Good morning, everyone, and thank you for joining us today to discuss our fourth quarter 2025 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 Masa, Vice President of Business Development and Commercial; Mr. Alejandro Hermoza, Vice President of Sustainability; Mr.

Renzo Macher, Vice President of Projects; Mr. Juan Carlos Salazar, Vice President of Geology and Explorations; Mr.

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

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

Please note that today's remarks include forward-looking statements that are based on management current views and assumptions. While management believes that these assumptions, expectations, and projections are reasonable in view of the 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 result that was issued on February 26, 2026. Let me now turn the call to Mr.

Leandro García.

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

On slide two is our cautionary statement, important information that I encourage you to read. Today, we will talk about our 2025 performance, our main achievements, and our priorities for the future.

After the presentation, we will be available for our Q&A session, where our team will be happy to answer your questions. In the next slide, I will start by providing a summary of our strong results for the year.

Copper production in the full year of 2025 reached 52.5 5.4 thousand tons, down 8% over year. This was mainly because the company processed stockpiles with higher precious metal content, following a sharp increase in precious metal.

This was in El Brocal. Silver production reached 15.6 million ounces, 1% higher compared to the 15.5 million ounces produced during the same period last year, in line with our annual expectations.

Gold production was 121 thousand ounces, down 18% year on year, mainly due to lower output at Orcopampa and Tambomayo, consistent with the 2025 planned mining sequence. EBITDA from our direct operations in full year of 2025 was US$112 million, which represents an 88% increase compared to the $431.5 million in 2024.

Net income for the full year was $830 million compared to $416 million in 2024, which include $157.3 million from the sale of Chaupiloma. The year ended with a cash position of $530 million and total debt of $710 million, resulting in a leverage ratio of 0.22 times.

Moving on to San Gabriel. As of now, San Gabriel has reached 99% overall progress.

CAPEX for the project in the fourth quarter of 2025 was $153 million, primarily allocated to the completion of the processing plant construction. After the quarter ended, on January 29, 2026, Buenaventura received a $98 million in dividends from its stake in Cerro Verde.

Finally, the board approved a dividend of $0.0904 per share. With this approval, total dividends declared over the past 12 months reach $1.135 per share ADS.

Moving forward to our 2025 guidance. Regarding gold production, our primary focus is in San Gabriel, which is expected to become our main gold-producing asset coming years, playing a key role in our long-term growth strategy.

We anticipate stable copper and silver production at both El Brocal and Uchucchacua-Yumpag, maintaining consistent output levels. For 2025, we expect total CAPEX of between $385 and $415 million, around $200 to $220 million with sustaining CAPEX, mainly focus on mine development, tailings, and ventilation upgrades at El Brocal, Uchucchacua, and Yumpag, as well as readiness and wrap-up works at San Gabriel.

Growth CAPEX for 2026 is expected to be between $185 and $195 million, mainly focus on completing of San Gabriel and advancing Trapiche and Algarrobo. Moving on the cost applicable to sales trend, copper CAS increased in the fourth quarter of 2025, mainly due to higher personnel costs driven by improved profitability, increased cement consumption, and foreign exchange impacts at El Brocal.

Silver CAS increased due to higher commercial deductions at Yumpag, non-payable value, and escalators. Additionally, there were increased ore throughput, partially offsetting lower grades at Uchucchacua and Julcani.

Gold CAS has increased due to lower throughput, reducing scale efficiency at Orcopampa and Tambomayo. On the next slide, we will present free cash flow generation.

The fourth quarter, cash position increased during the quarter, mainly driven by net cash inflows from operating activities. Moving on to slide six, I would like to highlight a key milestone achieved last December.

We produced our first doré bar at San Gabriel, and we have received the initial operating permit. The water license is expected in the coming weeks.

For 2026, our production guidance is between 48 thousand and 55 thousand gold ounces. There are still some pending milestone to achieve full potential.

These include the expansion of tailings drying areas and upgrades of the ventilation system. We expect to complete this milestone, enabling a stable 2 thousand tons per day throughput in the third quarter of 2026 and continued ramp-up.

