Volcan Compañía Minera S.A.A.

Corporate Presentation
1
Disclaimer

Some statements contained in this presentation or in documents referring to this presentation may contain
inaccuracies. No reliance for any purpose whatsoever may be placed on the information or opinions contained in
this presentation or on the completeness of this presentation. Volcan Compañía Minera S.A.A. (the Company),
its shareholders and its officers make no representation or warranty as to the accuracy or completeness of the
information contained in this presentation. Any person who has access to this presentation shall need to
evaluate independently all information provided in it and shall not rely on it. Nothing in this presentation is to be
construed as a profit forecast.

Some statements contained in this presentation or in documents referring to this presentation may include
forward-looking statements. Actual results may differ from those expressed in such statements, depending on a
variety of factors. Past performance of the Company or its shares cannot be relied on as a guide to future
performance. Any forward-looking information contained in this presentation was prepared on the basis of a
number of assumptions that may prove to be incorrect. Actual results may vary accordingly.

This presentation does not constitute, form part of or contain any invitation or offer to any person to carry out any
investment or underwrite, subscribe or otherwise acquire or dispose of any shares in the Company or its
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or commitment.

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loss howsoever arising from any use of this presentation or its contents in connection therewith. To the maximum
extent permitted by law and except in case of gross negligence or willful misconduct, the Company and its
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loss or damage they suffer, incur or are liable for as a result of using or relying on this presentation.

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 Diversified operational base and logistical network

Key highlights Map of operations

• 3 mining units
– Cerro de Pasco, Chungar and Yauli
• 8 mines
– Largest mine accounts for 19% of 2012
production
• 6 concentrate plants
• Logistical flexibility
– Railroad
– Multiple road alternatives

Revenues – 2012
By Metal By Operation
Au
1% Chungar
Cerro de Pasco
27%
19%
Zn
37%
Ag
50%

Pb
9% Yauli
Cu
3% 54%
Total: US$1,161 MM
3 Source: Company filings
Volcan is one of the main global producers of Zinc,
Silver and Lead
Zinc production vs. global peers–2012 Silver production vs. global peers–2012 Lead production vs. global peers–2012
production (000 MT) production (MM Oz) production (000 MT)

1072 41.0 238

963 39.0 230

622 36.9 164

601 30.5 101

414 26.5 89

297 25.1 78

283 22.0 73

274 18.3 72.5

271 18.0 71

215 13.3 62

• Significant negotiating leverage due to ability to deliver large volumes across several key metals
• Broad client base composed of major global commodity traders and refineries

4 Source: AME GROUP, Wod Mackenzie, Silver Institute, company filings

 One of the most important mining operations in Perú
2012 Production

Zinc (000 MT) Lead (000 MT)

23.1% 29.2%
297 21.1% 73
270

14.5%
186

8.8%
113 7.7% 7.2% 6.8%
3.5% 19 18 5.4%
17
46 14

Volcan Antamina Milpo Los Quenuales Atacocha Volcan Buenaventura Milpo Corona El Brocal

Silver (000 Oz)

19.7%
22.0

13.1%
14.7 11.9%
13.3
6.7%
5.7%
7.5
6.3

Volcan Buenaventura Antamina Suyamarca Ares

5 Source: Peruvian Ministry of Energy and Mines

 Robust life of mine & significant potential to explore

Evolution of reserves and resources (MM MT) 1,3 Significant untapped potential
2
Reserves Resources
Exploration
377
360 7%
Production
310 310 13%
279
256
225 268
203 170 162
156
146
127

123 140 148 136

110 110
77
No Activity
2006 2007 2008 2009 2010 2011 2012 80%

Average reserve and resource life (years)

Reserves3 Total: ~365,537 hectares of concessions

9 13 14 16 18 18 12
Reserves and Resources3

14 20 22 25 31 37 28

Source: Company filings

1 Ore reserve and mineral resource estimated following the guidelines of international definitions as established by the JORC
6 2 Includes measured, indicated and inferred
3 For additional details please refer to the 2012 Annual Report
 Volcan’s Growth Strategy in Mining

Short Term Additional detail ahead

• Chungar’s plant expansion from 4,200 to 5,200 tpd

• Andaychagua’s plant expansion from 2,850 to
Expansion of Current Operations
3,200 tpd
• Victoria’s plant expansion from 4,000 to 4,500 tpd
+
• Silver Oxides
G Short- and Medium-term Mining • Alpamarca – Río Pallanga
R Projects • Silver Pyrites
• Rondoní
O
W +
• San Sebastián
T
• Palma
H Regional Exploration • Zoraida
• El Muqui
• Carhuacayán
+
• In constant evaluation
Search for New Opportunities • Business development
• Greenfield exploration (new projects)
Long Term

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Expansion Projects

Est. CAPEX
Project Stage Increase in Capacity
Completion (US$ MM)

