About Compañía de Minas Buenaventura S.A.A.

Compañía de Minas Buenaventura S.A.A. (Buenaventura) operates as a precious metals company. The company engages in the exploration, mining, and processing of gold, silver, copper and other metals in Peru. The company operates the Orcopampa, Uchucchacua, Julcani and Tambomayo mines and has controlling interests in three other mining companies that operate the Colquijirca-Marcapunta, Tantahuatay and La Zanja mines and has controlling interests in two other mining companies that operate the Colquijirca-Marcapunta and Coimolache mines. The company also owns an electric power transmission company, a hydroelectric plant and a processing plant, as well as non-controlling interests in several other mining companies, including a significant ownership interest in Cerro Verde, a Peruvian company that operates a copper mine located in the south of Peru. The company mainly produces refined gold and silver, either as concentrates or dora bars, and other metals, such as lead, zinc, and copper as concentrates that it distributes and sells locally and internationally. Exploration The company views explorations as its primary means of generating value for its shareholders, and the company maintains a portfolio of active exploration projects at various stages of exploration for mineral resources in Peru. The company's exploration department develops programs and budgets for individual projects each year and it allocates, subject to board approval, the proper amount to fund each particular exploration program. The company has active joint venture exploration agreements with other mining companies, including Southern Copper Corporation, Alianza Minerals, and Minera Bateas. Additionally, the company holds 19.32% of Tinka Resources Limited. Consequently, the company has access to promising mining projects through exploration of its own mining properties, as well as third-party properties. Exploration Projects in Non-Operating Areas Yumpaq: The Yumpaq project is located four kilometers (km) northeast of the Uchucchacua mine. This project is an epithermal silver-manganese deposit hosted by Cretaceous limestone. Mineralization is structurally influenced by the Cachipampa fault, which also influences significant areas of silver mineralization at the Uchucchacua mine. In 2022 the company conducted 11,659 meters of exploration drilling in the Tomasa vein, which has allowed it to identify two main ore bodies. In addition, the company completed 6,626 meters of exploration drilling in the Camila southwest vein which has allowed it to extend the mineralization for 450 meters southwest. Finally, the company conducted an additional 6,808 meters of infill drilling in the Camila vein. For 2023, the company expected to execute 7,900 meters of infill drilling in the Tomasa vein, 6,000 meters of exploration and infill drilling in Camila southwest, and 3,500 meters of exploration drilling in new areas. Trapiche: The Trapiche project is operated by Molle Verde S.A.C, which is a wholly-owned subsidiary of Buenaventura. The project is located in the Apurimac region and belongs to the Andahuaylas-Yauri belt, which contains several iron, copper and gold deposits. In 2022, the company completed 6,918 meters of infill drilling in order to update the mineral resources. San Gabriel: The San Gabriel project is wholly-owned by Buenaventura. The project is located in the Moquegua region in southern Peru. This deposit is an intermediate sulfidation deposit hosted by the diatreme breccia body at the sediment-intrusive contact. Ccelloccasa: In 2022, the company conducted 4,542 meters of diamond drilling in three targets. Don Jorge: The Project is located in the Puno department and consists of 7,481 hectares of mining concessions and a series of polymetallic silver rich veins. In December 2022, the company obtained the approval of the Environmental Impact Statement for exploration (DIA). The company plans to obtain the authorization to start exploring in February 2024. Exploration Projects in Operating Areas Orcopampa: During 2021, the company completed 7,684 meters of infill drilling in Ramal 4 between the 690 and 440 mine level. In addition, the company completed the exploration of the southwest extension of Ramal 4 without positive results (1,120 meters of drilling). In Pucara East, the company executed 1,686 meters of drilling without positive results, and finally, in Ariana, the company completed 3,111 meters of exploration drilling from the 540-mine level. For 2023 the company plans to execute an additional 2,200 meters of drilling in Ariana. Tambomayo: In 2022, the company completed 786 meters of exploration tunnels and 4,646 meters of diamond drilling in Los Diques target without positive results. Finally, in the Venturosa target, the company completed 100 meters of exploration tunnel at the 540-mine level and the drilling program is ongoing during 2023. Uchucchacua: In 2022, the company executed 39,264 meters of drilling in the Nora-Geraldine target between the 450 and 600 mine levels. Potential exploration remains open to the southeast and northwest and will be tested in the last quarter of 2023. Huantajalla East. In 2022, the company conducted 7,093 meters of exploration drilling, allowing it to discover five orebodies with massive polymetallic mineralization. During 2023, the company plans to execute 1,000 meters of exploration tunnels between the 3990 and 3580 mine levels and 7,000 meters of exploration and infill drilling. For 2023, the company's short-term exploration program includes Cachipampa north, in which it plans to execute 500 meters of exploration tunnels and 4,000 meters of diamond drilling in the 4120-mine-level; Cachipampa northeast, in which the