Disclosure of information on segments

12 Months Ended

Dec. 31, 2025

Disclosure of information on segments

32.Disclosure of information on segments

Management has determined its operating segments based on reports that the Group’s Chief Operating Decision Maker (CODM) uses for making decisions. The Group is organized into business units based on its products and services, activities and geographic locations. The broad categories of the Group’s business units are the following:

Production and sale of minerals (mining units in operation).

Construction, development and exploration projects.

Energy generation and transmission services.

Rental of mining concessions (until July 2024).

Holding of investment in shares.

Industrial activities.

Purchase and sale of mineral (Trading).

The accounting policies used by the Group in reporting segments internally are the same as those contained in the notes of the consolidated financial statements.

The CODM monitors the operating results of the business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on operating profit or loss and Net profit or loss and is measured consistently with profit or loss in the Group’s consolidated financial statements.

Corporate information mainly includes the following:

In the segment information of profit or loss -

Administrative expenses, other income (expenses), exchange gain (loss), finance costs and income and income tax that cannot be directly allocated to the operational mining units owned by the Parent company (Orcopampa, Julcani, Uchucchacua/Yumpag and Tambomayo).

Exploration activities in non-operating areas, carried out directly by the Parent company and not by the consolidated separate legal entities.

Participation in subsidiaries and associate companies of the Company, which are accounted for using the equity method.

In the segment information of assets and liabilities -

Investments in Sociedad Minera Cerro Verde S.A.A. Tinka Resources Ltd. and Compañía Minera Coimolache S.A., associate companies that are directly owned by the Parent company and are accounted for using the equity method; see note 10 to the consolidated financial statements.

Assets and liabilities of the operational mining units owned directly by the Parent company since this is the way the CODM analyzes the business. Assets and liabilities of other operating segments are allocated based on the assets and liabilities of the legal entities included in those segments.

Adjustments and eliminations mainly include the following:

In the segment information of consolidated statements of profit or loss –

The elimination of any profit or loss of investments accounted for under the equity method and not consolidated by the Group corresponding to the associate companies: Sociedad Minera Cerro Verde S.A.A. Tinka Resources Ltd. and Compañía Minera Coimolache S.A.

The elimination of intercompany sales and cost of sales.

The elimination of any equity pickup profit or loss of the subsidiaries of the Parent company.

In the segment information of assets and liabilities –

The elimination of the assets and liabilities of the investments accounted for under the equity method and not consolidated, corresponding to the associate companies: Sociedad Minera Cerro Verde S.A.A., Tinka Resources Ltd. and Compañía Minera Coimolache S.A.

The elimination of any equity pickup investments of the subsidiaries of the Parent company.

The elimination of intercompany receivables and payables.

Refer to note 20(a) to the consolidated financial statements for disclosures related to revenues from external customers for each product and service, and revenues from external customers attributed to Peru and foreign countries. Revenue information is based on the locations of customers.

Refer to note 20(d) to the consolidated financial statements for information about major customers (representing more than 10% of the Group’s revenues).

All non-current assets are located in Peru.


																										Equity accounted investees
														Construction,												Sociedad		Compañía
										Uchucchacu				development and		Energy				Holding of						Minera		Minera		Tinka		Total		Adjustment
		Colquijirca		Tambomayo		Orcopampa		Julcani		a/ Yumpag		La Zanja		exploration		generation and				investment		Industrial		Other		Cerro Verde		Coimolache		Resources		operating		and
		(Operation)		(Operation)		(Operation)		(Operation)		(Operation)		(Operation)		mining projects		transmission		Trading		shares		activities		segments		S.A.A		S.A.		Ltd.		segments		eliminations		Total
		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)
Year 2025
Results:
Continuing operations
Operating income
Sales of goods		532,908		113,790		201,917		92,662		596,655		70,080		—		—		100,409		—		81,107		—		4,728,340		245,238		—		6,763,106		(5,042,772)		1,720,334
Sales of services		—		—		—		—		—		—		—		39,207		—		232		11,454		—		—		—		—		50,893		(39,588)		11,305
Total operating income		532,908		113,790		201,917		92,662		596,655		70,080		—		39,207		100,409		232		92,561		—		4,728,340		245,238		—		6,813,999		(5,082,360)		1,731,639

