Compania de Minas Buenaventura S.A. Mining Forum Americas 2026

In New York Stock Exchange. For a Peruvian company, this is a milestone that we feel very proud of. We continue to evolve with a clear vision, transforming Buenaventura in one of the world's leading mining companies while creating long-term value for all our stakeholders. Today, I would like to transmit and share three key ideas. First, Buenaventura has completed a significant transformation in the last several years. Second, San Gabriel is now moving from construction into operational execution. And third, our future growth will be increasingly driven by copper, supported by a pipeline of long-life, high-quality projects. This slide, I showed it last year, and this is our vision, our strategy for the following 15 years. Our objective is to put Buenaventura among the 50 most valuable mining companies in terms of value in the stock exchange.

We are building a company that combines scale, profitability, sustainability, and resilience. Our aspiration includes recovered investment grade, the metrics of the investment grade, operating under world-class mining standards, and achieving a balanced revenue between base metals and precious metals. By 2040, our expectation is that all our mines will generate more than USD 100 million of EBITDA. We have defined the flagships that we are operating, and even one of our mines that not fit all the characteristics that we have defined, we should get off from our portfolio. Why Buenaventura today? We believe our investment case is different in several ways. First, we offer a diversified exposure to gold, silver, and copper. Few companies provide investors with such balanced access to metals, and that are critical both for value, preservation, and global electrification. Second, our core assets have an upside that we are working on unlock that potential.

Buenaventura has demonstrated a consistently ability to create value through organic growth. We continue to see opportunities to extend mine life, discover additional resources, and improve operating performance across our portfolio. Third, we possess two significant copper projects at a time when the industry faces a shortage of new copper supply. This creates a compelling setup for future value creation. And finally, our ownership in Cerro Verde continues to provide stable cash generation and attractive dividend from one of the premier copper assets in the world. Our production roadmap illustrates how we foresee our company in the following years. During the next five years, we are going to work in the Tojeiras mine and continue with the ramp-up in the following year of our San Gabriel mine. Of course, we have to unlock the potential of El Brocal and the complex Uchucchacua-Yumpag. That's our silver productor. Brocal, we planning to increase the throughput from 13,000 tons per day to 17,000 tons per day.

And in Uchucchacua-Yumpag from 3,000 tons per day to 4,500 tons per day. That will give us a big base for increase our value and to continue increase the value of the company. In the next page, we see the transformation I talked before. First, we have increased all our reserves in all our flagship mines. Today, we can talk about 15 years of life of mine in Brocal, talking only in reserves. In resources, we can double that number. In the complex Uchucchacua-Yumpag, we have seven years of reserve. And in San Gabriel, we begin with 15 years of reserves. And of course, Cerro Verde has a long life maturity. There you can see also in the lower part of the graph, our revenue mix.

The objective is to maintain the revenue mix as close as 50% base metals and 50% precious metals. We feel comfortable with that mix, and we give the opportunity to the investors to take the opportunity to increase the value with the price cycles that we have today. In terms of EBITDA, we have increased our EBITDA from $173 in 2022 to almost $1.2 billion in the last 12 months, ending in June this year. Also, our leverage has decreased from six times to almost net cash position in the same period, and we analyzed here. In terms of cost, we have something to explain there. In the gold side, remember we are in the ramp-up of San Gabriel. During the ramp-up, there is a distortion of this cost.

We think that once we execute and we reach the production capacity we are planning, the cost of San Gabriel will be around $1,900 to $2,000 per ounce. In terms of silver, the commercial terms of the escalator have affected, in this period, the cost of silver. However, we think it's a temporary affection. We are ending those contracts in this quarter. Finally, we are going to have the new contract for the year 2027, and the escalator will not affect the same as it was affected this year. Let's talk about our last project, San Gabriel. This is a picture. San Gabriel is located in Moquegua, south of Peru, 4,800 meters above sea level. This is a picture from all the components of the mine. Today, we are in the ramp-up. We have some challenges to face in San Gabriel.

The mine, the operation, the throughput of the mine, it's 3,000 tons, and we are ready to extract 3,000 tons per day this following quarter. The primary mine ventilation infrastructure has already done. We are completed in that term. The undercut mining below cement fill commenced this quarter. In the processing plant, we are going to stabilize this in 1,700 tons per day in the end of this year. Today, we are focused on the filter performance optimization until the first quarter of 2027. The metallurgical recovery we target to reach this year, at the end of the year, the 70%. In tailing management, the filter tailings compaction started in the third quarter of 2026. Tailing facility expected support 1.5 million throughput in four quarter of 2026. An expansion underway to support 3,000 tons per day. What comes next? Once we finish San Gabriel, the next project for Buenaventura will be Trapiche and Coimolache.

Coimolache is the second stage of our current mine that is gold oxides that we are treating. The Coimolache sulfides will be in the same footprint of the current operations, and we are now in the pre-feasibility stage. We are going to begin the pre-feasibility stage. We expect to be two years making all the studies, all the efforts to complete the pre-feasibility, and the feasibility will begin in 2029. In the case of Trapiche, we are in the feasibility stage, and today we are rethinking the project in order to take advantage of the primary copper we have found under the sulfides. Both will add to the Buenaventura production between 50,000 and 60,000 tons of copper per year. Kind of closing remarks. We will continue accelerating exploration efforts to extend the mine lives, expand resources, and capture opportunities created by the current commodity cycle.

Second, we will keep investing in productivity, operational efficiency, and long-term competitiveness across our portfolio. Third, we will unlock the full potential of our flagship assets by executing growth initiatives over the next 5 years. Fourth, we remain fully focused on delivering a successful San Gabriel ramp-up and ensuring it becomes the high-quality operation we envision. We will continue also advancing in our copper projects through feasibility and pre-feasibility work, laying the groundwork for the next generation of Buenaventura assets. In summary, Buenaventura is fundamentally different company from it was just a few years ago.

We have strengthened our balance sheet, increased profitability, extend the life of our key assets, complete the construction of San Gabriel, and build a pipeline of copper growth opportunities that can create value for decades to come. Our objective is not simple: to grow production. Our objective is to build a more resilient, more diversified, and more profitable mining company capable to generate superior returns throughout these commodity cycles.

Well, we are now working on the ramp-up of San Gabriel. Actually, we have found some restrictions that we didn't foresee in the future, but we are working with an agenda that we are permanently review it, and we are on track on what we have to do in order to put San Gabriel as a design level, no? With the production. Okay. That's helpful.