BVN
Compania de Minas Buenaventura SAABDocument history
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Investor releaseQuarter not tagged2026-08-19Buenaventura (BVN) Stock Looks Cheap On Earnings But Mixed On Value
Simply Wall St.
Buenaventura (BVN) Stock Looks Cheap On Earnings But Mixed On Value
Track your investments for FREE with Simply Wall St, the portfolio command center trusted by over 7 million individual investors worldwide. Compañía de Minas BuenaventuraA has delivered a very strong 398.4% return over 5 years, yet its current valuation checks give a more mixed read on how much upside may reasonably be left in the stock after that run. Over 5 years, the share price has returned 398.4%, which puts recent gains front and center for anyone assessing the current entry point. Future cash generation from its mining portfolio can support today’s price if projects run efficiently and costs remain controlled, but any setbacks in production, grades or input costs may quickly alter what investors are prepared to pay. The company screens as undervalued on some multiples, while the broader checks give a mixed picture, with Compañía de Minas BuenaventuraA passing only 3 of 6 valuation tests. The issue now is whether Compañía de Minas BuenaventuraA’s current share price still offers a margin of safety after such a strong multi year return. Compañía de Minas BuenaventuraA delivered 88.7% returns over the last year. See how this stacks up to the rest of the Metals and Mining industry. The P/E ratio is a useful way to look at Compañía de Minas BuenaventuraA because it ties today’s share price directly to the earnings that support it. Right now the stock trades on about 7.9x earnings, which is well below the Metals and Mining industry average of roughly 20.9x and also below the broader peer group average of about 41.0x. The Fair Ratio for Compañía de Minas BuenaventuraA is estimated at around 16.4x, based on factors such as its size, risk profile and sector. That is more than double the current P/E, which suggests the market price does not fully reflect the earnings implied by this framework. For investors focused on earnings based measures, this gap indicates that Compañía de Minas BuenaventuraA could be offering exposure to its current profit profile at a discounted multiple relative to both its sector and this tailored benchmark. On the P/E multiple, Compañía de Minas BuenaventuraA stock appears to trade at a lower valuation compared with both its industry and its Fair Ratio benchmark. See what the numbers say about this price — find out in our valuation breakdown. Simply Wall St Narratives for Compañía de Minas BuenaventuraA pick up where the valuation puz…Read full documentShow less
Track your investments for FREE with Simply Wall St, the portfolio command center trusted by over 7 million individual investors worldwide. Compañía de Minas BuenaventuraA has delivered a very strong 398.4% return over 5 years, yet its current valuation checks give a more mixed read on how much upside may reasonably be left in the stock after that run. Over 5 years, the share price has returned 398.4%, which puts recent gains front and center for anyone assessing the current entry point. Future cash generation from its mining portfolio can support today’s price if projects run efficiently and costs remain controlled, but any setbacks in production, grades or input costs may quickly alter what investors are prepared to pay. The company screens as undervalued on some multiples, while the broader checks give a mixed picture, with Compañía de Minas BuenaventuraA passing only 3 of 6 valuation tests. The issue now is whether Compañía de Minas BuenaventuraA’s current share price still offers a margin of safety after such a strong multi year return. Compañía de Minas BuenaventuraA delivered 88.7% returns over the last year. See how this stacks up to the rest of the Metals and Mining industry. The P/E ratio is a useful way to look at Compañía de Minas BuenaventuraA because it ties today’s share price directly to the earnings that support it. Right now the stock trades on about 7.9x earnings, which is well below the Metals and Mining industry average of roughly 20.9x and also below the broader peer group average of about 41.0x. The Fair Ratio for Compañía de Minas BuenaventuraA is estimated at around 16.4x, based on factors such as its size, risk profile and sector. That is more than double the current P/E, which suggests the market price does not fully reflect the earnings implied by this framework. For investors focused on earnings based measures, this gap indicates that Compañía de Minas BuenaventuraA could be offering exposure to its current profit profile at a discounted multiple relative to both its sector and this tailored benchmark. On the P/E multiple, Compañía de Minas BuenaventuraA stock appears to trade at a lower valuation compared with both its industry and its Fair Ratio benchmark. See what the numbers say about this price — find out in our valuation breakdown. Simply Wall St Narratives for Compañía de Minas BuenaventuraA pick up where the valuation puzzle leaves off and explain what mix of growth, margins and earnings would need to occur for the stock to be worth materially more or less than today’s price. Each narrative links a fair value estimate to a specific path for Compañía de Minas BuenaventuraA's potential catalysts and risks so you can track over time which version of events appears to align with reality. The community is split on Compañía de Minas BuenaventuraA, with one camp focusing on new mines and cash generation while the other worries about execution and metal volumes. Bull case: 34% undervalued Read the full Bull Case to see why Compañía de Minas BuenaventuraA could be undervalued Bear case: 21% overvalued Read the full Bear Case to see why Compañía de Minas BuenaventuraA could be overvalued Do you think there's more to the story for Compañía de Minas BuenaventuraA? Head over to our Community to see what others are saying! For Compañía de Minas BuenaventuraA, the key question is whether the current discount on earnings multiples reflects an opportunity or simply matches the risks around execution and project delivery. The stock screens as undervalued on P/E, yet the broader valuation checks are mixed, which keeps the verdict less clear cut. The crux for investors is whether upcoming mine ramp ups and operating performance justify a re rating of that multiple, or whether ongoing concerns about permits, commissioning and production timing keep the stock trading on a lower earnings benchmark. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include BVN. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]
Investor releaseQuarter not tagged2026-08-18ASM Q2 Earnings Meet Estimates, Shares Dip 5% on Revenue Miss
Zacks
ASM Q2 Earnings Meet Estimates, Shares Dip 5% on Revenue Miss
Shares of Avino Silver & Gold Mines Ltd. ASM have dipped 5% since reporting second-quarter 2026 results on Aug.12 as revenues lag estimates and production falls year over year despite a higher average realized silver price. The company reported adjusted earnings of 6 cents per share for the second quarter of 2026, unchanged year over year and in line with the Zacks Consensus Estimate. Including one-time items, the company registered earnings per share of 6 cents compared with earnings of 2 cents in the year-ago quarter. Avino Silver price-consensus-eps-surprise-chart | Avino Silver Quote Revenues rose 23% year over year to $26.8 million but missed the consensus estimate of $31 million by 14.4%. The top-line shortfall came as silver-equivalent payable ounces sold fell 43% to 387,142 ounces, even as the average realized silver price more than doubled to $68.90 per ounce. The company recorded cash costs of $28.62 per silver-equivalent payable ounce, an 89% rise from $15.11 in the year-ago quarter. Consolidated all-in sustaining costs were $38.75 per silver-equivalent payable ounce compared with $20.93 in the second quarter of 2025.Avino Silver reported mine-operating income of $13 million, up 27% from $10.2 million in the year-ago quarter. EBITDA was $12.6 million, which was 69% higher than $7.4 million in the prior-year quarter. The company’s silver-equivalent production was 534,945 ounces in the second quarter of 2026, which marked a 17% decrease from the second quarter of 2025. Silver feed grade rose 22% to 67 grams per ton, while gold feed grade increased 30% to 0.51 grams per ton. Silver recovery fell to 69% from 85%, and copper recovery declined to 72% from 83%.Coming to the second quarter’s metal-wise detailed figures, silver production fell 6% to 267,305 ounces and copper production dropped 50% to 729,929 pounds. Gold output, however, increased 23% to 2,178 ounces.La Preciosa development production increased 59% from the first quarter, contributing 100,658 silver-equivalent ounces. This included 84,806 silver ounces and 182 gold ounces. The company ended the second quarter with $144 million in cash in hand, higher than $101.7 million at the end of 2025. Cash provided by operating activities was $13.3 million compared with $8.4 million in the year-ago quarter. The company remained debt-free, excluding operating equipment leases. The company's 2026 produ…Read full documentShow less
Shares of Avino Silver & Gold Mines Ltd. ASM have dipped 5% since reporting second-quarter 2026 results on Aug.12 as revenues lag estimates and production falls year over year despite a higher average realized silver price. The company reported adjusted earnings of 6 cents per share for the second quarter of 2026, unchanged year over year and in line with the Zacks Consensus Estimate. Including one-time items, the company registered earnings per share of 6 cents compared with earnings of 2 cents in the year-ago quarter. Avino Silver price-consensus-eps-surprise-chart | Avino Silver Quote Revenues rose 23% year over year to $26.8 million but missed the consensus estimate of $31 million by 14.4%. The top-line shortfall came as silver-equivalent payable ounces sold fell 43% to 387,142 ounces, even as the average realized silver price more than doubled to $68.90 per ounce. The company recorded cash costs of $28.62 per silver-equivalent payable ounce, an 89% rise from $15.11 in the year-ago quarter. Consolidated all-in sustaining costs were $38.75 per silver-equivalent payable ounce compared with $20.93 in the second quarter of 2025.Avino Silver reported mine-operating income of $13 million, up 27% from $10.2 million in the year-ago quarter. EBITDA was $12.6 million, which was 69% higher than $7.4 million in the prior-year quarter. The company’s silver-equivalent production was 534,945 ounces in the second quarter of 2026, which marked a 17% decrease from the second quarter of 2025. Silver feed grade rose 22% to 67 grams per ton, while gold feed grade increased 30% to 0.51 grams per ton. Silver recovery fell to 69% from 85%, and copper recovery declined to 72% from 83%.Coming to the second quarter’s metal-wise detailed figures, silver production fell 6% to 267,305 ounces and copper production dropped 50% to 729,929 pounds. Gold output, however, increased 23% to 2,178 ounces.La Preciosa development production increased 59% from the first