LCL RESOURCES LIMITED — Interim / Quarterly Report 2013

Apr 29, 2013

ASX ANNOUNCEMENT

30 April 2013

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QUARTERLY ACTIVITIES REPORT & APPENDIX 5B

3 MONTHS TO 31 MARCH 2013

HIGHLIGHTS

Los Calatos Project - Peru

Independent Mining Scoping Study confirms the potential of the Company’s 100% owned Los Calatos copper project in southern Peru as a low-cost, long life, copper mine. Key results include:

• Long-life asset with 31-year Life of Mine (“LoM”)

• Project would comprise an open pit followed by underground block cave mining operation

• Total material treated over LoM of 656 million tonnes at 0.45% Cu and 0.026% Mo (0.56% CuEq)

• Initial open pit operation with a 7-year life and a low strip ratio of 2.2:1

• Average annual copper in concentrate production of 83.3kt (184m lbs)

• Lowest quartile LoM cash operating costs net of credits of U$1.09/lb

• Pre-production capital expenditure of U$1.5bn including initial underground development

Optimisation work on the mine plan continues with the objective of increasing the mineral resources amenable to open pit mining and reducing the pre-production capital expenditure relating to the underground development.

Mollacas Project - Chile

• Final phase of metallurgical testwork currently in progress

• Geotechnical work on planned open pit and heap leach pads complete

Vallecillo Poject - Chile

• Internal Scoping Study initiated

Funding

• Cash position as at 31 March 2013 was approximately US$15.0 million

• The Company is in a position to consider a range of strategic options in relation to the development of Los Calatos and the Chilean assets, whilst at the same time continuing to reduce costs

Mr William Howe, Managing Director commented “The March quarter saw further significant developments at the Company’s Los Calatos project with the finalisation of a robust Mining Scoping Study, which confirmed the potential of the project as a low cost, long-life, copper mine with significant leverage to the copper price.

The mining scenario involves the development of an initial open pit operation with a life of 7-years, followed by a substantial underground block cave operation with a life of 24-years. However, the opportunity exists to optimise the mine plan further, and in particular increase those mineral resources amenable to open pit mining. This would not only increase the open pit mine life, but would delay the timing of the planned underground mine development, and hence reduce the initial capital expenditure.

The Los Calatos project is suitably advanced to consider alternatives for project financing and development, including the introduction of a potential strategic partner.

In the face of difficult global markets for junior exploration companies, we are in the fortunate position of having a cash reserve of US$15 million as at 31 March 2013, allowing for the full assessment of the potential options relating to the advancement of Los Calatos, whilst minimising expenditure.”

Metminco Limited ABN 43 119 759 349 Level 6, 122 Walker Street, North Sydney, NSW, 2060 ASX Code: MNC.AX; AIM Code: MNC.L Tel: +61 (0) 2 9460 1856; Fax: +61 (0) 2 9460 1857 www.metminco.com.au

ASX ANNOUNCEMENT

METMINCO LIMITED

30 April 2013

KEY RESULTS

Los Calatos Project

The Company announced a further mineral resource update at its Los Calatos Project in southern Peru in February 2013, following the conclusion of a Mining Scoping Study (“the Study”) by NCL Ingeniería y Construcción Ltda (“NCL”).

The Study focussed on a preferred mining scenario for Los Calatos comprising a combination of an open pit and underground mining operation with a combined LoM of 31 years at a mining and processing rate of 21.9 million tonnes per annum (60,000 tonnes per day). The tonnes mined and treated over the life of the mine total 656 million tonnes at a copper equivalent grade of 0.56%.

Cash operating costs, net of by-product credits, are expected to average US$1.09/lb of copper over the LoM, which places the Los Calatos project in the lowermost quartile of global producers. Further, the capital requirement for the establishment of the open pit, surface infrastructure, metallurgical plant and initial underground development is estimated at US$1,506 million.

However, the Company is presently refining aspects of the Study with the objective of increasing the life of the open pit and reducing the initial capital required to develop the project.

Mollacas Copper Leach Project

Metminco’s current focus at the Mollacas project is to advance the development of the Copper Leach Project. Accordingly, the geotechnical work in support of the planned open pit has been completed, as has the geotechnical design work for the heap leach pads.

With the completion of the preparatory work for the Phase 3 metallurgical test work, the final column leach tests are expected to be completed during Q3 2013.

Vallecillo Polymetallic Project

Following the completion of the latest mineral resource estimate for the La Colorada deposit, an internal scoping study has been initiated to evaluate alternate mining options, and to ascertain the economics of La Colorada as a polymetallic, open pit operation, using a metallurgical process that provides for a gravity circuit in combination with a conventional flotation circuit.

