Compañía de Minas Buenaventura S.A.A.
Annual Report 2021

Plain-text annual report

Memoria Anual /La salud e integridad de todos es nuestra prioridad / THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY Contents ANNUAL REPORT 2021 33 ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY This document contains accurate and sufficient information regarding the business development of Compañía de Minas Buenaventura S.A.A. in 2021. Without prejudice to the issuer’s liability, the undersigned is responsible for its contents in accordance with the applicable legal provisions. Leandro García Raggio General Manager Friday, February 18, 2022 ANNUAL REPORT 2021 55 ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY LETTER TO THE SHAREHOLDERS DEAR SHAREHOLDERS: WE ARE FACING THE YEAR 2022 AND, THUS, WE ARE ENTERING THE THIRD YEAR OF THE COVID-19 PANDEMIC. The world is torn between the need to go on with its fundamental activities and the restrictions due to the new variants of this virus, which has drastically changed the way we work, learn and interact with each other. The scientific community continues to watch and learn about this pandemic. Experts from the World Health Organization (WHO) point out that the concern now is that these variants, such as those reported in the United Kingdom and South Africa, tend to spread more rapidly and are more contagious, although they have lower mortality rates, so far. The scientific community responded by designing vaccines that offer a broad immune response, as pointed out by WHO. Vaccination, physical distancing, wearing a mask, washing hands and avoiding closed spaces continues to be the best strategy recommended by the World Health Organization to reduce infection. This is how we start 2022, with some progress, but still with a high degree of uncertainty. In 2021, the world economy experienced a 5.5% recovery, according to World Bank estimations. The recovery in production, the resumption of international trade, the progress made in vaccination, and the good prices of raw materials have been critical to this drive. This, no doubt, benefits mining countries such as Peru. However, said recovery is not even and it is rather deepening the gaps between high-income and middle and low-income economies, which now face macroeconomic imbalances, setbacks in the progress made in the fight against poverty, and problems in the quality of educational services for generations of children and adolescents isolated by the pandemic. Two of our main commercial partners, the United States and China, boosted the growth of the global economy. The United States, following the World Bank projections, closed 2021 with a 5.6% growth and a decrease in the unemployment rate, although the second semester was more modest due to the slowdown in private consumption and manufacturing production. China, in turn, grew 8%, less than the initial estimation, due to the restrictions caused by the pandemic, regulatory controls in the financial sector and recession in the real estate sector. A 5.8% growth was registered in the Eurozone and in Central Asia, which was basically due to the recovery of the domestic demand and the dynamics of exports. The World Bank points out that Latin America and the Caribbean recovered up to an average of 6.7% in 2021, driven by favorable external conditions, such as the 7 / THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021LETTER TO THE SHAREHOLDERS exports to the United States and China, and the high prices of commodities produced by the region. For its part, Peru grew 13.2% in 2021. But this high-growth rate is due to the rebound effect of an economy like the Peruvian, which fell dramatically by -11% in 2020. BUENAVENTURA SIGNED DEFINITIVE AGREEMENTS WITH NEWMONT CORPORATION TO SELL ITS TOTAL STAKE IN In the final stretch of 2021, the monthly growth of the country declined sharply, and three different dynamics were observed: An improvement in consumption, leveraged by the progress made in the COVID-19 vaccination, and the government help to sectors in extreme poverty (bonds); a gradual deterioration of the total investment levels; and the reactivation of social conflicts, especially in the south and central areas of the country, against important mining operations. MINERA YANACOCHA FOR A CONSIDERATION OF For 2022, the World Bank foresees that the global growth will decline by 4.1% and Peru’s growth will stand at 3.2%. US$ 300 M In 2021, in Peru, we celebrated general elections, in which Professor Pedro Castillo Terrones was elected for the 2021-2026 period. Additionally, our country received vaccine batches to protect Peruvians against COVID-19, and, despite the delays at the beginning of the process, 80% of the population was vaccinated with at least two doses. On the other hand, there was a cycle of social demands and conflicts, some of them including acts of violence, among other events that marked the bicentennial. Uncertainty about the pandemic was compounded by the political noise, as well as the sharp increase of the exchange rate and the clashes among the various political sectors of Peru. This situation affected the Peruvian business environment and confidence, a fundamental basis for generating wealth and formal employment, which mainly benefits thousands of fellow countrymen struggling to escape poverty. It is urgent that the Executive and Legislative branches, the political class, the business sector and the civil society firmly commit to national dialogue, the only way to move forward in the face of the country’s real problems, such as the pandemic and inequality, which denies opportunities for a better quality of life to thousands of Peruvians. As of December 31, 2021, the price of the ounce of gold was US$ 1829, while silver closed at US$ 23.31 per ounce, according to Bloomberg. Meanwhile, the London Metal Exchange reported that the ton of copper closed the year at US$ 9740, and the ton of zinc at US$ 3590. Lead closed the year at US$ 2338 per ton. Buenaventura’s share price fell by 40% during 2021, closing at US$7.3. For the year under review, our company had a net loss of US$ 278.7 M, compared to the loss of US$ 150.3 M of 2020. This was mainly due to the losses generated by Yanacocha. Excluding those losses, the company’s net profit amounts to US$ 127.6. The net debt/EBITDA ratio for 2021 decreased from 6.14x to 3.58x. Additionally, the cash position at the end of 2021 increased from US$ 235.4 M to US$ 377.0 M and CAPEX was US$ 91 M. As for the controversy we hold with the National Superintendency of Customs and Tax Administration (SUNAT), on January 29, 2021, the process of approval of the deferral and fractionation of the tax debt originated due to the non-recognition of the commercial contracts for physical deliveries of gold sales and the contractual payments made by the company in 2007 and 2008, as well as the non-recognition by SUNAT of the compensation of tax losses made in 2009 and 2010, culminated on January 29, 2021. On July 30, 2021, Buenaventura paid in advance one hundred percent of the amount set by SUNAT, using funds obtained from a bond issue that was timely disclosed to the market. Notwithstanding the above, the company will continue to exercise its legitimate right of defense in the corresponding legal instances while awaiting a favorable outcome. As part of the strategic decisions made by the company to improve its financial position, on February 7, 2022, Buenaventura entered into final agreements with Newmont Corporation to sell its total shareholding in Minera Yanacocha S.R.L. through its subsidiary Compañía Minera Condesa S.A. (which represents 43.65% of Yanacocha’s capital stock) for a compensation of US$ 300 million, as well as contingent payments related to the production of the Sulphides Project that Yanacocha plans to develop, and future increases in mineral prices, payments that may amount to up to US$ 100 million. 9 / THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021LETTER TO THE SHAREHOLDERS This decision will allow our company to focus on its asset portfolio, particularly on developing the projects in its portfolio (Yumpaq, San Gabriel and Trapiche), and to reduce its financial indebtedness levels, increasing the return in favor of its shareholders. Likewise, Newmont will transfer its shareholding in Minera La Zanja S.R.L. to Buenaventura in exchange for a royalty on the future production of said mining unit. On the other hand, Newmont will pay US$ 45 million to Buenaventura to cover part of the future costs of La Zanja closure plan. In terms of Safety, which is a central element in Buenaventura, it is important to mention that no fatalities were registered in our mining activities (production units, mining projects and closing units). By the end of 2021, we managed to accumulate 2.5 continuous years without fatalities in the mining activities of the company. However, the Accident Rate increased by 2.49%, compared to 0.16% in 2020, because of three fatal accidents in non-mining activities, which we deeply regret. These accidents happened in the operations of Consorcio Energético de Huancavelica - CONENHUA (electricity sector), in the Central Warehouse of Campoy (industrial sector) and in the construction project of the Huaruro Irrigation Canal in Arequipa (civil construction sector). These results require us to continue to make efforts and to allocate resources to improve Safety Management in non-mining activities and, likewise, achieving sustainable results in the company’s mining activities, based on the Critical Risks approach, related to operational controls, and our Pact for Life. Regarding our Social Management, under our Shared Social Responsibility approach, in which the State, the company and civil society join efforts in favor of the population, in 2021 we continued to approach neighboring communities and local authorities in our areas of influence to provide the necessary tools in the fight against the health crisis, respecting and promoting the protocols established by the authorities. Our Environmental Management focused on applying adequate operational and preventive controls so as to minimize the impacts on the environment and contribute to the sustainability of our units, as well as managing the responsible use of water, preserving its quality and ensuring its reuse and recirculation in all processes. In the Human Resources area, we closed 2021 with a total workforce of 12,303 people. This number includes the personnel of contractor companies (9258) who provide services to our operations. The performance of our production units was as projected. Tambomayo, in Caylloma (Arequipa) produced 69,554 ounces of gold and 1,815,288 ounces of silver in 2021, compared to 63,477 ounces of gold and 1,668,582 ounces of silver in the previous year. IN 2021 NO FATAL ACCIDENTS WERE Orcopampa Unit, in the Castilla province (Arequipa), produced 50,020 ounces of gold, compared to 41,129 ounces in 2020. RECORDED IN OUR MINING ACTIVITIES (PRODUCTION La Zanja and Coimolache, open-pit mines operating in Cajamarca, produced 22,611 and 110,575 ounces of gold in 2021, respectively, compared to 17,228 ounces of gold produced by La Zanja and 106,017 ounces of gold produced by Coimolache in 2020. UNITS, MINING PROJECTS AND CLOSING UNITS) Uchucchacua, silver mine in Oyón (Lima), produced 3,732,391 ounces of silver, compared to 5,000,312 ounces produced in 2020. On October 15, 2021, we made the decision to temporarily suspend operations in Uchucchacua due to a complex situation that caused unsustainable losses for the operation (low ore grade, heavy capital investments, mining of very thin veins, high costs caused by the pandemic, as well as the impact of the operations stoppage due to a strike started by the community of Oyón. During the temporary suspension of mining and processing activities, Buenaventura will implement a strategy for the 2021-2023 period that consists of strengthening exploration in economic zones to increase reserves, redesigning the mine to make it more efficient and enhance community relations. The goal is to make Uchucchacua a profitable and efficient operation. 11 / THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021LETTER TO THE SHAREHOLDERS It is worth noting that the decision to suspend operations in Uchucchacua, mine that provides raw materials for the production activities of Procesadora Industrial Río Seco (in Huaral), led us to request the temporary halt of operations at said plant. During said suspension period, only essential activities related to the facilities maintenance will be carried out. Meanwhile, the Julcani Unit, our alma mater in Huancavelica, produced 2,572,036 ounces of silver compared to 1,676,731 ounces of silver in the previous year. Sociedad Minera El Brocal (61.43% BVN), subsidiary company of Buenaventura operating the Colquijirca Unit, in Cerro de Pasco, produced 37,914 metric tons of copper and 35,975 metric tons of zinc in 2021. In 2020, it produced 30,608 metric tons of copper and 54,909 metric tons of zinc. IN OUR ORCOPAMPA, UCHUCCHACUA, TAMBOMAYO, JULCANI AND EL BROCAL UNDERGROUND UNITS, WE ADVANCED METERS IN EXPLORATION TUNNELS AND 11,253 219,824 METERS IN DIAMOND DRILLING, WHICH INCLUDES 39,798 METERS IN THE OPEN PIT OF EL BROCAL At El Brocal, lead production levels were 10,096 tons compared to 20,066 tons in 2020. Also, it produced 6,158,981 ounces of silver, up from 3,508,585 ounces the previous year. Sociedad Minera Cerro Verde (19.58% BVN), an affiliated company operating in Arequipa, produced 402,370 metric tons of copper, compared to 371,991 metric tons the previous year. Likewise, the effort dedicate to exploration work is part of Buenaventura’s culture that ensures continuity of our business. In our Orcopampa, Uchucchacua, Tambomayo, Julcani and El Brocal underground units, we advanced 11,253 meters in exploration tunnels and 219,824 meters in diamond drilling, which includes 39,798 meters in the open pit at El Brocal. During 2021, at our San Gabriel Project, located in the Ichuña area, in Moquegua, the technical consultations related to obtaining the Benefit Concession were resolved. The prior consultation process was reactivated by the second half of the year due to the pandemic restrictions. As of the date of this letter, we have already closed the prior consultation process with one of the neighboring communities. We expect to begin with the construction stage and complete the detail engineering during 2022. At the Trapiche Project, located in Apurímac, despite the complexities of the pandemic, we completed the construction of the on-site metallurgical laboratory, performing 36 of the 100 column tests scheduled as part of the feasibility study. Additionally, we completed the environmental baseline and the first of two citizen participation workshops. In 2022, we will start a drilling program to continue with in-situ column tests and improve the certainty of the mineral resources. Likewise, we will continue with the community engagement with a view to submitting the EIA in the third quarter and holding the public hearing by the end of the year. At the Rio Seco Industrial Plant Project, in Huaral, during 2021, we successfully completed the public hearing on the Environmental Impact Assessment (EIA), and all the technical remarks thereto were resolved. As for the Coimolache Sulphides Project, located in Cajamarca, during the year under review, we prioritized exploration and development works, focusing the drilling plan on the high-grade ore area. In 2022, we will continue the drilling campaign to assess the possibility of starting the shift to an underground mine, and continue also with the land- purchase process. As for organizational changes, Mr. Aldo Massa, who served as General Manager of Buenaventura since February 2020, became Vice-President of Business Development and Commercialization. The Projects, Metallurgical Projects and Business Development managements, as well as the commercial area, report to him directly. Mr. Massa holds a degree in Business Administration from Universidad de Lima and an MBA from Universidad del Pacífico. He has more than 25 years of experience in the mining sector. Finally, on behalf of the Board of Directors, we would like to thank the shareholders, our suppliers and all the stakeholders of the company, as well as to give a very special recognition to all the collaborators of our production units, projects and offices in eight regions of our country for their effort and commitment to carry our company forward in these complex times. Lima, February 24, 2022 Roque Benavides Chairman of the Board 13 / THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021 / THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY 69YEARS COPPER SILVER Founding of Buenaventura Acquisition of Julcani mine in Huancavelica BVN lists on the Lima Stock Exchange BVN acquires 11% of El Brocal. As of 2017, BVN owns 61% JV1: of history and long-term view COPPER Privatization of Cerro Verde (with Cyprus) JV₃: (1994: 30K → 2017: 450-500K Cu MT) 15 x GOLD La Zanja (1M oz/Au produced to date) JV₄: Mn Inauguration of the Río Seco chemical plant GOLD First dore bar obtained at Tambomayo 1953 1971 1979 1994 2010 2013 2016 1967 1975 1993 1996 2011 2014 GOLD SILVER Orcopampa (1967: 75 → 2017: 1.5K TPD) 20x Uchucchacua (1975: 150 → 2017:~4K TDP) 25x GOLD First dore bar obtained at Yanacocha (Over 36M Oz/Au produced to date) JV2: First Latin American mining company to list in the New York Stock Exchange GOLD Coimolache: First dore bar obtained ( ~1 M Oz Au produced to date) JV₅: Huanza: Hydroelectrical plan: Start of commercial operations (100 MX) GOVERNMENTS OF PERU ODRÍA (1948-1956) PRADO UGARTECHE (1956-1962) BELAÚNDE (1963-1968) VELASCO (1968-1975) MORALES BERMÚDEZ (1975-1980) BELAÚNDE (1980-1985) GARCÍA (1985-1990) FUJIMORI (1990-2000) TOLEDO (2001-2006) GARCÍA (2006-2011) HUMALA (2011-2016) KUCZYNSKI (2016-2018) VIZCARRA (2018-2020) MERINO (2020-2020) SAGASTI (2020-2021) CASTILLO (2021-Presente) ANNUAL REPORT 2021 15 / THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY CORPORATE CULTURE ANNUAL REPORT 2021 17 CORPORATE CULTURE General data Name: Compañía de Minas Buenaventura S.A.A Main Office: Las Begonias 415 – 19th floor, San Isidro, Lima, Peru Phone: (511) 419-2500 Website: www.buenaventura.com Vision Mission Develop mineral resources while creating the highest possible value for society. Be the mining company of choice and the most widely accepted among communities, authorities and the general public. Make the company as highly valued as possible by all of its stakeholders. Values SAFETY Promote respect for the life of our collaborators in all our processes, operations and activities. LOYALTY Commit ourselves to our company, its mission, vision, and values. We are all part of the same team. HONESTY Act in an upright and honest manner, never lying, deceiving, or omitting the truth. RESPECT To be considerate and courteous to people, their ideas, their culture and their rights. INDUSTRIOUSNESS: Be passionate about our work, giving our best and acting efficiently, safely, and responsibly. TRANSPARENCY Manage communications and actions that are truthful, clear, timely and unambiguous. 