Buenaventura Produces Its First Dore Bar at San Gabriel

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Key Terms

dore bar technical

A dore bar is a raw metal bar—usually a mix of gold and silver—produced at a mine before it’s fully refined. Think of it like a partially baked loaf that still needs finishing: it contains valuable metal plus impurities and must be sent to a refinery for final purity, which affects how much cash a mine ultimately receives, the timing of payments, and the costs or losses from refining, all key items for investors to assess.

commissioning tests technical

Commissioning tests are the series of checks and trial runs performed on a new facility, piece of equipment, or system to confirm it works as intended before full commercial use. For investors, these tests matter because they verify production capacity, safety and efficiency, reveal problems that could delay revenue or increase costs, and give confidence that the asset will deliver the expected performance—think of it like a final dress rehearsal or test drive before opening day.

processing rate technical

Processing rate is the speed or volume at which a company handles units of work — for example transactions, orders, applications, or manufactured items — usually measured per hour, day or month. Investors care because a higher processing rate often means the business can serve more customers, generate more revenue and lower per‑unit costs, while a slower rate can create backlogs, higher expenses or missed opportunities; think of it like how many groceries a checkout lane can scan in an hour.

nameplate capacity technical

Nameplate capacity is the maximum output a power plant, factory, or piece of equipment can produce under ideal conditions, as specified by the manufacturer. Investors care because it sets the upper limit on potential revenue and growth—actual earnings depend on how often and efficiently that capacity is used, similar to a car’s top speed versus how fast you actually drive in daily traffic.

production guidance financial

A company’s estimate of how many units or how much output it expects to manufacture or deliver over a coming period, usually given as specific numbers or ranges. Investors use it like a production roadmap: it signals future revenue potential, potential supply constraints or surpluses, and whether costs and profit margins are likely to move up or down—similar to a bakery saying how many loaves it plans to bake next month, which shapes sales and ingredient buying decisions.

joint venture projects financial

A joint venture project is a formal collaboration where two or more companies combine money, staff or technology to pursue a specific business goal, often under a separate agreement or entity that shares costs, risks and any profits. For investors it matters because such partnerships can accelerate growth or spread risk but also create dependency and shared liabilities—like neighbors pooling money to build a shared workshop, where success or problems affect each partner’s financial results and valuation.

Form 20-F regulatory

Form 20-F is the standardized annual disclosure that non-U.S. companies must file with the U.S. securities regulator when their shares are traded in the U.S.; it contains audited financial statements, a plain-language description of the business, management discussion, governance details and key risk factors. It matters to investors because it provides a consistent, comparable company “report card” and rulebook, helping buyers assess financial health, governance and risks before investing.

forward-looking statements regulatory

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

12/23/2025 - 06:23 PM

LIMA, Peru--(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, announced today that San Gabriel, its new gold operation located in Moquegua, has produced its first dore bar as part of the commissioning tests. This milestone was achieved in line with the planned timeline. The Company is progressing toward concluding the necessary arrangements with the Ministry of Energy and Mines to initiate full-scale production and commercialization.

As previously announced, San Gabriel is on track to reach a processing rate of 2,000 tons per day (TPD) in 2026, within a nameplate capacity of 3,000 TPD. Production guidance for 2026 is estimated at 70,000 to 80,000 ounces of gold. The start-up of operations at San Gabriel, Buenaventura’s new flagship, will enable the Company to replace production from depleting mines and position Buenaventura for significant growth in the coming years, creating long-term value through sustainable operations.

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*, 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 2023 Form 20-F, please contact the persons indicated above, or download a PDF format file from the Company’s web site.
(*) Operations wholly owned by Buenaventura

Note on Forward-Looking Statements
This press release may contain forward-looking information (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including those concerning Cerro Verde’s costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver, copper and other metals mined, the success of joint ventures, estimates of future explorations, development and production, subsidiaries’ plans for capital expenditures, estimates of reserves and Peruvian political, economic, social and legal developments. These forward-looking statements reflect the Company’s view with respect to Cerro Verde’s future financial performance. Actual results could differ materially from those projected in the forward-looking statements as a result of a variety of factors discussed elsewhere in this Press Release.