TECHNICAL SUMMARY

Los Calatos Project

Mining Study returns positive results

The Study, undertaken by NCL, focussed on a preferred mining scenario for Los Calatos comprising a combination of an open pit and underground mining operation (see schematic representation in Appendix 1), with a combined LoM of 31 years at a mining and processing rate of 21.9 million tonnes per annum (60,000 tonnes per day). The tonnes mined and treated over the life of the mine total 656 million tonnes as detailed in Table 1.

Table 1: Total tonnes mined– Preferred Mining Scenario (February 2013)

	Tonnes (million)
Type of Mining Operation		Cu (%)	Mo (%)	CuEq (%)
Open Pit Underground – Bulk Mining	194 462	0.37 0.49	0.018 0.029	0.44 0.61
Total tonnes mined	656	0.45	0.026	0.56

The key results of the Study, as concluded by NCL, are summarised in Tables 2 and 3 below:

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30 April 2013

Table 2: Preferred Mining Scenario – LoM operational parameters

Parameter	Life of Mine
Annual tonnes milled (millions)	21.9
Average annual copper in concentrate (kt)	83.3
Average annual molybdenum in concentrate (kt)	3.7
Strip Ratio (open pit)	2.2:1
Mining costs (US$/t)	7.11
Processing costs (US$/t)	4.55
G & A costs (US$/t)	0.59
Cash operating costs_net of credits (_US$/lb copper)	1.09
Pre-production capital (US$ millions)	1,506

Note:

Cash operating costs exclude government royalties, but include all other costs and royalties.

The envisaged development schedule is summarised in Appendix 2. The project development schedule allows for construction of the surface infrastructure and the metallurgical plant to be undertaken simultaneously with the development of the open pit operation. However, in order to commence underground bulk mining in Year 6, the requisite development would have to be initiated two years prior to the development of the open pit.

The life of the open pit is estimated to be seven years, during which time a low grade stockpile will be established that will supplement high grade ore from the underground operation during the underground ramp-up stage (Years 7 to 12).

As alluded to above, the Company is currently conducting further optimisation work on the open pit with the objective of increasing the associated mineral resources. This would not only increase the life of the open pit, but it would delay the timing of the underground development and hence reduce the initial capital expenditure.

Table 3: Preferred Mining Scenario – open pit and underground mine parameters

Parameter	Open Pit	Underground	Life of Mine
Total tonnes mined (millions)	194	462	656
Average copper grade (%)	0.37	0.49	0.45
Average molybdenum grade (%)	0.018	0.029	0.026
Mining costs (US$/t ore milled)	4.19	8.34	7.11
Processing costs (US$/t ore milled)	4.55	4.55	4.55
G & A costs (US$/t ore milled)	0.59	0.59	0.59
Total site costs (US$/t ore milled)	9.33	13.48	12.25
Total off-site costs (US$/t ore milled)	3.35	3.35	3.35

The annual contained copper and molybdenum metal in concentrate is expected to average 83.3kt and 3.7kt respectively over the LoM. An annual copper equivalent metal production profile for the LoM is presented in Appendix 2.

Cash operating costs, net of by-product credits, are expected to average US$1.09/lb of copper over the LoM, with the average operating cost per pound of copper over the life of the open pit being similar to that for the

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METMINCO LIMITED

30 April 2013

underground operation (due to the higher grade ore from the underground operation offsetting higher mining costs). As can be seen from Appendix 2, the cash operating costs compare favourably with global cash costs, ranking in the lowest quartile of global producers.

Key parameters used in the derivation of the by-product credits are summarised in Appendix 3. Further assumptions used in the Study are summarised in Appendix 4.

The initial capital requirement for the establishment of the open pit, surface infrastructure, metallurgical plant and underground development is estimated at US$1,506 million, which includes an average contingency of 20% by virtue of the current developmental status of the project (Appendix 5). Hence, the maximum drawdown on capital pre-production from the open pit is estimated at US$1,506 million. Sustaining capital will be funded from cashflow.

The underground mine infrastructure will consist of a twin decline system, one for personnel and equipment, and an adjacent conveyor system for ore extraction. Four vertical raise-bored ventilation shafts will support the underground operations. Ore will be crushed through a primary crusher to be located underground.

Increased Mineral Resource Estimate – February 2013

The Company released an updated mineral resource estimate completed by SRK Consulting (Chile) S.A. (“SRK”) in February 2013 (Table 4), which resulted in an increase in the mineral resources that are amenable to open pit mining, and a minor decrease in the underground bulk mining resources (see detailed Mineral Resource Statement in Appendix 6).

Table 4: Total Mineral Resource – Preferred Mining Scenario (February 2013)

	Tonnes (million)
Potential mining method		Cu (%)	Mo (%)	CuEq (%)
Open Pit Underground – bulk mining	304 1,058	0.36 0.51	0.018 0.024	0.44 0.61
Total Mineral Resource	1,362	0.48	0.023	0.57

Note:

i) Open Pit: Mineral resource estimate reported at a 0.15% CuEq cut-off grade. ii) Underground: Mineral resource estimate reported at a 0.35% CuEq cut-off grade. iii) Cu:Mo ratio of 1:4.2633 used to derive CuEq (refer Appendix 6 for basis of calculation).

