Instituto de Ingenieros de Minas del Per

Lima, 25 de Abril del 2013

Establecer una Comisin Calificadora de Competencias en
Geologa, Recursos y Reservas Mineras.

Corporacin de derecho privado, sin fines de lucro, auto-
regulada, que tiene como propsito:
Administrar el registro de Personas Calificadas o Competentes.
Aprobar el Cdigo para informar sobre la descripcin de propiedades,
categorizacin y evaluacin de recursos y reservas mineras.
Proporcionar asistencia tcnica a la CONASEV, BOLSA, TRIBUNAL,
etc.

Introducir el concepto de Persona Calificada o Competente en
Geologa, Recursos y Reservas Mineras.

Establecer el Rgimen Legal de las Personas Calificadas o
Competentes.



Hemos (Per) desarrollado el Mercado de Capital de Riesgo en 2005.
Demor 3 aos y est funcionando bien, pero necesita expandirse.
Hemos creado un Comit Calificador y un Cdigo JORC peruano en
2004.
17 empresas junior listadas en el Mercado de Lima.
28 empresas mineras listadas en BVL (Mercado principal)
25 agencias de bolsas, brokers.
200+ empresas extranjeras trabajando en el Per, casi todas listadas
(necesitan QP interno y externo; es decir, demanda de 300 QP).
Hay una capitalizacin burstil de S/. 180,000 M. (USD$ 70,500M.)
MILA: Chilenos y Colombianos ingresan a usar la Bolsa de Lima.
Comit Minero chileno forma parte de la organizacin internacional CRIRSCO
desde 2011.
Soy QP Canadiense desde 1974 (Ordre des Ingieneurs du Qubec # 26444).
Esta idea est vigente desde 2005 y la hemos retomado el ao pasado en
Trujillo llamndola Proyecto Trujillo 2012 en el Congreso Minero Peruano del
Colegio de Ingenieros.
Es necesario ponernos de pi como Gelogos de Exploracin y liderar
conjuntamente este proceso tan importante para el futuro de la minera
Peruana.
.
Pas minero internacionalmente reconocido.
Uno de las mejores destinos para inversin, minera y otros.
Una Bolsa dinmica en expansin, sector minero fuerte.
Nueva Bolsa Andina (MILA) y fuerte competencia.
Larga tradicin minera en todos los niveles, regiones, etc.
Nueva reglamentacin internacional.
Empresas, laboratorios, consultores, etc., con certificacin internacional.
Responsabilidad de la minera al frente de la educacin universitaria.
Diversificacin geogrfica en varios sentidos.
Mejores salarios, puestos, desafos.
Mejores puestos internacionales.
Movilidad profesional, local, regional, internacional.
Incrementar de manera indirecta el nivel universitario.
Permitir y, posiblemente, obligar a la formacin continua.
Brazo tcnico del ICMM (International Mining Council of Mining and
Metals).
Agrupa a las principales organizaciones de cada pas dedicadas a las
exploraciones, recursos y reservas mineras.
NORMAS
Informes concretos, relevantes, basados en evidencias.
Informes completos, inequvocos, especficos, explcitos.
Informes emitidos por Personas Competentes / Calificadas.
TRANSPARENCIA:
MATERIALIDAD:
COMPETENCIA:
1994 CMMI Mineral Definitions Working Group
(Australia, Canad, Sudfrica, Reino Unido y USA)
Marzo 1997: BreX.
Octubre 1997: Denver Accord.
1999: CMMI definiciones incorporadas en UNFC.
1999-2001: Cdigo actualizado.
2002: CMMI disuelto, pero CRIRSCO sobrevivi como entidad
separada (Chile particip unido CRIRSCO 2003).
Plantilla iniciada Reston VA 2003
2006-2010: Rusia implementa en su sistema de plantillas y
luego desarrolla el cdigo.
2006: Discusiones reanudadas con UNECE re Cdigo nico
Global para reportar todos los minerales slidos.
2007: inicia la asociacin con ICMM
2007: inicia la relacin con IASB
2011: Rusia (NAEN) se une a CRIRSCO
Establece normas mnimas para la informacin pblica de los resultados
de Exploracin, Recursos Minerales y Reservas de Mineral.
Proporciona un sistema obligatorio de clasificacin de las estimaciones de
tonelaje/grado segn la confianza geolgica y consideraciones tcnico-
econmicas.
Proporciona definiciones de recursos minerales y clases de reservas
mineras, que son compatibles con los acuerdos internacionales.
Requiere Informes Pblicos que se basen en el trabajo realizado por una
Persona Competente y describe las calificaciones y el tipo de experiencia
necesarias para ser una Persona Competente.
Ofrece amplias directrices sobre los criterios a tener en cuenta en la
preparacin de informes sobre resultados de Exploracin, Recursos
Minerales y Reservas de Mineral.
Supervisa o regula los procedimientos utilizados por la Persona
Competente para estimar Recursos Minerales y Reservas de
Mineral.
Supervisa o regula la clasificacin de una empresa de Recursos
Minerales y Reservas de Mineral.
Trata con faltas profesionales de Personas Competentes.
Trata con faltas profesionales Cdigos por empresa.
Con estndares de codificacin
En camino a obtener estndares
En conversaciones avanzadas
Per necesita actualizar su codificacin
Russia
China
Argentina
Mexico
Peru
Mongolia
Turkey
Colombia
Ukraine
Indonesia
Ecuador
Philippines
Los organismos que desarrollan y son responsables de
los Cdigos de reporte minerales, normas y directrices
para un pas o un grupo de pases.

