InspirationandInnovation

CorporatePresentation
November2013

CautionaryStatement
Certain statements contained in this presentation may constitute forwardlooking statements. These statements relate to future events or the future performance of Rio Alto Mining Limited (Rio
Alto). All statements, other than statements of historical fact, may be forwardlooking statements. Forwardlooking statements are often, but not always, identified by the use of words such as
"seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", propose, "potential", "targeting", "intend", "could", "might", "should", "believe" and similar
expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward
looking statements. Rio Alto believes that the expectations reflected in those forwardlooking statements are reasonable but no assurance can be given that these expectations will prove to be
correct and such forwardlooking statements included in this presentation should not be unduly relied upon by investors as actual results may vary. Unless required to be updated pursuant to
securities laws, these statements speak only as of the date of this presentation and are expressly qualified, in their entirety, by this cautionary statement. This Presentation also discloses mineral
resources. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
In particular, this presentation contains forwardlooking statements, pertaining to the following:
capital expenditure programs and cash flow estimates;
development of deposits, resources and reserves;
treatment under regulatory regimes;
treatment under taxation regimes or other government financial regimes;
expectations regarding Rio Altos ability to raise capital; complete the feasibility study for the La Arena sulphide project;
work plans to be conducted by Rio Alto, and
the production of gold and copper from Rio Altos La Arena Project.
With respect to forwardlooking statements listed above and contained in this presentation, Rio Alto has made assumptions regarding, among other things:
the legislative and regulatory environment;
the impact of increasing competition;
current technological trends;
unpredictable changes to the market prices for gold and copper;
that costs related to development of the gold and copper properties and the development of gold and copper production projects will remain consistent with historical experiences;
anticipated results of exploration and development activities; and
Rio Altos ability to obtain additional financing on satisfactory terms.
Rio Altos actual results could differ materially from those anticipated in these forwardlooking statements as a result of the risk factors set forth below and elsewhere in this presentation:
uncertainties regarding the regulatory regime and the application approval process;
volatility in the market prices for gold and copper;
uncertainties associated with estimating and developing resources;
geological, technical, construction and processing problems;
liabilities and risks, including environmental liabilities and risks, inherent in developing gold and copper production projects;
fluctuations in currency and interest rates;
competition for, among other things, capital, acquisitions of reserves, undeveloped lands and skilled personnel; and
unpredictable weather conditions.
Rio Altos plans and results could differ materially from those anticipated in these forwardlooking statements as a result of these risk factors set forth above. Rio Alto recommends that you also
review its most recent Annual Information Form and Annual MD&A for a discussion of other material risks that could cause actual results to differ significantly from current expectations. Rio Alto
also cautions that mineral resources that are not mineral reserves do not have demonstrated economic viability.
Certain technical and scientific information contained in this presentation has been taken from the La Arena Project, Peru Technical Report (the July 2010 Report) with effective date of July 31,
2010, prepared by Coffey Mining Pty Ltd. (Coffey Mining) on behalf of Rio Alto Mining Limited or is based upon supporting documentation provided by Coffey Mining. A copy of the Technical
Report is available on Rio Altos SEDAR profile at www.sedar.com. This presentation also includes updated resource estimates dated effective September 30, 2011 in respect of the oxide and
sulphide projects that comprise La Arena Project. A technical report which provides for these updated resource estimates has been filed on Rio Altos SEDAR profile. The technical and scientific
information contained in this presentation has been reviewed and verified by Mr. Enrique Garay, M Sc., P. Geo (AIG Member), Vice President Geology of Rio Alto, the Qualified Person (as defined by
NI 43101) responsible for managing Rio Altos exploration programs and disclosure of drilling results, and by Mr. Ian Dreyer, B.App. Sc. (AUSIMM 305241,CP), a Qualified Person (as defined by NI 43
101), formerly of Coffey Mining, who designed and reviewed Rio Altos Quality Control and Assurance Program and prepared the updated resource estimates.

