche
Location and means of access
The Trapiche Project is located in the Apurimac region in south-central Perú and is located about 95 km south of the town of Abancay and about 8 km south of the Mollebamba village in the Antabamba Province. The location coordinates are UTM 728,672 E and 8,396,177 N. The elevation of the property and deposits range from 3,900 to 4,650 meters above sea level.
Two access roads are being considered for the access to the mine site from Chunchumayo. One is termed the East Access Road begins in Chunchumayo and ends in the township of Mollocco. The other road is termed the West Access Road and begins in Chunchumayo and eventually ties into the road to Mollebamba.
History
The geological prospecting work began in 1996, extending until 2000, consisting of geochemical prospecting (stream sediments), mapping and rock geochemistry, determining copper and molybdenum anomalies that motivated the continuity of the explorations. In 2001 and 2002, a diamond drilling campaign was completed with the execution of six drill holes (2,192.95 meters). The results were positive leading to the discovery of the Trapiche porphyry with Cu-Mo sulfide mineralization.
Title, leases and options
The Trapiche Project area consists of 33,065.00 hectares in 27 mining concessions, including 2,300 hectares of superficial land use rights that were granted by the Mollebamba village in 2011 through an easement agreement signed with Compañía de Minas Buenaventura and El Molle Verde S.A.C.
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Mineralization
The Trapiche deposit corresponds to a typical porphyry deposit with copper and molybdenum mineralization, which is related to the location of the hydrothermal polyphase quartz monzonite porphyry (QMP) and Breccia Pipe, which crosscuts sedimentary sequences of Late Jurassic to Early Cretaceous age.
The mineralization is a Cu-Mo porphyry, constituted mainly by primary and secondary copper sulfides, molybdenite and to a lesser extent, copper oxide. The highest volume of sulfides is located in the Breccia Pipe, followed by the quartz monzonite porphyry, and in a lower percentage, the copper oxides located in the western border with contact to the breccia and calc-silicate sediments, associated with the monzonite intrusive dikes.
Operations and infrastructure
Currently, the power supply for the exploration facilities is provided by generators in the Pionner Camp area with a maximum installed capacity of 460 kW and a capacity of up to 2 MW. The closest electrical substation is Cotaruse, and the closest distribution line is the high voltage line that goes from Cotaruse to Las Bambas. The new 220 kV power line has 90% land agreements reached and will be ready for the start of operations. ORE and ROM leaching optimization column tests are being carried at the metallurgical laboratory on site.
The total number of people to be required on site in years of operation is estimated at 1,150 people.
The infrastructure required to support the LOM plan will include an open pit mine and haul roads, as well as a permanent sulfide leach pad, dynamic oxide on-off pad, a permanent ROM pad, topsoil material deposit (DMO), inadequate material deposit (DMI), crushing area, SXEW area, process water ponds, freshwater dam, warehouse facility, administration offices, truck shop facility, fuel station, core shed, gatehouses, accommodation camp, sewage treatment plant, waste storage area, and electrical substation.
Mineral Reserves and Mineral Resources
The Trapiche Project Mineral Reserves are estimated at an NSR cut-off value of 6.5 US$/t. The NSR cut-off value is determined using the cathodes transport charges and site operating costs. The NSR value is determined using reserve metal prices and metal recoveries. Metal prices used for Mineral Reserves are based on market study and long-term consensus sources. Mineral Reserves are estimated using average long term metal prices of cooper: 8,000 US$/t. Metallurgical recoveries are accounted for in NSR calculations based on historical processing data and with fixed values for each type of Ore. Recoveries at LOM average head grade estimated for copper is 71.7% for Enriched Ore, 55.0% for Transitional Ore, 85.0% for Oxide and Mixed Ore and 40.0% for ROM low grade ore. The project LOM is currently estimated at 18 years. The total book value for the Trapiche property and its associated plant and equipment was US$166.6 million as of December 31, 2025.
Trapiche – Year End Mineral Reserves as of December 31, 2025 (on a 100% ownership basis)(1)(3)(4)
Grade Contained Metal
Tonnage(2) Gold Silver Copper Gold Silver Copper
Ownership Class (t) (g/t) (g/t) (%) (Oz) (Oz) (t)
100% Proven — — — — — — —
Probable 283,200,000 0 0 0.51 0 0 1,444,283
Subtotal 283,200,000 0 0 0.51 0 0 1,444,283
Notes:
1. S-K 1300 definitions were followed for Mineral Reserves.
2. Mineral Reserves data presented in this table represents 100% of the Mineral Reserves estimates for the property. Buenaventura owns 100% of this property.
3. Numbers may not add up due to rounding.
4. The qualified person for the Mineral Reserves estimate is Mining Plus Peru S.A.C.
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The Trapiche Mineral Reserves are estimated based upon the following modifying factors: (1) Mineral Resources within a pit design that is based on an optimized pit shell. (2) Mining dilution and mining recovery factors. (3) Mining of the mineralized rock is considered to be economically and technically feasible. Additional information regarding the Mineral Reserve estimates provided can be found in Section 12 of the Trapiche Technical Report Summary.
Trapiche – Net Difference in Mineral Reserves between December 31, 2025, versus December 31, 2024 (on a 100% ownership basis)(1)
Contained Metal
Tonnage(2) Gold Silver Copper
Class (t) (Oz) (Oz) (t)
Proven 0 0 0 0
Probable 0 0 0 0
Subtotal 0 0 0 0
Notes:
1. Numbers may not add up due to rounding.
2. The total Mineral Reserves dated from December 31, 2025, and December 31, 2024 considered an ownership basis of 100%.
Trapiche – Year End Mineral Resources as of December 31, 2025 (on a 100% ownership basis)(1)(3)(4)(5)
Grade Contained Metal
Tonnage(2) Gold Silver Copper Gold Silver Copper
Ownership Class (t) (Oz) (Oz) (t) (Oz) (Oz) (t)
Measured 24,200,000 0.04 2.85 0.31 32,600 2,218,000 74,435
100% Indicated 593,000,000 0.03 2.37 0.32 529,400 45,110,000 1,896,427
Subtotal 617,200,000 0.03 2.39 0.32 562,000 47,328,000 1,970,861
Inferred 36,610,000 0.04 4.39 0.32 49,000 5,163,000 115,666
Notes:
1. S-K 1300 definitions were followed for Mineral Resources.
2. Mineral Resources data presented in this table represents 100% of the Mineral Resources estimates for the property. Buenaventura owns 100% of this property.
3. Mineral Resources are reported exclusive of those Mineral Resources that were converted to Mineral Reserves, and Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
4. Numbers may not add up due to rounding.
5. The qualified person for the Mineral Resources estimate is Mining Plus Peru S.A.C.
The Trapiche Mineral Resources estimates in the table above were supported from 368 drill holes, totaling 102,819 meters to complete the geological block model. Mineral Resources were reported inside an optimized pit shell and is exclusive of Mineral Reserve. The oxide and mixed Mineral Resource was reported above a cut-off grade of 0.12% and 0.14% total copper respectively. The enriched and transition Mineral Resource was reported above a cut-off grade of 0.07% and 0.09% total copper, respectively, while the primary sulfide Mineral Resource was reported above a cut-off grade of 0.08% total copper. The swath plots also showed good correlation between the drill hole composite grades and the block model grades. Additional information regarding the Mineral Resources estimates provided can be found in Section 11 of the Trapiche Technical Report Summary. Given the absence of material changes, there have been no updates to Trapiche’s Mineral Resources estimation for the year ended December 31, 2025.
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Trapiche – Net Difference in Mineral Resources between December 31, 2025, versus December 31, 2024 (on a 100% ownership basis)(1)
Contained Metal
Tonnage(2) Gold Silver Copper
Class (t) (Oz) (Oz) (t)
Measured 0 0 0 0
Indicated 0 0 0 0
Subtotal 0 0 0 0
Inferred 0 0 0 0
Notes:
1. Numbers may not add up due to rounding.
2. The total Mineral Resources dated from December 31, 2025, and December 31, 2024 considered an ownership basis of 100%.
Tantahuatay Sulfides
Location and means of access
The Tantahuatay Sulfides Project as part of the Tantahuatay mining unit is located in the districts of Chugur and Hualgayoc, province of Hualgayoc, region of Cajamarca, in the Andes Mountains of northern Peru. The center of this project has the following geographic coordinates: Latitude 6°44’25’’ S and Longitude 78°41’50’’ W.
Access to Tantahuatay Sulfuros Project is by air from Lima (Jorge Chávez International Airport) to the city of Cajamarca (Armando Revoredo Iglesias International Airport), which is located 568 km north of Lima. Hualgayoc can be accessed from the city of Cajamarca by travelling to the northwest approximately 85 km. By land, the project can be accessed from Lima by traveling the Panamericana Norte highway, taking the detour to the city of Cajamarca, and continuing from Cajamarca to the project (total distance of 1,006 km).
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History
In the Tantahuatay Mining unit, initial exploration was conducted by Southern Peru Copper Corporation from 1991 to 1998 and in 1992, Compañía Minera Coimolache S.A. was established in 1981. Currently, Buenaventura holds 40.094% of the shares, 44.244% is held by SPCC and 15.662% is held by ESPRO S.A.C.
The Tantahuatay Sulfides project consists of a flotation plant for the treatment of copper sulfides found underlying the Tantahuatay Au-Ag mineralization, which is currently being exploited (Buenaventura, 2022).
Title, leases and options
There are 18 mining concessions (18,431 ha), which are located in the area of the current pits and exploration projects related to Tantahuatay Sulfides. All the mineral resources presented in this report are located within concessions whose titles are held by Coimolache.
Mineralization
Tantahuatay Sulfides project includes high-sulfidation epithermal, porphyry and skarn mineralization. The High-sulfidation epithermal deposit below the oxide level has mineralization dominated by sulfides, including minerals such as pyrite, enargite and lesser chalcocite and covelline.
Two large mineralization type domains have been differentiated:
Arsenical copper: the mineralization in the high sulfidation epithermal system with enargite-pyrite assemblage.
Non-arsenical copper: the chalcopyrite-sphalerite mineralization that is hosted in the copper porphyries and exoskarn.
Operations and infrastructure
The area around the Tantahuatay Sulfides has been extensively mapped, sampled, and drilled over several years of exploration work. Active mining and extensive exploration drilling should be considered the most relevant and robust exploration work for the current mineral resource estimation.
The current pits provide information (i.e. structural) to model intrusive bodies, and most of the information from diamond drilling is based on data from the holes made in the pits.
Mineral Resources
The Tantahuatay Sulfides Project Mineral Resources are reported within the optimized economic pit and using a NSR cut-off value of 7.76 US$/t. The NSR value is determined using corporate reserves metal prices and metal recoveries. Metal prices used for Mineral Resources are based on market study and long-term consensus sources. Mineral Reserves are estimated using average long term metal prices of cooper 9,000 US$/t, gold 2,400 US$/oz and silver US$ 28 US$/oz. Metallurgical recoveries are accounted for in NSR calculations based on historical processing data and with fixed values for each type of Ore. Recoveries at LOM average head grade estimated for copper is 85% and 96.35% payable, gold metallurgical recovery is 60% and 90% payable, for silver the metallurgical recovery is 50% and 90% payable.
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Tantahuatay Sulfides – Year End Mineral Resources as of December 31, 2025 (on a 40.094% Buenaventura attributable ownership basis) (1)(3)(4)(5)(6)(7)(8)
Grade Contained Metal
Tonnage(2) Gold Silver Copper Gold Silver Copper
Ownership Class (t) (g/t) (g/t) (%) (Oz) (Oz) (t)
Measured — — — — — — —
Indicated 81,987,539 0.28 9.56 0.61 736,131 25,197,823 500,018
40.094% Subtotal 81,987,539 0.28 9.56 0.61 736,131 25,197,823 500,018
Inferred 297,256,685 0.16 6.83 0.35 1,498,692 65,242,393 1,053,366
Notes:
1. S-K 1300 definitions were followed for Mineral Resources.
2. Mineral Resources data presented in this table is reported on 40.094% Buenaventura attributable ownership.
3. Mineral Resources are reported exclusive of those Mineral Resources that were converted to Mineral Reserves, and Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
4. Numbers may not add up due to rounding.
5. Mineral Resources are reported inside the Buenaventura mining concessions.
6. The qualified person for the Mineral Resources estimate is SRK Consulting.
7. The formula for assigning the NSR value (US$/t) = 41.2206 x Cu (%) + 41.4385 x Au (g/t) + 0.3967 x Ag (g/t)
8. The equivalent copper assignment formula is CuEq(%) = Cu(%) + 1.0053 x Au (g/t) + 0.0096 x Ag (g/t)
Tantahuatay Sulfides – Year End Mineral Resources as of December 31, 2025 (on a 100% ownership basis) (1)(3)(4)(5)(6)(7)(8)
Grade Contained Metal
Tonnage(2) Gold Silver Copper Gold Silver Copper
Ownership Class (t) (g/t) (g/t) (%) (Oz) (Oz) (t)
Measured — — — — — — —
Indicated 204,488,300 0.28 9.56 0.61 1,836,012 62,846,867 1,247,114
100% Subtotal 204,488,300 0.28 9.56 0.61 1,836,012 62,846,867 1,247,114
Inferred 741,399,424 0.16 6.83 0.35 3,737,946 162,723,581 2,627,241
Notes:
1. S-K 1300 definitions were followed for Mineral Resources.
2. Mineral Resources data presented in this table represents 100% of the Mineral Resources estimates for the property. Buenaventura owns 40.094% of this property.
3. Mineral Resources are reported inclusive of those Mineral Resources that were converted to Mineral Reserves, and Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
4. Numbers may not add up due to rounding.
5. Mineral Resources are reported inside the Buenaventura mining concessions.
6. The qualified person for the Mineral Resources estimate is SRK Consulting.
7. The formula for assigning the NSR value (US$/t) = 41.2206 x Cu (%) + 41.4385 x Au (g/t) + 0.3967 x Ag (g/t)
8. The equivalent copper assignment formula is CuEq(%) = Cu(%) + 1.0053 x Au (g/t) + 0.0096 x Ag (g/t)
The Tantahuatay Sulfides Mineral Resources estimates in the table above were supported from 737 drill holes, totaling 210,944 meters to complete the geological block model. The Mineral Resources were reported inside an optimized pit shell inside the Buenaventura mining concessions. The sulfide Mineral Resource was reported above a cut-off grade of 0.19 % equivalent Cu. The swath plots, visual validation and Global bias showed good correlation between the drill hole composite grades and the block model grades. Additional information regarding the Mineral Resources estimates provided can be found in Section 11 of the Tantahuatay Sulfides Technical Report Summary. The difference in estimated Mineral Resources between December 31, 2025, and December 31, 2024 primarily reflects the impact of an increase in exploration drilling of approximately 30,000 meters during 2025.
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Tantahuatay Sulfides – Net Difference in Mineral Resources between December 31, 2025, versus December 31, 2024 (on a 40.094% Buenaventura attributable ownership basis)(1)
Contained Metal
Tonnage(2) Gold Silver Copper
Class (t) (Oz) (Oz) (t)
Measured — — — —
Indicated 28,426.42 275.70 7,562.36 184.87
Subtotal 28,426.42 275.70 7,562.36 184.87
Inferred 56,208.69 160.26 6,351.95 90.05
Notes:
1. Numbers may not add up due to rounding.
2. The total Mineral Resources dated from December 31, 2025, and December 31, 2024 considered an ownership basis of 100%.
