1

COBRE DEL MAYOInvestor PresentationData as of 3Q16(all amounts in USD unless otherwise noted)

COBRE DEL MAYO 2

Disclaimer and Forward Looking StatementsThe information contained herein has been prepared to assist interested parties in making their own evaluation of the Company and does not purport to be all inclusive or to containall of the information that a prospective purchaser may desire. You should refer to the information in the Preliminary Offering Circular before making any investment decision topurchase the offered Notes.

Forward Looking StatementsThis Investor Presentation and other communication with investors include forward-looking statements. These forward- looking statements include, without limitation, statementsregarding our future financial position and results of operations, our strategy, plans, objectives, goals and targets, future developments in the markets in which we participate or areseeking to participate or anticipated regulatory changes in the markets in which we operate or intend to operate. In some cases, forward-looking statements can be identified byterminology such as “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should” or“will” or the negative of such terms or other comparable terminology.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Wecaution potential investors that forward-looking statements are not guarantees of future performance and are based on numerous assumptions and that our actual results ofoperations, financial condition and liquidity may differ materially from (and be more negative than) those made in, or suggested by, the forward-looking statements contained in thisInvestor Presentation. In addition, even if our results of operations, financial condition and liquidity and the development of the industry in which we operate, are consistent with theforward-looking statements contained in this Investor Presentation, those results or developments may not be indicative of results or developments in subsequent periods. Importantfactors that could cause these differences include, but are not limited to:

In light of these risks, uncertainties and assumptions, the forward-looking events described in this Investor Presentation may not occur. We undertake no obligation to update or reviseany forward-looking statement, whether as a result of new information or future events or developments.

• risks related to our liquidity;• risks related to the price of copper;• risks related to our competitive position;• risks related to our strategy and expectations about growth in demand for copper and

business operations, financial condition and results of operations;• risks related to our operations, including the quality of our ore body, our ability to

predict the nature, metallurgy, mineralization and alteration of the ore body and the effectiveness of our heap leaching process;

• risks relating to the operation by Kupari of its flotation plant; • risks related to the revocation, expropriation or termination of our mining concessions

or our water concessions or of the agreements pursuant to which we explore or exploit mining concessions belonging to third parties;

• the inability to be compensated fairly in the event of termination of our mining concessions or our water concessions;

• the impact of changes in the prices of raw materials, labor, services, sulfuric acid, components and other inputs;

• our relationship with unions and our ability to negotiate collective bargaining agreements;

• the availability of materials and equipment;• our access to funding sources, and the cost of the funding;• changes in regulatory, administrative or economic conditions affecting the mining

industry, including government interpretations and policies;• the application and enforcement of environmental laws and regulations;• risks related to Mexico’s social, political or economic environment;• the impact of changes in the end uses of our products;• fluctuations in the value of the U.S. dollar against the Mexican peso;• risks associated with market demand for and liquidity of the new notes; and• changes in the taxation of our business.

COBRE DEL MAYO 3

Cobre del Mayo Snapshot§ Cobre del Mayo (“CDM”, the “Company”) is a Mexican mining company that operates the Piedras Verdes open-pit copper mine (“PV Mine”) in

Sonora, Mexico that began commercial production in 2006

§ Purchased by Invecture in mid 2009

§ In 2009, CDM changed from contract mining to owner operation and purchased the former contractor’s equipment fleet

§ In 2011, CDM purchased, re-engineered and installed a crushing, screening, conveying and stacking system

§ During 2012, a flotation circuit operated by Kupari Metals S.A. (“Kupari”) with capacity of ~5,600 tons per day (“tpd”) was built and in April 2013 copper concentrate production began

§ During 2014, 40% of the common shares of Kupari were contributed by its shareholders to CDM, it accounts for its participation using the equity method

§ During 1H15, CDM built a Fines Classification System with capacity of ~6,500 tpd to process crusher fines into coarser leachable ore and finer floatable ore

§ Currently CDM produces LME Grade A copper cathode and sells refractory and vein type ore for processing into concentrate to Kupari

Piedras Verdes Advantaged Location and Access:

§ Easily accessible by air, road, rail and ports

§ Competitive transportation costs for off-takers given PV’s location and nearby infrastructure

§ Power: Connected to CFE (Federal Electricity Commission) grid to the mine owned and maintained substation with continuous capacity of 25MW