Miembros NROs:
AUSTRALASIA (JORC)
CANADA (CIM)
CHILE (Comisin Minera)
EUROPA (PERC)
RUSIA (NAEN)
SUDAFRICA (SAMREC)
USA (SME)
~ The JORC Code ~
AUSTRALIA
Australasian Code for Mineral Resources and
Ore Reserves Reporting of Exploration Results
CANADA
Standards on Mineral Resources And Mineral
Reserves Prepared By CIM Standing Committee
USA
A Guide for Reporting Exploration Information,
Mineral Resources, and Mineral Reserves
~ National Instrument
43-101 ~
~ The Society for Mining,
Metallurgy, and Exploration
Code ~
SOUTH AFRICA
South African Code for Reporting of Mineral
Resources and Mineral Reserves.
UNITED KINGDOM W EUROPE
Code for Reporting of Mineral Exploration
Results, Mineral Resources and Mineral
Reserves.
CHILE
Cdigo para la Certificacin de Prospectos de
Exploracin, Recursos, y Reservas Mineras.
~ The SAMREC Code ~
~ The Reporting Code ~
~ Ley 20.235 ~
Per?
Comparison Chart A
Point of
Comparison
CANADA CIM AUSTRALIA JORC SOUTH AFRICA
SAMREC
UNITED STATES SME UK / EUROPE IMM / IGI
/ EFG
INTERNATIONAL CMMI /
CRIRSCO

Exploration Information not
meeting minimum Mineral
Resource classification
criteria
-estimates of tonnage and
grade may be reported
with conceptual/order of
magnitude qualifier
-estimates of tonnage and
average grade must not be
reported. Any tonnage/grade
figures mentioned in public
reports must be order-of-
magnitude and conceptual in
nature and expressed so as not
to misrepresent them as
estimates of Mineral Resources
or Ore Reserves
-estimates of tonnage and grade
must not be reported
-estimates of tonnage and
grade must not be reported.
Any figures mentioned in
public reports must be order-
of-magnitude and conceptual
in nature and expressed so as
not to misrepresent them as
estimates of Mineral
Resources or Mineral
Reserves
-estimates of tonnage and
grade must not be reported
-estimates of tonnage and grade must
not be reported

