Business Wire | Jan 31, 2022 07:01PM EST

Buenaventura Announces Fourth Quarter 2021 Production Results and 2022 Production Guidance

Feb. 01, 2022

LIMA, Peru--(BUSINESS WIRE)--Feb. 01, 2022--Compaia 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 4Q21 results for production and volume sold, as well as 2022 production guidance.



4Q21 Production per Metal and 2022 Guidance (100% basis)

1Q21 2Q21 3Q21 4Q21 FY21 2022 (Actual) (Actual) (Actual) (Actual) (Actual) Guidance ^(1) (2)



Gold (Oz.)

Orcopampa 5,986 9,130 15,547 19,358 50,020 57k - 65k

Tambomayo 15,347 17,964 17,837 18,406 69,554 45k - 50k

La Zanja 3,908 4,447 5,967 8,289 22,611 37k - 45k

Coimolache 26,133 30,378 29,597 24,468 110,575 75k - 80k

El Brocal 3,067 4,317 5,360 5,123 17,868 10k - 13k



Silver (Oz.) Uchucchacua 1,243,916 1,268,082 1,220,393 0 3,732,391 0

El Brocal 1,574,305 1,603,208 1,482,163 1,499,305 6,158,981 4.2M - 4.8M

Tambomayo 284,677 432,638 509,836 588,138 1,815,288 1.8M - 2.4M

Julcani 648,854 570,248 657,494 695,439 2,572,036 2.2M - 2.5M



Lead (MT)

El Brocal 2,140 2,812 2,754 2,389 10,096 7.0k - 10.0k

Uchucchacua 1,292 1,715 1,830 0 4,836 0

Tambomayo 1,504 2,767 1,978 3,058 9,307 4.0k - 6.0k



Zinc (MT)

El Brocal 10,207 8,612 8,930 8,227 35,975 18.0k - 22.0k

Uchucchacua 1,246 3,029 1,928 0 6,203 0

Tambomayo 1,821 3,671 3,397 4,247 13,135 5.0k - 7.0k



Copper (MT)

El Brocal 7,965 10,494 9,146 10,308 37,914 40.0k - 45.0k

1. 2022 outlook projections shown above are considered forward-looking statements and represent management's good faith estimates or expectations of future production results as of December 2021.2. Please consider that this updated guidance could potentially be adversely impacted due to further effects related to COVID-19.1. 2022 outlook projections shown above are considered forward-lookingstatements and represent management's good faith estimates or expectationsof future production results as of December 2021.2. Please consider that this updated guidance could potentially be adverselyimpacted due to further effects related to COVID-19. FY2021 and 2022 Guidance Comments

* Tambomayo: 2021 gold and silver production was in line with Buenaventura's revised 2021 guidance announced in the third quarter 2021. 2021 lead and zinc production exceeded revised guidance. 2022 Guidance: the Company expects a year on year decrease in gold production due to mining of lower grade blocks, as per the planned Life-of-Mine sequence.

* Orcopampa: 2021 gold production exceeded revised guidance. 2022 Guidance: gold production is expected to maintain a similar pace as 3Q and 4Q 2021, with mining primarily within the Ramal-4 vein system and consistent with Orcopampa's improved production results subsequent to mine development and preparation completed in the first half of 2021.

* Coimolache: 2021 gold production was in line with revised guidance. 2022 Guidance: the Company expects decreased gold production in 2022 due to leach pad capacity limitations resulting from Covid-related permitting delays.

* La Zanja: 2021 gold production slightly exceeded revised guidance. 2022 Guidance: expected increase in 2022 gold production as 2021 Pampa Verde open pit stripping progressed according to plan.

* Julcani: 2021 silver production exceeded revised guidance. 2022 Guidance: 2022 silver production is expected to be in line with prior years.

* Uchucchacua: 2021 silver, lead and zinc production was adversely impacted by the suspension of Uchucchacua operations since September. 2022 Guidance: No production is expected in 2022 as mine operations will be focused on drifting and on diamond drilling for exploration at Uchucchacua and project development surrounding Yumpag.

* El Brocal: Gold, lead and copper production were in line with revised guidance. Silver production exceeded revised guidance. Zinc production was slightly below revised guidance. 2022 Guidance: the El Brocal open pit mining sequence will begin transitioning from polymetallic to copper mining in 2022, resulting in an expected increase in copper production which will offset decreased zinc, lead, silver and gold production during the year.