Operating costs
Cost of sales of goods, excluding depreciation and amortization		(264,840)		(74,082)		(82,604)		(41,118)		(154,197)		(35,417)		64		—		(97,281)		—		(77,069)		—		(3,003,338)		(85,471)		—		(3,915,353)		3,164,368		(750,985)
Unabsorbed cost due to production stoppage		(2,968)		—		—		—		—		—		—		—		—		—		(2,683)		—		—		—		—		(5,651)		2,683		(2,968)
Cost of sales of services, excluding depreciation and amortization		—		—		—		—		—		—		—		(17,299)		—		—		(9,522)		—		—		—		—		(26,821)		22,122		(4,699)
Depreciation and amortization		(47,372)		(26,052)		(10,510)		(15,988)		(16,061)		(2,538)		(64)		(7,458)		—		—		(3,217)		—		—		(11,651)		—		(140,911)		20,773		(120,138)
Exploration in operating units		(11,160)		(6,099)		(6,724)		(9,415)		(18,574)		(13)		—		—		—		—		—		—		—		(5,449)		—		(57,434)		5,528		(51,906)
Mining royalties		(1,201)		(58)		(16,795)		(63)		(432)		(67)		—		—		—		—		—		—		—		—		—		(18,616)		64		(18,552)
Total operating costs		(327,541)		(106,291)		(116,633)		(66,584)		(189,264)		(38,035)		—		(24,757)		(97,281)		—		(92,491)		—		(3,003,338)		(102,571)		—		(4,164,786)		3,215,538		(949,248)
Gross profit (loss)		205,367		7,499		85,284		26,078		407,391		32,045		—		14,450		3,128		232		70		—		1,725,002		142,667		—		2,649,213		(1,866,822)		782,391

Operating expenses, net
Administrative expenses		(9,944)		(3,363)		(5,832)		(2,556)		(16,457)		(1,927)		(1,559)		(2,368)		(30)		(448)		(1,002)		(24,725)		—		(4,576)		(770)		(75,557)		5,344		(70,213)
Selling expenses		(9,494)		(1,248)		(727)		(1,595)		(13,402)		(138)		—		(641)		—		—		(1,418)		—		(128,103)		(1,127)		—		(157,893)		129,231		(28,662)
Exploration in non-operating areas		(11,958)		(533)		—		—		(277)		(3,216)		(1,220)		—		—		—		—		(7,576)		—		—		—		(24,780)		14		(24,766)
Reversal (provision) of contingencies and others		940		21		(286)		(322)		548		22		63		(239)		—		—		—		(1,479)		—		—		—		(732)		—		(732)
Other, net		(7,602)		(6,290)		(2,759)		(1,805)		(4,731)		(1,084)		(1,518)		620		—		678		(1,497)		6,563		393,430		(291)		14		373,728		(398,540)		(24,812)
Total operating expenses, net		(38,058)		(11,413)		(9,604)		(6,278)		(34,319)		(6,343)		(4,234)		(2,628)		(30)		230		(3,917)		(27,217)		265,327		(5,994)		(756)		114,766		(263,951)		(149,185)

Operating income (loss)		167,309		(3,914)		75,680		19,800		373,072		25,702		(4,234)		11,822		3,098		462		(3,847)		(27,217)		1,990,329		136,673		(756)		2,763,979		(2,130,773)		633,206
Share in the results of associates and joint venture		255		—		—		—		—		—		—		8,489		—		70,431		—		404,778		—		—		—		483,953		(176,033)		307,920
Net gain (loss) from currency exchange difference		(533)		(844)		(1,479)		(1,218)		(3,391)		774		129		567		1		(830)		539		71,250		72,439		2,714		16		140,134		(75,167)		64,967
Finance income		4,606		8		9		9		27		607		70		1,424		119		423		288		40,757		32,567		9,074		11		89,999		(41,653)		48,346
Finance costs		(4,660)		(492)		(1,451)		(985)		(823)		(2,337)		(1,505)		(3,536)		(5)		(4)		(1,710)		(69,621)		—		(3,380)		—		(90,509)		3,380		(87,129)
Profit (loss) before income tax		166,977		(5,242)		72,759		17,606		368,885		24,746		(5,540)		18,766		3,213		70,482		(4,730)		419,947		2,095,335		145,081		(729)		3,387,556		(2,420,246)		967,310

Current income tax		(42,140)		(3,062)		(5,673)		(2,413)		(14,708)		(4,240)		—		(3,403)		(53)		(66)		—		(44,575)		(528,930)		(41,272)		—		(690,535)		570,201		(120,334)
Deferred income tax		(125)		—		—		—		—		1,453		—		2,117		—		—		(5,698)		(5,615)		(199,276)		2,781		—		(204,363)		196,496		(7,867)
Total income tax		(42,265)		(3,062)		(5,673)		(2,413)		(14,708)		(2,787)		—		(1,286)		(53)		(66)		(5,698)		(50,190)		(728,206)		(38,491)		—		(894,898)		766,697		(128,201)
Profit (loss) from continuing operations		124,712		(8,304)		67,086		15,193		354,177		21,959		(5,540)		17,480		3,160		70,416		(10,428)		369,757		1,367,129		106,590		(729)		2,492,658		(1,653,549)		839,109