The recognition of higher grade domains within the Los Calatos porphyry system following the conclusion of the intensive Phase 4 drilling in October 2012, and the delineation of the supergene mineralisation present to a depth of 250 metres below surface, has contributed substantially to the proposed mining plan for the development of the deposit, and more specifically the design of the open pit.

Current activities

The Company is currently completing detailed planning as a pre-requisite for the commencement of a prefeasibility study.

In addition, further optimisation work is being conducted on the open pit with the objective of increasing the associated mineral resources, and hence the life of the open pit. Accordingly, aspects of the Study will be re-evaluated in this context, particularly in terms of reducing the lead time for the underground development, and a reduction of the pre-production capital expenditure.

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ASX ANNOUNCEMENT

METMINCO LIMITED

30 April 2013

CORPORATE

Cash Position and Funding

Metminco’s cash position as at 31 March 2013 of A$14.3 million (US$15.0 million) remained unchanged from the previous quarter.

Expenditure for the March 2013 quarter was offset by cash received of A$3.3 million (US$3.5 million) relating to recovery of VAT paid on the Los Calatos expenditure incurred over the period 01 January 2012 to 31 October 2012.

With cash on hand of US$15 million as at 31 March 2013, Metminco is in a position to evaluate a number of potential strategic options that have arisen with respect to the further development of Los Calatos.

The Company is currently reviewing its organisational structure and operating costs with a view to conserving cash and focussing on key aspects of its assets, in particular Los Calatos.

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William Howe

Managing Director

Company Background

Metminco is a dual ASX and AIM listed company with a portfolio of copper, molybdenum and gold projects in Peru and Chile.

The Los Calatos Project, located in southern Peru, has an open pittable mineral resource of 304 million tonnes at 0.44% CuEq at a cut-off grade of 0.15% CuEq to a vertical depth of 500 metres below surface and an underground bulk mining mineral resource of 1,058 million tonnes at 0.61% CuEq at a cut-off grade of 0.35% CuEq commencing at an elevation of 2,500 metres (approximately 500 metres below surface).

The Chilean assets include the Mollacas Project with a mineral resource of 34.3 million tonnes consisting of a measured resource of 19.4 million tonnes at 0.45% Cu and 0.16g/t Au, an indicated resource of 9.4 million tonnes at 0.34% Cu and 0.16g/t Au, and an inferred resource of 5.5 million tonnes at 0.26% Cu and 0.15g/t Au (at a 0.2% copper cut-off); and the Vallecillo Project with a mineral resource of 8.9 million tonnes consisting of a measured resource of 5.5 million tonnes at 0.84g/t Au, 9.99g/t Ag, 1.12% Zn and 0.32% Pb, an indicated resource of 2.6 million tonnes at 0.80g/t Au, 10.23g/t Ag, 0.94% Zn and 0.35% Pb and an inferred resource of 0.8 million tonnes at 0.50g/t Au, 8.62g/t Ag, 0.48% Zn and 0.17% Pb (at a cut-off grade of 0.2g/t Au).

The Company also has a number of early stage exploration projects where initial exploration activities have identified anomalous copper, molybdenum and gold values.

Competent Persons Statement

The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Colin Sinclair, BSc, MSc, who is a Member of the Australasian Institute of Mining and Metallurgy and is a full-time employee of the Company as Executive General Manager.

Colin Sinclair has sufficient experience (over 30 years) which is relevant to the style of mineralisation, type of deposit under consideration, and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results’. Mr Sinclair, as

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Competent Person for this announcement, has consented to the inclusion of the information in the form and context in which it appears herein.

SRK Consulting (Chile) S.A.

Metminco supplied SRK with a geological model and the drill data. Copper and molybdenum grades were estimated into a block model using ordinary kriging with GEMCOM software.

The information provided in this ASX Release as it relates to Exploration Results and Mineral Resources is based on information compiled by George G. Even, Principal Geologist of SRK Consulting in Santiago, Chile. Mr Even, a Qualified Person for JORC compliant statements, reviewed the technical information presented in this document. Mr Ernesto Jaramillo, Principal Resource Geologist with SRK Santiago, performed the resource estimation. Mr Even has sufficient experience that is relevant to the style of mineralisation and type of mineral deposit under consideration, and to the activity which was undertaken, to make the statements found in this report in the form and context in which they appear.

Mr Even and Mr Jaramillo have consented to be named in this announcement, and have approved of the inclusion of the information attributed to them in the form and context in which it appears herein.