19 ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYCORPORATE CULTURE / THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY Sustainability Safety Community Relations Environment V A L U E G O L D S I L V E R B M A E S T E A L S G O L D S I L V E R B M A E S T E A L S Tambomayo Orcopampa Coimolache (JV) La Zanja (JV) Yanacocha (JV) Uchucchacua Julcani El Brocal Cerro Verde San Gabriel Yumpaq Río Seco (Planta Química) Yanacocha Sulfuros (JV) Coimolache Sulfuros (JV) Trapiche Operations Projects ANNUAL REPORT 2021 21 21 / THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021 / THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY OPERATIONS ANNUAL REPORT 2021 23 23 ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYOPERATIONS Tambomayo (100% BVN) The main structure is the Mirtha vein with a NW-SE trend. The Paola and Paola Norte veins, at its SE end; the three veins together contain 85% of the total mineral resources of this deposit. According to the net parts consolidate, during 2021 we processed 566,881 MT with the following grades and results: 4.35 g/t 3.63 oz/t 1.92 % 2.85 % Au Ag Pb Zn 69,554 ounces 1’815,289 ounces 9,307 TMF 13,135 TMF Over an estimate of 75,751 ounces of gold, 1’360,681 ounces of silver, 6,582 TMF of lead, and 7,570 TMF of zinc. The metallurgical recovery of gold was 87.80% out of an 83.42% budget. The cost applied to average annual sales was US$ 950 per ounce of gold. Mineral reserves as of December 31, 2021, are 1’406,097 DMT: Au Ag Pb Zn 0.10 oz/t (2.99 g/t) 134,490 ounces 5.21 oz/t 7’235,698 ounces 0.94% 1.41% 13,207 MT 19,868 MT Located in the Caylloma province, in the Arequipa region, Tambomayo is an epithermal deposit with quartz veins and mineralization of gold and silver, mainly, with significant contents of lead and zinc. The measured and indicated exclusive resources are 566,136 DMT: Au Ag Pb Zn 0.10 oz/t (3.03 g/t) 55,778 ounces 4.30 oz/t 2’432,396 ounces 1.08% 1.82% 6,106 MT 10,294 MT Geology We executed 40,772 meters of diamond drilling, seeking to complete the recognition of known structures within the operation and to recategorize and extend the resources (infill drilling). We explored 5 targets: Mirtha Centro, Priscila, Luciana, Carmen Tensionales and Profundización, to start new exploration fronts around the current operation area, between levels 4540 and 4340. During 2022, we will continue to explore these areas, adding the Venturosa and Los Diques veins. 4947 meters of diamond drilling correspond to projects Los Diques (4DDH) and Asunción (1DDH), with positive results in Los Diques, which allowed us to plan a second exploration stage to the NE (Suleyka Sector) for 2022. We carried out two mapping and prospecting campaigns in the Soledad and Chaska projects, over a total of 2992 ha. At Soledad, the main target was better defined, proposing a drilling program of 1500 m (4 DDH) for 2022. At Chaska, an IP geophysical campaign is scheduled within the NE-SW structural corridor, as well as to continue mapping to the SW of the Chaska vein within the communities of Colca Peral and Llatica (new concessions). 25 / THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021OPERATIONS Tambomayo (100% BVN) The mine area carried out 8269 m of mining work, of which 899 correspond to development, 6987 to preparation and 383 to total exploration (131 m Capex and 252 m Opex). In 2021, we developed the stabilization process with an investment of US$ 4.5 M, which includes improvements to control, operation and corrective maintenance, reaching a continuous treatment target of 1700 TMD. Also, the standardization of the filtered tailings deposit, with an investment of US$ 1.6 M, maintaining compliance with the auditors. The Huaruro irrigation project is socially committed to the expansion and improvement of the Belén, Paclla, Cosñirhua, Malata and Tapay fields in the district of Tapay, over an area of 246 hectares. In 2021, US$ 7.1 M were invested in this project, for IN TAMBOMAYO WERE PROCESSED 63,477 OF GOLD IN 2021 OUNCES the completion of the works between the following line 1+100 up to 3+835, markers: conduction conduction line 4+450 up to 4+650, conduction line 6+300 up to 6+650, manufacture and assembly of the Isllirca Bridge. These include civil works such as: Venting and purge valve boxes, concrete blocks at each elbow, dry walls and concrete walls. Mechanical works such as: Installation of purge and venting valves. It is expected that, in 2022, the project will be completed up to the delivery at Tapay (15 km) with an investment of US$ 6.9 M. COVID-19 In view of the health emergency, we faced an outbreak that caused operations to stop for a week in February. That month, we updated the prevention protocols to take care of the health of the staff and to ensure the continuity of the operation. The following requirements were included: Molecular testing, isolation in hotels prior to entering the operation, antigen testing for control and exit, medical personnel in the unit destined exclusively for COVID, 50% capacity for transportation of personnel, among other health controls. We maintained an average occupancy of 700 people under the 14x7 system. The total cost of these protocols in 2021 was US$ 6.8 M, out of a US$ 4.9 M budget. By the beginning of 2022, 99% of the workforce has received the second dose of the vaccine. 27 27 ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYOPERATIONS Orcopampa (100% BVN) According to the net parts consolidate, during 2021 we treated in plant a total of 189,265 MT, with the following grades and results: Geology COVID-19 0.26 oz/t 0.14 oz/t Au Ag 50,020 ounces 14,814 ounces Over an estimate of 45,579 ounces of gold and 25,478 ounces of silver. The metallurgical recovery achieved was 100% for Au and 55% for Ag. The cost applied to average annual sales was US$ 1303/oz of gold. The mineral reserves as of December 31, 2021, are: 516,639 DMT: recategorization/confirmation drills We developed an exploration program with 1364 meters of workings and 39,260 meters of diamond drilling, mostly with exploration drills (19,761 m) (19,499 and m) in the Pucará Sur, Pucará Centro, Pucará Norte, Rosario, Fátima, Sistema R4, Pucarina Este, María Isabel, Esperanza, Prometida, Ramal 1160, Nazareno, Prosperidad and Oliva, between levels 3690 and 3440. In 2022, explorations will be prioritized in the sectors of Pucará Sur (Sistema R4), Pucará Sureste and Rosario Vein. In view of the health emergency, we continued with the surveillance plan and the prevention protocols. These include entry screening with molecular tests and isolation in hotels, as well as control and exit screening with antigen tests, and a 50% transportation capacity. The 20x10 work system was maintained and the number of beds in camp were increased from 580 to 805. The total cost of COVID-19 protocols in 2021 was US$ 7.1 M, out of a US$ 4.4 M budget. Starting 2022, 98% of the workforce has received the second dose of the vaccine. Au Ag 0.30 oz/t (9.37 g/t) 155,690 ounces 0.57 oz/t 295,407 ounces The mine area performed 10,022 meters of mining working, of which 1982 correspond to development, 6554 to preparation and 1487 to exploration. The Orcopampa Unit is located in the province of Castilla, Arequipa region, 150 km NW of the city of Arequipa, in the southern Andes of Peru, 3800 m.a.s.l. It operates the Chipmo mine, which contains a system of auriferous veins related to tellurides. It is an epithermal deposit of precious metals (Au and Ag), of the phyllonean type. Measured and indicated mineral resources exclusive of the reserve are 426,726 DMT: Au Ag 0.28 oz/t (8.74 g/t) 119,939 ounces 0.78 oz/t 333,795 ounces 29 29 / THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021OPERATIONS Compañía Minera Coimolache S.A. (40.095% BVN) Mining takes place in the Tantahuatay 2, Mirador Norte, Mirador Sur and Ciénaga Norte pits, between levels 3932 to 3884, 4028 to 3964, 3996 to 3964, and 3932 to 3900, respectively. We shipped 10,505,027 DMT of oxide ore to the leach pads, of which 493,352 DMT come from the hauling of Gold Fields oxides, with the following grades: 0.014 oz/t 0.270 oz/t Au Ag 110,575 ounces 647,486 ounces As of December 31, proven and probable oxide ore reserves at Tantahuatay total 65,453,541 DMT: Au Ag 0.010 oz/t (0.298 g/t) 626,398 ounces 8.420 oz/t 17’716,987 ounces Buenaventura manages Compañía Minera Coimolache S.A. (40% BVN, 44% SPCC and 16% ESPRO), which operates the Tantahuatay mine, located in the district of Hualgayoc, province of the same name, 50 kilometers north of the city of Cajamarca. Measured and indicated mineral resources in oxides excluding reserves at December 31, 2021 represented 65,453,541 DMT: Au Ag 0.010 oz/t 626,398 ounces 8.420 oz/t 17’716,987 ounces The production of fine metals amounted to 110,575 ounces of gold and 647,468 of silver, extracted from fresh ore; there was no re-leaching. At year end, there is ore remaining in the pad, accounted for as pad inventory totaling 3577 ounces of gold and 48,131 ounces of silver. COVID-19 We continued with the plan for the surveillance, prevention and control of the pandemic at work. The work systems were 9x5 and 28x14 until we implemented the 14x7 system. 9x5 is only for a smaller group, as agreed with the union. We work with reduced capacities in camps, offices and canteens. The capacity for transportation vehicles was increased to 100% in the last quarter of the year. We maintained the occupancy achieved the previous year, increasing the frequency of sanitization in common bathrooms, tents and canteens, to prevent the increase of isolated cases due to a positive case. We completed and received the camp for the 104 portacamps purchased in 2020, improving occupancy by relocating the people who were in tents. Coimolache and the Hualgayoc and Bambamarca Health Network cooperated so that the Tantahuatay mining unit managed to complete the vaccination schedule (first and second doses against COVID-19) of more than 2294 (90%) workers, which allowed to reduce the severity and the number of cases within collaborators. To achieve this, we carried out several vaccination campaigns between June and December within the mining unit facilities, complying with all biosafety measures during the immunization process. As a boosting measure, influenza vaccines were administered. The entry process included molecular testing and isolation in hotels, ending with an exit screening. With the update of the protocol in the last quarter of the year, the entry process is carried out with an initial antigen test and a control test on the fourth day of work. 31 The extractions in the leach pad were 73% gold and 23% silver. Cumulative extractions from the start of the operations to December 31, 2021, are 74% and 17%, respectively. The cost applied to average annual sales was US$ 936/ oz of Au. Geology We completed the construction of 3.35 ha in the Ciénaga pad, and 7.4 ha in the Tantahuatay pad, as well as the relocation of the Definitive Camp Antenna, necessary to start the reconstruction of the Tantahuatay pad, Phase 3/Stage 2 (2.3 ha). Construction We completed the construction of the Tantahuatay Camp with the installation of 104 portacamps, with capacity for 208 people. Construction of ponds 201 (40.00 m3), 207 (130.00 m3), 215 (3500 m3), Tacamache electrical substation and pump system (pond 215 to pond 137), as part of the management of contact water of Tajo Mirador Colocación of 4.08 ha of technosols in DME 2 Tantahuatay, as part of mine closure. / THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021 OPERATIONS Minera la zanja S.R.L. (100% BVN) According to the net parts consolidate, during 2021, we treated in plant a total of 8’363,730 DMT with the following grades and results: Geology COVID-19 0.011 oz/t 0.120 oz/t Au Ag 22,611 ounces 104,534 ounces Fine metal production amounted to 22,611 ounces of gold and 104,534 ounces of silver; of these recovered ounces of gold, 2272 oz correspond to re-leaching and 20,338 oz correspond to fresh ore. At year-end, there is ore remaining in the pad, accounted for as pad inventory totaling 956 ounces of gold and 2853 ounces of silver. For 2021, the extractions in the leach pad were 67% gold and 34% silver. Cumulative extractions in the leach pad from the start of the operations to December 31, 2021, are 68% and 14%, respectively. The cost applied to average annual sales was US$ 1,697 oz of Au. Within the exploration area, we drilled a total of 57 diamond drilling holes, totaling 18,331.50 of drilling performed within the Emperatriz Corridor project – in the following sectors: Escondida: 11,158.70 m., Mariela: 4,003.50 m. and Alba: 3,169.30 m. Likewise, within the mine geology area, we drilled a total of 20 diamond drilling holes, totaling 1803 m of drilling performed within Tajo Pampa Verde – Phase V. We carried out the PV pit contact water pumping system project, which consists of the construction of the pumping system for the derivation of contact water generated in the PV pit to the PV treatment plant. Finally, with respect to progressive closure, there is an accumulated closure of 4.4 ha, of which we have the closure of the PV Pit Chorreos - Sector 1 = 1.78 ha, PV Pit Chorreos Closure = 1.83 ha, Reactive Wetland Closure = 0.79 ha. In view of the health emergency, we continue with the surveillance plan and the prevention protocols. These included screening with molecular testing and isolation in hotels at the beginning of the year, and the screening with antigen tests, as well as control tests on the fourth day in the last quarter of the year. The 14x7 work system was kept, maintaining the reduced occupancy in camps, offices and canteens, the capacity of vehicles being increased to 100% in the last quarter of the year, and camp beds increased from 616 to 636 people. Starting 2022, 100% of the workforce has received the second dose of the vaccine. Minera La Zanja is located in the district of Pulán, province of Santa Cruz, 107 kilometers northwest from the city of Cajamarca. The operation focused on the Pampa Verde pit, between levels 3498 to 3354 m.a.s.l. and San Pedro Sur between levels 3480 to 3444 m.a.s.l. IN LA ZANJA WERE PROCESSED 22,611 OUNCES OF GOLD IN 2021 33 / THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021OPERATIONS Uchucchacua (100% BVN) According to the net parts consolidate, during 2021, we processed 757,945.079 DMT with the following grades and results: 6.45 oz/t 0.93 % 1.61 % Ag Pb Zn 3’732,391 ounces 4,836 TMF 6,203 TMF The mineral reserves as of December 31, 2021, are: 6’583,730 DMT: Ag Pb Zn 10.28 oz/t 62’894,321 ounces 1.09 % 1.86 % 71,745 MT 122,748 MT The measured and indicated resources as of December 31, 2021, are: 1’918,635 DMT: Ag Pb Zn 8.75 oz/t 16’791,792 ounces 0.95 % 1.52 % 18,255 MT 29,094 MT In 2021, the concentration plant carried out campaigns to treat high-grade ore in circuit 2 due to the accumulation of ore caused by a decrease in the head grade. On September 13, operations were stopped due to the community strike. On October 15, operations were temporarily suspended. Located in the district of Oyón, province of Oyón, Lima region, Uchucchacua is an underground mining operation producing silver, lead and zinc. By the end of 2019, the Yumpaq Project was added to our Unit. Located 5 kilometers NE of Uchucchacua, this project consists of a system of veins, mantles and bodies with preferred NE orientation, tensional to the Cachipampa fault that, together with preferred lithological levels (Beta Horizon, Gasteropod level), control the mineralization. IN UCHUCCHACUA WERE PROCESSED 3’732,391 OF SILVER IN 2021 OUNCES 35 35 / THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021OPERATIONS Uchucchacua (100% BVN) Geology We carried out explorations advancing 1828 meters of mining work and 37,841 meters of diamond drilling, of which 23,170 meters correspond to infill drilling and 14,671 meters correspond to explorations, focused mainly in the Socorro, Carmen and Casualidad sectors. On the Exploration area, in the Yumpaq