Discontinued operations		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(8,921)

Profit for the year		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		830,188

Total assets		821,145		84,011		59,920		62,079		403,792		83,628		1,150,035		384,686		39,077		313,330		72,588		3,478,866		9,224,620		534,174		55,342		16,767,293		(10,744,457)		6,022,836
Total liabilities		305,602		38,721		74,854		55,651		93,740		79,872		164,310		102,622		35,918		514		18,171		794,264		1,623,615		198,798		252		3,586,904		(1,831,533)		1,755,371

Other segment information
Investment in associates and joint venture		—		—		—		—		—		—		—		—		—		—		—		1,738,408		—		—		—		1,738,408		—		1,738,408
Additions of property, plant and equipment		60,117		3,157		4,607		3,399		41,390		5,634		375,346		767		—		—		1,503		232		—		—		—		496,152		—		496,152


																										Equity accounted investees
																Energy												Compañía
										Uchucchacu				Development		generation		Rental of		Holding of						Sociedad		Minera	Tinka		Total		Adjustment
		Colquijirca		Tambomayo		Orcopampa		Julcani		a/ Yumpag		La Zanja		and exploration		and		mining		investment		Industrial		Other		Minera Cerro		Coimolache	Resources		operating		and
		(Operation)		(Operation)		(Operation)		(Operation)		(Operation)		(Operation)		mining projects		transmission		concessions		shares		activities		segments		Verde S.A.A		S.A.	Ltd.		segments		eliminations		Total
		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)	US$(000)		US$(000)		US$(000)		US$(000)

Year 2024
Results:
Continuing operations
Operating income
Sales of goods		437,897		122,403		169,527		47,658		326,390		38,657		—		—		—		—		43,589		—		4,238,322		119,527	—		5,543,970		(4,396,380)		1,147,590
Sales of services		—		—		—		—		—		—		—		50,003		—		474		19,055		—		—		—	—		69,532		(62,517)		7,015
Total operating income		437,897		122,403		169,527		47,658		326,390		38,657		—		50,003		—		474		62,644		—		4,238,322		119,527	—		5,613,502		(4,458,897)		1,154,605

Operating costs
Cost of sales of goods, excluding depreciation and amortization		(245,156)		(76,825)		(81,068)		(35,118)		(127,900)		(23,417)		86		—		—		—		(37,427)		33		(2,014,585)		(74,035)	—		(2,715,412)		2,146,930		(568,482)
Unabsorbed cost due to production stoppage		(2,135)		—		—		—		—		—		—		—		—		—		—		—		—		—	—		(2,135)		—		(2,135)
Cost of sales of services, excluding depreciation and amortization		—		—		—		—		—		—		—		(23,512)		—		—		(11,713)		—		—		—	—		(35,225)		32,175		(3,050)
Depreciation and amortization		(62,085)		(42,472)		(12,459)		(5,765)		(19,596)		(4,492)		(86)		(7,774)		—		—		(4,904)		—		(574,194)		(18,867)	—		(752,694)		601,873		(150,821)
Exploration in operating units		(9,445)		(5,223)		(7,460)		(11,691)		(16,070)		(320)		—		—		—		—		—		—		—		(9,527)	—		(59,736)		8,852		(50,884)
Mining royalties		(2,179)		(503)		(15,836)		(190)		(1,237)		(168)		—		—		—		—		—		—		—		(647)	—		(20,760)		814		(19,946)
Total operating costs		(321,000)		(125,023)		(116,823)		(52,764)		(164,803)		(28,397)		—		(31,286)		—		—		(54,044)		33		(2,588,779)		(103,076)	—		(3,585,962)		2,790,644		(795,318)
Gross profit (loss)		116,897		(2,620)		52,704		(5,106)		161,587		10,260		—		18,717		—		474		8,600		33		1,649,543		16,451	—		2,027,540		(1,668,253)		359,287

