Buenaventura Announces

First Quarter 2023 Results

Lima, Peru, April 27, 2023 – Compañia de Minas Buenaventura S.A.A. (“Buenaventura” or “the Company”) (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru’s largest publicly-traded precious metals mining company, today announced results for the first quarter (1Q23) ended March 31, 2023.  All figures have been prepared in accordance with IFRS (International Financial Reporting Standards) on a non-GAAP basis and are stated in U.S. dollars (US$).

First Quarter Highlights:

•	1Q23 EBITDA from direct operations was US$ 51.6 million, compared to US$ 86.9 million reported in 1Q22, EBITDA results do not include US$ 300 million from the sale of Buenaventura’s stake in Yanacocha.

•	1Q23 EBITDA including associated companies reached US$ 181.9 million, compared to US$ 233.7 million in 1Q22, EBITDA results do not include US$ 300 million from the sale of Buenaventura’s stake in Yanacocha.

•	1Q23 net income from continuing operations reached US$ 72.2 million, compared to a US$ 134.7 million net income from continuing operations for the same period in 2022.

•

El Brocal ore mined from its open pit was stockpiled during the 1Q23 and was not treated during the quarter. Underground mine production increased to 9,350 tpd during 1Q23, compared to 7,100 tpd in 1Q22, as part of the ramp-up to reach 10,000 tpd during 2023. This stockpiled lead and zinc ore will be treated at El Brocal’s processing plant in 2Q23.

•	Buenaventura’s cash position reached US$ 173.5 million as of March 31, 2023. Net Debt increased to US$ 556.8 million with an average maturity of 3.1 years.

•	1Q23 capital expenditures were US$ 36.2 million, compared to US$ 19.9 million for the same period in 2022. 1Q23 CAPEX includes US$ 9.7 million related to the San Gabriel Project and US$ 8.8 million related to the Yumpag Project.

•	On March 24, 2023, Cerro Verde announced a total dividend distribution of US$ 250 million. Buenaventura will receive US$ 49.0 million relative to its stake in Cerro Verde on April 28, 2023.

•

During 1Q23, operations at Julcani were suspended for 10 days in February 2023 related to anti-government protests which adversely impacted production and mine development. Operations were fully reestablished on February 16, 2023 and Buenaventura plans to recover production in subsequent quarters and expects to meet 2023 production guidance.

Financial Highlights (in millions of US$, except EPS figures):

(1) Don’t include US$ 300 million from the sale of Buenaventura’s stake in Yanacocha;

(2) As of March 31, 2023, Buenaventura had a weighted average number of shares outstanding of 253,986,867.

1Q23 net sales were US$ 185.5 million, compared to US$ 231.5 million reported in 1Q22; a year-on-year decrease resulting from decreased commodity prices and reduced lead, zinc, and silver volumes sold which was partially offset by increased copper volume sold. No ore from the El Brocal lead and zinc open pit was processed during the first quarter. However, stockpiled lead and zinc ore will be treated at El Brocal’s processing plant in 2Q23.

(1)	Buenaventura Consolidated figure includes 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal.

(2)	The realized price takes into account the adjustments of quotational periods.

(3)	Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 100% of El Brocal and 40.095% of Coimolache.

Buenaventura’s 1Q23 equity gold production was 36,352 ounces, compared to 41,470 ounces produced in 1Q22, primarily due to La Zanja mining operation suspension since 4Q22. Silver, lead, and zinc production decreased by 38%, 65%, and 83% year on year, respectively. This decrease in production was primarily due to the fact that the El Brocal underground mine was the sole producing mine during 1Q23 as with the adverse impact of the 10-day suspension of activities at Julcani due to protests as described. The Company’s 1Q23 equity copper production was 29,254 MT, compared to 27,257 MT produced in 1Q22.

(1)	Buenaventura’s Direct Operations includes 100% of Buenaventura’s operating units, 100% of La Zanja and 61.43% of El Brocal.

(2)	Based on 100% of Buenaventura´s operating units, 100% of La Zanja, 61.43% of El Brocal and 40.095% of Coimolache.

(3)	Based on 100% of Buenaventura´s operating units, 61.43% of El Brocal and 19.58% of Cerro Verde.

(4)	Based on 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal

Production
		1Q23	1Q22	Var %
Gold	Oz	10,600	13,867	-24%
Silver	Oz	394,305	419,396	-6%
Cost Applicable to Sales
		1Q23	1Q22	Var %
Gold	US$/Oz	1,169	1,011	16%

1Q23 results reflect increased gold production at Orcopampa. Cost Applicable to Sales (CAS) increased to 947 US$/Oz in 1Q23, compared to 867 US$/Oz in 1Q22, primarily due to the lower gold grade of ore treated in 1Q23.

