COMPAÑÍA MINERA MILPO S.A.A.

Lima, November 18 th, 2014, 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, today released its third quarter 2014 (3Q14) consolidated results. Operational and financial information, except where otherwise stated, is presented based on consolidated figures in American Dollars according to ISA 34 Interim Financial Reporting. COMPAÑÍA MINERA MILPO S.A.A. 3Q14 CONSOLIDATED Selected Operational and Financial Data 3Q14 Highlights Unit 3Q14 Milpo continues to improve its consolidated financial position, with higher revenues (+10%), EBITDA (+2%) and Net Profit (+27%). These results reflect the effectiveness of Milpo s strategy to increase production and focus on the most profitable operating units. EBITDA of US$ 66.7 million (+2%) in the 3Q14 and US$ 211.3 million (+10%) as of September 2014 with and EBITDA margin of 37%. This better result is due to higher revenues related to the increase in the production of zinc, copper and lead concentrates. Consolidated net profit increased by a robust 27% quarter-on-quarter to $25 million and 82% as of September 2014 to US$ 86.6 million, due to the higher EBITDA and the lower depreciation. Treated ore increased by 7% quarter-on-quarter, reaching 2.5 million tonnes. Silver content rose by 4% in the 3Q14, in comparison to that of, reaching 1.7 million ounces included in the concentrates produced. By the end of September 2014, the Net Debt/EBITDA ratio was -0.19x, lower than that obtained as of December 2013 (0.15x) Production Treated Ore t 2,512,315 2,350,450 7% 7,046,658 6,503,348 8% Zinc concentrate t 129,314 123,737 5% 367,794 357,444 3% Copper concentrate t 40,612 35,562 14% 117,423 104,558 12% Lead concentrate t 18,401 15,794 17% 51,864 42,698 21% Silver content oz 1,677,280 1,619,347 4% 5,061,438 4,514,487 12% Price (USD/t) Zinc US$/t 2,311 1,860 24% 2,138 1,911 12% Copper US$/t 6,992 7,079-1% 6,939 7,384-6% Lead US$/t 2,183 2,103 4% 2,128 2,152-1% Silver US$/oz 19.7 21.4-8% 19.9 24.9-20% Cash Cost US$/t 36.3 33.6 8% 35.7 35.0 2% Cash Cost Zn eq. US$/t Zn eq. 1,144 973 18% 1,072 980 9% Revenues US$ MM 200.0 182.2 10% 577.3 535.0 8% EBITDA US$ MM 66.7 65.7 2% 211.3 192.1 10% Net Profit US$ MM 24.9 19.6 27% 86.6 47.5 82% Net debt / EBITDA x times -0.19 0.3 n.a. -0.19 0.3 n.a. Cash Position US$ MM 412.0 309.1 33% 412.0 309.1 33% CAPEX US$ MM 11.4 17.2-34% 39.3 69.1-43% EBITDA Margin % 33% 36% 37% 36% 1