quarter, contributing 100,658 silver-equivalent ounces. This included 84,806 silver ounces and 182 gold ounces. The company ended the second quarter with $144 million in cash in hand, higher than $101.7 million at the end of 2025. Cash provided by operating activities was $13.3 million compared with $8.4 million in the year-ago quarter. The company remained debt-free, excluding operating equipment leases. The company's 2026 production guidance is 2.4 million to 2.7 million silver-equivalent ounces, while it targets more than 3 million ounces in 2027. La Preciosa has a 2026 production goal of 500 tons per day. Two drills were operating there, with 6,591 meters completed by the end of the second quarter toward a 15,000-meter exploration program. Drilling has shifted from infill work to exploration and step-out holes at high-priority targets. Avino Silver also budgeted 15,000 meters of exploration at the Avino Mine for 2026. Shares of the company have skyrocketed 87.5% over the past year compared with the industry’s 77.5% surge. Image Source: Zacks Investment Research The company currently has a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Endeavour Silver Corporation EXK reported adjusted earnings of 15 cents per share for the second quarter of 2026 against an adjusted loss of 3 cents incurred in the prior-year quarter. The bottom line met the Zacks Consensus Estimate.Endeavour Silver’s revenues skyrocketed 149.4% to $212 million from $85 million in the second quarter of 2025. The top line beat the Zacks Consensus Estimate of $201 million.First Majestic Silver Corp AG posted earnings per share of 21 cents for second-quarter 2026, which missed the Zacks Consensus Estimate of 25 cents. AG posted earnings of 4 cents per share in the year-ago quarter.First Majestic Silver’s revenues rose 57.2% year over year to $415 million in the quarter under review. Buenaventura Mining Company BVN reported second-quarter 2026 adjusted earnings per share of 94 cents, missing the Zacks Consensus Estimate of 98 cents. BVN posted earnings of 40 cents per share in the year-ago quarter.Buenaventura Mining’s revenues jumped 43.4% year over year to $529 million in the quarter under review. The top line missed the Zacks Consensus Estimate of $596 million. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Avino Silver (ASM) : Free Stock Analysis Report Buenaventura Mining Company Inc. (BVN) : Free Stock Analysis Report Endeavour Silver Corporation (EXK) : Free Stock Analysis Report First Majestic Silver Corp. (AG) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research
Investor releaseQuarter not tagged2026-08-17PAAS Q2 Earnings Miss Estimates, Revenues Rise Y/Y on Metal Prices
Zacks
PAAS Q2 Earnings Miss Estimates, Revenues Rise Y/Y on Metal Prices
Pan American Silver Corp. PAAS reported adjusted earnings of 73 cents per share for the second quarter of 2026, surging 69.8% year over year but missing the Zacks Consensus Estimate of 84 cents by 13.1%. Including one-time items, Pan American Silver reported earnings of 72 cents in the quarter compared with the year-ago quarter’s earnings of 52 cents. Pan American Silver Corp. price-consensus-eps-surprise-chart | Pan American Silver Corp. Quote Pan American Silver’s revenues improved 38.4% year over year to $1.12 billion in the quarter under review. The top line missed the Zacks Consensus Estimate of $1.16 billion. The average realized silver price in the quarter skyrocketed 115.7% year over year to $70.97 per ounce. The average realized gold price increased 33.2% year over year to $4,402 per ounce. Attributable silver production reached 6.47 million ounces, at the high end of the company’s quarterly operating outlook. Production increased 27% year over year. The increase mainly reflected 1.74 million ounces from the acquired 44% interest in Juanicipio, while Cerro Moro benefited from higher grades due to mine sequencing.Attributable gold production fell 7.2% to 165.9 thousand ounces. The figure came below the company’s quarterly operating outlook. Lower output at Shahuindo, Jacobina and El Peñon more than offset gains at Cerro Moro and the contribution from Juanicipio. Gold production came in below the company’s quarterly operating outlook.Pan American Silver reported mine-operating earnings of $457 million in the quarter compared with $273 million in the prior-year quarter. The Silver segment’s cash costs were $13.21 per ounce in the second quarter, down 9.9% from the year-ago period. The segment’s all-in sustaining costs (AISC) declined 9.5% year over year to $17.80 per ounce in the quarter. Low-AISC ounces from Juanicipio and stronger gold by-product credits at Cerro Moro helped offset higher royalties and operating costs at La Colorada, San Vicente and Huaron.The Gold segment’s cash costs were $1,585 per ounce, reflecting a 20.8% increase from the year-ago quarter. The segment’s AISC costs amounted to $1,984 per ounce in the April-June period, representing a year-over-year increase of 23.2%. The increase reflected lower-grade mining and higher haulage, maintenance, labor, consumables and ground-support costs across operations including Jacobina, Minera…Read full documentShow less
Pan American Silver Corp. PAAS reported adjusted earnings of 73 cents per share for the second quarter of 2026, surging 69.8% year over year but missing the Zacks Consensus Estimate of 84 cents by 13.1%. Including one-time items, Pan American Silver reported earnings of 72 cents in the quarter compared with the year-ago quarter’s earnings of 52 cents. Pan American Silver Corp. price-consensus-eps-surprise-chart | Pan American Silver Corp. Quote Pan American Silver’s revenues improved 38.4% year over year to $1.12 billion in the quarter under review. The top line missed the Zacks Consensus Estimate of $1.16 billion. The average realized silver price in the quarter skyrocketed 115.7% year over year to $70.97 per ounce. The average realized gold price increased 33.2% year over year to $4,402 per ounce. Attributable silver production reached 6.47 million ounces, at the high end of the company’s quarterly operating outlook. Production increased 27% year over year. The increase mainly reflected 1.74 million ounces from the acquired 44% interest in Juanicipio, while Cerro Moro benefited from higher grades due to mine sequencing.Attributable gold production fell 7.2% to 165.9 thousand ounces. The figure came below the company’s quarterly operating outlook. Lower output at Shahuindo, Jacobina and El Peñon more than offset gains at Cerro Moro and the contribution from Juanicipio. Gold production came in below the company’s quarterly operating outlook.Pan American Silver reported mine-operating earnings of $457 million in the quarter compared with $273 million in the prior-year quarter. The Silver segment’s cash costs were $13.21 per ounce in the second quarter, down 9.9% from the year-ago period. The segment’s all-in sustaining costs (AISC) declined 9.5% year over year to $17.80 per ounce in the quarter. Low-AISC ounces from Juanicipio and stronger gold by-product credits at Cerro Moro helped offset higher royalties and operating costs at La Colorada, San Vicente and Huaron.The Gold segment’s cash costs were $1,585 per ounce, reflecting a 20.8% increase from the year-ago quarter. The segment’s AISC costs amounted to $1,984 per ounce in the April-June period, representing a year-over-year increase of 23.2%. The increase reflected lower-grade mining and higher haulage, maintenance, labor, consumables and ground-support costs across operations including Jacobina, Minera Florida, Timmins and Shahuindo. Cash flow from operations increased to $320 million from $294 million despite $205 million of income taxes paid. The attributable free cash flow was $344 million compared with $234 million a year earlier, including Pan American’s 44% share of Juanicipio.Pan American returned a record $300 million to shareholders during the quarter, including $224 million in share repurchases and $76 million in dividends. Cash and short-term investments totaled $1.8 billion at the quarter-end, including $97 million attributable to Juanicipio. In July, the company doubled its revolving credit facility to $1.5 billion, with a $750-million accordion feature. Pan American Silver reaffirmed its 2026 operating outlook for silver and gold production, base-metal production, segment AISC and sustaining capital. Silver production is projected at 25-27 million ounces, with silver segment AISC of $15.75-$18.25 per ounce.The company expects gold production to finish at the low end of 700-750 thousand ounces and gold segment AISC at the high end of $1,700-$1,850 per ounce. Third-quarter gold production is expected to be 3-6 thousand ounces below the low end of 178.5 to 192.0 thousand ounces. At La Colorada Skarn, the company invested $20 million of project capital in the first half of 2026 and completed the first cut of the 588 Decline in early August. Engineering for the next phase, including material handling and ventilation infrastructure, is scheduled for board consideration in the second half.At Jacobina, first-half project capital totaled $22 million as Pan American advanced plant and infrastructure improvements. The company also moved ahead with the first phase of the Timmins Camp Project, wherein the board approved a $146-million investment to extend the Bell Creek shaft and build exploration drifts. Shares of Pan American Silver have gained 51.1% in the past year compared with the industry’s growth of 77.6%. Image Source: Zacks Investment Research The company currently carries a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Endeavour Silver Corporation EXK reported adjusted earnings of 15 cents per share for the second quarter of 2026 against an adjusted loss of 3 cents incurred in the prior-year quarter. The bottom line met the Zacks Consensus Estimate.Endeavour Silver’s revenues skyrocketed 149.4% to $212 million from $85 million in the second quarter of 2025. The top line beat the Zacks Consensus Estimate of $201 million.First Majestic Silver Corp AG posted earnings per share of 21 cents for second-quarter 2026, which missed the Zacks Consensus Estimate of 25 cents. AG posted earnings of 4 cents per share in the year-ago quarter.First Majestic Silver’s revenues rose 57.2% year over year to $415 million in the quarter under review. Buenaventura Mining Company BVN reported second-quarter 2026 adjusted earnings per share of 94 cents, missing the Zacks Consensus Estimate of 98 cents. BVN posted earnings of 40 cents per share in the year-ago quarter.Buenaventura Mining’s revenues jumped 43.4% year over year to $529 million in the quarter under review. The top line missed the Zacks Consensus Estimate of $596 million. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Pan American Silver Corp. (PAAS) : Free Stock Analysis Report Buenaventura Mining Company Inc. (BVN) : Free Stock Analysis Report Endeavour Silver Corporation (EXK) : Free Stock Analysis Report First Majestic Silver Corp. (AG) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research
Investor releaseQuarter not tagged2026-08-10Pan American Silver Set to Report Q2 Earnings: What to Expect?
Zacks
Pan American Silver Set to Report Q2 Earnings: What to Expect?
