Q1 2026 Compania de Minas Buenaventura SAA Earnings Call

April 30, 2026

Operator: Good morning, ladies and gentlemen. Welcome to the Compañía de Minas Buenaventura Q1 2026 earnings results conference call. Please note that this call is being recorded. I would now like to introduce your host for today's call, Mr. Sebastian Valencia Carrasco, Head of Investor Relations. Mr. Valencia Carrasco, you may begin.

Speaker #2: And please note that this call is being recorded. I would now like to introduce your host for today's call, Mr. Sebastian Valencia, Head of Investor Relations.

Speaker #2: Mr. Valencia, you may begin. Good morning, everyone, and thank you for joining us today to discuss our first quarter 2026 results. Today's discussion will be led by Mr. Leandro Raggio, Chief Executive Officer.

Sebastián Valencia Carrasco: Good morning, everyone, and thank you for joining us today to discuss our Q1 2026 results. Today's discussion will be led by Mr. Leandro Garcia, Chief Executive Officer. Also joining our call today and available for your questions are Mr. Daniel Dominguez, Chief Financial Officer, Mr. Juan Carlos Ortiz, Vice President of Operations, Mr. Aldo Motta, Vice President of Business Development and Commercial, Mr. Alejandro Hermoza, Vice President of Sustainability, Mr. Renzo Macher, Vice President of Projects, Mr. Juan Carlos Salazar, Vice President of Geology and Explorations, Mr. Roque Benavides, Chairman, and Mr. Raúl Benavides, Director. Before I hand the call over, let me first touch on a few items. On Buenaventura's website, you will find our press release that was posted yesterday after market close. Please note that today's remarks include forward-looking statements that are based on management current views and assumptions.

Speaker #2: Also, joining our call today and available for your questions are Mr. Daniel Dominguez, Chief Financial Officer, Mr. Juan Carlos Ortiz, Vice President of Operations, Mr. Aldo Maza, Vice President of Business Development and Commercial, Mr. Alejandro Hermosa, Vice President of Sustainability, Mr. Renzo Majer, Vice President of Projects, Mr. Juan Carlos Salazar, Vice President of Geology and Explorations, Mr. Roger Benavides, Chairman, and Mr. Raúl Benavides, Director.

Speaker #2: Before I hand the call over, let me first touch on a few items. On Buenaventura's website, you will find our press release that was posted yesterday after market close.

Sebastián Valencia Carrasco: Before I hand the call over, let me first touch on a few items. On Buenaventura's website, you will find our press release that was posted yesterday after market close. Please note that today's remarks include forward-looking statements that are based on management current views and assumptions. While management believe these assumptions, expectations, and projections are reasonable in view of the current available information, you are cautioned not to place under reliance on these forward-looking statements. I encourage you to read the full disclosure concerning forward-looking statements within the earnings results press release issued on 29 April 2026. Let me now turn the call over to Mr. Leandro Garcia.

Speaker #2: Please note that today's remarks include forward-looking statements that are based on management current views and assumptions. While management believes this assumption's expectations and projections are reasonable in view of the current available information, your caution not to place under reliance on these forward-looking statements.

Sebastián Valencia Carrasco: While management believe these assumptions, expectations, and projections are reasonable in view of the current available information, you are cautioned not to place under reliance on these forward-looking statements. I encourage you to read the full disclosure concerning forward-looking statements within the earnings results press release issued on 29 April 2026. Let me now turn the call over to Mr. Leandro Garcia.

Speaker #2: I encourage you to read the full disclosure concerning forward-looking statements within the earnings results press release issued on April 29, 2026. Let me now turn the call over to Mr. Leandro Garcia.

Speaker #3: Thank you, Sebastian. Good morning, and thank you for joining us today to discuss the quarterly results of the company. On slide 2 is our cautionary; I encourage you to read it.

Leandro Garcia: Thank you, Sebastian. Good morning, thank you for joining us today to discuss the quarterly results of the company. On slide 2 is our cautionary statement, important information that I encourage you to read. Today, we will talk about our Q1 2026 performance, our main achievements, and our priorities for the future. After the presentation, we will be available for Q&A session, where our team will be happy to answer your questions. Next slide, please. I will start with a summary of our operational results for the quarter, followed by an update on our permitting status. Gold production was 30,000 ounces, up 80% year over year, mainly due to the ramp-up operations at San Gabriel. As production volumes continue to ramp up, the company expects to begin recording sales in Q2 of 2026.

Speaker #3: Today, we will talk about our first quarter 2026 performance, our main achievements, and our priorities for the future. After the presentation, we will be available for Q&A session where our team will be happy to answer your questions.

Leandro Garcia: After the presentation, we will be available for Q&A session, where our team will be happy to answer your questions. Next slide, please. I will start with a summary of our operational results for the quarter, followed by an update on our permitting status. Gold production was 30,000 ounces, up 80% year-over-year, mainly due to the ramp-up operations at San Gabriel. As production volumes continue to ramp up, the company expects to begin recording sales in Q2 of 2026.

Speaker #3: Next slide, please. I will start with a summary of our operational results for the quarter. Followed by an update on our permitting status. Gold production was 30,000 ounces, up 80% year over year, mainly due to the ramp-up operations at San Gabriel.

Speaker #3: As production volumes continue to ramp up, the company expects to begin recording sales in the second quarter of 2026. Silver production reached 3.9 million ounces, up 6% year over year, compared to 3.7 million ounces in the same period last year.

Leandro Garcia: Silver production reached 3.9 million ounces, up 6% year over year compared to 3.7 million ounces in the same period last year. This increase was mainly driven by higher production at El Brocal. The result is in line with the mine plan for the quarter, with focus on processing ore that had been previously classified as low-grade silver ore. Uchucchacua and Tambomayo also contributed to this result. At Uchucchacua, production increased due to higher throughput and higher silver content. At Tambomayo, production improved as we prioritize higher-grade ore from the upper sections of the mine. Copper production in this Q1 reached 10.9 thousand tons, down 11% year over year. This decrease was mainly driven by lower production at El Brocal as we focus on processing silver ore. Turning now to permitting, I will briefly review the permits received.

Speaker #3: This increase was mainly driven by higher production at El Bragal, the result is in line with the mine plan for the quarter, with focus on processing ore that had been previously classified as low-grade silver ore.

Speaker #3: Uchuchacua and Tambomayo also contributed to this result. At Uchuchacua, production increased due to higher throughput and higher silver. At Tambomayo, production improved as we prioritized higher-grade ore from the upper sections of the mine.

