Instituto de Ingenieros de Minas del Per

Lima, 25 de Abril del 2013

Establecer una Comisin Calificadora de Competencias en

Geologa, Recursos y Reservas Mineras.

Corporacin de derecho privado, sin fines de lucro, autoregulada, que tiene como propsito:
Administrar el registro de Personas Calificadas o Competentes.
Aprobar el Cdigo para informar sobre la descripcin de propiedades,

categorizacin y evaluacin de recursos y reservas mineras.

Proporcionar asistencia tcnica a la CONASEV, BOLSA, TRIBUNAL,
etc.

Introducir el concepto de Persona Calificada o Competente en

Geologa, Recursos y Reservas Mineras.

Establecer el Rgimen Legal de las Personas Calificadas o

Competentes.

 Hemos (Per) desarrollado el Mercado de Capital de Riesgo en 2005.

Demor 3 aos y est funcionando bien, pero necesita expandirse.
Hemos creado un Comit Calificador y un Cdigo JORC peruano en
2004.
17 empresas junior listadas en el Mercado de Lima.

28 empresas mineras listadas en BVL (Mercado principal)

25 agencias de bolsas, brokers.

200+ empresas extranjeras trabajando en el Per, casi todas listadas

(necesitan QP interno y externo; es decir, demanda de 300 QP).

 Hay una capitalizacin burstil de S/. 180,000 M. (USD$ 70,500M.)

MILA: Chilenos y Colombianos ingresan a usar la Bolsa de Lima.
Comit Minero chileno forma parte de la organizacin internacional CRIRSCO
desde 2011.
Soy QP Canadiense desde 1974 (Ordre des Ingieneurs du Qubec # 26444).

Esta idea est vigente desde 2005 y la hemos retomado el ao pasado en

Trujillo llamndola Proyecto Trujillo 2012 en el Congreso Minero Peruano del
Colegio de Ingenieros.
Es necesario ponernos de pi como Gelogos de Exploracin y liderar
conjuntamente este proceso tan importante para el futuro de la minera
Peruana.

Pas minero internacionalmente reconocido.

Uno de las mejores destinos para inversin, minera y otros.
Una Bolsa dinmica en expansin, sector minero fuerte.
Nueva Bolsa Andina (MILA) y fuerte competencia.
Larga tradicin minera en todos los niveles, regiones, etc.
.
Nueva reglamentacin internacional.
Empresas, laboratorios, consultores, etc., con certificacin internacional.
Responsabilidad de la minera al frente de la educacin universitaria.
Diversificacin geogrfica en varios sentidos.
Mejores salarios, puestos, desafos.
Mejores puestos internacionales.
Movilidad profesional, local, regional, internacional.
Incrementar de manera indirecta el nivel universitario.
Permitir y, posiblemente, obligar a la formacin continua.

Brazo tcnico del ICMM (International Mining Council of Mining and

Metals).

Agrupa a las principales organizaciones de cada pas dedicadas a las

exploraciones, recursos y reservas mineras.

NORMAS
TRANSPARENCIA: Informes completos, inequvocos, especficos, explcitos.
MATERIALIDAD:

Informes concretos, relevantes, basados en evidencias.

COMPETENCIA:

Informes emitidos por Personas Competentes / Calificadas.

1994 CMMI Mineral Definitions Working Group

(Australia, Canad, Sudfrica, Reino Unido y USA)

Marzo 1997: BreX.

Octubre 1997: Denver Accord.

1999: CMMI definiciones incorporadas en UNFC.

1999-2001: Cdigo actualizado.

2002: CMMI disuelto, pero CRIRSCO sobrevivi como entidad

separada (Chile particip unido CRIRSCO 2003).

Plantilla iniciada Reston VA 2003

2006-2010: Rusia implementa en su sistema de plantillas y

luego desarrolla el cdigo.

2006: Discusiones reanudadas con UNECE re Cdigo nico

Global para reportar todos los minerales slidos.

2007: inicia la asociacin con ICMM

2007: inicia la relacin con IASB

2011: Rusia (NAEN) se une a CRIRSCO

Establece normas mnimas para la informacin pblica de los resultados

de Exploracin, Recursos Minerales y Reservas de Mineral.