1. FINANCIAL PERFORMANCE Milpo s revenues were US$ 200 million in 3Q14, 10% higher compared to those of. This increase was mainly due to higher production and sales volumes of zinc (+5%), copper (+14%) and lead (+17%) concentrates. Cost of sales increased by 13% quarter-on-quarter, due to the higher sales volume and to the increase in Cerro Lindo s cash cost due to more maintenance and development costs anticipating the increased capacity of 18,000 tpd. Additionally, depreciation decreased by 22% in 3Q14 in comparison to that of due to lower depreciation expenses registered in the copper units currently on hold. Gross profit increased by 18% quarter-on-quarter, reaching US$ 81 million. This result was supported by the higher volume sold. It is worth to mention that the operational integration between El Porvenir and Atacocha will allow production costs to reduce considering the identified synergies. This cost reduction will take place progressively as the integration concludes. Regarding administrative expenses, they decreased by 11% quarter-on-quarter, primarily due to the Corporate Office optimization. Also, amortization decreased by 65% in 3Q14 due to the increase in Atacocha s life of mine which allowed the company to amortize the intangible related to its acquisition for a longer period. EBITDA reached US$ 67 million in 3Q14, compared to the US$ 66 million obtained in, which was driven by the higher revenues which compensated the higher costs of Cerro Lindo. The net financial expenses are related to the interests accrued by the bonds issued in the international capital market in March 2013, which allowed the company to improve its financial flexibility to address market volatility. Finally, the Company totaled a consolidated net profit of US$ 25 million in 3Q14, robust growth of 27% quarter-on-quarter due to higher EBITDA and lower depreciation. As of September 2014, the EBITDA reached US$ 211 million and the net profit totaled US$ 87 million. US$ 000 3Q14 Revenues 199,975 182,211 10% 577,284 534,973 8% Cost of Sales (98,155) (86,863) 13% (273,414) (247,703) 10% Depreciation (20,647) (26,405) -22% (66,730) (83,775) -20% Gross Profit 81,173 68,943 18% 237,140 203,495 17% Amortization (2,078) (6,020) -65% (6,137) (16,658) -63% Selling Expenses (6,285) (6,134) 2% (18,715) (16,801) 11% Administrative Expenses (9,019) (10,127) -11% (24,072) (27,329) -12% Other Operating Results, net 1 (19,958) (13,784) 45% (49,893) (52,790) -5% Operational Profit 43,833 32,878 33% 138,323 89,917 54% Financial Expenses, net (4,080) (4,314) -5% (12,464) (10,711) 16% Taxes 2 (14,857) (8,974) 66% (39,219) (31,732) 24% Net Profit 24,896 19,590 27% 86,640 47,474 82% EBITDA 66,699 65,678 2% 211,331 192,097 10% EBITDA Margin (%) 33% 36% 37% 36% (1) EBITDA is not affected by the impairment of lands for the amount of US$ 141 thousand as of September 2014 and US$ 1,747 thousand as of September 2013, this amount is recorded in Other Operating Results account. (2) 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. 2

2. BUSINESS AND OPERATIONAL PERFORMANCE Cerro Lindo Unit Unit 3Q14 Production Zinc Concentrate t 75,350 69,232 9% 218,179 206,295 6% Copper Concentrate t 37,836 32,453 17% 109,140 95,194 15% Lead Concentrate t 5,525 4,943 12% 16,011 14,239 12% Fine Metal in Concentrate Production Zinc t 43,433 38,581 13% 123,384 114,724 8% Copper t 10,162 8,593 18% 29,241 24,646 19% Lead t 3,701 3,247 14% 10,671 9,295 15% Silver oz 659,295 689,241-4% 2,006,366 2,000,369 0% Cash Cost US$ / t 33.7 27.4 23% 32.4 28.6 13% Cash Cost Zn eq. US$/t Zn eq. 1,060 853 24% 975 850 15% Revenues US$ MM 131.3 118.5 11% 378.7 351.0 8% EBITDA US$ MM 65.1 64.9 0% 199.0 197.7 1% EBITDA Margin % 50% 55% 53% 56% During 3Q14, Cerro Lindo increased its concentrate production by 11% quarter-on-quarter, due to the higher zinc (+9%), copper (+17%) and lead (+12%) concentrate production, related to higher treated ore. Cerro Lindo revenues amounted to US$ 131 million, 11% up on, mainly due to the higher concentrate production. The unit s cash cost was of US$ 33.7/t during 3Q14, higher than that obtained in, due to higher maintenance costs, and to an increase in the exploration and development activities in the mine anticipating the increased capacity of 18,000 tpd. In terms of EBITDA, Cerro Lindo totaled US$ 65 million during 3Q14, similar to that of, due to the higher revenues which compensate the higher cash cost. El Porvenir Unit Unit 3Q14 Production Zinc Concentrate t 35,154 31,973 10% 96,523 87,148 11% Copper Concentrate t 1,432 1,632-12% 4,389 4,956-11% Lead Concentrate t 7,514 6,247 20% 20,785 16,433 26% Fine Metal in Concentrate Production Zinc t 17,400 16,610 5% 48,412 46,003 5% Copper t 325 353-8% 1,029 1,102-7% Lead t 4,119 3,476 19% 11,840 9,241 28% Silver oz 582,776 496,548 17% 1,711,166 1,367,392 25% Cash Cost US$ / t 38.4 42.0-8% 38.7 43.3-11% Cash Cost Zn eq. US$/t Zn eq. 1,216 1,245-2% 1,181 1,216-3% Revenues US$ MM 41.4 32.5 27% 117.6 103.2 14% EBITDA US$ MM 13.4 6.4 109% 37.2 30.4 22% EBITDA Margin % 32% 20% 32% 29% 3