company plans to execute 3,000 meters of exploration drilling in order to explore the connection between the Uchucchacua mine and the Yumpag project. Sales of Metal Concentrates All of the company's metal production is sold to smelters and traders, either in concentrate or metal form, such as gold-silver concentrate, lead-silver concentrate, zinc-silver concentrate, copper-gold-silver concentrate, and gold and silver bullion. Most of the sales contracts the company enters into with its customers state a specific amount of metal or concentrate the customer will purchase. The company also sells refined gold, which is derived from its operations at Orcopampa, Tambomayo, Coimolache and La Zanja to Asahi Refining (Asahi), which further refines the gold. Hedging/Normal Sales Contracts The company and its wholly-owned subsidiaries are completely unhedged at which its gold and silver will be sold. Dispositions In 2022, the company disposed 2 mining units: Poracota and Shila-Paula. Intermediate Holding Companies, Subsidiaries and Equity Participations Compañía Minera Condesa S.A. Condesa, the company's wholly-owned subsidiary, is a mining and facilities holding company. Condesa also holds a 7.70% interest in Buenaventura. Sociedad Minera Cerro Verde S.A.A. Buenaventura holds a 19.58% interest in Cerro Verde, which operates an open-pit copper and molybdenum mining complex located 20 miles southwest of Arequipa, Peru. Freeport-McMoRan Inc., which is the operator, holds a majority interest in Cerro Verde. S.M.R.L. Chaupiloma Dos de Cajamarca Chaupiloma is a Peruvian limited liability company that until February 2022 received a Net Smelter Return royalty from certain mineral rights owned by Yanacocha and since February 2022 receives a variable consideration for the mining rights sold to Yanacocha. The company owns directly and indirectly, through its interest in Condesa, a 100% interest in Chaupiloma. Consorcio Energetico Huancavelica S.A./Empresa de Generación Huanza S.A. Consorcio Energetico Huancavelica (Conenhua) is an electrical transmission company that provides electricity to the company's operations through its transmission facilities. The company owns 100% of Conenhua and manage its operations. Conenhua, through its subsidiary Empresa de Generación Huanza S.A. (Huanza), was commissioned to construct a 90.6 megawatt capacity hydroelectric power plant in the valley of Santa Eulalia. This hydroelectrical plant began operating at full capacity in 2014. Contacto Corredores de Seguros S.A. Contacto is an insurance brokerage company that provides insurance brokerage and related services to the company and its affiliates. Minera Julcani S.A. de C.V. Minera Julcani S.A. de C.V. is one of the company's wholly-owned subsidiaries and was created for the purpose of conducting mining activities in Mexico. Inversiones Colquijirca S.A./Sociedad Minera El Brocal S.A.A. El Brocal owns the Colquijirca and Marcapunta Norte mines and the San Gregorio exploration project. El Brocal engages in the extraction, concentration, and sale of concentrates of polymetallic minerals, mainly copper, zinc, lead, and silver. The company owns 61.43% of El Brocal through both direct and indirect ownership interests. Minera La Zanja S.R.L. (La Zanja) La Zanja is located 35 km northwest of the city of Cajamarca. La Zanja is as an open-pit mine producing gold and silver. Compañía Minera Coimolache S.A. Coimolache is a mining company that owns the Coimolache mine which is located in the province and district of Hualgayoc in the Cajamarca region. The company holds a 40.1% interest and operates this mine, which is an open-pit mine producing gold and silver. Ferrocarril Central Andino S.A and Ferrovias Central Andina S.A. The company holds a 10% interest in Ferrocarril Central Andino S.A, (FCCA) and Ferrovias Central Andina S.A. (FVCA). FCCA, is an operating company (rail transport). FVCA, is the concessionaire of the central railroad, is dedicated to the infrastructure of the railroad. Apu Coropuna S.R.L. Buenaventura owns 70% of Apu Coropuna S.R.L., with the other 30% owned by Southern Peru Copper Corporation. Apu Coropuna S.A. was created for the purpose of conducting exploration within properties situated in Castilla, Arequipa. Procesadora Industrial Rio Seco S.A. Procesadora Industrial Rio Seco S.A. is the company's wholly-owned subsidiary that owns and operates a monohydrate manganese sulphate crystallization plant situated in Huaral, Lima. This processing plant allows mining from areas with high silver and manganese content within the Uchucchacua mine, improving silver recovery. The Rio Seco Plant produces high purity manganese sulphate that is used in agriculture and the mining industry. El Molle Verde S.A.C. El Molle Verde S.A.C. is the company's wholly-owned subsidiary that develops the Trapiche project, located in the Apurimac region. Tinka Resources Limited Buenaventura holds 19.32% of Tinka Resources Limited, an exploration and development company that owns 100% of the Ayawilca Project, located at Daniel Alcides Carrión, Pasco. Business Strategy The company's strategy is to sustain its position as Peru's largest, publicly traded gold and silver mining company by expanding its reserves and production. The company engages in an active exploration and mine development program and participates in several mining exploration projects with Newmont Mining, Southern Copper Corporation, Corporación Aceros Arequipa S.A. and Compañía de Minas Caudalosa S.A.C. Mining Operations Orcopampa The Orcopampa mine is located in the province of Castilla, department of Arequipa. The Orcopampa mine is wholly-owned and operated by Buenaventura. The company leases the rights to the mining concessions of Orcopampa from a group of