Slides
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Buenaventura Investor Day November 2025
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2 HEX: #195549 HEX: #ADBC5D HEX: #F7C03F HEX: #E78C39 HEX: #C0681B HEX: #32383E HEX: #A6A6A6 HEX: #2E7667 HEX: #46C8AE HEX: #C1EDE4 Cautionary Statement This presentation contains certain information that may constitute forward-looking information under applicable U.S. securities legislation, including but not limited to information about costs applicable to sales, general and administrative expenses; production volumes; current expectations on the timing, extent and success of exploration; development and metallurgical sampling activities, the timing and success of mining operations and the optimization of mine plans. This forward-looking information entails various risks and uncertainties that are based on current expectations, and actual results may differ materially from those contained within said information. These uncertainties and risks include, but are not limited to, the strength of the global economy, the price of commodities; operational, funding and liquidity risks; the degree to which mineral resource estimates are reflective of actual mineral resources; the degree to which factors which would make a mineral deposit commercially viable are present, and other risks and hazards associated with mining operations. Risks and uncertainties about the Company’s business are more fully discussed in the BVN’s form 20-F filed with the Securities and Exchange Commission in the U.S. and available at www.sec.gov . Readers are urged to read these materials. Buenaventura assumes no obligation to update any forward-looking information or to update the reasons why actual results could differ from such information unless required by law.
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3 HEX: #195549 HEX: #ADBC5D HEX: #F7C03F HEX: #E78C39 HEX: #C0681B HEX: #32383E HEX: #A6A6A6 HEX: #2E7667 HEX: #46C8AE HEX: #C1EDE4 Today’s Presenters Leandro García | Chief Executive Officer 25+ years of experience in the mining sector ▪ Has held several positions at Buenaventura and other prominent companies in the sector, such as El Brocal, Boticas BTL & Inkafarma, Química Suiza, CE Huancavelica, Condesa, and Huanza ▪ BSc. in Business Administration and Accounting from Universidad del Pacífico and MBA from the University of Miami, Florida. In addition, he completed the Management Development Program at Harvard Business School in 2017 Daniel Dominguez | Chief Financial Officer 20+ years of experience in the mining sector ▪ Has held several positions at Buenaventura, including Supply Chain Manager, Financial Planning and Investor Relations Manager, and Investor Relations and Treasury Director ▪ BSc. in Economics and MBA from Universidad del Pacífico. Successfully completed the General Management Program at Harvard Business School in 2015 and the Corporate Finance Program at London Business School in 2010 Juan Carlos Ortiz | Vice President of Operations 30+ years of experience in the mining sector ▪ Before joining Buenaventura, he served as Technical Services Manager at Volcan Compañía Minera, where he oversaw Engineering, Projects, Planning, and Environmental Matters. Previously, he was the COO at Compañía MineraMilpo, managing operations at Cerro Lindo, Atacocha, and El Porvenir ▪ BSc. in Mining Engineering from Pontificia Universidad Católica del Perú and a Master’s in Engineering from Pennsylvania State University
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Leandro García Buenaventura’s Corporate Strategy
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HEX: #195549 HEX: #ADBC5D HEX: #F7C03F HEX: #E78C39 HEX: #C0681B HEX: #32383E HEX: #A6A6A6 HEX: #2E7667 HEX: #46C8AE HEX: #C1EDE4 PLACE BVN IN THETOP 50WORLD-CLASS MINING COMPANIES PLACE BVN IN THE TOP 50 WORLD-CLASS MINING COMPANIES INVESTMENT GRADE TIER 1 CONSOLIDATED MINING STANDARD INITIATIVE TOP 45 GOLD PRODUCERS TOP 5 SILVER PRODUCERS TOP 25 COPPER PRODUCERS ↑30% EBITDA MARGIN REVENUE MIX 50% 50% Precious Metals Base Metals Strategy for 2040
