BVN Compania De Minas Buenaventura SA

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 results for the third quarter (3Q15) and nine-month (9M15) periods, ended September 30, 2015. 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$).

Third Quarter 2015 Highlights:

• In 3Q15, EBITDA from direct operations was US$6.9 million and adjusted EBITDA (including associated companies) was US$73.5 million.
• Total attributable production (including associates) in 3Q15 was 197k gold ounces and 5.8 million silver ounces (compared to 217k gold ounces and 5.2 million silver ounces in 3Q14).
• At the Tambomayo project, 100% of mayor equipment has been purchased. Operations are expected to start in 3Q16.
• At the San Gabriel (Chucapaca) project, the Environmental Impact Assessment (EIA) of the project´s construction is expected to be approved in 1Q16.
• During 3Q15, El Brocal average ore treated reached 15K TPD level. Full production capacity level (18K TPD) will be reached in 4Q15.
• Cerro Verde’s plant expansion to 360K TPD is in-line with schedule and budget (more than 95% complete). Full plant capacity is expected to be reached in 1Q16.

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

                          3Q15     3Q14     Var%     9M15     9M14     Var% Total Revenues   208.8     316.2     -34%     717.2     899.3     -20% Operating Profit   -54.7     31.2     N.A.     -94.7     79.9     N.A. EBITDA Direct Operations   6.9     88.9     -92%     88.9     234.7     -62% Adjusted EBITDA (Inc Associates)   73.5     222.4     -67%     305.3     493.9     -38% Net Income   -23.2     78.3     N.A.     -24.7     85.3     N.A. EPS*   -0.09     0.31     N.A.     -0.10     0.34     N.A.

(*) as of September 30, 2015 Buenaventura had 254,186,867 outstanding shares.

Operating Revenues

During 3Q15, net sales were US$200.1 million, a 35% decrease compared to the US$306.7 million reported in 3Q14. This was mainly explained by the decrease in gold, silver and copper prices as well as lower gold and copper volume sold.

Royalty income decreased 9%, to US$8.7 million in 3Q15 compared to the US$9.5 reported in 3Q14. This was due to lower revenues at Yanacocha (13% lower QoQ).

Operating Highlights   3Q15     3Q14     Var%     9M15     9M14     Var% Net Sales

(in millions of US$)

  200.1     306.7     -35%     692.0     874.4     -21% Average Realized Gold Price (US$/oz)1 2   1,102     1,273     -13%     1,170     1,285     -9% Average Realized Gold Price (US$/oz) inc. Affiliates   1,111     1,274     -13%     1,173     1,284     -9% Average Realized Silver Price (US$/oz)1 2   14.50     19.59     -26%     15.34     19.71     -22% Average Realized Lead Price (US$/MT) 1 2   1,593     2,210     -28%     1,734     2,155     -20% Average Realized

Zinc Price (US$/MT) 1 2

  1,775     2,365     -25%     1,998     2,248     -11% Average Realized Copper Price (US$/MT) 1 2   3,723     6,864     -46%     4,599     6,824     -33%

(1) Buenaventura’s Direct Operations

(2) The realized price considers the adjustments of quational periods

Volume Sold   3Q15     3Q14     Var%     9M15     9M14     Var% Gold Oz Direct Operations   94,841     117,956     -20%     287,548     334,214     -14% Gold Oz inc Associated Companies   212,701     231,038     -8%     611,527     629,341     -3% Silver Oz   4,864,690     4,865,059     0%     14,448,264     13,969,353     3% Lead MT   6,409     4,848     32%     22,086     13,129     68% Zinc MT   12,543     5,162     143%     39,442     10,943     260% Copper MT   7,456     10,625     -30%     19,917     29,812     -33%

For 9M15, net sales decreased 21%, from US$874.4 million in 9M14 to US$692.0 million in 9M15. Royalty income was US$25.2 million in 9M15 in-line with the figure reported in 9M14.

Production and Operating Costs

In 3Q15, Buenaventura’s gold equity production from direct operations decreased 16%, from 108,432 ounces in 3Q14 to 91,188 ounces in 3Q15 due to the decline in production at Breapampa mine. Gold production including associated companies was 197,019 ounces, 9% lower than the reported in the same period 2014. Silver equity production from direct operations increased 11%, mainly due to higher production at Uchucchacua mine.

Equity Production   3Q15     3Q14     Var%     9M15     9M14     Var%

Gold Oz Direct Operations1

  91,188     108,432     -16%     267,969     317,968     -16% Gold Oz including Associated Companies   197,019     217,308     -9%     576,328     600,661     -4% Silver Oz Direct Operations1   5,629,336     5,064,369     11%     15,425,859     13,724,183     12% Silver Oz including Associated Companies   5,762,107     5,215,218     10%     15,818,165     14,167,832     12% Lead MT   6,542     5,149     27%     19,697     14,215     39% Zinc MT   10,047     5,163     95%     31,108     13,530     130% Copper MT Direct Operations1   5,187     6,435     -19%     12,640     17,792     -29% Copper MT including Associated Companies   16,115     16,865     -4%     42,275     51,255     -18%

1 Direct Operation production includes 100% of Buenaventura’s operating units, 53.06% of La Zanja, 54.07% of El Brocal and 40.10% of Coimolache (Tantahuatay).

Orcopampa’s (100% owned by Buenaventura)

Production       3Q15     3Q14     Var %     9M15     9M14     Var % Gold   Oz 54,035     52,317     3%     156,023     148,348     5% Silver   Oz 146,930     120,459     22%     392,541     286,570     37%                                       Cost Applicable to Sales       3Q15     3Q14     Var %     9M15 9M14     Var % Gold   US$/Oz 632     820     -23%     675 804     -16%

Gold production at Orcopampa increased 3% in 3Q15 (compared to 3Q14) due to higher ore grade (Appendix 2). Cost Applicable to Sales (CAS) in 3Q15 decreased 23% explained by lower contractor costs (renegotiated unit prices) and lower reagent costs (price of cyanide).

Gold production guidance for 2015 is 190k – 205k ounces.

Uchucchacua (100% owned by Buenaventura)

Production         3Q15     3Q14     Var %     9M15     9M14     Var % Silver Oz     3,775,049     3,293,830     15%     9,801,411     8,659,942     13% Zinc MT     1,293     1,800     -28%     4,090     4,845     -16% Lead MT     2,340     2,115     11%     5,869     5,519     6%              

 

                        Cost Applicable to Sales         3Q15     3Q14     Var %     9M15     9M14     Var % Silver US$/Oz     13.51     17.69     -24%     14.44     16.83     -14%

Silver production in 3Q15 increased 15% compared to 3Q14, due to higher ore treated. Cost Applicable to Sales (CAS) in 3Q15 decreased 24% compared to 3Q14, mainly explained by lower consumable costs (reagents, ball bearings and blasting materials) and lower hauling costs (mine infrastructure improvements).

Silver production guidance for 2015 is 14.0 million – 14.5 million ounces.

Mallay (100% owned by Buenaventura)

Production     3Q15     3Q14     Var %     9M15     9M14     Var % Silver Oz 323,095     307,523     5%     928,126     906,821     2% Zinc MT 2,445     2,540     -4%     6,765     7,560     -11% Lead MT 1,925     1,921     0%     5,353     5,637     -5%                                     Cost Applicable to Sales     3Q15     3Q14     Var %     9M15 9M14 Var % Silver US$/Oz 13.94     15.03     -7%     13.96 14.04 -1%

Silver production in 3Q15 increased 5% compared to 3Q14, due to higher ore treated despite the lower grade (Appendix 2). Cost Applicable to Sales (CAS) in 3Q15 was 7% lower compared to 3Q14 due to more ounces produced and lower exploration expenses.

Silver production guidance for 2015 is 1.1 million – 1.3 million ounces.

Julcani (100% owned by Buenaventura)

Production         3Q15   3Q14   Var %   9M15   9M14   Var % Silver   Oz   794,810   774,728   3%   2,397,790   2,301,694   4%                               Cost Applicable to Sales         3Q15   3Q14   Var %   9M15   9M14   Var % Silver   US$/Oz   12.95   16.32   -21%   12.70   14.18   -10%

Silver production in 3Q15 increased 3% compared to 3Q14 production, due to higher ore treated despite the lower grade (Appendix 2). Cost Applicable to Sales (CAS) in 3Q15 was 21% lower than 3Q14, mainly due to lower exploration expenses.

Silver production guidance for 2015 is 2.9 million – 3.1 million ounces.

