LCL RESOURCES LIMITED — Investor Presentation 2012

Jun 4, 2012

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Building a mid-tier copper producer

May 2012

1

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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 extent 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. Recipients of this Presentation should be aware that some or all of the information contained in this Presentation may be inside information and/or pricesensitive information relating to the securities of the Company and that accordingly failure to comply with this restriction may constitute a violation of applicable securities laws. By accepting this Presentation you are deemed to undertake and warrant to the Company that you will not, or allow any other person to, reproduce, distribute or publish, in whole or in part, this Presentation.

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 purposes 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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2

Contents

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• About the Company

• Strategy

• Los Calatos project

• Chilean projects

• Mollacas project

• Vallecillo (La Colorada) project

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3

Market capitalisation of A$227m

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Share Price
0.50
0.40
0.30
0.20
0.10
0.00
Volume x 1000
25,000
20,000
15,000
10,000
5,000
-
30/05/11 30/06/11 31/07/11 31/08/11 30/09/11 31/10/11 30/11/11 31/12/11 31/01/12 29/02/12 31/03/12 30/04/12
30/05/11 30/06/11 31/07/11 31/08/11 30/09/11 31/10/11 30/11/11 31/12/11 31/01/12 29/02/12 31/03/12 30/04/12
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Listed ASX : AIM	Listed ASX : AIM	MNC.AX MNC.L
Share Price (30 May ‘12)		A$0.13 [8.15p]
Share price (52-Weeks)		A$0.115 – A$0.40
Issued Shares		1,749.5m
Market Capitalisation		A$227m [£143m]
Total options issued		69.2m
Fully Diluted		1,818.8m
Free Float		89%
Debt		Nil
Cash (31 March ‘12)		A$42m
NOMAD (London)	Canaccord Genuity
Joint Brokers (London)	Canaccord & Liberum
Brokers (Australia)	Canaccord BGF

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4

Metminco holds 100% interest in Chilean & Peruvian listed subsidiaries

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METMINCO LIMITED

100%

MINERA HAMPTON MINERA HAMPTON CHILE LIMITADA PERU SAC Office: Santiago Office: Lima Feasibility Study: Advanced Exploration: Mollacas (100%) Los Calatos (100%) Advanced Exploration: Vallecillo (100%) Dec ‘08 • Early Stage Exploration: La Piedra (100%) Camaron (100%) *July ‘09 • Isidro (50 to 100%) Loica (100%) May ‘10 •

History of Projects

• Dec ‘08 • Metminco initiates reverse takeover of Hampton July ‘09 • Secures 36.5% of Hampton May ‘10 • Secures 69% of Hampton Dec ‘10 • Completes 100% acquisition of Hampton • 100% ownership of Los Calatos, Mollacas,

• April ‘11 Vallecillo & Loica

• June ‘11 • Concludes La Piedra Option Agreement

• La Colorada Deposit

• ** 100% on 100km² and option on 30km²

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5

Management has >200 years experience in exploration & mining

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William Howe Managing Director	Santiago	30+ years experience in production, mine construction and management and exploration
Colin Sinclair Executive GM	Santiago	40+ years exploration experience; North Ltd and Ashanti Goldfields
Steve Tainton GM Investor Relations	Sydney	30+ years experience in exploration, mining and executive management with JCI and Gold Fields SA
Gavin Daneel GM Exploration	Santiago	25+ years experience in exploration and mine management in Australia, SE Asia and Africa
Raul Paredes Chief Operating Officer	Santiago	27+ years experience in studies, contracts management, construction management and operations
Philip Killen CFO & Company Sec	Sydney	17+ years experience in finance and admin CFO roles in listed ASX resource companies
Ross Corben Mineral Resources Manager	Sydney	30+ years experience in exploration, resource estimation and mine production in several commodities worldwide