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HEX: #195549 HEX: #ADBC5D HEX: #F7C03F HEX: #E78C39 HEX: #C0681B HEX: #32383E HEX: #A6A6A6 HEX: #2E7667 HEX: #46C8AE HEX: #C1EDE4 Keen understanding of global megatrends Our balanced metal mix positions us to capture opportunities and mitigate risks in a rapidly changing world Focus on assets that deliver enduring value. Our flagship mines are world-class operations, driving long-life production and free cash flow : a Strategy for Sustainable Value Creation To unlock the full potential of these assets, we pursue operational excellence Disciplined approach to capital allocation maximizes returns for our shareholders through strategic investments in organic growth and M&A, ensuring balanced growth and the resumption of our dividend policy Delivering long-term value by maximizing asset potential, optimizing operations, and aligning with global trends Energy Transition Data Centers and AI Technology & Industrial Demand Population Growth Safe Haven & Inflation Hedge El Brocal Cu Cerro Verde Cu Uchucchacua & Yumpag Ag San Gabriel Au Performance leadership: Cost optimization and predictable results Maximizing asset value by increasing throughput
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7 HEX: #195549 HEX: #ADBC5D HEX: #F7C03F HEX: #E78C39 HEX: #C0681B HEX: #32383E HEX: #A6A6A6 HEX: #2E7667 HEX: #46C8AE HEX: #C1EDE4 Unlocking Potential Buenaventura’s Roadmap to Sustainable Growth Production1 Driving balanced growth in precious metals and copper by consolidating a portfolio of efficient mines LOM Strategic growth with long life of mine assets ↑ 5 years Underground ↑ 10 years Open pit 0% 25% 50% 75% 100% 1Q 2Q 3Q 4Q Positioning every mine in the second quartile of the cost curve to ensure operational excellence Cost Optimization Achieving ↑$100M in EBITDA per mine… Financial Strength 54 60 2025E Average Next 5 yrs Long Term 120 145 14 16 Gold (kOz-Au)Silver (MOz-Ag)Copper (kton-Cu) Operating Strength Driven by operational excellence and cost efficiency …with an EBITDA margin ↑30% Maintaining a net leverage ratio ↓2.0x Enhance financial flexibility and stability with prudent debt levels and maturities extended beyond 7 years Notes: 1. Consolidated production considers 100% BVN, 100% El Brocal, 100% La Zanja and 100% Trapiche. 200 - 220 20 - 22 120 - 130
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8 HEX: #195549 HEX: #ADBC5D HEX: #F7C03F HEX: #E78C39 HEX: #C0681B HEX: #32383E HEX: #A6A6A6 HEX: #2E7667 HEX: #46C8AE HEX: #C1EDE4 2 1 3 Organic Growth “Develop world-class projects” Organic Growth “Full Potential of our Operations” Inorganic Growth “Expand our portfolio through strategic vision” Strategy for 2040
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9 HEX: #195549 HEX: #ADBC5D HEX: #F7C03F HEX: #E78C39 HEX: #C0681B HEX: #32383E HEX: #A6A6A6 HEX: #2E7667 HEX: #46C8AE HEX: #C1EDE4 Strategy for 2040 Organic Growth “Develop world-class projects” Organic Growth “Full Potential of our Operations” Inorganic Growth “Expand our portfolio through strategic vision” +5 years Execution 0 to 5 years El Brocal 70K Expanding Cu and Au from volcanic neck, mixed sulfides and oxides, ramp-up to 17ktpd, with self-operated fleet and high-performance crews. <$500M CAPEX $500M - $1,000M CAPEX >$1,000M CAPEX San Gabriel Phase 1 First gold bar by 4Q25, ramp-up to 3.0 ktpd San Gabriel Phase 2 UG ramp-up to 4ktpd with inferred resources. Scaling to 6ktpd with 1.0 g/t zones. Uchucchacua & Yumpag 6K Ramp-up to 6ktpd, LOM extension with high- grade Ag, shaft deepening, self-operated fleet and high-performance crews Cerro Verde Full Potential Advancing Operational Excellence, maximizing productivity & minimizing costs La Zanja Oxides Re-leaching, SPS & PV pushbacks, unlocking UG Alejandra, and waste dump recovery Coimolache Oxides LOM extension, re-leaching, waste dump recovery, and leachable ore from mixed Cu. Coimolache Sulfides Scoping Study Trapiche Feasibility Study and permitting La Zanja Sulfides Exploration Algarrobo Exploration Orcopampa Tambomayo Julcani Legacy mines that do not align with BVN's growth strategy are regularly reviewed M&A Opportunities Balancing our metal mix, and diversifying in top-tier jurisdictions