La Zanja (100.00% owned by Buenaventura)

1Q23 gold production decreased by 48% year on year due to lower than expected gold extraction from the leach pad, as mining and ore stockpiling was suspended in 4Q22. 1Q23 Cost Applicable to Sales (CAS) was 1,825 US$/Oz, a decrease from 2,160 US$/Oz gold production in 1Q22 due to mining activity suspension.

Coimolache (40.10% owned by Buenaventura)

1Q23 gold production at Coimolache decreased by 67% year on year, primarily due to lower than expected gold extraction from the leach pad, as mining and ore stockpiling was suspended in 4Q22. Cost Applicable to Sales (CAS) increased to 3,641 US$/Oz in 1Q23, from 1,276 US$/Oz in 1Q22 due to decreased gold production.

Exploration and mine development continues as planned at the Uchucchacua mine. The 2H23 target to resume ore beneficiation at Uchucchacua´s processing plant remains unchanged.

Yumpag project construction and permitting continue according to schedule. Production is subject to permit approval, which is expected to be granted in the 2H23 to then begin ore production and haulage to Uchucchacua´s processing plant. Once adequate ore stockpiles have been reached, processing is expected to begin between 4Q23 and 1Q24.

Julcani (100% owned by Buenaventura)

1Q23 silver production decreased 37% year on year primarily due to the 10-day limited production and mine developments resulting from suspensions related to the February anti-government protests as well as lower than expected silver grades. 1Q23 Cost Applicable to Sales (CAS) was 19.50 US$/Oz, compared to 15.03 US$/Oz in 1Q22; a 30% year on year increase due to decreased silver production.

El Brocal 1Q23 copper production increased by 20% year on year due to increased ore treated at the Marcapunta underground mine. El Brocal processed nearly 9,500tpd as part of its mine ramp-up phase, and is expected to reach 10,000tpd during 2023. Silver and zinc production decreased by 59% and 100% year on year, respectively, as part as the planned transition to copper from polymetallic ore. No ore from El Brocal’s lead and zinc open pit was processed during the first quarter. However, stockpiled lead and zinc ore increased El Brocal inventories and will be treated at its processing plant in subsequent quarters (1Q23: 232,018 TMS vs. 4Q22: 60,558 TMS).

1Q23 Copper Cost Applicable to Sales (CAS) increased by 2% year on year due to fixed costs from the open pit mine which were absorbed by the underground mine.

1Q23 General and Administrative expenses were US$ 18.1 million; a 2% decrease as compared to US$ 18.5 million in 1Q22.

Buenaventura’s share in associated companies was US$ 59.4 million in 1Q23, compared with US$ 75.4 million in 1Q22, comprised of:

Coimolache reported a 1Q23 US$ 16.7 million net loss, compared to US$ 2.0 million net income in 1Q22.

***

Company Description

Compañía de Minas Buenaventura S.A.A. is Peru’s largest, publicly traded, precious metals company and a major holder of mining rights in Peru. The Company is engaged in the mining, processing, development and exploration of gold and silver and other metals via wholly owned mines as well as through its participation in joint exploration projects.

Buenaventura currently operates several mines in Peru: Tambomayo*, Orcopampa*, Uchucchacua*, Julcani*, La Zanja*, El Brocal and Coimolache.

The Company owns 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer.

For a printed version of the Company’s 2021 Form 20-F, please contact the investor relations contacts on page 1 of this report or download the PDF format file from the Company’s web site at www.buenaventura.com.

(*) Operations wholly owned by Buenaventura

	Note on Forward-Looking Statements
	This press release and related conference call contain, in addition to historical information, forward-looking statements including statements related to the Company’s ability to manage its business and liquidity during and after the COVID-19 pandemic, the impact of the COVID-19 pandemic on the Company’s results of operations, including net revenues, earnings and cash flows, the Company’s ability to reduce costs and capital spending in response to the COVID-19 pandemic if needed, the Company’s balance sheet, liquidity and inventory position throughout and following the COVID-19 pandemic, the Company’s prospects for financial performance, growth and achievement of its long-term growth algorithm following the COVID-19 pandemic, future dividends and share repurchases.
	This press release may also contain forward-looking information (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including those concerning the Company’s, Cerro Verde’s costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver, copper and other metals mined, the success of joint ventures, estimates of future explorations, development and production, subsidiaries’ plans for capital expenditures, estimates of reserves and Peruvian political, economic, social and legal developments.  These forward-looking statements reflect the Company’s view with respect to the Company’s, Cerro Verde’s future financial performance.  Actual results could differ materially from those projected in the forward-looking statements as a result of a variety of factors discussed elsewhere in this Press Release.

