3 PORTFOLIO OF MINING CONSTRUCTION PROJECTS

SYMBOLOGY AND ABBREVIATIONS

Weights and measurement Minerals t Metric ton Ag Silver kt Thousand tons Au Gold Mt Million metric tons Cu Copper ozt Troy ounce (31.1035 g) Fe Iron koz Thousand ounces Mo Molybdenum Moz Million troy ounce Pb Lead lb Pound Zn Zinc Klb Thousand pounds Sn Tin Mlb Million pound U Uranium m Meter Li Lithium km Kilometer P2O5 Phosphate U3O8 Triuranium octoxide FMT Fine metric tons

Geographic abbreviations Production g/t Grams per tons m.a.s.l Meters above sea level oz/t Ounces per tons

ppm Parts per million Currency tpd Metric tons per day US$ American dollars tpy Metric tons per year MMUS$ Million US dollars

Power and Energy Companies MW Megawatts Inc. Incorporated MWA Annual Megawatts Int. International MVA Megavolt-ampere Ltda. Limitada

Ltd. Limited

S.A. Sociedad Anónima Metallurgical processes S.A.A. Sociedad Anónima Abierta SX Solvent extraction S.R.L. Sociedad de Responsabilidad Limitada EW Electrowinning S.A.C. Sociedad Anónima Cerrada Co. Company Stock Market Lp. Limited Partner NYSE New York Stock Exchange Corp. Corporation LSE London Stock Exchange S.A.B de C.V. Sociedad Anónima Bursátil de Capital Variable TSX Toronto Stock Exchange

Entities Instruments for Environmental Management

National Environmental Certification SENACE IGA Environmental Management Instruments Service for Sustainable Investment

MINEM Ministry of Energy and Mines EIA Environmental Impact Assessment EIAd Detailed Environmental Impact Assessment Semi-detailed Environmental Impact Reserves and Resources EIAsd Assessment Technical Support Report (P&P) Proved and probable TSR Modification to the Environmental Impact MEIA Assessment (M&I) Measured and indicated Modification to the Detailed Environmental MEIAd Impact Assessment Modification to the Semi-detailed MEIAsd Environmental Impact Assessment

General Directorate of Mining Promotion and Sustainability 4 PORTFOLIO OF MINING CONSTRUCTION PROJECTS

EXECUTIVE OVERVIEW

The General Directorate of Mining Promotion and Sustainability is pleased to submit the 2019 Portfolio of Mining Construction Projects that consists in 48 projects with an investment of US$57.8 billion. These investments include new mining construction projects, expansion or replacement of existing mines, and reuse of tailings.

This publication includes an analysis of investments according to the main characteristics of the projects. Subsequently, it submits an estimated projection for the investments for the coming years and concludes with the description of the changes concerning the Portfolio from 2018.

Additionally, technical sheets have been prepared for each project describing general data, location, investment, technical data, as well as the description of the current situation, among others.

Section II contains information on the portfolio of mining projects by year of construction, location, investor's country, progress phase, type of mine, type of mineral to be extracted, among others. This chapter also includes an analysis of water consumption according to the projects source of supply.

The main recorded changes regarding the 2018 Portfolio are described in section III.

Subsequently, section IV presents the annualized projection of investments in three periods: investments carried out until 2018, investments to be carried out between 2019 and 2022, and investments to be carried out after 2022.

In the last section, section V, we present an analysis of the macroeconomic impact for mining projects, as well as an estimate of mining production, mining employment and gross value added by 2022. Finally, the Annexes present the methodological aspects and technical sheets of the projects.

General Directorate of Mining Promotion and Sustainability 5 PORTFOLIO OF MINING CONSTRUCTION PROJECTS

INDEX

EXECUTIVE OVERVIEW ...... 4 INDEX ...... 5 I. INTRODUCTION ...... 6 II. PORTFOLIO OF MINING CONSTRUCTION PROJECTS ...... 7 2.1. Start of projects construction ...... 9 2.2. Investments according to the projects location ...... 10 2.3. Investments according to the country of origin of the principal investor ...... 11 2.4. Investments according to type of project ...... 12 2.5. Investments according to the stage of the project ...... 13 2.6. Investments according to the situation of the environmental impact assessment ...... 14 2.7. Investments according to mining type ...... 16 2.8. Investment according to the mineral to be extracted ...... 17 III. CHANGES RECORDED IN THE PORTFOLIO ...... 19 IV. ANNUALIZED INVESTMENT PROJECTIONS ...... 22 4.1. Investments executed until 2018 ...... 22 4.2. Investment projection 2019-2022 ...... 23 4.3. Investment projection after 2022 ...... 23 V. MACROECONOMIC IMPACT ...... 24 ANNEX 1: METHODOLOGY ...... 27 ANNEX 2: TECHNICAL SHEET FOR PROJECTS ...... 29

General Directorate of Mining Promotion and Sustainability 6 PORTFOLIO OF MINING CONSTRUCTION PROJECTS

I. INTRODUCTION

The relevance of mining activity in Peruvian economy has been remarkable in recent years being an undeniable engine for population growth and development. In 2018, mining activity represented 9.4% of national GDP, 60% of the total value of national exports and 10.8% of the income collected by the National Superintendency of Customs and Tax Administration (SUNAT, for its Spanish acronym).

The mining sub-sector has still played an important role in generating foreign exchange and employment, as well as contributing to the Peruvian national treasury. Transfers to Regional and Local Governments for mining concepts also benefited the entire national territory, reaching S/ 4.875 billion. This amount represents a substantial increase of 47% compared to the total amount recorded in 2017, being the highest figure in the last 5 years and reflecting the positive performance of mining activities in Peru.

Consequently, mining investments are fundamental for the Peruvian economy, because mineral resource exploration and the construction of new projects foster the continuity of mining's contribution to the country's development. It is essential for Peru to have an overview of the potential projects that will contribute to developing this activity in the coming years.

General Directorate of Mining Promotion and Sustainability 7 PORTFOLIO OF MINING CONSTRUCTION PROJECTS

II. PORTFOLIO OF MINING CONSTRUCTION PROJECTS

The 2019 Portfolio of Mining Construction Projects comprises 48 projects with an investment of US$57.8 billion. This portfolio includes projects aiming to build new mines (Greenfield), expand or replace current mines (Brownfield), as well as reuse of tailings projects (Greenfield). Additionally, the aforementioned projects comply with three requirements: i. Investment (CAPEX) over US$70 million. ii. Commencement of operation or commissioning in the next 10 years. iii. As a minimum, they have or are developing their pre-feasibility studies.

From the 48 projects in the portfolio, 7 are under construction with a total investment of US$9 billion. Likewise, 3 projects are in the detail engineering stage with an investment of US$4.2 billion, 15 are in the feasibility stage with US$16.2 billion, and 23 remaining projects are in the pre-feasibility stage with an investment of US$28.4 billion.

Depending on the mine type, there are 28 open pit projects, 11 underground operations, and 5 combined operations (open pit and underground). In addition, there are 3 projects that have not yet defined the type of mine and 1 project corresponding to the construction of a new tailings treatment benefit plant.

Regarding to the supply source for water consumption, 27 projects have a single water source, 6 projects have a mixed source and 15 do not have information available about the definition of its supply source.

According to the main mineral to be extracted, 25 are copper projects and represent 71% of the total investments. Likewise, there are 7 gold projects that represent 11% of the total investments. The remaining ones correspond to iron, phosphate, zinc, silver, uranium, lithium and tin projects.

Table 1 shows a summary of the main characteristics of the portfolio projects:

General Directorate of Mining Promotion and Sustainability 8 PORTFOLIO OF MINING CONSTRUCTION PROJECTS

Table 01: Portfolio of Mining Construction Projects (01.09.19)

Global Construction Commencement Main Project Operator Region Project Stage investment start of operations Mineral (US$ million ) 2019 B2 San Rafael Tailings Minsur S.A. Puno Tin Construction 209

2020 Mina Justa Marcobre S.A.C. Ica Copper Construction 1.600

2020 Quecher Main Minera Yanacocha S.R.L. Cajamarca Gold Construction 300 2021 Toromocho Expansion Minera Chinalco Perú S.A. Junín Copper Construction 1.355

Under 2021 Ariana Ariana Operaciones Mineras S.A.C. Junín Copper Construction 125 construction 2022 Quellaveco Anglo American Quellaveco S.A. Moquegua Copper Construction 5.300 2022 Santa María Expansion Compañía Minera Poderosa S.A. La Libertad Gold Construction 110 Inmaculada Compañía Minera Ares S.A.C. Ayacucho Gold Feasibility 136 2020 2021 Optimization 2020 2022 Coroccohuayco Compañía Minera Antapaccay S.A. Cusco Copper Feasibility 590 Integration 2020 2023 Pachapaqui Expansion ICM Pachapaqui S.A.C Ánchash Zinc Feasibility 117 2020 2023 Corani Bear Creek Mining S.A.C. Puno Silver Detail engineering 585 2020 2023 San Gabriel (ex Compañía de Minas Buenaventura Moquegua Gold Pre-feasibility 431 Chupaca) S.A.A. 2020 2023 Yanacocha Sulfides Minera Yanacocha S.R.L Cajamarca Copper Feasibility 2.100 2021 2024 Pampa de Pongo Jinzhao Mining Perú S.A. Arequipa Iron Detail engineering 2.200 2021 2024 Zafranal Compañía Minera Zafranal S.A.C. Arequipa Copper Feasibility 1.157 2022 2023 Magistral Nexa Resources Perú S.A.A. Áncash Copper Feasibility 480 2022 2025 Haquira Minera Antares Perú S.A.C. Apurimac Copper Pre-feasibility 1.860 2022 2025 Los Chancas Southern Perú Copper Corporation, Apurimac Copper Pre-feasibility 2.800 Peru Branch Bayóvar Expansion Compañía Minera Miski Mayo S.R.L. Piura Phosphat Feasibility 300 e Antilla Panoro Apurimac S.A. Apurimac Copper Pre-feasibility 250 Ayawilca Tinka Resources S.A.C. Pasco Zinc Pre-feasibility 262 AZOD (Accha y Exploraciones Collasuyo S.A.C. Cusco Zinc Pre-feasibility 346 Yanque) Bayovar 12 Juan Paulo Quay S.A.C. Piura Phosphat Pre-feasibility 168 e Cañariaco (Norte) Cañariaco Copper Perú S.A. Lambayeque Copper Feasibility 1.437 Cañón Florida (ex Nexa Resources Perú S.A.A. Amazonas Zinc Feasibility 214 Bongará) Conga Minera Yanacocha S.R.L. Cajamarca Gold Feasibility 4.800 Cotabambas Panoro Apurimac S.A. Apurímac Copper Pre- Feasibility 1.533 Don Javier Junefield Group S.A. Arequipa Copper Pre- Feasibility 600 El Galeno Lumimna Copper. S.A.C. Cajamarca Copper Pre- Feasibility 3.500 El Padrino and Hilarión Nexa Resources Perú S.A.A. Áncash Zinc Pre- Feasibility 470 Mantaro Phosphates Mantaro Perú S.A.C. Junín Phosphat Pre- Feasibility 850 e Pacífico Phosphates Fosfatos del Pacífico S.A. Piura Feasibility 831 Phosphat e Hierro Apurimac Apurimac Ferrum S.A. Apurimac Iron Pre- Feasibility 2.900 La Granja Río Tinto Minera Perú Limitada Cajamarca Copper Pre- Feasibility 5.000 S.A.C.

Yet toYet be defined toYet be defined Los Calatos Minera Hampton Perú S.A.C. Moquegua Cooper Pre- Feasibility 655 Macusani Macusari Yellowcake S.A.C. Puno Lithium Pre- Feasibility 800 Michiquillay Southern Perú Copper Corporation, Cajamarca Copper Pre- Feasibility 2.500 Peru Branch Ollachea Minera Kuri Kullu S.A. Puno Gold Feasibility 165 Pukaqaqa Nexa Resources Perú. S.A.A. Huancavelic Copper Pre- Feasibility 706 a Quechua Compañía Minera Quechua S.A. Cusco Copper Feasibility 1.290 Quicay II Corporación Minera Centauro Pasco Gold Pre- Feasibility 400 S.A.C. Racaycocha Sur Minera Peñoles del Perú S.A. Áncash Copper Pre- Feasibility 1.000 Río Blanco Río Blanco Copper S.A. Piura Copper Feasibility 2.500 Rondoní Compañía Minera Vichaycocha S.A. Huánuco Copper Pre- Feasibility 250 San Luis Reliant Ventures S.A.C Áncash Silver Feasibility 100 Shalipayco Nexa Resources Perú. S.A.A. Junín Zinc Pre- Feasibility 91 Tía María Southern Perú Copper Corporation, Arequipa Copper Detail engineering 1.400 Sucursal del Peru Trapiche El Molle Verde S.A.C. Apurimac Copper Pre- Feasibility 1.000 TOTAL (48 projects) 57.772

General Directorate of Mining Promotion and Sustainability 9 PORTFOLIO OF MINING CONSTRUCTION PROJECTS

2.1. START OF PROJECTS CONSTRUCTION

This year, we have 1 mining project that entered the construction phase. This is the Santa Maria Expansion project, operated by Compañía Minera Poderosa S.A., located in the region of La Libertad that has a global investment of US$110 million.

It is expected that by 2020, 6 mining projects will begin the construction phase (4 Brownfield projects: Inmaculada Optimization, Pachapaqui Expansion, Coroccohuayco Integration and Yanacocha Sulfides, and 2 Greenfield projects: Corani and San Gabriel), reflecting a total investment of US$4 billion. Inmaculada Optimization is the most representative of these projects since it is estimated that it will start operating in 2021.

Therefore, by 2021 would start the construction of Pampa de Pongo and Zafranal projects in the region of Arequipa, both represent an investment of US$3.4 billion.

Likewise, in 2022, Haquira and Los Chancas, in the Apurímac region, and Magistral, in Áncash, would be starting the construction phase with a total investment of US$5.1 billion.

Graphic 01: Start of Mining Construction Projects

General Directorate of Mining Promotion and Sustainability 10 PORTFOLIO OF MINING CONSTRUCTION PROJECTS

2.2. INVESTMENTS ACCORDING TO THE PROJECTS LOCATION

The 48 portfolio projects are located in 17 regions nationwide. Cajamarca remains as the region with the highest amount of global investments, with 31.5% (US$18.2 billion) in a total of 6 projects in the north of the country. Quecher Main is the most outstanding of these projects because the construction phase started in 2018, and operations are expected to start in the first quarter of 2020.

Graphic 02: Investment in mining construction projects according to location

General Directorate of Mining Promotion and Sustainability 11 PORTFOLIO OF MINING CONSTRUCTION PROJECTS

The Apurímac region is second, with an investment of US$10.3 billion, representing 17.9% of the total with 6 projects. In fact, Hierro Apurímac (US$2.9 billion) and Los Chancas (US$2.8 billion) show the highest amounts of investment. Los Chancas would be starting construction in 2022.

Moquegua ranks third, with 3 projects US$6.4 billion of investment, which represents 11.1% of total portfolio investments. Quellaveco stands out among these projects since it started construction in 2018 with an investment of US$5.3 billion, being the main project in the region.

Concerning Arequipa, Piura and Junín, each region has 4 projects with an investment equivalent to US$5.4 billion, US$3.8 billion and US$2.4 billion, respectively. Together, these projects represent a 20% stake. Pampa de Pongo is one of the most important projects with an investment of US$2.2 billion. Shalipayco, located in Junín, was incorporated recently in this new portfolio with an investment of US$91 million.

On the other hand, regarding the regions that have a stake of more than 3%, we have Cusco (US$2.2 billion), Ancash (US$2.2 billion) and Puno (US$1.8 billion). The most important of these projects is B2 San Rafael Tailings in the province of Melgar, Puno, which started its construction phase in 2018, with an investment of US$209 million.

Mina Justa, located in Ica, province of Nasca, has an investment of US$1.6 billion and starts its construction in 2018. Also in Ferreñafe, province of Lambayeque, Cañariaco project becomes an investment of US$1.4 billion. These two regions hold more than 2% of the global investment.

Finally, Huancavelica, Pasco, Huánuco, Amazonas, Ayacucho and La Libertad represent a total of 3.6% of the portfolio investment. Pukaqaqa project stands out in these regions with an investment of US$706 million.

2.3. INVESTMENTS ACCORDING TO THE COUNTRY OF ORIGIN OF THE PRINCIPAL INVESTOR

The investments in the Portfolio of Mining Construction Projects come from 11 countries across 4 continents. In this edition, the United Kingdom remains in first place with 6 projects and an investment of US$12.1 billion, representing 20.9%. The most representative investors are Rio Tinto Plc. with La Granja project, and Anglo American Plc. with Quellaveco project.

Furthermore, China's investments amount to US$10.2 billion, with a total of 5 projects. Aluminum Corporation of China Overseas Holdings Limited holds 100% of the Toromocho Expansion project that began construction in 2018. Moreover, unlike the previous year, Zhongrong Xinda Group Co. Ltd. and Jiangtong Group hold a 49% and 51% stake, respectively, in Pampa de Pongo, which is in the detail engineering stage.

Canada ranks third with 11 projects, which represents 14.7% of the total investments, becoming the country with the largest number of projects in the Portfolio according to the origin of the investments, including First Quantum Minerals Ltd. with Haquira project (US$1.9 billion), Panoro Minerals Ltd. with Cotabambas project (US$1.5 billion) and Candente Copper Corp. with Cañariaco project (US$1.4 billion).

General Directorate of Mining Promotion and Sustainability 12 PORTFOLIO OF MINING CONSTRUCTION PROJECTS

Acording to Mexican investments, they represent a 13.3% stake in the portfolio. Unlike the previous portfolio, this edition has 4 projects with Mexican investments thanks to the culmination of the Toquepala Expansion (US$1.3 billion). Consequently, the former project is no longer considered in this update. Three of these projects belong to Grupo Mexico S.A.B. de C.V., operated in Peru by Southern Peru Copper Corporation, Peru branch.

Graphic 03: Investment in mining construction projects according to the country of origin of the principal investor

United States investments accounted for US$7.5 billion, representing 13.0% of completion. Three of the four projects maintain a majority stake in Newmont Mining Corporation. In terms of national investments, Breca Group, which is responsible for the B2 San Rafael Tailings project and owns all its shares, is also involved in the Mina Justa project, which began construction in 2018.

Australia and Brazil represent 8.7% of investments. Australia's Strike Resources Limited stands out as the most emblematic with the Hierro Apurímac project (US$2.9 billion) and Brazil's Nexa Resources has a majority stake in all the 5 projects financed by investments from said country. Finally, investments from Japan, Switzerland and Korea represent 3.9% of the total and together amount US$2.2 billion.

2.4. INVESTMENTS ACCORDING TO TYPE OF PROJECT

Depending on the type of project, they can be divided into Greenfield or Brownfield. Additionally, Greenfield projects can be subdivided into two types: new mining projects and reuse projects. Brownfield projects are also subdivided into expansion projects and replacement projects.

91% of the investments are related to Greenfield projects. There are 38 new mining projects in Portfolio, with a total investment of US$52.4 billion, representing 90% of the

General Directorate of Mining Promotion and Sustainability 13 PORTFOLIO OF MINING CONSTRUCTION PROJECTS total. The projects with the greatest amounts of investment are Quellaveco (US$5.3 billion), La Granja (US$5 billion) and Conga (US$4.8 billion). On the other hand, there is a tailings reuse project called B2-San Rafael Tailings with an investment of US$209 million.

Graphic 04: Investment in mining construction projects according to the type of project

With 9 projects and investments of US$5.4 billion, brownfield projects account for 9% of investments. Five of these projects are replaced investing US$3.5 billion. Yanacocha Sulfides and Quecher Main, both operated by Minera Yanacocha S.R.L., represent an investment of US$2.4 billion and will be developed in the footprint of the current Yanacocha mining unit located in Cajamarca. On the other hand, Coroccohuayco Integration project, whose official name is "Antapacay Project, Tintaya Expansion, Coroccohuayco Integration", seeks to increase the Tintaya unit's useful life. In contrast to the previous edition, Immaculada Optimization project has an investment of US$136 million.

2.5. INVESTMENTS ACCORDING TO THE STAGE OF THE PROJECT

According to the stage of progress in the construction mining process, there are 7 projects under construction. Toquepala Expansion completed this stage in the last quarter of 2018 so it is no longer included in this edition. However, it should be noted that the Santa Maria Expansion project advanced one stage, going from the detailed engineering to construction stage. B2 San Rafael Tailings is one of the 6 remaining projects that started construction in 2018 and have a near completion date. This project would be commissioned by the end of 2019.

General Directorate of Mining Promotion and Sustainability 14 PORTFOLIO OF MINING CONSTRUCTION PROJECTS

The closest construction completion after B2 San Rafael Tailings are Mina Justa (US$1.6 billion) and Quecher Main (US$300 million), scheduled for 2020. The joint investment in this stage is US$9 billion, representing 28% of the total portfolio.

Graphic 05: Investment in Mining construction projects according to its project stage

Projects that are in Detail Engineering stage are 3: Corani (US$585 million), Tía María (US$1.4 billion) and Pampa de Pongo (US$2.2 billion), meaning a joint investment of US$4.2 billion and reflecting 7% of the portfolio investment. Concerning feasibility stage, there are 15 projects with an investment of US$16.2 billion, representing 28% of the portfolio. Finally, the largest number of projects is in the pre- feasibility stage, therefore also the largest amount of investment bordering US$29.4 billion and representing 49% of the total portfolio investment.

2.6. INVESTMENTS ACCORDING TO THE SITUATION OF THE ENVIRONMENTAL IMPACT ASSESSMENT

In Peru, water consumption in mining sector represents only 1.7% of the total consumptive volume of water consumed. This volume of water is used in the different processes of the project and its importance lies in achieving long-term efficient use, satisfying the increase in production, promoting reuse of water used in mining processes and understanding the existing link between water, energy and emissions in order to continuously improve mining processes.