Proporciona un sistema obligatorio de clasificacin de las estimaciones de

tonelaje/grado segn la confianza geolgica y consideraciones tcnicoeconmicas.

Proporciona definiciones de recursos minerales y clases de reservas

mineras, que son compatibles con los acuerdos internacionales.

Requiere Informes Pblicos que se basen en el trabajo realizado por una

Persona Competente y describe las calificaciones y el tipo de experiencia
necesarias para ser una Persona Competente.

Ofrece amplias directrices sobre los criterios a tener en cuenta en la

preparacin de informes sobre resultados de Exploracin, Recursos
Minerales y Reservas de Mineral.

Supervisa o regula los procedimientos utilizados por la Persona

Competente para estimar Recursos Minerales y Reservas de
Mineral.

Supervisa o regula la clasificacin de una empresa de Recursos

Minerales y Reservas de Mineral.

Trata con faltas profesionales de Personas Competentes.

Trata con faltas profesionales Cdigos por empresa.

Ukraine
Russia
Mongolia
China
Colombia
Philippines
Turkey

Mexico
Ecuador

Peru
Indonesia

Argentina

Con estndares de codificacin

En camino a obtener estndares
En conversaciones avanzadas
Per necesita actualizar su codificacin

Los organismos que desarrollan y son responsables de

los Cdigos de reporte minerales, normas y directrices
para un pas o un grupo de pases.

Miembros NROs:
AUSTRALASIA (JORC)
CANADA (CIM)

CHILE (Comisin Minera)

EUROPA (PERC)
RUSIA (NAEN)
SUDAFRICA (SAMREC)
USA (SME)

Per?
AUSTRALIA
Australasian Code for Mineral Resources and
Ore Reserves Reporting of Exploration Results

~ The JORC Code ~

CANADA

~ National Instrument
43-101 ~

Standards on Mineral Resources And Mineral

Reserves Prepared By CIM Standing Committee
USA
A Guide for Reporting Exploration Information,
Mineral Resources, and Mineral Reserves

~ The Society for Mining,

Metallurgy, and Exploration
Code ~

SOUTH AFRICA
South African Code for Reporting of Mineral
Resources and Mineral Reserves.

~ The SAMREC Code ~

UNITED KINGDOM W EUROPE

Code for Reporting of Mineral Exploration
Results, Mineral Resources and Mineral
Reserves.

~ The Reporting Code ~

CHILE
Cdigo para la Certificacin de Prospectos de
Exploracin, Recursos, y Reservas Mineras.

~ Ley 20.235 ~

Comparison Chart A
Point of
Comparison

CANADA CIM

AUSTRALIA JORC

SOUTH AFRICA
SAMREC

UNITED STATES SME UK / EUROPE IMM / IGI

/ EFG

Exploration Information not

meeting minimum Mineral
Resource classification
criteria

-estimates of tonnage and

grade may be reported
with conceptual/order of
magnitude qualifier

-estimates of tonnage and

-estimates of tonnage and grade -estimates of tonnage and
-estimates of tonnage and
average grade must not be
must not be reported
grade must not be reported.
grade must not be reported
reported. Any tonnage/grade
Any figures mentioned in
figures mentioned in public
public reports must be orderreports must be order-ofof-magnitude and conceptual
magnitude and conceptual in
in nature and expressed so as
nature and expressed so as not
not to misrepresent them as
to misrepresent them as
estimates of Mineral
estimates of Mineral Resources
Resources or Mineral
or Ore Reserves
Reserves

Use of Inferred Mineral

Resources

-Inferred Resources must -caution should be exercised if -Inferred Resources are not
-caution should be exercised if
be excluded from basis for this category is considered in normally considered in economic this category is considered in
economic studies
economic studies
studies; if so, caution should be economic studies
exercised with full disclosure

INTERNATIONAL CMMI /
CRIRSCO
-estimates of tonnage and grade must
not be reported

-a company may include all or a -a company may include all or a part

part of its Inferred Resource for of its Inferred Resource for the
the purpose of internal planning. purpose of internal planning. Any such
Any such reliance should be
reliance should be made clear in the
made clear in the report
report

Confidence
Inferred Mineral Resources -confidence in the
estimate is insufficient to
allow evaluation of
economic viability

-definition identical to CMMI.