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6

Contents

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• About the Company

• Strategy

• Los Calatos project

• Chilean projects

• Mollacas project

• Vallecillo (La Colorada) project

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7

Peru and Chile comprise attractive jurisdictions

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Worldwide Exploration Spend - 2009 Copper production by Region - 2010
5% Other
4% 3% 3% Canada
5% Australia 8.1% [5.9% 1.3% ] Chile
33% Peru 9.4% Peru
5%
USA
USA
6% Russia 52.3%
13% 16% Mexico 12.1% China
Chile 11.0% Indonesia
7% China
Zambia
Brazil
Source - MEG SA Source - CitiGroup Mongolia
PERU
Los Calatos
Policy Potential Rank (out of 93
Country
Index (2011/2012) countries)
CHILE
Chile 75.3 18
Camaron
48% of World Peru 43.4 56
Isidro
Copper Reserves
Vallecillo Brazil 43.3 57
Mollacas Colombia 38.0 64
Loica
Argentina 31.3 66
La Piedra
Venezuela 10.9 90
Bolivia 8.1 91
1. The Fraser Institute of Canada released a document
entitled “Survey of Mining Companies 2011/2012” of
March 2012 involving 93 countries
2. PPI is a ‘report card’ on attractiveness of a countries
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1. PPI is a ‘report card’ on attractiveness of a countries mining policies (normalised to a maximum of 100)

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8

Metminco projects are well located

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Modified after Camus et. al. 2001; Reserves sourced from 2010 Annual Reports

Andean Metallogenic Belts

• 90% of discovered and estimated undiscovered porphyry hosted copper resources in Peru and Chile are of Cenozoic age (period 65.5 to 2.5Ma)

• Occur in distinct belts

  • Eocene-Oligocene (39%)

  • Miocene-Pliocene (29%)

  • Paleocene-Eocene (12%)

  • Miocene (11%)

• Balance are in Cretaceous (4%), Jurassic (5%) and Permian (2%)

• Metminco’s projects are well located within three of such belts

• Close proximity to established mining operations

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9

Metminco’s portfolio includes a spread of value drivers – key of which is Los Calatos

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Advanced exploration/early development

• World class discovery - classic Cu-Mo porphyry system

• • Interim resource (April ‘12) of 2,316m tonnes at 0.51% CuEq

• •

• Los Calatos (100%) Phase 4 drilling (100,000m) in progress • Further resource upgrade in Q4 2012 • Pre-feasibility study to commence in Q1 2013 • JORC resource of 17m tonnes at 0.54% Cu • Resource upgrade in Q2 2012 – to include primary sulphides, Au & Mo

• Mollacas (100%) • Cu leach SX/EW: Feasibility Study to commence Q2 2012

• • Medium term production potential • JORC resource of 730koz AuEq at 2.2g/t (La Colorada)

• • Resource upgrade in Q2 2012

• Vallecillo (100%) • Pre-feasibility study to commence in Q3 2012 • Medium term production potential

Early stage exploration

Camaron (100%)[*] • Large alteration zone with Au-Cu-Mo anomalism: RC drilling Q2 2012 La Piedra (100% option) • Cu-Au-Mo porphyry target: Diamond drilling Q4 2012 • Isidro (50% and 100%) Cu-Au mantos: Limited exploration work planned for late 2012 • Loica (100%) Low grade Cu-Mo porphyry: No exploration work planned for 2012

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100% over 100km² and option over 30km²; CuEq based on a Cu/Mo price ratio of 1:5; AuEq based on Au $1,000/oz; Ag $20/oz;* 10 Zn $0.91/lb; Pb $0.91/lb; Cu $2.50/lb**

Metminco has a low Enterprise Value in cents per lb contained CuEq

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100%
Enterprise Value (@ 13cts/share): 0.71cts/lb CuEq
75% Mollacas
Feasibility
CuEq
202mlb
Vallecillo
± 731koz @
50% Pre-feasibility
2.2 g/t AuEq
CuEq
Los Calatos 292mlb
Advanced Exploration CuEq
Long-term Prices
25% 26,075
mlb Cu = US$2.50/lb Mo = US$12.50/lb
Zn = US$0.91/lb Pb = US$0.91/lb
Au = US$1,000/oz Ag = US$20.00/oz
0%
Realisable Value (%)
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Development