**Tables to follow**

APPENDIX 1

 (*) Consolidated

(**) Equity Accounting

Gold Production			13
Mining Unit	Operating Results	Unit	1Q23	1Q22	△%
Underground
	Ore Milled	DMT	140,194	142,293	-1%
Tambomayo	Ore Grade	Gr/MT	2.79	3.48	-20%
	Recovery Rate	%	84.31	87.36	-3%
	Ounces Produced*	Oz	10,600	13,867	-24%
	Ore Milled	DMT	69,171	59,297	17%
Orcopampa	Ore Grade	Gr/MT	9.39	10.02	-6%
	Recovery Rate	%	95.72	99.64	-4%
	Ounces Produced*	Oz	19,996	19,031	5%
Open Pit
La Zanja	Ounces Produced	Oz	3,051	5,900	-48%
Coimolache	Ounces Produced	Oz	6,536	19,512	-67%
Silver Production
Mining Unit	Operating Results	Unit	1Q23	1Q22	△%
Underground
	Ore Milled	DMT	140,194	142,293	-1%
Tambomayo	Ore Grade	Oz/MT	3.18	3.18	0%
	Recovery Rate	%	88.45	92.54	-4%
	Ounces Produced	Oz	394,305	419,396	-6%
	Ore Milled	DMT	0	0	N.A.
Uchucchacua	Ore Grade	Oz/MT	0.00	0.00	N.A.
	Recovery Rate	%	0.00	0.00	N.A.
	Ounces Produced	Oz	0	0	N.A.
	Ore Milled	DMT	25,432	31,491	-19%
Julcani	Ore Grade	Oz/MT	16.93	21.32	-21%
	Recovery Rate	%	97.02	98.46	-1%
	Ounces Produced	Oz	417,887	661,132	-37%
	Ore Milled	DMT	841,663	637,980	32%
Marcapunta	Ore Grade	Oz/MT	0.89	0.88	1%
	Recovery Rate	%	56.70	53.69	6%
	Ounces Produced	Oz	424,102	302,408	40%
Open Pit
	Ore Milled	DMT	14,856	98,937	-85%
Tajo Norte	Ore Grade	Oz/MT	1.53	2.31	-34%
Cu - Ag	Recovery Rate	%	55.32	52.68	5%
	Ounces Produced	Oz	12,576	119,639	-89%
	Ore Milled	DMT	0	592,112	N.A.
Tajo Norte	Ore Grade	Oz/MT	0.00	1.89	N.A.
Pb - Zn	Recovery Rate	%	0.00	57.04	N.A.
	Ounces Produced	Oz	0	637,619	N.A.
Zinc Production
Mining Unit	Operating Results	Unit	1Q23	1Q22	△%
Underground
	Ore Milled	DMT	140,194	142,293	-1%
Tambomayo	Ore Grade	%	1.35	3.03	-55%
	Recovery Rate	%	81.86	82.19	0%
	MT Produced	MT	1,552	3,543	-56%
	Ore Milled	DMT	0	0	N.A.
Uchucchacua	Ore Grade	%	0.00	0.00	N.A.
	Recovery Rate	%	0.00	0.00	N.A.
	MT Produced	MT	0	0	N.A.
Open Pit
	Ore Milled	DMT	0	592,112	N.A.
Tajo Norte	Ore Grade	%	0.00	2.51	N.A.
Pb - Zn	Recovery Rate	%	0.00	58.72	N.A.
	MT Produced	MT	0	8,772	N.A.
Copper Production
Mining Unit	Operating Results	Unit	1Q23	1Q22	△%
Underground
	Ore Milled	DMT	841,663	637,980	32%
Marcapunta	Ore Grade	%	1.64	1.76	-7%
	Recovery Rate	%	87.78	83.90	5%
	MT Produced	MT	12,163	9,408	29%
	Ore Milled	DMT	14,856	98,937	-85%
Tajo Norte	Ore Grade	%	0.85	1.24	-32%
Cu - Ag	Recovery Rate	%	59.29	60.25	-2%
	MT Produced	MT	75	751	-90%

APPENDIX 3: Adjusted EBITDA Reconciliation (in thousand US$)

*Cerro Verde’s EBITDA accounts for D&A related to the capitalization of the stripping.

Note:

EBITDA (Buenaventura Direct Operations) consists of earnings before net interest, taxes, depreciation and amortization, share in associated companies, net, loss on currency exchange difference, other, net, provision for workers’ profit sharing and provision for long-term officers’ compensation.