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10 HEX: #195549 HEX: #ADBC5D HEX: #F7C03F HEX: #E78C39 HEX: #C0681B HEX: #32383E HEX: #A6A6A6 HEX: #2E7667 HEX: #46C8AE HEX: #C1EDE4 Best-in-class ESG practices support value creation and sustainable development SOCIAL Local Workforces 64% of total workers Solid relationships with local communities Renewable energy 100% Primarily sourced from the company- owned hydroelectric plant Local services US$ 240M per year Strategic social investments with long term approach Health and safety practices Zero Fatal accidents during 2025 Infrastructure projects GHG emissions Code of Ethics and Conduct Updated in 2025 to reinforce our commitment to integrity Compliance Strong regulatory compliance and effective risk management PEOPLE SOCIAL ENVIRONMENTAL GOVERNANCE US$ 800M Leveraged from public funds Strong relationships with government 89,000 TM (CO2Eq - Scope 1+2) Below the industry average Impacts at Member since 2011 Recognition by the National Water Authority In the process of identifyingcorporate gaps Member since 2004
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11 HEX: #195549 HEX: #ADBC5D HEX: #F7C03F HEX: #E78C39 HEX: #C0681B HEX: #32383E HEX: #A6A6A6 HEX: #2E7667 HEX: #46C8AE HEX: #C1EDE4 Permits approved Sustainability 81% 85% 88% Water resources management (% of recirculation in UG mines) 68% 63% 100% Use of renewable energy (%) 109k 73k 89k 32k 42k 0k 292k 234k 22k Scope 1 Scope 2 Scope 3 GHG emissions (tCO2e) 63% 59% 58% Recycled solid waste (%) 13 14 14 17 19 20 19 2023 2024 2025 Environmental permits Operational permits Pending for approval Pending permits MAIN PERMITS ENVIRONMENTAL PERMITS OPERATIONAL PERMITS Tantahuatay √ Approved √ Approved San Gabriel √ Approved In 4Q25 El Brocal √ Approved In 1Q26 Yumpag √ Approved 2Q26 / 3Q27 Solid performance delivering permits and environmental assessments Responsible and solid performance on climate change risks, focused on water, energy, GHG emissions and waste 2022 2023 2024 2022 2023 2024 2022 2023 2024 2022 2023 2024 *Scope 2 is 0k due to energy purchasing. * Permits and environmental management
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12 HEX: #195549 HEX: #ADBC5D HEX: #F7C03F HEX: #E78C39 HEX: #C0681B HEX: #32383E HEX: #A6A6A6 HEX: #2E7667 HEX: #46C8AE HEX: #C1EDE4 2026 elections: Why Peru’s mining sector remains resilient • The elections will take place in a first round on April 12, 2026, with a second round on June 7, 2026, if required. • During the campaign, proposals may address mining-related issues such as taxes, nationalization, or regulatory changes. A pattern in election years. • These proposals are political statements only; any actual changes require legislative approval, technical review, and political consensus. • Historically, unfeasible proposals have been moderatedby institutional checks and balances. Electoral timeline and potential mining implications A stronger and more stable context than in 2021 • Peru enters the 2026 elections with a stronger and more resilient economy than in 2021. Macroeconomic fundamentals remain solid, and fiscal metrics have benefited from favorable commodity prices and robust revenues. • Public security is now the focus on the national agenda. • At the regional level, political sentiment is shifting toward the right, as seen in Argentina, Bolivia, and Chile, where recent experiences with left- wing governments have led to a renewed focus on market-friendly policies. Early polls: half of voters are still undecided • Recent polls show Rafael López Aliaga, former banker and mayor of Lima, leading the race, followed by Keiko Fujimori and Mario Vizcarra, brother of former president Martín Vizcarra. • No dominant left-wing contender has yet emerged. • Buenaventura has not reported any severe incidents in the last year. 0 10 20 30 40 50 60 70 80 90 100 170 180 190 200 210 220 230 TOTAL CONFLICTS SOCIO-ENVIRONMENTAL CONFLICTOS (MINING) Social conflicts al national level Total conflicts (Mining related) Socio-environmental conflicts (mining)Total conflicts
