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T R A D I N G – CORPORATE FINANCE – EQUITY RESEARCH - ASSET MANAGEMENT Lima Stock Exchange – Junior Mining Companies Alberto Arispe, CEO, Head of Research Humberto Leon, Analyst March 2014 The content of this documents is only informative and referential. Disclaimer This document has been prepared solely to be accompanied by an oral presentation and it does not carry any right of publication or knowledge to any other third party. This document, and any of its parts separately, may not be used for any other purpose without KALLPA Securities Sociedad Agente de Bolsa’s written consent. Junior Mining in Lima Stock Exchange 2 Agenda Peru: Highlighting the importance of Peru as a A Mining top metal producer. Page 04 - 15 Country Introducing Lima Stock Exchange’s LSE Venture Page 16 - 33 Segment Venture Segment. Describing the mining companies that list Listed in Lima Stock Exchange’s Venture Page 33 - 59 Companies Segment. Junior Mining in Lima Stock Exchange 3 Peru – A mining country: Peru in numbers • Name: Republic of Peru • Capital: Lima • Surface: 1,285,216 km2 • Population: 30.48 million (estimated by INEI) • Regions: 24 • Official Language: Spanish • President: Ollanta Humala Tasso (Ruling period 2011 – 2016) • Economic Policy • Market Economy • Autonomous Central Bank: Chairman Julio Velarde • Inflation target @ 1% - 3% annually • Exchange Rate: Floating with Central Bank’s intervention • Debt rating: Investment Grade o S&P BBB+ o Moody’s Baa2 o Fitch BBB+ Source: World Bank, Peru’s Central Bank Junior Mining in Lima Stock Exchange 4 Peru – A mining country: Peru in numbers Average growth last 10 years: 12% Real GDP Evolution (2000 - 2013) 6.6% 10% 9.8% 8.9% 8.8% 8% 7.7% 6.8% 7.0% 6.3% 6.0% 1 6% 5.0% 5.0% 5.0% 4.0% 4% 3.0% 2% 0.9% 0.2% 0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014e Source: Peru’s Central Bank, Kallpa Securities SAB Junior Mining in Lima Stock Exchange 5 Peru – A mining country: Peru in numbers PBI nominal • Nominal GDP 2013*: USD 212.13 billion 2013 = S/. Mining in PBI: 3.6% • GDP per capita 2013*: USD 6,960 572,763 MM y Mining in Exports: 57% T.C. promedio 2013 = 2.7 GDP: Peru vs South America GDP by Industry (2013) Retail Agroindustrial Nominal GDP Per capita GDP Country (MM USD) (USD) 14% 15% Brazil 2,224.91 11,335 Services Venezuela 381.13 12,734 Argentina 477.03 11,614 2% Colombia 370.51 7,762 4% 8% Construction Chile 268.31 15,372 6% Peru 203.98 6,811 Ecuador 87.50 5,639 Mining Uruguay 49.92 14,703 Bolivia 27.04 2,625 Utilities Paraguay 24.60 3,685 40% Cifras al 2012 Industrial • Mining industry’s contribution to GDP: 3.6% (5.4% in 2002) • Mining industry’s contribution to Exports: 57% Source: Central Bank, CEPAL, Kallpa Securities SAB. * Provisional. Junior Mining in Lima Stock Exchange 6 Peru – A mining country: GOLD - Top producers 6° Top gold's producers (thousand of fine oz.) Country 2007 2008 2009 2010 2011 2012 Place China 8,841 9,163 10,288 11,092 11,639 11,896 worldwide Australia 7,941 6,912 7,202 8,391 8,295 8,038 USA 7,652 7,491 7,170 7,427 7,523 7,395 Peru: Top gold producers (2012) Russia 5,047 5,531 6,200 6,174 6,430 6,591 Production South Africa 8,121 6,840 6,354 6,067 5,819 5,466 Rank Company (thousand oz.) Peru 5,473 5,783 5,916 5,275 5,343 5,187 Indonesia 3,789 2,070 4,180 3,858 3,086 3,054 1 Yanacocha 1,346 Canada 3,286 3,054 3,130 