Buenaventura Announces First Quarter 2019 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 first quarter (1Q19) period ended March 31, 2019. 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$).

First Quarter 2019 Highlights:

• During 1Q19, Buenaventura generated US$ 8.0 million in additional EBITDA due to continued success of the Company’s De-Bottlenecking Program.
• 1Q19 EBITDA from direct operations was US$ 24.7 million, compared to US$ 99.1 million reported in 1Q18, primarily due to lower metal prices and a reduction in volume sold at the Company’s Orcopampa, Tambomayo and Uchucchacua mines. The decrease in 1Q 2019 EBITDA was also due to increased concentrate inventories generated at Tambomayo.
• 1Q19 Adjusted EBITDA including associated companies reached US$ 155.2 million, compared to US$ 175.2 million in 1Q18.
• 1Q19 Net Income was US$ 27.3 million, compared to a net income of US$ 28.4 for the same period in 2018.
• 1Q19 CAPEX was US$ 8.5 million, compared to US$ 21.2 for the same period in 2018.
• Subsequent to a detailed internal analysis, Buenaventura confirms annual profitability guidance (i.e. EBITDA and FCF) per the Company’s annual production guidance press release dated April 15, 2019.
• At Cerro Verde, a dividend of US$ 150 million (US$ 29.4 million attributable to Buenaventura) was declared on March 29, 2019 and was paid on April 30, 2019.
• At the Yanococha Sulfides Project, the Environmental Impact Assessment study was approved in March 2019.

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

				1Q19				1Q18				Var%
Total Revenues				186.2				316.9				-41%
Operating Profit				-29.1				41.3				N.A
EBITDA Direct Operations				24.7				99.1				-75%
Adjusted EBITDA (Inc Associates)				155.2				175.2				-11%
Net Income				27.3				28.4				-4%
EPS*				0.107				0.112				-4%

(*) as of March 31, 2019 Buenaventura had a weighted average number of shares outstanding of 253,986,190.

For a full version of Compañía de Minas Buenaventura First Quarter 2019 Earnings Release, please visit: http://www.buenaventura.com/en/inversionistas