BVN shares are higher as traders rotate back into Buenaventura on improving 2026 growth visibility, with attention centered on the San Gabriel gold start-up and management’s 2026 production targets. San Gabriel is viewed as the company’s most important near-term driver, and renewed focus on ramp timing and output expectations is supporting buying interest in the ADR.

Buenaventura has disclosed that San Gabriel produced first gold (and silver) on December 23, 2025, and has outlined a 2026 ramp profile starting around 2,000 tonnes per day, with updated 2026 gold guidance of roughly 48–55 thousand ounces. That ramp is meaningful because it can offset declines at mature assets and shift the narrative toward higher earnings power and cash generation into 2026.

Investors will be watching for quarter-by-quarter evidence that San Gabriel’s throughput and grades track toward the 2026 plan, since commissioning constraints and follow-on works can create volatility around early ramp periods. Separately, Buenaventura’s longer-dated copper optionality remains in the background after Peru approved an environmental study for the $3.4 billion Trapiche project, but that approval is generally viewed as a step in a multi-year process rather than a near-term earnings catalyst.