Tantahuatay Sulfides – Net Difference in Mineral Resources between December 31, 2025, versus December 31, 2024 (on a 100% ownership basis)(1)
Contained Metal
Tonnage(2) Gold Silver Copper
Class (t) (Oz) (Oz) (t)
Measured — — — —
Indicated 70,899.42 687.63 18,861.57 461.10
Subtotal 70,899.42 687.63 18,861.57 461.10
Inferred 140,192.28 399.72 15,842.65 224.60
Notes:
1. Numbers may not add up due to rounding.
2. Mineral Resources data presented in this table are calculated on 100% basis. Buenaventura owns 40.094%.
Mineral Resources and Reserves
Disclosure of Mineral Resources and Reserves
The SEC amendments to its disclosure rules modernizing the mineral property disclosure requirements for mining registrants became effective on January 1, 2021. The amendments include the adoption of Subpart 1300 of Regulation S-K as promulgated by the SEC (“S-K 1300”), which governs disclosure for mining registrants S-K 1300 replaced the historical property disclosure requirements for mining registrants that were included in the SEC’s Industry Guide 7 and better align disclosure with international industry and regulatory practices.
For the meanings of certain technical terms used in this prospectus, see “Additional Information-Glossary.”
The qualified persons that have reviewed and approved the scientific and technical information contained in this Annual Report are identified in the footnotes to the tables summarizing the Mineral Reserves and Resources estimates. See “Information on the Company-Mining operations” below. For the meanings of certain technical terms used in this report, see “Introduction—Glossary of Selected Mining Terms.”
Presentation of information concerning Mineral Reserves
The estimates of proven and probable reserves at our mines and projects and the estimates of LOM included in this Annual Report have been prepared by the qualified persons referred to herein, and in accordance with the technical definitions established by the SEC. Under S-K 1300:
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Proven Mineral Reserves are the economically mineable part of a Measured mineral resource and can only result from conversion of a measured mineral resource.
Probable Mineral Reserves are the economically mineable part of an indicated and, in some cases, a measured mineral resource.
Measured Mineral Resource is that part of a mineral resource for which quantity and grade or quality are estimated based on conclusive geological evidence and sampling. The level of geological certainty associated with a Measured Mineral Resource is sufficient to allow a qualified person to apply modifying factors, as defined in S-K 1300 (as defined below), in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a Measured Mineral Resource has a higher level of confidence than the level of confidence of either an Indicated Mineral Resource or an Inferred Mineral Resource, a Measured Mineral Resource may be converted to a Proven Mineral Reserve or to a Probable Mineral Reserve.
Indicated Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated based on adequate geological evidence and sampling. The level of geological certainty associated with an Indicated Mineral Resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an Indicated Mineral Resource has a lower level of confidence than the level of confidence of a measured mineral resource, an indicated mineral resource may only be converted to a probable mineral reserve.
Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated based on limited geological evidence and sampling. The level of geological uncertainty associated with an Inferred Mineral Resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an Inferred Mineral Resource has the lowest level of geological confidence of all mineral resources, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an Inferred Mineral Resource may not be considered when assessing the economic viability of a mining project and may not be converted to a mineral reserve.
We periodically update our reserves and resources estimates when we have new geological data, economic assumptions or mining plans. During 2025, we performed an analysis of our reserves and resources estimates for certain operations, which is reflected in new estimates as of December 31, 2025. Reserves and resources estimates for each operation assume that we either have or expect to obtain all the necessary rights and permits to mine, extract and process mineral reserves or resources at each mine. Where we own less than 100% of the operation, reserves and resources estimates are presented in two forms, showing figures considering 100% ownership and also adjusted to reflect our ownership interest. Certain figures in the tables, discussions and notes have been rounded.
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Mineral Reserves
The following table shows our estimates of Attributable Mineral Reserves for our material mining properties as of December 31, 2025. The estimates below were prepared in accordance with Subpart 1300 of Regulation S-K.
Ownership Proven Mineral Reserves Probable Mineral Reserves Total Mineral Reserves
Interest Contained Contained Contained
(%) Total Grades Metal Total Grades Metal Total Grades Metal
Gold (Mt) (g/t) (kOz) (Mt) (g/t) (kOz) (Mt) (g/t) (kOz)
Uchucchacua/Yumpag 100.00 — — — — — — — — —
El Brocal Pollymetallic Pb-Zn 61.43 — — — — — — — — —
El Brocal Marcapunta 61.43 25.15 0.57 458.49 25.13 0.51 412.15 50.28 0.54 870.64
Coimolache 40.094 — — — 25.18 0.23 186.28 25.18 0.23 186.28
Tantahuatay Sulfides 40.094 — — — — — — — — —
San Gabriel 100.00 3.17 4.14 421.86 12.14 3.60 1,405.05 15.31 3.71 1,826.91
Trapiche 100.00 — — — — — — — — —
Cerro Verde 19.58 — — — — — — — — —
Total 28.31 0.97 880.35 62.44 1.00 2,003.48 90.76 0.99 2,883.83
Silver (Mt) (g/t) (MOz) (Mt) (g/t) (MOz) (Mt) (g/t) (MOz)
Uchucchacua/Yumpag 100.00 1.34 295.96 12.79 5.61 480.96 86.77 6.96 445.21 99.56
El Brocal Pollymetallic Pb-Zn 61.43 0.71 160.56 3.65 0.05 153.04 0.25 0.76 160.06 3.90
El Brocal Marcapunta 61.43 25.15 24.12 19.51 25.13 21.72 17.55 50.28 22.92 37.06
Coimolache 40.094 — — — 25.18 10.66 8.63 25.18 10.66 8.63
Tantahuatay Sulfides 40.094 — — — — — — — — —
San Gabriel 100.00 3.17 3.78 0.39 12.14 6.98 2.72 15.31 6.32 3.11
Trapiche 100.00 — — — — — — — — —
Cerro Verde 19.58 145.48 1.84 8.59 610.31 1.76 34.45 755.79 1.77 43.04
Total 175.84 7.95 44.92 678.42 6.90 150.37 854.26 7.11 195.29
Zinc (Mt) (%) (kt) (Mt) (%) (kt) (Mt) (%) (kt)
Uchucchacua/Yumpag 100.00 1.34 2.82 37.94 5.61 1.93 108.44 6.96 2.10 146.38
El Brocal Pollymetallic Pb-Zn 61.43 0.71 3.28 23.15 0.05 2.17 1.10 0.76 3.20 24.25
El Brocal Marcapunta 61.43 — — — — — — — — —
Coimolache 40.094 — — — — — — — — —
Tantahuatay Sulfides 40.094 — — — — — — — — —
San Gabriel 100.00 — — — — — — — — —
Trapiche 100.00 — — — — — — — — —
Cerro Verde 19.58 — — — — — — — — —
Total 2.05 2.98 61.09 5.66 1.93 109.54 7.71 2.21 170.63
Lead (Mt) (%) (kt) (Mt) (%) (kt) (Mt) (%) (kt)
Uchucchacua/Yumpag 100.00 1.34 1.38 18.53 5.61 1.14 64.10 6.96 1.19 82.63
El Brocal Pollymetallic Pb-Zn 61.43 0.71 1.62 11.44 0.05 0.95 0.48 0.76 1.58 11.92
El Brocal Marcapunta 61.43 — — — — — — — — —
Coimolache 40.094 — — — — — — — — —
Tantahuatay Sulfides 40.094 — — — — — — — — —
San Gabriel 100.00 — — — — — — — — —
Trapiche 100.00 — — — — — — — — —
Cerro Verde 19.58 — — — — — — — — —
Total 2.05 1.46 29.98 5.66 1.14 64.58 7.71 1.23 94.56
Copper (Mt) (%) (kt) (Mt) (%) (kt) (Mt) (%) (kt)
Uchucchacua/Yumpag 100.00 — — — — — — — — —
El Brocal Pollymetallic Pb-Zn 61.43 — — — — — — — — —
El Brocal Marcapunta 61.43 25.15 1.20 300.57 25.13 1.07 269.86 50.28 1.13 570.43
Coimolache 40.094 — — — — — — — — —
Tantahuatay Sulfides 40.094 — — — — — — — — —
San Gabriel 100.00 — — — — — — — — —
Trapiche 100.00 — — — 283.20 0.51 1,444.28 283.20 0.51 1,444.28
Cerro Verde 19.58 145.48 0.36 517.96 610.31 0.34 2,051.86 755.79 0.34 2,569.82
Total 170.63 0.48 818.53 918.64 0.41 3,766.00 1,089.27 0.42 4,584.53
Molybdenum (Mt) (%) (kt) (Mt) (%) (kt) (Mt) (%) (kt)
Uchucchacua/Yumpag 100.00 — — — — — — — — —
El Brocal Pollymetallic Pb-Zn 61.43 — — — — — — — — —
El Brocal Marcapunta 61.43 — — — — — — — — —
Coimolache 40.094 — — — — — — — — —
Tantahuatay Sulfides 40.094 — — — — — — — — —
San Gabriel 100.00 — — — — — — — — —
Trapiche 100.00 — — — — — — — — —
Cerro Verde 19.58 145.48 0.01 21.40 610.31 0.01 84.99 755.79 0.01 106.40
Total 145.48 0.01 21.40 610.31 0.01 84.99 755.79 0.01 106.40
Notes:
* Numbers may not add up due to rounding.
** This table does not include Julcani, La Zanja, Orcopampa and Tambomayo information, as disclosed under “Mining Operations—Julcani—Mineral Reserves and Mineral Resources”, “Mining Operations—La Zanja—Mineral Reserves and Mineral Resources”, “Mining Operations—Orcopampa—Mineral Reserves and Mineral Resources” and “Mining Operations—Tambomayo—Mineral Reserves and Mineral Resources”.
*** The total tonnage and content amounts presented in this table represent Buenaventura’s attributable ownership basis.
(1) The qualified person for the Mineral Reserves estimate of Uchucchacua/Yumpag is SRK Consulting Perú S.A.
(2) The qualified person for the Mineral Reserves estimate El Brocal and Coimolache is SLR Consulting (Canada) Ltd.
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(3) The qualified person for the Mineral Reserves estimate of San Gabriel SLR Consulting (Canada) Ltd.
(4) The qualified person for the Mineral Reserves estimate of Trapiche is Mining Plus Peru S.A.C.
(5) The qualified person for the Mineral Reserves estimate of Cerro Verde is Freeport-McMoran Inc.
(6) The point of reference used is in situ tonnes that is mill fed.
The following table shows our estimates of Mineral Reserves (100% ownership basis) for our material mining properties as of December 31, 2025, prepared in accordance with S-K 1300.
Ownership Proven Mineral Reserves Probable Mineral Reserves Total Mineral Reserves
Interest Contained Contained Contained
(%) Total Grades Metal Total Grades Metal Total Grades Metal
Gold (Mt) (g/t) (kOz) (Mt) (g/t) (kOz) (Mt) (g/t) (kOz)
Uchucchacua/Yumpag 100.00 — — — — — — — — —
El Brocal Pollymetallic Pb-Zn 100.00 — — — — — — — — —
El Brocal Marcapunta 100.00 40.94 0.57 746.36 40.91 0.51 670.93 81.85 0.54 1,417.29
Coimolache 100.00 — — — 62.79 0.23 464.61 62.79 0.23 464.61
Tantahuatay Sulfides 100.00 — — — — — — — — —
San Gabriel 100.00 3.17 4.14 421.86 12.14 3.60 1,405.05 15.31 3.71 1,826.91
Trapiche 100.00 — — — — — — — — —
Cerro Verde 100.00 — — — — — — — — —
Total 44.11 0.82 1,168.22 115.84 0.68 2,540.59 159.94 0.72 3,708.81
Silver (Mt) (g/t) (MOz) (Mt) (g/t) (MOz) (Mt) (g/t) (MOz)
Uchucchacua/Yumpag 100.00 1.34 295.96 12.79 5.61 480.96 86.77 6.96 445.21 99.56
El Brocal Pollymetallic Pb-Zn 100.00 1.15 160.56 5.94 0.08 153.04 0.41 1.23 160.06 6.34
El Brocal Marcapunta 100.00 40.94 24.12 31.75 40.91 21.72 28.57 81.85 22.92 60.32
Coimolache 100.00 — — — 62.79 10.66 21.51 62.79 10.66 21.51
Tantahuatay Sulfides 100.00 — — — — — — — — —
San Gabriel 100.00 3.17 3.78 0.39 12.14 6.98 2.72 15.31 6.32 3.11
Trapiche 100.00 — — — — — — — — —
Cerro Verde 100.00 743.00 1.84 43.87 3,117.00 1.76 175.96 3,860.00 1.77 219.83
Total 789.60 3.74 94.73 3,238.53 3.04 315.94 4,028.13 3.17 410.68
Zinc (Mt) (%) (kt) (Mt) (%) (kt) (Mt) (%) (kt)
Uchucchacua/Yumpag 100.00 1.34 2.82 37.94 5.61 1.93 108.44 6.96 2.10 146.38
El Brocal Pollymetallic Pb-Zn 100.00 1.15 3.28 37.69 0.08 2.17 1.79 1.23 3.20 39.48
El Brocal Marcapunta 100.00 — — — — — — — — —
Coimolache 100.00 — — — — — — — — —
Tantahuatay Sulfides 100.00 — — — — — — — — —
San Gabriel 100.00 — — — — — — — — —
Trapiche 100.00 — — — — — — — — —
Cerro Verde 100.00 — — — — — — — — —
Total 2.49 3.03 75.63 5.69 1.94 110.23 8.19 2.27 185.85
Lead (Mt) (%) (kt) (Mt) (%) (kt) (Mt) (%) (kt)
Uchucchacua/Yumpag 100.00 1.34 1.38 18.53 5.61 1.14 64.10 6.96 1.19 82.63
El Brocal Pollymetallic Pb-Zn 100.00 1.15 1.62 18.63 0.08 0.95 0.78 1.23 1.58 19.41
El Brocal Marcapunta 100.00 — — — — — — — — —
Coimolache 100.00 — — — — — — — — —
Tantahuatay Sulfides 100.00 — — — — — — — — —
San Gabriel 100.00 — — — — — — — — —
Trapiche 100.00 — — — — — — — — —
Cerro Verde 100.00 — — — — — — — — —
Total 2.49 1.49 37.16 5.69 1.14 64.88 8.19 1.25 102.04
Copper (Mt) (%) (kt) (Mt) (%) (kt) (Mt) (%) (kt)
Uchucchacua/Yumpag 100.00 — — — — — — — — —
El Brocal Pollymetallic Pb-Zn 100.00 — — — — — — — — —
El Brocal Marcapunta 100.00 40.94 1.20 489.28 40.91 1.07 439.30 81.85 1.13 928.58
Coimolache 100.00 — — — — — — — — —
Tantahuatay Sulfides 100.00 — — — — — — — — —
San Gabriel 100.00 — — — — — — — — —
Trapiche 100.00 — — — 283.20 0.51 1,444.28 283.20 0.51 1,444.28
Cerro Verde 100.00 743.00 0.36 2,645.35 3,117.00 0.34 10,479.36 3,860.00 0.34 13,124.71
Total 783.94 0.40 3,134.64 3,441.11 0.36 12,362.94 4,225.05 0.37 15,497.58
Molybdenum (Mt) (%) (kt) (Mt) (%) (kt) (Mt) (%) (kt)
Uchucchacua/Yumpag 100.00 — — — — — — — — —
El Brocal Pollymetallic Pb-Zn 100.00 — — — — — — — — —
El Brocal Marcapunta 100.00 — — — — — — — — —
Coimolache 100.00 — — — — — — — — —
Tantahuatay Sulfides 100.00 — — — — — — — — —
San Gabriel 100.00 — — — — — — — — —
Trapiche 100.00 — — — — — — — — —
Cerro Verde 100.00 743.00 0.01 109.32 3,117.00 0.01 434.09 3,860.00 0.01 543.40
Total 743.00 0.01 109.32 3,117.00 0.01 434.09 3,860.00 0.01 543.40
Notes:
* Numbers may not add up due to rounding.