FY2021 and 2022 Guidance Comments

* Tambomayo: 2021 gold and silver production was in line with Buenaventura's revised 2021 guidance announced in the third quarter 2021. 2021 lead and zinc production exceeded revised guidance. 2022 Guidance: the Company expects a year on year decrease in gold production due to mining of lower grade blocks, as per the planned Life-of-Mine sequence.

* Orcopampa: 2021 gold production exceeded revised guidance. 2022 Guidance: gold production is expected to maintain a similar pace as 3Q and 4Q 2021, with mining primarily within the Ramal-4 vein system and consistent with Orcopampa's improved production results subsequent to mine development and preparation completed in the first half of 2021.

* Coimolache: 2021 gold production was in line with revised guidance. 2022 Guidance: the Company expects decreased gold production in 2022 due to leach pad capacity limitations resulting from Covid-related permitting delays.

* La Zanja: 2021 gold production slightly exceeded revised guidance. 2022 Guidance: expected increase in 2022 gold production as 2021 Pampa Verde open pit stripping progressed according to plan.

* Julcani: 2021 silver production exceeded revised guidance. 2022 Guidance: 2022 silver production is expected to be in line with prior years.

* Uchucchacua: 2021 silver, lead and zinc production was adversely impacted by the suspension of Uchucchacua operations since September. 2022 Guidance: No production is expected in 2022 as mine operations will be focused on drifting and on diamond drilling for exploration at Uchucchacua and project development surrounding Yumpag.

* El Brocal: Gold, lead and copper production were in line with revised guidance. Silver production exceeded revised guidance. Zinc production was slightly below revised guidance. 2022 Guidance: the El Brocal open pit mining sequence will begin transitioning from polymetallic to copper mining in 2022, resulting in an expected increase in copper production which will offset decreased zinc, lead, silver and gold production during the year.

4Q21 Payable Volume Sold (100% basis)

4Q21 Volume sold per Metal (100% basis)

1Q21 (Actual)

2Q21

(Actual)

3Q21 (Actual)

4Q21 (Actual)

FY21 (Actual)

Gold (Oz.)Orcopampa5,698

9,618

15,646

19,106

50,068

Tambomayo14,631

16,652

15,943

16,386

63,611

La Zanja3,897

4,455

5,169

8,468

21,990

Coimolache28,094

29,815

30,893

23,515

112,316

El Brocal1,951

2,805

3,806

3,513

12,076

Silver (Oz.)Uchucchacua1,029,816

1,226,055

1,107,282

95,215

3,458,368

El Brocal1,244,168

1,325,553

1,235,143

1,212,618

5,017,482

Tambomayo257,290

380,029

445,525

510,196

1,593,040

Julcani614,164

547,606

606,737

659,178

2,427,685

Lead (MT)El Brocal2,239

2,597

2,461

2,201

9,497

Uchucchacua1,014

1,450

1,562

110

4,135

Tambomayo1,440

2,575

1,813

2,848

8,675

Julcani113

91

83

66

352

Zinc (MT)El Brocal8,491

7,117

7,367

6,907

29,882

Uchucchacua914

2,309

1,444

378

5,045

Tambomayo1,401

3,049

2,304

3,440

10,195

Copper (MT)El Brocal7,536

9,948

8,677

9,793

35,954

Realized Metal Prices*1Q21 (Actual)

2Q21 (Actual)

3Q21 (Actual)

4Q21 (Actual)

FY21 (Actual)

Gold (Oz)1,726

1,815

1,764

1,784

1,775

Silver (Oz)26.98

27.06

23.94

21.54

25.09

Lead (MT)2,129

2,192

2,412

2,429

2,291

Zinc (MT)3,220

3,010

3,048

3,482

3,182

Copper (MT)8,994

10,033

9,488

9,193

9,455

*Buenaventura consolidated figures.

Buenaventura will issue further 2022 guidance on the Company's Q4 2021 Earnings Results Press Release to be released on February 24, 2022.



4Q21 Volume sold per Metal (100% basis)



1Q21 2Q21 3Q21 4Q21 FY21 (Actual) (Actual) (Actual) (Actual) (Actual)



Gold (Oz.)

