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Wednesday, May 22, 2024

Buenaventura’s Remarks on the General Shareholders’ Meeting Discussion

e proposed Agreement and Plan of Reorganization (the “Reorganization”) of Buenaventura and Antofagasta pursuant to which Antofagasta will acquire 100% of the outstanding shares of Buenaventura in exchange for newly issued shares of Antofagasta (the “Transaction”).

This is a major development in the mining industry and is set to have a significant impact on the future of both Buenaventura and Antofagasta. The agreement will see Antofagasta take over 100% of Buenaventura’s shares in exchange for newly issued shares of Antofagasta. This is a substantial move that will see the two companies merge, creating a stronger and more capable entity.

Buenaventura is the largest publicly-traded precious metals mining company in Peru, while Antofagasta is a leading international mining group with a portfolio of copper mines across Chile and the United States. The combined entity is set to be a major player in the global mining industry, with increased scale and diversity in its operations.

The proposed Reorganization is a significant step for both Buenaventura and Antofagasta, and has the potential to create substantial value for shareholders of both companies. The Transaction will provide Buenaventura shareholders with the opportunity to participate in the future growth and success of the combined entity, while also providing them with liquidity and the ability to exit their investment in Buenaventura.

The Transaction is subject to a number of conditions, including the approval of the Reorganization by the shareholders of both Buenaventura and Antofagasta, as well as the receipt of any necessary regulatory approvals. The completion of the Transaction is also subject to customary closing conditions, including the absence of any material adverse change in the businesses or financial condition of either company.

The proposed Transaction represents a unique opportunity for Buenaventura shareholders to benefit from the value created by the combination of the two companies. The Transaction also provides Antofagasta with the opportunity to expand its presence in the South American mining industry, particularly in Peru, a significant mining jurisdiction.

The Reorganization will be put to a vote at the upcoming General Shareholders’ Meeting on February 22, 2024. Shareholders of both Buenaventura and Antofagasta will have the opportunity to vote on the proposed Reorganization and have their say on this momentous decision that will shape the future of both companies.

In summary, the proposed Reorganization between Buenaventura and Antofagasta represents a significant development in the mining industry. This move has the potential to create substantial value for shareholders of both companies and will see the creation of a stronger, more capable entity with increased scale and diversity in its operations. The upcoming General Shareholders’ Meeting on February 22, 2024, will provide shareholders with the opportunity to vote on this momentous decision and have their say on the future direction of both Buenaventura and Antofagasta.

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