General Directorate of Mining Promotion and Sustainability 15 PORTFOLIO OF MINING CONSTRUCTION PROJECTS

Table 02: Supply Sources for the Portfolio of Mining Construction Projects

Projects per Total investment % Share of Supply source group (US$ million) Total Invest. Surface water 13 26.803 46.4% Groundwater 9 3.638 6.3% Seawater 5 4.654 8.1% Sea and surface waters 1 300 0.5% Surface and groundwater 5 3.114 5.4% Not available 15 19.263 33.3% Total (US$ million) 48 57.772 100.0% *For more information about supply sources, please consult Annex 1.

From a different perspective, projects with a single water source represent 60.7% of the total stake in the sum of the construction portfolio's global investments. Projects such as Quellaveco in Moquegua (use of surface water), Mina Justa in Ica (use of sea water) and Zafranal in Arequipa (use of groundwater) are part of this group.

Mixed-source projects represent 5.9% share of global investment. The Toromocho Expansion in Junín and Bayóvar Expansion in Piura stand out in this group. Finally, projects without information available from their supply sources represent 33.3%, such as El Galeno and Michiquillay in Cajamarca and Los Chancas in Apurímac. This final group will be analyzed in future editions when information becomes available.

General Directorate of Mining Promotion and Sustainability 16 PORTFOLIO OF MINING CONSTRUCTION PROJECTS

Graphic 06: Sources of Supply

2.7. INVESTMENTS ACCORDING TO MINING TYPE

Depending on the type of mine, open-pit mining is the most commonly used method in the portfolio projects, due to a better recovery of the exploitable volume of mineral, reduced level of risk in work, and lower cost per ton moved.

For this reason, 28 mines would use this method with an investment of US$47.6 billion, representing 82% of total portfolio investments. Three of these projects correspond to non-metallic mineral exploitation projects such as Mantaro Phosphates (US$850 million), Pacific Phosphates (US$831 million) and Bayovar 12 (US$168 million), all of which use open-pit mining.

According to underground mining method, there are 11 mines with an investment of US$2.8 billion and a stake of 5%. Los Calatos project (US$655 million), operated by Minera Hampton Perú S.A.C., and El Padrino and Hilarión project (US$470 million), operated by Nexa Resources Perú S.A.C., have the largest amounts of investment in underground mining.

General Directorate of Mining Promotion and Sustainability 17 PORTFOLIO OF MINING CONSTRUCTION PROJECTS

Graphic 07: Investment in mining construction projects according to the mine type

In addition, 5 projects will use both open pit and underground methods. This group includes projects as Yanacocha Sulfides (US$2.1 billion), Haquira (US$1.9 billion), and Coroccohuayco Integration (US$590 million). These projects integrate a new mining area (surface and underground) and maintain synergies with components of Tintaya and Antapaccay, already in operation, considering improvements and expansions in the area.

Finally, Rondoní (US$250 million) and Macusani (US$800 million) have yet to define the method to be used. Furthermore, B2 San Rafael Tailings, being a tailings reuse project, does not apply to any of the conventional methods.

2.8. INVESTMENT ACCORDING TO THE MINERAL TO BE EXTRACTED

Peru is the second largest producer of copper in the world, reflecting an important contribution to Peruvian economy and development of the country, making copper the mineral with the largest presence to be extracted. Of the 48 portfolio projects, 25 have this metal as its main product.

In addition, the joint investment of these projects is US$41 billion, representing 71% of global investment. Quellaveco (US$5.3 billion), Mina Justa (US$1.6 billion), Toromocho Expansion (US$1.4 billion) and Ariana (US$125 million) are projects that have already begun its construction and will provide an estimated annual production of 300,000 FMT of copper, 102,000 FMT of copper, 75,000 FMT of copper and 70,000 FMT of copper, respectively.

In recent years gold production has decreased. For this reason, it is important that more gold projects can advance to the construction stage. Despite this situation, gold is the second mineral in the portfolio with the highest extraction percentage. There are 7 gold projects with an investment of US$6.3 billion, which reflects a stake of 11%, for example, San Gabriel (Ex Chucapaca) with an investment of US$431 million. On the other hand,

General Directorate of Mining Promotion and Sustainability 18 PORTFOLIO OF MINING CONSTRUCTION PROJECTS there are currently only two iron projects: Hierro Apurímac (US$2.9 billion) and Pampa de Pongo (US$2.2 billion) with a stake of 9%.

Concerning phosphate extraction, 4 projects represent a global investment of US$2.1 billion and a stake of 4%. Concerning zinc, silver, uranium/lithium, and tin projects, together they represent 5% of the global investment with a total of 10 projects.

Graphic 08: Investment in mining construction projects according to the main mineral to be extracted

General Directorate of Mining Promotion and Sustainability 19 PORTFOLIO OF MINING CONSTRUCTION PROJECTS

III. CHANGES RECORDED IN THE PORTFOLIO

In this section, we will compare the current portfolio with the previous edition published on October 31, 2018 in order to show the dynamism and evolution of mining projects. Consequently, we will analyze the main changes regarding the previous edition.

With 48 projects located in 17 regions of the country, the total investment of this edition amounts to US$57.8 billion. This represents a reduction of US$1.4 billion in estimated global investments compared to the S$59.1 billion reached in the previous portfolio, mainly due to the commissioning of three projects not included in this edition; yet, there were new projects added.

MINING PROJECT PORTFOLIO COMPARISON (2018 and 2019)

The following is a list of the main changes that have occurred:

1. The Toquepala Expansion project completed its construction during the fourth quarter of 2018. This project was scheduled in the previous edition and is currently in operation.

The total investment in the construction of the expansion was US$1.3 billion, higher than the US$1.25 billion foreseen in the last edition. Thus, this project was not included in this publication at the end of the construction phase.

2. The construction of Santa Maria Expansion project began with a global investment of US$110 million. The development of this project contributed to the fact that, in addition to the projects that began construction in 2018 (Toromocho Expansion, Quecher Main, B2 San Rafael Tailings, Quellaveco, Ariana y Mina Justa), currently exist in Peru 7 projects in that phase, committing a total investment amount of US$9 billion.

3. Additionally, 3 projects were incorporated in the current edition: Ayawilca, Inmaculada Optimization and Shalipayco, with a global investment of US$262 million, US$136 million and US$91 million, respectively.

4. The Lagunas Norte Optimization project was removed because, after the merging of the project operator, Barrick Gold Corporation, with Randgold Resources Ltd., the new board of directors decided to rethink the project and carry out more exploration in the area, focusing on obtaining sulfides, despite having all the required licenses for the previous project. Likewise, the Anubia project was not considered because the implementation of the project is beyond the timeframe of the current portfolio study.

5. There are 41 of 48 projects that maintain their investment amount.

6. There are 4 projects that modified their investment amounts, representing an increase of US$133 million. These projects are:

 The B2 San Rafael Tailings Reuse Project, whose investments increased from US$200 million to US$209 million because this amount was updated according to what Minsur S.A. reported as the project development budget in its monthly statistics (ESTAMIN).

General Directorate of Mining Promotion and Sustainability 20 PORTFOLIO OF MINING CONSTRUCTION PROJECTS

 Total investments in the Trapiche project also increased from US$700 million to US$1 billion, rising by 42.9%. This result is due in particular to the fact that the Company expects the project to become larger and therefore requires a higher level of investment.

 On the other hand, the global investment of Cañariaco decreased from US$1.6 to US$1.4 billion, due to the updating of the estimated amount of the project carried out by the Company, based on a 50% advance in the development of its feasibility study.

 Likewise, the estimated total investment of the Ollachea Project has been reduced from US$178 to US$165 million as a result of the Company's adjustment following the completion of the optimization of its post-final feasibility study of the project. The updated mining plan offered opportunities to reduce the development of capital components of the pre-production phase of the project.

Table 06: Main changes in the 2019 Portfolio of Mining Construction Projects 2018 2019 Number of Investment Investment Investment Item projects Portfolio Portfolio Difference (US$ million) (US$ million) Projects included in the portfolio 3 489 489 Projects that started operations 1 1.255 - 1.255 Projects eliminated from the 2 730 - 730 portfolio * Projects with investment 4 2.678 2.811 133 modifications Projects without investment 41 54.472 54.472 - modifications Total 48 59.134 57.772 - 1.362 * It is not taken into account in the project summation because it came out of portfolio.

General Directorate of Mining Promotion and Sustainability 21 PORTFOLIO OF MINING CONSTRUCTION PROJECTS

Graphic 13: Comparison between 2018 and 2019 Portfolio of Mining Construction Projects (US$ million) 133 489

730 1.255

59.134 57.772

2018 SalidaOut ofde the la IniciaronStarted InvestmentAjustes de IncorporaciónProject de 2019 Carteraportfolio operación AdjustmenstsInversión IncorporationProyecto Operation

General Directorate of Mining Promotion and Sustainability 22 PORTFOLIO OF MINING CONSTRUCTION PROJECTS

IV. ANNUALIZED INVESTMENT PROJECTIONS

This section will analyze the estimated projection of investments in the portfolio. From the total investment of US$57.8 billion, US$3.9 billion (6.8%) has been used until 2018, and U$53.8 billion (93.2%) remains to be invested in 2019.

In order to get a better analysis, we have divided the investment periods into three:

a) Investments executed until 2018: US$3.9 billion (6.8% of the total investment amount).

b) Investments to be executed between 2019 and 2022: US$11.8 billion (20.3% of the total investment amount).

c) Investments to be executed after 2022: US$42.1 billion (72.8% of the total investment amount).

Graphic 11: Estimated investment projection (US$ Million)

42.083

11.754 3.936

EjecutadoExecuted hasta until el 2018 2018 2019-2022 DespuésAfter del2022 2022

4.1. INVESTMENTS EXECUTED UNTIL 2018

At the end of 2018, the investment executed amounted to US$3.9 billion which represents 6.8% of the total investment amount and corresponds to 9 projects. In this regard, B2 San Rafael Tailings have a higher percentage of implementation, since its commissioning is expected for 2019 .

Table 05: Investments executed until 2018

Investment Global investment implemented by Project 2018 (US$ million) (US$ million) Santa María Expansion 110 4 Toromocho Expansion 1.355 294 Ariana 125 4 Mina Justa 1.600 310 Quecher Main 300 120 Quellaveco 5.300 1.523 B2 San Rafael Tailings 209 82 Conga 4.800 1.237 Tía María 1.400 362 TOTAL 15.199 3.936

General Directorate of Mining Promotion and Sustainability 23 PORTFOLIO OF MINING CONSTRUCTION PROJECTS

4.2. INVESTMENT PROJECTION 2019-2022

The investment projection for the period 2019-2022 amounts to US$11.8 billion, representing 20.3% of the total investment amount expected in the portfolio.

An investment of US$2.5 billion is expected in 2019, which represents 21.2% of the total investments to be made between 2019 and 2022. This year B2 San Rafael Tailings would finish its construction and 6 other projects would continue in this stage.

On the other hand, it is expected an investment of US$2.8 billion by 2020, representing an increase of 14.0% compared to the previous year. This increase is estimated based on the higher expenditures expected from Quellaveco, Mina Justa and Toromocho Expansion projects, as well as the construction of Pachapaqui Expansion, Corani, Coroccohuayco Integration, Inmaculada Optimization, Yanacocha Sulfides and San Gabriel projects.

The positive trend continued in 2021 with US$3.1 billion, an increase of 8.6% over the previous year. Although only two projects will began construction this year. They have a total investment of US$3.4 billion that would be implemented in 2024. In addition, the sustained growth of annual investments in major projects such as Quellaveco and Yanacocha Sulfides would support this result.

Finally, an investment of US$3.3 billion is projected for 2022 which means an increase of 28.3%. Likewise, there is an increase of 7.6% compared to last year, consolidating the investment of major projects due to the beginning of operations. In addition, it is expected to have committed the investment of 11, which added to the joint investment of the projects under construction in 2019 (Toromocho Expansion, Santa María Expansion, Quecher Main, B2 San Rafael Tailings, Ariana, Mina Justa and Quellaveco) and the investment executed in those projects that completed construction in 2018 (Toquepala Expansion, Marcona Expansion and Shahuindo Phase II Expansion), would amount to a global investment of more than US$21 billion by 2022.

Graphic 12: Annualized projection of investment 2018-2022 (US$ Million)

3.324 3.089 2.845 2.496

2019 2020 2021 2022

4.3. INVESTMENT PROJECTION AFTER 2022

After 2022, the investment projection is US$42.1 billion, representing 72.8% of the global investment volume.

A total of 30 projects with a global investment of US$36.3 billion are expected to progress and be defined during this period. La Granja and Michiquillay are also outstanding thanks to the investment volume reaching US$5 billion and US$2.5 billion, respectively.

General Directorate of Mining Promotion and Sustainability 24 PORTFOLIO OF MINING CONSTRUCTION PROJECTS

V. MACROECONOMIC IMPACT

As of September 1st, 7 projects of the Portfolio of Mining Construction Projects are under construction, these according to their investment amount are: Quellaveco (US$5.3 billion), Mina Justa (US$1.6 billion), Toromocho Expansion (US$1.4 billion), Quecher Main (US$300 million), San Rafael Tailings (US$209 million), Ariana (US$125 million) and Santa María Expansion (US$110 million). The seven projects mentioned amounted to a total of US$9 billion and will be executed during the 2019-2022 period.

On the other hand, Toquepala Expansion of US$1.3 billion finished its construction stage on the first semester of the year and is no longer included in Table 01 list. However, in order to show the economic impact of mining in the country, it has been added in the following graphic and analysis of this section.

Graphic 9: Mining projects under construction

General Directorate of Mining Promotion and Sustainability 25 PORTFOLIO OF MINING CONSTRUCTION PROJECTS

Estimate to 20221:

 National Production

The commissioning of copper and gold projects, such as, Ariana, Mina Justa, Quellaveco, Quecher Main, as well as, Toquepala, Toromocho and Santa María Expansions, will increase the national copper production of 27% and 12% of gold production, regarding to 2018 results.

Table 03: Variation in production 2018-2022

Production 2018 2022 Var. % Cu (millions FMT) 2.4 3.0 27% Au (millions of fine g.) 142.6 159.3 12%

 National Employment

It is expected that these projects will be at operational phase by 2022, creating 7 420 new direct employment opportunities. By the end of the period, the total direct employment will generate2:

Indirect Effect: 7.420 indirect jobs in activities such as transport, vehicle maintenance, manufacture of metal products, among others.

Consumption Induced Effect: 24.115 jobs per consumption-induced effect. Mining activity develops micro-economies not only in the locality where the mineral is exploited, but in the entire distribution system up to the landing port. Therefore, trade is activated benefiting the development of restaurants, agricultural crops and animal farming.

Investment Induced Effect: 14.840 jobs per investment induced effect in sectors such as construction.

Table 04: Direct and indirect mining employment

Employment type Number Direct 7.420 Indirect 7.420 Induced by consumption 24.115 Induced by investment 14.840 Total 53.795

1 2018 is considered the base year for comparison. 2 Source: El Valor Agregado de la Minería en el Perú (2017) – Peruvian Economy Institute (IPE)

General Directorate of Mining Promotion and Sustainability 26 PORTFOLIO OF MINING CONSTRUCTION PROJECTS

Over the last 5 years, participation of young people aged between 18 and 25 working in the mining subsector has fallen from 11.4% to 9.0%, while the participation of workers aged over 45 has risen from 18.5% to 20.0%. By 2022, around 2% of all 2018 employees will retire, giving young people more opportunities to get a job.

 Gross Value Added (GVA)

If the production of mining units remained constant during operation, GVA of metals would increase by 18% until 2022 compared to the GVA in 2018 due to the commissioning of the 7 projects under construction.

In 2022, mining would cause indirect effects of an additional $9 billion in GVA in sectors such as construction (14%), transportation (7%), financial services (7%), agriculture (7%), mining (5%) and others (26%).

Graphic 10: Indirect impact of mining on gross value added by economic activity

14% construcciónConstruction transporteTransport 7% financierosFinancial 7% agrícolasAgriculture 60% 7% mineriaMining sector 5% otrosOthers

General Directorate of Mining Promotion and Sustainability 27 PORTFOLIO OF MINING CONSTRUCTION PROJECTS

ANNEX 1: METHODOLOGY

Coverage

The Portfolio of Mining Construction Projects covers projects whose purpose is the development and/or construction of a mine, either new (Greenfield), expansion or replacement of the existing ones (Brownfield), or reuse of tailings (Greenfield). In addition, these projects are owned by private companies of large and medium-sized mining, and cover both metallic and non-metallic minerals.

The portfolio includes only those projects whose overall investment amount exceeds 70 million dollars and are at least at the pre-feasibility stage, which already has a greater degree of certainty about mineral resources, after having performed the exploration and reserve volume. In addition, it considers projects whose start of construction is expected in the next ten years.

It should be noted that the investment amounts, construction start dates, commissioning and other data are aggregations from various sources and estimates of the Mining Promotion Directorate of the Ministry of Energy and Mines and therefore do not oblige the owners of the projects in any way.

Characteristics of the projects

1.1. Type of project

This characteristic provides information on the productive purpose of the project; their categories are as follows:

 New projects: They start from zero, having to settle in a new geographic space, establish links with the nearby communities, get all the permits and develop the necessary infrastructure. For using geographic spaces, resources and new facilities, these types of projects are classified as Greenfield.

 Expansion projects: They seek to expand the current productive capacity, with the purpose of reducing costs or due to the fall of grades of the mineral resources. They are developed in the same place and in parallel to the production process in progress, for this reason, these types of projects are classified as Brownfield.

 Replacement project: They seek to maintain the current productive capacity with new mining developments, due to the fall of grades and/or the exhaustion of mineral reserves in the operating sectors. These projects are classified as Brownfield.

 Reuse projects: These are the projects whose purpose is the reuse of tailings. These projects involve the development of new infrastructure and the use of new spaces, so they are classified as Greenfield.

1.2. Project stage

This characteristic provides information on the current situation of the project and their development stage, there are four categories:

General Directorate of Mining Promotion and Sustainability 28 PORTFOLIO OF MINING CONSTRUCTION PROJECTS

 Pre-feasibility: Category assigned to those projects that have initiated the elaboration of its pre-feasibility study or have completed them before they begin the feasibility stage. At this stage, they already have a greater degree of certainty about mineral resources, after having performed the exploration and reserve volumes.

 Feasibility: Category assigned to those projects that have started the feasibility studies until they have finished, but without deciding to invest.

 Detail engineering: Category assigned to those projects that have investment approval and are developing basic and detail engineering studies.

 Construction: Category assigned to those projects that have all the necessary permits and who have initiated the mining construction and/or development before the commissioning or start of operations.

1.3. Water consumption by supply source

The first phase of the joint initiative entitled “Mining Statistics and Methodological Transfers between Chile and Peru", which will enable the sustainable management of mining resources in the Andean countries, was carried out within the accompanying and technical assistance provided by the management of ECLAC-BGR, as part of South-South cooperation.

For this reason, in order to homogenize the technical terminology used in the present portfolio of mining construction projects, the scale of water supply sources presented in the report "Water consumption forecast in copper mining 2017" made by the Chilean Copper Commission (COCHILCO), was taken as a reference.

Information Resources

The information contained in the portfolio is a compilation of various sources carried out by MINEM's Directorate of Mining Promotion. If there are differences between the data from different sources, the most reliable source is considered in the following order of priorities:

1. Pre-feasibility, feasibility and detail engineering studies. 2. Reports to shareholders, quarterly and annual reports, and financial reports. 3. Environmental Impact Assessment, Mine Plan, Mine Closure Plan and Authorization of Benefit Concession. 4. Official presentations made by the company heading the project. 5. Books, articles, magazines, websites and other specialized media in the mining sector.

General Directorate of Mining Promotion and Sustainability 29 PORTFOLIO OF MINING CONSTRUCTION PROJECTS

ANNEX 2: TECHNICAL SHEET FOR PROJECTS

The technical sheet of each project is divided into three sections. The first section contains the "General Data of the Project", where are detailed the name, the operator of the project (mining owner), the investors and its origin. Below is the location table indicating the region, province and district(s), as well as a small review with additional data about the geography of the place.

In the second section entitled "Main Data of the Project", data such as the global investment (CAPEX, for its Spanish acronym), the investment executed, the year the project began construction and operation, as well as, the expected employment in construction and operation, are specified. Also, it should be noted that the investment executed is presented as of September 2019 and has been obtained from the Monthly Statistical Declaration (ESTAMIN, for its Spanish acronym).

It also includes technical data such as type of project, mineralization, mineral resources or reserves, type of mine, useful life of the project, required energy power, water source, plant capacity and, finally, estimated annual production.

In the section "Current Status of the Project" the progress stage is presented, the status of the Environmental Impact Assessment, the Authorization of Exploitation Activities (Mining Plan) and the Authorization of Benefit Concession. The last box corresponds to additional data of each project, where the most relevant and current is highlighted.