project, we executed infill drilling in the Camila ore body for a total of 6044 meters and, for 2022, we plan to execute 12,800 for the recategorization of resources from inferred to measured and indicated, in addition to the exploration at the Gasteropod level and the Candela structure. We also executed explorations in the Tomasa sector for a total of 9759 meters of drilling and, for 2022, we plan to drill 10,000 meters oriented towards the Tomasa, Almendra and Coqueta structures to generate inferred, measured and indicated resources, in addition to the exploration of these structures in their SW continuity up to the Cachipampa fault, which will allow us to increase potential. In the Yumpaq project we recovered 1.7 km of flooded ramp (34,000 cubic meters). Also, we executed 1717 meters of underground workings: 1108 meters horizontally and 609 meters vertically. For 2022, we plan to execute 9958 meters: 8250 meters horizontally and 1708 meters vertically. On the other hand, we started the construction of surface facilities, such as camps, offices, warehouses and gas stations. Within the mine area of Uchucchacua we executed 19,277 meters of horizontal and vertical mining workings (18,499 m and 829 m, respectively), distributed in the following stages: Development: 1117 meters; Preparation: 15,827 meters; Exploration: 2089 meters; and Infrastructure: 244 meters. At the Uchucchacua process plant, we configured Circuit I for the treatment of polymetallic ore with the tailing of Mesa de Plata and treatment of high-grade ore. In Circuit II, this ore is treated by campaigns. The 2022 drilling campaign is aimed at exploring bodies with economic mineralization potential, located on the eastern flank of the Uchucchacua anticline and placed in favorable horizons within the upper and middle Jumasha. For short-term exploration, drilling has been considered for the Nora-Geraldine and Karen Rosalía corridors, aiming at generating inferred and potential resources of 755kt@14.0 oz/t Ag, with an average power of 1.80 m, which would mean 10.6MOzAg; similarly, for medium and long-term exploration, diamond drilling has been considered to explore the Nevada, Cachipampa NE, Huantajalla and Cachipampa Norte targets, with the objective of map out potential resources. Resolutions COVID-19 Due to the health emergency, we faced an outbreak of contagion in February, which caused a change in the screening process from antigen testing to molecular testing. This measure was maintained until the last week of November. Operational controls were maintained to mitigate the spread, including thermographic sinks, infographics related to COVID-19 control, hand- sanitizer dispensers, physical barriers on the tables and in the cafeteria service line, and disinfection of environments. Likewise, vaccination campaigns were also carried out for the personnel. cameras, pedal-operated On August 17, 2021, through Directorial Order No. 00165-2021-SENACE-PE/DEAR, the acceptability of the Detailed Environmental Impact Assessment of the Yumpaq-Carama Project was confirmed, as well as the conformity of the Citizen Participation Plan and the Executive Summary of said assessment. On July 23, 2021, through D.R. N°145_2021_MINEM_ DGAAM, the second modification of the Mine Closure Plan of the Pozo Rico Mining Unit was approved. On October 22, 2021, through D.R. N°206-2021/MINEM- DGAAM, the second update of the Uchucchacua Mine Closure Plan was approved. On December 26, 2021, by Resolution N°0452-2021- MINEM-DGM/REPORT Nº0174-2021/MINEM-DGM- DTM-PCM, MINEM declared the partial and temporary suspension of activities at the Uchucchacua Mining Unit to be applicable. 37 37 ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYOPERATIONS Julcani (100% BVN) According to the net parts consolidate, during 2021, we processed 127,925.1 DMT with the following grades and results: Geology 0.10 g/t 20.12 oz/t 0.42 % 0.20 % Au Ag Pb Cu 188 ounces 2’506,483 ounces 478 MT 241 MT The cost applied to average annual sales in 2021 was US$ 16.79 per ounce of Ag. In addition, in 2021, tailings from tailing dams 1 to 5 were processed, recovering 65,552.25 ounces of silver and 169.1 ounces of gold. As of December 21, 2021, the mineral reserves of the Acchilla (80%) and Estela (20%) mines are: 293,373 DMT: Au Ag Pb Cu 0.004 oz/t (0.135 g/t) 1,270 ounces 19.46 oz/t 5’708,771 ounces 1.50 % 0.42 % 4,403 MT 1,238 MT The indicated mineral resources as of December 31, 2021, were: 178,758 t: Ag Pb 19.71 oz/t 3’523,096 ounces 0.86 % 1,457 MT Located in the province of Angaraes, department of Huancavelica, in the Central Andes of Peru, Julcani is an underground operation that produces essentially silver with lead, copper and gold content. In the Acchilla mine, we executed a total of 7220 m of underground mining work in exploration and 1586 m of diamond drilling. The new ore found during 2021 was 119,000 t with 21.6 oz/T of silver, 0.70% of lead (2.630 M fine oz of Ag), with a cubing ratio of 16.5 MT of advance; the veins contributing new ore are: Leyci, Miriam, Lesly 1, Santa Fe, Santa Fe Piso, Leonor, Soledad and the Porvenir area, and explorations at level 710 on the W end. Additionally, the mine area carried out 7008 meters of mining workings of which 563 meters correspond to development workings and 6445 meters to mine preparation workings. For 2022, exploration will be focused on the Acchilla mine, segmented in three areas: west, center and east. In the east area, the objective is to explore the veins of the 7B R, Providencia, Consuelo, Yamila systems and the branches between levels 610 and 710 of Acchilla. In the central area, we will explore the projection of the Jesús 2B Branch, Jesús 2C Branch veins at level 710, as well as the exploration of the Soledad, Rocío, Betsy, Jesús 2C Branch veins at level 510; we will continue with the search for veins with Ag and Au content in the area of the Yanela, 28 and Nórdica veins between levels 560 and 660; we will continue with the exploration of the Leonor, Kristiana, Porvenir and Leyci veins between levels 710 and 560, where there is mineralization in and near the San Demetrio dam. These explorations are expected to confirm 1.5 M oz Ag as new reserves with workings (7800 m), and 2.3 M oz Ag as new resources with the diamond drilling program (24,000 m). With this, the objective is to ensure a replenishment of more than 80% of the ore mined during 2022. On the other hand, during 2022, we will continue with the rehabilitation of the main crosscut of level 610 of the Estela, and we will complete the explorations with workings and drilling towards the NW area of the Estela Branch vein with the objective of confirming 1.5 M oz Ag of potential ore on structures with Ag-Pb content mainly. COVID-19 In view of the health emergency, we updated the surveillance plan, which establishes the screening of incoming and outgoing personnel with antigen and molecular testing. The track was opened for workers to stay overnight at their homes, maintaining the 14x7 work system, the number of employees was reduced to 350, and the number of workers’ canteens was reduced to only one. Likewise, personnel vaccination campaigns were also carried out with the support of MINSA. 39 / THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021OPERATIONS Sociedad Minera El Brocal S.A.A. (61.43% BVN) According to the net parts consolidate, during 2021, we processed 5’282,203 DMT with the following grades and results: The proven-probable mineral reserves as of December 31, 2021, for Marcapunta Norte, are: 35’737,790 DMT: Ag Au Pb Zn Cu 6´158,981 ounces 17,868 ounces 10,096 MT 35,975 MT 37,914 MT The cost applied to average annual sales in 2021 was US$ 6593/MT Cu and US$ 1937/MT Zn. Au Cu Ag 0.024 oz/t 803,588 ounces 1.27 % 453,483 MT 0.72 oz/t 23’262,117 ounces The measured-indicated exclusive resources as of December 31, 2021, for Tajo Norte - Smelter, (Cu-Ag) are: 1’061,042 DMT: Ag Cu 0.32 oz/t 1.12 % 338,939 ounces 11,833 MT The proven-probable mineral reserves as of December 31, 2021, for Tajo Norte - Smelter, (Cu-Ag) are: 26’187,488 DMT: The measured-indicated exclusive resources as of December 31, 2021, for Tajo Norte - Smelter, (Zn-Pb-Ag) are 2’470,042 DMT: Ag Cu 0.73 oz/t 19’225,280 ounces 1.67 % 436,978 MT The proven-probable mineral reserves as of December 31, 2021, for Tajo Norte (Zn-Pb-Ag area) are: 8’321,196 DMT: Zn Pb Ag 2.12 % 176,794 MT 1.09 % 90,331 MT 2.92 oz/t 24’304,712 ounces Zn Pb Ag 3.55 % 1.06 % 87,604 MT 26,266 MT 0.43 oz/t 1’066,403 ounces The measured-indicated exclusive resources as of December 31, 2021, for Marcapunta Norte are 30’559,075 DMT: Au Ag Cu 0.027 oz/t 817,766 ounces 0.77 oz/t 23’469,804 ounces 1.50 % 458,639 MT Sociedad Minera El Brocal S.A.A. operates the Colquijirca mining unit in the province and region of Cerro de Pasco, 15 km south of the city of the same name. It currently mines zinc, lead and silver from the open pit mine Tajo Norte, and copper from the Marcapunta Norte underground mine. Ore from both areas are treated at the Huaraucaca concentration plants 1 and 2. 41 / THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021 OPERATIONS Sociedad Minera El Brocal S.A.A. (61.43% BVN) Geology We diamond drilled 79,009 m, both on the surface and inside the mine 49.6% of this amount (39,212 m) was drilled in underground mines of which 34,360 m (88 %) had the purpose of recategorizing and confirming the measured, indicated and inferred resources to Cu-Ag- Au ore reserves in the central, southwest and southeast zones with favorable results. Also, 3242 m (8%) were drilled to explore the central and southwest zones. Finally, 1610 m (4%) were drilled for geometallurgical purposes in the southwest (arsenical, mixed and chalcocitic copper mineralization) and southeast zones (arsenical copper mineralization with lithological dominance of breccias and porphyritic dacites). 50.4% of this amount (39,798 m) was in Tajo Norte, of which 35,821 m (90%) were for the purpose of recategorizing and confirming measured, inferred resources to Ag-Pb-Zn-Cu ore reserves in the Phase 9, Phase 12-13, and Tatiana zones; 3976 m (10%) were also drilled for the purpose of exploring the South Wall - South Dump zones. indicated and During 2021, we continued to control the stability of the north wall, with the help of a radar. This practice was replicated in the southwest wall of the pit, where the largest volume of ore mining is concentrated, which has allowed us to ensure the operating conditions in this sector. Major shutdowns were carried out at the concentration plants, where critical equipment was repaired and replaced in order to improve their availability and reliability. In Plant 1, works were carried out: In the crushing line, the Sandvik CJ412 crusher was replaced by a Metso C-130; in grinding, the Comesa 7x12 N°2 mill was replaced and the pumps were relocated to optimize their point of operation in the 18A/B grinding pumping positions and tailings train N°1, in order to reduce maintenance costs; in the flotation area, cell banks were rehabilitated to expand the Cu flotation circuit in the cleaning stage, in order to improve the degree of recovery. In Plant 2, the washing drum and the three Ludowici screens in the crushing area were replaced; the rollers of the HPGR crusher were also replaced; in the grinding area, the 6500 Kw motor, the LRS starter and the speed reducer of the 20x30 mill were replaced. In Planning Management, we are restructuring strategies, frequencies and roadmaps, which help us prepare maintenance projections for a future intervention, with the resources that are available, and thus we will be able to guarantee the target-production at lower maintenance and inventory costs. COVID-19 In view of the health emergency, we established a surveillance plan with prevention protocols. These include the screening of personnel entry by using molecular testing, and reduced capacity for transportation to and from the unit. Likewise, the atypical work system was changed from 30x15 to 14x7, and the occupancy within the Huaraucaca industrial area was increased to 368 beds. Also, a kitchen was implemented next to the canteen in the industrial area. In February, we completed the setting up of a camp with an occupancy of 420 beds, located in the access to the underground mine in Marca Punta Sur. This camp has all the occupancy conditions and a canteen fully furnished with service facilities. IN BROCAL WERE PROCESSED 6’158,981 OUNCES OF SILVER IN 2021 43 ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY OPERATIONS Minera Yanacocha S.R.L. Production Production of gold in 2021 was 264 thousand ounces, compared to 340 thousand ounces produced in 2020. Production of silver was 0.24 million ounces, compared to 2.14 million in 2020. The gold mill processed 291 thousand dry MT of ore, with an average grade of 1.25 grams per MT and a gold recovery of 57.9%, obtaining a gold production of 8.27 thousand ounces, compared to 100 thousand ounces in 2020. Ore discharged in the leaching piles during 2021 was 17.4 million dry MT, up from 15.3 million in 2020, as there were no operating restrictions due to COVID-19, so we produced 256 thousand ounces at these facilities, compared to 240 thousand in 2020. Minera Yanacocha’s proven and probable reserves by the end of 2021 total 6.30 million ounces of gold, 85.95 million ounces of silver and 0.70 million MT of copper. As of the same date, resources amounted to 7.79 million ounces of gold, 61.02 million ounces of silver and 0.52 million MT of copper. Proyectos Capital Sostenible In 2021, Yanacocha’s CAPEX was US$ 21.2 million. The main capital expenditures are: Quecher Main Project $18.4 M Carachugo Project 14 Leach Pad Improvement $2.1M Mine closure spending was US$ 71.7 million, with the main expenditures on Closure Operations ($60.3 M) and Closure Projects ($11.4 M). Quecher Main is the project that provides continuity to Yanacocha’s operations, contributing 1.3 million ounces of gold, and includes the construction of 13.2 ha of leach pad in December 2021. It is expected to operate until 2027. Yanacocha is a mining district with several volcanic events that have created deposits of gold, like surface oxides, underlain by deposits of copper sulphide with arsenic. It is located 54 km north of the city of Cajamarca and is operated by Newmont Mining. Yanacocha has produced around 39 million ounces of gold since 1993 to date. IN YANACOCHA WERE PROCESSED 264,000 OUNCES OF GOLD IN 2021 45 45 / THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021 OPERATIONS Minera Yanacocha S.R.L. Sulphides Project The Yanacocha Sulphides Project is located within the current area of operation and consists of processing sulphide ores through an integrated processing circuit, which includes an autoclave to produce gold, copper and silver. The first phase of the project is focused on the mining of the Yanacocha Verde and Chaquicocha Underground pit deposits, extending our operations beyond 2040. The project is in the final feasibility stage and the investment decision will be made by the end of 2022 to develop construction over a three-year period. The project construction permit was approved in July 2021. However, due to the health measures resulting from the pandemic, initial works were temporarily halted and progressively resumed to continue until 2022. The detail engineering and the procurement of critical equipment started in 2021 and will continue throughout 2022. Social and Environmental Management During 2021, we continued to strengthen the conditions for the continuity of operations and the viability of the Sulphides Project with the star of the initial works. This year, we maintained our environmental ISO management system, certified under 14001:2015 standard, as well as the control of process activities, achieving recertification of the International Cyanide Management Code. the Improvements were focused on water treatment processes to continue with discharges in compliance with the Peruvian regulations, as well as to identify the roadmap to reduce the carbon footprint in accordance with the targets set and complete the closure of 38 ha in the Yanacocha leach pad. THE DETAIL ENGINEERING AND THE PROCUREMENT OF CRITICAL EQUIPMENT STARTED IN 2021 AND WILL CONTINUE THROUGHOUT 2022 47 ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY OPERATIONS Sociedad Minera Cerro Verde S.A.A. (19.58% BVN) During 2021, they processed 138.8 million MT by flotation, up from 121.4 million in 2020, with a head grade of 0.310% copper, producing 1626 thousand MT of concentrates with an average grade of 23.05% copper and a recovery of 87.26%. Total production was: 790,724 thousand pounds of copper (358,667 tons), 20,616 thousand pounds of molybdenum (9351 tons) 3.68 million ounces of silver contained in concentrates 96.35 million pounds of copper in cathodes (43,704 tons) The cash cost was US$ 1824 per pound of copper and the total cost was US$ 2130 per pound of copper produced. The mineral reserves as of December 31, 2021, are: 3,888’327,000 DMT: 0.37 % Cu 12,172 MT 0.015 % Mo 311,000 MT 0.062 oz/t Ag 108,350 oz The leachable millable reserves as of December 31, 2021, are 110,574,000 DMT: 0.33% Cu 212,000 MT The Cerro Verde production unit is operated by Freeport– McMoran and is located 30 SW of the city of Arequipa, in the districts of Uchumayo and Yarabamba. In 2021, sales reached $4199 million, with a net profit of US$ 1191 million. The debt at the end of 2021 was classified as short-term and was reduced from $523 million to $325 million. Investment reached US$ 162.9 million in capital projects, compared to US$ 179.0 million invested in 2020. During 2021, Cerro Verde entered into union agreements with a duration of four and three years. Since 2017, Cerro Verde has recorded charges related to the assessments for mining royalties and Special Mining Tax for the period from December 2006 through December 2013. Since 2014, they have been paying these disputed dimensioning for the period from December 2006 through December 2013 through through monthly installment programs granted schedules, all under protest. In August 2021, the company decided to pay in advance and under protest the total debt of the outstanding installments. In February 2020, they requested the initiation of arbitration proceedings before the International Centre for Settlement of Investment Disputes. COVID-19 During 2021, material processing at the concentration plants averaged 380,000 metric tons per day. Cerro Verde continues to update their COVID-19 Surveillance, Prevention and Control Plan at work. The implementation of these prevention, early detection and response measures and actions helps to control the spread risk and the health impact caused by the COVID-19 pandemic during the development of operational activities. Protecting the health of your workforce and the communities in which they operate is our top priority, while focusing on protecting and safeguarding the business in an uncertain economic and public health environment. 