Valorizacion de Mineral

Valor Punto y Ley de Corte

Concentrate Contract
Payments
Cu Payable
Cu Deduct 1.00%
Ag Deduct 0%
Au Deduct 0%

Deductions Smelting Charge Cu Con 97.35

Refining charges Cu 9.735
Refining Charges Au 5.00
Refining Charges Ag 0.50

Penalties
Insoluble 1.00 USD per
Humidity 3.00 USD/wmt per

Freight Allowance
Cu Con 89.15 US$/wmt

100.0%
Payable - Cu tonnes 5,308.41
Payable - Au Oz's 1,465.21
Payable - Ag Oz's 1,353,167.20
 100.00%
of contained Cu, subject to a maxima deduction of 3.35%
of contained Ag, siempre cuando el contenido sea mayor 30.00
of contained Au, siempre cuando el contenido sea mayor 1.00

USD per dmt

US c/lb pay Cu
USD/troy oz pay Au
USD/troy oz pay Ag

1.0 %
1% moisture above 10% to max 12%

54.15 US$/wmt Transport & Port Cost

35.00 US$/wmt Ocean Freigth Cost
 ley Conc Cu
g/ton c
g/ton c

moisture

Transport & Port Cost

Ocean Freigth Cost
 08/19/2018
05:16:39
Valorizacion de Mineral
Valor Punto y Ley de Corte

VALORIZACION DEL MINERAL DE CABEZA Y CONCENTRADO

Production Tonnes Productions 522,000

% Cut 1.250
% Cui 1.230
% Cus 0.020
gr Au 0.130
gr Ag 3.860
ppm Hg 4.000

Costs Costo De Minado(US$/t): 13.54

Costo de Planta(US$/t): 6.83
Costo de Indirectos(US$/t): 2.00

Production Cost (US$/t): 22.36

By product credits (US$/t): (4.70)
Inventory variance (US$/t):
TC / RC (US$/t): 6.24
C1 Cash Cost (US$/t): 23.91
C1 Cash Cost (US$/lb): 1.03

Concentrate Freight (US$/t): 3.62

Selling Expenses(US$/t):
General & Administrative(US$/t):
Financial Costs(US$/t): -
Other Income (Expenses)(US$/t):
Depreciation & Amortiz.(US$/t): -

Sub Total Otros Costos(US$/t): 3.62

C3 Total Cash Cost (US$/t): 27.53

C3 Total Cash Cost (US$/lb): 1.18

C2 Total Cash Cost (US$/t): 25.99

C2 Total Cash Cost (US$/lb): 1.12

Concentrate Production Concentrate Productions dmt 19,302.13

Concentrate Productions wmt 21,211.13
Recovery - Cut % 84.31%
Recovery - Ag % 67.16%
Recovery - Au % 67.16%
Recovery - Hg ppm 40.00%
Concentrate Grade Cu % 28.50%
Concentrate Grade Ag g/t 70.10
Concentrate Grade Au g/t 2.36
Concentrate Grade Hg ppm 43
% Insoluble 20%
Moisture / Humidity % 9.0%

Cu Copper content Cu Copper content (t) 5,501.43

Cu Copper payable (t) 5,308.41
Ag Silver content Ag Silver content (g) 1,353,167
Ag Silver payable (g) 1,353,167
Au Silver content Au Gold content (g) 45,573
Au Gold payable (g) 45,573

Prices of Metals Cu price US c/lb 306.18

Cu price US$/t 6,750
Silver Price US$/oz 16.00
Gold price US$/oz 1,200.00

Payments COBRE Payable Value - Cu US$/dmt 1,856

Payable Value -Ag US$/dmt 36.1
Payable Value -Au US$/dmt 91
Total payable Value US$/dmt 1,984

Deductions COBRE Treatment Charge US$/dmt 97

Payable Cu Refining Charge US$/dmt 59.02
Less Ag refining Charges US$/dmt 1.13
Less Au refining Charges US$/dmt 0.38

Penalties COBRE Less Penalties - Insoluble US$/dmt 11

Mositure / Humidity US$/dmt -
Less Penalties - Hg US$/dmt -
Smelter Costs US$/dmt 169

Freight & Location COBRE Freight Allowance - US$/dmt 98

Sales COBRE Copper Credits US$ 30,709,995

Gold Credits US$ 1,750,919
Silver Credits US$ 674,332
Total Credits US$ 33,135,247

Merma COBRE Merma (0.2% Concentrate Losses) 66,270

Net Sales COBRE Venta US$ 33,068,977

NSR COBRE: NSR Copper US$/dmt 1,713.23
NSR Copper US$/tmf 6,010.98
NSR Copper US$/lb 2.73

Valor Cabeza Cu US$/tm 58.77

Valor Cabeza Au US$/tm 3.35
Valor Cabeza Ag US$/tm 1.29
Value of Mineral USD/TM 63.35 $/tm

Net Profit: USD/TM 37.36 $/tm

Net Profit: USD/lb 1.61 $/lb

Point Value Cu USD/1% Cu 54.91

Point Value Au USD/1 gr Au 25.91
Point Value Ag USD/1 gr Ag 0.35

1% Cu Equivale a : 1.000 %CuT

1 gr Au Equivale a : 0.472 %CuT
1 gr Ag Equivale a : 0.0063 %CuI

Ley de Cu Equivalente : 1.34 %Cu

Cut Off Production Cost Cu % : 0.55 %Cu

Valorizacion de Mineral
Valor Punto y Ley de Corte

CUT OF GRADE (COG) ANALYSIS

Cu price US$/t 6,750

Plan %CuT 1.25
Development

Concentrate
Preparation

Explotation

Deductions
TOTAL CUT-OFF GRADE
Transport

Smelting

Financial
Indirect

Freight

Capex
Value

Profit
Mill

Ore Value ($/t) 73.34

Partial Unit Cost ($/t) 4.45 4.05 6.80 2.69 6.83 - 3.62 5.78 0.45 - 38.67
Acum. Unit Cost ($/t) 34.67
Partial COG (%CuT) 0.08 0.07 0.12 0.05 0.12 - 0.07 0.11 0.01 - - 0.70
Total COG (%CuT) 0.63 0.55 0.48 0.35 0.30
6% 6% 9% 4% 9% 0% 5% 8% 1% 0% 0% 53%

Unit Cost Analysis 80

Unit Cost Analysis 100%
75 95%
Profit Profit
90%
70
Fi nanci a l Financial 85%
65 80%
Ca pex
US$/t

60 Capex 75%
Deductions 55 70%
38.67 Deductions
65%
Smel ting 50 Smelting 60%
Concentrate Frei ght 45 55%
Concentrate Freight
Indi rect 40 50%
73.34 35 Indirect 45%
Mil l 5.78 40%
30 Mill
35%
Tra nsport
Expl otation
-
6.83
25 Transport 30%
20 25%
Prepa ration 2.69 15
Explotation
20%
Development 6.80 10 Preparation 15%
10%
4.05 5 Development 5%
Va l ue 4.45
0 0%