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** This table does not include Julcani, La Zanja, Orcopampa and Tambomayo information, as disclosed under “Mining Operations—Julcani—Mineral Reserves and Mineral Resources”, “Mining Operations—La Zanja—Mineral Reserves and Mineral Resources”, “Mining Operations—Orcopampa—Mineral Reserves and Mineral Resources” and “Mining Operations—Tambomayo—Mineral
*** The total tonnage and content amounts presented in this table considered an ownership basis of 100% which represents Buenaventura’s ownership as of December 31, 2025.
(1) The qualified person for the Mineral Reserves estimate of Uchucchacua/Yumpag is SRK Consulting Perú S.A.
(2) The qualified person for the Mineral Reserves estimate El Brocal and Coimolache is SLR Consulting (Canada) Ltd.
(3) The qualified person for the Mineral Reserves estimate of San Gabriel is SLR Consulting (Canada) Ltd.
(4) The qualified person for the Mineral Reserves estimate of Trapiche is Mining Plus Peru S.A.C.
(5) The qualified person for the Mineral Reserves estimate of Cerro Verde is Freeport-McMoran Inc.
(6) The point of reference used is in situ tonnes that is mill fed.
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The following table shows a summary of our Mineral Reserves for our material mining properties as of December 31, 2025, prepared in accordance with Item 1304(d)(1) of S-K 1300(*):
Total
Ownership Mineral Reserves
Interest Contained NSR Metallurgical
(%) Total Grades Metal Cut-off1 Recovery
Gold (Mt) (g/t) (kOz) (US$/t) (%)
Uchucchacua/Yumpag 100.00 — — — — —
El Brocal Pollymetallic Pb-Zn 61.43 — — — — —
El Brocal Marcapunta 61.43 50.28 0.54 870.64 36.1-57.8 21 %
Coimolache 40.094 25.18 0.23 186.28 6.4-7.3 78 %
Tantahuatay Sulfides 40.094 — — — — —
San Gabriel 100.00 15.31 3.71 1,826.91 65-148 86 %
Trapiche 100.00 — — — — —
Cerro Verde 19.58 — — — — —
Total 90.76 0.99 2,883.83
Silver (Mt) (g/t) (MOz)
Uchucchacua/Yumpag 100.00 6.96 445.21 99.56 65-168 89 %
El Brocal Pollymetallic Pb-Zn 61.43 0.76 160.06 3.90 59.5-82.3 75 %
El Brocal Marcapunta 61.43 50.28 22.92 37.06 36.1-57.8 49 %
Coimolache 40.094 25.18 10.66 8.63 6.4-7.3 24 %
Tantahuatay Sulfides 40.094 — — — — —
San Gabriel 100.00 15.31 6.32 3.11 65-148 47 %
Trapiche 100.00 — — — — —
Cerro Verde 19.58 755.79 1.77 43.04 0.13 45 %
Total 854.26 7.11 195.29
Zinc (Mt) (%) (kt)
Uchucchacua/Yumpag 100.00 6.96 2.10 146.38 65-168 68 %
El Brocal Pollymetallic Pb-Zn 61.43 0.76 3.20 24.25 59.5-82.3 53 %
El Brocal Marcapunta 61.43 — — — — —
Coimolache 40.094 — — — — —
Tantahuatay Sulfides 40.094 — — — — —
San Gabriel 100.00 — — — — —
Trapiche 100.00 — — — — —
Cerro Verde 19.58 — — — — —
Total 7.71 2.21 170.63
Lead (Mt) (%) (kt)
Uchucchacua/Yumpag 100.00 6.96 1.19 82.63 65-168 83 %
El Brocal Pollymetallic Pb-Zn 61.43 0.76 1.58 11.92 59.5-82.3 55 %
El Brocal Marcapunta 61.43 — — — — —
Coimolache 40.094 — — — — —
Tantahuatay Sulfides 40.094 — — — — —
San Gabriel 100.00 — — — — —
Trapiche 100.00 — — — — —
Cerro Verde 19.58 — — — — —
Total 7.71 1.23 94.56
Copper (Mt) (%) (kt)
Uchucchacua/Yumpag 100.00 — — — — —
El Brocal Pollymetallic Pb-Zn 61.43 — — — — —
El Brocal Marcapunta 61.43 50.28 1.13 570.43 36.1-57.8 81 %
Coimolache 40.094 — — — — —
Tantahuatay Sulfides 40.094 — — — — —
San Gabriel 100.00 — — — — —
Trapiche 100.00 283.20 0.51 1,444.28 6.50 62 %
Cerro Verde 19.58 755.79 0.34 2,569.82 0.13 85 %
Total 1,089.27 0.42 4,584.53
Molybdenum (Mt) (%) (kt)
Uchucchacua/Yumpag 100.00 — — — — —
El Brocal Pollymetallic Pb-Zn 61.43 — — — — —
El Brocal Marcapunta 61.43 — — — — —
Coimolache 40.094 — — — — —
Tantahuatay Sulfides 40.094 — — — — —
San Gabriel 100.00 — — — — —
Trapiche 100.00 — — — — —
Cerro Verde 19.58 755.79 0.01 106.40 0.13 54 %
Total 755.79 0.01 106.40
* Based on metal prices of Gold: 2,500 US$/oz, Silver: 29 US$/t, Copper: 9,000 US$/t, Lead: 1,900 US$/t and Zinc: 2,600 US$/t
** This table does not include Julcani, La Zanja, Orcopampa and Tambomayo information, as disclosed under “Mining Operations—Julcani—Mineral Reserves and Mineral Resources”, “Mining Operations—La Zanja—Mineral Reserves and Mineral Resources”, “Mining Operations—Orcopampa—Mineral Reserves and Mineral Resources” and “Mining Operations—Tambomayo—Mineral.
(1) Cut-off for Cerro Verde is calculated as grade in % Equivalent Copper
(2) Metallurgical Recovery is 71.7% for Enriched Ore, 55.0% for Transitional Ore, 85.0% for Oxide and Mixed Ore and 40.0% for ROM low grade ore. 62% is an average.
(3) The point of reference used is in situ tonnes that is mill fed.
(4) The metallurgical recoveries are based on LOM.
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Mineral Resources
The following table shows our estimates of Attributable Mineral Resources for our material mining properties as of December 31, 2025, prepared in accordance with S-K 1300.
Measured Indicated Measured + Indicated Inferred
Ownership Mineral Resources Mineral Resources Mineral Resources Mineral Resources
Interest Contained Contained Contained Contained
(%) Total Grades Metal Total Grades Metal Total Grades Metal Total Grades Metal
Gold (Mt) (g/t) (kOz) (Mt) (g/t) (kOz) (Mt) (g/t) (kOz) (Mt) (g/t) (kOz)
Uchucchacua/Yumpag 100.00 — — — — — — — — — — — —
El Brocal Pollymetallic Pb-Zn 61.43 — — — — — — — — — — — —
El Brocal Marcapunta 61.43 8.28 0.50 133.43 8.25 0.38 100.18 16.53 0.44 233.62 12.94 0.60 247.65
Coimolache 40.094 — — — 10.27 0.20 65.34 10.27 0.20 65.34 12.63 0.20 79.47
Tantahuatay Sulfides 40.094 — — — 81.99 0.28 736.13 81.99 0.28 736.13 297.26 0.16 1,498.69
San Gabriel 100.00 0.66 2.26 47.95 7.10 2.37 540.44 7.76 2.36 588.38 7.05 3.23 733.15
Trapiche 100.00 24.20 0.04 32.60 593.00 0.03 529.40 617.20 0.03 562.00 36.61 0.04 49.00
Cerro Verde 19.58 — — — — — — — — — — — —
Total 33.14 0.20 213.98 700.61 0.09 1,971.49 733.76 0.09 2,185.47 366.48 0.22 2,607.97
Silver (Mt) (g/t) (MOz) (Mt) (g/t) (MOz) (Mt) (g/t) (MOz) (Mt) (g/t) (MOz)
Uchucchacua/Yumpag 100.00 1.31 284.55 11.96 2.91 289.99 27.17 4.22 288.30 39.12 7.74 382.37 95.14
El Brocal Pollymetallic Pb-Zn 61.43 0.02 117.87 0.06 0.00 144.63 0.02 0.02 123.18 0.08 0.00 398.68 0.03
El Brocal Marcapunta 61.43 8.28 18.11 4.82 8.25 18.57 4.92 16.53 18.34 9.75 12.94 30.81 12.81
Coimolache 40.094 — — — 10.27 9.84 3.25 10.27 9.84 3.25 12.63 8.99 3.65
Tantahuatay Sulfides 40.094 — — — 81.99 9.56 25.20 81.99 9.56 25.20 297.26 6.83 65.24
San Gabriel 100.00 0.66 4.21 0.09 7.10 7.96 1.82 7.76 7.64 1.91 7.05 7.34 1.66
Trapiche 100.00 24.20 2.85 2.22 593.00 2.37 45.11 617.20 2.39 47.33 36.61 4.39 5.16
Cerro Verde 19.58 21.73 1.42 0.99 320.52 1.73 17.82 342.26 1.71 18.82 81.45 1.74 4.55
Total 56.20 11.15 20.14 1,024.05 3.81 125.31 1,080.26 4.19 145.45 455.68 12.85 188.25
Zinc (Mt) (%) (kt) (Mt) (%) (kt) (Mt) (%) (kt) (Mt) (%) (kt)
Uchucchacua/Yumpag 100.00 1.31 2.73 115.12 2.91 2.54 74.12 4.22 2.73 115.12 7.74 2.17 167.68
El Brocal Pollymetallic Pb-Zn 61.43 0.02 2.15 0.36 0.00 2.77 0.11 0.02 2.28 0.47 0.00 2.28 0.05
El Brocal Marcapunta 61.43 — — — — — — — — — — — —
Coimolache 40.094 — — — — — — — — — — — —
Tantahuatay Sulfides 40.094 — — — — — — — — — — — —
San Gabriel 100.00 — — — — — — — — — — — —
Trapiche 100.00 — — — — — — — — — — — —
Cerro Verde 19.58 — — — — — — — — — — — —
Total 1.32 2.72 115.48 2.92 2.54 74.24 4.24 2.73 115.59 7.74 2.17 167.73
Lead (Mt) (%) (kt) (Mt) (%) (kt) (Mt) (%) (kt) (Mt) (%) (kt)
Uchucchacua/Yumpag 100.00 1.31 1.84 24.09 2.91 1.48 43.00 4.22 1.59 67.09 7.74 1.42 109.64
El Brocal Pollymetallic Pb-Zn 61.43 0.02 0.83 0.14 0.00 0.59 0.02 0.02 0.78 0.16 0.00 1.06 0.02
El Brocal Marcapunta 61.43 — — — — — — — — — — — —
Coimolache 40.094 — — — — — — — — — — — —
Tantahuatay Sulfides 40.094 — — — — — — — — — — — —
San Gabriel 100.00 — — — — — — — — — — — —
Trapiche 100.00 — — — — — — — — — — — —
Cerro Verde 19.58 — — — — — — — — — — — —
Total 1.32 1.83 24.23 2.92 1.47 43.02 4.24 1.59 67.25 7.74 1.42 109.66
Copper (Mt) (%) (kt) (Mt) (%) (kt) (Mt) (%) (kt) (Mt) (%) (kt)
Uchucchacua/Yumpag 100.00 — — — — — — — — — — — —
El Brocal Pollymetallic Pb-Zn 61.43 — — — — — — — — — — — —
El Brocal Marcapunta 61.43 8.28 1.19 98.97 8.25 0.98 80.96 16.53 1.09 179.93 12.94 1.15 148.63
Coimolache 40.094 — — — — — — — — — — — —
Tantahuatay Sulfides 40.094 — — — 81.99 0.61 500.02 81.99 0.61 500.02 297.26 0.35 1,053.37
San Gabriel 100.00 — — — — — — — — — — — —
Trapiche 100.00 24.20 0.31 74.43 593.00 0.32 1,896.43 617.20 0.32 1,970.86 36.61 0.32 115.67
Cerro Verde 19.58 21.73 0.28 60.93 320.52 0.33 1,049.33 342.26 0.32 1,110.26 81.45 0.33 271.68
Total 54.22 0.43 234.33 1,003.76 0.35 3,526.73 1,057.98 0.35 3,761.07 428.25 0.37 1,589.34
Molybdenum (Mt) (%) (kt) (Mt) (%) (kt) (Mt) (%) (kt) (Mt) (%) (kt)
Uchucchacua/Yumpag 100.00 — — — — — — — — — — — —
El Brocal Pollymetallic Pb-Zn 61.43 — — — — — — — — — — — —
El Brocal Marcapunta 61.43 — — — — — — — — — — — —
Coimolache 40.094 — — — — — — — — — — — —
Tantahuatay Sulfides 40.094 — — — — — — — — — — — —
San Gabriel 100.00 — — — — — — — — — — — —
Trapiche 100.00 — — — — — — — — — — — —
Cerro Verde 19.58 21.73 0.01 1.95 320.52 0.01 37.12 342.26 0.01 39.08 81.45 0.01 9.95
Total 21.73 0.01 1.95 320.52 0.01 37.12 342.26 0.01 39.08 81.45 0.01 9.95
Notes:
* Numbers may not add up due to rounding.
** The estimation of Mineral Resources involves assumptions about future commodity prices and technical mining matters. Mineral Resources are reported exclusive of those Mineral Resources that were converted to Mineral Reserves, and Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
*** The total tonnage and content amounts presented in this table represent Buenaventura’s attributable ownership basis.
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**** This table does not include Julcani, La Zanja, Orcopampa and Tambomayo information, as disclosed under “Mining Operations—Julcani—Mineral Reserves and Mineral Resources”, “Mining Operations—La Zanja—Mineral Reserves and Mineral Resources”, “Mining Operations—Orcopampa—Mineral Reserves and Mineral Resources” and “Mining Operations—Tambomayo—Mineral Reserves and Mineral Resources”.
(1) The qualified person for the Mineral Resources estimate of, Uchucchacua/Yumpag, San Gabriel and Tantahuatay Sulfides is SRK Consulting Perú S.A.