Leandro Garcia: Uchucchacua and Tambomayo also contributed to this result. At Uchucchacua, production increased due to higher throughput and higher silver content. At Tambomayo, production improved as we prioritize higher-grade ore from the upper sections of the mine. Copper production in this Q1 reached 10.9 thousand tons, down 11% year over year. This decrease was mainly driven by lower production at El Brocal as we focus on processing silver ore. Turning now to permitting, I will briefly review the permits received.

Speaker #3: Copper production in this first quarter reached 10.9 thousand tons, down 11% year over year. This decrease was mainly driven by lower production at El Brocal, as we focused on processing silver ore.

Speaker #3: Turning now to permitting, I will briefly review the permits received. During the first quarter of 2026, we received a stage one of the operating permit for San Gabriel.

Leandro Garcia: During Q1 2026, we received a stage 1 of the operating permit for San Gabriel. This approval authorizes us the start of operations to process and commercialize the mine ore. Also, at San Gabriel in April 2026, we received the water use license. This permit allows the storage and use of water at the Angani Dam. At Yumpag, the second ITS received in Q2 2026 allows us to increase ore extraction to 12,000 tons per day. In addition, we expect to receive the mine plan modification in Q3 2026 as planned, which is required to achieve this level of production.

Speaker #3: This approved authorizes us the start of operations to process and commercialize the mine ore. Also, at San Gabriel, in April 2026, we received the water use license.

Speaker #3: This permit allows the storage and use of water at the Agani dam. At Yunpac, the second ITS received in the second quarter of 2026 allows us to increase ore extraction to 12,000 tons per day.

Speaker #3: In addition, we expect to receive the mine plan modification in the third quarter of 2026 as planned, which is required to achieve this level of production.

Speaker #3: At El Bragal, the first ITS approved in the first quarter of 2026 increases mine extraction capacity to 17,000 tons per day in line with the company's medium-term strategy.

Leandro Garcia: At El Brocal, the first ITS approved in Q1 2026 increases mine extraction capacity to 17,000 tons per day, in line with the company's medium-term strategy. At Trapiche, the environmental impact assessment was approved in Q1 2026. This permit provides environmental certification for the construction and operation of the project. These permitting milestones help unlock capacity, support ramp-up, and increase operational certainty across our portfolio. Moving on the next slide, I would like to summarize our Q1 results. Starting with revenues. Total revenues reached $625 million in Q1, more than doubling year-over-year, reflecting a stronger operating performance and a more favorable market environment.

Speaker #3: Finally, at Rapiche, the environmental impact assessment approved in the first was approved in the first quarter of 2026. This permit provides environmental certification for the construction and operation of the project.

Leandro Garcia: These permitting milestones help unlock capacity, support ramp-up, and increase operational certainty across our portfolio. Moving on the next slide, I would like to summarize our Q1 results. Starting with revenues. Total revenues reached $625 million in Q1, more than doubling year-over-year, reflecting a stronger operating performance and a more favorable market environment.

Speaker #3: Overall, this permitting milestone helped unlock capacity support ramp-up and increase operational certainty across our portfolio. Moving on to the next slide, I would like to summarize our first quarter results.

Speaker #3: Starting with revenues, total revenues reached 625 million dollars in the first quarter, more than doubling year over year. Reflecting a stronger operating performance and a more favorable market environment.

Leandro Garcia: Looking at EBITDA from direct operations, we achieved $386 million, more than three times higher year-over-year, with margins improving from 41% to 62%. The stronger operations resulted in a net income of $355 million, a 142% year-over-year increase. On the capital allocation side, CapEx for this quarter totaled $81 million, mainly focused on San Gabriel alongside sustaining investment at Trapiche, aligned with our growth priorities. After the quarter end on 26 April 2026, Buenaventura received $59 million in dividends from its stake in Cerro Verde. Total dividends received year to date, 2026 amounted to $157 million. Finally, all of this is reflected in our balance sheet strength.

Speaker #3: Looking at the EBITDA, from direct operations, we achieved 386 million dollars, more than three times higher year over year, with margins improving from 41% to 62%.

Speaker #3: A stronger operations resulted in a net income of 355 million dollars, a 142% year over year increase. On the capital allocation side, CAPEX for this quarter totaled 81 million dollars.

Speaker #3: Mainly focused on San Gabriel alongside sustaining investment and Rapiche aligned with our growth priorities. After the quarter ends on April 2026, when Aventura receives 59 million dollars in dividends from its stake in Cerro Verde, total dividends received year to date 2026 amounted to 157 million dollars.

Speaker #3: Finally, all of this is reflected in our balance sheet strength. The quarter ended with a cash position of $760 million and a total debt of $708 million, resulting in a net cash positive position.

Leandro Garcia: The quarter ended with a cash position of USD 760 million and a total debt of USD 708 million, resulting in a net cash positive position. Moving on the cost applicable to sales. Starting with the copper cash, changes are mainly explained by developments at El Brocal, where we see higher personnel costs. These are mainly driven by increased workers' profit sharing provisions, reflecting improved profitability. In addition, higher input consumption and foreign exchange impact affected cost. These effects were partially offset by improved commercial terms. Silver cash increased due to higher personnel costs, together with higher commercial deductions related to escalators, mainly at Uchucchacua and Yumpag. Gold cash increased versus the same period last year due to higher personnel costs, lower throughput, reducing scale efficiencies at higher exploration costs at Orcopampa and Tambomayo.

Speaker #3: Moving on to the cost applicable to sales, starting with the copper cash, changes are mainly explained by developments at El Brocal, where we see higher personnel costs.

Speaker #3: These are mainly driven by increased workers' profit-sharing provisions, reflecting improved profitability. In addition, higher cement consumption and foreign exchange impact affected costs. These effects were partially offset by improved commercial terms.

Leandro Garcia: In addition, higher input consumption and foreign exchange impact affected cost. These effects were partially offset by improved commercial terms. Silver cash increased due to higher personnel costs, together with higher commercial deductions related to escalators, mainly at Uchucchacua and Yumpag. Gold cash increased versus the same period last year due to higher personnel costs, lower throughput, reducing scale efficiencies at higher exploration costs at Orcopampa and Tambomayo.

Speaker #3: Silver cash increased due to higher personnel costs, together with higher commercial deductions related to escalators, mainly at Uchucchacua and Yumpag. Gold cash increased versus the same period last year due to higher personnel costs and lower throughput, reducing scale efficiencies and resulting in higher exploitation costs at Orcopampa and Tambomayo.

