Lima Stock Exchange Junior Mining Companies
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1 T R A D I N G C O R P O R A T E F I N A N C E E Q U I T Y R E S E A R C H - A S S E T M A N A G E M E N T Lima Stock Exchange Junior Mining Companies Capital Markets - Ricardo Carrion May 2014 The content of this documents is only informative and referential.
2 Perú A mining country: Lima Stock Exchange Market Cap: USD 119,660 MM (as of April 30th, 2014) Average daily traded volume: US$ MM (until April 30th, 2014) Main index INCA (as of April 30th, 2014) Ticker Weight (%) BAP ALICORC GRAMONC CVERDEC CONTINC IFS 7.44 VOLCABC FERREYC UNACEMC MINSURI BVN 3.95 LUSURC CPACASC MILPOC INRETC EDEGELC RIO 1.36 RELAPAC CORAREI MPLE 0.19 Top 10 Mining companies on BVL (as of April 30th, 2014) 27% Weight of mining on INCA N Top 10 Market Cap. (US$ MM) 1 Southern 25,123 2 Cerro Verde 7,999 3 Buenaventura 3,580 4 Volcan 1,894 5 Minsur 1,828 6 Milpo Fortuna Silver Rio Alto El Brocal Trevali 282 Total 42,765 Source: Lima Stock Exchange 2
3 Peru A mining country: Mining concentration in Stock Exchange indexes IPSA - Chile Santiago Stock Exchange S&P/TSX Composite - Canada Toronto Stock Exchange Industrial 18% INCA - Peru Lima Stock Exchange Others 14% Mining 27% Mining 7% Others 24% Financial 13% Industrial 12% Services & Retail 20% Utilities 24% Industrial 7% Consumption 8% Materials 13% Others 13% Energy 23% Financial 37% Construc. 10% Financial 31% COLCAP Colombia Colombia Stock Exchange IPC - Mexico Mexican Stock Exchange * 10 years of Junior Mining segment Others Services 6% 10% Industrial 24% Mining & Materials 16% Financial 10% Oil & Gas 26% Financial 35% Industrial 9% Services 65% Source: Lima Stock Exchange, Santiago Stock Exchange, Toronto Stock Exchange, Colombia Stock Exchange, Mexican Stock Exchange 3
4 LSE s Venture Segment: Traded volume Others (Financial, Consumption, Industrial) Senior Mining Junior Mining 100% 90% 80% 70% 60% 50% 40% 30% 20% 41% 58% 1% 35% 64% 1% 3% 50% 47% 50% 42% 8% 24% 72% 4% 17% 82% 1% Junior Mining does not include shares from FVI, MIRL, RIO, TV, LGC and SMT since they do not belong to the Junior Segment. 10% 0% (in PEN MM) Total traded 14,890 11,867 14,155 14,890 17,243 11,867 15,973 14,155 10,992 17,243 15,973 Other industries 8,643 7,610 6,6658,643 7,2417,610 11,448 6,665 9,015 7,241 11,448 Senior mining 6,043 4,134 7,0936,043 8,5884,134 3,8717,093 1,846 8,588 3,871 Junior mining , , Source: LSE, Central Bank and Kallpa Securities SAB as of December
5 LSE s Venture Segment: Listed companies vs. IGBVL index Source: LSE and Kallpa Securities SAB 5
6 FORTUNA SILVER MINES INC RIO ALTO MINING LTD TREVALI MINING CORP SULLIDEN GOLD CORP LTD SIERRA METALS INC BEAR CREEK MINING CORP LUNA GOLD CORP PANORO MINERALS LTD MINERA IRL LTD CANDENTE COPPER CORP KARMIN EXPLORATION INC AQM COPPER INC LUPAKA GOLD CORP PERUVIAN PRECIOUS METALS COR ZINCORE METALS INC DURAN VENTURES INC VENA RESOURCES INC CANDENTE GOLD CORP SOUTHERN LEGACY MINERALS INC ANDEANGOLD LTD ALTURAS MINERALS CORP SUNSET COVE MINING INC RIO CRISTAL RESOURCES CORP LSE s Venture Segment: Listed companies by market capitalization US$ MM Mkt Cap YoY - Increase Mkt Cap YoY - Decrease Mkt Cap (US$ millions) Company Closing price Shares (Millions) FORTUNA SILVER MINES INC RIO ALTO MINING LTD TREVALI MINING CORP SULLIDEN GOLD CORP LTD SIERRA METALS INC BEAR CREEK MINING CORP LUNA GOLD CORP PANORO MINERALS LTD MINERA IRL LTD CANDENTE COPPER CORP KARMIN EXPLORATION INC AQM COPPER INC LUPAKA GOLD CORP PERUVIAN PRECIOUS METALS COR ZINCORE METALS INC DURAN VENTURES INC VENA RESOURCES INC CANDENTE GOLD CORP SOUTHERN LEGACY MINERALS INC ANDEANGOLD LTD ALTURAS MINERALS CORP SUNSET COVE MINING INC RIO CRISTAL RESOURCES CORP Source: Bloomberg. Information as of May 19 th
7 LSE s Venture Segment: Mines/projects status El Oro (CDG) Carolay (SSM) Cañariaco Sur (DNT) Quebrada Verde (DNT) Cushuro (KAR) Antakori (LCY) Macusani (VEM) Urumalqui (AAU) Ichuña (DRV) Minasnioc (DRV) Pinaya (RKR) Crucero (LPK) Esquilache (VEM) Accha (ZNC) Yanque (ZNC) Antilla (PML) Cotabambas (PML) Igor (PPX) Águila (DRV) Zafranal (AQM) Cañariaco Norte (DNT) La Arena Phase II (RIO) Invicta (LPK) Don Nicolás (MIRL) Shahuindo (SUE) Ollachea (MIRL) Corani (BCM) La Arena (RIO) Corihuarmi (MIRL) Aurizona (LGC) Caylloma (FVI) San Jose (FVI) Yauricocha (SMT) Bolívar (SMT) Cusi (SMT) Santander (TV) Scoping Study Pre- Feasibility Feasibility EIA Construction Production Deposit Discovery Preliminary Studies Drilling Exploration Development & Studies Construction & Production Source: Companies and Kallpa Securities SAB 7
8 Main Investors: Lima Stock Exchange % in the stock market Pension Funds Insurance Companies Mutual Funds Private Funds 85% Retail High Networth 15% Volume Traded / GDP < 5.00 % Source: Lima Stock Exchange 8
9 Main Investors: Lima Stock Exchange..but when it comes to finance junior companies Retail High Networth 85% Pension Funds Insurance Companies Mutual Funds Private Funds 15% Source: Lima Stock Exchange 9
10 TODAY What is going on today in our local market? Typical investors in junior mining companies are recovering Confidence will relay on: Metal Prices Transactions between majors & juniors* Participation of sophisticated investors * Peru Copper * Norsemont Source: Lima Stock Exchange 10
11 TODAY We are on the right path. In North America Osisko Yamana Agnico Hudbay Augusta In Peru Glencore Xtrata Minmetals In Peru (within the junior sector) Duran Ventures Peñoles Southern Legacy Regulus Rio Alto - Sulliden Last 2 days New private equity funds fully focused in Mining. Aggressively revising potential acquisition targets 11
12 FUTURE Investors structure in Peru will change for juniors Increase in the participation of peruvian private funds Creation of sophisticated family offices with interest in exploration Retail & high networth will become more cautious 12
13 T R A D I N G F I N A N Z A S C O R P O R A T I V A S R E S E A R C H A S S E T M A N A G E M E N T The content of this documents is only informative and referential.
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