Good morning, everyone, and thank you for joining us today to discuss our second quarter 2026 results. Today's discussion will be led by Mr.

Leandro García, Chief Executive Officer. Also joining our call today and available for your questions are Mr.

Daniel Domínguez, Chief Financial Officer; Mr. Juan Carlos Ortiz, Vice President of Operations; Mr.

Aldo Massa, Vice President of Business Development and Commercial; Mr. Renzo Macher, Vice President of Projects; Mr.

Juan Carlos Salazar, Vice President of Geology and Explorations; Mr. Jose Malca, Vice President of Sustainability; Mr.

Roque Benavides, Chairman; and Mr. Raul Benavides, Director.

Before I hand the call over, please let me touch first on a few items. On Buenaventura's website, you will find our press release that was posted yesterday after market close.

Please note that today's remarks include forward-looking statements that are based on management's current views and assumptions. While management believes that assumptions, expectations, and projections are reasonable in view of current available information, you are cautioned not to place undue reliance on these forward-looking statements.

I encourage you to read the full disclosure concerning forward-looking statements within the earnings results press release issued on July 30, 2026. Let me now turn the call to Mr.

Leandro García.

Thank you, Sebastián. Good morning to all, and thank you for joining us today to discuss the quarterly results of the company.

On slide two is our cautionary statement, important information that I encourage you to read. Today, we will talk about our second quarter 2026 performance, our main achievements, and our priorities for the future.

After the presentation, we will be able for Q&A session where our team will be happy to answer your questions. Next slide.

I would like to begin with a brief overview of our operational performance during the second quarter of 2026. Consolidated gold production increased 12% year-over-year to 30.5 thousand ounces, primarily driven by the continued ramp-up of San Gabriel.

Consolidated silver production increased 2% year-over-year to 3.6 million ounces, mainly supported by higher production at Yumpag, while copper production increased 2% year-over-year to 13.5 thousand tons, reflecting a stable production at El Brocal. San Gabriel produced 2.8 thousand ounces of gold during the quarter and began commercialization in the second quarter of 2026, marking its first contribution to Buenaventura's sales volume.

More details of the project ramp-up and key developments are presented in the following slides. In addition, after quarter-end, we received approval to increase Yumpag's mining throughput from 1,000 tons per day to 1,200 tons per day, an important milestone toward unlocking additional production capacity.

Our capital allocation remains focused on projects and assets that enhance productivity, support growth, and create long-term value for shareholders. CAPEX totaled approximately $98 million, primarily allocated to San Gabriel, El Brocal, and Uchucchacua-Yumpag, supporting productivity, operational reliability, and future value creation.

Moving on the next slide, I would like to summarize our second quarter financial performance. Our operational performance, combined with the favorable metal prices, translated into another quarter of robust financial results.

Total revenues increased 43% year-over-year to $529 million. EBITDA from direct operations reached $277 million, increasing 113% compared to the same period last year.

Importantly, EBITDA margins expanded from 35% to 52%. Net income reached $261 million, representing a 165% increase year-over-year and reflecting a stronger operational performance across our core assets.

Our balance sheet remains a key strength of the company. We closed the quarter with $759 million in cash and $692 million in total debt, maintaining a net cash position of approximately $67 million.

Net debt-to-EBITDA remained at negative 0.05 times, underscoring the financial flexibility of the company. At Huanza, our power generation subsidiary, we reduced the outstanding balance of the financial lease from $63 million to $50 million, with the remaining balance to be amortized through 2031.

Year-to-date, dividends from Cerro Verde reached $274 million, including $118 million received in July. Moving on the cost applicable to sales trend, starting with copper CAS, performance remained stable year-over-year, mainly at El Brocal.

Silver CAS increased compared to the same period last year, primarily reflecting higher commercial deductions associated with price-based escalators at Uchucchacua and Yumpag. Finally, gold CAS was impacted by the commencement of commercial sales at San Gabriel.

During the quarter, the operation recorded cost applicable to sales for the first time as it continued progressing through its ramp-up phase. As production and sales volume remain below expected steady-state levels, current unit costs are not yet representative of the operations' long-term cost profile.