Operating expenses, net
Administrative expenses		(8,457)		(6,242)		(8,442)		(2,406)		(16,713)		(1,630)		(1,538)		(2,202)		(58)		(369)		(956)		(12,325)		—		(3,397)	(5,363)		(70,098)		8,758		(61,340)
Selling expenses		(12,503)		(2,923)		(630)		(942)		(7,346)		(97)		—		(706)		—		—		(622)		—		(145,771)		(720)	—		(172,260)		146,492		(25,768)
Exploration in non-operating areas		(9,391)		(414)		—		—		(1,871)		(4,007)		(1,090)		—		—		—		—		(5,167)		—		—	—		(21,940)		80		(21,860)
Reversal (provision) of contingencies and others		(1,656)		506		409		(38)		245		541		41		(102)		—		—		—		(543)		—		121	—		(476)		(120)		(596)
Other, net		(13,610)		(1,738)		277		(411)		(6,750)		(1,323)		2,305		(776)		7,159		139,431		352		65,932		(23,688)		98	—		167,258		28,674		195,932
Total operating expenses, net		(45,617)		(10,811)		(8,386)		(3,797)		(32,435)		(6,516)		(282)		(3,786)		7,101		139,062		(1,226)		47,897		(169,459)		(3,898)	(5,363)		(97,516)		183,884		86,368
Operating income (loss)		71,280		(13,431)		44,318		(8,903)		129,152		3,744		(282)		14,931		7,101		139,536		7,374		47,930		1,480,084		12,553	(5,363)		1,930,024		(1,484,369)		445,655
Share in the results of associates and joint venture		127		—		—		—		—		—		—		7,088		—		23,440		—		327,353		—		—	—		358,008		(168,161)		189,847
Finance costs		(133)		(140)		622		462		827		(276)		41		(19)		91		(17)		(170)		(10,472)		—		(734)	—		(9,918)		(55,479)		(65,397)
Net gain (loss) from currency exchange difference		4,714		2		1		2		5		211		3		1,099		48		525		195		5,723		40,623		8,813	—		61,964		(71,148)		(9,184)
Finance income		(6,715)		(309)		(1,785)		(353)		(738)		(2,499)		(237)		(3,860)		(1)		(15)		(6)		(48,877)		(9,552)		(3,524)	—		(78,471)		90,999		12,528
Profit (loss) before income tax		69,273		(13,878)		43,156		(8,792)		129,246		1,180		(475)		19,239		7,239		163,469		7,393		321,657		1,511,155		17,108	(5,363)		2,261,607		(1,688,158)		573,449

Current income tax		(18,147)		(1,593)		(2,189)		(636)		(4,473)		(637)		—		(3,110)		(2,125)		(43,182)		(716)		(25,219)		(557,978)		(4,911)	—		(664,916)		561,800		(103,116)
Deferred income tax		(15,793)		—		—		—		—		(38)		—		(1,981)		—		—		(1,802)		(33,434)		—		(3,084)	—		(56,132)		3,084		(53,048)
Total income tax		(33,940)		(1,593)		(2,189)		(636)		(4,473)		(675)		—		(5,091)		(2,125)		(43,182)		(2,518)		(58,653)		(557,978)		(7,995)	—		(721,048)		564,884		(156,164)
Profit (loss) from continuing operations		35,333		(15,471)		40,967		(9,428)		124,773		505		(475)		14,148		5,114		120,287		4,875		263,004		953,177		9,113	(5,363)		1,540,559		(1,123,274)		417,285
Discontinued operations		—		—		—		—		—		—		—		—		—		—		—		—		—		—	—		—		—		(1,022)

Profit for the year		—		—		—		—		—		—		—		—		—		—		—		—		—		—	—		—		—		416,263

Total assets		683,780		106,634		39,093		28,822		258,017		42,203		1,018,559		240,566		1,394		33,858		79,127		2,509,638		8,034,461		384,635	52,097		13,512,884		(8,464,981)		5,047,903
Total liabilities		479,355		39,046		60,823		33,914		74,313		64,786		295,453		225,823		(8,765)		(108,872)		82,058		65,274		1,250,976		128,887	323		2,683,394		(1,195,192)		1,488,202

Other segment information
Investment in associates and joint venture		285,443		—		—		—		—		—		160,203		128,076		—		—		64,690		1,007		1,436,122		100,637	8,616		2,184,794		(636,402)		1,548,392
Additions of property, plant and equipment		24,916		1,444		2,427		1,874		29,727		98		291,101		—		—		—		—		26,651		—		—	—		378,238		—		378,238


