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República Argentina

Advanced Projects: An Opportunity

1.Legal and Institutional Framework

2.Mining Potential

Agenda

1. Legal and Institutional Framework

Competitiveness

(until December 2015)

Fiscal and tax stability guaranteed for 30 years (from presentation of definitive feasibility study).

VAT refund on exploration. Double deduction of exploration expenses Accelerated amortization of capital investments.

Elimination of export duties. Since 2016= 0% Unified currency exchange rate. Expedited currency accreditation. Access to imports of mining equipments and parts. Free currency flow, without legal banking reserves. VAT refund for mineral export in a timely manner Free transfer of profits abroad Availability of loans in the local market

Competitiveness

(since January 2016)

1. Legal and Institutional framework

Dirección Nacional de Promoción Minera

Subsecretaría de Desarrollo Minero

Value Added Tax Return of favourable Balance VAT over construction investment

Tax credits originated in the purchase, construction, manufacture or importation of fixed assets:

VAT refund after 6 months For goods destined to these activities The term is computed from the investment

Reduction of income tax rates to companies progressively

Income Tax Main modifications year 2018

Year Income tax corporate rate Tax on dividends

Earnings up to 2017 35% 0%

From 01.01.2018 and until 31.12.2019 30% 7%

From 01.01.2020 onwards 25% 13 %

2018

Competitiveness

Competitiveness



Argentina is a Federal country formed by 23 provinces:

At a National level:

• Dictate the Mining Code. • Establish civil, commercial, tax, environmental and labor laws nationwide. • Grant tax and fiscal stability to mining projects.

At a Province level: • Grant mining rights requested by individuals (exploration and exploitation), • Grant permits and monitor compliance.

For important minerals such as: gold, silver, copper, lithium, iron, zinc, uranium, among others, mines belong to the discoverer, or who buys them.

Property rights: granted to perpetuity, as long as there is mineral to be extracted. To keep the current concession, an anual fee must be paid, and the committed investment plan must be executed. This is submitted to the granting authority at the time of submitting the request, either to explore the territory or to operate a mine.

1. Legal and Institutional framework



2.Mining Potential

• Copper • Gold • Silver • Lithium

Pampa Húmeda and Llanura Chaqueña. Agrobusiness.

Andes Mountains

Pre Andes Mountains

Patagonia

2. Mining Potential

Pampean Ranges



2. Mining Potential

Copper and

Competitiveness

A new opportunity...



Pachón (San Juan)

Altar (San Juan)

Filo del Sol (San Juan)

Los Azules (San Juan)

Main Projects

Investment required 3,000 M USD

1,590 Mt


962 Mt


2,057 Mt

Investment required 792 M USD

373 Mt

M USD: million dollars; Mt: million tonnes. P and P Reserves + M and Ind Resources.

Josemaría (San Juan)

San Jorge (Mendoza)

Taca Taca (Salta)

Agua Rica (Catamarca)

Investment required 370 M USD

194 Mt


2,165 Mt


1,110 Mt


1,109 Mt

Main Projects

M USD: million dollars; Mt: million tonnes. P and P Reserves + M and Ind Resources.

References Copper project

Location of Copper Projects with economic assessment in Argentina

1- Taca Taca

2- Agua Rica

3- Josemaría

(Vicuña-Las Flechas)

4- Filo del Sol

5- Los Azules

6- Altar

7- Pachón

8- San Jorge

8 more advanced projects

(Measured & Indicated Resources, Proven & Probable reserves)

•39.6 millions tonnes of copper

•32.8 millions ounces of gold

•494 millions ounces of silver

•853,300 tonnes of molybdenum

San Juan

La Rioja

Catamarca

Salta

1

2

3

7

4

5

6

8

Mendoza



Prospectos de Cu Zona Centro

• * Ore values include Inferred Resources • ** Estimated values based on parameters of Ore Tonnage, type and location of the deposit. • (**) Includes the estimated values.

Advanced Stage Copper Projects in Argentina

Source: Own elaboration based on Wood Mackenzie and reports of the Operating Companies. M USD: million dollars; Mt: million tonnes.