Leandro Garcia: On the next slide, we highlight our strong free cash flow generation in Q1 2026. Solid operating performance supported by dividends received allow us to close the quarter with a cash position of $760 million. To conclude the presentation, I would like to share a few final thoughts. First, San Gabriel entered the ramp-up phase during Q1 2026 and began contributing to Buenaventura results in line with expectations. 2, we continue to make progress on permitting our regulatory approvals across the portfolio, supporting the disciplined execution of the company's long-term strategy. 3, execution across the portfolio remained consistent, delivering predictable results and reinforcing balance sheet strength and financial flexibility. Finally, cash generation remained robust and well-diversified across direct operations and affiliate companies, supported by continued dividend influence from Cerro Verde. Thank you for your attention.

Speaker #3: On the next slide, we highlight our strong free cash flow generation. In the first quarter of 2026, solid operating performance supported by dividends received allow us to close the quarter with a cash position of 760 million dollars.

Speaker #3: To conclude the presentation, I would like to share a few final thoughts. First, San Gabriel entered the ramp-up phase during the first quarter of 2026 and began contributing to Buenaventura's results in line with expectations.

Leandro Garcia: 2, we continue to make progress on permitting our regulatory approvals across the portfolio, supporting the disciplined execution of the company's long-term strategy. 3, execution across the portfolio remained consistent, delivering predictable results and reinforcing balance sheet strength and financial flexibility. Finally, cash generation remained robust and well-diversified across direct operations and affiliate companies, supported by continued dividend influence from Cerro Verde. Thank you for your attention. I will hand the call back to the operator to open the line for questions. Operator, please go ahead.

Speaker #3: Number two, we continue to make progress on permitting and regular approvals across the portfolio, supporting the disciplined execution of the company's long-term strategy. Third, execution across the portfolio remained consistent, delivering predictable results and reinforcing balance sheet strength and financial flexibility.

Speaker #3: Finally, cash generation remained robust and well-diversified across direct operations and affiliate companies, supported by continued dividend inflows from Cerro Verde. Thank you for your attention.

Leandro Garcia: I will hand the call back to the operator to open the line for questions. Operator, please go ahead.

Speaker #3: I will hand the call back to the operator to open the line for questions. Operator, please go ahead.

Operator: Thank you. We will now begin the Q&A session. The first question today comes from Carlos De Alba with Morgan Stanley. Your line is now live. Please ask your question.

Operator: Thank you. We will now begin the Q&A session. To ask a question, dial in by phone and press star then 1 on your telephone keypad. Make sure your mute function is turned off, and if you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then 2.The first question today comes from Carlos De Alba with Morgan Stanley. Your line is now live. Please ask your question.

Speaker #1: We will now begin the question-and-answer session. To ask a question, dial in by phone and press star, then one on your telephone keypad.

Speaker #1: Make sure your mute function is turned off, and if you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star, then two.

Speaker #1: The first question today comes from Carlos de Alba with Morgan Stanley. Your line is now live. Please ask your question.

Carlos De Alba: Thank you. Good afternoon, everyone. I have three questions, if I may. The first one is, can you provide more color and details on how San Gabriel ramp-up is going? What are the challenges, maybe bottlenecks that you are facing at this stage? What is the expected output for Q2 at San Gabriel? The second question is on El Trapiche strategy. Clearly, you got now the environmental approval. You have a very strong balance sheet. Have you decided if you are going to pursue this project and build it on your own or if doing it together with a partner is more likely?

Speaker #3: Yeah, thank you. Good afternoon, everyone. So I have three questions, if I may. The first one is, can you provide more color and details on how San Gabriel ramp-up is going?

Speaker #3: What are the challenges, maybe bottlenecks, that you are facing at this stage? And what is the expected output for the second quarter at San Gabriel?

Speaker #3: The second question is on El Trapiche strategy. Clearly, you have now the environmental approval. You have a very strong balance sheet. Have you decided if you are going to pursue this project and build it on your own, or doing it together with a partner is more likely?

Carlos De Alba: Then finally, on dividends. What are the expectations for further dividends from Cerro Verde, in addition to the ones that you have received to date, including the $59 million in April? Thank you.

Speaker #3: And then, finally, on dividends, what are the expectations for further dividends from Cerro Verde? In addition to the ones that you have received to date, including the $59 million in April?

Speaker #3: Thank you.

Leandro Garcia: Thank you, Carlos, for your questions. Well, in beginning for the, for the first question about San Gabriel, as you know, we are in the first stage of the ramp up. We have some challenges, but up to now, we are in line with expectations. Maybe Juan Carlos Ortiz can give you more details about how we are going with San Gabriel. Please, Juan Carlos.

Speaker #4: Thank you, Carlos, for your questions. Well, in beginning for the first question about San Gabriel, as you know, we are in the first stage of the challenges, but up to now, we are in line with expectations.

Speaker #4: Maybe Juan Carlos Ortiz can give you more details about how we are going with San Gabriel. Please, Juan Carlos.

Juan Carlos Ortiz: Sure, Leandro. Thank you, Carlos, for your question. The progress that we have in the first quarter in San Gabriel were related to the conclusion of the commissioning, the training of our team, and starting to run all the machines as a sequence, as a system, right? It's crushing, milling, sanitation, filtration of the tailings. We have some progress on that regard. We are almost finishing with all the commissioning part, the mechanical assurance that everything is in place. Now we are training our people and start doing the fine-tuning of every single circuit. For instance, we have some challenges with the high moisture of the ore, getting stuck in the conveyor belt for the crushing circuit.

Juan Carlos Ortiz: Sure, Leandro. Thank you, Carlos, for your question. The progress that we have in the Q1 in San Gabriel were related to the conclusion of the commissioning, the training of our team, and starting to run all the machines as a sequence, as a system, right? It's crushing, milling, sanitation, filtration of the tailings.

Speaker #5: Sure, Leandro. Thank you, Carlos, for your question. The progress that we had in the first quarter in San Gabriel was related to the conclusion of the commissioning, the training of our team, and starting to run all the machines as a sequence, as a system, right?

Speaker #5: It's crushing, milling, sanitation, filtration—all of those details. So we have some progress in that regard. We are almost finished with all the commissioning part, the mechanical assurance that everything is in place.

Juan Carlos Ortiz: We have some progress on that regard. We are almost finishing with all the commissioning part, the mechanical assurance that everything is in place. Now we are training our people and start doing the fine-tuning of every single circuit. For instance, we have some challenges with the high moisture of the ore, getting stuck in the conveyor belt for the crushing circuit.

