Mina Justa Project Is 99% Complete,5.7 and EVOLUTION It Is Expected of STOCK Start Operationsprice in the Rst Quarter of 2021

ANNUAL REPORT ANNUAL 2020 REPORT 2020 CONTENT PAG 5. GENERAL INFORMATION 57 5.1 CORPORATE NAME 57 5.2 CORPORATE PURPOSE AND TERM 57 5.3 INCORPORATION AND REGISTRATION 57 5.4 ECONOMIC GROUP 57 5.5 SOCIAL CAPITAL, NUMBER AND NOMINAL VALUE OF SHARES 58 5.6 TYPES OF SHARES AND SHAREHOLDING STRUCTURE 58 5.7 EVOLUTION OF STOCK PRICE 60 5.8 TAX TREATMENT 60 5.9 JUDICIAL, ADMINISTRATIVE OR ARBITRATION PROCEEDINGS 61 6. CORPORATE GOVERNANCE 63 6.1 PROFESSIONAL TRAJECTORY OF DIRECTORS 63 6.2 OTHER ASPECTS RELATED TO THE BOARD OF DIRECTORS 66 6.3 PROFESSIONAL TRAJECTORY OF MANAGERS 66

World-class 4 1 Peruvian mining ANNUAL REPORT 2020

42 2 ANNUAL REPORT 2020

>CONTENTTABLE OF CONTENTS PAG 5. GENERAL INFORMATION 57 CONTENT PAG CONTENT5.1 CORPORATE NAME P57AG 1. OUR COMPANY 9 1. OUR COMPANY5.2 CORPORATE PURPOSE AND TERM 957 1.1 VISION, MISSION AND VALUES 17 5.31.1 VISION,INCORPORATION MISSION AND REGISTRATIONVALUES 1757 1.2 BOARD OF DIRECTORS AND MANAGEMENT STRUCTURE 18 5.41.2 ECONOMICBOARD OF DIRECTORS GROUP AND MANAGEMENT STRUCTURE 1857 1.2.1 Minsur Board of Directors 18 5.51.2.1 SOCIAL Minsur CAPITAL, Board of NUMBER Directors AND NOMINAL VALUE OF SHARES 1858 1.2.2 Managers 19 5.61.2.2 TYPES Managers OF SHARES AND SHAREHOLDING STRUCTURE 1958 2. ECONOMIC AND SECTORAL CONTEXT 20 2. ECONOMIC5.7 EVOLUTIONAND SECTORAL OF STOCK CONTEXT PRICE 2060 2.1 ECONOMIC ENVIRONMENT 20 5.82.1 TAXECONOMIC TREATMENT ENVIRONMENT 2060 2.2 SECTORAL ENVIRONMENT 22 5.92.2 JUDICIAL,SECTORAL ADMINISTRATIVE ENVIRONMENT OR ARBITRATION PROCEEDINGS 2261 2.3 MARKET PERFORMANCE 23 6. CORPORATE2.3 MARKET GOVERNANCE PERFORMANCE 2363 3. OPERATIONAL PERFORMANCE 25 3. OPERATIONAL6.1 PROFESSIONAL PERFORMANCE TRAJECTORY OF DIRECTORS 2563 3.1 MINING UNITS AND PROJECTS 25 6.23.1 OTHERMINING ASPECTS UNITS AND RELATED PROJECTS TO THE BOARD OF DIRECTORS 2566 3.1.1 San Rafael MU 25 6.33.1.1 PROFESSIONAL San Rafael MU TRAJECTORY OF MANAGERS 2566 3.1.2 SPR of Pisco 27 3.1.2 SPR of Pisco 27 3.1.3 Pucamarca MU 28 3.1.3 Pucamarca MU 28 3.1.4 Minera Taboca 29 3.1.4 Minera Taboca 29 3.2 EXPLORATIONS 31 3.2 EXPLORATIONS 31 3.3 HUMAN RESOURCES 35 3.3 HUMAN RESOURCES 35 3.4 SOCIAL MANAGEMENT 38 3.4 SOCIAL MANAGEMENT 38 3.5 ENVIRONMENTAL MANAGEMENT 43 3.5 ENVIRONMENTAL MANAGEMENT 43 3.6 OCCUPATIONAL HEALTH AND SAFETY 48 3.6 OCCUPATIONAL HEALTH AND SAFETY 48 3.7 COMMERCIALIZATION 51 3.7 COMMERCIALIZATION 51 4. RESULTS 52 4. RESULTS 52 4.1 FINANCIAL RESULTS 52 4.1 FINANCIAL RESULTS 52 4.2 LIQUIDITY 55 4.2 LIQUIDITY 55 4.3 CAPITAL AND FUNDING 55 4.3 CAPITAL AND FUNDING 55 4.4 STAFF RESPONSIBLE FOR PREPARING THE FINANCIAL STATEMENTS 56 4.4 STAFF RESPONSIBLE FOR PREPARING THE FINANCIAL STATEMENTS 56

34 3 ANNUAL REPORT 2020

CONTENT PAG 5.C GENERALONTENT INFORMATION 57PAG 5. GENERAL5.1 CORPORATEINFORMATION NAME 5757 5.25.1 CORPORATE CORPORATE PURPOSE NAME AND TERM 5757 5.35.2 INCORPORATION CORPORATE PURPOSE AND REGISTRATION AND TERM 5757 5.45.3 ECONOMIC INCORPORATION GROUP AND REGISTRATION 5757 5.55.4 SOCIAL ECONOMIC CAPITAL, GROUP NUMBER AND NOMINAL VALUE OF SHARES 5857 5.65.5 TYPES SOCIAL OF CAPITAL, SHARES AND NUMBER SHAREHOLDING AND NOMINAL STRUCTURE VALUE OF SHARES 5858 5.75.6 EVOLUTION TYPES OF SHARES OF STOCK AND PRICE SHAREHOLDING STRUCTURE 6058 5.85.7 TAX EVOLUTION TREATMENT OF STOCK PRICE 6060 5.95.8 JUDICIAL, TAX TREATMENT ADMINISTRATIVE OR ARBITRATION PROCEEDINGS 6160 6. CORPORATE5.9 JUDICIAL, GOVERNANCE ADMINISTRATIVE OR ARBITRATION PROCEEDINGS 6361 6. CORPORATE6.1 PROFESSIONAL GOVERNANCE TRAJECTORY OF DIRECTORS 6363 6.26.1 OTHER PROFESSIONAL ASPECTS RELATED TRAJECTORY TO THE OF BOARD DIRECTORS OF DIRECTORS 6663 6.36.2 PROFESSIONAL OTHER ASPECTS TRAJECTORY RELATED TO OF THE MANAGERS BOARD OF DIRECTORS 6666 6.3 PROFESSIONAL TRAJECTORY OF MANAGERS 66

4 4 STATEMENT OF RESPONSIBILITY

ANNUAL REPORT 2020

CONTENT PAG 5. GENERAL INFORMATION 57 5.1 CORPORATE NAME 57 5.2 CORPORATE PURPOSE AND TERM 57 The document5.3 INCORPORATION hereof ANDprovides REGISTRATION truthful and su cient information on the 57development of businesses of5.4 Minsur ECONOMIC S.A. in GROUP 2020. Notwithstanding the responsibility of the issuer, the57 signatories are liable for its content5.5 SOCIAL pursuant CAPITAL, to NUMBER applicable AND statutory NOMINAL provisions. VALUE OF SHARES 58 5.6 TYPES OF SHARES AND SHAREHOLDING STRUCTURE 58 5.7 EVOLUTION OF STOCK PRICE 60 5.8 TAX TREATMENT 60 5.9 JUDICIAL, ADMINISTRATIVE OR ARBITRATION PROCEEDINGS 61 Lima,6. CORPORATE March 24 of GOVERNANCE2021. 63 6.1 PROFESSIONAL TRAJECTORY OF DIRECTORS 63 6.2 OTHER ASPECTS RELATED TO THE BOARD OF DIRECTORS 66 6.3 PROFESSIONAL TRAJECTORY OF MANAGERS 66

General Manager President of the Board of Directors

4 5 LETTER FROM THE PRESIDENT OF THE BOARD OF DIRECTORS

ANNUAL REPORT 2020

Dear shareholders:

On behalf of the Board of Directors of Minsur S.A., I share with you our Annual Report and Financial Statements for Fiscal Year 2020, which show our activities, performance, challenges and the most relevant CONTENT PAG achievements of our operations. 5. GENERAL INFORMATION 57 2020 has been5.1 a challenging CORPORATE year,NAME marked by the Covid-19 health crisis. Due to the pandemic57 we had to take strict measures5.2 CORPORATE to restart PURPOSE our operations AND TERM and mitigate health risks to our collaborators,57 suppliers and community. We5.3 implemented INCORPORATION innovation AND REGISTRATION processes that were developed in former periods57 to address this new reality,5.4 and ECONOMIC because GROUP of them a large number of our collaborators were able to perform57 their tasks remotely. Changes to the shift schedules of our operations’ sta allowed us to resume activities in our 5.5 SOCIAL CAPITAL, NUMBER AND NOMINAL VALUE OF SHARES 58 units under strict health controls, both for our own employees and our contractors. Our investments and 5.6 TYPES OF SHARES AND SHAREHOLDING STRUCTURE 58 e orts allowed us to close the year with auspicious results: at the end of 2020 our Mina Justa Project is 99% complete,5.7 and EVOLUTION it is expected OF STOCK start operationsPRICE in the rst quarter of 2021. 60 5.8 TAX TREATMENT 60 We continued 5.9working JUDICIAL, with ADMINISTRATIVE our sustainability, OR ARBITRATION innovation andPROCEEDINGS excellence approach, hand61 in hand with new 6.work CORPORATE tools. Furthermore, GOVERNANCE we have strengthened our relationship with our neighboring63 communities by focusing our6.1 social PROFESSIONAL investment TRAJECTORY on strengthening OF DIRECTORS their capacity to respond to the pandemic,63 without neglecting our previous commitments to them. 6.2 OTHER ASPECTS RELATED TO THE BOARD OF DIRECTORS 66 6.3 PROFESSIONAL TRAJECTORY OF MANAGERS 66 In the midst of a context that impacts all of us personally, the results achieved are mainly due to the responsible and coordinated work of collaborators, suppliers, customers, shareholders and members of the Board of Directors. Thanks to them, we keep making Minsur S.A. a world-class Peruvian mining company.

I now invite you to read our 2020 Annual Report.

Fortunato Brescia Moreyra PresidentePresident del ofD itherec Boardtorio of Directors

4 6 LETTERLETTER FROM OF THE PRESIDENTGENERAL MANAGER OF THE BOARD OF DIRECTORS

ANNUAL REPORT 2020

DearDear shareholders: Shareholders:

OnI am behalf pleased of the to Boardpresent of hereby Directors our of 2020 Minsur Annual S.A., ReportI share andwith Audited you our Financial Annual ReportStatements. and Financial In this Statementsdocument forand Fiscal its Yearannexes, 2020, you which will show nd our relevant activities, information performance, of lastchallenges scal year’s and the management, most relevant CONTENT PAG achievementspursuant to the of ourrequirements operations. set forth by the Peruvian securities authority (SMV). 5. GENERAL INFORMATION 57 2020In 2020 has webeen focused5.1 a challenging CORPORATE our eorts year,NAME and marked activities by the mainly Covid-19 on our health collaborators’ crisis. Due health, to the both pandemic 57those wewho had are to takepart strict of Minsur measures5.2 and CORPORATE tothose restart who PURPOSE our work operations with AND us. TERM andWe alignedmitigate ourselves health risks to allto ourthe collaborators,measures imposed57 suppliers by the and community.government We 5.3to implemented counterINCORPORATION the global innovation AND COVID-19 REGISTRATION processes pandemic, that andwere this developed led to suspend in former operations periods57 forto aaddress little thismore new than reality, two5.4 and ECONOMICmonths, because until GROUP of them we werea large able number to safely of our restart collaborators our activities, were able mitigating to perform57 the their risk tasks of remotely.transmission Changes in our to operating the shift unitsschedules and projects. of our operations’ sta allowed us to resume activities in our 5.5 SOCIAL CAPITAL, NUMBER AND NOMINAL VALUE OF SHARES 58 units under strict health controls, both for our own employees and our contractors. Our investments and 5.6 TYPES OF SHARES AND SHAREHOLDING STRUCTURE 58 e ortsWhen allowed the health us toemergency close the yearwas withdeclared, auspicious our rst results: priority at thewas end working of 2020 on ourthe Minadevelopment Justa Project and is 99%implementation complete,5.7 and EVOLUTION of it strict is expected protocols OF STOCK start to operationsPRICEensure the ingood the rsthealth quarter of our of sta 2021. and contractors60 who had to enter our operations5.8 TAX TREATMENT and projects. Furthermore, thanks to the progress we made digitalizing60 our Weoperations continued and 5.9working processesJUDICIAL, with ADMINISTRATIVE before our sustainability, the pandemic OR ARBITRATION innovation started, we andPROCEEDINGS were excellence able to approach,very rapidly hand enable61 in hand remote with newwork 6.work CORPORATEfor alltools. our Furthermore, administrative GOVERNANCE we workers have strengthened in a very eective our relationship manner. with our neighboring63 communities by focusing our6.1 social PROFESSIONAL investment TRAJECTORY on strengthening OF DIRECTORS their capacity to respond to the pandemic,63 without neglectingDue to the our quick previous reaction commitments of Minsur’s toteam them. to the pandemic, we were the rst mining company that 6.2 OTHER ASPECTS RELATED TO THE BOARD OF DIRECTORS 66 received ocial authorization to restart operations. Our collaborator’s commitment and 6.3 PROFESSIONAL TRAJECTORY OF MANAGERS 66 Inprofessionalism the midst of a contextallowed that our impacts operations all of usto personally, remain Covid-19the results freeachieved and areestablish mainly dueeective to the responsibleepidemiological and coordinated fences when work positive of collaborators, cases were detected. suppliers, The customers, physical health shareholders of our sta and was members not our of theonly Board priority; of Directors. working Thanksconditions to them,in the we mine keep site making and the Minsur threat S.A. posed a world-class by the pandemic Peruvian atmining the company.personal and family level led us also to implement measures to protect our collaborator’s mental health. The company did not spare any economic resources to ght the pandemic; Covid-19-related I nowcosts, invite expenses you to and read investments our 2020 Annual in 2020 Report. amounted to US$ 40 millions.

Our commitment went beyond our employees and contractors, reaching also our neighboring communities, with whom we shared our health standards and measures to respond to the pandemic since the beginning of the health emergency. Our collaboration, together with the authorities’ and organized society’s work, allowed establishing Covid-19 prevention and action plans in our areas of direct inuence. Through these plans, appropriate health controls and standards were established for the community, and we worked to strengthen their health systems, including their infrastructure, equipment and medical sta. Among these measures we shall highlight the donation and installation of ve oxygen plants that allowed providing proper care to most critical patients, the implementation of Antauta’s healthcare center and a Covid-19 isolation center, the donation of hospital beds for Puno, among others. We did all these in close collaboration with local and regional authorities.

School education was another area of signi cant impact and focus of our activities during the

pandemic. Thus, we provided conditions for local students to be able to bene t from the Fgovernmentalortunato Bre splancia M “Aprendooreyra en Casa” (“I learn at home”), enhancing internet and local TV signal, and PdeliveringresidentePresident tabletsdel ofD ithere forc Boardt ofree.rio of DirectorsAs a result, we strengthened the government’s eorts to maintain educational services in our areas of inuence. Donations and direct support amounted to around US$ 5 million in 2020. All these eorts are a real testimony of our commitment with, and solidarity to, the communities we interact with. 4 7 Another key aspect of our management during the pandemic was the close communication and coordination with our main stakeholders, including our collaborators, customers, shareholders, communities and authorities. We constantly provided information on the government’s decisions that a ected our activities, as well as on the internal measures that allowed us to restart our operations. Thus, once our operations were resumed, we restarted shipping our products and fullling our contract obligations, receiving our customers’ recognition for the work we have done.

Our response to the pandemic allowed us to successfully continue with our production activities and our main projects. In the second half of the year, we were able to partially recover production losses caused by the shutdown, closing the year only 4% below the originally budgeted gold production and 15% below the budgeted tin production, having been paralyzed for almost 20% of the year. Due to the pandemic, we established an economic disaster plan, reducing or removing costs, expenses and investments that were not strictly essential to ensure the safety, health and continuity of our operations and projects.

In the last quarter tin prices recovered above the originally budgeted price, which helped us somewhat mitigating the impact on incremental costs and expenses associated to Covid-19. As a result, and thanks to our cost containment e orts, better prices and the good performance of our operations, we managed to close the year with an EBITDA of US$ 238 million, reaching an EBITDA margin of 47%, higher to that originally budgeted before the pandemic started.

In 2020, we made great progress in our expansion projects. The production ramp-up initiated at the end of 2019 in our new B2 Tailings Reusing Plant was consolidated, and the plant started fully operating, thus contributing to maintaining production volume and ore grade requirements demanded by our Pisco smelting plant. Furthermore, Mina Justa copper project’s progress reached 99%, within the cost budget approved by Marcobre’s Board of Directors, and it is about to start operations in the rst quarter of 2021.

Without a doubt, 2020 has been a hard year for all of us and for our business, but our personal and family lives have su ered the pandemic’s greatest impacts. Unfortunately, we have su ered human losses among our relatives and some collaborators and contractors. I want to express our most heartfelt condolences.

Despite the personal and family diculties, our human team proved its great commitment, dedication and resiliency during this very hard year. I want to express my appreciation to all our collaborators, contractors, and their families. Without the hard work and the sacrices made we wouldn’t have been able to continue on the road to consolidate our position as a world-class Peruvian mining company that is ecient, innovative and committed to sustainable development. Once again, thank you very much.

Last but not least, I would like to thank the commitment and permanent support of our shareholders, customers, suppliers and the communities of our area of inuence, which have been essential to cope with a very challenging year in 2020.

Juan Luis Kruger General Manager 8 ANNUAL01.MEMORI A REPORT ANUAL 2020OUR COMPANY

CONTENT PAG 5. GENERAL INFORMATION 57 5.1 CORPORATE NAME 57 5.2 CORPORATE PURPOSE AND TERM 57 5.3 INCORPORATION AND REGISTRATION 57 5.4 ECONOMIC GROUP 57 5.5 SOCIAL CAPITAL, NUMBER AND NOMINAL VALUE OF SHARES 58 5.6 TYPES OF SHARES AND SHAREHOLDING STRUCTURE 58 5.7 EVOLUTION OF STOCK PRICE 60 5.8 TAX TREATMENT 60 5.9 JUDICIAL, ADMINISTRATIVE OR ARBITRATION PROCEEDINGS 61 6. CORPORATE GOVERNANCE 63 Minsur Sociedad Limitada was established in Barbastro S.A.C., who has a polymetallic project in 1996. It was6.1 PROFESSIONALthe Peruvian branchTRAJECTORY of Minsur OF DIRECTORS Huancavelica and Minera Sillustani S.A.C.,63 who Partnership 6.2Limited OTHER ASPECTSin Bahamas, RELATED which TO THE was BOARD owns OF DIRECTORSseveral concessions in Puno region.66 acquired by 6.3the PROFESSIONAL Breca Group in TRAJECTORY 1977 to transform OF MANAGERS 66 it in Minsur S.A., a 100% Peruvian company. We are also a shareholder of Cumbres Andinas S.A.C., holding 60% of its shares. This Company is After such acquisition and for some years, copper the owner of 99.99% of the stock capital of was our main product in the now San Rafael MU. Marcobre S.A.C., who is developing the copper ore Years later, copper was mined occasionally and in project called Mina Justa in San Juan de Marcona a smaller scale. In 1992, tin became the only metal (Ica); this project will process copper sul des and produced in such unit. Since 1996, our company oxides into cathodes and concentrates. has the Smelting Plant and Re nery (SPR) of Pisco to process tin ore produced in San Rafael. Thus, our company’s cornerstone is comprised by assets that give us a competitive advantage that In 2008, through Minera Latinoamericana S.A.C. are of a high grade or have low production costs. -in which we are the majority shareholders- we This encourages us to focus on basic metals, such became the main shareholder of Mineração as tin and copper, and precious metals, such as Taboca S.A., which mines tin, niobium and gold. At the end of FY 2020, our mining tantalum from the Pitinga mine (Brazil) and is also concessions reached 256,614.44 hectares. owner of the Smelting Plant of Pirapora (São Paulo). Furthermore, Minera Latinoamericana For over 40 years we have been committed to S.A.C. –through subsidiaries- is also shareholder of ethics and social corporate responsibility, as well Melón S.A., leading company in the production as to the development of Peru. We meet the and commercialization of cement, concrete, highest quality and safety standards, using mortars and aggregates in Chile. state-of-the-art technology and working under the highest international standards. On the other hand, Cumbres del Sur S.A.C. -in which Minsur S.A. is the majority shareholder since Likewise, risk prevention and detection are the November 1, 2020- absorbed Compañía Minera base of our management system, which allows us

104 9 ANNUAL REPORT 2020

CONTENT PAG managing5. GENERAL operations INFORMATION and projects at dierent 27 leading mining companies from around57 the stages of the5.1 mining CORPORATE cycle. Thus, NAME we ensure safety, world and over 30 regional associations.57 ICMM health and the5.2 CORPORATEdevelopment PURPOSE of communities, AND TERM as vision is to make the metal mining a 57respected well as the protection of the environment. industry trusted to operate responsibly and to 5.3 INCORPORATION AND REGISTRATION 57 contribute to sustainable development. We are As part of our5.4 continuousECONOMIC improvementGROUP process, the rst Peruvian mining company, the57 third in we were admitted5.5 SOCIAL in the CAPITAL, International NUMBER Council AND onNOMINAL Latin VALUEAmerica, OF andSHARES the world’s rst tin58 producer Mining and Metals5.6 TYPES (ICMM) OF SHARES in 2018, AND which SHAREHOLDING gathers admitted STRUCTURE to this institution. 58 5.7 EVOLUTION OF STOCK PRICE 60 5.8 TAX TREATMENT 60 Our operations and projects 5.9 JUDICIAL, ADMINISTRATIVE OR ARBITRATION PROCEEDINGS 61 6. CORPORATE GOVERNANCE 63 Location Company Unit / project Main products 6.1 PROFESSIONAL TRAJECTORY OF DIRECTORS 63 6.2 OTHERPuno, ASPECTS(Peru) RELATEDMinsur TO THE S. A. BOARD OF DIRECTORSSan Rafael MU Tin 66 Smelting plant and 6.3 PROFESSIONALIca (Peru) TRAJECTORYMinsur S.OF A. MANAGERS Tin 66 Operations re nery Tacna (Peru) Minsur S. A. Pucamarca MU Gold Pitinga MU Tin and Sao Paulo, (Brasil) Mineração Taboca S. A. SPR of Pirapora ferroalloys

Exploration Puno (Peru) Minsur S. A. Santo Domingo Tin projects Puno (Peru) Minsur S. A. Nazareth Tin Huancavelica (Peru) Cumbres del Sur S.A.C Mina Marta Copper Expansion Ica (Peru) Marcobre S. A.C Mina Justa Copper projects Closing Puno (Peru) Cumbres del Sur S.A.C Mina Regina NA mines Huancavelica (Peru) Cumbres del Sur S.A.C Mina Marta NA

114 10 ANNUAL REPORT 2020

OurCONTENT operations PAG At the end of FY 2020, we have 5 operations: 3 in Peru and 2 in Brazil. 5. GENERAL INFORMATION 57 5.1 CORPORATE NAME 57 San5.2 R CORPORATEafael UM PURPOSE AND TERM 57 5.3 INCORPORATION AND REGISTRATION 57 » Location: Melgar province, Puno, 5.4 ECONOMIC GROUP San Rafael MU works with the innovative ore57 sorting department, Peru process, a German technology that analyzes rock » Start of5.5 operations: SOCIAL CAPITAL, 1977 NUMBER AND NOMINALcomposition VALUE usingOF SHARES X rays, and identies those58 with tin » Estimated5.6 TYPES life of mine:OF SHARES 8.1 years AND SHAREHOLDINGcontent. STRUCTURE This enables us to sort them according58 to » Type of operation: underground tin 5.7 EVOLUTION OF STOCK PRICE their ore grade. In 2020, a part of this60 plant’s mine. operations was conducted using the double sorting » Processes:5.8 TAX concentration TREATMENT and otation method. 60 Average ore grade 2020 (processing): 5.9 JUDICIAL, ADMINISTRATIVE OR ARBITRATION PROCEEDINGS 61 1.90% Likewise, in 2020 operations were supported by the » 6. CORPORATEProduction inGOVERNANCE 2020: 17,458 tons of tin new B2 Tailings Reuse Plant (B2 Plant). 63This Plant » Certications:6.1 PROFESSIONAL ISO 14001, ISO TRAJECTORY 9001, OF DIRECTORSallows recovering tin from tailings stored 63in the B2 OHSAS 18001 6.2 OTHER ASPECTS RELATED TO THE BOARDdam OF that DIRECTORS come from the rst operations conducted66 in the mine. 6.3 PROFESSIONAL TRAJECTORY OF MANAGERS 66

B2 Tailings Reuse

» Location: Melgar province, Puno department (Peru) » Mineral: concentrated tin » Average tin grade 2020 (processing): 0.82% » Production in 2020: 3,190 tons of tin

San Rafael MU has currently a reuse tailings plant practices of the industry. Thus, Minsur contributes for tailings from the B2 tailings dam, which had to the proper implementation of new high tin concentration during the rst years of technologies for appropriately closing the mine, exploitation. This project has a concentrator with a according to requirements and pursuant to the nominal production capacity of 2,500 tpd and a life highest environmental standards. of mine of 9 years. At the beginning of the year, we completed the It is worth emphasizing that both tailing ramp-up stage to continue with the beginning of treatments and their nal disposal were designed operations, where the expected designed under international standards and the best parameters were reached.

124 11 ANNUAL REPORT 2020

CONTENT PAG 5. GENERAL INFORMATION 57 5.1 CORPORATE NAME 57 5.2 CORPORATE PURPOSE AND TERM 57 SPR of Pisco The Smelting Plant and Re nery (SPR) of Pisco is the nal 5.3 INCORPORATION AND REGISTRATION operational arm of San Rafael MU for producing57 and selling » Location: Pisco province, Ica re ned tin. The SPR is one of the world’s rst operations department5.4 ECONOMIC (Peru) GROUP 57 using the submerged lance technology to process tin » Start of5.5 operations: SOCIAL CAPITAL, 1996 NUMBER AND NOMINAL VALUE OF SHARES 58 concentrate, which allows cost and production-time » Type of operation: tin smelting and 5.6 TYPES OF SHARES AND SHAREHOLDINGeciency. STRUCTURE Thanks to that, we have an average58 purity of re ning 99,95%, and world-class tin -based alloys. » Processes:5.7 EVOLUTION submerged lanceOF STOCK smelting PRICE 60 furnace5.8 TAX TREATMENT 60 In 2020, the furnace was partially fed with the concentrate » Average grade of fed tin concentrate produced in the new B2 plant, located in San Rafael. In in 2020:5.9 39% JUDICIAL, ADMINISTRATIVE OR ARBITRATION PROCEEDINGS 61 Pisco, we increased the furnace´s capacity through 6. CORPORATE» Production inGOVERNANCE 2020: 19,592 tons of tin 63 initiatives implemented under the Lingo methodology, » Certi cations: ISO 14001, ISO 9001, 6.1 PROFESSIONAL TRAJECTORY OF DIRECTORSthus processing 5,915 tons of concentrate63 in December OHSAS 18001 6.2 OTHER ASPECTS RELATED TO THE BOARD2020 OF (theDIRECTORS best result in the last 13 years). 66 6.3 PROFESSIONAL TRAJECTORY OF MANAGERS 66

Pucamarca MU » Location: Palca province, Tacna department (Peru) Pucamarca MU is located at the border with » Start of operations: 2013 Chile. Through the crushing and leaching » Estimated life of mine: 6 years processes ore size is reduced and metal is » Type of operation: open pit mine of gold (main) separated from the rock. Then, it is smelted in and silver. an electric furnace to obtain dore bars of 60 % » Processes: Absorption, Desorption and Recovery to 70 % of purity. (ADR) » Average ore grade 2020: 0.48 grams per ton (g/t) » Production in 2020: 80,215 ounces of gold » Certi cations: ISO 14001, ISO 9001, OHSAS 18001

134 12 ANNUAL REPORT 2020

CONTENT PAG 5. GENERAL INFORMATION 57 Pitinga5.1 CORPORATE MU NAME 57 » Location:5.2 State CORPORATE of Amazonas PURPOSE (Brazil) AND TERM Pitinga MU has an estimated life of mine of 3157 years. It was » Start of operations: 1982 acquired in 2008 through our subsidiary, Minera 5.3 INCORPORATION AND REGISTRATION 57 » Estimated life of mine: 31 years Latinoamericana S.A.C. » Type of operation:5.4 ECONOMIC tin, niobium GROUP and 57 tantalum5.5 open SOCIAL pit mine CAPITAL, NUMBER AND NOMINALIn 2020, VALUE we continued OF SHARES improving the fragmentation58 » Processes: concentration and otation process, by changing the mining plan to optimize » Treated ore5.6 gradeTYPES 2020: OF SHARES 0.198% ofAND tin SHAREHOLDINGtransport STRUCTURE levels and mean distance, in order to58 signicantly and 0.263%5.7 ofEVOLUTION niobium and OF tantalum STOCK PRICE increase ore transport eciency. Furthermore,60 we consolidated operations in the new BMU’s expansion. » Production5.8 in TAX 2020: TREATMENT 6,148 tons of tin 60 contained in concentrate and 3,484 tons of ferroalloys5.9 JUDICIAL, (FeNb, ADMINISTRATIVE FeTa) OR ARBITRATION PROCEEDINGS 61 »6. CORPORATECertications: ISO GOVERNANCE 9001 63 6.1 PROFESSIONAL TRAJECTORY OF DIRECTORS 63 6.2 OTHER ASPECTS RELATED TO THE BOARD OF DIRECTORS 66 6.3 PROFESSIONAL TRAJECTORY OF MANAGERS 66

SPR of Pirapora The Smelting Plant and Renery (PFR) of Pirapora receives » Location: Sao Paulo state, (Brazil) the tin production from Pitinga MU. The SPR processes » Start of operations: 1973 cassiterite concentrates and turns them into high-quality » Type of operation: smelting plant and rened tin of 99.97% of purity. tin renery » Processes: electric smelting furnace In 2020, we optimized the operational processes for » Treated ore grade 2020: 47.2% in-furnace treatment, through the feeding formula and tin » Production in 2020: 5,479 tons of tin (Sn) concentrate consumption as sinter. Furthermore, the » Certications: ISO 9001, ISO 14001 production processes referred to the processing of recirculating ore were stabilized. Thus, we oset the low tin ore grade of Pitinga´s concentrate.

