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2015 AGM Presentation

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Los Calatos:
A High Grade Development
Option
28 May 2015
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Disclaimer

This presentation (the “Presentation”) is strictly confidential to the recipient and has been prepared by Metminco Limited (“Metminco” or the “Company”) based on the information available to it. It is intended solely for the information of the initial recipient of this presentation. Metminco is not under any obligation to update or keep current the information contained herein.

Each recipient of this Presentation is deemed to have agreed to accept the qualifications, limitations and disclaimers set out below. To the maximum extent permitted by law, none of Metminco and its related entities or their respective members, directors, officers, employees, advisors or representatives nor any other person makes any representation or gives any warranty, express or implied, as to the accuracy, reliability or completeness of the information contained in this Presentation including any forecast or prospective information. To the maximum extend permitted by law, no responsibility for any errors or omissions and no liability for any loss howsoever arising from any use of this Presentation whether arising out of negligence or otherwise is accepted by Metminco and its related entities, or their respective members, directors, officers, employees, advisors or representatives nor any other person.

This Presentation may not be reproduced, retransmitted or distributed to the press or any other person or published, in whole or in part, for any purpose.

Although all reasonable care has been undertaken to ensure that the facts stated and opinions given in this Presentation are accurate, the information provided in this Presentation has not been independently verified.

Any forward looking information in this Presentation has been prepared on the basis of a number of assumptions, subjective judgments and analyses which may prove to be incorrect. There are a number of factors that could cause results or events to differ from current expectations. Actual future events may vary materially from the forward looking information on which those statements are based. Although the Company has attempted to take into account important factors that could cause actual costs or results to differ materially, there may be other factors that cause costs of the Company’s activities or results not to be as anticipated, estimated or intended. This Presentation should not be relied upon as a recommendation or forecast by the Company. Metminco disclaims any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.

This Presentation and the information contained in it does not constitute a prospectus, admission document or product disclosure statement (including for the purpose of the Corporations Act 2001) relating to the Company and has not been approved by the UK Listing Authority or the Australian Securities Exchange. This Presentation has not been approved by or lodged with the Australian Securities and Investment Commission.

The information in this document is provided for informational purposes only and is subject to change without notice. This Presentation does not constitute or form part of any offer for sale or solicitation of any offer to buy or subscribe for any securities nor shall it or any part of it form the basis of or be relied on in connection with, or act as any inducement to enter into, any contract or commitment whatsoever or constitute an invitation or inducement to engage in investment activity.

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Los Calatos High Grade Development Option

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Los Calatos in brief – large scale development option
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100% owned, large • Measured, Indicated and Inferred Mineral Resource of 1.42Bt at 0.47% Cu &
undeveloped Cu-Mo 0.022% Mo (6.7Mt Cu metal) (2013)
project
Located in prolific Cu- • Nearest neighbours include the Toquepala, Cuajone and Cerro Verde mining
Mo mining district of Southern Peru operations and the Quellaveco project
Project of National Right to acquire surface rights/freehold directly from the Peruvian Interest government for development (12,700ha)
Unlevered free cashflow (post-tax) over LoM of US$5.5bn
Attractive economics • Discussions ongoing with interested parties
Preferred mining scenario optimised by RPM

Optimisation of Preferred mining scenario optimised by RPM • production schedule C1 Cash Operating Costs US$1.12/lb Cu (net of by-product credits)

Revised block model & mineral resource estimate by late May 2015

Smaller high grade • option being reviewed PEA planned for completion in late June 2015

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Los Calatos in brief – high grade , lower tonnage option
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Mineral Resource Measured, Indicated and Inferred Mineral Resource of 1.42 bln/t at 0.47% Cu Estimate 2013 & 0.022% Mo (6.7Mt Cu metal)