EBITDA (including associated companies) consists of EBITDA (Buenaventura Direct Operations), plus (1) Buenaventura’s equity share of EBITDA (Cerro Verde), plus (2) Buenaventura’s equity share of EBITDA (Coimolache). All EBITDA mentioned were similarly calculated using financial information provided to Buenaventura by the associated companies.

Buenaventura presents EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) to provide further information with respect to its operating performance and the operating performance of its equity investees, the affiliates. EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) are not a measure of financial performance under IFRS and may not be comparable to similarly titled measures of other companies. You should not consider EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) as alternatives to operating income or net income determined in accordance with IFRS, as an indicator of Buenaventura’s, affiliates operating performance, or as an alternative to cash flows from operating activities.

Reconciliation of Costs Applicable to Sales and Cost Applicable to Sales per Unit Sold

Cost applicable to sales consists of cost of sales, excluding depreciation and amortization, plus selling expenses. Cost applicable to sales per unit sold for each mine consists of cost applicable to sales for a particular metal produced at a given mine divided by the volume of such metal produced at such mine in the specified period. We note that cost applicable to sales is not directly comparable to the cash operating cost figures disclosed in previously furnished earnings releases.

Cost applicable to sales and Cost applicable to sales per unit of mineral sold are not measures of financial performance under IFRS and may not be comparable to similarly titled measures of other companies. We consider Cost applicable to sales and Cost applicable to sales per unit of mineral sold to be key measures in managing and evaluating our operating performance. These measures are widely reported in the precious metals industry as a benchmark for performance, but do not have standardized meanings. You should not consider Cost applicable to sales or Cost applicable to sales per unit of mineral sold as alternatives to cost of sales determined in accordance with IFRS, as indicators of our operating performance.  Cost applicable to sales and Cost applicable to sales per unit of mineral sold are calculated without adjusting for by-product revenue amounts.

Operations’ Cost applicable to sales does not include operating cost for those months during which Buenaventura’s operations were suspended due to COVID-19, as these have been classified as “Unabsorbed costs due to production stoppage” within the financial statements.

The tables below set forth (i) a reconciliation of consolidated Cost of sales, excluding depreciation and amortization to consolidated Cost applicable to sales, (ii) reconciliations of the components of Cost applicable to sales (by mine and mineral) to the corresponding consolidated line items set forth on our consolidated statements of profit or loss for the three and twelve months ended December 31, 2022 and 2021 and (iii) reconciliations of Cost of sales, excluding depreciation and amortization to Cost applicable to sales for each of our mining units.  The amounts set forth in Cost applicable to sales and Cost applicable to sales per unit sold for each mine and mineral indicated in the tables below can be reconciled to the amounts set forth on our consolidated statements of profit or loss for the three and twelve months ended December 31, 2021 and 2022 by reference to the reconciliations of Cost of sales, excluding depreciation and amortization (by mine and mineral), Selling Expenses (by mine and metal) expenses and Exploration in units in operations (by mine and mineral) to consolidated Cost of sales, excluding depreciation and amortization, consolidated Selling Expenses and consolidated Exploration in units in operations expenses, respectively, set forth below.

