Cautionary Statement

Certain statements contained in this presentation may constitute forward-looking statements. These statements relate to future events or the future performance of Rio Alto Mining Limited (Rio
Alto). All statements, other than statements of historical fact, may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as
"seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", propose, "potential", "targeting", "intend", "could", "might", "should", "believe" and similar
expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-
looking statements. Rio Alto believes that the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be
correct and such forward-looking statements included in this presentation should not be unduly relied upon by investors as actual results may vary. Unless required to be updated pursuant to
securities laws, these statements speak only as of the date of this presentation and are expressly qualified, in their entirety, by this cautionary statement. This Presentation also discloses mineral
resources. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

In particular, this presentation contains forward-looking statements, pertaining to the following:

capital expenditure programs and cash flow estimates;
development of deposits, resources and reserves;
treatment under regulatory regimes;
treatment under taxation regimes or other government financial regimes;
expectations regarding Rio Altos ability to raise capital; complete the feasibility study for the La Arena sulphide project;
work plans to be conducted by Rio Alto, and
the production of gold and copper from Rio Altos La Arena Project.
With respect to forward-looking statements listed above and contained in this presentation, Rio Alto has made assumptions regarding, among other things:
the legislative and regulatory environment;
the impact of increasing competition;
current technological trends;
unpredictable changes to the market prices for gold and copper;
that costs related to development of the gold and copper properties and the development of gold and copper production projects will remain consistent with historical experiences;
anticipated results of exploration and development activities; and
Rio Altos ability to obtain additional financing on satisfactory terms.
Rio Altos actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors set forth below and elsewhere in this presentation:
uncertainties regarding the regulatory regime and the application approval process;
volatility in the market prices for gold and copper;
uncertainties associated with estimating and developing resources;
geological, technical, construction and processing problems;
liabilities and risks, including environmental liabilities and risks, inherent in developing gold and copper production projects;
fluctuations in currency and interest rates;
competition for, among other things, capital, acquisitions of reserves, undeveloped lands and skilled personnel; and
unpredictable weather conditions.
Rio Altos plans and results could differ materially from those anticipated in these forward-looking statements as a result of these risk factors set forth above. Rio Alto recommends that you also
review its most recent Annual Information Form and Annual MD&A for a discussion of other material risks that could cause actual results to differ significantly from current expectations. Rio Alto
also cautions that mineral resources that are not mineral reserves do not have demonstrated economic viability.

Certain technical and scientific information contained in this presentation has been taken from the La Arena Project, Peru - Technical Report (the July 2010 Report) with effective date of July 31,
2010, prepared by Coffey Mining Pty Ltd. (Coffey Mining) on behalf of Rio Alto Mining Limited or is based upon supporting documentation provided by Coffey Mining. A copy of the Technical
Report is available on Rio Altos SEDAR profile at www.sedar.com. This presentation also includes updated resource estimates dated effective September 30, 2011 in respect of the oxide and
sulphide projects that comprise La Arena Project. A technical report which provides for these updated resource estimates has been filed on Rio Altos SEDAR profile. The technical and scientific
information contained in this presentation has been reviewed and verified by Mr. Enrique Garay, M Sc., P. Geo (AIG Member), Vice President Geology of Rio Alto, the Qualified Person (as defined by
NI 43-101) responsible for managing Rio Altos exploration programs and disclosure of drilling results, and by Mr. Ian Dreyer, B.App. Sc. (AUSIMM 305241,CP), a Qualified Person (as defined by NI 43-
101), formerly of Coffey Mining, who designed and reviewed Rio Altos Quality Control and Assurance Program and prepared the updated resource estimates.

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La Arena Land Package

27,000 hectares

La Arena Project 1000 hectares

Measured & Indicated: 3.9 M oz Au & 2.0 Bn lbs Cu
Inferred: 2.2 M oz Au & 2.1 Bn lbs Cu
numbers rounded updated Jan 2012

Au Exploration Targets

26,000 hectare package

Targets:
La Colorada
Agua Blanca
Maria Angola
Pena Colorada
Astrid
San Andres

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Rio Alto Mining: De Junior a Productor Minero

I- RIESGO GEOLOGICO: BAJO

EXPLORACIN NO ES GREENFIELD (CAMBIOR/IAMGOLD)
VP / ENRIQUE GARAY

20,000ml OXIDOS QP / IAN DRYER

35,000ml SULFUROS
II- INVERSION/CONOCIMIENTO ADICIONAL PROGRESIVO (STAGES)