Pan American Silver Corp. PAAS is scheduled to report second-quarter 2026 results on Aug. 12, after market close. The Zacks Consensus Estimate for Pan American Silver’s second-quarter total sales is pegged at $1.16 billion, indicating a 43.2% rise from the year-ago quarter’s actual.The consensus mark for earnings has been moved down 22.2% in the past 60 days to 84 cents per share. This, however, suggests a 93.4% year-over-year upsurge from earnings of 43 cents. Image Source: Zacks Investment Research Pan American Silver’s earnings beat the Zacks Consensus Estimates in three of the trailing four quarters and came in line in one. The company has a trailing four-quarter earnings surprise of 7.9%, on average. The trend is shown in the chart below. Image Source: Zacks Investment Research Our proven model does not conclusively predict an earnings beat for Pan American Silver this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here.Earnings ESP: PAAS has an Earnings ESP of 0.00%. You can uncover the best stocks before they are reported with our Earnings ESP Filter.Zacks Rank: The company currently has a Zacks Rank of 4 (Sell). You can see the complete list of today’s Zacks #1 Rank stocks here. Pan American Silver maintained a strong operational footing in the first quarter of 2026, delivering a solid performance. This offers an insight into its second-quarter performance. Pan American Silver produced 6.4 million ounces of silver in the first quarter of 2026, reflecting strong contributions from the Juanicipio mine. The company produced 5 million ounces of silver in the first quarter of 2025. La Colorada and Cerro Moro reported higher output due to higher grades. However, Huaron reported lower numbers due to lower silver grades. Production at Dolores was down following the cessation of mining operations in July 2024 and the site transitioning into its residual leaching phase. The Zacks Consensus Estimate for PAAS’s second-quarter 2026 silver production is 6.5 million ounces, indicating a 27.1% year-over-year rise.It produced 169.2 thousand ounces of gold in the first quarter of 2026. The figure marks a decrease from the 182.2 thousand ounces produced in the prior-year quarter. The production was impacted by the loss of Dolores' contributi…Read full documentShow less
Pan American Silver Corp. PAAS is scheduled to report second-quarter 2026 results on Aug. 12, after market close. The Zacks Consensus Estimate for Pan American Silver’s second-quarter total sales is pegged at $1.16 billion, indicating a 43.2% rise from the year-ago quarter’s actual.The consensus mark for earnings has been moved down 22.2% in the past 60 days to 84 cents per share. This, however, suggests a 93.4% year-over-year upsurge from earnings of 43 cents. Image Source: Zacks Investment Research Pan American Silver’s earnings beat the Zacks Consensus Estimates in three of the trailing four quarters and came in line in one. The company has a trailing four-quarter earnings surprise of 7.9%, on average. The trend is shown in the chart below. Image Source: Zacks Investment Research Our proven model does not conclusively predict an earnings beat for Pan American Silver this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here.Earnings ESP: PAAS has an Earnings ESP of 0.00%. You can uncover the best stocks before they are reported with our Earnings ESP Filter.Zacks Rank: The company currently has a Zacks Rank of 4 (Sell). You can see the complete list of today’s Zacks #1 Rank stocks here. Pan American Silver maintained a strong operational footing in the first quarter of 2026, delivering a solid performance. This offers an insight into its second-quarter performance. Pan American Silver produced 6.4 million ounces of silver in the first quarter of 2026, reflecting strong contributions from the Juanicipio mine. The company produced 5 million ounces of silver in the first quarter of 2025. La Colorada and Cerro Moro reported higher output due to higher grades. However, Huaron reported lower numbers due to lower silver grades. Production at Dolores was down following the cessation of mining operations in July 2024 and the site transitioning into its residual leaching phase. The Zacks Consensus Estimate for PAAS’s second-quarter 2026 silver production is 6.5 million ounces, indicating a 27.1% year-over-year rise.It produced 169.2 thousand ounces of gold in the first quarter of 2026. The figure marks a decrease from the 182.2 thousand ounces produced in the prior-year quarter. The production was impacted by the loss of Dolores' contribution. Production at the El Peñon mine also fell due to mine sequencing into lower-grade ore zones and a higher proportion of low-grade stockpile ore processed. The Zacks Consensus Estimate for PAAS’s second-quarter gold production is 176 thousand ounces, indicating a 1.1% year-over-year decline. The year-over-year increase in silver output, along with higher prices, will likely translate to higher revenues in the quarter. Even though gold and silver prices have dropped since peaking in January 2026, they have remained supportive. The combination of higher prices is expected to have enhanced Pan American Silver’s top-line performance in the quarter. In the past year, PAAS shares have surged 64.6% compared with the industry's 79.4% growth. Image Source: Zacks Investment Research Endeavour Silver Corporation EXK reported adjusted earnings of 15 cents per share for the second quarter of 2026 against an adjusted loss of 3 cents incurred in the prior-year quarter. The bottom line met the Zacks Consensus Estimate.Endeavour Silver’s revenues skyrocketed 149.4% to $212 million from $85 million in the second quarter of 2025. The top line beat the Zacks Consensus Estimate of $201 million.First Majestic Silver Corp AG posted earnings per share of 21 cents for second-quarter 2026, which missed the Zacks Consensus Estimate of 25 cents. AG posted earnings of 4 cents per share in the year-ago quarter.First Majestic Silver’s revenues rose 57.2% year over year to $415 million in the quarter under review. Buenaventura Mining Company BVN reported second-quarter 2026 adjusted earnings per share of 94 cents, missing the Zacks Consensus Estimate of 98 cents. BVN posted earnings of 40 cents per share in the year-ago quarter.Buenaventura Mining’s revenues jumped 43.4% year over year to $529 million in the quarter under review. The top line missed the Zacks Consensus Estimate of $596 million. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Pan American Silver Corp. (PAAS) : Free Stock Analysis Report Buenaventura Mining Company Inc. (BVN) : Free Stock Analysis Report Endeavour Silver Corporation (EXK) : Free Stock Analysis Report First Majestic Silver Corp. (AG) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research
Investor releaseQuarter not tagged2026-07-31Buenaventura Mining Q2 Earnings Call Highlights
MarketBeat
Buenaventura Mining Q2 Earnings Call Highlights
Interested in Buenaventura Mining Company Inc.? Here are five stocks we like better. Strong second-quarter results: Buenaventura’s revenue rose 43% year over year to $529 million, while net income surged 165% to $261 million. Gold, silver and copper production all increased, supported by favorable metal prices and improved operations. San Gabriel ramp-up is underway but faces processing challenges: The project produced its first 2,800 ounces of gold and began commercial sales, though tailings-filtration issues and low recoveries may require $20 million to $25 million in additional investment. Management is targeting stable operations by mid-2027. Growth and cost-reduction initiatives continue: Yumpag’s approved throughput increase to 1,200 tons per day could lift production by about 10% and reduce operating costs by 15% to 17% by year-end. The company also expects $350 million to $380 million in 2026 dividends from its Cerro Verde investment. Is silver more precious in 2024 as gold loses luster? Buenaventura Mining (NYSE:BVN) reported higher second-quarter 2026 production, revenue and earnings, supported by the ramp-up of its San Gabriel gold project, increased output at Yumpag and favorable metal prices. Chief Executive Officer Leandro García said consolidated gold production rose 12% year over year to 30,500 ounces in the quarter. Silver production increased 2% to 3.6 million ounces, primarily reflecting higher production at Yumpag, while copper production increased 2% to 13,500 tons as El Brocal maintained stable output. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now San Gabriel produced 2,800 ounces of gold during the quarter and began commercial sales, marking its first contribution to Buenaventura's sales volumes. The operation remains in its ramp-up phase, with management targeting a stable and sustainable operation by the middle of 2027. Total revenue increased 43% from a year earlier to $529 million. EBITDA from direct operations more than doubled, rising 113% to $277 million, while the EBITDA margin expanded to 52% from 35% in the prior-year period. → Microsoft Just Flipped the AI Spending Narrative Overnight Net income reached $261 million, up 165% year over year. García attributed the results to stronger operational performance across core assets and the favorable commodity-price environment. The company ended the quarter with $759 mil…Read full documentShow less
Interested in Buenaventura Mining Company Inc.? Here are five stocks we like better. Strong second-quarter results: Buenaventura’s revenue rose 43% year over year to $529 million, while net income surged 165% to $261 million. Gold, silver and copper production all increased, supported by favorable metal prices and improved operations. San Gabriel ramp-up is underway but faces processing challenges: The project produced its first 2,800 ounces of gold and began commercial sales, though tailings-filtration issues and low recoveries may require $20 million to $25 million in additional investment. Management is targeting stable operations by mid-2027. Growth and cost-reduction initiatives continue: Yumpag’s approved throughput increase to 1,200 tons per day could lift production by about 10% and reduce operating costs by 15% to 17% by year-end. The company also expects $350 million to $380 million in 2026 dividends from its Cerro Verde investment. Is silver more precious in 2024 as gold loses luster? Buenaventura Mining (NYSE:BVN) reported higher second-quarter 2026 production, revenue and earnings, supported by the ramp-up of its San Gabriel gold project, increased output at Yumpag and favorable metal prices. Chief Executive Officer Leandro García said consolidated gold production rose 12% year over year to 30,500 ounces in the quarter. Silver production increased 2% to 3.6 million ounces, primarily reflecting higher production at Yumpag, while copper production increased 2% to 13,500 tons as El Brocal maintained stable output. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now San Gabriel produced 2,800 ounces of gold during the quarter and began commercial sales, marking its first contribution to Buenaventura's sales volumes. The operation remains in its ramp-up phase, with management targeting a stable and sustainable operation by the middle of 2027. Total revenue increased 43% from a year earlier to $529 million. EBITDA from direct operations more than doubled, rising 113% to $277 million, while the EBITDA margin expanded to 52% from 35% in the prior-year period. → Microsoft Just Flipped the AI Spending Narrative Overnight Net income reached $261 million, up 165% year over year. García attributed the results to stronger operational performance across core assets and the favorable commodity-price environment. The company ended the quarter with $759 million in cash and $692 million in total debt, resulting in a net cash position of about $67 million. Net debt to EBITDA was negative 0.05 times. → Carrier Earnings Could Send the Stock to a New All-Time High Buenaventura also continued to receive dividends from its Cerro Verde investment. García said year-to-date dividends reached $274 million, including $118 million received in July after the end of the second quarter. Chief Financial Officer Daniel Domínguez said the company expects an additional $50 million to $100 million in dividends by the fourth quarter, implying total 2026 Cerro Verde dividends of $350 million to $380 million. Management said San Gabriel’s underground mine is progressing in line with its plan, including the implementation of an undercut-and-fill mining method. The company expects to have its fourth underground mining fleet in place by the end of August and two additional contractor-operated fleets by November. However, processing throughput has been constrained by tailings filtration issues. Juan Carlos, Buenaventura’s vice president of operations, said the high-pressure filter foundations have experienced structural movement beyond required tolerances. The company plans to reinforce the structures supporting its three press filters, with estimated spending of roughly $5 million to $10 million. The company is also working to improve gold recoveries, which have been affected by organic matter and sulfides in the ore. Management plans to begin industrial-scale testing of additional reagents in August after laboratory tests produced favorable results. Buenaventura expects gold recovery to reach about 70% by the end of 2026. To move closer to the approximately 85% recovery level in its budget, the company is designing an additional flotation circuit intended to remove organic material and recover gold associated with sulfides. Juan Carlos said the circuit could cost about $15 million and may be implemented by the end of 2027. The added operating cost was estimated at $1 to $2 per ton, compared with an operating cost base of about $130 per ton. García said Buenaventura expects total 2026 capital expenditures of about $500 million, after spending roughly $200 million to $220 million in the first half. Remaining 2026 spending at San Gabriel is expected to total about $60 million. After the quarter ended, Buenaventura received approval to increase Yumpag’s mining throughput to 1,200 tons per day from 1,000 tons per day. García said the approval should support a roughly 10% increase in production compared with the company’s original expectations for the year, given that the approval came midway through 2026. The throughput increase is also expected to reduce costs by spreading fixed expenses over more production. In addition, Yumpag is scheduled to connect to Peru’s national electrical grid during the fourth quarter, replacing diesel-generated power with grid electricity. Juan Carlos said the combined effect of higher throughput and lower power costs could reduce Yumpag’s operating costs by roughly 15% to 17% from first-half levels by year-end. Silver cost applicable to sales increased during the quarter, mainly because of higher commercial deductions tied to price-based escalators at Uchucchacua and Yumpag. García said the floor price used in the contracts during the first half was about $35 per ounce. Aldo Massa, vice president of business development and commercial, said new contracts beginning in September will use a $50-per-ounce base through December. At the Trapiche copper project, Vice President of Projects Renzo Macher said higher copper prices have made the potential development of primary sulfides beneath the project’s secondary sulfides more relevant. The company expects to spend the next year and a half evaluating whether the opportunity is economically viable while continuing work on access roads, power lines, licenses and acid-consumption analysis. Buenaventura has also allocated an additional $12 million of capital spending for preparations related to a potential strong El Niño event. Juan Carlos said the company has established committees at each mine to identify risks and prepare measures including increased pumping capacity, power for pumps, water-treatment facilities and reinforcement of critical water structures. Management said it had not experienced operational damage to date but is preparing for heavier rainfall beginning with the next rainy season in December 2026. García added that the company does not currently expect to reconsider production at Orcopampa or Tambomayo following the recent decline in gold prices, although it continues to review the value generated by each ounce produced. Compañía de Minas Buenaventura SAA. (NYSE: BVN) is one of Peru's leading precious metals producers, primarily engaged in the exploration, development and operation of gold, silver and base metal mines. Headquartered in Lima, the company's core activities cover the entire mining cycle from concession acquisition and project evaluation to extraction, milling and metal refining. Buenaventura also holds interests in smelting, refining and trading services, enabling it to market its products both domestically and internationally. The company's principal assets include several operating mines in Peru such as Uchucchacua (silver-lead-zinc), Orcopampa (gold-silver) and the Tambomayo gold mine. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Buenaventura Mining Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.
