LCL RESOURCES LIMITED — Investor Presentation 2012

Feb 26, 2012

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Building a mid-tier copper producer

February 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 document. Neither Metminco, Canaccord Genuity Limited (“Canaccord”), Liberum Capital Limited (“Liberum”) and Canaccord BGF (“BGF”) are 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, Canaccord (including any of its holding companies and / or any of its or their respective subsidiaries or affiliates (each a “Canaccord Company” and together with Canaccord “the Canaccord Companies”)), Liberum or BGF, 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, any Canaccord Company, Liberum, BGF 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 price-sensitive 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.

• 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.

• No representation or warranty is made as to the accuracy, completeness or reliability of the information. 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 CCth) (“Corporations Act”) relating to the Company and has not been approved by the UK Listing Authority or the Australian Securities Exchange (“ASX”). 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 in relation to the marketing to institutional and professional investors and is subject to change without notice. This Presentation is a general overview only and does not purport to contain all the information that may be required to evaluate an investment in Metminco. This Presentation should be read in conjunction with Metminco’s other continuous disclosures and periodic announcements lodged with the ASX and AIM. Nothing contained in this Presentation constitutes investment, legal, tax or other advice. The information in this Presentation does not take into account your investment objectives, financial situation or particular needs. No part of this Presentation should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. Before making an investment decision, you should consider with the assistance of your professional securities advisor, whether an investment in the Company is appropriate in light of your particular investment needs, objectives and financial circumstances.

• This Presentation does not constitute or form part of an offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe for any investment in any jurisdiction or an inducement to enter into investment activity. To the extent that this Presentation falls within the general restriction in Section 21 of the Financial Services and Markets Act 2000 (FSMA) on the communication of invitations or inducements to engage in investment activity, it is exempt on the grounds that in the United Kingdom it may only be made to or directed at persons who are INVESTMENT PROFESSIONALS falling within article 19 of the FSMA (Financial Promotion) Order 2005 as amended (FPO) (who are persons having professional experience in matters related to investments), or high net-worth companies, unincorporated associations and other bodies within the meaning of Article 49 of the FPO. Any investment activity to which this presentation may relate in the United Kingdom is available to, and will only be engaged with such persons, and this presentation should not be acted or relied upon in the United Kingdom by persons of any other description. For recipients in Australia, the offer to which this presentation relates will only be made without a Prospectus in accordance with Chapter 60.2 of the Corporations Act.

• Canaccord and Liberum, are both authorised in the United Kingdom by the Financial Services Authority are acting exclusively for the Company and will not be responsible to anyone other than the Company for providing the protections afforded to its clients or for advising any other person in connection with this matter

• BGF is licensed under the Corporations Act (Australian Financial Services License No 234666), and is the wholly owned financial advisory arm of Canaccord BGF Capital Group Pty Ltd. BGF is acting exclusively for Metminco and will not be responsible to anyone other than Metminco and for providing the protections afforded to its clients or for advising any other person in connection with this matter.

• An investment in the Company is subject to investment and other known and unknown risks, some of which are beyond the control of the Company and the Company’s directors, officers, employees, advisers, representatives or agents. Metminco does not guarantee any particular rate of return or the performance of the Company nor does it guarantee the repayment of capital from Metminco or any particular tax treatment.

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2

Investment summary

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• Strong portfolio of mineral assets in Peru and Chile

• Los Calatos : Emerging world class Cu-Mo project

• Mollacas : Small low cost Cu leach project

• Vallecillo¹ : Polymetallic resource with upside potential

• La Piedra & Camaron: High potential impact early stage exploration

• Fully funded programs at 5 projects (2012)

• Los Calatos : 100,000 m of Phase 4 diamond drilling to be completed by yearend

• La Piedra : 2,500m of diamond drilling scheduled to commence in Q1 2012

• Camaron : 5,000m of reverse circulation drilling to commence Q2 2012

• Mollacas : Feasibility Study to commence in Q1 2012

• Vallecillo¹ : Pre-feasibility Study to commence in Q2 2012

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¹ La Colorada area

3

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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4

