COMPAÑÍA MINERA MILPO S.A.A. 3Q15 CONSOLIDATED EARNINGS RELEASE

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1 Lima. November 20, Compañía Minera Milpo S.A.A. (MILPO), a Peruvian mining company dedicated to the exploration, mining, processing, and marketing of zinc, copper, and lead concentrates with silver and gold content, released its third quarter 2015 consolidated results on Friday, October 30. Operational and financial information, except where otherwise stated, is presented based on consolidated figures, in United States Dollars, according to International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB). COMPAÑÍA MINERA MILPO S.A.A. 3Q15 CONSOLIDATED EARNINGS RELEASE I. CORPORATE STRATEGY SUMMARY During the first nine months of 2015, Milpo continued implementing its five-pillar corporate strategy: 1. Mining Operations and Brownfields: At Cerro Lindo, production remained stable at 18,000 tpd. To ensure increased safety and productivity at this higher treatment level, over the course of the year, cutting-edge underground loading equipment, with the highest capacity available in the market, was acquired. At El Porvenir and Atacocha, the second stage of the operational integration process between them was completed, successfully integrating the tailings disposal system which has recently begun operations. This process will consolidate the operation of these two mining units using a single tailing system, thus reducing the environmental footprint. The operational integration process now continues focusing on the development of a new energy transmission line for both plants. 2. Corporate office: The corporate office continues to consolidate its role as a strategic services supplier. 3. Copper projects: In the case of Magistral, Milpo informed to PROINVERSIÓN its decision to exercise its option to acquire the project, submitting a Bankable Feasibility Study elaborated by the firm Golder Associates Perú S.A. This study shows positive economic indicators, considering premises such as a lower initial capex, a smaller-scale operation with incremental and modular production rates, beginning at a 10,000 tpd capacity. It should be noted that once the Study is approved by PROINVERSIÓN, Milpo would become owner of the project s mining concessions after executing the transfer agreement. Also and as previously noted, the Environmental Impact Study (EIS at 30,000 tpd) has been submitted to the MEM, and the Public Hearing held this year with the Community of Conchucos exhibited a high level of agreement and acceptance. With regard to Pukaqaqa, as previously reported, the Environmental Impact Study was approved for a 30,000 tpd capacity, and engineering studies continue for an initial stage at

2 10,000 tpd, considering a smaller footprint and reducing the project s development risk. In parallel Milpo continues its analysis to identify possibly operating synergies between Pukaqaqa and other similar assets close to the project. 4. Polymetallic projects: For Aripuaná, the firm Whorley Parsons was hired to develop an engineering study for an operation at a 5,000 tpd capacity. For Shalipayco, based on its prefeasibility study completed this year, Milpo continues to analyze the best alternative for the project s commissioning, creating synergies with its Pasco operations. In the case of Bongará, the road construction continues and will help reduce logistic costs. This construction is expected to be finished by the end of the year, and 2016 objectives are currently being defined. 5. Merger & Acquisitions: The Company continues to search for strategic assets aligned with its strategy of strengthening and diversifying its projects portfolio, with a focus on opportunities in the base metals market that create synergies with its current operations. As part of the implementation of this pillar, Milpo submitted a Private Initiative to PROINVERSIÓN for the execution of the Michiquillay Copper Project, an initiative that is being evaluated based on the procedures established by the corresponding Peruvian regulations. Milpo s Michiquillay initiative is aligned with the group s strategy of becoming a major copper producer. It is important to note that, in the event that this private initiative is accepted, it will be declared of public interest. As such, third parties interested in the project will be able to make offers, leading to a competitive acquisition process. Finally, it should be mentioned that based on the Shareholders Meeting held on July 23, 2015, the Company s Board of Directors approved in August 2015 the repurchase of Company shares for a total of up to US$ 10 million; also the board decided to buy Atacocha B shares, through the Company s subsidiary Milpo Andina Perú S.A.C., for a total of up to US$ 2 million.