Next slide, please. As mentioned earlier, San Gabriel continued progressing through its ramp-up phase during the second quarter.

While throughput remained constrained by tailings management and filtration challenges, the operation continued advancing across all key areas of development, and we remained focused on achieving a stable and sustainable ramp-up. At the mine, we have completely completed the primary ventilation infrastructure and continued advancing the development of the full mining fleet, which will support future production growth.

At the same time, we expect to begin undercut mining below cemented fill during the third quarter, representing another important operational milestone. Within the processing plant, our priority remains stabilizing throughput and improving operating performance.

Current efforts are focused on moisture control, filtration performance, and metallurgical optimization, with recoveries expected to continue improving during the second half of the year. On the tailings site, we expect filtered tailings compaction to begin during the third quarter, while ongoing expansion works are designed to progressively support higher throughput level as the operation advances toward steady-state conditions.

On the next slide, we highlight our strong free cash flow generation. The second quarter of 2026, solid operation performance supported by dividends received allowed us to close the quarter with a cash position of $759 million.

The chart also reflects the dividend payment we made in May. Importantly, this balance does not yet reflect the $118 million dividend received from Cerro Verde in July four following the quarter-end.

Before opening the line for questions, I would like to leave you with four key messages. First, San Gabriel continued advancing through its ramp-up phase during the quarter.

The operation began recording commercial sales in the second quarter 2026 and is now starting to contribute to Buenaventura's results. While we continue working through the challenges inherent to any ramp-up process, our focus remains on achieving stable and efficient operations that will become an increasingly important contributor to the company's growth.

Second, we continue executing our growth strategy across the portfolio. A key milestone was achieved at Yumpag, where we received approval to increase the mining rate from 1,000 tons per day to 1,200 tons per day.

This represents the first step toward unlocking the operation's full potential, while we continue advancing the next phase of expansion. Third, explorations remains part of our DNA.

As we continue unlocking growth opportunities across our portfolio, we remain committed to extend our life of mine and supporting the long-term sustainability of our production growth. We believe that growing production and replenishing resources must go hand in hand to ensure long-term value creation.

Finally, the combination of strong operating performance, disciplined capital allocation, and favorable commodity prices environment continues to strengthen our cash generation and balance sheet. This financial strength gives us the flexibility to invest in our growth portfolio, execute our long-term strategy, and continue delivering value to shareholders through our dividend policy.

Thank you for your continued interest and support. We appreciate your time today and look forward to answering your questions.

Operator, please go ahead.

Oh, great. Good morning, everybody.

Thank you for taking my questions. I have four questions, if I could.

I'm going to start with San Gabriel first. Maybe someone can just provide me some insight into how the mining and the processing are doing relative to your block model now that you've gone commercial.

Also in the underground and in the processing facility, what do you still need to do to optimize, I saw the recoveries need to be optimized, but anything else to get you to that steady state?

Thank you, Tanya, for your question. We, as I told you before, we are very focused on San Gabriel.

We have a plan to deliver what was our guidelines for 2026 and ending the ramp-up in the midst of 2027. Maybe Juan Carlos can give you more color in this topic, please.

Please, Juan Carlos.

Sure, Leandro. Tanya, in regarding the mine, the underground mine, we're feeling comfortable with the progress that we have in the new mining method, the undercut-and-fill.

We are already in the first undercut, beneath the original mining layer with cemented backfill. We are doing okay according to the plan.

We are ramping up production. We are opening new faces, and now we are according to the plan.

The underground mine is moving ahead. It's according to our plans.

We will have the fourth fleet for underground mining from Buenaventura by the end of August and two additional fleets for future developments underground with a contractor by November, no, according to the plan. The underground mine is moving along.

Regarding the processing plant, we have two lines of work. One is related to the increase of throughput, and the second one is increasing recovery.

Regarding the throughput, we are facing some problems with the press filters. Remember that we are using dry stacking for tailings disposition, we need to filter all the tailings.

We are having some problems with the structure of bases of the foundation of the filters. Remember they are high-pressure filters, when they are loaded with full pressure, they start to generate a back movement in the structures, and according to the tolerance that we have to have in this structure, we are on top of that, beyond that.