2,926 3,119 3,279 2 Barrick Misquichilca 865 Uzbekistan 2,733 2,733 2,894 2,894 2,926 2,894 3 Buenaventura 274 Ghana 2,322 2,346 2,568 2,636 2,572 2,861 4 Rio Alto 200 Mexico 1,265 1,619 1,652 2,334 2,701 2,797 5 Horizonte 184 P. N. Guinea 1,850 2,169 2,180 2,180 2,122 1,929 Others 2,318 Brazil 1,595 1,758 1,802 1,865 1,993 1,800 Others 15,363 15,595 17,370 19,167 22,023 22,184 Total 5,187 Total 75,279 73,065 78,906 82,286 85,591 85,371 Ranking 5 5 6 6 6 6 Peru/World 7.27% 7.91% 7.50% 6.41% 6.24% 6.08% Prod. (%) Source: Ministerio de Energía y Minas – Ministry of Energy & Mining Junior Mining in Lima Stock Exchange 7 Peru – A mining country : SILVER - Top producers 3° Place worldwide Top silver's producers (thousand oz.) Country 2007 2008 2009 2010 2011 2012 Mexico 100,806 104,050 114,259 141,809 133,437 136,641 Peru: Top silver producers (2012) China 86,807 90,022 93,237 112,528 118,958 122,173 Peru 112,574 118,505 126,118 117,043 109,919 111,854 Production Rank Company Australia 60,411 61,922 52,566 59,929 55,460 61,086 (thousand oz.) Russia 29,300 36,400 42,200 43,596 43,404 48,226 1 Volcan 22,028 Bolivia 16,879 35,808 42,622 40,490 39,018 41,796 2 Antamina 13,291 Poland 38,549 37,327 38,806 37,970 37,520 37,616 3 Buenaventura 14,665 Chile 62,259 45,172 41,829 41,368 41,515 36,330 4 Minera Suyamarca 7,505 USA 41,153 40,188 40,188 41,153 36,009 33,758 5 Cía. Minera Ares 6,327 Canada 27,664 23,396 20,284 19,164 18,390 17,040 Others 91,434 93,605 104,433 109,587 115,630 125,388 Others 48,038 Total 667,836 686,397 716,542 764,637 749,258 771,909 Total 111,854 Ranking 1 1 1 1 2 3 Peru/World 16.86% 17.26% 17.60% 15.31% 14.67% 14.49% Prod. (%) Source: Ministerio de Energía y Minas – Ministry of Energy & Mining Junior Mining in Lima Stock Exchange 8 Peru – A mining country: COPPER - Top producers 3° Top copper's producers (thousand MT) Place Country 2007 2008 2009 2010 2011 2012 worldwide Chile 5,557 5,328 5,394 5,419 5,260 5,370 China 946 1,090 1,070 1,200 1,310 1,500 Peru: Top copper producers (2012) Peru 1,190 1,268 1,276 1,247 1,235 1,299 Production USA 1,170 1,310 1,180 1,110 1,110 1,150 Rank Company (thousand Australia 870 886 854 870 958 970 MT) Russia 740 750 676 703 713 720 1 Antamina 463 Zambia 509 555 697 690 668 675 2 Southern Peru Copper 311 148 234 310 380 520 580 3 Cerro Verde 279 Canada 596 607 495 525 566 530 4 Xstrata Tintaya 52 Mexico 336 269 228 270 443 500 5 Gold Fields La Cima 38 Indonesia 797 633 999 872 543 430 Poland 452 429 439 425 427 430 Others 157 Kazakhstan 407 422 406 380 417 420 Total 1,299 Others 1,785 1,804 1,895 1,905 1970 2100 Total 15,503 15,583 15,918 15,997 16,145 16,674 Ranking 3 3 2 2 2 3 Peru/World 7.68% 8.14% 8.02% 7.80% 7.65% 7.79% Prod. (%) Source: Ministerio de Energía y Minas – Ministry of Energy & Mining Junior Mining in Lima Stock Exchange 9 Peru – A mining country: ZINC - Top producers 3° Place worldwide Top zinc's producers (thousand MT) Country 2007 2008 2009 2010 2011 2012 China 3,040 3,340 3,330 3,700 4,310 4,600 Peru: Top zinc producers (2012) Australia 1,514 1,519 1,290 1,479 1,515 1,490 Production Peru 1,444 1,603 1,513 1,470 1,256 1,281 Rank Company (thousand USA 803 778 736 748 769 748 MT) India 539 614 695 700 710 690 1 Volcan 306 Mexico 427 397 384 518 632 630 3 Antamina 270 Canada 630 751 699 649 612 640 2 Milpo 186 Kazakhstan 445 446 442 459 495 420 4 Los Quenuales 113 Bolivia 214 384 