La Zanja’s (53.06% owned by Buenaventura)

Production         3Q15   3Q14   Var %   9M15   9M14   Var % Gold   Oz   35,653   36,143   -1%   103,362   108,765   -5% Silver   Oz   78,844   105,741   -25%   241,969   339,801   -29%                               Cost Applicable to Sales         3Q15   3Q14   Var %   9M15   9M14   Var % Gold   US$/Oz   824   677   22%   773   529   46%

Gold production in 3Q15 decreased 1% compared to 3Q14. CAS in 3Q15 increased 22% mainly due to higher ore hauling costs explained by the longer distance between the Pampa Verde Pit and the leaching pad compared to the San Pedro Sur Pit. In 3Q15, 95% of the production came from the Pampa Verde pit in contrast to 50% in 3Q14.

Gold production guidance for 2015 is 138k – 142k ounces.

Tantahuatay’s (40.10% owned by Buenaventura)

Production         3Q15   3Q14   Var %   9M15   9M14   Var % Gold   Oz   34,739   37,281   -7%   97,085   105,085   -8% Silver   Oz   259,433   234,710   11%   598,392   527,226   13%                               Cost Applicable to Sales         3Q15   3Q14   Var %   9M15   9M14   Var % Gold   US$/Oz   483   423   14%   542   447   21%

Gold production in 3Q15 decreased 7% compared to the figure reported in 3Q14. CAS in 3Q15 increased 14% mainly due to a higher stripping ratio and preoperational stripping in the Cienaga Norte pit.

Gold production guidance for 2015 is 138k – 142k ounces

El Brocal (54.07% owned by Buenaventura)

Production         3Q15   3Q14   Var %   9M15   9M14   Var % Copper   MT   9,446   11,764   -20%   22,895   32,533   -30% Zinc   MT   11,670   1,522   667%   37,353   1,522   2,354% Silver   Oz   735,760   584,116   26%   2,486,399   1,580,213   57%                               Cost Applicable to Sales         3Q15   3Q14   Var %   9M15   9M14   Var % Copper   US$/MT   5,161   5,272   -2%   5,267   4,971   6% Zinc   US$/MT   1,823   1,403   30%   1,653   1,732   -5%

During 3Q15, 55% of the plant capacity was used to treat pollymetalic ore and 45% to treat copper ore (compared to 8% pollymetalic ore and 92% copper ore). As a consequence, Copper production decreased 20%, silver production increased 26% and Zinc production increased 667%.

In 3Q15, Zinc CAS increased 30% compared to 3Q14 mainly due to higher commercial deductions. Copper CAS decreased 2% compared to 3Q14, mainly due to a lower ore grade.

Zinc production guidance for 2015 is 50k – 55k MT. Copper production guidance for 2015 is 30k – 35k MT.

General and Administrative Expenses

General and administrative expenses in 3Q15 were US$20.4million, 11% lower compared to the 3Q14 figure (US$23.0 million). For the nine-month period 2015, the expense was US$60.8 million (US$72.7 million in 9M14).

Exploration in Non-Operating Areas

Exploration in non-operating areas during 3Q15 was US$5.3 million compared with the US$7.2 million in 3Q14. During the period, Buenaventura’s main exploration efforts were focused on the Tambomayo project (US$3.1 million). For the nine-month period 2015, the expense was US$25.7 million (US$32.4 million in 9M14).

Share in Associated Companies

During 3Q15, Buenaventura’s share in associated companies was US$13.4 million, compared to US$23.6 million reported in 3Q14, composed by:

Share in the Result of Associates

(in millions of US$)

  3Q15   3Q14   Var %   9M15   9M14   Var % Cerro Verde   1.3   14.9   -91%   9.1   57.1   -84% Coimolache

(Tantahuatay mine)

  4.1   6.3   -35%   10.1   17.2   -41% Yanacocha   8.0   2.3   241%   42.4   (35.0)   N.A. Total   13.4   23.6   -43%   61.6   39.2   57%

YANACOCHA

At Yanacocha (43.65% owned by Buenaventura), during 3Q15, gold production w as 242,454 ounces of gold, 3% lower than 3Q14 production (249,429 ounces). For the nine-month 2015 period, gold production was 706,433 ounces, 9% higher than 647,635 ounces in 9M14.

Gold production guidance at Yanacocha for 2015 is 880k – 920k ounces.

In 3Q15, Yanacocha reported net income of US$18.2 million compared to US$60.3 million reported in 3Q14. CAS in 3Q15 was US$630/oz, 20% higher than the US$526/oz reported in 3Q14 mainly due to a higher inventory write-down (US$19.9 million in 3Q15 compared to US$9.2 million in 3Q14) and higher workers participation.

Capital expenditures at Yanacocha were US$25.5 million in 3Q15, while for 9M15 was US$58.9 million.

Yanacocha still has a strong pipeline of growth projects: Quecher Main (prefeasibility), Chaquicocha Sulphides and Yanacocha Verde (scoping) and Maqui Maqui (exploration).

CERRO VERDE

At Cerro Verde (19.58% owned by Buenaventura), during 3Q15 copper production was 55,811 MT (10,928 MT attributable to Buenaventura), a 5% increase compared to 3Q14 (53,268 MT and 10,430 MT attributable to Buenaventura). For 9M15, copper production was 151,354 MT (29,635 MT attributable to Buenaventura).

During 3Q15, Cerro Verde reported a net profit of US$6.7 million compared to US$85.3 million in 3Q14. This was mainly due to lower sales explained by the decline in copper price (US$2.14/lb in 3Q15 vs US$2.98/lb in 3Q14), despite of the 12% increase in volume sold. For 9M15, net income was US$46.5 million (compared to US$321.7 million in 9M14).

Capital expenditures at Cerro Verde were US$385.1 million in 3Q15, and US$1,321.5 million in 9M15.

Cerro Verde’s plant expansion was 360K TPD, in-line with schedule and budget (more than 95% complete). In September 2015, one of the primary crushers and two mills started operations, resulting in the first production of copper concentrate coming from the new plant.

As of September 30, 2015, accumulated CAPEX of the expansion project was US$4.2 billion (out of US$4.6 billion budget). Full plant capacity is expected to be reached in 1Q16 and will become the largest concentration facility in the world.

COIMOLACHE (Tantahuatay operation)

At Coimolache (40.10% owned by Buenaventura), attributable contribution to the net income in 3Q15 was US$4.1 million (US$6.3 million in 3Q14). For 9M15, the contribution was US$10.1 million, compared to US$17.2 million reported in 2014.

Project Development and Exploration

The Tambomayo Project (100% ownership)

• Detail engineering currently at 95% of development
• Civil works are expected to be completed in 3Q16
• 100% of mayor equipment has been purchased
• CAPEX: US$ 290 – 340 million (includes 100% of mine development and a plant of 1,500 TPD)

The San Gabriel Project (100% ownership)

• Environmental Impact Assessment (EIA) of the project´s construction is expected to be approved in 1Q16
• Feasibility studies completed in 3Q16
• Estimated CAPEX: US$ 400 – 500 million (this includes US$81million paid to Gold Fields in 2014)
• Basic engineering of the project is expected to be ready in 1Q16
• Construction of the exploration ramp: 280 meters drifted (objective for 2015: 520 meters)

Recent events

The Company’s Board of Directors approved Buenaventura´s participation in the following El Brocal financing transactions:

• Capital increase of up to US$70 million in two trenches of US$35 million each (1st trench is mandatory and the 2nd trench is subject to El Brocal´s board of directors approval)
• Private bond issuance of US$35 million

* * *

Company Description

Compañía de Minas Buenaventura S.A.A. is Peru’s largest, publicly traded, precious metals company and a major holder of mining rights in Peru. The Company is engaged in the mining, processing, development and exploration of gold and silver and other metals via wholly owned mines as well as through its participation in joint exploration projects.

Buenaventura currently operates several mines in Peru (Orcopampa*, Uchucchacua*, Mallay*, Julcani*, El Brocal, La Zanja and Coimolache and is developing the Tambomayo and San Gabriel projects.

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

For a printed version of the Company’s 2014 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 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.

