Buenaventura Announces Second Quarter and Six Month 2020 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 second quarter (2Q20) and six-month (6M20) period ended June 30, 2020. 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$).

Second Quarter 2020 Highlights:

• 2Q20 results were adversely impacted by the State of Emergency and related mandated lockdown instituted by the Peruvian Government in order to contain the spread of the Coronavirus (COVID-19). As part of the Buenaventura's two-phased plan, on May 16, 2020 Tambomayo, Uchucchacua, El Brocal and Coimolache began the process to restart operations. The second phase began on June 16, 2020. As of the date of this press release, the Company expects to reach full capacity at all operations by the end of August.
• 2Q20 EBITDA from direct operations was US$ 26.5 million, compared to US$ 47.1 million reported in 2Q19.
• June 2020 EBITDA from direct operations was US$ 33.3 million, an initial indication of post-State of Emergency restriction recovery.
• 2Q20 Adjusted EBITDA including associated companies reached US$ 86.1 million, compared to US$ 137.3 million in 2Q19.
• 2Q20 capital expenditures were US$ 11.6 million, compared to US$ 28.8 million for the same period in 2019.
• 2Q20 net loss was US$ 25.1 million, compared to a net income of US$ 9.7 million for the same period in 2019. US$2.9 million of the above net loss was due to additional expenses related to the effect of COVID-19 on a consolidated basis.
• The Company's De-Bottlenecking Program continued to progress during the 2Q20 at a reduced level. The program’s 2020 focus is on the Company’s Tambomayo, Uchucchacua and El Brocal mines (please refer to page 6 for related details).
• Buenaventura’s 2Q20 cash position reached US$ 196 million.
• Updated guidance will be provided once Buenaventura has achieved full production capacity at all operations.

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