3 II. SELECTED OPERATIONAL AND FINANCIAL DATA Fine Metal in Concentrate Production Unit 2Q15 3Q15 3Q14 3Q15 vs 3Q14 9M15 9M15 VS Zinc t 62,273 67,914 70,824-4% 205, ,050 3% Copper t 9,723 10,677 10,820-1% 29,293 31,245-6% Lead t 11,474 10,358 10,896-5% 33,777 31,178 8% Silver content oz 1,946,303 1,838,040 1,677,280 10% 5,619,947 5,061,438 11% Price (USD/t) Zinc US$/t 2,195 1,844 2,311-20% 2,040 2,138-5% Copper US$/t 6,054 5,251 6,992-25% 5,707 6,939-18% Lead US$/t 1,947 1,712 2,183-22% 1,822 2,128-14% Silver US$/oz % % Cash Cost US$/t % % Cash Cost Zn eq. US$/t Zn eq. 1,132 1,073 1,144-6% 1,118 1,072 4% Revenues US$ MM % % EBITDA US$ MM % % Net Profit US$ MM % % EBITDA Margin % 36% 21% 33% 30% 37% Net debt / EBITDA x times n.a n.a. Cash Position US$ MM % % CAPEX US$ MM % % Highlights Negative price effect of US$ 88 million in the 9M15 and of US$ 50 million in the 3Q15, partially compensated by higher production and lower costs. Treated ore production was over 7.6 million tonnes during the 9M15, due to the stabilization of Cerro Lindo s treatment capacity at 18ktpd. Fine metal content in concentrates production of zinc (+3%) and lead (+8%) increased in 9M15, in comparison to that of. Silver contents rose by 11% during the 9M15, reaching 5.6 million ounces included in the concentrates produced. Consolidated cash cost decreased by 6% during the 9M15, from US$35.7/t to US$33.6/t. Revenues of US$ 491 million and EBITDA of US$ 148 million, in the 9M15. Positive Free Cash Flow of US$ 55 million in the 9M15. Milpo maintained its net cash position, with a Net Debt/EBITDA ratio of -0.59x as of September 2015 (-0.28x as of December 2014). III. FINANCIAL PERFORMANCE Milpo s revenues were US$ 491 million during the 9M15, 15% lower when compared to those of due to lower metal prices and in spite of higher fine metal content in concentrates production. The negative price effect in 9M15 revenues was more than US$ 88 million.

4 This negative effect also explains the 30% decrease in the 9M15 EBITDA to US$ 148 million. However, it is worth to mention that this impact was partially compensated by higher zinc, lead and silver production and lower operating costs and expenses. In this way, production cash costs decreased by 6% due to a lower cash cost in Cerro Lindo, where after having stabilized the treatment capacity at 18ktpd, the cash cost has returned to its previous level. Regarding administrative expenses, these decreased by 14% during the 9M15, primarily due to the corporate office optimization. In addition, other operating results decreased by 37% due to an optimization in the Greenfields and prospects expenses. Finally, the Company totaled a consolidated net profit of US$ 41 million during the 9M15, a 52% decrease in comparison to that of the same period of 2014, due to the lower EBITDA above mentioned. US$ 000 2Q15 3Q15 3Q14 Var (%) 9M15 Var (%) Revenues 179, , ,975-28% 491, ,284-15% Cost of Sales (93,042) (89,181) (96,282) -7% (273,006) (273,414) 0% Depreciation (21,257) (19,722) (20,647) -4% (64,103) (66,730) -4% Gross Profit 64,906 34,281 83,047-59% 154, ,140-35% Amortization (2,217) (1,075) (2,079) -48% (5,447) (6,138) -11% Selling Expenses (5,115) (5,071) (6,285) -19% (18,211) (18,715) -3% Administrative Expenses (6,420) (7,728) (9,020) -14% (20,696) (24,073) -14% Other Operating Results, net (10,102) (10,870) (21,829) -50% (31,310) (49,891) -37% Operational Profit 41,052 9,537 43,833-78% 78, ,323-43% Financial Expenses, net (4,114) (3,559) (4,080) -13% (11,935) (12,464) -4% Income Tax 1 (14,819) (4,788) (14,857) -68% (25,248) (39,219) -36% Net Profit 22,119 1,190 24,896-95% 41,397 86,640-52% EBITDA 64,525 30,335 66,558-54% 148, ,332-30% EBITDA Margin (%) 36% 21% 33% 30% 37% (1) For purpose of this report, the Special Mining Tax which appears in the financial statements as part of Income Tax, was reclassified in the Other Operating Results account. IV. BUSINESS AND OPERATIONAL PERFORMANCE Cerro Lindo Unit Unit 2Q15 3Q15 3Q14 3Q15 vs 3Q14 9M15 9M15 VS Fine Metal in Concentrate Production Zinc t 40,084 45,833 43,433 6% 136, ,384 11% Copper t 9,210 10,233 10,162 1% 27,810 29,241-5% Lead t 4,038 3,815 3,701 3% 12,112 10,671 14% Silver oz 906, , ,295 28% 2,550,282 2,006,366 27% Cash Cost US$ / t % % Revenues US$ MM % % EBITDA US$ MM % % EBITDA Margin % 52% 47% 50% 49% 53%

