Compania de Minas Buenaventura SAA (BVN) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the Compania de Minas Buenaventura third quarter 2025 earnings results conference call. (Operator Instructions). And please note that this call is being recorded.

女士們、先生們，早安。歡迎參加 Compania de Minas Buenaventura 2025 年第三季收益業績電話會議。（操作說明）請注意，本次通話正在錄音。

I would now like to introduce you to your host for today's call, Mr. Sebastian Valencia, Head of Investor Relations. Mr. Valencia, you may begin.

現在我謹向大家介紹今天電話會議的主持人，投資者關係主管塞巴斯蒂安·瓦倫西亞先生。瓦倫西亞先生，你可以開始了。

Good morning, everyone, and thank you for joining us today to discuss our third quarter 2025 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 Ortis, Vice President of Operations; Aldo Massa, Vice President of Business Development and Commercial; Mr. Alejandro Hermosa, Vice President of Sustainability; Mr. Anson Maher, Vice President of Projects, Mr. Juan Carlos Salazar, Vice President of Geology and Explorations; Mr. Roger Aries, Chairman; and Mr. Arenas, Director.

各位早安，感謝大家今天來參加我們的2025年第三季業績討論會。今天的討論將由萊安德羅·加西亞先生主持。首席執行官。今天參加我們電話會議並可回答您問題的還有：首席財務官 Daniel Dominguez 先生；營運副總裁 Juan Carlos Ortis 先生；業務發展和商業副總裁 Aldo Massa 先生；可持續發展副總裁 Alejandro Hermosa 先生；項目副總裁 Anson Maher 先生；地質和勘探副總裁 Juan Carlos Salazar 先生；董事 Roger Aries 先生；

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 the market close. Please note that today's remarks include forward-looking statements that are based on management's current views and assumptions.

在把電話轉接給您之前，我想先談幾點。在 Buenaventura 的網站上，您可以找到我們昨天收盤後發布的新聞稿。請注意，今天的演講包含基於管理層當前觀點和假設的前瞻性陳述。

While management believes that its assumptions, expectations and projections are reasonable in view of the current available information, you may caution not to place undue 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 October 30, 2025.

雖然管理層認為，根據目前可獲得的信息，其假設、預期和預測是合理的，但您應注意不要過度依賴這些前瞻性陳述。我建議您閱讀 2025 年 10 月 30 日發布的盈利結果新聞稿中有關前瞻性聲明的完整披露資訊。

Let me now turn the call to Mr. Leandro Garcia.

現在我把電話轉給萊安德羅·加西亞先生。

Thank you, Sebastian. Good morning, and thank you for joining us today to discuss the quarterly results of the company. On Slide 2, this is our cautionary statement, important information that I encourage you to read.

謝謝你，賽巴斯蒂安。早安，感謝各位今天蒞臨現場，與我們共同探討公司季度業績。第二張投影片是我們的警示聲明，其中包含重要訊息，我建議您閱讀。

Today, we will discuss our third quarter of 2025 performance, highlighting key achievements on our strategic priorities going forward. After the presentation, we will be able for our Q&A session, where our team will be happy to answer your questions. Next slide.

今天，我們將討論 2025 年第三季的業績，重點介紹我們未來在策略重點方面所取得的關鍵成就。演講結束後，我們將進行問答環節，我們的團隊將很樂意回答您的問題。下一張投影片。

I would like to highlight a few key areas that contributed to our strong third quarter results. Copper production in the third quarter of 2025 reached 12.8000 tonnes, down '24 year-on-year. This is mainly explained because in the third quarter of the last year, all the ore stockpile during the Elprocus voluntary temporary suspension in the second quarter of 2024 was processed.

我想重點介紹幾個促成我們第三季強勁業績的關鍵領域。2025年第三季銅產量達128,000噸，較去年同期下降24噸。這主要是因為去年第三季度，Elprocus 在 2024 年第二季度自願暫時停產期間積壓的所有礦石都已處理完畢。

Silver production reached 4.3 million ounces, 3% lower compared to 4.4 million ounces produced during the same period last year. The decrease was mainly due to lower production at Chakan Upa in line with expectations, partially offset by increased production at Brocal and Qian.