Mineral Resource

Breccias, Tonnes and Using the 2013 Mineral Resource Estimate, breccias contain Grade (2013 estimate) 252 mt @ 0.78% Cu and 520ppm Mo at a 0.7% Cueq cut-off (2.0Mt Cu metal)
Mineral Resource • Re-interpretation of the geology and controls on mineralisation completed
Estimate 2015 and used in building a new 3D model of Los Calatos
(pending)
Breccias, Tonnes and • Use of geological boundaries will constrain the high grades within the breccia
Grade (2015 estimate system
pending)
- Will focus on a lower tonnage, high grade development option, to be
- PEA (pending) completed by end June 2015

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Located in prolific Cu – Mo mining district
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Close proximity to substantial open pit mining operations

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Unit	Cuajone	Toquepala	Cerro Verde
Started production	1976	1960	1976
Reserves: ¹ Cu grade	0.50%	0.37%	0.38%
Mo grade	0.018%	0.017%	0.013%
Cut-off grade (CuEq)	0.14%	0.16%	0.17%
Strip ratio	4.37	7.67	0.76
2012 Cu production (kt)	159	152	270
Open Pit Depth (m)	±800	±825
Net Unit Cost (C1) $/lb ²	1.08	1.72	1.31

¹ As at December 2012; ² BMO Equity Research 2012

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Los Calatos Looking South

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Los Calatos Looking East

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Concept of high grade starter operation
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Prior drilling programs identified high grade Cu and Mo mineralisation associated with hydrothermal breccias
Re-logging of drill core (120,000m) constrained high grade zones of mineralisation
Established clear geological controls to the high grade mineralisation
Determined geometry and continuity of high grade mineralisation
Constructed a new 3D Geological Model
New resource estimation completed and reported
The objective was to determine whether a coherent, high grade core exists within the Los Calatos Porphyry Complex
The grade – tonnage curve supports the existence of a smaller, high grade mineral resource at progressively higher CuEq cut-off grades
Evaluate alternative development scenario on basis of high grade resource
Smaller, high grade, lower capital cost, starter mining operation – revised mining study expected to be completed by end June 2015

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Geological Plan: 2800m RL
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Plan view of the 2,800m RL showing:

Interpreted geological units that comprise the porphyry system
Outline of the high grade anhydrite (hydrothermal) breccias 100m below surface

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Geological Plan: 2050m RL
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Plan view of the 2,050m RL showing:

Interpreted geological units that comprise the porphyry system
Outline of the high grade anhydrite (hydrothermal) breccias 850m below surface.
Note the significant increase in the extent of the breccias

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Geological Plan: 1300m RL
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Plan view of the 1,300m RL showing:

Interpreted geological units that comprise the porphyry system
Outline of the high grade anhydrite (hydrothermal) breccias 1,600m below surface
Note that the breccias continue to be well developed at this level

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Section 10350 – Looking West
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0 250 500m
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Cross section view of the porphyry system highlighting:

The vertical nature of the high grade breccia systems
The association between the breccias and the late stage dacitic intrusive that formed the breccias
The vertical extent of the breccias being in excess of 1,600m below surface

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Section 10650 – Looking West
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0 250 500m
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Cross section view of the porphyry system highlighting:

The vertical extent of the high grade breccia systems
The association between the breccias and the late stage dacitic intrusive that formed the breccias, and the diatreme which demonstrates the volcanic phase of the system
The vertical extent of the breccias being in excess of 1,600m below surface

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Section 10950 – Looking West
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0 250 500m
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Cross section view of the porphyry system highlighting:

The vertical nature of the high grade breccia systems
The association between the breccias and the late stage dacitic intrusive that formed the breccias, and the diatreme which demonstrates the volcanic phase of the system
The vertical extent of the breccias being in excess of 1,600m from surface.

