Buenaventura Reports Q2 Production Results & Updated Mine Outlook
Gold production at the Coimolache mine, and gold and silver production at the Julcani mine were in line with the company's expectations. Tambomayo's gold and silver productions were below the company's quarterly expectations. The Orcopampa mine's gold and Uchucchacua silver production also missed the company's guidance. Meanwhile, silver production at the El Brocal and Yumpag mines exceeded BVN's expectations.
Let us dig deeper.
Buenaventura's Mine Performances in Q2
In second-quarter 2025, gold production at Orcopampa was 12,270 ounces, down 30.2% from the year-ago quarter. BVN sold 12,158 ounces of gold from the mine in the quarter. BVN expects 2025 production of 48,000-52,000 ounces of gold for the mine.
El Brocal produced 13,079 MT of copper, which marked a 1% year-over-year decrease. The 2025 copper production guidance is unchanged at 55,000-60,000 MT. Buenaventura produced 5,581 ounces of gold from the El Brocal mine in the second quarter, which jumped 40.2% year over year. Silver production rose 25% in the quarter under review to 390,486 ounces.
In the second quarter, Buenaventura sold 3,244 ounces of gold, 309,222 ounces of silver and 12,439 MT of copper from the El Brocal mine. The company expects 2025 gold production from El Brocal between 18,000 ounces and 20,000 ounces. Silver production is expected at 1.4-1.6 million ounces.
Gold production at Tambomayo decreased 66.6% year over year in the second quarter to 2,985 ounces, whereas silver production fell 49.7% to 191,181 ounces. The lead and zinc production at Tambomayo totaled 767 MT and 1,477 MT, respectively. Lead and zinc output were 29.3% and 40.6% lower than the year-ago quarter's reported levels, respectively. The downside was due to delayed processing of high-grade oxide ore from the mine's upper zones.
Buenaventura sold 2,594 ounces of gold in the second quarter and 170,144 ounces of silver from Tambomayo. The volume of lead and zinc sold totaled 634 MT and 671 MT. BVN maintained the 2025 production expectations for gold at 12,000-15,500 ounces and for silver at 1.2-1.5 million ounces. Lead outlook is updated at 1.7-2.2 MT and zinc at 2-2.5 MT.
The second-quarter 2025 gold production at the Coimolache mine increased 77.9% to 13,149 ounces. In the three months ended June 30, 2025, the mine sold 13,440 ounces. The company maintained its production guidance for 2025 at 50,000-55,000 ounces of gold.
Julcani's second-quarter silver production decreased 32.3% year over year to 299,697 ounces. Buenaventura sold 282,420 ounces of silver from Julcani in the second quarter. BVN expects the 2025 silver production to be 1.5-1.8 million ounces from the Julcani mine.
BVN Stock Price Performance
Shares of Buenaventura have gained 5% in the past year compared with the industry 's 10.7% growth.
Buenaventura's Zacks Rank
BVN currently has a Zacks Rank #3 (Hold).
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Performances of Other Mining Stocks
Fortuna Mining Corp. FSM produced 71,229 gold-equivalent ounces from ongoing operations in the second quarter of 2025, a 0.2% decrease from the year-ago quarter. However, the reported figure marked an increase of 1.2% from the first quarter of 2025. This includes a gold production of 61,736 ounces, which increased 10.2% year over year.
Post the sale of the Yaramoko mine in May 2025, the company updated its 2025 outlook. The company expects gold-equivalent production of 309,000-339,000 ounces for 2025, down from the prior stated 380,000-422,000 ounces.
First Majestic Silver Corp. AG announced that its total production reached 7.9 million AgEq ounces in the second quarter of 2025. The figure includes 3.7 million silver ounces and 33,865 gold ounces. The AgEq ounces produced marked a solid 48% year-over-year increase, attributed to a 76% surge in silver production.
In January 2025, First Majestic completed the acquisition of Gatos Silver, Inc., gaining a 70% interest in the high-quality and long-life Cerro Los Gatos Silver underground mine. This deal solidified AG's position as an intermediate primary silver producer. Total silver production in the second quarter included a contribution of 1.5 million ounces from Cerro Los Gatos.
Endeavour Silver Corporation EXK produced 2.5 million silver-equivalent ounces (AgEq) in the second quarter of 2025. This reflected a 17% increase from the year-ago quarter, driven by the addition of the Kolpa operation in May 2025.
Consolidated silver production was up 13% year over year to 1,483,736 ounces. Excluding production from Kolpa, consolidated silver production in the second quarter was down 16% year over year.