5 Cerro Lindo s revenues amounted to US$ 338 million, 11% down during the 9M15 due to a negative price effect of more than US$ 52 million and in spite of the higher fine metal content in the concentrate production. In terms of production, the Unit increased its fine metal content mainly in lead (+14%), zinc (+11%) and silver (+27%) due to better grades and plant recoveries. Regarding costs, the unit s cash cost was US$ 28.7/t during 9M15, 12% lower in comparison to that obtained in due to the stabilization of the treatment capacity at 18ktpd. In terms of EBITDA, Cerro Lindo s totaled US$ 165 million during 9M15, 17% below that obtained during the mainly due to the lower revenues and in spite of the lower costs. With regard to exploration activities executed at Cerro Lindo, the year is expected to close with over 47,000 meters of executed diamond drilling. For 2016, 61,000 meters of drilling are planned, focused on high copper grades areas in the north and west of the operation. PASCO MINING COMPLEX El Porvenir Unit Unit 2Q15 3Q15 3Q14 3Q15 vs 3Q14 9M15 9M15 VS Fine Metal in Concentrate Production Zinc t 14,870 15,415 17,400-11% 45,886 48,412-5% Copper t % 985 1,029-4% Lead t 3,965 4,098 4,119-1% 11,617 11,840-2% Silver oz 642, , ,776 13% 1,859,225 1,711,166 9% Cash Cost US$ / t % % Revenues US$ MM % % EBITDA US$ MM % % EBITDA Margin % 28% 10% 32% 20% 32% El Porvenir s revenues were US$ 91 million during the 9M15, 23% below those obtained during the, mainly due to a negative price effect of US$ 21 million. The fine metal content in the Unit s concentrates production was lower by 5% during the 9M15 in comparison to that of the same period of 2014, due to lower ore grades exploited in the 3Q15. However, a recovery is expected in the following months according to the mining plan. It is worth to mention the increase in silver content during the 9M15 by 9%. The Unit s cash cost was US$ 39.9/t during the 9M15, a 3% increase in comparison to that obtained during the (US$ 38.8/t). In terms of EBITDA, it decreased by 50% during the 9M15 due to the lower revenues, amounting US$ 18 million in 9M15.

6 With regard to exploration activities at El Porvenir, the year is expected to close with over 55,000 meters of executed diamond drilling. For 2016, 58,000 meters of drilling are planned, focused on increasing resources in the current exploration levels. Atacocha Unit Fine Metal in Concentrate Production Unit 2Q15 3Q15 3Q14 3Q15 vs 3Q14 9M15 9M15 VS Zinc t 7,320 6,666 9,992-33% 23,314 28,254-17% Copper t % % Lead t 3,471 2,446 3,075-20% 10,048 8,667 16% Silver oz 397, , ,209-23% 1,210,441 1,343,907-10% Cash Cost US$ / t % % Revenues US$ MM % % EBITDA US$ MM n.a n.a. EBITDA Margin % 5% -54% 29% -5% 26% Revenues were US$ 57 million during the 9M15, a 24% decrease mainly due to a negative price effect of more than US$ 15 million. During the 3Q15, the operation in the underground mine was reprogrammed in order to access zones with higher ore grades in the next months and medium term. For this reason, the treated ore diminished and thus the production of fine metal content in the concentrates produced during the quarter. However, it is worth mentioning that the higher lead production offset the lower zinc and copper production, having a positive volume effect in the EBITDA during the 9M15. Due to the lower treated ore during the 3Q15 and an increase in the preparation and development costs for the underground mine, in accordance with the program for the year, the cash cost was US$ 47.4/t in the 9M15, 7% higher than that obtained during the. (US$ 44.1/t). EBITDA decreased to - US$2.8 million dollars during the 9M15, due to the lower revenues and the higher variable costs just explained. With regard to exploration activities at Atacocha, the year is expected to close with over 49,000 meters of executed diamond drilling. For 2016, 50,000 meters of drilling are planned; focus on increasing the Unit s inventories of resources. V. FREE CASH FLOW During the 9M15, in spite of the lower metal prices and higher CAPEX, the Company generated a positive free cash flow of US$ 55 million. The total CAPEX was US$ 76 million during the 9M15, where the main sustaining project was the tailings dam elevation at El Porvenir, which is aimed at ensuring the continuity of the operations and is part of the integration of the tailings disposal system with Atacocha.

7 In addition, during the year the company acquired a stake in the Shalipayco zinc mining project (50% plus the right to acquire an additional 25%) for US$ 35 million. This acquisition, as well as those of Aripuana and Bongara, is aligned with the strategy of acquiring high quality assets, with a focus on base metals, advance exploration, and the generation of synergies with current operations, such as in the case of Shalipayco, which has an important potential of generating synergies with Pasco s operations. CAPEX US$ (MM) 2Q15 3Q15 3Q14 Var (%) 9M15 Var (%) Expansion n.a n.a. Sustaining and Others % % TOTAL MILPO % % VI. LIQUIDITY AND INDEBTEDNESS Due to the positive free cash flow generated in the 9M15, the Company ended the quarter with US$473 million dollars in cash. In terms of gross debt, as of September 2015, the level was of US$353 million dollars, resulting in a negative leverage ratio of 0.59x EBITDA, maintaining a high liquidity/low indebtedness position. During September 2015, the international credit rating agency Standard & Poor s (S&P) changed Milpo s rating from BBB- to BB+, following Votorantim s downgrade from BBB to BBB-, which was also consequence of Brasil s sovereign credit rating downgrade.