白銀產量達到 430 萬盎司，比去年同期的 440 萬盎司減少了 3%。產量下降主要是由於 Chakan Upa 的產量低於預期，但 Brocal 和 Qian 的產量增加部分抵消了產量下降的影響。

Gold production was [3,894] ounces, down 21% year-on-year. mainly due to lower output at [Orcon Papa] and Tambomayo, consistent with the 2025 planned mining sequence. EBITDA from direct operations in the third quarter of 2025 was $202.1 million, which represents a 48% increase compared to the $136.5 million in the same quarter last year. Net income for the quarter was $167.1 million compared to $236.9 million in the third quarter of 2024, which include $157.3 million from the sale of Chapello. The third quarter ended with a cash position of $486 million and a total debt of USD711 , resulting in a leverage ratio of 0.41 times.

黃金產量為[3,894]盎司，較去年同期下降21%。主要原因是[Orcon Papa]和Tambomayo的產量下降，這與2025年計畫的採礦順序一致。2025 年第三季直接營運的 EBITDA 為 2.021 億美元，比去年同期的 1.365 億美元成長了 48%。本季淨收入為 1.671 億美元，而 2024 年第三季為 2.369 億美元，其中包括出售 Chapello 所得的 1.573 億美元。第三季末，公司現金餘額為 4.86 億美元，總負債為 7.11 億美元，槓桿率為 0.41 倍。

Moving on to San Gabriel. CapEx for the project in the third quarter of 2025 was $92 million allocated to completing the construction of the processing plant to enable the start of commercial production in the fourth quarter of 2025. As of now, San Gabriel has reached 96% overall progress. Construction is 95% complete.

接下來前往聖加百列。2025 年第三季度，該專案的資本支出為 9,200 萬美元，用於完成加工廠的建設，以便在 2025 年第四季開始商業生產。截至目前，聖加百列的整體進度已達 96%。工程已完成95%。

On September 5, 2025, Coimolache received a new operating permit, allowing fresh ore placement on a new level of Tantavatized leach platform and adjacent surface areas. This milestone enables full capacity production at both the mine and the leach pad. Finally, Buenaventura Board of Directors has approved a dividend payment of USD0.1446 per share.

2025 年 9 月 5 日，Coimolache 獲得了新的營運許可證，允許在新一層的 Tantavatized 浸出平台和鄰近的地表區域放置新的礦石。這一里程碑使得礦山和浸出場都能實現滿載生產。最後，布埃納文圖拉董事會批准了每股0.1446美元的股息支付。

Moving on to cost applicable to sales trend. Copper cash decreased in the third quarter of 2025, mainly due to the positive contribution of byproducts at El Brocal. Silver cash increased driven by higher commercial deductions related to tailings sales at Uchucchacua and lower ore grades at up. Gold cash has decreased due to higher volumes sold.

接下來討論適用於銷售趨勢的成本。2025 年第三季銅現金流減少，主要原因是 El Brocal 副產品的正面貢獻。受烏楚恰誇尾礦銷售相關的商業扣除額增加以及上山礦山礦石品位下降的推動，白銀現金增加。由於銷售量增加，黃金現金價格下跌。

On the next slide, we will present free cash flow generation. The third quarter 2025 cash position decreased during the quarter mainly driven by the net cash outflows from investing activities and financing activities. In terms of financing activities, when Buenaventura redeemed the remaining $149 million of its 2026 notes at par, including a great interest.

下一張投影片我們將介紹自由現金流的產生情形。2025 年第三季現金狀況在本季下降，主要原因是投資活動和融資活動產生的淨現金流出。在融資活動方面，Buenaventura 按面值贖回了剩餘的 1.49 億美元 2026 年到期票據，其中包括巨額利息。

Moving on to Slide 6. Third quarter 2025 CapEx related to San Gabriel was $92 million, allocated to completing the construction of the processing plant. As of September 2025, San Gabriel's total CapEx has reached $681 million. We are moving forward steadily and remain on track to begin production in the fourth quarter of 2025, subject to timely approval of the necessary permits.

