STRATEGIES - SELECTION & ANALYSIS OF PROJECTS

1- STRATEGY N° 1 (Exploration, Geological survey, Preparation & Exploitation)

ITEM COOPERATIVE NAME FINANCING CONCENTRATES PRODUCTION (Kg.) 1srt PAYMENTDEBT PAYMENTPAYMENT TERM RISKS
(US$) 3 MONTHS AVERAGEPROJECT PROD. INCREASE (%) DEBT (US$/MONTH) (MONTHS) ANALYSIS (%)

1 Cooperativa Minera Locatarios Tasna Ltda. 923,537.94 15,000.00 42,120.00 180.80 Marzo-2015 54,785.00 13.42 27.00
3 Cooperativa Minera Bolsa Negra Ltda. 735,025.28 9,825.60 33,320.00 239.11 Abril-2016 71,717.86 10.25 42.00
4 Cooperativa Minera Chicote Grande La Aguada Ltda. 100,250.00 12,749.10 25,025.00 96.29 Sept.-2014 14,230.44 7.04 21.00

TOTAL INVESTMENT 1,758,813.22 37,574.70 100,465.00 167.37 140,733.30

2- STRATEGY N° 2 (Production increase of Scheelite mines)

ITEM COOPERATIVE NAME FINANCING CONCENTRATES PRODUCTION (Kg.) 1st PAYMENTDEBT PAYMENTPAYMENT TERM
(US$) 3 MONTHS AVERAGEPROJECT PROD. INCREASE (%) DEBT (US$/MONTH) (MONTHS)

1 Empresa Minera Mauricio (mina Mauricio) 180,000.00 736.00 4,000.00 443.48 Octubre-2014 9,044.00 19.90 28.00
2 Cooperativa Minera Nueva Soledad Ltda. 45,000.00 270.00 4,000.00 1,381.48 Agosto-2014 8,263.70 5.40 29.00
3 Empresa Minera Conde Auque (mina Yanacachi) 40,000.00 250.00 2,000.00 700.00 Agosto-2014 4,820.90 8.30 36.00

TOTAL INVESTMENT 265,000.00 1,256.00 10,000.00 696.18 22,128.60

1.- STRATEGY N° 3 (Negociations for Slack piles & Secondary deposits)

ITEM COOPERATIVE NAME FINANCING CONCENTRATES (Kg.) 1st PAYMENTDEBT PAYMENT

PAYMENT TERMS
(US$) 3 MONTH AVERAGE PROJECT PROD. INCREASE (%) DEBT (US$/MONTH) (MONTH)

1 Cooperativa Minera Locatarios Tasna Ltda 1,047,562 - 101,000.00 100.00 Enero -2015 76,432.72 13.71 25.00
2 Cooperativa Minera Bolsa Negra Ltda. 885,062 - 61,430.00 100.00 Enero -2015 43,684.88 20.26 38.00
3 Cooperativa Minera Chicote Grande La Aguada Ltda. 993,062 - 100,560.00 100.00 Enero -2015 87,529.33 11.35 28.00
TOTAL INVESTMENT 2,925,686.00 - 262,990.00 100.00 207,646.92

GRAND TOTAL INVESTMENT 4,949,499.22 38,830.70 373,455.00 861.75 370,508.82

ECTS

NPV IRR CONTRACT OBSERVATIONS

(%) TERM

1,716.00 70.50 10.00 Secc. Farellon Nuevo & Esperanza

4,618.00 79.80 10.00 Project New Cross-cut Level 4044
1,188.00 322.80 3.00 Processing Plant Expansion

OBSERVATIONS

332.00 63.20 5.00 Mine develop. & mechaniz. Proc.Plant

448.00 219.50 5.00 Mine develop. & mechaniz. Proc.Plant
203.00 135.50 5.00 Mine development

OBSERVATIONS

2,950.00 70.10 10.00 Slack pile & Secondary deposits

4,247.00 99.90 4.00 Slack piles
17,671.00 143.00 10.00 Secondary deposits