(2) The qualified person for the Mineral Resources estimate of El Brocal and Coimolache is SLR Consulting (Canada) Ltd.
(3) The qualified person for the Mineral Resources estimate of Trapiche is Mining Plus Peru S.A.C.
(4) The qualified person for the Mineral Resources estimate of Cerro Verde is Freeport-McMoran Inc.
(5) The point of reference used is in situ tonnes.
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The following table shows our estimates of Mineral Resources (100% ownership basis) for our material mining properties as of December 31, 2025, prepared in accordance with S-K 1300.
Measured Indicated Measured + Indicated Inferred
Ownership Mineral Resources Mineral Resources Mineral Resources Mineral Resources
Interest Contained Contained Contained Contained
(%) Total Grades Metal Total Grades Metal Total Grades Metal Total Grades Metal
Gold (Mt) (g/t) (kOz) (Mt) (g/t) (kOz) (Mt) (g/t) (kOz) (Mt) (g/t) (kOz)
Uchucchacua/Yumpag 100.00 — — — — — — — — — — — —
El Brocal Pollymetallic Pb-Zn 100.00 — — — — — — — — — — — —
El Brocal Marcapunta 100.00 13.48 0.50 217.21 13.43 0.38 163.08 26.91 0.44 380.30 21.06 0.60 403.15
Coimolache 100.00 — — — 25.62 0.20 162.96 25.62 0.20 162.96 31.51 0.20 198.22
Tantahuatay Sulfides 100.00 — — — 204.49 0.28 1,836.01 204.49 0.28 1,836.01 741.40 0.16 3,737.95
San Gabriel 100.00 0.66 2.26 47.95 7.10 2.37 540.44 7.76 2.36 588.38 7.05 3.23 733.15
Trapiche 100.00 24.20 0.04 32.60 593.00 0.03 529.40 617.20 0.03 562.00 36.61 0.04 49.00
Cerro Verde 100.00 — — — — — — — — — — — —
Total 38.34 0.24 297.76 843.64 0.12 3,231.89 881.99 0.12 3,529.65 837.63 0.19 5,121.46
Silver (Mt) (g/t) (MOz) (Mt) (g/t) (MOz) (Mt) (g/t) (MOz) (Mt) (g/t) (MOz)
Uchucchacua/Yumpag 100.00 1.31 284.55 11.96 2.91 289.99 27.17 4.22 288.30 39.12 7.74 382.37 95.14
El Brocal Pollymetallic Pb-Zn 100.00 0.03 117.87 0.10 0.01 144.63 0.03 0.03 123.18 0.13 0.00 398.68 0.04
El Brocal Marcapunta 100.00 13.48 18.11 7.85 13.43 18.57 8.02 26.91 18.34 15.87 21.06 30.81 20.86
Coimolache 100.00 — — — 25.62 9.84 8.11 25.62 9.84 8.11 31.51 8.99 9.11
Tantahuatay Sulfides 100.00 — — — 204.49 9.56 62.85 204.49 9.56 62.85 741.40 6.83 162.72
San Gabriel 100.00 0.66 4.21 0.09 7.10 7.96 1.82 7.76 7.64 1.91 7.05 7.34 1.66
Trapiche 100.00 24.20 2.85 2.22 593.00 2.37 45.11 617.20 2.39 47.33 36.61 4.39 5.16
Cerro Verde 100.00 111.00 1.42 5.07 1,637.00 1.73 91.03 1,748.00 1.71 96.10 416.00 1.74 23.24
Total 150.68 5.63 27.29 2,483.56 3.06 244.13 2,634.24 3.20 271.41 1,261.37 7.84 317.94
Zinc (Mt) (%) (kt) (Mt) (%) (kt) (Mt) (%) (kt) (Mt) (%) (kt)
Uchucchacua/Yumpag 100.00 1.31 2.73 115.12 2.91 2.54 74.12 4.22 2.73 115.12 7.74 2.17 167.68
El Brocal Pollymetallic Pb-Zn 100.00 0.03 2.15 0.58 0.01 2.77 0.19 0.03 2.28 0.77 0.00 2.28 0.08
El Brocal Marcapunta 100.00 — — — — — — — — — — — —
Coimolache 100.00 — — — — — — — — — — — —
Tantahuatay Sulfides 100.00 — — — — — — — — — — — —
San Gabriel 100.00 — — — — — — — — — — — —
Trapiche 100.00 — — — — — — — — — — — —
Cerro Verde 100.00 — — — — — — — — — — — —
Total 1.33 2.72 115.70 2.92 2.54 74.31 4.25 2.72 115.89 7.74 2.17 167.75
Lead (Mt) (%) (kt) (Mt) (%) (kt) (Mt) (%) (kt) (Mt) (%) (kt)
Uchucchacua/Yumpag 100.00 1.31 1.84 24.09 2.91 1.48 43.00 4.22 1.59 67.09 7.74 1.42 109.64
El Brocal Pollymetallic Pb-Zn 100.00 0.03 0.83 0.22 0.01 0.59 0.04 0.03 0.78 0.26 0.00 1.06 0.04
El Brocal Marcapunta 100.00 — — — — — — — — — — — —
Coimolache 100.00 — — — — — — — — — — — —
Tantahuatay Sulfides 100.00
San Gabriel 100.00 — — — — — — — — — — — —
Trapiche 100.00 — — — — — — — — — — — —
Cerro Verde 100.00 — — — — — — — — — — — —
Total 1.33 1.82 24.32 2.92 1.47 43.04 4.25 1.58 67.36 7.74 1.42 109.68
Copper (Mt) (%) (kt) (Mt) (%) (kt) (Mt) (%) (kt) (Mt) (%) (kt)
Uchucchacua/Yumpag 100.00 — — — — — — — — — — — —
El Brocal Pollymetallic Pb-Zn 100.00 — — — — — — — — — — — —
El Brocal Marcapunta 100.00 13.48 1.19 161.11 13.43 0.98 131.79 26.91 1.09 292.90 21.06 1.15 241.95
Coimolache 100.00 — — — — — — — — — — — —
Tantahuatay Sulfides 100.00 — — — 204.49 0.61 1,247.11 204.49 0.61 1,247.11 741.40 0.35 2,627.24
San Gabriel 100.00 — — — — — — — — — — — —
Trapiche 100.00 24.20 0.31 74.43 593.00 0.32 1,896.43 617.20 0.32 1,970.86 36.61 0.32 115.67
Cerro Verde 100.00 111.00 0.28 311.16 1,637.00 0.33 5,359.20 1,748.00 0.32 5,670.36 416.00 0.33 1,387.54
Total 148.68 0.37 546.71 2,447.92 0.35 8,634.53 2,596.60 0.35 9,181.24 1,215.07 0.36 4,372.40
Molybdenum (Mt) (%) (kt) (Mt) (%) (kt) (Mt) (%) (kt) (Mt) (%) (kt)
Uchucchacua/Yumpag 100.00 — — — — — — — — — — — —
El Brocal Pollymetallic Pb-Zn 100.00 — — — — — — — — — — — —
El Brocal Marcapunta 100.00 — — — — — — — — — — — —
Coimolache 100.00 — — — — — — — — — — — —
Tantahuatay Sulfides 100.00
San Gabriel 100.00 — — — — — — — — — — — —
Trapiche 100.00 — — — — — — — — — — — —
Cerro Verde 100.00 111.00 0.01 9.98 1,637.00 0.01 189.60 1,748.00 0.01 199.58 416.00 0.01 50.80
Total 111.00 0.01 9.98 1,637.00 0.01 189.60 1,748.00 0.01 199.58 416.00 0.01 50.80
Notes:
* Numbers may not add up due to rounding.
** The estimation of Mineral Resources involves assumptions about future commodity prices and technical mining matters. Mineral Resources are reported exclusive of those Mineral Resources that were converted to Mineral Reserves, and Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
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*** The total tonnage and content amounts presented in this table considered an ownership basis of 100% which represents Buenaventura’s ownership as of December 31, 2025.
**** This table does not include Julcani, La Zanja, Orcopampa and Tambomayo information, as disclosed under “Mining Operations—Julcani—Mineral Reserves and Mineral Resources”, “Mining Operations—La Zanja—Mineral Reserves and Mineral Resources”, “Mining Operations—Orcopampa—Mineral Reserves and Mineral Resources” and “Mining Operations—Tambomayo—Mineral Reserves and Mineral Resources”.
(1) The qualified person for the Mineral Resources estimate of Uchucchacua/Yumpag, San Gabriel and Tantahuatay Sulfides is SRK Consulting Perú S.A.
(2) The qualified person for the Mineral Resources estimate of El Brocal and Coimolache is SLR Consulting (Canada) Ltd.
(3) The qualified person for the Mineral Resources estimate of Trapiche is Mining Plus Peru S.A.C.
(4) The qualified person for the Mineral Resources estimate of Cerro Verde is Freeport-McMoran Inc.
(5) The point of reference used is in situ tonnes.
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The following table shows a summary of our Mineral Resources for our material mining properties as of December 31, 2025, prepared in accordance with Item 1304(d)(1) of S-K 1300(*):
Measured + Indicated Inferred
Ownership Mineral Resources Mineral Resources
Interest Contained Contained NSR Metallurgical
(%) Total Grades Metal Total Grades Metal Cut-off1 Recovery
Gold (Mt) (g/t) (kOz) (Mt) (g/t) (kOz) (US$/t) (%)
Uchucchacua/Yumpag 100.00 — — — — — — — —
El Brocal Pollymetallic Pb-Zn 61.43 — — — — — — — —
El Brocal Marcapunta 61.43 26.91 0.44 380.30 21.06 0.60 403.15 36-47 27 %
Coimolache 40.094 25.62 0.20 162.96 31.51 0.20 198.22 5.49-6.57 63 %
Tantahuatay Sulfides 40.094 204.49 0.28 1,836.01 741.40 0.16 3,737.95 7.76 60 %
San Gabriel 100.00 7.76 2.36 588.38 7.05 3.23 733.15 92.00 85 %
Trapiche 100.00 617.20 0.03 562.00 36.61 0.04 49.00 6.5 0.62
Cerro Verde 19.58 — — — — — — — —
Total 881.99 0.12 3,529.65 837.63 0.19 5,121.46
Silver (Mt) (g/t) (MOz) (Mt) (g/t) (MOz)
Uchucchacua/Yumpag 100.00 4.22 288.30 39.12 7.74 382.37 95.14 56.5-91.6 90 %
El Brocal Pollymetallic Pb-Zn 61.43 0.03 123.18 0.13 0.00 398.68 0.04 32.28 47 %
El Brocal Marcapunta 61.43 26.91 18.34 15.87 21.06 30.81 20.86 36-47 51 %
Coimolache 40.094 25.62 9.84 8.11 31.51 8.99 9.11 5.49-6.57 21 %
Tantahuatay Sulfides 40.094 204.49 9.56 62.85 741.40 6.83 162.72 7.76 50 %
San Gabriel 100.00 7.76 7.64 1.91 7.05 7.34 1.66 92.00 45 %
Trapiche 100.00 617.20 2.39 47.33 36.61 4.39 5.16 6.50 6,200 %
Cerro Verde 19.58 1,748.00 1.71 96.10 416.00 1.74 23.24 0.13 45 %
Total 2,634.24 3.20 271.41 1,261.37 7.84 317.94
Zinc (Mt) (%) (kt) (Mt) (%) (kt)
Uchucchacua/Yumpag 100.00 4.22 2.73 115.12 7.74 2.17 167.68 56.5-91.6 57 %
El Brocal Pollymetallic Pb-Zn 61.43 0.03 2.28 0.77 0.00 2.28 0.08 32.28 53 %
El Brocal Marcapunta 61.43 — — — — — — — —
Coimolache 40.094 — — — — — — — —
Tantahuatay Sulfides 40.094 — — — — — —
San Gabriel 100.00 — — — — — — — —
Trapiche 100.00 — — — — — — — —
Cerro Verde 19.58 — — — — — — — —
Total 4.25 2.72 115.89 7.74 2.17 167.75
Lead (Mt) (%) (kt) (Mt) (%) (kt)
Uchucchacua/Yumpag 100.00 4.22 1.59 67.09 7.74 1.42 109.64 56.5-91.6 80 %
El Brocal Pollymetallic Pb-Zn 61.43 0.03 0.78 0.26 0.00 1.06 0.04 32.28 28 %
El Brocal Marcapunta 61.43 — — — — — — — —
Coimolache 40.094 — — — — — — — —
Tantahuatay Sulfides 40.094 — — — — — —
San Gabriel 100.00 — — — — — — — —
Trapiche 100.00 — — — — — — — —
Cerro Verde 19.58 — — — — — — — —
Total 4.25 1.58 67.36 7.74 1.42 109.68
Copper (Mt) (%) (kt) (Mt) (%) (kt)
Uchucchacua/Yumpag 100.00 — — — — — — — —
El Brocal Pollymetallic Pb-Zn 61.43 — — — — — — — —
El Brocal Marcapunta 61.43 26.91 1.09 292.90 21.06 1.15 241.95 36-47 88 %
Coimolache 40.094 — — — — — — — —
Tantahuatay Sulfides 40.094 204.49 0.61 1,247.11 741.40 0.35 2,627.24 7.76 85 %
San Gabriel 100.00 — — — — — — — —
Trapiche 100.00 617.20 0.32 1,970.86 36.61 0.32 115.67 6.50 62 %
Cerro Verde 19.58 1,748.00 0.32 5,670.36 416.00 0.33 1,387.54 0.13 85 %
Total 2,596.60 0.35 9,181.24 1,215.07 0.36 4,372.40
Molybdenum (Mt) (%) (kt) (Mt) (%) (kt) 0.00 0.00
Uchucchacua/Yumpag 100.00 — — — — — — — —
El Brocal Pollymetallic Pb-Zn 61.43 — — — — — — — —
El Brocal Marcapunta 61.43 — — — — — — — —
Coimolache 40.094 — — — — — — — —
Tantahuatay Sulfides 40.094 — — — — — —
San Gabriel 100.00 — — — — — — — —
Trapiche 100.00 — — — — — — — —
Cerro Verde 19.58 1,748.00 0.01 199.58 416.00 0.01 50.80 0.13 54 %
Total 1,748.00 0.01 199.58 416.00 0.01 50.80
* Based on metal prices of Gold: 2,500 US$/oz, Silver: 29 US$/t, Copper: 9,000 US$/t, Lead: 1,900 US$/t and Zinc: 2,600 US$/t
** This table does not include Julcani, La Zanja, Orcopampa and Tambomayo information, as disclosed under “Mining Operations—Julcani—Mineral Reserves and Mineral Resources”, “Mining Operations—La Zanja—Mineral Reserves and Mineral Resources”, “Mining Operations—Orcopampa—Mineral Reserves and Mineral Resources” and “Mining Operations—Tambomayo—Mineral Reserves and Mineral Resources”.
(1) Cut-off for Cerro Verde is calculated as grade in % Equivalent Copper
(2) Metallurgical Recovery is 71.7% for Enriched Ore, 55.0% for Transitional Ore, 85.0% for Oxide and Mixed Ore and 40.0% for ROM low grade ore. 62% is an average.