**Tables to follow**

APPENDIX 1

Equity Participation in

Subsidiaries and Associates (as of September 30, 2015)

      BVN     Operating       Equity %     Mines / Business El Molle Verde S.A.C*     100.00     Trapiche project Minera La Zanja S.A*     53.06     La Zanja Sociedad Minera El Brocal S.A.A*     54.07     Colquijirca and Marcapunta Compañía Minera Coimolache S.A **     40.10     Tantahuatay Minera Yanacocha S.R.L **     43.65     Yanacocha Sociedad Minera Cerro Verde S.A.A **     19.58     Cerro Verde Processadora Industrial Rio Seco S.A*     100.00     Rio Seco chemical plant Consorcio Energético de Huancavelica S.A*     100.00     Energy – Huanza Hydroelectrical plant Buenaventura Ingenieros S.A*     100.00     Engineering Consultant

(*)Consolidates(**) Equity Accounting

              APPENDIX 2                       GOLD PRODUCTION         3Q15   3Q14   %   9M15   9M14   % Mining Unit   Operating Results   Underground Orcopampa Ore Milled DMT 114,509 119,748 -4% 337,344 338,832 0% Ore Grade OZ/MT 0.49 0.44 10% 0.48 0.45 6% Recovery Rate % 95.2% 97.6% -2% 95.8% 97.1% -1%     Ounces Produced*   54,035   52,317   3%   156,023   147,349   6% Mining Unit   Operating Results   Open Pit La Zanja Ounces Produced 35,653 36,143 -1% 103,362 108,765 -5% Tantahuatay   Ounces Produced   34,739   37,281   -7%   97,085   105,085   -8% * Includes ounces from retreatment of taling dams                       SILVER PRODUCTION         3Q15   3Q14   %   9M15   9M14   % Mining Unit   Operating Results   Underground Uchucchacua Ore Milled DMT 310,733 267,963 16% 803,255 725,664 11% Ore Grade OZ/MT 14.56 14.68 -1% 14.57 14.85 -2% Recovery Rate % 83.5% 83.7% 0% 83.8% 80.4% 4%     Ounces Produced   3,775,050   3,293,830   15%   9,801,412   8,659,942   13% Julcani Ore Milled DMT 44,937 41,714 8% 132,242 132,924 -1% Ore Grade OZ/MT 18.51 19.51 -5% 18.93 19.42 -3% Recovery Rate % 95.5% 95.2% 0% 95.3% 95.2% 0%     Ounces Produced   794,810   774,728   3%   2,397,790   2,301,694   4% Mallay Ore Milled DMT 41,888 37,521 12% 115,312 109,768 5% Ore Grade OZ/MT 8.31 8.67 -4% 8.57 8.81 -3% Recovery Rate % 92.8% 94.5% -2% 94.0% 93.8% 0%     Ounces Produced   323,095   307,523   5%   928,126   906,821   2% Mining Unit   Operating Results   Open Pit Colquijirca   Ounces Produced   517,648   112,446   360%   1,781,192   112,446   1484%                         ZINC PRODUCTION         3Q15   3Q14   %   9M15   9M14   % Mining Unit   Operating Results   Underground Uchucchacua Ore Milled DMT 310,733 267,963 16% 803,256 725,664 11% Ore Grade % 1.03% 1.10% -6% 1.05% 1.09% -4% Recovery Rate % 40.5% 61.2% -34% 48.2% 61.1% -21%     MT Produced   1,294   1,800   -28%   4,091   4,845   -16% Mallay Ore Milled DMT 41,888 37,522 12% 115,312 109,770 5% Ore Grade % 6.65% 7.90% -16% 6.64% 8.05% -18% Recovery Rate % 87.8% 85.7% 3% 88.5% 85.6% 3%     MT Produced   2,445   2,540   -4%   6,765   7,560   -11% Mining Unit   Operating Results   Open Pit Colquijirca   MT Produced   11,670   1,522   667%   37,353   1,522   2354%              

APPENDIX 3: EBITDA Reconciliation (in thousand US$)

                          3Q15     3Q14     9M15     9M14 Net Income   -39,006     80,599     -60,248     102,801 Add / Substract:   45,938     8,317     149,192     131,935 Provision for income tax, net   -14,297     24,269     -3,931     42,084 Share in associated companies by the equity method, net   -13,381     -23,553     -61,621     -39,242 Gain on business combination   0     -59,879     0     -59,879 Interest income   -827     -552     -2,441     -4,199 Interest expense   6,951     848     21,103     7,005 Loss on currency exchange difference   3,945     4,304     7,525     5,071 Long Term Compensation provision   0     0     0     1,925 Depreciation and Amortization   61,377     55,925     179,185     151,014 Workers´ participation provision   246     1,817     629     1,872 Impairment of long-term lived assets   0     0     3,803     0 Write-Down adjustment   0     0     0     0 Loss from discontinued operations   1,924     5,138     4,940     26,284 EBITDA Buenaventura Direct Operations   6,932     88,916     88,944     234,736 EBITDA Yanacocha (43.65%)   38,496     85,545     146,005     99,725 EBITDA Cerro Verde (19.58%)   18,707     34,957     44,764     122,873 EBITDA Coimolache (40.10%)   9,402     12,959     25,605     36,605 Adjusted EBITDA (Including Associated companies)   73,537     222,377     305,318     493,938

Note:

EBITDA (Buenaventura Direct Operations) consists of earnings before net interest, taxes, depreciation and amortization, share in associated companies, net, loss on currency exchange difference, other, net, provision for workers’ profit sharing and provision for long-term officers’ compensation.

EBITDA (including associated companies) consists of EBITDA (Buenaventura Direct Operations), plus (1) Buenaventura’s equity share of EBITDA (Yanacocha) (2) Buenaventura’s equity share of EBITDA (Cerro Verde), plus (3) Buenaventura’s equity share of EBITDA (Coimolache). All EBITDA mentioned were similarly calculated using financial information provided to Buenaventura by the associated companies.

Buenaventura presents EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) to provide further information with respect to its operating performance and the operating performance of its equity investees, the affiliates. EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) are not a measure of financial performance under IFRS, and may not be comparable to similarly titled measures of other companies. You should not consider EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) as alternatives to operating income or net income determined in accordance with IFRS, as an indicator of Buenaventura’s, affiliates operating performance, or as an alternative to cash flows from operating activities, determined in accordance with IFRS, as an indicator of cash flows or as a measure of liquidity.

APPENDIX 4: COST APPLICABLE TO SALES RECONCILIATION

Reconciliation of Costs Applicable to Sales and Cost Applicable to Sales per Unit Sold

Cost applicable to sales consists of cost of sales, excluding depreciation and amortization, plus Selling expenses. Cost applicable to sales per unit sold for each mine consists of cost applicable to sales for a particular metal produced at a given mine divided by the volume of such metal produced at such mine in the specified period. We note that cost applicable to sales is not directly comparable to the cash operating cost figures disclosed in previously furnished earnings releases.

Cost applicable to sales and Cost applicable to sales per unit of mineral sold are not measures of financial performance under IFRS, and may not be comparable to similarly titled measures of other companies. We consider Cost applicable to sales and Cost applicable to sales per unit of mineral sold to be key measures in managing and evaluating our operating performance. These measures are widely reported in the precious metals industry as a benchmark for performance, but do not have standardized meanings. You should not consider Cost applicable to sales or Cost applicable to sales per unit of mineral sold as alternatives to cost of sales determined in accordance with IFRS, as indicators of our operating performance. Cost applicable to sales and Cost applicable to sales per unit of mineral sold are calculated without adjusting for by-product revenue amounts.

The tables below set forth (i) a reconciliation of consolidated Cost of sales, excluding depreciation and amortization to consolidated Cost applicable to sales, (ii) reconciliations of the components of Cost applicable to sales (by mine and mineral) to the corresponding consolidated line items set forth on our consolidated statements of profit or loss for the three and six months ended June 30, 2014 and 2015, and (iii) reconciliations of Cost of sales, excluding depreciation and amortization to Cost applicable to sales for each of our mining units. The amounts set forth in Cost applicable to sales and Cost applicable to sales per unit sold for each mine and mineral indicated in the tables below can be reconciled to the amounts set forth on our consolidated statements of profit or loss for the three and six months ended June 30, 2014 and 2015 by reference to the reconciliations of Cost of sales, excluding depreciation and amortization (by mine and mineral), Selling Expenses (by mine and metal) expenses and Exploration in units in operations (by mine and mineral) to consolidated Cost of sales, excluding depreciation and amortization, consolidated Selling Expenses and consolidated Exploration in units in operations expenses, respectively, set forth below.

