Instituto de Ingenieros de Minas

Lima, 25 de Abril del 2013

Per

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

Indonesia

Peru

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 INTERNATIONAL CMMI /

/ EFG
CRIRSCO

Exploration Information not -estimates of tonnage and -estimates of tonnage

and
meeting minimum Mineral grade may be reported
average grade must not be
Resource classification
with conceptual/order of reported. Any tonnage/grade
criteria
magnitude qualifier
figures mentioned in public
reports must be order-ofmagnitude and conceptual in
nature and expressed so as
not to misrepresent them as
estimates of Mineral
Resources or Ore Reserves

-estimates of tonnage and grade -estimates of tonnage

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

Use of Inferred Mineral

-Inferred Resources are not

Resources

-Inferred Resources must -caution should be exercised

if
be excluded from basis for this category is considered
in
economic studies
economic studies

-estimates of tonnage and grade must

not be reported

-caution should be exercised if -a company may include all or a -a company may include all or a part

normally considered in economic this category is considered

in
studies; if so, caution should be economic studies
exercised with full disclosure

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
made clear in the report
the report

Confidence
Inferred Mineral Resources -confidence in
-definition identical to CMMI.
the
estimate is insufficient to Guidance essentially
identical
allow evaluation
to CMMI
of economic
viability

-definition identical to CMMI.

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
level of confidence; sufficient to confidence; sufficient to allow
identical
CMMI
to CMMI
allow evaluation of
evaluation of economic viability
economic
viability

Measured Mineral

-confidence sufficient to

Resources

-definition identical to CMMI. -estimated with a low level of

Guidance essentially identical to Guidance essentially

identical
CMMI
to CMMI

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

-estimated with a low level of

confidence; usually not

confidence; usually not sufficient to

sufficient to allow evaluation

of economic viability

allow evaluation of economic viability

-estimated with a high level of -estimated with a high level of

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

evaluation of economic viability with a

high level of confidence

Continuity
Inferred Mineral Resources -reasonably assumed
but
not verified, geological

-definition identical to CMMI.

-definition identical to CMMI.

-definition identical to CMMI. -inferred but not verified

Guidance essentially
identical

Guidance essentially identical to Guidance essentially

identical

geological and/or grade

-inferred but not verified geological

and/or grade continuity

and grade continuity

Indicated Mineral
Resources

Measured Mineral
Resources

to CMMI

CMMI

to CMMI

continuity

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

-inappropriate sample spacing to

confirm geological and/or grade

-sample spacing close

enough to confirm both

-definition different to CMMI;

only required to confirm

-sample spacing sufficient to confirm

geological and grade continuity

geological and grade

continuity

geological and/or grade

continuity

-definition identical to CMMI.

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

continuity but close enough

for continuity to be assumed

Comparison
Chart B
Point of
Comparison

CANADA CIM

AUSTRALIA JORC

SOUTH AFRICA
SAMREC

UNITED STATES SME UK / EUROPE IMM / IGI INTERNATIONAL CMMI /

/ EFG
CRIRSCO

Continuity
Conversion of Mineral
Resources to Mineral
Reserves

Conversion Study Definition

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

Qualified/Competent Person
definition

-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
and
experience relevant to the

-based on "Appropriate
-based on "Appropriate
-based on "Appropriate
Assessments", which may include
Assessments", which may include Assessments", which may include
feasibility studies, demonstrating that, feasibility studies,
feasibility studies, demonstrating

-based on "Appropriate Assessments", which

may include feasibility studies,
demonstrating that, at the time of reporting,

at the time of reporting, extraction is

reasonably justified

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

that, at the time of reporting,

extraction is reasonably justified

-partially defined through guidance -partially defined through guidance. -partially defined through guidance. The
The study will have determined a
study will have determined a mine plan that
mine plan that is technically
is technically achievable and economically
achievable and economically viable viable and from which Mineral Reserves can
and from which Mineral Reserves
be derived
can be derived