Use of Inferred Mineral
Resources
-Inferred Resources must
be excluded from basis for
economic studies
-caution should be exercised if
this category is considered in
economic studies
-Inferred Resources are not
normally considered in economic
studies; if so, caution should be
exercised with full disclosure
-caution should be exercised if
this category is considered in
economic studies
-a company may include all or a
part of its Inferred Resource for
the purpose of internal planning.
Any such reliance should be
made clear in the report
-a company may include all or a part
of its Inferred Resource for the
purpose of internal planning. Any such
reliance should be made clear in the
report
Confidence
Inferred Mineral Resources -confidence in the
estimate is insufficient to
allow evaluation of
economic viability
-definition identical to CMMI.
Guidance essentially identical
to CMMI
-definition identical to CMMI.
Guidance essentially identical to
CMMI
-definition identical to CMMI.
Guidance essentially identical
to CMMI
-estimated with a low level of
confidence; usually not
sufficient to allow evaluation of
economic viability
-estimated with a low level of
confidence; usually not sufficient to
allow evaluation of economic viability

Indicated Mineral
Resources
-confidence sufficient to
support mine planning and
evaluation of economic
viability
-definition identical to CMMI.
Guidance essentially identical
to CMMI
-definition identical to CMMI.
Guidance essentially identical to
CMMI
-definition identical to CMMI.
Guidance essentially identical
to CMMI
-estimated with a reasonable
level of confidence; sufficient to
allow evaluation of economic
viability
-estimated with a reasonable level of
confidence; sufficient to allow
evaluation of economic viability

Measured Mineral
Resources
-confidence sufficient to
support production
planning and evaluation of
economic viability
-definition essentially identical
to CMMI (see below). Guidance
essentially identical to CMMI
-definition identical to CMMI.
Guidance essentially identical to
CMMI
-definition essentially identical
to CMMI (see below).
Guidance essentially identical
to CMMI
-estimated with a high level of
confidence; sufficient to enable
an evaluation of economic
viability with a high level of
confidence
-estimated with a high level of
confidence; sufficient to enable an
evaluation of economic viability with a
high level of confidence
Continuity
Inferred Mineral Resources -reasonably assumed but
not verified, geological
and grade continuity
-definition identical to CMMI.
Guidance essentially identical
to CMMI
-definition identical to CMMI.
Guidance essentially identical to
CMMI
-definition identical to CMMI.
Guidance essentially identical
to CMMI
-inferred but not verified
geological and/or grade
continuity
-inferred but not verified geological
and/or grade continuity

Indicated Mineral
Resources
-sample spacing close
enough for geological and
grade continuity to be
reasonably assumed
-definition identical to CMMI.
Guidance essentially identical
to CMMI
-definition identical to CMMI.
Guidance essentially identical to
CMMI
-definition identical to CMMI.
Guidance essentially identical
to CMMI
-inappropriate sample spacing
to confirm geological and/or
grade continuity but close
enough for continuity to be
assumed
-inappropriate sample spacing to
confirm geological and/or grade
continuity but close enough for
continuity to be assumed

Measured Mineral
Resources
-sample spacing close
enough to confirm both
geological and grade
continuity
-definition different to CMMI;
only required to confirm
geological and/or grade
continuity
-definition identical to CMMI.
Guidance essentially identical to
CMMI
-definition different to CMMI;
only required to confirm
geological and/or grade
continuity
-sample spacing sufficient to
confirm geological and grade
continuity
-sample spacing sufficient to confirm
geological and grade continuity

Comparison Chart B
Point of
Comparison
CANADA CIM AUSTRALIA JORC SOUTH AFRICA
SAMREC
UNITED STATES SME UK / EUROPE IMM / IGI
/ EFG
INTERNATIONAL CMMI /
CRIRSCO