49 / THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021PROJECTS During the first half of 2021, the combination of health measures and the political environment due to the presidential elections delayed the scheduled citizen participation processes. Towards the second half of the year, we could resume in-person conversations and reach agreements with the communities. San Gabriel The San Gabriel Project is an epithermal intermediate sulphidation deposit with gold contents, and lower copper and silver values. It is located in the province of General Sánchez Cerro, in the Moquegua region. All the technical consultations related to obtaining the benefit concession were resolved. The prior consultation process could only be reactivated in the second half of the year, once the change of government was completed and the social distancing measures were eased. To date, we have closed the process with one of the two communities, and we continue to work to achieve the Benefit Concession in the first quarter of 2022. To mitigate the delay, we focused on advancing the engineering and the procurement of goods and services of the project. We have updated the feasibility study to comply with the new SK1300 standard of SEC, to whom we will be reporting the following inventory: Reserves: 14.9 MT with 4.04 g/t Au and 6.43 g/t Ag representing 1.94 million oz Au. Excluding resources: 24.86 MT with 2.10 g/t Au and 8.46 g/t A We expect to start construction in 2022 and to complete the detail engineering and the placement of the main purchase and service orders. Trapiche The Trapiche Project is an oligocene porphyry copper-molybdenum deposit located on the southwest bank of the Andahuaylas-Yauri belt, Antabamba province, Apurímac region. Despite the social distancing measures, we completed the construction of the in-situ metallurgical laboratory and started 36 of the 100 column tests scheduled as part of the feasibility study. We completed the environmental baseline and the first of two citizen participation workshops, by the end of the year. Finally, we updated the pre-feasibility study to comply with the new SK1300 standard of SEC, to whom we will be reporting the following inventory: Reserves: 283.2 MT with 0.51% Cu, representing 1.4 MT leachable Cu. Excluding Resources: 283.2 mt with 0.32% Cu, representing 2.1 MT (leachable) Cu. In 2022, we will start a drilling program of 18,000 m to continue with in- situ column tests and improve the certainty of the mineral resources. We will continue with community engagement, to seeking submit the EIA in the third quarter and holding the public hearing by the end of the year. THE TRAPICHE PROJECT WILL START A 18000 DRILLING PROGRAM TO M IMPROVE THE CERTAINTY OF THE MINERAL RESOURCE 51 / THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021PROJECTS Río Seco Industrial Plant The Río Seco Industrial Plant is hydrometallurgical leaching process of Cu-As concentrates from the El Brocal Unit. It allows the extraction of copper cathodes, a high-grade residue of Au/Ag and As in the stable form of scorodite crystals. The EIA public hearing was successfully concluded, and all the technical remarks were resolved, awaiting the final resolution thereof. The research team is assessing the alternatives to improve the value of the high-grade residue, in order to broaden the range of concentrates to apply to this process. Tantahuatay The Coimolache Sulphides Project consists of a flotation plant for the treatment of copper sulphides lying under the gold ore that is currently being exploited In Coimolache. Due to the social distancing measures, we prioritized the operations regarding exploration and development, focusing on the drilling plan for the high-degree area. For this reason, the resource inventory is maintained like this: Inferred Resources: 933 MT with 0.32% Cu, 0.18 g/t Au and 7.89 g/t Ag, representing 3 MT Cu and 5.4 million ounces of Au. We will continue the high-grade drilling campaign, assessing the possibility of starting the shift to an underground mine, and provide more time for the land- purchase process. THE COIMOLACHE SULFUROS PROJECT MAINTAINED ITS INVENTORY RESOURCE OF 5.4 MILLION OUNCES OF GOLD IN 2021 53 ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYOTHER BUSINESSES Conenhua Consorcio Energético de Huancavelica S.A. - CONENHUA (100% BVN) Founded 39 years ago, this company sold a private medium voltage line that served the Recovered Mining Unit, the ownership of which changed in October 2021. System Voltage (kV) Length (km) Location CH Ingenio – Recovered Diversion - Totorapampa SE Line 22 19.6 Huancavelica CONENHUA continues to operate and maintain the secondary transmission lines and the substations that provide energy to Buenaventura’s mining and industrial operations, both in high and medium voltage. Said mining operations are: La Zanja, Coimolache, Uchucchacua, Procesadora Industrial Río Seco, El Brocal, Julcani and Tambomayo. The performance of all the aforementioned lines has been as per the following table: Voltage levels External Failure (Hours) Internal Failure (Hours) Maintenance (Hours) Total (Hours) 33 kV 60 kV 138 kV Total 0.5 0.0 0.19 0.19 0.0 0.0 3.1 3.1 0.0 0.0 14.19 14.19 58.65 61.94 72.84 76.13 THE NEXT RESULT AFTER INCOME TAX OF US$ 29.85 MILLIONS IN 2021 This year, they submitted for COES approval the Pre- Operational Assessment (EPO) of the project 220 kV Transmission Line from Lomera Substation to Planta de Cobre Substation, commissioned by Procesadora Industrial Río Seco S.A. This EPO should be approved in the first months of 2022. They also managed the final assessment and easement management of project 220 kV Transmission Line from Chilota Substation to San Gabriel Substation, commissioned by Buenaventura, up to a 93% progress in the last stage of the easement management. They continued with the arrangement of environmental permits. Bahía 138 kV (CL-1703) at Carhuamayo was modernized, including civil works, change of electromechanical equipment, implementation of new boards and new wiring, service commissioned by El Brocal. The pre-feasibility and feasibility studies of the 220kV Transmission Line of the Ishcayucro Diversion to the Raurapata Substation project, commissioned by Minera Raura for its project of mining expansion to 6000 TPD were carried out. In December, the easement agreements with the communities along the route were closed. Huanza has continued to improve its electromechanical facilities and equipment, obtaining a group availability of more than 92% and generating 424.545 GWh in this hydroelectric power plant. For the second consecutive year, the Huanza hydroelectric power plant obtained the 2021 Renewable Energy Certification issued by Spanish certifier AENOR Internacional. The small Huapa and Ingenio hydroelectric power plants have generated a total of 10.857 GWh for the operations of the Buenaventura Julcani mine. The economic outturn of Consorcio Energético Huancavelica has reported operating income of US$ 59.69 M, an operating profit of US$ 36.20 M, and a net income after income tax of US$ 29.85 M. 55 / THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021 OTHER BUSINESSES Río Seco Procesadora Industrial Río Seco S.A. (100% BVN) Procesadora Industrial Río Seco is dedicated to the production of manganese sulphate from Pb-Ag-Mn concentrates of the Uchucchacua Unit. It is located in Huaral, 102 kilometers North of the city of Lima. During 2021, the acid washing plant treated 14,179.3 MT of concentrate from the Uchucchacua unit, with the following grades: Ag Pb Mn 62.3 oz/t 7.5% 28.1% As a result of the acid washing operations, a concentrate with a higher Ag grade and a lower Mn content is obtained. The following table shows the results before and after washing: Concentrate DMT Ag Oz/DMT Pb % Mn % Uchucchacua Concentrate 14,179.3 62.3 7.5 28.1 Rio Seco Concentrate 7,997.2 109.8 13.3 1.5 The sulphuric acid plant produced 9,404.6 MT of sulfuric acid with a purity of 98% using the WSA (Wet Sulphuric Acid) technology, which is clean and environmentally friendly. 38.2% of the acid was produced from elemental sulphur, and 61.8% was produced from acid gas coming from the acid washing plant. The crystallization plant uses two dryers to produce 12,362.8 MT if Mn sulphate monohydrate. The distribution of production per dryer was as follows: Manganese Sulphate Monohydrate DMT Spray Dryer Spin Flash Dryer Total 854 11,508.8 12,362.8 One of the main Río Seco projects is its copper plant, for which the feasibility study has been completed and the EIA is in process. Río Seco works with the highest environmental safety standards, continuously coordinating with the communities of Huaral and Sayán, the Lachay National Reserve and the municipalities of Huaral and Chancay, with which the participatory environmental monitoring program is carried out in the area. In February of 2022, Río Seco requested the temporary halt of its operations due to a lack of Pb-Ag concentrate, caused by the temporary suspension of operations in Uchucchacua. DURING 2020 THE ACID WASHING PLANT TREATED 9,405 MT OF CONCENTRATE 57 / THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021 SAFETY We consider safety to be an inherent part of each process; this is why we stipulate that safety management is responsibility of the operating officer in charge of the respective process, this being an integral part of the quality indicators and a cross-cutting value throughout the company. Durante 2021 the accident rate increased to 2.49, more than 100% higher than the previous year (0.16). Our main activities were as follows: A significant factor for this increase have been the thtee fatal accidents recorded in non-mining activities: Approach to unions through awareness sessions called “Internalizing Commitments for Life, Thinking of the Family that Awaits us Home”. Conenhua Campoy Warehouse Huaruro irrigation canal (Electricity) (Industry) (Civil construction) Strengthening of our collaborators and those of the contractor companies through the activities of the A Pact for Life program, related to personal commitment. This year no fatal accidents were registered in mining activities. At year-end, we accumulated 2.5 continuous years without fatalities in these activities. Deployment of the Critical Risk Management initiative, focused on preventing fatal and permanently disabling accidents through engineering controls. These results require us to continue to make efforts and to allocate resources to improve safety management in non-mining activities and to achieve sustainability in the results of mining activities, based on the critical risk approach and on the operational controls, and the Pact for Life (change of beliefs). Involvement of supervisors, workers and unions through the participatory safety approach. More efficient corrective actions the prioritization of operational controls and the application of the ICAM methodology for accident investigation. through We continue to work in order to achieve a safe production culture that involves all the collaborators of our Buenaventura family. ANNUAL REPORT 2021 59 ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY / THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY ENVIRONMENTAL MANAGEMENT ANNUAL REPORT 2021 61 61 ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYENVIRONMENTAL MANAGEMENT The Company continued developing its environmental activities amidst the health emergency due to COVID-19, orienting its interventions to the achievement of the environmental sustainability of its operations. Its performance was based on an adequate and mainly-preventive monitoring and operational control to minimize impacts on the environment, and to achieve an adequate management of the water resources by controlling their quality, and strengthening the reuse and recirculation of water in our processes. Similarly, we continued to reduce the disposal of sterile material and solid waste through recycling and the execution of mine closure works, prioritizing progressive closure. Throughout the year, fifty (50) environmental instruments were managed: 16 approved 14 18 are still under evaluation are being prepared 1 1 has been withdrawn and one has an appeal for reconsideration The last stage of evaluation by the competent authorities of the Detailed Environmental Impact Assessment (dEIA) continues to be managed, such as: Trapiche, Río Seco Cobre and Yumpaq projects, which, due to the health emergency, had to combine in-person citizen participation mechanisms with virtual mechanisms (radio and multimedia communication). Also, they continued with the Amendments to the Environmental Impact Assessments of the following mining units: Colquijirca, Julcani, Tambomayo and Tantahuatay. In the case of the San Gabriel Project, the dEIA of which had been approved, progress was made regarding the request for the benefit concession and the construction permit. The construction of the project’s water dam was authorized. On the other hand, Buenaventura obtained the approval of six (06) Supporting Technical Reports (ITS), which allow to execute components with non-significant environmental impact. Of the Detailed Environmental Plans (PAD) submitted to the authority, three (03) were approved and two (02) are under evaluation. THE RATE OF RECIRCULATION IN OPEN-PIT OPERATIONS REACHED 98.8% AND ABOUT IN UNDERGROUND OPERATIONS 83.4% It should be noted that, due to the health emergency, we continued using the Prior Communication procedure, issued through L.D. 1500-2020 and S.D. N° 005-2020, which allowed the implementation of components associated with the execution of diamond platforms, construction of minor subway workings, installation of equipment in the concentration plant, in the treatment of effluents, geotechnical drilling, among the most important. A total of twenty-one (21) prior communications were made in the open-pit units, and twenty-five (25) in the case of the underground units. improvement the Buenaventura We maintained Integrated Management System (SIB) Certification, which, in reference to the Environmental Management System (EMS), is based on the ISO 14001:2015 international standard. Meanwhile, in order to emphasize the degree of involvement in environmental processes, the Environmental Performance Index (IDA) was used as an evaluation tool, reaching 94% compliance, which measures the degree of compliance of the different areas with respect to: Commitments and action plans resulting from the findings of inspections, audits, supervisions and execution of the training plan. Water is a strategic input for different economic sectors and especially for mining. Accordingly, our operations made efforts to use water resources efficiently by boosting the recirculation of tailings water and other originated during the metallurgical process. However, it is important to note that, during the first months of the health emergency, plant activities were partial and, in some cases, shut down. The rate of recirculation in open-pit operations reached 98.8%, and 83.4% in underground operations. The water consumption rate compared to the quantity of ore processed was 0.21 m³/MT in open pit mines and 0.84 m³/MT in underground mines. 