General Directorate of Mining Promotion and Sustainability 30 PORTFOLIO OF MINING CONSTRUCTION PROJECTS

Pages Project 31 Bayóvar Expansion 32 Pachapaqui Expansion 33 Santa María Expansion 34 Toromocho Expansion 35 Antilla 36 Ariana 37 Ayawilca 38 AZOD (Accha and Yanque) 39 Bayovar 12 40 Cañariaco (North) 41 Cañón Florida (Ex Bongará) 42 Conga 43 Corani 44 Cotabambas 45 Don Javier 46 El Galeno 47 El Padrino and Hilarión 48 Mantaro Phosphates 49 Pacífico Phosphates 50 Haquira 51 Hierro Apurímac 52 Coroccohuayco Integration 53 La Granja 54 Los Calatos 55 Los Chancas 56 Macusani 57 Magistral 58 Michiquillay 59 Mina Justa 60 Ollachea 61 Inmaculada Optimization 62 Pampa de Pongo 63 Pukaqaqa 64 Quecher Main 65 Quechua 66 Quellaveco 67 Quicay II 68 Racaycocha Sur 69 B2 San Rafael Tailings 70 Río Blanco 71 Rondoní 72 San Gabriel (Ex Chucapaca) 73 San Luis 74 Shalipayco 75 Tía María 76 Trapiche 77 Yanacocha Sulfides 78 Zafranal

General Directorate of Mining Promotion and Sustainability Bayovar Expansion

Operator Compañia Minera Miski Mayo S.R.L. 75%: The Mosaic Company (USA) Investor(s)1 25%: Mitsui & Co (Japan)

LOCATION

Region Piura Province(s) Sechura District(s) Sechura The project is located in the north of Peru, at 1,000 km from the City of Lima, at 110 km to the south of city of Piura, and at 30 km from the Pacific Ocean.

MAIN DATA OF THE PROJECT Global Investment2 US$300 million Type of deposit Brine deposit Executed investment - Mineral reserves3 597 Mt @ 16.7% P2O5 Start of construction To be defined Type of mine Open pit Start of operations To be defined Life of mine3 31 years

Expected 1,300 under construction Power capacity 38 MW employment3 144 in operation Water source3 Seawater and surface water ☐ New (greenfield) ☒ Expansion (brownfield) Plant capacity4 81,079 tons per day Type of project ☐ Replacement (brownfield) Estimated annual 1.9 million FMT of phosphate (additional) ☐ Reutilization (greenfield) production

CURRENT STATUS OF THE PROJECT Project stage: ☐Pre-feasibility ☒Feasibility The development of the project is awaiting the decision making of the Board of Directors of the company. ☐Detail engineering ☐Construction

Environmental Impact Assessment - EIAd Second Modification of the EIAD approved by Directorate Resolution N° 182-2015-EM/DGAAM on April 28, 2015, ☐Not submitted consists of 7% expansion of the surface area of the pit (4km2 approx.) within the Bayovar Concession No. 2. In addition, it has the First Technical Support Report approved by Directorate Resolution N ° 258-2017-SENACE/DCA ☐Under development on September 17, 2017, with reference to the modification of the tailings tank setting and the structures prior to the ☐Under evaluation occurrence of the “El Niño” phenomenon for the protection of surface runoff and flooding of the open pit. ☒Approved

Start of exploitation activities (Mining Plan) The project does not consider a Benefit Concession Approved for an installed capacity of ☒Not Submitted new authorization to start ☐Not submitted exploitation and approval of a 81,079 MT/day through Directorate ☐Under development mining plan. ☐Under evaluation Resolution N° 0519-2017-MEM- DGM/V on June 6, 2017. ☐Under evaluation ☒Approved ☒Approved

Additional information: Bayovar is one of the largest phosphate deposits in the world and is formed by a very rich area of rocks and non-metallic minerals, including, among others, rock phosphate, diatomite, and brines. The phosphate rock is converted into fertilizer and processed with sulfuric acid to simplify its use. The importance of fertilizers is vital for agricultural activity, since the crops that are finally used for animal and human consumption are nourished with this product. .

1 Miski Mayo: “Mosaic Company becomes a majority shareholder of the Mining Company Minera Miski Mayo”. January 17, 2018. 2 National Society of Mining, Oil and Energy (SNMPE, as per the Spanish acronym) biweekly report from October 2010. 3 Compañia Minera Miski Mayo S.R.L.: Second Modification to the Environmental Impact assessment of the Fosfatos Bayovar mine. Approved with Directorate Resolution N° 182-2015-EM/DGAAM dated April 28, 2015. 4 Compañia Minera Miski Mayo S.R.L.: Draft amendment of the Beneficiation Concession ‘Bayovar I and II' by Directorate Resolution N° 0519-2017-MEM- DGM/V dated June 6, 2017. Pachapaqui Expansion

Operator ICM Pachapaqui S.A.C.

Investor (s) 100%: Korea Zinc Company (Korea)

LOCATION

Region Ancash Province(s) Bolognesi District(s) Aquia The project is located at an approximate height ranging from 3,800 and 4,800 meters above sea level.

MAIN DATA OF THE PROJECT

Zinc, lead, silver and copper polymetallic Global investment5 US$116.5 million Type of deposit deposits (Zn-Pb-Ag-Cu) 9.1 Mt @ 3.40% Zn, 1.42% Pb, 55.58 g/t Ag, Executed investment - Mineral reserves5 0.44% Cu Start of construction 2020 Type of mine Underground Start of operations 2023 Life of mine5 11 years

Expected 304 under construction Power capacity 3 MW employment5 481 in operation Water source5 Surface water

☐ New (greenfield) Plant capacity5 Expansion from 800 to 3,300 tons per day ☒ Expansion (brownfield) Type of project 29,750 FMT of Zn (additional) ☐ Replacement (brownfield) Estimated annual 12,400 FMT of Pb (additional)

☐ Reutilization (greenfield) production 1.56 million ounces of Ag (additional) 3,850 FMT of Cu (additional)

CURRENT STATUS OF THE PROJECT Project stage: ☐Pre-feasibility Progress has been made in infrastructure, specifically in communication routes and auxiliary components to the ☒Feasibility project. ☐Detail engineering ☐Construction

Environmental Impact Assessment - EIAd

☐Not submitted Approved by Directorate Resolution N° 023 2017-SENACE-JEF-DEAR on December 01, 2017. ☐Under development ☐Under evaluation ☒Approved

Start of exploitation activities (Mining Plan) The project does not consider a Benefit Concession Approved for a capacity of 800 MT/day new authorization to start ☐Not Submitted ☐Not submitted by Resolution N° 350-2013-MEM- exploitation and approval of a ☐Under development DGM/V of September 03, 2013. mining plan. ☐Under evaluation

☐Under evaluation ☒Approved ☒Approved

Additional Information:

The construction project of the Torregaga dam is under evaluation, which will dam the lagoon called Yanacocha 1 (Torregaga) that will benefit the Aquia community.

.

5 ICM Pachapaqui: Modification to the Environmental Impact Assessment (EIAd), of the Expansion Project 3,300 TMD U.M. Pachapaqui. Approved by Directorate Resolution N° 023-2017-SENACE-JEF/DEAR, dated December 01, 2017. Santa Maria Expansion

Operator Compañía Minera Poderosa S.A.

Investor(s) 100%: Grupo Arias (Peru)

LOCATION

Region La Libertad Province(s) Pataz District(s) Pataz The project is located at a height between 1.300 to 3.200 meters above sea level in the basin of the gorge Hualanga-Frances.

MAIN DATA OF THE PROJECT Global Investment6 US$110 million Type of deposit Gold (Au) and silver (AG) deposits Executed investment US$10 million Mineral reserves 1.6 Mt @ 17.5 g/t Au Start of construction 2019 Type of mine Open pit Start of operations 2022 Life of mine6 22 years

Expected 1,173 under construction Power capacity 2 MW employment6 100 in operation Water source6 Surface and underground water

6 ☐ New (greenfield) Plant capacity Expansion from 600 to 1,000 tons per day ☒ Expansion (brownfield) Type of project ☐ Replacement (brownfield) Estimated annual 36,000 fine ounces of gold (additional) ☐ Reutilization (greenfield) production

CURRENT STATUS OF THE PROJECT Project stage:

☐Pre-feasibility In May of this year, the first stage of the expansion of the Benefit Plant was completed, which was processed ☐Feasibility from 600 to 800 tons per day. In the second stage, the activities required to expand the production of the Mining Unit to 1,000 tons per day are contemplated. ☐Detail engineering

☒Construction

Environmental Impact Assessment - EIAd

☐Not submitted The project has a Modification to its Detailed Environmental Impact Assessment (MEIAD), for exploitation activities, ☐Under development approved by Directorate Resolution N° 011-2017-SENACE-JEF/DEAR on November 24, 2017. ☐Under evaluation ☒Approved

Start of exploitation activities

(Mining Plan) Benefit Concession The project does not consider a ☐Not Submitted Approved for a plant capacity of 1,000 new authorization to start ☐Not submitted MT/day by Resolution N° 0542-2018- ☐Under development exploitation and approval of a ☐ Under evaluation MEM-DGM/V on June 15, 2018. mining plan. ☐Under evaluation ☒Approved ☒Approved

Additional Information:

The project aims to carry out a phased expansion (in 2 stages) of the plant capacity. The first expansion to 800 tons per day is completed and to meet the viability requirements of the project to achieve a production of 1,000 tons per day , it is necessary to implement the second stage, which will consist of an alternative tailings transport by pipe and new access, the construction of Phase II of the Hualanga Relavera, a tailings drying process, a filtering plant among others. In its schedule of activities it is contemplated to end this second stage in 2022. .

6 Compañia Minera Poderosa: Modification of the Environmental Impact Assessment (EIA) for the expansion of the operation and the Santa Maria I beneficiation plant from 600 to 1,000 TMD. August 2017. Toromocho Expansion

Operator Minera Chinalco Peru S.A. Investor(s) 100%: Aluminum Corporation of China Overseas Holdings Limited. (China)

LOCATION

Region Junin Province(s) Yauli District(s) Morococha The project is located at a height ranging from 4,500 to 5,000 meters above sea level.

MAIN DATA OF THE PROJECT Global investment7 US$1.4 billion Type of deposit copper (Cu) porphyry

Executed investment US$445 million Mineral reserves 1,457 Mt @ 0.469% Cu, 0.019% Mo, 6.89 g/t Ag Start of construction 2018 Type of mine Open pit Start of operations 2021 Life of mine8 27 years 3,200 under construction Expected employment Power capacity9 66 MW 2,400 in operation Water source Surface and underground water ☐ New (greenfield) Expansion from 117,000 to 170,000 tons per ☒ Expansion (brownfield) Plant capacity10 Type of project day ☐ Replacement (brownfield) Estimated annual Reutilization (greenfield) 75,000 FMT of copper (additional) ☐ production

CURRENT STATUS OF THE PROJECT Project stage: ☐Pre-feasibility ☐Feasibility The President Martin Vizcarra announced the start of construction of the project on June 01, 2018. ☐Detail engineering ☒Construction

Environmental Impact Assessment - EIAd ☐Not submitted The Environmental Impact Assessment (EIA) of the Toromocho Project was approved on December 14, 2010 by Directorate Resolution N° 411 -2010-MEM/AAM. Also, in December 2012, the Mine Closure Plan was approved for ☐Under development said project. ☐Under evaluation ☒Approved

Start of exploitation activities The project does not consider a (Mining Plan) new authorization to start Benefit Concession exploitation and approval of a ☐Not Submitted Approved by Directorate Resolution N° mining plan. The Toromocho ☐Not submitted 52-2011-MEM-DGM/V on July 26, ☐Under development project keeps the Mining Plan ☐ Under evaluation 2011. approved by Directorate ☐Under evaluation ☒Approved Resolution N° 088-2013- ☒Approved MEM/DGM on March 27, 2013.

Additional Information: In a consortium with the Chilean Company ICSK S.A.C. and Cosapi develops complementary works for earthworks, civil works and mechanical, electrical and pipe assemblies in the flotation area of the Toromocho mine. Thus, additional modules and pumps for the preparation of reagents and flocculant, connections between the flotation stage and concentrate thickener, high and low pressure pumps for process water, a new lime milk plant, among others, will be installed. .

7 TV Peru (channel #7): "Head of State announces expansion of Toromocho project with an investment of US $ 1,355 million." [Transmission] October 01, 2018. 8 Minera Chinalco Peru S.A.: Second Supporting Technical Report. Approved by Directorate Resolution N° 504-2015-MEM-DGAAM, dated December 29, 2015. 9 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019. 10 Official Website of the Ministry of Energy and Mines [Intranet] - Online Environmental Assessment System (SEAL): New Environmental Impact Assessment. Antilla

Operator Panoro Apurimac S.A. Investor(s) 100%: Panoro Minerals ltd. (Canada)

LOCATION

Region Apurimac Province(s) Antabamba District(s) Sabaino The project is located at a height ranging from 3,400 to 4,100 meters above sea level, approximately 150 kilometers southwest of Cusco and 500 kilometers southeast of Lima.

MAIN DATA OF THE PROJECT

Global investment11 US$250 million Type of deposit Copper (Cu) and molybdenum (Mo) porphyry

Executed investment - Mineral resources11 291.8 Mt @ 0.34% Cu, 0.01% Mo Start of construction To be defined Type of mine Open pit Start of operations To be defined Life of mine12 17 years Expected employment 350 in operation Power capacity 33 MW Water source12 Surface waters

Plant capacity12 20,000 tons per day

☒ New (greenfield) From year 1 to 4: 30,000 Tons of copper ☐ Expansion (brownfield) cathode Type of project From year 5 to 12: 30,000 - 15,000 Tons of ☐ Replacement (brownfield) Estimated annual copper cathode ☐ Reutilization (greenfield) production From year 13 to 16: 25,000 -15,000 Tons of copper cathode Year 17: 4,700 Tons of copper cathode

CURRENT STATUS OF THE PROJECT Project stage: ☒Pre-feasibility The project has a Technical Report on Estimating Resources dated December 16, 2013. In addition, the project ☐Feasibility has a Preliminary Economic Assessment (PEA), optimized as of June 11, 2018. ☐Detail engineering ☐Construction

Environmental Impact Assessment - EIAd ☒Not submitted The company does not have a Detailed Environmental Impact Assessment (DEIA) for exploitation activities. ☐Under development ☐Under evaluation ☐Approved

Start of exploitation activities (Mining Plan) Benefit Concession The project operator has not yet ☒Not Submitted submitted its application for the ☒Not submitted Without authorization of benefit ☐Under development Authorization to Start Exploitation ☐Under evaluation concession Activities. ☐Under evaluation ☐Approved ☐Approved

Additional Information:

Currently, the company is making the necessary transactions to transfer the project to a commercial operator. .

11 Panoro Minerals LTD: “Development of copper potential in Peru”. August 2019 12 Panoro Minerals LTD: “Technical Report on the PEA for the Antilla Copper Project”. June, 2018. Ariana

Operator Ariana Operaciones Mineras S.A.C Investor(s) 100%: Southern Peaks Mining LP (United Kingdom)

LOCATION

Region Junin Province(s) Yauli District(s) Marcapomacocha The project is located on the western flank of the Western Mountain Range, La Viuda in Peru’s Central Highlands at a height of 4,700 meters above sea level.

MAIN DATA OF THE PROJECT Copper (Cu) and zinc (Zn) Skarn intermediate to Global Investment13 US$125 million Type of deposit15 distal of low sulfidation Mineral 6.2 million tons @ 1.14% Cu, 18.04 g/t Ag, 0.84 Executed investment US$8 million resources/reserves14 g/t Au, 1.79% Zn Start of construction 2018 Type of mine Underground Start of operations 2021 Life of mine15 10 years Expected 1,500 under construction Power capacity16 8 MW employment15 Water source15 Groundwater

Plant capacity15 2,000 tons per day ☒ New (greenfield) ☐ Expansion (brownfield) Type of project ☐ Replacement (brownfield) Estimated annual 45,000 - 50,000 FMT of copper

☐ Reutilization (greenfield) production 10,000 FMT of zinc

CURRENT STATUS OF THE PROJECT Project stage: ☐Pre-feasibility Progress is being made in infrastructure, specifically in communication routes and auxiliary components to the ☐Feasibility project. This adds 5.9% of physical advance to the first half of the year. ☐Detail engineering ☒Construction

Environmental Impact Assessment - EIAd

☐Not submitted The project has an Environmental Impact Assessment (EIA) approved by Directorate Resolution N° 127-2016- ☐Under development MEM/DGAAM dated April 29, 2016. ☐Under evaluation ☒Approved

Start of exploitation activities (Mining Plan) Benefit Concession Approved for a plant capacity of 2,000 ☐Not Submitted Approved by Directorate ☐Not submitted MT/day by Directorate Resolution N° Resolution N°0137-2018-MEM- ☐Under development ☐ 0602-2018-MEM-FGM/V on July 10, DGM on May 31, 2018. Under evaluation 2018. ☐Under evaluation ☒Approved ☒Approved

Additional Information On August 05 of this year, representatives of the Ariana mining company attended the hearing in the Sixth Constitutional Court where the suspension of the mining project was evaluated due to the alleged threat of contamination to water sources close to the project. .

13 Rumbo Minero: “Between 2019 and 2020, Ariana would start its commercial production” Publication N° 104. July 2017. 14 Ariana Operaciones Mineras: Detailed Mining Plan. August 2017 15 Ariana Operaciones Mineras S.AC: Environment Impact Assessment. Approved by Directorate Resolution N° 127-2016-MEM/DGAAM. April 29, 2016. 16 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019. Ayawilca

Operator Tinka Resources S.A.C Investor(s) 100%:Tinka Resources Limited (Canada)

LOCATION

Region Pasco Province(s) Daniel Alcides Carrion District(s) Yanahuanca The project is located at a height of 4,150 meters above sea level.

MAIN DATA OF THE PROJECT Global investment17 US$262 million Type of deposit Zinc (Zn) deposit Executed investment - Mineral resources17 840 Mt @ 6.95% Zn, 0.18% Pb, 15.8 g/t Ag Start of construction To be defined Type of mine Underground Start of operations To be defined Life of mine17 21 years Expected employment To be defined Power capacity Not available Water source To be defined

Plant capacity17 5,000 tons per day

☒ New (greenfield) ☐ Expansion (brownfield) Type of project 201,500 dry metric tons (DMT) of zinc ☐ Replacement (brownfield) Estimated annual 7,570 dry metric tons of lead with silver ☐ Reutilization (greenfield) production 905,700 ounces of silver

CURRENT STATUS OF THE PROJECT

Project stage: ☒Pre-feasibility On July 02, 2019, the company communicated the results of the Preliminary Economic Assessment (PEA) of the ☐Feasibility project. ☐Detail engineering ☐Construction

Environmental Impact Assessment - EIAd ☒Not submitted The company has not submitted yet its Environmental Impact Assessment for exploitation activities; however, in February 2019 has presented the Second Modification of his Semi-detailed Environmental Impact Assessment ☐Under development (EIAsd). ☐Under evaluation ☐Approved

Start of exploitation activities (Mining Plan) Benefit Concession The project operator has not yet ☒Not Submitted submitted its application for the ☒Not submitted Without authorization of Beneficiation ☐Under development Authorization to Start Exploitation ☐Under evaluation Concession. Activities. ☐Under evaluation ☐Approved ☐Approved

Additional Information:

The company plans to continue exploring in 2019 and 2020 with the aim of preparing its pre-feasibility study. .

17 Tinka Resources Limited: “Tinka Reports Positive PEA for the Ayawilca zinc Project” [news release]. July 02, 2019. AZOD (Accha and Yanque)

Operator Exploraciones Collasuyo S.A.C. Investor(s) 100%:Zincore Metals Inc. (Canada)

LOCATION

Region Cusco Province(s) Paruro District(s) Accha The project is located at a height between 3,500 to 4,300 meters above sea level.

MAIN DATA OF THE PROJECT Global investment18 US$345.5 million Type of deposit Supergene zinc (Zn) deposit

Accha: Base Case: 1.223 Mt @ 8.03 % Zn, 0.68% Pb (open Executed investment - Mineral reserves19 pit); 1.011 Mt @ 10.36% Zn, 1.39% Pb (underground) Yanque: Base Case: 8,338 Mt @ 3.97 % Zn, 2.6% Pb

Start of construction To be defined Type of mine Open pit and underground

Accha: 6 years Start of operations To be defined Life of mine19 Yanque: 8 years

Expected employment 231 in operation Power capacity19 10 MW

Water source19 Groundwater

Accha: Base Case; 1,250 tons per day New (greenfield) Plant capacity19 ☒ Yanque: Base Case; 2,650 tons per day ☐ Expansion (brownfield) Type of project Accha: ☐ Replacement (brownfield) Base Case: Open pit 36,000 Klb of Zn and 3,000 Klb of Estimated annual Reutilization (greenfield) Pb ☐ production19 Yanque: Base Case: 84,800 klb of Zn and 68,000 Klb of Pb

CURRENT STATUS OF THE PROJECT Project stage:

☒Pre-feasibility A pre-feasibility study for 2013 considered two production scenarios for the AZOD Project. A "base" case would ☐Feasibility see the zinc-lead oxide produced on site and transported for refining in special high-grade zinc ingots. An alternative scenario, the "Fume" case, planned for the production of zinc-lead oxide for sale. ☐Detail engineering ☐Construction

Environmental Impact Assessment - EIAd ☒Not submitted The project does not yet have a Detailed Environmental Impact Assessment (EIAd) for exploitation activities. ☐Under development ☐Under evaluation ☐Approved

Start of exploitation activities (Mining Plan) Benefit Concession The project operator has not yet ☒Not Submitted submitted its application for the ☒Not submitted Without authorization of Beneficiation ☐Under development Authorization to Start Exploitation ☐Under evaluation Concession. Activities. ☐Under evaluation ☐Approved ☐Approved

Additional Information: Zincore Metals Inc, considers an additional assessment of the planned refinery in the port of Ilo and the option of finding a strategic partner for the development of the refinery. .

18 Zincore Metals Inc.: “An underappreciated zinc asset” [corporate presentation]. January 2018. 19 Zincore Metals Inc: Technical Report of the Feasibility Study. August 06, 2013. Bayovar 12

Operator Juan Paulo Quay S.A.C Investor(s)20 70%: CROPS INC. (Canada) 18%: Mamut Andino (Ecuador) 12%: Grupo Romero (Peru)

LOCATION

Region Piura Province(s) Sechura District(s) Sechura The project is located in the Sechura desert, 90 km south of the city of Piura and approximately 30km from the Pacific Ocean.