Note: Mollacas & Vallecillo resources pre-2011

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11

Projects vary from early exploration, through advanced exploration, to feasibility

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Exploration
Early Stage Advanced Scoping Study Pre- Feasibility Feasibility Production
Isidro
Loica
La Colorada
Mollacas
La Piedra
Filter Los Calatos
Camaron
Cu Cu – Mo Cu – Mo ± Au Au - Cu Au – Zn – Ag - Pb
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Target: 2012

12

Contents

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• About the Company

• Strategy

• Los Calatos project

• Chilean projects

• Mollacas project

• Vallecillo (La Colorada) project

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13

Los Calatos project located in southern

Peru

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• ±100km from ILO

• ±50km from Pan American

• highway

• Close to regional power grid

• Seawater to be piped from

• coast

Close proximity to substantive mining operations

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14

Los Calatos – Sea water to be used for metallurgical processing

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Pipeline ± 75km
Los Calatos
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Los Calatos – nearest neighbours

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Parameter	Cerro Verde¹	Toquepala²	Cuajone²	Quellaveco³
Commenced production	1976	1960	1974	n/a
Production (2010) Copper (kt) Molybdenum (kt)	303 3.2	131 4.8	165 5.3	n/a n/a
Expansion plans (ktpa)	+300ktpa Cu pro-rata Mo (proposed)	+100ktpa Cu 3.1tpa Mo (underway)	+22ktpa Cu 0.3tpa Mo (underway)	+225ktpa Cu pro-rata Mo (planned)
Ore Reserves (end 2010) Tonnes (millions) % Cu % Mo Assumed Cu price (US$/lb) Assumed Mo price (US$/lb) Cut-off grade (% Cu)	3,328 0.40 0.016 2.0 10.0 0.21	3,530 0.47 0.023 2.97 18.6 0.157	2,626 0.47 0.017 2.97 18.6 0.149	916 0.65 0.019 n/a n/a n/a
Strip ratio (life of mine)	n/a	3.55	2.47	n/a
Open Pit depth (end 2010)	n/a	825m	800m	n/a

1. Source: Freeport-McMoRan Copper & Gold Inc., 10K 2010 Annual Report

2. Source: Southern Copper Corporation, 10K 2010 Annual Report

3. Source: Anglo American, 2010 Annual Report

Combined operating income of US$1.72bn (F2010)

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16

Los Calatos tenements cover an area of 214km²

- 8 targets identified (Targets 1 & 2 drilled)

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Mining footprint
( ± 13,000ha)
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8 soil geochemical targets identified

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Los Calatos … a world class Cu/Mo porphyry system being delineated

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0 300m 600m
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18

Los Calatos – Regional plan showing Cu (%) x thickness (m) contours

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Cu (%) x t (m)
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0m 500m 1000m
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19

Los Calatos – Regional plan showing Cu (%) x thickness (m) contours

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Cu (%) x t (m)
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0m 500m 1000m
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20

Drill hole CD-31 identifies near-surface

mineralisation at elevated grades

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Drillhole CD-31

• Demonstrates mineralisation to a drilled depth in excess of 1,770m

• High grade zone near surface on northern contact

• 255m @ 1.68% Cu & 310ppm Mo (59m to 314m)

• Shallow high grade zone affords opportunity for early cash flow

• Mineralisation persists over a significant intercept

• 1,690m @ 0.60% Cu and 353ppm Mo

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21

Phase 3 mineralised envelope substantially larger than envelope modelled for 2010 Resource

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Phase 3 enlarged
envelope (>0.2% Cu)
2010 Resource
Outline
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22

Los Calatos - Plan showing Phase 4 drill holes and Cu (%) x thickness (m) contours

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0 500 m
Cu (%) x t (m)
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Los Calatos – Long Section showing Cu (%) x thickness (m) contours & depth of mineralisation

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3000mRL
2500mRL
2000mRL
Cu (%) x t (m)
1500mRL
1000mRL
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Note: Apparent closure of contours at depth is a function of the dataset