During 3Q14, El Porvenir increased its concentrate production by 11% quarter-on-quarter, due to the higher treated ore, which allowed the increase of zinc (+10%) and lead (+20%) concentrates. The silver content in the concentrates grew 17% in 3Q14. El Porvenir revenues were US$ 41 million in 3Q14, a robust 27% increase compared to those of due to the higher concentrate production. The unit s cash cost was US$ 38.4/t in 3Q14, 8% down quarter-on-quarter due to the optimization in exploration and development activities in the mine. The unit s EBITDA was US$ 13 million in 3Q14, a 109% increase due to the higher revenues and lower cash cost. Atacocha Unit Unit 3Q14 Revenues were US$ 25 million during 3Q14, 15% decrease due to lower copper and silver prices which were partially offset by the higher lead and silver production. As a result of the cost reduction plan implemented in the Unit, Atacocha s cash cost in 3Q14 was US$ 43.4/t, 4% lower when compared to that of (US$ 45.0/t). This reduction was achieved mainly due to the optimization of supplies consumption in all operating areas. Atacocha generated an EBITDA of US$ 7 million in 3Q14, 26% down quarter-on-quarter, due to the lower revenues and in spite of the decrease in cash cost. However, it is worth to mention that, as of September 2014, the EBITDA was US$ 20 million, 75% higher compared to that of the same period of 2013 due to the higher lead and silver production and lower cash costs. Production Zinc Concentrade t 18,810 22,532-17% 53,092 64,001-17% Copper Concentrade t 1,343 1,477-9% 3,895 4,408-12% Lead Concentrade t 5,362 4,603 16% 15,067 12,025 25% Fine Metal in Concentrate Production Zinc t 9,992 12,117-18% 28,254 34,319-18% Copper t 332 365-9% 975 1,109-12% Lead t 3,075 2,702 14% 8,667 7,158 21% Silver oz 435,209 433,559 0% 1,343,907 1,146,726 17% Cash Cost US$ / t 43.4 45.0-4% 44.1 46.9-6% Cash Cost Zn eq. US$/t Zn eq 1,470 1,142 29% 1,366 1,250 9% Revenues US$ MM 25.0 29.4-15% 75.4 71.7 5% EBITDA US$ MM 7.2 9.7-26% 19.7 11.3 75% EBITDA Margin % 29% 33% 26% 16% 3. CAPEX As of September 2014, the total CAPEX was of US$ 39 million, with investments focused on sustaining and modernization of the mining operations. The main projects were: (i) the installation of the third mill at Cerro Lindo, which has provided operational support to the mills already installed thereby ensuring the operation stability and increasing the treatment capacity; and (ii) the tailings dam elevation at El Porvenir, which has the 4

objective of giving continuity to the operations and is part of the integration of the tailings deposition system with Atacocha. US$ (MM) 3Q14 Var (%) Var (%) Expansion 0.0 8.5-100% 0.0 45.1-100% Sustaining and Others 11.4 8.8 30% 39.3 24.0 64% TOTAL MILPO 11.4 17.2-34% 39.3 69.1-43% 4. LIQUIDITY During the third quarter of 2014, Milpo continued showing a robust financial performance with high liquidity and low indebtedness. Consequence of the consistently high EBITDA generation, this strong financial position has also allowed us to maintain our investment grade status with a stable outlook and to have a net cash position. By the end of September 2014, the cash balance was of US$ 412 million and the gross debt amounted to US$ 359 million (US$ 378 million by the end of 2013). As in the last quarters, Milpo has maintained healthy leverage levels resulting in a negative ratio Net Debt/EBITDA of 0.19x in the 3Q14 compared to 0.15x times at the end of 2013. 5

ADDITIONAL INFORMATION 3Q14 Results Global Conference Call will be held on Tuesday, November 18 th, 2014 at 9:00 a.m. (Lima) / 9:00 a.m. (New York) / 14:00 p.m. (London). To access the call, please dial: Within U.S. : 1 (877) 317-6776 Outside U.S. : 1 (412) 317-6776 Conference ID Code : Minera Milpo To access via webcast, please go to: http://webcast.neo1.net/cover.aspx?platformid=8sjlrpwq7qqbersfxwdllq%3d%3d To access the replay of the 3Q14 Global Conference Call audio please dial: U.S. Participants : 1 (877) 344-7529 Outside the U.S. : 1 (412) 317-0088 Passcode : 10052386 The Global Conference Call will be broadcast live at our Investor Relations website ir.milpo.com. A slide presentation will also be available on the same website. For further information please contact to investorrelations@milpo.com or enter to ir.milpo.com 6