63 / THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021 ENVIRONMENTAL MANAGEMENT This year, thirty-eight (38) operating permits for water resources were arranged: 21 correspond to treatment system authorizations (12 industrial discharges, 07 domestic discharges, 02 drinking water treatment systems) 07 04 06 ) water-use rights, four permits for the execution of minimum works (hydraulic infrastructure, embankments, riverbed cleaning) permits for hydrogeological studies in the environment of Water-quality monitoring our operations was developed in our Orcopampa, Tambomayo and Trapiche units, carrying out training activities for the participants, monitoring performed by accredited laboratories, and dissemination of results to the population through radio and electronic newsletters. At the other units, such as La Zanja and Tantahuatay, we participated as part of the committee led by the National Water Authority (ANA). Throughout the year, the Environmental Assessment (OEFA) carried out twenty and Control Agency in the different (20) environmental supervisions units and projects. Efforts were made to minimize potential penalizing administrative procedures, acting preventively in the field. The accumulated environmental contingencies as of 2021, were S/ 22.8 M, higher than the previous year, due to increases in closing units outside our operations, mainly due to Administrative Procedures that are still under review with the authority. We continued to promote mine-closure works, mainly in the Progressive Closure and Post-Closure stages. It should be noted that, due to the health emergency caused by COVID-19, a large part of the activities had to be rescheduled and, therefore, the mine-closure plans were modified. Likewise, the closure works carried out were negatively impacted by the presence of illegal mining, a situation we continued to communicate to the competent authorities. As in most cases, there was no timely response and we were forced to carry out remediation works on already closed areas that were disturbed. The mine-closure allowance, for both mining units and exploration projects and environmental liabilities, reached US$ 468M, as of Friday, December 31, 2021. The closure works carried out in the year totaled US$ 15.2 M, mainly revegetation works. including rehabilitation and In the field of innovation, a biotechnical innovation projects was started mainly at our La Zanja Mining Unit, the purpose of which is the enrichment of “top soils” and “seeds”, through consortia of beneficial native microorganisms, as biofertilizers, with the purpose of improving soil fertilization and reducing the costs of mine closure coverage. Better infiltration values were achieved compared to other conventional coverage systems (clay, gravel and sand). Also, at this mining unit, we completed the construction of a passive-treatment system for the treatment of acid water, called “reactive wetland”. During 2022, we will assess its efficiency and implementation for the mine- closure stage. CLOSURE WORKS EXECUTED DURING THE YEAR AMOUNTED TO US$ 15.2 MAINLY INCLUDING REHABILITATION AND M REVEGETATION WORKS 65 65 ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY SOCIAL MANAGEMENT ANNUAL REPORT 2021 67 67 ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY10. SOCIAL MANAGEMENT Our country held general elections for the presidency Congress this year, while continuing its efforts to fight the pandemic. Our country held general elections for the presidency Congress this year, while continuing its efforts to fight the pandemic. The different economic activities, including mining, continued to resume as a result of the evolution of the health protocols and the vaccination of the Peruvian population. In some central and southern areas of the country, social conflicts that halted important mining operations were reactivated. In that context, under our Shared Social Responsibility approach, in which the State, the company and civil society join efforts in favor of the population, we continued to approach neighboring communities and local authorities in our areas of influence to provide the tools needed in the fight against the health crisis, respecting and promoting the protocols established by the government and those established our company. In the sphere of education, teaching and connectivity reaffirmed their importance in this new normality. To meet this challenge, we continued to promote private initiatives and alliances with authorities to install Internet antennae in the districts of Hualgayoc, in the Cajamarca region; Tapay, in Arequipa; and Juan Espinoza Medrano, in Apurímac. Through agreements entered into with radio stations in our area of influence, we continued to support the broadcasting of the national educational program Aprendo en Casa (Learning at Home). We continued with our teacher-training program, adapted to the remote modality since 2020, with the participation of 172 teachers and principals of the environment of our operations, who were trained in the use of distance-education, planning and pedagogical evaluation tools, as well as emotional support strategies for the families of 2619 students in 8 districts of 4 regions (Lima, Pasco, Huancavelica and Arequipa). In infrastructure, we could continue with important works under the works-for-taxes modality, which allows the private sector to fund and execute high- impact public projects in favor of the low-income population. In the province of Pasco, we started paving works in the Smelter village for S/ 2.75 million and in the Uliachin neighborhood for S/ 710 thousand. In Oyón, Lima region, the paving of Huánuco Avenue is being completed, with a total cost of S/ 8.7 million. In Cajamarca, with the studies being funded by Coimolache, the Sub-sectoral Irrigation Program completed the irrigation in the town of Ruiseñor, with an investment of S/ 2.1 million, and the Municipality of Hualgayoc made progress in the execution of the irrigation works of Chugurcillo, for an amount of S/ 4.3 million, funded by the Ministry of Agrarian Development and Irrigation (MIDAGRI). In Arequipa, with direct funding by Buenaventura for assessments and execution, significant progress was made in the construction of the Huaruro irrigation canal, in the Tapay district. This work is over 15 kilometers in length and will allow irrigation water to be brought to the lower part of this district. WE HAVE MADE CONSIDERABLE PROGRESS IN THE CONSTRUCTION OF THE HUARURO IRRIGATION CANAL, WITH MORE THAN 15 KILOMETERS OF WATER SUPPLY FOR IRRIGATION 69 / THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021GESTIÓN SOCIAL Facing the difficulties of the pandemic, in 2021, we managed to carry out participatory processes in environmental management instruments, like three partially in- person by the communities and remotely by the corresponding national authorities, using virtual tools and satellite Internet. in-person public hearings, attended Our activities helped to stimulate small and micro- enterprises that are linked to formal mining, helping them to bill 450 million soles to local companies, which provided direct services to various mining operations of the company. Another positive impact was the reactivation of local agricultural and livestock producers in the area of influence of our operations in Lima, Pasco, Huancavelica, Arequipa and Moquegua. Through the Program of Productive Development and Commercial Articulation of Buenaventura (PRA Buenaventura), local businesses and enterprises have various accumulated income of 56 million soles since the program began, thanks to the sale of products in local, regional and national markets. A sensitive event was the temporary suspension of activities in the Uchucchacua Production Unit, in the province of Oyón, Lima region. In October, we had to report that the low ore grade, the increase in costs during the pandemic, and a strike against the operation promoted by the community of Oyón determined said suspension until 2023. This has been another year of challenges that we have faced responsibly, prioritizing the health of all, contributing to the country’s recovery and promoting sustainable development in the area of influence of our operations. 71 THE REACTIVATION OF LOCAL PRODUCERS OF THE AGRICULTURAL AND LIVESTOCK SECTORS HAS ACCRUED INCOME OF 56 MILLION SINCE THE BEGINNING OF THE PROGRAM COVID-19 In this second year, the different mining units of Buenaventura have continued to strengthen operational strategies to protect our employees. In addition to the health protocols implemented by the company, we continued with the strategy started in 2020, which was to prioritize local and regional labor hiring, seeking to reduce the contagion risk posed by inter-provincial travel. At the end of 2021, 64% of the employees in our mining units come from the regions where we present, and half of them come from neighboring communities. ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYINNOVATION Since the Innovation Management was created, back in 2018, a series of innovative projects has been given cross- cutting promotion in Buenaventura. Many of the projects that have been worked on and implemented have emerged from opportunities that were born in mining operations and because of the need to address them from an innovative approach. In addition, we have defined the road map that we must follow to automate our operations, emphasizing critical value chain activities, such as mine operation and plant operation, which allows us to bet on the benefits of digital transformation. 2021 has continued to be a very challenging year given the circumstances we have been engulfed in as a result of the pandemic. However, this new reality, which has enabled changes to accelerate globally, has allowed us as a company to identify, test and validate some technologies that may be of great importance in the development of our operations, so that they are increasingly carried out in a more productive and safe way. 2021 PROJECTS La Zanja Bioremediation Project Develop a new alternative method for the closure of the San Pedro Sur pit and different mining components, which would reduce costs and the generation of acid water drainage. We conducted the first annual survey on the Innovation Maturity Index (IMI), with the following result: 54% Maturity, which poses us the challenge of communicating the innovation strategy, disseminating our work process and recognizing our people. EL Brocal Advanced analytical on flotation project THE FUTURE: “ARTICULATE CONTINUOUS IMPROVEMENT AND INNOVATION SO THAT THEY BECOME PART OF THE BUENAVENTURA DNA”. As part of the automation projects that have been working on throughout the year, we can highlight the following: Optimize the flotation process and increase recovery by 1%. For this purpose, artificial intelligence and machine learning are used. Orcopampa Project for a battery-powered system to autonomously move scoops inside the mine Improve the productivity of these pieces of equipment, as well as to improve safety by not having to use other equipment to move them. San Gabriel Digital mine Operation with an efficiency and information management that reflects a change in digital thinking and the way our employees work. 73 73 / THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021 / THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY ECONOMIC AND FINANCIAL REPORT ANNUAL REPORT 2021 75 75 / THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021ECONOMIC AND FINANCIAL REPORT The company’s net loss amounts to US$ 278.7 M, compared to the US$ 150.3 M loss of 2020. Excluding those loss generated by Yanacocha, the company’s net profit amounts to US$ 127.6. This increase is mainly due to an increase in net sales caused by a greater volume and improved prices. On a consolidated basis, the metal with the highest percentage value of our 2021 sales was gold with 35%, followed by copper with 28%, silver with 20%, zinc with 12%, and lead with 5%. In addition, the net debt ratio over EBITDA closed the year in 3.58x. During 2021, the final cash position increased from US$ 235.4 million to US$ 377.0 million, and the total CAPEX for the year was US$ 90.6 M. As of December 31, 2021, we had 989 common Of those, 19.483% correspond to shareholders. shareholders residing in the country and 80.517% to non-residents. Likewise, we had 891 shareholders holding investment shares. During 2021, the ADRs program of the New York Stock Exchange (NYSE), achieved a trading volume of US$ 2,898,876,178 (318,366,500 ADS). Also, as of December 31, 2021, there were 221,256,081 ADS outstanding, representing 80.49% of the company’s total shares outstanding. AS OF DECEMBER 31, 2021, WE HAD 989 COMMON SHAREHOLDERS. OF THOSE 19.5% CORRESPOND TO SHAREHOLDERS RESIDING IN THE COUNTRY AND 80.5% TO NON-RESIDENTS ANNUAL REPORT 2021 77 / THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021 FINANCIAL STATEMENTS Tanaka, Valdivia & Asociados Sociedad Civil de R.L Report of Independent Registered Public Accounting Firm Report of Independent Registered Public Accounting Firm (continued) To the Board of Directors and Shareholders of Compañía de Minas Buenaventura S.A.A. We have audited the accompanying consolidated financial statements of Compañía de Minas Buenaventura S.A.A. (a Peruvian public corporation) and subsidiaries (together the “Group”), which comprise the consolidated statements of financial position as of December 31, 2021 and 2020, and the related consolidated statements of profit or loss, statements of other comprehensive income, statements of changes in equity and statements of cash flows for the years ended December 31, 2021, 2020 and 2019, and a summary of significant accounting policies and explanatory notes. Management’s responsibility for the consolidated financial statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditors’ responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with International Auditing Standards approved in Peru by the Board of Deans of the Peruvian Charter of Accountants. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Group’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate for the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Registered in item 11396556 of the Registry of Legal Entities of Lima and Callao Member of Ernst & Young Global We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of Compañía de Minas Buenaventura S.A.A. and Subsidiaries as of December 31, 2021 and 2020 and their financial performance and cash flows for the years ended December 31, 2021, 2020 and 2019, in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IASB”). Lima, Perú, February 24, 2022 Countersigned by: Carlos Valdivia C.P.C.C. Matrícula N° 27255 79 ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY FINANCIAL STATEMENTS CONSOLIDATED STATEMENTS OF FINANCIAL POSITION As of December 31, 2021 and 2020 CONSOLIDATED STATEMENTS OF PROFIT OR LOSS For the years ended December 31, 2021, 2020 and 2019 Assets Current assets Cash and cash equivalents Trade and other receivables, net Inventories, net Income tax credIt Prepaid expenses Non-current assets Trade and other receivables, net Inventories, net Investments in associates and joint venture Mining concessions, development costs, right-of-use asset, property, plant and equipment, net Investment properties, net Deferred income tax asset Prepaid expenses Other assets, net Total assets Liabilities and shareholders’ equity, net Current liabilities Bank loans Trade and other payables Provisions and contingent liabilities Income tax payable Financial obligations Hedge derivative financial instruments Liability directly associated with the investment in Yanacocha held for sale Non-current liabilities Trade and other payables Provisions and contingent liabilities Financial obligations Contingent consideration liability Deferred income tax liabilities Total liabilities Equity, net Capital stock Investment shares Additional paid-in capital Legal reserve Other reserves Retained earnings Other reserves of equity Shareholders ‘equity, net attributable to owners of the parent Non-controlling interest Total equity, net Total liabilities and equity, net 2021 US$(000) 376,999 240,432 86,264 15,456 20,394 739,545 635,832 12,802 1,422,295 1,537,870 − 164,351 23,920 25,196 3,822,266 4,561,811 50,000 259,641 81,039 3,026 179,417 34 6,976 580,099 264,838 844,937 3,037 232,288 878,558 17,718 46,742 1,178,343 2,023,280 750,497 791 218,450 163,270 269 1,239,526 (4,477) 2,368,326 170,205 2,538,531 4,561,811 2020 US$(000) 235,449 230,830 77,327 19,837 25,709 589,152 102,347 23,637 1,488,775 1,650,361 186 73,850 24,806 26,503 3,390,465 3,979,617 65,793 196,140 51,816 3,162 25,086 18,439 360,436 − 360,436 2,742 249,596 506,567 22,100 38,319 819,324 1,179,760 750,497 791 218,450 163,194 269 1,503,785 (9,526) 2,627,460 172,397 2,799,857 3,979,617 2021 US$(000) 2020 US$(000) 2019 US$(000) Continuing operations Sales Sales of goods Sales of services Royalty income Total sales Operating costs Cost of sales of goods, excluding depreciation and amortization Unabsorbed cost due to production stoppage Cost of sales of services, excluding depreciation and amortization Depreciation and amortization Exploration in operating units Mining royalties Total operating costs Gross profit Operating expenses, net Administrative expenses Selling expenses Exploration in non-operating areas Write –off of stripping activity asset Reversal (provision) of contingencies and others Impairment recovery (loss) of long-lived assets Other, net Total operating expenses, net Operating loss Share in the results of associates and joint venture Finance income Finance costs Net loss from currency exchange difference Profit (loss) before income tax Current income tax Deferred income tax Total income tax Profit (loss) from continuing operations Discontinued operations 863,470 21,052 15,928 900,450 (529,731) (25,509) (1,269) (187,211) (56,412) (12,974) (813,106) 87,344 (67,585) (20,827) (11,270) (6,763) (2,687) (14,910) (29,260) (153,302) (65,958) 240,450 5,952 (60,629) (18,686) 101,129 (20,375) 44,046 23,671 124,800 Net loss from discontinued operations attributable to equity holders of the parent (387,604) Loss for the year Attributable to: Equity holders of the parent Non-controlling interest Basic and diluted loss per share attributable to equity holders of the parent, stated in U.S. dollars Profit (loss) for continuing operations, basic and diluted per share attributable to equity holders of the parent, expressed in US dollars Profit (loss) from the discontinued operations, per basic and diluted share, express in