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24

Los Calatos – Grade Tonnage table showing sensitivity of resource to Cu cut-off grades

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Cut-off Grade	Indicated	Indicated	Indicated	Inferred	Inferred	Inferred	Total	Total	Total
	Tonnage (000’s)	Cu %	Mo %	Tonnage (000’s)	Cu %	Mo %	Tonnage (000’s)	Cu %	Mo %
1.00	15,151	1.26	0.061	9,206	1.18	0.021	24,358	1.23	0.046
0.80	42,803	1.02	0.052	38,549	0.95	0.020	81,352	0.98	0.037
0.60	126,598	0.80	0.045	140,931	0.75	0.027	267,529	0.77	0.036
0.40	365,033	0.59	0.039	551,301	0.55	0.025	916,334	0.57	0.031
0.20	884,608	0.42	0.027	1,431,556	0.40	0.018	2,316,164	0.40	0.021
0.00	1,116,276	0.36	0.023	1,890,465	0.33	0.014	3,006,741	0.34	0.017

Note: The interim resource has been declared at a Cu cut-off grade of 0.2%

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25

Los Calatos – Grade Tonnage curve and estimated resource at a 0.2% Cu cut-off grade

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Resource Tonnage
Total Mineral Resource (Indicated & Inferred)
2,316mt
3,500,000 1.40
3,000,000 1.20
2,500,000 1.00
2,000,000 0.80
Resource Grade
1,500,000 0.60 0.40% Cu
1,000,000 0.40
Resource Cut-off 500,000 0.20
0.2% Cu
- 0.00
Tonnage (Kton) Cu %
Cu %
Tonnage (Kton)
0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 0.40 0.45 0.50 0.55 0.60 0.65 0.70 0.75 0.80 0.85 0.90 0.95 1.00
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Resource Category	Tonnage (Kt)	Cu %	Mo %
Measured	-	-	-
Indicated	884,608	0.42	0.027
Measured & Indicated	884,608	0.42	0.027
Inferred	1,431,556	0.40	0.018
Total	2,316,164	0.40	0.021

• Metallurgical test work shows high Cu (87%) and Mo (79%) recoveries to Cu concentrate

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26

Los Calatos - Volume and geometry of mineralised envelope

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View towards southwest

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3000mRL
17%
2500mRL
± 1,200m 52%
31%
below surface
2000mRL
1500mRL
Unclassified Indicated Inferred
1000mRL
Volume - Mineralised Envelope (m³)
Indicated Inferred Unclassified Total
400,207,500 660,817,500 219,232,500 1,280,257,500
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27

Los Calatos - Resource dashboard April ’12 vs. July ‘10 Statements

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0.45 25.00
0.40
20.00
0.35
0.30
7% 167%
15.00
0.25
0.20
10.00
0.15
0.10
2,500 5.00 30.00
0.05
25.00
2,000 0.00 0.00
July '10 April '12 July '10 April '12 20.00
150% 147%
1,500
15.00
0.030 1.20
1,000
10.00
0.025 1.00
500
5.00
0.020 22% 0.80 94%
0 0.00
0.015 0.60
July '10 April '12 July '10 April '12
0.010 0.40
0.005 0.20
0.000 0.00
July '10 April '12 July '10 April '12
Cu bn lb
Cu Grade (%)
CuEq bn lb
Ore Tonnes (million)
Mo bn lb
Mo Grade (%)
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28

Los Calatos - CuEq comparison with other projects / mining operations in South America

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120,000
100,000
Andina
Los Pelambres
80,000
El Teniente
Los Bronces
60,000
Los Calatos April 2012
Antamina
Quellaveco
40,000
Las Bambas
Sierra Gorda
20,000
Los Calatos August 2010
Tintaya
Altar Mina Justa
Antapaccay
0
0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60%
CuEq (%)
Contained Metal (CuE mnlb)
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Note: Size of Bubble = Ratio Measured + Indicated / Total Resource