Guidance essentially identical
to CMMI

-definition identical to CMMI.

-definition identical to CMMI. -estimated with a low level of
-estimated with a low level of
Guidance essentially identical to Guidance essentially identical confidence; usually not
confidence; usually not sufficient to
CMMI
to CMMI
sufficient to allow evaluation of allow evaluation of economic viability
economic viability

Indicated Mineral
Resources

-confidence sufficient to -definition identical to CMMI.

support mine planning and Guidance essentially identical
evaluation of economic
to CMMI
viability

-definition identical to CMMI.

-definition identical to CMMI. -estimated with a reasonable
-estimated with a reasonable level of
Guidance essentially identical to Guidance essentially identical level of confidence; sufficient to confidence; sufficient to allow
CMMI
to CMMI
allow evaluation of economic
evaluation of economic viability
viability

Measured Mineral
Resources

-confidence sufficient to -definition essentially identical -definition identical to CMMI.

-definition essentially identical
support production
to CMMI (see below). Guidance Guidance essentially identical to to CMMI (see below).
planning and evaluation of essentially identical to CMMI
CMMI
Guidance essentially identical
economic viability
to CMMI

-estimated with a high level of

confidence; sufficient to enable
an evaluation of economic
viability with a high level of
confidence

-estimated with a high level of

confidence; sufficient to enable an
evaluation of economic viability with a
high level of confidence

Continuity
Inferred Mineral Resources -reasonably assumed but -definition identical to CMMI.
not verified, geological
Guidance essentially identical
and grade continuity
to CMMI

-definition identical to CMMI.

-definition identical to CMMI. -inferred but not verified
Guidance essentially identical to Guidance essentially identical geological and/or grade
CMMI
to CMMI
continuity

-inferred but not verified geological

and/or grade continuity

Indicated Mineral
Resources

-sample spacing close

-definition identical to CMMI.
enough for geological and Guidance essentially identical
grade continuity to be
to CMMI
reasonably assumed

-definition identical to CMMI.

-definition identical to CMMI. -inappropriate sample spacing
Guidance essentially identical to Guidance essentially identical to confirm geological and/or
CMMI
to CMMI
grade continuity but close
enough for continuity to be
assumed

-inappropriate sample spacing to

confirm geological and/or grade
continuity but close enough for
continuity to be assumed

Measured Mineral
Resources

-sample spacing close

enough to confirm both
geological and grade
continuity

-definition identical to CMMI.

-definition different to CMMI;
Guidance essentially identical to only required to confirm
CMMI
geological and/or grade
continuity

-sample spacing sufficient to confirm

geological and grade continuity

-definition different to CMMI;

only required to confirm
geological and/or grade
continuity

-sample spacing sufficient to

confirm geological and grade
continuity

Comparison Chart B
Point of
Comparison

CANADA CIM

AUSTRALIA JORC

SOUTH AFRICA
SAMREC

UNITED STATES SME UK / EUROPE IMM / IGI

/ EFG

INTERNATIONAL CMMI /
CRIRSCO

Continuity
Conversion of Mineral
Resources to Mineral
Reserves

-based on a Preliminary
Feasibility Study,
demonstrating that, at the time
of reporting, economic
extraction can be justified

Conversion Study Definition

Qualified/Competent Person
definition

-based on "Appropriate
Assessments", which may include
feasibility studies, demonstrating, at
the time of reporting, that extraction
could reasonably be justified

-based on "Appropriate
Assessments", which may include
feasibility studies, demonstrating that,
at the time of reporting, extraction is
reasonably justified

-based on "Appropriate
Assessments", which may include
feasibility studies, demonstrating
that, at the time of reporting,
extraction is reasonably justified

-a comprehensive study of the -partially defined through guidance

viability of a mineral project
that has advanced to the stage
where mining method or pit
configuration has been
established and an effective
method of mineral processing
has been determined. The
Study must include financial
analysis based on reasonable
assumptions of technical,
engineering, operating,
economic factors and
evaluation of other relevant
factors which are sufficient for
a QP, acting reasonably, to
determine if all or a part of a
Mineral Resource may be
classified as a Mineral
Reserve

-partially defined through guidance

-partially defined through guidance -partially defined through guidance.