Project Ore Tonnage

(Mt) Cu Eq (%)

Metal Content

Investment

required

(M USD) Cu (t) Au (Oz) Ag (Oz) Mo (t)

Taca Taca 2,165 0.52 9,581,000 5,560,000 - 278,957 3,005

Pachón 1,590 0.59 8,752,200 - 109,118,000 185,580 3,000

Altar 2,057 0.39 5,779,700 5,234,000 62,787,000 - 1,500

Agua Rica 1,110 0.70 5,217,600 7,455,000 120,446,000 362,860 2,216

Los Azules 962 0.54 4,617,600 1,700,000 55,700,000 25,900 2,363

Josemaría (Vicuña, Las Flechas) 1,109 0.44 3,416,700 7,850,000 36,110,000 - 1,540

Filo del Sol 373 0.61 1,258,200 3,954,000 109,880,000 - 792

San Jorge 194 0.57 929,900 1,000,354 - - 370

Total 9,561 39,552,900 32,753,354 494,041,000 853,297 14,786

Total (Con Inf.)

16,556 63,515,330 46,212,354 854,897,000 1,406,663 14,786

Copper projects of Central Area

San Juan

Neuquén

Mendoza

Copper projects of North Zone

San Juan

La Rioja

Catamarca

Salta

Jujuy

References - Copper Project without economic evaluation.

1- El Oculto 2- Incahuasi 3- Acay 4- Cerro Juncal 5- Centenario 6- Desierto 7- La Sarita 8- Socompa 9- Llullaillaco 10- Samenta 11-Río Grande 12- Purulla 13- Agua Tapada 14- Las Pampitas 15- Cerro Atajo 16- Bajo San Lucas 17- Filo Colorado 18- Cerro Delta 19- Cerro Verde 20- El Potro 21- La Ortiga 22- El Salado - Llanos Ricos 23- Huachi 24- San Francisco 25- Valle de Chita 26- Rincones de Araya 27- Chasquillar 28- Yunque 29- Cerro Blanco

2

3 7

6 8

9

12

13

14

15

16

17

4 5

18

19

20

22

21

24

25

26

27

28

30- Picos Bayos 31- Universidad 32- Las Choicas 33- El Perdido 34- Elisa 35- Cerro Amarillo 36- El Seguro 37- Campana Mahuida 38- La Voluntad

30

31

32 33

34 35

36

38

29

1

10

23

37

11

References - Copper Project without economic evaluation.

Location of Copper Projects without economic evaluation in Argentina

Source: Own elaboration based on Wood Mackenzie, DNIM and reports of the Operating Companies.



2. Mining Potential

Copper: Grade, Reserves and Resources

Argentina Perú Chile



Proyecto en Chile

Mina en Chile

Los Pelambres (6.104;0,64)

Los Bronces (5.811;0,45)

El Teniente Andina

Nueva Unión Caserones

Radomiro Tomic

Chuquicamata

Atacama

Relincho

Cerro Casale

Spence

Mina Ministro Hales

Caspiche

Sierra Gorda

Zaldívar

Franke

Salvador

Lomas Bayas

Cerro Colorado

Andacollo

El Abra Gabriela Mistral

Mantos Blancos

La Granja

Cerro Verde

Toromocho

Michiquillay

Los Calatos

Cerro Corona

Quellaveco Rio Blanco

Toquepala

Cuajone

Cotabambas

Constancia Centauro

Zafranal

Tía María

Chapi

Antilla

La Arena

Galeno

Conga

Los Chancas Magistral

Antapaccay

Cañariaco

Haquira

Proyecto en Perú

Mina en Perú

Tonnage (Res+Rec M-I) M t

Agua Rica

Altar

Taca Taca

Josemaría

Los Azules

Campana Mahuida

San Jorge

Río Grande

Cu

Eq

(%

)

Filo del Sol Pachón

Bajo La Alumbrera (2016)

Bajo La Alumbrera pre-producción 1997

Argentinean Mine

Project in Argentina

* Pachón, Agua Rica and Los Azules include Inferred Resources

Escondida (23.984;0,53)

Project in Chile

Chilean Mine

Project in Peru

Peruvian Mine

Advanced-Stage Copper Projects in Argentina (Comparison with Chile and Perú)*

*Comparison is made only with deposits of Porphyry type in Chile and Peru. Source: Own elaboration based on Wood Mackenzie and reports of the Operating Companies.




Agua Rica

Altar

Taca Taca

Josemaría

Los Azules

Campana Mahuida

San Jorge

Río Grande Cu

Eq

(%

)

Filo del Sol

Pachón

Caspiche

Cerro Casale

Relincho Nueva Unión

Tía María

Chapi

Antilla

Cañariaco

Cotabambas

Galeno

Centauro

Zafranal

Haquira

Los Chancas

Conga

Magistral

Michiquillay

Rio Blanco

Los Calatos

Quellaveco La Granja


Project in Chile

Project in Peru

Argentinean Mine


Projects vs Projects

Advanced-Stage Copper Projects in Argentina (Comparison with Chile and Perú)*

Source: Own elaboration based on Wood Mackenzie and reports of the Operating Companies.