144 13 ANNUAL REPORT 2020

The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was thickening and concentrate ltering equipment dierent areas of the project, such as: the truck donated to Melgar province, which was installed OurCONTENT projects PAG were completed. Completion of the lighting, workshop, tailings dam, multi-buoy port, acid in the San Juan de Dios de Ayaviri Hospital, in instrumentation and control systems as well as tanks in mine and laboratory at the oxide plant. addition to the contribution of S/. 250 thousand 5. GENERAL INFORMATION 57 the preliminary tests for the plant’s start-up are to Caritas-Puno to co-fund the purchase of an 5.1 CORPORATE NAMEMina Justa 57 planned for the rst months of 2021. Regarding the most relevant permits, in 2020 we additional oxygen plant. 5.2 CORPORATE PURPOSE AND TERM 57 were noti ed of the approval of the Port » Location: Nasca province, Ica department (Peru) 5.3 INCORPORATION AND REGISTRATION 57 Regarding the oxide plant, in 2020 the main Authorization Modi cation for the construction of We shall also mention the donation of a » Mineral: copper electromechanical assembly works, crushing, the Multi-buoy Terminal and the approval of the cremation furnace to the Charitable association 5.4 ECONOMIC» GROUPTotal investment as of 31.12.2020 US$: US$ 1,546.40 MM 57 classi cation, acid mixing, leaching ponds, Chemical inputs and controlled substances-IQBF San Román Juliaca, the support to the Juliaca 5.5 SOCIAL CAPITAL,» Project’s NUMBER total progress AND NOMINAL as of 25.12.2020: VALUE 98.8% OF SHARES 58 San Rafael had a very challenging context, since it » Construction total progress as of 25.12.2020: 99.6% tailings discharge, solvent extraction and registration (sulfuric acid) to be used in the mine's health network (EsSalud) with 50 oxygen tanks, 5.6 TYPES OF SHARES AND SHAREHOLDING STRUCTURE 58 electro-winning systems were also carried out. operational activities. was one of the rst mining units nationwide that and 50 hospital beds, and to the San Roman 5.7 EVOLUTION OF STOCK PRICE 60 Completion of the lighting, instrumentation and suspended its production operations in order to health network, particularly to the Carlos Monge prevent transmission and implement the necessary 5.8 TAX TREATMENT 60 control systems as well as the preliminary tests for At the end of 2020 we have almost completed the Medrano hospital, with 55 hospital beds and 100 the plant’s start-up are planned for the rst construction stage, and we are ready to complete health protocols. To restart operations, we had a oxygen tanks. Likewise, we shall mention the 5.9 JUDICIAL, ADMINISTRATIVE OR ARBITRATION PROCEEDINGS 61 months of 2021. the commissioning process, to start-up the plants dialogue with the people and their authorities, eorts to acquire a type-II ambulance that will be 6. CORPORATE GOVERNANCE 63 and start commercial production at Mina Justa in aiming at establishing preventive measures and at Mina Justa is located 500 km south of Lima and 35 2020 was an atypical year in several aspects. delivered to the Ajoyani healthcare center in the It is important to mention that the rst deliveries 2021. strengthening the local health system, considering km away from6.1 PROFESSIONALthe San Juan de TRAJECTORY Marcona district OF DIRECTORS Because of the global COVID-19 pandemic,63 we rst quarter of 2021, the repairs and upgrades were made to the Operations department of the that a signi cant percentage of workers of the (Nasca province,6.2 OTHER Ica ASPECTSregion). RELATEDIt is an TOopen THE pit BOARD developed OF DIRECTORS a COVID-19 Surveillance, Prevention66 made to the Antauta healthcare center, mining unit stays in Antatuta. In parallel, health refurbishment of the CETPRO of Antauta so that it copper mine6.3 with PROFESSIONAL a life of mine TRAJECTORY of 16 years, OF and MANAGERS and Control Plan and the following protocols66 to authorities of Melgar province and Puno region which initial capital investment amounts to USD mitigate transmission risks: control of incoming can be used as the district’s isolation center, and also called for Minsur to join eorts to ght the the strengthening of Antauta and Ajoyani 1,826.9 MM. merchandise, social isolation at Mina Justa, health spread of the disease. measures in external accommodations, healthcare centers by providing more sta and The future mine is comprised by 2 types of quarantine hotels’ protocols, communication and biosecurity equipment. resources: a super cial layer of copper oxide and a social assistance to collaborators and people who massive and deep body of copper sul des. The tested positive for COVID, solid waste mining operation will use seawater instead of management, online work, mobilization and freshwater. It will start commercial operations in demobilization and preventive management of 2021. risk groups.

Marcobre’s shareholders are Minsur S.A. (“Minsur”) Likewise, cost-mitigation measures were and Cumbres Andinas S.A.C. (“Cumbres Andinas”), implemented, such as the optimization of with the latter owning 99.9% of shares. Likewise, resources, as well as labor, contractual, Minsur and Alxar Internacional SpA are organizational and operational measures. All shareholders of Cumbres Andinas, with 60% and these measures, once implemented, allowed us to 40% of shares, respectively. continue with the construction of the project without aecting its viability, under a new Under an Engineering, Procurement and schedule and Execution Plan called Baseline Three Construction Management (EPCM) agreement, ("LB3") whose total value was approved for US$ entered into on November 17, 2017, Marcobre 1,826.9 MM. hired Ausenco Perú S.A.C. to manage the project’s construction stage, as well as its facilities’ In the Sulphide Plant, during 2020, the main engineering, procurement and construction. electromechanical assembly works of all the crushing, classi cation, grinding, otation,

154 14

Lat but not least, it is worth highlighting the economic reactivation project in Ajoyani that demanded a S/. 200 thousand investment and assistance to Antauta and Ajoyani municipalities to enhance their citizen security system by nancing the municipal guard sta and fumigation payments.

Among our social and development investments, the project Fibra Emprendedora stands out: craftswomen who expanded their markets based on the quality of their products. The project “Mallas Antauta” also stands out. It has improved native pasture management and conservation in family production units by installing management and herding fences. Moreover, animal health campaigns were conducted in the area of direct inuence.

The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was thickening and concentrate ltering equipment dierent areas of the project, such as: the truck donated to Melgar province, which was installed were completed. Completion of the lighting, workshop, tailings dam, multi-buoy port, acid in the San Juan de Dios de Ayaviri Hospital, in instrumentation and control systems as well as tanks in mine and laboratory at the oxide plant. addition to the contribution of S/. 250 thousand the preliminary tests for the plant’s start-up are to Caritas-Puno to co-fund the purchase of an planned for the rst months of 2021. Regarding the most relevant permits, in 2020 we additional oxygen plant. were noti ed of the approval of the Port Regarding the oxide plant, in 2020 the main Authorization Modi cation for the construction of We shall also mention the donation of a electromechanical assembly works, crushing, the Multi-buoy Terminal and the approval of the cremation furnace to the Charitable association classi cation, acid mixing, leaching ponds, Chemical inputs and controlled substances-IQBF San Román Juliaca, the support to the Juliaca tailings discharge, solvent extraction and registration (sulfuric acid) to be used in the mine's San Rafael had a very challenging context, since it health network (EsSalud) with 50 oxygen tanks, electro-winning systems were also carried out. operational activities. was one of the rst mining units nationwide that and 50 hospital beds, and to the San Roman Completion of the lighting, instrumentation and suspended its production operations in order to health network, particularly to the Carlos Monge control systems as well as the preliminary tests for At the end of 2020 we have almost completed the prevent transmission and implement the necessary Medrano hospital, with 55 hospital beds and 100 the plant’s start-up are planned for the rst construction stage, and we are ready to complete health protocols. To restart operations, we had a oxygen tanks. Likewise, we shall mention the months of 2021. the commissioning process, to start-up the plants dialogue with the people and their authorities, eorts to acquire a type-II ambulance that will be and start commercial production at Mina Justa in aiming at establishing preventive measures and at Mina Justa is located 500 km south of Lima and 35 2020 was an atypical year in several aspects. delivered to the Ajoyani healthcare center in the It is important to mention that the rst deliveries 2021. strengthening the local health system, considering km away from the San Juan de Marcona district Because of the global COVID-19 pandemic, we rst quarter of 2021, the repairs and upgrades were made to the Operations department of the that a signi cant percentage of workers of the (Nasca province, Ica region). It is an open pit developed a COVID-19 Surveillance, Prevention made to the Antauta healthcare center, mining unit stays in Antatuta. In parallel, health refurbishment of the CETPRO of Antauta so that it copper mine with a life of mine of 16 years, and and Control Plan and the following protocols to authorities of Melgar province and Puno region which initial capital investment amounts to USD mitigate transmission risks: control of incoming can be used as the district’s isolation center, and also called for Minsur to join eorts to ght the the strengthening of Antauta and Ajoyani 1,826.9 MM. merchandise, social isolation at Mina Justa, health spread of the disease. measures in external accommodations, healthcare centers by providing more sta and The future mine is comprised by 2 types of quarantine hotels’ protocols, communication and biosecurity equipment. resources: a super cial layer of copper oxide and a social assistance to collaborators and people who massive and deep body of copper sul des. The tested positive for COVID, solid waste mining operation will use seawater instead of management, online work, mobilization and freshwater. It will start commercial operations in demobilization and preventive management of 2021. risk groups.

1615

The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was donated to Melgar province, which was installed OurCONTENT exploration projects PAG in the San Juan de Dios de Ayaviri Hospital, in addition to the contribution of S/. 250 thousand 5. GENERAL INFORMATION 57 We aim at identifying new deposits that may be 256,614.44 hectares. It is worth mentioning that to Caritas-Puno to co-fund the purchase of an exploited in5.1 future CORPORATE mining projects. NAME At the end of Minsur’s portfolio of exclusive mining57 property additional oxygen plant. 2020, our exploration5.2 CORPORATE portfolio PURPOSE grew withAND 41,100TERM amounts to 189,472.29 hectares. Thus, 57we ensure hectares of new concessions. Currently, such continuity of businesses. 5.3 INCORPORATION AND REGISTRATION 57 We shall also mention the donation of a portfolio and that of Minsur’s subsidiaries have cremation furnace to the Charitable association 5.4 ECONOMIC GROUP 57 San Román Juliaca, the support to the Juliaca 5.5 SOCIAL CAPITAL, NUMBER AND NOMINAL VALUE OF SHARES 58 San Rafael had a very challenging context, since it Exploration Location health network (EsSalud) with 50 oxygen tanks, project 5.6 TYPES OF SHARES AND SHAREHOLDING STRUCTURE 58 was one of the rst mining units nationwide that and 50 hospital beds, and to the San Roman suspended its production operations in order to 5.7 EVOLUTIONLocation: OF STOCK Melgar PRICEprovince, Puno department (Peru) 60 health network, particularly to the Carlos Monge prevent transmission and implement the necessary Nazareth 5.8 TAX TREATMENTMineral: tin 60 Medrano hospital, with 55 hospital beds and 100 Start: 2013 health protocols. To restart operations, we had a oxygen tanks. Likewise, we shall mention the 5.9 JUDICIAL,Location: ADMINISTRATIVE Huancavelica OR province, ARBITRATION Huancavelica PROCEEDINGS department (Peru) 61 dialogue with the people and their authorities, eorts to acquire a type-II ambulance that will be M6.ina CORPORATE Marta GOVERNANCEMineral: copper and gold 63 aiming at establishing preventive measures and at delivered to the Ajoyani healthcare center in the strengthening the local health system, considering 6.1 PROFESSIONALStart: 2012 TRAJECTORY OF DIRECTORS 63 rst quarter of 2021, the repairs and upgrades Location: Melgar province, Puno department (Peru) that a signi cant percentage of workers of the 6.2 OTHER ASPECTS RELATED TO THE BOARD OF DIRECTORS 66 made to the Antauta healthcare center, Santo Domingo Mineral: tin, silver, lead, zinc and gold mining unit stays in Antatuta. In parallel, health refurbishment of the CETPRO of Antauta so that it 6.3 PROFESSIONALStart: 2013 TRAJECTORY OF MANAGERS 66 authorities of Melgar province and Puno region can be used as the district’s isolation center, and Location: Caylloma province, Arequipa department (Peru) also called for Minsur to join eorts to ght the the strengthening of Antauta and Ajoyani Quimsachata Mineral: copper and gold spread of the disease. healthcare centers by providing more sta and Start: 2008 biosecurity equipment. Location: Ayacucho department (Peru) Lara Mineral: copper and molybdenum Start: 2020 Location: Huaura province, Lima department (Peru) Sumac Wayra Mineral: copper and molybdenum Start: 2021 Location: La Libertad department (Peru) Colorada Mineral: gold and silver Start: 2021 Location: Santiago de Chuco province, Ancash department (Peru) Amancaes Mineral: copper and molybdenum Start: 2021 Location: Lima department (Peru) Suyana Mineral: copper and molybdenum Start: 2021 Location: Ica department (Peru) Pucaccasa Mineral: copper and molybdenum Start: 2021

174 16

1.1. VISION, MISSION AND VALUES The donation of an oxygen plant to Antauta stands out among the initiatives implemented to Our company’s mission, vision and values of the organization: from the decision-making address Covid-19. Furthermore, another one was re ect our commitment with a responsible process to their implementation. Moreover, they donated to Melgar province, which was installed managementCONTENT that drives sustainability at all levels unify the course of action of the wholePA sta.G in the San Juan de Dios de Ayaviri Hospital, in addition to the contribution of S/. 250 thousand 5. GENERAL INFORMATION 57 to Caritas-Puno to co-fund the purchase of an 5.1 CORPORATEMission NAME Vision 57 additional oxygen plant. 5.2 CORPORATE PURPOSE AND TERM 57 Generate value transforming Develop and opereate world-class mining 5.3 INCORPORATION AND REGISTRATION 57 We shall also mention the donation of a mineral resources in a sustainable assets, as a benchmark in terms of safety, cremation furnace to the Charitable association 5.4 ECONOMIC GROUP 57 manner. operational eciency, socio-environmental San Román Juliaca, the support to the Juliaca 5.5 SOCIAL CAPITAL, NUMBER AND NOMINAL VALUEresponsibility OF SHARES and people development.58 San Rafael had a very challenging context, since it health network (EsSalud) with 50 oxygen tanks, 5.6 TYPES OF SHARES AND SHAREHOLDING STRUCTURE 58 was one of the rst mining units nationwide that and 50 hospital beds, and to the San Roman 5.7 EVOLUTION OF STOCK PRICE 60 suspended its production operations in order to health network, particularly to the Carlos Monge prevent transmission and implement the necessary Our values5.8 TAX TREATMENT 60 Medrano hospital, with 55 hospital beds and 100 health protocols. To restart operations, we had a oxygen tanks. Likewise, we shall mention the 5.9 JUDICIAL, ADMINISTRATIVE OR ARBITRATION PROCEEDINGS 61 dialogue with the people and their authorities, eorts to acquire a type-II ambulance that will be 6. CORPORATE GOVERNANCE 63 aiming at establishing preventive measures and at delivered to the Ajoyani healthcare center in the strengthening the local health system, considering 6.1 PROFESSIONAL TRAJECTORY OF DIRECTORS 63 rst quarter of 2021, the repairs and upgrades that a signicant percentage of workers of the 6.2 OTHER ASPECTS RELATED TO THE BOARD OF DIRECTORS 66 made to the Antauta healthcare center, Safety Responsibility Integrity Commitment mining unit stays in Antatuta. In parallel, health refurbishment of the CETPRO of Antauta so that it 6.3 PROFESSIONAL TRAJECTORY OF MANAGERS 66 authorities of Melgar province and Puno region We develop all our We respect all our We act with absolute We fulll our can be used as the district’s isolation center, and also called for Minsur to join eorts to ght the activities in a stakeholders and we honesty, transparency commitments, we are the strengthening of Antauta and Ajoyani safely manner are socially and and respect. persevering. spread of the disease. healthcare centers by providing more sta and environmentally biosecurity equipment. responsible.

Excellence Trust We want to be the We build relationships best in what we do. based on trust, we are honest, authentic and supportive

184 17

The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was 1.2. BOARD OF DIRECTORS AND MANAGEMENT STRUCTURE donated to Melgar province, which was installed CONTENT PAG in the San Juan de Dios de Ayaviri Hospital, in addition to the contribution of S/. 250 thousand Our5. GENERAL Board of INFORMATION Directors is the highest executive The multidisciplinary skills of the members57 of our to Caritas-Puno to co-fund the purchase of an body of corporate governance. It is comprised by a Board of Directors contribute to a plurality of 5.1 CORPORATE NAME 57 additional oxygen plant. President, a Vice-President, six Directors -two of approaches and perspectives. Furthermore, it is 5.2 CORPORATE PURPOSE AND TERM 57 which are independent- and an alternate Director. worth mentioning that the President of the Board We shall also mention the donation of a The professional5.3 INCORPORATION career of ANDour REGISTRATIONDirectors is of Directors does not have the casting vote.57 cremation furnace to the Charitable association outstanding,5.4 and ECONOMIC -in most GROUP cases- it is based on 57 their experience in the mining industry. San Román Juliaca, the support to the Juliaca 5.5 SOCIAL CAPITAL, NUMBER AND NOMINAL VALUE OF SHARES 58 San Rafael had a very challenging context, since it health network (EsSalud) with 50 oxygen tanks, 5.6 TYPES OF SHARES AND SHAREHOLDING STRUCTURE 58 was one of the rst mining units nationwide that 1.2.1. Minsur’s Board of Directors and 50 hospital beds, and to the San Roman 5.7 EVOLUTION OF STOCK PRICE 60 suspended its production operations in order to health network, particularly to the Carlos Monge prevent transmission and implement the necessary 5.8 TAX TREATMENT 60 Medrano hospital, with 55 hospital beds and 100 President Fortunato Brescia Moreyra health protocols. To restart operations, we had a oxygen tanks. Likewise, we shall mention the Vice Pr5.9eside JUDICIAL,nt ADMINISTRATIVE OR ARBITRATIONAlex PROCEEDINGS Fort Brescia 61 dialogue with the people and their authorities, eorts to acquire a type-II ambulance that will be 6. CORPORATE GOVERNANCE 63 aiming at establishing preventive measures and at delivered to the Ajoyani healthcare center in the strengthening the local health system, considering 6.1 PROFESSIONAL TRAJECTORY OF DIRECTORSMario Brescia Moreyra 63 rst quarter of 2021, the repairs and upgrades that a signicant percentage of workers of the 6.2 OTHER ASPECTS RELATED TO THE BOARDP OFedr oDIRECTORS Brescia Moreyra 66 made to the Antauta healthcare center, Directors mining unit stays in Antatuta. In parallel, health refurbishment of the CETPRO of Antauta so that it Jaime Araoz Medanic 6.3 PROFESSIONAL TRAJECTORY OF MANAGERS 66 authorities of Melgar province and Puno region can be used as the district’s isolation center, and Miguel Aramburú Álvarez-Calderón also called for Minsur to join eorts to ght the the strengthening of Antauta and Ajoyani Patricio de Solminihać Tampier spread of the disease. healthcare centers by providing more sta and biosecurity equipment. Our Board of Shareholders debates on and The company is led by a General Manager, who proposes the members of the Board of Directors, has an executive team comprised by a Corporate thus allowing the election of Alternate Directors. Manager and 7 Directors. Within this framework Currently, our alternate director is Miguel Ángel we have established a Compliance Committee Salmón Jacobs. There are two Committees in the and a Crisis Management Committee. The rst is Board of Directors: in charge of supervising the proper development of our Corporate Code of Ethics and Conduct; and » The Audit, Risk and Compliance Committee. the second one is a key body to address It is responsible for: reviewing the audit plan; signicant events aecting our operations related monitoring the results of internal audits, the to health, life, the environment, communities, risk matrix and mitigation plans; as well as for corporate image and reputation, as well as verifying performance against the Code of infrastructure, processes and equipment issues. Ethics and our Integrity Channel. These duties were formerly conducted by a Corporate Committee with the same name at the level of Breca Group.

» The Talent Committee It is responsible for validating performance of the General Manager’s direct reports and the performance bonus for direct reports; reviewing direct reports’ salaries and development plans; among other duties. 194 18

The donation of an oxygen plant to Antauta stands out among the initiatives implemented to In June 2019 we created the Social Management address Covid-19. Furthermore, another one was Committee, which is comprised by Minsur’s donated to Melgar province, which was installed SocialCONTENT Management leaders, the EXCO (Executive PAG in the San Juan de Dios de Ayaviri Hospital, in addition to the contribution of S/. 250 thousand Committee)5. GENERAL INFORMATIONand representatives of external 57 communication and risks. Through monthly to Caritas-Puno to co-fund the purchase of an 5.1 CORPORATE NAME 57 meetings, this Committee aims at clarifying social additional oxygen plant. risks, reviewing5.2 CORPORATE the strategic PURPOSE plan’s scope,AND TERM and 57 pointing out5.3 the INCORPORATION most signi cant AND projects REGISTRATION for the 57 We shall also mention the donation of a cremation furnace to the Charitable association communities5.4 in ECONOMIC our areas of GROUP inuence. 57 San Román Juliaca, the support to the Juliaca 5.5 SOCIAL CAPITAL, NUMBER AND NOMINAL VALUE OF SHARES 58 San Rafael had a very challenging context, since it health network (EsSalud) with 50 oxygen tanks, 5.6 TYPES OF SHARES AND SHAREHOLDING STRUCTURE 58 was one of the rst mining units nationwide that and 50 hospital beds, and to the San Roman 1.2.2. Managers 5.7 EVOLUTION OF STOCK PRICE 60 suspended its production operations in order to health network, particularly to the Carlos Monge Our organizational structure is adapted to our prevent transmission and implement the necessary 5.8 TAX TREATMENT 60 Medrano hospital, with 55 hospital beds and 100 operations’ growth and diversi cation. health protocols. To restart operations, we had a oxygen tanks. Likewise, we shall mention the Leadership 5.9is JUDICIAL,one of the ADMINISTRATIVE basic skills of OR our ARBITRATION PROCEEDINGS 61 dialogue with the people and their authorities, eorts to acquire a type-II ambulance that will be Directors,6. CORPORATE which GOVERNANCEhas a positive impact on our 63 aiming at establishing preventive measures and at delivered to the Ajoyani healthcare center in the strengthening the local health system, considering corporate management.6.1 PROFESSIONAL All of TRAJECTORY them are chosen OF DIRECTORS 63 rst quarter of 2021, the repairs and upgrades based on their talent, trajectory and values. that a signi cant percentage of workers of the 6.2 OTHER ASPECTS RELATED TO THE BOARD OF DIRECTORS 66 made to the Antauta healthcare center, Moreover, their commitment, professionalism mining unit stays in Antatuta. In parallel, health refurbishment of the CETPRO of Antauta so that it and experience6.3 PROFESSIONAL contribute to TRAJECTORY a dynamic OFand MANAGERS 66 authorities of Melgar province and Puno region can be used as the district’s isolation center, and horizontal work environment, in line with also called for Minsur to join eorts to ght the the strengthening of Antauta and Ajoyani modern management. spread of the disease. healthcare centers by providing more sta and biosecurity equipment. In this context, in 2019 we created the Transformation and Strategy Management, which is in charge of projects such as LINGO and the Value Creation Initiative (VCI).

Therefore, our structure adapts to changes to meet the strategic objectives established during the last year.

General Manager Juan Luis Kruger Sayán Corporate Project Manager Yuri Alfredo Gallo Mendoza Chief Operating Ocer Luis Argüelles Macedo Director of Corporate A airs Gonzalo Quijandría Fernández Director of Finances Joaquín Larrea Gubbins Director of Transformation and Strategy Diego Molina Henriquez Director of Logistics and IT Ralph Alosilla-Velazco Vera Director of Human Resources Álvaro Escalante Ruiz Director of Internal Audit Hik Park

204 19

The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was donated to Melgar province, which was installed CONTENT PAG Regarding public nances, the scal decit was result, which is the rst surplus since 2007, is in the San Juan de Dios de Ayaviri Hospital, in 8.9% of GDP, the highest since 1990. This result is explained by the international markets' addition to the contribution of S/. 250 thousand 5. GENERAL INFORMATION 57 explained by a higher public spending as anticipation of the pandemic, which led them to to Caritas-Puno to co-fund the purchase of an 5.1 CORPORATE NAME 57 compared to the previous year (14.6%) that aimed adjust their parameters so as not to interfere with additional oxygen plant. 02. 5.2 CORPORATE PURPOSE AND TERM 57 to oset the impacts of COVID-19, mainly through international trade. This year's result is due to the 5.3 INCORPORATION AND REGISTRATION 57 bond transfers, acquisition of medical supplies progressive increase in exports after the We shall also mention the donation of a and support to local governments; as well as by restrictions imposed in March, April and May. cremation furnace to the Charitable association 5.4 ECONOMIC GROUP 57 ECONOMIC AND lower scal revenues (15.8%) due to lower Imports behaved similarly to exports. It should be San Román Juliaca, the support to the Juliaca 5.5 SOCIAL CAPITAL, NUMBER AND NOMINAL VALUE OF SHARES 58 economic activity. noted that the mining sector was the most San Rafael had a very challenging context, since it health network (EsSalud) with 50 oxygen tanks, SECTORAL5.6 TYPES OF SHARES CONTEXT AND SHAREHOLDING STRUCTURE 58 aected by the delay in economic reactivation. was one of the rst mining units nationwide that and 50 hospital beds, and to the San Roman 5.7 EVOLUTION OF STOCK PRICE 60 Regarding the balance of payments, the current suspended its production operations in order to health network, particularly to the Carlos Monge prevent transmission and implement the necessary 5.8 TAX TREATMENT 60 account reached a surplus of 0.5% of GDP. This Medrano hospital, with 55 hospital beds and 100 health protocols. To restart operations, we had a oxygen tanks. Likewise, we shall mention the 2.1.ECONOMIC5.9 JUDICIAL, ADMINISTRATIVEENVIRONMENT OR ARBITRATIONOn the PROCEEDINGS domestic demand side, 61the GDP dialogue with the people and their authorities, eorts to acquire a type-II ambulance that will be 6. CORPORATE GOVERNANCE contraction was driven by lower63 private aiming at establishing preventive measures and at delivered to the Ajoyani healthcare center in the strengthening the local health system, considering rst quarter of 2021, the repairs and upgrades In 2020, the6.1 Peruvian PROFESSIONAL economy TRAJECTORY contracted with OF DIRECTORSa consumption (8.7%) and lower investments63 that a signicant percentage of workers of the made to the Antauta healthcare center, GDP fall of 6.211.1%, OTHER as ASPECTScompared RELATED to the TOprevious THE BOARD (21.6%), OF DIRECTORS both public and private. Despite66 this, mining unit stays in Antatuta. In parallel, health refurbishment of the CETPRO of Antauta so that it year, bringing the real annual GDP to 486 (S/. public consumption increased (7.5%) mainly due 6.3 PROFESSIONAL TRAJECTORY OF MANAGERS 66 authorities of Melgar province and Puno region can be used as the district’s isolation center, and MM). This growth rate is the lowest in three to higher spending in public health, as well as in also called for Minsur to join eorts to ght the the strengthening of Antauta and Ajoyani decades, mainly due to the restrictions imposed public administration and defense. Mining spread of the disease. healthcare centers by providing more sta and by the government to counteract the COVID-19 investment during 2020 was US$ 4,334 M, 29.6% biosecurity equipment. pandemic, and it interrupts 22 years of lower as compared to 2019, it is worth consecutive growth. This was the result despite emphasizing that 15% of the total investment the progressive reopening of economic activities was executed in December 2020. that began in May, this year, with stage 1. In ation, measured by the evolution of the consumer price index of Metropolitan Lima, was 1.97% in 2020, with a monthly average rate of GDP by economic sector 0.16%. It is within the target range established by the Central Reserve Bank of Peru. This result was Percentage variation of the physical volume mainly in uenced by price increases in the food, index as compared to the same period in the leisure, education services, housing rental, and former year 2020 health care and conservation sectors.