接下來是第6張投影片。2025 年第三季與聖加布里埃爾相關的資本支出為 9,200 萬美元，用於完成加工廠的建設。截至 2025 年 9 月，聖加百列的總資本支出已達 6.81 億美元。我們正在穩步推進，並預計在 2025 年第四季開始生產，前提是能夠及時獲得必要的許可證。

As part of this progress, the Ministry of Energy and Mines granted San Gabriel, a power transmission concession. Mine development has been completed and mining preparation activities are underway using Buenaventura's owned fleet. The commissioning plan is now being implemented with the C1 and C2 commissioning already completed. San Gabriel's cumulative progress has reached 96% overall completion by third quarter 2025, primarily driven by finishing the engineering and procurement as well as the construction at 95% of advance.

作為這一進展的一部分，能源和礦業部授予聖加布里埃爾電力傳輸特許權。礦山開發已經完成，目前正在使用 Buenaventura 自有的車隊進行採礦準備活動。調試計劃目前正在實施中，C1 和 C2 調試已經完成。截至 2025 年第三季度，聖加布里埃爾工程的累積進度已達到 96% 的整體完成度，這主要得益於工程和採購以及施工進度已達 95%。

On the next slide, we are showing the processing plans progress. The primary crusher mechanical works are at 100%. The SAG and ball mills mechanical works are at 100%. And finally, the CIL tanks mechanical works are at 100%. Moving on, we can see the progress of the main components of the plant. Moving on to Slide 9. We are showing the progress at the filter tailings plant that currently is at 96% overall progress.

下一張投影片將展示處理計畫的進度。一級破碎機機械運作正常，完成度達100%。SAG磨機和球磨機的機械設備已100%投入使用。最後，CIL 坦克機械工程已達 100%。接下來，我們可以看到植物主要組成部分的生長情況。接下來是第9張投影片。我們正在展示尾礦過濾廠的進展情況，目前整體進展已達 96%。

To conclude this presentation, I would like to share a few final thoughts. First, a stable and continuous production of our at our flagships. We are making progress in our efforts to increase throughput while prioritizing cost efficiency.

最後，我想分享幾點想法。首先，我們旗艦產品的穩定和持續生產。我們在提高產量的同時，也優先考慮成本效益，並且取得了進展。

Second, solid performance from our affiliate companies, Coimolache, new operating permit will enable production at full capacity. We are expecting to produce over 8,000 ounces of gold next year. which will lead to higher cash flow in the coming quarters.

其次，我們的關聯公司 Coimolache 業績穩健，新的營運許可證將使公司能夠滿載生產。我們預計明年將生產超過8000盎司黃金，這將為未來幾季帶來更高的現金流。

Third, strong cash flow generation and a solid balance sheet driven by the outstanding performance of Buenaventura's flagship operations. enabled us to return value to shareholders and resume our dividend policy.

第三，布埃納文圖拉旗艦業務的出色表現帶來了強勁的現金流和穩健的資產負債表，使我們能夠為股東創造價值並恢復股利政策。

Finally, the San Gabriel project has achieved 96% overall progress. The new power line concession will allow us to complete commissioning in the coming weeks on track as we aim for our first gold bar by fourth quarter of 2025.

最後，聖加布里埃爾計畫總體進度已達 96%。新的輸電線路特許經營權將使我們能夠在未來幾週內按計劃完成調試工作，目標是在 2025 年第四季度獲得第一根金條。

Thank you for your attention. I will hand the call back to the operator to open the line for questions. Operator, please go ahead.

感謝您的關注。我會將電話轉回給接線生，以便接聽提問。操作員，請開始。

Thank you. We will now begin the question-and-answer session. (Operator Instructions).

謝謝。現在開始問答環節。（操作說明）

Carlos De Alba, Morgan Stanley.