The study will have determined a
mine plan that is technically
achievable and economically viable
and from which Mineral Reserves
can be derived

-a QP is an engineer or
geoscientist with at least 5
years experience in mineral
exploration, mine
development, production
activities and project
assessment, or any
combination thereof, including
experience relevant to the
subject matter of the project or
report and is a member in
good standing of an SRO.

-a CP should have a minimum of 5

-a CP must have a minimum of 5
years experience relevant to the style years experience relevant to the
of mineralization and type of deposit style of mineralization and type of
under consideration. If the CP is
deposit under consideration and to
estimating, or supervising the
the activity which that person is
estimation of Mineral Resources, the undertaking. If the CP is estimating
relevant experience must be in the
or supervising the estimation of
estimation, assessment and
Mineral Resources, the relevant
evaluation of Mineral Resources. If the experience must be in the
CP is estimating, or supervising the
estimation, assessment and
estimation of Mineral Reserves, the
evaluation of Mineral Resources. If
relevant experience must be in the
The CP is estimating, or
estimation, assessment and economic supervising the estimation of
extraction of Mineral Reserves. A CP Mineral Reserves, the relevant
must be a member of SACNASP,
experience must be in the
ECSA, PLATO or any other statutory estimation, assessment, evaluation
South African or international body
and economic analysis of Mineral
that is recognized by SAMREC.
Reserves. A CP is a member of a
professional society for earth
scientists or mineral engineers, or
has other appropriate qualifications

-a CP is a person who has a

minimum of 5 years experience
relevant to the style of mineralization
and type of deposit under
consideration and to the activity
which that person is undertaking. If
the CP is estimating or supervising
the estimation of Mineral Resources,
the relevant experience must be in
the estimation, assessment and
evaluation of Mineral Resources. If
the CP is estimating, or supervising
the estimation of Ore Reserves, the
relevant experience must be in the
estimation, assessment, evaluation
and economic extraction of Ore
Reserves. A CP is a person who is a
Member or Fellow of the AUSIMM
and/or the Australian Institute of
Geoscientists

-based on "Appropriate
Assessments", which may include
feasibility studies, demonstrating
that, at the time of reporting,
extraction is justified. In order to
achieve the required level of
confidence in the Mineral Resources
and all of the modifying factors, it is
expected that studies to at least a
prefeasibility level will have been
carried out prior to the determination
of the Mineral Reserves

-based on "Appropriate Assessments", which

may include feasibility studies,
demonstrating that, at the time of reporting,
extraction is justified. In order to achieve the
required level of confidence in the Mineral
Resources and all of the modifying factors, it
is expected that studies to at least a
prefeasibility level will have been carried out
prior to the determination of the Mineral
Reserves

-partially defined through guidance. The

study will have determined a mine plan that
is technically achievable and economically
viable and from which Mineral Reserves can
be derived

-a CP must a minimum of 5 years

-a CP must a minimum of 5 years
experience relevant to the style of
experience relevant to the style of
mineralization and type of deposit
mineralization and type of deposit under
under consideration and to the
consideration and to the activity which that
activity which that person is
person is undertaking. If the CP is estimating
undertaking. If the CP is estimating or supervising the estimation of Mineral
or supervising the estimation of
Resources, the relevant experience must be
Mineral Resources, the relevant
in the estimation, assessment and
experience must be in the estimation, evaluation of Mineral Resources. If the CP is
assessment and evaluation of
estimating, or supervising the estimation of
Mineral Resources. If the CP is
Mineral Reserves, the relevant experience
estimating, or supervising the
must be in the estimation, assessment and
estimation of Mineral Reserves, the economic extraction of Mineral Reserves. A
relevant experience must be in the CP is a person who is a corporate member
estimation, assessment and
of a recognized professional body relevant to
economic extraction of Mineral
the activity being undertaken, and with
Reserves. A CP is a person who is a enforceable Rules of Conduct.
corporate member of a recognized
professional body relevant to the
activity being undertaken, and with
enforceable Rules of Conduct.