																												Equity accounted investees
														Construction,										Industrial						Compañía
														development		Energy				Rental of		Holding of		activities				Sociedad		Minera	Tinka		Total		Adjustments
		Uchucchacua		Orcopampa		Julcani		Tambomayo		Colquijirca		La Zanja		and exploration		generation and		Insurance		mining		investment		(Temporary		Other		Minera Cerro		Coimolache	Resources		operating		and
		(Operation)		(Operation)		(Operation)		(Operation)		(Operation)		(Operation)		mining projects		transmission		brokerage		concessions		in shares		suspension)		segments		Verde S.A.A		S.A.	Ltd.		segments		eliminations		Total
		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)	US$(000)		US$(000)		US$(000)		US$(000)

Year 2023
Results:
Continuing operations
Operating income
Sales of goods		51,698		163,308		37,179		108,063		432,616		16,472		—		—		—		—		—		18,224		—		4,143,228		136,949	—		5,107,737		(4,296,776)		810,961
Sales of services		—		—		—		—		—		—		—		53,025		8,099		—		441		1,508		—		—		—	—		63,073		(50,189)		12,884
Total operating income		51,698		163,308		37,179		108,063		432,616		16,472		—		53,025		8,099		—		441		19,732		—		4,143,228		136,949	—		5,170,810		(4,346,965)		823,845
Cost of sales of goods, excluding depreciation and amortization		(15,544)		(73,774)		(32,213)		(70,260)		(248,972)		(29,008)		—		—		—		—		—		(17,783)		—		(2,142,799)		(83,882)	—		(2,714,235)		2,256,881		(457,354)
Unabsorbed cost due to production stoppage		(18,695)		—		—		—		—		—		—		—		—		—		—		(3,927)		—		—		—	—		(22,622)		2,729		(19,893)
Cost of sales of services, excluding depreciation and amortization		—		—		—		—		—		—		—		(34,852)		—		—		—		(1,612)		—		—		—	—		(36,464)		30,221		(6,243)
Depreciation and amortization		(6,279)		(12,625)		(6,693)		(49,863)		(87,216)		(3,855)		—		(9,037)		—		—		—		(6,082)		—		(409,847)		(34,745)	—		(626,242)		445,203		(181,039)
Exploration in operating units		(24,428)		(6,071)		(6,990)		(3,442)		(7,761)		(537)		—		—		—		—		—		—		—		(9,177)		(11,435)	—		(69,841)		20,612		(49,229)
Mining royalties		(268)		(14,307)		(367)		(1,047)		(2,670)		(181)		—		—		—		—		—		—		—		—		(686)	—		(19,526)		687		(18,839)
Total operating costs		(65,214)		(106,777)		(46,263)		(124,612)		(346,619)		(33,581)		—		(43,889)		—		—		—		(29,404)		—		(2,561,823)		(130,748)	—		(3,488,930)		2,756,333		(732,597)
Gross profit (loss)		(13,516)		56,531		(9,084)		(16,549)		85,997		(17,109)		—		9,136		8,099		—		441		(9,672)		—		1,581,405		6,201	—		1,681,880		(1,590,632)		91,248
Operating expenses, net
Administrative expenses		(4,512)		(15,975)		(3,993)		(11,183)		(9,781)		(2,413)		(1,682)		(2,377)		(11,440)		(186)		(365)		(536)		(5,140)		—		(3,772)	(297)		(73,652)		4,469		(69,183)
Selling expenses		(3,343)		(671)		(239)		(2,758)		(11,457)		(61)		—		(748)		—		—		—		(115)		—		(158,244)		(823)	—		(178,459)		159,067		(19,392)
Exploration in non-operating areas		(476)		—		—		—		(4,095)		(3,958)		(1,149)		—		—		—		—		—		(3,828)		—		—	—		(13,506)		54		(13,452)
Reversal (provision) of contingencies and others		1,122		(183)		1,409		(1,184)		1,063		2,085		(194)		83		—		—		127		200		2,398		—		—	—		6,926		1		6,927
Others, net		(2,435)		(899)		(1,074)		99		(10,511)		7,246		(3,750)		56		—		8,551		349		(272)		18,437		(82,042)		1,345	—		(64,900)		89,873		24,973
Total operating expenses, net		(9,644)		(17,728)		(3,897)		(15,026)		(34,781)		2,899		(6,775)		(2,986)		(11,440)		8,365		111		(723)		11,867		(240,286)		(3,250)	(297)		(323,591)		253,464		(70,127)
Operating income (loss)		(23,160)		38,803		(12,981)		(31,575)		51,216		(14,210)		(6,775)		6,150		(3,341)		8,365		552		(10,395)		11,867		1,341,119		2,951	(297)		1,358,289		(1,337,168)		21,121