* Pachón, Agua Rica and Los Azules include Inferred Resources

*Comparison is made only with deposits of Porphyry type in Chile and Peru.



Project with equivalent copper grade and Tonnage based on Reserves and Resources Measured, Indicated and Inferred.

Project with equivalent copper grade and Tonnage based on Reserves and Measured and Indicated Resources

Agua Rica

Josemaría

Los Azules

San Jorge

Tonnage Mt

Cu

Eq

(%

)

Campana Mahuida

Río Grande Filo del Sol

Pachón

Taca Taca

Altar

Agua Rica

Josemaría

Altar

Chita

Cerro Blanco

Pachón

Taca Taca Los Azules

Advanced Projects of Argentina - Potential including Inferred Resources


4000

4200

4400

4600

4800

5000

5200

5400

5600

5800

2.000 2.001 2.002 2.003 2.004 2.005 2.006 2.007 2.008 2.009 2.010 2.011 2.012 2.013 2.014 2.015 2.016

Cu

t (

x1.0

00

)

Year

Production Capacity Chile

Cen

tin

ela

(El

Tes

oro

)

Ata

cam

a

La C

asca

da

+ O

jos

de

l Sal

ado

Man

tos

de

la L

un

a

Spe

nce

Fran

ke

Am

p A

nd

aco

llo +

Am

p C

enti

ne

la

(Esp

eran

za)

+ Tr

es V

alle

s

Am

p L

os

Bro

nce

s

Cas

ero

nes

An

tuco

ya +

Sie

rra

Go

rda

Gab

riel

a M

istr

al

5.5 Mt Cu

+ 1,250,000 t Cu

Adds 8,570 M USD in annual exports *

*Price Cu: 6,852 USD/t = 3.11 USD/lb

Copper Installed Capacity Chile 2000-2016

Source: Own elaboration based on Wood Mackenzie.



300

500

700

900

1100

1300

1500

1700

1900

2.000 2.001 2.002 2.003 2.004 2.005 2.006 2.007 2.008 2.009 2.010 2.011 2.012 2.013 2.014 2.015 2.016

Cu

t (

x1.0

00

)

Year

Production Capacity Peru

An

tam

ina

Cer

ro L

ind

o +

Co

lqu

ijirc

a +

Am

p C

erro

Ver

de

Cer

ro C

oro

na

An

tap

acca

y

Co

nst

anci

a

Am

p C

erro

Ver

de

+ La

s B

amb

as

Toro

mo

cho

1.8 Mt Cu

+ 1,370,000 t Cu Adds 9,360 M USD in annual exports *

Copper Installed Capacity Peru 2000-2016

*Price Cu: 6,852 USD/t = 3.11 USD/lb Source: Own elaboration based on Wood Mackenzie.



0

1,000

2,000

3,000

4,000

5,000

6,000

2.000 2.001 2.002 2.003 2.004 2.005 2.006 2.007 2.008 2.009 2.010 2.011 2.012 2.013 2.014 2.015 2.016

Cu

t (

x1.0

00

)

Year

Chile Perú ArgCopper

Installed Capacity 2000-2016 Chile-Peru - Vs Argentina´s Production




2. Mining Potential

Copper: Investments and Costs

Argentina Perú Chile



20 23 37 47 26 35 25 72 77 43 63 72 77 189 133 103 10

1,310

512 146 86 189

512 788 692 834

636

1,573

3,737

5,110 4,881

5,694

4,899

1,581

933

1,377 1,223

1,020

1,656

2,295 2,239

2,701

4,553 4,651

6,145

7,330

8,894

11,981

10,521

5,094

4,377

0

2,000

4,000

6,000

8,000

10,000

12,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Investments in copper mines Period 2000 – 2016 (M USD) (new operations, sustaining and expansions)

Argentina - Perú - Chile

Total Argentina Total Perú Total ChileArgentina Perú Chile

Total Argentina

Total Perú

Total Chile

33,179

1,054

76,992

Source: Own elaboration based on Wood Mackenzie and D.N. de Inversiones Mineras. M USD: million dollars




Subsecretaría de Desarrollo Minero Dirección Nacional de Promoción Minera

NORMAL COST excl Interest (c/lb) (C3-Interest)