Dos representantes por cada miembro NRO (14)

Presidente: D. McCombe (CIM)
Presidente anterior: R. Dixon (SAMREC)
Vicepresidente: E. Tulcanaza (Comisin Minera, Chile)
Secretaria: I. Goddard (JORC)

Ukraine
Russia
Mongolia
China
Colombia
Philippines
Turkey

Mexico
Ecuador

Peru
Indonesia

Argentina

With code standards

On way to get standards
Advanced conversations
Peru need updated standard

Fuerte inters en todo el mundo.

MOUs firmados con Mongolia y Turqua.
Ucrania sigue el camino de Rusia.
Conversaciones avanzadas con Filipinas, Indonesia,
Argentina, Ecuador, Per, China y Colombia.

Conclusin y meta: Per necesita firmar el MOU

durante el 2013.

Cdigo JORC con fecha 2004.

Comit Calificador Privado bajo responsabilidad y administracin
de BVL.
Dormant
Sin reconocimiento nacional ni internacional.

BVL Segmento de Riesgo

Cdigo de Estndares de Reporte

Este Cdigo aprobado por la BVL tiene por funcin unificar criterios y lineamientos a seguir para la
preparacin de los Reportes Geolgicos que las empresas Junior debern presentar para su
inscripcin en el Registro de la BVL y que sern difundidos para conocimiento del mercado.

El objetivo de contar con un Cdigo como ste es asegurar que las empresas mineras Junior
reporten de modo claro, transparente y sin ambigedades, la informacin que los inversionistas
requieren para comprender los resultados o estimaciones realizadas, contribuyendo a reducir el
riesgo de que se produzcan conductas impropias o fraudulentas y favorecer la adecuada toma de
decisiones por parte de los inversionistas.

El Cdigo de Estndares de Reporte para informar sobre Recursos Minerales y Reservas de Mina
de la BVL se ha basado principalmente en el Cdigo JORC emitido por el Joint Ore Reserves
Committee de Australia existente hace mas de treinta aos y que es actualmente uno de los ms
exitosos y utilizados Cdigos Mineros del mundo.

Persona Calificada
Son profesionales mineros autorizados por el Comit de Calificacin de la BVL e inscritos en el
Registro de Personas Calificadas de la BVL para preparar informes sobre estimaciones de Recursos
Minerales o Reservas que sirven de base para la elaboracin de informes difundidos por las empresas
Mineras Junior.
Requisitos para inscribirse en el Registro de Personas Calificadas de la BVL:

Ser miembro en ejercicio del Colegio de Ingenieros del Per (Captulo de Ingenieros Gelogos o
Captulo de Ingenieros de Minas).

Tener un perodo no menos de 5 aos de experiencia profesional que:

Est directamente relacionada con el rea de sus estudios universitarios.

Satisfaga los requerimientos de experiencia profesional establecidos en los reglamentos.

Someterse al Cdigo de tica del Colegio de Ingenieros del Per.

No haber sido condenado por la comisin de un delito de fraude, falsificacin, corrupcin, falso
testimonio, lavado de dinero, uso indebido de informacin privilegiada o cualquier otro delito.

No haber sido declarado en quiebra, insolvencia, intervencin o encontrarse en proceso de

reestructuracin patrimonial en tanto dure esta situacin.

Establecer una Comisin Calificadora de Competencias en Geologa, Recursos

y Reservas minerales

Corporacin de derecho privado, sin fines de lucro y auto-regulado que tiene

como propsito:

Administrar el registro de Personas Calificadas o Competentes.

Aprobar el Cdigo para informar sobre la descripcin de propiedades, categorizacin y
evaluacin de recursos y reservas minerales.
Proporcionar asistencia tcnica a la CONASEV, BOLSA, TRIBUNAL, etc.