Investor releaseQuarter not tagged2026-07-31Buenaventura: Q2 Earnings Snapshot
Associated Press
Buenaventura: Q2 Earnings Snapshot
LIMA, Peru (AP) — LIMA, Peru (AP) — Compania de Minas Buenaventura SAA (BVN) on Thursday reported second-quarter earnings of $237.4 million. The Lima, Peru-based company said it had profit of 93 cents per share. Earnings, adjusted to account for discontinued operations, came to 94 cents per share. The miner posted revenue of $529 million in the period. Buenaventura shares have risen 14% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $31.86, a rise of 86% in the last 12 months. _____ This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BVN at https://www.zacks.com/ap/BVN
Investor releaseQuarter not tagged2026-07-31Buenaventura Announces Second Quarter 2026 Results
Business Wire
Buenaventura Announces Second Quarter 2026 Results
LIMA, Peru, July 31, 2026--(BUSINESS WIRE)--Compañia de Minas Buenaventura S.A.A. ("Buenaventura" or "the Company") (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru’s largest publicly-traded precious metals mining company, today announced results for the second quarter (2Q26) ended June 30, 2026. All figures have been prepared in accordance with IFRS (International Financial Reporting Standards) on a non-GAAP basis and are stated in U.S. dollars (US$). Second Quarter 2026 Highlights: Gold production increased by 12% year-over-year (YoY) primarily driven by the ramp-up at San Gabriel. Consolidated silver production increased by 2% YoY, primarily reflecting higher production at Yumpag. Lead and zinc production decreased by 19% and 5% YoY, respectively, primarily due to lower grades at Tambomayo. Copper production increased by 2% YoY, reflecting stable production at El Brocal. 2Q26 EBITDA from direct operations was US$ 277.1 million, compared with US$ 130.1 million reported in 2Q25. 6M26 EBITDA from direct operations was US$ 663.4 million, compared to US$ 256.4 million reported in the first six months of 2025. 2Q26 net income was US$ 260.6 million, compared with US$ 98.2 million reported in 2025. Net income for the first six months of 2026 was US$ 557.0 million, compared with US$ 245.2 million in net income for the first six months of 2025. San Gabriel continued to ramp-up during 2Q26. During the quarter, processed tonnage was constrained by tailings-management challenges, particularly at the tailings filtration plant. The Company began reporting sales volumes from San Gabriel in 2Q26. On July 10, 2026, subsequent to quarter-end, the Company received approval to increase the mining rate at Yumpag to 1,200 from 1,000 tonnes per day. Buenaventura's cash position totaled US$ 758.9 million as of June 30, 2026. The Company reported net debt of negative US$ 66.6 million, representing a net cash position and a leverage ratio of -0.05x. The Company reduced the outstanding balance of the financial lease held by Huanza, the Group's power generation subsidiary, from US$ 63.0 million to US$ 50.0 million, with the remaining balance to be amortized through 2031. On July 24, 2026, following the quarter-end, Buenaventura received US$ 117.5 million in dividends from its ownership interest in Cerro Verde. Total dividends received year-to-date in 2026 were US$274.1 million. Financi…Read full documentShow less
LIMA, Peru, July 31, 2026--(BUSINESS WIRE)--Compañia de Minas Buenaventura S.A.A. ("Buenaventura" or "the Company") (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru’s largest publicly-traded precious metals mining company, today announced results for the second quarter (2Q26) ended June 30, 2026. All figures have been prepared in accordance with IFRS (International Financial Reporting Standards) on a non-GAAP basis and are stated in U.S. dollars (US$). Second Quarter 2026 Highlights: Gold production increased by 12% year-over-year (YoY) primarily driven by the ramp-up at San Gabriel. Consolidated silver production increased by 2% YoY, primarily reflecting higher production at Yumpag. Lead and zinc production decreased by 19% and 5% YoY, respectively, primarily due to lower grades at Tambomayo. Copper production increased by 2% YoY, reflecting stable production at El Brocal. 2Q26 EBITDA from direct operations was US$ 277.1 million, compared with US$ 130.1 million reported in 2Q25. 6M26 EBITDA from direct operations was US$ 663.4 million, compared to US$ 256.4 million reported in the first six months of 2025. 2Q26 net income was US$ 260.6 million, compared with US$ 98.2 million reported in 2025. Net income for the first six months of 2026 was US$ 557.0 million, compared with US$ 245.2 million in net income for the first six months of 2025. San Gabriel continued to ramp-up during 2Q26. During the quarter, processed tonnage was constrained by tailings-management challenges, particularly at the tailings filtration plant. The Company began reporting sales volumes from San Gabriel in 2Q26. On July 10, 2026, subsequent to quarter-end, the Company received approval to increase the mining rate at Yumpag to 1,200 from 1,000 tonnes per day. Buenaventura's cash position totaled US$ 758.9 million as of June 30, 2026. The Company reported net debt of negative US$ 66.6 million, representing a net cash position and a leverage ratio of -0.05x. The Company reduced the outstanding balance of the financial lease held by Huanza, the Group's power generation subsidiary, from US$ 63.0 million to US$ 50.0 million, with the remaining balance to be amortized through 2031. On July 24, 2026, following the quarter-end, Buenaventura received US$ 117.5 million in dividends from its ownership interest in Cerro Verde. Total dividends received year-to-date in 2026 were US$274.1 million. Financial Highlights (in millions of US$, excluding EPS): Net Income attributable to owners of the parent. Weighted average number of shares outstanding for the period ending June 30, 2026: 253,986,867. For a full version of Compañía de Minas Buenaventura Second Quarter 2026 Earnings Release, please visit: https://buenaventura.com/informes-y-reportes CONFERENCE CALL INFORMATION: Compañia de Minas Buenaventura will host a conference call on Friday, July 31, 2026, to discuss these results at 11:00 am Eastern Time / 10:00 a.m. Lima Time. To participate in the conference call, please dial: Toll-Free US:+1 844 481 2914 Toll International:+1 412 317 0697 Passcode:Please ask to be joined into the Compañía de Minas Buenaventura’s call. Live Webcast: Click here If you would prefer to receive a call rather than dial-in, please use the following link 10-15 minutes prior to the conference call start time:Call Me Link: Click Here Passcode: 6542343 Participants who do not wish to be interrupted to have their information gathered may have Chorus Call dial out to them by clicking on the above link, filling in the information, and pressing the green phone button at the bottom. The phone number provided will be automatically called and connected to the conference without any interruption to the participant. (Please note: Participants will be joined directly to the conference and will hear hold music until the call begins. No confirmation message will be played when joined.) Company Description Compañia de Minas Buenaventura S.A.A. is Peru’s largest, publicly traded precious and base metals Company and a major holder of mining rights in Peru. The Company is engaged in the exploration, mining development, processing and trade of gold, silver and other base metals via wholly-owned mines and through its participation in joint venture projects. Buenaventura currently operates several mines in Peru (Orcopampa*, Uchucchacua*, Julcani*, Tambomayo*, La Zanja*, El Brocal and Coimolache). The Company owns 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer (a partnership with Freeport-McMorRan Inc. and Sumitomo Corporation). For a printed version of the Company’s 2024 Form 20-F, please contact the investor relations contacts on page 1 of this report or download the PDF format file from the Company’s web site at www.buenaventura.com. (*) Operations wholly owned by Buenaventura Note on Forward-Looking Statements This press release and related conference call contain, in addition to historical information, forward-looking statements including statements related to the Company’s ability to manage its business and liquidity during and after the COVID-19 pandemic, the impact of the COVID-19 pandemic on the Company’s results of operations, including net revenues, earnings and cash flows, the Company’s ability to reduce costs and capital spending in response to the COVID-19 pandemic if needed, the Company’s balance sheet, liquidity and inventory position throughout and following the COVID-19 pandemic, the Company’s prospects for financial performance, growth and achievement of its long-term growth algorithm following the COVID-19 pandemic, future dividends and share repurchases. This press release may also contain forward-looking information (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including those concerning the Company’s, Cerro Verde’s costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver, copper and other metals mined, the success of joint ventures, estimates of future explorations, development and production, subsidiaries’ plans for capital expenditures, estimates of reserves and Peruvian political, economic, social and legal developments. These forward-looking statements reflect the Company’s view with respect to the Company’s, Cerro Verde’s future financial performance. Actual results could differ materially from those projected in the forward-looking statements as a result of a variety of factors discussed elsewhere in this Press Release. View source version on businesswire.com: https://www.businesswire.com/news/home/20260730347144/en/ Contacts Contacts in Lima: Daniel Dominguez, Chief Financial Officer(511) 419 2540 Sebastián Valencia, Head of Investor Relations(511) 419 2591 / [email protected] Contact in NY: Barbara Cano(646) 452 [email protected] Company Website: https://buenaventura.com/en/inversionista/
Investor releaseQuarter not tagged2026-07-31Compania De Minas Buenaventura SAA (BVN) (Q2 2026) Earnings Call Highlights: Record Revenue and ...
GuruFocus.com
Compania De Minas Buenaventura SAA (BVN) (Q2 2026) Earnings Call Highlights: Record Revenue and ...