(3) The point of reference used is in situ tonnes.
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Internal Control Disclosure
Buenaventura has implemented established quality assurance/quality controls (“QA/QC”). SRK Consulting Perú S.A and SLR Consulting (Canada) Ltd, independent mining consulting firms, reviewed Buenaventura´s QA/QC procedures annually to ensure that those procedures follow best practices and recognized international standards for Mineral Resources and Reserves estimations. The main objective of QA/QC is to monitor and ensure accuracy (quality) in the sampling both in the preparation phase and in the assay phase, and to verify the probable errors that could arise through the process. Additionally, QA/QC aim to identify any contamination caused by poor or deficient sampling, preparation (crushing and pulverizing) and/or assaying. Before the sample preparation phase, quality control (QC) samples are inserted at pre-determined intervals representing a percentage of the total samples. The control samples inserted in the preparation phase are coarse duplicates, fine duplicates, certified reference materials or standards, coarse blanks, and fine blanks, with the insertion distribution designed by the quality assurance/ quality control Supervisor in accordance with the protocols established for the project. The control samples help to identify some errors in the sampling, preparation and assay phases of the samples, which are been corrected by continuous monitoring and appropriate statistical analysis in order to ensure the quality of the ordinary samples. QA/QC procedures include insertion of blank and duplicate samples and insertion of certified reference materials (CRMs), blanks, and duplicates to monitor the sampling, sample preparation and analytical processes. Every mine and advanced project provides a detailed QA/QC report at least once a year. Internally, regular data verification workflows are carried out to ensure the collection of reliable data. Coordinates, core logging, surveying, and sampling are monitored by exploration and mine geologists, and verified routinely for consistency.
Capital Expenditures
Our capital expenditures during the past three years have related principally to the acquisition of new mining properties, construction of new facilities and renewal of plant and equipment, excluding cost for mine closures and rights of use asset, during a given period. Capital expenditures relating to exploration are not included in the table below and are discussed separately in “B. Business Overview— Exploration.” Our presentation of capital expenditures may not be comparable to other similarly titled measures used by other companies. Set forth below is information concerning capital expenditures incurred by us in respect of each of our principal operating mines and by category of expenditure:
Year Ended December 31,
2025 2024 2023
(US$ in thousands)
San Gabriel 335,960 250,606 93,235
Uchucchacua/Yumpag 41,082 29,727 52,106
Colquijirca and Marcapunta 52,706 24,916 61,772
Molle Verde 23,961 24,525 20,756
Orcopampa 4,607 2,427 4,466
Julcani 3,399 1,874 878
Tambomayo 3,157 1,444 320
Río Seco 1,503 1,375 90
Others 232 403 1,590
Huanza 767 346 1,159
La Zanja 5,634 98 2,287
Conenhua — 2 10
Total (1) 473,008 337,743 238,669
Year Ended December 31,
2025 2024 2023
(US$ in thousands)
Fixed assets — — 3
Work in progress 317,581 235,867 140,586
Development costs 155,427 101,876 98,080
Total 473,008 337,743 238,669
(1) Excluding additions of costs for mine closures of US$66.2 million and additions of right of use assets of US$2.4 million in 2025, US$73.1 million and US$7.8 million in 2024; additions of US$11.9 million and US$1.1 million in 2023, respectively.
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We partially funded the construction of the Huanza hydroelectric power plant with leasing facilities. See “Item 5. Operating and Financial Review and Prospects—Buenaventura—B. Liquidity and Capital Resources—Long-Term Debt.”
We have budgeted approximately US$385 to US$415 million for capital expenditures for 2026. We continuously evaluate opportunities to expand our business within Peru, as well as in other countries as opportunities arise, and expect to continue to do so in the future. We may in the future decide to acquire part or all of the equity of, or undertake other transactions with, other companies involved in the same business as us or in other related businesses. However, there can be no assurance that we will decide to pursue any such new activity or transaction.
B. Business Overview
We mainly produce refined gold and silver, either as concentrates or doré bars, and other metals such as lead, zinc and copper as concentrates that we distribute and sell locally and internationally. The following table sets forth the production of the Orcopampa, Tambomayo, Uchucchacua, Yumpag, Julcani, La Zanja and Colquijirca-Marcapunta mines by type of product for the last three years, calculated in each case on the basis of 100% of the applicable mine’s production. Production from Cerro Verde and Coimolache are not included in these production figures.
Year Ended December 31
(Unaudited) (1)(2)
2025 2024 2023
Gold (oz.) 121,306 148,683 155,334
Silver (oz.) 15,577,679 15,478,231 9,172,113
Zinc (t) 29,020 28,452 25,008
Lead (t) 19,464 18,536 11,410
Copper (t) 52,445 57,057 57,721
(1) The amounts in this table reflect the total production of all of our consolidated subsidiaries, including El Brocal and La Zanja.
(2) Amounts exclude production from the operating mines that are classified as discontinued operations.
Exploration
We view explorations as our primary means of generating value for our shareholders, and we maintain a portfolio of active exploration projects at various stages of exploration for mineral resources in Peru. During 2025, 2024 and 2023, we spent US$24.8 million, US$21.9 million and US$13.5 million, respectively on “exploration in non-operating areas” investments and US$51.9 million, US$50.8 million and US$49.2 million, respectively on “exploration in operating units” investments mainly focused in the Uchucchacua/Yumpag and Colquijirca mining units.
During 2026, we expect to invest approximately US$110.0 to US$130.0 million in exploration activities.
Our exploration department develops programs and budgets for individual projects each year and we allocate, subject to board approval, the proper amount to fund each particular exploration program. Because of the nature of mining exploration and to maintain flexibility to take advantage of opportunities, we allocate budgeted amounts by property or project only in the case of high probability of success. We also allocate non-budgeted amounts over the course of the year to new projects that our technical team considers highly prospective.
We have active joint venture exploration agreements with other mining companies, including Southern Copper Corporation. Additionally, as of December 31, 2025, we held 12.16% of Tinka Resources Limited’s outstanding voting stock. Consequently, we have access to promising mining projects through exploration of our own mining properties as well as third-party properties while sharing the exploration and development risks with recognized partners, and increasing our exposure to new exploration technologies, while expanding our knowledge and experiences of management, geologists and engineers. In these mining exploration agreements, we may be the operator, an equity participant, the manager or a combination of these and other functions.
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The following table lists our principal exploration projects in non-operating areas, our effective participation in each project, our partners with respect to each project, the total number of hectares in each project, observed mineralization of each project and the exploration expenditures for each project during 2025, 2024 and 2023.
Buenaventura’s
Effective Property Total Exploration
Exploration Participation Hectares Observed Expenditures During
Projects (1)(2) at December 31, 2025 Mineralization 2025 2024 2023
(US$ in millions)
Marcapunta 61.43 % 33,748 Copper, Silver and Gold 11.95 7.97 4.10
La Zanja Sulfides 100 % 11,457 Copper, Gold and Silver 3.21 4.00 3.96
El Faique 100 % 13,318 Copper and Gold 1.95 1.43 0.61
Don Jorge 100 % 3,712 Silver 0.10 1.43 0.21
San Gabriel 100 % 49,581 Gold, Silver and Copper 1.19 0.60 1.15
Other minor 6.36 6.47 3.57
Total exploration in non-operating areas 24.76 21.90 13.45
(1) In addition to these projects, we continue to conduct exploration at all of our operating mines and our subsidiaries.
(2) Only includes explorations conducted by Buenaventura.
The following table lists the operating mines in which we directed our principal exploration efforts, mineralization of each mine and the exploration expenditures for 2025, 2024 and 2023.
Total Exploration
Expenditures During
Exploration project Observed Mineralization 2025 2024 2023
(US$ in millions)
Uchucchacua/Yumpag Silver, Lead and Zinc 18.53 16.01 24.42
Colquijirca Copper, Zinc, Lead and Silver 11.14 10.50 7.76
Julcani Silver 9.42 11.69 6.99
Orcopampa Silver and Gold 6.72 7.46 6.07
Tambomayo Gold 6.10 5.22 3.45
La Zanja Gold — — 0.54
Total exploration in operating areas 51.91 50.88 49.23
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The following is a brief summary of current exploration activities conducted by Buenaventura directly and through joint exploration agreements, which we believe represent the best prospects for discovering new reserves. There can be no assurance, however, that any of our current exploration projects will result in viable mineral production or that any of the mineralization identified to date will ultimately result in an increase in our ore reserves. Set forth below is a map of our principal exploration projects in Peru as of December 31, 2025.
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Exploration Projects in Non-Operating Areas
Trapiche. The Trapiche project is operated by Molle Verde S.A.C, which is a wholly-owned subsidiary of Buenaventura. The project is located in the Apurimac region and belongs to the Andahuaylas-Yauri belt, which contains several iron, copper, and gold deposits.
In 2025, no exploration work was carried out. For 2026, we plan to conduct 10,000 meters of drilling focused primarily on the Millucucho, Brecha 1, Driana Sur, and Piste Este targets.
MLZ-Sulfides. The project is situated in the Cajamarca department and comprises a series of hydrothermal breccia pipes containing gold and copper mineralization. So far, we have identified four economically breccia pipes.
In 2025, we completed 7,811 meters of diamond drilling at the Cedrillo, Ariana, Fatima, and Luciana targets.
For 2026, we plan to drill 8,000 meters at the Luciana-Estela and Emperatriz targets.
Chaska, is located 7 kilometers south of the Tambomayo mine and hosts a series of epithermal veins with gold and silver mineralization.
During 2025, we started the environmental instrument that we expect to have approved by the second quarter of 2026 and obtain “Start of Activities” by the end of 2027.
Maria Gracia. The project is located in the Lima department and consists of 10,400 hectares of mining concessions, hosting several geochemical anomalies related to a volcanic-associated massive sulfide deposit.
At the end of 2025, we began the drilling campaign, completing 714 meters. For 2026, we plan to drill an additional 8,000 meters and initiate a new environmental assessment for the Maria Gracia Norte and Central targets.
Exploration Projects in Operating Areas
Orcopampa. During 2025, a total of 3,159 meters of exploration drilling were completed across three targets: Ocoruro–Jaspe, Maria Isabel, and San Santiago, with no positive results at San Santiago. Additionally, 18,675 meters of infill drilling were completed. For 2026, exploration will continue at Ocoruro–Jaspe, including 1,600 meters of drilling and 700 meters of exploration tunnels.
Tambomayo. In 2025, we completed 4,883 meters of exploration drilling in the Camila and Erika veins. Additionally, we conducted 16,574 meters of infill drilling. For 2026, 4,800 meters of infill drilling are planned.
Uchucchacua. During 2025, 2,700 meters of exploration tunnels and 31,508 meters of exploration drilling were completed, focused on five targets: Bonnie, Esperanza, Lucrecia, Luz Norte, and Huantajalla East. In addition, 22,362 meters of infill drilling were executed in the Cachipampa vein system and in historical veins such as Gina–Socorro.
During 2026, we plan to execute 40,000 meters in the targets mentioned above, as well as in near-mine targets such as Plomopampa and Cachipampa NE. Finally, we plan to execute 30,000 meters of infill drilling, mainly in the Luz Norte target.
Yumpag. In 2025, we conducted 19,774 meters of exploration drilling in three targets: Tomasa, Camila SW, and the Isabella system, as well as 724 meters of exploration tunnels. Additionally, we executed 9,178 meters of infill drilling focused on the Camila and Candela structures.
For 2026, exploration activities are planned to continue at the Camila SW and Tomasa NE targets, as well as within the Cachipampa system. The program includes 17,000 meters of exploration drilling and 1,400 meters of exploration tunnels.
El Brocal. During 2025 we continued the two long-term exploration programs initiated in 2023.
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The first target is the exploration of the eastern margin of the Marcapunta volcanic center. In this target, we executed 550 meters of exploration tunnels, 9,040 meters of exploration drilling, and 19,831 meters of infill drilling. During 2026, we plan to execute 900 meters of exploration tunnels, 16,000 meters of exploration drilling, and 15,000 meters of infill drilling.
The second target is the exploration of the southern margin of the volcanic center, where we executed 2,054 meters of exploration tunnels, 14,604 meters of exploration drilling, and 15,950 meters of infill drilling. During 2026, we plan to execute 1,606 meters of exploration tunnels, 9,000 meters of exploration drilling, mainly in the Esperanza Target, and 18,200 meters of infill drilling.
Competition
We believe that competition in the metals market is based primarily upon cost. One of Buenaventura’s competitive advantages is that it has a diversified portfolio in terms of commodities (which include gold, silver, copper, zinc and lead) and in a number of assets (with 7 mining operations located in different regions of Peru). Additionally, Buenaventura’s long term business plan relies on three main drivers of value: its portfolio of operations, its portfolio of projects (seeking organic growth with a disciplined capital allocation) and, finally, Buenaventura’s position as a ‘partner of choice’ for several other companies in the mining sector in Peru. We also compete with other mining companies and private individuals for the acquisition of mining concessions and leases in Peru and for the recruitment and retention of qualified employees.
Sales of Metal Concentrates
All of our metal production is sold to smelters and traders, either in concentrate or metal form, such as gold-silver concentrate, lead-silver concentrate, zinc-silver concentrate, copper-gold-silver concentrate, gold doré bars and refined gold and silver. Our concentrates sales are made under one through five year, U.S. Dollar-denominated contracts, pursuant to which the selling price is based on world metal prices as follows: generally, in the case of gold and silver-based concentrates, the London Bullion Market Association (“LBMA”) Spot AM/PM settlement prices for gold, averaged on the quotational period agreed, less certain allowances, and the LBMA Spot settlement price for silver, averaged on the quotational period agreed, less certain allowances; and, in the case of base-metal concentrates, such as zinc, lead and copper, the London Metals Exchange (“LME”) settlement prices for the specific metal, averaged on the quotational period agreed, less certain allowances. Sales of concentrates and metals provide for price adjustments based on market prices at the end of the relevant quotational period (QP), which is generally the month of delivery or shipment, or a subsequent month following the scheduled shipment or delivery date, in accordance with the terms of the contracts. Sales of concentrates and metals at provisional prices include a gain (loss) to be received at the end of the QP, based on the spread between the actual price at the end of the QP and the agreed contractual average prices; this is considered a variable portion of the consideration. Changes in the price during the QP are recognized in the “Sales of goods” caption of the consolidated statements of profit or loss.
The historical average annual prices for gold and silver per ounce and our average annual gold and silver prices per ounce for each of the last two years and through March 31, 2026 are set forth below:
Gold Silver Copper
Average Annual Our Average Average Annual Our Average Average Annual Our Average
Market Price Annual Price(1) Market Price Annual Price(1) Market Price Annual Price
US$/oz.(2) US$/oz. US$/oz.(3) US$/oz. US$/t US$/t
2024 2,387 2,407 28.24 28.92 9,140 9,063
2025 3,434 3,547 39.94 41.87 9,939 10,071
2026 (through March 31, 2026) 4,877 4,875 84.39 99.29 12,851 13,696
(1) Our average annual price includes only the consolidated average annual price from our mines.
(2) Average annual gold prices are based on the LBMA PM fix as provided by Fast Markets.