We need to do further works to reinforce the structure, put some additional steel and reinforce with new structures, additional structure on top of what we have in the building. We have three filters, we need to do one by one to reinforce the filters.

Once these tasks are committed, we are on track to reach full capacity from that processing plant. Regarding the recoveries, gold recoveries, it's a very complex ore.

We are following all the parameters that we do have. We need to fine-tune our set point for all of them and use additional reagents.

We have some preg-robbing coal in the ore, is generating a lot of troubles. We need to add additional reagents, new reagents that we don't have in Peru, we're bringing these reagents in August to start testing that at industrial scale.

We already tested them at lab scale. They are giving good results.

They're part of the solution. Probably in August, we will start finding the right dosage of these reagents for reducing the impact of the preg-robbing that we already faced in the second quarter.

With that, we expect to reach about 70% gold recovery by the end of 2026. The following actions to go beyond 70% recovery, gold recovery, probably are linked with an additional circuit for flotation.

Probably we need to remove all the coal, all the organic matter that we have in the ore, not only use the reagent that I mentioned at the beginning of my comments, but probably we need to remove that coal in order to avoid further complications in the process. The flotation circuit is being designed.

Probably we need to get all the permits and all the designs ready by the end of the year and make the implementation of this new flotation circuit for coal and partial sulfides, refractory sulfides by the end of 2027. There are two milestones.

The first one, reaching 70% gold recovery by the end of 2026. Beyond that 70%, close to the 85% that we have in our budget, probably by the end of 2027.

Okay. Just so I understand, the issue that you're having with the recoveries has got to do with organic matter that's sitting with the gold?

Yes, it's organic matter, and there is a small fraction of the gold that it's into sulfides. It's becoming a little bit harder to extract that gold out of the sulfides, we believe the best option is to do a complete flotation, not only for the organic matter,

coal, and anything, but

in addition to that, the flotation of the sulfides as well.

Okay. It's two things.

Okay. It's both the sulfides and organic matter.

Okay. Thank you for that one.

Then the second question I have is just on the costs overall. Besides the inflationary pressures you are seeing from higher fuel prices and maybe royalties paid, are you seeing any other inflation in terms of labor or consumables or any issues with the supply chain in what you need for your costs?

Hello, Tanya. This is Daniel.

We don't see or we don't foresee at this point in time any major inflation effects. As we were speaking last quarter, the impact of higher diesel prices had an effect of around 5% in our OPEX, probably having diesel at the same levels as the last quarter.

The impact could be around 5% to 7%. Also, as you mentioned, the workers' profit sharing is also increasing slightly our costs, but nothing else.

We don't have energy issues, and other reagents or consumables are keeping the same price for Buenaventura, at least.

Daniel. Thank you for that.

That's good to see. I guess when I have you on, what about expectations for dividends from Cerro Verde for 2026 and longer term?

We're doing above the guidance range you provided. What would you guide for us for Cerro Verde dividends?

For the first half of this year, Cerro Verde has already distributed close to $160 million. We have already reported another $120 million This is for Buenaventura stake.

We have already reported in $120 million of dividends that will be, or have been already paid in July. This adds up to around $274 million.

We expect between 50 to $100 million in addition to this by the third or by the fourth quarter. In total, we should be receiving between 350, $380 million of total dividends for this year.

Daniel, should I be thinking similar level for next year?

Probably

Good question.

Yes, depending on the price, could be 50 or $80 million less. Remember that the dividend that we received in January was a dividend that came from the previous year.

Yeah.

Maybe $300 million.

Yes. Which is higher than what we have been receiving.

Oh, absolutely. That's great.

Thank you so much for taking my questions.

Yes.

Yeah. Thank you.

Good morning, everyone. Good to be here.

Just in terms of all the initiatives that you are pursuing in San Gabriel to address the challenges, what are the CAPEX and OPEX implications? How much CAPEX are you investing in those initiatives?

Is cost going up? If you can maybe just remind us what are the CAPEX expectations for this year, maybe next year?

