Compania de Minas Buenaventura SAA (BVNN) Q3 2026 Earnings Report

The call was financially strong and operationally constructive, with significant revenue, EBITDA, net income, cash flow, liquidity, copper production, project advancement, and shareholder-return achievements. These positives were partly offset by substantial declines in gold and silver production, higher cash costs at certain operations, declining grades and recoveries at El Brocal, and ongoing San Gabriel processing, tailings, repair, and recovery challenges. Management nevertheless described continued progress on the San Gabriel ramp-up, exploration, owner-operated mining, and operational preparedness.

San Gabriel is expected to reach approximately 70% metallurgical recovery in the fourth quarter of 2026, with processing at 1.4 thousand tons per day in October and about 1.7 thousand tons per day in November, December, while recovery is ramping up to 65%, 69%, very close to 70% along the quarter; throughput is expected between 2,000 to 2.5 thousand at the end of 2027, with 600 thousand tons for the whole year 2027, around 800 thousand tons per year in 2028, and full nameplate capacity by the end of 2028, while the expected recovery is in the order of 85%, potentially in 2028, at around 1 million tons per year, about 3 thousand tons per day, operating cost in the order of $180 per ton, and about 110 thousand 120 ounces of gold per year; the 3 filters are expected to be ready by April, May next year, owner-operated mining is expected to require $25 million $30 million next year, Cerro Verde’s additional dividend by the end of the year should be in the order of $50 million to $70 million and plans normally consider around $250 million, Orcopampa has a short term life in the order of 2-3 years, and Tambomayo will be reviewed in the second quarter of 27.