TSX:RIOBVL:RIONYSE:RIOMFSE:MS2

CapitalStructure
TSX:
BVL:
NYSE:
FrankfurtFSE:

RIO
RIO
RIOM
MS2

SharesIssued(Nov.1,2013):

176.7million

WarrantsOutstanding

Nil

16% SentryCapital
9% Management
+16% PeruvianInvestors
million
OptionsOutstanding:(Av.ExercisePrice C$2.03)7.9

FullyDiluted:

184.6million

SharePrice:

C$1.74

asat06/11/2013

MarketCap(issuedcapital):approx.C$307.5million

TSX:RIOBVL:RIONYSE:RIOMFSE:MS2

BoardofDirectors
Dr.KlausZeitler|NonExecChairman
AlexBlack|President,CEO
AnthonyHawkshaw|CFO
VictorGobitzColchado |Director
DragoKisicWagner|Director
SidneyRobinson|Director
Ram Ramachandran |Director
Dr.RogerNorwich|Director
ShareOwnershipofRIODirectors 7%
Commitment?..........PercentageofcompanyheldbyChairman,President,CEO,CFO,COO
AUQ:0.1%
AEM:0.2%
AGI:0.7%
AR:1.9%
BTO:1.6%
P:0.7%
TMM:3.7%
RIO:4.2%
TSX:RIOBVL:RIONYSE:RIOMFSE:MS2

SharePricePerformance&Analysts

ANALYSTCOVERAGE

GMPSecurities
BMONesbittBurnsInc
ScotiaCapital
Clarus SecuritiesInc
Stonecap SecuritiesInc
DesjardinsCapitalMarkets
RaymondJames
EuroPacificCapitalInc
KallpaSecuritiesSAB
Larrain Vial

GeorgeAlbino
BrianQuast
MarkTurner
MikeBandrowski
ChristosDoulis
AdamMelnyk
AdamLow
HeikoIhle
Humberto Leon
VicenteRodriguez

+14169436187
+14163596824
+14168637484
+14163433352
+14163429992
+14166073081
+14167774943
+18007277922
+5116307500
+56(2)26165546

TSX:RIOBVL:RIONYSE:RIOMFSE:MS2

StrongProgress
Arecordofexecutionanddelivery

Startup2011:

10monthbuild,$50Mcapex,10,000tpd

MineExpansions

24,000tpd2011,36,000tpd2012

Production2012:

201,113ouncesofgold

Guidance2013:

190 210,000ouncesofgold

ProductionUpside

Consistent PositiveGradeReconciliation

Reoptimization

Oxidemining@$1,200 loweringcosts&stripratio

ReserveGrowth

Q1reserveupdateandexplorationplan

Feas.StudyPhase2

EstimatedcompletionQ22014

Extensiveexplorationprogramon27,000haproperty ongoing

Proactiveexplorationstrategy regionalandrestofPeru
TSX:RIOBVL:RIONYSE:RIOMFSE:MS2

MinimalDebt GoldLoan
Amount

US$50million

TotalObligation

61,312notionalozs

PriceRange

$1,450repay85%ofozs BASE$1,150 $950repay115%ofozs

Min.ozs 52,115
Max.ozs 70,509

Status(asat1October2013)
44,144notionalozs repaid
17,593notionalozs owing

Min.ozs owing14,593
Max.ozs owing19,743

DueDate

October2014

PaymentstoDate

MadethroughtoFebruary2014

Plus

$3Mdebtfacility maturesOctober2014

TotalDebt

approx $25M

TSX:RIOBVL:RIONYSE:RIOMFSE:MS2

LaArena Location

Locatedina goldminingdistrict innorth

centralPeru
3.5hourdrivefromTrujillo,onmostly
pavedroad
Landpackage approx27,000ha
Altitude3,400mabovesealevel
18kmeastofBarricksLagunasNorteGold
Mine
10kmnorthofLaVirgenGoldMineowned
byCiaMineraSanSimon
Strongcommunitysupport
Noagriculture
Excellentinfrastructure

TSX:RIOBVL:RIONYSE:RIOMFSE:MS2

Reserves(asatJan1,2013)
MineralReserve Oxide&Sulphide
WithinPitDesign,blockcutoffNSRcalculation($1,400Au,$3.00Cu)

LikelyOxidePit

SulphideOre

MetalMined

Classification

Sediments

Proved

5.6

0.47

84,000

Probable

47.9

0.52

803,000

Proved

Probable

8.0

0.39

100,000

Sediments
Finalpitexcluding
oxidepit

OxideOre

Material

Porphyry

PitDesign*

Tonnes (Mt)

Au(g/t) Tonnes (Mt) Au(g/t)

Cu(%)

Au(oz)

Cu(lbs)

Proved

0.1

0.32

0.29

1,500

942,000

Probable

268.7

0.24

0.33

2,091,000

1,945,929,000

3,080,000

1,946,871,000

61.5

0.50

268.9

0.24

0.33

Updatedoxidereserveestimate Q1,2014
basedon$1,200goldprice&3rd iterationofblockmodel

*Roundednumbersmaynotsumexactly
Allowsfor98%miningrecovery
Minedsurfaceat1January2013.

