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    César Pérez Novoa

    Managing Director and Senior Equity Analyst at BTG Pactual

    César Pérez Novoa is a Managing Director and Senior Equity Analyst at BTG Pactual specializing in metals and mining, particularly covering companies such as SQM and Fresnillo. He has achieved a 100% success rate on his publicly tracked recommendations, with historical returns per TipRanks averaging 58.3% and notable single-stock returns as high as 70.5%. Pérez Novoa began his equities career in 2007, was previously head of Chilean equity research at Celfin Capital until its acquisition by BTG Pactual in November 2012, and has since led the firm’s Latin America metals and mining research team to multiple top industry rankings, including No. 1 placements in Institutional Investor’s All-Latin America Research Team. He holds advanced professional credentials in equity research and is widely recognized for his leadership and performance in the sector.

    César Pérez Novoa's questions to CHEMICAL & MINING CO OF CHILE (SQM) leadership

    César Pérez Novoa's questions to CHEMICAL & MINING CO OF CHILE (SQM) leadership • Q2 2025

    Question

    César Pérez Novoa of BTG Pactual inquired about the mine economics of Mt. Holland, including its short-term and long-term costs relative to Salar de Atacama, and also requested an update on the Salar Futuro project's implementation status and expected CapEx deployment.

    Answer

    Mark Fones, CEO of the International Lithium Division, stated that while Mt. Holland is currently profitable, its costs are not yet reflective of long-term projections but are expected to be competitive. CEO Ricardo Ramos addressed Salar Futuro, explaining that the environmental study will be submitted in H2 2026, with project approval anticipated around early 2030. Consequently, significant CapEx spending is not expected to begin until H2 2030.

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    César Pérez Novoa's questions to CHEMICAL & MINING CO OF CHILE (SQM) leadership • Q2 2025

    Question

    César Pérez Novoa of BTG Pactual questioned the mine economics of Mt. Holland, including its cost structure relative to Salar de Atacama, and asked for an update on the implementation timeline and CapEx for the Salar Futuro project.

    Answer

    Mark Fones, CEO of the International Lithium Division, stated that while Mt. Holland is currently profitable, long-term costs are projected to be in the top tier for concentrate and mid-tier for the refinery. CEO Ricardo Ramos explained that the Salar Futuro environmental study will be submitted in H2 2026, with major CapEx spending not expected to begin until after project approval around 2030.

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    César Pérez Novoa's questions to BUENAVENTURA MINING CO (BVN) leadership

    César Pérez Novoa's questions to BUENAVENTURA MINING CO (BVN) leadership • Q2 2025

    Question

    Inquired about operations at Uchucchacua, specifically regarding silver grade stabilization and cost improvements. Also asked about the strategy at El Brocal, including mining higher-grade ore, its impact on costs, and how the commercialization of Cerro Verde concentrate fits in.

    Answer

    At Uchucchacua, high-grade mining in one area is paused until Q4 due to seismic monitoring, but overall throughput is increasing, which should lower costs. At El Brocal, the strategy to mine higher-grade copper while prioritizing gold and silver-rich areas will continue, positively impacting costs via by-product credits. The sale of Cerro Verde concentrate provides a small margin and strategic leverage for better commercial terms on the company's own materials.

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    César Pérez Novoa's questions to BUENAVENTURA MINING CO (BVN) leadership • Q2 2025

    Question

    César Pérez Novoa from BTG Pactual asked about operations at the Uchucchacua and El Brocal mines. He questioned the stabilization of silver grades at Uchucchacua and the outlook for costs, and inquired about the strategy of mining higher-grade ore at El Brocal and its impact on costs, including synergies from commercializing Cerro Verde concentrate.

    Answer

    VP of Operations Juan Carlos Ortiz explained that at Uchucchacua, mining in a high-grade area was paused due to seismic activity, with a potential resumption in Q4. He noted the mine is ramping up to 2,000 tons per day, which should reduce costs by 10% by year-end. For El Brocal, the strategy is to continue mining 1.45% copper ore while prioritizing areas with higher gold and silver content to improve costs through byproduct credits. VP of Business Development Aldo Masa added that selling Cerro Verde concentrate helps secure better commercial terms for Buenaventura's other materials.

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    César Pérez Novoa's questions to BUENAVENTURA MINING CO (BVN) leadership • Q2 2025

    Question

    César Pérez Novoa from BTG Pactual asked about operations at Uchucchacua, specifically if silver grades had stabilized and if costs would improve. He also inquired about El Brocal's strategy of mining higher-grade ore and how the commercialization of Cerro Verde concentrate impacts the overall copper business.

    Answer

    VP of Operations Juan Carlos Ortiz explained that at Uchucchacua, mining in a high-grade area was paused due to seismic activity but should resume in Q4, with overall throughput ramping up to reduce costs by year-end. For El Brocal, he confirmed the strategy is to continue mining higher-grade copper ore with high gold and silver content, which should positively impact costs. VP of Business Development & Marketing Aldo Masa added that selling Cerro Verde's clean concentrate provides leverage for better commercial terms on Buenaventura's own materials.

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