CuEq grade compares favourably with Sierra Gorda

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CuEq based on a Cu/Mo price ratio of 1:5

29

Los Calatos - project progress

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• Resource estimate: January 2009 (SRK)

JORC Resource

• 52 drill holes: 14,709m

• Resource estimate : August 2010 (SRK)

JORC Resource

• 63 drill holes: 24,706m

• Geological definition : Commenced December 2010

• Program completed in December 2011

Phase 3 Drilling

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Phase 4 Drilling
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• 26 drill holes: 34,200m

• Phase 4 in-fill drilling program: Commenced December 2011

• Program comprises 100,000m of drilling

• Interim resource estimate completed 19 April 2012

• Update resource estimate: end-2012

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Pre-feasibility
study
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• −To include full Phase 4 drilling results

• Commission pre-feasibility study : early-2013

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30

Contents

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• About the Company

• Strategy

• Los Calatos project

• Chilean projects

• Mollacas project

• Vallecillo (La Colorada) project

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31

Chilean projects

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32

Contents

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• About the Company

• Strategy

• Los Calatos project

• Chilean projects

• Mollacas project

• Vallecillo (La Colorada) project

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33

Mollacas - resource comprises an enriched copper oxide and supergene cap

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PRIMARY SULPHIDE ZONE
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34

Mollacas - JORC compliant resource update in progress

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Mineral Resource as at November 2007 (SRK)

Category	Tonnage (kt)	CuT (%)
Indicated	7,213	0.56
Inferred	9,829	0.52
Total	17,042	0.54

Using a cut-off of 0.20% Cu uncapped

• New resource currently being modelled / estimated

   - Phase 3 test work (tall column leach test work) in progress
  
      - Permeability & saturation testing
  
   - Geotechnical work for leach pads in progress
  
   - Preliminary Whittle analysis conducted
  
   - Environmental baseline study completed
  

• Upgrade Inferred & Indicated Resource categories

• To include primary sulphides, Au and Mo

• Resource model to incorporate 119 drill holes (16,280m)

• 95 diamond drill holes (12,784m)

• 24 reverse circulation drill holes

  • (3,496m)

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35

Mollacas - Scoping study (2008) returned robust economics

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• Scoping Study completed by SRK in April 2008

• Open pit copper leach operation (SX/EW)

• Life of mine: ±6 years

• Production rate: 13.5ktpa copper cathode (29.8 million lb per annum)

• Capital expenditure: US$56m

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Open Pit
Heap Leach
Pad
SX/EW Crushing &
Agglomerating
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• Life of mine operating costs: US$0.91 per lb copper

• Preliminary metallurgical (column leach) testwork completed in October 2010

• Stripping ratio: 1.3:1

• Supports Cu leach SX/EW

• NPV = US$103m @ 8% discount rate (Cu = US$2.50/lb)

• Recoveries of up to 80% soluble copper (or up to 72% total copper)

Property purchased for key infrastructure

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The Scoping Study is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic consideration applied to them that would enable them to be categorised as mineral reserves. There is no certainty that the results of the Scoping Study will be realised

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Mollacas - project progress

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• Resource estimate: November 2007 (SRK)

JORC Resource

• 54 drill holes: 8,719m

• Scoping Study: April 2008 (SRK)

Scoping Study

• SX/EW Project NPV = US$103 million

• Interim Resource estimate : June 2011 (SRK)

JORC Resource

• 81 drill holes: 12,689m

• In-fill drilling (Resource and metallurgy): June 2011

• DDH: 2,250m

Phase 3 Drilling

• RC drilling: 1,154m (condemnation drilling)

• Completed September 2011

• Update resource estimate: Q2 2012

JORC Resource

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Feasibility study
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• Commission Feasibility Study : Q2 2012

• Phase 3 metallurgical test work in progress

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Contents

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• About the Company

• Strategy

• Los Calatos project

• Chilean projects

• Mollacas project

• Vallecillo (La Colorada) project

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La Colorada – polymetallic deposit with vertical zonation of Zn-Au and Cu

