Buenaventura exceeds projections and improves production estimates. Positive impact on the mining sector.

The Buenaventura Mining Company (Buenaventura) has presented its operational results for the first semester of the year 2024, highlighting a performance above projections in its Yumpag and Tambomayo mines, which has led to an improvement in production forecasts for the current year. During the first six months of the year, Buenaventura achieved a total production that included 78,405 ounces of gold, 6,687,504 ounces of silver, 9,570 tons of lead, 15,165 tons of zinc, and 25,565 tons of copper. These results have allowed for an upward revision of estimates for silver and lead production towards the end of the year. In the case of silver production, an average of between 14 and 15.4 million ounces is expected, compared to the initial range of 13 to 14.6 million ounces. For lead, projections now range between 17,400 and 20,000 tons, significantly exceeding previous estimates ranging from 6,300 to 18,700 tons. Regarding gold, Buenaventura's production for the year 2024 is estimated to range between 131,500 and 146,700 ounces. In zinc, it is projected to reach 26,900 tons, and in copper, the figure is between 55,000 and 60,000 tons. Within its mining units, Buenaventura has highlighted the outstanding performance of the Yumpag mine in Pasco, where silver production has exceeded expectations thanks to an early start of mineral processing in March 2024. It is expected that the production of this mine will reach between 7.5 and 8 million ounces by the end of the year, surpassing initial projections. On the other hand, at the Coimolache mine in Cajamarca, while gold production remains as expected, the approval of the third Environmental Impact Study will allow them to progress in the permit application to increase the leaching PAD capacity, which will have a positive impact on the operation. Regarding the Uchucchacua mine in Lima, lead and zinc production has exceeded expectations thanks to a positive reconciliation of the mineral grade, while silver production has remained in line with projections. This has allowed Buenaventura to maintain outlooks for all metals produced in this unit. In summary, the improvements in Buenaventura's production projections for the end of the year 2024 reflect the good operational performance and the company's ability to adapt to market conditions. These positive results generate optimism in the mining sector and strengthen the company's position as a relevant player in the industry.