Share in the results of associates and joint venture		—		—		—		—		(158)		—		—		1,962		—		—		21,517		—		152,371		—		—	—		175,692		(23,467)		152,225
Net gain (loss) from currency exchange difference		112		76		77		143		381		92		307		24		—		10		343		301		17,507		20,476		647	126		40,622		(21,247)		19,375
Finance income		28		4		—		8		2,866		838		13		1,142		5		56		328		308		3,572		36,285		6,298	77		51,828		(42,771)		9,057
Finance costs		(917)		(1,791)		(1,103)		(805)		(7,397)		(2,996)		(517)		(4,178)		(27)		(1)		(2)		(6)		(98,961)		(67,118)		(5,437)	—		(191,256)		72,002		(119,254)
Profit (loss) before income tax		(23,937)		37,092		(14,007)		(32,229)		46,908		(16,276)		(6,972)		5,100		(3,363)		8,430		22,738		(9,792)		86,356		1,330,762		4,459	(94)		1,435,175		(1,352,651)		82,524
Current income tax		(538)		(678)		(134)		—		(17,861)		579		—		(1,912)		(8)		(2,529)		(76)		—		(45,126)		(582,438)		(2,756)	—		(653,477)		584,171		(69,306)
Deferred income tax		—		—		—		—		2,408		—		—		1,411		978		—		—		3,815		18,853		30,640		2,475	—		60,580		(34,268)		26,312
Total income tax		(538)		(678)		(134)		—		(15,453)		579		—		(501)		970		(2,529)		(76)		3,815		(26,273)		(551,798)		(281)	—		(592,897)		549,903		(42,994)
Profit (loss) from continuing operations		(24,475)		36,414		(14,141)		(32,229)		31,455		(15,697)		(6,972)		4,599		(2,393)		5,901		22,662		(5,977)		60,083		778,964		4,178	(94)		842,278		(802,748)		39,530
Discontinued operations loss		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—	—		—		—		(6,848)
Profit for the year		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—	—		—		—		32,682
Total assets		222,041		49,707		31,371		143,451		683,311		44,341		694,950		367,130		—		4,854		232,177		65,318		2,917,237		7,930,910		380,331	76,379		13,843,508		(9,309,709)		4,533,799
Total liabilities		62,003		56,185		33,413		30,915		284,819		61,656		59,476		116,398		—		90		402		5,346		695,958		1,250,536		128,955	475		2,786,627		(1,422,039)		1,364,588
Investments in associates and joint venture		—		—		—		—		272,663		—		131,392		119,865		—		1,589		5,402		59,815		1,223		1,416,051		99,059	9,221		2,116,280		(589,157)		1,527,123
Acquisition of long-lived assets		14,353		3,624		828		333		61,772		2,827		150,198		1,168		—		—		—		157		5,898		—		8,929	—		250,087		(11,418)		238,669

Disaggregated revenue information

Set out below is the disaggregation of the Group’s revenue from contracts with customers:



		Uchucchacua												Energy		Holding of				Industrial		Total		Adjustments
		(Temporary		Orcopampa		Julcani		Tambomayo		Colquijirca		La Zanja		generation and		investment				activities		operating		and
		suspension)		(Operation)		(Operation)		(Operation)		(Operation)		(Operation)		transmission		in shares		Trading		(Operation)		segments		eliminations		Total
		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)
Year 2025
Revenues by type of customers:
Sales by customers -
External		526,819		201,529		81,480		104,182		500,642		885		—		—		96,470		81,107		1,593,114		—		1,593,114
Inter-segment		—		—		—		—		—		66,644		—		—		—		—		66,644		(66,644)		—
		526,819		201,529		81,480		104,182		500,642		67,529		—		—		96,470		81,107		1,659,758		(66,644)		1,593,114
Services -
External		—		—		—		—		—		—		11,305		—		—		—		11,305		—		11,305
Inter-segment		—		—		—		—		—		—		27,902		232		—		11,454		39,588		(39,588)		—
		—		—		—		—		—		—		39,207		232		—		11,454		50,893		(39,588)		11,305
		526,819		201,529		81,480		104,182		500,642		67,529		39,207		232		96,470		92,561		1,710,651		(106,232)		1,604,419

