Volcan Compañía Minera S.A.A. hereby announced an increase of the Maximum Tender Amount (as defined below) from $120,000,000 to $125,000,000 and the early tender results of its offer to purchase for cash up to $125,000,000 aggregate principal amount (the "Maximum Tender Amount") of its outstanding 5.375% Senior Notes due 2022 (CUSIP: 92863UAA4 and P98047AA4, and ISIN: US92863UAA43 and USP98047AA42) (the "Notes"), upon the terms and subject to the conditions described in the Offer to Purchase dated February 1, 2021 (as it may be amended or supplemented from time to time, the "Offer to Purchase"). Capitalized terms used in this announcement, but not defined herein, shall have the meanings given to such terms in the Offer to Purchase. Volcan hereby announces that, as of February 12, 2021, at 5:00 p.m.New York City time (which was the Early Tender Date), it has received valid tenders from the registered holders of the Notes (individually, a "Holder" and collectively, the "Holders") of $353,901,000 in principal amount of the Notes, representing 66.12% of the principal amount outstanding. Since the principal amount tendered exceeds the Maximum Tender Amount, Volcan will accept the Notes tendered based on a proration factor of approximately 35.48%. Withdrawal rights for the Tender Offer have expired. In accordance with the Offer to Purchase, Holders of Notes that are validly tendered (and not validly withdrawn) at or prior to the Early Tender Date and accepted for purchase pursuant to the Tender Offer will receive the Tender Offer Consideration plus the Early Tender Premium. In addition, such Holders of Notes will also receive accrued and unpaid interest on those Notes from the last interest payment date with respect to those Notes to, but not including, the Early Settlement Date. As the aggregate principal amount of Notes tendered for purchase prior to the Early Tender Date exceeds the Maximum Tender Amount, no Notes tendered for purchase after the Early Tender Date will be accepted for purchase. Notes not accepted for purchase will be returned promptly. As described in the Offer to Purchase, Volcan currently expects that the Early Settlement Date will be February 17, 2021. The Offer to Purchase and related documents do not constitute an offer to buy or the solicitation of an offer to sell notes in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful. In those jurisdictions where the securities, blue sky or other laws require the Tender Offer to be made by a licensed broker or dealer, the Tender Offer will be deemed to be made on behalf of Volcan by the Dealer Managers or one or more registered brokers or dealers licensed under the laws of such jurisdiction. Volcan is not aware of any jurisdiction where the making of the Tender Offer is not in compliance with the laws of such jurisdiction. If Volcan becomes aware of any jurisdiction in which the making of the Tender Offer would not be in compliance with such laws, Volcan will make a good faith effort to comply with any such laws or may seek to have such laws declared inapplicable to the Tender Offer. If, after such good faith effort, Volcan cannot comply with any such applicable laws, the Tender Offer will not be made to the Holders of Notes residing in each such jurisdiction. Neither the delivery of this announcement, the Offer to Purchase and any related documents nor any purchase of Notes by Volcan will, under any circumstances, create any implication that the information contained in this announcement, the Offer to Purchase or in any related document is current as of any time subsequent to the date hereof or thereof.