Continuity

Conversion of Mineral
Resources to Mineral
Reserves
-based on a Preliminary
Feasibility Study,
demonstrating that, at the time
of reporting, economic
extraction can be justified
-based on "Appropriate
Assessments", which may include
feasibility studies, demonstrating, at
the time of reporting, that extraction
could reasonably be justified
-based on "Appropriate
Assessments", which may include
feasibility studies, demonstrating that,
at the time of reporting, extraction is
reasonably justified
-based on "Appropriate
Assessments", which may include
feasibility studies, demonstrating
that, at the time of reporting,
extraction is reasonably justified
-based on "Appropriate
Assessments", which may include
feasibility studies, demonstrating
that, at the time of reporting,
extraction is justified. In order to
achieve the required level of
confidence in the Mineral Resources
and all of the modifying factors, it is
expected that studies to at least a
prefeasibility level will have been
carried out prior to the determination
of the Mineral Reserves
-based on "Appropriate Assessments", which
may include feasibility studies,
demonstrating that, at the time of reporting,
extraction is justified. In order to achieve the
required level of confidence in the Mineral
Resources and all of the modifying factors, it
is expected that studies to at least a
prefeasibility level will have been carried out
prior to the determination of the Mineral
Reserves
Conversion Study Definition -a comprehensive study of the
viability of a mineral project
that has advanced to the stage
where mining method or pit
configuration has been
established and an effective
method of mineral processing
has been determined. The
Study must include financial
analysis based on reasonable
assumptions of technical,
engineering, operating,
economic factors and
evaluation of other relevant
factors which are sufficient for
a QP, acting reasonably, to
determine if all or a part of a
Mineral Resource may be
classified as a Mineral
Reserve
-partially defined through guidance -partially defined through guidance -partially defined through guidance -partially defined through guidance.
The study will have determined a
mine plan that is technically
achievable and economically viable
and from which Mineral Reserves
can be derived
-partially defined through guidance. The
study will have determined a mine plan that
is technically achievable and economically
viable and from which Mineral Reserves can
be derived
Qualified/Competent Person
definition
-a QP is an engineer or
geoscientist with at least 5
years experience in mineral
exploration, mine
development, production
activities and project
assessment, or any
combination thereof, including
experience relevant to the
subject matter of the project or
report and is a member in
good standing of an SRO.
-a CP is a person who has a
minimum of 5 years experience
relevant to the style of mineralization
and type of deposit under
consideration and to the activity
which that person is undertaking. If
the CP is estimating or supervising
the estimation of Mineral Resources,
the relevant experience must be in
the estimation, assessment and
evaluation of Mineral Resources. If
the CP is estimating, or supervising
the estimation of Ore Reserves, the
relevant experience must be in the
estimation, assessment, evaluation
and economic extraction of Ore
Reserves. A CP is a person who is a
Member or Fellow of the AUSIMM
and/or the Australian Institute of
Geoscientists
-a CP should have a minimum of 5
years experience relevant to the style
of mineralization and type of deposit
under consideration. If the CP is
estimating, or supervising the
estimation of Mineral Resources, the
relevant experience must be in the
estimation, assessment and
evaluation of Mineral Resources. If the
CP is estimating, or supervising the
estimation of Mineral Reserves, the
relevant experience must be in the
estimation, assessment and economic
extraction of Mineral Reserves. A CP
must be a member of SACNASP,
ECSA, PLATO or any other statutory
South African or international body
that is recognized by SAMREC.
-a CP must have a minimum of 5
years experience relevant to the
style of mineralization and type of
deposit under consideration and to
the activity which that person is
undertaking. If the CP is estimating
or supervising the estimation of
Mineral Resources, the relevant
experience must be in the
estimation, assessment and
evaluation of Mineral Resources. If
The CP is estimating, or
supervising the estimation of
Mineral Reserves, the relevant
experience must be in the
estimation, assessment, evaluation
and economic analysis of Mineral
Reserves. A CP is a member of a
professional society for earth
scientists or mineral engineers, or
has other appropriate qualifications
-a CP must a minimum of 5 years
experience relevant to the style of
mineralization and type of deposit
under consideration and to the
activity which that person is
undertaking. If the CP is estimating
or supervising the estimation of
Mineral Resources, the relevant
experience must be in the estimation,
assessment and evaluation of
Mineral Resources. If the CP is
estimating, or supervising the
estimation of Mineral Reserves, the
relevant experience must be in the
estimation, assessment and
economic extraction of Mineral
Reserves. A CP is a person who is a
corporate member of a recognized
professional body relevant to the
activity being undertaken, and with
enforceable Rules of Conduct.
-a CP must a minimum of 5 years
experience relevant to the style of
mineralization and type of deposit under
consideration and to the activity which that
person is undertaking. If the CP is estimating
or supervising the estimation of Mineral
Resources, the relevant experience must be
in the estimation, assessment and
evaluation of Mineral Resources. If the CP is
estimating, or supervising the estimation of
Mineral Reserves, the relevant experience
must be in the estimation, assessment and
economic extraction of Mineral Reserves. A
CP is a person who is a corporate member
of a recognized professional body relevant to
the activity being undertaken, and with
enforceable Rules of Conduct.
Dos representantes por cada miembro NRO (14)
Presidente: D. McCombe (CIM)
Presidente anterior: R. Dixon (SAMREC)
Vicepresidente: E. Tulcanaza (Comisin Minera, Chile)
Secretaria: I. Goddard (JORC)
Russia
China
Argentina
Mexico
Peru
Mongolia
Turkey
Colombia
Ukraine
Indonesia
Ecuador
Philippines
With code standards
On way to get standards
Advanced conversations
Peru need updated standard
Fuerte inters en todo el mundo.
MOUs firmados con Mongolia y Turqua.
Ucrania sigue el camino de Rusia.
Conversaciones avanzadas con Filipinas, Indonesia,
Argentina, Ecuador, Per, China y Colombia.