(3) Average annual silver prices are based on London Spot prices. Most of the sales contracts we enter into with our customers state a specific amount of metal or concentrate the customer will purchase. We have sales commitments from various parties for nearly all of our estimated 2026 production; however, concentrates not sold under any of our contracts may be sold on a spot sale basis to merchants and consumers.
(4) Average annual copper prices are based on the LME Cash ask price as provided by Fast Markets.
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Sales and Markets
The following table sets forth our total revenues from the sale of gold, silver, lead, zinc and copper in the past two fiscal years:
Year ended December 31,(1)
Product 2025 2024
(US$ in thousands)
Silver 626,799 415,399
Gold 388,004 326,742
Zinc 68,188 63,125
Lead 34,304 33,779
Copper 588,441 483,547
Manganese sulfate 9,114 3,658
Antimony 309 —
Total 1,715,159 1,326,250
(1) Does not include commercial deductions for refinery charges and penalties incurred in 2025 of US$122.0 million and of US$172.3 million in 2024.
Approximately 30.48% and 31.29% of our concentrate, doré bars and refined metal sales in 2025 and 2024 (without considering adjustments to prior periods liquidations, fair value from sale of concentrate or hedge operations), respectively, were sold outside Peru. Set forth below is a table that shows the percentage of sales that was sold to our various customers in 2025 and 2024.
Percent of concentrates, doré bars and
refined metal Sales
2025 2024
% %
Export Sales:
Asahi Refining Canada Ltd 17.13 17.54
Daye Qiansheng (HK) Investment Trading Limited 1.10 4.26
Axaya AG 2.53 2.13
Glencore International AG y Glencore AG 1.52 1.03
Trafigura PTE 4.54 —
Others 3.66 6.33
Total Export Sales 30.48 31.29
Domestic Sales:
Trafigura Peru 35.38 40.61
IXM Trading Peru S.A.C. 10.26 14.79
Glencore Peru S.A.C. 13.26 9.63
Andina Trade S.A.C. 2.06 2.29
Trading Partners Perú S.A.C. 3.46 0.54
Others 5.1 0.85
Total Domestic Sales 69.52 68.71
Total Sales 100.00 100.00
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The following table shows our committed sales volumes of copper, lead-silver, gold-silver and zinc concentrates from 2026 to 2030:
Wet tonnes Wet tonnes Wet tonnes Wet tonnes Wet tonnes
Concentrate 2026 2027 2028 2029 2030
Uchucchacua’s Lead-Silver 43,000 — — — —
Uchucchacua’s Zinc 63,000 — — — —
Yumpag’s Silver 136,000 — — — —
Tambomayo’s Silver-Lead 3,100 — — — —
Tambomayo’s Zinc 3,500 — — — —
El Brocal’s Copper 270,000 233,900 200,000 80,000 15,000
El Brocal’s Zinc — — — — —
El Brocal’s Lead-Silver 9,000 — — — —
Julcani’s Lead-Silver 1,100 — — — —
Julcani’s Gold-Silver 7,500 — — — —
Orcopampa Gold-Silver 600 — — — —
Note: The price of the concentrate supplied under the contract is based on specified market quotations minus refining charges and deductions for refinery charges and penalties. Commitments from 2027 onwards are for tonnage and not for fixed terms.
We also sell refined gold and doré, which is derived from our operations at Orcopampa, Tambomayo, Coimolache and La Zanja to Asahi Refining, or “Asahi,” which further refines the gold. During 2025, the price of gold supplied was determined based on, for the gold content, the quotation for gold at the London Bullion Market Association PM fixing in U.S. Dollars, and for the silver content, the quotation for silver at the London Bullion Market Association spot fixing in U.S. Dollars or at spot prices, minus, in each case, certain minimum charges, as well as charges for customs clearance and treatment of the gold (which varies depending on its gold and silver content). We may elect to have our material toll refined at Asahi’s works and returned to our account for sale to third parties. Pursuant to our agreement, we are responsible for delivering the gold to Asahi’s designated flight at the Lima airport.
Hedging/Normal Sales Contracts
As of December 31, 2025 and 2024, we and our subsidiaries are completely unhedged as to the prices at which our gold, silver, copper and other metals will be sold (El Brocal maintained derivative instruments until March 2023). See “Item 3. Key Information—D. Risk Factors—Factors Relating to the Company—Our financial performance is highly dependent on the prices of gold, silver, copper and other metals.”
Until March 2023, El Brocal used derivative instruments to manage its exposure to changes in the price of metals. Such derivative financial instruments were initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently re-measured at fair value. Derivatives were carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.
El Brocal’s hedge was classified as a cash flow hedge. The effective portion of gain or loss on the hedging instrument was initially recognized in the consolidated statements of changes in equity, under the caption other equity reserves, while the ineffective portion is recognized immediately in the consolidated statements of profit or loss in the finance costs caption. Cerro Verde has not engaged in, and is currently not engaged in, gold or copper price hedging activities, such as forward sales or option contracts, to minimize their respective exposures to fluctuations in the price of gold and copper.
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Regulatory Framework
Mining and Processing Concessions
In Peru, as in many other countries, surface land is owned by private landowners, while the government retains ownership of all underground resources. Our right to explore, exploit, extract, process and/or produce silver, gold and other metals is granted by the Peruvian government in the form of mining and processing concessions. The rights and obligations of mining concession holders, as well as the requirements to explore, produce and process minerals are currently set forth in the General Mining Law (Single Unified Text approved by Supreme Decree No.014-92-EM). The statutory authority is the Ministry of Energy and Mines (MINEM).
Pursuant to the General Mining Law, filers of mining claims must obtain a mining concession before engaging in any mining-related activity. Depending on the corresponding regime, applications for mining concessions must be filed with the Regional Mining Directorates of each regional government where the mining concession is located (in the case of artisanal and small-scale miners); or with Geological, Mining and Metallurgical Institute (INGEMMET), in the case of medium- and large-scale mining (general regime).
Mining concessions are irrevocable, provided holders comply with the obligations set forth in the General Mining Law and applicable regulations, mainly the payment of an annual concession fee per hectare granted and achievement of minimum annual production for each hectare, or payment of a penalty when applicable. Failure to achieve minimum annual production or investment targets will result in a penalty. Failure to pay annual concession fees or penalties for two (2) consecutive years in any mining concession will result in the cancellation of such mining concession. Failure to satisfy minimum annual production thresholds for a specified period of time (currently thirty (30) years beginning the year after the mining concessions were granted for mining concessions granted after October 10, 2008, and thirty (30) years beginning on January 1, 2009 for mining concessions granted before October 10, 2008) could result in cancellation of the mining concessions.
Our processing concessions enjoy the same duration and tenure as our mining concessions, subject to payment of a fee based on the plate capacity of the applicable processing plant. Failure to pay processing fees for two (2) consecutive years will result in the cancellation of the processing concessions.
Our mining rights and processing concessions are in full force and effect under applicable Peruvian laws. We believe we are in compliance with all material terms and requirements applicable to the mining concessions and processing concessions and that we are not subject to any condition, occurrence or event that would cause the revocation, cancellation, lapse, expiration or termination thereof, except that we may, from time to time, allow to lapse, revoke, cancel or terminate mining concessions and processing concessions that are not material to the conduct of our business.
In addition to obtaining mining concessions from the Peruvian government, applicable Peruvian regulations require to enter into an agreement with surface landowners and/or occupiers, of land located above the mineral resources to be explored or mined. Supreme Decree No.042-2017-EM (Regulations for Environmental Protection of Mining Exploration Activities), requires such easements or land agreements to be completed before undertaking exploration or mining activities. We have been actively seeking to acquire surface land rights, easements for land covering prospective exploration targets, or ore deposits that could be brought into production in the future. Regarding processing concessions, Article 82 of Supreme Decree No.020-2020-EM, Regulations for Mining Proceedings, in force since August 9, 2020, requires holders of such concessions to own the land covering the concession or to have the authorization of the landowner. We have sought to acquire surface land rights in areas suitable for plant and/or processing facilities.
The possibility of developing mining activities in areas classified as urban or urban expansion, is restricted, there must be compatibility of such areas and mining activities. Law No. 27015, Regulating Mining Concessions in Urban Areas and Urban Expansion Areas and related regulations, amended by Law No. 27560 defines procedures for granting mining concessions in urban and urban expansion areas. No mining concession can be granted in an urban area unless there is a special law enacted by congress authorizing it, and in the case of mining concessions in urban expansion areas, MINEM is required to receive the approval of the council of the applicable provincial municipality. The council has sixty (60) calendar days to issue its decision. Mining concessions in urban expansion areas are granted for 10-year terms, which may be renewed by MINEM subject to the approval of municipal authorities, but cannot exceed 100 hectares.
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Since July 22, 2010, the Environmental Evaluation and Overseeing Agency (OEFA), which depends on the Ministry of Environment (“MINAM”), is in charge of conducting all types of audits, and levy fines or administrative measures on mining companies which fail to comply with their environmental obligations and commitments, either those set out in the applicable legislation (obligations), or those entered into in the environmental permits granted (commitments).
Law 29783 addresses Employee Health and Safety, and employers´ liability in mining activities. Accordingly, such employee health and safety and employer liability and related matters are now audited by the Ministry of Labor and Employment (MINTRA, through its technical entity National Superintendence of Labor Inspection (SUNAFIL)). Law 29783, as amended by Law 30222, establishes the minimum rules designed to prevent employee safety risks and allocate liabilities in relation to such risks. The main principle of this law is that the employer assumes the economic, legal and any liability arising from accidents or diseases suffered by the employee while working, and guarantees the employee’s health and safety in connection with the employee’s work. This legislation entitles labor inspectors to inspect commercial facilities and, under certain circumstances, suspend operations. By Supreme Decree No.003-2013—TR, MINTRA transferred its security supervisory, audit and sanctioning functions to the SUNAFIL. Such law amended the relevant provision of the criminal code, to establish that a person who intentionally breaches the safety and health provisions, and who after being required by the relevant authority, does not adopt the measures contemplated in such provisions, is deemed to jeopardize the life, health or physical integrity of such person’s employees and may be held criminally liable for such behavior.
On July 28, 2016, Supreme Decree No. 024-2016-EM, as amended by Supreme Decree No. 029-2016-EM, Supreme Decree No. 023-2017-EM, Supreme Decree No. 037-2017- EM and Supreme Decree No. 034-2023-EM relating to Occupational Health and Safety Regulations for Mining was published. These Regulations aim to prevent the occurrence of incidents, work-related accidents and occupational diseases, aiming to promote a culture of prevention of occupational hazards in mining activities. In addition, SUNAFIL is the competent authority for the supervision and enforcement of compliance with legal and technical standards related to employment practices and policies.
Occupational safety and health issues in mining activities are overseen by the Energy and Mining Supervisory Board (OSINERGMIN), the competent authority to supervise compliance of the legal and technical provisions related to worker’s health and safety, but also entrusted with the supervision of mining infrastructure. As decreed in Supreme Decree No.128-2013-PCM, mining companies are required to make monetary contributions to OSINERGMIN and to fund OEFA’s activities.
Environmental Matters
In October 2005, Peru enacted the General Environmental Law (Law No. 28611), which establishes the main environmental guidelines and principles applicable in Peru. Pursuant to the General Environmental Law, the MINAM issued national environmental regulations, which have gradually replaced prior guidelines governing governmental agencies environmental competencies. OEFA, as the environmental enforcement agency, has the authority to inspect mining operations and impose administrative measures and/or fines to mining companies that fail to comply with prescribed environmental regulations and their approved environmental commitments.
In May 1993, the regulation for environmental protection under mining and metallurgical activities (reglamento para la proteccion ambiental en la actividad minero - metalúrgica), was published and approved by means of Supreme Decree No. 016-93-EM. This regulation required every mining unit that began operations before May 1993 to file a Preliminary Environmental Assessment (“EVAP”) followed by a Program for Environmental Adequacy and Management (“PAMA”). Additionally, an EIAd had to be submitted for any new operations. In 2014, this regulation was repealed by Supreme Decree No. 040-2014-EM (reglamento de Protección y Gestión Ambiental para las Actividades de Explotación, Beneficio, Labor General, Transporte y Almacenamiento Minero), approved on November 12, 2014, which regulates mining production, processing, labor, transportation and storage and sets forth a new set of requirements for these activities. In this Supreme Decree (article 76) also established the possibility of submitting a supporting technical report (ITS) when the environmental impacts were not significant. On March 2, 2020 this regulation was amended by means of Supreme Decree N° 005-2020-EM (Modificación del Reglamento de Protección y Gestión Ambiental para las Actividades de Explotación, Beneficio, Labor General, Transporte y Almacenamiento Minero). This amendment also created Article 133A which introduces the possibility of executing certain changes and improvements without modifying the EIAd, with only a Prior Communication (Comunicación Previa).
Regulation for citizen participation in exploitation activities. Supreme Decree No 028-2008- EM published in 2008 regulated the process for citizen participation in these activities. One of the most essential requirements is the participatory workshops with the communities and the public hearings.
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Regulations for LMPs and ECAs. In 1996, MEM also issued regulations that establish maximum permissible levels (“LMPs”) of (i) liquid effluents emissions and (ii) elements and compounds present in gaseous emissions resulting from mining activities. Mines and processing plants that were in operation before May 1993 were required to comply with LMPs within 10 years and in the meantime, operators were required to prepare Environmental Adaptation and Management Programs, or PAMAs, that set forth plans to ensure compliance with more stringent LMPs. The first General Water Law was enacted in 1969. In 2008 and 2010, MINAM enacted new water quality standards and new LMPs for liquid effluents, and, in 2009, all Peruvian mining companies were required to submit updated environmental management plans that complied with water quality standards and new LMPs for liquid effluents to MEM. By the end of 2015, Supreme Decree No. 015-2015-MINAM (the “2015 Decree”) was enacted, modifying water quality standards for designated beneficial uses which apply to mining companies and establishing supplementary provisions related to compliance. In 2017, Environmental Quality Standards (Estándares de Calidad Ambiental) (ECAs) for water were modified by Supreme Decree No. 004-2017-MINAM. Permissible maximum limits approved in 2010 are still valid.
In May 2008, the MINAM was created by Legislative Decree No. 1013. MINAM’s main functions include formulating and implementing policies and regulations related to environmental matters and pollution control, including regulation of air and water quality standards, through supervision and education.
On March 26, 2013, Supreme Decree No. 002-2013-MINAM regarding soil quality became effective. It approved the ECAs for soils, or “Standards,” which are applicable to any project or activity that may generate an environmental impact. Subsequently, on March 25, 2014, supplementary provisions for the application of the standards were approved through Supreme Decree No. 002-2014-MINAM (which was replaced by Supreme Decree No. 012-2017-MINAM as set forth below). Projects operating at the time those regulations came into force were required to submit the first phase of soil characterization within twelve months of the passage of the decree. Buenaventura and its associated companies submitted this information within the required time.
