Cdm ir (1 q16) 160726 v1

1. 1
COBRE DEL MAYO
Investor Presentation
Data as of 1Q16
(all amounts in USD unless otherwise noted)

2. COBRE DEL MAYO 2
Disclaimer and Forward Looking Statements
The 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 contain
all 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 to
purchase the offered Notes.
Forward Looking Statements
This Investor Presentation and other communication with investors include forward-looking statements. These forward- looking statements include, without limitation, statements
regarding 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 are
seeking 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 by
terminology 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. We
caution potential investors that forward-looking statements are not guarantees of future performance and are based on numerous assumptions and that our actual results of
operations, 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 this
Investor 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 the
forward-looking statements contained in this Investor Presentation, those results or developments may not be indicative of results or developments in subsequent periods.
Important factors 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
revise any 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.

3. 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 25
MW
§ 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

4. 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 1Q16, $321.1 M have been invested in capex since 2009 with limited sustaining capex going forward of ~$14.0 M/yr LOM1
(Sold to Kupari)
(Sold to Kupari)
1. According to the most recent 43-101 Technical Report released on December 12, 2015, with EffecCve Date November 1, 2015

5. COBRE DEL MAYO 5
$3.21 $3.19 $3.23 $3.39 $2.84 $2.28 $2.12 $2.11
$60.8 $59.0
$51.8
$46.5 $49.0
$31.7
$26.8 $26.5
$0.0
$20.0
$40.0
$60.0
$80.0
$0.00
$1.00
$2.00
$3.00
$4.00
2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16
$M
$/lb
Cu Price ($/lb) Total CDM Sales ($M)
$53.5 $50.2 $45.4 $43.1 $46.0 $30.4 $23.9 $23.5
$7.4
$8.8
$6.4
$3.4
$3.0
$1.3
$3.0 $3.0
$0
$10
$20
$30
$40
$50
$60
$70
2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16
$M
Cathode Sales ($M) Sales of Ore ($M)
43.1% decline in sales
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
Mar-14
Jun-14
Sep-14
Dec-14
Mar-15
Jun-15
Sep-15
Dec-15
Mar-16
$/lb
Decline in Cu Prices Has Significantly Impacted CDM’s Sales
§ Since 2Q14 and through 1Q16, Cu price has declined 31.2%. It reached a 7-year low of $1.96/lb on January 15, 2016
§ As of 1Q16, sales declined $20.0 M or 43.1% to $26.5 M compared with $46.5 M of 1Q15
— $16.2 M are attributable to the sole effect of the decline in copper prices
1. Pursuant to the agreement between Kupari Metals and Cobre del Mayo, the amount payable to the Company is dependent, among other variables, on the grade of the ore sold by Cobre del Mayo
and on the grade of the concentrate produced by Kupari Metals.
Sales: Cathode & Ore to Kupari1Daily Closing Copper Price ($/lb)
Quarterly Realized Copper Price ($/lb) & Total Sales ($ M)

6. COBRE DEL MAYO 6
$1.97 $2.30 $2.59 $2.40 $2.40 $2.69 $2.24 $2.11
$3.21 $3.19 $3.23 $3.39
$2.84
$2.28 $2.12 $2.11
$0.00
$1.00
$2.00
$3.00
$4.00
2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16
$/lb
C1 Cash Cost ($/lb) Cu Price ($/lb)
CDM’s Cost Reduction Strategies Have Translated Into Significant Reductions in C1 Cash Costs
Despite the 20.2% decline in Cu cathode produced during 1Q16, production costs declined by $0.26/lb compared to 1Q15, and sales of ore per
pound increased by $0.03/lb of Cu cathode produced.
As a result, C1 Cash Cost totaled $2.11/lb, a decline of $0.29/lb vs 1Q15
* Comprised of the portion of administrative expenses that correspond to production costs, including environmental, insurance and safety costs
** Excluding Royalties & External Exploration
Main Achievements (1Q16 vs 1Q15):
Mining Costs: YoY $0.07/lb decline is mainly attributable to:
• Blasting Costs: Unit costs declined 27.0% (from $0.16/t to $0.12/t)
• Labour Costs: declined 24.5% (in MXN) due to layoffs started since 3Q15
• Diesel: Unit costs declined 12.1% due to higher MXN/USD exchange rate
and lower consumption (from $0.42/t to $0.36/t)
Processing Costs: YoY $0.06/lb decline is mainly attributable to:
• Energy Costs: Cost per pound of Cu Cathode Produced declined 23.9%
(from $0.12/lb to $0.09/lb)
• Diluent Cost: 32.3% reduction in unit costs (from $1.45/kg to $0.98/kg)
Quarterly CDM C1 Cash Cost vs. Cu Price
1Q16 1Q15 Change
Copper Cathode Produced M lbs 11.12 13.94 -20.2%
Mine cost $/lb $1.29 $1.36 ($0.07)
Crushing cost $/lb $0.19 $0.21 ($0.02)
High Grade System $/lb $0.06 $0.08 ($0.02)
Processing cost $/lb $0.49 $0.55 ($0.06)
Other production costs* $/lb $0.20 $0.19 $0.00
G&A $/lb $0.15 $0.26 ($0.10)
- Sale of Ore for Concentrate $/lb ($0.27) ($0.24) ($0.03)
C1 Cash Cost $/lb $2.11 $2.40 ($0.29)
% Change % -12.1%