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Juan Carlos Ortiz Buenaventura’s Core Operations, Value Creation Initiatives, and Update on Key Projects
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14 HEX: #195549 HEX: #ADBC5D HEX: #F7C03F HEX: #E78C39 HEX: #C0681B HEX: #32383E HEX: #A6A6A6 HEX: #2E7667 HEX: #46C8AE HEX: #C1EDE4 Driving Growth: Increasing Gold, Silver, and Copper Reserves Powered by Our Flagship Operations COPPER (Mton-Cu) GOLD (MOz-Au) SILVER (MOz-Ag) 3,3 183 2,5 15 Years LOM1 1 – Considering average metallurgical recovery of 71% and Average annual production of 150kOz of Gold 2 – Considering average metallurgical recovery of 80% and Average annual production of 20MOz of silver 8 Years LOM2 16 Years LOM3 3 – Considering average metallurgical recovery of 80% and Average annual production of 120kton of Copper MOz MOz MTon Legend El Brocal San Gabiel Trapiche Uchucchacua y Yumpag 2025 mineral reserves Notes: Based on preliminary estimates of Mineral Reserves for 2025. Figures represent contained metal and are calculated on a consolidated basis. Reserve figures do not include Coimolache. 44% 56% 63% 35% 2% 41% 59% Au ($/Oz) 2,500 Ag ($/Oz) 29.0 Cu ($/TMF) 9,000 Zn ($/TMF) 2,600 Pb ($/TMF) 1,900 Metal prices:
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15 HEX: #195549 HEX: #ADBC5D HEX: #F7C03F HEX: #E78C39 HEX: #C0681B HEX: #32383E HEX: #A6A6A6 HEX: #2E7667 HEX: #46C8AE HEX: #C1EDE4 LeadLead & zinc production (k MT) Consolidated Production – Forecast Zinc Notes: Estimates are calculated on a consolidated basis. Production figures does not include Coimolache. Gold production (k oz) Silver production (M oz) Copper production (k MT) 149 128 180 160 180 180 112 165 145 160 160 2024 2025E 2026E 2027E 2028E 2029E 57 55 53 50 50 60 53 48 45 40 50 2024 2025E 2026E 2027E 2028E 2029E 14.5 15.5 16.0 16.8 19.5 21.0 14.2 14.0 14.8 16.0 18.3 2024 2025E 2026E 2027E 2028E 2029E 20 20 21 16 14 14 17 19 11 8 8 2024 2025E 2026E 2027E 2028E 2029E 29 29 31 27 24 24 26 26 21 18 18 2024 2025E 2026E 2027E 2028E 2029E
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18 HEX: #195549 HEX: #ADBC5D HEX: #F7C03F HEX: #E78C39 HEX: #C0681B HEX: #32383E HEX: #A6A6A6 HEX: #2E7667 HEX: #46C8AE HEX: #C1EDE4 RAMP-UP → 3.1ktpd •Implement the ramp-up plan as scheduled. •Drive initiatives to optimize tailings management (time required for drying and compacting). Operational excellence •Mine Design – Optimize UDF (Underhand-Drift-Fill) mining method: Reduce the number of Top-Cuts (more expensive) and progressively increase Under-Cuts (cheaper). •Productivity – Production activities will be executed by BVN from the outset, with contractors only for mine deepening and ancillary services. •High-Performance Teams – Internal training program along with Central Operations Rooms for short-interval planning & control of underground operations. San Gabriel 2,000 1,700 1,500 1,450 2024 2025E 2026E 2027E 2028E 2029E Cost performance - C1 Cash cost (US$/oz - Au) Value creation initiatives Throughput RAMP-UP Plan Gold production (k oz) 720 980 1,116 1,116 2.0 2.8 3.1 3.1 2024 2025E 2026E 2027E 2028E 2029E ROM (k MT) Plant Throughput (ktpd) 5 80 95 110 110 1 75 90 95 95 2024 2025E 2026E 2027E 2028E 2029E