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

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Advanced exploration/early development

Los Calatos (100%)	• World class discovery - classic Cu-Mo porphyry system • JORC resource of 926m tonnes at 0.51% CuEq • Phase 4 drilling (100,000m) in progress • Potential for substantial resource upgrade in Q2 2012
Mollacas (100%)	• JORC resource of 17m tonnes at 0.54% Cu • Resource upgrade in Q1 2012 • Cu leach SX/EW: Feasibility Study to commence Q1 2012 • Low cost near term production potential
Vallecillo (100%)	• JORC resource of 730koz AuEq at 2.2g/t (La Colorada) • Resource upgrade in Q1 2012 • Potential to expand near-to-production resources

Early stage exploration

La Piedra (100% option) • Cu-Au-Mo porphyry target – Diamond drilling Q1 2012 • Low sulphidation Au anomaly (>10km): RC drilling Q2 2012 Camaron (100%)[*] • Unexplored large scale Au-Cu-Mo exploration target • Isidro (50% and 100%) Cu-Au mantos – Limited exploration work planned for 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; Zn $0.91/lb; Pb $0.91/lb; Cu $2.50/lb 5

Market capitalisation of A$332m

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Share Price
0.50
0.40
0.30
0.20
0.10
0.00
Share Price (A$)
Volume x 000’s
20,000
15,000
10,000
5,000
0
Volume Traded
27/01/11 27/02/11 27/03/11 27/04/11 27/05/11 27/06/11 27/07/11 27/08/11 27/09/11 27/10/11 27/11/11 27/12/11 27/01/12
27/01/11 27/02/11 27/03/11 27/04/11 27/05/11 27/06/11 27/07/11 27/08/11 27/09/11 27/10/11 27/11/11 27/12/11 27/01/12
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Listed ASX : AIM	MNC.AX MNC.L
Share Price (31 Jan ‘12)	A$0.19 [12.8p]
Share price (52-Weeks)	A$0.115 – A$0.460
Issued Shares	1,749.5m
Market Capitalisation	A$332m [£224m]
Total options issued	69.2m
Fully Diluted	1,818.8m
Free Float	89%
Debt	Nil
Cash (6 January ‘12)	A$54m
NOMAD (London)	Canaccord Genuity
Joint Brokers (London)	Canaccord & Liberum
Brokers (Australia)	Canaccord BGF

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6

Metminco – low Enterprise Value in cents per lb contained CuEq

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100%
Enterprise Value (@ 18cts/share): 2.4cts/lb CuEq
75%
Mollacas
CuEq
202mlb
Vallecillo ± 731koz @
50%
2.2 g/t AuEq
CuEq
Los Calatos 292mlb
CuEq
Long-term Prices
25% 10,474
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%
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Development

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7

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: La Colorada (100%) Dec ‘08 • Early Stage Exploration: Camaron (100%) *July ‘09 • La Piedra (100%) Isidro (50 to 100%) May ‘10 • Loica (100%)

History

• 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

• Vallecillo Project

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

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8

Board and Governance

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Antonio Ortuzar Chairman	Santiago	Senior resources lawyer. Extensive experience within global mining sector and financial markets. Previously chairman of Hampton Mining
William Howe Managing Director	Santiago	Founding shareholder. 30 years experience in production, mine construction and management and exploration
Francisco Vergara Non-executive director	Santiago	Senior lawyer with extensive mining experience in Chile and other Latin American countries
Bill Etheridge Non-executive director	Sydney	Founding shareholder. 35+ experience as a mining engineer, economist, mining analyst with Hamersley Iron, Merrill Lynch, HSBC and other
Phillip Wing Non-executive director	Sydney	Founding shareholder. CA, management consultant and private equity investor. Former partner Ernst & Young
Tim Read Non-executive director	London	Industry expert, ex head of Mining Investment Banking for Merrill Lynch; ex CEO Adastra Minerals Inc.