EXHIBIT I: COMPAÑIA MINERA MILPO S.A.A. AND SUBSIDIARIES CONDENSED INTERIM CONSOLIDATED INCOME STATEMENT For the nine-month period ended September 30, 2014 2013 US$ 000 US$ 000 Unaudited Unaudited Sales 577,284 534,973 Cost of Sales (340,144) (331,478) Gross Profit 237,140 203,495 Selling expenses (18,715) (16,801) Administrative expenses (24,073) (27,329) Other Income (expenses),net (43,174) (57,372) Operating Profit 151,178 101,993 Finance income 2,060 2,106 Finance costs (14,524) (12,817) Profit before income tax 138,714 91,282 Income tax (52,074) (43,808) Profit for the period 86,640 47,474 Attributable to: Controlling interest 86,093 52,403 Non-controlling interest 547 (4,929) 86,640 47,474 7

EXHIBIT II: COMPAÑIA MINERA MILPO S.A.A. AND SUBSIDIARIES CONDENSED CONSOLIDATED INTERIM BALANCE SHEET ASSETS As of September 30, As of December, 31 LIABILITIES AND EQUITY As of September 30, As of December, 31 2014 2013 2014 2013 US$ 000 US$ 000 US$ 000 US$ 000 Unaudited Unaudited CURRENT ASSETS CURRENT LIABILITY Cash and cash equivalents 411,963 342,406 Borrowings 6,164 20,545 Trade and other receivables 179,934 157,715 Trade payables 105,980 97,686 Derivative financial instruments 2,977 3,897 Derivative financial instruments 6,221 - Inventories 63,176 64,576 Employee benefits 31,943 32,444 Prepaid expenses 10,178 4,553 Income and special mining tax 8,962 4,341 Total current assets 668,228 573,147 Provisions 1,832 2,361 Other Payables 29,040 30,055 DEFERRED INCOME TAX ASSETS 25,591 22,840 Total current liabilities 190,142 187,432 OTHER FINANCIAL INVESTMENTS 18 19 BORROWINGS 352,900 356,926 PROPERTY, PLANT AND EQUIPMENT 425,726 454,169 DEFERRED INCOME TAX LIABILITY 721 1,100 INTANGIBLE AND EXPLORATION ASSETS 150,834 156,971 PROVISIONS 99,275 98,610 EQUITY Capital 423,829 347,024 Investments shares 4,552 3,296 Other reserves 71,839 65,291 Other comprehensive income (2,833) 2,522 Retained earnings 93,772 108,658 591,159 526,791 Non-controlling interest 36,200 36,287 TOTAL EQUITY 627,359 563,078 TOTAL ASSETS 1,270,397 1,207,146 TOTAL LIABILITIES AND EQUITY 1,270,397 1,207,146 8

EXHIBIT III: COMPAÑIA MINERA MILPO S.A.A. AND SUBSIDIARIES CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS For the nine-month period ended September 30, 2014 2013 US$ 000 US$ 000 Unaudited Unaudited CASH FLOWS FROM OPERATING ACTIVITIES Cash generated from operations 193,071 157,611 Income tax payments (36,239) (23,256) Net cash generated from operating activities 156,832 134,355 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of intangible assets - (30,806) Disposals of property, plant and equipment 721 11,675 Purchase of property, plant and equipment (40,287) (48,049) Net cash used in investing activities (39,566) (67,180) CASH FLOWS FROM FINANCING ACTIVITIES Borrowings received - 347,438 Payment of borrowings (14,567) (208,732) Interests paid of borrowings (16,771) (10,515) Dividends (16,370) - Net cash (used in) generated from financing activities (47,708) 128,191 Net increase in cash 69,558 195,366 Cash and equivalent of cash at the begining of the period 342,406 113,699 Cash and equivalent of cash at the final of the period 411,964 309,065 9