San Gabriel's cumulative progress has reached 99% overall completion by fourth quarter of 2025, primarily driven by finishing the engineering and procurement, as well as the construction at 98% of advance. On the next slide, we are showing the processing plant's progress: the primary crusher mechanical works at 100%, the SAG and ball mechanical works are at 100% also, and finally, the seal tanks mechanical works are ended with a 100% achievement.

Moving on, we can see the progress of the main components of the plant. Moving on to slide nine, we are showing the progress made at the filtered tailings plant, which is now complete.

To conclude the presentation, I would like to share a few final thoughts. Consistent copper and silver output supported by steady operations at El Brocal, Uchucchacua, and Yumpag, ensuring operational reliability.

Solid performance from affiliated companies, Coimolache is operating at full capacity, while Cerro Verde distribute $98 million in dividends attributable to Buenaventura stake. San Gabriel has entered in its transition phase, moving from project execution to ramp-up during the first half of 2026, positioning the operation to achieve a stable 2 thousand tons per day throughput in the third quarter of 2026.

A supportive environment allows us to step up exploration investment to reinforce our reserves and resources base, while advancing progressive closures to enhance efficiency. Strong cash flow generation, a solid balance sheet, and a disciplined capital allocation enable us to return in value to shareholders, reaffirming our commitment to investor returns.

Thank you for attention, and I will call back to the operator to open the line for questions. Operator, please go ahead.

Good morning everyone, thank you. First one is maybe on CAPEX.

Leandro, significant increase on CAPEX versus what the expectations are in the sell-side consensus, and also, and probably more intriguing, versus what you guys told us just a few months ago in your investor day. Maybe can you please provide some detail as to what happened in those last months that led the company to significantly revise up the CAPEX?

I have a couple of other questions.

Thank you, Carlos, for your question. Primarily in San Gabriel, the pending works are related to earthworks and for the ramp-up of the project.

Maybe Renzo can explain the pending issues to be resolved and have the production steady.

Yes, sure. Hi.

Yes, effectively, we have some remaining works on earthworks, especially after the rainy season, where kind of all the water systems and the walls are starting to be tested with rains. There is some minor slope semi-failures that we need to cover and fix, and some channels to redirect water that are going to need additional care, and we need to continue with the grouting for the water dam, for the last part of the grouting.

That's that plus closing some contracts for some additional quantities and materials in the plant that is already finished.

All these failures just eventuated, or the company discovered them as the ramp-up started?

Kind of when we finish the earthworks, it's still untested, we are currently in the middle of the rainy season, you keep finding things that can be improved, or things that need some extra work to be finished. Yes, there are certain roads that are not working as expected, and we need to do alternative roads, and some areas can be accessed with that, but anything major.

Okay. All right, thank you.

Then on San Gabriel, thank you for the color on the ramp-up, just what is behind the lower guidance for production this year? Similar, I guess, to CAPEX, a surprise, given that just a few months ago you guided to a higher number.

Yes, Carlos. As we anticipate, we continue working in the ramp-up and putting all the things away and ordered to reach by phases the production of the design plant, no?

We are going to reach the 3 thousand tons per day next year. We are making all the efforts to reach as soon as possible, but we foresee a production of 2 thousand tons per day all this year, and actually we have to improve the ventilation in order to work on the high-grade areas.

We have a little flexibility of the higher grade areas, we are planning to work in only three galleries. Maybe Juan Carlos can give the exact explanation of the component of our production.

Yes, Leandro. Thank you.

Number one, as you mentioned, Leandro, is all the components that are still pending for construction and permitting. We will finalize the construction and get the permit granted, the final operational permits by the second quarter this year.

At that time, we will have all the area for drying the tailings and for compaction of the tailings inside the reservoir all set up. We have partial permits already set up for commissioning, and we have to have these definitive permits by the second quarter this year.

In addition to that, the mine, it's rescheduling the production plan because after the accident that we have late December last year, we need to redesign the ventilation circuit. We need to triple the amount of air, fresh air, that we need to push into the galleries in order to dilute all the gases that we have underground.