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9

Management has >160 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 GM Exploration	Santiago	40+ years exploration experience; North Ltd and Ashanti Goldfields
Raul Paredes Chief Operating Officer	Santiago	27+ years experience in studies, contracts management, construction management and operations
Gavin Daneel GM Business Development	Santiago	25+ years experience in exploration and mine management in Australia, SE Asia and Africa
Steve Tainton GM Investor Relations	Sydney	30+ years experience in exploration, mining and executive management with JCI and Gold Fields SA
Philip Killen CFO & Company Sec	Sydney	17+ years experience in finance and admin CFO roles in listed ASX resource companies

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10

Peru and Chile comprise attractive jurisdictions

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Worldwide Exploration Spend - 2009

Copper production by Region - 2010

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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 79
Country
Index (2010/2011) countries)
CHILE
Chile 81.3 8
Camaron
48% of World Colombia 51.2 40
Isidro
Copper Reserves
Vallecillo Peru 43.6 48
Mollacas Brazil 43.2 49
Loica
Argentina 32.4 60
La Piedra
Bolivia 9.1 76
Venezuela 1.3 78
1. The Fraser Institute of Canada released a document
entitled “Survey of Mining Companies 2010/2011” of
March 2011 involving 79 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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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

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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13

Los Calatos tenements cover an area of 214km²

- 8 targets identified (Targets 1 & 2 drilled)

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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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15

Los Calatos exploration camp and core area of mineralised porphyry system

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Phase 3 Drill Site

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View towards South

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16

Los Calatos hosts over 10bn lbs contained CuEq and growing

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• Total JORC resource as at 24 August 2010

• 926mt at 0.37% Cu and 0.027% Mo

• Average grade of 0.51% CuEq, containing 4.7mt of CuEq metal

• Generated from 21,200m of drilling

• Drilled zone measures approximately 900m (L) x 500m (W) x 1,100m (D)

• Block tonnages and grades generated by SRK Consulting, Chile

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

Primary & Secondary Sulphide Zone	Category	Tonnage (Kt)	Cu (%)	Mo (%)
	Indicated	111,260	0.39	0.038
	Inferred	814,970	0.37	0.026
	Total	926,230	0.37	0.027

Using a cut-off of 0.20% Cu

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

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17

Phase 3 drilling (completed) delineates larger mineralised envelope

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Hole ID	Cum. Metres	Cu %	Mo ppm	CuEq%
CD-24	851	0.43	482	0.67
CD-25	630	0.67	1,467	1.40
CD-27	1,073	0.42	227	0.53
CD-28	335	0.49	76	0.53
CD-31	1,690	0.60	353	0.78
CD-33	373	0.38	328	0.54
CD-35	442	0.41	103	0.46
CD-38	1,158	0.33	165	0.41
CD-39	1,242	0.32	269	0.45
CD-40	1,220	0.36	153	0.44
CD-42	514	0.47	118	0.53
CD-46	534	0.45	380	0.64
CD-47	347	1.03	103	1.08

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CuEq % based on Cu/Mo price ratio of 1:5 Drill holes reported for CuEq values >0.40% CuEq

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18

Phase 3 drilling improves geological understanding & extent of mineralisation

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• Phase 3 drilling program completed in December 2011

• 26 drill holes completed totalling 34,200 metres

• Porphyry system increases in width from 700m at surface to 1,000m at a depth of 1,500m

• Mineralised envelope substantially larger than 2010 resource (block) model – scope for material upgrade in resource

• Provides for optimised Phase 4 infill drilling program

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19

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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20

Mineralisation occurs closer to surface on northern boundary of porphyry system; Diatreme mineralised

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SW NE SW NE
0.1% Cu
0.2% Cu
Section 10,200W Section 9,800W
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21

Phase 3 drilling identifies south-easterly extension of mineralised envelope

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August 2011

January 2012

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22

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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23