Sector 2016 2017 2018 2019 2020 Agriculture and livestock 2.7 2.8 7.8 3.2 1.3 Fishing -10.1 4.7 47.7 -25.9 2.1 Mining and hydrocarbons 16.3 3.4 -1.5 0.0 -13.2 Manufacturing -1.4 -0.2 5.9 5.9 -13.4 Construction -3.2 2.1 5.3 1.5 -13.9 Trade 1.8 1.0 2.6 3.0 -16.0 Services 4.0 3.3 4.4 3.8 -10.0

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The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was donated to Melgar province, which was installed RegardingCONTENT public nances, the scal decit was result, which is the rst surplus sincePA 2007,G is in the San Juan de Dios de Ayaviri Hospital, in 8.9% of GDP, the highest since 1990. This result is explained by the international markets' addition to the contribution of S/. 250 thousand 5. GENERAL INFORMATION 57 explained by a higher public spending as anticipation of the pandemic, which led them to to Caritas-Puno to co-fund the purchase of an compared to5.1 the CORPORATE previous year NAME (14.6%) that aimed adjust their parameters so as not to interfere57 with additional oxygen plant. to oset the5.2 impacts CORPORATE of COVID-19, PURPOSE mainly AND through TERM international trade. This year's result is 57due to the bond transfers,5.3 INCORPORATION acquisition of ANDmedical REGISTRATION supplies progressive increase in exports 57after the We shall also mention the donation of a and support to local governments; as well as by restrictions imposed in March, April and May. cremation furnace to the Charitable association 5.4 ECONOMIC GROUP 57 lower scal revenues (15.8%) due to lower Imports behaved similarly to exports. It should be San Román Juliaca, the support to the Juliaca economic activity.5.5 SOCIAL CAPITAL, NUMBER AND NOMINALnoted VALUE that OFthe SHARES mining sector was 58the most San Rafael had a very challenging context, since it health network (EsSalud) with 50 oxygen tanks, 5.6 TYPES OF SHARES AND SHAREHOLDINGaected STRUCTURE by the delay in economic reactivation.58 was one of the rst mining units nationwide that and 50 hospital beds, and to the San Roman Regarding the5.7 EVOLUTIONbalance of payments,OF STOCK PRICEthe current 60 suspended its production operations in order to health network, particularly to the Carlos Monge prevent transmission and implement the necessary account reached5.8 TAX a TREATMENTsurplus of 0.5% of GDP. This 60 Medrano hospital, with 55 hospital beds and 100 health protocols. To restart operations, we had a oxygen tanks. Likewise, we shall mention the On the domestic demand side, the GDP Main macroeconomic5.9 JUDICIAL, indicatorsADMINISTRATIVE OR ARBITRATION PROCEEDINGS 61 dialogue with the people and their authorities, eorts to acquire a type-II ambulance that will be contraction was driven by lower private 6. CORPORATE GOVERNANCE 63 aiming at establishing preventive measures and at delivered to the Ajoyani healthcare center in the strengthening the local health system, considering consumption (8.7%) and lower investments Indicators 6.1 PROFESSIONAL TRAJECTORYUnit OF DIRECTORS2016 2017 2018 2019 632020 rst quarter of 2021, the repairs and upgrades that a signicant percentage of workers of the made to the Antauta healthcare center, (21.6%), both public and private. Despite this, GDP growth rate6.2 OTHER ASPECTS RELATED TO THE % BOARD OF4.0 DIRECTORS2.5 4.0 2.2 66-11.1 public consumption increased (7.5%) mainly due mining unit stays in Antatuta. In parallel, health refurbishment of the CETPRO of Antauta so that it 6.3 PROFESSIONAL TRAJECTORY OF MANAGERS 66 authorities of Melgar province and Puno region to higher spending in public health, as well as in Growth in domestic demand % 1.1 1.4 4.3 2.3 -9.8 can be used as the district’s isolation center, and public administration and defense. Mining also called for Minsur to join eorts to ght the the strengthening of Antauta and Ajoyani spread of the disease. investment during 2020 was US$ 4,334 M, 29.6% Fiscal balance % of GDP -2.6 -3.2 -2.5 -1.6 -8.9 healthcare centers by providing more sta and lower as compared to 2019, it is worth biosecurity equipment. emphasizing that 15% of the total investment Current account balance % of GDP -2.7 -1.2 -1.7 -1.5 0.5 was executed in December 2020. In ation % 3.2 1.4 2.2 1.9 2.0 In ation, measured by the evolution of the S/ per Dollar, Exchange rate 3.36 3.24 3.38 3.32 3.6 consumer price index of Metropolitan Lima, was end of FY 1.97% in 2020, with a monthly average rate of 0.16%. It is within the target range established by the Central Reserve Bank of Peru. This result was In the international scope, the year 2020 was term in oce he mentioned that the Asian country mainly in uenced by price increases in the food, marked by the COVID-19 pandemic, which led to a had caused the death of millions of people due to leisure, education services, housing rental, and global economic recession. In Latin America alone, COVID-19, which increased tensions between the health care and conservation sectors. the GDP dropped 8.1%, and it also had serious two countries. Both economies experienced an health and social consequences. In 2020, the economic slowdown, and the same happened to United Kingdom's exit from the European Union all other countries worldwide. In United States the became eective and it became the rst member GDP fell 3.5%, which represents the biggest drop to withdraw the EU after 47 years. Regarding since 1946, while in China the GDP grew only 2.6%, U.S.-China relations, during President Trump's which was its lowest evolution since 1976.

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The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was donated to Melgar province, which was installed 2.2.SECTORAL ENVIRONMENT For gold, the drop was more pronounced as in the San Juan de Dios de Ayaviri Hospital, in compared to other metals because most of it is addition to the contribution of S/. 250 thousand The metal mining sector su ered a fall in produced by underground mining, where to Caritas-Puno to co-fund the purchase of an production as compared to the previous year, implementation of COVID-19 protocols is more additional oxygen plant. mainly due to government restrictions in response complex than in open-pit mines. The main gold to COVID-19. This was evidenced by a lower producing regions are still La Libertad, Cajamarca We shall also mention the donation of a production of gold (32%), silver (22.5%), lead and Arequipa. Yanacocha, Minera Poderosa and cremation furnace to the Charitable association (21.9%), copper (12.5%), iron (12.1%) and zinc Minera Retamas account for 27.1% of total gold San Román Juliaca, the support to the Juliaca (5.3%); however, the production of molybdenum production. San Rafael had a very challenging context, since it health network (EsSalud) with 50 oxygen tanks, and tin grew. On the investment side, Quellaveco, was one of the rst mining units nationwide that and 50 hospital beds, and to the San Roman Marcobre and Antamina represent 49.1% of the As for zinc, Ancash is the region with the highest suspended its production operations in order to health network, particularly to the Carlos Monge total invested amount (US$ 4,334 M). production in the national territory and this metal prevent transmission and implement the necessary Medrano hospital, with 55 hospital beds and 100 is mainly represented by Antamina, Nexa health protocols. To restart operations, we had a oxygen tanks. Likewise, we shall mention the Domestic copper production increased Resources and Volcan, who account for 44.4% of dialogue with the people and their authorities, e orts to acquire a type-II ambulance that will be progressively after the restrictions were lifted; the domestic production. aiming at establishing preventive measures and at delivered to the Ajoyani healthcare center in the during the last quarter, production represented strengthening the local health system, considering rst quarter of 2021, the repairs and upgrades 29.6% of the annual total production. The In the international context, in 2020 metal prices that a signicant percentage of workers of the made to the Antauta healthcare center, company with the largest copper production is fell in the case of zinc (11%) and tin (7.4%), while mining unit stays in Antatuta. In parallel, health refurbishment of the CETPRO of Antauta so that it Southern Peru Copper, followed by Antamina and the price of copper grew 2.9%. Regarding authorities of Melgar province and Puno region can be used as the district’s isolation center, and Cerro Verde, which together represent 56.1% of precious metals, gold and silver grew 27.2% and also called for Minsur to join e orts to ght the the strengthening of Antauta and Ajoyani the total production. 26.8%, respectively. spread of the disease. healthcare centers by providing more sta and biosecurity equipment.

Percentage variation of mining production growth (%) 2020

Sector 2016 2017 2018 2019 2020 Copper 40.1 3.9 -0.4 0.8 -12.5 Gold 4.2 -1.2 -6.1 -8.4 -32 Zinc -5.9 10.2 0.1 -4.7 -5.3 Silver 6.6 -1.6 -5.8 -7.2 -22.5 Molybdenum 27.8 9.2 -0.4 8.6 5.7 Lead -0.4 -2.4 -5.7 6.6 -21.9 Iron 4.7 14.9 8.3 6.1 -12.1 Tin -3.7 -5.2 4.6 6.7 4.0

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The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was donated to Melgar province, which was installed 2.3.CONTENT MARKET PERFORMANCE PAG in the San Juan de Dios de Ayaviri Hospital, in addition to the contribution of S/. 250 thousand 5. GENERAL INFORMATION 57 to Caritas-Puno to co-fund the purchase of an 5.1 CORPORATE NAME 57 additional oxygen plant. Tin 5.2 CORPORATE PURPOSE AND TERM 57 In the fourth quarter, the world’s main tin In the rst quarter5.3 INCORPORATION of 2020 tin priceAND REGISTRATIONplummeted 57 We shall also mention the donation of a 15% to US$14,400/mt due to lower industrial producers in the Asian southeast experienced cremation furnace to the Charitable association 5.4 ECONOMIC GROUP 57 consumption and lower global demand disruptions in their operations due to a heavy San Román Juliaca, the support to the Juliaca expectations,5.5 caused SOCIAL by CAPITAL, the lockdowns NUMBER declared AND NOMINAL rainy VALUEseason, OF which SHARES reduced signi cantly58 the San Rafael had a very challenging context, since it health network (EsSalud) with 50 oxygen tanks, worldwide after5.6 TYPES Covid-19 OF SHARES pandemic AND started. SHAREHOLDING global STRUCTURE production, thus increasing the price58 by an was one of the rst mining units nationwide that and 50 hospital beds, and to the San Roman additional 18% and closing the year at 5.7 EVOLUTION OF STOCK PRICE 60 suspended its production operations in order to health network, particularly to the Carlos Monge During the second and third quarter, tin $20,540/mt. Tin also bene ted from the results of prevent transmission and implement the necessary 5.8 TAX TREATMENT 60 Medrano hospital, with 55 hospital beds and 100 recovered 21% to USD 17,463/mt, which is the U.S. elections in November, now with a health protocols. To restart operations, we had a oxygen tanks. Likewise, we shall mention the explained due5.9 JUDICIAL,to the gradual ADMINISTRATIVE lifting of lockdown OR ARBITRATION government PROCEEDINGS with a more aggressive scal61 policy dialogue with the people and their authorities, eorts to acquire a type-II ambulance that will be measures6. CORPORATE worldwide GOVERNANCE and a recovery in the main plan that would oset potential increases63 in the aiming at establishing preventive measures and at delivered to the Ajoyani healthcare center in the U.S. tax rate. strengthening the local health system, considering economic 6.1indicators: PROFESSIONAL expectations, TRAJECTORY OFPMI, DIRECTORS 63 rst quarter of 2021, the repairs and upgrades employment generation, retail sales and nally that a signi cant percentage of workers of the 6.2 OTHER ASPECTS RELATED TO THE BOARD OF DIRECTORS 66 made to the Antauta healthcare center, the GDP. mining unit stays in Antatuta. In parallel, health refurbishment of the CETPRO of Antauta so that it 6.3 PROFESSIONAL TRAJECTORY OF MANAGERS 66 authorities of Melgar province and Puno region can be used as the district’s isolation center, and also called for Minsur to join eorts to ght the the strengthening of Antauta and Ajoyani spread of the disease. healthcare centers by providing more sta and International tin price (US$ per ton) 2019-2020 biosecurity equipment.

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The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was donated to Melgar province, which was installed CONTENT PAG in the San Juan de Dios de Ayaviri Hospital, in addition to the contribution of S/. 250 thousand 5. GENERAL INFORMATION 57 to Caritas-Puno to co-fund the purchase of an 5.1 CORPORATE NAME 57 additional oxygen plant. Gold 5.2 CORPORATE PURPOSE AND TERM 57 In the rst5.3 INCORPORATIONmonths of 2020, AND REGISTRATIONgold price Afterwards, in August, the price reached57 an We shall also mention the donation of a cremation furnace to the Charitable association consolidated5.4 betweenECONOMIC US$ GROUP 1,517/oz and US$ unprecedented peak at a time when57 investors 1,680/oz. In March and April, the price fell due to were seeking refuge from the second wave of San Román Juliaca, the support to the Juliaca 5.5 SOCIAL CAPITAL, NUMBER AND NOMINAL VALUE OF SHARES 58 San Rafael had a very challenging context, since it the massive selling of this asset, exchanging it for COVID-19 and the impact it would have on the health network (EsSalud) with 50 oxygen tanks, was one of the rst mining units nationwide that cash, as a response5.6 TYPES to OF the SHARES COVID-19 AND arrival.SHAREHOLDING This global STRUCTURE economy. In the following 58months, and 50 hospital beds, and to the San Roman suspended its production operations in order to happened 5.7despite EVOLUTION the OFU.S. STOCK scal PRICE stimulus demand fell and with it the price due to60 the news health network, particularly to the Carlos Monge prevent transmission and implement the necessary provided by reducing the interest rate. Gold about the COVID-19 vaccine, closing the year with Medrano hospital, with 55 hospital beds and 100 5.8 TAX TREATMENT 60 health protocols. To restart operations, we had a continues to be characterized by a sound global a price of US$ 1,898/oz. oxygen tanks. Likewise, we shall mention the 5.9 JUDICIAL, ADMINISTRATIVE OR ARBITRATION PROCEEDINGS 61 dialogue with the people and their authorities, supply, together with a volatile demand eorts to acquire a type-II ambulance that will be aiming at establishing preventive measures and at supported6. CORPORATE by its useGOVERNANCE as a safe-haven asset. 63 delivered to the Ajoyani healthcare center in the strengthening the local health system, considering 6.1 PROFESSIONAL TRAJECTORY OF DIRECTORS 63 rst quarter of 2021, the repairs and upgrades that a signi cant percentage of workers of the 6.2 OTHER ASPECTS RELATED TO THE BOARD OF DIRECTORS 66 made to the Antauta healthcare center, International Price of gold (US$ per ounce) 2019-2020 mining unit stays in Antatuta. In parallel, health refurbishment of the CETPRO of Antauta so that it 6.3 PROFESSIONAL TRAJECTORY OF MANAGERS 66 authorities of Melgar province and Puno region can be used as the district’s isolation center, and also called for Minsur to join eorts to ght the the strengthening of Antauta and Ajoyani spread of the disease. healthcare centers by providing more sta and biosecurity equipment.

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OPERATING The donation of an oxygen plant to Antauta stands out among the initiatives implemented to PERFORMANCE address Covid-19. Furthermore, another one was donated to Melgar province, which was installed CONTENT PAG in the San Juan de Dios de Ayaviri Hospital, in addition to the contribution of S/. 250 thousand 5. GENERAL INFORMATION 57 to Caritas-Puno to co-fund the purchase of an 5.1 CORPORATE NAME 57 additional oxygen plant. 5.2 CORPORATE PURPOSE AND TERM 57 5.3 INCORPORATION AND REGISTRATION 57 We shall also mention the donation of a cremation furnace to the Charitable association 5.4 ECONOMIC GROUP 57 San Román Juliaca, the support to the Juliaca 5.5 SOCIAL CAPITAL, NUMBER AND NOMINAL VALUE OF SHARES 58 San Rafael had a very challenging context, since it health network (EsSalud) with 50 oxygen tanks, 5.6 TYPES OF SHARES AND SHAREHOLDING STRUCTURE 58 was one of the rst mining units nationwide that and 50 hospital beds, and to the San Roman 5.7 EVOLUTION OF STOCK PRICE 60 suspended its production operations in order to health network, particularly to the Carlos Monge prevent transmission and implement the necessary 5.8 TAX TREATMENT 60 Medrano hospital, with 55 hospital beds and 100 health protocols. To restart operations, we had a oxygen tanks. Likewise, we shall mention the 5.9 JUDICIAL, ADMINISTRATIVE OR ARBITRATION PROCEEDINGS 61 dialogue with the people and their authorities, Reuse Plant B2, which became fully operational eorts to acquire a type-II ambulance that will be 3.1. MINING UNITS aiming at establishing preventive measures and at 6. CORPORATE GOVERNANCE and reached all the estimated design parameters.63 delivered to the Ajoyani healthcare center in the strengthening the local health system, considering AND PROJECTS6.1 PROFESSIONAL TRAJECTORY OF DIRECTORSIts contribution allowed us maintaining63 the rst quarter of 2021, the repairs and upgrades that a signi cant percentage of workers of the volumes and ore grades required by the SPR of made to the Antauta healthcare center, 6.2 OTHER ASPECTS RELATED TO THE BOARD OF DIRECTORS 66 mining unit stays in Antatuta. In parallel, health 3.1.1 San Rafael MU Pisco. refurbishment of the CETPRO of Antauta so that it 6.3 PROFESSIONAL TRAJECTORY OF MANAGERS 66 authorities of Melgar province and Puno region can be used as the district’s isolation center, and Production in San Rafael fell 9% as compared to also called for Minsur to join eorts to ght the The B2 plant allowed us to exceed ne the strengthening of Antauta and Ajoyani the previous year due to the restrictions decreed spread of the disease. production, concentrate quality and metallurgical healthcare centers by providing more sta and by the Government under the National State of recovery parameters planned for this milestone. biosecurity equipment. Emergency caused by the Covid-19 pandemic. It is This plant will contribute with a production of important to mention that during the year we 45,000 tons of ne tin during its estimated 9-year received concentrates from the new Tailings lifespan.

Output indicators Category Indicator Unit 2017 2018 2019 2020 Extracted mineral t 1’049,707 1’084,700 1´111,464 967,087 Mine Extracted ore grade % Sn 1.52 1.56 1.66 1.90 Progress m 27,478 18,724 18,105 12,907 Treated mineral – t 1’700,443 1’871,288 1´981,097 972,152 Total plants Treated mineral – t 1’101,853 1’134,926 1´159,299 985,426 Concentrator Plant Plant Treated ore grade % Sn 1.75 1.75 1.86 1.90 Total recovery % 92.16 93.39 94.19 93.01 Fine Sn t 17,791 18,601 20,273 20,648 Plant utilization % 99.62 98.24 97.75 97.63

Mining unit Cost per ton treated US$/tt 70.00 64.00 65.50 112.00

264 25

The donation of an oxygen plant to Antauta stands out among the initiatives implemented to San Rafael MU indicators address Covid-19. Furthermore, another one was Indicator Unit 2017 2018 2019 2020 donated to Melgar province, which was installed in the San Juan de Dios de Ayaviri Hospital, in CONTENTDiamond drilling m 40,204 38,444 36,944 9,579PAG addition to the contribution of S/. 250 thousand 5. GENERAL INFORMATION 57 Resource volume to Caritas-Puno to co-fund the purchase of an » Calculated5.1 tonnage CORPORATE NAME t 1’539,390 1’921,096 1´481,961 355,90057 additional oxygen plant. » Calculated5.2 SnCORPORATE grade PURPOSE % AND TERM 1.83 2.45 2.02 571.97 We shall also mention the donation of a » Calculated5.3 ne INCORPORATION Sn AND REGISTRATIONt 28,134 47,109 29,970 7,02857 cremation furnace to the Charitable association 5.4 ECONOMIC GROUP 57 Total concentrate produced t 46,457 48,407 52,347 52,990 San Román Juliaca, the support to the Juliaca Total concentrate5.5 SOCIAL grade CAPITAL, NUMBER AND NOMINAL VALUE OF SHARES 58 San Rafael had a very challenging context, since it % 38.30 38.43 38.73 41.28 health network (EsSalud) with 50 oxygen tanks, produced 5.6 TYPES OF SHARES AND SHAREHOLDING STRUCTURE 58 was one of the rst mining units nationwide that and 50 hospital beds, and to the San Roman 5.7 EVOLUTION OF STOCK PRICE 60 suspended its production operations in order to health network, particularly to the Carlos Monge prevent transmission and implement the necessary Mineral Resources5.8 TAX TREATMENT of San Rafael MU 60 Medrano hospital, with 55 hospital beds and 100 health protocols. To restart operations, we had a oxygen tanks. Likewise, we shall mention the Content Type 5.9 JUDICIAL, ADMINISTRATIVELocation OR ARBITRATION PROCEEDINGSKt Sn% 61 dialogue with the people and their authorities, Sn% Sn TM eorts to acquire a type-II ambulance that will be 6. CORPORATE GOVERNANCE 63 aiming at establishing preventive measures and at delivered to the Ajoyani healthcare center in the Underground 0.48 4,331.6 2.69 116,400 strengthening the local health system, considering Measured 6.1 PROFESSIONAL TRAJECTORY OF DIRECTORS 63 rst quarter of 2021, the repairs and upgrades Stockpiles 0.23 65.7 0.64 400 that a signi cant percentage of workers of the 6.2 OTHER ASPECTS RELATED TO THE BOARD OF DIRECTORS 66 made to the Antauta healthcare center, mining unit stays in Antatuta. In parallel, health refurbishment of the CETPRO of Antauta so that it Total Measured6.3 PROFESSIONAL TRAJECTORY OF MANAGERS 4,397.3 2.66 66116,800 authorities of Melgar province and Puno region can be used as the district’s isolation center, and Underground 0.48 3,840.5 2.01 77,100 also called for Minsur to join eorts to ght the Indicated the strengthening of Antauta and Ajoyani Stockpiles 0.23 33.6 0.56 200 spread of the disease. healthcare centers by providing more sta and biosecurity equipment.

Total Indicated 3,874.1 2.00 77,300 Total Measured + Indicated 8,271.4 2.35 194,100 Underground 0.48 2,895.2 2.57 74,500 Inferred Stockpiles 0.23 0.5 0.73 0 Total Inferred 2,895.7 2.57 74,500

Reserves of San Rafael MU Content Type Location Kt Sn% Sn% Sn TM Proven Underground 0.51 3,227.0 2.38 76,700 Probable Underground 0.51 2,826.6 1.92 54,200 Total Underground 6,053.6 2.16 130,900

Proven Stockpiles 0.20 61.7 0.66 400 Probable Stockpiles 0.20 29.0 0.60 200 Total Stockpiles 90,7 0.64 600 Total Reserves Underground + stockpiles 6,144.3 2.14 131,500

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The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was donated to Melgar province, which was installed CONTENT PAG in the San Juan de Dios de Ayaviri Hospital, in addition to the contribution of S/. 250 thousand Notes:5. GENERAL INFORMATION 57 to Caritas-Puno to co-fund the purchase of an » Mineral resources5.1 CORPORATE are inclusive NAME of ore reserves 57 » Mineral resources are estimated using the price US$ 21,373/t Sn (including a US$ 373/t premium for the quality of additional oxygen plant. re ned Sn)5.2 CORPORATE PURPOSE AND TERM 57 » Ore reserves5.3 areINCORPORATION estimated using ANDthe price REGISTRATION US$ 18,373/t Sn (including a US$ 373/t premium for the quality57 of We shall also mention the donation of a re ned Sn) cremation furnace to the Charitable association 5.4 ECONOMIC GROUP 57 » The cut-o grade for underground reserves, shown in the table above, is equal to the average cut-o grade San Román Juliaca, the support to the Juliaca calculated5.5 for SOCIAL 4 dierent CAPITAL, mining NUMBER methods. AND NOMINAL VALUE OF SHARES 58 San Rafael had a very challenging context, since it health network (EsSalud) with 50 oxygen tanks, » Reserves5.6 include TYPES ore OF contained SHARES in AND bridges SHAREHOLDING and pillars, which STRUCTURE extraction feasibility was de ned by a58 study was one of the rst mining units nationwide that and 50 hospital beds, and to the San Roman conducted by AMEC. 5.7 EVOLUTION OF STOCK PRICE 60 suspended its production operations in order to health network, particularly to the Carlos Monge prevent transmission and implement the necessary Medrano hospital, with 55 hospital beds and 100 5.8 TAX TREATMENT 60 health protocols. To restart operations, we had a 3.1.2. SPR of Pisco oxygen tanks. Likewise, we shall mention the 5.9 JUDICIAL, ADMINISTRATIVE OR ARBITRATION PROCEEDINGS 61 dialogue with the people and their authorities, eorts to acquire a type-II ambulance that will be In Pisco, re ned tin production was in line with is worth mentioning that during the year the 6. CORPORATE GOVERNANCE 63 aiming at establishing preventive measures and at delivered to the Ajoyani healthcare center in the the previous year's production, as operations furnace capacity increased due to the strengthening the local health system, considering rst quarter of 2021, the repairs and upgrades were aected6.1 byPROFESSIONAL the restrictions TRAJECTORY decreed by OF the DIRECTORS implementation of Lean methodologies63 (record that a signi cant percentage of workers of the made to the Antauta healthcare center, Government6.2 dueOTHER to ASPECTS the National RELATED TOState THE ofBOARD number OF DIRECTORS of concentrates treated in the66 last 13 mining unit stays in Antatuta. In parallel, health refurbishment of the CETPRO of Antauta so that it Emergency caused by the Covid-19 pandemic. It years). 6.3 PROFESSIONAL TRAJECTORY OF MANAGERS 66 authorities of Melgar province and Puno region can be used as the district’s isolation center, and also called for Minsur to join eorts to ght the the strengthening of Antauta and Ajoyani Production in Tons spread of the disease. healthcare centers by providing more sta and biosecurity equipment. Category Indicator Unit 2017 2018 2019 2020 Sn concentrate fed Kt 46,619 48,139 51,860 53,307 Sn grade in concentrate % 38.45 38.38 38.50 38.83 Marginal slag fed Kt 36,792 30,915 11,903 188 Sn in the marginal slag % 1.31 1.30 1.11 1.11 fed Rotatory furnace slag Kt 1,036 1,091 3,052 1,530 fed Sn grade in rotatory Plant % 15.28 15.58 15.32 15.22 furnace slag Re ned tin Kt 18,033 18,339 19,675 19,592 production Recovery % 98.14 97.15 96.91 94.76 Tin grade waste % 0.61 0.58 0.55 0.60 slag Smelter utilization % 90.56 89.18 87.63 80.39 Re nery utilization % 48.75 48.16 54.40 45.04

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The donation of an oxygen plant to Antauta stands out among the initiatives implemented to 3.1.3. Pucamarca MU address Covid-19. Furthermore, another one was Gold ounce production was 21% lower as were aected by the restrictions decreed by the donated to Melgar province, which was installed comparedCONTENT to the previous year, due to a decrease Government due to the State ofP ANationalG in the San Juan de Dios de Ayaviri Hospital, in addition to the contribution of S/. 250 thousand in5. the GENERAL grade pro le INFORMATION of the deposit considered in Emergency caused by the Covid-19 pandemic.57 the Life of Mine Plan, and because operations to Caritas-Puno to co-fund the purchase of an 5.1 CORPORATE NAME 57 additional oxygen plant. Output indicators5.2 CORPORATE PURPOSE AND TERM 57 Category 5.3 INCORPORATIONIndicator AND REGISTRATIONUnit 2017 2018 2019 572020 We shall also mention the donation of a cremation furnace to the Charitable association 5.4 ECONOMICTreated mineral GROUP t 7’715,582 8’242,116 8’251,414 7’586,14757 Mine San Román Juliaca, the support to the Juliaca 5.5 SOCIALExtracted CAPITAL, ore grade NUMBER AND NOMINALg/t VALUE0.5 OF SHARES0.6 0.6 58 0.5 San Rafael had a very challenging context, since it health network (EsSalud) with 50 oxygen tanks, 5.6 TYPESIn-PAD OF ore SHARES AND SHAREHOLDINGt STRUCTURE7’801,777 8’219,641 8’281,726 7’572,27858 was one of the rst mining units nationwide that and 50 hospital beds, and to the San Roman PAD suspended its production operations in order to 5.7 EVOLUTIONIn-PAD ore grade OF STOCK PRICE g/t 0.5 0.6 0.6 60 0.5 health network, particularly to the Carlos Monge prevent transmission and implement the necessary 5.8 TAXGold TREATMENT ounces produced oz 100,010 103,538 101,799 6080,215 Medrano hospital, with 55 hospital beds and 100 health protocols. To restart operations, we had a oxygen tanks. Likewise, we shall mention the Plant Historical recovery % 75.84 74.64 73.27 72.81 5.9 JUDICIAL, ADMINISTRATIVE OR ARBITRATION PROCEEDINGS 61 dialogue with the people and their authorities, eorts to acquire a type-II ambulance that will be 6. CORPORATE ADRGOVERNANCE plant utilization % 98.01 98.01 98.00 6397.02 aiming at establishing preventive measures and at delivered to the Ajoyani healthcare center in the strengthening the local health system, considering Mining unit6.1 PROFESSIONALCost per treated TRAJECTORY ton OF DIRECTORSUS$/tt 4.33 4.42 5.45 635.44 rst quarter of 2021, the repairs and upgrades that a signi cant percentage of workers of the made to the Antauta healthcare center, 6.2 OTHER ASPECTS RELATED TO THE BOARD OF DIRECTORS 66 mining unit stays in Antatuta. In parallel, health Mining resources of Pucamarca MU refurbishment of the CETPRO of Antauta so that it 6.3 PROFESSIONAL TRAJECTORY OF MANAGERS 66 authorities of Melgar province and Puno region can be used as the district’s isolation center, and also called for Minsur to join eorts to ght the Type Mt Au g/t Content Au Koz the strengthening of Antauta and Ajoyani spread of the disease. Measured Variable 34.2 0.32 354.7 healthcare centers by providing more sta and Indicated Variable 19.7 0.32 204.4 biosecurity equipment. Total Measured+Ind 53.9 0.32 559.1 Inferred Variable 4.0 0.23 29.7 COG: Checocollo (0.063), Morrrenas (0.099), Caldero (0.093)

Reserves of Pucamarca MU

Type Mt Au g/t Content Au Koz Proven Variable 20.9 0.38 253.4 Probable Variable 7.9 0.41 103.4 Total RESERVES 28.8 0.39 356.8 COG: Checocollo y Morrenas (0.07), Caldero (0.10) Notes: » Mineral Resources are inclusive of Ore Reserves » Resources and Reserves are expressed within optimized pit shell limits, corresponding to three deposits: Checocollo, Morrenas and Caldero. » The Au price to estimate Mineral Resources is US$ 1,800/oz. » A new alteration model applies to Checocollo » At Checocollo the limit for estimating resources and reserves at the Peru-Chile border has been considered in 50m, and at Morrenas in 30 m. » The Au price to estimate Ore Reserves is US$ 1,600/oz.