This article first appeared on GuruFocus. Total Revenues: $529 million, a 43% increase year over year. EBITDA from Direct Operations: $277 million, up 113% year over year. EBITDA Margin: Expanded from 35% to 52%. Net Income: $261 million, a 165% increase year over year. Cash Position: $759 million at quarter end. Total Debt: $692 million. Net Cash Position: Approximately $67 million. Net Debt to EBITDA: Negative 0.05 times. CapEx: Approximately $98 million, allocated to San Gabriel, El Brocal, Uchucchacua, and Yumpag. Gold Production: 30,500 ounces, a 12% increase year over year. Silver Production: 3.6 million ounces, a 2% increase year over year. Copper Production: 13,500 tonnes, a 2% increase year over year. San Gabriel Gold Production: 2,800 ounces during the quarter, with commercial sales commencing in Q2 2026. Cerro Verde Dividends: $274 million year-to-date, including $118 million received in July. Huanza Financial Lease: Reduced outstanding balance from $63 million to $50 million. Warning! GuruFocus has detected 4 Warning Signs with PARXF. Is BVN fairly valued? Test your thesis with our free DCF calculator. Release Date: July 31, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Consolidated gold production increased 12% year-over-year to 30,500 ounces, driven by the ramp-up at San Gabriel. Total revenues surged 43% year-over-year to $529 million, with EBITDA from direct operations up 113% to $277 million. EBITDA margins expanded significantly from 35% to 52%, reflecting strong operational performance. Net income rose 165% year-over-year to $261 million, supported by favorable metal prices. The company maintains a strong balance sheet with a net cash position of $67 million and net debt-to-EBITDA of -0.05x. San Gabriel began commercial sales in Q2 2026, marking its first contribution to revenue. Approval received to increase Yumpag's mining throughput by 20% to 1,200 tonnes per day, with expected cost reductions of 15-17% from grid connection. Cerro Verde dividends totaled $274 million year-to-date, with expectations of $350-$380 million for the full year. Exploration remains a priority, with ongoing efforts to extend mine life and support long-term production growth. Proactive measures are being taken to mitigate El Nino risks, with $12 million in additional CapEx allocated. San Gabriel's ramp-u…Read full documentShow less
This article first appeared on GuruFocus. Total Revenues: $529 million, a 43% increase year over year. EBITDA from Direct Operations: $277 million, up 113% year over year. EBITDA Margin: Expanded from 35% to 52%. Net Income: $261 million, a 165% increase year over year. Cash Position: $759 million at quarter end. Total Debt: $692 million. Net Cash Position: Approximately $67 million. Net Debt to EBITDA: Negative 0.05 times. CapEx: Approximately $98 million, allocated to San Gabriel, El Brocal, Uchucchacua, and Yumpag. Gold Production: 30,500 ounces, a 12% increase year over year. Silver Production: 3.6 million ounces, a 2% increase year over year. Copper Production: 13,500 tonnes, a 2% increase year over year. San Gabriel Gold Production: 2,800 ounces during the quarter, with commercial sales commencing in Q2 2026. Cerro Verde Dividends: $274 million year-to-date, including $118 million received in July. Huanza Financial Lease: Reduced outstanding balance from $63 million to $50 million. Warning! GuruFocus has detected 4 Warning Signs with PARXF. Is BVN fairly valued? Test your thesis with our free DCF calculator. Release Date: July 31, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Consolidated gold production increased 12% year-over-year to 30,500 ounces, driven by the ramp-up at San Gabriel. Total revenues surged 43% year-over-year to $529 million, with EBITDA from direct operations up 113% to $277 million. EBITDA margins expanded significantly from 35% to 52%, reflecting strong operational performance. Net income rose 165% year-over-year to $261 million, supported by favorable metal prices. The company maintains a strong balance sheet with a net cash position of $67 million and net debt-to-EBITDA of -0.05x. San Gabriel began commercial sales in Q2 2026, marking its first contribution to revenue. Approval received to increase Yumpag's mining throughput by 20% to 1,200 tonnes per day, with expected cost reductions of 15-17% from grid connection. Cerro Verde dividends totaled $274 million year-to-date, with expectations of $350-$380 million for the full year. Exploration remains a priority, with ongoing efforts to extend mine life and support long-term production growth. Proactive measures are being taken to mitigate El Nino risks, with $12 million in additional CapEx allocated. San Gabriel's ramp-up is constrained by tailings management and filtration challenges, limiting throughput. Gold recovery at San Gabriel is below expectations due to organic matter and refractory sulfides, with recovery expected to reach only 70% by end of 2026. Silver cash costs increased due to higher commercial deductions from price-based escalators at Uchucchacua and Yumpag. Gold cash costs at San Gabriel are elevated as production volumes remain below steady-state levels. San Gabriel requires additional CapEx of $5-$10 million for filter structure reinforcement and $15 million for a new flotation circuit. Julcani's production mix shifted, with lower silver output and potential sale of the asset, creating uncertainty. Higher diesel prices are expected to increase OpEx by 5-7%. El Nino poses a risk of heavy rains, potentially impacting operations and requiring additional preparedness spending. Cerro Verde's copper production is expected to be slightly lower than the prior year. The company faces ongoing challenges in optimizing San Gabriel's processing plant, including moisture control and metallurgical issues. Q: Can you provide insight into how mining and processing at San Gabriel are performing relative to the block model now that it has gone commercial, and what is still needed to optimize recoveries to reach steady state?A: Juan Ortiz, VP of Operations, stated that the underground mine is performing according to plan, with the fourth mining fleet arriving by the end of August. The main challenges are in the processing plant. Throughput is constrained by structural issues with the tailings press filters, requiring reinforcement work on each of the three filters. Gold recovery is being impacted by organic matter and a small fraction of refractory sulfides. The company is testing new reagents and expects to reach 70% recovery by the end of 2026. To go beyond that, they are designing a new flotation circuit to remove coal and sulfides, with implementation expected by the end of 2027 to reach the budgeted 85% recovery. Q: What are the CapEx and OpEx implications of the initiatives to address the challenges at San Gabriel, and what are the CapEx expectations for this year?A: Leandro Garcia, CEO, confirmed total CapEx for the year is around $500 million, with $200-220 million spent in the first half. Juan Ortiz added that the recovery improvements for 2026 are not material in terms of OpEx or CapEx, as they involve tuning existing infrastructure and using new reagents. The filter reinforcement is estimated to cost between $5 million and $10 million. The additional flotation circuit for 2027 is expected to cost around $15 million, with a minimal impact on unit costs (an estimated $1-2 per ton increase) to capture a 10%+ improvement in recovery. Q: What are the expectations for dividends from Cerro Verde for 2026 and the longer term?A: Daniel Dominguez, CFO, reported that Cerro Verde has already distributed close to $160 million in the first half, plus an additional $118 million received in July, totaling $274 million year-to-date. He expects an additional $50 million to $100 million in the third or fourth quarter, bringing the total for 2026 to between $350 million and $380 million. For 2027, he expects a similar level, potentially $50-80 million less, depending on metal prices. Q: Given the recent price drop in gold, is there any risk that production at Orcopampa or Tambomayo could be reviewed?A: Leandro Garcia, CEO, answered definitively that there is no risk of review. He stated that the company is permanently reviewing the value added by each ounce produced but is building a long-term plan for both Orcopampa and Tambomayo and will continue on that trend. Q: How will the approval to increase Yumpag's throughput rate by 20% impact silver production and the cost structure of the asset?A: Leandro Garcia, CEO, stated that the approval will result in a 10% increase in production compared to initial guidance for the year. Juan Ortiz, VP of Operations, added that this will have a positive impact on costs by diluting fixed costs by 20%. Furthermore, by Q4 2026, Yumpag will be connected to the national electrical grid, replacing diesel-generated power with cheaper electricity. This combined effect is expected to reduce operating costs by 15% to 17% compared to the first half of the year. Q: Given the high copper prices and strong cash flow, is there any scope to accelerate the development timeline for the Trapiche Copper Greenfield project?A: Renzo Macher, VP of Projects, explained that the high copper prices make exploiting the primary sulfides (located underneath the secondary sulfides) more economically viable. The company will spend the next year and a half assessing the business case. In the meantime, they will continue de-risking the project by advancing the access road, power line, and licenses. Q: Besides inflationary pressures from higher fuel prices and royalties, are you seeing any other inflation in labor, consumables, or supply chain issues?A: Daniel Dominguez, CFO, stated that the company does not foresee any major inflation effects. The impact of higher diesel prices is estimated at 5% to 7% of OpEx. While workers' profit sharing is slightly increasing costs, there are no energy issues, and other reagents or consumables are keeping the same prices. Q: Has El Nino had any operational impact to date, and what are the concerns for future effects?A: Leandro Garcia, CEO, confirmed that an additional CapEx of around $12 million has been authorized to prepare for the El Nino phenomenon. Juan Ortiz, VP of Operations, detailed that since the end of April, safety committees have been established at each mine to map potential risks. The CapEx will be used to increase pumping capacity, power for pumps, water treatment facilities, and reinforce critical structures like dams. So far, there has been no damage, but they are preparing for potentially heavy rainfall starting in December 2026. Q: What is the expected copper production at Cerro Verde this year and next?A: Juan Ortiz, VP of Operations, reported that production for the first half of 2026 was about 187,000 tonnes of fine copper. He expects a similar level of production for the second half, resulting in a total of approximately 370,000 to 380,000 tonnes for 2026. This is slightly lower than the prior year, but in line with guidance. Q: There was a big shift in the production mix between gold and silver at Julcani. What is the outlook for the remainder of the year and 2027?A: Leandro Garcia, CEO, explained that the shift is due to mining in a new area with higher gold grades. The company is in the process of making a final decision on the potential sale of Julcani, with a plan in place until 2026. Once that process concludes, they will provide guidance for 2027. For the second half of 2026, the current gold-silver mix is expected to remain stable. For the complete transcript of the earnings call, please refer to the full earnings call transcript.
TranscriptFY2026 Q22026-07-31FY2026 Q2 earnings call transcript
Earnings source - 87 paragraphs
FY2026 Q2 earnings call transcript
Good day, and welcome to the Compañía de Minas Buenaventura second quarter 2026 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on a touch-tone phone. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Sebastián Valencia. Please go ahead.
Good morning, everyone, and thank you for joining us today to discuss our second quarter 2026 results. Today's discussion will be led by Mr. Leandro García, Chief Executive Officer. Also joining our call today and available for your questions are Mr. Daniel Domínguez, Chief Financial Officer, Mr. Juan Carlos Ortiz, Vice President of Operations, Mr. Aldo Massa, Vice President of Business Development and Commercial, Mr. Renzo Macher, Vice President of Projects, Mr. Juan Carlos Salazar, Vice President of Geology and Explorations, Mr. José Malca, Vice President of Sustainability, Mr. Roque Benavides, Chairman, and Mr. Raúl Benavides, Director. Before I hand the call over, please let me touch first on a few items. On Buenaventura's website, you will find our press release that was posted yesterday after market close. Please note that today's remarks include forward-looking statements that are based on management current views and assumptions.
While management believes that assumptions, expectations, and projections are reasonable in view of current available information, we are cautioned not to place under reliance on these forward-looking statements. I encourage you to read the full disclosure concerning forward-looking statements within the earnings results press release issued on July 30, 2026. Let me now turn the call to Mr. Leandro García.
Thank you, Sebastián. Good morning to all, and thank you for joining us today to discuss the quarterly results of the company. On slide two is our cautionary statement, important information that I encourage you to read. Today, we will talk about our second quarter 2026 performance, our main achievements, and our priorities for the future. After the presentation, we will be able for Q&A session where our team will be happy to answer your questions. Next slide. I would like to begin with a brief overview of our operational performance during the second quarter of 2026. Consolidated gold production increased 12% year-over-year to 30,500 ounces, primarily driven by the continued ramp-up of San Gabriel.
Consolidated silver production increased 2% year-over-year to 3.6 million ounces, mainly supported by higher production at Yumpag, while copper production increased 2% year-over-year to 13,500 tons, reflecting a stable production at El Brocal. San Gabriel produced 2,800 ounces of gold during the quarter and began commercialization in the second quarter of 2026, marking its first contribution to Buenaventura's sales volumes. More details on the project's ramp-up and key developments are presented in the following slides. In addition, after quarter end, we received approval to increase Yumpag's mining throughput from 1,000 tons per day to 1,200 tons per day, an important milestone toward unlocking additional production capacity. Our capital allocation remains focused on projects and assets that enhance productivity, support growth, and create long-term value for shareholders.
CapEx totaled approximately $98 million, primarily allocated to San Gabriel, El Brocal, Uchucchacua, Yumpag, supporting productivity, operational reliability, and future value creation. Moving on the next slide, I would like to summarize our second quarter financial performance. Our operational performance, combined with the favorable metal prices, translated into another quarter of robust financial results. Total revenues increased 43% year-over-year to $529 million. EBITDA from direct operations reached $277 million, increasing 113% compared to the same period last year. Importantly, EBITDA margins expand from 35%-52%. Net income reached $261 million, representing a 165% increase year-over-year and reflecting a stronger operational performance across our core assets. Our balance sheet remains a key strength of the company. We closed the quarter with $759 million in cash and $692 million in total debt, maintaining a net cash position of approximately $67 million.
Net debt-to-EBITDA remained at negative 0.05x, underscoring the financial flexibility of the company. At Huanza, our power generation subsidiary, we reduced the outstanding balance of the financial lease from $63 million-$50 million, with the remaining balance to be amortized through 2031. Year-to-date, dividends from Cerro Verde reached $274 million, including $118 million received in July. Moving on the cost applicable to sales strength, starting with copper CAS, performance remained stable year-over-year, mainly at El Brocal. Silver CAS increased compared to the same period last year, primarily reflecting higher commercial deductions associated with price-based escalators at Uchucchacua and Yumpag. Finally, gold CAS was impacted by the commencement of commercial sales of San Gabriel. During the quarter, the operation recorded cost applicable to sales for the first time as it continued progressing through its ramp-up phase.