-a CP is a person who has a

-a CP should have a minimum of 5
-a CP must have a minimum of 5
minimum of 5 years experience
years experience relevant to the style years experience relevant to the
relevant to the style of mineralization of mineralization and type of deposit style of mineralization and type of
and type of deposit under
under consideration. If the CP is
deposit under consideration and to
consideration and to the activity
estimating, or supervising the
the activity which that person is
which that person is undertaking. If estimation of Mineral Resources, the undertaking. If the CP is estimating
the CP is estimating or supervising relevant experience must be in the
or supervising the estimation of
the estimation of Mineral Resources, estimation, assessment
Mineral Resources, the relevant
the relevant experience must be in

subject matter of the project or the estimation, assessment and

report and is a member in
evaluation of Mineral Resources. If
good standing of an SRO.
the CP is estimating, or supervising
the estimation of Ore Reserves, the
relevant experience must be in the
estimation, assessment, evaluation

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

-a CP must 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

-a CP must 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 experience must be in

experience must be in the estimation, evaluation of Mineral Resources. If the CP is
the
CP is estimating, or supervising the estimation, assessment and
assessment and evaluation of
estimating, or supervising the estimation of
estimation of Mineral Reserves, the evaluation of Mineral Resources. If Mineral Resources. If the CP is
Mineral Reserves, the relevant experience
relevant experience must be in the
The CP is estimating, or
estimating, or supervising the
must be in the estimation, assessment and
estimation, assessment and economic supervising the estimation of
estimation of Mineral Reserves, the economic extraction of Mineral Reserves. A
extraction of Mineral Reserves. A CP Mineral Reserves, the relevant
relevant experience must be in the CP is a person who is a corporate member
must be a member of SACNASP,
of a recognized professional body relevant to
experience must be in the
estimation, assessment and

and economic extraction of Ore

ECSA, PLATO or any other statutory estimation, assessment, evaluation economic extraction of
the activity being undertaken, and with
Mineral
and economic analysis of Mineral Reserves. A CP is a person who is a enforceable Rules of Conduct.
Reserves. A CP is a member of a corporate member of a recognized
professional society for earth
professional body relevant to the
scientists or mineral engineers, or activity being undertaken, and with
has other appropriate qualifications enforceable Rules of Conduct.

Reserves. A CP is a person who is a South African or international body

Member or Fellow of the AUSIMM that is recognized by SAMREC.
and/or the Australian Institute of
Geoscientists

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

Indonesia

Peru

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

Mineral

Estril

Mineral

Mineral

Estril

Estril

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:

PDAC

Anuncio.

2013: Todo el ao

Administrar la Comisin Calificadora de Competencias.

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
Calificada o Competente en
Geologa, Recursos y Reservas Minerales.
Cdigo JORC u otro en idioma espaol.

2013: Julio Diciembre

Establecer
las
Personas
Competentes.

Persona

el
Rgimen Legal
Calificadas o

de

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

Partner

Project
Shares m

Aguia Resources

Payment US$m Exploration US$m

Sergipe

Potash

Brazil

25%

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

Copper

Peru

45%

Codelco
JOINT
VENTURES

Commodity Country Lara Residual %

Years

Redzone Resources Lara + Tingo Este

Network Exploration

Picha

Copper, Silver

Halston Exploration

Condoroma

Halston Exploration
Alta Resources

0.10

8.00

Copper

Peru

25%+FS

1.80

10.50

Coporaque

Copper

Peru

25%+FS

1.65

10.00

Atenea

Gold

Peru

25%+FS

1.50

6.75

6.25

50.75

ALLIANC
ES

Commodity
Countries
Exploration US$m/Year

Kiwanda
0.6

INTERES
T&
ROYALTI
ES

1.20

Kiwanda
0.5

Copper

Lara Residual %
Years

Phosphate

30%

3
30%

Peru, Colombia

Project

14.35

Peru, Chile, Colombia

Coal

Royalty

3.00

Payment US$m

Brazil

Totals
Commodity

30%

3.00

1.7

Country

Lara Interest

Cash

Shares m

Vertical Minerao
Curionopolis
0.80
0.75-1.50/t

Avenue Resources
1.0%

0.50

25%+PFS

Horizonte Minerals
8.5

Peru

Antofagasta
0.6

Partner
US$m

10.0

0.85

Totals
Partner

1.50

Iron

Vila Oito
Sao Lourenco
3.0

Brazil
Nickel

Tin

Royalty
Brazil

Brazil

Royalty

Shares
1.00

Hochschild

Lampa

2.0% CJL Capital

0.45

Gold

Chocos

Zinc-Lead

2.0% Raymondi Cusco

Royalty
Totals

0.30

Candel 23

Peru

Royalty

Peru

Royalty

Copper

Peru

2.0%
2.55

43

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