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The donation of an oxygen plant to Antauta 3.1.4. Minera Taboca stands out among the initiatives implemented to address Covid-19. Furthermore, another one was a. PITINGA MU donated to Melgar province, which was installed InCONTENT Pitinga, production of contained tin dropped workforce reduction). Though productionPAG was in the San Juan de Dios de Ayaviri Hospital, in 6,3% and ferroalloys dropped 10,7% as compared lower as compared to the initial budget, tin addition to the contribution of S/. 250 thousand 5. GENERAL INFORMATION 57 to the previous year, due to the impact of the production (20,5t) and ferroalloy production to Caritas-Puno to co-fund the purchase of an COVID-19 5.1pandemic CORPORATE throughout NAME the year (118t) rose, as compared to what was planned57 for additional oxygen plant. (operation 5.2shutdown, CORPORATE production PURPOSE returnAND TERM and FQ3. 57 5.3 INCORPORATION AND REGISTRATION 57 We shall also mention the donation of a cremation furnace to the Charitable association 5.4 ECONOMIC GROUP 57 Pitinga MU: Output indicators San Román Juliaca, the support to the Juliaca 5.5 SOCIAL CAPITAL, NUMBER AND NOMINAL VALUE OF SHARES 58 San Rafael had a very challenging context, since it health network (EsSalud) with 50 oxygen tanks, Category Indicator Unit 2016 2017 2018 2019 2020 5.6 TYPES OF SHARES AND SHAREHOLDING STRUCTURE 58 was one of the rst mining units nationwide that and 50 hospital beds, and to the San Roman 5.7Extracted EVOLUTION mineral OF STOCK PRICE t 6’384,275 6’998,528 7’052,053 6’985,02460 7'338,931 suspended its production operations in order to health network, particularly to the Carlos Monge Sn grade in extracted mineral % 0.20 0.20 0.20 0.20 0.20 prevent transmission and implement the necessary Mine 5.8 TAX TREATMENT 60 Medrano hospital, with 55 hospital beds and 100 (NbTa) O grade in % 0.25 0.27 0.27 0.26 0.26 health protocols. To restart operations, we had a oxygen tanks. Likewise, we shall mention the 5.9extracted JUDICIAL, mineral ADMINISTRATIVE OR ARBITRATION PROCEEDINGS 61 dialogue with the people and their authorities, eorts to acquire a type-II ambulance that will be 6. CORPORATEOre GOVERNANCE treated in t 6’306,939 6’675,575 6’130,427 6´013,60963 5'959,314 aiming at establishing preventive measures and at delivered to the Ajoyani healthcare center in the strengthening the local health system, considering 6.1concentration PROFESSIONAL TRAJECTORY OF DIRECTORS 63 rst quarter of 2021, the repairs and upgrades that a signicant percentage of workers of the Plant 6.2Sn OTHER grade ASPECTSin ore treated RELATED in TO THE % BOARD0.20 OF DIRECTORS0.20 0.20 0.2066 0.20 made to the Antauta healthcare center, (concentration) concentration mining unit stays in Antatuta. In parallel, health refurbishment of the CETPRO of Antauta so that it 6.3 PROFESSIONAL TRAJECTORY OF MANAGERS 66 (NbTa) O in ore treated % 0.26 0.26 0.27 0.25 0.26 authorities of Melgar province and Puno region can be used as the district’s isolation center, and in concentration also called for Minsur to join eorts to ght the the strengthening of Antauta and Ajoyani Plant Cassiterite t 14,178 14,489 14,301 13,658 13,131 spread of the disease. healthcare centers by providing more sta and (tin otation) Sn grade % 48.49 48.19 47.64 48.02 46.82 biosecurity equipment. Tin content t 6,875 6,983 6,814 6,559 6,148 Columbite concentrate t 4,664 8,901 10,430 10,004 9,345 Ley (NbTa) O % 37.11 37.06 36.11 35.10 35.08 Plant (metallurgy) Ferroalloys (FeNb, FeTa, t 1,840 3,119 3,981 3,904 3,484 FeNbTa) produced NbTa grade content % 51.91 50.60 59.12 58.90 46.87 Mining Unit Cost per treated ton US$/tt 18.6 18.8 20.2 20.7 15.80

Mineral Resources of Pitinga MU

Grade Content Type Mt NSR ($/t) Sn% Nb2O5% Ta2O5% Sn MT Nb MT Ta MT Measured 14.30 107.9 0.158 0.208 0.027 170,500 224,400 29,100 Indicated 14.30 222.2 0.112 0.198 0.027 248,900 440,000 60,000 Total Measured + Indicated 330.1 0.127 0.201 0.027 419,400 664,400 89,100 Inferred 14.30 177.0 0.094 0.192 0.026 166.300 339,700 46,000

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The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was donated to Melgar province, which was installed CONTENT PAG in the San Juan de Dios de Ayaviri Hospital, in addition to the contribution of S/. 250 thousand 5. GENERAL INFORMATION 57 to Caritas-Puno to co-fund the purchase of an 5.1 CORPORATE NAME 57 additional oxygen plant. 5.2 CORPORATE PURPOSE AND TERM 57 Reserves of Pitinga MU 5.3 INCORPORATION AND REGISTRATION 57 We shall also mention the donation of a cremation furnace to the Charitable association 5.4 ECONOMIC GROUP Grade Content57 Type Mt San Román Juliaca, the support to the Juliaca NSR (USD/t) Sn% Nb O % Ta O % Sn MT Nb MT Ta MT 5.5 SOCIAL CAPITAL, NUMBER AND NOMINAL2 VALUE5 OF2 SHARES5 58 San Rafael had a very challenging context, since it health network (EsSalud) with 50 oxygen tanks, Proven 5.6 TYPES OF SHARES14.30 AND SHAREHOLDING95.3 0.168 STRUCTURE0.210 0.027 160,200 200,10058 25,700 was one of the rst mining units nationwide that and 50 hospital beds, and to the San Roman Probable 14.30 115.7 0.140 0.204 0.027 161,700 236,100 31,200 5.7 EVOLUTION OF STOCK PRICE 60 suspended its production operations in order to health network, particularly to the Carlos Monge Total RESERVES 211.0 0.153 0.207 0.027 321,900 436,200 56,900 prevent transmission and implement the necessary 5.8 TAX TREATMENT 60 Medrano hospital, with 55 hospital beds and 100 health protocols. To restart operations, we had a oxygen tanks. Likewise, we shall mention the Notes: 5.9 JUDICIAL, ADMINISTRATIVE OR ARBITRATION PROCEEDINGS 61 dialogue with the people and their authorities, eorts to acquire a type-II ambulance that will be » Mneral Resources are inclusive of Ore Reserves. 6. CORPORATE GOVERNANCE 63 aiming at establishing preventive measures and at delivered to the Ajoyani healthcare center in the » The Sn price used to estimate Mineral Resources is US$ 21,377/t (a US$ 377/t premium applies for the re ned Sn quality), strengthening the local health system, considering and for FeNb6.1 PROFESSIONAL the price is US$ 21,000/t TRAJECTORY and for OFFeTa DIRECTORS is US$ 17,000/t. 63 rst quarter of 2021, the repairs and upgrades that a signi cant percentage of workers of the » The Sn price6.2 OTHERused to ASPECTSestimate Ore RELATED Reserves TO is THE US$ BOARD18,377/t OF para DIRECTORS el Sn (a US$ 377/t Premium applies for66 the re ned made to the Antauta healthcare center, Sn quality), and for FeNb the price is US$ 18,000/t and for FeTa is US$ 14,500/t. mining unit stays in Antatuta. In parallel, health refurbishment of the CETPRO of Antauta so that it » Mineral Resources6.3 PROFESSIONAL and Reserves TRAJECTORY are constrained OF to MANAGERS optimized pit shell with updated parameters and66 costs as of authorities of Melgar province and Puno region can be used as the district’s isolation center, and December 2020: it involves better returns and favorable exchange rates. also called for Minsur to join eorts to ght the the strengthening of Antauta and Ajoyani spread of the disease. healthcare centers by providing more sta and b. SPR of PIRAPORA biosecurity equipment. SPR of Pirapora: Output indicators

Category Indicator Unit 2016 2017 2018 2019 2020 SN concentrated fed – t 13,122 14,182 14,214 13,808 13,405 cassiterite Ore grade % in cassiterite % 46 47 47 46 46.6 Concentrate in slag fed t 5,595 6,568 6,696 3,740 924 Plant Sn grade % in marginal % 18 18 20 21 24.7 slag concentrate Sn recovery % 83 83 87 90 88.7 Re ned Sn production t 5,873 6,582 6,498 6,009 5,480

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The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was donated to Melgar province, which was installed CONTENT PAG in the San Juan de Dios de Ayaviri Hospital, in addition to the contribution of S/. 250 thousand 3.2.5. GENERAL EXPLORATIONS INFORMATION 57 to Caritas-Puno to co-fund the purchase of an 5.1 CORPORATE NAME 57 additional oxygen plant. In 2020, we completed the exploration stage of In the rst quarter of 2020, we nished updating 5.2 CORPORATE PURPOSE AND TERM 57 our two main projects: Nazareth (tin) in the our resource inventory under the JORC We shall also mention the donation of a southern area5.3 INCORPORATIONof the country in AND Puno, REGISTRATION and the international standard, converting 5751% of cremation furnace to the Charitable association Marta project5.4 ECONOMIC (copper GROUPand gold) in the inferred resources to indicated and 57measured San Román Juliaca, the support to the Juliaca Huancavelica5.5 region, SOCIAL in CAPITAL,central Peru. NUMBER Both projectsAND NOMINAL resources. VALUE OF SHARES 58 San Rafael had a very challenging context, since it were handed over to Minsur's Project and health network (EsSalud) with 50 oxygen tanks, 5.6 TYPES OF SHARES AND SHAREHOLDING STRUCTURE 58 was one of the rst mining units nationwide that and 50 hospital beds, and to the San Roman Operation departments for their next stage of Furthermore, we were able to expand inferred suspended its production operations in order to health network, particularly to the Carlos Monge development.5.7 EVOLUTION OF STOCK PRICE and potential resources beyond the60 central prevent transmission and implement the necessary Medrano hospital, with 55 hospital beds and 100 » Nazareth5.8 Project TAX TREATMENT orebody into the northwest and 60southeast health protocols. To restart operations, we had a oxygen tanks. Likewise, we shall mention the extensions of the deposit below 4,000m. The Nazareth Project5.9 JUDICIAL, was ADMINISTRATIVEdeveloped by MinsurOR ARBITRATION PROCEEDINGS 61 dialogue with the people and their authorities, eorts to acquire a type-II ambulance that will be deposit remains open at depth, below 3,800m, as Explorations6. CORPORATE from GOVERNANCE 2014 to 2020 with multiple 63 aiming at establishing preventive measures and at delivered to the Ajoyani healthcare center in the con rmed by a 1,500m deep exploration drilling, traditional and directional diamond drilling strengthening the local health system, considering rst quarter of 2021, the repairs and upgrades 6.1 PROFESSIONAL TRAJECTORY OF DIRECTORSintercepting tin values below 3,600m. As63 a result campaigns, and Minsur is the rst mining that a signi cant percentage of workers of the made to the Antauta healthcare center, 6.2 OTHER ASPECTS RELATED TO THE BOARDof OFthese DIRECTORS exploration campaigns over 66the last 6 company in Peru using this drilling method for the mining unit stays in Antatuta. In parallel, health refurbishment of the CETPRO of Antauta so that it years, 50.4% of resources were located in the exploration6.3 of PROFESSIONALvery deep deposits. TRAJECTORY The central OF MANAGERS 66 authorities of Melgar province and Puno region can be used as the district’s isolation center, and Measured and Indicated category and 49.6% in part of the deposit was drilled in a 50x50-meter also called for Minsur to join eorts to ght the the strengthening of Antauta and Ajoyani the Inferred category, as summarized in the table grid by directional drilling, amounting to a total of spread of the disease. healthcare centers by providing more sta and “Mineral resources of Nazareth Project”: 149,883.85m of traditional and/or directional biosecurity equipment. diamond drilling.

Mineral Resources of Nazareth project

Type Kt Sn % Sn Content MT

Measured 0.48 94.1 0.94 900 Indicated 0.48 7,010.3 1.16 81,600 Measured + indicated 7,104.4 1.16 82,500 Inferred 0.48 6,664.2 1.24 82,600

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The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was donated to Melgar province, which was installed CONTENT PAG in the San Juan de Dios de Ayaviri Hospital, in addition to the contribution of S/. 250 thousand 5. GENERAL INFORMATION 57 » Mina Marta Project to Caritas-Puno to co-fund the purchase of an 5.1 CORPORATE NAME 57 additional oxygen plant. Exploration5.2 at CORPORATEthe porphyry PURPOSE copper-gold AND projectTERM under the international JORC 57standard. Additionally, metallurgical studies of the three in the department of Huancavelica was We shall also mention the donation of a 5.3 INCORPORATION AND REGISTRATION geo-metallurgical domains de ned in this57 deposit completed in January 2020 after 9 years of cremation furnace to the Charitable association 5.4 ECONOMIC GROUP were initiated with the support of SGS. 57 exploration studies, thus completing the In ll San Román Juliaca, the support to the Juliaca campaign 5.5of SOCIAL9,995m CAPITAL, of traditional NUMBER diamond AND NOMINAL VALUE OF SHARES 58 San Rafael had a very challenging context, since it health network (EsSalud) with 50 oxygen tanks, As a cumulative result, out of 70,771.55m of drilling in 405.6 holes. TYPES The OF objectiveSHARES AND was SHAREHOLDINGto convert STRUCTURE 58 was one of the rst mining units nationwide that and 50 hospital beds, and to the San Roman most of the existing resources in the inferred diamond drilling conducted between 2011 and 5.7 EVOLUTION OF STOCK PRICE 60 suspended its production operations in order to health network, particularly to the Carlos Monge 2020, 93.5% of inferred resources were converted category to measured and indicated resources. prevent transmission and implement the necessary Medrano hospital, with 55 hospital beds and 100 5.8 TAX TREATMENT to measured and indicated resources. The60 results health protocols. To restart operations, we had a oxygen tanks. Likewise, we shall mention the are summarized in the table "Mina Marta Mineral In the following5.9 JUDICIAL, months ADMINISTRATIVE the information OR was ARBITRATION PROCEEDINGS 61 dialogue with the people and their authorities, eorts to acquire a type-II ambulance that will be Resources": processed,6. CORPORATE and mineral GOVERNANCE resources were updated 63 aiming at establishing preventive measures and at delivered to the Ajoyani healthcare center in the strengthening the local health system, considering 6.1 PROFESSIONAL TRAJECTORY OF DIRECTORS 63 rst quarter of 2021, the repairs and upgrades that a signi cant percentage of workers of the 6.2 OTHER ASPECTS RELATED TO THE BOARD OF DIRECTORS 66 made to the Antauta healthcare center, Mineral Resources of Mina Marta mining unit stays in Antatuta. In parallel, health refurbishment of the CETPRO of Antauta so that it 6.3 PROFESSIONAL TRAJECTORY OF MANAGERS 66 authorities of Melgar province and Puno region can be used as the district’s isolation center, and Volume Grades also called for Minsur to join eorts to ght the Type the strengthening of Antauta and Ajoyani MT Cu % Au g/t Mo % spread of the disease. healthcare centers by providing more sta and Measured 86´257,775 0.333 0.119 0.015 biosecurity equipment. Indicated 76´388,630 0.285 0.095 0.015 Measured + Indicated 162´646,405 0.310 0.108 0.015 Inferred 11´312,534 0.296 0.108 0.014

In mid-2020, we carried out the nal closure of the Currently, geo-metallurgical studies are still being EIA-sd’s components in the Project, and we conducted (delayed due to the health completed the remediation of platforms and emergency) as well as the independent resource points of access to their original situation. estimate review.

334 32

The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was » Santo Domingo Project for 2021-2022. In addition, the company also donated to Melgar province, which was installed ExplorationsCONTENT in this tin project, in Puno region, PAG provided social support to local communities in the San Juan de Dios de Ayaviri Hospital, in addition to the contribution of S/. 250 thousand continued5. GENERAL being INFORMATION suspended and the Ministry of 57 with medical supplies and food for poor families, whose situation worsened due to the country’s to Caritas-Puno to co-fund the purchase of an Energy and5.1 Mining CORPORATE (MEM) NAME was requested to 57 extend the suspension of the current health emergency. additional oxygen plant. environmental5.2 CORPORATEinstrument (EIA-sd)PURPOSE until AND October TERM 57 2021. Therefore,5.3 INCORPORATION eld activities AND REGISTRATIONfocused on 57 We shall also mention the donation of a cremation furnace to the Charitable association providing 5.4basic ECONOMIC maintenance GROUP to the project 57 San Román Juliaca, the support to the Juliaca infrastructure,5.5 SOCIALin addition CAPITAL, to NUMBERconducting AND the NOMINAL VALUE OF SHARES 58 San Rafael had a very challenging context, since it environmental monitoring and focusing on social health network (EsSalud) with 50 oxygen tanks, 5.6 TYPES OF SHARES AND SHAREHOLDING STRUCTURE 58 was one of the rst mining units nationwide that and 50 hospital beds, and to the San Roman work in the areas of direct and indirect inuence, suspended its production operations in order to especially supporting5.7 EVOLUTION local OF healthSTOCK PRICEinstitutions 60 health network, particularly to the Carlos Monge prevent transmission and implement the necessary Medrano hospital, with 55 hospital beds and 100 with medical5.8 materials TAX TREATMENT and equipment to combat 60 health protocols. To restart operations, we had a the eects of the pandemic. oxygen tanks. Likewise, we shall mention the 5.9 JUDICIAL, ADMINISTRATIVE OR ARBITRATION PROCEEDINGS 61 dialogue with the people and their authorities, eorts to acquire a type-II ambulance that will be aiming at establishing preventive measures and at »6. CORPORATEQuimsachata GOVERNANCE Project 63 delivered to the Ajoyani healthcare center in the strengthening the local health system, considering The Quimsachata6.1 PROFESSIONAL project, with TRAJECTORY 5,900 hectares, OF DIRECTORSis 63 rst quarter of 2021, the repairs and upgrades that a signi cant percentage of workers of the one of Minsur’s own projects. It evidences copper made to the Antauta healthcare center, 6.2 OTHER ASPECTS RELATED TO THE BOARD OF DIRECTORS 66 mining unit stays in Antatuta. In parallel, health and gold mineralization, probably of IOCG type. refurbishment of the CETPRO of Antauta so that it 6.3 PROFESSIONAL TRAJECTORY OF MANAGERS 66 authorities of Melgar province and Puno region From 2008-2009, Minsur conducted a limited can be used as the district’s isolation center, and also called for Minsur to join eorts to ght the diamond drilling campaign, con rming the the strengthening of Antauta and Ajoyani spread of the disease. mineralization’s extension at depth. In 2017, we healthcare centers by providing more sta and reactivated the project and conducted IP/DAS biosecurity equipment. geo-physical studies, which revealed that the mineralization continued beyond the drilled area. In 2020 we started baseline studies for the EIS-type environmental permit, and we completed eld works, data processing and the design of the diamond drilling schedule for 2021-2022.

» Sumac Wayra project Sumac Wayra project, with 12,491 hectares, was acquired from Newmont under an assignment of rights and option to purchase agreement in February 2020. This project is located in Lima and it evidences porphyry copper and molybdenum mineralization. Newmont conducted diamond and geophysical drilling from 2013 to 2019, thus con rming its economic potential. In 2020, we processed and migrated existing data, and we prepared the exploration plan, including complementary diamond and geophysical drilling

344 33

The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was for 2021-2022. In addition, the company also » Pucaccasa project donated to Melgar province, which was installed providedCONTENT social support to local communities The Pucaccasa project has 8,300 hectaresPAG and it in the San Juan de Dios de Ayaviri Hospital, in addition to the contribution of S/. 250 thousand with5. GENERAL medical suppliesINFORMATION and food for poor families, was acquired from Newmont under57 an whose situation worsened due to the country’s assignment of rights and option to purchase to Caritas-Puno to co-fund the purchase of an 5.1 CORPORATE NAME 57 health emergency. agreement in February 2020. This project is additional oxygen plant. 5.2 CORPORATE PURPOSE AND TERM located in Ica department and it 57evidences » Colorada5.3 project INCORPORATION AND REGISTRATION porphyry copper and molybdenum57 We shall also mention the donation of a cremation furnace to the Charitable association Colorada project5.4 ECONOMIC has 11,100 GROUP hectares and it was mineralization. In 2020 we processed57 and acquired from Newmont under an assignment of San Román Juliaca, the support to the Juliaca 5.5 SOCIAL CAPITAL, NUMBER AND NOMINALmigrated VALUE existing OF SHARES data and prepared58 the San Rafael had a very challenging context, since it rights and option to purchase agreement in health network (EsSalud) with 50 oxygen tanks, exploration plan, including geophysical and was one of the rst mining units nationwide that February 2020.5.6 TYPES The OFProject SHARES is ANDlocated SHAREHOLDING in La STRUCTURE 58 and 50 hospital beds, and to the San Roman diamond drilling for 2021. suspended its production operations in order to Libertad 5.7department EVOLUTION andOF STOCK it PRICEevidences 60 health network, particularly to the Carlos Monge prevent transmission and implement the necessary high-sulphidation epithermal gold and silver » Lara project Medrano hospital, with 55 hospital beds and 100 5.8 TAX TREATMENT 60 health protocols. To restart operations, we had a mineralization. In 2020 we processed and Lara project has 5,599 hectares and was acquired oxygen tanks. Likewise, we shall mention the 5.9 JUDICIAL, ADMINISTRATIVE OR ARBITRATION PROCEEDINGS 61 dialogue with the people and their authorities, migrated existing data, and we prepared the from Minas Dixon under an assignment of rights eorts to acquire a type-II ambulance that will be aiming at establishing preventive measures and at exploration6. CORPORATE plan, GOVERNANCE including complementary and option to purchase agreement in June63 2020. delivered to the Ajoyani healthcare center in the strengthening the local health system, considering diamond and6.1 geophysical PROFESSIONAL drilling, TRAJECTORY for 2021-2022. OF DIRECTORSThis project is located in Ayacucho, only63 86 km rst quarter of 2021, the repairs and upgrades that a signi cant percentage of workers of the 6.2 OTHER ASPECTS RELATED TO THE BOARDnorth OF DIRECTORS of Mina Justa, and it evidences66 porphyry made to the Antauta healthcare center, mining unit stays in Antatuta. In parallel, health refurbishment of the CETPRO of Antauta so that it » Amancaes project copper and molybdenum mineralization. This 6.3 PROFESSIONAL TRAJECTORY OF MANAGERS 66 authorities of Melgar province and Puno region can be used as the district’s isolation center, and The Amancaes project has 4,000 hectares and project has geophysical, diamond and reverse air also called for Minsur to join eorts to ght the the strengthening of Antauta and Ajoyani was acquired from Newmont under an drilling done in the past. In 2020 we processed spread of the disease. healthcare centers by providing more sta and assignment of rights and option to purchase and migrated existing data and we prepared the biosecurity equipment. agreement in February 2020. This project is exploration plan, including complementary located in Ancash department and it evidences geophysical and diamond drilling for 2021-2022. porphyry copper and molybdenum mineralization. In 2020 we processed and » Generating projects migrated existing data, and we prepared the The generating project program was suspended exploration plan, including geophysical and in 2020 due to the health emergency. However, diamond drilling for 2021-2022. we used this time to widely review historical data, which include over 3,000 reports of mining projects within the national territory and abroad. » Suyana project The purpose of this review was generating Sumac Wayra project, with 12,491 hectares, was The Suyana project has 8,100 hectares and was opportunities based on the existing database, acquired from Newmont under an assignment of acquired from Newmont under an assignment of digitalize data of the most forward-looking rights and option to purchase agreement in rights and option to purchase agreement in projects and prepare a eld-visit schedule to be February 2020. This project is located in Lima and February 2020. This project is located in the implemented once the state of emergency is it evidences porphyry copper and molybdenum department of Lima and it evidences porphyry over. mineralization. Newmont conducted diamond copper and molybdenum mineralization. In 2020 and geophysical drilling from 2013 to 2019, thus we processed and migrated existing data, and we con rming its economic potential. In 2020, we prepared the exploration plan, including processed and migrated existing data, and we geophysical and diamond drilling for 2021-2022. prepared the exploration plan, including complementary diamond and geophysical drilling

354 34

The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was 3.3. HUMAN RESOURCES donated to Melgar province, which was installed CONTENT PAG in the San Juan de Dios de Ayaviri Hospital, in Number of Minsur collaborators addition to the contribution of S/. 250 thousand 5. GENERAL INFORMATION 57 program’s reach will be expanded to include to Caritas-Puno to co-fund the purchase of an workers, technicians and sta; as well as our 5.1 CORPORATE 2018NAME 2019 2020 57 additional oxygen plant. Category collaborators’ families. 5.2 CORPORATEPermanen PURPOSEt Temporary AND TERMPermanent Temporary Permanent Temporary57 Employees 339 15 246 119 332 10 We shall also mention the donation of a 5.3 INCORPORATION AND REGISTRATION 57 We hope that we are able to provide support cremation furnace to the Charitable association O cers 5.4 ECONOMIC49 GROUP 0 77 2 87 573 through this program, and make decisions San Román Juliaca, the support to the Juliaca Workers 785 37 890 275 844 109 aiming at improving the mental health of our 5.5 SOCIAL CAPITAL, NUMBER AND NOMINAL VALUE OF SHARES 58 San Rafael had a very challenging context, since it health network (EsSalud) with 50 oxygen tanks, people. Subtotal 5.6 TYPES 1,173OF SHARES AND52 SHAREHOLDING1,213 STRUCTURE396 1,263 58122 was one of the rst mining units nationwide that and 50 hospital beds, and to the San Roman suspended its production operations in order to Total 5.7 EVOLUTION 1,225OF STOCK PRICE 1,609 1,385 60 health network, particularly to the Carlos Monge prevent transmission and implement the necessary 5.8 TAX TREATMENT 60 Medrano hospital, with 55 hospital beds and 100 health protocols. To restart operations, we had a oxygen tanks. Likewise, we shall mention the a. Care for 5.9people JUDICIAL, ADMINISTRATIVE OR ARBITRATION» WPROCEEDINGSebinars: 61 dialogue with the people and their authorities, eorts to acquire a type-II ambulance that will be Since6. CORPORATE the beginning GOVERNANCE of the pandemic, taking care For our collaborators and their63 families, aiming at establishing preventive measures and at delivered to the Ajoyani healthcare center in the focused on physical and mental health in a strengthening the local health system, considering of and accompanying6.1 PROFESSIONAL our collaborators TRAJECTORY has beenOF DIRECTORS 63 rst quarter of 2021, the repairs and upgrades our priority, as well as creating a culture that COVID-19 environment. that a signicant percentage of workers of the 6.2 OTHER ASPECTS RELATED TO THE BOARD OF DIRECTORS 66 made to the Antauta healthcare center, helps us preventing COVID-19 for the continuity mining unit stays in Antatuta. In parallel, health refurbishment of the CETPRO of Antauta so that it and sustainability6.3 PROFESSIONAL of our operations. TRAJECTORY Thus, OF we MANAGERS » Coaching sessions: 66 authorities of Melgar province and Puno region can be used as the district’s isolation center, and prioritized three areas: Specialized support for the main leaders of also called for Minsur to join eorts to ght the the strengthening of Antauta and Ajoyani our Mining Units to provide them with the spread of the disease. healthcare centers by providing more sta and necessary tools to address the challenges biosecurity equipment. 1. Physical health: they have to face as persons (at home) and focused on early detection of positive cases, as also as leaders. well as personalized follow-up of their evolution until recovery. And, in the event of Emotional Support Program: complications, immediate referral to » The new normality created by Covid-19 specialized healthcare centers. and the changes it brought to our way of 2. Mental Health – Accompaniment and support: working impacted our entire workforce, Mental health is as important as physical and specially our supervisors. In health. For that reason, since the beginning of September 2020, together with Aporta, the pandemic we implemented the following we implemented the Emotional Support programs: Program that aimed at identifying and helping supervisors who required some » Extraordinary program for emotional sort of emotional assistance or support. support and containment (PEACE): Through this program our collaborators The program reached 120 supervisors and and their families may have access to professionals of San Rafael MU, out of psychological, nancial and legal whom 7.5% received support and advice assistance to help them better coping with due to symptoms associated to this di cult situation. In 2020, 217 depression or anxiety. Thanks to this collaborators and their families have result, in the rst quarter of 2021, the beneted from this program.

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The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was donated to Melgar province, which was installed CONTENT PAG in the San Juan de Dios de Ayaviri Hospital, in addition to the contribution of S/. 250 thousand 5. GENERALprogram’s INFORMATION reach will be expanded to include 57 to Caritas-Puno to co-fund the purchase of an workers, technicians and sta; as well as our 5.1 CORPORATE NAME 57 additional oxygen plant. collaborators’5.2 CORPORATE families. PURPOSE AND TERM 57 We shall also mention the donation of a » We hope5.3 that INCORPORATION we are able to AND provide REGISTRATION support 57 cremation furnace to the Charitable association through5.4 this ECONOMIC program, GROUP and make decisions 57 San Román Juliaca, the support to the Juliaca aiming at improving the mental health of our 5.5 SOCIAL CAPITAL, NUMBER AND NOMINAL VALUE OF SHARES 58 San Rafael had a very challenging context, since it health network (EsSalud) with 50 oxygen tanks, people. 5.6 TYPES OF SHARES AND SHAREHOLDING STRUCTURE 58 was one of the rst mining units nationwide that and 50 hospital beds, and to the San Roman 5.7 EVOLUTION OF STOCK PRICE 60 suspended its production operations in order to health network, particularly to the Carlos Monge prevent transmission and implement the necessary 3. Communication5.8 TAX TREATMENT: 60 Medrano hospital, with 55 hospital beds and 100 health protocols. To restart operations, we had a oxygen tanks. Likewise, we shall mention the We de ned5.9 a communication JUDICIAL, ADMINISTRATIVE strategy focused OR ARBITRATION on PROCEEDINGS 61 dialogue with the people and their authorities, two premises: i) keeping our collaborators eorts to acquire a type-II ambulance that will be 6. CORPORATE GOVERNANCE 63 aiming at establishing preventive measures and at delivered to the Ajoyani healthcare center in the permanently informed on the pandemic and strengthening the local health system, considering 6.1 PROFESSIONAL TRAJECTORY OF DIRECTORS 63 rst quarter of 2021, the repairs and upgrades relevant facts, progress, projects, results, among that a signi cant percentage of workers of the others; and6.2 ii) OTHERsupport ASPECTS the cultural RELATED change TO THE (new BOARD OF DIRECTORS 66 made to the Antauta healthcare center, mining unit stays in Antatuta. In parallel, health refurbishment of the CETPRO of Antauta so that it conducts) for6.3 PROFESSIONALCOVID-19 prevention. TRAJECTORY The OFmain MANAGERS 66 authorities of Melgar province and Puno region initiatives include: can be used as the district’s isolation center, and also called for Minsur to join eorts to ght the the strengthening of Antauta and Ajoyani spread of the disease. healthcare centers by providing more sta and » + 20 online discussions led by our CEO for biosecurity equipment. Lima and our Units.