1. Chungar’s Plant Expansion Concluded Operating 18 4,200 tpd to 5,200 tpd

2. Andaychagua’s Plant Expansion Concluded Operating 2 2,850 tpd to 3,200 tpd

3. Victoria’s Plant Expansion Execution 2013 - II 3.5 4,000 tpd to 4,500 tpd

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1. Chungar Plant Expansion

• Increased plant capacity by 25%, from 4,200 tpd to 5,200 tpd

• Plant expansion completed in January 2013; Currently operating at full capacity

• Estimated CAPEX of US$ 18 MM

• Additional annual contribution of 2.0 MM Oz of Ag

• Reduction in production costs in 2013 due to increased tonnage and start-up of Jacob Timmers Shaft

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2. Andaychagua Plant Expansion (Yauli)

• Plant expansion from 2,850 to 3,200 tpd completed

• Tonnage being increased gradually until full capacity is met

• On-line Control System Analyzer with Courier 6iSL in process of calibration

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3. Victoria Plant Expansion (Yauli)

• Plant expansion from 4,000 to 4,250 tpd completed

• On-line Control Operations with Courier 6iSL in place

• Expansion from 4,250 to 4,500 tpd estimated for June 2013

• Conceptual engineering in preparation for a possible expansion of treatment capacity to 7,000 tpd

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Mining Growth Projects

CAPEX 1
Project Stage Timing Production
(US$ MM)
1. Silver Oxides Execution 2013 – Q4 145 3 - 5 MM Oz Ag

2. Alpamarca - Río Pallanga Execution 2013 – Q4 128 3.5 MM Oz Ag

3. Silver Pyrites In study 2015 – Q32 To be defined 3 - 6 MM Oz Ag

4. Rondoní Pre-feasibility To be defined To be defined 20,000 – 30,000 MT

• Oxides and Alpamarca projects to be completed by end of Q4 2013

• Net gain of approximately 6 million ounces of Ag by 2014; 9 million ounces of

cumulative net gain by 2016

1± 20%
12
2 Rough estimate
1. Silver Oxides (1/2)

• Completion expected by Q4 2013

• Environmental Impact Assessment (EIA) approved; equipment purchased; construction 23.5%
completed
• 9 MM MT of reserves in stockpiles & mineral in situ
• Plant capacity of 2,500 tpd with an annual production between 3 to 5 MM Oz of Ag
• Initial life-of-mine-estimate of 10 years
• Projected CAPEX of US$ 145 MM1 for a plant design expandable to 4,000 tpd

1± 20%
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1. Silver Oxides (2/2)
Plant Progress

Rings at the Cyanidation Tanks Construction for Merrill Crowe Process

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2. Alpamarca - Río Pallanga (1/2)

Alpamarca Plant:
• Completion expected by Q4 2013
• Environmental Impact Assessment (EIA) and construction permits granted, equipment purchased; construction 20%
completed
• Plant capacity of 2,000 tpd
• Ag annual production: 3.5 MM Oz
• Estimated CAPEX: US$ 128 MM1
Alpamarca Open Pit: Reserves of 4.5 MM MT, Resources of 4.9 MM MT
• Projected production: 1,500 to be processed at the Alpamarca plant
Río Pallanga Underground Mine: Reserves of 0.4 MM MT, Resources of 1.4 MM MT
• Located 10 km from the Alpamarca plant
• Projected production: 500 tpd, to be processed at the Alpamarca plant

1± 20%
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2. Alpamarca - Río Pallanga (2/2)

Alpamarca Open Pit Camp Area

Plant Progress Rio Pallanga Mine

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 3. Silver Pyrites

• Reserves & Resources

Stockpiles:
25.5 MM MT of 4.8 Oz/MT of Ag
Low mining cost and high certainty
In situ:
61.0 MM MT with 4.5 Oz/MT of Ag in the
West Wall of the Raul Rojas open pit
• Treatment alternatives
a) Pre-concentrate produced through flotation process; subsequent leaching
b) Direct leaching of mineral
c) Ultrafine grinding of material to 10 microns, to release Ag in preparation for flotation
• Project Status
o SGS in Canada & other laboratories testing samples to define the optimal metallurgical process
o Industrial testing program in pilot plants with some residual Ag production
o Expected production of 3 to 6 MM Ag Oz per year with a plant capacity of 4,000 tpd

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4. Rondoní

Project Current Status:

• 98,000 meters of diamond drill holes performed out to date in the Rondoní area
• 10,000 meters of diamond drill holes performed in 2012 in the Acejar area
• Total investment of U.S. $ 15 MM in 2012
• Agreement signed with local communities for exploration activities to 2016
• Activities to obtain EIA in progress
• Resources as of December 2012: 51 MM MT with Cu grades: 0.45% at Rondoní and 8.3 MM MT with
Cu grades: 0.49% at Acejar
• Completion of the pre-feasibility study and definition of options by end of 1H 2013
Falla Quio - Chaulan
RONDONI

La. Cunto 4,850 msnm

Río La. Secsecocha E
W Skarn Cu
Quio
5,000
msnm
ACEJAR

4,000

3,000

2,000

1,000

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 Volcan is partially self-sufficient in Energy
2012 2013
Capacity Projects
Number Capacity Number Capacity
Belo Horizonte (180 MW)
Hydropower Plants 12 42 MW 12 42 MW
Chancay (60 MW)