In 2017, new ECAs for soils were approved by Supreme Decree No. 011-2017-MINAM, replacing the ECAs approved by Supreme Decree No. 002-2013-MINAM. The new ECAs are applicable to new environmental assessments that are required to carry out future mining activity in accordance with the mining regulations. With respect to the environmental assessments that were approved prior to the approval of the new ECAs, Supreme Decree No. 002-2013-MINAM will remain applicable and the new ECAs will only be enforced when the approved environmental assessments need to be modified or updated. In 2017, Supreme Decree No. 012-2017-MINAM replaced Supreme Decree No. 002-2014-MINAM, approving new supplementary provisions for application of the new ECAs and new guidelines to manage contaminated areas. Buenaventura and its associated companies have taken into consideration all new environmental regulations when executing its mining activities.
In 2012, Peru enacted Supreme Decree No. 020-2012-EM, which added Chapter XVII to the Mining Proceedings Regulations approved by Supreme Decree No. 018-92- EM. The new provisions require the approval of the General Mining Directorate of MINEM or of the relevant regional government before proceeding to start and re-start exploration, development, preparation and exploitation. The authorizations to start and re-start mining activities may need to be pre-approved by MEM if the mining activities affect indigenous or native people.
Regulations for solid waste. In December 2017, a new regulation for Solid Waste Management was approved by Supreme Decree No. 014-2017-MINAM which brought into force the new Law for Integral Management of Solid Waste, approved by Legislative Decree No. 1278 in December 2016. This Supreme Decree was amended by Supreme Decrees Nos. 001-2022-MINAM and 002-2024-MINAM. This resulted in new regulations for all extractive productions and services in Peru, including mining, which prioritize the material and energy recovery of solid waste through different methods, including recycling, reuse and co-generation.
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Regulations governing mining explorations. In May 2008, the Peruvian government enacted Supreme Decree 020-2008-EM, which governs mining exploration activities and related matters. At the end of 2017, this Supreme Decree was superseded by a new regulation for exploration activities. Under Supreme Decree 042-2017-EM, exploration activities fall into two categories: Category I and Category II. Category I exploration activities involve no more than 40 drilling platforms or affecting a surrounding area measuring less than 10 hectares in size, while Category II exploration activities are those involving between 40 and 700 drilling platforms and affecting an area measuring more than 10 hectares. For Category I exploration activities, an Environmental Impact Statement (Declaración de Impacto Ambiental) (DIA) is required. For Category II exploration activities, a semi-detailed EIA (EIAsd) that incorporates technical, environmental and social matters is required. In 2017, Supreme Decree No. 042-2017-EM repealed Supreme Decree 020-2008, one of the most important developments was the establishment of the Environmental Technical Report (Ficha Técnica Ambiental) (FTA), for exploration activities that do not have significant negative environmental impacts. The FTA, DIA and the EIAsd, as applicable, must be approved before exploration activities can commence. Any commitments assumed by mining companies in a DIA, EIAsd or FTA are mandatory and, if they are not fulfilled, OEFA has the authority to fine non-compliant mining companies. The regulation also provides that the holder of mining concessions will perform specified closure and post closure activities during exploration programs. In addition, fines can be imposed if exploration programs begin before the DIA, the EIAsd and the FTA are approved, and the approval of environmental assessments for exploration activities performed within protected natural areas requires the approval of the competent authority. Exploration in Prehispanic Archeological Sites (referred to in Supreme Decree No 004-2000-ED) is forbidden unless expressly authorized by the Ministry of Culture.
The regulation for exploration activities Supreme Decree No. 042-2017-EM, was modified by Supreme Decree No. 019-2020 - EM. The most important changes are that the Ministry de Energy and Mines allows the positive administrative silence for FTA, additional assumptions for Prior Communication, the determination of a deadline to OEFA which must conduct the final closure inspection and the rules modifications of Citizen Participation for the FTA.
In 2024, Ministerial Resolution No. 237-2024-MINEM/DM was published, which approves the use of a simplified Environmental Technical Sheet (FTA) for exploration activities involving up to five drilling platforms, and also reduces the required scope for FTAs covering up to twenty drilling platforms.
In 2025, the following FTA, DIA or EIAsd were approved:
Mine/Project Type of Study Approving Resolution 2025 Date of Approval
Maria Gracia FTAmc RD No. 041-2025-MINEM/DGAAM February 14, 2025
Trapiche 3er ITS 5ta MEIAsd RD No. 347-2025-MINEM/DGAAM October 07, 2025
Don Jorge ITS DIA RD No. 255-2025-MINEM/DGAAM August 21, 2025
Regulation for citizen participation in exploration activities. In May 2008, MINEM enacted Supreme Decree No 028-2008-EM, which regulates the citizen participation process within the framework of environmental permit approval. The DIA and EIAsd provide local communities with an opportunity to engage actively in this process. It is an essential requirement for DIA and EIAsd to hold participatory workshops with the communities int the areas of influence. Now, this requirement also extends to FTA.
Regulations Promoting Investments. Supreme Decree 054-2013-PCM, as amended by Supreme Decrees 005-2016-MINAM and 011-2022-MC, was passed to promote investment projects. It allows companies to submit a supporting technical report, ITS (Informe Técnico Sustentatorio), to modify ancillary components, capacity expansions, or introduce technological improvements in exploration and exploitation activities. SENACE (EIAd) and MINEM (DIA and EIAsd) will then issue a compliance waiver within no more than fifteen (15) working days from the date of submission. This should facilitate the approval of environmental assessments for our new exploration projects and simplify the issuance of certificates of non-existence of archeological remains required for mining projects.
On December 28, 2015, the Servicio Nacional de Certificación Ambiental (SENACE), which operates under the auspices of MINAM, took responsibility for the assessment and approval of detailed EIA (EIAd) submitted by private, public, or mixed-capital organizations. This development is consistent with the expansion of MINAM’s technical and regulatory capacities. In 2020, EIAd for Yumpaq and Trapiche were prepared under SENACE supervision.
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Moreover, in June 2025, Ministerial Resolution No. 00143-2025-MINAM was issued approving new Environmental Baseline Elaboration Guidelines (Guía para la elaboración de la Línea Base en el marco del Sistema Nacional de Evaluación del Impacto Ambiental) that replaced the prior guidelines which had been in place since January 2019. The purpose of the aforementioned guidelines is to provide information, directives and references to professionals involved in the review of baselines, as well as to provide general guidelines to the project owner or consulting firm for the process of identifying and evaluating the impacts on the environment (including physical, biological and social impacts), the results of which allow decisions to be made on the environmental viability of the project.
In September 2023, the detailed environmental impact study (EIAd) of the Yumpag Carama was approved. With this environmental certification, BVN is able to mine 1000 ton/day of ore and process it in Ucchucchacua plant.
In June 2024, the modification of the detailed environmental impact study (MEIAd) for Coimolache was approved. With this environmental certification, CMC expands the components of the Tajo, PAD, and PTAA Ciénaga Norte.
In 2025 the following EIAd, MEIAd and ITS were approved:
Buenaventura
Mine/Project Type of Study Approving Resolution Date of Approval
San Gabriel 6to ITS San Gabriel RD No. 00071-2025-SENACE-PE/DEAR June 27, 2025
Río Seco 2da Actualización EIAd RD No. 00283-2025-PRODUCE/DGAAMI April 25, 2025
Julcani 6to ITS RD No. 000130-2025-SENACE-PE/DEAR November 21, 2025
Tambomayo Mod. EIA Tambomayo RD No. 00004-2025-SENACE-PE/DEAR January 17, 2025
Río Seco 10mo ITS de Río Seco RD No. 00038-2025-PRODUCE/DGAAMI January 17, 2025
Brocal 1ER ITS - MEIA 25K Colquijirca RD No. 00005-2025-SENACE-PE/DEAR March 12, 2025
Julcani 5to ITS RD No. 00012-2025-SENACE-PE/DEAR February 11, 2025
Tambomayo 1er ITS de la 1ra MEIA Tambomayo RD No. 000101-2025-SENACE-PE/DEAR September 3, 2025
PUPCA. In January 2022, The SENACE (Servicio Nacional de Certificacion Ambiental para las Inversiones Sostenibles) enacted Supreme Decree Nº004-2022-MINAM, Procedimiento Único del Proceso de Certificación Ambiental (PUPCA), becoming effective in July 2022, which requires mining companies to conduct accompanying actions during the elaboration of Environmental Impact Assessment or their modifications, also the execution of diverse public participation procedures. It is important to point out that this regulation has introduced mandatory citizen participation mechanisms for the ITS. Likewise, a public hearing will be held for the MEIAd. In May 2023, Supreme Decree No. 006-2023-MINAM modified the Decree No. 004-2022-MINAM, suspending the PUPCA until January 1, 2025, and allowing companies to continue with the previous law. In our case, MEIAd of Brocal and Tambomayo continued with PUCPA framework, while in case of MEIAd of Orcopampa and Julcani was possible to desist of PUPCA and continue with the previous law. On November 28, 2024, Supreme Decree No. 013-2024- MINAM, which introduces the new PUPCA, was published. One of the key updates is that citizen participation processes related to Environmental Management Instruments (IGAs) will now be governed by the applicable sector-specific regulations. This new regulation became effective on January 1, 2025.
Additionally, in 2024, other regulations aimed at promoting private investment were enacted, including Supreme Decree N° 011-2024 which allows mining titleholders to increase the installed capacity of a mineral processing plant by up to 10% without modifying the operational license and Supreme Decree No. 005-2024-MINAM, which eliminates the requirement to obtain authorization from SERFOR for the collection of flora or fauna species when conducting baseline studies for semi-detailed or detailed Environmental Impact Assessments (EIAsd or EIAd).
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Regulation for emergency situations not included in the EIAd. In 2021, Supreme Decree No. 026-2021-EM modified the Supreme Decree No. 040-2014-EM introducing article 50-A. Article 50-A gives companies the option to carry out actions not incorporated in their Environmental Impact Statements, when the purpose of that action was to control the effects of environmental emergencies. Companies must communicate the execution of these actions to the OEFA within ten (10) days of execution.
Regulations governing mine closures. In 2003, Law No. 28090, Ley que Regula el Cierre de Minas (Law that Regulates the Closing of Mines), established the obligations and procedures that mining companies must follow to prepare, submit and execute plans for the closing of mines, or “Closure Plans,” and the granting of financial environmental guarantees to secure compliance with Closure Plans. We are required to submit a Closure Plan for new projects to MEM within one year following approval of an EIA or PAMA; and inform MEM semi-annually of any progress on the conditions established in the Closure Plan. We are also required to perform the Closure Plan consistent with the schedule approved by MEM during the life of the project and to set up a financial environmental guarantee that covers the estimated amount of the Closure Plan. In addition, Supreme Decree No, 042-2017-EM that abrogated Supreme Decree No. 020-2008-EM, approved new Regulations of Environmental Protection for Mining Exploration Activities applicable to mining environmental matters, including a chapter related to mine closing works. Supreme Decree Nº 033-2005-EM approved the Regulations for Closure of Mines and requires mining companies that perform exploration activities to conduct certain closing activities in accordance with the approved environmental assessment, subject to deferral under certain circumstances, and contemplates a Closure Plan to be submitted by the mining company following the terms and conditions of such Supreme Decree Nº 033-2005-EM as amended by Supreme Decrees Nos, 035-2006-EM, 045-2006-EM. 054-2008-EM, 013-2019-EM, 036-2016-EM037-2017-EM, 014-2024-EM and 006-2025-EM.
In August 2021, the MEM enacted Law No. 31347 regulating the closure of mines. This law makes important changes in the obligations of mine owners regarding the financial guarantees required in their Mine Closure Plans. The law requires that Mine Closure Plans guarantee the progressive closure for the main facilities (Componentes Principales) and also requires that Mine Closure Plan guarantees must cover the costs of environmental rehabilitation ordered by OEFA. Finally, the law also regulates the actions and obligations of the authorities in case of abandonment of mining facilities.
In 2017, our Closure Plans were approved by MEM for all of our mines and advanced explorations activities.
In 2022 there were closure plans under evaluation for Orcopampa, Julcani, Uchucchacua, Pozo Rico, Tambomayo, San Gabriel, Tantahuatay as mine operations and for La Zanja as exploration project.
In 2023, closure plans were approved for Orcopampa, Julcani, Uchucchacua, Tambomayo, San Gabriel, La Zanja, Tantahuatay as mine operation units and La Zanja as an exploration Project. Besides, there were submitted new and updating closure plans for Yumpag, San Gabriel, Tambomayo and Rio Seco copper plant.
In 2024, closure plans were approved for Tambomayo, San Gabriel and Yumpag as mine operation units and Rio Seco Copper Plant as metallurgical facilities. Besides, there were submitted updating closure plans for Colquijirca, Orcopampa and Uchucchacua
In 2025, updated closure plans in respect of Uchucchacua and Orcopampa as mine operation units were approved.
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On November 9, 2009 Supreme Decree No. 078-2009-EM became effective, creating additional environmental obligations for mining concessions holders. Under this provision, mining concessions holders that performed mining activities, including mining exploration, production and processing activities or related activities, without having an environmental certification are required to prepare and perform an environmental remediation plan to address the environmental impact in the areas in which such activities have been conducted. Environmental remediation plans can only be filed once mining activities have ceased and contain a detailed description of all mining facilities and activities performed without the corresponding environmental certification, including maps and related information, a detailed description of the environmental impacts created by such activities, a detailed description of the remediation actions, a detailed description of the compensation that is proposed to be made, a budget and schedule of the remediation activities, including their costs, and a bond in favor of MEM for the cost of the execution of the measures contained in the environmental remediation plan. Once the environmental remediation plan is completed, mining concessions holders are required to inform the auditing entity so it can verify that the actions were carried out as approved. The auditing entity is required to send the respective report to the relevant authority so that the bond may be returned. Supreme Decree No. 013-2019-EM repealed Supreme Decree No. 078-2009-EM and introduced several amendments to Supreme Decree No. 033-2005-EM (in turn, amended by Supreme Decrees Nos. 035-2006-EM, 045-2006-EM, 037-2017-EM, 013-2019, 014-2024-EM and 006-2025-EM), which regulates the Mine Closure Plans. On July 27, 2024, Supreme Decree No. 014-2024- EM was published, through which the government granted mining titleholders the opportunity to regularize components that were built without environmental certification by submitting a “Plan Ambiental Detallado” (PAD Additionally, the procedure for evaluating mine closure plans is optimized by reducing the approval period from 160 business days to 60 business days.
Law No. 28271, Law that Regulates the Environmental Liabilities of Mining Activities (Ley que Regula los Pasivos Ambientales de la Actividad Minera), came into force on July 7, 2004 and serves to regulate the identification of environmental liabilities and financial responsibility for remediation in mining activities, in each case to mitigate any negative impact mining may have with respect to the health of the population, environment and property. Pursuant to Law No. 28271, as amended by Law No. 28526 and Legislative Decree No. 1042 and No. 1670, MEM’s technical branch will identify environmental liabilities, mining companies responsible for abandoned mining facilities, mining works and residue deposits that may be linked to such environmental liabilities and holders of inactive mining concessions with mining liabilities. Holders of inactive mining concessions with environmental mining liabilities will be required to submit a Closure Plan and enter into environmental remediation agreements with MEM to perform any studies and work necessary to control and mitigate the risk and effects of any contamination. Regulations under Law No. 28271, Regulations of Environmental Liabilities of Mining Activities (Reglamento de Pasivos Ambientales de la Actividad Minera), were approved by Supreme Decree No. 059-2005-EM. and then modified by Supreme Decree No. 003-2009-EM.
