Compania de Minas Buenaventura S.A.A. (NYSE: BVN) traded higher Wednesday (April 1, 2026), extending a recent run of strength as the market prices in improving 2026 production visibility and the upcoming contribution from its San Gabriel gold project. The latest catalyst investors are keying off is the company’s late-February operating update and guidance, which highlighted that construction and mine development needed for San Gabriel commercial production are complete and that remaining approvals are expected soon.

In its February 17, 2026 operating release filed on Form 6-K, Buenaventura said San Gabriel produced its first doré during 2025 but did not achieve commercial production that year due to permitting delays. For 2026, the company said it will finish commissioning remaining components in 1Q26—primarily the filtered tailings plant—and improve ventilation, while noting San Gabriel has already received its initial operating permit and that the definitive operating permit and water license are expected “in the coming weeks.” (sec.gov)

Buenaventura’s 2026 guidance commentary also pointed to operational changes across several assets, including throughput increases at Uchucchacua toward 2,500 tpd by year-end 2026 and the potential to lift Yumpag to 1,200 tpd subject to approval expected in 3Q26. Management also indicated that certain high-grade stopes at El Brocal were pushed into 1Q26 after 2025 development delays, which can support near-term grade/volume mix as the underground ramp continues. (sec.gov)

The next stock-moving milestones are the definitive operating permit and water license for San Gabriel, plus any company update on the pace of commissioning and the transition from stockpile-fed processing to sustained mining from near-surface areas. Investors will also watch whether 2026 mine-plan execution (throughput, grades, and sequencing) aligns with guidance across the portfolio, given that several sites have offsetting tailwinds and headwinds in the plan.