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19 HEX: #195549 HEX: #ADBC5D HEX: #F7C03F HEX: #E78C39 HEX: #C0681B HEX: #32383E HEX: #A6A6A6 HEX: #2E7667 HEX: #46C8AE HEX: #C1EDE4 El Brocal Explore the southern half of the “Marcapunta Volcanic Center” (MVC) • Two exploration tunnels are in progress to close the pending 5 kilometers around the MVC. • Initial drillings confirm mineralization extending copper mineralization. Exploration East to reach the “Longitudinal fault” • The Longitudinal Fault is the main feeder of the historical Cerro de Pasco Mine some 10km to the north of El Brocal mine. • Phase 1 Exploration tunnel concluded. Phase 2 to start in year 2026. 1km San Gregorio (Zn) 46.9Mt@7.1 %Zn Smelter (Ag-Pb-Zn-Cu) ,N gravity anomaly + + + + +++ + + +++ + + +++ + + + + (2) Bohorquez Target (1) Longitudinal Target Au oxides 61.0m@ 3.1 %Cu, 0.04%As 7.2m@ 2.2 %Cu, 0.05%As 23.0m@ 2.4 %Cu, 2.3 oz/t Ag 10.5m @2.2 %Zn (3) Chalcocite Indicated Measured Inferred Project tunnel 2026 Chalcocite mineral Project tunnel 2027 Legend 78.3m@1.7 %Zn Tajo Norte (5) Unish Sur 10.0m@3.1 %Cu (4)Unish Norte MVC Marcapunta (Cu-Au-Ag) Exploration highlights Throughput growth plan 4,405 4,429 4,730 4,880 4,950 5,816 12.4 12.5 13.3 13.7 13.9 16.4 2024 2025E 2026E 2027E 2028E 2029E ROM (k MT) Plant Throughput (ktpd)
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20 HEX: #195549 HEX: #ADBC5D HEX: #F7C03F HEX: #E78C39 HEX: #C0681B HEX: #32383E HEX: #A6A6A6 HEX: #2E7667 HEX: #46C8AE HEX: #C1EDE4 El Brocal 5,964 6,000 5,250 5,000 5,000 5,000 0 1,0 00 2,0 00 3,0 00 4,0 00 5,0 00 6,0 00 7,0 00 2024 2025E 2026E 2027E 2028E 2029E Operational excellence •Cost Reduction – Transitioning from contractor to self-production & mine preparation along year 2026 and completed by 2Q27. High performance teams. •High-end Equipment Fleet - Acquisition of larger size underground fleet along with comprehensive full-service maintenance (Sandvik). Structuring next phase •Studies and Permits – Key part of the overall growth strategy. •Production Increase - Upgrade mine infrastructure 2026→2028 along with Upgrades at Processing Plants 2027→2028: Ramp up to 17k tpd starting on late 2028. •Tailing management – Upgrade to Paste backfill on Plant N°1 by 3Q26 (6k tpd), Plant N°2 by 4Q27 (6k tpd) and Plant N°3 by 2Q28 (6k tpd). Cost performance - C1 Cash cost (US$/MT - Cu) Value creation initiatives Copper production (k MT) Silver production (M oz) Gold production (k oz) 57 55 53 50 50 60 53 48 45 40 50 2024 2025E 2026E 2027E 2028E 2029E 2.1 1.9 1.7 1.8 2.1 2.5 1.7 1.5 1.6 1.7 2.0 2024 2025E 2026E 2027E 2028E 2029E 24 22 18 20 24 28 20 15 15 18 22 2024 2025E 2026E 2027E 2028E 2029E
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21 HEX: #195549 HEX: #ADBC5D HEX: #F7C03F HEX: #E78C39 HEX: #C0681B HEX: #32383E HEX: #A6A6A6 HEX: #2E7667 HEX: #46C8AE HEX: #C1EDE4 Uchucchacua & Yumpag Throughput growth plan Exploration Highlights Uchucchacua Mine Resume district exploration 5km around processing plant • Northern extension of Ucchuchacua mineralization towards “Pozo Rico” old mine. • Initial geophysics on “Chonta” following Cu-mineralization evidence. Continue exploration next to existing operations • Yumpag Ag-mineralization open to the north and in depth with bonanza style mineralization. • Targets for polymetallic ore open to the west of Uchucchacua mine: Cachipampa veins, Bonnie orebodies and Huantajalla brechias. Yumpag Mine Exploration Progress N Yumpag Mine Ag>Mn Ag > Mn Pb - Zn+/ - Ag Mn > Ag Pb - Zn+/ - Cu Pb - Zn Uchucchacua Mine Mn>Ag Ag > Mn 2km Intrusive Atalaya volcanics Casapalca Fm. Celendin Fm. Jumasha Fm. Legend Chonta Bonnie Project tunnel 2026 Project tunnel 2027 Pozo Rico Cu Ag> Pb,Zn 500 651 792 828 869 903 1.5 1.8 2.2 2.3 2.4 2.5 2024 2025E 2026E 2027E 2028E 2029E ROM (k MT) Plant Throughput (ktpd) 286 365 399 438 549 730 1.0 1.0 1.1 1.2 1.5 2.0 2024 2025E 2026E 2027E 2028E 2029E ROM (k MT) Plant Throughput (ktpd)