Introducir el concepto de Persona Calificada o Competente en Geologa,

Recursos y Reservas Minerales.

Establecer el rgimen legal de las Personas Calificadas o Competentes y del

Cdigo y los Estndares de Reporte de Geologa, Recursos y Reservas
Minerales.

Integrar Per a CRIRSCO.

Colegio de Ingenieros.
Instituto de Ingenieros de Minas del Per.
Sociedad Nacional de Minera, Petrleo y Energa.
Asociacin de Exploradores del Per.
Sociedad Geolgica del Per.
CONASEV.
BVL.
Colaboracin de:
- INGEMMET, MINEM,CRIRSCO, Congreso de la Repblica.
- Principales Universidades.

Permite la certificacin de informes de Exploracin de Recursos y

de reservas minerales.

Facilita la transparencia a los mercados financieros.

Slo las Personas Calificadas o Competentes certificadas (vigente)

podran emitir informe tcnico por oferta pblica de valores.

Deben respetar normas, reglas y procedimientos inscritos en el

Cdigo o dictado por la Comisin Minera.

Colaborar con otros pases, MILA, BVL, etc.

Profesional titulado universitario.

5 aos de experiencia en su rea de especialidad.

Calificado para informar sobre los aspectos geolgicos, mineros y

metalrgicos de los recursos y reservas.

Miembro de una entidad auto-regulada que cuente con poderes

fiscalizadores y disciplinarios.

Perfil tico incuestionable.

Idioma oficial: Espaol

Modelizacin Interpretacin.

Plataforma comn de conceptos claros.

Nomenclatura estndar sobre Criterios y Prcticas.

Respaldo de informe de exploracin de Recursos y de Reservas

Minerales.

Informar pblicamente sobre los activos mineros (Transparencia).

Impulso y confianza a los Mercados Financieros.

Colaboracin con otros pases, reconocimiento internacional.

Permite la certificacin de informes de Exploracin de Recursos y

de Reservas mineras.

Facilita la transparencia en los mercados financieros.

Solamente las Personas Calificadas o Competentes certificadas

(vigentes) podran emitir informe tcnico para oferta pblica de
valores.

Deben respetar normas, reglas y procedimientos inscritos en el

Cdigo dictado por la Comisin Minera.

Las Personas Calificadas o Competentes que emitan un informe

debern responder ante la justicia ordinaria y enfrentar multas a
beneficio fiscal.

La Comisin Minera actuar como fiscalizador en ciertos casos y

podra denunciar a la Persona Calificada ante la justicia

ordinaria.

La Empresa podra emitir reportes pblicos solamente si han

sido previamente emitidos por una Persona Calificada o

Competente.

Mineral

Estril

Mineral

Estril

Mineral

Estril

Mineral

Estril

Mineral

2013: Enero Abril

Establecer

Comisin Calificadora de Competencias en Geologa

Recursos y Reservas minerales.
Establecer Corporacin de Derecho Privado, sin fines de lucro y autoregulado que tiene como propsito:
Administrar la Comisin Calificadora de Competencias.

PDAC
Anuncio.

2013: Todo el ao
Establecer registro de Personas Calificadas o Competentes.

2013: Febrero Julio

Elaborar y Aprobar el Cdigo para informar sobre la descripcin de

propiedades, categorizacin y evaluacin de recursos y reservas

minerales.

2013: Enero - Julio

Establecer el concepto de Persona Calificada o Competente en

Geologa, Recursos y Reservas Minerales.

Cdigo JORC u otro en idioma espaol.

2013: Julio Diciembre

Establecer

el
Competentes.

Rgimen

Legal

de

las

Personas

Calificadas

2014: Marzo
Ley de Estandarizacin y de Persona Calificada o Competente.
Lanzamiento al PDAC 2014.

2014: Julio
Integracin CRIRSCO.

