Volcan Compañía Minera A : Financial Statements - 2022 1Q

Volcan Compañía Minera S.A.A. and Subsidiaries

Consolidated interim financial information (unaudited) as of

March 31, 2022 and 2021

Assets
Current Assets
Cash and cash equivalents	4
Accounts receivable Trade, net
Accounts receivable from related entities
Other accounts receivable
Inventories, net	5
Total current assets
Non-current Assets
Other accounts receivable
Financial investments
Property, plant and equipment, net	7
Assets by right of use	8
Mining exploration and evaluation cost, net	9
Inventories, net	5
Total non-current assets
Total assets
Liabilities and Net Stockholders' Equity
Current Liabilities
Overdrafts
Financial obligations	10
Trade accounts payable
Other accounts payable
Other financial liabilities	6
Total current liabilities
Non-current Liabilities
Financial obligations	10
Other accounts payable
Provision for closing of mining units and communities
Deferred income tax liability	11
Provision for contingencies
Total non-current liabilities
Total liabilities
Equity
Issued capital	12
Treasury stock
Other capital reserves
Unrealized gains (loss)
Retained earnings
Total net stockholders' equity
Total liabilities and net stockholders' equity, net
The accompanying notes are an integral part of this statement.

Volcan Compañía Minera S.A.A. and Subsidiaries
Consolidated Statement of Financial Position
As of March 31, 2022 (unaudited) and as of December 31, 2021 (audited)
March 31,	December 31,
Note	2022	2021
US$(000)	US$(000)
225,840	231,187
25,412	22,919
18,403	20,887
59,096	55,971
58,311	59,824
387,062	390,788
22,960	17,445
190,276	187,751
747,759	756,519
6,171	4,385
795,170	801,983
6,516	6,642
1,768,852	1,774,725
2,155,914	2,165,513
434	1,168
30,893	451,144
197,644	229,693
89,155	70,688
-	2,241
318,126	754,934
882,495	485,311
4,800	6,400.00
230,858	231,636
191,723	199,831
30,806	30,734
1,340,682	953,912
1,658,808	1,708,846
1,134,300	1,134,300
(60,934)	(60,934)
(162,539)	(162,539)
(7,231)	(9,504)
(406,490)	(444,656)
497,106	456,667
2,155,914	2,165,513

Volcan Compañía Minera S.A.A. and Subsidiaries

Consolidated Income Statement (unaudited)

For the period from January 1, to March 31, 2022 and 2021

Sales, Note 13

Cost of Sales, Note 14

For the cumulative period from January 1

to March 31 2022 2021

US$(000) US$(000)

279,399 (186,940)

209,404 (155,808)

Gross Income

Operating income (expenses)

92,459

53,596

Administrative expenses (17,014) (10,974)Selling expenses Other income Other expenses

Operating incomeFinancial income (expenses)

Financial income, Note 15 Financial expenses, Note 15 Exchange difference, net

(5,414) (4,608) 15,565 10,692 (18,728) (9,053)

(25,591) (13,943)

66,868

39,653

820

169

(12,988) (21,387)

(324) (2,712)

Total other income (expenses), net

(12,492) (23,930)

Income before income tax

54,376

15,723

Income tax, Note 11 (b)

(16,210)

(14,396)

Net income

Net earnings per share

Weighted average of outstanding shares (in thousands)

The accompanying notes are an integral part of this statement.

38,166 0.010 3,857,594

1,327 0.000 3,857,594

Volcan Compañía Minera S.A.A. and Subsidiaries

Consolidated Statement of Comprehensive Income (unaudited)

For the period from January 1 to March 31, 2022 and 2021

For the cumulative period from January 1 to March 31

2022

2021

US$(000)

US$(000)Net income 38,166 1,327

Others comprehensive income (loss):

Net change in gains (losses) unrealized on derivate instruments and Financial investments

Income tax

Other comprehesive income (loss) net of income tax

3,224 (339) (951) 100 2,273 (239)

Total comprehesive income 40,439 1,088

The accompanying notes are an integral part of this statement.

Volcan Compañía Minera S.A.A. and Subsidiaries

Statement of changes in the Net Stockholders' Equity (unaudited)

For the period from January 1 to March 31, 2022 and 2021

Balances as of March 1, 2021

Results integrals

Net Income of year

Other results integrals of year

Total results integrals of year

Others

Balances as of March 31, 2021

Capital Issued

US$(000)

1,134,300 -

- -

- - 1,134,300

Treasury stock

US$(000)

(60,930)

-

- - - - (60,930)

Other capital reserves

US$(000)

(161,476)

-- - - (3)

(161,479)Unrealized gains (loss)

US$(000)

(9,265)

-- 1,417 1,417 - (7,848)

Retained earningsTotal

US$(000)US$(000)

(485,708)

-

416,921 -

1,327 1,327

- 1,417

1,327 1 (484,380)

2,744

(2) 419,663

Balances as of January 1, 2022

Results integrals

Net loss of year

Other results integrals of year

1,134,300

(60,934)

(162,539)

(9,504)

(444,656) 456,667

- -

- -

- -

- 2,273

38,166 38,166

- 2,273

Total results integrals of year Others

- -

- -

- -

2,273 -38,166 -40,439 -

Balances as of March 31, 2022

The accompanying notes are an integral part of this statement.

1,134,300

(60,934)

(162,539)

(7,231)

(406,490)

497,106

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