Phase 4 drilling commenced - comprises two phases of diamond drilling totalling 100,000m

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• Eight drill machines currently operating on site

• Drilling operations commenced in late December 2011

• 10,000 metres of the Phase 4a drilling completed to-date

• The Phase 4 drill program comprises two sub-phases:

• Phase 4a

  • 30,000 metres of diamond drilling at a drill hole spacing of 100m x 200m

  • To completed during Q2 2012

  • Revised resource estimate pre-June 2012

    • Resource model to include an additional 64,000m (Phase 3 & 4a) of drilling

    • Model to incorporate larger mineralised envelope

• Phase 4b

  • 70,000 metres of diamond drilling at a drill hole spacing of 100m x 100m

  • To be completed by the end of 2012

  • Revised resource estimate by early 2013

    • Upgrade resource categories ahead of pre-feasibility study

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24

Los Calatos declared a

“Project of National Interest” in July ‘11

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• Declared “Project of National Interest” on 11 July 2011

• Exceptional designation

• Allows direct negotiation with Peruvian Government

  • Purchase of surface title for establishment of planned mining infrastructure

  • Tenements are located on State-owned barren land

• General rule is that State-owned property can only be transferred by a public auction

• Designation applies in certain circumstances where the project’s feasibility and economic benefit for the country can be demonstrated

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25

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

• In-fill drilling program: Commenced December 2011

• Phase 4a: ±30,000m (100m x 200m grid)

• Interim JORC resource estimate: Q2 2012

• Phase 4b: ±70,000m (100m x 100m grid)

• Update JORC resource estimate: early-2013

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Pre-feasibility
study
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• Commission pre-feasibility : early-2013

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26

Chilean projects

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27

Mollacas resource comprises an enriched copper oxide and supergene cap

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28

JORC compliant resource update in progress at Mollacas

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Resource as at November 2007 (SRK)

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

• New resource model in progress

• Upgrade Inferred & Indicated resource categories

• Phase 3 testwork (tall column leach testwork) in progress

• Paves way for Feasibility Study

Using a cut-off of 0.20% Cu uncapped

• Scheduled for completion by yearend

• JORC resource (November 2007) based on 54 drill holes totalling 8,719m

• Interim resource (June 2011) based on 81 drill holes (12,689m)

• Further 26 diamond drill holes (2,250m) completed since June ’11

• Drilling confirms resource grades & continuity

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29

Scoping study (2008) returned robust economics – Full Feasibility Study to commence in Q1 2012

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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
SX/EW Crushing &
Agglomerating
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• Life of mine operating costs: US$0.91 per lb copper

• Stripping ratio: 1.3:1

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

• IRR = 70%

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

• Supports Cu leach SX/EW

• 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

30

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: Q1 2012

JORC Resource

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Feasibility study
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• Commission Feasibility Study : Q1 2012

• Environmental baseline studies commenced

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31

Focus at Vallecillo shifts to polymetallic ‘belt’ – La Colorada & satellite anomalies

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• Tenements cover an area of 179km²

• Seven geochemical targets identified (V1 to V7)

• V1 to V4 form part of a NESW belt of Au-Zn

prospectivity (>4km long)

• V5 to V6 represent Cu-Au targets (‘Portezuelo’)

• V7 is a gold target (possibly epithermal mineralisation)

• V1 (La Colorada) has JORCcompliant resource

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32

La Colorada (Target V1) has historically returned well mineralised intercepts

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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

Using a cut-off of 0.30ppm, uncapped

• JORC resource based on 29 drill holes (totalling 8,492m)

• On a AuEq basis resource translates to 730koz Au at 2.2g/t

• Preliminary metallurgical testwork yielded favourable Au and Zn recoveries

Section 6,622,050mM

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33

Mineralised intercepts show vertical zonation of Zn-Au and Cu mineralisation

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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

• • Polymetallic mineralisation related to adjoining Cu-Au porphyry system

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34

Extensive exploration program recently completed at Vallecillo

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• Extensive exploration program completed at Vallecillo in December ‘11

