Silver / Lead / Zinc Production in Peru INVESTOR PRESENTATION FOR - PowerPoint PPT Presentation

Silver / Lead / Zinc Production in Peru INVESTOR PRESENTATION FOR

IMPORTANT NOTICE The information contained in these slides and the accompanying oral presentation (together, the “Presentation”) have not been approved by an authorized person within the meaning of the Financial Services and Markets Act 2000 (“FSMA”). If any person is in any doubt as to the contents of this Presentation, they should seek independent advice from a person who is authorised for the purposes of FSMA and who specialises in advising in investments of this kind. The information contained in this document does not purport to cover all matters that may be relevant for the purposes of considering whether or not to make any prospective investment and is not intended to provide, and should not be relied upon, for accounting, legal or tax advice. This Presentation is supplied to you solely for information. The information contained in this Presentation has been prepared by and is the sole responsibility of the existing and proposed new directors of Mines & Metals Trading (Peru) PLC (the “Company”). The Company has produced this Presentation in connection with the proposed placing of new ordinary shares in the Company (the “Placing”), which is intended to finance the operations of the Company . The Presentation and any further confidential information made available to any recipient, either orally or in writing, must be held in complete confidence and documents containing such information may not be reproduced, used or disclosed without the prior written consent of the Company. The Presentation shall not be copied, published, reproduced or distributed in whole or in part, to any other person, for any purpose at any time. The information contained in the Presentation is not intended to be viewed by, or distributed or passed on (directly or indirectly) to, and should not be acted upon by any class of person other than (i) qualified investors (within the meaning of the Prospectus Directive 2003/71/EC) and (ii) investment professionals falling within Article 19(5) and high net worth companies, unincorporated associations and partnerships and trustees of high value trusts falling within Article 49(2) respectively of the Financial Services and Markets Act 2000 (Finan- cial Promotion) Order 2005 (or persons to whom it may otherwise be lawfully communicated) (together “Relevant Persons”). Persons who are not Relevant Persons should not attend the Presentation or rely on or act upon the matters communicated at the Presentation. By accepting the Presentation, you agree to be bound by these restrictions. The Presentation does not constitute an admission document, prospectus or listing particulars relating to the Company; it has not been approved by the London Stock Ex- change or the Financial Conduct Authority, nor does it constitute or form part of any offer, invitation, inducement or commitment to, sell, issue, or any solicitation of any such offer or invitation to subscribe for, underwrite or buy, any shares in the Company or any of its affiliates to any person in any jurisdiction, nor shall it nor any part of it, nor the fact of its distribution form the basis of, or be relied on in connection with, or act as any inducement to enter into any contract or investment decision in relation thereto. Any decision in connection with any proposed Placing must be made solely on the basis of the information contained in the final admission document to be published in due course by the Company. No reliance may be placed for any purpose whatsoever on the information contained in the Presentation or any assumptions made as to its completeness, accuracy or fair- ness thereof, nor does the Company, or any of their respective existing or proposed members, directors, officers, employees, agents, affiliates, representatives or advisers or any other person accept any obligation or responsibility to update or keep current the information contained in this document. The information contained in the Presentation, which has not been independently verified, is confidential and for background purposes only and is subject to further verification, updating, revision and amendment and completion without notice. This Presentation does not purport to be all-inclusive or to contain all the information that an investor may desire to have in evaluating whether or not to make an investment in the Company. You are encouraged to seek individual advice from your personal, financial, legal, tax and other advisers before making any investment or financial decisions, subscribing for or purchasing any securities.