§ Water: CDM holds 7 titled water concessions for ~3.9 Mm³/yr while the requirement for the operation of the PV Mine is ~3.0 Mm³/yr

COBRE DEL MAYO 4

PV Mine Operations and Processes Diagram

§ Ore processing method is chosen according to grade, mineralization, and leaching and flotation characteristics to provide the best overall allocation using:

— Run of Mine (“ROM”) ore for leach and Crushed ore for leach and SX/EW produce copper cathode. Installed capacity of 87 tpd

— Ore for Flotation sold to Kupari: Kupari’s flotation plant current installed capacity of ~5.6 ktpd + ~1.7 ktpd of high clay slimes from the Fines Classification System

§ As of 3Q16, $325.6 M have been invested in capex since 2009 with limited sustaining capex going forward of ~$14.0 M/yr LOM1

(SoldtoKupari)

(SoldtoKupari)1.AccordingtothemostrecentNI43-101TechnicalReportreleasedonDecember12,2015,withEffectiveDateNovember1,2015

COBRE DEL MAYO 5

Decline in Cu Prices Has Significantly Impacted CDM’s Sales

§ Since 3Q14 and through 3Q16, the average daily closing copper price has declined 31.7%

§ As of 3Q16, cathode sales declined $8 M or 26.2% to $22.4 M compared with $30.4 M of 3Q15 and sales of ore to Kupari increased $1.3 M or 98.7% during the same period

1. Pursuant to the agreement between Kupari Metals and Cobre del Mayo, the amount payable to the Company is dependent, among other variables, on the grade of the ore sold by Cobre del Mayo and on the grade of the concentrate produced by Kupari Metals.

Sales: Cathode & Ore to Kupari1Daily Closing Copper Price ($/lb)

$50.

2

$45.

4

$43.

1

$46.

0

$30.

4

$23.

9

$23.

5

$24.

8

$22.

4

$8.8

$6.4

$3.4 $3

.0

$1.3

$3.0

$3.0

$2.5

$2.6

$0

$10

$20

$30

$40

$50

$60

$70

3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16

$M

Cathode Sales ($M) Sales of Ore ($M)

26.2%declineinsales

Total CDM Sales ($ M) & Quarterly Realized Copper Price ($/lb)

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

Sep-14

Dec-14

Mar-15

Jun-15

Sep-15

Dec-15

Mar-16

Jun-16

Sep-16

$ / l

b

$59.0 $51.8 $46.5 $49.0 $31.7 $26.8 $26.5 $27.3 $25.0

$3.19 $3.23 $3.39$2.84

$2.28 $2.12 $2.11 $2.10 $2.16

$0

$20

$40

$60

$80

3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16$0.00

$1.00

$2.00

$3.00

$4.00

$ M

$/lb

Total CDM Sales ($M) Cu Price ($/lb)

COBRE DEL MAYO 6

77.2

68.4

70.2

75.0

65.3

56.5

55.4

58.6

50.8

020406080

100

3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16

tpd

Cathode Production (tpd)

CDM’s C1 Cash Costs & Other Operating Metrics

* Comprised of the portion of administrative expenses that correspond to production costs, including environmental, insurance and safety costs** Excluding Royalties & External Exploration

Quarterly CDM C1 Cash Cost vs. Realized Copper Price

3Q16 3Q15 Change

Mining cost ($/ t of material mined) $0.88 $1.01 -12.6%Crushing Cost ($/ t of ore crushed) $1.24 $1.44 -13.7%HGS Cost ($/ t of ore processed in HGS) $1.11 $1.83 -39.1%Processing cost ($/ lb of Cu produced) $0.72 $0.52 40.7%

3Q16 3Q15 Change

Cu Cathode Produced (M lbs) 10.31 13.23 -22.1%

Mining cost $1.51 $1.49 $0.02Crushing cost $0.28 $0.23 $0.05High Grade System $0.05 $0.07 ($0.01)Processing cost $0.72 $0.52 $0.21Other production costs $0.22 $0.19 $0.03General and Administrative Expenses $0.18 $0.29 ($0.12)- Sale of Ore for Concentrate ($0.25) ($0.10) ($0.15)

C1 Cash Cost ($/lb) $2.71 $2.69 $0.03% Change 1.0%

Cu Cathode Produced & C1 Cash Cost

Operating Metrics

Cathode Production (tpd)