ResourcesandReservesareincludedinaNI43101technicalreportfiled
onSEDAR

TSX:RIOBVL:RIONYSE:RIOMFSE:MS2

NearTermReserveUpsideOpportunity
Potentialtoaddapprox 1yeartooxidereserves
(subjecttotechnicalworktobecompletedbyQ12014)
Oxide(Epithermal)

Oxide(Porphyry)

NW

RESERVEPIT

SE

SEDIMENTARY

Calaorco Colluvial Zone

INTRUSIVE

TSX:RIOBVL:RIONYSE:RIOMFSE:MS2

10

MediumTermReserveUpsideOpportunity

Potentialtoaddapprox 1to2yearstooxidereserves
(subjecttotechnicalworkstilltobecompleted)

Lackofdrilling

TSX:RIOBVL:RIONYSE:RIOMFSE:MS2

11

PositiveGradeReconciliationContinues
LookingSE

CALAORCOPIT

WESTWALL
HIGHGRADEZONE
(Approx.1g/tAu)

PORPHYRY

HIGHGRADENWSTRUCTURES
(Upwardsof100g/tover
1020cmwidths)

DEPTHPOTENTIAL

TSX:RIOBVL:RIONYSE:RIOMFSE:MS2

12

2013Performancetodate

HighlightsforthethreemonthsendedSeptember30,2013
Adjustednetincome $17.0million($0.10pershare)
Netincome $15.9million($0.09pershare)
Cashprovidedbyoperations $35.5million
Goldproducedandsold 59,157ozs ataveragerealizedpriceof$1,310peroz
Capitalinvestments $19.4million;explorationspending $2.0million

HighlightsfortheninemonthsendedSeptember30,2013
Adjustednetincome $34.9million($0.20pershare)
Netincome $20.8million($0.12pershare)
Cashflowfromoperations $57.3million
Goldproducedandsold 144,092ozs ataveragerealizedpriceof$1,384peroz
Capitalinvestments $55.2million;explorationspending $5.8million

TSX:RIOBVL:RIONYSE:RIOMFSE:MS2

13

GoldProduction&Guidance
Production&Sales
Production2012

201,113ozs

ProductionGuidance2013

190 210,000ozs

_________________________________________________________________________________________________________________________________________________

Cost Guidancefor2013

Q3Actual

Guidance(13Nov)

AdjustedOperatingCost

US$675toUS$725/oz

$569

approx $650

Allinsustainingcosts

US$900toUS$1,000/oz

$808

approx $900

Allincosts

US$1,200toUS$1,300/oz

$961approx $1,200

________________________________________________________________________________________________________________________________________________

MinePlanReOptimization(inprogress)
$1,200pit(excl.upside)

LOM(fromJuly2013)AfterTaxCashFlow(incl.SustainingCapital)
@US$1,000:approx $155M
@US$1,500:approx $340M

Allinsustainingcosts

Reducingonannualizedbasisduetominingfleetreduction
anddiminishingpadconstruction

TSX:RIOBVL:RIONYSE:RIOMFSE:MS2

14

LaArena Social&Community

TSX:RIOBVL:RIONYSE:RIOMFSE:MS2

15

LaArena Environment
Reclamationworkon
wastedumpNo.1

TSX:RIOBVL:RIONYSE:RIOMFSE:MS2

16

LaArena GoldOxideMineLayout

CurrentLeachPad

PadSpaceavailablebyend2013

Layout from July 2010Report

TSX:RIOBVL:RIONYSE:RIOMFSE:MS2

17

LaArena GoldOxideMine(cont.)
OreProduction 36,000tonnes perday
Calaorco Pit
Leach Pad
Ethel Pit

Process Plant

PLSPond
Major Events Pond
TSX:RIOBVL:RIONYSE:RIOMFSE:MS2

18

LaArena GoldOxideMine(cont.)
OreProduction:

+36,000tonnes perday

MiningFleetReduction
2013 4fleets
2014 3fleets
2015 2fleets
2016 2fleets
1fleet=1exc+7trucks

RH90Excavator

CAT777DumpTruck

TSX:RIOBVL:RIONYSE:RIOMFSE:MS2

19

LaArena GoldOxideMine(cont.)
CalaorcoPitPanorama July2013

CalaorcoPit June2013

TSX:RIOBVL:RIONYSE:RIOMFSE:MS2

20

LaArena Phase2(feasibilitystudyunderway)

Feasibilitystudy(bankable) 18,000tpd

TargetPhase2capex $200Mto$250M

30Mtto60Mtstarterpit targetgradesapprox0.4%Cu,0.3g/tAu

Target:+20%IRR(posttaxes)