In order to that, we are bringing more ventilators, more fans, more electrical devices in order to power this equipment, and the consequence of that, also in order to have a higher control of the ventilation and the risk linked to gases and steam underground, is that we are losing part of the flexibility that we expected to have in 2026. The flexibility in order to mine high-grade areas in six different levels, now we're going to be restricted to mine only in three levels.

By throughput, it will be the same, but by the gold grade, it would be lower. We are not mining high-grade areas, we are going to be restricted to three levels in which we need to mine the high grade and the average grade to complete the throughput that we compromised with the processing plant.

The main reason therefore is the lower grade that we are mining in this initial year 2026.

Thank you, Juan Carlos. Then maybe one more.

With a very significant increase in gold and silver prices, others as well, but is the company foreseeing any changes in the mining plan that was presented late last year, and maybe the guidance will change? Can you offer some color there?

We have reviewed the mining plans of all our operations. The only change we have realized is this San Gabriel, right?

In copper, we still with the same objectives, and silver also.

Thank you. I'll get back in the queue.

Thank you.

great. Good morning, everybody.

Thank you for taking my questions. Just if I could finish off on San Gabriel, I just want to make sure I understand.

Just of the growth capital of $185 to $195, how much of that is San Gabriel, and what is going to the earthworks, and what's going to ventilation?

Thank you, Tanya. Thank you for your question.

Maybe, Renzo, you have the figures there?

Yes, hi, and thanks for the question, Tanya. Yes, from that in San Gabriel is going to be $160 million.

That includes the closing of all the contracts that we have, that's probably half of that, and the other half is additional work in the earthworks. I think the ventilation is more in the sustaining CAPEX.

You've put it there. Okay.

Understood. Maybe if I could just get Daniel to just give me some more guidance.

I found the exploration and G&A was lower than I expected in Q4, can you give me some guidance on G&A for 2026, exploration, and dividends from Yanacocha, including the dividend payout, whether you're reviewing that with your board meeting in March?

Thank you for the question, Tanya. The G&A that we expect for the entire 2026 will be around $60 to $70 million, which is similar to what we reported in year 2025.

This increase, compared to previous years, is because the workers' participation in profits, number one, and number two, due to the stronger Peruvian currency. Then for explorations, we have the explorations in the mining sites, in the operating sites, which will be around $60 to $70 million.

We have increased our budget in explorations because we are focusing on more labors in San Gabriel, in El Brocal, and Uchucchacua-Yumpag. Also in the non-operating sites, we'll be disbursing some cash for the other projects that we have, greenfield projects, and this will be around $20 to $30 million.

Our total budget for explorations is between $90 and $100 million, compared to the $70 million that we have been disbursing in the past. Finally for dividends, what we expect to receive from Cerro Verde this year is around $200 million, a little bit higher than what we received in year 2025, and what we decided at the board meeting yesterday that we were going to pay for this time as the prices are going well and our CAPEX for San Gabriel has basically been completed, we will pay 40% of the net income of the previous year from 2025.

Remember that our dividend policy is not less than 20% of the net income of the year. We have increased that to 40%, and we will continue evaluating in the future, depending on the prices and also with our CAPEX program.

Thank you for that. Then just maybe my last question comes on permits and just on Coimolache sulfides.

Are we still looking for that study to come out in Q1 on that Coimolache sulfides? I think it was H1, the conceptual study on the project.

Then on the permitting side, just on San Gabriel, I know we're waiting for this water permit. What's taking so long?

Then asset sales, if I could, where is that going on some of your asset sales, and are we hoping to get those done this year?

Thank you, Tanya. For the first question, the Coimolache, we are just ending the study.

We have to discuss internally with Southern and ESPRO which are the following steps we need. We should inform to the market in the first half of this year what are the following positive news for the project.

We continue working on that, but we have to also put it in the board of Coimolache and get the approval to continue. In terms of what's the following, the San Gabriel, the authority has already visited us.

We are just waiting for the permit to be signed, we expect in the following couple of weeks, we hope so, to be granted of this permit. What the last question about was

Asset sales, yeah.

The asset sales,

yes. We continue evaluating this asset.

We are in the last part of taking a decision, and as soon as we arrive to a conclusion, we will inform to the market.

We're still planning by

Maybe Aldo?