Then what is the cost looking like, the OPEX for San Gabriel once you stabilize the operation?

Carlos, the total CAPEX we expect to spend this year is around $500 million. We already have expended in the first half around 200 $220.

All the investment we have to do in San Gabriel and El Brocal and all our flagships are according to what we expected in the guidelines. Mainly are related also in opportunities that we have found taking advantage of the prices.

We have opportunities to do the CAPEX for keep the CAPEX for next year, we can go forward a little bit. Another type of CAPEX that we are identifying is how we are going to prepare for the El Niño phenomenon.

That will be the guidelines for this year. In terms of especially the CAPEX for San Gabriel, the rest of the year is around $60 million, around that number.

I don't know, Juan Carlos, if you want to give us some more ideas?

Yes. Yes, Leandro.

In the case of San Gabriel, all the comment that I made regarding the increase in recovery for 2026 has no material in regard of OPEX and CAPEX. Are more on the fine-tuning of the existing infrastructure and using additional reagents that replace other reagents that we have been used before.

In the case of increasing throughput, as I mentioned, we need to reinforce the structures that holds the three filters, press filter for tailings. We are working on the engineering for this reinforcement.

Top of my head, I would say something between 5 to $10 million, but probably we need to do the engineering, and probably will be in the lower range. It's something that we need to still work on to have something that really solve the problem, but at the same time, it's a fast to be implemented and with the existing constraints, because the filters are already mounted on their bases.

Juan Carlos, it's basically more impact on CAPEX, but not really impact on OPEX. No,

we will probably follow our budget for OPEX for the year. Of course, the impact would be a lower throughput than expected that will impact the cost by ton, but not the overall amount of dollars that we spend along the year.

Okay.

What would be the cost of adding the additional flotation circuit?

We haven't finished the engineering so far. We expect it to be in the order of $15 million, probably for next year.

Sorry, 5-0 or 1-5? 1-5.

1-5.

That does not increase the cost significantly, the OPEX cost, the additional circuit there?

No, maybe $1 or $2 per ton out of $130. It's not material, maybe 1% increase on cost to capture 10% more on recovery.

Right. Okay.

Yeah. You will be getting closer to 80% recovery.

Okay. All right.

Then on Cerro Verde, great to see the CAPEX coming through. Just on production, what is the expected copper production this year and next in Cerro Verde?

Yes. It's the same guidelines.

It's a little lower than prior year, but it has not been any change in the guidelines. Let me

If you allow me, Leandro, the production of the six months of 2026 is about 187,000 tons of fine copper, 187. Probably it's a very steady operation.

Probably we can expect the same production for the remaining six months of 2026, it's going to be around 370, 380 thousand tons of copper for 2006.

Okay. Thank you.

Will the percentage of the Cerro Verde production that you are getting change in the coming quarters?

No, we have a contract of 40,000 tons of concentrate.

All right. Then on Julcani, there was a big shift in the production mix between gold and silver.

What is the outlook for the remainder of the year? I don't know if you have a view on 2027.

After the mortal accident we had, we have changed where we are concentrating in another area of the production. That's the reason why the production of silver lower a little bit from our guidelines.

However, the gold increased for the new areas we are working. As we are in a process that in this quarter, we expect to have some news of if we have arrived a final decision to sell Julcani.

We have the plan until 2026. However, once we end this process, we can give you the guidance for the 2027 year.

Okay. All right.

For the second half of 2026, this mix of gold and silver should remain stable, or the mining plan suggests something different?

No. We continue with the same in the same areas, yes.

Okay. All right.

Then

finally, on Uchucchacua and Yumpag CAS, there was a significant increase, almost double, and it is mentioned there that was driven by price-based escalators. As silver has calmed down, how do you see CAS adjusting it back down?

I guess just if you can share any color given the importance of that operation and the big increase in CAS that we saw in the second quarter.

As I understand, the price that we used as base for the contracts of this part of the year, the first six months, was around $35. For the new contracts, I think we are fixing that base in $50.

I don't know, Aldo maybe can give you more information.

Yes, Leandro. You are right.

For the first half of the year, we have this floor price of $35 per ounce. These contracts are going to end in August this year.

