Buenaventura Announces Fourth Quarter and Full Year 2023 Results

Compañia de Minas Buenaventura S.A.A. (“Buenaventura” or “the Company”) (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru’s largest publicly-traded precious metals mining company, today announced results for the fourth quarter (4Q23) and full year (FY23) ended December 31, 2023. All figures have been prepared in accordance with IFRS (International Financial Reporting Standards) on a non-GAAP basis and are stated in U.S. dollars (US$).

Fourth Quarter and Full Year 2023 Highlights:

• 4Q23 EBITDA from direct operations was US$ 116.4 million, compared to US$ 76.9 million reported in 4Q22. FY23 EBITDA from direct operations reached US$ 238.3 million, compared to US$ 173.1 million reported in FY22.
• 4Q23 net loss from continuing operations reached US$ 3.0 million, compared to a US$ 56.7 million net income for the same period in 2022. FY23 net income from continuing operations was US$ 39.5 million, compared to US$ 124.4 million net income for the FY22.
• Buenaventura's cash position reached US$ 219.8 million and net debt decreased to US$ 486.8 million with an average maturity of 2.5 years by quarter’s end, December 31, 2023.
• As planned within its non-core asset divestment strategy, BVN executed the sale of Contacto to Howden for US$33.7 million.
• Production from Yumpag's pilot stope began in November 2023 producing 2.3 million ounces of silver by quarter’s end. Yumpag continued processing pilot stope ore through January 2024, after which mineral processing was suspended until definitive operating permits have been obtained, expected by the end of 1Q24. Yumpag is therefore expected to initiate mineral processing in 2Q24.
• A US$ 113.2 million provision was made in 4Q23 due to an adverse ruling by the Peruvian Supreme Court regarding tax loss carryforwards from 2009 and 2010. This provision negatively affected Buenaventura’s 4Q23 net income. However, it does not imply a cash outflow as it has already been paid.
• On December 14, 2023, Buenaventura received US$49.0 million in dividends related to its stake in Cerro Verde. The Company received a total of US$146.9 million in dividends for FY23.
• Buenaventura’s Board of Directors has proposed a dividend payment of US$ 0.0726 per share/ADS, aligned with the Company’s commitment to shareholder value.

Financial Highlights (in millions of US$, except EPS figures):