OSCAR FRÍAS, ING. MINAS, MBA, PHD(C)

PLANIFICACIÓN MINERACurso de Especialización

Flujo de Caja – PARTE I

09 de Junio de 2011

PRODUCCIÓN MINADatos Jun - Dic 2009 2010 2011 2012 2013 Total generalTonelaje de Mineral 5,301,023 11,635,560 21,831,169 22,749,375 25,762,903 87,280,030Tonelaje de Desmonte 16,255,771 24,389,599 42,610,390 44,636,719 48,453,629 176,346,107Ley Gr_Au/TM 0.61 0.62 0.61 0.58 0.55 0.59Onzas Au - Pad 104,431 231,701 425,354 425,663 458,952 1,646,101

ONZAS VENDIBLESRecuperación Metalúrgica 58.00% 60.09% 59.50% 59.44% 59.49% 59.47%Onzas Au - Vendibles 60,570 139,240 253,071 253,019 273,016 978,916Onzas Au - Repago 10,000 30,000 37,961 37,953 40,952 156,866Onzas Ag - Vendibles 31,329 69,510 127,606 127,699 137,686 493,830

PRECIOSAu US$ / Oz 935.00 950.00 950.00 900.00 900.00 922.20Precio de Onza de Repago 350.00 350.00 350.00 350.00 350.00 350.00Ag US$ / Oz 13.00 13.00 13.00 13.00 13.00 13.00

SALDO INICIAL

INGRESOSVentas de Oro y Plata 56,886,237 132,826,713 241,429,951 228,755,645 246,833,959 906,732,504Devolución de IGV 8,102,325 15,359,167 21,132,359 17,737,023 17,357,932 79,688,806Financiamiento 22,000,000 20,000,000 42,000,000TOTAL INGRESOS 86,988,562 168,185,880 262,562,309 246,492,667 264,191,891 1,028,421,310

EGRESOS DE OPERACIÓNCosto de Operación (1) 29,326,166 50,754,620 84,703,692 84,002,872 91,405,591 340,192,941Gastos Administrativos Lima (2) 3,677,104 6,303,606 6,303,606 6,303,606 6,303,606 28,891,529IGV (Prod. + Adm. Lima + Arrend. Financiero) 5,115,755 8,869,232 14,129,529 14,017,678 15,199,152 57,331,346Gastos de Comercialización (3) 385,365 756,297 1,064,343 1,047,592 1,100,173 4,353,770Seguros 210,000 360,000 360,000 360,000 360,000 1,650,000Regalias 565,009 1,320,704 2,403,656 2,277,081 2,457,338 9,023,787Vigencias 350,000 300,000 300,000 300,000 300,000 1,550,000Propiedades 0Regalias Gitenes / Sanchez 1,130,017 2,641,408 4,807,312 4,554,161 4,914,676 18,047,575Impuesto a la Renta 1,706,587 8,166,370 24,423,109 24,846,430 27,611,052 86,753,548Regularización del Impuersto a la Renta 163,045 1,266,956 2,425,601 -197,602 3,657,999Remuneración al Directorio 432,385 2,181,620 6,209,230 5,700,469 6,463,723 20,987,426Participación de Utilidades 541,922 2,734,297 7,782,235 7,144,588 8,101,199 26,304,241Leasing Schramm 415,725 831,450 1,247,176Repago de Onzas 1,137,440 4,642,846 11,607,128 13,213,832 19,398,753 50,000,000Intereses por Repago de Onzas 4,712,724 13,357,126 11,169,294 7,660,226 3,125,073 40,024,443Intereses por Nuevo Financiamiento 0 2,952,316 2,820,131 1,859,737 707,263 8,339,446Repago de Nuevo Financiamiento 3,209,239 4,612,847 5,535,416 6,642,499 20,000,000TOTAL EGRESOS DE OPERACIÓN 49,706,198 109,544,177 183,963,067 181,249,290 193,892,495 718,355,228

SALDO DE OPERACIÓN 37,282,364 58,641,703 78,599,242 65,243,378 70,299,396 310,066,082

ACREENCIASFraccionamiento y Refinanciación de Impuestos 2006 - 2007229,141 392,813 392,813 392,813 392,813 1,800,391Pasivos Financieros 3,374,860 6,518,206 5,516,507 2,503,353 0 17,912,926

Intereses 568,485 755,378 386,409 50,428 0 1,760,699Amortización del Principal 2,806,375 5,762,828 5,130,098 2,452,925 0 16,152,227

Pasivos Proveedores 7,305,904 6,091,289 2,850,483 0 0 16,247,676Contratistas 2,884,496 2,884,496 5,768,992

San Simón Equipos 1,068,931 3,206,793 2,850,483 7,126,207Proveedores 2,075,247 2,075,247

