San Gabriel's Golden Touch Fuels Buenaventura's Record Quarter

LIMA, Peru – April 30, 2026 – Compañia de Minas Buenaventura S.A.A. (NYSE: BVN), Peru's largest publicly-traded precious metals miner, today announced a blockbuster first quarter for 2026, with profits and revenues soaring on the back of surging production from its new San Gabriel gold mine. The company reported a staggering 206% year-over-year increase in EBITDA from its direct operations, reaching US$386.3 million, while net income attributable to shareholders jumped 139% to US$335.4 million.

The impressive financial performance was driven by strong operational results across its portfolio. Gold production climbed 8% year-over-year, a direct result of the successful ramp-up at San Gabriel. This operational momentum, combined with a robust commodity price environment, has significantly strengthened Buenaventura's financial standing, positioning it with a net cash balance and solidifying its status as a leading force in the Peruvian mining sector.

The San Gabriel Growth Engine

The star of Buenaventura's first-quarter success story is undoubtedly the San Gabriel project. After years of development and an investment of US$49.2 million in the first quarter alone, primarily for the completion of its processing plant, the mine has officially entered its ramp-up phase. This milestone is already paying dividends, serving as the primary driver for the company's 8% increase in gold output compared to the same period last year.

While San Gabriel is just beginning its operational life, its future impact is projected to be transformative for the company. Buenaventura anticipates the mine will contribute between 48,000 and 55,000 ounces of gold in 2026, with sales expected to be recorded starting in the second quarter. The project is designed for a progressive increase in processing capacity, moving from 2,000 tonnes per day this year towards its full nominal capacity of 3,000 tonnes per day by the end of 2027. This phased expansion is set to provide a sustained, long-term boost to Buenaventura's gold production profile and overall revenue stream. The successful commissioning of this major asset signals a significant operational achievement and a key de-risking event for the company's growth strategy.

A Diversified Strategy Pays Dividends

While gold grabbed the headlines, Buenaventura's strong performance was bolstered by its diversified metals portfolio, which demonstrated strategic flexibility in a dynamic market. Consolidated silver production rose by a healthy 6% year-over-year, fueled by higher output from the El Brocal, Uchucchacua, and Tambomayo mines. Furthermore, production of base metals saw remarkable growth, with lead and zinc output increasing by 20% and 27%, respectively, primarily due to higher throughput at the Uchucchacua operation.

This multi-metal strength was underpinned by a calculated strategic shift at the El Brocal mine. The company prioritized processing lead-silver ore, which resulted in a planned 11% decrease in copper production for the quarter. This decision appears well-timed, allowing Buenaventura to capitalize on a surging silver market, which saw prices hit an all-time high in early 2026. With forecasts for gold remaining strong and potentially reaching over $5,000 per ounce, and zinc and lead prices holding firm, Buenaventura's ability to adjust its production mix across different metals provides a crucial competitive advantage. This adaptability allows the company to optimize profitability by focusing on the most valuable commodities at any given time, mitigating risks associated with over-reliance on a single metal.

Financial Fortitude and Shareholder Value

The operational success translated directly into a dramatic improvement in Buenaventura's financial health. Total revenues for the quarter more than doubled, jumping 103% to US$624.6 million from US$307.7 million in the first quarter of 2025. This top-line growth cascaded down the income statement, with operating income increasing by 251% to US$329.3 million.

Beyond the impressive earnings, the company's balance sheet has become a fortress. As of March 31, 2026, Buenaventura held a cash position of US$759.9 million and reported a net cash position, with net debt standing at a negative US$51.9 million. This indicates the company has more cash on hand than total debt, a rare and enviable position in the capital-intensive mining industry. This financial strength was further enhanced by significant contributions from its affiliate investments. The company received US$58.7 million in dividends from its 19.58% stake in the major copper producer Sociedad Minera Cerro Verde subsequent to the quarter's end, bringing total dividends received from the affiliate to US$156.6 million year-to-date. This robust cash flow and debt-free status provide immense flexibility for capital allocation, supporting continued investment in growth projects, potential M&A activity, and sustained returns to shareholders through its dividend policy.

Navigating the Peruvian Landscape

Buenaventura's triumphant quarter unfolds against a complex and evolving regulatory backdrop in Peru. The nation's Congress is currently debating significant reforms to its mining concession framework. One key proposal seeks to halve the maximum term for concessions without productive activity from 30 years down to 15. Proponents argue this will promote more efficient resource use, but industry groups like the National Society of Mining, Petroleum and Energy (SNMPE) have voiced strong opposition, warning that such a change could paralyze formal mining development and deter long-term investment by undermining legal stability.

Simultaneously, the government continues to grapple with the challenges of informal mining, having recently extended the formalization process for small-scale and artisanal miners until the end of 2026. While intended to provide a pathway to regulation for thousands of workers, the extension highlights the persistent difficulties in managing informal operations and their associated environmental and social impacts. Buenaventura's robust operational execution and strong financial position provide a solid foundation to navigate these potential regulatory shifts and social complexities. The company's ability to successfully bring a major project like San Gabriel online demonstrates a capacity to manage the intricate permitting and development processes in the country, positioning it to continue capitalizing on Peru's rich mineral wealth.