» +150 Communications issued with mental and physical health tips, advice on family The new normality created by Covid-19 wellbeing, contextual information as well and the changes it brought to our way of as organizational advice. working impacted our entire workforce, and specially our supervisors. In » Creation and implementation of the September 2020, together with Aporta, communication campaign “Our 4 key we implemented the Emotional Support conducts to win the battle against Program that aimed at identifying and COVID-19”, with the slogan “I take care of helping supervisors who required some myself. You take care of me. We all take sort of emotional assistance or support. care of each other”. The program reached 120 supervisors and In June, we conducted a survey to know the professionals of San Rafael MU, out of perception of our collaborators regarding the whom 7.5% received support and advice company’s initiatives to prevent COVID-19, and due to symptoms associated to the results showed 86% of satisfaction. depression or anxiety. Thanks to this result, in the rst quarter of 2021, the

374 36

The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was donated to Melgar province, which was installed CONTENT PAG in the San Juan de Dios de Ayaviri Hospital, in addition to the contribution of S/. 250 thousand 5. GENERAL INFORMATION 57 b. Development to Caritas-Puno to co-fund the purchase of an We encourage5.1 CORPORATE our collaborators’ NAME professional » Setting objectives, 57 additional oxygen plant. development5.2 providing CORPORATE them PURPOSE with opportunities AND TERM » Half-year feedback, 57 to participate5.3 in INCORPORATION several training AND programs. REGISTRATION Thus, » Final assessment (360° assessment,57 We shall also mention the donation of a in all our operations, we have people in charge of self-assessment, evaluation by direct cremation furnace to the Charitable association 5.4 ECONOMIC GROUP 57 managing training and development processes, supervisor and calibration), and San Román Juliaca, the support to the Juliaca as well as 5.5performance SOCIAL CAPITAL, assessment NUMBER processes, AND NOMINAL » Development VALUE OF SHARES ( nal feedback58 and San Rafael had a very challenging context, since it health network (EsSalud) with 50 oxygen tanks, according to5.6 our TYPES corporate OF SHARES guidelines. AND InSHAREHOLDING 2020, we STRUCTUREdevelopment plans). 58 was one of the rst mining units nationwide that and 50 hospital beds, and to the San Roman delivered over5.7 34EVOLUTION thousand OFhours STOCK of training. PRICE 60 suspended its production operations in order to health network, particularly to the Carlos Monge All stages receive the support -at all times- of the prevent transmission and implement the necessary 5.8 TAX TREATMENT 60 Medrano hospital, with 55 hospital beds and 100 ongoing feedback tool, which makes our system health protocols. To restart operations, we had a oxygen tanks. Likewise, we shall mention the Hours of training5.9 JUDICIAL, 2020 ADMINISTRATIVE OR ARBITRATIONreliable. PROCEEDINGS Thus, we use the results to61 make all dialogue with the people and their authorities, eorts to acquire a type-II ambulance that will be aiming at establishing preventive measures and at 6. CORPORATEN° of GOVERNANCEN° of Average decisions related to talent, compensation63 and delivered to the Ajoyani healthcare center in the Gender strengthening the local health system, considering employees6.1 PROFESSIONALtraining hours TRAJECTORYhours OF DIRECTORSdevelopment. Furthermore, we annually63 conduct rst quarter of 2021, the repairs and upgrades a Talent Mapping, to make sure we have the that a signi cant percentage of workers of the Male 6.2 OTHER1,373 ASPECTS RELATED33,124 TO THE24.13 BOARD OF DIRECTORS 66 made to the Antauta healthcare center, appropriate talent and to identify successors for mining unit stays in Antatuta. In parallel, health refurbishment of the CETPRO of Antauta so that it Female 94 1,729 18.39 6.3 PROFESSIONAL TRAJECTORY OF MANAGERScritical positions, establishing development66 plans authorities of Melgar province and Puno region can be used as the district’s isolation center, and Total 1,467 34,853 23.76 to provide growth opportunities, ensuring also called for Minsur to join eorts to ght the the strengthening of Antauta and Ajoyani business sustainability. This process relies on spread of the disease. healthcare centers by providing more sta and c. Performance assessment: Maintaining sustained development (PAP) and talent biosecurity equipment. the alignment with our culture potential assessment. In 2020, 100% of supervisor Our Performance Assessment Program (PAP) and manager positions were assessed in the applies to 100% of professionals and ensures an Talent Mapping process. objective assessment of our collaborators, based on evidence. By measuring the achievement of d. Digitalization for talent management individual objectives (“what”) and the In 2020, the CTG (Comprehensive Talent implementation of leadership practices (“how”), it Management) tool was launched, which contributes to implementing the business digitalizes critical Human Resources processes, strategy, setting the foundations for any decision and provides our leaders with information and on talent development and retention, ensuring real-time data to properly manage talent. our merit-based culture. The program has 4 stages:

384 37

The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was donated to Melgar province, which was installed 3.4. SOCIAL MANAGEMENT in the San Juan de Dios de Ayaviri Hospital, in In 2020, with the declaration of national areas of the company and its operations shall addition to the contribution of S/. 250 thousand emergency due to the Covid 19, our social have a special strategic approach on issues such to Caritas-Puno to co-fund the purchase of an management focused on enabling the restart and as the generation of job opportunities and local additional oxygen plant. subsequent continuity of our operations. To this employment in our operations and projects. end, we worked on generating trust on the We shall also mention the donation of a company’s strict protocols among our Furthermore, we will start working again with our cremation furnace to the Charitable association stakeholders in our areas of operation. This meant dierent social investment projects in those San Román Juliaca, the support to the Juliaca also strengthening the health system in those aspects prioritized in our investment policies: San Rafael had a very challenging context, since it health network (EsSalud) with 50 oxygen tanks, areas, together and in coordination with the productive development, closing gaps in was one of the rst mining units nationwide that and 50 hospital beds, and to the San Roman competent authorities in their corresponding infrastructure, education and early childhood suspended its production operations in order to health network, particularly to the Carlos Monge levels of intervention. care. Last but not least, in terms of engagement, prevent transmission and implement the necessary Medrano hospital, with 55 hospital beds and 100 a proper attention and the study of the source of health protocols. To restart operations, we had a oxygen tanks. Likewise, we shall mention the Thus, Minsur had an active and leading role in its the most frequent complaints and grievances dialogue with the people and their authorities, eorts to acquire a type-II ambulance that will be areas of operation, with signi cant investments in shall be consolidated, as well as the aiming at establishing preventive measures and at delivered to the Ajoyani healthcare center in the infrastructure, human resources, equipment and implementation of proactive measures to strengthening the local health system, considering rst quarter of 2021, the repairs and upgrades tools to deal with the eects of the pandemic. prevent recurrence. that a signi cant percentage of workers of the made to the Antauta healthcare center, Likewise, it participated in the development and mining unit stays in Antatuta. In parallel, health refurbishment of the CETPRO of Antauta so that it promotion of health protocols, providing its Our Directors’ and Managers’ role in our monthly authorities of Melgar province and Puno region can be used as the district’s isolation center, and project management knowledge and diverse Social Management Committee shall become also called for Minsur to join eorts to ght the the strengthening of Antauta and Ajoyani humanitarian support to its stakeholders. more relevant than it currently is. This spread of the disease. healthcare centers by providing more sta and informative forum for coordination and biosecurity equipment. This was not an impediment to implement social agreement will allow speeding up sustainable management tools that were being developed development results expected by Minsur. since the end of 2019. These have been essential tools to enable social management in times of pandemic. We refer speci cally to the complaint Engagement with the communities and grievance mechanisms, local employment Misnur’s engagement with its communities has policy, human rights policy, protocols and a Code been becoming more planned and systematic, of conduct for suppliers, as well as internal without disregarding the principles guiding it. In management tools, such as our commitment and 2020, compliance, participation and investment books, and our activity and result communication tools, Permanent Information tracker. This has resulted in a better Oces (PIOs), complaints and grievances systematization of social management and of the mechanisms and local employment tools were evidence supporting the established KPI, consolidated. All these respond to a according to the best practices of our industry. management system that is in line with international standards and our corporate 2021 will be a complex and challenging year, principles. Moreover, our Code of Ethics and since it will be a period of economic reactivation Conduct is constantly reviewed. It provides the with all what this means in social terms. In guidelines for ethical and responsible interaction addition, we shall consider the second wave of with our stakeholders. These eorts will transmission that will test what we have learned continue, and they will be enhanced and and implemented in 2020. Thus, the dierent disseminated.

39 38

Our social investment The donation of an oxygen plant to Antauta 2020 was marked by the health, social and stands out among the initiatives implemented to economic crisis generated by the Covid-19 address Covid-19. Furthermore, another one was pandemic. This forced Minsur, in coordination with donated to Melgar province, which was installed local,CONTENT regional and national authorities, to redirect in the San Juan de Dios de AyaviriPA Hospital,G in e orts to address the most immediate needs. Thus, addition to the contribution of S/. 250 thousand 5. GENERAL INFORMATION 57 Minsur became one of the main private supports to Caritas-Puno to co-fund the purchase of an within its scope5.1 CORPORATE of action, not NAME only through social additional oxygen plant. 57 investments5.2 in CORPORATEhealth and education, PURPOSE butAND also TERM with 57 its know-how5.3 in INCORPORATION logistics and project AND REGISTRATIONmanagement. We shall also mention the donation57 of a cremation furnace to the Charitable association 5.4 ECONOMIC GROUP 57 San Rafael MU San Román Juliaca, the support to the Juliaca San Rafael had5.5 SOCIALa very challenging CAPITAL, NUMBER context, AND since NOMINAL it health VALUE network OF SHARES (EsSalud) with 50 58oxygen tanks, was one of 5.6the TYPES rst mining OF SHARES units AND nationwide SHAREHOLDING that STRUCTUREand 50 hospital beds, and to the58 San Roman suspended 5.7its EVOLUTIONproduction OFoperations STOCK PRICE in order to health network, particularly to the 60Carlos Monge prevent transmission and implement the necessary 5.8 TAX TREATMENT Medrano hospital, with 55 hospital 60beds and 100 health protocols. To restart operations, we had a oxygen tanks. Likewise, we shall mention the dialogue with5.9 JUDICIAL,the people ADMINISTRATIVE and their authorities, OR ARBITRATION e orts PROCEEDINGS to acquire a type-II ambulance61 that will be aiming6. CORPORATE at establishing GOVERNANCE preventive measures and at delivered to the Ajoyani healthcare63 center in the strengthening the local health system, considering 6.1 PROFESSIONAL TRAJECTORY OF DIRECTORSrst quarter of 2021, the repairs and63 upgrades that a signicant percentage of workers of the 6.2 OTHER ASPECTS RELATED TO THE BOARD OFmade DIRECTORS to the Antauta healthcare66 center, mining unit stays in Antatuta. In parallel, health refurbishment of the CETPRO of Antauta so that it authorities 6.3of PROFESSIONALMelgar province TRAJECTORY and Puno OFregion MANAGERS can be used as the district’s isolation66 center, and also called for Minsur to join e orts to ght the the strengthening of Antauta and Ajoyani spread of the disease. healthcare centers by providing more sta and biosecurity equipment.

404 39

Last but not least, in relation to local employment, we had an average of 750 local workers, with a peak of 898 local workers in September. And, regarding local purchases and services, US$ 8.5 million were generated, considering those who worked directly for Minsur and contractors. Thus, we are helping to reactivate the economy in the area. The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was donated to Melgar province, which was installed in the San Juan de Dios de Ayaviri Hospital, in addition to the contribution of S/. 250 thousand to Caritas-Puno to co-fund the purchase of an additional oxygen plant.

We shall also mention the donation of a cremation furnace to the Charitable association San Román Juliaca, the support to the Juliaca San Rafael had a very challenging context, since it health network (EsSalud) with 50 oxygen tanks, was one of the rst mining units nationwide that and 50 hospital beds, and to the San Roman suspended its production operations in order to health network, particularly to the Carlos Monge prevent transmission and implement the necessary Medrano hospital, with 55 hospital beds and 100 health protocols. To restart operations, we had a oxygen tanks. Likewise, we shall mention the dialogue with the people and their authorities, eorts to acquire a type-II ambulance that will be aiming at establishing preventive measures and at delivered to the Ajoyani healthcare center in the strengthening the local health system, considering rst quarter of 2021, the repairs and upgrades that a signi cant percentage of workers of the made to the Antauta healthcare center, mining unit stays in Antatuta. In parallel, health refurbishment of the CETPRO of Antauta so that it authorities of Melgar province and Puno region can be used as the district’s isolation center, and also called for Minsur to join eorts to ght the the strengthening of Antauta and Ajoyani spread of the disease. healthcare centers by providing more sta and biosecurity equipment.

ANNUAL REPORT 2020

food to Pisco, Paracas and San Andres districts. CONTENT which value exceeded S/. 1.5 million; PaA thermalG Lat but not least, it is worth highlighting the cycler for PCR test valued in S/. 373 thousand, that Likewise, MINSUR’s support with health and economic5. GENERAL reactivation INFORMATION project in Ajoyani that allow processing molecular tests in a short57 period health security materials (for a total value of S/. 41 demanded 5.1a S/. CORPORATE 200 thousand NAME investment and of time; 2 oxygen plants for a total value57 of S/. 1.95 thousand) was among the rst to reach assistance to5.2 Antauta CORPORATE and Ajoyani PURPOSE municipalities AND TERM million; 300 oxygen tanks with57 their municipalities, healthcare centers, Regional to enhance their citizen security system by corresponding gauges for S/. 947 thousand and Governments and charitable organizations. The 5.3 INCORPORATION AND REGISTRATION 57 nancing the municipal guard sta and groceries for the most vulnerable people (S/. 30 assistance provided to the Paracas municipality fumigation 5.4payments. ECONOMIC GROUP thousand); among other support57 actions. was also relevant to strengthen the capacity of its 5.5 SOCIAL CAPITAL, NUMBER AND NOMINALFurthermore, VALUE OF 100 SHARES oxygen tanks were delivered58 to Municipal Health Brigade to carry out preventive Among our 5.6social TYPES and OF development SHARES AND investments, SHAREHOLDING the STRUCTURE Hipólito Unanue for S/. 296 that58 allowed and control actions among the population. the project5.7 Fibra EVOLUTION Emprendedora OF STOCK stands PRICE out: dealing with the hospital crisis. 60 craftswomen who expanded their markets based Despite health context’s limitations, the company on the quality5.8 TAX of TREATMENTtheir products. The project In Palca, area of direct inuence, we 60delivered kept providing support in other areas it has been “Mallas Antauta”5.9 JUDICIAL, also stands ADMINISTRATIVE out. It has improved OR ARBITRATION humanitarian PROCEEDINGS support and donated hygiene61 and involved, such as prevention of violence against native6. CORPORATE pasture management GOVERNANCE and conservation in biosecurity materials that amounted 63to S/. 83 women and the existing shelter mechanisms in Pisco, using advertising in public spaces. family production6.1 PROFESSIONAL units TRAJECTORYby installing OF DIRECTORS thousand. These were delivered through63 the management and herding fences. Moreover, municipality, the community and Palca CLAS. animal health6.2 campaignsOTHER ASPECTS were RELATED conducted TO THEin the BOARD OF DIRECTORS 66 Other issues were: safety for the school built in area of direct6.3 inuence. PROFESSIONAL TRAJECTORY OF MANAGERSThough the largest eort of our66 social Santa Cruz, Paracas -under the Works for Taxes management has been focused on the health mechanism- and maintenance of plots, where Last but not least, in relation to local employment, emergency, we have tried not to neglect other students and teachers develop good we had an average of 750 local workers, with a commitments and needs raised by the people environmental practices. For both cases, S/. 12 peak of 898 local workers in September. And, and their authorities. Thus, in 2020 we conducted thousand were invested. On the other hand, the regarding local purchases and services, US$ 8.5 investment studies for tap water and sewage company also responded to the need to provide million were generated, considering those who projects in Vilavilano and Rio Caño sectors, with a health care services beyond the pandemic. With a worked directly for Minsur and contractors. Thus, S/. 206 thousand investment requested by the S/. 17 thousand investment, we contributed to a we are helping to reactivate the economy in the district municipality of Tacna. comprehensive health campaign in Paracas, area. which provided more than two thousand SPR of Pisco treatments in 9 medical specialties with the The Pisco smelting plant’s relationship with the participation of 19 health professionals. social environment was marked by the company’s Pucamarca MU response to the health emergency. The rst level Finally, Minsur kept a permanent communication Pucamarca mining unit played a fundamental of response was the humanitarian response to the and coordination with local authorities, providing role providing private health and humanitarian sudden suspension of activities that aected the information, exchanging opinions and carrying support in Tacna region, one of the most hardly socioeconomic dynamics and, thus, it meant a out joint actions to help overcoming the health stroke by the pandemic. Since the beginning it drastic reduction in family income. District emergency challenges. established permanent coordination with local municipalities took the initiative, requesting and and regional health authorities to join eorts to channeling food aid to the most vulnerable address the spread of Covid-19. groups.

We worked closely with Tacna regional MINSUR was one of the rst companies to join government. We delivered more than 20,000 these initiatives, overcoming a series of logistical Covid-19 tests with their corresponding kits, impacts to be able to deliver more than 13 tons of

44140 The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was donated to Melgar province, which was installed in the San Juan de Dios de Ayaviri Hospital, in addition to the contribution of S/. 250 thousand to Caritas-Puno to co-fund the purchase of an additional oxygen plant.

ANNUAL REPORT 2020

food to Pisco, Paracas and San Andres districts. which value exceeded S/. 1.5 million; a thermal CONTENT PAG Lat but not least, it is worth highlighting the cycler for PCR test valued in S/. 373 thousand, that Likewise, MINSUR’s support with health and economic reactivation project in Ajoyani that allow processing molecular tests in a short period health5. GENERAL security INFORMATION materials (for a total value of S/. 41 57 demanded a S/. 200 thousand investment and of time; 2 oxygen plants for a total value of S/. 1.95 thousand) 5.1was CORPORATE among theNAME rst to reach 57 assistance to Antauta and Ajoyani municipalities million; 300 oxygen tanks with their municipalities,5.2 CORPORATEhealthcare PURPOSEcenters, AND Regional TERM 57 to enhance their citizen security system by corresponding gauges for S/. 947 thousand and Governments and charitable organizations. The 5.3 INCORPORATION AND REGISTRATION 57 nancing the municipal guard sta and groceries for the most vulnerable people (S/. 30 assistance provided to the Paracas municipality fumigation payments. thousand); among other support actions. was also relevant5.4 ECONOMIC to strengthen GROUP the capacity of its 57 Furthermore, 100 oxygen tanks were delivered to Municipal Health5.5 SOCIAL Brigade CAPITAL, to carry NUMBER out preventive AND NOMINAL VALUE OF SHARES 58 Among our social and development investments, the Hipólito Unanue for S/. 296 that allowed and control 5.6actions TYPES among OF SHARES the population. AND SHAREHOLDING STRUCTURE 58 the project Fibra Emprendedora stands out: dealing with the hospital crisis. 5.7 EVOLUTION OF STOCK PRICE 60 craftswomen who expanded their markets based Despite health context’s limitations, the company on the quality of their products. The project In Palca, area of direct inuence, we delivered kept providing5.8 TAXsupport TREATMENT in other areas it has been 60 “Mallas Antauta” also stands out. It has improved humanitarian support and donated hygiene and involved, such5.9 JUDICIAL,as prevention ADMINISTRATIVE of violence against OR ARBITRATION PROCEEDINGS 61 native pasture management and conservation in biosecurity materials that amounted to S/. 83 women6. CORPORATE and the GOVERNANCEexisting shelter mechanisms in 63 Pisco, using advertising in public spaces. family production units by installing thousand. These were delivered through the 6.1 PROFESSIONAL TRAJECTORY OF DIRECTORS 63 management and herding fences. Moreover, municipality, the community and Palca CLAS. animal health campaigns were conducted in the Other issues6.2 were: OTHER safety ASPECTS for the RELATED school TO built THE inBOARD OF DIRECTORS 66 area of direct inuence. Though the largest eort of our social Santa Cruz, 6.3Paracas PROFESSIONAL -under the TRAJECTORY Works for TaxesOF MANAGERS 66 management has been focused on the health mechanism- and maintenance of plots, where Last but not least, in relation to local employment, emergency, we have tried not to neglect other students and teachers develop good we had an average of 750 local workers, with a commitments and needs raised by the people environmental practices. For both cases, S/. 12 peak of 898 local workers in September. And, and their authorities. Thus, in 2020 we conducted thousand were invested. On the other hand, the regarding local purchases and services, US$ 8.5 investment studies for tap water and sewage company also responded to the need to provide million were generated, considering those who projects in Vilavilano and Rio Caño sectors, with a health care services beyond the pandemic. With a worked directly for Minsur and contractors. Thus, S/. 206 thousand investment requested by the S/. 17 thousand investment, we contributed to a we are helping to reactivate the economy in the district municipality of Tacna. comprehensive health campaign in Paracas, area. which provided more than two thousand SPR of Pisco treatments in 9 medical specialties with the The Pisco smelting plant’s relationship with the participation of 19 health professionals. social environment was marked by the company’s response to the health emergency. The rst level Finally, Minsur kept a permanent communication Pucamarca mining unit played a fundamental of response was the humanitarian response to the and coordination with local authorities, providing role providing private health and humanitarian sudden suspension of activities that aected the information, exchanging opinions and carrying support in Tacna region, one of the most hardly socioeconomic dynamics and, thus, it meant a out joint actions to help overcoming the health stroke by the pandemic. Since the beginning it drastic reduction in family income. District emergency challenges. established permanent coordination with local municipalities took the initiative, requesting and and regional health authorities to join eorts to channeling food aid to the most vulnerable address the spread of Covid-19. groups.

424 41 The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was donated to Melgar province, which was installed in the San Juan de Dios de Ayaviri Hospital, in addition to the contribution of S/. 250 thousand to Caritas-Puno to co-fund the purchase of an additional oxygen plant.

ANNUAL REPORT 2020

ExplorationCONTENT and Mine Closure projects and wetlands management) andPA G the Lat but not least, it is worth highlighting the production-capacity strengthening project Santo Domingo project economic reactivation project in Ajoyani that 5. GENERAL INFORMATION (alpaca reproduction and birth). In each57 case, S/. demanded a S/. 200 thousand investment and Within the context5.1 CORPORATE of the health NAME emergency, the 50 thousand were invested. In addition,57 we made Santo Domingo project stood out for its support assistance to Antauta and Ajoyani municipalities 5.2 CORPORATE PURPOSE AND TERM a special contribution of S/. 60 thousand57 for to enhance their citizen security system by to the Health micro-network of Nuñoa district. alpaca production, within the framework of the 5.3 INCORPORATION AND REGISTRATION 57 nancing the municipal guard sta and Despite travel diculties in the area, Minsur health emergency, to the Orcconccocha sector. fumigation payments. organized 5.4up ECONOMICto three GROUPdeliveries of health 57 materials, supplies5.5 SOCIAL and CAPITAL, equipment. NUMBER Deliveries AND NOMINAL We continued VALUE OF ful llingSHARES our commitments,58 such were: 1. Tires for the healthcare center’s Among our social and development investments, 5.6 TYPES OF SHARES AND SHAREHOLDINGas theSTRUCTURE construction of the community 58premises, ambulance, two isolation chambers of the project Fibra Emprendedora stands out: 5.7 EVOLUTION OF STOCK PRICE which -to date- has received a total transfer60 of S/. craftswomen who expanded their markets based stretcher-trolley type to move Covid-19 patients, 800 thousand, and the training provided to on the quality of their products. The project four medical5.8 oxygen TAX TREATMENT tanks and 50 overalls. 2. 460 women’s groups in loom weaving for a60 value of “Mallas Antauta” also stands out. It has improved rapid tests and5.9 JUDICIAL,one thousand ADMINISTRATIVE retractable lancets OR ARBITRATION S/. 23 thousand. PROCEEDINGS Last but not least, we transferred61 (for a S/. 15 thousand value) and 3. Eight medical native pasture management and conservation in 6. CORPORATE GOVERNANCE S/.110 thousand for sustainable 63projects, oxygen tanks with their respective regulators (for family production units by installing 6.1 PROFESSIONAL TRAJECTORY OF DIRECTORSaccording to the agreed social contribution.63 management and herding fences. Moreover, a S/. 46 thousand value). These eorts deserved animal health campaigns were conducted in the the recognition6.2 OTHER of health ASPECTS authorities RELATED TOand THE the BOARD Mina OF DIRECTORSRegina project 66 area of direct inuence. population.6.3 PROFESSIONAL TRAJECTORY OF MANAGERSThe Mina Regina project responded early66 to local communities’ demands for humanitarian Last but not least, in relation to local employment, In parallel, Minsur implemented prevention support: the delivery of 180 baskets of food for we had an average of 750 local workers, with a campaigns in the local and regional media and the same number of families. In the Peña Azul peak of 898 local workers in September. And, kept stakeholders’ engagement providing community, the emergency impact on the family regarding local purchases and services, US$ 8.5 information of interest during the pandemic and economy led to an assessment on the destination million were generated, considering those who the social context. of the company’s annual contribution, worked directly for Minsur and contractors. Thus, established by agreement. As part of our usual we are helping to reactivate the economy in the Mina Marta Project productive investment, we decided to distribute area. The Mina Marta project had a humanitarian a S/. 146 fund as a bonus for each of the 72 response to the pandemic impacts on the families to cover their basic needs. peasant communities of its environment. Food packages were delivered to 290 families for a On the other hand, when the conditions allowed total value of S/. 18 thousand. Likewise, 214 it, we continued with our social investments, school packages were donated to pre-school, such as the expansion of the perimeter fence and elementary school and high-school students of the construction of fair stands for the Peña Azul the community for a total value of S/.13 community, for S/. 85 thousand, the nal stage of thousand. a rural housing project in Condoraque community for S/. 104 thousand, and the nishes Despite the limitations to carry out eld work, the of the second oor of the Condoraque company ful lled the commitments made in its community premises, in Quilcapuncu district. environmental management instruments. We invested in our capacity-building project in natural resource management (water, pasture

434 42 The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was donated to Melgar province, which was installed in the San Juan de Dios de Ayaviri Hospital, in addition to the contribution of S/. 250 thousand to Caritas-Puno to co-fund the purchase of an additional oxygen plant.

ANNUAL REPORT 2020

3.5. ENVIRONMENTAL MANAGEMENT CaringCONTENT for the environment is our motto when Thus, our EMS is comprised bothPA Gby the Lat but not least, it is worth highlighting the developing our businesses. Thus, aiming at Environmental and Closure Policy, Sustainability 5. GENERAL INFORMATION 57 economic reactivation project in Ajoyani that ensuring due diligence in all our projects and Policy, Climate Change Policy and Policy of demanded a S/. 200 thousand investment and operations,5.1 our CORPORATE framework NAMEof corporate policies Excellence in Water Management, but it57 also has 28 assistance to Antauta and Ajoyani municipalities and standards5.2 CORPORATEgathers cross-cutting PURPOSE sustainability AND TERM corporate and operating environmental57 standards, to enhance their citizen security system by principles. 5.3 INCORPORATION AND REGISTRATION which are aligned to the ICMM requirements;57 ISO nancing the municipal guard sta and 14001 certi cation; several management and 5.4 ECONOMIC GROUP 57 fumigation payments. According to the ICMM principles -which aim, supervision instruments; the internal supervision among others,5.5 SOCIAL at constantlyCAPITAL, NUMBER improving AND NOMINALits and VALUEoversight OF SHARES tool called Environmental58 Among our social and development investments, members’ environmental5.6 TYPES OF SHARES performance–, AND SHAREHOLDING in 2020 Performance STRUCTURE Index (EPI); and a series 58of reactive, the project Fibra Emprendedora stands out: Minsur approved5.7 EVOLUTION four new OFpolicies STOCK that PRICE enhance proactive and sustainability-related KPIs.60 craftswomen who expanded their markets based our Environmental5.8 TAX TREATMENTManagement System (EMS): a 60 on the quality of their products. The project Corporate Environmental and Closure Policy, a Regarding the ISO 14001 certi cation, an “Mallas Antauta” also stands out. It has improved Climate Change5.9 JUDICIAL, Policy, aADMINISTRATIVE Policy of Excellence OR ARBITRATION in international PROCEEDINGS certi cation that provides 61companies native pasture management and conservation in Water6. CORPORATE Management GOVERNANCE and a Corporate with a speci c framework to eectively63 and family production units by installing Sustainability6.1 PROFESSIONALPolicy. All of themTRAJECTORY express OF our DIRECTORS eciently manage the environment.63 We shall management and herding fences. Moreover, vision, strategy6.2 OTHER and commitment ASPECTS RELATED to manage TO THE our BOARD mention OF DIRECTORS that all our operations in Peru66 have this animal health campaigns were conducted in the activities, prioritizing these critical issues for the certi cation. In Brazil, Pirapora has ISO 14001 and area of direct inuence. environment6.3 and PROFESSIONAL our operations. TRAJECTORY Based on OFthese MANAGERS Pitinga is in the process to receive it. 66 principles and requirements, we also updated our Last but not least, in relation to local employment, documents to include the new conditions within Furthermore, our EMS is constantly monitored by we had an average of 750 local workers, with a the COVID-19 pandemic context. our specialists -who are either our company’s or peak of 898 local workers in September. And, regarding local purchases and services, US$ 8.5 million were generated, considering those who worked directly for Minsur and contractors. Thus, we are helping to reactivate the economy in the area.

454 43 The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was donated to Melgar province, which was installed in the San Juan de Dios de Ayaviri Hospital, in addition to the contribution of S/. 250 thousand to Caritas-Puno to co-fund the purchase of an additional oxygen plant.