        Set forth below is a reconciliation of consolidated Cost of sales, excluding depreciation and amortization, to consolidated Cost applicable to sales:     For the 3 months ended Sep 30 For the 9 months ended Sep 30 2015 2014 2015 2014 (in thousands of US$) Consolidated Cost of sales excluding depreciation and amortization 136,185 160,298 433,557 447,568 Add: Consolidated Exploration in units in operation 20,991 25,424 66,091 76,579 Consolidated Commercial deductions 45,111 51,266 135,213 129,621 Consolidated Selling expenses 4,707 4,332 12,815 12,921 Consolidated Cost applicable to sales 206,994 241,319 647,677 666,689   Set forth below is a reconciliation of Cost of sales, excluding depreciation and amortization (by mine and mineral) to consolidated Cost of sales:     For the 3 months ended Sep 30 For the 9 months ended Sep 30 2015 2014 2015 2014

Cost of sales by mine and mineral

(in thousands of US$) Julcani, Gold 6 6 40 -4 Julcani, Silver 3,715 8,070 16,396 18,514 Julcani, Lead 282 605 1,420 1,515 Julcani, Copper 41 75 189 144 Mallay, Gold 57 0 54 0 Mallay, Silver 1,936 2,258 5,785 6,222 Mallay, Lead 1,304 1,613 3,848 4,426 Mallay, Zinc 1,577 2,552 4,934 5,522 Breapampa, Gold 2,532 9,008 9,763 27,181 Breapampa, Silver 607 515 1,647 1,775 Orcopampa, Gold 24,097 31,520 78,131 81,397 Orcopampa, Silver 806 963 2,629 2,355 Uchucchacua, Gold 16 0 18 0 Uchucchacua, Silver 28,612 37,345 78,791 100,009 Uchucchacua, Lead 1,739 2,384 4,642 5,991 Uchucchacua, Zinc 821 1,781 3,829 4,120 La Zanja, Gold 29,306 25,244 79,778 56,921 La Zanja, Silver 854 991 2,604 2,475 El Brocal, Gold 1,370 1,354 2,542 2,500 El Brocal, Silver 3,861 3,035 14,007 8,433 El Brocal, Lead 2,566 564 9,693 901 El Brocal, Zinc 11,403 1,000 31,404 967 El Brocal, Copper 17,878 26,345 46,358 71,177 Non Mining Units 796 3,069 35,053 45,026 Consolidated Cost of sales, excluding depreciation and amortization 136,185 160,298 433,557 447,568   Set forth below is a reconciliation of Exploration expenses in units in operation (by mine and mineral) to consolidated Exploration expenses in mining units:     For the 3 months ended Sep 30 For the 9 months ended Sep 30 2015 2014 2015 2014

Exploration expenses in units in operation by mine and mineral

(in thousands of US$) Julcani, Gold 4 2 22 -2 Julcani, Silver 2,582 2,781 8,945 7,819 Julcani, Lead 196 209 775 640 Julcani, Copper 29 26 103 61 Mallay, Gold 21 0 20 0 Mallay, Silver 699 825 2,178 2,133 Mallay, Lead 470 589 1,449 1,517 Mallay, Zinc 569 932 1,857 1,893 Breapampa, Gold 1 77 71 399 Breapampa, Silver 0 4 12 26 Orcopampa, Gold 9,365 13,493 30,664 40,437 Orcopampa, Silver 313 412 1,032 1,170 Uchucchacua, Gold 3 0 4 0 Uchucchacua, Silver 6,176 5,437 17,087 18,509 Uchucchacua, Lead 375 347 1,007 1,109 Uchucchacua, Zinc 177 259 830 762 La Zanja, Gold 9 29 35 101 La Zanja, Silver 0 1 1 4 El Brocal, Gold 0 0 0 0 El Brocal, Silver 0 0 0 0 El Brocal, Lead 0 0 0 0 El Brocal, Zinc 0 0 0 0 El Brocal, Copper 0 0 0 0 Non Mining Units 0 0 0 0 Consolidated Exploration expenses in units in operation 20,991 25,424 66,091 76,579   Set forth below is a reconciliation of Commercial Deductions in units in operation (by mine and mineral) to consolidated Commercial deductions:   For the 3 months ended Sep 30 For the 9 months ended Sep 30 2015 2014 2015 2014

Commercial Deductions in units in operation by mine and mineral

(in thousands of US$) Julcani, Gold 2 1 11 0 Julcani, Silver 1,241 1,689 5,251 4,853 Julcani, Lead 95 127 447 395 Julcani, Copper 16 16 64 41 Mallay, Silver 29 0 29 0 Mallay, Silver 1,083 1,087 2,883 2,855 Mallay, Lead 732 756 1,920 1,966 Mallay, Zinc 1,062 1,778 3,155 3,858 Breapampa, Gold 15 18 62 76 Breapampa, Silver 2 0 5 0 Orcopampa, Gold 81 72 200 201 Orcopampa, Silver 0 0 0 0 Uchucchacua, Gold 5 0 5 0 Uchucchacua, Silver 9,094 10,305 25,236 26,256 Uchucchacua, Lead 565 699 1,486 1,616 Uchucchacua, Zinc 831 1,172 3,958 2,838 La Zanja, Gold 77 45 141 201 La Zanja, Silver 12 0 12 5 El Brocal, Gold 1,287 1,419 2,922 2,574 El Brocal, Silver 2,646 3,011 9,592 8,758 El Brocal, Lead 1,129 306 4,400 675 El Brocal, Zinc 5,631 617 17,719 785 El Brocal, Copper 19,477 28,148 55,717 71,668 Non Mining Units 0 0 0 0 Consolidated Commercial deductions in units in operation 45,111 51,266 135,213 129,621   Set forth below is a reconciliation of Selling expenses (by mine and mineral) to consolidated Selling expenses:     For the 3 months ended Sep 30 For the 9 months ended Sep 30 2015 2014 2015 2014

Selling expenses by mine and mineral

(in thousands of US$) Julcani, Gold 0 0 2 0 Julcani, Silver 197 275 781 714 Julcani, Lead 15 21 68 58 Julcani, Copper 2 3 9 6 Mallay, Gold 4 0 4 0 Mallay, Silver 147 178 418 519 Mallay, Lead 99 127 278 369 Mallay, Zinc 119 201 357 461 Breapampa, Gold 43 99 98 306 Breapampa, Silver 10 6 17 20 Orcopampa, Gold 192 251 634 706 Orcopampa, Silver 6 8 21 20 Uchucchacua, Gold 0 0 0 0 Uchucchacua, Silver 816 843 2,166 2,229 Uchucchacua, Lead 50 54 128 134 Uchucchacua, Zinc 23 40 105 92 La Zanja, Gold 269 326 923 981 La Zanja, Silver 8 13 30 43 El Brocal, Gold 79 72 133 179 El Brocal, Silver 222 162 733 605 El Brocal, Lead 147 30 507 65 El Brocal, Zinc 654 53 1,642 69 El Brocal, Copper 1,026 1,409 2,424 5,107 Non Mining Units 579 160 1,337 238 Consolidated Selling expenses 4,707 4,332 12,815 12,921                                                         JULCANI JULCANI 3Q 2015 3Q 2014 9M 2015 9M 2014  

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL  

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL Cost of Sales (without D&A) (US$000) 6 3,715 282 - 41 4,044 6 8,070 605 - 75 8,756 Cost of Sales (without D&A) (US$000) 40 16,396 1,420 - 189 18,045 -4 18,514 1,515 - 144 20,170 Add: Add: Exploration Expenses (US$000) 4 2,582 196 - 29 2,811 2 2,781 209 - 26 3,017 Exploration Expenses (US$000) 22 8,945 775 - 103 9,844 -2 7,819 640 - 61 8,518

Commercial Deductions (US$000)

2 1,241 95 - 16 1,353 1 1,689 127 - 16 1,832 Commercial Deductions (US$000) 11 5,251 447 - 64 5,773 -0 4,853 395 - 41 5,289 Selling Expenses (US$000) 0 197 15 - 2 214 0 275 21 - 3 299 Selling Expenses (US$000) 2 781 68 - 9 860 -0 714 58 - 6 777 Cost Applicable to Sales (US$000) 12 7,734 588 - 88 8,423 10 12,815 961 - 119 13,905 Cost Applicable to Sales (US$000) 75 31,373 2,709 - 365 34,521 -6 31,900 2,608 - 252 34,754 Divide: Divide: Volume Sold 12 597,425 405 - 19