Revenues by geographic region:
Metal and concentrates sales -
Peru		453,552		13,705		81,376		91,070		451,799		67,529		—		—		—		3,123		1,162,154		(66,644)		1,095,510
America - other than Peru		—		187,824		—		13,112		—		—		—		—		—		77,451		278,387		—		278,387
Europe		69,449		—		104		—		31,282		—		—		—		24,166		533		125,534		—		125,534
Asia		3,818		—		—		—		17,561		—		—		—		72,304		—		93,683		—		93,683
		526,819		201,529		81,480		104,182		500,642		67,529		—		—		96,470		81,107		1,659,758		(66,644)		1,593,114
Services -
Peru		—		—		—		—		—		—		39,207		232		—		11,454		50,893		(39,588)		11,305
		526,819		201,529		81,480		104,182		500,642		67,529		39,207		232		96,470		92,561		1,710,651		(106,232)		1,604,419

Revenues by type of good or services:
Sales by metal -
Silver		453,456		774		53,902		45,751		65,496		1,933		—		—		3,638		3,759		628,709		(1,910)		626,799
Gold		42		200,763		27,279		49,784		40,890		68,331		—		—		—		68,339		455,428		(67,424)		388,004
Copper		—		—		583		4,107		492,629		—		—		—		91,122		—		588,441		—		588,441
Zinc		62,543		—		6		5,629		10		—		—		—		—		—		68,188		—		68,188
Lead		29,332		—		1,158		3,814		—		—		—		—		—		—		34,304		—		34,304
Antimony		—		—		309		—		—		—		—		—		—		—		309		—		309
Manganese sulfate		—		—		—		—		—		—		—		—		—		9,114		9,114		—		9,114
		545,373		201,537		83,237		109,085		599,025		70,264		—		—		94,760		81,212		1,784,493		(69,334)		1,715,159
Commercial deductions		(18,554)		(8)		(1,757)		(4,903)		(98,383)		(2,735)		—		—		1,710		(105)		(124,735)		2,690		(122,045)
		526,819		201,529		81,480		104,182		500,642		67,529		—		—		96,470		81,107		1,659,758		(66,644)		1,593,114
Services -		—		—		—		—		—		—		39,207		232		—		11,454		50,893		(39,588)		11,305
		526,819		201,529		81,480		104,182		500,642		67,529		39,207		232		96,470		92,561		1,710,651		(106,232)		1,604,419


																		Industrial
		Uchucchacua												Energy		Holding of		activities		Total		Adjustments
		/Yumpag		Orcopampa		Julcani		Tambomayo		Colquijirca		La Zanja		generation and		investment		(Temporary		operating		and
		(Operation)		(Operation)		(Operation)		(Operation)		(Operation)		(Operation)		transmission		in shares		suspension)		segments		eliminations		Total
		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)
Year 2024
Revenues by type of customers:
Sales by customers -
External		328,590		169,779		48,619		121,818		441,456		126		—		—		43,589		1,153,977		—		1,153,977
Inter-segment		—		—		—		—		—		38,852		—		—		—		38,852		(38,852)		—
		328,590		169,779		48,619		121,818		441,456		38,978		—		—		43,589		1,192,829		(38,852)		1,153,977
Services -
External		—		—		—		—		—		—		6,784		231		—		7,015		—		7,015
Inter-segment		—		—		—		—		—		—		43,219		243		19,055		62,517		(62,517)		—
		—		—		—		—		—		—		50,003		474		19,055		69,532		(62,517)		7,015
		328,590		169,779		48,619		121,818		441,456		38,978		50,003		474		62,644		1,262,361		(101,369)		1,160,992

Revenues by geographic region:
Metal and concentrates sales -
Peru		282,474		23,686		45,146		105,445		336,822		38,978		—		—		1,154		833,705		(40,822)		792,883
America - other than Peru		—		146,093		—		16,373		8		—		—		—		42,435		204,909		1,812		206,721
Europe		36,362		—		3,473		—		56,036		—		—		—		—		95,871		158		96,029
Asia		9,754		—		—		—		48,590		—		—		—		—		58,344		—		58,344
		328,590		169,779		48,619		121,818		441,456		38,978		—		—		43,589		1,192,829		(38,852)		1,153,977

Services -
Peru		—		—		—		—		—		—		50,003		474		19,055		69,532		(62,517)		7,015
		328,590		169,779		48,619		121,818		441,456		38,978		50,003		474		62,644		1,262,361		(101,369)		1,160,992

