Business Context and Reporting Period
Company: Compania de Minas Buenaventura S.A.A. (NYSE: BVN), Peru's largest publicly-traded precious metals mining company.
Filing Type: Form 6-K (Report of Foreign Issuer).
Date: February 17, 2026.
Reporting Period: Fourth Quarter (Q4) and Full Year 2025 results for production and volume sold, along with 2026 production guidance.
Key Financial and Operational Metrics
Note: This filing provides production volumes, sales volumes, and realized prices. It does not contain revenue, profit, cash flow, debt, or liquidity figures.
2025 Full Year Production (Direct Operations)
| Metal | Unit | 2025 Total |
|---|---|---|
| Gold | Ounces | 121,306 |
| Silver | Ounces | 15,577,679 |
| Lead | Metric Tons | 19,464 |
| Zinc | Metric Tons | 29,020 |
| Copper | Metric Tons | 52,445 |
2025 Full Year Volume Sold (Direct Operations)
| Metal | Unit | 2025 Total |
|---|---|---|
| Gold | Ounces | 109,387 |
| Silver | Ounces | 14,969,375 |
| Lead | Metric Tons | 17,941 |
| Zinc | Metric Tons | 23,980 |
| Copper | Metric Tons | 58,429 |
Average Realized Prices (2025 Full Year)
| Metal | Price (USD) |
|---|---|
| Gold | $3,547 / Oz |
| Silver | $41.87 / Oz |
| Lead | $1,912 / MT |
| Zinc | $2,844 / MT |
| Copper | $10,071 / MT |
Material Changes and Operational Highlights
- Orcopampa: 2025 gold production exceeded revised guidance due to higher grades and the successful application of Under Cut-and-Fill (UCF) and Over Cut-and-Fill (OCF) mining methods in previously non-mineable areas.
- Coimolache: 2025 gold production exceeded guidance driven by higher processed ore volumes and accelerated leach pad percolation rates.
- Yumpag: 2025 silver production exceeded guidance due to higher-than-expected grades.
- El Brocal: 2025 copper production fell below revised guidance due to mine development delays; high-grade stopes are now targeted for Q1 2026.
- San Gabriel: 2025 gold production was below guidance as the operation did not achieve commercial production due to permit delays, though the first doré bar was produced.
Guidance, Outlook, and Risks
2026 Production Guidance (Direct Operations)
| Metal | Guidance Range | Trend vs. 2025 |
|---|---|---|
| Gold | 133.0k - 153.0k oz | Expected Increase |
| Silver | 13.4M - 15.0M oz | Expected Decrease |
| Lead | 17.5k - 19.6k MT | Expected Increase |
| Zinc | 27.8k - 31.0k MT | Expected Increase |
| Copper | 48.0k - 53.0k MT | Stable |
Key Operational Outlook
- Tambomayo: Anticipated ~65% decrease in throughput and lower grades for gold, silver, lead, and zinc in 2026.
- Orcopampa: Gold output expected to decrease ~20% YoY due to lower grades, though mine life is extended via UCF/OCF methods.
- Coimolache: Expected YoY increase in gold production as it enters its first full year of operations at full capacity.
- Uchucchacua: Silver, lead, and zinc production expected to increase, supported by a ~20% throughput increase (targeting 2,500 tpd by year-end).
- San Gabriel: Commercial production expected to commence in Q1 2026 following receipt of the definitive operating permit and water license. Initial production will rely on stockpiles.
Risks and Contingencies
- Permitting: San Gabriel's timeline depends on finalizing the definitive operating permit and water license.
- Grade Variability: Multiple assets (Tambomayo, Orcopampa, El Brocal, La Zanja) face expected declines in metal grades in 2026.
- Forward-Looking Statements: Results depend on market prices, exploration success, joint venture performance, and Peruvian political/legal developments.
Investor Verification Checklist
- Verify the receipt of the definitive operating permit and water license for the San Gabriel mine to confirm Q1 2026 commercial production start.
- Monitor the actual throughput and grade realization at Tambomayo, given the projected 65% decrease in throughput.
- Confirm the approval of the mining extraction rate expansion for Yumpag (targeting 1,200 tpd) expected in Q3 2026.
- Track the ramp-up of processing capacity at Uchucchacua to the targeted 2,500 tpd by year-end 2026.
- Review the impact of lower copper grades at El Brocal on the stability of the 2026 copper production guidance.