Speaker #5: Now we are training our people and start doing the fine-tuning of every single circuit. For instance, we have some challenges with the high moisture of the pour.

Speaker #5: Getting stick in the conveyor belt for the crushing circuit is this is going to be solved in the coming weeks. First, because we are entering the dry season, and two, because we are changing the system to remove the clays in the screening of the crushing circuit.

Juan Carlos Ortiz: This is gonna be solved in the coming weeks, first, because we're entering the dry season, and two, because we're changing the system to remove the clays in the screening of the crushing circuit. In the milling circuit, we have some malfunction of a electronic device. We already found the trouble, and we switch that piece, that part with a new one. We are running okay right now with the grinding milling circuit. Incineration, from the mechanical point of view, we have a small challenge, like the speed of the pumps and some resizing of some small boxes. To avoid any potential spilling of the slurry. In the filtration part, we are pretty much at 50% delivery from the vendor.

Speaker #5: Then, in the milling circuit, we had some malfunction of an electronic device. We already found the trouble, and we switched that piece, that part, with a new one.

Juan Carlos Ortiz: We are running okay right now with the grinding milling circuit. Incineration, from the mechanical point of view, we have a small challenge, like the speed of the pumps and some resizing of some small boxes. To avoid any potential spilling of the slurry. In the filtration part, we are pretty much at 50% delivery from the vendor.

Speaker #5: So we are running okay right now with the grinding, milling circuit. In sanitation, from the mechanical point of view, we have a small challenge, like the speed of the pumps and the some resizing of some small boxes.

Speaker #5: So, to avoid any potential spilling of the slurry. And in the filtration part, we are pretty much at 50% delivery from the vendor.

Juan Carlos Ortiz: We finished all the commissioning part, and now we are putting the filter presses to filter the tailings with a 50% progress. We are running with 8 bars of pressure, and we are moving step by step up to reach the 14 bars that is considered in the design. That's from the progress in the processing plant. In the tailings dam, we are starting right now in, by second half of May, we will start pulling the tailings out of the temporary reservoir and start to dry the tailings. Probably June, we will start placing the tailings in the tailings dam. That's gonna be the first time we do that in San Gabriel. We need to speed up.

Speaker #5: We finish all the commissioning part, and now we are putting the filter presses to filter the tailings. With a 50% progress, we are running with eight bars of pressure, and we are moving step by step up to reach the 14 bars that this considered in the design.

Speaker #5: So that's from the progress in the processing plant. In the tailings dam, we are starting right now in the second half of May. We will start putting the tailings out of the temporary reservoir and start to dry the tailings, and probably in June we will start placing the tailings in the tailings dam.

Speaker #5: So that's going to be the first time we do that in San Gabriel. We need to speed up. We anticipate some training process to be transferred to the team from the team of Tambomayo to the team of San Gabriel, to do exactly what we learned to do in Tambomayo—how to dry the tailings, how to reduce the moisture, how to place the tailings in the tailing reservoir, and how to compact those tailings.

Juan Carlos Ortiz: We anticipate some training process to be transferred to the team of, from the team of Tambomayo to the team of San Gabriel to do exactly what we learned to do in Tambomayo. How to dry the tailings, how to reduce the moisture, how to place the tailings in the tailings reservoir, and how to compact those tailings. That's exactly the agenda of the Q2. That's the agenda that we have. We expect to solve the majority of the most sensitive issues from the throughput and from the mechanical availability of the processing plant in the Q2. As we anticipated earlier in the previous conference call, the main constraint will be the area that we have available in the tailings dam.

Speaker #5: So that's exactly the agenda of the second quarter. That's the agenda that we have. We expect to solve most of the majority of the most sensitive issues from the throughput and from the mechanical availability of the processing plant in the second quarter.

Juan Carlos Ortiz: That's the agenda that we have. We expect to solve the majority of the most sensitive issues from the throughput and from the mechanical availability of the processing plant in the Q2. As we anticipated earlier in the previous conference call, the main constraint will be the area that we have available in the tailings dam.

Speaker #5: And, as we anticipated earlier in the previous conference call, the main constraint will be the area that we have available in the tailings dam.

Juan Carlos Ortiz: It's a narrow valley, and we are starting working at the bottom of the valley, so we don't have that much area available. Every single lift that we compacted, we gain additional area. Gradually, we will increase tonnage as an average. We expect to finish 2,000 tons per day by the end of December 2026, and reach full capacity, 3,000 tons per day, by the end of 2027. That's pretty much what we're doing right now, Carlos.

Speaker #5: It's an arrow valley, and we are starting working at the bottom of the valley. So we don't have that much area available. Every single lift that we compacted, we gained additional area.

Speaker #5: So, gradually, we will increase tonnage. On average, we expect to finish at 2,000 tons per day by the end of December 2026, and reach full capacity—3,000 tons per day—by the end of 2027.

Speaker #5: So that's pretty much what we're doing right now, Carlos.

Carlos De Alba: Thank you. Juan Carlos.

Speaker #6: Thank you, Juan Carlos.

Leandro Garcia: Yes. Going back to your second question about Trapiche. We are far from that decision if we go alone or we call for a partner to construct and develop that project. We are in a stage of investigating all the geotechnical, more drillings we need. Maybe Renzo Macher can help us in what we are facing this year and the following two years until we reach the feasibility study. Please, Renzo Macher, go ahead.

Speaker #5: Yes. Going back to your second question about Trapiche, we are far from that decision—whether we go alone or we call for a partner to construct and to develop that project.

Speaker #5: We are in a stage of investigating all the geotechnical and more drillings we need. Maybe Renzo can help us with what we are facing this year and the following two years until we reach the feasibility study.

Speaker #5: Please, Renzo, go ahead.

Renzo Macher: Sure, Carlos. We're gonna be continually risking the project in regards to acid consumption, acid pricing, and acid logistics. That's gonna be one of our main goals. We continue exploration of the primaries, and we're gonna be starting. As we finish the environmental impact assessment study, we're gonna be starting with the next permit or the next social permit, which is the prior consultation permit in this case.

Speaker #6: Sure, Carlos. We're going to be continually risking the project in regards to acid consumption, acid pricing, and acid logistics. That's going to be one of our main goals.

Speaker #6: We continue exploration of the primaries, and we're going to be starting—as we finish the environmental impact assessment study—we're going to be starting with the next permit, or the next social permit, which is the previous consultation permit.

Speaker #6: In this case, going back to Carlos, going back to your question about dividends from Cerro Verde, well, we foresee an excellent year for Cerro Verde.