NCL Ingeniería y Construcción Ltda

NCL was commissioned by Minera Hampton Peru SAC (“Hampton”), a wholly owned subsidiary of Metminco, to develop a conceptual mining study for the Los Calatos copper - molybdenum project.

In accordance with Hampton’s requirements, the work developed by NCL consisted of analysing different alternatives for the exploitation of the deposit and to carry out, at a conceptual level, the design and mine planning of the selected option. Moreover, NCL calculated the operating costs and capital cost of the mining works, in addition to the capital costs for the process plant and infrastructure, using an estimation model of CAPEX and OPEX for flotation plants.

The study was based on the block model and economic information provided by Hampton, as well as NCL data from similar projects in the region. In the calculation of the economic resources, measured, indicated and inferred mineral resources were considered, with 23% of mineralised material reporting into the mining plan having been derived from inferred mineral resources.

NCL certifies that the results reported by Hampton correspond to those obtained by NCL in the conduct of the study.

The reader is cautioned that the mining study, which is an integral part of this report, is of a preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorised as mineral reserves. There is no certainty that the preliminary economic assessment will be realised. No mineral reserves have been estimated.

NCL’s experience from a consultancy perspective has included block cave mining projects in Chile, Colombia, Papua New Guinea and Australia. The nature of the work conducted by them includes aspects such as mine design and planning, mining methods, material handling and infrastructure and has been conducted at levels varying from Conceptual Studies, through Scoping Studies to Pre-Feasibility Studies, and where required, detailed engineering design. Recent work undertaken by NCL has involved mining operations such as La Colosa (AngloGold Ashanti Colombia S.A.), Golpu (Newcest Mining Ltd.), El Teniente (Codelco) and Rosario Oeste (Cía Minera Doña de Collahuasi SCM), with historical involvement in projects the size of Chuquicamata (Codelco).

Forward Looking Statement

All statements other than statements of historical fact included in this announcement including, without limitation, statements regarding future plans and objectives of Metminco are forward-looking statements. When used in this announcement, forward-looking statements can be identified by words such as ‘’anticipate”, “believe”, “could”, “estimate”, “expect”, “future”, “intend”, “may”, “opportunity”, “plan”, “potential”, “project”, “seek”, “will” and other similar words that involve risks and uncertainties.

These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of this announcement, are

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expected to take place. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, its directors and management of Metminco that could cause Metminco’s actual results to differ materially from the results expressed or anticipated in these statements.

The Company cannot and does not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this announcement will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. Metminco does not undertake to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this announcement, except where required by applicable law and stock exchange listing requirements.

For further information contact:

Office: +61 (0) 2 9460 1856

METMINCO LIMITED

William Howe – Managing Director Stephen Tainton – GM Investor Relations Phil Killen – Company Secretary & CFO

Mobile: +56 9 9308 7900 Mobile: +61 (0) 477 299 411 Mobile: +61 (0) 408 609 916

BROKERS

Canaccord (Australia)

Warwick Grigor

Canaccord Genuity (UK)

Andrew Chubb/Damien Hackett Liberum Capital Limited (UK) Michael Rawlinson/Tim Graham/Christopher Kololian

Office: +61 (0) 2 9263 2700 Office: +44 (0) 20 7523 8000 Office: +44 (0) 20 3100 2222

FINANCIAL PUBLIC RELATIONS

Collins Street Media (Australia)

Ian Howarth Buchanan (UK) Gordon Poole/Tim Thompson

Office: +61 (0) 407 822 319 Office: +44 (0) 207 466 5000

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APPENDIX 1

Sections: Preferred Mining Scenario

Figure 1: Schematic – Section looking northwest showing the open pit, underground bulk stopes and the associated development

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Figure 2: Schematic – Section looking northwest showing the surface DTM, open pit, underground bulk stopes and the mineralised envelope at a 0.35% CuEq cut-off (purple) constraining the bulk stopes

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APPENDIX 2

Annual CuEq metal in concentrate by source

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2013E Global cash cost estimates by producer – copper

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Source: Modified after Bloomberg, Wood Mackenzie Net of by-product credits (if any)

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APPENDIX 3

Estimation of by-product credits

Assumptions used for the derivation of by-product credits in support of the mining options study are summarised as follows:

	Factor
Average annual contained molybdenum in molybdenum concentrate (tonnes)	3,700
Molybdenum recovery into molybdenum concentrate (%)	68
Payable molybdenum (%)	85
Gold grade in copper concentrate (g/t)	1.25
Gold deduction per tonne of concentrate (g/t)	0.5
Silver grade in copper concentrate (g/t)	42
Silver deduction per tonne of concentrate (g/t)	30
Rhenium head grade (ppm)	0.735
Rhenium recovery into molybdenum concentrate (%)	68
Payable Rhenium (%)	40

Note:

Commodity prices used: Copper US$2.75/lb; Molybdenum US$15.00/lb; Gold US$1,500/oz; Silver US$25/oz and Rhenium US$2,000/lb.