RECUPERADA: A REGIONAL INVESTMENT OPPORTUNITY PERU 100% acquired in 2017 by Mining Sense Location : Huachocolpa district, Huancavelica 7 hours by road from Lima One of Buenaventura’s historic assets Lima (over 70 years of production until 2014) Huancavelica Fully-permitted and operational plant - 12,000-ha land package - 5 million tonnes of resources acquired from PAS - Mine-life: 20+ years with existing processing facilities Plant production started Q3 2018 (300 tpd) - Partnerships with local miners for ore supply - Offtake agreement with Trafigura Own mining production starting Q1 2019

RECUPERADA: RAPID PROJECT PROGRESS SINCE 2017 PHASE I PHASE II PHASE III ACQUISITION + GROWTH AND CONSOLIDATION A NEW CORPORATE LEVEL PLANT PRODUCTION LEADING TO IPO LONDON IPO 2019 - Acquisition of Recuperada + -Plant and tailings upgrade: 600 tpd -Raising US$3 to US$5 million extensive land package - Mine production restarts -Potential plant expansion -Production cash-fmow (third party -Operating profjt: US$37/tonne . -Rapid growth phase through regional ore) - Drilling - Resource validation (JORC) presence -Operating profjt US$20/tonne . US$5 MILLION INVESTMENT INITIAL INVESTMENT US$10 MILLION INVESTMENT IMMEDIATELY COMPLETED 2019-2020 CASH-FLOW PROVISION REVENUE COMBINATION SOLID POSITION AS A KEY REGIONAL PLAYER PLANT OPERATIONS OWN MINING / THIRD PARTY ORE (300 TPD) H1 2019 NEW M&A / PARTNERSHIP OPPORTUNITIES

STRONG RESOURCE POTENTIAL POTENTIAL RESOURCES VEIN TONNES Ag oz / t Pb % Zn % Tangana 4,755,400 3.64 3.06 1.48 Huachocolpa 4’000 326,300 3.29 4.17 2.74 Huachocolpa Sur 473,200 3.93 2.70 4.92 Maria Luz 179,400 16.72 0.22 0.37 Belenda Rubia Zone 40,555 3.32 7.83 10.05 Nancy Luz 33,070 9.94 3.00 5.31 Rico Antimonio 5,405 7.30 3.43 5.42 Esperanza 77,845 9.83 3.49 5.93 Germana 1,720 11.67 1.80 4.40 TOTAL 5,892,895 4.16 3.05 1.94 Source: Pan American Silver

FINANCIAL PROJECTION 2019 2020 Tonnage t 184,500 216,000 Daily tpd 523 600 Average Value per tonne US$/t 210-220 205-215 Average Realised Value per tonne US$/t 194 190 Average Processing Cost US$/t (26) (20) Average Operating Overheads US$/t (6) (5) Average Processing Charges US$/t 38 38 Average Concentrate Sales per annum t 21,758 23,334 Estimated Revenues US$’000 40,798 43,410 Operating Profit US$’000 6,775 7,952 Operating Profit US$/t 36 37

RECUPERADA INVESTMENT SUMMARY PARTNERSHIPS OWN MINING 100% OWNERSHIP IN PRODUCTION IN PLACE PRODUCTION Q1 2019 Mine and mill acquired from Plant already operating. Mineral supply contracts and US$5 million Buenaventura. Permits being extended to off-take agreement with investment plan to restart Bought additional land package guarantee full mine life major international trader mining production in 2019 from Pan American Silver. SOLID STRONG EQUITY UPSIDE POTENTIAL STRATEGIC LOCATION CORPORATE PLAN 12,000 Hectares - potential for Potential to consolidate the dis- Competitive Debt Position Well-defjned steps Less than 15% of production increases. New M&A trict and unlock the real poten- to grow the company - Balance Sheet opportunities under evaluation. tial as a regional play IPO planned 2019

CORPORATE TIMELINE Q2 2019 • 6-9 months of production history • Own mining operations in place • Plant expanded to 600 tpd • Drilling completed and Resource delineated • IPO on London Stock Exchange Q3 2018 • Production commences - 300 tpd. • First sales of concentrates • Financing: Off-take agreement with Trafigura • Agreement with EMO and Private Placing Fundraising Q3 2017 • Mining Sense acquires Recuperada from Buenaventura Q3 2016 Q4 2017 • Recuperada identified as a target • Acquisition of 6,500 Ha Pan American Silver concessions • Deals with local suppliers initiated