7. 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 0.29 846,000
Waste 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 1,266,000
Inferred 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

8. 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

9. COBRE DEL MAYO 9
$2.25
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
1900 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000 2010 2020
US$/lb Cu
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 3 6 4 7
Lower Copper Price Cycles (DuraDon in Years) Spot copper price as of July 19, 2016 for year 2016
The Price of Copper Behaves Cyclically
Historical Copper Price $/lb in Constant June 2016 USD
§ We are 4.5 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
*
*

10. III. Appendix

11. COBRE DEL MAYO 11
$2.59 $2.40 $2.40 $2.69 $2.24 $2.11
$0.09
$0.11 $0.10
$0.19
$0.25
$0.16
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
4Q14 1Q15 2Q15 3Q15 4Q15 1Q16
$/lb
CDM C1 CC 40% KM Contribution
$12.6 $14.3 $10.0
($2.7)
($20.9)
($2.1)
$1.7
$1.7
$2.4
$2.3 $3.5 $1.9
($25)
($20)
($15)
($10)
($5)
$0
$5
$10
$15
$20
4Q14 1Q15 2Q15 3Q15 4Q15 1Q16
$M
CDM EBITDA 40% KM Contribution
Kupari Acquisition
§ During 4Q14, Cobre del Mayo acquired 40% of the common stock of Kupari Holdings, which owns the flotation plant adjacent to the Piedras
Verdes 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 1Q16 C1 Cash CostAdjusted 1Q16 EBITDA

12. COBRE DEL MAYO 12
$1.97 $2.30 $2.59 $2.40 $2.40 $2.69 $2.24 $2.11
84.3
77.2
68.4 70.2
75.0
65.3
56.5 55.4
0
10
20
30
40
50
60
70
80
90
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
$4.50
2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16
tpd
$/lb
C1 Cash Cost ($/lb) Cathode Production (tpd)
$50.1 $53.3 $44.4 $38.6 $46.5 $41.2 $58.3 $34.5
$0
$10
$20
$30
$40
$50
$60
$70
2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16
$M
$60.8 $59.0 $51.8 $46.5 $49.0 $31.7 $26.8 $26.5
$3.21 $3.19 $3.23 $3.39
$2.84
$2.28 $2.12 $2.11
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$0
$10
$20
$30
$40
$50
$60
$70
2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16
$/lb
$M
Total CDM Sales ($M) Cu Price ($/lb)
84.3
77.2
68.4 70.2
75.0
65.3
56.5 55.4
38.0
33.1 31.5
44.1
37.7
0
20
40
60
80
100
2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16
tpd
Cathode Production (tpd) Copper contained in ore sold (tpd)
Summary of Historical Financials
Cathode Produced & Copper Contained in Ore Sold
Operating Costs1 C1 Cash Costs
1. Operating cost exclude: Depreciation & amortization, change in Cu process inventory, ARO amortization, external exploration expenditure, and royalties
Total Sales and Realized Cu Price

13. COBRE DEL MAYO 13
$2.8
$15.3
$7.8
$7.1
$9.1
$4.8
$2.6
$1.6
$0
$2
$4
$6
$8
$10
$12
$14
$16
$18
2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16
$M
$18.1
$1.5
$4.8
$7.2
$0.9
($7.5)
($23.5)
($3.8)
($30)
($25)
($20)
($15)
($10)
($5)
$0
$5
$10
$15
$20
$25
2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16
$M
$26.0 $65.6 $105.7 $92.0 $67.4 $16.7
33% 33%
44%
37%
30%
11%
$0
$25
$50
$75
$100
$125
FY10 FY11 FY12 FY13 FY14 FY15
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
$M
%
EBITDA ($M) EBITDA Margin (%)
Summary of Historical Financials (cont’d)
Capital ExpendituresEBITDA and EBITDA Margin
EBITDA minus Capex