AO 2010
 9,000ml OXIDOS

AO 2011
 20,000ml OXIDOS
 30,000ml SULFUROS

AO 2012

 40,000ml OXIDOS
 60,000ml - SULFUROS
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Rio Alto Mining: De Junior a Productor Minero

I- CAPEX INICIAL MINIMO

CONCEPTO DE ALIANZA
MINADO (LA ARENA + STRACON/GYM)
VP / TIM WILLIAMS
QP / LINTON KIRK

ESQUEMA DE COMPENSACIN:
MANTENIMIENTO
 COST PLUS / NO PRECIOS UNITARIOS
 META ANUAL COSTO UNITARIO - GAIN/PAIN SHARES
 PLANEAMIENTO CONJUNTO
 INVERSION EQUIPO 100% - STRACON/GYM + 50 US$ MM (2012)
II- CURVA DE APRENDIZAJE ADQUIRIDA

III- CRECIMIENTO PROGRESIVO (STAGES)

10,000/20,000/24,000/36,000 tpd

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Rio Alto Mining: De Junior a Productor Minero

BENEFICIO QP / CHRIS KAYE

MANTENIMIENTO - I- INGENIERIA / CONSTRUCCIN 100% LOCAL

ENERGIA
PROCESO BAJO COSTO OPERATIVO
 NO CHANCADO (ROM)
 CONSUMO CN < 0.1kg/TMS
 PERIODO LIXIVIACIN: 30 45 DIAS
 RECUPERACIN METALRGICA + 80%

II- CRECIMIENTO PROGRESIVO (STAGES)

10,000/20,000/24,000/36,000 tpd

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Rio Alto Mining: De Junior a Productor Minero

FINANCIAMIENTO
FUENTES DE FINANCIAMIENTO

I- EMISION DE ACCIONES (US$ 100 M)

USO DE FONDOS:
INGENIERIA DEL PROYECTO
COMPRA DEL ACTIVO (IAM GOLD)

II- PREVENTA DE ORO (RED KITE) (US$ 50 M)

USO DE FONDOS:
CONSTRUCCIN DEL PROYECTO

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Rio Alto Mining: De Junior a Productor Minero

GESTIN

BOARD OF DIRECTORS
Dr. Klaus Zeitler | Chairman, Director
Alex Black | President & CEO, Director
Anthony Hawkshaw | CFO, Director
Victor Gobitz Colchado | COO, Director
Drago Kisic Wagner | Director
Sidney Robinson | Director
Ram Ramachandran | Director
Dr. Roger Norwich | Director
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Rio Alto Mining: De Junior a Productor Minero

GESTIN
Dr. Klaus Zeitler, Chairman of the Board, Director
Dr. Zeitler received his professional education at Karlsruhe University from 1959 to 1966 and obtained a PHD in economic
planning. Dr. Zeitler is a member of the Canadian Institute of Mining and Metallurgy and the Prospectors and Developers
Association. Dr. Zeitler financed, built and managed base metal and gold mines throughout the world (Europe, Africa, North
America, South America, and Pacific Region) with a total investment value of $4 billion. Dr. Zeitler was a managing director of
Metallgeschaft AG, a German metals conglomerate and in 1986 founded and was a director and CEO of Metall Mining, later
Inmet, a Toronto Stock Exchange listed company with assets of over $1 billion and base metal and gold mines in different parts
of the world. After having been a director of Teck and Cominco for many years, Dr. Zeitler joined Teck in 1997 as Senior Vice
President and had responsibilities for the exploration and development of mines in Peru, Mexico and the USA. Since his
retirement from Teck Cominco in 2002, and in addition to being President and a director of Amerigo Resources Limited, Dr.
Zeitler has been actively involved as a director in various junior base and precious metal companies.

Alex Black, President & CEO, Director

Alex Black lives in Lima, Peru and has over 30 years experience in the mining industry. Mr. Black holds a BSc in Mining
Engineering from the University of South Australia and is a member of the Australasian Institute of Mining and Metallurgy. Prior
to moving to Peru in 2000, Mr. Black was the founder and Managing Director of international mining consulting services group
Global Mining Services from 1994 to 2000. In 1996, Mr. Black also founded and was Chairman of OFEX listed AGR Limited with
exploration projects in Ghana and Mongolia. In 2002, Mr. Black took control of Chariot Resources Limited as a listed TSXV shell
and played a key role in the acquisition of the Marcona Copper Project and formation of the Korean joint venture with Chariot
Resources. Upon his resignation as Chairman & Executive VP of Chariot Resources in 2006, Mr. Black returned to Peru and
founded the Peruvian registered Rio Alto S.A.C. Mr. Black was the Chief Executive Officer, President and a director of Rio Alto
prior to the acquisition of the company by Mexican Silver Mines (since renamed Rio Alto Mining Limited).