According to new regulation for mining liabilities, we have submitted intentions to update Closure Plans to MEM for all our mining concessions with environmental mining liabilities: Lircay, Bella Unión, Chaquelle, Ayacucho, Santa Barbara and Delta Upamayo are currently with post-closure activities but need to be updated in order to update commitments.
We have submitted Closure Plan for Los Negros and El Dorado, 2 new projects with mining liabilities managed by Minera Colquirrumi, a subsidiary of Buenaventura.
We have submitted updating closure plans for Santa Barbara (managed by Sociedad Minera El Brocal) in Huancavelica.
We anticipate additional laws and regulations relating to environmental matters will be enacted over time. The development of more stringent environmental regulations in Peru could impose additional constraints, delays and additional costs on our operations that would require us to face additional challenges in the future. Although we believe that we are substantially in compliance with all known and applicable environmental regulations, there is no assurance that future legislation or regulatory developments will not have an adverse effect on our business or results of operations.
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Prior Consultation with Local Indigenous Communities
In 2011, Peru enacted Law No. 29785, the Law of Prior Consultation for Indigenous and Native Communities (Ley del Derecho a la Consulta Previa a los Pueblos Indígenas y Originarios – ILO 169 Convention). This law establishes a prior consultation procedure that the Peruvian government must undertake in concert with local indigenous communities whose collective rights may be directly affected by new legislative or administrative measures. Under this law, the Peruvian governmental agency responsible for issuing or approving the administrative measure or decree in question, rather than the affected local indigenous community, retains the right to approve or reject the relevant legislative or administrative matter following such consultation. However, bearing in mind that all our future projects require the promulgation of legislative or administrative measures that impact collective rights of local indigenous communities, the required prior consultation procedure may result in delays, additional expenses or failure to obtain approval for such new project.
Regulations under Law No. 29785 were approved by Supreme Decree No. 001-2012-MC and became effective on April 4, 2012. These regulations specify the form and circumstances of the required consultation and the manner in which agreements will be formalized and provide for a consultation process that lasts no more than 120 calendar days. In 2019, Ministerial Resolution No. 403- 2019 MINEM/DM was issued, establishing the administrative procedures from the Mining Sector that require prior consultation in case those procedures affect indigenous communities -- which are: (i) processing concession; (ii) authorization to initiate or re-initiate exploration, development, or exploitation activities; (iii) mineral transport; and (iv) mining labor.
After the COVID-19 pandemic, the Peruvian Central Government did not introduce legal provisions for the use of digital tools; consequently, ongoing prior consultation processes were disrupted. However, the Peruvian Central Government managed to include additional mechanisms within the framework of established COVID-19 protocols. Additionally, prior consultation processes are usually delayed by indigenous or political organizations making requests to the government, and companies involved, with demands for benefits or negotiations not contemplated. During 2022, prior consultation processes for San Gabriel, Explorations Yumpag and Ccelloccasa were completed by the General Office for Social Management, a branch of the Peruvian Ministry of Energy and Mines, despite adverse circumstances.
During 2024, the Prior Consultation process for the exploration and exploitation projects of Buenaventura Company were led by the General Social Office of the Mining and Mineral Minister in strict compliance with current regulations. So, after a long research activity and technical and legal evidence on the impact that exploration and exploitation projects could generate on the collective rights of the indigenous communities that surround them, it was demonstrated that these activities would not generate impacts and that the process prior consultation concluded satisfactorily.
During 2025, the Trapiche Project completed the first two stages of the Prior Consultation process in for purposes of obtaining the applicable operational exploitation permit: identification of whether Indigenous peoples are present in the project’s area of influence. The competent authority confirmed the presence of Indigenous communities within the project’s area of influence.
Permits
We believe that our mines and facilities have all necessary material permits to operate. All future exploration projects will require a variety of permits. Although we believe the permits required by existing mines and projects can be obtained in a timely fashion, permitting procedures complexity increases steadily, are time-consuming, and subject to potential regulatory delay; that said, material changes in current permitting processes could increase complexity for renewal of our existing permits. Non-renewal of existing permits or the imposition of additional permitting requirements could have a material adverse effect on our financial condition and/or operational results.
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In 2025 the following operational permits were approved by the General Directorate of MINEM:
Mine / Project Type of permit Prior Consultation Date of Approval
Uchucchacua MAC MCdB, DR3 0109-2025-MINEM-DGM/V March 7, 2025
Yumpag 1era. MPdM - 1er ITS EIA. Mod. Cronograma 304-2025-MINEM-DGM/V June 17, 2025
Tantahuatay MCdB de la 2da + 3ra MEIA (Pad Mirador y Pad THY) 076-2025-MINEM/DGM February 12, 2025
Tantahuatay MAC 1er ITS 3ra MEIA (Pad THY) Etapa 1 (A+B+C) 446-2025-MINEM-DGM/V September 5, 2025
Tantahuatay MPdM de la 3ra MEIA + 1er ITS 3ra MEIA (Ampliación de Tajos +canteras + DMO) 448-2025-MINEM-DGM/V September 1, 2025
Tantahuatay MAC 1er ITS 3ra MEIA (Pad THY) 0238-2025-MINEM-DGM/V May 7, 2025
Brocal MCdB del Recrecimiento DRH cota 4223 - EIA 18K 129-2025-MINEM-DGM/V March 17, 2025
Brocal MAC del Recrecimiento DRH cota 4225 - EIA 18K 589-2025-MINEM-DGM/V November 12, 2025
San Gabriel MdCB de los componentes 4to ITS 148-2025-MINEM-DGM/V April 1, 2025
San Gabriel Autorizacion de Funcionamiento del EIA + 3ro ITS, 4to ITS, 5to ITS Deemed approved due to administrative silence November 15, 2025
Orcopampa ITM PdM del 6to ITS: Recrecimiento DME R2 564-2025MINEM-DGM/V October 12, 2025
La Zanja Autorizacion de inicio de actividades 10ma MEIAsd (plataformas + accesos) 159-2025-MINEM-DGM/V March 13, 2025
La Zanja Autorizacion de Funcionamiento del 5to ITS - 4ta MEIA (Recrecimiento Pad San Pedro Sur) 0090-2025-MINEM-DGM/V February 24, 2025
Julcani ITM CdB 5to ITS (Presa 9 cota 4136 a la 4138) 0322-2025-MINEM-DGM/V July 7, 2025
Julcani ITM CdB 5to ITS (Optimización de la Planta Fase 2) 0321-2025-MINEM-DGM/V July 1, 2025
Maria Gracia Autorización de inicio de actividades de Exploración Constancia de Aprobación Automática No. 0021-2025-MINEM/DGM October 31, 2025
Insurance
We maintain a comprehensive insurance program designed to address specific risks associated with our operations. Our insurance program is provided through the local Peruvian insurance market with international support and covers the risks of property and business interruption, general civil liability against third parties and employer´s against collaborators, vehicle insurance and the damages that these may cause to third parties, cargo transportation and mining equipment insurance, among others.
Mining Royalties and Taxes
Under Peruvian law, holders of mining concessions are required to pay the Peruvian government a mining royalty (“Regalia minera”) for the exploitation of metallic and non-metallic resources. In accordance with Law No. 28258, as amended by Law No. 29788, mining royalties are payable either as a specified percentage of tax operating profit or 1% of revenues net, whichever is higher. If the mining royalty is calculated as a percentage of tax operating profit, marginal rates ranging from 1% to 12% that increase progressively for companies with higher operating margins will apply. Percentages for the distribution of proceeds from mining royalties were amended by Law No. 28323.
Mining companies that are a party to mining stabilization agreements are not required to pay a mining royalty during the tenure of their stabilization agreements.
In addition to mining royalties, pursuant to Law No. 29789, effective from October 1, 2011, mining operations in Peru are subject to an extraordinary mining tax. Mining companies that do not have taxation stability agreements with the Peruvian government, such as Buenaventura, will pay the “Special Mining Tax” (Impuesto Especial a la Minería). The Special Mining Tax is calculated each quarter as a percentage of operating profit. Marginal rates ranging from 2% to 8.4% that increase progressively for companies with higher operating margins will apply. Mining companies that have stability agreements with the Peruvian government will pay the “Special Mining Duty” (Gravamen Especial a la Minería) created by Law No. 29790. The Special Mining Duty is calculated as a percentage of operating profit, with marginal rates ranging from 4% to 13.12% that increase progressively for companies with higher operating margins.
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Safety
At Buenaventura, we believe that safety is an inherent part of every process, rather than something separate. This means that safety management is the responsibility of the operational staff in charge of each respective project. Safety is part of our quality indicators and a cross-cutting value throughout the Company.
The Accident Rate increased by 29.7%, from 0.64 in 2024 to 0.83 in 2025. There were 93 incapacitating accidents reported in 2025, an increase 4.5% from 2024. The number of days lost, and man-hours worked in 2025 was also lower than in 2024, which had a direct influence on frequency, severity, and accident rates.
The table below shows Accident Rates based on the number of fatal and lost time accidents 2.27 and days lost 366.77. The table shows an increasing trend for Accident Rates between 2024 (0.64) and 2025 (0.83).
Note: The accident rate information is calculated based on 100% Buenaventura, 100% Brocal, 100% Coimolache, 100% La Zanja, 100% Rio Seco and 100% Conenhua.
During 2025, a total of 18 high-potential incidents (those constituting dangerous occurrences that, under slightly different circumstances, could have resulted in fatal or life-altering injuries) were recorded, representing two less events than the previous year. This result reaffirms the importance of continuing to strengthen our safety strategy under a preventive approach, focused on the management of critical risks and the reinforcement of controls that prevent severe or fatal consequences.
In this context, the main projects and initiatives implemented during 2025 include:
● Strengthening of the Critical Risk Program, prioritizing the implementation, verification, and assurance of critical controls aimed at preventing fatal events and permanent disabling injuries, in line with the Risk Management pillar of the Safety Master Plan.
● BSAF Risk Management (Low Severity / High Frequency), focused on identifying and controlling recurrent low-severity events that, due to their frequency, may generate accident trends and opportunities for preventive improvement.
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● Structured implementation of the Consequence Management approach, as a tool for organizational accountability, aligned with corporate values and aimed at reinforcing safe behaviors while discouraging critical deviations.
● Deployment of the Layered Risk Management model (Critical, Dynamic, Process, and Individual layers), aligning responsibilities from workers to supervisory levels, in accordance with the organization’s cultural maturity framework.
● Strengthening and redesign of the cultural program “Pacto por la Vida” (‘Commitment to Life’), integrating visible leadership, awareness interventions, and the reinforcement of the Right to Say No, within the People pillar of the Safety Master Plan.
● Strategic reorientation of the Safety function toward the audit and verification of Critical Controls, optimizing time and resources toward activities with the greatest impact on the prevention of fatalities and high-potential incidents.
These initiatives are part of the implementation process of the Safety Master Plan 2025–2029, which aims to consolidate a sustained evolution toward a safe and sustainable production culture, strengthening critical risk prevention, safety leadership, and continuous improvement of organizational performance.
Organizational Structure
As of March 31, 2026, we conducted our mining operations, explorations projects and other activities directly and through various majority-owned subsidiaries, controlled companies and other associate companies as described in the following organizational chart†:
† All entities in this chart, except for Tinka Resources Limited (which is organized in Canada) and Buenaventura Trading S.A.S. (which is organized in Uruguay) are incorporated in Peru.
* Compañía Minera Condesa S.A. holds 21,160,260 Common Shares of Compañía de Minas Buenaventura S.A.A., or approximately 7.70 % of our total Common Shares.
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Intermediate Holding Companies, Subsidiaries and Equity Participations
Compañía Minera Condesa S.A.
Condesa, our wholly owned subsidiary, is a mining and facilities holding company. Condesa also holds a 7.70% interest in Buenaventura.
Sociedad Minera Cerro Verde S.A.A.
Buenaventura holds 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., which is the operator, holds a majority interest in Cerro Verde.
Consorcio Energético Huancavelica S.A. / Empresa de Generación Huanza S.A.
Consorcio Energético Huancavelica (Conenhua) is an electrical transmission company that provides electricity to our operations through its transmission facilities. We own 100% of Conenhua and manage its operations. To secure a reliable energy supply from a clean and renewable source for our direct operations and projects at competitive prices, Conenhua, through its subsidiary Empresa de Generación Huanza S.A., or “Huanza,” was commissioned to construct a 90.6 megawatt capacity hydroelectric power plant in the valley of Santa Eulalia. This hydroelectrical plant began operating at full capacity in June 2014.
Inversiones Colquijirca S.A. / Sociedad Minera El Brocal S.A.A.
El Brocal owns the Colquijirca and Marcapunta Norte mines and the San Gregorio exploration project. El Brocal was formed in 1956 and is engaged in the extraction, concentration and sale of concentrates of polymetallic minerals, mainly copper, zinc, lead and silver. Currently, we own 61.43% of El Brocal through both direct and indirect ownership interests.
Minera La Zanja S.R.L.
La Zanja is located 35 kilometers northwest of the city of Cajamarca. La Zanja, which as of December 31, 2025, was 100% owned by us, began operations in September 2010 as an open pit mine producing gold and silver.
Compañía Minera Coimolache S.A.
Coimolache is a mining company that owns the Coimolache mine which is located in the province and district of Hualgayoc in the Cajamarca region. We hold a 40.094% interest and operate this mine, which commenced operations in mid - 2011 as an open pit mine producing gold and silver.
Ferrocarril Central Andino S.A and Ferrovias Central Andina S.A.
We hold a 10% interest in Ferrocarril Central Andino S.A, (FCCA) and Ferrovias Central Andina S.A. (FVCA). Both were incorporated in August 1999 and began operations in that year. FCCA, is an operating company (rail transport). FVCA, is the concessionaire of the central railroad, and is dedicated to the infrastructure of the railroad.
Apu Coropuna S.R.L.
Buenaventura currently owns 70% of Apu Coropuna S.R.L., with the other 30% owned by Southern Peru Copper Corporation. Apu Coropuna S.A. was created for the purpose of conducting exploration within properties situated in Castilla, Arequipa.
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Procesadora Industrial Rio Seco S.A.C.
Procesadora Industrial Rio Seco S.A.C. is our wholly owned subsidiary that owns and operates a monohydrate manganese sulphate crystallization plant situated in Huaral, Lima. This processing plant allows mining from areas with high silver and manganese content within the Uchucchacua and Yumpag mines, improving silver recovery. The Rio Seco Plant produces high purity manganese sulphate that is used in agriculture and the mining industry.
El Molle Verde S.A.C.
El Molle Verde S.A.C. is our wholly owned subsidiary that develops the Trapiche project, located in the Apurimac region. See “—B. Business Overview—Exploration Projects in Non-Operating Areas” above for further information about this project.
Tinka Resources Limited
Buenaventura holds 12.16% of Tinka Resources Limited, an exploration and development company that owns 100% of the Ayawilca Project, located at Daniel Alcides Carrión, Pasco.
Buenaventura Trading S.A.S.
Buenaventura Trading S.A.S., our wholly owned subsidiary, is a trading company organized in Uruguay.