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COMPANIA DE MINAS BUENAVENTU SPONSORED ADR earnings calls

BVN · every analyst question and management's answer

Oct 30, 2026 earnings call — San Gabriel ramp up and cash generation

Total revenues increased 27% year over year to $545 million.

Revenue $0.5B (est $0.4B) · EPS $1.06 (est $0.86)

Key quotes

"Metallurgical recovery is expected to reach approximately 70% in the fourth quarter of 2026 this year."

— Leandro Luis Martin Garcia Raggio (CEO) · San Gabriel ramp up

"Turning to cash flow, strong operational performance and $126 million in dividends received supported the $242 million of free cash flow generation in the third quarter."

— Leandro Luis Martin Garcia Raggio (CEO) · Cash generation and dividend

"On the operational side, we are transitioning to an owner operated mining fleet and increasing capacity at our mines."

— Leandro Luis Martin Garcia Raggio (CEO) · Owner-operated fleet and exploration

Analyst Q&A 5

San Gabriel rates and Trapiche update

Q (Carlos De Alba · Morgan Stanley): How was San Gabriel in October: mining rate, processing rate, and whether production/costs improve in Q4 or only in 2027? Also, update on Trapiche and whether they would bring a partner.

A: Management said the processing plant is currently averaging 1.4 thousand tons per day and they expect about 1.7 thousand tons per day in November and December, with gold recovery ramping to around 70% by December. For Trapiche, they have started drilling and are working on engineering and permits including access road and power line; they are testing bioleaching and looking to reduce acid consumption.

San Gabriel rates and Trapiche drilling

Q (Juan Carlos Ortiz Zevallos): (Same as previous) What are current rates at San Gabriel and any update on Trapiche drilling and project derisking?

A: Management confirmed they are ramping the plant and expect throughput to reach about 1.7 thousand tons per day in November and December, with recovery improving toward 70% by year end. They also said they have started drilling at Trapiche, collecting fresh samples and advancing engineering and permits.

"In regards to Trapiche, we have started some drills, about 20 thousand drills," — Renzo Macher

Throughput, nameplate timing, El Brocal issues

Q (Cesar Perez-Novoa · BTG Pactual): What processing throughput should we expect by mid-2027 and when will San Gabriel reach nameplate capacity? Also, for El Brocal, how much growth comes from throughput vs grade and will cement use keep pressuring costs into 2027?

A: For San Gabriel, management said they are budgeting throughput between 2,000 to 2.5 thousand tons per day by the end of 2027 and expect to reach full nameplate capacity by the end of 2028. For El Brocal, they are working to expand throughput from 13 thousand to 17 thousand tons per day but said refined copper fines will be almost the same in the long term.

"The average production for 2027 is going to be in the order of 600 thousand tons for the whole year 2027." — Juan Carlos Ortiz Zevallos

Recovery, tailings repairs, owner mining CapEx

Q (Tanya Jakusconek · Scotiabank): What is the ultimate gold recovery at San Gabriel and how will you reach it? What is the status of tailings facility repairs? Which operations will move to owner mining and how much capex is needed?

A: Management said the expected gold recovery for San Gabriel is about 85%, but they are ramping to roughly 70% by December and expect to reach 85% in 2028, possibly adding circuits. They said repairs on two of three press filters began in September and all three filters with steel and concrete supports should be ready by April–May next year; owner-mining equipment deliveries next year are about $25 million to $30 million.

"The expected recovery for San Gabriel gold recovery is in the order of 85%." — Juan Carlos Ortiz Zevallos

Cerro Verde dividend outlook

Q (Daniel Dominguez Vera): What dividends do you expect from Cerro Verde for 2026 and how should we think about 2027?

A: Management said Cerro Verde has already disbursed $270 million this year and they expect an additional $50 million to $70 million by year end. They cautioned that for planning they normally consider around $250 million for the next year, and more details may come at Investor Day.

AI-generated notes on the earnings call transcript. Quotes are taken from the transcript. This is not a FolioObs investment view.

COMPANIA DE MINAS BUENAVENTU SPONSORED ADR (BVN) · Earnings calendar

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