Not Applicable

9 785,437 522 - 21

Not Applicable

Volume Sold 76 2,471,004 1,804 - 77

Not Applicable

-3 2,249,152 1,658 - 49

Not Applicable

CAS 994 12.95 1,452 - 4,725

Not Applicable

1,067 16.32 1,843 - 5,676

Not Applicable

CAS 984 12.70 1,502 - 4,738

Not Applicable

- 14.18 1,573 - 5,099

Not Applicable

  MALLAY MALLAY 3Q 2015 3Q 2014 9M 2015 9M 2014  

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL  

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL Cost of Sales (without D&A) (US$000) 57 1,936 1,304 1,577 - 4,875 - 2,258 1,613 2,552 - 6,423 Cost of Sales (without D&A) (US$000) 54 5,785 3,848 4,934 - 14,622 - 6,222 4,426 5,522 - 16,170 Add: Add: Exploration Expenses (US$000) 21 699 470 569 - 1,759 - 825 589 932 - 2,346 Exploration Expenses (US$000) 20 2,178 1,449 1,857 - 5,504 - 2,133 1,517 1,893 - 5,543 Commercial Deductions (US$000) 29 1,083 732 1,062 - 2,906 - 1,087 756 1,778 - 3,620 Commercial Deductions (US$000) 29 2,883 1,920 3,155 - 7,987 - 2,855 1,966 3,858 - 8,679 Selling Expenses (US$000) 4 147 99 119 - 369 - 178 127 201 - 507 Selling Expenses (US$000) 4 418 278 357 - 1,057 - 519 369 461 - 1,350 Cost Applicable to Sales (US$000) 111 3,865 2,605 3,328 - 9,909 - 4,347 3,085 5,464 - 12,896 Cost Applicable to Sales (US$000) 108 11,264 7,495 10,303 - 29,170 - 11,729 8,278 11,734 - 31,741 Divide: Divide: Volume Sold 105 277,157 1,737 2,024 -

Not Applicable

- 289,181 1,869 2,753 -

Not Applicable

Volume Sold 105 806,831 4,847 5,501 -

Not Applicable

- 835,356 5,456 6,616 -

Not Applicable

CAS 1,062 13.94 1,500 1,644 -

Not Applicable

- 15.03 1,650 1,984 -

Not Applicable

CAS 1,029 13.96 1,546 1,873 -

Not Applicable

- 14.04 1,517 1,774 -

Not Applicable

  BREAPAMPA BREAPAMPA 3Q 2015 3Q 2014 9M 2015 9M 2014  

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL  

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL Cost of Sales (without D&A) (US$000) 2,532 607 - - - 3,139 9,008 515 - - - 9,523 Cost of Sales (without D&A) (US$000) 9,763 1,647 - - - 11,410 27,181 1,775 - - - 28,956 Add: Add: Exploration Expenses (US$000) 1 0 - - - 1 77 4 - - - 82 Exploration Expenses (US$000) 71 12 - - - 83 399 26 - - - 425 Commercial Deductions (US$000) 15 2 - - - 17 18 - - - - 18 Commercial Deductions (US$000) 62 5 - - - 66 76 - - - - 76 Selling Expenses (US$000) 43 10 - - - 53 99 6 - - - 105 Selling Expenses (US$000) 98 17 - - - 114 306 20 - - - 326 Cost Applicable to Sales (US$000) 2,590 620 - - - 3,210 9,202 525 - - - 9,727 Cost Applicable to Sales (US$000) 9,993 1,680 - - - 11,673 27,961 1,821 - - - 29,782 Divide: Divide: Volume Sold 3,471 63,069 - - -

Not Applicable

21,877 83,179 - - -

Not Applicable

Volume Sold 16,069 208,445 - - -

Not Applicable

65,901 285,292 - - -

Not Applicable

CAS 746 9.83 - - -

Not Applicable

421 6.32 - - -

Not Applicable

CAS 622 8.06 - - -

Not Applicable

424 6.38 - - -

Not Applicable

  ORCOPAMPA ORCOPAMPA 3Q 2015 3Q 2014 9M 2015 9M 2014  

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL  

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL Cost of Sales (without D&A) (US$000) 24,097 806 - - - 24,904 31,520 963 - - - 32,483 Cost of Sales (without D&A) (US$000) 78,131 2,629 - - - 80,760 81,397 2,355 - - - 83,752 Add: Add: Exploration Expenses (US$000) 9,365 313 - - - 9,678 13,493 412 - - - 13,905 Exploration Expenses (US$000) 30,664 1,032 - - - 31,696 40,437 1,170 - - - 41,607 Commercial Deductions (US$000) 81 - - - - 81 72 0 - - - 73 Commercial Deductions (US$000) 200 0 - - - 200 201 0 - - - 202 Selling Expenses (US$000) 192 6 - - - 198 251 8 - - - 258 Selling Expenses (US$000) 634 21 - - - 655 706 20 - - - 726 Cost Applicable to Sales (US$000) 33,734 1,126 - - - 34,861 45,336 1,384 - - - 46,719 Cost Applicable to Sales (US$000) 109,629 3,683 - - - 113,312 122,742 3,546 - - - 126,288 Divide: Divide: Volume Sold 53,376 136,573 - - -

Not Applicable

55,279 113,405 - - -

Not Applicable

Volume Sold 162,333 415,757 - - -

Not Applicable

152,667 293,493 - - -

Not Applicable

CAS 632 8.25 - - -

Not Applicable

820 12.20 - - -

Not Applicable

CAS 675 8.86 - - -

Not Applicable

804 12.08 - - -

Not Applicable

  UCHUCCHACUA

UCHUCCHACUA

3Q 2015 3Q 2014 9M 2015 9M 2014  

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL  

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL Cost of Sales (without D&A) (US$000) 16 28,612 1,739 821 - 31,188 - 37,345 2,384 1,781 - 41,510 Cost of Sales (without D&A) (US$000) 18 78,791 4,642 3,829 - 87,280 - 100,009 5,991 4,120 - 110,120 Add: Add: Exploration Expenses (US$000) 3 6,176.21 375.43 177.20 - 6,732.3 - 5,437 347 259 - 6,043 Exploration Expenses (US$000) 4 17,087 1,007 830 - 18,928 - 18,509 1,109 762 - 20,380 Commercial Deductions (US$000) 5 9,094 565 831 - 10,495 - 10,305 699 1,172 - 12,176 Commercial Deductions (US$000) 5 25,236 1,486 3,958 - 30,685 - 26,256 1,616 2,838 - 30,710 Selling Expenses (US$000) 0 816 50 23 - 889 - 843 54 40 - 937 Selling Expenses (US$000) 0 2,166 128 105 - 2,399 - 2,229 134 92 - 2,454 Cost Applicable to Sales (US$000) 24 44,698 2,729 1,852 - 49,305 - 53,930 3,484 3,252 - 60,666 Cost Applicable to Sales (US$000) 27 123,280 7,263 8,723 - 139,293 - 147,003 8,849 7,812 - 163,665 Divide: Divide: Volume Sold 23 3,307,909 1,831 815 -

Not Applicable

- 3,048,394 1,725 1,218 -

Not Applicable

Volume Sold 26 8,534,639 4,567 3,230 -

Not Applicable

- 8,733,658 4,865 3,275 -

Not Applicable

CAS 1,043 13.51 1,491 2,272 -

Not Applicable

- 17.69 2,019 2,670 -

Not Applicable

CAS 1,056 14.44 1,590 2,701 -

Not Applicable

- 16.83 1,819 2,385 -

Not Applicable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LA ZANJA LA ZANJA 3Q 2015 3Q 2014 9M 2015 9M 2014  

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL  

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL Cost of Sales (without D&A) (US$000) 29,306 854 - - - 30,160 25,244 991 - - - 26,235 Cost of Sales (without D&A) (US$000) 79,778 2,604 - - - 82,383 56,921 2,475 - - - 59,396 Add: Add: Exploration Expenses (US$000) 9 0 - - - 9 29 1 - - - 30 Exploration Expenses (US$000) 35 1 - - - 36 101 4 - - - 106 Commercial Deductions (US$000) 77 12 - - - 90 45 - - - - 45 Commercial Deductions (US$000) 141 12 - - - 153 201 5 - - - 206 Selling Expenses (US$000) 269 8 - - - 277 326 13 - - - 339 Selling Expenses (US$000) 923 30 - - - 954 981 43 - - - 1,024 Cost Applicable to Sales (US$000) 29,661 875 - - - 30,536 25,644 1,005 - - - 26,649 Cost Applicable to Sales (US$000) 80,877 2,648 - - - 83,525 58,205 2,527 - - - 60,732 Divide: Divide: Volume Sold 35,995 79,267 - - -