[CELLRANGE] [VALOR DE Y]


[CELLRANGE] [VALOR DE Y] [CELLRANGE]

[VALOR DE Y]





[CELLRANGE] [VALOR DE Y] [CELLRANGE]

[VALOR DE Y]













0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

0.00 0.20 0.40 0.60 0.80 1.00 1.20

Chile

Perú

Argentina

Centauro 388.4

Haquira 211.8

Cotabambas 209.3

Cañariaco 203.6

Zafranal 200.5

Relincho 246.0

Nueva Unión 210.4

Tía María 186.6 Santo Domingo

151.1

Constelación 149.9

La Granja 188.1

Caspiche 138.7 Taca Taca

163.0

Galeno 138.9

Cerro Casale 129.2

Magistral 116.2

Michiquillay 108.7

Agua Rica 149.8

Pachón 147.0

Los Chancas 154.3

Pukkaqaqa 175.5

Los Calatos 178.1

Cu Eq (%)

(c/l

b)

(C3

-In

tere

st)

* Pachón, Agua Rica and Los Azules with Inferred Resources


Agua Rica

Altar

Taca Taca

Josemaría

Los Azules

Campana Mahuida

San Jorge

Río Grande

Cu

Eq

(%

)

Filo del Sol

Pachón Antilla

Centauro

Zafranal

Tía María

Chapi

Cañariaco

Cotabambas

Haquira

Galeno

Conga

Los Chancas

Magistral

Michiquillay

Rio Blanco

Los Calatos

Caspiche

Cerro Casale

Relincho

Quellaveco

Nueva Unión

La Granja


Project in Chile

Project in Peru


Projects vs Projects

Against that we compete (only at the regional level and without considering possible extensions of existing operations)




2. Mining Potential

Gold



• 8 mines in production

• 2 mines under construction

• 10 projects from advanced exploration to feasibility

• 17 intermediate exploration projects without definition of resources

• 181 projects in early-stage exploration phase.

• 12 more advanced projects (From

Feasibility to advanced exploratión)

(Measured & Indicated Resources , Proven & Probable reserves)

•31.6 millions ounces of gold


Gold Projects (gold; gold & silver)

Estimated

investment in 12 projects: 2.604

MUSD



PROJECT Ore Tonnage

(Mt) Au Eq (g/t)

Metal Content CAPEX

(M USD) Au (Oz) Ag (Oz) Cu (t) Pb (t) Zn (t)

Lama Pascua* 434.5 2.34 21,347,000 736,464,000 362,345 0 0 1,200

Lindero 199.8 0.75 3,783,000 0 120,140 0 0 166

Suyai (Esquel) 4.7 15.3 2,286,000 3,523,000 0 0 0 220

Cerro Moro 5.3 10.32 953,000 61,036,000 0 0 0 265

Don Sixto (La Cabeza) 20.5 1.48 925,000 3,862,591 0 0 0 70

Diablillos 27.7 2.04 757,000 81,300,000 0 0 0 400

Calcatreu 8 2.97 676,000 6,600,000 0 0 0 66

Taguas 2 7.71 397,000 0 20,800 0 0 0

Arizaro 13.4 0.71 205,000 0 21,306 0 0 0

La Josefina 6.5 0.92 156,019 2,757,087 0 0 0 150

Pingüino 6.3 2.79 116,800 20,877,000 0 33,900 48,300 25

Andacollo 0.2 9.24 33,700 948,000 0 0 0 42

Totals 734.6 31,635,519 917,367,678 524,591 33,900 48,300 2,604

* Total resources of the binational project

Gold Projects (gold; gold & silver)

M USD: million dollars; Mt: million tonnes.




2. Mining Potential

Silver



• 5 mines in production

• 6 projects from advanced exploration to feasibility with definition of resources

•6 more advanced projects • (Measured & Indicated Resources , Proven &

Probable reserves)


• 68,000 ounces of gold

• 1,730,000 tonnes of lead

• 232,500 tonnes of zinc

Silver Projects (silver; silver lead zinc; silver & gold)

Joaquín

Estimated investment in 6 projects: 1,291

MUSD



PROJECT Ore Tonnage

Ag Eq (g/t) Metal Content

CAPEX (M USD)

(M Ton.) Ag (Oz) Au (Oz) Cu (t) Pb (t) Zn (t)

Navidad 155.2 170.30 632,300,000 0 71,320 1,326,180 0 760

Chinchillas 41.0 191.08 153,880,000 0 0 403,836 232,459 81

Joaquín 15.7 138.32 65,200,000 61,100 0 0 0 250

El Quevar 7.1 141.00 32,000,000 0 0 0 0 200

Virginia 1.2 310.00 11,927,000 0 0 0 0 0

Lejano 0.6 122.16 1,952,000 7,000 0 0 0 0

Totals 220.8 897,259,000 68,100 71,320 1,730,016 232,459 1,291

Silver Projects (silver; silver lead zinc; silver & gold)

M USD: million dollars; Mt: million tonnes.