$2.30 $2.59 $2.40 $2.40

$2.69

$2.24 $2.11

$2.20 $2.71 $2.33

$3.19 $3.23 $3.39$2.84

$2.28

$2.12 $2.11

$2.10 $2.16 $2.13

$0.00

$1.00

$2.00

$3.00

$4.00

3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 9M16

$/lb

C1 Cash Cost ($/lb) Cu Price ($/lb)

COBRE DEL MAYO 7

Updated 43 – 101 Reserves and Resources completed in 4Q15§ Updated 43-101 Reserve & Resource Report released in November 01, 2015 (published December 12, 2015)

§ Optimizing both copper cathode (CDM) and copper concentrate (Kupari) production of the Piedras Verdes deposit (“PV Operations”)

§ Reserves of 846 kt of copper contained in ore with a mine life of 14 years

Summary Mineral Reserves and Resources

Ore (kt) Grade (TCu%) Contained Cu (t)Proven 174,500 0.30 524,000

Probable 117,310 0.28 328,000

Total Proven and Probable 291,810 0.29 846,000Waste 551,320

Strip Ratio 1.90x

Ore (kt) Grade (TCu%) Contained Cu (t)Measured 215,980 0.29 626,000

Indicated 236,810 0.27 639,000

Measured and Indicated 452,790 0.28 1,266,000Inferred 5,200 0.26 1,400

Estimated Reserves

Estimated Resources

§ PV Operations Highlights:

— Average production from 2016 to 2026 of 38.7 kt/yr (of copper cathode and copper contained in concentrate), declining gradually as mining ends in 2030 and until leach out period is completed

— LOM C1 Cash Costs for the PV Operations of $ 1.78/lb (excluding royalties)

— Sustaining LOM Capital Costs for the PV Operations of $212 M

— Unleveraged Net Present Value at 12% discount rate of $183 M for PV Operations

§ CDM Operations Highlights:

— Average copper cathode production from 2016 to 2026 of 28.5 kt/yr declining gradually throughout 2034

— Average ore for concentrate sold to Kupari from 2016 to 2026 of 2,055 kt/yr at an average grade of 0.52% TCu

— LOM C1 cash cost (including by-product credits from the sales of ore to Kupari Metals) of $1.77/lb

— Unleveraged Net Present Value at a 12% discount rate of $110 M

COBRE DEL MAYO 8

Incentive Price of Copper

§ WoodMack1 defines the Incentive Price of Cu as the minimum price required to incentivize sufficient new production to keep the market in balance (between 2020 & 2025 additional 4.6Mt/yr of Cu would be required for the physical market to be in balance)

§ Given the current economic context, mining companies now demand higher IRR’s to commit to build a project. WoodMack therefore uses 3 Incentive Price scenarios considering a range of hurdle rate risk-adjusted IRR’s on a pre-tax 100% equity basis for the additional 4.6Mt/yr

12% IRR è $3.10/lb 15% IRR è $3.30/lb 20% IRR è $3.70/lb

§ Sensitivity to changes in the demand of Cu suggest that if the supply gap is +/- 100 kt the Incentive Price varies by $0.06 - $0.09/lb

§ With the passage of time, the absence of new copper projects, and in the context of the natural decline in production as mines reach the end of their economic life, the growth of supply will be substantially less that the growth in demand even in a scenario with low industrial growth

§ Even assuming a black swan negative economic scenario, with no growth in demand for copper, the market would still be in deficit by 2023. As this occurs, we believe copper price will revert to the Incentive Price

1. Source: Wood Mackenzie “Global Copper Mine Supply Summary”, released February 2016.

Mined Cu supply gap, project requirement for capacity, and risk adjusted inventive price for greenfield projects

COBRE DEL MAYO 9

$2.20*

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

$7.00

1900 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000 2010 2020

US$/lbCu

Year

W War 1 W War 2

Depletion of larger, cheaper, high grade copper deposits

Copper SX/EW technology changes Copper price curve

Old high grade mining and smelting technology

Costs fall due to new Flotation

technology

Costs rising as large mines

depleting and Chindia demand

3 4 6 3 4 6 5 7

LowerCopper PriceCycles (Duration inYears) *Spotcopper priceas ofSeptember 30,2016foryear

The Price of Copper Behaves Cyclically

Historical Copper Price $/lb in Constant September 2016 USD

§ We are 4.8 years into a bear market for copper

— Down cycles have never lasted longer that 7 years and are more typically 4 to 6 years

