Buenaventura Announces Second Quarter and Six-month 2022 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 (2Q22) and six-month period ended June 30, 2022. 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 2022 Highlights:

• 2Q22 EBITDA from direct operations was US$ -19.1 million, compared to US$ 68.5 million reported in 2Q21.
• 2Q22 Operating Cash Flow reached US$ 72.7 million, compared to US$ 101.7 million in 2Q21.
• 2Q22 net loss was US$ 39.9 million, compared to a US$ 37.5 million net income for the same period in 2021.
• 2Q22 exploration at operating units increased to US$ 18.9 million, compared to US$ 14.5 million in 2Q21. This increase was part of the Company’s revised strategy to increase its focus on exploration in order to extend LOM.
• 2Q22 capital expenditures were US$ 30.4 million, compared to US$ 21.4 million for the same period in 2021. 2Q22 CAPEX includes US$ 11.0 million related to the San Gabriel Project and US$ 6.3 million related to the Yumpag Project.
• The Company continued its strategy of progressively reducing fixed costs at the Uchucchacua mine to improve the cost structure efficiency when the operation restarts.
• COVID related expenses were reduced from US$ 19.1 million in 2Q21 to US$ 1.9 million reported in 2Q22.
• Buenaventura’s cash position reached US$ 326.3 million as of June 30, 2022. Net Debt was reduced to US$ 416.4 million, with and average maturity of 3.8 years (vs. 2Q21: 2.2 years).
• On April 29, 2022, Cerro Verde paid a total dividend of US$ 150 million. Buenaventura received US$ 29.4 million relative to its stake in Cerro Verde.
• Huanza’s current debt amounts to US$90 million with a coupon rate of 5.05% per annum, payable until 2027.

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

	2Q22	2Q21	Var	6M22	6M21	Var
Total Revenues	150.1	240.9	-38%	383.0	426.7