Carlos De Alba: Thank you, Renzo.

Leandro Garcia: We'd like to Carlos, going back to your question about dividends from Cerro Verde. Well, we foresee an excellent.

Leandro Garcia: We'd like to Carlos, going back to your question about dividends from Cerro Verde. Well, we foresee an excellent. A year for Cerro Verde. The operations are going as planning. You know, we don't have a dividend payment policy. I think this year in cash generation will be extremely good. We have some expectations. Daniel, please.

Leandro Garcia: A year for Cerro Verde. The operations are going as planning. You know, we don't have a dividend payment policy. I think this year in cash generation will be extremely good. We have some expectations. Daniel, please.

Speaker #6: The operations are going as planned, and we don't have a dividend payment policy, but I think this year in cash generation will be extremely good.

Speaker #6: But we have some expectations, Daniel, please. Thank you, Leandro. And thank you, Carlos, for your question. Yes, as Leandro was saying, Cerro Verde will generate a lot of cash this quarter or this year.

Daniel Domínguez: Thanks, Leandro. Thank you, Carlos, for your question. Yes, as Leandro was saying, Cerro Verde will generate a lot of cash this quarter or this year. Considering that the price of copper is over $12,000 per ton. We expect Cerro Verde to generate in excess of $2.5 billion of EBITDA. They have small CapEx, $350 to 400 million. In taxes, they should be paying around $1 billion. They don't have any debt. The free cash flow for this year in Cerro Verde, considering the current prices for copper, should be in the order of $1.2 to 1.3 billion. They already have cash in their balance, the minimum cash required for the operations.

Speaker #6: Considering that the price of copper is over $12,000 per ton, we expect Cerro Verde to generate in excess of $2.5 billion of EBITDA.

Speaker #6: They have small capex, $350 to $400 million. In taxes, they should be paying around $1 billion. They don't have any debt. So the free cash flow for this year in Cerro Verde, considering the current prices for copper, should be in the order of $1.2 to $1.3 billion.

Daniel Domínguez: In taxes, they should be paying around $1 billion. They don't have any debt. The free cash flow for this year in Cerro Verde, considering the current prices for copper, should be in the order of $1.2 to 1.3 billion. They already have cash in their balance, the minimum cash required for the operations. They should be distributing around $200 to 200 million to Buenaventura. From which they have already distributed $160 million from January to April.

Speaker #6: They already have cash in their balance. The minimum cash required for the operations—so they should be distributing around $200 to $200 million to Buenaventura, from which they have already distributed $160 million from January to April.

Daniel Domínguez: They should be distributing around $200 to 200 million to Buenaventura. From which they have already distributed $160 million from January to April.

Leandro Garcia: Thank you, Daniel.

Speaker #6: Thank you, Daniel.

Operator: The next question comes from Tanya Jakusconek with Scotiabank. Please go ahead.

Speaker #4: The next question comes from Tana Jakku-Skonic with GoShip Inc. Please go ahead.

Tanya Jakusconek: Great. thank you so much for taking my questions. Good afternoon, everybody. I wanted to follow back on San Gabriel. I appreciate all of the hard work you're doing on getting the ramp up, and there's always something going on mechanically and other. I must say, I am surprised about the clay in the ore. I didn't realize that there was clay in the ore. Can you just remind me what exactly, what mineral do you have, and how are you removing this? Are you surprised you have clay in the ore?

Speaker #7: Oh, great. Thank you so much for taking my questions. Good afternoon, everybody. I wanted to follow back on San Gabriel. I appreciate all of the hard work you're doing on getting the ramp up, and there's always something going on mechanically and other.

Speaker #7: But I must say I am surprised about the clay in the ore. I didn’t realize that there was clay in the ore. Can you just remind me exactly what mineral you have, and how are you removing this?

Speaker #7: And are you surprised you have clay in the ore?

Juan Carlos Ortiz: Yeah. We do have.

Speaker #5: Yeah. We do have two types of clay. I don't know if you want to pronounce it properly, but it's Montmoyen orite. That's a kind of expansive clay that we have in the deposit.

Daniel Domínguez: Yes, we do.

Juan Carlos Ortiz: two types of clay. I don't know if I'll pronounce it properly, but it's montmorillonite. That's a kind of expansive clay that we have in the deposit. It varies from 1% to 8% in different places of the, in the deposit. When we transfer the ore from the mine, when we extract the ore from the mine, we only usually have between 4% to 5% moisture, no more than that. When we put the ore in the stockpile in surface during the rainy season, the moisture can goes up to 14%. Only for the raining coming down into the stockpile. This clay, because it's an expansive or swelling clay, I think that's the technical term, generate a lot of troubles in the crushing circuit because it's very sticky.

Speaker #5: It varies from 1% to 8% in different places of the deposit. When we transfer the ore from the mine or when we extract the ore from the mine, we usually have between four to five percent moisture, no more than that.

Speaker #5: But when we put the ore in the stockpiling surface during the rainy season, the moisture can go up to 14%. Only for the raining coming down to the stockpile.

Speaker #5: And this clay, because it's an expansive or swelling clay—I think that's the technical term—generates a lot of trouble in the crushing circuit because it's very sticky.

Juan Carlos Ortiz: It starts getting into the boxes in between the transfer point of the crusher into the conveyor belt or at the end of the conveyor belt into the stockpile or into the stockpile into the feeders to the mill. The solution to that, there are two things that we are analyzing. Using a screen that use water, so we can spray water on top of the ore while it's passing through the surface of the screen to remove the fine fraction. That's one option, it's not gonna take that much time. The other is using what we use in El Brocal or what we use also in Julcani. That's a drum where we have like a screen around the surface of the drum, so we can wash the ore as it travels through the to the drum.

Speaker #5: And it starts getting into the boxes in between the transfer point of the crusher into the conveyor belt, or at the end of the conveyor belt into the stockpile, or into the stockpile into the feeders to the mill.

Speaker #5: The solution to that, there are two things that we are analyzing. Using a screen that you use water, so we can spray water on top of the ore while it's passing through the surface of the screen.

Speaker #5: To remove the flying fraction. That's one option. It's not going to take that much time. And the other is using what we use in Brocau or what we use also in Hurcani.

Speaker #5: That's a drum where we have a screen around the surface of the drum, so we can wash the ore as it travels through the drum.

Juan Carlos Ortiz: That is something that we use in El Brocal for many years when we process the ore from the open pit. Also we use that in Julcani because the ore underground also has, depending on the area, they might have a high content of clay and complicate the crushing circuit. That's gonna be the solution for dealing for the clay areas underground for the next rainy season that is starting December, January 2025.