• Geophysical program (IP, resistivity & magnetic surveys)

• Reverse circulation & diamond drilling program (12,900m)

• La Colorada

• Located within a polymetallic belt

• 7,700m of infill diamond drilling on a 25m x 25m grid

  • Potentially increase, and upgrade, existing resource

• 1,400m of diamond drilling to test satellite Au-Pb anomalies

  • Potentially increase resource inventory

• Analytical results received for four drill holes; confirms resource grades

• Portezuelo

• Cu-Au porphyry target

• 3,800m of reverse circulation drilling completed

• Drilling returned uneconomic Cu and Au grades

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35

Phase 3 infill drilling program recently

completed – initial results encouraging

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• Phase 3 drilling program completed

• −25m x 25m drilling grid

• Upgrade majority of resource to Measured & Indicated categories

Hole ID	Depth (m)	Depth (m)	Interval (m)	Au g/t	Ag g/t	Zn %
	From	To
VD-18	180	218	38	0.32	8.95	0.70
	241	265	24	1.26	7.33	0.76
VD-20	182	219	37	1.66	9.89	1.27
	280	297	17	0.45	19.12	0.69
	317	331	14	0.08	4.93	0.57
VD-22	254	275	21	0.18	7.95	0.66
VD-30	167	215	48	1.17	7.19	1.56
	224	234	10	0.05	9.50	1.09

Note: Cu & Pb values excluded from table

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36

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 : Q1 2012

• Commission pre-feasibility study : Q2 2012

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37

Development schedule – key projects

Project	2012	2012	2012	2012	2013	2013	2013	2013	2014	2014	2014	2014	2015	2015	2015	2015	2016	2016	2016	2016
Los Calatos											Drill	ing (P	3, P4	& inf	ill)
													Res	ource	esti	mate
								Pre-	Feasi	bility
							Fe	asibil	ity St	udy
													L	ead It	ems
												Gov	ernm	ent a	pprov	als
Mollacas					Feasi	bility	Stud	y
		Lea	d Ite	ms
								Gov	ernm	ent a	pprov	als
					Con	struc	tion
													St	ackin	g & A	gglom	erati	on
Vallecillo (La Colorada)							Infil	l drilli	ng
								Res	ource	estim	ate
			P	re-Fe	asibil	ity
											Fea	sibilit	y Stu	dy
									Le	ad It	ems
						G	over	nmen	t app	rovals
												C	onstr	uctio	n

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38

Adding shareholder value as a copper-focused junior explorer

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• Metminco is a large scale copper focussed exploration and development company

• Broad portfolio of projects in Peru and Chile

• Projects range from early stage exploration to feasibility

• Multiple catalysts for value creation and news flow in 2012

• Los Calatos proving to be a world class copper project

• Company has potential to become a significant copper producer in the Region

• Mollacas and La Colorada have the potential to generate medium-term cashflows

• Successful capital raising allows for delivery of 2012 objectives

• Experienced management team to meet exploration and developmental challenges

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39

Website: www.metminco.com.au Corporate Directory

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----- Start of picture text -----

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 7050 6500
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
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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 General Manager Exploration.

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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40

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Appendix I Early Stage Projects

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Camaron characterised by Au, Cu and Mo anomalism

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• Licence area of 130 km[2 ] (100% of 100km² held; option to acquire 30km²)

• Prospective geology

• Large anomalous undrilled low sulphidation Au system

• Large hydrothermal alteration system, intense near surface leaching

• Possibly associated with underlying porphyry system

• Strong structural control, bounding fault system (Vicuna fault)

• Possible sinter deposits

• Encouraging exploration results

• Mapping & sampling conducted in 2009

• Identified significant Au-Cu-Mo anomalies

• Initial surface sampling on a 100m grid

• Significant values included (up to) 6.5 g/t Au, 1.29% Cu and 407ppm Mo

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42

Au anomalism most extensive – occurs over >10km strike extent

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0 1 2km
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Exploration Program

