Compañía de Minas Buenaventura A : 4Q Buenaventura Consolidated 2023

Translation of a report and consolidated financial statements originally issued in Spanish - See Note 38 to the consolidated financial statements

Compañía de Minas Buenaventura S.A.A. and Subsidiaries

Consolidated Financial Statements for the years ended December 31, 2023, 2022 and 2021 and Report of Independent Accounting Firm

Translation of a report and consolidated financial statements originally issued in Spanish - See Note 38 to the consolidated financial statements

Compañía de Minas Buenaventura S.A.A. and Subsidiaries

Consolidated Financial Statements for the years ended December 31, 2023, 2022 and 2021, and Report of Independent Accounting Firm

Content

Report of Independent Accounting Firm

Consolidated Financial Statements

Consolidated statements of financial position

Consolidated statements of profit or loss

Consolidated statements of comprehensive income (loss)

Consolidated statements of changes in equity

Consolidated statements of cash flows

Notes to the consolidated financial statements

Tanaka, Valdivia & Asociados

Sociedad Civil de R. L

Translation of a report originally issued in Spanish -

See Note 38 to the consolidated financial statements

Report of Independent Accounting Firm

To the Board of Directors and Shareholders of Compañía de Minas Buenaventura S.A.A.

Opinion

We have audited the consolidated financial statements of Compañía de Minas Buenaventura S.A.A. and subsidiaries (the Group), which comprise the consolidated statement of financial position as of December 31, 2023, and the consolidated statement of profit or loss, the consolidated statement of other comprehensive income (loss), the consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of material accounting policies.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as of December 31, 2023 and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs) as issued by the International Accounting Standard Board (IASB).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs) approved for its application in Peru by the Board of Deans of Peruvian Public Accounting Associations. Our responsibilities under those standards are further described in the Auditor's responsibilities for

the audit of the consolidated financial statements section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code) together with the ethical requirements that are relevant to our audit of the consolidated financial statements in Peru, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Translation of a report originally issued in Spanish -

See Note 38 to the consolidated financial statements

Report of Independent Accounting Firm (continue)

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.

We have fulfilled the responsibilities described in the Auditor's responsibilities for the audit of the consolidated financial statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the consolidated financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying consolidated financial statements.

	Impairment of Property, plant, equipment and development cost
Description of	As of December 31, 2023, the net book value of the Group's property, plant,
the Matter	equipment and development costs was US$1,600.29 million. Related
	disclosures are included in Note 2.4(m) and Note 11(b) to the consolidated
	financial statements. The Group reviews and evaluates its property, plant,
	equipment and development costs for impairment, on each reporting date, or
	when events or changes in circumstances indicate that the related book
	values, at the Cash Generating Unit (CGU) Level, may not be recoverable.
	When the Group determines the existence of indicators of significant
	impairment, Management performs an evaluation to determine if there is
	impairment. There is impairment when the book value of an asset or CGU
	exceeds its recoverable amount, the recoverable amount being the higher of
	fair value less costs to sell and value in use. On the other hand, a previously
	recognized impairment loss is reversed only if there has been a change in
	the assumptions used to determine the recoverable amount of the asset or
	CGU since the last impairment loss was recognized. The Group has
	estimated the value in use at the level of each CGU with indicators to test the
	impairment of its property, plant, equipment and development costs. During

Translation of a report originally issued in Spanish -

See Note 38 to the consolidated financial statements

Report of Independent Accounting Firm (continue)

	Impairment of Property, plant, equipment and development cost
	2023, the Group has not recorded impairment on the book value of its
	properties, plant, equipment and development costs.
	The audit carried out on the impairment assessment of the Group's property,
	plant, equipment and development costs was complex and involved
	judgment due to the importance of this estimate in determining the value in
	use of each CGU. In particular, estimates of value in use were sensitive to
	significant assumptions such as production volumes, mine life, market price
	of metals, residual value of assets and discount rates reflecting current
	market assessments of the time value of money, and the specific risks
	associated with each CGU, including estimated amounts of recoverable
	minerals and residual value.
	The Group involved independent consultants and appraisers to validate the
	estimated amount of recoverable mineral reserves and the residual value of
	long-lived assets that were used as part of the impairment analyses,
	respectively.
How We	We obtained an understanding of the design of the controls executed by the
Addressed the	Management of the Group on the evaluation process of impairment of
Matter in Our	property, plant, equipment and development costs, including the process to
Audit	identify and evaluate possible indicators of impairment and reversal; as well
	as an understanding of the review carried out by the Group of the significant
	assumptions, the projected financial information and the methodology used
	to develop said estimates.
	To test the estimated value in use of the Group's CGUs with impairment
	indicators, we carried out audit procedures that included, among others,
	evaluating estimation methodology and testing the significant assumptions
	discussed above, as well as the underlying data used by the Group in its
	analysis.