§ Current copper price is affected by decisions to develop and expand mines that were taken in a higher Cu price environment

III. Appendix

COBRE DEL MAYO 11

Kupari Acquisition

§ During 4Q14, Cobre del Mayo acquired 40% of the common stock of Kupari Holdings, which owns the flotation plant adjacent to the PiedrasVerdes Mine. As a result, Cobre del Mayo now accounts for its 40% participation in Kupari Holdings by using the equity method

§ Cobre del Mayo’s participation in Kupari Holdings:

— Simplifies and optimizes ore allocation among processes

— Facilitates process improvements that involve both heap leaching and flotation

— Diversifies operational risk across two processes and products

— Provides for close cooperation to the joint development of projects and joint process optimization

Adjusted 3Q16 C1 Cash CostAdjusted 3Q16 EBITDA

$2.5

9

$2.4

0

$2.4

0

$2.6

9

$2.2

4

$2.1

1

$2.2

0

$2.7

1

$2.5

0

$2.3

0

$2.3

0

$2.5

0

$1.9

9

$1.9

6

$2.0

7 $2.5

4

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16

$/lb

CDM C1 CC CDM Adjusted C1 CC

$12.

6

$14.

3

$10.

0

($2.

7)

($20

.9)

($2.

1)

($2.

4)

($4.

7)

$14.

3

$16.

0

$12.

4

($0.

4)

($17

.4)

($0.

2)

($0.

6)

($3.

7)

($25)

($20)

($15)

($10)

($5)

$0

$5

$10

$15

$20

4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16

$ M

CDM EBITDA CDM Adjusted EBITDA

COBRE DEL MAYO 12

77.2

68.4

70.2 75

.0

65.3

56.5

55.4 58.6

50.8

46.4

43.5

38.0

33.1

31.5

44.1

37.7

33.2

29.9

0

20

40

60

80

100

3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16

tpd

Cathode Production (tpd) Copper contained in ore sold (tpd)

77.2

68.4

70.2

75.0

65.3

56.5

55.4

58.6

50.8

$2.3

0 $2.5

9

$2.4

0

$2.4

0 $2.6

9

$2.2

4

$2.1

1

$2.2

0 $2.7

1

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

tpd

$/lb

Cathode Production (tpd) C1 Cash Cost ($/lb)

Summary of Historical Financials

Cathode Produced & Copper Contained in Ore Sold

Operating Costs1 Cathode Production & C1 Cash Costs

1. Operating cost exclude: Depreciation & amortization, change in Cu process inventory, ARO amortization, external exploration expenditure, and royalties

Total Sales & Realized Cu Price

$53.3

$44.4

$38.6

$46.5

$41.2

$58.3

$34.5

$35.6

$34.7

$0

$10

$20

$30

$40

$50

$60

$70

3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16

$M

$59.

0

$51.

8

$46.

5

$49.

0

$31.

7

$26.

8

$26.

5

$27.

3

$25.

0

$3.1

9

$3.2

3

$3.3

9

$2.8

4

$2.2

8

$2.1

2

$2.1

1

$2.1

0

$2.1

6

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

$0

$10

$20

$30

$40

$50

$60

$70

3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16

$/lb

$M

Total CDM Sales ($M) Cu Price ($/lb)

COBRE DEL MAYO 13

Summary of Historical Financials (cont’d)

$16.

8

$12.

6

$14.

3

$10.

0

($2.

7)

($20

.9)

($2.

1)

($2.

4)

($4.

7)

28%

24% 31

%

21%

(8%

)

(78%

)(8

%)

(9%

)

(19%

)

($25.0)($20.0)($15.0)($10.0)

($5.0)$0.0$5.0

$10.0$15.0$20.0$25.0

3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16(80%)

(60%)

(40%)

(20%)

0%

20%

40%

$M $/lb

EBITDA ($M) EBITDA Margin (%)

Capital ExpendituresEBITDA and EBITDA Margin

EBITDA minus Capex

$1.5

$4.8

$7.2

$0.9

($7.5)

($23.5)

($3.8)

($4.6)

($7.0)

($30)

($25)

($20)

($15)

($10)

($5)

$0

$5

$10

3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16

$M

$15.3

$7.8

$7.1

$9.1

$4.8

$2.6

$1.6

$2.2

$2.4

$0

$2

$4

$6

$8

$10

$12

$14

$16

$18

3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16

$M

* 4Q15 includes a $19.4M write-down in inventories