Conclusin y meta: Per necesita firmar el MOU
durante el 2013.
Cdigo JORC con fecha 2004.
Comit Calificador Privado bajo responsabilidad y administracin
de BVL.
Dormant
Sin reconocimiento nacional ni internacional.
BVL Segmento de Riesgo
Cdigo de Estndares de Reporte


Este Cdigo aprobado por la BVL tiene por funcin unificar criterios y lineamientos a seguir para la
preparacin de los Reportes Geolgicos que las empresas Junior debern presentar para su
inscripcin en el Registro de la BVL y que sern difundidos para conocimiento del mercado.
El objetivo de contar con un Cdigo como ste es asegurar que las empresas mineras Junior
reporten de modo claro, transparente y sin ambigedades, la informacin que los inversionistas
requieren para comprender los resultados o estimaciones realizadas, contribuyendo a reducir el
riesgo de que se produzcan conductas impropias o fraudulentas y favorecer la adecuada toma de
decisiones por parte de los inversionistas.
El Cdigo de Estndares de Reporte para informar sobre Recursos Minerales y Reservas de Mina
de la BVL se ha basado principalmente en el Cdigo JORC emitido por el Joint Ore Reserves
Committee de Australia existente hace mas de treinta aos y que es actualmente uno de los ms
exitosos y utilizados Cdigos Mineros del mundo.
Persona Calificada
Son profesionales mineros autorizados por el Comit de Calificacin de la BVL e inscritos en el
Registro de Personas Calificadas de la BVL para preparar informes sobre estimaciones de Recursos
Minerales o Reservas que sirven de base para la elaboracin de informes difundidos por las empresas
Mineras Junior.
Requisitos para inscribirse en el Registro de Personas Calificadas de la BVL:
Ser miembro en ejercicio del Colegio de Ingenieros del Per (Captulo de Ingenieros Gelogos o
Captulo de Ingenieros de Minas).
Tener un perodo no menos de 5 aos de experiencia profesional que:
Est directamente relacionada con el rea de sus estudios universitarios.
Satisfaga los requerimientos de experiencia profesional establecidos en los reglamentos.
Someterse al Cdigo de tica del Colegio de Ingenieros del Per.
No haber sido condenado por la comisin de un delito de fraude, falsificacin, corrupcin, falso
testimonio, lavado de dinero, uso indebido de informacin privilegiada o cualquier otro delito.
No haber sido declarado en quiebra, insolvencia, intervencin o encontrarse en proceso de
reestructuracin patrimonial en tanto dure esta situacin.
Establecer una Comisin Calificadora de Competencias en Geologa, Recursos
y Reservas minerales

Corporacin de derecho privado, sin fines de lucro y auto-regulado que tiene
como propsito:
Administrar el registro de Personas Calificadas o Competentes.
Aprobar el Cdigo para informar sobre la descripcin de propiedades, categorizacin y
evaluacin de recursos y reservas minerales.
Proporcionar asistencia tcnica a la CONASEV, BOLSA, TRIBUNAL, etc.