MAIN DATA OF THE PROJECT Global investment21 US$167.7 million Type of deposit21 Phosphate sedimentary deposit Executed investment - Mineral reserves21 58.8 Mt @ 12.93% P2O5 Start of construction To be defined Type of mine21 Open pit Start of operations To be defined Life of mine21 20 years Expected employment 190 in operation Power capacity21 10 MW

21 ☒ New (greenfield) Water source seawater ☐ Expansion (brownfield) Plant capacity21 2,740 tons per day Type of project ☐ Replacement (brownfield) Estimated annual 1,000,000 FMT of phosphate

☐ Reutilization (greenfield) production21

CURRENT STATUS OF THE PROJECT Project stage: ☒Pre-feasibility The project has a pre-feasibility study updated to June 28, 2016, in which, the commercial model is supported to ☐Feasibility produce 24% and 28% P2O5 rock concentrate. ☐Detail engineering ☐Construction

Environmental Impact Assessment - EIAd ☒Not submitted The company does not yet have a Detailed Environmental Impact Assessment (EIAd) for exploitation activities. ☐Under development ☐Under evaluation ☐Approved

Start of exploitation activities (Mining Plan) Benefit Concession The project operator has not yet ☒Not Submitted submitted its application for the ☒Not submitted Without authorization of Beneficiation ☐Under development Authorization to Start Exploitation ☐Under evaluation Concession. Activities. ☐Under evaluation ☐Approved ☐Approved

Additional Information: During 2017, CROPS carried out a series of additional metallurgical tests that confirmed the ability to produce a minimum of 30% P2O5 phosphoric rock concentrate. The vision of the current company is to produce 28% and 30% of P2O5 rock concentrate to supply the agricultural and industrial sectors of the world phosphate economy. The project operator is in search of financing. .

20 Crops Inc.: [Press release]. April 05, 2018. 21 Crops Inc.: Pre-feasibility study June 28, 2016. Cañariaco (North)

Operator Cañariaco Copper Peru S.A.

Investor(s) 100%: Candente Copper Corp. (Canada)

LOCATION

Region Lambayeque Province(s) Ferreñafe District(s) Cañaris The project is located at a height of 2.760 meters above sea level, on the surface areas of the rural community San Juan de Cañaris.

MAIN DATA OF THE PROJECT Global Investment22 US$1.4 billion Type of deposit22 Copper, gold and silver porphyry

752.4 million tons @ 0.45% Cu, 0.07 g/t Au, 1.9 Executed investment - Mineral resources22 g/t Ag

Start of construction To be defined Type of mine22 Open pit Start of operations To be defined Life of mine22 22 years 1,500 under construction Expected employment Power capacity 86 MW 600 in operation Water source22 Surface waters ☒ New (greenfield) Plant capacity22 95,000 tons per day ☐ Expansion (brownfield) Type of project 119,000 FMT of copper ☐ Replacement (brownfield) Estimated annual 37,000 ounces of gold ☐ Reutilization (greenfield) production22 850,000 ounces of silver

CURRENT STATUS OF THE PROJECT Project stage: ☐Pre-feasibility The company is developing the feasibility study of the project. The progress percentage of this study is approximately 50%. It is worth mentioning that in 2011, the Project Pre-feasibility Study was completed, as well as ☒Feasibility Technical Report NI 43-101 of the progress of the project pre-feasibility study, from which positive results were ☐Detail engineering obtained as a better approximation to the resources measured and indicated with a cut-off grade of 0.2% Cu. ☐Construction

Environmental Impact Assessment - EIAd ☒Not submitted The company does not have an EIAd for operating activities. However, it has a Modification of its Semi-detailed Environmental Impact Assessment, approved by Directorate Resolution on September 9, 2014. N° 462-2014- ☐Under development MEM/DGAAM. ☐Under evaluation ☐Approved

Start of exploitation activities (Mining Plan) Benefit Concession The project operator has not yet ☒Not Submitted submitted its application for the ☒Not submitted Without authorization of Beneficiation ☐Under development Authorization to Start Exploitation ☐Under evaluation Concession. Activities. ☐Under evaluation ☐Approved ☐Approved

Additional Information:

The main activities in the project continue to consist of community activities under the ongoing Community Initiatives program and environmental monitoring as required by the existing drilling permit. In addition, the feasibility study of engineering activities also remained on hold until the Company's financial resources were strengthened.

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22 Candente Cooper Corp.: “Annual Information form” [Yearbook 2018]. March 31, 2019. Cañon Florida (Ex Bongara)

Operator Nexa Resources Peru. S.A.A. Investor(s) 61%: Nexa Resources S.A. (Brazil) 39%: Solitario Zinc Corp. (USA)

LOCATION

Region Amazonas Province(s) Bongara District(s) Florida and Yambrasbamba

The project is located at a height ranging from 2,400 and 2,800 meters above sea level.

MAIN DATA OF THE PROJECT Global Investment23 US$214 million Type of deposit Zinc (Zn) and lead (Pb) deposits

Executed investment - Mineral resources23 3.26 Mt @ 12.2% Zn, 1.53% Pb, 18.51 g/t Ag

Start of construction To be defined Type of mine underground Start of operations To be defined Life of mine23 12.5 years

Expected employment 160 in operation Power capacity24 4 MW

Water source25 Surface and underground water ☒ New (greenfield) Plant capacity25 2,500 tons per day ☐ Expansion (brownfield) Type of project 60,000 FTM of zinc ☐ Replacement (brownfield) Estimated annual 6,000 FTM of lead ☐ Reutilization (greenfield) production23 200,000 ounces of silver

CURRENT STATUS OF THE PROJECT Project stage: The company continues developing its drilling program designed to test the opportunity for expansion of resources ☐Pre-feasibility identified by the modeling of deposits during the preparation of the Preliminary Economic Assessment (PEA) of the ☒Feasibility project, which was published on August 02, 2017. The first phase of drilling ended at the end of December 2018 and resumed in the second quarter of 2019 after the rainy season. On this second phase, as of July 31, 2019, the ☐Detail engineering engineering development for the access roads for drilling purposes was completed to reduce logistics costs. ☐Construction

Environmental Impact Assessment - EIAd ☒Not submitted The company does not have an EIAd for exploitation activities. However, the project has a Fourth Modification of its semi-detailed Environmental Impact Assessment approved by Directorate Resolution N° 137-2018- ☐Under development MEM/DGAAM on June 19, 2018. ☐Under evaluation ☐Approved

Start of exploitation activities (Mining Plan) Benefit Concession The project operator has not yet ☒Not Submitted submitted its application for the ☒Not submitted Without authorization of Beneficiation ☐Under development Authorization to Start Exploitation ☐Under evaluation Concession. Activities. ☐Under evaluation ☐Approved ☐Approved

Additional Information: The Bongara project was renamed as Florida Canyon in 2017. During this year, the main activities consisted of the request for renewal of the environmental license of the IV Modification to the Semi-detailed Environmental Impact Assessment (EIAsd) and in the development of social programs with the Shipasbamba Peasant Community and environmental monitoring.

23 Nexa Resources S.A.: “Annual report 2017”. 24 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019. 25 Solitario Zinc Corp.: “Preliminary Economic Report”. August 03, 2017. Conga

Operator Minera Yanacocha S.R.L. Investor(s) 51.35%: Newmont Mining Corporation (USA) 43.65%: Grupo Buenaventura (Peru) 5.00%: Sumitomo Corporation (Japan)

LOCATION

Region Cajamarca Province(s) Celendín and Cajamarca District(s) Sorochuco, Huasmin and La Encañada The project is located at a height ranging from 3,700 to 4,300 meters above sea level.

MAIN DATA OF THE PROJECT

Global Investment US$4.8 billion Type of deposit Copper (Cu) and gold (Au) porphyry

Executed investment - Mineral reserves 504 million tons @ 0.28% Cu, 0.72 g/t Au Start of construction To be defined Type of mine Open pit Start of operations To be defined Life of mine6 19 years

Expected 8700 under construction Power capacity Not available employment26 1660 in operation Water source26 Surface waters ☒ New (greenfield) Plant capacity27 92,000 tons per day ☐ Expansion (brownfield) Type of project 680,000 fine ounces of gold ☐ Replacement (brownfield) Estimated annual 54,000 FMT of copper ☐ Reutilization (greenfield) production

CURRENT STATUS OF THE PROJECT Project stage: ☐Pre-feasibility ☒Feasibility The project has been paralyzed due to socio-environmental conflicts in the area of direct and indirect influence. ☐Detail engineering ☐Construction

Environmental Impact Assessment - EIAd

☐Not submitted The Second Modification of the Environmental Impact Assessment (EIA) of the Conga mining project was approved ☐Under development by Directorate Resolution N° 228-2015-MEM/DGAAM approved on May 29, 2015. ☐Under evaluation ☒Approved

Start of exploitation activities (Mining Plan) Benefit Concession Approved for a plant capacity of 92,000 ☐Not Submitted Approved by Directorate ☐Not submitted MT/day by Directorate Resolution N° Resolution N° 035-2012-MEM- ☐Under development ☐ 078-2012-MEM-FGM/V on March 01, DGM. Under evaluation 2012. ☐Under evaluation ☒Approved ☒Approved

Additional Information:

The project includes the exploitation of the Porol and Chaihuagon porphyric deposits. However, the project is currently paralyzed in the suspended feasibility stage.

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26 Minera Yanacocha S.R.L.: Second Modification of the Environmental Impact Assessment of the Conga project. May 29, 2015. 27 Minera Yanacocha S.R.L.: Mining Plan of the Conga project. March 09, 2012. Corani

Operator Bear Creek Mining S.A.C. Investor(s) 100%: Bear Creek Mining Corporation (Canada)

LOCATION

Region Puno Province(s) Carabaya District(s) Corani The project is located at an altitude ranging from 4,600 and 5,200 meters above sea level.

MAIN DATA OF THE PROJECT Low to intermediate epithermal sulfurization with Global Investment28 US$585 million Type of deposit28 silver (Ag), lead (Pb) and zinc (Zn). Executed investment - Mineral reserves28 137.6 Mt @ 51.6 g/t Ag, 0.91% Pb, 0.59% Zn Start of construction 2020 Type of mine Open pit Start of operations 2023 Life of mine29 18 years

Expected 1,500 under construction Power capacity31 36 MW employment30 440 in operation

28 ☒ New (greenfield) Water source Surface and underground waters ☐ Expansion (brownfield) Plant capacity 22,500 tons per day Type of project ☐ Replacement (brownfield) Estimated annual 110,000 FMT of lead and silver

☐ Reutilization (greenfield) production28 80,000 FMT of zinc and silver

CURRENT STATUS OF THE PROJECT Project stage: ☐Pre-feasibility On September 04, 2018, Bear Creek Mining informed the Ministry of Energy and Mines of the beginning of the ☐Feasibility period of early works - Phase I "Early Works". ☒Detail engineering ☐Construction

Environmental Impact Assessment - EIAd On November 02, 2017, by Directorate Resolution N° 340-2017-SENACE-DCA, the Second Technical Support Report was approved, which includes changes in the design of the open pit, rearrangement of components in the ☐Not submitted processing facilities, change in the design of the engineering of the mine clearing and main tailings tank as well as ☐Under development updating, rearranging and relocating water management facilities and adding other infrastructure related to the project, in addition to the modification of the schedule and changes in the concentrate transport system (from big- ☐Under evaluation bag to closed trucks). ☒Approved

Start of exploitation activities (Mining Plan) Benefit Concession Approved for a plant capacity of 22,500 ☐Not Submitted Approved by Directorate ☐Not submitted MT/day by Directorate Resolution N° Resolution N° 0119-2018-MEM- ☐Under development ☐ 570-2018-MEM-DGM/V on June 25, DGM on May 9, 2018. Under evaluation 2018. ☐Under evaluation ☒Approved ☒Approved

Additional Information: During 2018, access roads and infrastructure were started where local labor was used, both for local communities and for the development of the Corani project. In September of the same year, the company began the construction of the Antapata electrical substation, for which the placement of a transformer is planned in 2019. On the other hand, the project operator is conducting a capital savings assessment. and operations, in addition to time reduction. .

28 Bear Creek Mining Corporation: Detailed Engineering Report Phase 1 [Technical Report]. September 2017. 29 Bear Creek Mining S.A.C: Mining Plan of the Corani Mining Project. Approved by Directorate Resolution N° 119-2018-MEM-DGM. May 9, 2018. 30 Bear Creek Mining Company: Executive Overview of the Environmental Impact Assessment of the Corani Project. February 2013 31 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019. Cotabambas

Operator Panoro Apurimac S.A. Investor(s) 100%: Panoro Minerals Ltd. (Canada)

LOCATION

Region Apurimac Province(s) Cotabambas District(s) Cotabambas The project is located at an approximate height of 4.000 meters above sea level, at 500 m. Northwest of the city of Cotabambas

MAIN DATA OF THE PROJECT

Global Investment32 US$1.5 billion Type of deposit33 Copper (Cu) and gold (Au) porphyry

117.1 Mt @ 0.42% Cu, 0.23 g/t Au, 2.74g/t Ag, Executed investment - Mineral resources34 0.0013% Mo Start of construction To be defined Type of mine Open pit Start of operations To be defined Life of mine33 17 years Expected employment 454 in operation Power capacity33 196 MW

33 ☒ New (greenfield) Water source Surface waters ☐ Expansion (brownfield) Plant capacity33 80,000 tons per day Type of project ☐ Replacement (brownfield) Estimated annual 270,000 FMT of copper ☐ Reutilization (greenfield) production33

CURRENT STATUS OF THE PROJECT Project stage: ☒Pre-feasibility The project has a Mineral Resource Estimation Technical Report dated July 24, 2012. Additionally, on April 09, 2015, the company presented a Technical Report of the Preliminary Economic Assessment (PEA), which was ☐Feasibility updated on September 22 of the same year. On February 22, 2018, Panoro Minerals restarted the drilling program, ☐Detail engineering which, in July 2019, revealed a high degree of mineralization for both Chaupec Target and Guaclle Target. ☐Construction

Environmental Impact Assessment - EIAd ☐Not submitted The Project is developing the detailed Environmental Impact Assessment (EIAd) for exploitation activities. ☒Under development ☐Under evaluation ☐Approved

Start of exploitation activities (Mining Plan) Benefit Concession The project operator has not yet ☒Not Submitted submitted its application for the ☒Not submitted Without authorization of Beneficiation ☐Under development Authorization to Start Exploitation ☐Under evaluation Concession. Activities. ☐Under evaluation ☐Approved ☐Approved

Additional Information:

Panoro Minerals is entitled to receive US$14 million distributed over a period of up to 9 years, from the purchase agreement of precious metals with Wheaton Precious Metals International Ltd, as an advance deposit with payments that will be used to finance corporate expenses related to the Cotabambas Project .

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32 Panoro Minerals Ltd.: “Developing Peru’s Cooper Potential” [Corporate presentation]. August 2018. 33 Panoro Minerals Ltd.: Preliminary Economic Assessment. September 22, 2015 34 Panoro Minerals Ltd: ”Panoro Announces the Approval of the Environmental Impact Assessment Expansion at Cotabambas Project, Peru - Summary of Cotabambas and Antilla Project Resources”. August 20, 2018. Don Javier

Operator Junefield Group S.A.

Investor(s) 100%: Junefield Mineral Resources Holding Limited. (China)

LOCATION

Region Arequipa Province(s) Arequipa District(s) Yarabamba The project is located at a height ranging from 2,400 and 2,900 meters above sea level.

MAIN DATA OF THE PROJECT

Global Investment US$600 million Type of deposit35 Porphyry copper (Cu) and molybdenum (Mo)

Executed investment - Mineral reserves35 182 Mt @ 0.45% Cu, 212 ppm Mo, 3.0 ppm Ag Start of construction To be defined Type of mine Open pit Start of operations To be defined Life of mine Not available

Expected employment To be defined Power capacity 31 MW

☒ New (greenfield) Water source Not available ☐ Expansion (brownfield) Plant capacity Not available Type of project ☐ Replacement (brownfield) Estimated annual 34,425 FMT of copper ☐ Reutilization (greenfield) production

CURRENT STATUS OF THE PROJECT Project stage: ☒Pre-feasibility The company continues to carry out the drilling of the approved platforms in the Modification of its Semi-detailed Environmental Impact Assessment (MEIAsd). The current budget for the exploration activities of the project is US ☐Feasibility $ 25 million, and a physical progress percentage of 65% is available in the first half of the year. These activities are ☐Detail engineering expected to culminate in this year. ☐Construction

Environmental Impact Assessment - EIAd The company does not have an EIAd for operating activities. However, it has a Modification to its Semi-detailed ☒Not submitted Environmental Impact Assessment (MEIAsd) approved by Directorate Resolution N° 080-2014-MEM/DGAAM on February 13, 2014. Additionally, the project has a Second Technical Support Report approved on April 16, 2019 by ☐Under development Directorate Resolution N° 054-2019-MEM-DGAAM, whose main objective is to defer the execution of the final ☐Under evaluation closure and post-closure measures of some components. ☐Approved

Start of exploitation activities (Mining Plan) Benefit Concession The project operator has not yet ☒Not Submitted submitted its application for the ☒Not submitted Without authorization of Beneficiation ☐Under development Authorization to Start Exploitation ☐Under evaluation Concession. Activities. ☐Under evaluation ☐Approved ☐Approved

Additional Information:

As part of its semi-detailed Environmental Impact Assessment (EIAsd), the Junefield Group company has presented the second Technical Support Report (TSR). The objective of this proposal is related to the conservation of the camp, auxiliary facilities and main access for a period of up to 03 years for them to be used in the exploitation phase.

.

35 Junefield Group S.A.: Technical Report [Prepared by AMC Consultants Ltd.]. November 15, 2013. El Galeno

Operator Lumina Copper S.A.C. Investor(s) 60%: China Minmetals Corporation (China) 40%: Jiangxi Copper Ltd. (China)

LOCATION

Region Cajamarca Province(s) Celendin and Cajamarca District(s) Sorochuco and La Encañada The project is located at a height ranging from 3,800 and 4,200 meters above sea level.

MAIN DATA OF THE PROJECT Copper (Cu), molybdenum (Mo), gold (Au) and Global Investment US$3.5 billion Type of deposit36 silver (AG) porphyry 803,000 Mt @ 0.48% Cu, 0.014% Mo, 0.11 g/t Executed investment - Mineral reserves37 Au, 2.6 g/t Ag Start of construction To be defined Type of mine Open pit Start of operations To be defined Life of mine36 20.4 years 4,000 under construction Expected employment Power capacity Not available 1,200 in operation Water source Not available

☒ New (greenfield) Plant capacity36 90,000 tons per day ☐ Expansion (brownfield) Type of project 144,353 FMT of copper ☐ Replacement (brownfield) Estimated annual 82,324 ounces of gold

☐ Reutilization (greenfield) production36 2,021,254 ounces of silver 2,277 FMT of molybdenum

CURRENT STATUS OF THE PROJECT Project stage:

☒Pre-feasibility On September 12, 2017, the First ITS of the IV Modification of the EIAsd category II of the exploration activities "El ☐Feasibility Galeno" was approved by Directorate Resolution N° 253-2017-MEM-DEGAAM, to continue exploring for three more years in order to Perform complementary studies. ☐Detail engineering ☐Construction

Environmental Impact Assessment - EIAd The project does not have an EIAd for exploitation activities. However, it has a Fourth Modification to its semi- detailed Environmental Impact Assessment (EIAsd), for exploration activities, which was rectified by Directorate ☒Not submitted Resolution N° 514-2014-MEM-DGAAM on October 10, 2014. Additionally, the project has a First Technical Support ☐Under development Report of the IV MEIAsd approved by Directorate ResolutionN° 253-2017-MEM-DGAAM on September 12, 2017. Currently, on September 12, 2018, the company presented its Fifth Modification of its EIAsd whose objective is to ☐Under evaluation extend the schedule by 03 years for the development of complementary studies . ☐Approved

Start of exploitation activities (Mining Plan) Benefit Concession The project operator has not yet ☒Not Submitted submitted its application for the ☒Not submitted Without authorization of Beneficiation ☐Under development Authorization to Start Exploitation ☐Under evaluation Concession. Activities. ☐Under evaluation ☐Approved ☐Approved

Additional Information: The companies Southern Peru, Lumina Copper and Buenaventura, in charge of the Michiquillay, Galeno and Conga mining projects, respectively, located in adjacent areas of Cajamarca, evaluate developing their projects together in order to share production infrastructure, transportation and transportation services. common use, which allow them to reduce investment costs. In that sense, a joint proposal is developed to design what would be a mining cluster.

36 China Minmetals Corporation: Study of pre-feasibility. [Technical Report]. February 19, 2007. 37 Standard and Poor’s (S&P Global): Galeno – Reserves & Resources [Market Intelligence from the official website]. Date consulted; August 28, 2019. El Padrino and Hilarion

Operator Nexa Resources Peru. S.A.A. Investor(s) 80.16%: Nexa Resources S.A. (Brazil) 19.84%: Other shareholders

LOCATION

Region Ancash Province(s) Bolognesi District(s) Aquia and Huallanca The project is located at a height ranging from 4,000 to 4,900 meters above sea level.

MAIN DATA OF THE PROJECT

Global Investment US$470 million Type of deposit38 Zinc (Zn), lead (Pb) and silver (Ag) deposit

Executed investment - Mineral resources39 69.4 Mt @ 3.79% Zn, 0.71%Pb, 31.3 g/t Ag Start of construction To be defined Type of mine Underground Start of operations To be defined Life of mine40 11 years

Expected employment To be defined Power capacity41 14 MW

Water source Not available ☒ New (greenfield) Plant capacity 10,000 tons per day ☐ Expansion (brownfield) Type of project 138,618 FMT of zinc ☐ Replacement (brownfield) Estimated annual 21,420 FMT of lead ☐ Reutilization (greenfield) production 4.03 million fine ounces of silver

CURRENT STATUS OF THE PROJECT Project stage: ☒Pre-feasibility Currently, Nexa is exploring the northern area of Hilarion with the objective of increasing inferred resources and having a better understanding of the geomechanics and metallurgy of the deposit. ☐Feasibility During 2018, the company carried out mapping and geological sections to the north of the Hilarion deposit, to ☐Detail engineering evaluate the potential for resource expansion. The Preliminary Economic Assessment (PEA) of Hilarion is expected ☐Construction to be completed in the fourth quarter of 2019.