Letras 1,277,230 1,277,230Pasivos Laborales 2,707,249 484,519 3,191,767Regalias Sanchez 2,608,335 1,863,097 4,471,432Dietas 425,805 425,805 851,611

TOTAL ACREENCIAS 16,651,293 15,775,728 8,759,803 2,896,165 392,813 44,475,802

SALDO DESPUES DE ACREENCIAS 20,631,071 42,865,975 69,839,439 62,347,213 69,906,583 265,590,281

INVERSIONES 16,134,516 34,989,000 36,857,000 19,575,500 11,362,000 118,918,016IGV INVERSIONES 3,065,558 6,647,910 7,002,830 3,719,345 2,158,780 22,594,423

SALDO DESPUES DE INVERSIONES 1,430,997 1,229,065 25,979,609 39,052,368 56,385,803 124,077,842

FLUJO DE CAJA ACUMULADO 1,430,997 2,660,062 28,639,671 67,692,039 124,077,842

9.- Flujo de Caja US$

PRODUCCIÓN MINADatos Jun - Dic 2009 2010 2011 2012 2013 Total generalTonelaje de Mineral 5,301,023 11,635,560 21,831,169 22,749,375 25,762,903 87,280,030Tonelaje de Desmonte 16,255,771 24,389,599 42,610,390 44,636,719 48,453,629 176,346,107Ley Gr_Au/TM 0.61 0.62 0.61 0.58 0.55 0.59Onzas Au - Pad 104,431 231,701 425,354 425,663 458,952 1,646,101

ONZAS VENDIBLESRecuperación Metalúrgica 58.00% 60.09% 59.50% 59.44% 59.49% 59.47%Onzas Au - Vendibles 60,570 139,240 253,071 253,019 273,016 978,916Onzas Ag - Vendibles 31,329 69,510 127,606 127,699 137,686 493,830

CASH COST 506.03 373.13 346.56 343.86 353.11 361.34

VENTAS US$Ventas de Oro y Plata 56,886,237 132,826,713 241,429,951 228,755,645 246,833,959 906,732,504Costo de Producciòn 36,897,764 65,046,631 106,789,692 107,910,077 118,592,460 435,236,624

Costo de Operación 29,326,166 50,754,620 84,703,692 84,002,872 91,405,591 340,192,941Cierre de Mina 1,324,000 1,200,000 3,000,000 3,000,000 5,000,000 13,524,000

Depreciaciòn 5,122,590 11,111,307 16,022,343 17,970,125 19,069,530 69,295,895Vigencias 350,000 300,000 300,000 300,000 300,000 1,550,000Regalìas 565,009 1,320,704 2,403,656 2,277,081 2,457,338 9,023,787Seguros 210,000 360,000 360,000 360,000 360,000 1,650,000

Costo de Ventas 240,012 460,351 624,538 624,576 653,210 2,602,686

UTILIDAD BRUTA 19,748,462 67,319,731 134,015,721 120,220,991 127,588,289 468,893,194Gastos Administrativos 3,677,104 6,303,606 6,303,606 6,303,606 6,303,606 28,891,529Gastos de Ventas 70,000 120,000 120,000 120,000 120,000 550,000Gastos de Exploraciòn 2,249,000 4,602,000 4,602,000 4,362,000 4,362,000 20,177,000Regalias Gitenes / Sanchez 1,130,017 2,641,408 4,807,312 4,554,161 4,914,676 18,047,575

UTILIDAD OPERATIVA 12,622,340 53,652,716 118,182,803 104,881,224 111,888,007 401,227,091Gastos Financieros 5,415,928 17,292,379 14,695,640 9,873,407 4,159,299 51,436,653

Intereses por Repago de Onzas 4,712,724 13,357,126 11,169,294 7,660,226 3,125,073 40,024,443Intereses por Nuevo Financiamiento 2,952,316 2,820,131 1,859,737 707,263 8,339,446

Intereres por Pago Adelantado 75,353 175,946 319,805 303,016 326,963 1,201,084Intereses por Prèstamos Exterior 568,485 755,378 386,409 50,428 0 1,760,699

Intereses Leasing Schramm 59,366 51,614 110,980UTILIDAD A. P. 7,206,412 36,360,337 103,487,163 95,007,817 107,728,708 349,790,438Partic. Directorio 432,385 2,181,620 6,209,230 5,700,469 6,463,723 20,987,426Partic. Trabajadores 541,922 2,734,297 7,782,235 7,144,588 8,101,199 26,304,241UTILIDAD A. IMP. 6,232,105 31,444,419 89,495,699 82,162,760 93,163,787 302,498,771

Impuesto a la Renta 1,869,632 9,433,326 26,848,710 24,648,828 27,949,136 90,749,631