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APPENDIX 4

Other assumptions

	Life of Mine
Payable copper in concentrate (%)	96.5
Treatment Charges - Copper (US$/t)	70
Refining Charges - Copper (US$/lb)	0.07
Transport – copper concentrate, land and port costs (including insurance) (US$/t)	32
Transport – copper concentrate, sea freight (including insurance) (US$/t)	60
Transport – molybdenum concentrate, sea freight (including insurance) (US$/t)	125
Refining Charges - Gold (US$/oz)	6

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APPENDIX 5

Pre-production capital expenditure

	US$ (millions)
Pre-production capital
Flotation plant, tailings dam & water and concentrate pipelines	814
Open pit including pre-strip and equipment	255
Underground mine including development and equipment	167
Infrastructure including power supply, port, access, site facilities, workshop & osmosis plant	227
Owners costs	43
Total	1,506

Note:

Average contingency of 20% on all capital.

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APPENDIX 6

Mineral Resource Estimate – February 2013

Since the release of the January 2013 Mineral Resource Estimate compiled by SRK, the Company has updated the latter Mineral Resource Estimate to provide for additional modelling of the near surface supergene mineralisation, as well as further pit optimisation work, which has resulted in an increase in the resources amenable to open pit mining, and a minor decrease in the underground bulk mining resources.

The resources have been categorised into Measured, Indicated and Inferred Mineral Resources in accordance with the JORC Code (2004) for Reporting Mineral Resources and Mineral Reserves (see Tables 1 and 2 below).

Table 1: Mineral Resource Statement for the Los Calatos Project to a vertical depth of 500 metres below surface, SRK, February 2013

	Tonnes (million)
Resource Classification		Cu (%)	Mo (%)	CuEq (%)
Measured Indicated Total Measured and Indicated Inferred	121 117 238 66	0.35 0.35 0.35 0.40	0.027 0.016 0.022 0.006	0.47 0.42 0.44 0.43

Note:

i) Reported at a cut-off of 0.15% CuEq, above 2500 masl. ii) Rounding-off of figures may result in minor computational discrepancies; where this happens, it is not deemed to be significant.

Table 2: Mineral Resource Statement for the Los Calatos Project sub-500 metres below surface,

SRK, February 2013

	Tonnes (million)
Resource Classification		Cu (%)	Mo (%)	CuEq (%)
Measured Indicated Total Measured and Indicated Inferred	281 485 766 292	0.48 0.52 0.51 0.52	0.035 0.022 0.027 0.018	0.63 0.61 0.62 0.60

Note:

i) Reported at a cut-off of 0.35% CuEq, below 2500 masl. ii) Rounding-off of figures may result in minor computational discrepancies; where this happens, it is not deemed to be significant.

When compared with the January 2013 Mineral Resource Estimate, it can be seen that there has been an increase in total resources reporting into the open pit of 29.5 million tonnes (representing a 16% increase in the CuEq metal content). However, there has been a slight reduction in the Measured and Indicated Mineral Resource categories of 16 million tonnes due to an increase in the Inferred Mineral Resource category associated with the supergene resource. Further in-fill drilling within the supergene zone, which occurs within the top 250 metres of the deposit, will be required as part of the pre-feasibility study.

More detailed information on the grade-tonnage profile and sensitivities of the resource to various cut-off grades is contained in Table’s 3 and 4 below.

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Table 3: Sensitivities of mineral resource to CuEq cut-off grades (to a depth of 500 metres below surface)

CuEq Cut-	M	easured		In	dicated		Measur	ed + Indic	ated	I	nferred			To	tal
Off (%)	Tonnes (mt)	Cu (%)	Mo (%)	Tonnes (mt)	Cu (%)	Mo (%)	Tonnes (mt)	Cu (%)	Mo (%)	Tonnes (mt)	Cu (%)	Mo (%)	Tonnes (mt)	Cu (%)	Mo (%)	CuEq (%)
0.40	59	0.51	0.040	48	0.56	0.025	107	0.53	0.033	27	0.65	0.009	134	0.56	0.028	0.68
0.35	70	0.47	0.037	57	0.53	0.023	127	0.50	0.031	31	0.61	0.008	158	0.52	0.026	0.63
0.30	80	0.45	0.035	66	0.49	0.022	146	0.47	0.029	36	0.57	0.008	182	0.49	0.025	0.59
0.25	88	0.42	0.034	75	0.46	0.021	163	0.44	0.028	42	0.53	0.007	205	0.46	0.024	0.56
0.20	97	0.40	0.032	86	0.42	0.019	183	0.41	0.026	52	0.47	0.007	235	0.42	0.022	0.52
0.15	121	0.35	0.027	117	0.35	0.016	238	0.35	0.022	66	0.40	0.006	304	0.36	0.018	0.44
0.10	172	0.28	0.020	172	0.27	0.012	344	0.28	0.016	85	0.34	0.005	429	0.29	0.014	0.35