Revenues by type of good or services:
Sales by metal -
Silver		288,883		761		39,038		36,616		48,407		731		—		—		1,673		416,109		(710)		415,400
Gold		—		169,679		10,038		73,700		34,895		39,987		—		—		38,316		366,615		(39,873)		326,742
Copper		—		6		737		1,502		481,301		—		—		—		—		483,547		—		483,546
Zinc		48,589		—		—		10,789		3,747		—		—		—		—		63,125		—		63,125
Lead		25,086		—		1,373		7,381		(61)		—		—		—		—		33,779		—		33,779
Manganese sulfate		—		—		—		—		—		—		—		—		3,658		3,658		—		3,658
		362,558		170,446		51,186		129,989		568,289		40,718		—		—		43,647		1,366,833		(40,583)		1,326,250
Commercial deductions		(33,968)		(667)		(2,567)		(8,171)		(126,833)		(1,740)		—		—		(58)		(174,004)		1,731		(172,273)
		328,590		169,779		48,619		121,818		441,456		38,978		—		—		43,589		1,192,829		(38,852)		1,153,977
Services -		—		—		—		—		—		—		50,003		474		19,055		69,532		(62,517)		7,015
		328,590		169,779		48,619		121,818		441,456		38,978		50,003		474		62,644		1,262,361		(101,369)		1,160,992



														Energy				Rental of		Holding of		Industrial		Total		Adjustments
		Uchucchacua		Orcopampa		Julcani		Tambomayo		Colquijirca		La Zanja		generation and		Insurance		mining		investment		activities		operating		and
		(Operation)		(Operation)		(Operation)		(Operation)		(Operation)		(Operation)		transmission		brokerage		concessions		in shares		(Operation)		segments		eliminations		Total
		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)
Year 2023
Revenues by type of customers:
Sales by customers -
External		51,919		163,415		40,386		107,786		432,154		623		—		—		—		—		18,224		814,507		(750)		813,757
Inter-segment		—		—		—		—		—		16,600		—		—		—		—		—		16,600		(16,600)		—
		51,919		163,415		40,386		107,786		432,154		17,223		—		—		—		—		18,224		831,107		(17,350)		813,757
Services -
External		—		—		—		—		—		—		4,785		8,099		—		—		—		12,884		—		12,884
Inter-segment		—		—		—		—		—		—		48,240		—		—		441		1,508		50,189		(50,189)		—
		—		—		—		—		—		—		53,025		8,099		—		441		1,508		63,073		(50,189)		12,884
		51,919		163,415		40,386		107,786		432,154		17,223		53,025		8,099		—		441		19,732		894,180		(67,539)		826,641
Revenues by geographic region:
Metal and concentrates sales -
Peru		48,924		32,703		40,386		93,313		315,934		17,223		—		—		—		—		—		548,483		(18,380)		530,103
America - other than Peru		—		130,712		—		14,473		2,834		—		—		—		—		—		18,224		166,243		2,996		169,239
Europe		2,995		—		—		—		54,078		—		—		—		—		—		—		57,073		(1,966)		55,107
Asia		—		—		—		—		59,308		—		—		—		—		—		—		59,308		—		59,308
		51,919		163,415		40,386		107,786		432,154		17,223		—		—		—		—		18,224		831,107		(17,350)		813,757

Services -
		—		—		—		—		—		—		53,025		8,099		—		441		1,508		63,073		(50,189)		12,884
		51,919		163,415		40,386		107,786		432,154		17,223		53,025		8,099		—		441		19,732		894,180		(67,539)		826,641

Revenues by type of good or services:
Sales by metal -
Silver		58,440		607		39,986		33,372		63,093		744		—		—		—		—		18,226		214,468		(18,128)		196,340
Gold		—		163,855		671		71,368		26,448		17,414		—		—		—		—		—		279,756		(25)		279,731
Copper		—		—		535		—		466,023		—		—		—		—		—		—		466,558		—		466,558
Zinc		5,326		—		—		7,839		33,455		—		—		—		—		—		—		46,620		—		46,620
Lead		3,636		—		1,009		6,936		9,820		—		—		—		—		—		—		21,401		—		21,401
		67,402		164,462		42,201		119,515		598,839		18,158		—		—		—		—		18,226		1,028,803		(18,153)		1,010,650
Commercial deductions		(15,483)		(1,047)		(1,815)		(11,729)		(166,685)		(935)		—		—		—		—		(2)		(197,696)		803		(196,893)
		51,919		163,415		40,386		107,786		432,154		17,223		—		—		—		—		18,224		831,107		(17,350)		813,757
Services -		—		—		—		—		—		—		53,025		8,099		—		441		1,508		63,073		(50,189)		12,884
		51,919		163,415		40,386		107,786		432,154		17,223		53,025		8,099		—		441		19,732		894,180		(67,539)		826,641