ANNUAL REPORT 2020

our contractors’ employees-, both in operation permits, planning, environmental management, and support processes, which allow ensuring that social management, rehabilitation and closure, CONTENT PAG Lat but not least, it is worth highlighting the the legal requirements are met at all mining among others, not only abiding by local economic reactivation project in Ajoyani that stages.5. GENERAL INFORMATION standards and regulations, but also by57 the best demanded a S/. 200 thousand investment and 5.1 CORPORATE NAME practices of the industry at a global level.57 assistance to Antauta and Ajoyani municipalities The main 5.2objective CORPORATE of the PURPOSE EMS isAND applying TERM 57 to enhance their citizen security system by strategic guidelines for Minsur’s environmental Furthermore, we have the following tools, 5.3 INCORPORATION AND REGISTRATION 57 nancing the municipal guard sta and sustainability at all mining project stages. Our among others, for a proper and responsible fumigation payments. SMS focuses5.4 onECONOMIC the following GROUP environmental environmental management: 57 components:5.5 water, SOCIAL climate CAPITAL, change, NUMBER biodiversity, AND NOMINAL VALUE OF SHARES 58 Among our social and development investments, 5.6 TYPES OF SHARES AND SHAREHOLDING STRUCTURE 58 the project Fibra Emprendedora stands out: 5.7 EVOLUTION OF STOCK PRICE 60 craftswomen who expanded their markets based Conducted to determine the degree of compliance of our operations with the EMS and on the quality of their products. The project 5.8 TAX TREATMENTapplicable legal requirements, as well as to validate its eectiveness. If below-standard60 “Mallas Antauta” also stands out. It has improved 5.9 JUDICIAL,performance ADMINISTRATIVE is detected, OR ARBITRATION the unit's or PROCEEDINGS project's Environmental Supervisor61 shall native pasture management and conservation in Internal6. CORPORATE audits, GOVERNANCEimplement the corrective actions required in the nal audit report, and then63 he/she shall report the results of implementing these actions. This applies to cross-audits family production units by installing Cross- audits6.1 and PROFESSIONAL TRAJECTORY OF DIRECTORS 63 management and herding fences. Moreover, Legal Compliance carried out by Internal Audit, Legal Compliance, as well as for cross-audits conducted audits 6.2 OTHER ASPECTSby members RELATED of Environmental TO THE BOARD teams OF when DIRECTORS visiting mining units, other than66 their place animal health campaigns were conducted in the of work. Last but not least, it is worth mentioning that, eventually, external audits are 6.3 PROFESSIONAL TRAJECTORY OF MANAGERS 66 area of direct inuence. also hired, and in 2020 an external audit was conducted assessing compliance with environmental standards in all the Mining Division’s units. Last but not least, in relation to local employment, we had an average of 750 local workers, with a On a monthly basis, Environmental Supervisors conduct detailed environmental peak of 898 local workers in September. And, Environmental management inspections in all departments of our units, using the EPI (Environmental regarding local purchases and services, US$ 8.5 performance Performance Index) tool. Furthermore, they record and assess environmental million were generated, considering those who indicators indicators (KPIs=. Through the EPI and the KPIs, environmental impacts and potential worked directly for Minsur and contractors. Thus, (EPI and KPIs risks are measured and monitored. These indicators are reported to the Environmental we are helping to reactivate the economy in the Manager, COO and CEO in monthly and quarterly meetings to identify and de ne area. improvement opportunities to be implemented. Environmental monitoring and surveillance points have been established in the areas Environmental of direct environmental inuence of our units and projects, as approved in our monitorings Environmental Management instruments (EMI) for permanent assessment of environmental noise, air quality, soil quality, sediments, biodiversity and water quality. Furthermore, participatory environmental monitoring is conducted in our units engaging communities of the area of direct inuence, as well as internal control monitoring. Our environmental performance is periodically supervised by the Agency for Environmental Environmental Assessment and Enforcement (OEFA) in Peru; Instituto de Proteção Supervisions Ambiental do Amazonas (IPAAM) in Amazonas region, and Companhia Ambiental do Estado de São Paulo (CETESBI) in Sao Paulo region, Brazil. The objective is verifying compliance with laws, environmental commitments and obligations established in the EMIs, permit and authorization processes, mandates or provisions issued by the competent agencies, as well as with other sources of auditable environmental obligations.

464 44 The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was donated to Melgar province, which was installed in the San Juan de Dios de Ayaviri Hospital, in addition to the contribution of S/. 250 thousand to Caritas-Puno to co-fund the purchase of an additional oxygen plant.

We shall also mention the donation of a cremation furnace to the Charitable association San Román Juliaca, the support to the Juliaca San Rafael had a very challenging context, since it health network (EsSalud) with 50 oxygen tanks, was one of the rst mining units nationwide that and 50 hospital beds, and to the San Roman suspended its production operations in order to health network, particularly to the Carlos Monge prevent transmission and implement the necessary Medrano hospital, with 55 hospital beds and 100 health protocols. To restart operations, we had a oxygen tanks. Likewise, we shall mention the dialogue with the people and their authorities, eorts to acquire a type-II ambulance that will be aiming at establishing preventive measures and at delivered to the Ajoyani healthcare center in the strengthening the local health system, considering rst quarter of 2021, the repairs and upgrades that a signicant percentage of workers of the made to the Antauta healthcare center, mining unit stays in Antatuta. In parallel, health refurbishment of the CETPRO of Antauta so that it authorities of Melgar province and Puno region can be used as the district’s isolation center, and also called for Minsur to join eorts to ght the the strengthening of Antauta and Ajoyani spread of the disease. healthcare centers by providing more sta and biosecurity equipment.

ANNUAL REPORT 2020

a. Water Management AwareCONTENT of the signicance of responsibly using water environmental standards adopted to achievePAG an Lat but not least, it is worth highlighting the resources,5. GENERAL we aimINFORMATION at implementing a comprehensive optimal management. 57 economic reactivation project in Ajoyani that strategy allowing us to eciently manage water, from demanded a S/. 200 thousand investment and infrastructure5.1 designCORPORATE and NAMEconstruction, water Due to the pandemic and the government 57provisions, assistance to Antauta and Ajoyani municipalities withdrawal, 5.2piping, CORPORATE storing, using,PURPOSE treating, AND TERMto the our operations stopped temporarily, thus57 our total to enhance their citizen security system by reutilization 5.3and INCORPORATION recycling of consumed AND REGISTRATION water. The consumption, considering total withdrawal57 and nancing the municipal guard sta and strategy consists in measuring, controlling and e uents, diered from previous years, with a lower fumigation payments. continuously5.4 improving ECONOMIC our water GROUP management. annual consumption. 57 5.5 SOCIAL CAPITAL, NUMBER AND NOMINAL VALUE OF SHARES 58 Among our social and development investments, The Environmental5.6 TYPES team OF monitorsSHARES ANDthe amount SHAREHOLDING and STRUCTURE 58 the project Fibra Emprendedora stands out: quality of water owing in, its use in our processes, and e uents, pursuant5.7 EVOLUTION to legal OF STOCKrequirements PRICE and 60 craftswomen who expanded their markets based on the quality of their products. The project 5.8 TAX TREATMENT 60 “Mallas Antauta” also stands out. It has improved 5.9 JUDICIAL, ADMINISTRATIVE OR ARBITRATION PROCEEDINGS 61 native pasture management and conservation in 6. CORPORATE GOVERNANCE 63 Water withdrawal by source 2020 (thousands of m3/year) family production units by installing 6.1 PROFESSIONAL TRAJECTORY OF DIRECTORS 63 management and herding fences. Moreover, Source San Rafael Pucamarca SPR of Mina Pitinga SPR of animal health campaigns were conducted in the 6.2 OTHER ASPECTS RELATED TO THE BOARD OF DIRECTORS 66 MU MU Pisco Justa MU Pirapora area of direct inuence. 6.3 PROFESSIONAL TRAJECTORY OF MANAGERS 66 Surface water 1,034.12 162.65 2,373.70 Last but not least, in relation to local employment, Groundwater 6,544.01 231.75 173,498 251,412 69.84 we had an average of 750 local workers, with a Rainfall water peak of 898 local workers in September. And, directly collected regarding local purchases and services, US$ 8.5 and stored by the million were generated, considering those who organization worked directly for Minsur and contractors. Thus, we are helping to reactivate the economy in the Seawater 254,194 area. Total 7,578.13 394.40 173,498 505,606 2,373.70 69.84

Volume of e uents by type 2020 (thousands of m3/year)

Type of San Rafael Pucamarca SPR of Pitinga SPR of e uent MU MU Pisco MU Pirapora Industrial 5,742.98 9,607.27 0 e uents Domestic 56.13 7.31* 197.20 8.678 e uents Total 5,799.11 7.31 9,804.47 8.678

* Reused for irrigation of green areas

44745 The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was donated to Melgar province, which was installed in the San Juan de Dios de Ayaviri Hospital, in addition to the contribution of S/. 250 thousand to Caritas-Puno to co-fund the purchase of an additional oxygen plant.

ANNUAL REPORT 2020

b. Waste management

Each unit has a solid and hazardous waste collection our operating, maintenance, logistical, and other andCONTENT disposal program led by a specialized contractor. processes. Furthermore, we have a circularPA economyG Lat but not least, it is worth highlighting the Materials are separated, some are reused or recycled, approach for solid waste management aiming at economic reactivation project in Ajoyani that and5. GENERAL others are INFORMATION shipped for their nal disposal, except generating value from waste. 57 demanded a S/. 200 thousand investment and for timber, which5.1 CORPORATE is reused for NAMEseveral purposes. Waste 57 assistance to Antauta and Ajoyani municipalities management5.2 is CORPORATEconducted by PURPOSE a certi ed AND solid TERM waste Due to the new measures adopted to 57address the to enhance their citizen security system by operating company (EO-RS), which is authorized by the COVID-19 pandemic, some waste (mainly, waste from 5.3 INCORPORATION AND REGISTRATION 57 nancing the municipal guard sta and competent authorities. Thus, EO-RS collects, transports dining facilities) had to be regarded as potentially and disposes solid waste in authorized land lls and/or bio-contaminated waste (hazardous waste) aiming at fumigation payments. 5.4 ECONOMIC GROUP 57 treatment plants.5.5 SOCIAL CAPITAL, NUMBER AND NOMINALappropriately VALUE OF manage SHARES this type of waste. This58 explains the dierence in relation to 2019. Among our social and development investments, We continuously5.6 TYPES work OF on SHARES raising AND awareness SHAREHOLDING and STRUCTURE 58 the project Fibra Emprendedora stands out: maintaining 5.7a bidirectional EVOLUTION communication OF STOCK PRICE on proper 60 craftswomen who expanded their markets based separation and disposal of solid waste generated from on the quality of their products. The project 5.8 TAX TREATMENT 60 “Mallas Antauta” also stands out. It has improved 5.9 JUDICIAL, ADMINISTRATIVE OR ARBITRATION PROCEEDINGS 61 native pasture management and conservation in 6. CORPORATE GOVERNANCE 63 Amount of hazardous and non-hazardous waste by type of disposal 2020 (t/year) family production units by installing 6.1 PROFESSIONAL TRAJECTORY OF DIRECTORS 63 management and herding fences. Moreover, Type of San Rafael Pucamarca SPR of Mina Pitinga SPR of animal health campaigns were conducted in the 6.2 OTHER ASPECTS RELATED TO THE BOARD OF DIRECTORS 66 elimination MU MU Pisco Justa MU Pirapora area of direct inuence. 6.3 PROFESSIONAL TRAJECTORY OF MANAGERS 66 Hazardous waste Last but not least, in relation to local employment, Recycling 103.07 74.23 365.50 56.00 7.33 we had an average of 750 local workers, with a Secure land ll 572.97(*) 49.1 25.04 1,705.68 peak of 898 local workers in September. And, outside the unit regarding local purchases and services, US$ 8.5 million were generated, considering those who Incineration 98.99 7.96 worked directly for Minsur and contractors. Thus, we are helping to reactivate the economy in the Subtotal 676.04 123.33 25.04 2,071.18 154.99 15.29 area. Non-hazardous waste Reuse 47.42 237.83 0.4 Recycling 979.09 7.55 368.23 5.18 6.55 Composting 14.55 Incineration 87.36 (mass burning) Land ll outside 103.79 101.60 124.09 2,786.56 4.23 49.70 the unit Land ll inside 245.90 1,423.26 137.32 the unit

Subtotal 1,390.74 339.43 132.04 4,578.05 234.09 56.25 Total 2,060.78 462.76 157.08 6,649.23 389.08 71.54

(*) Hazardous waste: Bio-contaminated waste, waste oil, waste impregnated with hydrocarbons or reagents, geomembranes, waste contaminated with minerals, explosive cardboards, pipes, among others. -

484 46 The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was donated to Melgar province, which was installed in the San Juan de Dios de Ayaviri Hospital, in addition to the contribution of S/. 250 thousand to Caritas-Puno to co-fund the purchase of an additional oxygen plant.

We shall also mention the donation of a cremation furnace to the Charitable association San Román Juliaca, the support to the Juliaca San Rafael had a very challenging context, since it health network (EsSalud) with 50 oxygen tanks, was one of the rst mining units nationwide that and 50 hospital beds, and to the San Roman suspended its production operations in order to health network, particularly to the Carlos Monge prevent transmission and implement the necessary Medrano hospital, with 55 hospital beds and 100 health protocols. To restart operations, we had a oxygen tanks. Likewise, we shall mention the dialogue with the people and their authorities, e orts to acquire a type-II ambulance that will be aiming at establishing preventive measures and at delivered to the Ajoyani healthcare center in the strengthening the local health system, considering rst quarter of 2021, the repairs and upgrades that a signicant percentage of workers of the made to the Antauta healthcare center, mining unit stays in Antatuta. In parallel, health refurbishment of the CETPRO of Antauta so that it authorities of Melgar province and Puno region can be used as the district’s isolation center, and also called for Minsur to join e orts to ght the the strengthening of Antauta and Ajoyani spread of the disease. healthcare centers by providing more sta and biosecurity equipment.

ANNUAL REPORT 2020

cCONTENT. Emission management PAG Lat but not least, it is worth highlighting the We think it is very important to adopt urgent measures economic reactivation project in Ajoyani that to5. address GENERAL climate INFORMATION change and its negative impacts. To 57 demanded a S/. 200 thousand investment and do this, we have5.1 CORPORATE implemented NAME mechanisms that allow 57 assistance to Antauta and Ajoyani municipalities reducing emission generated when developing our activities. Thanks5.2 CORPORATE to our dust and PURPOSE gas control AND measures, TERM 57 to enhance their citizen security system by as proven by5.3 our INCORPORATION monitoring results, AND we complied REGISTRATION with 57 nancing the municipal guard sta and the maximum5.4 permissible ECONOMIC limits GROUP (MPL) established by 57 fumigation payments. law, as well as with air environmental quality standards (EQS). This way,5.5 SOCIALwe do not CAPITAL, alter air quality,NUMBER we AND protect NOMINAL VALUE OF SHARES 58 Among our social and development investments, the environment5.6 TYPES and care OF SHARESfor the health AND SHAREHOLDINGof our sta STRUCTURE 58 the project Fibra Emprendedora stands out: and neighboring5.7 EVOLUTION communities. OF STOCK We PRICEhave an 60 craftswomen who expanded their markets based environmental management plan with high standards on the quality of their products. The project approved 5.8in TAXour TREATMENTenvironmental management 60 “Mallas Antauta” also stands out. It has improved instruments,5.9 which JUDICIAL, have a sustainabilityADMINISTRATIVE approach OR ARBITRATION for PROCEEDINGS 61 environmental protection. native pasture management and conservation in 6. CORPORATE GOVERNANCE 63 family production units by installing Based on our6.1 commitment, PROFESSIONAL we measureTRAJECTORY our carbon OF DIRECTORS 63 management and herding fences. Moreover, footprint since6.2 2017 OTHER and, ASPECTS in 2020 RELATEDwe started TO an THE audit BOARD OF DIRECTORS 66 animal health campaigns were conducted in the process to certify our carbon footprint measurements area of direct inuence. corresponding6.3 to PROFESSIONAL 2017, 2018, 2019 TRAJECTORY and on. It is worthOF MANAGERS 66 mentioning that our carbon footprint has been Last but not least, in relation to local employment, measured under the standards of ISO 14064-1 and we had an average of 750 local workers, with a GHG Protocol. peak of 898 local workers in September. And, regarding local purchases and services, US$ 8.5 d. Energy management million were generated, considering those who We promote ecient energy consumption worked directly for Minsur and contractors. Thus, management, since we aim at reducing greenhouse gas (GHG) emissions as well as power expenses in all we are helping to reactivate the economy in the our units and operations. Annually, we measure and area. record the levels of consumption of this resource. With the results obtained, we research initiatives to reduce our impacts caused by emissions generated to the environment, and we have started researching to implement renewable power sources.

494 47 The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was donated to Melgar province, which was installed in the San Juan de Dios de Ayaviri Hospital, in addition to the contribution of S/. 250 thousand to Caritas-Puno to co-fund the purchase of an additional oxygen plant.

ANNUAL REPORT 2020

Total energy consumption 2020 (GJ) CONTENT PAG Lat but not least, it is worth highlighting the Consumption San Rafael MU Pucamarca MU SPR of Pisco Pitinga MU SPR of Pirapora economic reactivation project in Ajoyani that 5. GENERAL INFORMATION 57 demanded a S/. 200 thousand investment and Total fuel 5.1 CORPORATE155,284.73 NAME 265,732.00 58,309.92 128,492.00 6’141,660.2357 consumption assistance to Antauta and Ajoyani municipalities 5.2 CORPORATE PURPOSE AND TERM 57 to enhance their citizen security system by Total electric power 628,372.46 78,772.00 83,088.00 549,428.40 108,191.87 5.3 INCORPORATION AND REGISTRATION 57 nancing the municipal guard sta and consumption fumigation payments. 5.4 ECONOMIC GROUP 57 Total energy 783,657.19 344,504.00 141,397.92 677,920.40 6’249,852.10 5.5 SOCIAL CAPITAL, NUMBER AND NOMINAL VALUE OF SHARES 58 consumption Among our social and development investments, 5.6 TYPES OF SHARES AND SHAREHOLDING STRUCTURE 58 the project Fibra Emprendedora stands out: 5.7 EVOLUTION OF STOCK PRICE 60 craftswomen who expanded their markets based on the quality of their products. The project 5.8 TAX TREATMENT 60 “Mallas Antauta” also stands out. It has improved 3.6. OCCUPATIONAL5.9 JUDICIAL, ADMINISTRATIVE HEALTH OR ARBITRATION AND SAFETY PROCEEDINGS 61 native pasture management and conservation in 6. CORPORATE GOVERNANCE 63 In 2020 we had the enormous challenge of operating MINSEGUR is based on the ICMM principles and family production units by installing 6.1 PROFESSIONAL TRAJECTORY OF DIRECTORS 63 management and herding fences. Moreover, in a safe and healthy manner within the context of the guidelines, on the best health and safety practices of animal health campaigns were conducted in the COVID-19 6.2pandemic. OTHER ASPECTSFor that RELATED purpose, TO THE we BOARD world-class OF DIRECTORS mining companies, on ISO 45001,66 OSHA - area of direct inuence. implemented6.3 COVID-19 PROFESSIONAL surveillance, TRAJECTORY prevention OF and MANAGERS MSHA standards, and on applicable occupational66 control plans in all our operations, incorporating the health, safety and hygiene legal provisions or best health practices in our industry and the regulations. It is applied in all our mining units and Last but not least, in relation to local employment, corresponding legal provisions, which were integrated projects and it is comprised by four fundamental we had an average of 750 local workers, with a to our Health and Safety Management System called pillars: peak of 898 local workers in September. And, MINSEGUR-Zero is possible! (MINSEGUR) and have regarding local purchases and services, US$ 8.5 allowed mitigating the pandemic’s eects in our million were generated, considering those who operations achieving another year with zero worked directly for Minsur and contractors. Thus, occupational fatal accidents. we are helping to reactivate the economy in the area.

Leadership Risk Culture Health and management Wellbeing

504 48 The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was donated to Melgar province, which was installed in the San Juan de Dios de Ayaviri Hospital, in addition to the contribution of S/. 250 thousand to Caritas-Puno to co-fund the purchase of an additional oxygen plant.

ANNUAL REPORT 2020

MINSEGUR includes:

» 7 policies related to occupational health Aiming at achieving zero accidents, we continued and safety. developing in all our operations the VISION ZERO »CONTENT 15 health and safety management campaign, in order to promote safe andPA healthyG work Lat but not least, it is worth highlighting the standards. environments. economic reactivation project in Ajoyani that 5. GENERAL INFORMATION 57 » 21 operating safety standards. demanded a S/. 200 thousand investment and 5.1 CORPORATE NAME 57 » 16 operating standards on occupational assistance to Antauta and Ajoyani municipalities health and5.2 CORPORATEhygiene. PURPOSE AND TERM 57 to enhance their citizen security system by » 20 instructions5.3 INCORPORATION on the Occupational AND REGISTRATION Health 57 nancing the municipal guard sta and and Safety System’s key elements. fumigation payments. 5.4 ECONOMIC GROUP 57 5.5 SOCIAL CAPITAL, NUMBER AND NOMINAL VALUE OF SHARES 58 Among our social and development investments, Main safety-related5.6 TYPES OF SHARESactions AND SHAREHOLDING STRUCTUREMain health-related actions: 58 the project Fibra Emprendedora stands out: » 5.7 EVOLUTION OF STOCK PRICE 60 craftswomen who expanded their markets based Our Smelting Plant and Re nery of Pisco received » Our mining units develop “Plans for the Surveillance, on the quality of their products. The project ISO 45001:20185.8 TAX TREATMENT certi cation Occupational Health Prevention and Control of COVID-19”60 in line with and Safety System from the international the law and the best health and hygiene practices “Mallas Antauta” also stands out. It has improved 5.9 JUDICIAL, ADMINISTRATIVE OR ARBITRATION PROCEEDINGS 61 certi cation company Bureau Veritas. recommended by the ICMM, OSHA (guidance native pasture management and conservation in 6.» CORPORATE We were ranked GOVERNANCE third among ICMM’s 25 member on preparing workplaces for COVID-19)63 and ILO family production units by installing companies6.1 PROFESSIONAL for our Health and TRAJECTORY Safety performance OF DIRECTORS (checklist – prevention and mitigation63 of COVID-19 management and herding fences. Moreover, after comparing our Recordable Injury Frequency in the workplace). 6.2 OTHER ASPECTS RELATED TO THE BOARD OF DIRECTORS 66 animal health campaigns were conducted in the rate (IFLR) recorded in the publication “Safety https://www.youtube.com/watch?v=s3-KjtAKfJY area of direct inuence. Data: Benchmarking6.3 PROFESSIONAL Progress TRAJECTORY of ICMM Members OF MANAGERS » Our Pucamarca, Pisco and San Rafael66 units and in 2019”. our Mina Justa project received the COVID-19 Last but not least, in relation to local employment, » We disseminated the ICMM’s 8 lessons learned to Biosafety certification and safeguard label from the we had an average of 750 local workers, with a » prevent fatalities to all our line supervisors of our international certification company Bureau Veritas. » peak of 898 local workers in September. And, operations, both in Peru and Brazil. We defined and disseminated the four key » We disseminated the Occupational Health and behaviors to win the battle against COVID-19, regarding local purchases and services, US$ 8.5 Safety System: MINSEGUR, zero is possible!, to all which were strengthened through the health and million were generated, considering those who line supervisors of our operations in Peru and safety moments issued in 2020. worked directly for Minsur and contractors. Thus, Brazil. » We developed and implemented the web we are helping to reactivate the economy in the » We issued the following policies: “Policy on the application and mobile app “Health and Safety – area. right to say NO” and “Occupational Health and Mining Division”, which allows all workers to assess Safety policy”. their health status (triage) online, as well as their » We developed campaigns to prevent accidents COVID-19 self- evaluation and to record people ZERO VISION, with the participation of all workers, with whom they interacted in the list of contacts. including contractors, in our operations in Peru Mobile app and Brazil. Web application » We developed prevention and health promotion campaigns, which included vaccination campaigns » against influenza and pneumococcal disease in our operations in Peru. » » We verified the level of implementation of the 16 occupational health and hygiene operational standards in our operations.

54149 The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was donated to Melgar province, which was installed in the San Juan de Dios de Ayaviri Hospital, in addition to the contribution of S/. 250 thousand to Caritas-Puno to co-fund the purchase of an additional oxygen plant.

ANNUAL REPORT 2020

a. Occupational Health and Safety Performance InCONTENT 2020, no fatalities were reported in our resulted in permanent disability. In addition,PAG we Lat but not least, it is worth highlighting the operations. Since February 2009 to date no had 17 recordable injuries, out of which 6 (35%) 5. GENERAL INFORMATION 57 economic reactivation project in Ajoyani that occupational fatal accidents have been reported involved Minsur’s employees and 11 (65%) demanded a S/. 200 thousand investment and in Minsur´s 5.1MUs. CORPORATE NAME involved outsourced workers. 57 assistance to Antauta and Ajoyani municipalities 5.2 CORPORATE PURPOSE AND TERM 57 to enhance their citizen security system by We had 9 lost-time5.3 INCORPORATION accidents, out AND of which REGISTRATION 3 (33%) The Recordable Injury Frequency Rate57 (RIFR) was nancing the municipal guard sta and involved Minsur’s employees and 6 (67%) involved 2.08, which meant an 11% increase as compared to 5.4 ECONOMIC GROUP 57 fumigation payments. outsourced workers. None of these accidents the last three years’ average (2017, 2018 and 2019). 5.5 SOCIAL CAPITAL, NUMBER AND NOMINAL VALUE OF SHARES 58 Among our social and development investments, 5.6 TYPES OF SHARES AND SHAREHOLDING STRUCTURE 58 the project Fibra Emprendedora stands out: Accident indicators5.7 EVOLUTION from 2015 OF STOCK to 2020* PRICE 60 craftswomen who expanded their markets based Indicator 2015 2016 2017 2018 2019 2020 on the quality of their products. The project 5.8 TAX TREATMENT 60 “Mallas Antauta” also stands out. It has improved Fatal accidents5.9 JUDICIAL, ADMINISTRATIVE0 0 OR ARBITRATION0 PROCEEDINGS0 0 61 0 native pasture management and conservation in Accidents6. CORPORATE resulting GOVERNANCE 63 1 5 3 5 2 9 family production units by installing in loss of workdays6.1 PROFESSIONAL TRAJECTORY OF DIRECTORS 63 management and herding fences. Moreover, Recordable injuries 21 20 17 16 21 17 animal health campaigns were conducted in the 6.2 OTHER ASPECTS RELATED TO THE BOARD OF DIRECTORS 66 Man/hours worked area of direct inuence. 6.3 PROFESSIONAL7’164,553 TRAJECTORY7´596,657 OF MANAGERS8´538,603 9´204,191 11´135,335 668´175,638

Last but not least, in relation to local employment, *MINSUR (San Rafael MU, Pucamarca MU, SPR of Pisco) we had an average of 750 local workers, with a peak of 898 local workers in September. And, Recordable Injury Frequency Rate (RIFR) regarding local purchases and services, US$ 8.5 million were generated, considering those who worked directly for Minsur and contractors. Thus, we are helping to reactivate the economy in the area.

524 50 The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was donated to Melgar province, which was installed in the San Juan de Dios de Ayaviri Hospital, in addition to the contribution of S/. 250 thousand to Caritas-Puno to co-fund the purchase of an additional oxygen plant.

ANNUAL REPORT 2020

3.7.CONTENT COMMERCIALIZATION PAG Lat but not least, it is worth highlighting the 5. GENERAL INFORMATION 57 economic reactivation project in Ajoyani that 2020 was clearly a year marked by COVID-19. As for gold, its commercialization had to deal with demanded a S/. 200 thousand investment and Pursuant 5.1to CORPORATEthe law NAME(Supreme Decree many logistical challenges due to the 57suspension assistance to Antauta and Ajoyani municipalities 044-PCM-2020)5.2 CORPORATE and in line PURPOSE with our AND company’s TERM of commercial ights, both domestic57 and to enhance their citizen security system by values of putting5.3 INCORPORATION our workers’ ANDhealth REGISTRATION and safety international ones. However, a re nery 57with which nancing the municipal guard sta and rst, in March we suspended our operations in San we have a commercial relationship chartered 5.4 ECONOMIC GROUP 57 fumigation payments. Rafael MU and the SPR of Pisco. This measure entire ights to consolidate cargo. This measure prevented 5.5us SOCIAL from CAPITAL,ful lling NUMBER our contractAND NOMINAL allowed VALUE us to OF continue SHARES selling dore. 58 Among our social and development investments, obligations 5.6due TYPES to force OF majeure, SHARES ANDas established SHAREHOLDING in STRUCTURE 58 the project Fibra Emprendedora stands out: our commercial5.7 EVOLUTION agreements. OF STOCK PRICE Regarding ferroalloys, the niobium 60(Nb) and craftswomen who expanded their markets based tantalum (Ta) market contracted due to the 5.8 TAX TREATMENT 60 on the quality of their products. The project Close coordination and constant communication, pandemic, especially in the aerospace industry “Mallas Antauta” also stands out. It has improved both on the5.9 JUDICIAL,government’s ADMINISTRATIVE decisions and OR ARBITRATIONon chain. However, PROCEEDINGS the development of new61 markets native pasture management and conservation in internal6. CORPORATE measures, GOVERNANCE were essential to minimize the and enhancements in the quality of our63 products family production units by installing impact on6.1 our PROFESSIONAL customers. TRAJECTORY After resuming OF DIRECTORS drove sales to levels that exceeded 363 thousand management and herding fences. Moreover, operations, during the second quarter of May, we tons for that year. For 2021, we remain focused on 6.2 OTHER ASPECTS RELATED TO THE BOARD OF DIRECTORS 66 animal health campaigns were conducted in the restarted our shipments. responding to the recovery of consumption in our area of direct inuence. 6.3 PROFESSIONAL TRAJECTORY OF MANAGERSmain markets: China and Europe. 66 Still with uncertainty, in the following months, the Last but not least, in relation to local employment, wish to recover and resume activities resulted in a we had an average of 750 local workers, with a larger demand for tin in the last quarter of 2020. peak of 898 local workers in September. And, This allowed us to deliver our entire production regarding local purchases and services, US$ 8.5 and we were able to even close 2020 with lesser million were generated, considering those who stocks than planned. worked directly for Minsur and contractors. Thus, we are helping to reactivate the economy in the area.

534 51 The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was donated to Melgar province, which was installed in the San Juan de Dios de Ayaviri Hospital, in addition to the contribution of S/. 250 thousand to Caritas-Puno to co-fund the purchase of an additional oxygen plant.