Environmental Impact Assessment - EIAd The company is managing the preparation of its Detailed Environmental Impact Assessment (EIAd). In that sense, ☐Not submitted the National Environmental Certification Service for Sustainable Investments (SENACE) approved the Terms of Reference (TDRs) on August 09, 2016 by Directorate Resolution N° 064-2016-SENACE/DCA. Also, the Citizen ☒Under development Participation Plan (for the elaboration of the EIAd) was approved on January 11, 2018 by Directorate Resolution ☐Under evaluation N° 011-2018-SENACE-JEF/DEAR. ☐Approved

Start of exploitation activities (Mining Plan) Benefit Concession The project operator has not yet ☒Not Submitted submitted its application for the ☒Not submitted Without authorization of Beneficiation ☐Under development Authorization to Start Exploitation ☐Under evaluation Concession. Activities. ☐Under evaluation ☐Approved ☐Approved

Additional Information: The company plans to build an exploration tunnel between El Padrino and Hilarión in order to establish synergies between them and connect them for better performance. The current mineral resources are contained within the Hilarión and El Padrino deposits, which are 03 km away from each other. * Hilarion Deposit: It has a Technical Support Report (ITS) of its IV MEIAsd approved by Directorate Resolution N° 154-2018-MEM-DGAAM on August 13, 2018. Currently, the company presented its V MEIAsd in June 2019. * El Padrino Deposit: It has a Third Modification of its semi-detailed Environmental Impact Assessment MEIAsd approved by Directorate Resolution N° 240-2017-MEM/DGAAM on August 31, 2017. .

38 Nexa Resources S.A.: Technical report. August 04, 2017. 39 Nexa Resources Peru S.A.A.: Annual Report Nexa Peru 2018. February 26, 2019. 40 Compañia Minera Milpo (Currently Nexa Resources Peru S.A.A): Detailed Environmental Impact Assessment (EIad). Approved by Directorate Resolution 064-2016-SENACE/DCA. August 9, 2016. 41 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019. Fosfatos Mantaro

Operator Mantaro Peru S.A.C.

Investor(s) 100%: ITAFOS (United Kingdom)

LOCATION

Region Junin Province(s) Concepcion District(s) Aco The project is located 250 km east of Lima.

MAIN DATA OF THE PROJECT

Global investment US$850 million Type of deposit42 Marine sedimentary origin deposit

Executed investment - Mineral resources42 39.5 Mt @ 10% P2O5 Start of construction To be defined Type of mine Open pit Start of operations To be defined Life of mine To be defined

Expected employment To be defined Power capacity 30 MW

Water source Surface and underground waters ☒ New (greenfield) Plant capacity Not available ☐ Expansion (brownfield) Type of project ☐ Replacement (brownfield) Estimated production To be defined ☐ Reutilization (greenfield)

CURRENT STATUS OF THE PROJECT

Project stage: ☒Pre-feasibility ☐Feasibility The pre-feasibility study was completed in February 2010. ☐Detail engineering ☐Construction

Environmental Impact Assessment - EIAd ☒Not submitted The company does not yet have a detailed Environmental Impact Assessment (EIAd) for exploitation activities. ☐Under development ☐Under evaluation ☐Approved

Start of exploitation activities (Mining Plan) Benefit Concession The project operator has not yet ☒Not Submitted submitted its application for the ☒Not submitted Without authorization of Beneficiation ☐Under development Authorization to Start Exploitation ☐Under evaluation Concession. Activities. ☐Under evaluation ☐Approved ☐Approved

Additional information: It is planned to sell the expected production to fertilizer manufacturers. Regarding the development of the project, Itafos is in the process of updating the technical report submitted in February 2010 in order to confirm the estimates of reserves and resources, currently, it is focused on maintaining the integrity of the concession and strategic alternatives are being evaluated for better decision making. .

42 Mantaro Peru S.A.C. Technical report. [Prepared by Stonegate Agricom Ltd.]. March 16, 2010. Fosfatos Pacifico

Operator Fosfatos del Pacifico S.A. Investor(s)43 70%: Fossal S.A.A. (Peru) 30%: Mitsubishi Corporation (Japan)

LOCATION

Region Piura Province(s) Sechura District(s) Illescas The project is within the deserted area of the Peruvian territory between the 0  50 meters above sea level

MAIN DATA OF THE PROJECT Global Investment44 US$831.1 million Type of deposit Marine sedimentary origin deposit

Executed investment - Mineral reserves 108.1 Mt @ 17.8% P2O5

Start of construction To be defined Type of mine Open pit Start of operations To be defined Life of mine45 20 years

Expected 2,437 under construction Power capacity46 50 MW employment45 482 in operation Water source45 Sea waters ☒ New (greenfield) Plant capacity45 18,790 tons per day ☐ Expansion (brownfield) Type of project ☐ Replacement (brownfield) Estimated annual 2,500,000 FMT of phosphate ☐ Reutilization (greenfield) production45

CURRENT STATUS OF THE PROJECT Project stage: ☐Pre-feasibility ☒Feasibility The feasibility study was completed at the end of 2015. ☐Detail engineering ☐Construction

Environmental Impact Assessment - EIAd Approved by Directorate Resolution N° 119-2014-EM/DGAAM on March 11, 2014. Additionally, the project has a First Modification to its Environmental Impact Assessment (MEIA) approved by Directorate Resolution on ☐Not submitted September 09, 2016 N° 269-2016-EM/DGAAM. Also the First Technical Support Report of its MEIA was approved ☐Under development by Directorate Resolution 2018 N° 112-2018-SENACE-JEF / DEAR on August 03, which aims to carry out exploration activities for the confirmation of reservations within the reservoir sedimentary phosphoric rock in the ☐Under evaluation Bayovar Concession No. 09. ☒Approved

Start of exploitation activities Approved by Directorate (Mining Plan) Benefit Concession The company submitted the application Resolution No° 676-2011-MEM- ☐Not Submitted in 2015, which was observed and DGM on June 6, 2011. Restart ☒Not submitted notified to the company on August 19 of ☐Under development approved by Directorate ☐ Under evaluation the same year. On October 14, 2015, Resolution N° 331-2015-MEM- ☐Under evaluation ☐Approved the company gave up the process. DGM/V on July 24, 2015. ☒Approved

Additional Information: In 2015, the Company received from Cementos Pacasmayo S.A.A. the assignment of a surface contract to use land located in the area adjacent to a marine area in northern Peru in order to execute the Phosphate Loading Terminal project in Bayóvar. In March 2019, the Company decided to terminate the aforementioned contract taking into account that currently the economic and financial conditions for its development are not adequate given the situation of the Phosphorus Rock market. .

43 Fosfatos del Pacifico S.A.: First Modification of Environmental Impact Study. March 2019. Approved by Directorate Resolution N° 269-2016- EM/DGAAM. September 09, 2019. 44 Fosfatos del Pacifico S.A.: “Efficient and cost-Effective Production Process / Construction Capex”. [Corporate presentation].December 31, 2016. 45 Fosfatos del Pacifico S.A.: “Workforce in the project stages”. 46 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019. Haquira

Operator Minera Antares Peru S.A.C.

Investor(s) 100%: First Quantum Minerals Ltd. (Canada)

LOCATION

Region Apurimac Province(s) Cotabambas and Grau District(s) Challhuahuacho and Progreso The project is located to the southern of Peru, on the eastern side of the Peruvian Andes, between the 3,850 and 4,400 meters above sea level.

MAIN DATA OF THE PROJECT Global Investment47 US$1.9 billion Type of deposit47 Copper (Cu) and molybdenum (Mo) porphyry

Executed investment - Mineral resources48 569 million tons @ 0.56% Cu

Start of construction 2022 Type of mine Open pit and underground Start of operations 2025 Life of mine47 20 years

Expected employment To be defined Power capacity49 91 MW

Water source47 Surface waters

☒ New (greenfield) 30,000 tons per day by leaching method Plant capacity47 ☐ Expansion (brownfield) 100,000 tons per day by flotation method Type of project ☐ Replacement (brownfield) 337,790 thounsand pounds of copper Estimated annual Reutilization (greenfield) 6,742 thousand pounds of molybdenum ☐ production47 1199 thousand ounces of silver

CURRENT STATUS OF THE PROJECT

Project stage: 2019: ☒Pre-feasibility II Quarter: Awareness for land purchase. ☐Feasibility IV Quarter: Beginning of land purchase negotiation. ☐Detail engineering Letters of intention to purchase land have been delivered to surrounding communities. There are 800 families from 04 communities (Huanuco, - Pampa, Lahuain, LLamanguire and Rarachi) ☐Construction

Environmental Impact Assessment - EIAd ☐Not submitted The company is currently establishing the baseline of the Environmental Impact Assessment (EIA). ☒Under development ☐Under evaluation ☐Approved

Start of exploitation activities (Mining Plan) Benefit Concession The project operator has not yet ☒Not Submitted submitted its application for the ☒Not submitted Without authorization of Beneficiation ☐Under development Authorization to Start Exploitation ☐Under evaluation Concession. Activities. ☐Under evaluation ☐Approved ☐Approved

Additional Information:

In the Haquira project, the approach continues on community and environmental aspects. Environmental assessment studies continued during the period. Several access agreements with communities to maintain activities have been successfully renegotiated.

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47 Antares Minerals Inc: “Technical Report of the Preliminary Economic Assessment”. [Prepared by the consulting firm Tetratech]. September 02, 2010 48 First Quantum Minerals Ltd.: “A great time to be building new mines”. May 2017. 49 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019. Hierro Apurimac

Operator Apurimac Ferrum S.A. Investor(s) 100%: Strike Resources Limited. (Australia)

LOCATION

Region Apurimac Province(s) Andahuaylas District(s) Andahuaylas The project is located at a height of 3,500 meters above sea level approximately, with a total concession area of 7,500 ha.

MAIN DATA OF THE PROJECT Global investment US$2.9 billion Type of deposit Iron (Fe) oxide deposit 269 Mt @ 57.3% Fe Executed investment - Mineral reserves50 (142 Mt Indicated Resource at 57.84% Fe and 127 Mt Inferred Resource at 56.7% Fe). Start of construction To be defined Type of mine Open pit Start of operations To be defined Life of mine50 20 years

Expected employment To be defined Power capacity Not available

Water source50 Surface water ☒ New (greenfield) ☐ Expansion (brownfield) Plant capacity Not available Type of project ☐ Replacement (brownfield) Estimated annual ☐ Reutilization (greenfield) 20 million FMT of iron production51

CURRENT STATUS OF THE PROJECT Project stage: ☒Pre-feasibility ☐Feasibility A Pre-feasibility Study (PFS) was completed in 2008 and updated in 2010. ☐Detail engineering ☐Construction

Environmental Impact Assessment - EIAd ☒Not submitted The company does not yet have a detailed Environmental Impact Assessment (EIAd) for exploitation activities. ☐Under development ☐Under evaluation ☐Approved

Start of exploitation activities (Mining Plan) Benefit Concession The project operator has not yet ☒Not Submitted submitted its application for the ☒Not submitted Without authorization of Beneficiation ☐Under development Authorization to Start Exploitation ☐Under evaluation Concession. Activities. ☐Under evaluation ☐Approved ☐Approved

Additional Information: At the beginning of 2018, the Government of Peru noted its intention to undertake a study to build a 570-kilometer multiple railroad, which would connect the Strike Apurimac Project with a multi-user port on the west coast of Peru. Currently, the Company entered into a Cooperation and Confidentiality Agreement with the consortium that conducts the government-funded rail study to provide information and assistance for the study. .

50 Strike Resources Limited: “Pre-feasibility results confirm world class prospects for Apurimac Project in Peru”. [Market Announcement]. July 23, 2008. 50 Strike Resources Limited: Quarterly Report for the period ended June 30, 2019. 51 Strike Resources Limited: “Peru Government Plans Railway Linking Stikes’s Apurimac Iron Ore Project to Port”. [Market Announcement] February 08, 2008.

Coroccohuayco Integration

Operator Compañia Minera Antapaccay S.A. Investor(s) 100%: Glencore PLC. (Switzerland)

LOCATION

Region Cusco Province(s) Espinar District(s) Espinar The project is located at an approx. height from 4,150 meters above sea level.

MAIN DATA OF THE PROJECT

Global investment52 US$590 million Type of deposit53 Copper (Cu) and Gold (Au) skarn

Open pit: 63 Mt @ 0.63% Cu, 0.07 g/t Au, 1.98 g/t Ag 54 Executed investment - Mineral reserves Underground: 121 Mt @ 1.22% Cu, 0.02 g/t Au, 3.86 g/t Ag Start of construction 2020 Type of mine Open pit and underground Start of operations 2022 Life of mine54 25 years

Expected employment 1,871 under construction Power capacity56 39 MW 55 1,092 in operation

☐ New (greenfield) Water source groundwater ☐ Expansion (brownfield) Plant Capacity55 20,000 tons per day Type of project ☒ Replacement (brownfield) Estimated annual 105,000 FMT of copper ☐ Reutilization (greenfield) production56

CURRENT STATUS OF THE PROJECT Project stage: ☐Pre-feasibility The company concluded its feasibility studies in 2017 and is conducting technical studies of hydrogeology, ☒Feasibility geotechnics and geometallurgy. ☐Detail engineering ☐Construction

Environmental Impact Assessment - EIAd ☐Not submitted First Modification of its EIAsd approved by Directorate Resolution N° 396-2014-MEM/AAM of August 06, 2014. The modification of the EIA of the Antapaccay Expansión Tintaya - Coroccohuayco Integration project presented in ☐Under development March 2018 is under evaluation by SENACE . ☐Under evaluation ☒Approved

Start of exploitation activities (Mining Plan) Benefit Concession Approved for a capacity of 19,400 The project operator has not yet ☒Not Submitted MT/day of the Tintaya benefit submitted its application for the ☐Not submitted concession by Directorate Resolution ☐Under development Authorization to Start Exploitation ☐ Under evaluation N° 148-2005-MEM/DGM on May 09, Activities. ☐Under evaluation ☒Approved 2005. ☐Approved

Additional Information: The company has proposed to the Ministry of Agriculture and Irrigation (MINAGRI) to execute the Jatarana San Martín Dam Project through the Tax Works mechanism, which could benefit the Jattarana, San Martín, Hancollahua, Alto Huarca, Huarca, Huisa , Huisa Ccollana, Antaccollana, Suero and Cama communities, which do not have sufficient irrigation infrastructure for their agriculture and livestock activities. .

52 Official Website of the Ministry of Energy and Mines [Intranet] - Online Environmental Assessment System (SEAL): “Modification of the Environmental Impact Study (EIA) Antapaccay Expansion Tintaya Project - Coroccohuayco Integration”. Date consulted August 28, 2019 53 Glencore Plc: Resource Report and Reservations. December 31, 2017. 54 Glencore Plc: “Antapaccay from the project to the operation”. [Corporative presentation]. Year 2013 55 Glencore Plc: [Corporative presentation]. September 2018 56 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019. La Granja

Operator Rio Tinto Minera Peru Limitada S.A.C. Investor(s) 100% Rio Tinto Plc. (UK; Australia)

LOCATION

Region Cajamarca Province(s) Chota District(s) Querocoto The project is located at a height of between 2,000 and 2,800 meters above sea level.

MAIN DATA OF THE PROJECT High sulfuration epidermal with copper (Cu) Global Investment US$5.0 billion Type of deposit57 content

Executed investment - Mineral reserves58 4,320 Mt @ 0.51% Cu

Start of construction To be defined Type of mine Open pit Start of operations To be defined Life of mine59 40 years 6,000 under construction Expected employment Power capacity 278 MW 1,660 in operation Water source58 Surface water ☒ New (greenfield) Plant capacity Not available ☐ Expansion (brownfield) Type of project ☐ Replacement (brownfield) Estimated annual 500,000 FMT of copper ☐ Reutilization (greenfield) production

CURRENT STATUS OF THE PROJECT Project stage: ☒Pre-feasibility The company is conducting advanced exploration due to the approval of its latest ITS, the exploratory activities ☐Feasibility were extended until 2022. ☐Detail engineering ☐Construction

Environmental Impact Assessment - EIAd On November 12, 2018, the company presented the First Technical Support Report of the Twelfth Modification of ☒Not submitted the Semi-detailed Environmental Impact Assessment (1st ITS 12MEIAsd) approved by Directorate Resolution N° 015-2019/MEM-DGAAM dated February 04, 2019. The objectives of the ITS in question are: optimize the design ☐Under development of the southern dump and surface water management, change of use of the sub-drainage collection pool of the ☐Under evaluation eastern dump and optimize the operation of the Drinking Water Treatment Plant. ☐Approved

Start of exploitation activities (Mining Plan) Benefit Concession The project operator has not yet ☒Not Submitted submitted its application for the ☒Not submitted Without authorization of Beneficiation ☐Under development Authorization to Start Exploitation ☐Under evaluation Concession. Activities. ☐Under evaluation ☐Approved ☐Approved

Additional Information:

The signing of the Fourteenth Addendum of the Exploration Investment Contract between the Peruvian State and the mining company Rio Tinto Miner Perú Limitada S.A.C. dated June 24, 2019.

.

57 Granja de Oro Inversiones Mineras S.A.C: "Technical Report of the New Farm Early Stage Exploration Project Department of Cajamarca." [Prepared by William R. Henkle, Jr., P. Geol]. January 2012 58 Rio Tinto Plc. Annual Report 2017. 59 Rio Tinto Plc. “La Granja project is one of the largest undeveloped Greenfield cooper projects in Latin America”. [Corporate presentation]. Los Calatos

Operator Minera Hampton Peru S.A.C Investor(s)60 100%: CD Capital Natural Resources Fund III (UK)

LOCATION

Region Moquegua Province(s) Mariscal Nieto District(s) Moquegua and Torata The project is located at a height of between 2,800 and 3,500 meters above sea level, between the Cerro Los Calatos (hill), from which the project receives the name .

MAIN DATA OF THE PROJECT

Global Investment61 US$655 million Type of deposit62 Copper (Cu) and molybdenum (Mo) porphyry

Executed investment - Mineral reserves62 136.5 Mt @ 0.73% Cu, 434 ppm Mo Start of construction To be defined Type of mine63 Underground Start of operations To be defined Life of mine62 22 years Expected employment To be defined Power capacity63 60 MW

63 ☒ New (greenfield) Water source Seawater ☐ Expansion (brownfield) Plant capacity Not available Type of project ☐ Replacement (brownfield) Estimated annual 50,000 FMT of copper ☐ Reutilization (greenfield) production62

CURRENT STATUS OF THE PROJECT Project stage: Currently, the company is exploring the specific area of the project according to the Second Modification of its semi- ☒Pre-feasibility detailed Environmental Impact Assessment (EIAsd). Additionally, on February 22, 2018, the 3rd ITS of the mining ☐Feasibility exploration project "Los Calatos" was granted by Directorate Resolution N° 033-2018-MEM-DGAAM based on INF N° 097-2018-MEM-DGAAM/DNAM/DGAM/A, where it is expected that the final date of activities of the exploration ☐Detail engineering project will be on February 01, 2020 with 158 platforms executed. ☐Construction

Environmental Impact Assessment - EIAd On April 25, the company informed the National Service for Sustainable Investments (SENACE) that the start date ☐Not submitted for the elaboration of the detailed Environmental Impact Assessment (EIAd) for exploitation activities would be June ☒Under development 01, 2018. At the same month, The presentation of the Report on Citizen Participation Mechanisms Made Before the Preparation of the Detailed Environmental Impact Assessment of Los Calatos Project was confirmed. ☐Under evaluation ☐Approved

Start of exploitation activities (Mining Plan) Benefit Concession The project operator has not yet ☒Not Submitted submitted its application for the ☒Not submitted Without authorization of Beneficiation ☐Under development Authorization to Start Exploitation ☐Under evaluation Concession. Activities. ☐Under evaluation ☐Approved ☐Approved

Additional Information:

On June 27, 2017, Metminco Limited announced the sale of 49% of the project to CD Capital for an approximate amount of US$ 5 million, whereby CD Capital obtained 100% of the shares. Currently, the EIA of Los Calatos exploitation project is in the Field Accompaniment stage.

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60 Metminco Limited: “Annual Report for the Year ended”. December 31, 2016. 61 Metminco Limited: Director's Report [Press release]. June 27, 2017. 62 Metminco Limited: “Los Calatos: High Grade Development Option”. [Presentation to investors]. September 2015. 63 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019. Los Chancas

Operator Southern Peru Copper Corporation, Branch of Peru Investor(s) 88.9%: Grupo Mexico S.A.B. de C.V. (Mexico) 11.1%: Others (free float)

LOCATION

Region Apurimac Province(s) Aymaraes District(s) Tapapyrihua The project is located at a height of between 3,600 and 3,800 meters above sea level, approximately 910 km from Lima.

