Buenaventura Announces Third Quarter and Nine 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 third quarter (3Q20) and nine-month (9M20) period ended September 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$).

Third Quarter 2020 Highlights:

• Third quarter 2020 EBITDA from direct operations reflected a positive trend on both a sequential and year on year basis, despite the effects of COVID-19 on Buenaventura’s operations during the quarter. EBITDA from direct operations reached US$ 68.5 million for the 3Q20, compared to US$ 26.5 million in 2Q20 and US$ 58.4 million reported in 3Q19.
• 3Q20 Adjusted EBITDA including associated companies reached US$ 183.9 million, compared to US$ 168.2 million in 3Q19.
• 3Q20 capital expenditures were US$ 12.6 million, compared to US$ 28.0 million for the same period in 2019.
• 3Q20 net income was US$ 24.4 million, compared to US$ 4.5 million for the same period in 2019.
• The Company´s De-Bottlenecking Program continued to progress at a reduced level during the 3Q20. The program’s 2020 focus is on Buenaventura’s Tambomayo, Uchucchacua and El Brocal mines (please refer to page 7 for related details).
• Buenaventura’s cash position reached US$ 265 million for the third quarter 2020.
• The Company has released its updated guidance for the full year 2020 (please refer to page 2 for related details).
• In line with the Company’s ongoing focus on cash preservation, on October 29, 2020 Buenaventura successfully refinanced the final US$ 113 million leasing payment for its Huanza hydroelectric power plant, effective November 2, 2020. This extends the maturity by 18 months (bullet) at rate of Libor 30-days + 2.10%.

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

	3Q20	3Q19	Var	9M20	9M19	Var
Total Revenues	228.2	230.2	-1%	440.5	632.4	-30%