UTILIDAD NETA 4,362,474 22,011,094 62,646,989 57,513,932 65,214,651 211,749,139

EBITDA 17,744,930 64,764,024 134,205,146 122,851,348 130,957,538 459,110,776

VPN EBITDA 319,416,214

Impuesto a la Renta Cash Flow 1,706,587 8,166,370 24,423,109 24,846,430 27,611,052Diferencia 163,045 1,266,956 2,425,601 -197,602 338,084Factor 3.29% 7.10% 11.12% 10.78% 11.32%

8.- Estado de Pérdidas y Ganancias US$

Balance Sheet (2007 & 2008)

4

For the period ended December 31, 2007 and 2008

ASSETS 2,007 2,008 LIABILITES AND SHAREHOLDERS' EQUITY 2,007 2,008

CURRENT ASSETS CURRENT LIABILITIES

Cash and banks 1,216,870 361,777 Bank overdraft 106,811 368,778

Trade accounts receivable 319,187 671,487 Trade accounts payable 6,119,096 5,800,149

Others accounts receivable 2,817,365 5,921,210 Other accounts payable 7,867,565 8,763,915

Accounts receivable from related parties 4,755,390 6,082,231 Accounts payable from related parties 3,372,239 6,389,179

Inventories 5,519,001 4,912,821 Current portion of Long-Term Debt 4,921,927 4,044,730

Prepaid expenses 3,050,646 5,688,067

Total current liabilities 22,387,638 25,366,750

Total Current Assets 17,678,458 23,637,593

Long-term debt 19,465,116 20,210,051

Total Liabilities 41,852,754 45,576,801

NON CURRENT ASSETS

NET WORTH

Property, plant and equipment, net 44,255,867 43,776,479 Share Capital 9,098,634 9,033,826

Legal reserve 1,584,396 1,725,226

Others assets, net 4,860,925 4,448,721 Accumulated results 14,259,466 15,526,940

Total Non Current Assets 49,116,792 48,225,200 TOTAL NET WORTH 24,942,496 26,285,993

TOTAL ASSETS 66,795,250 71,862,793 TOTAL LIABILITIES AND NET WORTH 66,795,250 71,862,793

Note: Balance Statement was made referred with International Financial Reporting Standards (IFRS). Currently, It has been checked by Baker Tilly

Financial Statements (March, 2008 & 2009)

ASSETS Mar-08 Mar-09 LIABILITES AND SHAREHOLDERS' EQUITY Mar-08 Mar-09

CURRENT ASSETS CURRENT LIABILITIES

Cash and banks 1,454,306 459,315 Bank overdraft 87,390 21,699Trade accounts receivable 3,263,386 649,561 Trade accounts payable 3,271,091 5,466,474Others accounts receivable 2,914,799 6,262,610 Other accounts payable 8,282,669 10,644,892Accounts receivable from related parties 5,039,795 6,316,715 Accounts payable from related parties 3,861,610 7,597,126Inventories 3,039,849 4,837,621 Current portion of Long-Term Debt 5,645,527 4,556,176Prepaid expenses 3,011,041 6,520,393

Total current liabilities 21,148,287 28,286,368Total Current Assets 18,723,175 25,046,215

Long-term debt 18,701,809 17,393,861 Total Liabilities 39,850,096 45,680,228

Non Current AssetsNet worth

Property, plant and equipment, net 47,488,157 42,859,916 Share Capital 9,935,728 8,627,940Legal reserve 1,730,164 1,647,713

Others assets, net 5,308,140 4,248,842 Accumulated results 20,003,485 16,199,092

Total Non Current Assets 52,796,297 47,108,758 TOTAL NET WORTH 31,669,377 26,474,744

TOTAL ASSETS 71,519,473 72,154,973 TOTAL LIABILITIES AND NET WORTH 71,519,473 72,154,973

5

For the period ended March 31, 2008 and 2009. The Balance Sheet is expressed in US Dolar

Note: Balance Statement was made referred with International Financial Reporting Standards (IFRS). Currently, It has been checked by Baker Tilly

Projected Financials (2009 – 2013)

Sales Revenue 91,413 212,102 239,056 239,742 258,618

Cost of Sales (57,226) (79,829) (101,673) (112,646) (108,436)

Gross Income 34,187 132,273 137,382 127,096 150,182

Operating Expenses (12,605) (21,238) (21,810) (16,819) (17,229)

Operating Income 21,582 111,035 115,572 110,277 132,953

Financial Expenses (1,317) (904) (383) (50) -

Income Taxes 20,265 110,131 115,189 110,226 132,953

Taxes / Employee profit-sharing (7,867) (42,753) (44,716) (42,790) (51,613)

Net Income 12,398 67,378 70,473 67,436 81,341

EBITDA 27,810 102,328 120,292 115,272 136,875

Figures in thousands US$ 2010 2011 2012 20132009

6