CurrenttimingforFScompletion Q22014

LocateallofPhase2projectwithincurrentoxidemineEIAboundary

PermittingprocessstartedinMay2013 EIAapprovalpriortoend2013

Cleancopperconcentrates withgoldcredit FSmettestwork ongoing

ProjectedStartupProduction approx 50Mlbs Cuand40,000oz Aupa

Phase3 scopinglevelwork:openpitvunderground
TSX:RIOBVL:RIONYSE:RIOMFSE:MS2

21

Longtermsulphideplan Phase3
SECTION9126500N
40Mtpit

150Mtpit

OpenPitorUnderground?

approx 115Mt@0.7%Cu,0.53g/tAu
at0.5%Cucutoff

drillholes endedinmineralization@1000m
Cu,Au,Mogradesincreasewithdepth
TSX:RIOBVL:RIONYSE:RIOMFSE:MS2

22

LaArena Phase2&Phase3
Current EIABoundary

RoadDeviation

SulphidePlantSite

Phase2StarterPit

FreylonesLOMTailingsSite
Phase3
Landownedby
LaArenaSA
Landtobepurchased
byLaArenaSA

Phase3PitOutline

1km
LaRamadaLOMWasteDump
Phase3

LaRamadaElectricalSubstation

TSX:RIOBVL:RIONYSE:RIOMFSE:MS2

23

LaArena Phase2(feasibilitystudyunderway)

Feasibilitystudyactivities
PermittingofPhase2:

Phase2EIAapprovalexpectedQ4,2013
Phase2ConstructionPermitexpectedQ2,2014

MinePlan:

OptimizeminescheduleforPhase2andtimingofPhase3project

Ore&WasteHandling:

DetailtheoptionofinpitcrushingandconveyingoforeandwasteforPhases
2and3

Met.Testwork :

TestingandtradeoffworktoimproveAurecoveryfrom40%

Waste&TailingsOptions :

Reviewalternativesfortailingsandwastedeposition(Phase3)

Phase2Capex (next12months)
StudyCosts
US$3M(committed est completionQ2,2014)
SubstationandTransmissionLineUS$16M (committed est completionQ3,2014)
SurfaceRightsAcquisitions(Phase3)US$12M(plannedtobecompletedin2014)
PlantLongLeadItems
US$?(subjecttofeasibilitystudydetail)

TSX:RIOBVL:RIONYSE:RIOMFSE:MS2

24

LaArena Geology

July 2010Report ReservePit Shell

TSX:RIOBVL:RIONYSE:RIOMFSE:MS2

25

LaArena AuOxideExploration
27,000ha multiplegoldandcopperexplorationtargets

TSX:RIOBVL:RIONYSE:RIOMFSE:MS2

26

RegionalandPeruExploration

10,000hawithin30km
ofLaArena
LaLibertadDepartment

SantaBarbaraResources
Earnin
AyacuchoDepartment

DuranVentures
Earnin
HuancavelicaDepartment

TSX:RIOBVL:RIONYSE:RIOMFSE:MS2

27

Sancos Prospect SantaBarbaraResources

Highlights PreviousDrilling
HoleID
SARC001
SARC003
SARC005
SARC005
SARC006
SARC011
SARC012
SARC019
SARC020
SARC021

TSX:RIOBVL:RIONYSE:RIOMFSE:MS2

From
0
0
0
30
8
0
82
0
38
52

To
14
22
22
38
98
154
100
94
56
82

Interval
14
22
22
8
90
154
18
94
18
30

Aug/t
0.35
0.46
0.27
0.30
0.29
0.45
0.47
0.47
0.29
0.40

28

Minasnoic Prospect DuranVenturesInc.

Highlights PreviousDrilling
HoleID
MNB03
MNP02
MNP03
Including
MNP06
MNP07
MNP10
MNP14
Including
MNP16
Including
MNP23
Including
MNP28

TSX:RIOBVL:RIONYSE:RIOMFSE:MS2

FROM
110.5
0
10
30
40
5.65
10.55
0
34
12
28.55
74.05
146
68

TO
Interval Aug/t Agg/t
146.85
36.35
0.20 16.21
57.15
57.15
0.55
3.66
60
50
0.33 13.63
50
20
0.51 28.29
78
38
0.14 53.02
69.1
63.45
0.53
8.18
100.2
89.65
0.23 13.72
62
62
0.34 20.74
52.3
18.3
0.48 30.37
83.4
71.4
0.44
5.48
46.25
17.7
1.38 11.49
300.23 226.18
0.45
5.31
176.9
30.9
1.86 21.06
78
10
0.57
1.26

29