Whats a Prospect Generator our business is about taking geological ideas and performing enough
exploration on them to attract outside capital. In so doing, we leverage our investment and retain an
interest while other people spend their money.
The Business of Discovery even retaining only minority interests or royalties in our projects we
remain exposed to the outstanding returns possible when a substantial discovery is made.

The Advantages and Disadvantages this low-risk approach to the exploration business can be
unpopular during bull markets, but makes the company more sustainable and thus limits the downside
in more difficult times.
Peer Group our strategy follows that of previously successful exploration companies such as Altius,
Almaden, Mirasol, Solitario, Riverside, Azimuth and Virginia, all of which have made substantial
discoveries in recent years.
De-risking Prospect generator includes the first stage of exploration developing concepts, staking,

targets definition and validation.

38

People - management has depth (12 geologists), is highly experienced technically, commercially and
locally. Insiders are shareholders too.
Finance liquid assets (cash and shares) sufficient for 2013-2014 work programs and the company is
close to cash-flow from iron ore royalties. Leveraging capital from our partners, avoiding shares
dissolution.

Paper only 26m shares outstanding, 28m fully diluted.

Partnerships exploration paid for by joint ventures with companies from Canada, UK, Australia and

South America.
Commodities diversified portfolio including Au, Ag, Cu, Ni, Fe, Zn, Pb, K, P and C (graphite)
exposure.
Politics- multiple jurisdictions Brazil, Peru and Colombia
Discovery large diverse portfolio gives multiple chances of exploration success and that elusive
ten-bagger return from discovery, with limited downside risk.

Brazil
14 Properties
260,300 has

Peru
15 Properties
135,000 has

Chile
1 Property
6,000 has

40

Share Structure
Issued & Outstanding
shares:
26.3 M
Stock Option:
2.46 M
Fully Diluted:
28.7 M
52 Week Low High:
$0.88/$1.59
Stock Exchange:
LRA-V
Trading Symbol:
LRA

41

Lara

Partner

Lara &
Partner

Financing

42

JOINT VENTURES

Partner

Project

Commodity

Country

Lara Residual %

Payment US$m

Exploration US$m

Shares m

Years

Aguia Resources

Sergipe

Potash

Brazil

25%

0.10

1.50

10.0

Codelco

Liberdade

Copper

Brazil

25%

3.00

Avanco Resources

Conceicao

Nickel, PGE

Brazil

25%

1.50

Avenue Resources

North Brazil

Tin

Brazil

25%

2.50

Focus Graphite

Caninde

Graphite

Brazil

40%

7.00

Redzone Resources

Lara + Tingo Este

Copper

Peru

45%

Network Exploration

Picha

Copper, Silver

Peru

25%+PFS

1.20

8.00

Halston Exploration

Condoroma

Copper

Peru

25%+FS

1.80

10.50

Halston Exploration

Coporaque

Copper

Peru

25%+FS

1.65

10.00

Alta Resources

Atenea

Gold

Peru

25%+FS

1.50

6.75

6.25

50.75

Totals

ALLIANCES

Partner

Commodity

Countries

0.85
3.00

14.35

Lara Residual %

Payment US$m

Exploration US$m/Year

Years

0.6

Antofagasta

Copper

Brazil

30%

Kiwanda

Phosphate

Peru, Chile, Colombia

30%

0.5

Kiwanda

Coal

Peru, Colombia

30%

0.6

Totals

INTEREST &
ROYALTIES

0.50

3.00

1.7

Partner

Project

Commodity

Country

Lara Interest

Vertical Minerao

Curionopolis

Iron

Brazil

Royalty

Horizonte Minerals

Vila Oito

Nickel

Brazil

Shares

Avenue Resources

Sao Lourenco

Tin

Brazil

Royalty

Hochschild

Lampa

Gold

Peru

Royalty

CJL Capital

Chocos

Zinc-Lead

Peru

Royalty

0.45

2.0%

Raymondi Cusco

Candel 23

Copper

Peru

Royalty

0.30

2.0%

Totals

Cash US$m

Royalty

0.80

0.75-1.50/t

Shares m

8.5
1.00

1.0%

3.0

2.0%

2.55

43

Total spent 40 years: USD$ 118,250,000