As production and sales volumes remain below expected steady state levels, current unit costs are not yet representative of the operation's long-term cost profile. Next slide, please. As mentioned earlier, San Gabriel continued progressing through its ramp-up phase during the second quarter. While throughput remained constrained by tailings management and filtration challenges, the operation continued advancing across all key areas of development, and we remain focused on achieving a stable and sustainable ramp-up. At the mine, we have completed the primary ventilation infrastructure and continue advancing the development of the full mining fleet, which will support future production growth. At the same time, we expect to begin undercut mining below cemented fill during the third quarter, representing another important operational milestone. Within the processing plant, our priority remains stabilizing throughput and improving operating performance.
Current efforts are focused on moisture control, filtration performance, and metallurgical optimization, with recoveries expected to continue improving during the second half of the year. On the tailings site, we expect filtered tailings compaction to begin during the third quarter, while ongoing expansion works are designed to progressively support higher throughputs level as the operation advances toward steady state conditions. On the next slide, we highlight our strong free cash flow generation, the second quarter of 2026. Solid operation performance supported by dividends received allowed us to close the quarter with a cash position of $759 million. The chart also reflects the dividend payment we made in May. Importantly, this balance does not yet reflect the $118 million dividend received from Cerro Verde in July, following the quarter end. Before opening the line for questions, I would like to leave you with four key messages.
First, San Gabriel continued advancing through its ramp-up phase during the quarter. The operation began recording commercial sales in the second quarter of 2026, and is now starting to contribute to Buenaventura's results. While we continue working through the challenges inherent to any ramp-up process, our focus remains on achieving stable and efficient operations that will become an increasingly important contributor to the company's growth. Second, we continue executing our growth strategy across the portfolio. A key milestone was achieved at Yumpag, where we received approval to increase the mining rate from 1,000 tons per day to 1,200 tons per day. This represents the first step toward unlocking the operation's full potential, while we continue advancing the next phase of expansion. Third, explorations remains part of our DNA.
As we continue unlocking growth opportunity across our portfolio, we remain committed to extend our Life of Mine and supporting the long-term sustainability of our production growth. We believe that growing production and replenishing resources must go hand-in-hand to ensure long-term value creation. Finally, the combination of the strong operating performance, disciplined capital allocation, and favorable commodity prices environment continues to strengthen our cash generation and balance sheet. This financial strength give us the flexibility to invest in our growth portfolio, execute our long-term strategy, and continue delivering value to shareholders through our dividend policy. Thank you for your continued interest and support. We appreciate your time today and look forward to answering your questions. Operator, please go wide.
We will now begin the question-and-answer session. To ask a question, you may press star then one on your touch-tone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw the question, please press star then two. At this time, we will pause momentarily to assemble our roster. Our first question comes from Tanya Jakusconek from Scotiabank. Please go ahead.
Oh, great. Good morning, everybody. Thank you for taking my question. I have four questions, if I could. I'm going to start with San Gabriel first. Maybe someone can just provide me some insights into how the mining and the processing are doing relative to your block model now that you've gone commercial, and also in the underground and in the processing facility, what do you still need to do to optimize? I saw the recoveries need to be optimized, anything else to get you to that steady state?
Thank you, Tanya, for your question. As I told you before, we are very focused on San Gabriel. We have a plan to deliver what was our guideline for 2026 and ending the ramp up in the midst of 2027. Maybe Juan Carlos can give you more color in this topic, please. Please, Juan Carlos.
Sure, Leandro. Tanya, regarding the mine, the underground mine, we're feeling comfortable with the progress that we have in the new mining method, the underhand cut-and-fill. We are already in the first undercut. We need the original mining layer with a cemented backfill. We are doing okay according to the plan. We are ramping up production. We are opening new phases, now we are according to the plan. The underground mine is moving ahead. It's according to our plans. We will have the fourth fleet for underground mining for Buenaventura by the end of August, and two additional fleets for future developments underground with a contractor by November. According to the plan. The underground mine is moving along. Regarding the processing plant, we have two lines of work. One is related to the increase of throughput, the second one is increasing recovery.
Regarding the throughput, we are facing some problems with the press filters. Remember that we are using dry stacking for tailing disposition, we need to filter all the tailings. We are having some problems with the structure basis of the foundation of the filters. Remember, they are high-pressure filters, when they are loaded with full pressure, they start to generate a back movement in the structures. According to the tolerance that we have to have in these structures, we are on top of that, beyond that. We need to do further works to reinforce the structure and put some additional steel and reinforce with new structures, additional structure on top of what we have in the building. We have three filters, we need to do one by one to reinforce the filters.
Once these tasks are completed, we are on track to reach full capacity from that processing plant. Regarding the recoveries, coal recoveries, it's a very complex ore. We are following all the parameters that we do have. We need to fine-tune our setpoints for all of them, and put and use additional reagents. We have some preg-robbing coal in the ore, generating a lot of trouble. We need to add additional reagents, new reagents that we don't have in Peru. We're bringing these reagents in August to start testing it at industrial scale. We already tested them at a lab scale. They are giving good results. They are part of the solution. Probably in August, we will start finding the right dosage of these reagents for reducing the impact of the preg-robbing that we already faced in the second quarter.
With that, we expect to reach about 70% ore recovery by the end of 2026. The following actions to go beyond 70% recovery, ore recovery, probably are linked with an additional circuit for flotation. Probably, we need to remove all the coal, all the organic matter that we have in the ore. Not only use the reagent that I mentioned at the beginning of my comments, but probably we need to remove that coal in order to avoid further complications in the process. The flotation circuit is being designed. Probably, we need to get all the permits and all the designs ready by the end of the year and make the implementation of this new flotation circuit for coal and partial sulfides, refractory sulfides, by the end of 2027. There are two milestones. The first one, reaching 70% ore recovery by the end of 2026.
Beyond that 70%, close to the 85% that we have in our budget, probably by the end of 2027.
Okay. Just so I understand, the issue that you're having with the recoveries has got to do with organic matter that's sitting with the gold?
Yes, it's organic matter. There is a small fraction of the gold that is into sulfides. It's becoming a little bit harder to extract that gold out of the sulfide. We believe the best option is to do a complete flotation, not only for the organic matter-
It's two things
In addition to that, the flotation of the sulfide as well.
Okay. It's two things. Okay. It's both the sulfides and organic matter. Okay, thank you for that one. The second question I have is just on the costs overall. Besides the inflationary pressures you are seeing from higher fuel prices and maybe royalties paid, are you seeing any other inflation in terms of labor or any other consumables or any issues with the supply chain in what you need for your cost?
No, Tanya, this is Daniel.
Yeah.
We don't see, or we don't foresee, at this point in time, any major inflation effects. As we were speaking last quarter, the impact of higher diesel prices had an effect of around 5% in our OpEx. Probably having diesel at the same levels as the last quarter, the impact could be around 5%-7%. Also, as you mentioned, the workers' profit sharing is also increasing slightly our costs, but nothing else. We don't have energy issues. Other reagents or consumables are keeping the same price for Buenaventura, at least.
Okay, Daniel, thank you for that. That's good to see. I guess when I have you on, what about expectations for dividends from Cerro Verde for 2026 and longer term? We're doing above the guidance range you provided. What would you guide for us for Cerro Verde dividends?
Well, for the first half of this year, Cerro Verde has already distributed close to $160 million. We have already reported another $120 million. This is for Buenaventura's stakes. We have already reported $120 million of dividends that will be or have been already paid in July. This adds up to around $274 million. We expect between $50 million-$100 million in addition to this by the fourth quarter. In total, we should be receiving between $350 million-$380 million of total dividends for this year.
Daniel, should I be thinking similar levels for next year?
Probably-
Depending on the price.
Yes, depending on the price, could be $50 million or $80 million less. Remember that the dividend that we received in January was a dividend that came from the previous year.
Maybe $300 million.
Yes. Which is higher than what we have been receiving.
Oh, absolutely. That's great. Thank you so much for taking my questions.
Thank you.
Our next question comes from Carlos de Alba with Morgan Stanley. Please go ahead.
Yeah, thank you. Good morning, everyone. Good to be here. Just in terms of all the initiatives that you are pursuing in San Gabriel to address the challenges, what are the CapEx and OpEx implications? How much CapEx are you investing in those initiatives, and is cost going up? If you can, maybe just remind us what are the CapEx expectations for this year, maybe next year. What is the cost looking like, the OpEx for San Gabriel once you stabilize the operation?
Carlos, the total CapEx we expect to spend this year is around $500 million. We already have expended in the first half around $200 and $220. All the investment we have to do in San Gabriel and El Brocal and all our flagships are according to what we expected in the guidance, and mainly are related also in opportunities that we have found, taking advantage of the prices, and we have opportunities to do the CapEx. For next year, we can go forward a little bit. Another type of CapEx that we are identifying is how we are going to prepare for the El Niño phenomenon.
That will be the guidance for this year. In terms of especially the CapEx for San Gabriel, the rest of the year is around $60 million, around that number. I don't know, Juan Carlos, if you want to give us some more ideas.
Yes, Leandro. In the case of San Gabriel, all the comments that I made regarding the increase in recovery for 2026 are not material in regard of OpEx and CapEx, are more on the fine-tuning of the existing infrastructure and using additional reagents that replace other reagents that we have been used before. In the case of increasing throughput, as I mentioned, we need to reinforce the structures that hold the three filters, press filter for tailings. We are working on the engineering for this reinforcement. Top of my head, I would say something between $5 million to $10 million. Probably we need to do the engineering and probably will be in the lower range. It's something that we need to still work on, to have something that will really solve the problem.
At the same time, it's fast to be implemented and with the existing constraint, because the filters are already mounted on their bases.
Juan Carlos, it's basically a small impact on CapEx, but no real impact on OpEx.
We probably follow our budget for OpEx for the year. Of course, the impact would be a lower throughput than expected. That will impact the cost by ton, but not the overall amount of dollars that we spend along the year.
What will be the cost of adding the additional flotation circuit?
We haven't finished engineering so far. We expect it to be in the order of $15 million, probably for next year.
Sorry. Five zero or one five?
One five.
That does not increase the cost significantly, the OpEx cost, the additional circuit there?
No, maybe $1 or $2 per ton out of 130. It's not material, maybe 1% increase on cost to capture 10% more on recovery.
Right. Okay. Yeah. You will be getting closer to 80% of recovery. Okay. All right. On Cerro Verde, great to see the CapEx coming through. Just on production, what is the expected copper production this year and next in Cerro Verde?
It has not changed.
It's the same guidance. It's a little lower than the prior year, it has not been any change in the guidance.
If you allow me, Leandro.
Yes.
The production of the six months of 2026 is about 187,000 tons for fine copper, 187. It probably is a very steady operation. Probably, we can expect the same production for the remaining six months of 2026. It's going to be around 370,000-380,000 tons of copper for 2026.
Okay. Thank you. Will the percentage of the Cerro Verde production that you are getting change in the coming quarters?
No. We have a contract of 40,000 tons of concentrate.
Okay. All right. On Julcani, there was a big shift in the production mix between gold and silver. What is the outlook for the remainder of the year? I don't know if you have a view on 2027.