U. S. dollars (262,804) (264,075) 1,271 (262,804) (1.04) 0.49 (1.53) 637,619 20,285 18,638 676,542 (393,888) (27,758) (1,554) (189,620) (28,044) (11,749) (652,613) 23,929 (67,185) (18,533) (8,475) (11,633) (4,150) 2,083 2,690 (105,203) (81,274) 62,702 2,411 (37,822) (4,116) (58,099) (9,924) (15,506) (25,430) (83,529) (66,810) (150,339) (135,718) (14,621) (150,339) (0.53) (0.27) (0.26) 821,930 23,661 22,297 867,888 (512,874) − (3,378) (226,335) (44,163) (12,832) (799,582) 68,306 (76,297) (24,313) (11,879) − 2,968 (2,083) (11,090) (122,694) (54,388) 89,290 6,050 (42,173) (734) (1,955) (11,911) 37,501 25,590 23,635 (52,094) (28,459) (12,208) (16,251) (28,459) (0.05) 0.16 (0.21) 81 ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY FINANCIAL STATEMENTS CONSOLIDATED STATEMENTS OF CASH FLOWS For the years ended December 31, 2021, 2020 and 2019 Operating activities Proceeds from sales Dividends received from related parties Recovery of taxes Royalty received Dividends received from other investments Proceeds from insurance claim Interest received Payments to suppliers and third parties, and other net Payments for tax litigation Payments to employees Income tax and Royalties paid to Peruvian State Interest paid Payments of royalties Net cash and cash equivalents provided by (used in) operating activities Investing activities Proceeds from sale of investments Proceeds from sale of property, plant and equipment Acquisition of investment in associate Additions to property, plant and equipment Payments for acquisition of other assets Net cash and cash equivalents used in investing activities Financing activities Senior Notes bonds issued, net of emission costs Proceeds from bank loans Decrease (increase) of bank accounts in trust Payments of bank loans Short-term and low value lease payments Increase of restricted time deposits Payments of financial obligations Lease payments Dividends paid to non-controlling interest Proceeds from financial obligations Dividends paid to controlling interest Net cash and cash equivalents provided by (used in) financing activities Increase (decrease) in cash and cash equivalents for the year, net Cash and cash equivalents at beginning of year Cash and cash equivalents at year-end Financing and investing activities not affecting cash flows: Changes in estimates of mine closures plans Leases additions 2021 US$(000) 945,631 148,411 28,191 17,074 3,350 2,358 207 (608,689) (552,639) (125,773) (34,157) (14,504) (6,970) (197,510) 3,640 739 − (90,309) (357) (86,287) 539,300 13 50,000 17 (65,793) (35,985) (29,242) (21,585) (5,205) (6,160) − − 425,347 141,550 235,449 376,999 3,272 2,972 2020 US$(000) 2019 US$(000) 708,196 3,649 42,967 18,954 2,500 4,381 1,658 (434,591) (22,386) (129,353) (25,708) (21,653) (6,180) 142,434 − 24,416 (13,453) (71,546) (1,641) (62,224) − 18,019 2,134 (7,197) (19,549) − (38,994) (4,080) (5,140) − − (54,807) 25,403 210,046 235,449 31,558 5,213 783,000 33,388 45,712 23,001 1,126 − 4,265 (589,852) (36,322) (137,300) (24,935) (28,266) (4,741) 69,076 − 726 − (102,627) (3,700) (105,601) − 55,000 (166) (95,000) (22,011) − (186,152) (7,596) (6,500) 161,894 (22,098) (122,629) (159,154) 369,200 210,046 26,722 19,885 83 ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYMANAGEMENT ANALYSIS AND DISCUSSION THE MAIN VARIATIONS IN THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE 12-MONTH PERIODS ENDED ON DECEMBER 31, 2021 AND 2020, ARE EXPLAINED NEXT: (FIGURES IN US DOLLARS ARE EXPRESSED IN THOUSANDS, EXCEPT FOR METAL QUANTITIES AND QUOTATIONS) 1. Net Sales In 2021, the sales of goods amounted to US$ 863,470 compared to sales of US$ 637,619 in 2020, representing an increase of 35%. This variation is mainly explained by the following factors: Julcani and Tambomayo mining units by US$ 63,645, US$ 26,965 y US$ 6,212, respectively, as a result of the increase of the volumes sold; offset by (ii) the decrease in sales of the Uchucchacua mining unit by US 10,915, as a result of the decrease in the volumes sold due to the temporary production suspension. a. Sales of gold c. Sales of zinc The average sales quotation of this metal went down from US$ 1,841.96/oz, in 2020, to US$ 1,775.37/oz in 2021, which represents a 4% price increase. However, sales were up to 23,312 oz of gold, compared to 2020. The combined effect meant a greater sales revenue of US$ 33,086 in 2021, compared to 2020. The greater income corresponds mainly to the net effect of: (i) the increase in sales of the Orcopampa, Río Seco, Colquijirca and Tambomayo mining units by US$ 11,461, US$ 9079, US$ 7889 and US$ 6824, respectively, as a result of the higher volume sold offset by (ii) the decrease in sales of La Zanja mining unit by US$ 2529, as a result of the decrease in sales to third parties during 2021. b. Sales of silver The average sales quotation of this metal went up from US$ 2,233.55/MT, in 2020, to US$ 3,182.05/ MT in 2021, which represents a 42% price increase. Likewise, sales were down to 8,849 MT of zinc, compared to 2020. The combined effect meant a greater sales revenue of US$ 23,034 in 2021, compared to 2020. The greater income corresponds mainly to the net effect of: (i) the increase in sales of the Tambomayo and Uchucchacua mining units by US$ 22,488 and US$ 6858, respectively, as a result of the increase in volumes sold and average quotations; offset by (ii) the decrease in sales to the Colquijirca mining unit by US$ 6312, as a result of the decrease in volumes sold, even though the agreed quotations increased, due to the fact that, during 2021, the production level for the year was below the required standards. The average sales quotation of this metal went up from US$ 122.14/oz, in 2020, to US$ 25.09/oz in 2021, which represents a 13% price increase. Also, sales went up to 2,221,414 oz of silver, compared to 2020. The combined effect meant a greater sales revenue of US$ 86,432 in 2021, compared to 2020. The greater income corresponds mainly to the net effect of: (i) the increase in sales of the, Colquijirca, d. Sale of copper The average sales quotation of this metal went up from US$ 6,259.49/MT, in 2019, to US$ 9,455.09/MT in 2021, which represents a 51% price increase. Also, sales went up to 7,049 MT of copper compared to 2020. The greater income is 85 ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYMANAGEMENT ANALYSIS AND DISCUSSION mainly due to the increase in the quantities sold and the average quotations of the Colquijirca mining unit of US$ 159,119. b. Costs not absorbed during production shut down e. Deductions During 2021, deductions to metal prices for maquila and penalties in concentrate sales as a whole amounted to US$ 196,201, compared to US$ 179,748 in 2020, amounts that have been deducted from total net sales of each year. 2. Operating expenses In 2021, operating expenses were US$ 813,106, compared to US$ 652,613 in 2020, which represents an increase of 25%. This increase is mainly explained by the effect of: b. Cost of sales of goods, without considering depreciation and amortization The cost of sales of goods, without considering depreciation or amortization, increased by US$ 135,843, from US$ 393,888 in 2020 to US$ 529,731 in 2021, which represents an increase of 34%. The increase in the cost of sales is mainly explained by the higher production and sales in the Group’s mining units as a result of the greater quantity of ore mined during 2021, and the Peruvian State declared a State of National Emergency and mandatory social isolation in 2020. Unabsorbed costs during the production stoppage decreased by US$ 2249, from US$ 27,758 (net of intercompany eliminations) in 2020 to US$ 25,509 (net of intercompany eliminations) in 2021, which represents a decrease of 8%. During 2021, the unabsorbed production costs of the mining units correspond to the stoppage of production at the Uchucchacua mining unit incurred as of October, due to operational problems at the unit that were aggravated by the COVID-19 pandemic. As a result of said stoppage, the industrial activities at Río Seco (which receives raw material from the Uchucchacua mining unit) were suspended until operations at Uchucchacua were resumed. During 2020, the unabsorbed production costs of the mining units correspond to the production stoppage of the Group as a result of the State of National Emergency and mandatory social isolation related to the COVID-19 pandemic. c. Exploration in operating units Exploration in operating units increased by US$ 28,368, from US$ 28,044 in 2020 to US$ 56,412 in 2021, mainly due to the increase in explorations in all the units of the Group. Explorations increased by US$ 11,310, US$ 6268, US$ 4359 and US$ 2918, in the Colquijirca, Orcopampa, Uchucchacua and Tambomayo units, respectively. 3. Operating expenses Operating expenses in 2021 were US$ 153,302, compared to US$ 105,203 of 2020, which represents a 46% increase. This increase was mainly due to the net effect of: (i) the lower expense related to the asset write-off of the deferred stripping cost of the Colquijirca mining unit of US$ 4870 as a result of an expense of US$ 11,633 in 2020, compared to an expense of US$ 6763 in 2021; (ii) higher expenses related to the provision for impairment of long-lived assets by US$ 16,993 from an income of US$ 2083 from the Julcani mining unit in 2020 to an expense of US$14,910 in 2021 related to the Río Seco provision of US$ 19.9 million offset by a reversal of the La Zanja mining unit provision of US$ 5.0 million; and (iii) a variation in “Other, net” from an income of US$ 2690 in 2020 compared to an expense of US$ 29,260 in 2021 mainly explained by: (a) the increase in the allowance for environmental liabilities by US$ 12,658 of the El Brocal subsidiary; (b) a lower income related to a commercial contract cancellation agreement with the Tambomayo mining unit by US$ 3800 generated in 2020; and (c) the increase in the provision for impairment of spare parts and supplies of the mining units by US$ 3624. 87 / THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021MANAGEMENT ANALYSIS AND DISCUSSION 4. Other income (expenses), net The other income (expenses), net, increased by US$ 143,912, going up from a US$ 23,175 profit in 2020 to a US$ 167,087 profit in 2021. This variation was mainly due to the net effect of: (i) the increase in the results of associate companies and joint ventures from a gain of US$ 62,702 in 2020, compared to a gain of US$ 240,450 in 2021, as a consequence of a higher gain of Sociedad Minera Cerro Verde S.A.A. by US$ 179,575 and (ii) higher financial costs of US$ 37,822 in 2020 versus US$ 60,629 explained by interest related to the issuance of bonds and commissions on letters of guarantee issued to SUNAT by US$ 13,343 and US$ 12,124, respectively, partially offset by a lower expense related to interest on loans. 5. Provision for income tax This item is formed by the Income Tax and the Mining Royalties and the Special Mining Tax. a. Profits tax This category shows a variation from an expense of US$ 23,716 in 2020 to an income of US$ 30,823 in 2021, mainly explained by an income in the deferred portion of US$ 43,951 in 2021, compared to a loss of US$ 15,270 in 2020. b. Mining Royalties and Special Mining Tax This category shows a variation from a US$ 1,714 expense in 2020 to a greater expense of US$ 7,152 in 2021, mainly explained by an expense increase in the current portion by US$ 5,769. 6. Minority interest This category shows a loss increase of US$ 14,621 in 2020, compared to an income of US$ 1271 in 2021. The increase is mainly explained by the net effect of (i) a greater profit in the minority interests the El Brocal subsidiary in 2021 (loss of US$ 12,895 in 2020 compared to a profit of US$ 4,322 in 2021), offset by (ii) a lower profit on the minority interest of the Chaupiloma subsidiary (US$ 5,201 profit in 2020 compared to US$ 4,396 in 2021). On the other hand, we declare that there have been no changes regarding the accounting officer or the auditing company in the last two years. 89 / THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021OPERATIONS SUMMARY Chart No.1 Operations Overview 2021 DESCRIPTION UNID. TAMBOMAYO ORCOPAMPA COIMOLACHE LA ZANJA UCHUCCHACUA JULCANI EL BROCAL CERRO VERDE Treated head grade ore Head grades ag Au Cu Pb Zn Bulk concentrate (ag-pb-cu-au) gold-silver concentrate Lead-silver-gold concentrate Copper concentrate Zinc concentrate Py-gold concentrate Silver ounces Gold ounces Metallic copper Metallic lead Metallic zinc Ag recovery Au recovery Cu recovery Pb recovery Zn recovery Cost applicable to sales Oz Ag Cost applicable to sales Oz Au Cost applicable to sales MT ZN Cost applicable to sales Mt Cu DMT Oz/DMT G/DMT % % % DMT DMT DMT DMT DMT DMT Oz Oz MT MT MT % % % % % US$ US$ US$ US$ 566,881.02 3.63 4.35 189,264.57 0.14 8.20 10,505,026.75 0.27 0.45 2,627,252.26 0.12 0.42 1.92 2.85 21,577.09 26,097.79 801.55 1,815,288.49 69,553.76 9,307.16 13,135.07 88.25 87.80 85.44 81.31 863.41 14,813.74 50,020.46 647,468.23 110,575.21 104,533.62 22,610.54 55.04 100.19 22.80 73.18 33.24 64.12 950 1,303 1,697 936 757,945.08 6.45 0.93 1.61 53,430.31 18,567.78 3,732,390.65 4,836.08 6,202.51 76.35 68.42 50.75 27.45 DESCRIPTION UNIT ACCHILLA TAILINGS MARCAPUNTA TAJO NORTE TAJO NORTE CATHODES CONCENTRATE Treated Head Grade Ore Head Grades Ag Au Cu Pb Zn Lead-Silver Concentrate Copper Concentrate Zinc Concentrate Metallic Molybdenum Leached Copper Silver Ounces Gold Ounces Metallic Copper Metallic Lead Metallic Zinc Ag Recovery Au Recovery Cu Recovery Pb Recovery Zn Recovery Cost Applicable To Sales Oz Ag Cost Applicable To Sales Oz Au Cost Applicable To Sales Mt Zn Cost Applicable To Sales Mt Cu *Considers Cash Cost DMT Oz/DMT G/DMT % % % DMT DMT DMT DMT DMT Oz Oz MT MT MT % % % % % US$ US$ US$ US$ 127,925.09 20.12 0.10 0.20 0.42 2,517,474.10 0.96 0.78 1.70 155,628.04 65,552.25 169.10 2,506,483.40 188.46 240.60 478.49 1,291,225.92 17,548.90 35,679.04 97.38 44.15 95.72 89.87 16.79 53.37 27.91 83.50 6,593 2,450,213.70 2.35 0.69 0.88 2.51 29,061.67 1,522.41 75,416.69 4,069,870.42 278.30 10,095.58 35,974.86 70.68 45.39 48.82 58.48 1,937 313,515.48 4.51 0.13 0.98 8,828.04 25,911,000 138,806,000 0.31 9,351 3,683,928.00 358,666 87 797,884.26 318.96 1,957.03 43,704 56.48 24.37 63.71 63.32 91 ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY OPERATIONS SUMMARY Chart No.2 Reserves as of december 31, 2021 PROVEN AND PROBABLE RESERVES GOLD Orcopampa Julcani Tambomayo La Zanja Coimolache El Brocal Marcapunta El Brocal (Tajo Norte Smelter - Cu-Ag) San Gabriel Total Gold Reserves SILVER Uchucchacua/Yumpaq (Silver-Lead-Zinc) Julcani Orcopampa Tambomayo La Zanja Coimolache El Brocal (Tajo Norte Smelter - Cu-Ag) El Brocal (Tajo Norte Smelter -Zn-Pb-Ag) El Brocal Marcapunta Cerro Verde (for grinding) San Gabriel Total Silver Reserves BVN % Share 100.00 100.00 100.00 100.00 40.10 61.43 61.43 100.00 BVN % Share 100.00 100.00 100.00 100.00 100.00 40.10 61.43 61.43 61.43 19.58 100.00 DMT (000) Oz/DMT Ounces (000) BVN Ounces (000) 517 293 1,388 8,364 65,454 32,485 26,392 14,934 0.301 0.004 0.097 0.011 0.010 0.025 0.007 0.130 156 1 134 91 626 804 185 1,940 3,937 156 1 134 91 251 494 114 1,940 3,181 DMT (000) Oz/DMT Ounces (000) BVN Ounces (000) 6,119 293 517 1,388 8,364 65,454 26,392 8,459 32,485 3,888,327 14,934 10.28 19.46 0.57 5.21 0.11 0.27 0.73 2.94 0.72 0.06 0.21 62,894 5,709 295 7,235 915 17,717 19,225 24,863 23,262 108 3,087 62,894 5,709 295 7,235 915 7,104 11,810 15,273 14,290 21 3,087 165,311 128,633 ZINC Uchucchacua/Yumpaq (Silver-Lead-Zinc) Tambomayo El Brocal (Tajo Norte Smelter - Zn-Pb-Ag) Total Zinc Reserves LEAD Uchucchacua/Yumpaq (Silver-Lead-Zinc) Julcani Tambomayo El Brocal (Tajo Norte Smelter - Zn-Pb-Ag) Total Lead Reserves COPPER Julcani El Brocal Marcapunta El Brocal (Tajo Norte Smelter - Cu-Ag) Trapiche Cerro Verde (for grinding) Cerro Verde (for leaching) Total Copper Reserves MOLYBDENUM BVN % Share 100.00 100.00 61.43 BVN % Share 100.00 100.00 100.00 61.43 BVN % Share 100.00 61.43 61.43 100.00 19.58 19.58 BVN % Share DMT (000) % Zn TMF (000) 6,119 1,388 8,459 1.89% 1.41% 2.19% 116 20 185 321 DMT (000) % Pb TMF (000) 6,119 293 1,388 8,459 1.11% 1.50% 0.94% 1.08% 68 4 13 92 177 DMT (000) %Cu TMF (000) 293 32,485 26,392 283,200 3,888,327 110,574 0.42% 1.32% 1.70% 0.51% 0.37% 0.33% 1 428 449 1,444 12,172 212 BVN TMF (000) 116 20 114 249 BVN TMF (000) 68 4 13 56 142 BVN TMF (000) 1 263 276 1,444 2,383 42 14,707 4,409 DMT (000) %Mo TMF (000) Cerro Verde (for grinding) 19.58 3,888,327 0.015% Total Molybdenum Reserves 311 311 The prices used for the calculation of reserves: Gold 1,600 US$/Oz, Silver 25.00 US$/Oz, Zinc 2,385 US$/MT, Lead 2,286 US$/MT and Copper 8,000 US$/MT. BVN TMF (000) 61 61 93 ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYOPERATIONS SUMMARY Chart No.3 Reserves as of december 31, 2020 PROVEN AND PROBABLE RESERVES GOLD Orcopampa Julcani Tambomayo La Zanja Coimolache El Brocal Marcapunta El Brocal (Tajo Norte Smelter - Cu-Ag) San Gabriel Total Gold Reserves SILVER Uchucchacua/Yumpaq (Silver-Lead-Zinc) Julcani Orcopampa Tambomayo La Zanja Coimolache El Brocal (Tajo Norte Smelter - Cu-Ag) El Brocal (Tajo Norte Smelter -Zn-Pb-Ag) El Brocal Marcapunta Cerro Verde (for grinding) San Gabriel Total Silver Reserves BVN % Share 100.00 100.00 100.00 53.06 40.10 61.43 61.43 100.00 BVN % Share 100.00 100.00 100.00 100.00 53.06 40.10 61.43 61.43 61.43 19.58 100.00 DMT (000) Oz/DMT Ounces (000) BVN Ounces (000) 469 269 2,339 5,197 74,617 30,530 31,760 11,576 0.299 0.007 0.107 0.012 0.010 0.021 0.007 0.150 140 2 249 65 774 655 211 1,741 140 2 249 34 310 402 130 1,741 3,837 3,010 DMT (000) Oz/DMT Ounces (000) BVN Ounces (000) 7,617 269 469 2,339 5,197 74,617 31,760 9,840 30,530 4,002,281 11,576 73,662 5,636 260 9,546 659 17,385 25,352 27,169 31,651 111,370 2,724 73,662 5,636 260 9,546 659 17,385 25,352 27,169 31,651 111,370 2,724 73,662 5,636 260 9,546 350 6,970 15,574 16,690 19,443 21,806 2,724 305,414 172,661 ZINC Uchucchacua/Yumpaq (Silver-Lead-Zinc) Tambomayo El Brocal (Tajo Norte Smelter - Zn-Pb-Ag) Total Zinc Reserves LEAD Uchucchacua/Yumpaq (Silver-Lead-Zinc) Julcani Tambomayo El Brocal (Tajo Norte Smelter - Zn-Pb-Ag) Total Lead Reserves COPPER Julcani El Brocal Marcapunta El Brocal (Tajo Norte Smelter - Cu-Ag) San Gabriel Trapiche Cerro Verde (for grinding) Cerro Verde (for leaching) Total Copper Reserves MOLYBDENUM BVN % Share 100.00 100.00 61.43 BVN % Share 100.00 100.00 100.00 61.43 BVN % Share 100.00 61.43 61.43 100.00 100.00 19.58 19.58 BVN % Share DMT (000) %Zn TMF (000) 7,617 2,339 9,840 1.93 1.50 2.15 147 35 211 393 DMT (000) %Pb TMF (000) 7,617 269 2,339 9,840 1.11 1.86 1.00 1.00 85 5 23 98 211 DMT (000) %Cu TMF (000) 269 30,530 31,760 11,610 283,200 4,002,281 75,199 0.45 1.29 1.48 0.06 0.51 0.36 0.29 1 393 469 7 1,444 12,572 148 15,035 DMT (000) %Mo TMF (000) Cerro Verde (for grinding) 19.58 4,002,281 0.014 Total Molybdenum Reserves 4,002,281 312 312 BVN TMF (000) 147 35 130 312 BVN TMF (000) 85 5 23 60 173 BVN TMF (000) 1 241 288 7 1,444 2,462 29 4,473 BVN TMF (000) 61 61 Prices used to estimate reserves: Gold US$ 1,600/Oz; Silver US$ 20.00/Oz; Lead US$ 1,900/MT; Zinc US$ 2,300/MT; and Copper US$ 6,500/MT 95 ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYDMT (000) Oz/DMT Ounces (000) BVN Ounces (000) ZINC OPERATIONS SUMMARY Chart No.4 Minerals with depleted reserves as of december 31, 2021 MINERALS WITH DEPLETED RESERVES (MEASURED+INDICATED RESOURCES) GOLD Orcopampa Tambomayo La Zanja Alejandra (La Zanja) Coimolache - oxides El Brocal Marcapunta El Brocal (Tajo Norte Smelter - Cu-Ag) San Gabriel Trapiche Total Gold Resources SILVER Orcopampa Uchucchacua/Yumpaq (Silver-Lead-Zinc) Julcani Tambomayo La Zanja Alejandra (La Zanja) Coimolache - oxides El Brocal (Tajo Norte Smelter - Cu-Ag) El Brocal (Tajo Norte Smelter -Zn-Pb-Ag) El Brocal Marcapunta El Brocal (San Gregorio) San Gabriel Trapiche Total Silver Resources BVN % Share 100.00 100.00 100.00 100.00 40.10 61.43 61.43 100.00 100.00 BVN % Share 100.00 100.00 100.00 100.00 100.00 100.00 40.10 61.43 61.43 61.43 61.43 100.00 100.00 345 557 7,240 123 38,082 29,597 1,201 24,863 653,810 0.321 0.092 0.013 0.699 0.008 0.028 0.004 0.068 0.001 110 51 94 86 299 834 4 1,684 611 3,774 110 51 94 86 120 512 3 1,684 611 3,271 DMT (000) Oz/DMT Ounces (000) BVN Ounces (000) 345 2,432 179 557 7,240 123 38,082 1,201 2,381 29,597 79,934 24,863 653,810 0.76 8.59 19.71 4.68 0.34 3.73 0.44 0.92 0.88 0.81 0.31 0.27 0.08 263 20,888 3,523 2,610 2,440 459 16,725 1,100 2,091 24,094 24,620 6,762 52,491 263 20,888 3,523 2,610 2,440 459 6,706 676 1,285 14,801 15,124 6,762 52,491 158,067 128,028 Uchucchacua/Yumpaq (Silver-Lead-Zinc) Tambomayo El Brocal (Tajo Norte Smelter - Zn-Pb-Ag) El Brocal (San Gregorio) Total Zinc Resources LEAD Uchucchacua/Yumpaq (Silver-Lead-Zinc) Julcani Tambomayo El Brocal (Tajo Norte Smelter - Zn-Pb-Ag) El Brocal (San Gregorio) Total Lead Resources COPPER Trapiche El Brocal Marcapunta El Brocal (Tajo Norte Smelter - Cu-Ag) Total Copper Resources BVN % Share 100.00 100.00 61.43 61.43 BVN % Share 100.00 100.00 100.00 61.43 61.43 BVN % Share 100.00 61.43 61.43 DMT (000) %Zn TMF (000) 2,432 557 2,381 79,934 1.70% 1.60% 3.39% 5.22% 41 9 81 4,175 4,306 DMT (000) %Pb TMF (000) 2,432 179 557 2,381 79,934 1.02% 0.86% 0.99% 1.06% 1.53% 25 2 6 25 1,221 1,278 DMT (000) %Cu TMF (000) 653,810 29,597 1,201 0.32% 1.62% 1.75% 2,087 481 21 2,589 Prices used to estimate operations resources: Gold 1760 US$/Oz, Silver 27.50 US$/Oz, Lead 2515 US$/MT, Zinc 2624 US$/MT and Copper 8800 US$/MT. Prices used to estimate the resources of San Gabriel and Trapiche: Gold 1600 US$/Oz, Silver 25.00 US$/Oz and Copper 8800 US$/MT. BVN TMF (000) 41 9 50 2,565 2,664 BVN TMF (000) 25 2 6 16 750 798 BVN TMF (000) 2,087 295 13 2,395 97 ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYOPERATIONS SUMMARY Chart No.5 Production overview 2021 TOTAL PRODUCTION Tambomayo Orcopampa Uchucchacua Julcani El Brocal La Zanja Coimolache Cerro Verde Total Content Ag Oz 1,815,288 14,814 3,732,391 2,572,036 6,158,981 104,534 647,468 3,683,926 Au Oz 69,554 50,020 358 17,868 22,611 110,575 Pb DMT 9,307 4,836 478 10,096 Zn DMT 13,135 6,203 35,975 Cu DMT 240.60 37,636 402,370 18,729,437 270,985 24,717 55,312 440,247 PRODUCTION ATTRIBUTABLE TO BUENAVENTURA Tambomayo Orcopampa Uchucchacua Julcani El Brocal La Zanja Coimolache Cerro Verde Total Content Ag Oz 1,815,288 14,814 3,732,391 2,572,036 3,783,462 104,534 259,602 721,313 Au Oz 69,554 50,020 358 10,976 22,611 44,335 Pb DMT 9,307 4,836 478 6,202 Zn DMT 13,135 6,203 22,099 Cu DMT 241 23,120 78,784 13,003,439 197,854 20,823 41,437 102,144 COMMERCIAL OVERVIEW QUOTATION OF METALS SOLD VOLUMES OF METALS SOLD Gold (US$/Oz) Silver (US$/Oz) Lead (US$/MT) Zinc (US$/MT) Copper (US$/MT) 2021 1,775 25.09 2,291 3,182 9,455 2020 1,842 22.14 1,708 2,234 6,259 Gold (Oz) Silver (Oz) Lead (MT) Zinc (MT) Copper (MT) 2021 2020 147,956 12,631,890 22,659 45,122 36,015 124,644 10,410,477 28,348 53,971 28,966 PERSONNEL AS OF DECEMBER 31, 2021 UNITS Management Executives Employees BEP EMP. Mine Workers Mine Total Company Contracts Total General COMPANY Julcani Recuperada Orcopampa Uchucchacua Mallay Poracota Tambomayo Shila Paula Arequipa San Gabriel Lima (Proyectos) Lima Total Buenaventura La Zanja Conenhua Molle Verde Rio Seco Coimolache El Brocal Total General 0 0 0 1 0 0 1 0 0 1 1 22 26 0 1 1 1 0 2 31 57 3 57 78 0 0 88 2 5 17 16 203 526 45 24 10 15 88 177 885 4 1 1 10 0 0 6 0 3 2 13 70 110 0 42 1 1 4 187 345 4 0 1 2 0 0 6 0 0 1 0 1 15 4 0 0 2 3 5 14 48 0 102 125 0 0 111 0 0 4 0 0 390 28 0 9 60 91 88 0 243 250 0 0 145 11 0 1 0 1 739 44 17 0 0 60 317 201 4 404 466 0 0 357 13 8 26 30 297 1,806 121 84 21 79 246 688 578 1,177 3,045 1,054 0 763 151 0 0 706 0 0 110 58 93 2,935 669 47 156 74 2,073 3,304 9,258 1,255 4 1,167 617 0 0 1,063 13 8 136 88 390 4,741 790 131 177 153 2,319 3,392 11,703 VARIATION IN THE NUMBER OF EMPLOYEES UNIT Julcani Recuperada Orcopampa Uchucchacua Antapite Poracota Mallay Lima Shila Paula San Gabriel Breapampa Molle Verde Rio Seco La Zanja Conenhua Coimolache Tambomayo El Brocal Total 2021 2020 2019 2018 2017 201 4 412 466 0 0 0 327 13 26 0 21 79 121 84 246 357 688 185 4 406 492 0 0 4 327 14 25 0 18 89 96 89 199 337 649 193 4 451 506 0 0 13 344 13 19 0 31 87 90 106 214 346 678 181 4 573 532 0 0 74 374 30 18 0 15 95 141 109 202 383 748 199 4 609 547 0 0 127 395 34 25 0 12 91 166 173 189 401 816 3,045 2,934 3,095 3,479 3,788 99 ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYSHAREHOLDER STRUCTURE AND ECONOMIC GROUP Compañía de Minas Buenaventura S.A.A. is a private company dedicated to mining and metallurgical activities in the country. It was incorporated on September 7, 1953, and is registered in item N° 02136988 of the Registry of Legal Entities of the Lima Registry Office. As of December 31, 2021, its capital stock is S/ 2,748,899,240 (two billion seven hundred forty-eight million eight hundred ninety-nine thousand two hundred forty and 00/100 soles), amount fully subscribed and paid, which is represented by 274,889,924 (two hundred seventy-four million eight hundred eighty-nine thousand nine hundred twenty-four) common shares with a par value of S/ 10.00 (ten and 00/100 Soles) each and 744,640 (seven hundred forty-four thousand six hundred forty and 00/100 soles) investment shares with a par value of S/ 10.00 (ten and 00/100 Soles). On the other hand, the company has 21,160,260 (twenty-one million one hundred and sixty thousand two hundred and sixty) common shares and 1230 (one thousand two hundred and thirty) investment shares in portfolio. As of December 31, 2021, we had 989 common shareholders. Of these, 19.483% correspond to shareholders residing in the country and 80.517% to non-residents. Likewise, we had 891 shareholders holding investment shares. To date, it has ten (12) related companies related to the mining-metallurgical activity; two (02) to electric generation and transmission activities; and one (01) dedicated to the production of high-quality manganese sulphate monohydrate and other by-products generated from minerals. CIA. DE MINAS BUENAVENTURA S.A.A. Shareholding Structure and Nationality with a Share over 5% As of december 31, 2021 Total Common Shares 274,889,924 Name Percentage Share The Bank of New York Mellon DR (*) (**) Compañía Minera Condesa S.A. Benavides Harten, Alberto Martín (***) Total 80.49 7.69 5.03 93.21 (*) THE BANK OF NEW YORK MELLON DR. Depository Bank, ADR holder (**) Includes some members of the Benavides family (***) Usufruct in favor of Benavides Ganoza, Roque Eduardo. Nationality USA Peruvian Peruvian SHAREHOLDING STRUCTURE PER TYPE OF SHAREHOLDER - 2021 SHAREHOLDING PER TYPE OF SHAREHOLDER OR EQUITY SECURITIES COMPRISING THE S&P PERU SELECTIVE INDEX (AT YEAR-END) Number of holders Shareholding % 1 2 3 4 5 6 7 8 9 Members of the Board of Directors and Top Management of the company, including relatives. Company employees, not included in item 1. Individuals, not included in items 1 and 2. Pension funds managed by the Pension Fund Administrators under the supervision of the Super-intendency of Banking, Insurance and AFPs. Pension fund administered by the Pension Normalization Office (ONP). Peruvian State entities, except for the case included in number 5. Banks, financial companies, municipal savings banks, SMEs, rural savings banks and savings and credit cooperatives under the supervision of the Superintendency of Banks, Insurance and AFP. Insurance companies under supervision of the Superintendency of Banks, Insurance and AFP Brokerage agents under the supervision of the SMV 10 Investment funds, mutual funds and trust funds under the scope of the Securities Market Law and the Investment Funds Law, and bank trusts under the scope of the General Law of the Financial System. 11 Autonomous assets and foreign bank trusts, to the extent that they can be identified. 12 Foreign depositaries listed as holders of the share under ADR or ADS programs. 13 Foreign custodians listed as holders of shares not included in number 12 above 14 Foreign custodians listed as holders of shares. 15 Entities not included in the preceding numbers. 16 Shares belonging to the S&P/BVL Peru Select Index or a security representative of these shares, in the company's portfolio. 18 0 929 1 0 1 0 0 1 0 0 1 0 0 36 0 10.11% 0.00% 1.68% 0.00% 0.00% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 80.49% 0.00% 0.00% 0.02% 7.69% Total 989 100.00% HOLDING PER SHAREHOLDERS OR EQUITY SECURITY COMPRISING THE S&P/BVL PERU SELECT INDEX, BY RESIDENCE (AT YEAR-END) Number of holders Shareholding % Domiciled Non-Domiciled Total 940 49 989 19.48% 80.52% 100.00% 101 ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYSHARES AND ADRS BEHAVIOR Behavior of the Shares and ADS’s year 2021 BVN Securities- ADS QUOTATION $ Month US$ S/. US$ S/. US$ S/. US$ S/. US$ S/. Opening Closure Maximum Minimum Average January February March April May June July August September October November December Month January February March April May June July August September October November December 12.45 11.33 11.20 10.32 9.86 11.70 9.05 8.20 7.47 6.74 7.67 7.41 45.12 41.26 40.95 38.78 37.39 44.78 34.99 33.16 30.52 27.88 30.62 30.13 10.50 11.01 10.00 9.73 11.58 9.01 8.21 7.48 6.80 7.80 7.25 7.30 38.29 40.18 37.63 36.92 44.76 35.43 32.22 30.50 28.08 31.04 29.43 29.13 12.70 11.70 11.75 10.85 12.06 12.40 9.05 8.54 7.70 9.15 7.90 7.71 9.84 10.00 9.96 9.48 9.49 8.70 8.12 6.17 6.63 6.56 6.28 6.50 35.89 36.40 37.09 36.12 36.19 34.21 31.98 25.36 27.24 27.13 25.28 26.39 10.80 10.96 10.97 10.23 11.22 10.65 8.55 7.35 7.17 8.06 7.04 7.09 39.39 39.99 41.28 38.81 43.37 41.88 33.55 29.97 29.61 32.08 28.58 28.30 46.02 42.78 43.18 39.31 44.36 47.80 34.99 34.68 31.70 36.12 31.80 31.50 TC Opening Closure Maximum Minimum Average 3.62 3.64 3.66 3.76 3.79 3.83 3.87 4.04 4.09 4.14 3.99 4.07 3.65 3.65 3.76 3.79 3.87 3.93 3.92 4.08 4.13 3.98 4.06 3.99 3.62 3.66 3.68 3.62 3.68 3.86 3.87 4.06 4.12 3.95 4.03 4.09 3.65 3.64 3.72 3.81 3.81 3.93 3.94 4.11 4.11 4.14 4.03 4.06 3.65 3.65 3.76 3.79 3.87 3.93 3.92 4.08 4.13 3.98 4.06 3.99 Share Price Month January February March April May June July August September October November December Month January February March April May June July August September October November December Opening Closure Maximum Minimum Average Buenaventura Common (S/) 44.80 - 37.02 38.45 38.00 43.50 35.35 31.50 28.15 31.50 31.10 30.00 36.62 - 37.02 37.00 43.70 35.10 31.51 31.50 28.15 32.00 30.00 28.05 44.80 - 37.02 38.50 43.70 44.10 35.35 31.50 28.15 34.20 31.10 30.00 36.62 - 37.02 37.00 37.50 35.10 31.51 31.50 28.15 31.50 27.80 28.00 38.01 38.00 37.02 38.35 41.04 43.64 33.15 31.50 28.21 32.47 28.45 28.07 Opening Closure Maximum Minimum Average Buenaventura Investment (S/) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 15.80 - - 15.80 - - - 9.90 15.50 ADRs ADRs New York Programs year 2021 Also, as of December 31, 2021, there were 221,256,081 ADS outstanding, representing 80.49% of the company’s total shares outstanding. During 2021, the ADRs program of the New York Stock Exchange (NYSE), achieved a trading volume of US$ 2,898,876,178 (318,366,500 ADS). Lima, January 2022 103 ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYBACKGROUNG OF OUR BOARD MEMBERS Roque Benavides, Chairman of the Board Civil Engineer from Pontificia Universidad Católica del Perú with a Master’s Degree in Business Administration from Henley, University of Reading, United Kingdom. He completed the Management Development Program at Harvard Business School, United States, and the Advanced Management Program at Templeton College, University of Oxford, United Kingdom. He has worked at Buenaventura since 1977, and is Director of Sociedad Minera El Brocal and Banco de Crédito del Peru (BCP). He was Director of UNACEM from 2010 to 2020. Confederation He served as President of the of National Private Business Institutions (CONFIEP, in Spanish) for two periods, the last of which was completed in February 2019. He has also been Chairman of the National Society for Mining, Oil and Energy (SNMPE). Council is Dean of the Lima He of Departmental the Peruvian Association of Engineers for the period 2022- 2024, President of the Board of Trustees of Universidad Nacional de Ingeniería (UNI) since 2020 and President of the Peruvian Institute of Economics (IPE). He is also President of the Institute of Mining Safety (ISEM, in Spanish) and has been a member of the in Peru Fulbright Commission since 2019. William Champion, Lead Director Independent Director Bachelor’s degree in Chemical Engineering and Biology from the University of Arizona. He has been a member of the Board of Directors since January 2016. He is Director of PJSC Polyus, a large Russian gold company. He is also Director of US-based Peabody Energy, a producer of thermal and metallurgical coal. More than 40 years of executive, managerial and operational experience in the mining sector. He worked at Rio Tinto PLC from 2002 to 2014, holding various positions: CEO of Rio Tinto Coal Australia, CEO of Rio Tinto Diamonds and President and CEO of Kennecott Utah Copper. He also worked at Phelps Dodge Mining Company from 1984 to 1995, where he held various positions (President of Phelps Dodge Chile). He has been Independent Director since August of 2003. Felipe Ortiz de Zevallos, Director Industrial Engineer from UNI, in Business Master’s Degree Administration by the University of Rochester, graduate of the at Harvard OPM Program University School of Business. In addition to being an executive member of various academic, business, cultural and social institutions, he is founder and president of APOYO since 1977. He was Senior Professor and Rector of Universidad del Pacífico (2004-2006), Ambassador of Peru to the US (2006-2009), and President of Asociación Civil Transparencia. He received the IPAE award in 1990. He is a member of the Board of Directors since 2003. Diego de la Torre, Independent Director from Bachelor’s Degree in Business Administration the Universidad del Pacífico in Lima, and MBA from London Business School, England. He has also taken part of the leadership program of Georgetown University and the in immersion program Silicon Valley of San Francisco University. He is co-founder and Chairman of the Board of Directors of La Viga, Quikrete Peru, Aleteia Capital and Bodega RAS. Member of the advisory board of the David Rockefeller Center for Latin American Studies at Harvard University and the international council of CEAPI in Madrid. He has been professor at Universidad del Pacífico and director of PPX Mining, Endeavor Peru, IPAE, IPE, CAPECO, Museum of Art of Lima, and Peru 2021. He was Chairman of the United Nations Global Pact in Peru, from 2005 to 2021 In 2013 he received the Entrepreneur” award from the Latin American Business (CEAL). Council Selected among the Top 100 Leaders by AACSB International, among other awards. . He has been Independent Director of Buenaventura since 2017. “Integral Nicole Bernex, Independent Director She holds a Ph.D. in Geography (1975) and a Master’s Degree in Geography (1971) by the Université Paul-Valéry, Montpellier, France. She has been a professor in the Department of Humanities of Pontificia Universidad Católica (PUCP) since 1984. del Perú She was founder and academic for director of Research in Applied Geography (CIGA-PUCP) from 1984 to 2018, the Center and founder and director of the Institute of Environmental Studies (IDEA-PUCP) from 1994 to 1998. Member of the Global Water Committee of the Global Technical Partnership (2014- 2017) and is Emeritus President of the Global Water Partnership Peru. She is President of the Geographic Society of Lima since July 2016, member of the Board of Directors of 2030 Water Resource Group Peru, full member and past vice president of the National Academy of Sciences. She was Director for Latin America and the Caribbean of the Scientific Committee of the United Nations Convention Desertification, to coordinator of various research programs and consultant to international entities different (SAP-BM, UNDP, FAO and others). She has over 160 publications. She has been Independent Director of Buenaventura since January 2018, and of SEDAPAL since March 2021. Combat Marco Antonio Zaldívar García, Independent Director Chartered Public Accountant from Universidad de Lima, PAD from graduated Development Management the Program at Universidad de Piura, and MBA from Adolfo Ibáñez School of Management, United States. He is Independent Director of various companies such as Santander Consumer Peru and Cementos Pacasmayo. He has served as Chairman of the Board of Directors of the Lima Stock Exchange (BVL) and Second Vice-Chairman CONFIEP, among other positions. He has been Independent Director since 2020. of Raúl Benavides, Director He holds a Bachelor’s Degree in Mining Engineering by the Missouri-Rolla University. He holds a Master’s Degree in Mining Administration by Pennsylvania State University and completed the Advanced Management Program at Harvard Business School (AMP-160). He is currently Director of the Institute of Mining Engineers of Peru (IIMP). He is also founder and President of the Institute of Mining Safety (ISEM). He is currently President of CETEMIN, technical mining school. He has worked at Buenaventura since 1980 and is a Director of 11 associated companies. He joined the Board of Directors of the company in January, 2021. 