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22 HEX: #195549 HEX: #ADBC5D HEX: #F7C03F HEX: #E78C39 HEX: #C0681B HEX: #32383E HEX: #A6A6A6 HEX: #2E7667 HEX: #46C8AE HEX: #C1EDE4 Uchucchacua & Yumpag 12.2 12.0 10.0 9.0 9.0 9.0 0 2 4 6 8 10 12 14 2024 2025E 2026E 2027E 2028E 2029E UCHUCCHACUA Increase production • The mine is on track to reach 2.5k tpd by 4Q26. Polymetallic • Uchucchacua is diversifying its production by increasing the output of polymetallic ore. Cost competitiveness • OPEX reduced by ~20% over the next two years through increased production and productivity initiatives. YUMPAG Increase resources & reserves • Ongoing tunnels to give access to northern and bottom targets. Mining optimization • Opex reduction along with lower mine dilution with Over Drift Fill (ODF) mining method). Increase production • The mine is ramping up production and is on track to reach 2ktpd by 2H28. Cost performance - C1 Cash cost (US$/oz - Ag)Silver Production – Uchucchacua (M Oz) Silver Production – Yumpag (M Oz) Value creation initiatives 2.4 2.3 3.0 3.7 4.0 4.0 2.0 2.5 2.5 3.0 3.0 2024 2025E 2026E 2027E 2028E 2029E 7.2 8.6 8.7 10.0 12.0 14.0 8.3 8.2 9.5 10.0 12.0 2024 2025E 2026E 2027E 2028E 2029E
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23 HEX: #195549 HEX: #ADBC5D HEX: #F7C03F HEX: #E78C39 HEX: #C0681B HEX: #32383E HEX: #A6A6A6 HEX: #2E7667 HEX: #46C8AE HEX: #C1EDE4 4,264 9,000 12,700 13,400 13,000 12,300 0 2,0 00 4,0 00 6,0 00 8,0 00 10, 000 12, 000 14, 000 16, 000 2024 2025E 2026E 2027E 2028E 2029E Coimolache 1,238 1,400 1,400 1,200 1,150 1,100 0.0 200 .0 400 .0 600 .0 800 .0 100 0.0 120 0.0 140 0.0 160 0.0 2024 2025E 2026E 2027E 2028E 2029E Full production • Key driver to reach an ideal cost profile. Operational excellence • Low grade stockpiles being assessed for potential addition to the mine plan. • Re-leaching of ore previously placed in leaching pads to increase overall gold extraction. • Transitional ore -suitable for leaching- being assessed for potential addition to the mine plan as way to accelerate the access to Cu-sulphides. 48 60 105 95 95 65 55 95 85 85 55 2024 2025E 2026E 2027E 2028E 2029E Mine production plan (k MT) Gold production (k oz) Cost performance - C1 Cash cost (US$/oz - Au) Value creation initiatives
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24 HEX: #195549 HEX: #ADBC5D HEX: #F7C03F HEX: #E78C39 HEX: #C0681B HEX: #32383E HEX: #A6A6A6 HEX: #2E7667 HEX: #46C8AE HEX: #C1EDE4 Coimolache FUTURE EXTRACTION ZONES – DEVELOPMENT OUTLOOK 2026 2027 2028 2029 2030 2031 2032 2033 Mining Oxide Ore Mining Mixed Ore Processing Low Grade Stock Piles Re-Leaching PAD Mining Low Grade Ore Back into the 100k Oz Gold per year due to the approval of all permits required for the Life-Of-Mine Take advantage of high prices to reprocess low-grade stockpiles, mixed ores, and re-leaching PAD. Ongoing Gold operation will prepare the future layout for a smooth transition into the future copper sulfide footprint. Future extraction zones – Development outlook
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25 HEX: #195549 HEX: #ADBC5D HEX: #F7C03F HEX: #E78C39 HEX: #C0681B HEX: #32383E HEX: #A6A6A6 HEX: #2E7667 HEX: #46C8AE HEX: #C1EDE4 Coimolache Sulfides: A Major Copper-Gold Sulfide Opportunity Oxide operations at full capacity as the Sulfide Project progresses Project milestones Conceptual study finish Pre-feasibility study finish Tradeoff study (UG vs. OP) This is a large-scale copper deposit that will be developed in stages. We are currently assessing the optimal scenario that will allow us to ensure the long-term continuity of the operation while maximizing its value. • In 2025, drilling began in the transition zone from oxides to sulfides, a key step to ensure operational continuity. • For 2026, a 22,000-meter drilling program is underway and expected to be completed by early 2027 for Cu-Sulfides. Exploration program 2025 2027 2028 →2026