Set forth below is a reconciliation of consolidated Cost of sales, excluding depreciation and amortization, to consolidated Cost applicable to sales:
		For the 3 months ended March 31
		2022		2021
		(in thousands of US$)
Consolidated Cost of sales excluding depreciation and amortization		100,148		107,968
Add:
Consolidated Exploration in units in operation		12,533		14,017
Consolidated Commercial deductions		40,468		50,885
Consolidated Selling expenses		3,428		4,592
Consolidated Cost applicable to sales		156,577		177,462
Set forth below is a reconciliation of Cost of sales, excluding depreciation and amortization (by mine and mineral) to consolidated Cost of sales:
		For the 3 months ended March 31
		2022		2021
Cost of sales by mine and mineral		(in thousands of US$)
Julcani, Gold		32		0
Julcani, Silver		6,308		7,266
Julcani, Lead		131		82
Julcani, Copper		93		54
Orcopampa, Gold		17,088		13,828
Orcopampa, Silver		59		62
Orcopampa, Copper		0		0
Uchucchacua, Gold		0		0
Uchucchacua, Silver		0		0
Uchucchacua, Lead		0		0
Uchucchacua, Zinc		0		0
Tambomayo, Gold		8,967		8,528
Tambomayo, Silver		4,260		3,072
Tambomayo, Zinc		1,371		2,042
Tambomayo, Lead		1,615		4,559
La Zanja, Gold		5,580		11,709
La Zanja, Silver		229		558
El Brocal, Gold		2,144		1,951
El Brocal, Silver		3,351		7,546
El Brocal, Lead		43		1,907
El Brocal, Zinc		0		10,344
El Brocal, Copper		44,346		33,877
Non Mining Units		4,529		584
Consolidated Cost of sales, excluding depreciation and amortization		100,148		107,968
Set forth below is a reconciliation of Exploration expenses in units in operation (by mine and mineral) to consolidated Exploration expenses in mining units:
		For the 3 months ended March 31
		2022		2021
Exploration expenses in units in operation by mine and mineral		(in thousands of US$)
Julcani, Gold		7		0
Julcani, Silver		1,363		1,442
Julcani, Lead		28		16
Julcani, Copper		20		11
Orcopampa, Gold		1,652		2,674
Orcopampa, Silver		6		12
Orcopampa, Copper		0		0
Uchucchacua, Gold		0		0
Uchucchacua, Silver		6,518		0
Uchucchacua, Lead		0		0
Uchucchacua, Zinc		0		0
Uchucchacua		0		2,852
Tambomayo, Gold		332		1,090
Tambomayo, Silver		158		393
Tambomayo, Lead		51		261
Tambomayo, Zinc		60		583
La Zanja, Gold		188		686
La Zanja, Silver		8		33
El Brocal, Gold		92		139
El Brocal, Silver		144		538
El Brocal, Lead		2		136
El Brocal, Zinc		0		737
El Brocal, Copper		1,904		2,415
Non Mining Units		0		0
Consolidated Exploration expenses in units in operation		12,533		14,017

Set forth below is a reconciliation of Commercial Deductions in units in operation (by mine and mineral) to consolidated Commercial deductions:
		For the 3 months ended March 31
		2022		2021
Commercial Deductions in units in operation by mine and mineral		(in thousands of US$)
Julcani, Gold		2		-10
Julcani, Silver		321		704
Julcani, Lead		6		8
Julcani, Copper		4		4
Orcopampa, Gold		345		81
Orcopampa, Silver		-1		1
Orcopampa, Copper		0		0
Uchucchacua, Gold		0		0
Uchucchacua, Silver		1,298		0
Uchucchacua, Lead		0		0
Uchucchacua, Zinc		0		0
Uchucchacua		0		229
Tambomayo, Gold		1,362		2,045
Tambomayo, Silver		742		999
Tambomayo, Lead		213		443
Tambomayo, Zinc		931		5,059
La Zanja, Gold		66		43
La Zanja, Silver		6		3
El Brocal, Gold		1,502		1,545
El Brocal, Silver		2,436		5,106
El Brocal, Lead		18		1,179
El Brocal, Zinc		-88		6,827
El Brocal, Copper		31,303		26,620
Non Mining Units		0		0
Consolidated Commercial deductions in units in operation		40,468		50,885
Set forth below is a reconciliation of Selling expenses (by mine and mineral) to consolidated Selling expenses:
		For the 3 months ended March 31
		2022		2021
Selling expenses by mine and mineral		(in thousands of US$)
Julcani, Gold		0		0
Julcani, Silver		61		154
Julcani, Lead		1		2
Julcani, Copper		1		1
Orcopampa, Gold		164		153
Orcopampa, Silver		1		1
Orcopampa, Copper		0		0
Uchucchacua, Gold		0		0
Uchucchacua, Silver		653		0
Uchucchacua, Lead		0		0
Uchucchacua, Zinc		0		0
Uchucchacua				312
Tambomayo, Gold		283		656
Tambomayo, Silver		135		236
Tambomayo, Lead		43		157
Tambomayo, Zinc		51		351
La Zanja, Gold		26		32
La Zanja, Silver		1		2
El Brocal, Gold		77		81
El Brocal, Silver		121		311
El Brocal, Lead		2		79
El Brocal, Zinc		0		427
El Brocal, Copper		1,602		1,398
Non Mining Units		206		238
Consolidated Selling expenses		3,428		4,592