105 / THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021 BACKGROUND OF THE MEMBERS OF THE VICE-CHAIRMANSHIP AND GG 2021, BVN Leandro García, CEO General Manager He holds a Bachelor’s Degree in Business Administration and Accounting from Universidad del Pacífico and a Master’s Degree in Business Administration from the University of Miami, Florida. He completed the Advanced Management Program at Harvard Business School, United States, in 2017. He worked at Buenaventura from 1990 to 1997 as Chief of Treasury and served as Finance Manager of Sociedad Minera El Brocal until 2000. In 2011 he rejoined the company as Comptroller General and in 2017 he became Vice-President of Finance and Administration. He was appointed CEO-General Manager of Buenaventura in September 2020. He is also General Manager of Sociedad Minera El Brocal. He was General Manager of Consorcio Energético Huancavelica (Conenhua) and Empresa de Generación Huanza until 2020, as well as General Manager of Boticas BTL until 2005 and Boticas Inkafarma until 2011. He was Director of Química Suiza Retail, a business that manages Boticas Mi Farma pharmacy chain, from 2016 to 2018. Currently, he is Director of Compañía Minera Coimolache, Compañía Minera Colquirrumi, Compañía Minera Condesa, Consorcio Energético Huancavelica (Conenhua), CONTACTO Corredores de Seguros, Empresa de Generación Huanza, Procesadora Industrial Rio Seco and Sociedad Minera El Brocal, as well as Alternate Director of Sociedad Minera Cerro Verde and member of the Yanacocha Executive Committee. Daniel Domínguez, Vice-President, Finance and Administration He holds a Bachelor’s Degree in Economics by Universidad del Pacífico and a Master’s Degree in Business Administration by the same university. He successfully completed the General Management Program at Harvard Business School in 2015, and the Corporate Finance Program at London Business School in 2010. He joined Buenaventura 20 years ago, having started his career at INMINSUR (former subsidiary company) as Head of Treasury. He was then transferred to Buenaventura, where he held various positions, such as Head of Treasury, from 2003 to 2012; Director of Treasury and Financial Planning, from 2012 to 2015; Manager of Financial Planning and Investor Relations, from 2016 to 2017; and Logistics Manager, from 2017 to 2020. Juan Carlos Ortiz, Vice-President, Operations Mining Engineer from Pontificia Universidad Católica del Perú (1992), with a Master’s Degree in Engineering by Pennsylvania State University, United States, with a major in Mining Engineering Management. Before Buenaventura, he had served as Technical Central Manager of Compañía Minera Volcan, a polymetallic mining company and one of the largest producers of zinc, lead and silver in the world. Previously, he had been Corporate Operations Manager at Compañía Minera Milpo (now part of Nexa Resources Group), where he was in charge of operations at Cerro Lindo, Atacocha and El Porvenir. During his professional development he has served in different operations and project management positions in Latin America. He is currently Director of the Institute of Mining Engineers of Peru. Aldo Massa, Vice-President, Business Development He holds a degree in Business Administration from Universidad de Lima and an MBA from Universidad del Pacífico. More than 26 years of experience in the mining sector. He was Corporate Commercial Director for Peru, Mexico, United States and Spain of Southern Copper Corporation (Grupo México). Alejandro Hermoza, Vice-President, Sustainability Mechanical engineer from the University of Maryland, he holds a Master’s Degree in Engineering by the same university and a Master’s Degree in Administration by Universidad Peruana de Ciencias Aplicadas – UPC. He worked as Development Manager at the National Confederation of Private Business Institutions (CONFIEP) and works at Buenaventura since 2003 where he has held the positions of Community Relations Manager (2008-2011), Assistant Manager of Administration and Human Resources (2003-2008) and Vice-President of Sustainability (2008 to date). He has been an alternate member of the Yanacocha Executive Committee since 2014. In 2011 he graduated from the Advanced Management Program at Harvard Business School (AMP). 107 / THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021 MEMBERS OF MANAGEMENT Management Leandro García R. General Manager Since 09/01/2020 Juan Carlos Ortiz Zevallos Alejandro Hermoza M. Daniel Dominguez V. Aldo Massa Peschiera Vice-President, Operations Vice-President, Sustainability Vice-President, Finance and Administration Vice-President, Business Development and Commerciali-zation Since 05/01/2018 Since 05/01/2011 Since 09/01/2020 Since 01/01/2021 Thiago Nantes T. Percy Ponce B. Gary Chircca Ayesta Technical Service Manager Metallurgy and Business Development Manager Operations Management Manager Fernando Ortiz De Zevallos M. Cecilia Puga Buse Juan Buhytron Q. Pedro Torres T. Luz Campodónico A. José Malca La Fuente Gulnara La Rosa R. Edgar Córdova M. Ana María Rivera C. Ignacio Agramunt B. Ernesto Ladron de Guevara H. Renzo Macher C. Juan Carlos Salazar C. Percy Montoya Vargas Tomas Chaparro D. Logistics Manager Finance Manager Manager of Information Technologies and Communica-tions Accounting Manager Internal Audit Manager Human Resources Manager Legal Manager Community Outreach Manager Social Affairs Manager Innovation Manager Compliance Manager Project Manager – Projects Geology and Explorations Manager Manager of Environmental Management Safety Manager Since 01/01/2021 Since 01/01/2021 Since 01/15/2021 Since 10/01/2020 Since 09/01/2020 Since 01/01/2020 Since 05/01/2021 From 01/15/2018 From 04/08/2019 Since 09/01/2017 Since 03/01/2020 Since 03/01/2020 Since 07/19/2017 To 04/30/2021 – termination To 12/31/2021 – termination To 31/12/2021 – termination Lima Juan Ayala López Kellyn Cristobal Paredes Neil Mendoza Hoyos Jorge Villanueva Samar Miguel Infantes Quijano José Gutierrez Ramirez Ruben Fernanández Soto Fernando Zeballos Zeballos Pedro Navarro Bayona Fredy Oscategui Salazar Julio Velasquez Miñan Jorge Falla Cordero Rosemarie Boltan Atoche Pablo Valladares Hernandez Ronald Gallardo G. José Luis Aquino Aquino Luis Fernandez de Paredes Robles Rolando Ligarda C. José Trujillo Salcedo César Calderón Tipiani Miguel Diaz Romero Augusto Bejarano Vásquez Guillermo Chang Chag Fernando Mayor Najera Guillermo Shoof A. Roger Velasquez Rosales Rossi Marie Montalvo S. Juan Martin Chávez L. Rafael Guillen Llerena Juan Carlos Vargas Byrne Silvia Vicente León Juan Pablo Zoeger La Hoz Carlos Claux Mora Process Director Planning Director Asset Management Reliability Director Project Control Director Project Development Director Modeling and Resources Director Planning and Project Control Director Metallurgical Projects Director Safety Director Safety Director Safety Director Permits and Obligations Director Environmental Management Director - Operations Environmental Management Director – Operations Environmental and Mine-Closure Technical Director Geology Director Regional Explorations Director Regional Explorations Director Regional Explorations Director Regional Explorations Director Financial Accounting Director Tax Accounting Director Financial Audit and Process Director Director of Research and Compliance Audit Legal Director Costs and Budget Director Service Procurement and Contract Administration Director Procurement of Materials and Assets Director Logistics Director Director of Labor Relations and Personnel Management Information Systems TIC Director Management and Human Development Director Social Responsibility and Development Director Since 06/11/2021 Since 07/05/2021 Since 07/01/2021 To 04/25/2021 - Termination 109 ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYMEMBERS OF MANAGEMENT Uchucchacua José Luis Alcalá Valencia Waldir Guillermo Cisneros Giovani Loayza Montenegro Roger Ccahuana Figueroa Edwin Arias Celis Heider Montoya Espinoza Martin Rodriguez Serveleon Orlando Olarte Olivas Vladimir Pinto Choque César Carrasco Loayza Hector Quispe Chahua Freddy Soto Mori César Rondinelli Zaga Hector Quispe Ramos Enrique Romero Graus Angel Francia Meza Washington Ccahua Q. Mallay Unit Manager Plant Superintendent Plant Superintendent Geology Superintendent Geology Superintendent Mine Superintendent Maintenance Superintendent Planning Superintendent Project Superintendent Environmental Management Superintendent Safety Superintendent Safety Superintendent Social Affairs Superintendent Administration Superintendent Human Resources Superintendent Human Resources Superintendent Unit Accountant Since 01/01/2021 Since 10/01/2021 Since 01/01/2021 Since 05/01/2021 Since 12/01/2021 Since 04/19/2021 Santos Silvestre Alfaro Local Social Affairs Coordinator Shila Rolando Quispe Vilcahuamán Luis Palomino Alvarado Head of Community Outreach Environmental Engineer – Unit Orcopampa Gilmar Valenzuela Salazar Gilmar Valenzuela Salazar Jaime Jimenez Tuse Edwin Mendoza Begazo Jimmy Gabriel Espinoza Pedro Vizcardo Martínez Percy Quea Díaz Eduardo Molinari Arroyo Alex Huaraca Aylas Production Manager Unit Manager Unit General Superintendent Geology Superintendent Environmental Management Superintendent Administration Superintendent Human Resources Superintendent Head of Community Outreach Head of Mine (Advance and Development) To 09/05/2021 – Termination To 09/19/2021 – Termination To 04/31/2021 - Termination Julcani Jaime Jimenez Tuse Carlos Camacho Delgado Carlos Montes Moya Yackson Enrique Figueroa Cruz Mirko Martinez Neira Ivan Carhuaz Castro Julio Ugarte L. Marco Molina Rosas Jackson Arriola Céspedes Rommer Mendoza Ramírez Salvador Salazar Zegarra Unit General Superintendent Unit General Superintendent Geology Superintendent Plan Superintendent Mine Superintendent Social Affairs Superintendent Environmental Management Superintendent Safety Superintendent Planning and Projects Superintendent Head of Human Resources Head of Administration – Unit Since 03/15/2021 To 02/28/2021 – Transf. to Orc. Since 01/01/2021 To 11/30/2021 - Termination Tambomayo Since 03/01/2021 Since 01/01/2021 Since 01/13/2021 Since 07/16/2021 To 02/28/2021 – Termination To 01/18/2021 – Termination To 01/31/2021 – Termination To 03/31/2021 – Termination Unit Manager Unit Manager Plant Superintendent Plant Superintendent Maintenance Superintendent Maintenance Superintendent Mine Superintendent Geology Superintendent Geology Superintendent Planning and Engineering Superintendent Safety Superintendent Environmental Management Superintendent Social Affairs Superintendent Administration Superintendent Human Resources Superintendent Edgar Roque Ortiz Gilmar Valenzuela Salazar Cesar Jacobo Nolasco Waldir Guillermo Cisneros William Agurto Anton Percy Ludeña Untiveros Antonio Blanco Quiroga Edwin Mendoza Begazo Fernando Remigio Julián Pedro Escudero Jaimes Fernando Dueñas Aliaga Jimmy Gabriel Espinoza Segundo Salazar Silva Pedro Vizcardo Martínez Percy Quea Díaz San Gabriel Since 03/01/2021 Since 03/01/2021 To 02/28/2021 To 03/31/2021 - Termination Ricardo Huancaya Delgado Danny Valencia Galvan Eduardo Cuellar Bohorquez Alfredo Angulo S. Huber Usuriaga Najera Javier Rendon Lopez -Torres Jackson Durand Liñan Edgardo Torres Suarez Project Manager – San Gabriel Head of Community Outreach Head of District Exploration Environmental Management Superintendent Head of Mine Head of Mine Geology Safety Engineer Safety Engineer Since 01/01/2021 111 ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYMEMBERS OF MANAGEMENT La Zanja Alex Lobo Guillén Jesus Guerra Molina Manuel Aranda Villar Robinson Paredes Abanto Humberto Núñez Flores Unit Manager Unit General Superintendent Unit General Superintendent Plant Superintendent Environmental Management Superintendent Since 01/01/2021 Since 01/16/2021 To 01/15/2021 - Termination To 05/31/2021 – Termination CIA. Minera Coimolache Gary Samuel Chircca Ayesta Alex Lobo Guillén Jesus Guerra Molina Juan Calizaya Yufra Segundo Velasquez Miranda Manuel Aranda Villar José Luis Ricaldi Calluque César Esquivel Saavedra Wilder Ponce Tejada Angel Francia Meza Enrique Romero Graus Unit Manager Unit Manager Unit General Superintendent Geology Superintendent Plant Superintendent Mine Superintendent Mine Superintendent Administration Superintendent Administration Superintendent Human Resources Superintendent Human Resources Superintendent Since 01/01/2021 Since 01/16/2021 Since 02/01/2021 Since 08/01/2021 Since 12/01/2021 To 01/14/2021 – Transf. to BVN To 01/15/2021 – Termination To 06/15/2021 – Termination To 11/30/2021 – Trans. To BVN Conenhua Carlos Herrera B. Mario Borda C. David Giraldo Ch. Christian Fernandez C. Fabio Mallqui A. Elsa Carbajal Y. Cesar Cuyubamba D. Technical Manager Operations and Maintenance Superintendent Operations Superintendent Operations Superintendent Engineering Superintendent Head of Environmental Management – Unit Head of Safety and Health at Work Since 11/15/2021 To 06/26/2021 – Termination El Molle Verde Ruben Valer Cruces Julio Ayquipa Tapia Angel Fernandez Canchos Walter Rondinelli Zaga Ruben Fernandez Soto George Flores Caso Jose Luis Tafur Cabrera Rio Seco Jaime Díaz Yosa José Luis Lama Manayay Giovani Loayza Montenegro Sandra Medina Vega Felipe Gonzales Bernal Javier Vasquez Delgado Eduardo Solis Encinas José Vega Gonzáles SOC. Minera El Brocal Project Manager Head of Processes, Project Head of Environmental Management – Unit Social Affairs Superintendent Project Superintendent Head of Project Control Head of Planning – Unit To 06/10/2021 – Transf. to BVN To 06/10/2021 – Transf. to BVN To 06/10/2021 – Transf. to BVN Unit Manager Research and Development Superintendent Plant Operations Superintendent Safety Superintendent General Maintenance Superintendent Human Resources Coordinator – Unit Head of Processes – Plant Head of Processes – Plant To 01/26/2021 – Transf. to BVN Since 10/05/2021 To 05/26/2021 - Termination Marco Oyanguren Leon Roger Oswaldo Ccahuana Figueroa Hector Alzamora Benites Sergio Gallesi Guanilo Moises Mascco Cotaquispe Marco Calderon Marmanillo Jose Martin Sasieta Honores Ivan Monteagudo Gonzales Raul Olivares Jurado Hugo Araoz Zevallos Gustavo Jeremy Salazar Acosta Wilder Cabrera Teran Dante Gavidia Cannon Armando Muñoz Santillana Marco Negron Tunjar Ivan Turco Aliaga Carlos Eduardo Camacho Delgado Edgard Pavel Atencia Daga Marco Villalobos Oliva Edwin Javier Rios Davila Gino Ojeda Moret Victor Orihuela Vega El Brocal Manager Geology Superintendent Process Manager Processes Superintendent – Plant Maintenance Superintendent - Plant General Superintendent – Mine Operations Superintendent – Mine, surface General Superintendent – Development and Explorations Optimization Projects Manager, El Brocal Environmental Superintendent Planning Superintendent Project Superintendent Planning and Engineering Superintendent Social Affairs Superintendent Safety Superintendent Superintendent of Electrical and Instrumentation Maintenance Operations Superintendent – Mine, Underground Operations Superintendent – Mine, Underground Maintenance Planning Superintendent Maintenance Planning Superintendent Administration Superintendent Human Resources Superintendent 09/06/2021 Since 04/15/2021 Since 06/10/2021 To 07/15/2021 – Termination To 03/31/2021 – Termination 12/31/2021 – Termination To 03/14/2021 – Termination To 07/13/2021 - Termination Since 03/01/2021 Since 10/22/2021 113 ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021

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