private investors. This lease expires in 2043. The Orcopampa mine consists of an epithermal gold telluride deposit, hosted into lava flows and domes of Sarpane complex (calc-alkaline to high potassium), of early Miocene to Holocene, which forms part of the tertiary metallogenic belt of Southern Peru (Au-Ag). The Orcopampa mine is in the production stage and has a treatment plant capacity of 2,250 tons of ore per day. Uchucchacua The Uchucchacua mine is wholly owned and operated by Buenaventura. Uchucchacua is located in the province of Oyón, in the department of Lima. The Uchucchacua mining unit, including Yumpag, consists of 29 mining concessions and one beneficiation concession (concentrator). These 29 concessions represent the area of mines and exploration projects. Uchucchacua's concessions has a total area of approximately 43,050 hectares. The Uchucchacua mineral structures are hosted by Mesozoic limestone of the Jumasha Formation and are classified as a mesothermal polymetallic deposit of silver-lead-zinc with important contents of manganese. The Uchucchacua mine is in the production stage and has a treatment plant capacity of 4,200 tons of ore per day. Julcani Julcani is an underground mine. Julcani is located in the province of Angaraes, in the department of Huancavelica. The Julcani mining unit, consists of six mining concessions and one beneficiation concession (concentrator). These six concessions represent the area of mines and exploration projects. Julcani's concessions has a total area of approximately 11,566 hectares. Julcani is a large polymetallic deposit in Central Peru, which principally produces silver that presents mainly as sulpho-salts in many mineralogically complex veins. The Julcani mine is in the production stage and has a treatment plant capacity of 600 tons of ore per day. Tambomayo The Tambomayo mine is located in the province of Caylloma, Arequipa region. The Tambomayo mining unit consists of seven mining concessions and one beneficiation concession (concentrator). These seven concessions represent the area of mines and exploration projects. Tambomayo's concessions have a total area of approximately 29,566 hectares. Tambomayo is an underground mine that is wholly owned and operated by the company. The Tambomayo mine is in the production stage and has a treatment plant capacity of 1,500 tons of ore per day. El Brocal The Tajo Norte and Marcapunta mines are adjacent and are located 285 kilometers east of the city of Lima and 10 kilometers south of the city of Cerro de Pasco. The El Brocal mining unit consists of one mining concession, one mining transport concession and one beneficiation concession (concentrator). These concessions represent the area of mines and exploration projects. El Brocal's concession has an extension of approximately 32,819 ha. El Brocal produces copper, zinc, lead, and silver concentrates from the Tajo Norte mine and copper concentrates from the Marcapunta mine. The El Brocal mine is in the production stage and has a treatment plant capacity of 20,000 tons of ore per day. La Zanja The La Zanja mine is located in the district of Pulan, province of Santa Cruz, department of Cajamarca. The La Zanja mining unit consists of 43 mining concessions and one beneficiation concession (concentrator). These 43 concessions represent the area of mines and exploration projects. La Zanja's concessions have an extension of approximately 27,414 hectares. La Zanja is located within a large area of hydrothermal alteration, mainly related to epithermal gold deposits in high sulphidation environments, in addition to some bonanza Au vein epithermal systems, Cu-Au transitional epithermal-porphyry, and breccias pipe Cu-Au-Mo. The company has two-ore deposits in production in oxide material: San Pedro Sur and Pampa Verde. The La Zanja mine is in the production stage and has a treatment plant capacity of 20,000 tons of ore per day. Coimolache Coimolache is a gold and silver mine located in the district and province of Hualgayoc, in the department of Cajamarca, in northern Peru. There are 26 mining concessions and one beneficiation concession (beneficiation plant). The Coimolache ore deposits are located in a sequence volcano-magmatic hydrothermal, predominantly linked to the regional mineralized sector northern of Peru. Coimolache consists of several areas of epithermal Au-Ag mineralization, contained in oxide material. The Coimolache mine is in the production stage and has a treatment plan capacity of 30,000 tons of ore per day. Cerro Verde The company holds 19.58% interests in Cerro Verde, which operates an open-pit copper and molybdenum mining complex located southwest of Arequipa, Peru. The Cerro Verde mine is a porphyry copper deposit that has leachable oxide and secondary sulfide mineralization, and millable primary sulfide mineralization. The Cerro Verde mine is in the production stage and has an actual treatment plant capacity of approximately 400,000 metric tons of ore per day. San Gabriel The San Gabriel Project is located in the Ichuña district, in the General Sánchez Cerro Province of the Moquegua Region in southern Peru. The San Gabriel Project comprises five mining concessions, covering an area of 3,467.3 hectares. Trapiche The Trapiche Project is located in the Apurimac region in south-central Perú. The Trapiche Project area consists of 44,098 hectares in 38 mining concessions, as well as an additional 2,300 hectares with land use rights that were granted by the Mollebamba village through an easement agreement signed with Compañía de Minas Buenaventura and El Molle Verde S.A.C. History Compañía de Minas Buenaventura S.A.A. was founded in 1953. The company was incorporated in 1953 as a sociedad anónima under the laws of Peru.