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Infrastructure

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Regional infrastructure
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 Road and Access

Close to Pan American highway (50km) and the Port of Ilo (100km SW)

 Power Supply

Power likely to be sourced from the regional city of Moquegua 32km SSE of the project
Power costs low

 Services Corridor

Services corridor to be established to the coast – pumping of sea water to site and of concentrate to a port loading facility

 Water

Sea water to be accessed for metallurgical processing
Small reverse osmosis plant

Proposed Services Corridor

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Moquegua
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 Freehold – Site Infrastructure

Land to be purchased from government

Source: Google Earth

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Project of National Interest – Area expanded to 12,700ha
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The tenements within the blue outline below includes those tenements covered by the Project of National Interest
The PNI area is 12,700 ha and will satisfy the area required for the development of the infrastructure required for Los Calatos

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Exploration Potential

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8 exploration targets identified within project area
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Exploration Targets

8 targets identified
4 drill ready exploration targets (TD1 to TD4)
4 exploration targets (TE1 to TE4)
Targets defined on basis of geophysics and geochemistry
Initial work suggests porphyry complex extends to the southeast
Highest priority targets are TD2 and TD3
Located to southwest & southeast of estimated mineral resource
Systematic exploration to follow

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Geophysical Survey - Total Field Magnetics
Los Calatos
Porphyry Complex
Los Calatos Project
Geophysical Surveys
Total Field Magnetics
December 2010
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Target TD2 – shares a number of similarities with the Los Calatos deposit
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Target TD2 – Drill Ready Target

Located in similar structural setting to the main Los Calatos deposit
Supported by geophysics and geochemistry
Outcropping, mineralised, breccias similar to those intersected in drill holes completed to-date
Drill platforms and permits finalised

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Schematic cross-section: Los Calatos and Target TD2
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inferred fault
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Exploration Target TD2

TARGET TD2

Outcropping shallow-level hydrothermal breccia containing chrysocolla (hydrated copper cyclosilicate) mineralisation
Extends over strike distance of >200 metres
Presence of cryptocrystalline quartz indicative of the upper levels of a hydrothermal system possibly developed above a porphyry system.
Similar to hydrothermal breccias that host the high copper and molybdenum grades within the defined Los Calatos deposit

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Target TD3: South-eastern extension of Los Calatos deposit
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Exploration Target TD3 TARGET TD3

Presently defined eastern limit – Los Calatos Porphyry Complex

Limited exploration work has been completed
Represents the possible continuation of the Los Calatos Porphyry Complex to the southeast

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Peru Overview

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Strategically located in Peru
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Overview of Peru

Peru is one of the fastest-growing emerging economies in the world and has a higher GDP than any of its Latin American neighbours
Nearly 30% higher than Chile even though their mining operations are less developed
Robust GDP has been driven by billions of US dollars in private investment, which has increased at a growth rate of more than 300% in the past 12 years. The level of private investment, coupled with a low inflation rate and a healthy debt level in relation to its international reserves has been conducive to mining development
GDP has averaged 6.3% growth per year since 2002, reaching 9% in 2011 largely due to the extractive sector where it accounts for almost 60% of Peru’s total exports
Average inflation from 2002-11 was 2.5% - the lowest in Latin America and has been in line with the Peruvian Central Bank’s 1% - 3% target band
Mining exports grew from US$14.7 bn to US$21.7 bn over a 4 year period to 2010 – an increase of nearly 50%
In the same period, the proportion of mining exports increased to nearly 40% of the country’s total exports
Peru is amongst the top four producers in the world for silver, copper, lead and zinc having been mining actively for the past 500 years
Host to the second-largest known reserve base of copper in the world behind Chile

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Location of Copper Projects
Rio Blanco
La Granja
Cerro Corona
El Galeno
Quiruvilca
PERU
Cerro Verde Los Calatos
Tia Maria Cuajone
Quellaveco
Toquepala
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Source: Company filings Note: based on select copper projects in Peru

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Strategically located in Peru (cont’d)
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Mining Investment in Peru