ANNUALMEMORIA REPORT ANUAL 2020

CONTENT PAG Lat but not least, it is worth highlighting the economic reactivation project in Ajoyani that 5. GENERAL INFORMATION 57 demanded a S/. 200 thousand investment and 5.1 CORPORATE NAME 57 assistance to Antauta and Ajoyani municipalities 5.2 CORPORATE PURPOSE AND TERM 57 to enhance their citizen security system by 5.3 INCORPORATION AND REGISTRATION 57 nancing the municipal guard sta and 04. fumigation payments. 5.4 ECONOMIC GROUP 57 5.5 SOCIAL CAPITAL, NUMBER AND NOMINAL VALUE OF SHARES 58 Among our social and development investments, RESULT5.6 TYPES OF SHARES AND SHAREHOLDING STRUCTURE 58 the project Fibra Emprendedora stands out: 5.7 EVOLUTION OF STOCK PRICE 60 craftswomen who expanded their markets based on the quality of their products. The project 5.8 TAX TREATMENT 60 “Mallas Antauta” also stands out. It has improved 5.9 JUDICIAL, ADMINISTRATIVE OR ARBITRATION PROCEEDINGS 61 native pasture management and conservation in 6. CORPORATE GOVERNANCE 63 family production units by installing 6.1 PROFESSIONAL TRAJECTORY OF DIRECTORS 63 management and herding fences. Moreover, 4.1. FINANCIAL animal health campaigns were conducted in the RESULTS6.2 OTHER ASPECTS RELATED TO THE BOARD OF DIRECTORS 66 area of direct inuence. 6.3 PROFESSIONAL TRAJECTORY OF MANAGERS 66 2020 was a year of transformation and full of despite the shutdowns. In the gold line, Last but not least, in relation to local employment, challenges for the Mining Division. On the production was lower due to lower ore grades we had an average of 750 local workers, with a operating and nancial side, our results were because of resource depletion, but it was in line peak of 898 local workers in September. And, impacted by mandatory shutdowns in all our with our estimated values. Notwithstanding the regarding local purchases and services, US$ 8.5 operating units, which required that we made above, Pucamarca remains one of the world’s gold million were generated, considering those who strategic decisions to protect the company’s mines with lower costs. worked directly for Minsur and contractors. Thus, nancial soundness. we are helping to reactivate the economy in the area. In the tin line, 2020 was the rst full year of production of our B2 plant and we achieved values above the design parameters, which allowed us to maintain 2019’s production level

544 52 The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was donated to Melgar province, which was installed in the San Juan de Dios de Ayaviri Hospital, in addition to the contribution of S/. 250 thousand to Caritas-Puno to co-fund the purchase of an additional oxygen plant.

We shall also mention the donation of a cremation furnace to the Charitable association San Román Juliaca, the support to the Juliaca San Rafael had a very challenging context, since it health network (EsSalud) with 50 oxygen tanks, was one of the rst mining units nationwide that and 50 hospital beds, and to the San Roman suspended its production operations in order to health network, particularly to the Carlos Monge prevent transmission and implement the necessary Medrano hospital, with 55 hospital beds and 100 health protocols. To restart operations, we had a oxygen tanks. Likewise, we shall mention the dialogue with the people and their authorities, e orts to acquire a type-II ambulance that will be aiming at establishing preventive measures and at delivered to the Ajoyani healthcare center in the strengthening the local health system, considering rst quarter of 2021, the repairs and upgrades that a signicant percentage of workers of the made to the Antauta healthcare center, mining unit stays in Antatuta. In parallel, health refurbishment of the CETPRO of Antauta so that it authorities of Melgar province and Puno region can be used as the district’s isolation center, and also called for Minsur to join e orts to ght the the strengthening of Antauta and Ajoyani spread of the disease. healthcare centers by providing more sta and biosecurity equipment.

ANNUAL REPORT 2020

Pro ts and Losses 2020 2020, consolidation of this initiative allowed us to Lat but not least, it is worth highlighting the Item Unit 2018 2019 2020 Var ( %) increase the processing capacity of Pisco’s furnace economic reactivation project in Ajoyani that to a processing level of 5,870 tons of tin Net sales USD MM 491.4 529.8 501.8 -5% demanded a S/. 200 thousand investment and concentrate per month (the best result in the last assistance to Antauta and Ajoyani municipalities Cost of sales USD MM (243.5) (287.3) (297.3) 3% 13 years). to enhance their citizen security system by Gross pro t USD MM 248.0 242.5 204.5 -16% nancing the municipal guard sta and Selling expenses USD MM -4.6 -5.8 -5.2 -9% fumigation payments. Administrative expenses USD MM -34.9 -41.3 -33.2 -20% Exploration and project expenses USD MM -27.4 -24.3 -5.7 -77% Among our social and development investments, the project Fibra Emprendedora stands out: Other operational expenses, net USD MM -6.0 -3.1 0.5 - craftswomen who expanded their markets based Operating pro t USD MM 175.0 167.9 160.8 -4% on the quality of their products. The project Financial income and expenses and others, net USD MM 37.1 -6.2 -28.9 370% “Mallas Antauta” also stands out. It has improved Results of subsidiaries and associated companies USD MM -44.1 -39.9 -60.8 -52% native pasture management and conservation in Exchange di erence, net USD MM -3.6 1.4 -1.4 - family production units by installing Income before tax USD MM 164.4 123.3 69.6 -44% management and herding fences. Moreover, animal health campaigns were conducted in the Income tax USD MM -20.2 -58.8 -62.8 7% area of direct inuence. Net pro t (loss) USD MM 144.1 64.5 6.8 -89% Net margin % 29% 12% 1% - Last but not least, in relation to local employment, EBITDA USD MM 242.5 236.7 237.6 -29% we had an average of 750 local workers, with a EBITDA margin % 49% 45% 47% - peak of 898 local workers in September. And, Net prot adjusted USD MM 71.3 97.7 69.1 -29% regarding local purchases and services, US$ 8.5 million were generated, considering those who worked directly for Minsur and contractors. Thus, Our sales Furthermore, we implemented savings plans and we are helping to reactivate the economy in the optimizations that allowed us mitigating Net sales were US$ 501.8 million in 2020, that is area. Covid-19 e ects. 5% below 2019’s sales, mainly due to the impact

of lower gold production (-23%) and the lower Our sales to North America and Europe average tin price (-8%), which was partially o set represented the two main destinations of tin we by the gold price (+27%) that reached record produced this year (45% and 39%, highs in 2020. At the cost level, the correspondingly). It is worth mentioning that implementation of Covid-19 health and safety sales to Europe and the United States remained protocols generated additional costs in our in line with those of 2019. On the other hand, the operating units, which were mainly related to volume of gold sold fall -23%, as compared to hotel and transportation items. 2019, thus reaching 80,869 ounces. 100% of gold sales were destined to the United States. Metal prices in the international market, were marked by volatility caused by the trade war At the end of 2019, we launched the Lean between China and the United States, geopolitical Management initiative with our “Lingo” program, tensions and the beginning of the pandemic. In which is comprised by the interaction of the this context, high uncertainty was generated and operating systems, management systems, and gold -being a safe haven metal- increased its our organization’s mindsets and behaviors. In Price, which partially o set tin’s negative e ect.

5553 The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was donated to Melgar province, which was installed in the San Juan de Dios de Ayaviri Hospital, in addition to the contribution of S/. 250 thousand to Caritas-Puno to co-fund the purchase of an additional oxygen plant.

ANNUAL REPORT 2020

2020,CONTENT consolidation of this initiative allowed us to PAG Lat but not least, it is worth highlighting the increase the processing capacity of Pisco’s furnace 5. GENERAL INFORMATION 57 economic reactivation project in Ajoyani that to a processing level of 5,870 tons of tin demanded a S/. 200 thousand investment and concentrate5.1 per CORPORATE month (the NAME best result in the last 57 assistance to Antauta and Ajoyani municipalities 13 years). 5.2 CORPORATE PURPOSE AND TERM 57 to enhance their citizen security system by 5.3 INCORPORATION AND REGISTRATION 57 nancing the municipal guard sta and fumigation payments. 5.4 ECONOMIC GROUP 57 Sales per product5.5 SOCIAL line (US$ CAPITAL, million) NUMBER 2020 AND NOMINAL VALUE OF SHARES 58 Among our social and development investments, 5.6 TYPES OF SHARES AND SHAREHOLDING STRUCTURE Variation58 Sale detail Unit 2018 2019 2020 the project Fibra Emprendedora stands out: 5.7 EVOLUTION OF STOCK PRICE 2019-60 2020 craftswomen who expanded their markets based Tin t 17,483 20,092 20,410 +2% on the quality of their products. The project 5.8 TAX TREATMENT 60 “Mallas Antauta” also stands out. It has improved Gold 5.9 JUDICIAL, ADMINISTRATIVEoz OR ARBITRATION101,177 PROCEEDINGS105,643 80,869 61-23% native pasture management and conservation in 6. CORPORATE GOVERNANCE 63 family production units by installing 6.1 PROFESSIONAL TRAJECTORY OF DIRECTORS 63 management and herding fences. Moreover, animal health campaigns were conducted in the EBITDA 6.2 OTHER ASPECTS RELATED TO THE BOARD OF DIRECTORS 66 6.3 PROFESSIONAL TRAJECTORY OF MANAGERS 66 area of direct inuence. EBITDA in 2020 was US$ 237.6 million, in line with This variation corresponds mainly to the impact of what we achieved in 2019. This result is due to our subsidiaries’ and associated companies’ Last but not least, in relation to local employment, higher realized gold prices, as well as savings in results, mainly Taboca which was impacted by we had an average of 750 local workers, with a administrative expenses and delay of devaluation of the Brazilian real. Excluding these peak of 898 local workers in September. And, explorations, which was partially oset by adjustments and exceptional eects, the adjusted regarding local purchases and services, US$ 8.5 increased costs related to health and safety net income -excluding extraordinary eects, million were generated, considering those who protocols in our operating units. subsidiaries’ and associated companies’ results worked directly for Minsur and contractors. Thus, Furthermore, we implemented savings plans and and Exchange dierence- was US$ 69.1 MM, 29% we are helping to reactivate the economy in the optimizations that allowed us mitigating Net sales were US$ 501.8 million in 2020, that is Thus, net income for the 2020 FY was US$ 6.8 below the previous year. area. Covid-19 eects. 5% below 2019’s sales, mainly due to the impact million, as compared to US$ 64.5 million in 2019. of lower gold production (-23%) and the lower Our sales to North America and Europe average tin price (-8%), which was partially oset represented the two main destinations of tin we by the gold price (+27%) that reached record produced this year (45% and 39%, highs in 2020. At the cost level, the correspondingly). It is worth mentioning that implementation of Covid-19 health and safety sales to Europe and the United States remained protocols generated additional costs in our in line with those of 2019. On the other hand, the operating units, which were mainly related to volume of gold sold fall -23%, as compared to hotel and transportation items. 2019, thus reaching 80,869 ounces. 100% of gold sales were destined to the United States. Metal prices in the international market, were marked by volatility caused by the trade war At the end of 2019, we launched the Lean between China and the United States, geopolitical Management initiative with our “Lingo” program, tensions and the beginning of the pandemic. In which is comprised by the interaction of the this context, high uncertainty was generated and operating systems, management systems, and gold -being a safe haven metal- increased its our organization’s mindsets and behaviors. In Price, which partially oset tin’s negative eect.

564 54 The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was donated to Melgar province, which was installed in the San Juan de Dios de Ayaviri Hospital, in addition to the contribution of S/. 250 thousand to Caritas-Puno to co-fund the purchase of an additional oxygen plant.

ANNUAL REPORT 2020

4.2.CONTENT LIQUIDITY PAG Lat but not least, it is worth highlighting the The cash balance and cash equivalents closed the cash ow of US$ 161.2 million, that allowed us to economic reactivation project in Ajoyani that 5. GENERAL INFORMATION 57 year in US$ 284.0 million, 24% lower than at the fund investments for US$ 68.7 million and capital demanded a S/. 200 thousand investment and 5.1 CORPORATE NAME 57 end of 2019 (US$ 373.5 million). This cash balance stock contributions for US$ 182.1 million for our assistance to Antauta and Ajoyani municipalities considered 5.2deposits CORPORATE in cleared PURPOSE funds, whichAND TERM were Marcobre project. 57 to enhance their citizen security system by not considered5.3 INCORPORATION cash in the balance AND sheet. REGISTRATION 57 nancing the municipal guard sta and fumigation payments. 5.4 ECONOMIC GROUP 57 This variation5.5 respondsSOCIAL CAPITAL, mainly NUMBERto an operating AND NOMINAL VALUE OF SHARES 58 Among our social and development investments, Cash ow 20205.6 TYPES OF SHARES AND SHAREHOLDING STRUCTURE 58 the project Fibra Emprendedora stands out: Cash ow 5.7 EVOLUTION OF STOCK PRICEUnit 2017 2018 2019 60 2020 craftswomen who expanded their markets based on the quality of their products. The project Initial balance5.8 TAX TREATMENT US$ MM 506.8 495.0 610.0 60 373.5 “Mallas Antauta” also stands out. It has improved Operation activities5.9 JUDICIAL, ADMINISTRATIVE ORUS$ ARBITRATION MM 140.7PROCEEDINGS121.8 170.8 61 161.2 native pasture management and conservation in Investment6. CORPORATE activities GOVERNANCE US$ MM -91.6 -147.2 -144.6 63 -68.7 family production units by installing Financing activities6.1 PROFESSIONAL TRAJECTORY US$OF DIRECTORS MM -60.9 -154.0 -262.7 63 -182.1 management and herding fences. Moreover, Final balance US$ MM 495.0 610.0 373.5 284.0 animal health campaigns were conducted in the 6.2 OTHER ASPECTS RELATED TO THE BOARD OF DIRECTORS 66 Cash and cash equivalents US$ MM 202.9 200.1 79.4 193.4 area of direct inuence. 6.3 PROFESSIONAL TRAJECTORY OF MANAGERS 66 Over 90-day term deposits US$ MM 160.4 309.7 212.7 90.6 Financial assets at fair value through 131.7 - - - Last but not least, in relation to local employment, US$ MM we had an average of 750 local workers, with a pro t or loss peak of 898 local workers in September. And, Unlisted certi cates US$ MM - 40.6 - - regarding local purchases and services, US$ 8.5 Commercial papers US$ MM - 59.6 81.5 - million were generated, considering those who worked directly for Minsur and contractors. Thus, we are helping to reactivate the economy in the 4.3. CAPITAL AND area. FUNDING At the end of 2020, bank nancial obligations amounted to US$ 444.9 million. As a result, net leverage ratio reached 0.7x at the end of FY 2020 versus 0.3x at the end of the former FY.

Net Debt 2020 Unit 2017 2018 2019 2020 Financial obligations US$ MM 440.8 442.1 443.4 444.9 Cash US$ MM 495.1 608.7 373.5 443.4 Net debt US$ MM -54.2 -166,6 69.9 160.9 Debt / EBITDA x 1.8x 1.8x 1.9x 1.9x Net debt / EBITDA x -0.2x -0.7x 0.3x 0.7x

574 55 The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was donated to Melgar province, which was installed in the San Juan de Dios de Ayaviri Hospital, in addition to the contribution of S/. 250 thousand to Caritas-Puno to co-fund the purchase of an additional oxygen plant.

ANNUAL REPORT 2020

4.4.CONTENT OFFICERS RESPONSIBLE PAG Lat but not least, it is worth highlighting the economic reactivation project in Ajoyani that 5. GENERALFOR INFORMATION PREPARING THE 57 demanded a S/. 200 thousand investment and FINANCIAL5.1 CORPORATE STATEMENTSNAME 57 assistance to Antauta and Ajoyani municipalities 5.2 CORPORATE PURPOSE AND TERM 57 to enhance their citizen security system by IN FY 2020,5.3 Mr. INCORPORATION Patrick Alvarez ANDMedina, REGISTRATION certi ed 57 nancing the municipal guard sta and public accountant with registration number fumigation payments. 5.4 ECONOMIC GROUP 57 N°53955, was5.5 SOCIALresponsible CAPITAL, for NUMBER preparing AND our NOMINAL VALUE OF SHARES 58 Financial Statements. Among our social and development investments, 5.6 TYPES OF SHARES AND SHAREHOLDING STRUCTURE 58 the project Fibra Emprendedora stands out: The external5.7 auditor EVOLUTION has been OF STOCKParedes, PRICE Zaldívar, 60 craftswomen who expanded their markets based Burga & Asociados S.C.R.L., a member rm of Ernst on the quality of their products. The project 5.8 TAX TREATMENT 60 & Young, which issued a clean audit report on our “Mallas Antauta” also stands out. It has improved 5.9 JUDICIAL, ADMINISTRATIVE OR ARBITRATION PROCEEDINGS 61 company. native pasture management and conservation in 6. CORPORATE GOVERNANCE 63 family production units by installing 6.1 PROFESSIONAL TRAJECTORY OF DIRECTORS 63 management and herding fences. Moreover, animal health campaigns were conducted in the 6.2 OTHER ASPECTS RELATED TO THE BOARD OF DIRECTORS 66 area of direct inuence. 6.3 PROFESSIONAL TRAJECTORY OF MANAGERS 66

584 56 The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was donated to Melgar province, which was installed in the San Juan de Dios de Ayaviri Hospital, in addition to the contribution of S/. 250 thousand to Caritas-Puno to co-fund the purchase of an additional oxygen plant.

ANNUALMEMORIA REPORT ANUAL 2020

CONTENT PAG Lat but not least, it is worth highlighting the economic reactivation project in Ajoyani that 5. GENERAL INFORMATION 57 demanded a S/. 200 thousand investment and 5.1 CORPORATE NAME 57 assistance to Antauta and Ajoyani municipalities 5.2 CORPORATE PURPOSE AND TERM 05. 57 to enhance their citizen security system by 5.3 INCORPORATION AND REGISTRATION 57 nancing the municipal guard sta and fumigation payments. 5.4 ECONOMIC GROUP GENERAL 57 5.5 SOCIAL CAPITAL, NUMBER AND NOMINAL VALUE OF SHARES 58 Among our social and development investments, 5.6 TYPES OF SHARES AND SHAREHOLDING STRUCTUREINFORMATION58 the project Fibra Emprendedora stands out: 5.7 EVOLUTION OF STOCK PRICE 60 craftswomen who expanded their markets based on the quality of their products. The project 5.8 TAX TREATMENT 60 “Mallas Antauta” also stands out. It has improved 5.1. CORPORATE5.9 JUDICIAL, ADMINISTRATIVE NAME OR ARBITRATION5.3. INCORPORATION PROCEEDINGS AND61 native pasture management and conservation in 6. CORPORATE GOVERNANCE 63 family production units by installing The name of6.1 the PROFESSIONAL company is TRAJECTORY MINSUR S.A. OF Our DIRECTORS REGISTRATION IN THE PUBLIC63 management and herding fences. Moreover, administrative oces are located in Lima, Jirón animal health campaigns were conducted in the Giovanni Batista6.2 OTHER Lorenzo ASPECTS Bernini RELATED 149, Oce TO THE 501 BOARD – REGISTRY OF DIRECTORS 66 area of direct inuence. A, San Borja.6.3 Its PROFESSIONALphone number TRAJECTORYis (511) 215-8330. OF MANAGERS Our company was incorporated and66 began operations in October 6, 1977 by transforming the Last but not least, in relation to local employment, Peru branch of MINSUR Partnership Limited of we had an average of 750 local workers, with a Bahamas, called MINSUR limited company, which peak of 898 local workers in September. And, 5.2. CORPORATE PURPOSE had been operating in Peru since 1966, as per regarding local purchases and services, US$ 8.5 Deed certi ed by the Public Notary of Lima, Dr. million were generated, considering those who AND TERM Ricardo Fernandini Arana, registered in the folio 8, worked directly for Minsur and contractors. Thus, Our activity is classi ed under code 1320 in Review page 183 of Volume 17 of the Book of we are helping to reactivate the economy in the 3.1, and code 0729 in Review 4 of the International Corporations and other Legal Entities, of the area. Standard Industrial Classi cation (ISIC). It Public Mining Registry of Lima. speci cally exploits tin and gold ore.

According to its Bylaws, the corporate purpose of MINSUR S.A. allows to carry out all activities involving the mining industry and, particularly the 5.4. ECONOMIC GROUP exploration and exploitation of mineral deposits, Our company is part of the economic group processing their products, processing plants, declared to the Securities authority (SMV) and the mineral re ning, as well as all related operations Lima Stock Exchange, by Futura Consorcio for these purposes. In addition, it may conduct any Inmobiliario S.A. The abovementioned business actions and enter into any agreements related to group has investments in various economic commercial and mining activities, as well as sectors, such as: agriculture, construction, purchasing and selling property, real estate and industry, real estate, mining, shing, securities, and all those permitted by the law. petrochemicals, health, nancial services and Under its Bylaws, the company is organized for an insurance, tourism, as well as other activities and unlimited duration. specialized services.

594 57 The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was donated to Melgar province, which was installed in the San Juan de Dios de Ayaviri Hospital, in addition to the contribution of S/. 250 thousand to Caritas-Puno to co-fund the purchase of an additional oxygen plant.

ANNUAL REPORT 2020

CONTENT PAG Lat but not least, it is worth highlighting the economic reactivation project in Ajoyani that 5. GENERAL INFORMATION 57 demanded a S/. 200 thousand investment and 5.1 CORPORATE NAME 57 The main companies of this economic group are: assistance to Antauta and Ajoyani municipalities 5.6. TYPES OF SHARES AND AESA Infraestructura5.2 CORPORATE y Minería, PURPOSE Centria, AND ClínicaTERM 57 to enhance their citizen security system by Internacional,5.3 INCORPORATIONIntursa, Melón, ANDMinsur, REGISTRATION Qroma, SHAREHOLDING STRUCTURE57 nancing the municipal guard sta and Raura, RIMAC Seguros, RIMAC EPS, Taboca, Tasa fumigation payments. 5.4 ECONOMIC GROUP We do not have shares of own issuance57 in the and Urbanova. Furthermore, in partnership with 5.5 SOCIAL CAPITAL, NUMBER AND NOMINALportfolio, VALUE or OF repurchased SHARES by the company,58 nor the Spanish group BBVA, it shares ownership of Among our social and development investments, have the Shareholder general meeting delegated BBVA Banco5.6 Continental. TYPES OF SHARES AND SHAREHOLDING STRUCTURE 58 the project Fibra Emprendedora stands out: 5.7 EVOLUTION OF STOCK PRICE its powers to approve the increase in 60capital to craftswomen who expanded their markets based the Board of Directors. At the end of FY 2020, the on the quality of their products. The project 5.8 TAX TREATMENT company had two common shareholders,60 out of “Mallas Antauta” also stands out. It has improved 5.5. SHARE5.9 JUDICIAL, CAPITAL, ADMINISTRATIVE OR ARBITRATIONwhich only PROCEEDINGS one has a share of more than61 5%. native pasture management and conservation in NUMBER6. CORPORATE AND GOVERNANCE NOMINAL 63 family production units by installing 6.1 PROFESSIONAL TRAJECTORY OF DIRECTORSOur main shareholders 63 management and herding fences. Moreover, VALUE OF SHARES 6.2 OTHER ASPECTS RELATED TO THE BOARD OF DIRECTORSShare Nationality Economic66 animal health campaigns were conducted in the group 6.3 PROFESSIONAL TRAJECTORY OF MANAGERS 66 area of direct inuence. Since 2010, the share capital remained S/ Inversiones 99.99995% Peruvian - 1,922’001,500 represented by 19,220,015 Breca S. A. Last but not least, in relation to local employment, common registered shares with a nominal value Another - 00.00005% Peruvian - we had an average of 750 local workers, with a of S/ 100.00 each, all fully subscribed and fully shareholder peak of 898 local workers in September. And, paid. Total 100.00000% - - regarding local purchases and services, US$ 8.5 million were generated, considering those who The abovementioned share capital was agreed at Common shares worked directly for Minsur and contractors. Thus, the Shareholder’s Meeting, held on November 26, Number of % of Ownerships we are helping to reactivate the economy in the 2010, and speci ed in a Deed certi ed by the shareholders participation area. Notary Dr. Ricardo Fernandini Barreda, on Less than 1% 1 0.00005% December 2, 2010, agreement that was registered in entry B 00006 of the Electronic Record N° Between 1% - 5% 0 -- 01141929 of the Legal Entities Registry of Lima Between 5% - 10% 0 -- and Callao. All our shares confer their holders the More than 10% 1 99.99995% right to vote. Total 2 100.00000%

604 58 The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was donated to Melgar province, which was installed in the San Juan de Dios de Ayaviri Hospital, in addition to the contribution of S/. 250 thousand to Caritas-Puno to co-fund the purchase of an additional oxygen plant.

ANNUAL REPORT 2020

EquityCONTENT stocks are registered in the Securities PAG Lat but not least, it is worth highlighting the Public Registry, and are the only securities issued 5. GENERAL INFORMATION 57 economic reactivation project in Ajoyani that by Minsur S.A., listed on the stock market. demanded a S/. 200 thousand investment and 5.1 CORPORATE NAME 57 assistance to Antauta and Ajoyani municipalities As of December5.2 CORPORATE 31, 2020, equity PURPOSE stocks AND issued TERM by 57 to enhance their citizen security system by the company5.3 amounted INCORPORATION to 960’999,163 AND REGISTRATION shares of 57 nancing the municipal guard sta and a nominal value of S/. 1 each. fumigation payments. 5.4 ECONOMIC GROUP 57 5.5 SOCIAL CAPITAL, NUMBER AND NOMINAL VALUE OF SHARES 58 Among our social and development investments, 5.6 TYPES OF SHARES AND SHAREHOLDING STRUCTURE 58 the project Fibra Emprendedora stands out: Equity stocks5.7 EVOLUTION OF STOCK PRICE 60 craftswomen who expanded their markets based Number of Percentage Ownership 5.8 TAX TREATMENT 60 on the quality of their products. The project shareholders of participation “Mallas Antauta” also stands out. It has improved Less than 1%5.9 JUDICIAL,2,717 ADMINISTRATIVE18.28222% OR ARBITRATION PROCEEDINGS 61 native pasture management and conservation in Between6. CORPORATE 1% - 5% GOVERNANCE6 15.19085% 63 family production units by installing 6.1 PROFESSIONAL TRAJECTORY OF DIRECTORS 63 management and herding fences. Moreover, Between 5% - 10% 6 45.30282% animal health campaigns were conducted in the More than 10%6.2 OTHER ASPECTS1 RELATED21.22411% TO THE BOARD OF DIRECTORS 66 area of direct inuence. Total 6.3 PROFESSIONAL2,730 TRAJECTORY100.00000% OF MANAGERS 66

Last but not least, in relation to local employment, Structure of Minsur S.A.’s subsidiaries and we had an average of 750 local workers, with a investments peak of 898 local workers in September. And, Subsidiaries regarding local purchases and services, US$ 8.5 Subsidiaries of Minera Owner- Latinoameri- of Minsur Ownership million were generated, considering those who ship cana S. A. C. S. A. and Cumbres worked directly for Minsur and contractors. Thus, Andinas S. A. C. we are helping to reactivate the economy in the area. Mineração 99.90% Taboca S. A. and subsidiaries Minera Lati- Inversiones 85.39% noamerica- Cordillera del Sur na S. A. C. 99.90% Ltda. And subsidiaries Minera Andes 100.00% del Sur S. P. A. Cumbres 99.99% Marcobre S. A. C. 99.99% Andinas S. A. C. Mr. Emilio Alfageme Rodríguez Larraín, Attorney with C.A.L. (Lima Bar Association) number 18694, who serves as Corporate Legal Manager of the company is responsible for the Securities Department.

64159 The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was donated to Melgar province, which was installed in the San Juan de Dios de Ayaviri Hospital, in addition to the contribution of S/. 250 thousand to Caritas-Puno to co-fund the purchase of an additional oxygen plant.

ANNUAL REPORT 2020

5.7.CONTENT EVOLUTION OF THE PAG Lat but not least, it is worth highlighting the economic reactivation project in Ajoyani that 5. GENERALSTOCK INFORMATION PRICE 57 demanded a S/. 200 thousand investment and 5.1 CORPORATE NAME 57 assistance to Antauta and Ajoyani municipalities 5.2 CORPORATE PURPOSE AND TERM 57 to enhance their citizen security system by 5.3 INCORPORATION AND REGISTRATION 57 nancing the municipal guard sta and fumigation payments. Variable income5.4 ECONOMIC GROUP 57 5.5 SOCIAL CAPITAL, NUMBER AND NOMINAL VALUE OF SHARES 58 PRICES 2020 Average Among our social and development investments, Year - ISIN Code 5.6 TYPESMnemonic OF SHARES AND SHAREHOLDING STRUCTURE 58price Month Opening Closing Maximum Minimum the project Fibra Emprendedora stands out: 5.7 EVOLUTION OF STOCK PRICE 60 craftswomen who expanded their markets based on the quality of their products. The project 5.8 TAX TREATMENT 60 “Mallas Antauta” also stands out. It has improved 5.9 JUDICIAL, ADMINISTRATIVE OR ARBITRATION PROCEEDINGS 61 native pasture management and conservation in 6. CORPORATE GOVERNANCE 63 family production units by installing 6.1 PROFESSIONAL TRAJECTORY OF DIRECTORS 63 management and herding fences. Moreover, animal health campaigns were conducted in the 6.2 OTHER ASPECTS RELATED TO THE BOARD OF DIRECTORS 66 area of direct inuence. 6.3 PROFESSIONAL TRAJECTORY OF MANAGERS 66

Tax authorities are entitled to review and -as pending review by the tax authority. To date, the applicable- to correct the Income tax calculated Tax Administration has reviewed Income Tax by our Company within the next four years after returns corresponding to the FY 2000 to 2014, and having led the corresponding tax returns. Sales tax returns for FY 2000 to December 2008. Income tax returns for the years 2016 to 2020 and Sales tax returns for the years 2016 to 2020 are

624 60 The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was donated to Melgar province, which was installed in the San Juan de Dios de Ayaviri Hospital, in addition to the contribution of S/. 250 thousand to Caritas-Puno to co-fund the purchase of an additional oxygen plant.