Transmission Lines 10 194 km 14 271 km 400 km

Electrical Substations 22 130 MVA 25 240 MVA 29

Poewer generation and 2012 2013 1 48% of the

demand MW GWh % MW GWh % energy generated
Own Generation1 42 238 39% 42 304 49% by Huanchor is
sold to the
Hydros Chungar 22 116 19% 22 154 25% national grid
Huanchor 20 122 20% 20 150 24%
Purchased at SEIN 57 489 81% 61 466 75%
Consumption 79 608 83 620

2 Volcan has two

2
Cost USD Cents / kWh USD Cents / kWh 12 MW thermal
generators on
Hydroelectric Generation 2.5 2
stand-by (with a
Purchased at SEIN 7.5 8 generation cost of
30 cents/kWh)
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Solid financial performance in different cycles

Revenues (US$ MM) EBITDA (US$ MM) and EBITDA margin (%)

1150 60%
1,212 1,161 50%
950 52%
981 40%
44%
750 39% 40% 30%
624
663 509 20%
550 461
10%
350 294 0%
-10%
150
-20%
-50 -30%
2009 2010 2011 2012 2009 2010 2011 2012

Net Income (US$ MM)

329

253
211
170

2009 2010 2011 2012

20 Source: Company filings
2012 Results influenced by lower prices and cost
inflation in the industry
Volcan Consolidated
2012 2011 Var %
(MM USD)
Revenues 1160.8 1211.6 -4%
Net Income 210.9 328.9 -36%
EBITDA 460.5 623.7 -26%

• Lower revenues from falling prices

Average Prices 2012 2011 Var %

Zinc ($/MT) 1,948 2,193 -11%

Lead ($/MT) 2,062 2,402 -14%
Copper ($/MT) 7,949 8,821 -10%
Silver ($/Oz) 31 35 -11%

• Increased production costs • Inflation in the industry, between

15% and 20%, impact on labor
costs, third party services and
2012 2011 Var %
supplies (fuel, reagents, steel, etc.)
Own Production 56.9 50.5 13% • Nuevo Sol appreciation
Unit Cost / mT
• Improved safety standards

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Among the lowest cost producers in the industry
First quartile, low-cost zinc producer
C1 cash cost (C1)(c/lb) March 2013 Zinc Mine, Composite, C1 Cash Cost
130 Grouped by company and ranked by cash cost
120
110
100
90
80
70
60
Volcan

50

New Boliden
Votorantim
40

Nrystar
Vedanta
Yunnan
30
20 Teck Hindustan Glencore Minmetals Xstrata Sumitomo

10
0
First quartile Second quartile Third quartile Fourth quartile
0 4,833 9,666 14,499
Paid metal (mm lbs)

Historical cash cost (C1) – Zinc (c/lb) Historical cash cost (C1) – Silver (US$/Oz) 1

Volcan Industry Volcan Industry

53 49
46 44 45
39 35 37
8.3 10.1
7.8
9 4.7 4.9 4.8
0.6 1.8

(3) -2.0
-4.6
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012

Source: Wood Mackenzie and company filings

22 ¹ Industry average silver cash cost (on a by-product basis) includes simple average of Coeur d’ Alene Mines Corporation, Fresnillo Plc, Hochschild
Mining Plc and Panamerican Silver Corporation
Solid Balance Sheet
Leverage

Deuda / Ebitda Deuda Neta / Ebitda

1.53

0.3
0.1 0.1 0.10

-0.1 -0.15
-0.2
2009 2010 2011 2012

Interest coverage

226.2 x
186.1 x
170.7 x

13.0 x

2009 2010 2011 2012

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Funds available for our projects, at low risk

US$ 575 Million Investment Grade *

000 US$
Balance Jan 2012: 154,123
: BBB-
Bond Proceeds: 600,000
Cash Flow from Operations: 258,661
Investments: -385,960
: Baa3
Dividends and other -51,969

: BBB-
Balance December 2012: 574,855

* Reaffirmed by all three agencies after first annual review

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Stock Market Highlights

Class A Shares: Stock Markets

– Number: 1,362,307,564 – BVL since 1956
– Full voting rights – Madrid (Latibex) since 2000
– Santiago since 2007

Class B Shares:
– Number: 2,037,653,026
– 5% dividend premium over Class A

Some Funds / Stakeholders investing in Volcan Compañía Minera S.A.A.

• BlackRock Global Funds • Glencore International AG • Deutsche Bank AG

• Abu Dhabi Invest. Authority • Credit Suisse Securities • Celfin
• City of New York Group Trust • Larrain Vial • AFP Prima
• City of Zurich Pension Fund • California Public Employees • AFP Horizonte
• Barclays Capital Securities • Fidelity Funds • AFP Integra
• Microsoft Global Finance • Harvard University • AFP Profuturo
• People Bank of China • Mercury Asset Mgmt • El Pacífico Vida

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Volcan Compañía Minera S.A.A.

Corporate Presentation
26