Speaker #5: That is something that we use in Brocau for many, many years when we process the ore from the open pit and also we use that in Hurcani because the ore and the ground also has depending on the area, they might have a high content of clay and complicate the crushing circuit.

Speaker #5: So that's going to be the solution for dealing with the clay areas and the ground for the next rainy season, which starts in December or January next year.

Tanya Jakusconek: Is this clay consistent throughout the ore body, or is it just in patches? Have you seen, like, once you get it through the crushing circuit and through the conveyor, does it negatively impact your recoveries?

Speaker #7: Is this clay consistent throughout the ore body? Or is it just in patches? And have you seen once you get it through the crushing circuit and through the conveyor, does it negatively impact your recoveries?

Juan Carlos Ortiz: No, it's not impacting negatively the recoveries. We need to make a little adjustments in the density of the slurry in order to reduce the viscosity. If we go to 1,400 grams per liter, the viscosity goes too high. We need to go down to 1,320 grams per liter, so in order to have a fluid slurry that have all the rheological properties as of being designed. Interaction between the cyanide, the gold, and the activated carbon works as planned. It's not a sensitive issue. It's also something that we need to find a way how operatively treat this material whenever we are bringing that into the processing plant.

Speaker #5: No, it's not impacting negatively the recoveries. We need to make a little adjustments in the density of the slurry in order to reduce the viscosity.

Speaker #5: If we go to 1,400 grams per liter, the viscosity goes too high. So we need to go down to 1,320—1,320 grams per liter.

Speaker #5: So in order to have a fluid rheological properties of being designed, at the end, the interaction between the cyanide, the gold, and the activated carbon works as planned.

Speaker #5: So it's not a sensitive issue. It's also something that we need to find a way to operatively treat this material whenever we are bringing that into the processing plant.

Tanya Jakusconek: Okay. Sorry, did you answer if it's all over the ore body or is it in specific areas?

Speaker #7: Okay. And sorry, did you answer if it's all over the ore body or is it in specific areas?

Juan Carlos Ortiz: We're studying that because we haven't have a detailed distribution of the clay. We have information, but we have not developed a model of clay distribution in deposits. We have a distribution of gold, silver, carbon, organic carbon. We don't have a distribution of clay. We're working on that because we have the information in the logging record, so we are building that model in order to make probably a blending and try to avoid being over, let's say, 6% total clays into the feeding of the processing plant. Right now, we have certain days when we are 8, maybe sometimes 9% clays. That's when we start getting problems along with the rainy season. The dry season is, this is not gonna be a problem.

Speaker #5: We are studying that because we haven't had a detailed distribution of the clay. We have the information, but we have not developed a model of clay distribution in the deposit.

Speaker #5: We have a distribution of gold, silver, carbon, organic carbon, but we don't have a distribution of clay. So we're working on that because we have the information in the logging record.

Juan Carlos Ortiz: We don't have a distribution of clay. We're working on that because we have the information in the logging record, so we are building that model in order to make probably a blending and try to avoid being over, let's say, 6% total clays into the feeding of the processing plant. Right now, we have certain days when we are 8, maybe sometimes 9% clays. That's when we start getting problems along with the rainy season. The dry season is, this is not gonna be a problem.

Speaker #5: So, we are building that model. In order to make probably a blending and try to avoid being over, let's say, 6% total clays into the feeding of the processing plant.

Speaker #5: Right now, we have certain days in which we are at 8% and maybe sometimes 9% clays, and that's when we start getting problems along with the rainy season.

Speaker #5: The dry season is not going to be a problem.

Tanya Jakusconek: Okay. Thank you. Thank you for the explanation on that. The second item maybe someone can answer for me. As you're aware, you know, with the volatility of oil prices and other things going on around the world, I just wanted to understand how you in Peru are managing, you know, supplies coming in-country. I just wanna understand whether you are seeing any constraints in getting supplies into country and/or to your mine sites, you know, like we did in COVID times. Are you having to increase your working capital or stockpile selective, you know, consumables? Maybe just where are you seeing any pressures on the supply chain front for your company, if any?

Speaker #7: Okay. Thank you. Thank you for the explanation on that. The second item maybe someone can answer for me. As you're aware, with the volatility of oil prices and other things going on around the world, I just wanted to understand how you in Peru are managing supplies coming in-country and I just want to understand whether you are seeing any constraints in getting supplies into-country and/or to your mine sites like we did in COVID times?

Speaker #7: Are you having to increase your working capital or stockpile selective consumables? So, maybe just, where are you seeing any pressures on the supply chain front for your company, if any?

Leandro Garcia: Thank you, Tanya. Daniel?

Speaker #5: Thank you, Tanya. Daniel?

Daniel Domínguez: Thank you, Leandro. Tanya, we are not, we have not seen any major disturbance or problems in the supply chain. Diesel has increased price rather than being difficult to get more diesel. The price has increased 50%. Also, this component, the diesel is around 5% of the total OpEx that we have. The percentage of increase in our costs is around 2% to 2.5%. We think that this will be the case for the entire year. Regarding the other supplies like cyanide or sulfuric acid, we don't see any problems in the supply of these reagents or supplies.

Speaker #4: Thank you, Leandro. Tanya, we are not we have not seen any major disturbance or problems in the supply chain. Diesel has increased price rather than being difficult to get more diesel.

Speaker #4: The price has increased 50%, and also this component, the diesel, is around 5% of the total OPEX that we have. So the percentage of increase in our costs is around 2 to 2.5%.

Daniel Domínguez: We think that this will be the case for the entire year. Regarding the other supplies like cyanide or sulfuric acid, we don't see any problems in the supply of these reagents or supplies. We have in our mines 1 month of stock for the continuous operation. Also in Lima, in the Port of Callao, we have an additional 3 months for our critical supplies. We don't foresee any problems with any supplies.

Speaker #4: We think that it will be the case for the entire year. Regarding the other supplies, like cyanide or sulfuric acid, we don't see any problems in the supply of these reagents or supplies.

Daniel Domínguez: We have in our mines 1 month of stock for the continuous operation. Also in Lima, in the Port of Callao, we have an additional 3 months for our critical supplies. We don't foresee any problems with any supplies.

Speaker #4: We have in our mines one month of stock for the continuous operation. And also in Lima, in the port of Callao, we have an additional three months for our critical supplies.

Speaker #4: So, we don't foresee any problems with any supplies.