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Article content As of April 2023, the samples were sent for sample preparation with a chain of custody procedure for delivery to ALS Global Peru, at its Managua, Nicaragua laboratory for sample preparation, and subsequently to ALS Global Peru in Lima, Peru for geochemical analysis. Sample preparation is carried out following the PREP31 package (crushing of the entire sample to ≥70% passing 2-mm mesh, pulverization of 250 g ≥85% 75 µm). ALS Global Peru is accredited to ISO/IEC 17025:2017 by the SCC with validation date until 2029-03-01 and is independent of Mineros. Article content Samples, standards, duplicates, and blanks are analyzed for gold using a standard fire assay method (30 g aliquot) and AAS. Assays over 10 ppm are reanalyzed by 30 g fire assay with gravimetric finish. All samples are analyzed for a 51-element suite, using aqua regia digestion and an ICP-ES/MS finish. Article content All coarse rejects and pulps from both labs were returned and stored by the Company in a secure warehouse at the Hemco Property facility. Five percent of pulps are sent to secondary laboratory and analyzed using methods analogous to those at the primary laboratory. Article content NEXT STEPS Article content The 2025 drilling campaign at Guillermina commenced in July 2025 and is in progress with 2,000 meters planned. This program is designed to collect representative samples for metallurgical testing, consistent with the parameters established for the Porvenir Project, and will also serve as infill drilling to upgrade Inferred Mineral Resources to Indicated Mineral Resources. In parallel, Mineros has commenced evaluating potential mining methods and is actively exploring synergies with the Porvenir Project to support the potential expansion of the overall Mineral Resource inventory. Article content ABOUT MINEROS S.A. Article content Mineros is a Latin American gold mining company headquartered in Medellin, Colombia. The Company has a diversified asset base, with mines in Colombia and Nicaragua and a pipeline of development and exploration projects throughout the region. Article content The board of directors and management of Mineros have extensive experience in mining, corporate development, finance and sustainability. Mineros has a long track record of maximizing shareholder value and delivering solid annual dividends. For almost 50 years Mineros has operated with a focus on safety and sustainability at all its operations. Article content Mineros' common shares are listed on the Toronto Stock Exchange under the symbol 'MSA', and on the Colombia Stock Exchange under the symbol 'MINEROS'. Article content Election of Directors – Electoral Quotient System Article content The Company has been granted an exemption from the individual voting and majority voting requirements applicable to listed issuers under Toronto Stock Exchange policies, on grounds that compliance with such requirements would constitute a breach of Colombian laws and regulations which require the directors to be elected on the basis of a slate of nominees proposed for election pursuant to an electoral quotient system. For further information, please see the Company's most recent annual information form, available on the Company's website at and from SEDAR+ at Article content QUALIFIED PERSON Article content Luis Fernando Ferreira de Oliveira, MAusIMM CP (Geo), Mineral Resources and Reserves Manager for Mineros S.A., who is qualified person within the meaning of NI 43-101 supervised the preparation of the information that forms the basis for this news release. Mr. Ferreira has verified the scientific and technical information in this release, including sampling, analytical and test data underlying the initial Mineral Resource estimate on Guillermina, and the opinions expressed herein. Article content In accordance with applicable Canadian securities regulatory requirements, all Mineral Resource estimates disclosed in this news release have been prepared in accordance with NI 43-101 and are classified in accordance with the CIM Standards. Article content Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. Pursuant to the CIM Standards, Mineral Resources have a higher degree of uncertainty than Mineral Reserves as to their existence as well as their economic and legal feasibility. Inferred Mineral Resources, when compared with Measured or Indicated Mineral Resources, have the least certainty as to their existence, and it cannot be assumed that all or any part of an Inferred Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource as a result of continued exploration. Pursuant to NI 43-101, Inferred Mineral Resources may not form the basis of any economic analysis, including any feasibility study. Accordingly, readers are cautioned not to assume that all or any part of a Mineral Resource exists, will ever be converted into a Mineral Reserve, or is or will ever be economically or legally mineable or recovered. Article content FORWARD-LOOKING STATEMENTS Article content This news release contains 'forward looking information' within the meaning of applicable Canadian securities laws. Forward looking information includes statements that use forward looking terminology such as 'may', 'could', 'would', 'will', 'should', 'intend', 'target', 'plan', 'expect', 'budget', 'estimate', 'forecast', 'schedule', 'anticipate', 'believe', 'continue', 'potential', 'view' or the negative or grammatical variation thereof or other variations thereof or comparable terminology. Such forward looking information includes, without limitation, statements with respect to the estimate of Mineral Resources, the results of metallurgical studies being conducted; exploration and testing plans; future expansion and upgrading of Mineral Resources; the economic viability of the Porvenir Project and Guillermina; and future development to the Porvenir Project. Article content Forward looking information is based upon estimates and assumptions of management in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this news release. While the Company considers these assumptions to be reasonable, the assumptions are inherently subject to significant business, social, economic, political, regulatory, competitive and other risks and uncertainties, contingencies and other factors that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking information. Many assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct. Article content For further information of these and other risk factors, please see the 'Risk Factors' section of the Company's annual information form dated March 25, 2024, available on SEDAR+ at Article content The Company cautions that the foregoing lists of important assumptions and factors are not exhaustive. Other events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking information contained herein. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Article content Article content Article content Article content Article content Contacts