MAIN DATA OF THE PROJECT

Global investment64 US$2.8 billion Type of deposit65 Copper (Cu) and molybdenum (Mo) porphyry

Executed investment - Mineral reserves 545 Mt @ 0.59% Cu, 0.04% Mo, 0.039 g/t Au Start of construction 2022 Type of mine Open pit Start of operations 2025 Life of mine Not available

Expected employment To be defined Power capacity66 95 MW

☒ New (greenfield) Water source Not available ☐ Expansion (brownfield) Plant capacity 4,700 tons per day Type of project ☐ Replacement (brownfield) Estimated annual 130,000 FMT of copper

☐ Reutilization (greenfield) production 7,500 FMT of molybdenum

CURRENT STATUS OF THE PROJECT Project stage:

☒Pre-feasibility In 2018, Southern continued to develop social and environmental improvements for local communities. Currently, ☐Feasibility the company is developing complementary explorations in order to complete the Environmental Impact Assessment (EIA) in 2020. ☐Detail engineering ☐Construction

Environmental Impact Assessment - EIAd

☐Not submitted The detailed Environmental Impact Assessment of Los Chancas Mining Exploitation Project was presented to ☐Under development SENACE on August 17, 2018. ☒Under evaluation ☐Approved

Start of exploitation activities (Mining Plan) Benefit Concession The project operator has not yet ☒Not Submitted submitted its application for the ☒Not submitted Without authorization of Beneficiation ☐Under development Authorization to Start Exploitation ☐Under evaluation Concession. Activities. ☐Under evaluation ☐Approved ☐Approved

Additional Information: Los Chancas project will be a combined operation of Solvent Extraction and Electrolytic Deposition (ESDE), which is a state-of-the-art technology with the highest international environmental standards. The deposit has copper, molybdenum and gold. According to the studies, they are analyzing whether it is more convenient to process the minerals through leaching, which is a more economical process with low initial capital (CAPEX) but where molybdenum or gold is not recovered, or if it is chosen flotation alternative where the 3 metals can be recovered, however, the initial capital will be greater. .

64 Southern Copper Corporation – Grupo Mexico: Results of the Second quarter and six months 2019. July 23, 2019. 65 Southern Peru Copper Corporation: “Opinion of independent shareholders”. December 31, 2018. 66 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019. Macusani

Operator Macusani Yellowcake S.A.C. Investor(s) 99.5 %: Plateau Energy Metals Inc. (Canada) 0.5%: Other

LOCATION

Region Puno Province(s) Carabaya District(s) Corani and Macusani The project is located at an approximate height between 4,150 and 5,200 meters above sea level.

MAIN DATA OF THE PROJECT

Global Investment67 US$800 million Type of deposit68 Uranium (U) and lithium (Li) deposits

Falchani: 60.92 Mt @ 2954 ppm Li Executed investment - Mineral resources69 Macusani:52.9 Mlbs U3O8 (248ppm) Start of construction To be defined Type of mine To be defined Start of operations To be defined Life of mine69 10 years

Expected employment To be defined Power capacity Not available

☒ New (greenfield) Water source Not available ☐ Expansion (brownfield) Plant capacity Not available Type of project ☐ Replacement (brownfield) Estimated annual Not available ☐ Reutilization (greenfield) production

CURRENT STATUS OF THE PROJECT Project stage: ☒Pre-feasibility ☐Feasibility The company published a technical report on the mineral resources of Lithium in Falchani, on September 06, 2018 ☐Detail engineering ☐Construction

Environmental Impact Assessment - EIAd

☒Not submitted The project does not have a detailed Environmental Impact Assessment (EIAd). However, the company expects to ☐Under development complete the process of preparation, communication and presentation of said study at the beginning of 2019. ☐Under evaluation ☐Approved

Start of exploitation activities (Mining Plan) Benefit Concession The project operator has not yet ☒Not Submitted submitted its application for the ☒Not submitted Without authorization of Beneficiation ☐Under development Authorization to Start Exploitation ☐Under evaluation Concession. Activities. ☐Under evaluation ☐Approved ☐Approved

Additional Information:

In the Falchani area, Phase II of the metallurgical study was completed in the first half of the year as well as an update to the resource study. For its part, an update of resources is being evaluated in the Macusani area.

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67 Plateau Energy Metals Inc.: “Plateau Energy Metals outlines lithium, uranium resources at Falchani”. [Prepared by S&P]. July 17, 2018. 68 Plateau Energy Metals Inc.: “Mineral Resource Estimates for the Chilcuno Chico, Quebrada Blanca, Tantamaco and Isivilla deposits in the Puno District of Peru, updated to include lithium and potassium.”. [Prepared by Mineral Corporation Consultancy Pty Ltd]. September 06, 2018. 69 Plateau Energy Metals Inc.:”Falchani Lithium Highlights / Macusani Uranium Highlights”. [Corporate presentation]. July 2019. Magistral

Operator Nexa Resources Peru S.A.A. Investor(s) 80.16%: Nexa Resources S.A. (Brazil) 19.84%: Other shareholder

LOCATION

Region Ancash Province(s) Pallasca District(s) Conchucos The project is located at a height of between 4,100 meters above sea level and 4,300 meters above sea level, approximately 450 km northwest of the city of Lima.

MAIN DATA OF THE PROJECT Copper (Cu) and molybdenum (Mo) porphyry Global Investment70 US$480 million Type of deposit71 skarn-type Executed investment - Mineral resources72 205.3 Mt @0.52% Cu, 0.05% Mo, 2.96 g/t Ag Start of construction 2022 Type of mine72 Open pit Start of operations 2023 Life of mine72 16 years 1,170 under construction Expected employment Power capacity72 38 MW 371 in operation Water source72 groundwater ☒ New (greenfield) Plant capacity72 30,000 tons per day ☐ Expansion (brownfield) Type of project 40,000 FMT of copper ☐ Replacement (brownfield) Estimated annual 3,000 FMT of molybdenum ☐ Reutilization (greenfield) production 600,000 ounces of silver

CURRENT STATUS OF THE PROJECT Project stage:

☐Pre-feasibility The project has a Preliminary Economic Assessment (PEA) published on August 02, 2017. In the second quarter ☒Feasibility of 2019 the pre-feasibility studies were completed and the company is currently developing the feasibility studies of the project. It is expected to have a new Technical Report of the project at the end of 2019. ☐Detail engineering ☐Construction

Environmental Impact Assessment - EIAd ☐Not submitted Approved on September 15, 2016 by Directorate Resolution N° 278-2016-MEM-DGAAM. It also has a First Technical Support Report (1st. ITS) approved by Directorate Resolution N° 311-2017-SENACE/DCA of October ☐Under development 16, 2017. ☐Under evaluation ☒Approved

Start of exploitation activities (Mining Plan) Benefit Concession The project operator has not yet ☒Not Submitted submitted its application for the ☒Not submitted Without authorization of Beneficiation ☐Under development Authorization to Start Exploitation ☐Under evaluation Concession. Activities. ☐Under evaluation ☐Approved ☐Approved

Additional Information: The processing capacity of the Project is divided into 03 stages: -Stage 01: During the first 03 years with 10,000 MT/day. -Stage 02: From year 02 to 07, with 20,000 MT/day. -Stage 03: From year 08 to 15, with 30,000 MT/day. .

70 Compañia Minera Milpo S.A.A. (from now on Nexa Resources Peru S.A.A.): Environmental Impact Assessment (EIA) of Magistral Project. Approved by Directorate Resolution N° 278-2016-MEM-DGAMM. September 15, 2016. 71 Compañia Minera Milpo S.A.A. (from now on Nexa Resources Peru S.A.A.): Annual Report 2017. 72 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019. Michiquillay

Operator Southern Peru Copper Corporation, branch of Peru Investor(s) 88.9%: Grupo Mexico S.A.B. de C.V. (Mexico) 11.1%: Others (free float)

LOCATION

Region Cajamarca Province(s) Cajamarca District(s) La Encañada The project is located at a height of between 3,275 meters above sea level, and 4,000 meters above sea level, on the lands of the Peasant Community of Michiquillay and La Encañada.

MAIN DATA OF THE PROJECT

Global investment73 US$2.5 billion Type of deposit Porphyry copper deposit

Executed investment - Mineral resources74 1,150 Mt @ 0.63% Cu Start of construction To be defined Type of mine Open pit Start of operations To be defined Life of mine74 25 years

Expected employment To be defined Power capacity74 189 MW

Water source Not available ☒ New (greenfield) Plant capacity Not available ☐ Expansion (brownfield) Type of project ☐ Replacement (brownfield) Estimated annual 225,000 FMT of copper ☐ Reutilization (greenfield) production

CURRENT STATUS OF THE PROJECT

Project stage: On June 12, 2018, the mining company Southern Peru Copper Corporation, Branch of Peru, signed the Transfer ☒Pre-feasibility Contract for the development of the project, where ownership of 18 mining concessions was transferred with an initial payment of US$ 12.5 million. Currently, the company has created a multidisciplinary administrative team to ☐Feasibility plan the development of this project. As part of this plan, the company has made contact with local authorities and ☐Detail engineering communities to promote programs for the sustainable development of the area. In February 2019, the company started preliminary technical and social work in the project area. ☐Construction

Environmental Impact Assessment - EIAd ☒Not submitted The project does not yet have a Detailed Environmental Impact Assessment (EIAd) for operating activities. ☐Under development ☐Under evaluation ☐Approved

Start of exploitation activities (Mining Plan) Benefit Concession The project operator has not yet ☒Not Submitted submitted its application for the ☒Not submitted Without authorization of Beneficiation ☐Under development Authorization to Start Exploitation ☐Under evaluation Concession. Activities. ☐Under evaluation ☐Approved ☐Approved

Additional Information: The project will create important business opportunities in the Cajamarca region. Also it will generate new jobs for local communities and contribute taxes and royalties to national, regional and local governments. Public and private intersectoral meetings continue to be articulated between CGIMINEM- Southern Peru Copper Corporation, communal and communal authorities in order to build a social agreement concluded between the parties. .

73 Southern Cooper Corporation - Grupo Mexico: “Second Results, third and six months 2018”. 24 July 2018. 74 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019. Mina Justa

Operator Marcobre S.A.C. Investor(s)75 60%: Grupo Breca (Peru) 40%: Empresas COPEC S.A. (Chile)

LOCATION

Region Ica Province(s) Nazca District(s) Marcona The project is located at a height of 800 meters above sea level.

MAIN DATA OF THE PROJECT Global Investment76 US$1.6 billion Type of deposit Copper (Cu) deposit 171.5 Mt of copper (Cu) oxide, 93.9 Mt of Executed investment US$ 729 million Mineral reserves77 copper sulfides Start of construction 2018 Type of mine Open pit Start of operations 2020 Life of mine78 16 years

Expected 3,000 under construction Power capacity80 72 MW employment79 1,000 in operation

81 ☒ New (greenfield) Water source Seawater ☐ Expansion (brownfield) Plant capacity82 56,678 tons per day Type of project ☐ Replacement (brownfield) Estimated annual 102,000 FMT of copper ☐ Reutilization (greenfield) production

CURRENT STATUS OF THE PROJECT Project stage: ☐Pre-feasibility ☐Feasibility For the first half of this year, 30% progress has been achieved in construction works. ☐Detail engineering ☒Construction

Environmental Impact Assessment - EIAd The project has an Environmental Impact Assessment (EIA) and a Modification (MEIA) approved in September 2017. Also, in December 2017, the First Technical Support Report of the Mina Justa Project (1st. ITS) was approved ☐Not submitted to optimize the operations, through the modification, relocation, expansion and addition of main and auxiliary ☐Under development components as well as propose the relocation of the stations of the groundwater monitoring program and the domestic effluent monitoring program and make details in the environmental management plan and contingency ☐Under evaluation plan. ☒Approved

Start of exploitation activities (Mining Plan) Benefit Concession ☐Not Submitted Approved by Directorate ☐Not submitted Approved by Directorate Resolution N° ☐Under development Resolution N° 0149-2015-MEM- ☐ 0795-2018-MEM-DGM/V dated DGM/V on April 16, 2015. Under evaluation October 22, 2018. ☐Under evaluation ☒Approved ☒Approved

Additional Information:

In 2019, the company Marcobre S.A.C has been making investment in development and preparation, mining equipment and infrastructure, as part of the progress in construction, which has resulted in 62% of financial advance at the end of the first half of 2019.

75 Minsur S.A.: “Fact of Importance" [Shareholder report to the Superintendence of the Stock Market]. May 31, 2018. 76 Minsur S.A.: Annual Report 2017. March 28, 2018. 77 Marcobre S.A.C.: First Technical Support Report of Mina Justa Project. Approved by Directorate Resolution N° 029-2017-SENACE-JEF/DEAR. December 12, 2017. 78 Marcobre S.A.C.: Modification of Mina Justa Environmental Impact Assessment. Approved by Directorate Resolution N° 236-2017-SENACE/DCA. September 01, 2017. 79 Marcobre S.A.C: [Corporate presentation]. February 17, 2017. 80 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019. 81 Marcobre S.A.C: Third Technical Support Report of the Modification of the EIAd of Mina Justa Project. Approved by Directorate Resolution. N° 059- 2018-SENACE-PE/DEAR. 82 Marcobre S.A.C.: “Beneficiation Concession request called ‘Oxides Plant and Sulfides Plant’ for an installed capacity of 56,678 MT/day”. Approved by Directorate Resolution N° 795-2018-MEM-DGM/V. Ollachea

Operator Minera Kuri Kullu S.A. Investor(s) 100%: Minera IRL Limited (Australia)

LOCATION

Region Puno Province(s) Carabaya District(s) Ollachea The project is located at a height of between 2,900 and 3,850 meters above sea level on superficial lands of the Peasant Community of Ollachea.

MAIN DATA OF THE PROJECT Global investment83 US$164.7 million Type of deposit84 Orogenic gold (Au) located in shear zone Executed investment - Mineral reserves85 9.2 Mt @ 3.4 g/t Au Start of construction To be defined Type of mine Underground Start of operations To be defined Life of mine85 9 years Expected employment 364 in operation Power capacity85 11 MW

86 ☒ New (greenfield) Water source groundwater ☐ Expansion (brownfield) Plant capacity87 3,000 tons per day Type of project ☐ Replacement (brownfield) Estimated annual 100,000 fine ounces of gold ☐ Reutilization (greenfield) production85

CURRENT STATUS OF THE PROJECT Project stage: ☐Pre-feasibility ☒Feasibility The company has completed a post-definitive feasibility study optimization. ☐Detail engineering ☐Construction

Environmental Impact Assessment - EIAd ☐Not submitted The Environmental Impact Assessment (EIA) was approved by Directorate Resolution N° 363-2013-MEM-AAM dated March 05, 2013. Subsequently, in 2014, a Technical Support Report (ITS) was approved, which aimed to ☐Under development analyze, evaluate and propose the necessary environmental measures to ensure the sustainability of the project. ☐Under evaluation ☒Approved

Start of exploitation activities On March 26, 2018, the company (Mining Plan) requested an extension of the Benefit Concession ☐Not Submitted deadline for authorization to start Approved for a plant capacity of 3,000 ☐Not submitted ☐Under development activities, in order to correct the TM/day by Directorate Resolution N° observations, while the ☐Under evaluation 0235-2014-MEM-DGM/V on June 25, ☒Under evaluation authorization of CIRA to the 2014. ☒Approved ☐Approved Ministry of Culture is being processed.

Additional Information: The company presents financing problems to continue with the project. On September 24, 2018, the Company reported on the progress of the arbitration process that it maintains with COFIDE. To date, the Arbitration process is ongoing. If the arbitration decision is not favorable or if the Company is not able to obtain an alternative source of funds to refinance the debt with COFIDE, it may have to assign ownership of the subsidiary, Compañía Minera Kuri Kullu SA, and therefore the Ollachea project. Currently, the Company is evaluating its options and looking for an alternative source of financing for the Ollachea project. .

83 Minera IRL Limited: “Ollachea geology, exploration and Post-DFS”. Date consulted: August 07, 2019. 84 Minera IRL Limited: Annual Information Form. March 28, 2018 85 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019. 86 Compañia Minera Kuri Kullu S.A.: Environmental Impact Assessment (EIA) for exploitation and mining benefit "Ollachea". Approved by Directorate Resolution N° 363-2013-JAN/AAM. September 25, 2013. 87 Compañia Minera Kuri Kullu S.A.: Beneficiation Concession project “Ollachea Benefit Plant”. Approved by Directorate Resolution N° 0235-2014-MEM- DGM/V. Inmaculada Optimization

Operator Compañia Minera Ares S.A.C

Investor(s) 100%: Hochschild Plc. (United Kingdom)

LOCATION

Region Ayacucho Province(s) Paucar del Sara Sara District(s) Oyolo, San javier de Alpabamba

The project is located at an approximate height of 4,669 meters above sea level.

MAIN DATA OF THE PROJECT Global investment88 US$136 million Type of deposit Gold and silver deposit Executed investment - Mineral reserves89 4 Mt @ 6.5 g/t Au Start of construction 2020 Type of mine Underground Start of operations 2021 Life of mine89 20 years Expected 2,892 In operation Power capacity Not available employment89

89 ☐ New (greenfield) Water source Groundwater ☐ Expansion (brownfield) Plant capacity89 4,200 tons per day Type of project ☒ Replacement (brownfield) Estimated annual 250,000 ounces of gold ☐ Reutilization (greenfield) production90

CURRENT STATUS OF THE PROJECT Project stage: ☐Pre-feasibility The mining unit Inmaculada is already in operation; however, for the construction and modification of components ☒Feasibility it is required its 2nd MEIA be approved. ☐Detail engineering ☐Construction

Environmental Impact Assessment - EIAd

☐Not submitted On July 11, 2019, the mining company submitted the Second Modification of the Operating Unit Inmaculada to the ☐Under development SENACE, which is currently under evaluation. ☐Under evaluation ☒Approved

Start of exploitation activities In April 2019, the company (Mining Plan) submitted a request for a Benefit Concession ☐Not Submitted modification of the mining plan to ☐Not submitted The current Beneficiation Plant of the ☐Under development change the use of the waste ☐ unit has a permitted installed capacity deposit to the ore field. The file is Under evaluation of 4200 TPD. ☐Under evaluation currently under evaluation. ☒Approved ☒Approved

Additional Information: It is planned to implement a ore sorting system prior to the beneficiation plant. The plant will have 4 main components: crushing, washing, sieves and sorting equipment. .

88 Compañia Minera Ares: Preliminary Environmental Assessment - 2nd. MEIA of the Operating Unit Inmaculada. 89 Hochschild Plc.: “Inmaculada Site visit”. [Corporate presentation]. July 02, 2019. Pampa de Pongo

Operator Jinzhao Mining Peru S.A. Investor(s)90 49% Zhongrong Xinda Group Co. Ltd. (China) 51% Jiangtong Group (China)

LOCATION

Region Arequipa Province(s) Caraveli District(s) Bella Unión and Lomas The project is located at a height of 400 meters above sea level, approximately, 50 km south of the city of Nazca and 550 km from the city of Lima.

MAIN DATA OF THE PROJECT Global Investment91 US$2.2 billion Type of deposit92 Iron (Fe) magnesic skarn-type deposit Executed investment - Mineral reserves93 910.5 Mt @ 38.6 % Fe, 0.06 ppm Au, 0.1% Cu Start of construction 2021 Type of mine92 Open pit Start of operations 2024 Life of mine92 23.5 years 3,294 under construction Expected employment Power capacity93 222 MW 1,256 in operation

☒ New (greenfield) Water source Not available ☐ Expansion (brownfield) Plant capacity Not available Type of project ☐ Replacement (brownfield) Estimated annual 28.19 million FMT of iron ☐ Reutilization (greenfield) production92

CURRENT STATUS OF THE PROJECT Project stage: ☐Pre-feasibility Currently, it is in the search of financing, as a first step, on July 20, 2018 signed a Strategic Cooperation Agreement ☐Feasibility with Jiangxi Copper Group. ☒Detail engineering ☐Construction

Environmental Impact Assessment - EIAd The project has an Environmental Impact Assessment (EIA) approved by Directorate Resolution N° 044-2015- ☐Not submitted MEM-DGAAM of January 22, 2015. Also, in January 2018, the company presented the First Modification of the ☐Under development EIAd, which it is approved by the National Environmental Certification Service for Sustainable Investments (SENACE). ☐Under evaluation ☒Approved

Start of exploitation activities (Mining Plan) Benefit Concession ☐Not Submitted Approved by Directorate ☒Not submitted Without authorization of Beneficiation Resolution N° 0084-2018-MEM- ☐Under development ☐ Concession. DGM on March 26, 2018. Under evaluation ☐Under evaluation ☐Approved ☒Approved

Additional Information: On February 22, 2019, Jinzhao Mining submitted a drilling request consisting of the execution of 142 platforms to find copper content in Pampa del Pongo. .

90 Standard and Poor’s (S&P Global): Pampa de Pongo – General Comments [Official website]. Date consulted August 07, 2019. 91 Jinzhao Mining Perú S.A.: Pampa de Pongo project. [Corporate presentation to the Ministry of Energy and Mines]. September 24, 2018. 92 Jinzhao Mining Perú S.A.: Mining Plan Stage I. February 2018. 93 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019. Pukaqaqa

Operator Nexa Resources Peru. S.A.A.

80.16%: Nexa Resources S.A.(Brazil) Investor(s)94 19.84%: Other shareholders

LOCATION

Region Huancavelica Province(s) Huancavelica District(s) Huando, Ascension and Huancavelica The project is located at a height of between 4,200 and 4,860 meters above sea level approximately.