Table 4: Sensitivities of mineral resource to CuEq cut-off grades (sub-500 metres below surface)

CuEq Cut-Off	M	easured		In	dicated		Measu	red + Indi	cated	I	nferred			To	tal
(%)	Tonnes (mt)	Cu (%)	Mo (%)	Tonnes (mt)	Cu (%)	Mo (%)	Tonnes (mt)	Cu (%)	Mo (%)	Tonnes (mt)	Cu (%)	Mo (%)	Tonnes (mt)	Cu (%)	Mo (%)	CuEq (%)
0.60	111	0.66	0.060	193	0.70	0.035	304	0.69	0.044	110	0.71	0.030	414	0.69	0.040	0.86
0.55	131	0.63	0.060	233	0.66	0.032	364	0.65	0.042	139	0.67	0.027	503	0.65	0.038	0.82
0.50	156	0.59	0.050	282	0.63	0.029	438	0.62	0.036	170	0.63	0.024	608	0.62	0.033	0.76
0.45	191	0.56	0.045	343	0.59	0.026	534	0.58	0.033	204	0.60	0.022	738	0.59	0.030	0.71
0.40	234	0.52	0.039	416	0.55	0.023	650	0.54	0.029	242	0.56	0.020	892	0.54	0.026	0.66
0.35	281	0.48	0.035	485	0.52	0.022	766	0.51	0.027	292	0.52	0.018	1,058	0.51	0.024	0.61
0.30	313	0.46	0.033	542	0.50	0.020	855	0.49	0.025	332	0.50	0.017	1,187	0.49	0.023	0.59

Copper Equivalent (CuEq) Calculations

The copper equivalents are calculated according to the following formula and assumed metal prices and recoveries:

CuEq% = Cu% + [((PMo x RecMo) / (PCu x RecCu)) x Mo%]

Cu Price (PCu)= US$2.75/lb

Mo Price (PMo) = US$15.00/lb

Cu Recovery (RecCu) = 87%

Mo Recovery (RecMo) = 68%

Thus, the formula used is: CuEq% = Cu% + [4.2633 x Mo%]

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ABBREVIATED GLOSSARY

Assay

An analysis to determine the presence, absence or quantity of one or more chemical components.

Base Metal

A metal, such as copper, lead, nickel, zinc or cobalt.

Block caving

A method of underground mining in which large blocks of ore are undercut, causing the ore to break or cave under its own weight enabling extraction of the ore at a relatively low cost.

Breccia

Rock fragmented into angular components.

Cash operating costs / lb copper (net of credits)

Cash operating costs include a 2% net smelter return payable to a third party less by-product credits received from the sale of molybdenum, gold, silver and rhenium, divided by the copper produced over the defined period.

CIM N1 43-101 Code

The Canadian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves sets out minimum standards, recommendations and guidelines for Public Reporting of Exploration Results, Mineral Resources and Ore Reserves.

Circuit

A processing facility for removing valuable minerals from the ore so that it can be processed and sold.

Copper (Cu)

A ductile, malleable base metal with a myriad of uses in construction (piping, wire) and electronics due to its high electrical and thermal conductivity and good resistance to corrosion.

Copper equivalent (CuEq)

Copper equivalent is based on the recovered value of the non-copper by-products (gold and molybdenum) relative to the recovered value of copper. For example, at a long term copper price of US$2.75/lb with Cu recovery of 87% and a molybdenum price of US$15.00/lb with recovery of 68%, 1 pound of molybdenum is equivalent to 4.2633 pounds of copper (Cu:Mo ratio of 1:4.2633).

Diamond drilling / drill hole

A method of obtaining a cylindrical core of rock by drilling with a diamond impregnated bit.

Diatreme

A diatreme is a breccia-filled volcanic pipe that was formed by a gaseous explosion. Diatremes often breach the surface and produce a tuff cone, a filled relatively shallow crater known as a Maar, or other volcanic pipes.

Drill core

The long cylindrical piece of rock brought to surface by diamond drilling.

Environmental impact study (EIS)

A written report, compiled prior to a production decision that examines the effects proposed mining activities will have on the natural surroundings.

Exploration

Prospecting, sampling, mapping, diamond drilling and other work involved in searching for ore.

Feasibility Study

A feasibility study is an evaluation of a mineral resource to determine whether it can be mined effectively and profitably. It includes the detailed study of reserve estimation, mining methods evaluation, processing technique analysis, capital and operating cost determination and the process effect on the environment and community. This detailed study forms the basis for capital estimation, and provides budget figures for the development of the project. It requires a significant amount of formal engineering work and an accuracy within 10 to 15%.

Geo-domain

Homogeneous geological domains within a deposit identified on the basis of spatial continuity of grades and geological features such as lithology, mineralogy and alteration.