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• Zn, Au, Ag, Cu & Pb mineralisation

• Hydrothermal breccia

• Quartz-veins & stockwork

• Segregation of zinc dominated and copper dominated mineralisation

• Zinc-gold mineralisation more prevalent

• Mineralisation extends over a strike extent >500m

• Width varies from 30 to 100m

• • Preliminary metallurgical testwork yielded favourable Au and Zn recoveries

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Phase 3 infill drilling program recently

completed – initial results encouraging

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Mineral Resource as at July 2009 (SRK)

Category	Tonnage kt	Au ppm	Zn ppm	Ag ppm	Cu ppm	Pb ppm
Indicated	7,890	1.14	13,150	11.39	543	2,877
Inferred	2,211	0.78	5,787	8.16	290	2,560
Total	10,101	1.06	11,538	10.68	488	2,808

• I. Using a cut-off of 0.30ppm, uncapped

• II. Cu & Pb values excluded from table III. On a AuEq basis resource translates to 730koz Au at 2.2g/t

• Phase 3 drilling program completed

• −25m x 25m drilling grid

• New resource estimate in Q2 2012

• −Upgrade majority of resource to Measured & Indicated Resource categories

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Vallecillo - project progress

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• Resource estimate (La Colorada): July 2009 (SRK)

JORC Resource

− 29 drill holes: 8,492m

• Geophysical Survey No. 2: September 2011

• Induced Polarisation, resistivity & magnetics

Geophysical Survey

• Focus on V6 & V7 Cu-Au porphyry targets

• Phase 3 drilling: Commenced October 2011

• La Colorada: Infill drilling comprising 28 DD holes (7,700m)

Phase 3 Drilling

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JORC Resource
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• Polymetallic targets: Diamond drilling (1,400m)

• Porphyry targets (V6 & V7): 14 RC drill holes (3,800m)

• Update La Colorada resource estimate : Q2 2012

• Commission pre-feasibility study : Q2 2012

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41

Website: www.metminco.com.au Corporate Directory

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LONDON SYDNEY
Tim Read Ph: +61 (2) 9460 1856
Fax: +61 (2) 9460 1857
Non-Executive Director
tim.read@catralex.com
Stephen Tainton ,
+44 (0) 77 7072 1809
GM Investor Relations
NOMAD & Joint Broker steve.tainton@metminco.com.au
Canaccord Genuity +61 (0) 477 299 411
+44 (0) 20 7523 8000
Philip Killen
Joint Broker Company Secretary & CFO
Liberum Capital phil.killen@metminco.com.au
+44 (0) 20 3100 2227 + 61 (0) 408 609 916
Investor Relations
Buchanan
+44 (0) 20 7466 5000
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MELBOURNE Broker Canaccord BGF +61 (0) 3 8688 9144 Investor Relations Collins St Media Ian Howarth + 61 (0) 407 822 319 SANTIAGO Ph: +56 (2) 411 2600 Fax: +56 (2) 411 2610 William Howe Managing Director william.howe@metminco.com.au

Competent Persons Statement

The Information in this presentation 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 and type of deposit under consideration and to the activity which he is under taking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results’. Mr Sinclair consents to the inclusion in this presentation of the Information based on his information in the form and context in which it appears.

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Appendix I

Los Calatos in perspective

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Los Calatos - nearest neighbours

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Summary – Recent acquisitions & implications

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Parameter	Sierra Gorda - Chile -	Quellaveco - Peru -	Los Calatos - Peru -
Mineral Resource (bnlbs CuEq)	29.81	26.55	26.07
Grade (CuEq%)	0.46%	0.63%	0.51%
M+I/Total Resource (%)	81.2%	91.9%	41.2%
Status	DFS Completed	DFS Completed	Advanced Exploration
Owner and Interest	Quadra FNX (100%)	Anglo American (81.9%)	N/A
Interest Purchased	Sumitomo (45%)	Mitsubishi (18.1%)	N/A
Date	May 2011	February 2012	N/A
Purchase Price (US$m)	1,724 (Cash & Debt)	890 (Cash)	N/A
Price/Resource (USc/lb)	5.40	18.52	0.72*
Conversion Ratio to Reserves	48.42%	49.10%	N/A
LoM production rate (ktpa)	220	225	N/A
Total cash costs (USc/lb)**	134	163	N/A
Announced Capex (US$ bn)	3.7	3.0	N/A
Start date	2014	2016	N/A
Life of Mine	20	28	N/A