Peru continues to be an attractive jurisdiction for capital flowing into the mining industry due to its macroeconomic stability and friendly investment environment
According to the National Mining, Oil and Energy Society, mining investment is forecasted to total US$53 bn by 2020 to finance 48 mineral exploitation projects
A study in 2013 by the Fraser Institute shows that Peru is the second most favourable jurisdiction in South America for mining based on its mining investment environment
Peru has also established a legal framework that is attractive to both local and foreign investors:
Non discriminatory treatment between local and foreign investors
Free transfer of capital
Freedom to purchase stocks from locals and access internal / external credit
A number of free trade agreements have been signed recently with the United States, China, Canada, Singapore, Korea and the European Union

Average Annual Change of Private Investment in Peru

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25.9%
23.3%
22.1%
20.1%
13.6%
12.0% 11.4% 8.8% * 8.2% * 7.9%
6.3% [8.1% ]
0.2%
(1.7%)
(4.7%)
(15.1%)
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
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Source: Central Reserve Bank of Peru, Ministry of Economy and Finance

* Preliminary figure

Mining Policies and Potential in South America

Ct	Policy Pttil Id	Survey of	Mineral Potential (assuming current regulation/land use restrictions)	Mineral Potential (assuming current regulation/land use restrictions)	Mineral Potential (assuming current regulation/land use restrictions)	Mineral Potential (assuming current regulation/land use restrictions)
ounry	oena nex (out of 100)	Encourages Investment	Not a Deterrent to Investment	Mild Deterrent to Investment	Strong Deterrent to Investment	Would not Invest
Chile	67.7	40%	47%	11%	2%	0%
Peru	42.0	27%	44%	24%	6%	0%
Brazil	38.2	21%	46%	11%	2%	0%
Columbia	34.4	29%	36%	29%	7%	0%
Bolivia	13.8	0%	12%	21%	47%	21%
Ecuador	19.0	3%	17%	33%	25%	22%
Venezuela	11.8	3%	15%	15%	29%	38%

Source: Fraser Institute "Survey of Mining Companies 2012-13", Policy Potential Index based on measurement of effects on government policies for the mining industry as calculated by the Fraser Institute

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Disclaimer

This Presentation may not be reproduced, retransmitted or distributed to the press or any other person or published, in whole or in part, for any purpose.

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AI assistant

LCL RESOURCES LIMITED AGM Information 2015

65217_rns_2015-05-27_53fc0899-bad5-45c9-95f4-9ce4dfe0b80c.pdf

2015 AGM Presentation

Disclaimer

Los Calatos High Grade Development Option

Mineral Resource

Close proximity to substantial open pit mining operations

Los Calatos Looking South

Los Calatos Looking East

 Road and Access

 Power Supply

 Services Corridor

 Water

Proposed Services Corridor

 Freehold – Site Infrastructure

Exploration Potential

Exploration Targets

Target TD2 – Drill Ready Target

Exploration Target TD2

TARGET TD2

Exploration Target TD3 TARGET TD3

Peru Overview

Overview of Peru

Mining Investment in Peru

Average Annual Change of Private Investment in Peru

Mining Policies and Potential in South America

Disclaimer

AI assistant

LCL RESOURCES LIMITED — AGM Information 2015

65217_rns_2015-05-27_53fc0899-bad5-45c9-95f4-9ce4dfe0b80c.pdf

2015 AGM Presentation

Disclaimer

Los Calatos High Grade Development Option

Mineral Resource

Close proximity to substantial open pit mining operations

Los Calatos Looking South

Los Calatos Looking East

 Road and Access

 Power Supply

 Services Corridor

 Water

Proposed Services Corridor

 Freehold – Site Infrastructure

Exploration Potential

Exploration Targets

Target TD2 – Drill Ready Target

Exploration Target TD2

TARGET TD2

Exploration Target TD3 TARGET TD3

Peru Overview

Overview of Peru

Mining Investment in Peru

Average Annual Change of Private Investment in Peru

Mining Policies and Potential in South America

Disclaimer

More from LCL RESOURCES LIMITED

LCL RESOURCES LIMITED AGM Information 2015