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Gold (Au)

A heavy, soft, ductile, malleable precious metal used in jewellery, dentistry, electronics and as an investment.

Grade

The amount of valuable metal in each tonne or ore, expressed as grams per tonne for precious metals and percent in the case of copper and parts per million (ppm) in the case of molybdenum. Cut-off grade – is the minimum metal grade at which a tonne of rock can be processed on an economic basis. Recovered grade – is the actual metal grade realised by the metallurgical process and treatment of ore, based on actual experience or laboratory testing.

ICP

Inductively Coupled Plasma. Analytical technique used for the detection of trace elements in soils.

Isograde

Line of equal grade, often used to delineate a material change in grade across a geological boundary.

Indicated Mineral Resource

An ‘Indicated Mineral Resource’ is that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed.

Inferred Mineral Resource

An ‘Inferred Mineral Resource’ is that part of a Mineral Resource for which tonnage, grade and mineral content can be estimated with a low level of confidence. It is inferred from geological evidence and assumed but not verified geological and/or grade continuity. It is based on information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes which may be limited or of uncertain quality and reliability.

JORC Code

The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves sets out minimum standards, recommendations and guidelines for Public Reporting in Australasia of Exploration Results, Mineral Resources and Ore Reserves.

Los Calatos Mining Study (the “Study”)

The Mining Study completed by NCL has been conducted at a scoping level with a level of accuracy of ±35%.

Leachable (soluble) copper

Total acid and cyanide soluble copper.

Leaching

A chemical process for the extraction of valuable minerals from ore.

Measured Mineral Resource

A ‘Measured Mineral Resource’ is that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a high level of confidence. It is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are spaced closely enough to confirm geological and grade continuity.

Metallurgy

The science and technology of extraction of metals from their ores and the refining of metals.

Mineralisation

The concentration of metals and their chemical compounds within a body of rock.

Mineralised envelope

The boundary constraining the extent of the identified mineralisation, as delineated by a nominated grade or cut-off.

Mineral Resource

A concentration or occurrence of material of intrinsic economic interest in or on the Earth’s crust in such form, quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories.

Molybdenum (Mo)

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Molybdenum is commonly a by-product of copper mining. It has the ability to withstand extreme temperatures and has a high resistance to corrosion. Molybdenum is widely used as an alloy agent in stainless steel. It is also used to manufacture aircraft parts and industrial motors.

NPV

Net present value is the difference between the present value of a future cash flow from an investment and the amount of investment, where the present value of the expected cash flow is computed by discounting the cash flow at the required rate of return.

Open Pit

A mine that is entirely on surface. Also referred to as open-cut or open-cast mine.

Ore

Rock containing mineral(s) or metals that can be economically extracted to produce a profit.

Ordinary Kriging

A geostatistical approach to estimating grades. Instead of weighting nearby data points by some power of their inverted distance, ordinary kriging relies on the spatial correlation structure of the data to determine the weighting values. This is a more rigorous approach to modelling, as correlation between data points determines the estimated value at an unsampled point.

Orebody

Generally, a solid and fairly continuous mass of ore, which may include low-grade ore and waste as well as pay ore, but is individualised by form or character from adjoining country rock.

Oz

Troy ounce (31.1035 grams).

Pit optimisation study

Pit optimisation studies are used for open pit mine planning to determine those pit limits and mining sequences that yield maximum financial returns based on defined technical parameters, operating costs and commodity prices.

Porphyry

A rock consisting of larger crystals embedded in a more compact finer grained groundmass.

Porphyry copper deposit

A copper deposit which is associated with porphyritic intrusive rocks and the fluids that accompany them during the transition and cooling from magma to rock. Porphyry copper deposits are typically mined by open-pit methods.

PPM

Parts per million, also grams/tonne

Pre-feasibility study

A preliminary assessment of the technical and economic viability of a proposed project. Alternative approaches to various elements of the project are compared, and the most suitable alternative for each element is recommended for further analysis. Costs of development and operations are estimated. Anticipated benefits are assessed such that some preliminary economic criteria for evaluation can be calculated. Preliminary feasibility studies are completed by a small group of multi-disciplined technical individuals and have an accuracy within 20 to 30%.

Recovery

A term used in process metallurgy to indicate the proportion of valuable material obtained in the processing of an ore. It is generally stated as a percentage of valuable metal in the ore that is recovered compared to the total valuable metal present in the ore.

Reverse circulation drilling (RC drilling)

Percussion drilling method using a rotating bit and high pressure air to sample sub-surface material through the recovery of broken rock fragments (‘rock chips’).

Solvent extraction and electrowinning (SX-EW)

A metallurgical technique, so far applied only to copper ores, in which metal is dissolved from the rock by organic solvents and recovered from solution by electrolysis.

