Compañía 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 2Q26 results for production and volume sold.
Production per Metal
Three Months Ended June 30, 2026 Six Months Ended June 30, 2026 2026 Updated Guidance (1) | Gold ounces produced | El Brocal 61.43% 4,621 8,826 15.0k - 17.0k | San Gabriel 100% 2,774 4,460 25.0k - 30.0k | Julcani 100% 2,750 5,214 9.0k - 11.0k | Orcopampa 100% 13,981 28,973 48.0k - 53.0k | Tambomayo 100% 3,033 5,996 9.0k -11.0k | La Zanja 100% 3,384 7,078 14.0k - 17.0k | Total Direct Operations (2) 30,543 60,547 120.0k - 139.0k | Coimolache 40.094% 21,214 44,694 90.0k - 100.0k | Total incl. Associated Companies (3) 37,266 75,062 150.3k - 172.5k | Silver ounces produced | Uchucchacua 100% 527,892 1,122,003 2.5M - 2.8M | Yumpag 100% 2,320,439 4,403,922 8.5M - 9.0M | El Brocal 61.43% 370,538 978,289 1.5M - 1.7M | San Gabriel 100% 1,487 2,328 - | Julcani 100% 164,168 463,465 1.3M - 1.5M | Orcopampa 100% 3,456 6,026 - | Tambomayo 100% 226,044 520,369 0.9M - 1.1M | La Zanja 100% 10,489 24,249 - | Total Direct Operations (2) 3,624,514 7,520,650 14.7M - 16.1M | Coimolache 40.094% 105,133 223,854 0.3M - 0.4M | Total incl. Associated Companies (3) 3,523,749 7,233,076 14.2M - 15.6M | Lead metric tons produced | Uchucchacua 100% 3,276 7,038 17.0k - 19.0k | Julcani 100% 79 294 - | Tambomayo 100% 286 804 1.5k - 1.8k | Total Direct Operations (2) 3,642 8,136 18.5k - 20.8k | Zinc metric tons produced | Uchucchacua 100% 7,018 13,986 27.0k - 30.0k | Tambomayo 100% 342 754 1.6k - 1.8k | Total Direct Operations (2) 7,360 14,740 28.6k - 31.8k | Copper metric tons produced | El Brocal 61.43% 13,430 24,241 48.0k - 53.0k | Julcani 100% 45 132 - | Total Direct Operations (2) 13,475 24,373 48.0k - 53.0k |
- 2026 projections are considered to be forward-looking statements and represent management’s good faith estimates or expectations of future production results as of July 2026.
- Considers 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal.
- Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 61.43% of El Brocal and 40.094% of Coimolache.
Volume Sold per Metal
Three Months Ended June 30, 2026 Six Months Ended June 30, 2026 | Gold ounces sold | El Brocal 1,837 3,663 | San Gabriel 3,203 3,203 | Julcani 2,557 4,671 | Orcopampa 14,083 29,054 | Tambomayo 2,689 5,356 | La Zanja 3,187 7,163 | Total Direct Operations (1) 27,556 53,110 | Coimolache 23,564 43,220 | Total incl. Associated Companies (2) 33,092 65,823 | Silver ounces sold | Uchucchacua 652,397 1,191,200 | Yumpag 2,105,206 4,106,131 | El Brocal 275,261 763,795 | San Gabriel 1,254 1,254 | Julcani 128,651 380,884 | Orcopampa 3,666 6,280 | Tambomayo 203,195 461,751 | La Zanja 15,001 33,933 | Buenaventura Trading (3) 20,069 42,081 | Total Direct Operations (1) 3,404,700 6,987,309 | Coimolache 112,609 215,833 | Total incl. Associated Companies (2) 3,342,427 6,777,995 | Lead metric tons sold | Uchucchacua 3,126 6,577 | Yumpag 125 294 | Julcani 45 209 | Tambomayo 167 568 | Total Direct Operations (1) 3,462 7,649 | Zinc metric tons sold | Uchucchacua 5,844 11,059 | Tambomayo 229 555 | Total Direct Operations (1) 6,074 11,614 | Copper metric tons sold | El Brocal 12,442 22,402 | Julcani 9 8 | Tambomayo 45 108 | Buenaventura Trading (3) 2,135 4,383 | Total Direct Operations (1) 14,632 26,901 |
- Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 100% of El Brocal and 100% of Buenaventura Trading.
- Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 100% of Buenaventura Trading, 61.43% of El Brocal and 40.094% of Coimolache.
- Buenaventura Trading is the vehicle through which Buenaventura purchases copper concentrate from Freeport, produced at Cerro Verde — a company in which Buenaventura holds a 19.58% stake. The concentrate is then sold on the spot market via Buenaventura Trading.
Average realized prices(1)(2)
Three Months Ended June 30, 2026 Six Months Ended June 30, 2026 | Gold (US$/Oz) 4,342 4,599 | Silver (US$/Oz) 89.52 94.53 | Lead (US$/MT) 1,852 1,822 | Zinc (US$/MT) 3,451 3,387 | Copper (US$/MT) 14,029 13,877 |
- Considers Buenaventura consolidated figures.
- Realized prices include both provisional sales and final adjustments for price changes.
Commentary on Operations
Uchucchacua:
- 2Q26 silver, lead and zinc production was in line with projections.
- 2026 guidance remains unchanged.
Yumpag:
- 2Q26 silver production exceeded projections, driven by higher-than-expected grades.
- 2026 guidance has been revised to reflect the stronger-than-expected grade profile.
- After quarter’s end, in 3Q26, the Company received approval to increase the mining rate to 1,200 from 1,000 tonnes per day.
El Brocal:
- 2Q26 copper, silver and gold production was in line with projections.
- 2026 guidance remains unchanged.
San Gabriel:
- San Gabriel continued its ramp-up during 2Q26, with operating parameters undergoing further optimization. During the quarter, processed tonnage was constrained by tailings-management challenges, particularly at the tailings filtration plant. Initiatives to improve metallurgical recoveries are ongoing.
- 2026 production guidance has been revised to reflect tailings-management constraints and current metallurgical recovery rates.
- The Company began recording sales volumes in 2Q26.
Coimolache:
- 2Q26 gold and silver production was in line with expectations.
- 2026 guidance remains unchanged.
Julcani:
- Silver and gold production in 2Q26 was in line with projections.
- 2026 guidance remains unchanged.
Orcopampa:
- 2Q26 gold production slightly exceeded projections, primarily due to higher ore throughput.
- 2026 guidance has been revised to reflect higher grades in areas currently under development.
Tambomayo:
- 2Q26 gold, lead and zinc production was in line with projections.
- 2Q26 silver production exceeded projections, driven by higher-than-anticipated silver grades.
- 2026 production guidance has been revised to reflect increased production volumes, supported by positive exploration results and the current commodity price environment.
La Zanja:
- 2Q26 gold production was in line with projections.
- 2026 guidance remains unchanged.
Company Description
Compañía de Minas Buenaventura S.A.A. is Peru’s largest, publicly traded precious and base metals Company and a major holder of mining rights in Peru. The Company is engaged in the exploration, mining development, processing and trade of gold, silver and other base metals via wholly-owned mines and through its participation in joint venture projects. Buenaventura currently operates several mines in Peru (Orcopampa*, Uchucchacua*, Julcani*, Tambomayo*, La Zanja*, San Gabriel*, El Brocal and Coimolache).
The Company owns 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer (a partnership with Freeport-McMorRan Inc. and Sumitomo Corporation).
(*) Operations wholly owned by Buenaventura.
Note on Forward-Looking Statements
This press release may contain forward-looking information (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including those concerning Cerro Verde’s costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver, copper and other metals mined, the success of joint ventures, estimates of future explorations, development and production, subsidiaries’ plans for capital expenditures, estimates of reserves and Peruvian political, economic, social and legal developments. These forward-looking statements reflect the Company’s view with respect to Cerro Verde’s future financial performance. Actual results could differ materially from those projected in the forward-looking statements as a result of a variety of factors discussed elsewhere in this Press Release.
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