	JULCANI
	1Q 2023						1Q 2022
	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL
Cost of Sales (without D&A) (US$000)	32	6,308	131	-	93	6,565	-	7,266	82	-	54	7,402
Add:
Exploration Expenses (US$000)	7	1,363	28	-	20	1,418	-	1,442	16	-	11	1,469
Commercial Deductions (US$000)	2	321	6	-	4	333	-10	704	8	-	4	706
Selling Expenses (US$000)	0	60.54	1.26	-	1	63	-	154.11	1.75	-	1.14	157
Cost Applicable to Sales (US$000)	41	8,052	167	-	119	8,379	-10	9,566	109	-	70	9,734
Divide:
Volume Sold	25	412,890	94	-	16	Not Applicable	0	636,311	76	-	11	Not Applicable
CAS	1,643	19.50	1,782	-	7,244	Not Applicable	-	15.03	1,436	-	6,152	Not Applicable
	ORCOPAMPA
	1Q 2023						1Q 2022
	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL
Cost of Sales (without D&A) (US$000)	17,088	59	-	-	-	17,147	13,828	62	-	-	-	13,890
Add:					-
Exploration Expenses (US$000)	1,652	6	-	-	-	1,658	2,674	12	-	-	-	2,686
Commercial Deductions (US$000)	345	-1	-	-	-	345	81	1	-	-	-	81
Selling Expenses (US$000)	164	1	-	-	-	165	153	1	-	-	-	154
Cost Applicable to Sales (US$000)	19,250	65	-	-	-	19,315	16,736	76	-	-	-	16,811
Divide:
Volume Sold	20,326	6,699	-	-	-	Not Applicable	19,307	6,928	-	-	-	Not Applicable
CAS	947	9.73	-	-	-	Not Applicable	867	10.93	-	-	-	Not Applicable
	UCHUCCHACUA
	1Q 2023						1Q 2022
	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL
Cost of Sales (without D&A) (US$000)	-	-	-	-	-	-					-	-
Add:
Exploration Expenses (US$000)	-	6,518	-	-	-	6,518					-	2,852
Commercial Deductions (US$000)		1,298				1,298					-	229
Selling Expenses (US$000)	-	653	-	-	-	653					-	312
Cost Applicable to Sales (US$000)	-	8,469	-	-	-	8,469	-	-	-	-	-	3,393
Divide:
Volume Sold	-	130,642	-	-	-	Not Applicable	-	-	-	-	-	Not Applicable
CAS	-	64.82	-	-	-	Not Applicable	-	-	-	-	-	Not Applicable
	TAMBOMAYO
	1Q 2023						1Q 2022
	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL
Cost of Sales (without D&A) (US$000)	8,967	4,260	1,371	1,615	-	16,213	8,528	3,072	2,042	4,558.83	-	18,200
Add:
Exploration Expenses (US$000)	332	158	51	60	-	601	1,090	393	261	583	-	2,326
Commercial Deductions (US$000)	1,362	742	213	931	-	3,249	2,045	999	443	5,059	-	8,546
Selling Expenses (US$000)	283	135	43	51	-	512	656	236	157	351	-	1,401
Cost Applicable to Sales (US$000)	10,945	5,295	1,678	2,657	-	20,575	12,319	4,700	2,902	10,551	-	30,473
Divide:
Volume Sold	9,360	370,299	1,189	1,269	-	Not Applicable	12,181	351,077	2,275	2,922	-	Not Applicable
CAS	1,169	14.30	1,412	2,094	-	Not Applicable	1,011	13.39	1,276	3,610	-	Not Applicable