卡洛斯·德阿爾巴，摩根士丹利。

Yeah. Hello. Thank you, and good morning, everyone. So I wanted to maybe go back a little bit and make sure that we get a little maybe more color, Leandro, on what is still pending for San Gabriel. And when do you expect to get maybe those permits that are pending?

是的。你好。謝謝大家，大家早安。所以我想稍微回顧一下，確保我們能更詳細地了解一下聖加布里埃爾目前仍在等待解決的問題，Leandro。那麼，您預計何時能拿到那些正在審批中的許可證呢？

And if there is anything else from a government approval perspective, how confident are you that with the recent changes in government that we have seen in the country, you're going to get them relatively on time. And to the extent that there might not be on time, if that possible delay will be weeks, days, weeks or months.

如果從政府審批的角度來看還有其他事項，鑑於我國最近政府的變動，您對能否相對及時地獲得這些事項有多大信心？如果無法按時完成，那麼可能的延誤時間可能是幾週、幾天、幾週甚至幾個月。

And then related to that, is you did mention you expect to the total production for the year in San Gabriel, but what is the sequence that we should be contemplated in the model. And given the benefit that you have in ramping up this project, I mean, very amid very high gold prices. When can we see when do you expect San Gabriel to be EBITDA neutral or display start to break even?

與此相關的是，您提到您預計聖加布里埃爾全年的總產量，但是我們應該在模型中考慮的順序是什麼？考慮到您在推進該專案方面所擁有的優勢，我的意思是，尤其是在金價非常高的情況下。我們什麼時候才能看到聖加布里埃爾的 EBITDA 達到中性或開始實現盈虧平衡？

Thank you.

謝謝。

Thank you, Carlos. Well, we are coordinating previously since weeks ago, the final permits for San Gabriel. We are confident that we will be granted of all, and we will and this year with the production of two bars. Maybe Renzo can give us more detail and then the Juan Carlos or these can help us for the sequence of the production.

謝謝你，卡洛斯。嗯，我們早在幾週前就開始協調聖加布里埃爾的最終許可事宜了。我們有信心獲得所有許可，今年我們將生產兩家酒吧。或許倫佐能提供更多細節，然後胡安卡洛斯或其他一些人可以幫助我們理清製作流程。

Please, Renzo. Thank you.

拜託了，倫佐。謝謝。

Sure. Yeah, all the permits are in line to be able to produce the first over towards the end of the year, it is a matter of when the authorities go up. We don't foresee any problems on that. And regarding what is pending in San Gabriel are the power should be arriving this Sunday and then it's somehow -- in the [Q3] and [Q4], and that is going to take us a couple of months to complete.

當然。是的，所有許可證都已準備就緒，可以在年底前開始生產第一塊板，現在的問題是當局何時批准。我們預計這方面不會有任何問題。至於聖加布里埃爾目前的情況，電力應該會在本週日到達，然後不知何故——在第三季度和第四季度，這將需要我們幾個月的時間才能完成。

For the production sequence and Juan Carlos can help us.

製作流程方面，胡安·卡洛斯可以幫助我們。

Yeah, maybe before sorry, I may have lost my connection for a second there. So can you repeat what is happening with power. So you're getting access power this week or today or tomorrow, is that what you said? And then why won't take 2-months or to ramp up?

是的，抱歉，我剛才可能短暫斷線了。那麼，你能複述一下目前權力方面發生的事情嗎？所以你這週、今天或明天就能通電了，是嗎？那麼為什麼不需要兩個月的時間或時間來逐步增加產量呢？

Sure. So power line construction is complete. All the arrangement with the other users is complete. The permit from the authority is complete. The energy station will happen on Sunday, and then we can start the commissioning process.