Not Applicable

37,889 99,349 - - -

Not Applicable

Volume Sold 104,594 255,566 - - -

Not Applicable

110,053 316,577 - - -

Not Applicable

CAS 824 11.03 - - -

Not Applicable

677 10.12 - - -

Not Applicable

CAS 773 10.36 - - -

Not Applicable

529 7.98 - - -

Not Applicable

  BROCAL BROCAL 3Q 2015 3Q 2014 9M 2015 9M 2014  

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL  

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL Cost of Sales (without D&A) (US$000) 1,370 3,861 2,566 11,403 17,878 37,078 1,354 3,035 564 1,000 26,345 32,299 Cost of Sales (without D&A) (US$000) 2,542 14,007 9,693 31,404 46,358 104,004 2,500 8,433 901 967 71,177 83,978 Add: Add: Exploration Expenses (US$000) - - - - - - - - - - - - Exploration Expenses (US$000) - - - - - - - - - - - - Commercial Deductions (US$000) 1,287 2,646 1,129 5,631 19,477 30,169 1,419 3,011 306 617 28,148 33,502 Commercial Deductions (US$000) 2,922 9,592 4,400 17,719 55,717 90,349 2,574 8,758 675 785 71,668 84,459 Selling Expenses (US$000) 79 222 147 654 1,026 2,128 72 162 30 53 1,409 1,728 Selling Expenses (US$000) 133 733 507 1,642 2,424 5,439 179 605 65 69 5,107 6,026 Cost Applicable to Sales (US$000) 2,735 6,729 3,842 17,688 38,381 69,375 2,846 6,209 900 1,671 55,903 67,529 Cost Applicable to Sales (US$000) 5,597 24,331 14,600 50,765 104,499 199,792 5,253 17,795 1,640 1,821 147,953 174,463 Divide: Divide: Volume Sold 1,858 403,292 2,436 9,704 7,437

Not Applicable

2,902 446,115 731 1,191 10,604

Not Applicable

Volume Sold 4,346 1,756,023 10,869 30,711 19,840

Not Applicable

5,596 1,255,826 1,150 1,052 29,762

Not Applicable

CAS 1,472 16.68 1,577 1,823 5,161

Not Applicable

981 13.92 1,231 1,403 5,272

Not Applicable

CAS 1,288 13.86 1,343 1,653 5,267

Not Applicable

939 14.17 1,427 1,732 4,971

Not Applicable

  NON MINING COMPANIES NON MINING COMPANIES 3Q 2015 3Q 2014 9M 2015 9M 2014  

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL  

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL Cost of Sales (without D&A) (US$000) - - - - - 796 - - - - - 3,069 Cost of Sales (without D&A) (US$000) - - - - - 35,053 - - - - - 45,026 Add: Add: Selling Expenses (US$000) - - - - - 579 - - - - - 160 Selling Expenses (US$000) - - - - - 1,337 - - - - - 238 Total (US$000) - - - - - 1,376 - - - - - 3,229 Total (US$000) - - - - - 36,390 - - - - - 45,264   BUENAVENTURA CONSOLIDATED BUENAVENTURA CONSOLIDATED 3Q 2015 3Q 2014 9M 2015 9M 2014  

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL  

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL Cost of Sales (without D&A) (US$000) 57,385 40,392 5,891 13,801 17,920 136,185 67,132 53,177 5,167 5,334 26,420 160,298 Cost of Sales (without D&A) (US$000) 170,326 121,861 19,604 40,167 46,546 433,557 167,995 139,784 12,832 10,609 71,321 447,568 Add: Add: Exploration Expenses (US$000) 9,403 9,771 1,042 746 29 20,991 13,601 9,460 1,145 1,192 26 25,424 Exploration Expenses (US$000) 30,816 29,255 3,230 2,688 103 66,091 40,936 29,661 3,265 2,655 61 76,579 Commercial Deductions (US$000) 1,495 14,079 2,521 7,524 19,492 45,111 1,556 16,092 1,887 3,567 28,164 51,266 Commercial Deductions (US$000) 3,369 42,978 8,253 24,832 55,782 135,213 3,052 42,727 4,652 7,481 71,709 129,621 Selling Expenses (US$000) 587 1,405 310 797 1,028 4,707 748 1,485 232 295 1,412 4,332 Selling Expenses (US$000) 1,794 4,166 980 2,104 2,433 12,815 2,172 4,150 626 622 5,113 12,921 Cost Applicable to Sales (US$000) 68,869 65,647 9,765 22,868 38,469 206,994 83,037 80,215 8,431 10,387 56,021 241,319 Cost Applicable to Sales (US$000) 206,306 198,259 32,067 69,791 104,864 647,677 214,155 216,322 21,375 21,368 148,204 666,688 Divide: Divide: Volume Sold 94,841 4,864,690 6,409 12,543 7,456

Not Applicable

117,956 4,865,059 4,848 5,162 10,625

Not Applicable

Volume Sold 287,548 14,448,264 22,086 39,442 19,917

Not Applicable

334,214 13,969,353 13,129 10,943 29,812

Not Applicable

CAS 726 13.49 1,524 1,823 5,160

Not Applicable

704 16.49 1,739 2,012 5,273

Not Applicable

CAS 717 13.72 1,452 1,769 5,265

Not Applicable

641 15.49 1,628 1,953 4,971

Not Applicable

  COIMOLACHE COIMOLACHE 3Q 2015 3Q 2014 9M 2015 9M 2014  

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL   GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL Cost of Sales (without D&A) (US$000) 13,667 1,307 - - - 14,973 13,497 1,295 - - - 14,793 Cost of Sales (without D&A) (US$000) 39,023 3,212 - - - 42,235 40,137 3,071 - - - 43,208 Add: Add: Exploration Expenses (US$000) 2,192 210 - - - 2,402 1,184 114 - - - 1,298 Exploration Expenses (US$000) 11,016 907 - - - 11,922 4,666 357 - - - 5,023 Commercial Deductions (US$000) 219 18 - - - 237 37 3 - - - 40 Commercial Deductions (US$000) 509 40 - - - 549 251 15 - - - 267 Selling Expenses (US$000) 207 20 - - - 227 266 25 - - - 291 Selling Expenses (US$000) 647 53 - - - 700 722 55 - - - 778 Cost Applicable to Sales (US$000) 16,285 1,554 - - - 17,839 14,984 1,437 - - - 16,421 Cost Applicable to Sales (US$000) 51,195 4,212 - - - 55,407 45,776 3,498 - - - 49,275 Divide: Divide: Volume Sold 33,682 247,769 - - -

Not Applicable

35,434 220,227 - - -

Not Applicable

Volume Sold 94,428 579,275 - - -

Not Applicable

102,308 508,356 - - -

Not Applicable

CAS 483 6.27 - - -

Not Applicable

423 6.52 - - -

Not Applicable

CAS 542 7.27 - - -

Not Applicable

447 6.88 - - -

Not Applicable

 

APPENDIX 5: ALL-IN SUSTAINING COST

All-in Sustaining Cost for 3Q15                   Buenaventura1 La Zanja Tantahuatay Attributable Production2 3Q15 3Q15 3Q15

 

3Q15

 

Au Ounces Sold BVN 92,866 Au Ounces bought from La Zanja -35,879 Au Ounces Sold Net 56,987 32,990 33,682 87,996   3Q15 3Q15

 

3Q15

 

3Q15

 

Income Statement & Cash Flow US$ 000'   US$/Oz Au US$ 000'   US$/Oz Au US$ 000'   US$/Oz Au US$ 000'   US$/Oz Au   Cost of Sales3 76,109 1,336 29,950 908 14,973 445 98,004 1,114 Exploration in Operating Units 20,982 368 137 4 2,402 71 22,018 250 Royalties 5,302 93 0 0 0 0 5,302 60 Comercial Deductions4 14,852 261 855 26 237 7 15,401 175 Selling Expenses 1,724 30 277 8 227 7 1,962 22 Administrative Expenses5 11,516 202 459 14 436 13 11,934 136 Other Expenses 0 0 3,525 107 2,887 86 3,028 34 Other Incomes -965 -17 -6,704 -203 -3,422 -102 -5,894 -67 Other administrative charges 0 0 3,031 92 233 7 1,702 19 Sustaining Capex6 12,643 222 12,488 379 17,092 507 26,122 297   By-product Credit -74,363 -1,305 -1,333 -40 -3,590 -107 -76,510 -869   All-in Sustaining Cost 67,800 1,190 42,684 1,294 31,476 935 103,069 1,171   *All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas.   Notes: 1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A. 2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 53.06% from La Zanja and 40.095% from Tantahuatay. 3. For Buenaventura does not consider purchase of concentrate from La Zanja. 4. For all metals produced. 5. For Buenaventura, does not consider management services charged to subsidiaries. For La Zanja does not consider US$ 3.8 MM Impairment. 6. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.   All-in Sustaining Cost for 3Q14                  