MAIN DATA OF THE PROJECT Global Investment95 US$706.3 million Type of deposit96 Copper (Cu) and gold (Au) skarn Executed investment - Mineral resources97 309 Mt @ 0.41 Cu Start of construction To be defined Type of mine Open pit Start of operations To be defined Life of mine96 16 year

Expected 2,500 under construction Power capacity97 38 MW employment96 300 in operation

96 ☒ New (greenfield) Water soure Surface water ☐ Expansion (brownfield) Plant capacity96 30,000 tons per day Type of project ☐ Replacement (brownfield) Estimated annual 40,600 FMT of copper ☐ Reutilization (greenfield) production96

CURRENT STATUS OF THE PROJECT Project stage:

☒Pre-feasibility During the second quarter of 2018, the social license to start the drilling campaign was obtained. Likewise, the ☐Feasibility development of the Project Pre-feasibility Study (PFS) began and was completed with a drilling program. Currently, different prefeasibility studies are being carried out to identify the best engineering alternative for said project and ☐Detail engineering it is expected to complete this phase in the fourth quarter of 2019. ☐Construction

Environmental Impact Assessment - EIAd ☐Not submitted The project has an Environmental Impact Assessment (EIA) approved on March 9, 2015 by Directorate Resolution N° 130-2015-MEM/DGAAM. It also has a First Technical Support Report (ITS) for main components of the ☐Under development Pukaqaqa mining unit approved on October 31, 2017. ☐Under evaluation ☒Approved

Start of exploitation activities (Mining Plan) Benefit Concession The project operator has not yet ☒Not Submitted submitted its application for the ☒Not submitted ☐Under development Authorization to Start Exploitation ☐Under evaluation Without authorization of Beneficiation Activities. Concession. ☐Under evaluation ☐Approved ☐Approved

Additional Information: The company is redefining the project. For that they have applied the “Front End Loading” methodology to save costs (phase 1). Currently, it is in the stage of selecting alternatives (phase 2) to subsequently develop basic engineering studies and execution plan (phase 3). .

94 Nexa Resources Peru S.A.A.: “Earnings Release 2Q19 - Greenfields under analysis”. July 31, 2019. 95 Compañia Minera Milpo S.A.A. (Currently Nexa Resources Perú S.A.A.): Environmental Impact Assessment of the Pukaqaqa Mining Project. Approved by Directorate Resolution N° 130-2015-MEM-DGAAM. 96 Nexa Resources S.A.: Annual Report 2017. 97 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019. Quecher Main

Operator Minera Yanacocha S.R.L. Investor(s)98 51.35%: Newmont Mining Corporation (USA) 43.65%: Grupo Buenaventura (Peru) 5.00%: Sumitomo Corporation (Japan)

LOCATION

Region Cajamarca Province(s) Cajamarca District(s) Baños del Inca, La Encañada and Cajamarca The project is located at a height between 3,700 and 4,000 meters above sea level.

MAIN DATA OF THE PROJECT Global Investment99 US$300 million Type of deposit100 Gold (Au) oxide deposits Executed investment US$185 million Mineral reserves100 92 Mt @ 0.52 g/t Au Start of construction 2018 Type of mine Open pit and underground Start of operations 2019 Life of mine101 8 years

Expected 280 under construction Power capacity101 3 MW employment101 1,000 in operation

101 ☐ New (greenfield) Water source Surface water ☐ Expansion (brownfield) Plant capacity Not available Type of project ☒ Replacement (brownfield) Estimated annual 200,000 fine ounces of gold ☐ Reutilization (greenfield) production100

CURRENT STATUS OF THE PROJECT Project stage: ☐Pre-feasibility In the first quarter of 2018, the operating company announced the start of construction of the project. In 2018, the ☐Feasibility first production was achieved and commercial production is expected for the fourth quarter of 2019. ☐Detail engineering ☒Construction

Environmental Impact Assessment - EIAd ☐Not submitted The project will be developed in the areas approved in the Fifth Modification of the detailed Environmental Impact Assessment (5th MEIAd) of the Yanacocha Este Supplementary Carachugo (SYE) project, which was approved by ☐Under development Directorate Resolution N° 361-2016-MEM-DGAAM on December 16, 2016. ☐Under evaluation ☒Approved

Authorization for exploitation of the Chaquicocha 3 pit, Start of exploitation activities Chaquicocha and Carachugo (Mining Plan) Benefit Concession Approved for a plant capacity of 70,000 waste trucks approved by TM/day by Directorate Resolution N° ☐Not Submitted Directorate Resolution N° 0077- ☐Not submitted 0793-2017-MEM-DGM/V on ☐Under development 2018-MEM-DGM on March 8, ☐Under evaluation September 08, 2017 for the construction of the Carachugo PAD ☐Under evaluation 2018. Approval of the South ☒Approved Stage 14. ☒Approved underground Chaquicocha mining plan by Directorate Resolution N° 0730-2017-MEM-DGM on 15

Additional Information:

Quecher Main aims to extend the useful life of Yanacocha until 2027 through its production of oxides.

.

98 Compañia de Minas Buenaventura S.A.A.: “Buenaventura announces Sumitomo purchase of five percent stake in Yanacocha”. [Shareholder report] June 20, 2018. 99 Newmont Mining Corporation: [Corporate presentation]. September 2018. 100 Minera Yanacocha S.R.L.: Fifth Modification of the detailed Environmental Impact Assessment (EIAd) Extension of the Yanacocha Este Supplementary Carachugo Project. Approved by Directorate Resolution N° 361-2016-MEM-DGAMM. December 16, 2016. 101 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date of consultation; August 15, 2019. Quechua

Operator Compañia Minera Quechua S.A. Investor(s) 66%: JX Nippon Mining Holdings (Japan) 34%: Mitsui Mining & Smelting Co. (Japan)

LOCATION

Region Cusco Province(s) Espinar District(s) Espinar The project is located at an approximate altitude between 4,000 and 4,600 meters above sea level and the area is accessed from Arequipa by the paved road to the village of Imata, to arrive then in the village of Condoroma.

MAIN DATA OF THE PROJECT Global investment102 US$1.3 billion Type of deposit103 Copper (Cu) and molybdenum (Mo) porphyry Executed investment - Mineral resources104 680 Mt @ 0.38% Cu Start of construction To be defined Type of mine104 Open pit Start of operations To be defined Life of mine104 17 years Expected employment To be defined Power capacity104 74 MW

☒ New (greenfield) Water source Not available ☐ Expansion (brownfield) Plant capacity Not available Type of project ☐ Replacement (brownfield) Estimated annual 76,000 FMT of copper ☐ Reutilization (greenfield) production104

CURRENT STATUS OF THE PROJECT Project stage: ☐Pre-feasibility In the first half of 2019, they are working on the maintenance of main accesses and the infrastructure of the mining ☒Feasibility camp. Environmental and social studies are also carried out in the area of direct influence of the project. ☐Detail engineering ☐Construction

Environmental Impact Assessment - EIAd ☒Not submitted Currently, the project does not have a detailed Environmental Impact Assessment (EIAd) for operating activities. ☐Under development ☐Under evaluation ☐Approved

Start of exploitation activities The project operator has not yet Without authorization of Beneficiation (Mining Plan) submitted its application for the Benefit Concession Concession. ☒Not Submitted Authorization to Start Exploitation ☒Not submitted Activities. ☐Under development ☐Under evaluation ☐Under evaluation ☐Approved ☐Approved

Additional Information: The Quechua project is located within the so-called Cuprian Belt of the Andes Mountains (middle ocean belt - early oligocenio), along with deposits such as Los Chancas and Las Bambas. This belt is the one with the highest copper productivity in the Andean mountain range. .

102 Official Website of the Ministry of Energy and Mines [Intranet] - Monthly Statistical Declaration (ESTAMIN): Investment Program. Date consulted: September 10, 2018. 103 Pan Pacific Copper Co.: “Pan Pacific Copper gears up to feasibility study phase in development project of Quechua Copper”. [Press release]. November 30, 2019. 104 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019. Quellaveco

Operator Anglo American Quellaveco S.A. Investor(s)105 60%: Anglo American plc (United Kingdom) 40%: Mitsubishi Coporation (Japan)

LOCATION

Region Moquegua Province(s) Mariscal Nieto District(s) Torata The Project is located at a height of 3,500 meters above sea level and will cover an approximate area of 39,279.42 hectares.

MAIN DATA OF THE PROJECT Global investment106 US$5.3 billion Type of deposit Copper (Cu) and molybdenum (Mo) porphyry Executed investment US$2.0 billion Mineral reserves107 1,333.4 Mt @ 0.57% Cu, 0.022% Mo Start of construction 2018 Type of mine Open pit Start of operations 2022 Life of mine108 34 years

Expected 9,000 under construction Power capacity109 139 MW employment106 2,500 in operation

106 ☒ New (greenfield) Water source Surface water ☐ Expansion (brownfield) Plant capacity106 127,500 tons per day Type of project ☐ Replacement (brownfield) Estimated annual 300,000 FMT of copper

☐ Reutilization (greenfield) production106 6,000 TMF of molybdenum

CURRENT STATUS OF THE PROJECT Project stage:

☐Pre-feasibility The Board of Directors of the company approved the development of the project in July 2018. On the other hand, ☐Feasibility at the beginning of December the deviation of the Asana River was successfully completed. Currently, the priority is to move forward with the earthworks and start concrete work at the plant site. ☐Detail engineering ☒Construction

Environmental Impact Assessment - EIAd The project has the Fourth Modification (4th MEIA) of the Directorate Resolution N° 339-2015-MEM-DGAAM ☐Not submitted approved on August 28, 2015, which includes an increase in ore processing capacity from 85,000 to 127,500 tons ☐Under development per day , extending the useful life of the concentrator plant from 32 years to 34 years. Also, on April 12, 2019, the Fifth Technical Support Report (5th ITS) of the (4th MEIA) was presented, which is under evaluation. ☐Under evaluation ☒Approved

Start of exploitation activities Approved by Directorate Resolution N° (Mining Plan) The Project is authorized to Benefit Concession 0029-2015-MEM-DGM/V on January ☐Not Submitted modify the Mining Plan approved ☐Not submitted 20, 2015. Modified for a capacity of on March 8, 2016 by Directorate ☐Under development ☐ 127,500 MT/day by Directorate Resolution N° 0075-2016-MEM- Under evaluation Resolution N° 018-2016-MEM-DGM/V ☐Under evaluation DGM/V. ☒Approved on January 20, 2016. ☒Approved

Additional Information: The copper concentrate obtained in the operation stage will be taken to the Ilo port. At the closing of the mine, the river course will be restored by means of the co-disposal technique, which consists of filling the pit with the sterile material collected during the operation stage. Currently, engineering is 75% complete and three massive concrete locations were completed for the foundations of the grinding area at the plant site. .

105 Anglo American Plc.: “Anglo American approves the start of the Quellaveco Project”. [Press release]. July 26, 2018. 106 Anglo American Plc.: Integrated Annual Report 2018. 107 Anglo American Plc: Ore Reserves and Mineral Resources Report 2018. December 31, 2018. 108 Anglo American Quellaveco S.A.: Fourth Modification of the Environmental Impact Assessment of the “Quellaveco” project. Approved by Directorate Resolution N° 339-2015-MEM/DGAAM. August 28, 2015. 109 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019. Quicay II

Operator Corporacion Minera Centauro S.A.C. Investor(s) 100%: Corporacion Minera Centauro (Peru)

LOCATION

Region Pasco Province(s) Pasco District(s) Simón Bolívar The project is located at a height of 4,400 meters above sea level 2.5 km north of Quicay mine, in the central mountain range of the Peruvian Andes.

MAIN DATA OF THE PROJECT

Global Investment110 US$400 million Type of deposit111 Copper (Cu) and gold (Au) porphyry

Executed investment - Mineral resources Not available Start of construction To be defined Type of mine Open pit Start of operations To be defined Life of mine Not available Expected employment To be defined Power capacity 17 MW

☐ New (greenfield) Water source Not available ☐ Expansion (brownfield) Plant capacity 20,000 tons per day Type of project ☒ Replacement (brownfield) Estimated annual 17,280 FMT of copper ☐ Reutilization (greenfield) production

CURRENT STATUS OF THE PROJECT Project stage: Currently, Corporacion Minera Centauro S.A.C continues to carry out intensive exploration programs in the project ☒Pre-feasibility area. In 2014, they hired the specialized services of the AMEC consultant to prepare a conceptual study of the ☐Feasibility project, which includes the review of the information available with the detection of gaps, review of the resource model, study of plant capacity, mine design , mine planning, process plant design, infrastructure, capital cost and ☐Detail engineering operation cost estimation and financial analysis of the project. ☐Construction

Environmental Impact Assessment - EIAd ☐Not submitted The company has a Fifth Technical Support Report of the Quicay Mining Unit approved on July 13, 2018. On May 22, 2019, the company submitted a modification of the EIAsd. A modification to the Environmental Impact Study ☐Under development has not yet been submitted. ☐Under evaluation ☒Approved

Start of exploitation activities (Mining Plan) Benefit Concession The project operator has not yet ☒Not Submitted submitted its application for the ☒Not submitted Without authorization of Beneficiation ☐Under development Authorization to Start Exploitation ☐Under evaluation Concession. Activities. ☐Under evaluation ☐Approved ☐Approved

Additional Information: The Quicay II project was born as a result of the discovery of a copper-gold porphyry deposit located 2 km away from the Quicay Mine, as a result of the intense exploration campaign carried out in the vicinity of the final closing phase of the Quicay mine. .

110 In 2015, an initial investment of US$ 3,000 million was estimated, which has been recalculated to US$ 400 million. 111 Compañia Minera Centauro S.A.C: Quicay II – Geology [Official website of the company].Date consulted: September 02, 2019. Racaycocha Sur

Operator Minera Peñoles de Peru S.A. Investor(s) 100%: Industrias Peñoles, S.A.B. de C.V. (Mexico)

LOCATION

Region Ancash Province(s) Sihuas Distrito(s) San Juan and Cashapampa The project is located at a height between 3,500 to 4,350 meters above sea level, 96 km from the city of Huaraz.

MAIN DATA OF THE PROJECT Copper (Cu), gold (Au) and molybdenum (Mo) Global Investment US$1.0 billion Type of deposit112 deposits

Executed investment - Mineral reserves113 119 Mt. @ 0.395% Cu, 0.03% Mo

Start of construction To be defined Type of mine Not available Start of operations To be defined Life of mine Not available Expected employment To be defined Power capacity 65 MW

☒ New (greenfield) Water source Not available ☐ Expansion (brownfield) Plant capacity Not available Type of project ☐ Replacement (brownfield) Estimated annual

☐ Reutilization (greenfield) production Not available

CURRENT STATUS OF THE PROJECT Project stage: ☒Pre-feasibility ☐Feasibility Major advances have been made in the process of buying land for the possible new mine. ☐Detail engineering ☐Construction

Environmental Impact Assessment - EIAd ☒Not submitted The project does not yet have a detailed Environmental Impact Assessment (EIAd) for operating activities. ☐Under development ☐Under evaluation ☐Approved

Start of exploitation activities (Mining Plan) Benefit Concession The project operator has not yet ☒Not Submitted submitted its application for the ☒Not submitted Without authorization of Beneficiation ☐Under development Authorization to Start Exploitation ☐Under evaluation Concession. Activities. ☐Under evaluation ☐Approved ☐Approved

Additional Information: It is waiting for the election of the new communal directives to resume negotiations for the purchase of missing land. Meanwhile, technical studies of the project are already carried out and its operational possibilities are analyzed. Additionally, in the surrounding area of Pucajirca, the estimation of new mineral resources on the company's land was achieved, which will support the viability of the project. .

112 Industrias Peñoles S.A.B de C.V: Results Report for the second quarter of 2018. July 31, 2018 113 Standard and Poor’s (S&P Global): Racaycocha – Reserves & Resources [Market Intelligence from the official website]. Date consulted August 08, 2019. Relaves B2 San Rafael

Operator Minsur S.A. Investor(s) 100%: Grupo Breca (Peru)

LOCATION

Region Puno Province(s) Melgar District(s) Antauta The project is located at an approximate height between 4,500 and 5,200 meters above sea level, in the eastern mountain range of the Andes.

MAIN DATA OF THE PROJECT Global investment114 US$209 million Type of deposit Tailings with high rate of tin (Sn) Executed investment US$146 million Mineral resources115 7.6 Mt @ 1.05% Sn Start of construction 2018 Type of mine Not applicable Start of operations 2019 Life of mine115 9 years

Expected 957 under construction Power capacity117 26 MW employment116 120 in operation

118 ☐ New (greenfield) Water source Groundwater ☐ Expansion (brownfield) Plant capacity119 8,280 tons per day Type of project ☐ Replacement (brownfield) Estimated annual 4,500 - 5,000 FMT of tin ☒ Reutilization (greenfield) production115

CURRENT STATUS OF THE PROJECT Project stage: ☐Pre-feasibility As of June 2019, a physical progress of 75% of the construction was achieved, mainly due to the investment made ☐Feasibility in Infrastructure and the construction of the Beneficiation Plant. ☐Detail engineering ☒Construction

Environmental Impact Assessment - EIAd The Project has a MEIA for the Tailings Reuse Project of the Quenamari New Accumulation Mining Unit - San Rafael Directorate Resolution N° 095-2017-SENACE/DCA. It also has a Seventh Technical Support Report of the ☐Not submitted (MEIA) approved by Directorate Resolution N° 060-2019-SENACE-PE/DEAR on March 29, 2019, which is related ☐Under development to extensions, modifications and relocation of mining components approved in their current environmental management instruments. Moreover, on July 27, 2019, the Eighth Technical Support Report of the (MEIA) was ☐Under evaluation presented, which is under evaluation. ☒Approved

Start of exploitation activities Approved by Directorate Resolution N° (Mining Plan) Benefit Concession 0167-2018-MEM-DGM/V. Likewise, by The project does not include an Directorate Resolution N° 0808-2018- ☐Not Submitted additional authorization to start ☐Not submitted MEM-DGM/V, on October 29, 2018, the ☐Under development exploitation and approval of the ☐Under evaluation ITS of modification of the beneficiation mining plan. concession "Planta de Concentración ☐Under evaluation ☒Approved San Rafael" of Minsur S.A. was complied ☒Approved with.

Additional Information: The project consists in reprocessing the tailings contained in the Bofedales 2 (B2) deposit, maximizing the recovery of tin contained in the tailings to produce commercial grade concentrate. In this way, the project aims to become an opportunity to sustain the production of the San Rafael mining unit as well as local employment and social investment in Antauta and Ajoyani. The project will be a modern mining model that transforms an old deposit into a positive impact, which allows to maintain tin production without exploiting more ore and without generating negative impacts to the environment. .

114 Official Website of the Ministry of Energy and Mines [Intranet] - Monthly Statistical Declaration - July 2019 - Minsur S.A. (ESTAMIN). Date consulted: August 9, 2019. 115 Minsur S.A.: Annual Report 2017. Date consulted: March 28, 2018. 116 Minsur S.A.: Modification of the Environmental Impact Assessment Reuse of Tailings in the New Accumulation Mining Unit Quenamari - San Rafael. [Executive overview]. March 2017 117 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019. 118 Minsur S.A.: Modification of the Environmental Impact Assessment of the Tailings Reuse Project in the New Accumulation Mining Unit Quenamari - San Rafael. Approved by Directorate Resolution N° 095-2017-SENACE/DCA. April 7, 2017. 119 Minsur S.A.: Seventh Technical Support Report - Quenamari New Accumulation Mining Unit - San Rafael. February 2019 Rio Blanco

Operator Rio Blanco Copper S.A. Investor(s) 45%: Zijin Mining Group Co. Ltd. (China) 35%: Tongling Non-Ferrous Metals Group Holding Co. Ltd. (China) 20%: Xiamen C&D Co. Ltd. (China)

LOCATION

Region Piura Province(s) Huancabamba District(s) El Carmen de la Frontera The Project is located at a height between 2,200 and 2,500 meters above sea level, near the border with Ecuador.

MAIN DATA OF THE PROJECT Global investment120 US$2.5 billion Type of deposit Copper (Cu) and molybdenum (Mo) porphyry Executed investment - Mineral resources121 7.16 Mt @ 0.63 % Cu, 0.0216% Mo Start of construction To be defined Type of mine Open pit Start of operations To be defined Life of mine121 20 years

Expected 5,000 under construction Power capacity122 75 MW employment121 1,200 in operation

☒ New (greenfield) Water source Surface water ☐ Expansion (brownfield) Plant capacity Not available Type of project ☐ Replacement (brownfield) Estimated annual 200,000 FMT of copper

☐ Reutilization (greenfield) production121 3,000 FMT of molybdenum

CURRENT STATUS OF THE PROJECT Project stage: ☐Pre-feasibility The installation and implementation of a dialogue table is underway, allowing agreements to be reached for the ☒Feasibility sake of development. ☐Detail engineering ☐Construction

Environmental Impact Assessment - EIAd Currently, the company has yet to communicate the beginning of the preparation of its Environmental Impact ☒Not submitted Assessment (EIA) to the National Environmental Certification Service for Sustainable Investments (SENACE). ☐Under development Likewise, the company has been coordinating with different ministries in order to strengthen the presence of the State in the area and improve relations between communities, the company and the State. ☐Under evaluation ☐Approved

Start of exploitation activities (Mining Plan) Benefit Concession The project operator has not yet ☒Not Submitted submitted its application for the ☒Not submitted Without authorization of Beneficiation ☐Under development Authorization to Start Exploitation ☐Under evaluation Concession. Activities. ☐Under evaluation ☐Approved ☐Approved

Additional Information:

The Río Blanco project is a copper and molybdenum porphyry deposit, located in the Andean Cenozoic area of copper (mineralized belts), in this area there are numerous world-class copper deposits such as Yanacocha, Santa Rosa, Alto Chicama, among others.

.

120 Río Blanco Copper S.A.: Data sheet. [Project file submitted to the Ministry of Energy and Mines]. August 2018 121 Río Blanco Copper S.A.: “Technical characteristics of the project”. [Official Website]. Date consulted; September 02, 2019. 122 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019. Rondoni

Operator Compañia Minera Vichaycocha S.A. Investor(s) 100%: Grupo Volcan (Switzerland)

LOCATION

Region Huanuco Province(s) Ambo District(s) Cayma The project is located in the western mountain range of central Peru, 80 km from Cerro de Pasco.