	LA ZANJA
	1Q 2023						1Q 2022
	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL
Cost of Sales (without D&A) (US$000)	5,580	229	-	-	-	5,809	11,709	558	-	-	-	12,267
Add:
Exploration Expenses (US$000)	188	8	-	-	-	196	686	33	-	-	-	719
Commercial Deductions (US$000)	66	6	-	-	-	72	43	3	-	-	-	46
Selling Expenses (US$000)	26	1	-	-	-	27	32	2	-	-	-	34
Cost Applicable to Sales (US$000)	5,861	243	-	-	-	6,104	12,471	595	-	-	-	13,066
Divide:
Volume Sold	3,211	10,942	-	-	-	Not Applicable	5,773	21,818	-	-	-	Not Applicable
CAS	1,825	22.23	-	-	-	Not Applicable	2,160	27.25	-	-	-	Not Applicable
	BROCAL
	1Q 2023						1Q 2022
	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL
Cost of Sales (without D&A) (US$000)	2,144	3,351	43	-	44,346	49,885	1,951	7,546	1,907	10,344	33,877	55,625
Add:
Exploration Expenses (US$000)	92	144	2	-	1,904	2,142	139	538	136	737	2,415	3,965
Commercial Deductions (US$000)	1,502	2,436	18	-88	31,303	35,172	1,545	5,106	1,179	6,827	26,620	41,277
Selling Expenses (US$000)	77	121	2	-	1,602	1,802	81	311	79	427	1,398	2,296
Cost Applicable to Sales (US$000)	3,815	6,052	65	-88	79,155	89,001	3,715	13,501	3,301	18,336	64,310	103,163
Divide:
Volume Sold	2,595	379,158	88	38	11,748	Not Applicable	2,907	852,933	2,239	7,256	9,697	Not Applicable
CAS	1,470	15.96	744	-	6,738	Not Applicable	1,278	15.83	1,475	2,527	6,632	Not Applicable
	NON MINING COMPANIES
	1Q 2023						1Q 2022
	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL
Cost of Sales (without D&A) (US$000)	-	-	-	-	-	4,529	-	-	-	-	-	584
Add:						-						-
Selling Expenses (US$000)	-	-	-	-	-	206	-	-	-	-	-	238
Total (US$000)	-	-	-	-	-	4,735	-	-	-	-	-	822
	BUENAVENTURA CONSOLIDATED
	1Q 2023						1Q 2022
	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL
Cost of Sales (without D&A) (US$000)	33,811	14,208	1,545	1,615	44,440	100,148	36,015	18,504	4,031	14,903	33,931	107,968
Add:
Exploration Expenses (US$000)	2,272	8,196	81	60	1,924	12,533	4,589	2,417	413	1,320	2,425	14,017
Commercial Deductions (US$000)	3,278	4,802	238	843	31,308		3,704	6,812	1,630	11,886	26,623	50,885
Selling Expenses (US$000)	551	971	46	51	1,603	3,428	923	704	238	778	1,399	4,592
Cost Applicable to Sales (US$000)	39,912	28,177	1,910	2,569	79,274	116,109	45,231	28,437	6,312	28,887	64,379	177,462
Divide:
Volume Sold	35,518	1,310,630	1,370	1,307	11,765	Not Applicable	40,167	1,869,066	4,589	10,179	9,709	Not Applicable
CAS	1,124	21.50	1,394	1,966	6,738	Not Applicable	1,126	15.21	1,375	2,838	6,631	Not Applicable
	COIMOLACHE
	1Q 2023						1Q 2022
	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL
Cost of Sales (without D&A) (US$000)	21,432	956	-	-	-	22,388	23,760	1,283	-	-	-	25,043
Add:
Exploration Expenses (US$000)	3,364	150	-	-	-	3,514	2,015	109	-	-	-	2,124
Commercial Deductions (US$000)	39	3	-	-	-	42	254	30	-	-	-	284
Selling Expenses (US$000)	118	5	-	-	-	123	243	13	-	-	-	256
Cost Applicable to Sales (US$000)	24,952	1,115	-	-	-	26,067	26,272	1,435	-	-	-	27,707
Divide:
Volume Sold	6,854	24,909	-	-	-	Not Applicable	20,586	96,634	-	-	-	Not Applicable
CAS	3,641	44.75	-	-	-	Not Applicable	1,276	14.85	-	-	-	Not Applicable

All-in Sustaining Cost for 1Q23
	Buenaventura1			La Zanja			Tantahuatay			Attributable 2
	1Q23			1Q23			1Q23			1Q23
Au Ounces Sold Net		29,712			3,211			6,854			35,671
	1Q23			1Q23			1Q23			1Q23
Income Statement & Cash Flow	US$ 000'	US$/Oz Au		US$ 000'	US$/Oz Au		US$ 000'	US$/Oz Au		US$ 000'	US$/Oz Au
Cost of Sales	41,696	1,403		9,151	2,850		22,388	3,266		59,823	1,677
Exploration in Operating Units	10,195	343		197	61		3,513	513		11,801	331
Royalties	3,038	102		0	0		0	0		3,038	85
Comercial Deductions3	5,225	176		72	22		42	6		5,313	149
Selling Expenses	1,393	47		27	8		122	18		1,469	41
Administrative Expenses	11,097	373		595	185		1,025	150		12,103	339
Other, net	1,230	41		129	40		-154	-22		1,297	36
Sustaining Capex4	583	20		39	12		2,509	366		1,628	46
By-product Credit	-27,350	-921		-264	-82		-590	-86		-27,851	-781
All-in Sustaining Cost	47,106	1,585		9,946	3,097		28,855	4,210		68,622	1,924
*All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas.

Notes:

1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A.

2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 40.095% from Tantahuatay.

3. For all metals produced.

4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.