Strip ratio

The ratio of tonnes removed as waste relative to the number of tonnes of ore removed from an open-pit mine.

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Appendix 5B Mining exploration entity quarterly report

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.

Name of entity

Metminco Limited ABN Quarter ended (“current quarter”) 43 119 759 349 31 March 2013

Consolidated statement of cash flows

Consolidated statement of cash flows
Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for: (a) exploration and evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other (Peruvian IGV (GST) recovery) Net Operating Cash Flows	Current quarter $A’000	Year to date 3.months $A’000
	(2,147) - - (1,057) - 30 - - 3,332	(2,147) - - (1,057) - 30 - - 3,332
	158	158
Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects (b) other fixed assets 1.9 Proceeds from sale of: (a) prospects (b) equity investments (c)other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other Net investing cash flows 1.13 Total operating and investing cash flows (carriedforward)	- (209) - - - - - -	- (209) - - - - - -
	(209)	(209)
	(51)	(51)

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward)	(51)	(51)
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. Costs of issue 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other (proceeds from equity swap) Net financing cash flows	- - - - - - -	- - - - - - -
	-	-
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end of quarter	(51) 14,484 (92)	(51) 14,484 (92)
	14,341	14,341

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

1.23 1.24	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10	Current quarter $A'000
		198
		-
1.25	Explanation necessaryforanunderstanding ofthe transactions
	Item 1.23 includes aggregate amounts paid to directors for the period 01 Jan 13 – 31 Mar 13 for: Directors’ fees: $187,500 Directors’services and consultingfees:$10,457

Non-cash financing and investing activities

• 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows None

• 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest None

• See chapter 19 for defined terms.

Appendix 5B Page 2

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Appendix 5B Mining exploration entity quarterly report

Financing facilities available

Add notes as necessary for an understanding of the position.

3.1 Loan facilities 3.2 Credit standby arrangements	Amount available $A’000	Amount used $A’000
	-	-
	-	-
Estimated cash outflows for next quarter 4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration
		$A’000
		1,500
		-
		-
		1,000
Total		2,500

Reconciliation of cash

Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Current quarter $A’000	Previous quarter $A’000
5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other(provide details)	14,341	14,484
	-	-
	-	-
	-	-
Total:cash at end of quarter (item 1.22)	14,341	14,484

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased	Tenement reference	Nature of interest (note (2))	Interest at beginning ofquarter	Interest at end of quarter

• See chapter 19 for defined terms.

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Appendix 5B Page 3

Appendix 5B Mining exploration entity quarterly report

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

		Total number	Number quoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
7.1	Preference +securities (description)
7.2	Changes during quarter: (a) Increases through Issues (b) Decreases through returns of capital, buy backs, redemptions
7.3	+Ordinary securities	1,749,543,023	1,749,543,023
7.4	Changes during Quarter: (a) Increases through Issues (b) Decreases through returns of capital, buy backs, redemptions
7.5	+Convertible Debt securities (description)
7.6	Changes during quarter: (a) Increases through issues (b) Decreases through Securities matured, converted

• See chapter 19 for defined terms.

Appendix 5B Page 4

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Appendix 5B Mining exploration entity quarterly report

7.7	Options (description and conversion factor)		Unlisted: 14,250,000 14,250,000 2,000,000 2,000,000 2,500,000 2,500,000 2,000,000 2,000,000 250,000 250,000		Unlisted: 14,250,000 14,250,000 2,000,000 2,000,000 2,500,000 2,500,000 2,000,000 2,000,000 250,000 250,000	Exercise price A$ 0.44 A$ 0.525 A$ 0.44 A$ 0.525 A$ 0.215 A$ 0.260 A$ 0.175 A$ 0.210 A$ 0.075 A$ 0.089	Expiry date: 06 Dec 2013 06 Dec 2013 06 Dec 2013 06 Dec 2013 05 Dec 2014 05 Dec 2014 15 Jun 2015 15 Jun 2015 28 Jan 2016 28 Jan 2016
7.8	Issued during quarter		Unlisted options: 250,000 250,000		Unlisted options: 250,000 250,000	A$ 0.075 A$ 0.089	28 Jan 2016 28 Jan 2016
7.9	Exercised during quarter
7.10	Expired during quarter
7.11	Debentures(totals only)
7.12	Unsecured notes (totals only)

Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).

• 2 This statement does give a true and fair view of the matters disclosed.

==> picture [98 x 48] intentionally omitted <==

Sign here: Date: 30.04.2013 (Director/Company secretary) Print name: Philip Killen

Notes

• 1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

• 2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

• See chapter 19 for defined terms.

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Appendix 5B Page 5

Appendix 5B Mining exploration entity quarterly report

• 3 Issued and quoted securities: The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .

• 4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.

• 5 Accounting Standards: ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

• See chapter 19 for defined terms. Appendix 5B Page 6

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