431 411 427 430 5 Atacocha 45 Ireland 401 398 386 342 340 345 Others 1,688 1,620 1,555 1,673 1,782 1,770 Others 361 Total 11,146 11,848 11,461 12,150 12,848 13,044 Total 1,281 Ranking 3 2 2 2 3 3 Peru/World 12.96% 13.53% 13.20% 12.10% 9.78% 9.82% Prod. (%) Source: Ministerio de Energía y Minas – Ministry of Energy & Mining Junior Mining in Lima Stock Exchange 10 Peru – A mining country: Mining investments – Estimated portfolio By Country 2.0% 0.8% MM USD % 4.0% China China 13,839 23.2% 5.3% USA 9,950 16.7% USA Canada Canada 8,947 15.0% 23.2% Peru 5,636 9.5% 6.4% Peru Switzerland 5,200 8.7% Switzerland U.K. 5,000 8.4% 8.4% U.K. Australia 3,790 6.4% Mexico 3,160 5.3% Australia 8.7% 16.7% Brazil 2,370 4.0% Mexico South Africa 1,200 2.0% 9.5% Brazil Japan 490 0.8% 15.0% South Africa Total 59,582 Japan • China is the main mining investor in Peru 1.4% 3.1% 1.4% 0.2% By Mineral 5.5% MM USD % Copper 35,765 60.0% Copper Gold 9,822 16.5% Gold Iron 7,080 11.9% 11.9% Iron Polymetallic 3,264 5.5% Polymetallic Phosphates 1,870 3.1% Phosphates Silver 840 1.4% 60.0% Zinc 816 1.4% 16.5% Silver Potassium 125 0.2% Zinc Total 59,582 Potassium • Copper is the metal that will receive the highest investments Source: Ministerio de Energía y Minas – Ministry of Energy & Mining Junior Mining in Lima Stock Exchange 11 Peru – A mining country: Mining investments – Regional participation Region MM USD % Apurímac 11,990 20.12% Arequipa 9,802 16.45% Cajamarca 9,132 15.33% Moquegua 5,820 9.77% Junín 5,670 9.52% Pasco 3,432 5.76% Cusco 2,736 4.59% Piura 2,645 4.44% Ica 2,483 4.17% Lambayeque 1,599 2.68% Áncash 1,310 2.20% Puno 920 1.54% • Apurimac will recieve Huancavelica 630 1.06% the highest investment Tacna 600 1.01% amounts.
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    Carta de bienvenida Para el último PERUMIN, en 2017, comenzábamos esta carta haciendo mención a los desastres naturales del Niño costero, y resaltábamos cómo empresas mineras y proveedores del sector se sumaban a un gran esfuerzo coordinado de reconstrucción en las zonas afectadas. La destrucción de aquel entonces, sumada al enorme déficit de infraestructura que ya tenía el Perú, ponía al Estado en la responsabilidad de impulsar obras públicas que pudieran cerrar brechas y desbloquear el enorme potencial económico de un país enormemente rico en recursos naturales. Lamentablemente, el Niño costero fue reemplazado por otro desafío de índole no climática: un cóctel de grandes casos de corrupción e inestabilidad política, que viene causando graves perjuicios a la economía y a toda la población. Frente a esta coyuntura, nuevamente el sector minero se erige como un baluarte fundamental del desarrollo del país, con grandes inversiones que por sí solas pueden mover la aguja del PBI. La luz verde a la construcción de Quellaveco, un proyecto que estaba en la cartera de Anglo American desde 1992, es un hito de gran calado y medible en multitud de parámetros, como el tamaño del capex (US$ 5,300 millones hasta 2022), su impulso a la producción de cobre del país (unas 300,000 toneladas anuales), y el impacto económico en la zona de influencia (entre US$ 150 millones y US$ 200 millones anuales entre canon y regalías). Poniendo estas cifras sobre la mesa, resulta aún más llamativo el enorme costo de oportunidad que supone la falta de decisión de las instituciones del Estado para promover mayores inversiones.