Tanya Jakusconek: Daniel, it's not a supply issue getting to site, it's more a cost issue of, you know, it's just gonna cost you more.

Speaker #7: So Daniel, it's not a supply issue. Getting to site is more a cost issue. It's just going to cost you more.

Daniel Domínguez: Yes. Exactly.

Speaker #4: Yes. Exactly.

Tanya Jakusconek: Yeah. Okay. My final question, if I can, and someone in the team wants to take this, maybe for us sitting in North America, just a flavor of, you know, with elections going on, what is happening in Peru from both, you know, a fiscal regime and maybe social as well with, you know, new leader in place. Can someone give us some insights into the politics of Peru?

Speaker #7: Yeah. Okay. And then my final question, if I can, and someone in the team wants to take this, maybe for us sitting in North America, just a flavor of with elections going on, what is happening in Peru from both a fiscal regime and maybe social as well with new leader in place?

Speaker #7: Can someone give us some insights into the politics of Peru?

Leandro Garcia: Thank you, Tanya. Well, finally, the two candidates that will pass for the ballotage are not finally defined. Keiko Fujimori is for sure there, but still counting the votes for Rafael López Aliaga and Roberto Sánchez. The important thing here is the new composition of the senate and the deputy cameras. If you see those results, you will appreciate the situation that is more center and center-right. We do not foresee any changes in legislation. Of course, there will be some demands.

Speaker #5: Thank you, Tanya. Well, finally, the two candidates that will pass for the ballot—well, the ballot touch—are not finally defined. Keiko Fujimori is for sure there.

Speaker #5: But still counting the votes for Rafael López Aliaga and Roberto Sánchez. But the important thing here is the new composition of the Senate and the deputy cameras.

Speaker #5: If you see those results, you will appreciate the situation that is more center and center-right. We do not foresee any changes in legislation; of course, there will be some demands, but I think that we feel comfortable with how this new Congress has been elected.

Leandro Garcia: We feel comfortable with how this new Congress has been elected, that will guarantee some kind of peace in terms of new ideas or new things that normally the social unrest can ask. The campaign has been quite easy. It has not been much problems in the regions. We are confident that business area and business performance will go ahead well in the following years.

Speaker #5: That will guarantee some kind of peace in terms of new ideas or new things that normally the social unrest can ask. But, and the campaign has been quite easy, has not been much with much problems in the regions.

Speaker #5: So, we are confident that the business area and business performance will go ahead well in the following years.

Tanya Jakusconek: Can we assume that there's no changes to taxes and/or royalties?

Speaker #7: So can we assume that there's no changes to taxes and/or royalties?

Leandro Garcia: There should be some voices that will ask, but I don't think that the composition of the Congress, the new Congresses will pass that call.

Speaker #5: There should be some voices that will ask, but I don't think that the composition of the new Congresses will pass that call.

Tanya Jakusconek: Okay. What about on the permitting front? You know, is there the potential for this new government to make permitting and getting permits a lot easier?

Speaker #7: Okay. And what about on the permitting front? Is there the potential for this new government to make permitting and getting permits a lot easier?

Leandro Garcia: Well, it depends on who is finally the winner, huh? We try always to communicate the difficulty and the bureaucracy and the length that it takes to be granted of a permit. It's a common ask from the mining sectors and the investor sector to facilitate the granted on permitting, right?

Speaker #5: Well, if depends on who is finally the winner. We try always to communicate the difficulty and the bureaucracy and the length that it takes to be granted a permit.

Speaker #5: So, it's a common ask from the mining sector and from the investor sector to facilitate the granting on permitting, right?

Tanya Jakusconek: Yeah. We all hope, right? Thank you. Thank you for taking my questions.

Speaker #7: Yeah. We all hope, right? Thank you. Thank you for taking my questions.

Leandro Garcia: Thank you, Tanya.

Speaker #5: Thank you, Tanya.

Operator: As a reminder, if you would like to ask a question, please press star then one to join the question queue. The next question comes from Cesar Perez-Novoa with BTIG. Please go ahead.

Speaker #6: As a reminder, if you would like to ask a question, please press star, then one to join the question queue. The next question comes from Cesar Perez Novoa with BTIG.

Speaker #6: Please go ahead.

César Pérez-Novoa: Yeah. Going back to the San Gabriel contained clay. If I heard correctly, when you insert the screen mesh panel, which I think it's what you're gonna use, will that have an impact over OpEx at the mine? Will this have any additional CapEx spend? I guess not, but I want to confirm if this is technically feasible or not.

Speaker #4: Yeah. Going back to the San Gabriel contained clay, if I heard correctly, when you incept the screen mesh panel—which I think is what you're going to use—will that have an impact over OPEX at the mine?

Speaker #4: And will this have any additional CAPEX spend? I guess not, but I want to confirm if this is technically feasible or not.

Juan Carlos Ortiz: Well, we're in the stage of developing the options. As I mentioned, we have 2 options to have what we call banana screen. That's something that has a shape.

Speaker #5: Well, we're in the stage of developing the options. As I mentioned, we have two options: to have what we call banana screen. That's something that has a shape with the highest lobe at the beginning.

César Pérez-Novoa: Okay.

Juan Carlos Ortiz: -with a higher lobe at the beginning, and then you wash quarter of top. That machine costs in the order of $300,000. Probably at a rule of thumbs 3 to 1. The total CapEx for that piece of machinery being working on-site is around $1 million dollar. That's gonna be the additional capital we need to incur to ensure that clay is not gonna be a problem in the crushing and grinding sequence in the future. From the breaking point of view, maybe, I don't know, $0.10 per ton. That's a very, very small additional cost that we expect to run this additional sequence in San Gabriel. It's more on the CapEx of the year, an additional $1 million to add this component to the flow sheet of the processing plant.

Speaker #5: And then you wash water on top. That machine costs in the order of $300,000. Probably, as a rule of thumb, three to one, the total CAPEX for that piece of machinery being working on site is around $1 million.

Speaker #5: That's going to be the additional CAPEX we need to incur to be sure that clay is not going to be a problem in the crushing and grinding circuit in the future.

Speaker #5: From the operating point of view, maybe, I don't know, 10 cents per ton is a very, very small additional cost that we expect to run this additional circuit in San Gabriel.

Speaker #5: So it's more on the CAPEX of the year, an additional million dollars to add this component to the flow sheet of the processing plant.

César Pérez-Novoa: Okay. No, that's very clear. Thank you very much. It's essentially an irrelevant cost for the incremental spend. Thank you.