8 ADDITIONAL INFORMATION 3Q15 Results Global Conference Call will be held on Friday, November 20, 2015 at 9 a.m. (Lima) / 9 a.m. (New York) / 2 p.m. (London). To access the call, please dial: Participants calling from USA : +1 (877) International Participants : +1 (412) Conference ID Code : Minera Milpo The Global Conference Call will be broadcast live on our Investor Relations website (ir.milpo.com). A slideshow will also be available on the same website. If for some reason you can t access the website, please use the following address: To access the replay of the 3Q15 Global Conference Call audio, please dial: Participants calling from USA : +1 (877) International Participants : +1 (412) Passcode : For further information please contact investorrelations@milpo.com or visit ir.milpo.com.

9 EXHIBIT I: COMPAÑIA MINERA MILPO S.A.A. AND SUBSIDIARIES CONDENSED INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the nine-period ended at September 30, US$ 000 US$ 000 Unaudited Unaudited Revenue 491, ,284 Cost of Sales (337,110) (342,950) Gross Profit 154, ,334 Selling expenses (18,211) (18,715) Administrative expenses (20,696) (24,073) Other Income (expenses),net (27,816) (40,368) Operating Profit 87, ,178 Finance income 2,324 2,060 Finance expenses (14,259) (14,524) Profit before income tax 75, ,714 Income tax (34,190) (52,074) Profit for the period 41,397 86,640 Profit Attributable to: Owners of the Company 46,524 86,093 Non-controlling interest (5,127) ,397 86,640

10 EXHIBIT II: COMPAÑIA MINERA MILPO S.A.A. AND SUBSIDIARIES CONDENSED INTERIM CONSOLIDATED BALANCE SHEET ASSETS At September 30, At December 31, LIABILITIES AND EQUITY At September 30, At december 31, US$ 000 US$ 000 US$ 000 US$ 000 Unaudited Audited Unaudited Audited CURRENT ASSETS CURRENT LIABILITY Cash and cash equivalents 473, ,693 Other financial liabilities 4,530 9,686 Trade and other receivables 86, ,201 Trade payables 111, ,784 Derivative financial instruments 6,009 4,504 Derivative financial instruments - 1,595 Inventories 62,651 63,252 Income and mining taxes 2,334 10,675 Prepaid expenses 4,965 8,683 Employee benefits 12,010 12,243 Total current assets 633, ,333 Other Payables 33,942 45,601 Other Provisions 10,935 19,287 DEFERRED INCOME TAX 23,806 23,853 Total current liabilities 175, ,871 OTHER FINANCIAL INVESTMENTS 58,019 53,019 OTHER FINANCIAL LIABILITIES 348, ,859 PROPERTY, PLANT AND EQUIPMENT 405, ,826 OTHER PROVISIONS 101, ,160 INTANGIBLE ASSETS 173, ,555 EQUITY Capital 423, ,830 Investment shares 4,551 4,551 Other capital reserves 82,693 71,838 Other equity reserves 6,472 1,892 Retained earnings 121, , , ,989 Non-controlling interest 29,580 34,707 TOTAL EQUITY 668, ,696 TOTAL ASSETS 1,294,195 1,310,586 TOTAL LIABILITIES AND EQUITY 1,294,195 1,310,586

11 EXHIBIT III: COMPAÑIA MINERA MILPO S.A.A. AND SUBSIDIARIES CONDENSED INTERIM CONSOLIDATED CASH FLOW For the nine-period ended at September 30, US$ 000 US$ 000 Unaudited Unaudited CASH FLOWS FROM OPERATING ACTIVITIES Collection from clients and others 188, ,071 Tax payments (35,501) (36,239) Net cash generated from operating activities 153, ,832 CASH FLOWS FROM INVESTING ACTIVITIES Disposal of property, plant and equipment Purchase of property, plant and equipment (69,085) (40,288) Net cash used in investing activities (68,849) (39,567) CASH FLOWS FROM FINANCING ACTIVITIES Payment of borrowings (4,527) (14,567) Interests paid of borrowings (16,416) (16,771) Dividends (27,137) (16,370) Net cash generated from financing activities (48,080) (47,708) Decrease in net in cash and cash equivalent 36,391 69,557 Cash and equivalent of cash at the beginning of the period 436, ,406 Cash and equivalent of cahs at the final of the period 473, ,963