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26 HEX: #195549 HEX: #ADBC5D HEX: #F7C03F HEX: #E78C39 HEX: #C0681B HEX: #32383E HEX: #A6A6A6 HEX: #2E7667 HEX: #46C8AE HEX: #C1EDE4 The feasibility study will take an additional year as we explore the best alternatives for project execution, ensuring flexibility and preserving future growth opportunities. Legend Trapiche: Unlocking Value Through a Refined Resource Model Resource model update EIAd approval Feasibility study finished Complete Powerline right of pass • In 2026, we have a drilling campaign of 15,000 meters focused on infill drilling to advance the feasibility process. • Additionally, in 2026, we will drill 10,000 meters of exploration drilling at nearby targets: Millocucho and Brecha 1. Additional Drilling works Completion Geological reinterpretation and improved understanding of the deposit redefine sulfide continuity and resource potential. Oxides Zone Leached Zone Mixed Zone Primary Zone Secondary Enrich. Zone Transition Zone 2019 Now 2025 2027 2028 →2026 Project milestones Exploration program
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Daniel Domínguez Financial Performance, Outlook and Capital Allocation Strategy
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28 HEX: #195549 HEX: #ADBC5D HEX: #F7C03F HEX: #E78C39 HEX: #C0681B HEX: #32383E HEX: #A6A6A6 HEX: #2E7667 HEX: #46C8AE HEX: #C1EDE4 431 600 475 625 650 750 550 425 575 600 650 37% 40% 31% 42% 42% 42% 2024 2025E 2026E 2027E 2028E 2029E EBITDA Margin 1,500 1,500 1,500 1,550 1,800 1,155 1,350 1,400 1,400 1,450 1,600 2024 2025E 2026E 2027E 2028E 2029E Net revenue (US$ M) Ebitda1 (US$ M) & Ebitda margin (%) Solid Performance: Growing Revenues and Healthy Margins 1 Notes: Estimates are calculated on a consolidated basis. Estimates do not include the sale of Cerro Verde concentrates. 1. Excludes the sale of BVN’s total stake in Chaupiloma Royalty Company. Au ($/Oz) 3,200 Ag ($/Oz) 35.0 Cu ($/TMF) 9,500 Zn ($/TMF) 2,700 Pb ($/TMF) 1,900 Metal prices:
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29 HEX: #195549 HEX: #ADBC5D HEX: #F7C03F HEX: #E78C39 HEX: #C0681B HEX: #32383E HEX: #A6A6A6 HEX: #2E7667 HEX: #46C8AE HEX: #C1EDE4 All-In Sustaining Costs (AISC) (1) 12.2 12.0 10.0 9.0 9.0 9.0 2024 2025E 2026E 2027E 2028E 2029E 5,964 6,000 5,250 5,000 5,000 5,000 2024 2025E 2026E 2027E 2028E 2029E 2,000 1,700 1,500 1,450 2024 2025E 2026E 2027E 2028E 2029E 1,238 1,400 1,400 1,200 1,150 1,100 2024 2025E 2026E 2027E 2028E 2029E Strengthening Profitability Through Cost Management Notes: Estimates may vary by ±10%. Upcoming cost optimization initiatives: • Ongoing throughput ramp-up (up to 3k TPD) • Transition from top-cuts to under-cuts (greater section size) • Shift to gallery development by BVN’s internal team • Recovery increase driven by flotation plant Upcoming cost optimization initiatives: • Ongoing throughput ramp-up (up to 17k TPD) • Transition to owner-operated mining Upcoming cost optimization initiatives: • Ongoing throughput ramp-up (up to 4.5k TPD) • Transition to owner-operated mining • Selective mining method to enhance recovery at Yumpag Upcoming cost optimization initiatives: • Production at full capacity: PAD construction in progress San Gabriel’s Cash Cost - Gold (US$/oz) Uchucchacua & Yumpag’s Cash Cost - Silver (US$/oz) El Brocal’s Cash Cost - Copper (US$/MT) Coimolache’s Cash Cost - Gold (US$/oz)
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30 HEX: #195549 HEX: #ADBC5D HEX: #F7C03F HEX: #E78C39 HEX: #C0681B HEX: #32383E HEX: #A6A6A6 HEX: #2E7667 HEX: #46C8AE HEX: #C1EDE4 63 100 229 100 120 100 316 300 83 47 43 43 378 400 312 147 163 143 2024 2025E 2026E 2027E 2028E 2029E Sustaining Growth CAPEX Breakdown: Precision in Mining, Precision in Investments The next years will be marked by strong investments in flagship projects to drive sustainable growth and cost efficiency. San Gabriel • Tailings storage facility • Waste dump • Mine development Uchucchacua & Yumpag • Transmission line • Mine development • Trackless equipment El Brocal • Paste backfill plant • Trackless equipment • Tailings dam expansion Trapiche • Feasibility study • Land purchase • External access construction Capex initiatives Capex breakdown (US$ M)