From September to December, we're going to start with a new base of $50 per ounce.

Okay. All right.

Thank you.

Yes. Good morning.

My first question relates to Yumpag. You received the approval to increase your throughput rates by 20%.

My question is, how is this expected to impact silver production going forward? Could you actually quantify this potential increase and discuss whether this scale-up might in fact improve the cost structure of this asset?

Yes, Cesar. Taking in consideration that we have received at the half of the year, we are not ready to begin production at 1,200 tons per day.

We expect that 10% increase of what we were thinking at the beginning of the year, no?

Okay. Is this going to have, Leandro, any impact or improvement on the cost structure for this mine?

Of course. Sure.

Juan Carlos, please.

Yes. It's going to have a positive impact.

We dilute our fixed cost by 20%. In addition to that, by the fourth quarter of this year, we are connecting the Yumpag operation with the national electrical grid.

We replace all the power generated by electricity, cheaper electricity. The outcome by the end of the year is going to be a double effect, the effect of larger throughput and the replacement of energy coming from diesel generators, by electricity coming from the national grid.

It's going to be a cost reduction in the order of, if I'm not wrong, 15% to 17% lower than the operating cost of the first half of the year.

All right. Thank you very much.

Can you also assess the current progress on the Trapiche copper greenfield, given how high copper prices are, the cash flow that you're generating, the substantial dividends you're getting from Cerro Verde? Is there any scope to accelerate the development timeline?

Thank you, César, for this question. Here with us is Renzo Macher, and he can give you an idea of what we are going on in Trapiche.

Please, Renzo. Go ahead.

Yes. Thanks.

Thanks for the question. Yes.

Actually, due to these increasing copper prices, the opportunity of exploiting the primaries, which is which are currently open underneath the the secondary sulfides, and it's becomes a it's getting closer to our reality. We're going to be spending the next year, year and a half in in understanding if it's if it's a business.

Meanwhile, we're going to keep reducing the current risk of the project, which is the access road, the power line, the licenses, and and try to to get a better a a deeper deep into the the acid consumption.

All right. This is my last question.

Has El Niño had any operational impact to date? Or do you have any concerns about future effects?

If so, at which mining areas, operations, or logistics do you see at most risk, if any, of course?

Yes, César. Thank you for your question again.

We are identified some risk in our risk management meetings. We have see all our main operations and what will be the effects.

Part of the increase, a little increase in CAPEX is related and is added to what we thought in the beginning of the year we are going to spend in that. We have add additional CAPEX around $12 million.

Maybe Juan Carlos can give you the exact idea and what are the activities we are making and what we are preventing.

Sure, Leandro. Since the end of April that we have the early alert of El Niño, a strong El Niño in Peru, we start creating our safety committees for preventing any potential damage from this impact, heavy rains.

We already put a committee in each of the mines. Each of the mine have mapped all the potential risks that we have.

We authorized an increase in CAPEX of about $12 million to be spent in the rest of the year 2026 in order to be prepared for larger rainfall: increase pumping capacity, power for the pumps, water treatment facilities, reinforcement of certain critical structures like water dams or reservoirs. We're working on that regard.

We have a very strong technical committee working on that regard. Far, we haven't have any damage like probably you heard the news about the damage for heavy rainfalls in Chile.

We don't have that in Peru. We're preparing for probably a strong rainfall in the next rainy season starting in December 2026.

All right. That's fairly detailed.

Thank you very much, all of you. Thank you.

Thank you, operator. The last question comes from Yurac Dominique from LarrainVial.

Given the recent price drop in gold, any risk that production in Orcopampa and Tambomayo could be reviewed?

I think my first answer is no. We permanently are reviewing the value we add with any ounce we produce.

We are building a plan for Orcopampa and Tambomayo for following years, no? We continue in that trend.

Thank you, Leandro. At this time, there are no further questions.

I would like to turn the call over to Leandro for final remarks.

Okay. Thank you, Sebastián.

Before we conclude today's conference call, I would like to thank you for the time and effort dedicating to joining us today. Your participation and input are greatly appreciated.

Thank you again, and have a wonderful day.