Buenaventura Announces First Quarter 2021 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 (1Q21) ended March 31, 2021. 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 2021 Highlights:

• EBITDA from direct operations reached US$ 38.2 million in 1Q21, compared to negative US$ 6.7 million reported in 1Q20.
• 1Q21 Adjusted EBITDA including associated companies reached US$ 182.9 million, compared to US$ 30.1 million in 1Q20.
• 1Q21 net income of US$ 16.4 million, compared to a net loss of US$ 68.6 million for the same period in 2020.
• 1Q21 exploration at operating units increased to US$ 9.3 million, compared to US$ 6.0 million in 1Q20. This increase was due to an internal policy change to boost exploration activities, despite Covid-19 personnel restrictions at some of our operations.
• 1Q21 capital expenditures were US$ 13.1 million, compared to US$ 10.7 million for the same period in 2020.
• Buenaventura’s cash position reached US$ 225.4 million for the first quarter 2021.
• The Company will hold a Shareholders Meeting on May 21, 2021 (please refer page 7 for the proposed agenda).

Financial Highlights (in millions of US$, except EPS figures):
	1Q21	1Q20	Var
Total Revenues	185.9	114.5	62%
Operating Profit	-10.9	-59.7	82%
EBITDA Direct Operations	38.2	-6.7	N.A.
Adjusted EBITDA (Inc Associates)	182.9	30.1	508%
Net Income	16.4	-68.6	N.A.
EPS*