All-in Sustaining Cost for 1Q22
	Buenaventura1			La Zanja			Tantahuatay			Attributable 2
	1Q22			1Q22			1Q22			1Q22
Au Ounces Sold Net		31,488			5,773			20,586			45,515
	1Q22			1Q22			1Q22			1Q22
Income Statement & Cash Flow	US$ 000'	US$/Oz Au		US$ 000'	US$/Oz Au		US$ 000'	US$/Oz Au		US$ 000'	US$/Oz Au
Cost of Sales	41,361	1,314		11,482	1,989		25,043	1,217		62,884	1,382
Exploration in Operating Units	9,333	296		719	125		2,124	103		10,904	240
Royalties	2,934	93		0	0		0	0		2,934	64
Comercial Deductions3	9,562	304		46	8		284	14		9,722	214
Selling Expenses	2,157	69		34	6		256	12		2,294	50
Administrative Expenses	12,075	383		684	118		905	44		13,122	288
Other, net	-831	-26		-108	-19		-372	-18		-1,088	-24
Sustaining Capex4	1,460	46		34	6		4,403	214		3,259	72
By-product Credit	-41,720	-1,325		-519	-90		-2,077	-101		-43,071	-946
All-in Sustaining Cost	36,331	1,154		12,372	2,143		30,566	1,485		60,959	1,339
*All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas.

Notes:

1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A.

2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 40.095% from Tantahuatay.

3. For all metals produced.

4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.

Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Interim condensed consolidated statements of financial position
As of March 31, 2023 (unaudited) and December 31, 2022 (audited)
		2023				2022
Assets		US$(000)				US$(000)
Current assets
Cash and cash equivalents			173,493				253,918
Trade and other receivables			256,428				221,899
Inventories			88,264				88,345
Income tax credit			26,516				28,046
Prepaid expenses			22,641				19,333
Hedge derivative financial instruments			-				8,839
			567,342				620,380
Non-current assets
Trade and other receivables			685,964				673,627
Investments in associates and joint venture			1,530,978				1,520,977
Property, plant, equipment and development cost			1,546,863				1,535,195
Deferred income tax asset			118,521				106,170
Prepaid expenses			22,812				23,033
Other non-financial assets			23,670				23,845
			3,928,808				3,882,847
Total assets			4,496,150				4,503,227
Liabilities and equity
Current liabilities
Trade and other payables			199,771				247,989
Provisions			93,350				94,171
Income tax payable			2,853				2,366
Financial obligations			34,698				35,071
			330,672				379,597
Non-current liabilities
Trade and other payables			4,401				3,553
Provisions			204,570				204,347
Financial obligations			695,564				703,463
Contingent consideration liability			17,710				16,905
Deferred income tax liabilities			32,152				32,421
			954,397				960,689
Total liabilities			1,285,069				1,340,286
Equity
Capital stock			750,497				750,497
Investment shares			791				791
Additional paid-in capital			218,450				218,450
Legal reserve			163,372				163,270
Other reserves			31,897				31,897
Other reserves of equity			(1,491	)			2,184
Retained earnings			1,887,623				1,841,761
Shareholders’ equity attributable to owners of the parent			3,051,139				3,008,850
Non-controlling interest			159,942				154,091
Total equity			3,211,081				3,162,941
Total liabilities and equity			4,496,150				4,503,227

Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Interim consolidated statements of profit or loss (unaudited)
For the three-month periods ended March 31, 2023 and 2022
		2023				2022
Continuing operations		US$(000)				US$(000)
Operating income
Sales of goods			182,123				227,855
Sales of services			3,375				3,683
Royalty income			-				1,381
Total operating income			185,498				232,919
Cost of sales
Cost of sales of goods, excluding depreciation and amortization			(99,171	)			(107,418	)
Unabsorbed cost due to production stoppage			(5,001	)			(6,079	)
Cost of sales of services, excluding depreciation and amortization			(977	)			(550	)
Depreciation and amortization			(31,438	)			(45,721	)
Exploration in operating units			(12,533	)			(14,017	)
Mining royalties			(4,220	)			(4,409	)
Total costs of sales			(153,340	)			(178,194	)
Gross profit			32,158				54,725
Operating income (expenses)
Administrative expenses			(18,090	)			(18,494	)
Selling expenses			(3,428	)			(4,592	)
Exploration in non-operating areas			(1,815	)			(2,044	)
Reversal of contingencies			7,038				746
Other, net			(3,298	)			1,891
Total operating income (expenses)			(19,593	)			(22,493	)
Operating profit			12,565				32,232
Share in the results of associates and joint venture			59,363				75,420
Foreign currency exchange difference			9,407				47,810
Finance income			1,824				9,573
Finance costs			(13,884	)			(16,571	)
Profit before income tax			69,275				148,464
Current income tax			(7,066	)			(22,330	)
Deferred income tax			10,021				8,536
			2,955				(13,794	)
Profit from continuing operations			72,230				134,670
Profit from discontinued operations			582				479,997
Net profit			72,812				614,667
Profit attributable to:
Owners of the parent			64,404				604,524
Non-controlling interest			8,408				10,143
			72,812				614,667
Basic and diluted profit per share, stated in U.S. dollars			0.25				2.38