After the more production we have, we have change, where we are concentrating in another area of the production. That's the reason why the production of silver lower a little bit, from our guidance. The gold increased for the new areas we are working. As you know, we are in a process, that in this quarter, we expect to have some news of if we have arrived a final decision to sell Julcani. We have the plan until 2026. Once we end this process, we will see, we can give you the guideline for the 2027 year.
Okay. All right. For the second half of 2026, this mix of gold and silver should remain stable or the mining plan suggests something different?
No. We continue in the same areas. Yes.
Finally, on Uchucchacua and Yumpag CAS, there was a significant increase, almost double. It is mentioned there that it was driven by price-based escalators. As silver has come down, how do you see CAS adjusting it back down? I ask just if you can share any color, given the importance of that operation and the big increase in CAS that we saw in the second quarter.
Well, as I understand, the base escalator, the price that we use at base for the contracts of this part of the year, the first six months, was around $35. For the new contracts, I think we are fixing that base in $50. I don't know. Aldo maybe can give you more information.
Yes, Leandro, you are right. For the first half of the year, we have this floor price of $35 per ounce. These contracts are going to end in August this year. From September to December, we're going to start with a new base of $50 per ounce.
Okay. All right. Thank you.
Again, if you have a question, please press star then one. Our next question comes from César Pérez Novoa with BTG. Please go ahead.
Yes. Good morning. My first question relates to Yumpag. You received the approval to increase your throughput rates by 20%. My question is, how is this expected to impact silver production going forward? Could you actually quantify this potential increase and discuss whether this scale-up might improve the cost structure of this asset?
Yes. Taking into consideration that we have received it at the half of the year, we are now ready to begin production at 1,200 tons per day. We expect a 10% increase of what we were thinking at the beginning of the year.
Okay. Is this going to have, Leandro, any impact or improvement on the cost structure for this mine?
Of course. Yeah, sure. Juan Carlos, please.
Yes. It's going to have a positive impact. We dilute our fixed cost by 20%. In addition to that, by the fourth quarter of this year, we are connecting the Yumpag operation with the national electrical grid. We replace all the power generated by cheaper electricity. The outcome by the end of the year is going to be a double effect. The effect of larger throughput and the replacement of energy coming from diesel generators by electricity coming from the national grid. It's going to be a cost reduction in the order of, if I'm not wrong, 15%-17% lower than the operating cost of the first half of the year.
All right. Thank you very much. Can you also assess the current progress on the Trapiche copper greenfield? Given how high copper prices are, the cash flow that you're generating, the substantial dividends you're getting from Cerro Verde, is there any scope to accelerate the development timeline?
Thank you, César, for this question. Here with us is Renzo Macher, he can give you an idea of what we are going on in Trapiche. Please, Renzo, go ahead.
Yes, thanks. Thanks for the question. Yes. Actually, due to these increasing copper prices, the opportunity of exploiting the primaries, which are currently open underneath the secondary sulfides, it's getting closer to our realities. We are going to be spending the next year and a half in understanding if it's a business. Meanwhile, we're going to keep reducing the current risk of the project, which is the access road, the power line, the licenses, and try to get a deeper dip into the acid consumption.
All right. This is my last question. Has El Niño had any operational impact to date, or do you have any concerns about future effects? If so, which mining areas, operations, or logistics do you see are at most risk, if any, of course?
Yes, César, thank you for your question again. We have identified some risk in our risk management meetings. We have See all our main operations and what will it affect. We are part of the, a little increase in CapEx is related, and is added to what we thought in the beginning of the year we are going to spend in that. We have add additional CapEx around $12 million. Maybe Juan Carlos can give you the exact idea on what are the activities we are making and what we are preventing.
Sure, Leandro. Since the end of April, we have the early alert of El Niño, a strong El Niño group. We start treating our safety committees for preventing any potential damage from this impact, heavy rains. We already put a committee in each of the mine. Each of the mine have a map, all the potential risk that we have. We authorize an increase in CapEx of about $12 million to be spent in the rest of the year 2026, in order to be prepared for larger rainfall. Increase pumping capacity, power for the pumps, water treatment facilities, reinforcement of certain critical structures like water dams or reservoirs. We are working on that regard. We have a very strong technical committee working on that regard. So far, we haven't had any damage, like probably you heard the news about the damage for heavy rainfall in Chile.
We don't have that in Peru, but we are preparing for probably a strong rainfall in the next rainy season starting in December 2026.
All right. That's fairly detailed. Thank you very much, all of you. Thank you.
This concludes the audio portion of the Q&A session. I'd like to turn it over to Sebastian Valencia for webcast questions.
Thank you, operator. The last question comes from Jurak Dominik from La Opinión Aval. Given the recent price drop in gold, any risk that production in Orcopampa, Tambomayo could be reviewed?
Well, no. I think that my first answer is no. We permanently are reviewing the value that we add with any ounce we produce, but we are building a plan for Orcopampa, Tambomayo for the following years. We continue in that trend.
Thank you, Leandro. At this time, there are no further questions. I would like to turn the call over to Leandro for final remarks.
Okay. Thank you, Sebastian. Before we conclude today's conference call, I would like to thank you for the time and effort dedicating to joining us today. Your participation and input are greatly appreciated. Thank you again. Have a wonderful day.
The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.
Investor releaseQuarter not tagged2026-07-16Buenaventura Announces Second Quarter 2026 Results for Production and Volume Sold per Metal
Business Wire
Buenaventura Announces Second Quarter 2026 Results for Production and Volume Sold per Metal
LIMA, Peru, July 16, 2026--(BUSINESS WIRE)--Compañía de Minas Buenaventura S.A.A. ("Buenaventura" or "the Company") (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru’s largest publicly-traded precious metals mining company, today announced 2Q26 results for production and volume sold. Production per Metal 2026 projections are considered to be forward-looking statements and represent management’s good faith estimates or expectations of future production results as of July 2026. Considers 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal. Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 61.43% of El Brocal and 40.094% of Coimolache. Volume Sold per Metal Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 100% of El Brocal and 100% of Buenaventura Trading. Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 100% of Buenaventura Trading, 61.43% of El Brocal and 40.094% of Coimolache. Buenaventura Trading is the vehicle through which Buenaventura purchases copper concentrate from Freeport, produced at Cerro Verde — a company in which Buenaventura holds a 19.58% stake. The concentrate is then sold on the spot market via Buenaventura Trading. Average realized prices(1)(2) Considers Buenaventura consolidated figures. Realized prices include both provisional sales and final adjustments for price changes. Commentary on Operations Uchucchacua: 2Q26 silver, lead and zinc production was in line with projections. 2026 guidance remains unchanged. Yumpag: 2Q26 silver production exceeded projections, driven by higher-than-expected grades. 2026 guidance has been revised to reflect the stronger-than-expected grade profile. After quarter’s end, in 3Q26, the Company received approval to increase the mining rate to 1,200 from 1,000 tonnes per day. El Brocal: 2Q26 copper, silver and gold production was in line with projections. 2026 guidance remains unchanged. San Gabriel: San Gabriel continued its ramp-up during 2Q26, with operating parameters undergoing further optimization. During the quarter, processed tonnage was constrained by tailings-management challenges, particularly at the tailings filtration plant. Initiatives to improve metallurgical recoveries are ongoing. 2026 production guidance has been revised to reflect tailings-management constraints and current metallurgical recovery rates. The Compan…Read full documentShow less
LIMA, Peru, July 16, 2026--(BUSINESS WIRE)--Compañía de Minas Buenaventura S.A.A. ("Buenaventura" or "the Company") (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru’s largest publicly-traded precious metals mining company, today announced 2Q26 results for production and volume sold. Production per Metal 2026 projections are considered to be forward-looking statements and represent management’s good faith estimates or expectations of future production results as of July 2026. Considers 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal. Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 61.43% of El Brocal and 40.094% of Coimolache. Volume Sold per Metal Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 100% of El Brocal and 100% of Buenaventura Trading. Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 100% of Buenaventura Trading, 61.43% of El Brocal and 40.094% of Coimolache. Buenaventura Trading is the vehicle through which Buenaventura purchases copper concentrate from Freeport, produced at Cerro Verde — a company in which Buenaventura holds a 19.58% stake. The concentrate is then sold on the spot market via Buenaventura Trading. Average realized prices(1)(2) Considers Buenaventura consolidated figures. Realized prices include both provisional sales and final adjustments for price changes. Commentary on Operations Uchucchacua: 2Q26 silver, lead and zinc production was in line with projections. 2026 guidance remains unchanged. Yumpag: 2Q26 silver production exceeded projections, driven by higher-than-expected grades. 2026 guidance has been revised to reflect the stronger-than-expected grade profile. After quarter’s end, in 3Q26, the Company received approval to increase the mining rate to 1,200 from 1,000 tonnes per day. El Brocal: 2Q26 copper, silver and gold production was in line with projections. 2026 guidance remains unchanged. San Gabriel: San Gabriel continued its ramp-up during 2Q26, with operating parameters undergoing further optimization. During the quarter, processed tonnage was constrained by tailings-management challenges, particularly at the tailings filtration plant. Initiatives to improve metallurgical recoveries are ongoing. 2026 production guidance has been revised to reflect tailings-management constraints and current metallurgical recovery rates. The Company began recording sales volumes in 2Q26. Coimolache: 2Q26 gold and silver production was in line with expectations. 2026 guidance remains unchanged. Julcani: Silver and gold production in 2Q26 was in line with projections. 2026 guidance remains unchanged. Orcopampa: 2Q26 gold production slightly exceeded projections, primarily due to higher ore throughput. 2026 guidance has been revised to reflect higher grades in areas currently under development. Tambomayo: 2Q26 gold, lead and zinc production was in line with projections. 2Q26 silver production exceeded projections, driven by higher-than-anticipated silver grades. 2026 production guidance has been revised to reflect increased production volumes, supported by positive exploration results and the current commodity price environment. La Zanja: 2Q26 gold production was in line with projections. 2026 guidance remains unchanged. Company Description Compañía de Minas Buenaventura S.A.A. is Peru’s largest, publicly traded precious and base metals Company and a major holder of mining rights in Peru. The Company is engaged in the exploration, mining development, processing and trade of gold, silver and other base metals via wholly-owned mines and through its participation in joint venture projects. Buenaventura currently operates several mines in Peru (Orcopampa*, Uchucchacua*, Julcani*, Tambomayo*, La Zanja*, San Gabriel*, El Brocal and Coimolache). The Company owns 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer (a partnership with Freeport-McMorRan Inc. and Sumitomo Corporation). (*) Operations wholly owned by Buenaventura. Note on Forward-Looking Statements This press release may contain forward-looking information (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including those concerning Cerro Verde’s costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver, copper and other metals mined, the success of joint ventures, estimates of future explorations, development and production, subsidiaries’ plans for capital expenditures, estimates of reserves and Peruvian political, economic, social and legal developments. These forward-looking statements reflect the Company’s view with respect to Cerro Verde’s future financial performance. Actual results could differ materially from those projected in the forward-looking statements as a result of a variety of factors discussed elsewhere in this Press Release. View source version on businesswire.com: https://www.businesswire.com/news/home/20260716324389/en/ Contacts Contacts in Lima:Daniel Dominguez, Chief Financial Officer(511) 419 2540 Sebastián Valencia, Head of Investor Relations(511) 419 2591 / [email protected] Contact in NY:Barbara Cano(646) 452 [email protected] Company Website: https://buenaventura.com/en/inversionista/