• Based on estimated Enterprise Value as @ 30 May ’12

• ** Excluding by product credits (after Goldman Sachs 02 March 2012; GS Copper 40)

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Appendix II

Metminco in perspective

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Metminco – comparison with Canadian listed peers

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90,000 30.0
80,000
25.0
70,000
60,000 20.0
50,000
15.0
40,000
30,000 10.0
20,000
5.0
10,000
0 0.0
CuEq Attrib EV A$c_CuEq Lb
Serengeti Resources Inc. SIR-V Abacus Mining & Exploration Corp. AME-V Lumina Copper Corp. LCC-V
Copper North Mining Corp. COL-V Hana Mining Ltd. HMG-V Mercator Minerals Ltd. ML-T
Western Copper & Gold Corp. WRN-T Nevada Copper corp. NCU-T Augusta Resources Corp. AZC-T
Los Andes Copper Ltd. LA-V Panoro Minerals Ltd. PML-V Copper Fox Metals Inc. CUU-V
Northern Dynasty Minerals Ltd. NDM-T Redhawk Resources Inc. RDK -V Imperial Metals Corp. III-T
Yellowhead Mining Inc. YMI-V NGEx Resources Inc. NGO-T Novagold Resources Inc. NG-T
Candente Copper Corp. DNT-T Taseko Mines Ltd. TKO-T Capstone Mining Corp. CS-T
Metminco MNC-A Amerigo Resources Ltd ARG-T Ivanhoe Mines Ltd. IVN-T
Copper Mountain Mining Corp. CUM-T
26.34
14.61
6.94 8.67
Attrib CuEq lb (mil) 0.54 2.83 3.27 4.67 6.09 A$ c per CuEq lb
3.79 4.10
0.54 0.81 0.88 1.81 2.01 2.16 2.34 2.39 2.81 3.01
0.30 0.36 0.68 0.71
SIR-V COL-V WRN-T LA-V NDM-T MNC-A YMI-V DNT-T AME-V HMG-V NCU-T PML-V RDK -V NGO-T TKO-T ARG-T LCC-V ML-T AZC-T CUU-V III-T NG-T CS-T IVN-T CUM-T
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Source: Modified after Canaccord Genuity (04 March 2012)

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47

Liberum announce “It’s a whopper copper show stopper”

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• “We now believe Los Calatos to be the largest undeveloped copper asset in Latin America not owned by a major mining company, a factor which we believe materially enhances the company’s ability to bring in a strategic partner for development.”

• Resource upgrade ahead of expectations: A 165% increase in contained Cu metal and 147% increase in contained Cu equivalent metal is ahead of our forecast 130% uplift.

• Now the stand-out cheap in the peer group: Metminco now trades on an EV/Resource multiple of 1.2c/lb of Cu equivalent metal, half the average value of its peer group of unfunded, exploration stage porphyry deposits with JORC or NI 43-101 resources.

• Now the second largest independent copper asset in the world: Only Western Canadian Copper is larger, but faces huge logistical challenges with its flagship Casino asset which is located in the midst of the Yukon, 560km from a port. Los Calatos by contrast is c.100km from the coast and has large scale (200kt+) producing assets in close proximity.

• Fair value revised to 47p: Our revised fair value applies a target EV/Resource multiple of 4c/lb which is halfway between the spot peer group multiple and the average transaction multiple for peer projects.

Source: Liberum announcement 26 April 2012

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Los Calatos drill core Altered (Sericite > K Felspar) brecciated porphyry

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Hydrothermal breccia with chalcopyrite > covellite mineralisation and anhydrite (Sample runs >2% Cu)

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49