Introducir el concepto de Persona Calificada o Competente en Geologa,
Recursos y Reservas Minerales.

Establecer el rgimen legal de las Personas Calificadas o Competentes y del
Cdigo y los Estndares de Reporte de Geologa, Recursos y Reservas
Minerales.

Integrar Per a CRIRSCO.
Colegio de Ingenieros.
Instituto de Ingenieros de Minas del Per.
Sociedad Nacional de Minera, Petrleo y Energa.
Asociacin de Exploradores del Per.
Sociedad Geolgica del Per.
CONASEV.
BVL.
Colaboracin de:
- INGEMMET, MINEM,CRIRSCO, Congreso de la Repblica.
- Principales Universidades.
Permite la certificacin de informes de Exploracin de Recursos y
de reservas minerales.

Facilita la transparencia a los mercados financieros.

Slo las Personas Calificadas o Competentes certificadas (vigente)
podran emitir informe tcnico por oferta pblica de valores.

Deben respetar normas, reglas y procedimientos inscritos en el
Cdigo o dictado por la Comisin Minera.

Colaborar con otros pases, MILA, BVL, etc.
Profesional titulado universitario.

5 aos de experiencia en su rea de especialidad.

Calificado para informar sobre los aspectos geolgicos, mineros y
metalrgicos de los recursos y reservas.

Miembro de una entidad auto-regulada que cuente con poderes
fiscalizadores y disciplinarios.

Perfil tico incuestionable.

Idioma oficial: Espaol
Modelizacin Interpretacin.
Plataforma comn de conceptos claros.
Nomenclatura estndar sobre Criterios y Prcticas.
Respaldo de informe de exploracin de Recursos y de Reservas
Minerales.
Informar pblicamente sobre los activos mineros (Transparencia).
Impulso y confianza a los Mercados Financieros.
Colaboracin con otros pases, reconocimiento internacional.



Permite la certificacin de informes de Exploracin de Recursos y
de Reservas mineras.

Facilita la transparencia en los mercados financieros.

Solamente las Personas Calificadas o Competentes certificadas
(vigentes) podran emitir informe tcnico para oferta pblica de
valores.

Deben respetar normas, reglas y procedimientos inscritos en el
Cdigo dictado por la Comisin Minera.
Las Personas Calificadas o Competentes que emitan un informe
debern responder ante la justicia ordinaria y enfrentar multas a
beneficio fiscal.
La Comisin Minera actuar como fiscalizador en ciertos casos y
podra denunciar a la Persona Calificada ante la justicia
ordinaria.
La Empresa podra emitir reportes pblicos solamente si han
sido previamente emitidos por una Persona Calificada o
Competente.
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Mineral
2013: Enero Abril
Establecer Comisin Calificadora de Competencias en Geologa
Recursos y Reservas minerales.
Establecer Corporacin de Derecho Privado, sin fines de lucro y auto-
regulado que tiene como propsito:
Administrar la Comisin Calificadora de Competencias.

PDAC
Anuncio.

2013: Todo el ao
Establecer registro de Personas Calificadas o Competentes.

2013: Febrero Julio
Elaborar y Aprobar el Cdigo para informar sobre la descripcin de
propiedades, categorizacin y evaluacin de recursos y reservas
minerales.
2013: Enero - Julio
Establecer el concepto de Persona Calificada o Competente en
Geologa, Recursos y Reservas Minerales.
Cdigo JORC u otro en idioma espaol.

2013: Julio Diciembre
Establecer el Rgimen Legal de las Personas Calificadas o
Competentes.

2014: Marzo
Ley de Estandarizacin y de Persona Calificada o Competente.
Lanzamiento al PDAC 2014.