當然。輸電線路建設至此完成。與其他使用者的安排已全部完成。已獲得有關部門的許可。能源站將於週日建成，之後我們就可以開始調試過程了。

The commissioning process will take around a couple of months because we need to stabilize power first, then we're going to start feeding the mills, feeling all the of the plant with water. And then as soon as we can start crushing and milling, we're going to be feeling all the circuits up to the tailing storage facility. And then we're going to start adding to that to start the crop of bold, and we expect that to be finishing towards mid-December.

調試過程大約需要幾個月的時間，因為我們需要先穩定電力，然後我們才會開始給磨機供水，為整個工廠供水。然後，一旦我們能夠開始破碎和研磨，我們將對所有通往尾礦庫的迴路進行檢測。然後我們將開始在此基礎上進行擴充，以培育出一批大膽的品種，我們預計這項工作將在 12 月中旬完成。

Okay, Carlos. And regarding your question about production, as (inaudible) mentioned, this year is going to be the initial gold bars by the end of the year. And in January, we will start doing the operational ramp-up with an operational ramp-up in January.

好的，卡洛斯。至於你問的生產問題，正如（聽不清楚）所說，今年年底前將會生產出第一批金條。一月份，我們將開始逐步恢復營運。

And as we mentioned before, we need to pay attention to the construction process or contraction, but filtration, desiccation and compaction of the tailing -- in the tailing because the shape of the tail reservoir is a V-shaped valley. We need to start from the bottom where the area is limited.

正如我們之前提到的，我們需要注意施工過程或收縮，但尾礦的過濾、乾燥和壓實——因為尾礦庫的形狀是V形谷。我們需要從面積有限的底層開始。

And as long as we are compacting the tails and raining elevation, we will extend and gain more available area for combaction. Due to that, the production this year on a global basis is going to be in the order of 70,000 to 90,000 ounces of gold next year, and we are working in -- along with the project team with the commissioning monitoring all the process, trying to do our best to be on the upper range of this guidance.

只要我們壓實尾部並提高海拔，我們就能擴大並獲得更多可用於作戰的區域。因此，預計今年全球黃金產量將在 7 萬至 9 萬盎司之間，我們正在與專案團隊一起調試並監控整個過程，盡最大努力達到這一預期範圍的上限。

Thank you, Carlos. And maybe just, I don't know, Daniel, or when do you expect to start breaking even at current gold basis?

謝謝你，卡洛斯。或許，我不知道，丹尼爾，或者你預計在目前的黃金價格水平下何時才能實現盈虧平衡？

We're going to start with the high grade at the beginning. So it's going to be pretty soon, I would say, the first or the second quarter, we will probably be reaching breakeven. Even if we are not working at full capacity, we will be over breakeven, I would say, by the second quarter next year.

我們先從高年級開始。所以我覺得應該很快就能達到損益平衡，可能在第一季或第二季。即使我們沒有滿載運轉，我認為到明年第二季我們也能達到損益兩平。

(Operator Instructions). Ladies and gentlemen, with that, we will be concluding today's audio question-and-answer session.

（操作說明）女士們、先生們，今天的音頻問答環節到此結束。

I would like to turn the floor back over to Sebastian Valencia, Head of Investor Relations for any webcast questions.

我謹將發言權交還給投資者關係主管塞巴斯蒂安·瓦倫西亞，回答大家對網路直播的任何問題。

Thank you, operator. At this time, there are no further questions. I would like to turn the call over to Leandro Garcia.

謝謝接線生。目前沒有其他問題了。我想把電話轉給萊安德羅·加西亞。

Thank you, Sebastian. I would like to thank you for the time and effort to join us today. your participation and input are very appreciated. Thank you again, and have a wonderful day.

謝謝你，賽巴斯蒂安。非常感謝您今天抽出寶貴時間參加我們的會議。您的參與和意見對我們非常重要。再次感謝，祝您有美好的一天。

Thank you very much. Ladies and gentlemen, that concludes Buenaventura's third quarter 2025 earnings results conference call. We would like to thank you again for your participation. You may now disconnect.

非常感謝。女士們、先生們，Buenaventura 2025 年第三季收益業績電話會議到此結束。我們再次感謝您的參與。您現在可以斷開連線了。