Orcopampa 5,698 9,618 15,646 19,106 50,068

Tambomayo 14,631 16,652 15,943 16,386 63,611

La Zanja 3,897 4,455 5,169 8,468 21,990

Coimolache 28,094 29,815 30,893 23,515 112,316

El Brocal 1,951 2,805 3,806 3,513 12,076



Silver (Oz.)

Uchucchacua 1,029,816 1,226,055 1,107,282 95,215 3,458,368

El Brocal 1,244,168 1,325,553 1,235,143 1,212,618 5,017,482

Tambomayo 257,290 380,029 445,525 510,196 1,593,040

Julcani 614,164 547,606 606,737 659,178 2,427,685



Lead (MT)

El Brocal 2,239 2,597 2,461 2,201 9,497

Uchucchacua 1,014 1,450 1,562 110 4,135

Tambomayo 1,440 2,575 1,813 2,848 8,675

Julcani 113 91 83 66 352



Zinc (MT)

El Brocal 8,491 7,117 7,367 6,907 29,882

Uchucchacua 914 2,309 1,444 378 5,045

Tambomayo 1,401 3,049 2,304 3,440 10,195



Copper (MT)

El Brocal 7,536 9,948 8,677 9,793 35,954



Realized Metal Prices*

1Q21 2Q21 3Q21 4Q21 FY21 (Actual) (Actual) (Actual) (Actual) (Actual)

Gold (Oz) 1,726 1,815 1,764 1,784 1,775

Silver (Oz) 26.98 27.06 23.94 21.54 25.09

Lead (MT) 2,129 2,192 2,412 2,429 2,291

Zinc (MT) 3,220 3,010 3,048 3,482 3,182

Copper (MT) 8,994 10,033 9,488 9,193 9,455



*Buenaventura consolidated figures.

Buenaventura will issue further 2022 guidance on the Company's Q4 2021 Earnings Results Press Release to be released on February 24, 2022.

Appendix

1. 4Q21 Production per Metal

1Q21 (Actual)

2Q21 (Actual)

3Q21 (Actual)

4Q21 (Actual)

FY21 (Actual)

Gold (Oz.)Julcani13

48

85

23

169

Silver (Oz.)Orcopampa1,043

1,781

4,716

7,274

14,814

La Zanja27,042

20,519

24,011

32,961

104,534

Coimolache200,993

166,327

159,072

121,076

647,468

Lead (MT)Julcani146

123

114

95

478

2. 4Q21 Volume Sold per Metal

1Q21 (Actual)

2Q21 (Actual)

3Q21 (Actual)

4Q21 (Actual)

FY21 (Actual)

Gold (Oz.)Julcani10

46

64

87

206

Silver (Oz.)Orcopampa1,878

1,518

4,709

6,460

14,565

La Zanja28,964

24,710

26,683

40,394

120,750

Coimolache215,648

178,729

169,499

115,780

679,656

Lead (MT)Julcani113

91

83

66

352

Company Description

Compaa de Minas Buenaventura S.A.A. is Peru's largest, publicly traded precious and base metals Company and a major holder of mining rights in Peru. The Company is engaged in the exploration, mining development, processing and trade of gold, silver and other base metals via wholly-owned mines and through its participation in joint venture projects. Buenaventura currently operates several mines in Peru (Orcopampa*, Uchucchacua*, Julcani*, Tambomayo*, El Brocal, La Zanja and Coimolache).

The Company owns 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer (a partnership with Freeport-McMorRan Inc. and Sumitomo Corporation).

For a printed version of the Company's 2019 Form 20-F, please contact the persons indicated above, or download a PDF format file from the Company's web site. (*) Operations wholly owned by Buenaventura

Note on Forward-Looking Statements

This press release may 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 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 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220131005582/en/

CONTACT: Contacts in Lima: Daniel Dominguez, Chief Financial Officer (511) 419 2540

CONTACT: Gabriel Salas, Head of Investor Relations (511) 419 2591 / Gabriel.salas@buenaventura.pe

CONTACT: Contacts in NY: Barbara Cano (646) 452 2334 barbara@inspirgroup.com

CONTACT: Company Website: www.buenaventura.com/en/inversionistas