Buenaventura Announces Fourth Quarter 2020 Production Results and 2021 Production Guidance

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 4Q20 results for production and volume sold, and 2021 production guidance.

*Buenaventura provided revised 2020 guidance on October 20, 2020.

FY2020 Comments

• Tambomayo:
  
  2020 silver and zinc production in line with revised 2020 guidance, as announced in the third quarter 2020.
  
  2020 lead production was slightly above revised 2020 guidance.
  
  2020 gold production was below revised 2020 guidance due to inventory adjustments after lower-than-expected gold recoveries within the flotation-cyanidation circuit.

• Orcopampa:
  
  2020 gold production was in line with revised guidance.

• Coimolache:
  
  2020 gold production was in line with revised guidance.

• La Zanja:
  
  2020 gold production was slightly above revised guidance.

• Julcani:
  
  2020 silver production was slightly above revised guidance.

• Uchucchacua:
  
  2020 silver, lead and zinc production was in line with revised guidance. The Company's primary operational focus for this operation during the fourth quarter was on the ramp-up of mine development and exploration which was adversely affected by a reduced workforce during prior quarters in 2020 due to the COVID-19 pandemic.

• El Brocal:
  
  Tajo Norte's production exceeded revised 2020 guidance, due to access to high grade areas resulting from accelerated stripping.
  
  Marcapunta's production was below revised 2020 guidance, mainly due to limited availability of ore transportation vehicles.

4Q20 Payable Volume Sold (100% basis)

2021 Production Guidance

*Please note that 2021 estimated production could potentially be adversely impacted by further COVID-19 effects.

Buenaventura will be issuing additional 2021 guidance within the Company's Q4 2020 Earnings Results Press Release on February 25, 2021.

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*, El Brocal, La Zanja and Coimolache).

The Company owns 43.65% of Minera Yanacocha S.R.L (a partnership with Newmont Mining Corporation & Sumitomo Corporation), an important precious metal producer and 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 2019 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 the Company's, Yanacocha's and Cerro Verde's costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver, copper and other metals mined, the success of joint ventures, estimates of future explorations, development and production, subsidiaries' plans for capital expenditures, estimates of reserves and Peruvian political, economic, social and legal developments. These forward-looking statements reflect the Company's view with respect to the Company's, Yanacocha's and Cerro Verde's future financial performance. Actual results could differ materially from those projected in the forward-looking statements as a result of a variety of factors discussed elsewhere in this Press Release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210204006156/en/

Lima:
Daniel Dominguez, Chief Financial Officer
(511) 419 2540

Rodrigo Echecopar, Head of Investor Relations
(511) 419 2591 / rodrigo.echecopar@buenaventura.pe

NY:
Barbara Cano
(646) 452 2334
barbara@inspirgroup.com

Company Website: www.buenaventura.com.pe/ir