Buenaventura1

La Zanja Tantahuatay Attributable Production2

3Q14

3Q14

3Q14

3Q14

Au Ounces Sold BVN 115,054 Au Ounces bought from La Zanja -37,889 Au Ounces Sold Net 77,166 38,271 35,434 111,680  

3Q14

3Q14

3Q14

3Q14

Income Statement & Cash Flow US$ 000'   US$/Oz Au US$ 000'   US$/Oz Au US$ 000'   US$/Oz Au US$ 000'   US$/Oz Au   Cost of Sales3 85,977 1,114 21,951 574 14,793 417 103,555 927 Exploration in Operating Units 25,395 329 4,509 118 1,298 37 28,308 253 Royalties 5,702 74 0 0 0 0 5,702 51 Comercial Deductions4 17,719 230 818 21 40 1 18,169 163 Selling Expenses 2,081 27 339 9 291 8 2,378 21 Administrative Expenses5 12,280 159 238 6 418 12 12,574 113 Other Expenses 0 0 3,082 81 1,888 53 2,392 21 Other Incomes -8,080 -105 -3,599 -94 -2,146 -61 -10,850 -97 Other administrative charges 0 0 1,237 32 32 1 669 6 Sustaining Capex6 2,315 30 5,819 152 9,459 267 9,195 82   By-product Credit -103,778 -1,345 -1,618 -42 -4,321 -122 -106,370 -952   All-in Sustaining Cost 39,611 513 32,776 856 21,751 614 65,723 588   *All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas.   Notes: 1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A. 2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 53.06% from La Zanja and 40.095% from Tantahuatay. 3. For Buenaventura does not consider purchase of concentrate from La Zanja. 4. For all metals produced. 5. For Buenaventura, does not consider management services charged to subsidiaries. 6. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.                 All-in Sustaining Cost for 9M15   Buenaventura1 La Zanja Tantahuatay Attributable Production2 9M15

9M15

9M15

9M15

Au Ounces Sold BVN 283,085 Au Ounces bought from La Zanja -104,477 Au Ounces Sold Net 178,608 100,618 94,428 269,857   9M15

9M15

9M15

9M15

Income Statement & Cash Flow US$ 000'   US$/Oz Au US$ 000'   US$/Oz Au US$ 000'  

US$/Oz Au

US$ 000'   US$/Oz Au   Cost of Sales3 228,941 1,282 87,133 866 42,235 447 292,108 1,082 Exploration in Operating Units 66,056 370 8,446 84 11,922 126 75,318 279 Royalties 16,902 95 0 0 0 0 16,902 63 Comercial Deductions4 44,711 250 2,494 25 549 6 46,254 171 Selling Expenses 5,088 28 954 9 700 7 5,875 22 Administrative Expenses5 35,644 200 1,200 12 1,364 14 36,827 136 Other Expenses 0 0 10,156 101 5,635 60 7,648 28 Other Incomes -3,983 -22 -16,039 -159 -7,022 -74 -15,308 -57 Other administrative charges 0 0 5,472 54 126 1 2,954 11 Sustaining Capex6 22,652 127 26,024 259 32,644 346 49,549 184   By-product Credit -226,736 -1,269 -3,969 -39 -9,122 -97 -232,500 -862   All-in Sustaining Cost 189,275 1,060 121,870 1,211 79,032 837 285,626 1,058   *All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas.   Notes: 1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A. 2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 53.06% from La Zanja and 40.095% from Tantahuatay. 3. For Buenaventura does not consider purchase of concentrate from La Zanja. 4. For all metals produced. 5. For Buenaventura, does not consider management services charged to subsidiaries. For La Zanja does not consider US$ 3.8 MM Impairment. 6. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.                 All-in Sustaining Cost for 9M14   Buenaventura1 La Zanja Tantahuatay Attributable Production2

9M14

9M14

9M14

9M14

Au Ounces Sold BVN 327,068 Au Ounces bought from La Zanja -108,503 Au Ounces Sold Net 218,565 107,860 102,308 316,816  

9M14

9M14

9M14

9M14

 

Income Statement & Cash Flow US$ 000'   US$/Oz Au US$ 000'   US$/Oz Au US$ 000'   US$/Oz Au US$ 000'   US$/Oz Au   Cost of Sales3 267,406 1,223 60,800 564 43,208 422 316,991 1,001 Exploration in Operating Units 76,474 350 13,202 122 5,023 49 85,493 270 Royalties 16,515 76 0 0 0 0 16,515 52 Comercial Deductions4 44,956 206 2,698 25 267 3 46,494 147 Selling Expenses 5,635 26 1,024 9 778 8 6,490 20 Administrative Expenses5 40,994 188 3,323 31 1,600 16 43,399 137 Other Expenses 350 2 8,017 74 3,861 38 6,152 19 Other Incomes 0 0 -8,448 -78 -4,765 -47 -6,393 -20 Other administrative charges 0 0 2,115 20 249 2 1,222 4 Sustaining Capex6 16,138 74 12,532 116 15,270 149 28,910 91   By-product Credit -293,020 -1,341 -6,224 -58 -10,072 -98 -300,361 -948   All-in Sustaining Cost 175,448 803 89,039 826 55,418 542 244,912 773   *All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas.   Notes: 1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A. 2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 53.06% from La Zanja and 40.095% from Tantahuatay. 3. For Buenaventura does not consider purchase of concentrate from La Zanja. 4. For all metals produced. 5. For Buenaventura, does not consider management services charged to subsidiaries. 6. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.  

APPENDIX 6

Compañía de Minas Buenaventura S.A.A. and Subsidiaries Consolidated Statement of Financial Position As of September 30, 2015 and December 31, 2014    

2015

2014

Assets US$(000) US$(000) Current assets Cash and cash equivalents 115,448 78,512 Trade and other accounts receivable, net 218,921 281,604 Income tax credit 48,356 53,746 Prepaid expenses 9,419 16,954 Hedge derivative financial instruments 1,579 3,688 Inventory, net 123,004 150,284 516,727 584,788 Assets classified as held for sale 16,270 18,683 Total current assets 532,997 603,471   Non-current assets Trade and other accounts receivable, net 57,601 26,651 Long-term inventory 30,133 34,088 Investment in associates 2,280,926 2,224,381 Mining concessions, development costs, property, plant and equipment, net 1,712,626 1,715,452 Investment properties, net 10,809 11,200 Deferred income tax asset 50,441 47,675 Intangible assets, net 36,767 4,592 Other assets, net 4,700 4,764 Total non-current assets 4,184,003 4,068,803     Total assets 4,717,000 4,672,274     Liabilities and shareholders’ equity Current liabilities Overdrafts and bank loans 187,178 40,000 Trade and other accounts payable 224,198 254,000 Provisions 52,828 67,895 Current income tax payable 2,609 3,556 Hedge derivative financial instruments 1,298 - Embedded derivatives for concentrate sales, net 2,725 9,072 Financial obligations 33,227 69,950 Total current liabilities 504,063 444,473   Liabilities directly associated with assets classified as held for sale 20,760 28,890 524,823 473,363   Non-current liabilities Financial liability at fair value through profit or loss 23,026 23,026 Trade and other accounts payable 15,057 15,240 Provisions 121,289 63,571 Financial obligations 330,208 313,355 Deferred income tax liability 11,260 21,594 Total non-current liabilities 500,840 436,786     Total liabilities 1,025,663 910,149   Shareholders’ equity Issued capital 750,497 750,497 Investment shares 1,396 1,396 Additional paid-in capital 219,055 219,055 Legal reserve 162,713 162,710 Other reserves 269 269 Retained earnings 2,303,767 2,328,423 Other equity reserves 61 1,755 3,437,758 3,464,105 Non-controlling interest 253,579 298,020 Total shareholders’ equity 3,691,337 3,762,125     Total liabilities and shareholders’ equity 4,717,000 4,672,274         Compañía de Minas Buenaventura S.A.A. and Subsidiaries Consolidated Statement of Income   For the three-month period For the nine-month period ended September 30, ended September 30,