  • INDEX ANNOUNCEMENT S&P/ BVL Rebalance Results

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    S&P/ BVL Rebalance Results NEW YORK, SEPTEMBER 9, 2016: S&P Dow Jones Indices announces changes for the S&P/BVL Peru General, S&P/BVL Peru Select, S&P/BVL Lima 25, S&P/BVL Sectors and Sub-Sectors and S&P/BVL Juniors. The changes will be effective after the close of trading on Friday, September 16, 2016. Additions Index Company Name Ticker Empresa Siderurgica del Peru S&P/BVL Peru General SIDERC1 S.A.A. S&P/BVL Peru General PPX Mining Corp PPX S&P/BVL Peru General Candente Copper Corp DNT S&P/BVL Peru General Andino Investment Holdings SA AIHC1 S&P/BVL Peru General Bolsa de Valores de Lima S.A. BVLAC1 S&P/BVL Peru General Volcan Compania Minera S.A.A. A VOLCAAC1 S&P/BVL Peru Select Trevali Mining Corporation TV Empresa Siderurgica del Peru S&P/BVL Construction SIDERC1 S.A.A. S&P/BVL Mining PPX Mining Corp PPX S&P/BVL Mining Candente Copper Corp DNT S&P/BVL Mining Volcan Compania Minera S.A.A. A VOLCAAC1 S&P/BVL Financials & Bolsa de Valores de Lima S.A. BVLAC1 Real Estate Empresa Siderurgica del Peru S&P/BVL Industrials SIDERC1 S.A.A. S&P/BVL Industrials Andino Investment Holdings SA AIHC1 INDEX ANNOUNCEMENT c G R Deletions Index Company Name Ticker S&P/BVL Peru General Minera IRL Ltd MIRL S&P/BVL Peru Select Minsur S.A. MINSURI1 S&P/BVL Peru Select Luz Del Sur SA LUSURC1 S&P/BVL Mining Minera IRL Ltd MIRL Please note that for S&P/BVL Lima 25, S&P/BVL Juniors, S&P/BVL Consumer, S&P/BVL Electric Utilities and S&P/BVL Public Services there are no changes in their constituents.
  • 3. BVL S Experience 4. MILA – Integrated Latin American Market 5

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    Table of contents Table of Contents 1. Recent Performance 2. Why the BVL Venture Exchange? 3. BVL s Experience 4. MILA – Integrated Latin American Market 5. Final Remarks 1. Recent Performance BVL KPI 2010 Brockers 23 Issuers 248 Market Cap The most important Junior mining projects of listed companies Great Opportunity: More than 250 mining projects are being developed in Peru. 85 Mining Companies with projects in Perú are registered at TSX and TSXV TSX.V : 57 companies with 152 properties in Peru TSX : 28 companies with 112 properties in Peru AGUILA AMERICAN RESOURCES LTD. MACUSANI YELLOWCAKE INC. MAGELLAN MINERALS LTD. ALTURAS MINERALS CORP. BARRICK GOLD CORPORATION MPH VENTURES CORP. AM GOLD INC. CANDENTE COPPER CORP. NETWORK EXPLORATION LTD. AMERICAS PETROGAS INC. CARDERO RESOURCE CORP. NEW DIMENSION RESOURCES LTD. ANDEAN AMERICAN GOLD CORP. CHARIOT RESOURCES LIMITED NEW HIGH RIDGE RESOURCES INC. ANDEANGOLD LTD. CROCODILE GOLD CORP. NEW OROPERU RESOURCES INC. ANTARES MINERALS INC. DYNACOR GOLD MINES INC. PANORO MINERALS LTD. AQM COPPER INC. GEOLOGIX EXPLORATIONS INC. PANTHERA EXPLORATION INC. ARCTURUS VENTURES INC. GOLDEN MINERALS COMPANY PLEXMAR RESOURCES INC. BEAR CREEK MINING CORPORATION GRANDVIEW GOLD INC. RADIUS GOLD INC. CANADIAN SHIELD RESOURCES LTD. IAMGOLD CORPORATION RIO CRISTAL RESOURCES CORP. CENTURY MINING CORPORATION INMET MINING CORPORATION ROCMEC MINING INC. CONDOR RESOURCES INC. INTERNATIONAL MINERALS CORPORATION SALAZAR RESOURCES LIMITED DORATO RESOURCES INC. MALAGA INC. SHANE RESOURCES LTD. DURAN VENTURES INC. MAWSON RESOURCES LIMITED SIENNA GOLD INC. EL CONDOR MINERALS INC. MINERA IRL LIMITED SINCHAO METALS CORP. ESPERANZA SILVER CORPORATION NORSEMONT MINING INC. SOLITAIRE MINERALS CORP. FISSION ENERGY CORP. PAN AMERICAN SILVER CORP. SOUTHERN ANDES ENERGY INC.