2014: Julio
Integracin CRIRSCO.
38
Whats a Prospect Generator our business is about taking geological ideas and performing enough
exploration on them to attract outside capital. In so doing, we leverage our investment and retain an
interest while other people spend their money.
The Business of Discovery even retaining only minority interests or royalties in our projects we
remain exposed to the outstanding returns possible when a substantial discovery is made.
The Advantages and Disadvantages this low-risk approach to the exploration business can be
unpopular during bull markets, but makes the company more sustainable and thus limits the downside
in more difficult times.
Peer Group our strategy follows that of previously successful exploration companies such as Altius,
Almaden, Mirasol, Solitario, Riverside, Azimuth and Virginia, all of which have made substantial
discoveries in recent years.
De-risking Prospect generator includes the first stage of exploration developing concepts, staking,
targets definition and validation.
People - management has depth (12 geologists), is highly experienced technically, commercially and
locally. Insiders are shareholders too.
Finance liquid assets (cash and shares) sufficient for 2013-2014 work programs and the company is
close to cash-flow from iron ore royalties. Leveraging capital from our partners, avoiding shares
dissolution.
Paper only 26m shares outstanding, 28m fully diluted.
Partnerships exploration paid for by joint ventures with companies from Canada, UK, Australia and
South America.
Commodities diversified portfolio including Au, Ag, Cu, Ni, Fe, Zn, Pb, K, P and C (graphite)
exposure.
Politics- multiple jurisdictions Brazil, Peru and Colombia
Discovery large diverse portfolio gives multiple chances of exploration success and that elusive
ten-bagger return from discovery, with limited downside risk.
40
Peru
15 Properties
135,000 has
Brazil
14 Properties
260,300 has
Chile
1 Property
6,000 has
41
Share Structure

Issued & Outstanding
shares:
26.3 M

Stock Option:
2.46 M

Fully Diluted:
28.7 M

52 Week Low High:
$0.88/$1.59

Stock Exchange:
LRA-V

Trading Symbol:
LRA
42
Financing
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L
a
r
a

&


P
a
r
t
n
e
r

43
Partner Project Commodity Country Lara Residual % Payment US$m Exploration US$m Shares m Years
J
O
I
N
T

V
E
N
T
U
R
E
S

Aguia Resources Sergipe Potash Brazil 25% 0.10 1.50 10.0 2
Codelco Liberdade Copper Brazil 25% 3.00 4
Avanco Resources Conceicao Nickel, PGE Brazil 25% 1.50 3
Avenue Resources North Brazil Tin Brazil 25% 2.50 4
Focus Graphite Caninde Graphite Brazil 40% 7.00 0.50 5
Redzone Resources Lara + Tingo Este Copper Peru 45% 0.85
Network Exploration Picha Copper, Silver Peru 25%+PFS 1.20 8.00 3.00 3
Halston Exploration Condoroma Copper Peru 25%+FS 1.80 10.50 6
Halston Exploration Coporaque Copper Peru 25%+FS 1.65 10.00 6
Alta Resources Atenea Gold Peru 25%+FS 1.50 6.75 7
Totals 6.25 50.75 14.35
Partner Commodity Countries Lara Residual % Payment US$m Exploration US$m/Year Years
A
L
L
I
A
N
C
E
S

Antofagasta Copper Brazil 30% 3 0.6 3
Kiwanda Phosphate Peru, Chile, Colombia 30% 0.5 3
Kiwanda Coal Peru, Colombia 30% 0.6 3
Totals 3.00 1.7
Partner Project Commodity Country Lara Interest Cash US$m Royalty Shares m
I
N
T
E
R
E
S
T

&

R
O
Y
A
L
T
I
E
S

Vertical Minerao Curionopolis Iron Brazil Royalty 0.80 0.75-1.50/t
Horizonte Minerals Vila Oito Nickel Brazil Shares 8.5
Avenue Resources Sao Lourenco Tin Brazil Royalty 1.00 1.0% 3.0
Hochschild Lampa Gold Peru Royalty 2.0%
CJL Capital Chocos Zinc-Lead Peru Royalty 0.45 2.0%
Raymondi Cusco Candel 23 Copper Peru Royalty 0.30 2.0%
Totals 2.55
Total spent 40 years: USD$ 118,250,000