Translation of a report originally issued in Spanish -

See Note 38 to the consolidated financial statements

Report of Independent Accounting Firm (continue)

Impairment of Property, plant, equipment and development cost

We evaluate projected financial information of CGUs with impairment indicators by comparing commodity prices with available market information and internal business plans. We also assess future production levels used in impairment analyses, which are based on life-of-mine plans, against historical estimates and actual results. Additionally, we evaluate the Group's estimated quantities of recoverable minerals by comparing them with the historical operating performance of each CGU.

We involved our valuation specialists to help us compare commodity price assumptions with market data and analyst forecasts. Additionally, our valuation specialists reviewed the discount rates used, comparing them to current industry and economic trends, and evaluated the specific risk premiums applied.

Likewise, we involved independent appraisers to assist us in reviewing the estimated residual value of long-lived assets for those CGUs with impairment indicatores in which a significant variation in this assumption could result in the recognition of an impairment provision.

We also perform a sensitivity analysis on significant assumptions to assess any changes in the recoverable value of the CGUs that might result from changes in these assumptions.

We assess the competence and objectivity of the independent consultants, as well as the competence of the Group's.

In addition, we assess the disclosure of this matter in Note 2.4(m) and Note 11(b) to the consolidated financial statements.

Translation of a report originally issued in Spanish -

See Note 38 to the consolidated financial statements

Report of Independent Accounting Firm (continue)

	Impairment of Property, plant, equipment and development cost
	Uncertain tax positions
Description of	As disclosed in the Notes 7(c) and Note 31(d) to the consolidated financial
the Matter	statements, the Group has identified certain contingencies related to income
	tax associated with the fiscal years 2007 to 2010, 2013 and 2014, 2017 and
	2018. In these years, the tax authorities pertinent parties have challenged the
	tax treatment applied by the Group under the Peruvian income tax law. As of
	December 31, 2023, the Group has recognized assets for tax claim for
	payments made under protest to the tax authority for an amount of $526.5
	million, as a result of payments made to the tax authorities as part of the tax
	claim process in Peru, but for which the Group is disputing the validity of the
	assessment made by the tax authorities. As of December 31, 2023, the
	Group's Management concluded that the probabilities of recovering a portion
	of the payments made under protest to the Tax Administration related to
	fiscal years 2009 and 2010 were less than 50%, for which it was recognized
	with effect on the results of the year a Liability due to a claim to the Tax
	Administration for US$113.2 million.
	Uncertainty in a tax position may arise when there is uncertainty as to the
	applicability of income tax law, or the applicability of tax law to a particular
	transaction, or both. The Group uses significant judgment to determine,
	based on technical merits, whether its tax position is more likely to be upheld
	in determining the recoverable amount of the payments made under protest
	related to income tax.
	The audit of the estimate of uncertain tax positions and recoverability related
	to assets for claims to SUNAT for payments made under protest, before the
	uncertain tax treatment is resolved, requires a high degree of auditor
	judgment and a significant audit effort due to the complexity and judgment
	used by the Group in the determination, based on interpretations of the
	income tax legislation and legal provisions in Peru.

Translation of a report originally issued in Spanish -

See Note 38 to the consolidated financial statements

Report of Independent Accounting Firm (continue)

	Impairment of Property, plant, equipment and development cost
How We	We obtained an understanding of the design of the controls by the Group's
Addressed the	Management on the accounting process for the determination of income tax,
Matter in Our	including uncertain tax positions and tax contingencies, for this we obtained
Audit	an understanding of the review carried out by the administration on the
	technical merits of uncertain tax positions, disputed tax assessments, and
	determination and approval of the recoverable amount of assets for claims to
	SUNAT for payments made under protest
	Our audit procedures included, among others, the evaluation of the
	assumptions used by the Group to develop its uncertain tax positions based
	on the Peruvian income tax laws, the review of the amounts recognized as
	assets and liabilities, including the inspection and analysis of these matters
	by internal lawyers. and external to the Group.
	In addition, we involve our tax professionals to assess the technical merits of
	the Group's tax position and to assess the application of relevant tax law and
	accounting guidance when assessing the recognition and recoverability of
	assets for claims to SUNAT for payments made under protest.
	In addition, we evaluate the disclosure of this matter in Notes 7(c) and 31(d)
	to the consolidated financial statements.

Translation of a report originally issued in Spanish -

See Note 38 to the consolidated financial statements

Report of Independent Accounting Firm (continue)

Other information included in The Group's 2023 Annual Report

Other information consists of the information included in the Annual Report, other than the consolidated financial statements and our auditor's report thereon. Management is responsible for the other information.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

When we read and consider the Annual Report for December 31, 2022, if we conclude that it contains a material misstatement, we will communicate the identified matter to those charged with governance of the Group.

Responsibilities of management for the consolidated financial statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with IFRSs as issued by the IASB, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Group's financial reporting process.

Translation of a report originally issued in Spanish -

See Note 38 to the consolidated financial statements

Report of Independent Accounting Firm (continue)

Auditor's responsibilities for the audit of the consolidated financial statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.