Speaker #4: Okay, no, that's very clear. Thank you very much. It's essentially an irrelevant cost for the incremental spend. Thank you.

Juan Carlos Ortiz: Mm-hmm. Thank you.

Speaker #5: Thank you.

Operator: Ladies and gentlemen, with that, we will be concluding today's audio question and answer session. I would like to turn the floor back over to Sebastian Valencia, Head of Investor Relations, for any webcast questions.

Speaker #6: Ladies and gentlemen, with that, we will be concluding today's audio question and answer. session. I would like to turn the floor back over to Sebastian Valencia, head of investor relations, for any webcast questions.

Sebastián Valencia Carrasco: Thank you, operator. The fourth question comes from Jordan Rosas from Kallpa SAB. We have seen some cost pressures related to personal expenses. Is this something you expect to continue through the year? Could you provide more color on the main drivers behind this increase and whether it's related to wage adjustments, higher headcount, contractor costs, or the ramp up of San Gabriel?

Speaker #4: Thank you, operator. The fourth question comes from Jordan Rosano from CalpaSAP. We have seen some cost pressures related to personal expenses. Is this something you expect to continue through the year?

Speaker #4: And could you provide more color on the main drivers behind this increase, and whether it's related to wage adjustments, higher headcount, contractor costs, or the ramp-up of San Gabriel?

Leandro Garcia: Thank you, Sebastian.

Leandro Garcia: Basically-

Speaker #5: Thank you, Sebastian.

Juan Carlos Ortiz: Go, Daniel, yes.

Daniel Domínguez: Basically, the increase in the costs related to personnel is coming from the higher workers' profit sharing. As we are having higher profits in Buenaventura and in Brocal, we have to pay more for workers' profit sharing. It has increased from $2.5 million last year to almost $19 million this year. Well, most of this goes to the cost of sales for each mine, and also it goes to the administrative expenses. In terms of wages, there have been no major increases. We have increased only with the inflation rate.

Speaker #4: Sorry. The increase in the costs related to personal is coming from the higher workers' profit sharing. As we are having higher profits in Buenaventura and in Brocal, we have to pay more for workers' profit sharing.

Speaker #4: So it has increased from 2.5 million last year to almost 19 million this year. Well, most of this goes to the cost of sales for each mine, and also it goes to the administrative expenses.

Daniel Domínguez: In terms of wages, there have been no major increases. We have increased only with the inflation rate. In terms of headcount in the mines, specifically El Brocal and Uchucchacua, we had additional operators for the new equipment, but these have not made a big difference compared to last year. Basically, the difference is because of the higher workers' profit sharing.

Speaker #4: And in terms of wages, there have been no major increases. We have increased only with the inflation rate, and in terms of headcount in the mines—specifically El Brocal and Uchucchacua—we had additional operators for new equipment, but these have not made a big difference compared to last year.

Daniel Domínguez: In terms of headcount in the mines, specifically El Brocal and Uchucchacua, we had additional operators for the new equipment, but these have not made a big difference compared to last year. Basically, the difference is because of the higher workers' profit sharing.

Speaker #4: So basically, the difference is because of the higher workers' profit sharing. Thank you, Anil. And the final question comes from Jaime Ayalde from Sinoar Capital.

Sebastián Valencia Carrasco: Thank you, Daniel. The final question comes from Jaime Alde from Sino AR Capital. Is Buenaventura corporate policy is still to remain unhedged in copper, gold, and silver?

Speaker #4: Is Buenaventura corporate policy still to remain unhedged in copper, gold, and silver?

Daniel Domínguez: Yes, Sebastian. Yes, our policy right now, really, we can hedge, but we prefer not to hedge. We will go with the market. As probably everybody is aware, we have a lot of problems with SUNAT in the past for some hedgings. As far as I know, any audit from SUNAT of the mining companies is positive, and we prefer not to hedge for the time being.

Aldo Massa: Yes, Sebastian. Yes, our policy right now, really, we can hedge, but we prefer not to hedge. We will go with the market. As probably everybody is aware, we have a lot of problems with SUNAT in the past for some hedgings. As far as I know, any audit from SUNAT of the mining companies is positive, and we prefer not to hedge for the time being.

Speaker #8: Yes, Sebastian. Yes, our policy right now—really, we can hedge, but we prefer not to hedge. We will go with the market, as probably everybody is aware.

Speaker #8: We have had a lot of problems with Sonata in the past for some hedgings. And as far as I know, any audit from Sonata of the mining companies is positive.

Speaker #8: And we prefer not to hedge for the time being.

Sebastián Valencia Carrasco: Thank you, Aldo. At this time, there are no further questions. I would like to turn the call over to the operator.

Speaker #4: Thank you, Aldo. At this time, there are no further questions. I would like to turn the call over to the operator.

Operator: That concludes the question and answer session of today's conference call. I would like to turn it back over to management for closing remarks.

Speaker #6: That concludes the question and answer session of today's conference call. I would like to turn it back over to management for closing remarks.

Leandro Garcia: Thank you. Before we finish, I want to thank Alejandro Hermoza, our Vice President of Sustainability, that this is his last conference call with us. He has been with us almost 25 years. He has been a important pillar of this team. Of course, we foresee continue Alex to be continued part of our family. Doors always are open, and we will miss a couple of coffees with you. Thank you, Alex. For all your effort, and the best for you in this new stage. For all our, for all that you are with us today, I would like to thank for your time and effort dedicated to joining us. Your participation and input are greatly appreciated. Thank you again, and have a wonderful day.

Speaker #5: Thank you. And before we finish, I want to thank Alejandro Hermosa, our Vice President of Sustainability, as this is his last conference call with us.

Speaker #5: He has been with us for almost 25 years. He has been an important pillar of this team. And of course, we foresee Alex continuing to be part of our family.

Speaker #5: And doors always are open and we will miss a couple of coffees with you. Thank you, Alex. We look for all your effort. And the best for you in this new stage.

Speaker #5: And for all our—for all that you are with us today, I would like to thank you for your time and effort dedicated to joining us. Your participation and input are greatly appreciated.

Speaker #5: Thank you again and have a wonderful day.

Operator: Ladies and gentlemen.

Leandro Garcia: Okay.

Operator: This concludes Buenaventura's Q1 2026 earnings results conference call. We would like to thank you again for your participation. You may now disconnect.

Speaker #6: Ladies and gentlemen, that concludes Buenaventura's first quarter 2026 earnings results conference call. We would like to thank you again for your participation. You may now disconnect.

Q1 2026 Compania de Minas Buenaventura SAA Earnings Call

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