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31 HEX: #195549 HEX: #ADBC5D HEX: #F7C03F HEX: #E78C39 HEX: #C0681B HEX: #32383E HEX: #A6A6A6 HEX: #2E7667 HEX: #46C8AE HEX: #C1EDE4 Buenaventura’s Strategic Investment in Cerro Verde: 19.58% Stake in a High-Performing, Long-Life Asset and Stable Dividend Source 30+ Year Life of Mine Notes: Production, EBITDA and CAPEX figures presented show 100% ownership. 563 322 603 684 442 137 78 147 166 108 700 400 750 850 550 2021 2022 2023 2024 9M25 Paid to Buenaventura Paid to other shareholders 2,411 1,931 1,885 2,071 1,777 57.4% 48.6% 45.5% 48.9% 53.3% 2021 2022 2023 2024 9M25 EBITDA EBITDA margin 4,199 3,975 4,143 4,238 3,332 402 442 447 431 297 2021 2022 2023 2024 9M25 Revenues Cu production 161 203 309 342 279 2021 2022 2023 2024 9M25 Revenue (US$ M) & copper production (k MT) CAPEX (US$ M) EBITDA (US$ M) & EBITDA margin (%) Dividends distributed (US$ M)
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32 HEX: #195549 HEX: #ADBC5D HEX: #F7C03F HEX: #E78C39 HEX: #C0681B HEX: #32383E HEX: #A6A6A6 HEX: #2E7667 HEX: #46C8AE HEX: #C1EDE4 Our strong financial performance enables us to return value to shareholders and resume our dividend policy 450 -42 -342 -57 150 600 -54 -174 -108 150 625 -100 -199 -46 150 700 -100 -186 -46 150 500 659 1,073 1,503 2,021 Cash end of 2025E EBITDA Taxes CAPEX+ Closure CFF CV Cash end of 2026E EBITDA Taxes CAPEX+ Closure CFF CV Cash end of 2027E EBITDA Taxes CAPEX+ Closure CFF CV Cash end of 2028E EBITDA Taxes CAPEX+ Closure CFF CV Cash end of 2029E Strong Cash Flow Generation in the Coming Years 2026 2027 2028 The 2027 debt maturity related to the Hydro Plant could be refinanced Notes: Expressed in US$ M. Estimates are calculated on a consolidated basis. CFF: Cash Flow from Financing; CV: BVN's stake in Cerro Verde dividends. Dividend payments from Buenaventura to its shareholders are not included in these projections. Au ($/Oz) 3,200 Ag ($/Oz) 35.0 Cu ($/TMF) 9,500 Zn ($/TMF) 2,700 Pb ($/TMF) 1,900 Metal prices: Intensive CAPEX program to unlock throughput capacity in our flagship operations 2029 +150M +400M +500M+400MFCFF
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33 HEX: #195549 HEX: #ADBC5D HEX: #F7C03F HEX: #E78C39 HEX: #C0681B HEX: #32383E HEX: #A6A6A6 HEX: #2E7667 HEX: #46C8AE HEX: #C1EDE4 US$ 659 M US$ 229 M US$ 83 M +20% Net income Capital Allocation: Operational Stability, Strategic Expansion, and Dividend Payout Sustaining CAPEX Growth CAPEX Dividends Cash 1 2 3 4 US$ 710 M Debt 5 Investing to strengthen efficiency and value creation: Strong investments in flagship projects to support sustainable growth and cost efficiency Charting progress: Driving complementary growth through investments in Trapiche, while remaining open to selective M&A opportunities Strong cash position ensuring continuous operations: Minimum liquidity secured with flexibility to capture strategic opportunities Our dividend policy reflects our commitment to value creation: At least 20% of net income distributed Maintaining a prudent debt profile: Net leverage ratio below 2.0x and average maturities beyond 5 years US$ 650 M – BVN bonds maturing in 2032 US$ 60 M – Affiliate debt maturing in 2027 – Refinancing Under Review 2026E
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34 HEX: #195549 HEX: #ADBC5D HEX: #F7C03F HEX: #E78C39 HEX: #C0681B HEX: #32383E HEX: #A6A6A6 HEX: #2E7667 HEX: #46C8AE HEX: #C1EDE4 Analyze Collaborate Engage Implement Realign Deliver Operational Excellence Project Development Inorganic Growth Commitment to Shareholders Vision for the Future Essential to unlock the full potential of our world-class assets. Focus on production ramp-up, cost optimization and risk management Prioritizing high-impact projects for sustainable long-term growth Delivering solid, sustainable results and rewarding shareholder trust Building the foundations for long-term success by embracing innovation and global trends Diversifying and strengthening our portfolio through strategic acquisitions Buenaventura: Entering a New Era of Growth and Value Creation
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HEX: #195549 HEX: #ADBC5D HEX: #F7C03F HEX: #E78C39 HEX: #C0681B HEX: #32383E HEX: #A6A6A6 HEX: #2E7667 HEX: #46C8AE HEX: #C1EDE4