Buenaventura Announces Second Quarter and Six Month 2020 Results

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 second quarter (2Q20) and six-month (6M20) period ended June 30, 2020. 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$).

Second Quarter 2020 Highlights:

• 2Q20 results were adversely impacted by the State of Emergency and related mandated lockdown instituted by the Peruvian Government in order to contain the spread of the Coronavirus (COVID-19). As part of the Buenaventura's two-phased plan, on May 16, 2020 Tambomayo, Uchucchacua, El Brocal and Coimolache began the process to restart operations. The second phase began on June 16, 2020. As of the date of this press release, the Company expects to reach full capacity at all operations by the end of August.
• 2Q20 EBITDA from direct operations was US$ 26.5 million, compared to US$ 47.1 million reported in 2Q19.
• June 2020 EBITDA from direct operations was US$ 33.3 million, an initial indication of post-State of Emergency restriction recovery.
• 2Q20 Adjusted EBITDA including associated companies reached US$ 86.1 million, compared to US$ 137.3 million in 2Q19.
• 2Q20 capital expenditures were US$ 11.6 million, compared to US$ 28.8 million for the same period in 2019.
• 2Q20 net loss was US$ 25.1 million, compared to a net income of US$ 9.7 million for the same period in 2019. US$2.9 million of the above net loss was due to additional expenses related to the effect of COVID-19 on a consolidated basis.
• The Company's De-Bottlenecking Program continued to progress during the 2Q20 at a reduced level. The program's 2020 focus is on the Company's Tambomayo, Uchucchacua and El Brocal mines (please refer to page 6 for related details).
• Buenaventura's 2Q20 cash position reached US$ 196 million.
• Updated guidance will be provided once Buenaventura has achieved full production capacity at all operations.

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

(*) As of June 30, 2020 Buenaventura had a weighted average number of shares outstanding of 253,986,867.

For a full version of Compañía de Minas Buenaventura First Quarter 2020 Earnings Release, please visit: http://www.buenaventura.com/en/inversionistas

CONFERENCE CALL INFORMATION:

Compañia de Minas Buenaventura will host a conference call on Friday, July 31, 2020 to discuss these results at 10:00 a.m. Eastern Time / 9:00 a.m. Peru Time

To participate in the conference call, please dial:

Toll Free US:
+1-877-883-0383

Toll International:
+1-412-902-6506

Passcode: 2938034

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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: Orcopampa*, Uchucchacua*, Mallay*, Julcani*, El Brocal, La Zanja and Coimolache, and is developing the Tambomayo project.

The Company owns 43.65% of Minera Yanacocha S.R.L (a partnership with Newmont Mining Corporation), an important precious metal producer; 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer.

For a printed version of the Company's 2019 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, Yanacocha's and 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, Yanacocha's and 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.