2015

2014

2015

2014

US$(000) US$(000) US$(000) US$(000) Continued operations Operating income Net sales 200,116 306,673 691,956 874,363 Royalty income 8,720   9,532   25,200   24,956   Total operating income 208,836 316,205 717,156 899,319   Operating costs Cost of sales, without considering depreciation and amortization (136,185 ) (160,298 ) (433,557 ) (447,568 ) Exploration in operating units (20,991 ) (25,424 ) (66,091 ) (76,579 ) Depreciation and amortization (61,377 ) (55,925 ) (179,185 ) (151,014 ) Mining royalties (6,886 ) (7,369 ) (21,963 ) (21,810 ) Total operating costs (225,439 ) (249,016 ) (700,796 ) (696,971 )         Gross profit (loss) (16,603 ) 67,189   16,360   202,348     Operating expenses, net Administrative expenses (20,432 ) (22,975 ) (60,779 ) (72,659 ) Exploration in non-operating areas (5,259 ) (7,180 ) (25,660 ) (32,375 ) Selling expenses (4,707 ) (4,332 ) (12,815 ) (12,921 ) Provision for impairment of long-lived assets - - (3,803 ) - Provision for contingencies (472 ) 8,660 (280 ) (2,228 ) Other, net (7,218 ) (10,188 ) (7,696 ) (2,240 ) Total operating expenses, net (38,088 ) (36,015 ) (111,033 ) (122,423 )   Operating profit (loss) (54,691 ) 31,174   (94,673 ) 79,925     Other income, net Net share in the results of associates under equity method 13,381 23,553 61,621 39,242 Financial income 827 552 2,441 4,199 Financial expenses (6,951 ) (848 ) (21,103 ) (7,005 ) Net loss from currency exchange difference (3,945 ) (4,304 ) (7,525 ) (5,071 ) Income on business combination -   59,879   -   59,879   Total other income, net 3,312 78,832 35,434 91,244   Profit (loss) before income taxes (51,379 ) 110,006 (59,239 ) 171,169   Current income tax expense (3,176 ) (10,290 ) (10,559 ) (25,034 ) Deferred income tax income (expense) 17,473 (13,979 ) 14,490 (17,050 )         Profit (loss) from continued operations (37,082 ) 85,737   (55,308 ) 129,085     Discontinued operations Loss from discontinued operations (1,924 ) (5,138 ) (4,940 ) (26,284 ) Net profit (loss) (39,006 ) 80,599   (60,248 ) 102,801     Attributable to: Owners of the parent (23,229 ) 78,336 (24,656 ) 85,312 Non-controlling interest (15,777 ) 2,263   (35,592 ) 17,489   (39,006 ) 80,599   (60,248 ) 102,801     Basic and diluted earnings per share attributable to the owners of the parent, stated in U.S. dollars (0.09 ) 0.31   (0.10 ) 0.34     Weighted average number of shares outstanding (common and investment), in units 254,186,867   254,186,867   254,186,867   254,186,867             Compañía de Minas Buenaventura S.A.A. and Subsidiaries Consolidated Statement of Cash Flows   For the three-month period For the nine-month period ended September 30, ended September 30,

2015

2014

2015

2014

US$(000) US$(000) US$(000) US$(000) Operating activities Proceeds from sales 239,513 322,657 721,967 856,391 Value Added Tax (VAT) recovered 21,911 - 74,784 39,685 Royalties received 7,151 6,125 28,966 22,148 Dividends received 1,816 2,484 4,775 6,926 Interest received 700 477 2,497 4,306 Payments to suppliers and third-parties (192,714 ) (130,995 ) (553,471 ) (519,735 ) Payments to employees (40,892 ) (50,111 ) (127,920 ) (157,072 ) Payment of income tax (6,125 ) (13,449 ) (17,387 ) (31,393 ) Payment of royalties (5,525 ) (5,882 ) (17,407 ) (16,848 ) Payment of interest (7,684 ) 80   (17,283 ) (5,373 )   Net cash and cash equivalents provided by operating activities 18,151   131,386   99,521   199,035     Investing activities Proceeds from sales of mining concessions, property, plant and equipment 569 79 2,589 169 Proceeds from collections of loans 141 5,095 141 15,553 Acquisitions of mining concessions, development costs, property, plant and equipment (84,895 ) (108,027 ) (166,527 ) (241,983 ) Loans granted (20,800 ) - (20,800 ) - Proceeds from settlement of investment in shares - - - 80 Payments for acquisition of shares in subsidiaries, net of acquired cash - (80,373 ) - (80,373 ) Opening of term deposits (7,350 ) - (7,350 ) - Acquisitions of investment properties - - - (11,705 ) Contributions and investments in associates -   732   -   (900 )   Net cash and cash equivalents used in investing activities (112,335 ) (182,494 ) (191,947 ) (319,159 )   Financing activities Increase of bank loans 150,000 38,183 240,000 40,504 Increase of financial obligations - 3,119 10,000 186,558 Repayment of bank loans (50,000 ) - (90,000 ) - Payment of financial obligations (20,784 ) (6,179 ) (29,870 ) (39,772 ) Dividends paid (70 ) - (70 ) (2,797 ) Dividends paid to non-controlling interest (2,140 ) (2,040 ) (8,048 ) (6,240 )   Net cash and cash equivalents provided by financing activities 77,006   33,083   122,012   178,253     Net increase (decrease) in cash and cash equivalents during the period (17,178 ) (18,025 ) 29,586 58,129 Cash and cash equivalents at the beginning of the period 125,276 138,052 78,512 61,898         Cash and cash equivalents at the end of the period 108,098   120,027   108,098   120,027         For the three-month period For the nine-month period ended September 30, ended September 30,

2015

2014

2015

2014

US$(000) US$(000) US$(000) US$(000) Reconciliation of net profit (loss) to cash and cash equivalents provided by operating activities   Net profit (loss) attributable to owners of the parent (23,229 ) 78,336 (24,656 ) 85,312   Plus (less): Depreciation and amortization 61,377 55,925 179,185 151,014 Provision for impairment of inventories 8,928 2,069 13,710 1,234 Net loss (gain) on sales of mining concessions, property, plant and equipment 10,667 (105 ) 13,620 (169 ) Net loss from currency exchange difference 3,945 4,304 7,525 5,071 Provision for impairment of long-lived assets - - 3,803 - Accretion expense of provision for closure of mining units and exploration projects 96 1,088 2,931 2,310 Provision for interest payable (1,083 ) - 1,659 - Allowance for doubtful accounts 254 - 1,101 19 Provision for employee bonus - - 135 1,931 Net share in the results of associates under equity method (13,381 ) (23,553 ) (61,621 ) (39,242 ) Net profit (loss) attributable to non-controlling interest (15,777 ) 2,263 (35,592 ) 17,489 Deferred income tax expense (income) (17,473 ) 13,979 (14,490 ) 17,050 Provision for estimated fair value of embedded derivatives related to concentrate sales and adjustments on open liquidations (5,752 ) 13,051 (6,347 ) 8,951 Other provisions 316 (518 ) 431 627   Net changes in operating assets and liabilities   Decrease (increase) in operating assets Trade and other accounts receivable, net 22,496 (9,678 ) 51,970 (26,580 ) Inventory, net (12,810 ) (47 ) 11,656 27,390 Income tax credit 5,570 15,300 5,390 9,749 Prepaid expenses 4,543 2,633 7,242 1,578   Increase (decrease) in operating liabilities Trade and other accounts payable (17,892 ) (19,312 ) (35,210 ) (47,242 ) Income tax payable (305 ) (2,186 ) (947 ) (2,140 ) Provisions 5,845 (4,647 ) (26,749 ) (22,243 )   Dividends received 1,816 2,484 4,775 6,926         Net cash and cash equivalents provided by operating activities 18,151   131,386   99,521   199,035    

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Compañia de Minas Buenaventura S.A.A.In Lima:Carlos Galvez, 511-419-2540Chief Financial OfficerorDaniel Dominguez, 511-419-2591Director of Treasury and Investor Relationsdaniel.dominguez@buenaventura.peorIn New York:i-advize Corporate CommunicationsMaria Barona / Rafael Borja(212) 406-3691/3693buenaventura@i-advize.comorVisit our website:http://www.buenaventura.com