MAIN DATA OF THE PROJECT

Global investment123 US$250 million Type of deposit Skarn-type copper (Cu) deposit

Executed investment - Mineral resources124 52.7 Mt @ 0.5% Cu Start of construction To be defined Type of mine To be defined Start of operations To be defined Life of mine Not available Expected To be defined Power capacity Not available employment121

Water source Not available ☒ New (greenfield) ☐ Expansion (brownfield) Type of project Plant capacity Not available ☐ Replacement (brownfield) Estimated annual ☐ Reutilization (greenfield) Not available production

CURRENT STATUS OF THE PROJECT Project stage: ☒Pre-feasibility ☐Feasibility Because it is a medium-sized project, the operator considers placing the project in a sales process. ☐Detail engineering ☐Construction

Environmental Impact Assessment - EIAd ☒Not submitted The project does not yet have a detailed Environmental Impact Assessment (EIAd) for operating activities. ☐Under development ☐Under evaluation ☐Approved

Start of exploitation activities (Mining Plan) Benefit Concession The project operator has not yet ☒Not Submitted submitted its application for the ☒Not submitted Without authorization of Beneficiation ☐Under development Authorization to Start Exploitation ☐Under evaluation Concession. Activities. ☐Under evaluation ☐Approved ☐Approved

Additional Information: The Modification of the semi-detailed Environmental Impact Assessment (MEIAsd) for exploration activities was approved by Directorate Resolution N° 374-2010-MEM/AAM dated November 10, 2010, in order to enable 80 new platforms for the execution of drilling, construction of new trails, modify the design of the powder magazine and the cruise. The exploration of the Rondoní project involved 30,000 meters of diamond drilling, demonstrating a high potential to increase resources with easy-to-float docile ore. .

123 El Comercio newspaper: "The new Volcan projects". [Interview with José Montoya]. June 19, 2017 edition. 124 Compañia Minera Volcan S.A.A.: Annual Report 2018. San Gabriel (Ex Chucapaca)

Operator Compañia de Minas Buenaventura S.A.A. Investor(s) 100%: Grupo Buenaventura (Peru)

LOCATION

Region Moquegua Province(s) Sánchez Cerro District(s) Ichuña The project is located at an approximate height between 4,450 and 5,000 meters above sea level, 837 km from Lima and 115.5 km from the city of Moquegua.

MAIN DATA OF THE PROJECT Epithermal intermediate sulfurization with Global Investment125 US$431 million Type of deposit126 metallic content of gold (Au), copper (Cu) and silver (Ag). Executed investment - Mineral reserves127 7.7 Mt @ 5.7 g/t Au Start of construction 2020 Type of mine Underground Start of operations 2023 Life of mine128 7 years Expected employment To be defined Power capacity129 14 MW

128 ☒ New (greenfield) Water source Groundwater ☐ Expansion (brownfield) Plant capacity126 3,000 tons per day Type of project ☐ Replacement (brownfield) Estimated annual 120,000 to 150,000 fine ounces of gold ☐ Reutilization (greenfield) production

CURRENT STATUS OF THE PROJECT Project stage: ☒Pre-feasibility ☐Feasibility The company is preparing its Pre-feasibility study, it is expected to culminate in the third quarter of 2019. ☐Detail engineering ☐Construction

Environmental Impact Assessment - EIAd Approved by Directorate Resolution N° 099-2017-MEM/DGAAM on March 31, 2017. It also has a First Technical ☐Not submitted Support Report (1st STI) approved on January 11, 2018 by Directorate Resolution N° 0009-2018-SENACE- ☐Under development JEF/DEAR; which aims to analyze the proposed changes (relocation of a ventilation chimney and inclusion of a sludge drying pool) to the third modification of the EIAsd and its effects on the environment. ☐Under evaluation ☒Approved

Start of exploitation activities The company submitted its (Mining Plan) request for approval of the Mining Benefit Concession ☐Not Submitted Plan for preparation and ☒Not submitted Without authorization of Beneficiation development activities to the ☐Under development ☐ Concession. Ministry of Energy and Mines Under evaluation ☒Under evaluation (MINEM) on October 02, 2017. ☒Approved ☐Approved

Additional Information:

This year, the necessary field work was restarted to continue increasing the certainty of the resource and the metallurgical models defined during the conceptual stage with a view to concluding the prefeasibility study.

125 Compañia de Minas Buenaventura S.A.A.: “Proyectos Buenaventura”. June 2018. 126 Compañia de Minas Buenaventura S.A.A.: Annual Memory 2018. 127 Compañia de Minas Buenaventura S.A.A.: Project Highlights - Advanced Stage. March 13, 2018. 128 Compañia de Minas Buenaventura S.A.A.: Detailed Environmental Impact Assessment (EIAd) of the “San Gabriel” mining exploitation project. March 31, 2017. 129 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019. San Luis

Operator Reliant Ventures S.A.C.

Investor(s) 100%: SRR Mining Inc. (Canada)

LOCATION

Region Ancash Province(s) Yungay District(s) Shupluy The project is located at a height between 3,600 and 4,850 meters above sea level.

MAIN DATA OF THE PROJECT Global investment130 US$100 million Type of deposit131 Epithermal gold (Au) – silver (Ag) deposit Executed investment - Mineral reserves132 0.503 Mt @ 17.95 g/t Au, 446.14 g/t Ag Start of construction To be defined Type of mine Underground Start of operations To be defined Life of mine132 3.5 years Expected employment To be defined Power capacity Not available Water source133 Surface water ☒ New (greenfield) Plant capacity133 400 tons per day ☐ Expansion (brownfield) Type of project ☐ Replacement (brownfield) Estimated annual 1.86 million ounces of silver

☐ Reutilization (greenfield) production132 78,000 ounces of gold

CURRENT STATUS OF THE PROJECT Project stage: ☐Pre-feasibility ☒Feasibility The company is carrying out community relations, geological services and environment activities. ☐Detail engineering ☐Construction

Environmental Impact Assessment - EIAd ☐Not submitted The company has an Environmental Impact Assessment (EIA) of the “Ayelen Vein Exploitation Project and Gold and Silver Minerals Processing San Luis” approved by Directorate Resolution N° 289-2012-MEM/AAM dated ☐Under development September 10, 2012. ☐Under evaluation ☒Approved

Start of exploitation activities (Mining Plan) Benefit Concession The project operator has not yet ☒Not Submitted submitted its application for the ☒Not submitted Without authorization of Beneficiation ☐Under development Authorization to Start Exploitation ☐Under evaluation Concession. Activities. ☐Under evaluation ☐Approved ☐Approved

Additional Information: The company is currently carrying out activities that will strengthen ties with the communities directly influenced by the project (community workshops). .

130 Reliant Ventures S.A.C: Application submitted to the Ministry of Energy and Mines. June 01, 2018. 131 Reliant Ventures S.A.C: Feasibility Technical Report. June 2010 132 Reliant Ventures S.A.C.: Environmental Impact Assessment (EIA) of the “Ayelen Vein Exploitation Project and Gold and Silver Processing San Luis”. Approved by Directorate Resolution N° 289-2012-MEM/AAM. September 10, 2012. Shalipayco

Operator Nexa Resources Peru. S.A.A. Investor(s)133 75%: Nexa Resources S.A. (Brazil) 25%: Pan American Silver Peru (Canada)

LOCATION

Region Junin Province(s) Junin District(s) Carhuamayo The project is located at a height between 4,000 and 4,800 meters above sea level, the closest populated center to the project is the city of Carhuamayo located 11 km away.

MAIN DATA OF THE PROJECT Global Investment134 US$91 million Type of deposit Zinc (Zn), lead (Pb) and silver (Ag) deposits Executed investment - Mineral resources135 9.47 Mt @ 4.44%Zn, 0.48%Pb, 31.1 g/t Ag Start of construction To be defined Type of mine135 Underground Start of operations To be defined Life of mine135 15 years Expected employment To be defined Power capacity Not available Water source Not available

☒ New (greenfield) Plant capacity135 3,000 tons per day ☐ Expansion (brownfield) Type of project 734,439 ounces of silver (540,407 ounces in ☐ Replacement (brownfield) Estimated annual the first 5 years)

☐ Reutilization (greenfield) production135 2,989 FMT of lead 42,881 FMT of zinc

CURRENT STATUS OF THE PROJECT Project stage: ☒Pre-feasibility The project has a Preliminary Economic Assessment (PEA) published on July 26, 2017. The company is currently ☐Feasibility developing the pre-feasibility phase of the project, specifically, conducting the engineering study of that phase. ☐Detail engineering ☐Construction

Environmental Impact Assessment - EIAd The company is managing the preparation of its Detailed Environmental Impact Assessment (EIAd). In that sense, ☐Not submitted the National Environmental Certification Service for Sustainable Investments (SENACE) approved the Terms of Reference (TDRs) on July 07, 2016 by Directorate Resolution N° 043-2016-SENACE/DCA. The project also has a ☒Under development Second Modification of its Semi-detailed Environmental Impact Assessment (EIAsd) approved by Directorate ☐Under evaluation Resolution N° 020-2019-MEM/DGAAM on February 08, 2019. ☐Approved

Start of exploitation activities (Mining Plan) Benefit Concession The project operator has not yet ☒Not Submitted submitted its application for the ☒Not submitted Without authorization of Beneficiation ☐Under development Authorization to Start Exploitation ☐Under evaluation Concession Activities. ☐Under evaluation ☐Approved ☐Approved

Additional Information: The company is negotiating with the communities to obtain the social license. Hydrogeological studies are expected to begin upon obtaining the social license.

133 Nexa Resources Perú S.A.A.: Earnings Release 2Q19. July 31, 2019. 134 Nexa Resources Perú S.A.A.: Preliminary Economic Assessment [Technical report]. July 26, 2017. 135 Nexa Resources Perú S.A.A.: Annual Report, date consulted: February 26, 2019. Tia Maria

Operator Southern Peru Copper Corporation, branch of Peru Investor(s) 88.9%: Grupo Mexico S.A.B. de C.V. (Mexico) 11.1%: Others (free float)

LOCATION

Region Arequipa Province(s) Islay District(s) Cocachacra, Mejía and Dean Valdivia The project is located at a height of 1,000 meters above sea level.

MAIN DATA OF THE PROJECT Copper (Cu) and Molybdenum (Mo) Global Investment136 US$1.4 billion Type of deposit porphyry La Tapada site: 425.338 Mt @ 0.43% Cu Executed investment - Mineral reserves137 Tía Maria site : 225.34 Mt 0.29% Cu Start of construction To be defined Type of mine Open pit Start of operations To be defined Life of mine138 20 years

Expected 3,600 under construction Power capacity138 88 MW employment137 600 in operation

138 ☒ New (greenfield) Water source Seawater ☐ Expansion (brownfield) Plant capacity138 100,000 tons per day Type of project ☐ Replacement (brownfield) Estimated annual 120,000 FMT of copper ☐ Reutilization (greenfield) production137

CURRENT STATUS OF THE PROJECT

Project stage: The company has completed the engineering studies and has the Environmental Impact Assessment approved. ☐Pre-feasibility Likewise, on July 08, 2019, it obtained the Beneficiation Concession Construction Authorization, however, this permit has been suspended since August 09, 2019 by evaluation of the Mining Council, which must issue its ☐Feasibility decision regarding the review resources presented by the Regional Government of Arequipa, Front of Defense of ☒Detail engineering workers and minority shareholders of Central Azucarera Chucarapi Pampablanca SA and the Tambo Valley Users Board, within a period not exceeding 120 calendar days. ☐Construction

Environmental Impact Assessment - EIAd ☐Not submitted Approved on August 01, 2014 by Directorate Resolution N° 392-2014-MEM/DGAAM. It also has a First Technical Support Report of the project approved on February 19, 2018 by Directorate Resolution N° 030-2018-SENACE- ☐Under development JEF/DEAR. ☐Under evaluation ☒Approved

Start of exploitation activities On July 08, 2019, the Beneficiation (Mining Plan) Benefit Concession Concession Authorization of the Tía The project operator has not yet ☒Not Submitted María Project was approved by submitted its application for the ☐Not submitted Directorate Resolution N° 0328-2019- ☐Under development Authorization to Start Exploitation ☒ Under evaluation MINEM-DGM/V. Currently, the license Activities. ☐Under evaluation ☐Approved is suspended and under evaluation by ☐Approved the Mining Council.

Additional Information: The conflicts over the Tía María project are based on the population's concern regarding the impacts in the area and the use of water. However, the company has indicated that the leaching process will not generate any type of environmental risk, since the soil will be waterproofed and protected by geomembranes. In addition, this project will use ESDE technology, so that its plants will not require a smelting process and, consequently, there will be no emission into the atmosphere. On the subject of water, Southern Copper ruled out in its EIA the use of the Tambo river basin as a source and offered a solution through the use of desalinated seawater. .

136 Southern Copper Corporation: Presentation of the Tía María Project at the MINPRO 2019. [Raúl Jacob, Vice President of Finance and CFO of Southern Peru]. Event date: June 26, 2019. 137 Southern Peru Copper Corporation: Environmental Impact Study of the mining and exploitation project “Tia Maria”. Approved by Directorate Resolution N° 392-2014-MEM/DGAAM. August 01, 2014. 138 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019. Trapiche

Operator El Molle Verde S.A.C.

Investor(s) 100%: Grupo Buenaventura (Peru)

LOCATION

Region Apurimac Province(s) Antabamba District(s) Juan Espinoza Medrano The project is located at an approximate height between 3,500 and 4,750 meters above sea level

MAIN DATA OF THE PROJECT Copper (Cu) and molybdenum (Mo) Global Investment139 US$1.0 billion Type of deposit porphyry Executed investment - Mineral resources140 868.3 Mt @ 0.37% Cu, 0.01% Mo Start of construction To be defined Type of mine Open pit Start of operations To be defined Life of mine Not available Expected To be defined Power capacity 54 MW employment137 Water source Not available

☒ New (greenfield) Plant capacity141 45,000 tons per day ☐ Expansion (brownfield) Type of project ☐ Replacement (brownfield) Estimated annual 50,000 to 70,000 FMT of copper ☐ Reutilization (greenfield) production141

CURRENT STATUS OF THE PROJECT Project stage: ☒Pre-feasibility In 2018, the company M3 was hired for the development of pre-feasibility studies, with a view to culminating in the ☐Feasibility second quarter of 2019. ☐Detail engineering ☐Construction

Environmental Impact Assessment - EIAd ☒Not submitted The project does not have a detailed Environmental Impact Assessment (EIAd). However, he submitted his Fifth Modification to his ESIA on August 10, 2018, which is under evaluation. In parallel, the environmental baseline ☐Under development survey activities are being developed with a view to starting the EIA process towards the end of 2019. ☐Under evaluation ☐Approved

Start of exploitation activities (Mining Plan) Benefit Concession The project operator has not yet ☒Not Submitted submitted its application for the ☒Not submitted Without authorization of Beneficiation ☐Under development Authorization to Start Exploitation ☐Under evaluation Concession Activities. ☐Under evaluation ☐Approved ☐Approved

Additional Information: In 2018, the agreements with the community of Mollebamba were ratified, so the company's 2019 plan focuses on continuing with the work of fields aimed at improving the certainty of the resource and the models necessary to validate the metallurgical process and the defined mining plan during the conceptual stage. .

139 Grupo Buenaventura: “Greenfield Projects – Trapiche (Cu)”. [Corporate presentation]. June 30, 2019. 140 Grupo Buenaventura: Annual Memory 2018. Yanacocha Sulfides

Operator Minera Yanacocha S.R.L. Investor(s) 51.35%: Newmont Mining Corporation (USA) 43.65%: Grupo Buenaventura (Peru) 5.00%: Sumitomo Corporation (Japan)

LOCATION

Region Cajamarca Province(s) Cajamarca District(s) Cajamarcar, La Encañada and Los Baños del Inca The project is located at a distance of approximately 20 km north of the city of Cajamarca and 583 km from the city of Lima, at an height between 3,600 to 4,200 meters above sea level

MAIN DATA OF THE PROJECT Global investment141 US$2.1 billion Type of deposit142 Copper (Cu) and gold (Au) porphyry 1.2 billion pounds of Cu Executed investment - Mineral reserves 3,600 thousand of ounces (Koz) of Au Start of construction 2020 Type of mine Open pit and underground Start of operations 2023 Life of mine142 22 years

Expected 1060 under construction Power capacity 80 MW employment142 675 in operation

☐ New (greenfield) Water source Not available ☐ Expansion (brownfield) Plant capacity Not available Type of project ☒ Replacement (brownfield) Estimated annual 350,000 ounces of gold (firs 16 years)

☐ Reutilization (greenfield) production 544,310 FMT of Cu

CURRENT STATUS OF THE PROJECT Project stage: ☐Pre-feasibility ☒Feasibility The project is in the feasibility stage, its studies aim to optimize its tailings storage strategy. ☐Detail engineering ☐Construction

Environmental Impact Assessment - EIAd The Modification of the Environmental Impact Assessment of the Yanacocha Project was presented on April 30, ☐Not submitted 2018, whose objective of the project is to include in the planning of the operations of the Yanacocha mining complex the expansion, modification and/or relocation of main components and existing support facilities (previously ☐Under development approved). On the other hand, the objective of the study is to integrate the three metal operating sectors (Yanacocha ☐Under evaluation Este, Yanacocha Oeste and Cerro Negro) into a single Environmental Management Instrument (IGA). ☒Approved

Start of exploitation activities (Mining Plan) MEM-DGM dated March 8, 2018, Benefit Concession Resolution N° 0793-2017-MEM- ☐Not Submitted the Mining Plan for "Chaquicocha ☐Not submitted DGM/V dated September 08, 2017, ☐Under development 3 and 4" was approved by ☐ approved the modification of the Directorate Resolution N° 077- Under evaluation Beneficiation Concession "Yanacocha ☐Under evaluation 2018- ☒Approved Leaching Plant" ☒Approved

Additional Information: The Yanacocha Sulfuros project is within the current area of operation and involves the processing of sulphide minerals for the production of copper and gold, which would substantially extend the life of the mine. Among the components to be modified we can mention some such as Tajo Yanacocha Stage 2 (green), Tajo Carachugo Marleny Norte, Tajo Carachugo Phase III, Modification of Underground Chaquicocha Stage 2, Yanacocha Leaching Pad Stage 8, La Quinoa Process Plant, Tailings Deposit Pampa Larga, among others. .

141 Minera Yanacocha S.R.L.: Modification of the Yanacocha Environmental Impact Assessment; May 2018. Zafranal

Operator Compañía Minera Zafranal S.A.C. Investor(s) 80%: Teck Resources Copper (Canada) 20%: Mitsubishi Materials Corporation (Japan)

LOCATION

Region Arequipa Province(s) Castilla and Caylloma District(s) Huancarqui, Lluta and Majes The project is located at a height between 1,400 and 2,900 meters above sea level, away from the agricultural areas and at more than 20 km from the nearest town.

MAIN DATA OF THE PROJECT Global Investment142 US$1.2 billion Type of deposit143 Copper porphyry (Cu) Executed investment - Mineral reserves144 440.7 Mt@ 0.38% Cu, 0.07 g/t Au. Start of construction 2021 Type of mine Open pit Start of operations 2024 Life of mine 19 years

Expected 3,000 under construction Power capacity145 87 MW employment142 800 in operation Water source Groundwater ☒ New (greenfield) Plant capacity 55,000 a 64,000 tons per day ☐ Expansion (brownfield) Type of project 75,000 FMT of copper ☐ Replacement (brownfield) Estimated annual (120,000 FMT the first 5 years) ☐ Reutilization (greenfield) production 25,000 fine ounces of gold

CURRENT STATUS OF THE PROJECT Project stage:

☐Pre-feasibility the granting of a temporary concession to carry out Feasibility Studies related to electric power transmission activity ☒Feasibility for the future 220 kV Transmission line was approved by Directorate Resolution N° 243-2019-MINEM/DM, on August 22, 2019. ☐Detail engineering ☐Construction

Environmental Impact Assessment - EIAd ☐Not submitted Citizen participation workshops have been carried out with the population involved in the areas of influence to the mining project, in order to obtain the social license. This is a prerequisite to the elaboration of the Detailed ☒Under development Environmental Impact Assessment (EIAd). ☐Under evaluation ☐Approved

Start of exploitation activities (Mining Plan) Benefit Concession The project operator has not yet ☒Not Submitted submitted its application for the ☒Not submitted Without authorization of Benefit ☐Under development Authorization to Start Exploitation ☐Under evaluation Concession Activities. ☐Under evaluation ☐Approved ☐Approved

Additional Information:

The project proposes the exploitation of two pit (Zafranal and Victoria) from where copper sulphides will be extracted. A transfer belt installed inside a tunnel will transport the ore from the primary crusher to the collection of crushed ore. The concentrator plant will have a production capacity of 23.8 Mt/year.

.

142.SENACE: Environmental Impact Assessment of the Zafranal Project. [Aide-memorie]. May 30, 2019. 143 Compañia AQM Copper Inc.: Pre-feasibility Technical Report. June 10, 2016. 144 Teck Resources Limited: Annual Information Form. February 25, 2019. 145 General Management of Energy Efficiency (DGEE) of the Ministry of Energy and Mines (MINEM). Date consulted; August 15, 2019. 31 PORTFOLIO OF MINING CONSTRUCTION PROJECTS

MINISTRY OF ENERGY AND MINES PORTFOLIO OF MINING CONSTRUCTION PROJECTS Francisco Ísmodes Mezzano Elaborated by the Directorate of Mining Minister of Energy and Mines Promotion

Augusto Cauti Barrantes Walter Sánchez Sánchez Vice-Minister of Mines Directorate of Mining Promotion

Walter Sánchez Sánchez Team in charge: General Directorate of Mining Promotion and Sustainability María Valeria Aguinaga Fonseca Management and Analysis

MINISTRY OF ENERGY AND MINES Diego Guillermo Hoyos Huanca Av. Las Artes Sur 260 – San Borja Lima Economic analysis – Perú / Lima 41 Economic analysis team: www.minem.gob.pe Deivid Jhonatan Ramirez Ramirez Victor Gianmarco Carranza Avellaneda Mercedes Frances Valdivia Japa

General Directorate of Mining Promotion and Sustainability