• Geodata commissioned to complete a IP, resistivity and ground magnetic survey

• RC drilling (5,000m) planned to commence in Q2 2012 to test:

  • Main Au geochemical anomalies
• • Cu-Mo anomaly in the south of the project area

• Application for access rights lodged with courts in Vicuna, Region IV

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La Piedra is well located to north of major copper producers

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25km north of Andina / Los Bronces 60km² Zone ‘B’ Well developed breccia with Cu-MoAu anomalism

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Reconnaissance sampling identified Cu, Au and Mo anomalism associated with breccia

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	Sample No.	Cu %	Au(g/t)	Mo(ppm)
	33303			9.7
	33305	0.727	0.4	6.2
	33306	0.125	0.1
	33307	0.317
	33328	0.479
	33330	0.714
	33335	0.173
	33339	0.174		8.0
	33340	0.348		16.4
	33342	0.246
	33361	0.175
	33364	0.113
	33367	0.186
	33401	0.802	0.9	29.1
	33413	0.395		7.9

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Zone ‘B’, characterised by extensive hydrothermal alteration, to be drilled in Q1 2012

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Geology & Exploration Program

• Extensive hydrothermal alteration present

• Alteration Zone ‘B’ displays CuMo-Au anomalism

• Zone ‘B’ measures >2km by 0.6km

• Mineralised breccia’s present

• Access agreement concluded with owner

• Exploration program planned for Q1 2012

• Detailed mapping & surface sampling program (Zone “B”)

• – 2,500m of diamond drilling

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Appendix II

Los Calatos in perspective

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Los Calatos - nearest neighbours

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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
Current 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

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49

Los Calatos - CuEq grade competitive

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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 % Copper equivalent (CuEq)		Gold credit (¹) Reserves (²) Estimated (³) Cut-off = 0.2% Mo:Cu Price ratio of 5	Gold credit (¹) Reserves (²) Estimated (³) Cut-off = 0.2% Mo:Cu Price ratio of 5
		Reserves (²)
		Estimated (³)
		Cut-off = 0.2%
		Mo:Cu Price ratio of
	¹El Morro (Chile) ¹Tujuh Bukit (Indon) ¹ ²Las Bambas (Peru) ¹Tampakan (Phil) ¹ ³Galore Creek (Can) ¹Red Chris (Can) ²Cuajone (Peru) Rosemont (US) ¹Frieda R (HIT) (PNG) ¹OT- Southern Oyu … ²Toquepala (Peru) ¹Reko Diq (Pak.) ³Rio Blanco (Peru) ¹Pumpkin Hollow … LOS CALATOS (Peru) ³Toromocho (Peru) Constancia (Peru) ¹ ³Pebble West (Alaska) ¹Cerro Verde (Peru) ³Los Pelambres (Chile) ¹Canariaco (Peru) ¹Sierra Gorda (Chile) ¹Schaft Creek (Can.) Relincho Cu cog (Chile) ¹Galeno (Peru) Relincho CuEq cog … ¹Cobre Panama (Pan) Berg (Can) ²La Caridad (Mex) ³Caserones (Chile) ¹Andacollo (Chile) Vizcachitas (Chile) ¹Casino (Yukon) Copper Mountain (Can) Ann Mason (Nevada) Yandera (PNG) Spinifex Ridge (Aust)

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50

Los Calatos 2010 resource comparison

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120,000
100,000
Andina
Los Pelambres
80,000
Los Bronces El Teniente
60,000
Antamina
Quellaveco
40,000
Sierra Gorda
Las Bambas
20,000
Los Calatos Antapaccay
Tintaya
2010 Resource
0
0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60%
CuEq (%)
Las Bambas Sierra Gorda Quellaveco Los Bronces Antamina Tintaya
Antapaccay Los Calatos Los Pelambres Andina El Teniente LC_T
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

51