Investor releaseQuarter not tagged2026-07-14Buenaventura Cordially Invites You to Its Second Quarter 2026 Earnings Conference Call
Business Wire
Buenaventura Cordially Invites You to Its Second Quarter 2026 Earnings Conference Call
LIMA, Peru, July 14, 2026--(BUSINESS WIRE)--Compañía de Minas Buenaventura S.A.A. (NYSE: BVN; Lima Stock Exchange: BUE.LM) today announces that it will hold its Second Quarter 2026 earnings conference call on: Friday, July 31, 202611:00 AM (Eastern Time)10:00 AM (Lima Time) Participating in the call to review Buenaventura’s Second Quarter 2026 financial and operating results will be Leandro García Raggio, Chief Executive Officer, as well as other members of the senior management team. The second quarter results will be issued on Thursday, July 30, 2026, after the market close. To participate in the conference call, please dial:Toll-Free US +1 844 481 2914Toll International +1 412 317 0697Please ask to be joined in the Compañía de Minas Buenaventura’s call. If you would prefer to receive a call rather than dial in, please use the following link 10-15 minutes prior to the conference call start time:Call Me Link: Click here Passcode: 6542343 Participants who do not wish to be interrupted to have their information gathered may have Chorus Call dial out to them by clicking on the above link, filling in the information, and pressing the green phone button at the bottom. The phone number provided will be automatically called and connected to the conference without any interruption to the participant. (Please note: Participants will be joined directly to the conference and will hear hold music until the call begins. No confirmation message will be played when joined.) Live Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=JnDLCQIO The conference call replay will be available for seven days after the call:USA Toll Free: +1 855 669 9658International: + 1 412 317 0088Replay Access Code: 5495269 Company DescriptionCompañía de Minas Buenaventura S.A.A. is Peru’s largest, publicly traded precious and base metals Company and a major holder of mining rights in Peru. The Company is engaged in the exploration, mining development, processing and trade of gold, silver and other base metals via wholly-owned mines and through its participation in joint venture projects. Buenaventura currently operates several mines in Peru (Orcopampa*, Uchucchacua*, Julcani*, Tambomayo*, La Zanja*, San Gabriel*, El Brocal and Coimolache). The Company owns 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer (a partnership with Freeport-McMorRan Inc. a…Read full documentShow less
LIMA, Peru, July 14, 2026--(BUSINESS WIRE)--Compañía de Minas Buenaventura S.A.A. (NYSE: BVN; Lima Stock Exchange: BUE.LM) today announces that it will hold its Second Quarter 2026 earnings conference call on: Friday, July 31, 202611:00 AM (Eastern Time)10:00 AM (Lima Time) Participating in the call to review Buenaventura’s Second Quarter 2026 financial and operating results will be Leandro García Raggio, Chief Executive Officer, as well as other members of the senior management team. The second quarter results will be issued on Thursday, July 30, 2026, after the market close. To participate in the conference call, please dial:Toll-Free US +1 844 481 2914Toll International +1 412 317 0697Please ask to be joined in the Compañía de Minas Buenaventura’s call. If you would prefer to receive a call rather than dial in, please use the following link 10-15 minutes prior to the conference call start time:Call Me Link: Click here Passcode: 6542343 Participants who do not wish to be interrupted to have their information gathered may have Chorus Call dial out to them by clicking on the above link, filling in the information, and pressing the green phone button at the bottom. The phone number provided will be automatically called and connected to the conference without any interruption to the participant. (Please note: Participants will be joined directly to the conference and will hear hold music until the call begins. No confirmation message will be played when joined.) Live Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=JnDLCQIO The conference call replay will be available for seven days after the call:USA Toll Free: +1 855 669 9658International: + 1 412 317 0088Replay Access Code: 5495269 Company DescriptionCompañía de Minas Buenaventura S.A.A. is Peru’s largest, publicly traded precious and base metals Company and a major holder of mining rights in Peru. The Company is engaged in the exploration, mining development, processing and trade of gold, silver and other base metals via wholly-owned mines and through its participation in joint venture projects. Buenaventura currently operates several mines in Peru (Orcopampa*, Uchucchacua*, Julcani*, Tambomayo*, La Zanja*, San Gabriel*, El Brocal and Coimolache). The Company owns 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer (a partnership with Freeport-McMorRan Inc. and Sumitomo Corporation). (*) Operations wholly owned by Buenaventura. View source version on businesswire.com: https://www.businesswire.com/news/home/20260714532262/en/ Contacts Contacts in Lima: Daniel Dominguez, Chief Financial Officer (511) 419 2540Sebastián Valencia, Head of Investor Relations (511) 419 2591 / [email protected] Contact in NY: Barbara Cano (646) 452 2334 [email protected] Company Website: https://buenaventura.com/en/inversionista/
Investor releaseQuarter not tagged2026-05-14ASM Q1 Earnings Beat on Record Revenues & Strong Silver Prices
Zacks
ASM Q1 Earnings Beat on Record Revenues & Strong Silver Prices
Avino Silver & Gold Mines Ltd. ASM posted adjusted earnings of 14 cents per share for the first quarter of 2026, topping the Zacks Consensus Estimate of 7 cents. Quarterly revenues came in at a record $39.4 million, surging 109% year over year and surpassing the Zacks Consensus Estimate of $35 million. Results reflected stronger realized metal pricing and an improved operating performance. Including one-time items, the company registered earnings of 9 cents per share compared with earnings of 4 cents in the year-ago quarter. Avino Silver price-consensus-eps-surprise-chart | Avino Silver Quote Payable silver-equivalent sold dipped 15% year over year to 483,724 ounces. The company recorded cash costs of $24.46 per silver-equivalent payable ounce, a 94% rise from $12.62 in the year-ago quarter. Consolidated all-in sustaining costs were $34.72 per silver payable equivalent ounce compared with $20.08 in the fourth quarter of 2025. Mine operating income reached $23.4 million, soaring 122% from the year-ago quarter, indicating that the company captured meaningfully higher per-ounce economics even as production metrics were mixed. EBITDA of $25.5 million recorded a 163% year-over-year upsurge, reflecting stronger margins as revenues scaled. Operationally, the company leaned on processing performance. Tons milled increased 11% year over year to 185,497, which management attributed to improved mill throughput tied to targeted upgrades and automation initiatives. Production volumes, however, were mixed. Silver-equivalent ounces produced totaled 568,112, down 10% from the year-ago quarter. Within that, silver ounces produced dipped 1% year over year to 263,057, while gold ounces produced declined 17% to 1,851 and copper pounds produced fell 16% to 1.34 million. Avino Silver highlighted progress at La Preciosa, wherein development production contributed 49,830 silver ounces. The company also reiterated planned drilling activity for 2026, targeting 15,000 meters at La Preciosa with 2,600 meters completed by the quarter-end. Cash generation and liquidity improved materially. Cash provided by operating activities was $13.6 million, a sharp jump from $0.8 million a year ago, reflecting higher profitability and operating cash creation. The balance sheet also strengthened. Cash ended the quarter at $139 million, up from $102 million at the end of 2025. The company reported wor…Read full documentShow less
Avino Silver & Gold Mines Ltd. ASM posted adjusted earnings of 14 cents per share for the first quarter of 2026, topping the Zacks Consensus Estimate of 7 cents. Quarterly revenues came in at a record $39.4 million, surging 109% year over year and surpassing the Zacks Consensus Estimate of $35 million. Results reflected stronger realized metal pricing and an improved operating performance. Including one-time items, the company registered earnings of 9 cents per share compared with earnings of 4 cents in the year-ago quarter. Avino Silver price-consensus-eps-surprise-chart | Avino Silver Quote Payable silver-equivalent sold dipped 15% year over year to 483,724 ounces. The company recorded cash costs of $24.46 per silver-equivalent payable ounce, a 94% rise from $12.62 in the year-ago quarter. Consolidated all-in sustaining costs were $34.72 per silver payable equivalent ounce compared with $20.08 in the fourth quarter of 2025. Mine operating income reached $23.4 million, soaring 122% from the year-ago quarter, indicating that the company captured meaningfully higher per-ounce economics even as production metrics were mixed. EBITDA of $25.5 million recorded a 163% year-over-year upsurge, reflecting stronger margins as revenues scaled. Operationally, the company leaned on processing performance. Tons milled increased 11% year over year to 185,497, which management attributed to improved mill throughput tied to targeted upgrades and automation initiatives. Production volumes, however, were mixed. Silver-equivalent ounces produced totaled 568,112, down 10% from the year-ago quarter. Within that, silver ounces produced dipped 1% year over year to 263,057, while gold ounces produced declined 17% to 1,851 and copper pounds produced fell 16% to 1.34 million. Avino Silver highlighted progress at La Preciosa, wherein development production contributed 49,830 silver ounces. The company also reiterated planned drilling activity for 2026, targeting 15,000 meters at La Preciosa with 2,600 meters completed by the quarter-end. Cash generation and liquidity improved materially. Cash provided by operating activities was $13.6 million, a sharp jump from $0.8 million a year ago, reflecting higher profitability and operating cash creation. The balance sheet also strengthened. Cash ended the quarter at $139 million, up from $102 million at the end of 2025. The company reported working capital of $139.7 million, indicating substantial near-term liquidity to support operational needs and investment priorities. Shares of the company have skyrocketed 193.2% over the past year compared with the industry’s 234.7% surge. During this time, the Basic Materials sector has jumped 52.7%, whereas the S&P 500 has grown 31.2%. Image Source: Zacks Investment Research The company currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Fortuna Mining Corp. FSM produced 72,872 gold-equivalent ounces from ongoing operations in the first quarter of 2026, which marked a 3.5% increase from the year-ago quarter. The reported figure also marked an increase of 11.9% from the fourth quarter of 2025. Fortuna Mining posted adjusted earnings of 35 cents in the first quarter, marking a year-over-year increase of 75%. FSM’s top line came in at $342 million compared with the prior-year quarter’s $290 million. Endeavour Silver Corporation EXK produced 3.3 million silver-equivalent ounces in the first quarter of 2026. This reflected a 78% surge from the year-ago quarter, driven by the addition of the Kolpa operation. Consolidated silver production at Endeavour Silver rose 56% year over year to 1,875,375 ounces. Endeavour Silver’s gold production in the quarter increased 41% year over year to 11,740 ounces. Endeavour Silver posted adjusted earnings of 21 cents in the quarter, beating the Zacks Consensus Estimate of 10 cents. EXK posted break-even earnings in the first quarter of 2025. The company’s top-line surged 228% year over year to $210 million and surpassed the Zacks Consensus Estimate of $150 million. Buenaventura Mining BVN posted adjusted earnings of $1.32 per share in the first quarter, marking a year-over-year rally of 140%. The bottom line also surpassed the Zacks Consensus Estimate of $1.09. Buenaventura Mining posted revenues of $625 million in the first quarter of 2026, surpassing the Zacks Consensus Estimate of $600 million. The top line surged 103% year over year. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Buenaventura Mining Company Inc. (BVN) : Free Stock Analysis Report Endeavour Silver Corporation (EXK) : Free Stock Analysis Report Fortuna Mining Corp. (FSM) : Free Stock Analysis Report Avino Silver (ASM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research