ANNUAL REPORT 2020

5.9.CONTENT JUDCIAL, ADMINISTRATIVE PAG Lat but not least, it is worth highlighting the economic reactivation project in Ajoyani that 5. GENERALOR ARBITRATIONINFORMATION PROCEEDINGS 57 demanded a S/. 200 thousand investment and 5.1 CORPORATE NAME 57 from the Azufre River for mining purposes, for and the Court of second instance did not assistance to Antauta and Ajoyani municipalities an up to 20.25L/s ow to be used in the uphold our claim. Thus, we have led an 5.2 CORPORATE PURPOSE AND TERM 57 Pucamarca mining unit. appeal for cassation, aiming at reversing this to enhance their citizen security system by As of 2020, Minsur S.A. has -among others- the issued a Decision partially upholding the 5.3 INCORPORATION AND REGISTRATION 57 decision. nancing the municipal guard sta and following Contentious Administrative lawsuits claim. Subsequently, last October, the fumigation payments. (CALs), which5.4 due ECONOMIC to their importance GROUP are detailed Superior Court of Tacna con rmed57 the rst On the other hand, we have 2 CALs led by It is worth pointing out that our external below: 5.5 SOCIAL CAPITAL, NUMBER AND NOMINALinstance VALUE OF Decision. SHARES Minsur S.A. then58 led the Minsur S.A., by which we claim that the 2 lawyers refer that it is very likely that the Among our social and development investments, 5.6 TYPES OF SHARES AND SHAREHOLDING STRUCTUREcorresponding appeal, which has58 been Resolutions issued by the Ministry of Energy Decision in the rst lawsuit will uphold our the project Fibra Emprendedora stands out: A. Contentious5.7 EVOLUTION administrative OF STOCK lawsuit PRICE led in admitted by the Third Transitory60 craftswomen who expanded their markets based Constitutional and Social Chamber of the and Mines that hold us responsible for the claim, and that there is a good probability to January5.8 2019 TAX TREATMENTby Minsur S.A. against 60 mining environmental liabilities, also obtain a favorable decision to Minsur on the quality of their products. The project OSINERGMIN’s Resolution imposing us a ne Supreme Court. Currently, we are waiting the “Mallas Antauta” also stands out. It has improved 5.9 JUDICIAL, ADMINISTRATIVE OR ARBITRATIONhearing PROCEEDINGS to be scheduled by the Permanent61 corresponding to mining concessions that S.A.'s interests in the second lawsuit. of 110.42 Tax Units for allegedly not having were explored in the 1980s, shall be declared native pasture management and conservation in 6. CORPORATE GOVERNANCE Constitutional and Social Chamber63 of the authorization to operate a Slag Milling Plant null and void. One of them is pending family production units by installing at our Tin6.1 Smelting PROFESSIONAL and Re nery TRAJECTORY plant. In OF this DIRECTORS Supreme Court, which shall decide63 either to management and herding fences. Moreover, uphold or dismiss our appeal. In the event decision by the Court of rst instance. And in regard, 6.2it is OTHER important ASPECTS to RELATEDpoint out TO that THE inBOARD OF DIRECTORS 66 the other one, both the Court of rst Instance animal health campaigns were conducted in the January 2021, the decision made by the Court that our appeal is dismissed, the 6.3 PROFESSIONAL TRAJECTORY OF MANAGERS 66 area of direct inuence. of rst instance upholding our claim has been administrative resolutions that recti ed the uploaded in the Judiciary Consultation geographic coordinates of the water wells Last but not least, in relation to local employment, System. It still needs to be noti ed, and thus used in the operation of the Pucamarca we had an average of 750 local workers, with a the deadlines for OSINERGMIN to le an mining project will be null and void. This peak of 898 local workers in September. And, appeal -as it may be applicable- are not could result in an administrative lawsuit regarding local purchases and services, US$ 8.5 running. As a consequence, the Court of rst questioning the continuity of this operation, million were generated, considering those who instance has revoked the Resolution that provided that such coordinates are not worked directly for Minsur and contractors. Thus, imposed us the ne. renewed. we are helping to reactivate the economy in the area. However, it is our lawyers’ opinion that this is an unlikely contingency, since they consider that there it is very likely that the appeal will B. Contentious administrative lawsuit led in November 2007 by the Tacna Valley Users be upheld; and in any case, in the event of a Association, against the Technical negative scenario, Minsur could avoid an Management of the Tacna Irrigation District, impact to its operation by adopting the Regional Agriculture Directorate of Tacna, alternative administrative measures aimed at Minsur and the Ministry of Agriculture. With timely replacing the authorization for the use this lawsuit, the Tacna Valley Users of the abovementioned water wells. Association claims that the Ministerial Resolution 497- 2007-AG, related to the Likewise, we must inform that on November operation of water wells that provide part of 22, 2018, we were noti ed with Directorial the water resources used in our Pucamarca Resolution 1735-2018, by which the Caplina operation, has to be declared null and void. In Ocoña Water Administrative Authority January 2017, the Court of rst instance granted us a License to Use Surface Water

634 61 The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was donated to Melgar province, which was installed in the San Juan de Dios de Ayaviri Hospital, in addition to the contribution of S/. 250 thousand to Caritas-Puno to co-fund the purchase of an additional oxygen plant.

ANNUAL REPORT 2020

CONTENT PAG Lat but not least, it is worth highlighting the economic reactivation project in Ajoyani that 5. GENERAL INFORMATION 57 demanded a S/. 200 thousand investment and from the5.1 Azufre CORPORATE River for NAME mining purposes, for and the Court of second instance57 did not an up to 20.25L/s ow to be used in the uphold our claim. Thus, we have led an assistance to Antauta and Ajoyani municipalities 5.2 CORPORATE PURPOSE AND TERM 57 to enhance their citizen security system by issued a Decision partially upholding the Pucamarca mining unit. appeal for cassation, aiming at reversing this 5.3 INCORPORATION AND REGISTRATION 57 nancing the municipal guard sta and claim. Subsequently, last October, the decision. fumigation payments. Superior Court of Tacna con rmed the rst 5.4 ECONOMIC GROUP 57 instance Decision. Minsur S.A. then led the C. On the 5.5other SOCIAL hand, CAPITAL, we have NUMBER 2 CALs ledAND byNOMINAL It VALUE is worth OF SHARESpointing out that our58 external Minsur S.A., by which we claim that the 2 lawyers refer that it is very likely that the Among our social and development investments, corresponding appeal, which has been 5.6 TYPES OF SHARES AND SHAREHOLDING STRUCTURE 58 Resolutions issued by the Ministry of Energy Decision in the rst lawsuit will uphold our the project Fibra Emprendedora stands out: Contentious administrative lawsuit led in admitted by the Third Transitory 5.7 EVOLUTION OF STOCK PRICE 60 craftswomen who expanded their markets based Constitutional and Social Chamber of the and Mines that hold us responsible for the claim, and that there is a good probability to January 2019 by Minsur S.A. against mining 5.8 TAXenvironmental TREATMENT liabilities, also obtain a favorable decision 60to Minsur on the quality of their products. The project OSINERGMIN’s Resolution imposing us a ne Supreme Court. Currently, we are waiting the “Mallas Antauta” also stands out. It has improved hearing to be scheduled by the Permanent corresponding5.9 JUDICIAL, to mining ADMINISTRATIVE concessions OR that ARBITRATION S.A.'s PROCEEDINGS interests in the second lawsuit.61 of 110.42 Tax Units for allegedly not having were explored in the 1980s, shall be declared native pasture management and conservation in Constitutional and Social Chamber of the 6. CORPORATE GOVERNANCE 63 authorization to operate a Slag Milling Plant null and void. One of them is pending family production units by installing at our Tin Smelting and Re nery plant. In this Supreme Court, which shall decide either to 6.1 PROFESSIONAL TRAJECTORY OF DIRECTORS 63 management and herding fences. Moreover, uphold or dismiss our appeal. In the event decision by the Court of rst instance. And in regard, it is important to point out that in the other6.2 one, OTHER both ASPECTS the Court RELATED of rst TO Instance THE BOARD OF DIRECTORS 66 animal health campaigns were conducted in the January 2021, the decision made by the Court that our appeal is dismissed, the 6.3 PROFESSIONAL TRAJECTORY OF MANAGERS 66 area of direct inuence. of rst instance upholding our claim has been administrative resolutions that recti ed the uploaded in the Judiciary Consultation geographic coordinates of the water wells Last but not least, in relation to local employment, System. It still needs to be noti ed, and thus used in the operation of the Pucamarca we had an average of 750 local workers, with a the deadlines for OSINERGMIN to le an mining project will be null and void. This peak of 898 local workers in September. And, appeal -as it may be applicable- are not could result in an administrative lawsuit regarding local purchases and services, US$ 8.5 running. As a consequence, the Court of rst questioning the continuity of this operation, million were generated, considering those who instance has revoked the Resolution that provided that such coordinates are not worked directly for Minsur and contractors. Thus, imposed us the ne. renewed. we are helping to reactivate the economy in the area. However, it is our lawyers’ opinion that this is an unlikely contingency, since they consider Contentious administrative lawsuit led in that there it is very likely that the appeal will November 2007 by the Tacna Valley Users be upheld; and in any case, in the event of a Association, against the Technical negative scenario, Minsur could avoid an Management of the Tacna Irrigation District, impact to its operation by adopting the Regional Agriculture Directorate of Tacna, alternative administrative measures aimed at Minsur and the Ministry of Agriculture. With timely replacing the authorization for the use this lawsuit, the Tacna Valley Users of the abovementioned water wells. Association claims that the Ministerial Resolution 497- 2007-AG, related to the Likewise, we must inform that on November operation of water wells that provide part of 22, 2018, we were noti ed with Directorial the water resources used in our Pucamarca Resolution 1735-2018, by which the Caplina operation, has to be declared null and void. In Ocoña Water Administrative Authority January 2017, the Court of rst instance granted us a License to Use Surface Water

644 62 The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was donated to Melgar province, which was installed in the San Juan de Dios de Ayaviri Hospital, in addition to the contribution of S/. 250 thousand to Caritas-Puno to co-fund the purchase of an additional oxygen plant.

ANNUALMEMORIA REPORT ANUAL 2020

CONTENT PAG Lat but not least, it is worth highlighting the economic reactivation project in Ajoyani that 5. GENERAL INFORMATION 57 demanded a S/. 200 thousand investment and 5.1 CORPORATE NAME 57 assistance to Antauta and Ajoyani municipalities 5.2 CORPORATE PURPOSE AND TERM 57 to enhance their citizen security system by 06. 5.3 INCORPORATION AND REGISTRATION 57 nancing the municipal guard sta and fumigation payments. 5.4 ECONOMIC GROUP 57 CORPORATE5.5 SOCIAL CAPITAL, NUMBER AND NOMINAL VALUE OF SHARES 58 Among our social and development investments, 5.6 TYPES OF SHARES AND SHAREHOLDING STRUCTURE 58 the project Fibra Emprendedora stands out: 5.7 EVOLUTION OF STOCK PRICE 60 craftswomen who expanded their markets based GOVERNMENT on the quality of their products. The project 5.8 TAX TREATMENT 60 “Mallas Antauta” also stands out. It has improved 5.9 JUDICIAL, ADMINISTRATIVE OR ARBITRATION PROCEEDINGS 61 native pasture management and conservation in 6.1.6. CORPORATE PROFESSIONAL GOVERNANCE TRAJECTORY OF DIRECTORS 63 family production units by installing 6.1 PROFESSIONAL TRAJECTORY OF DIRECTORS 63 management and herding fences. Moreover, 6.2 OTHER ASPECTS RELATED TO THE BOARD OF DIRECTORS 66 animal health campaigns were conducted in the Fortunato Brescia Moreyra President area of direct inuence. 6.3 PROFESSIONAL TRAJECTORY OF MANAGERS 66 He is President of the Board of Directors of MINSUR since May 2013, a man born in Lima in 1959. He Last but not least, in relation to local employment, is a mining engineer, graduated from the Colorado School of Mines (USA) and the National we had an average of 750 local workers, with a Engineering University. Furthermore, he is Director of Breca, CEO of Marcobre and Compañía Minera peak of 898 local workers in September. And, Raura. He is also Vice-President of the Board of Directors of TASA. He is a member of the Board of regarding local purchases and services, US$ 8.5 BBVA, Intursa, Corporación Peruana de Productos Químicos, Melón (Chile) and of real estate million were generated, considering those who companies owned by Breca Group. Moreover, he is President of the Board of Directors of Aporta, a worked directly for Minsur and contractors. Thus, non-pro t association created by Breca companies to promote sustainable development programs. we are helping to reactivate the economy in the area. Alex Fort Brescia Vice President

He is the Vice-President of the Board of Directors of MINSUR since May 2013. He is a man, born in Lima in 1957. He earned a BA in economics from the Williams College (USA) and an MBA from Columbia University (USA). He is Co-President of Breca, President of the Board of Directors of the BBVA Continental, Melón (Chile) and Rímac Seguros. Furthermore, he is Vice-President of Marcobre, Futura Consorcio Inmobiliario and of real estate companies owned by Breca Group and of Corporación Peruana de Productos Químicos. Moreover, he is a member of the Board of TASA, Intursa, Raura and a member of the Board of Directors of Brein, innovation platform of Breca and Aporta, a non-pro t association created by the companies of the Breca Group to promote sustainable development initiatives.

654 63 The donation of an oxygen plant to Antauta stands out among the initiatives implemented to address Covid-19. Furthermore, another one was donated to Melgar province, which was installed in the San Juan de Dios de Ayaviri Hospital, in addition to the contribution of S/. 250 thousand to Caritas-Puno to co-fund the purchase of an additional oxygen plant.

ANNUAL REPORT 2020

CONTENT Director PAG Lat but not least, it is worth highlighting the economic reactivation project in Ajoyani that 5. GENERAL INFORMATION 57 She is a member of the Board of Directors of MINSUR since 2014. She is a woman born in Lima in 1926. demanded a S/. 200 thousand investment and 5.1 CORPORATE NAME 57 Furthermore, she is member of the Board of Directors of Breca and its subsidiaries Raura and Futura assistance to Antauta and Ajoyani municipalities Consorcio Inmobiliario.5.2 CORPORATE She PURPOSE is also the AND Honorary TERM President of the Board of Directors of the 57Peruvian to enhance their citizen security system by Center for Hearing,5.3 INCORPORATION Language and AND Learning REGISTRATION (CPAL), a non-pro t institution devoted to education57 and nancing the municipal guard sta and rehabilitation of children, adolescents and adults. As a founder and Director of the Research group on fumigation payments. 5.4 ECONOMIC GROUP 57 xerophytes, she has published the book “Jardines verdes con poca agua” (Green Gardens with little 5.5 SOCIAL CAPITAL, NUMBER AND NOMINAL VALUE OF SHARES 58 water) (Lima 2005 – First edition, Lima 2010 – Second edition and Lima 2016 – Third edition), aiming Among our social and development investments, at promoting5.6 crops TYPES of OF urban SHARES sustainable AND SHAREHOLDING plants in the Peruvian STRUCTURE coast. In 2010 she was awarded58 by the the project Fibra Emprendedora stands out: Congress with5.7 EVOLUTIONthe Medal of OF Honor STOCK in PRICEthe Rank of “Ocer” for her contribution to rehabilitation60 and craftswomen who expanded their markets based special education of people with hearing impairments. In 2009, she received the “Order of Merit for on the quality of their products. The project 5.8 TAX TREATMENT 60 Distinguished Services” in the rank of “Commander”, in recognition of her education work in CPAL and “Mallas Antauta” also stands out. It has improved 5.9 JUDICIAL, ADMINISTRATIVE OR ARBITRATION PROCEEDINGS 61 her contribution to research and promotion of xerophytes. native pasture management and conservation in 6. CORPORATE GOVERNANCE 63 family production units by installing 6.1 PROFESSIONAL TRAJECTORY OF DIRECTORS 63 management and herding fences. Moreover, Mario Brescia Moreyra Director animal health campaigns were conducted in the 6.2 OTHER ASPECTS RELATED TO THE BOARD OF DIRECTORS 66 6.3 PROFESSIONAL TRAJECTORY OF MANAGERS 66 area of direct inuence. He is Director of MINSUR since 2001 and Director of Breca. He is a man, born in Lima in 1961. He graduated in Business Administration from the Ricardo Palma University (Lima, Peru). Last but not least, in relation to local employment, we had an average of 750 local workers, with a He is a member of the Board of Directors of Breca and is also the President of the Board of TASA. He is peak of 898 local workers in September. And, also Vice-President of Melón (Chile) and Intursa, and a member of the Board of Directors of Rimac regarding local purchases and services, US$ 8.5 Seguros, of the real estate companies of Breca, of BBVA Continental, Raura, Marcobre and Corporación million were generated, considering those who Peruana de Productos Químicos. Furthermore, he is Vice-President of the Board of Aporta, a non-pro t worked directly for Minsur and contractors. Thus, association created by the Breca companies to promote sustainable development. we are helping to reactivate the economy in the area. Pedro Brescia Moreyra Director

He is Director of MINSUR since 2011. He is a man, born in Lima in 1967. An economist, who graduated from Boston University (USA). He is Co-President of Breca and chairs the Board of Directors of Corporación Peruana de Productos Químicos, of Futura Consorcio Inmobiliario and of the real estate companies of Breca Group and Intursa. He is also Vice-President of BBVA Continental and Rímac; as well as a member of the Board of Minsur, Marcobre, Raura, Melón (Chile), Tasa and of Aporta, a non-pro t association created by Breca companies to promote sustainable development.

664 64 ANNUAL REPORT 2020

CONTENT Jaime Aráoz Medanic Director PAG 5. GENERAL INFORMATION 57 Director of Minsur since March 2016. He is a man, born in Lima in 1971. He graduated in Business Administration5.1 CORPORATE from the Lima NAME University and earned an MBA from the Kellog Graduate 57School of Management5.2 (USA).CORPORATE Currently, PURPOSE he is ANDGeneral TERM Manager of Breca, its corporate center and57 Holding Continental.5.3 He INCORPORATION is also a member AND of REGISTRATIONthe Board of the Directors of Cementos Melón (Chile),57 of Futura Consorcio Inmobiliario and of the real estate companies owned by Grupo Futura Consorcio 5.4 ECONOMIC GROUP 57 Inmobiliario, Marcobre, Intursa, Qroma, Raura, Rimac and TASA. Furthermore, he is a member of the Board of Aporta5.5 SOCIAL and an CAPITAL, alternate NUMBER Director ANDof BBVA NOMINAL Continental. VALUE OF SHARES 58 5.6 TYPES OF SHARES AND SHAREHOLDING STRUCTURE 58 In addition,5.7 he EVOLUTIONis Director of OF the STOCK Instituto PRICE Peruano de Economía - IPE (Peruvian Institute of Economics).60 Since 2003 5.8he TAXis part TREATMENT of Breca, where he started as Administration Manager in Administración60 de Empresas S.A., and then as Corporate Strategy and Business Manager. He worked in the holding of Consorcio Minero5.9 JUDICIAL, S.A. (now ADMINISTRATIVE Tra gura PLC), Ser nOR ARBITRATION and Investa PROCEEDINGS(stockbroker and investing banker,61 at that time).6. CORPORATE After earning GOVERNANCE his Master’s Degree he worked at Enron in dierent positions in Houston63 (USA) up to March 2003.6.1 PROFESSIONAL TRAJECTORY OF DIRECTORS 63 6.2 OTHER ASPECTS RELATED TO THE BOARD OF DIRECTORS 66 6.3 PROFESSIONAL TRAJECTORY OF MANAGERS 66 Miguel Aramburú Álvarez-Calderón Director Independent Director of MINSUR since September 13, 2012. He is a man, born in Lima in 1963. Industrial Engineer graduated from the Ponti cal Catholic University of Peru; he earned an MBA from the Graduate School of Business of Stanford University. He is a member of the Board of Directors of Enfoca Investments, of Certus Institute, of Toulouse Lautrec Institute, of the UCAL University and is a member of the Technical Committee of Fibra Prime. He chaired the Board of Directors of Fénix Power and was a member of the Board of Andino Investment Hoildings, Neptunia, Empresa Editora El Comercio, Stracon, GyM, the Lima Stock market, Castrovirreyna Compañía Minera S.A., of Maestro Perú and of Pací co Vida. He worked in Hochschild Mining PLC for 15 years, up to March 2010, where his most recent position was CEO.

Patricio de Solminihac Tampier Director

Independent Director of Minsur since March 2019. He is a man, born in Chile in 1955. He graduated as a civil industrial engineer from the Ponti cal Catholic University of Chile and earned a Master’s Degree from the University of Chicago. From 2015 to 2018 he was the General Manager of Sociedad Quimica y Minera de Chile S.A. and Deputy General Manager from 200 to 2014, having joined the company in 1988. Currently, in Chile, he also works as a member of the Board of CMPC Celulosa S.A., Vidrios Dellorto S.A., Viñedos Terranoble S.A. and Melón S.A., subsidiary of Minsur S.A. He is Advisor of Sociedad de Fomento Fabril (Sofofa) in Chile.

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Miguel Ángel Salmón Jacobs Director Alternate Director of the Board of MINSUR since March 2013. He is a man, born in Lima in 1964. He graduatedCONTENT in law and political sciences from the Lima University. He was Legal Manager ofPA ARMCOG PERU5. GENERAL and SIDER INFORMATION PERU, as well as Legal Corporate Manager of El Comercio Group. Currently,57 he is an Alternate Director5.1 CORPORATE of Holding NAME Continental and BBVA Continental, Rímac Seguros, and of real57 estate companies of the Group, CPPQ, Intursa, Minsur and TASA. Moreover, he is the Corporate Legal Vice President of5.2 Breca CORPORATE Corporation. PURPOSE AND TERM 57 5.3 INCORPORATION AND REGISTRATION 57 5.4 ECONOMIC GROUP 57 6.2. OTHER5.5 SOCIAL ASPECTS CAPITAL, NUMBERRELATED AND NOMINAL TO THE VALUE BOARD OF SHARES OF DIRECTORS58 Directors Fortunato5.6 TYPES Brescia OF SHARES Moreyra, AND SHAREHOLDINGMario Brescia Moreyra STRUCTURE and Pedro Brescia Moreyra 58are blood relatives in second5.7 EVOLUTION degree of OF collateral STOCK PRICEline. They are also blood relatives in third degree of the60 collateral line with Director Rosa Brescia Ca erata. Likewise, they are blood relatives in fourth degree of the collateral line5.8 with TAX TREATMENTDirector Alex Fort Brescia. Director Alex Fort Brescia is blood relative in60 the rst degree of the5.9 direct JUDICIAL, line with ADMINISTRATIVE Mrs. Rosa Brescia OR ARBITRATIONCa erata. PROCEEDINGS 61 6. CORPORATE GOVERNANCE 63 6.3. PROFESSIONAL6.1 PROFESSIONAL TRAJECTORY TRAJECTORY OF DIRECTORS OF MANAGERS 63 6.2 OTHER ASPECTS RELATED TO THE BOARD OF DIRECTORS 66 6.3Juan PROFESSIONAL Luis Kruger TRAJECTORY Sayán OF MANAGERS General Manager 66

He is General Manager of MINSUR since March 2013. He graduated in Business Administration from the Pacic University, Peru, and earned a Master’s Degree in Business Administration from Harvard University, USA. He has been in Senior Management positions for over 20 years in multinational companies of the mining, nance, telecommunications and consumer goods industries in several countries of South America and has experience as a consultant in strategic management in McKinsey. Former Executive Vice President of Gold Fields Ltd. for South America and General Manager of Gold Fields La Cima S.A.A. Before that he was the CEO of LAN Perú S.A. and CFO of Glencore for the regional operations.

Yuri Alfredo Gallo Mendoza Corporate Project Manager

He is the Expansion Project Manager since July 2020, and has been working for Minsur since August 2014, holding the positions of Project Development Manager and Corporate Project Manager. He has 27 years of experience in project implementation and development, metallurgical operations and maintenance of industrial plants and infrastructure, 25 of which have been devoted to the mining industry. He has been Project Development Manager in Minsur, Engineering Manager in Ausenco – Constancia Project, Project and Engineering Manager in BHP Billiton Copper-Uranium Division in the Olympic Dam Expansion Project – Australia, Engineering and Research Manager in Yanacocha-Newmont (including the Gold Mill and Conga projects), and mechanical engineering functional manager in the Expansion project department of Southern Peru Copper for modernizing the smelting plant of Ilo, among others. He graduated as a mechanical engineer from the Pontical Catholic University of Peru and earned a Master’s Degree in Business Administration from the Private University of Tacna and a Diploma in megaproject assessment and PMP certicate.

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CONTENT Luis Argüelles Macedo Chief Operations O cer (COO)PAG 5. GENERAL INFORMATION 57 He was Director of Operations of Minsur since December 2012 to April 2017, when he became Chief Operating O cer5.1 CORPORATE (COO). He NAME has 25 years of experience in the mining industry, serving57 in senior management5.2 positions. CORPORATE Civil PURPOSE engineer, AND graduated TERM from the Pontical Catholic University of Peru,57 with Senior Management5.3 INCORPORATION studies from AND the REGISTRATION University of Piura (Lima premises), as well as various 57studies at Berkeley University, Crestcom and other institutions. 5.4 ECONOMIC GROUP 57 5.5 SOCIAL CAPITAL, NUMBER AND NOMINAL VALUE OF SHARES 58 Gonzalo5.6 TYPES Quijandría OF SHARES Fernández AND SHAREHOLDING STRUCTUREDirector of Corporate Aairs 58 5.7 EVOLUTION OF STOCK PRICE 60 He is the Director5.8 TAX of TREATMENT Corporate Aairs of Minsur since September 2013. Formerly, he served as60 Director of Corporate Aairs of Barrick Misquichilca and was the Manager of Corporate Aairs of Compañía Minera Antamina.5.9 JUDICIAL, Attorney, ADMINISTRATIVE graduated from OR the ARBITRATION Pontical Catholic PROCEEDINGS University of Peru, was a61 Fellow of the6. CORPORATENieman Foundation GOVERNANCE at Harvard University. He is the Director of Corporate Aairs of Minsur63 since September 6.12013. PROFESSIONAL Formerly, he TRAJECTORYserved as Director OF DIRECTORS of Corporate Aairs of Barrick Misquichilca63 and was the Manager of Corporate Aairs of Compañía Minera Antamina. Attorney, graduated from the 6.2 OTHER ASPECTS RELATED TO THE BOARD OF DIRECTORS 66 Pontical Catholic University of Peru, was a Fellow of the Nieman Foundation at Harvard University. He has a specialization6.3 PROFESSIONAL in mining TRAJECTORYmanagement OF from MANAGERS the Pontical Catholic University of Chile66 and has taken communication courses in the Theodore Haus Academie of Gummerbach, Germany, and Community Relations courses in Orissa, India. He participated in the Advanced Management Program of the School of Senior Management (PAD) of the University of Piura.

Diego Molina Director of Transformation and Strategy

Director of Transformation and Strategy since September 2019. He previously held the position of Director of Finances since August 2017 to September 2019. Furthermore, he held management positions in the nancial departments of Amcor (former Peruplast) and SQM. He has more than 10 years of experience in the mining and industrial sector, performing new business implementation and commercial support roles, and operations in Peru, China and other countries. He graduated as a civil engineer from the Catholic University of Chile and earned an INSEAD MBA from Tsinghua University in Singapore, China and France.

Joaquín Larrea Gubbins Director of Finances

Director of Finances since September 2019. He previously held the position of Central Manager of Corporate Development in Cementos Pacasmayo, was Director of Business Development for General Electric Peru, Ecuador and Bolivia, and a member of the Corporate Bank team of BankBoston. He has more than 15 years of experience in the concrete, fertilizer and bank sectors in project development, commercial and nancial positions. He graduated as a Business Administrator from the Lima University and earned an MBA from the Kellog School of Management of Northwestern University.

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CONTENT Ralph Alosilla-Velazco Director of Logistics and Information TechnologyPAG He5. GENERALis Director INFORMATION of Logistics and Information Technology of MINSUR since November 2015. Formerly57 he was Vice-President5.1 CORPORATE of Logistics NAME and Marketing at Gold Fields La Cima S.A. and had several management57 positions in5.2 companies CORPORATE of the PURPOSE Glencore AND Group TERM and Southern Peru Copper. He has more than57 20 years of experience5.3 inINCORPORATION the mining sector. AND He REGISTRATION graduated as an Industrial engineer from the Lima 57University and earned a master’s degree in Global Business Administration from the Business School of the Ponti cal Catholic5.4 ECONOMIC University GROUP of Peru, and also an MBA from Tulane University. 57 5.5 SOCIAL CAPITAL, NUMBER AND NOMINAL VALUE OF SHARES 58 5.6 TYPES OF SHARES AND SHAREHOLDING STRUCTURE 58 5.7Á lEVOLUTIONvaro Escala OFnt eSTOCK Ruiz PRICE Director of Human Resources60 5.8 TAX TREATMENT 60 He is Director of Human Resources of MINSUR since October 2014. Bilingual executive with 20 years of management5.9 experience JUDICIAL, inADMINISTRATIVE Sales, Marketing, OR Consultancy ARBITRATION and PROCEEDINGSin the last 15 years in Human Resources.61 He has6. CORPORATE worked in national GOVERNANCE and transnational companies of various sectors, such as mass consumption,63 education, 6.1industry PROFESSIONAL and mining. TRAJECTORY He has been OF aDIRECTORS teacher in the Postgraduate School of the63 Peruvian University of Applied Sciences (UPC) and of the Andrés Bello University of Chile. He has also been executive 6.2 OTHER ASPECTS RELATED TO THE BOARD OF DIRECTORS 66 coach and is a columnist of Aptitus magazine, edited by Gestión. He graduated in Business Administration from the Paci c6.3 PROFESSIONAL University and earned TRAJECTORY an MBA OF from MANAGERS the Ponti cal Catholic University of Chile 66

Hik Park Director of Internal Audit

He is Director of Audit of Minsur since November 2018. Trilingual executive with 25 years of experience in consultancy and auditing, and more than 10 years of experience as Audit Manager. He has worked in national and transnational companies in over 5 countries. He is the former Audit Manager of Pan American Silver Corp (Canada). He is a part-time teacher of the Senior Management Program of the Piura University. He has been a member of the Board of Directors of the Institute of Internal Auditors in Vancouver, Canada, and is associated to the Institute of Internal Auditors of Lima, Peru. He has lectured on internal control, risks and fraud issues in Canada, Argentina, Mexico and Peru. Industrial Engineer graduated from the Ponti cal Catholic University of Peru, he earned an MBA from the Piura University – IESE, a Master’s Degree in Education from the Villanueva Center and the Complutense University of Madrid. Certi ed Internal Auditor (CIA®), Certi ed Fraud Examiner (CFE®), and Certi ed in Risk Management Assurance (CRMA®)

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Phone number: (511) 215-8330

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74169 ANNUALMEMORIA REPORT ANUAL 2020

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Mina Justa Project Is 99% Complete,5.7 and EVOLUTION It Is Expected of STOCK Start Operationsprice in the Rst Quarter of 2021

Mina Justa Project Is 99% Complete,5.7 and EVOLUTION It Is Expected of STOCK Start Operationsprice in the Rst Quarter of 2021