Source: Own elaboration based on reports of the Operating Companies.



Cu 40 Mt

Au 64.5 M Oz

Ag 2,308 M Oz

Mo 0.85 Mt

M Oz: millones de onzas; Mt: millones de toneladas. * Con Recursos Inferidos de proyectos cupríferos.



64 Mt*

78 M Oz*

2,670 M Oz*

1.4 Mt*

26 Advanced Stage Projects

2. Mining Potential

Lithium



Lithium projects in 23 salars: 2 mines in Production. (both in expansion) 2 mines under Construction

2017 10 projects from Feasibility to

Advanced Exploration > 40 projects in Early-Stage

Exploration phase. (6 prospect in exploration in

pegmatitas).

• 10 More Advanced Projects (Measured & Indicated Resources , Proven & Probable reserves)

41,229,072 t LCE

(Inferred Resources)

16,438,546 t LCE

Advanced Lithium Projects in Salars Estimated investment in

mines and projects: 4,384

MUSD



Name of Salar Project/Mine Company Projected Capacity

2022 Reserves ( t LCE)

Resources Meas+Ind ( t LCE)

Inferred Resources ( t LCE)

CAPEX (M USD)

Salinas Grandes Cangrejillos/Salinas Grandes South American Salars S.A. / Orocobre Limited JV

Toyota Tsusho Corp 20,000 239,000 0

Salar de Olaroz Salar de Olaroz Orocobre S.A., Toyota Tsusho, JEMSE / Sales de Jujuy 35,000 6,440,830 160

Salar de Caucharí

Caucharí-Olaroz Lithium Americas + JEMSE + SQM/Minera EXAR S.A. 50,000 1,500,000 11,752,000 691

Cauchari Advantage Lithium (50-75%)+Orocobre Limited/South

American Salars S.A. 470,000 0

Salar del Rincón Salar del Rincón ENIRGI Group Corporation/ADY Resources Ltd 50,000 1,200,000 3,500,000 4,800,000 720

Pozuelos Salar de Pozuelos Lithea Inc. / POSCO + Lithea 25,000 500

Salar de Ratones Salar de Centenario Ratones Eramet / Eramine Sudamérica S.A. 20,000 900,000 380

Salar de Diablillos Sal de Los Ángeles Lithium-X Energy Corp.(80%) - Aberdeen International

Inc. (20%) / Potasio y Litio Argentina S.A. 15,000 1,037,000 1,007,000 144

Salar del Hombre Muerto

Mina Fénix FMC Lithium Corporation / Minera del Altiplano 40,000 1,200,000 300

Sal de Vida Galaxy Resources Limited 25,000 1,139,000 5,670,000 1,562,000 370

Gallego Project Everlight Resources 16,000 91,000 120

Laguna Tres Quebradas

Tres Quebradas (3Q) Neo Lithium Ltd. + POCML 3 inc. / Liex S.A 35,000 714,242 1,339,546 589

Salar de Pastos Grandes

Pastos Grandes Proyecto Pastos Grandes S.A. / Millennial Lithium 25,000 2,131,000 878,000 410

Salar Llullaillaco Mariana I, II, III International Lithium JV con Jiangxi Ganfeng Lithium Co.

Ltd/ Litio Minera Argentina 1,248,000 618,000 0

Totals 356,000 5,039,000 36,190,072 16,438,546 4,384

Advanced Lithium Projects in Salars



Argentine talent is also another attraction, with more than 120,000 young universities graduates and 400,000 technology students with high potential.

Mining Culture: Argentina has engineers, geologists, economists, workers, technicians and other highly qualified professionals to carry out large scale mining projects

Universities: Argentinian universities are listed within the best in the region.

Human Capital + natural resources make Argentina an excellent opportunity for anyone who decides to invest in the Mining Industry.



Talent

Altar – San Juan

Los Azules - San Juan

Agua Rica- Catamarca

Subsecretaría de Desarrollo Minero Eng. Mario Capello [email protected]

Thank you

Taca Taca - Salta

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