Volcan Compañía Minera S.A.A. announced the commencement of its offer to purchase for cash up to $100,000,000 aggregate principal amount (subject to increase by Volcan in its sole discretion under the circumstances described in the Statement (as defined below), the "Maximum Tender Amount") of the outstanding notes, upon the terms and subject to the conditions described in the offer to purchase and consent solicitation statement dated June 2, 2022 (as it may be amended or supplemented from time to time, the "Statement"). Volcan refers to the offer to purchase the Notes as the "Tender Offer". The purpose of the Tender Offer is to acquire the Notes for liability management purposes.

Notes purchased in the Tender Offer will be retired and cancelled. Concurrently with the Tender Offer, Volcan is soliciting (the "Solicitation") from Holders (as defined below) a consent (the "Consent" or in the plural "Consents") to certain proposed amendments described herein (the "Proposed Amendments") to the indenture governing the Notes (the "Indenture"), in order to conform certain covenants in the Indenture to Volcan's other indebtedness instruments, thereby permitting the spin-off or any distribution of the interest held by Volcan or any of its subsidiaries in Cosco Shipping Ports Chancay Perú S.A. and/or Roquel Global S.A.C. without regard to any limitations to the making of restricted payments set therein. See "Proposed Amendments to the Indenture" in the Statement.

Holders may either tender their Notes in the Tender Offer and thereby consent to the Proposed Amendments in the Solicitation or to not tender their Notes in the Tender Offer but deliver their Consent to the Proposed Amendments in the Solicitation. The Maximum Tender Amount for the Tender Offer shall not apply to the Solicitation. The Proposed Amendments will not become effective until after Holders of a majority in aggregate principal amount of the outstanding Notes (excluding for such purposes any Notes owned by Volcan, any Subsidiary (as defined in the Indenture), any other obligor under the Notes or any Affiliate (as defined in the Indenture) of Volcan) have delivered Consents to the Proposed Amendments, such Consents have been accepted and, if applicable, Volcan has paid the corresponding consideration to such consenting Holders (the "Participation Condition").