Yes, Tanya. We really make a huge analysis about the asset sales.

We haven't take a decision yet in order if we are going to sell or not, but you have to take into consideration that this increase in precious metals prices, really you have to think a lot if you want to sell or not an asset right now, no? We're still analyzing, and we will take a decision very soon.

Thank you.

Yes, good morning, gentlemen. My question relates to Yumpag and Uchucchacua.

Could you comment on why cost applicable to sales rose 16% in the quarter? I believe you attribute this to larger throughput of low-grade mineral, but also there is some commercial deductions, and you also mention increased non-payable value.

Can you please explain this, what it is? My second and final question would be regarding guidance.

Thank you for G&A and exploration data, but it would be really useful if you could complement this, if possible, with revenues and EBITDA for 2026. Thank you.

Thank you, Cesar. Happy to count on your questions.

Maybe, Leandro, I will explain a little bit about these deductions in Yumpag.

The escalation, yes, of course. Go ahead, Aldo.

Yes. Cesar, thank you very much for your question.

We have two main reason that here. The first one is when you sell silver concentrates with less than 2,500 grams, usually the payable for that concentrate is between 60% and 70%.

When you sell silver concentrates with higher than 2,500 grams, the payable is between 90% and 95%. In the last quarter, we produced more silver concentrate with lower grade, that's why the deduction is a lot more.

The other reason is the escalators. We have escalators clauses in our contracts, and due to the sharp increase in the price of silver, right now this escalators are applying to the contracts.

What does it mean? That if the upper range of the escalator is $50 per ounce, and the price of silver is $100, apply a percentage of the price.

You understand?

Yes, I do. All right, okay, those would be the two main reasons.

Thank you. These are the

two reasons why that the cost is high. Really,

that results answer your questions, Cesar?

Yes, and if possibly, you could provide some guidance for EBITDA or revenues.

Daniel, please.

Hello, Cesar. Thanks for your question.

If we consider prices at levels of $4,500 for gold, $70 for silver, and $12,000 for copper, we should be in the range of revenues at $1.8 to $2 billion. This includes close to $100 million of sales from the concentrate that we buy from Cerro Verde, from Freeport.

The EBITDA that we expect for the total year will be around $800 million and $1 billion.

All right, Daniel. Thank you very much.

Hi, thank you for taking my questions. Just a quick question regarding the investor day targets.

I remember you announced that three mines are under permanent strategic review: Orcopampa, Tambomayo, and Julcani. Could you tell us what is the current status of these mines, and are you studying to do some actions separately or together, and has there been any formal process, for any kind of sales?

That would be it. Thank you very much.

Thank you, Fernando, for your question. We we already began that process and analyzing the the feasibility of of of selling these these these units, these mines.

However, as as Aldo explained minutes before, with the increasing price in metal in in in in the in prices of gold and silver, we are reanalyzing the possibility. We we are we have been continued advancing of of on this process.

We are close to make a final decision, and if there are there are will be sold apart each by each unit as separate or as a whole, we were open to all the possibilities, but by by now the the the higher possibility, higher the best alternative is if we sell it, to sell it separately.

Thank you.

Thank you. Just on dividends, the $0.99 per share approved by the board, when do you expect to pay that?

Also, the $200 million in expected dividend from Cerro Verde, when do you expect you would get that money?

Yes, of course. This proposal of dividend have to be approved in the shareholder meeting, no?

Daniel, please, go ahead.

Yes, Carlos. The dividend payment should be for April, the second quarter of this year.

Regarding Cerro Verde's dividends, we have already received in January $100 million from Cerro Verde, and we expect $50 million by July, and another $50 million by the fourth quarter of this year.

That's $150, but I thought you said $200.

Yes, $100 in January,

Yeah.

$50 million in July, and in the fourth quarter another $50 million.

Sorry. Got it.

Thank you.

Thanks, operator. At this time, there are no further questions.

I would like to turn the call over to Leandro García.

Thank you, Sebastian. Before we conclude today's conference call, I would like to thank you for the time and effort dedicated in joining us today.

Your participation and input are greatly appreciated. Thank you again, and have a wonderful day.