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Anthony Hawkshaw, CFO & Director

For 29 years Anthony Hawkshaw was a Chartered Accountant and holds a Bachelor Degree in Business Management from the Ryerson
University in Toronto. From 2005 to 2007, Mr. Hawkshaw was the CFO of Grove Energy Limited, a London and Toronto listed oil and gas
development company. In 2004, Mr. Hawkshaw was the CFO of Chariot Resources Limited for a period of 12 months. Prior to Chariot, Mr.
Hawkshaw was CFO of Pan American Silver Corp. from 1995 to 2003. With more than 25 years experience in the mining industry in countries
including Canada, the United States, Mexico, Russia and Peru, Mr. Hawkshaw has extensive experience in the marketing of metals in refined
and concentrate form throughout the world and in metals trading. He has arranged numerous debt, equity and convertible debt financings
with institutional investors, commercial banks and multilateral lending agencies. Mr. Hawkshaw is also a director of TSXV listed Caza Gold.

Victor Gobitz Colchado , COO & Director

Mr. Gobitz is a Mining Engineer who received his professional education at the Pontificia Universidad Catlica del Per from 1981 to 1986
and obtained a Masters degree in Business Administration (MBA) from Escuela de Administracin de Negocios ESAN in 1998. Mr. Gobitz
sits on the Board of Directors of Castrovirreyna Compaa Minera and until recently, Volcan Compaa Minera, both public mining
companies listed on Bolsa de Valores de Lima. Mr.Gobitz has extensive experience in the start up and expansion of mining projects and
currently a board member of Corporacin Minera Castrovirreyna, Director of the Peruvian Mining Safety Institute ISEM and Member of
the Board of the Peruvian Corps of Engineers, Chapter of Mining Engineers - CIP.

Sidney Robinson, Director

Mr. Robinson is a retired Senior Partner of Torys LLP, Toronto and New York, who practised corporate/commercial law, with emphasis on
financings, mergers and acquisitions and international projects. He represented business clients based in Canada, France, Germany, Italy,
Japan, Sweden and the United States. In his practice, Sidney acted as strategic and legal advisor to senior management and Boards of
Directors. Mr. Robinson currently sits on the Boards of Directors of two public companies listed on the Toronto Stock Exchange, Amerigo
Resources Inc. and Chartwell Seniors Housing Real Estate Investment Trust and one private company, Butterfield & Robinson Inc. He has
served on the Boards of Directors of a number of public and private Canadian and U.S. companies including the Boards of Directors of AGIP
Canada Ltd., BMW Canada Inc., C.I. Fund Management Inc., Loring Ward International Inc., Inmet Mining Corporation, Purolator Courier Ltd.
and Pelmorex Media Inc. (The Weather Network).
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Drago Kisic Wagner, Director

Drago Kisic Wagner holds a B.S. from Pontificia Universidad Catlica del Per and a Masters degree (B-Phil) from Oxford
University. As a founding partner and current Director of MACROCONSULT and MACROINVEST, Mr. Kisic advised the Government
of Peru during the privatization of Centromin, Minero-Peru, Hierro-Peru and Perus telephone and telecommunications
companies CPT and ENTEL-Peru. Mr. Kisic is a member of the board of SIA (a cement company); Mapfre and Mapfre Peru Vida
(insurance companies); Haug (a steel contractor); Corporacin Rey and Teditex (textile related companies); and Banco Financiero
(a commercial bank). Currently, he is President of the Peruvian Institute of Economics and Politics and Bodega San Nicols and is
a member and former President of the Peruvian Center for International Studies (CEPEI) and the Peruvian Institute of Business
Management (IPAE). Drago was advisor to the Executive Director of the World Bank, and was President of CONASEV (the
Peruvian securities and companies regulatory authority) and Vice-president of the Lima Stock Exchange (BVL). Mr. Kisic was the
former head of the Economic Office and Manager of the Balance of Payments & External Sector Bureau of Perus Central Reserve
Bank and a former member of the Advisory Committee of the Ministry of Foreign Affairs. He was also the Head of the Border
Integration Team during the peace negotiations between Peru and Ecuador, ten years ago.

Dr. Roger Norwich, Director

Dr. Roger Norwich a dual graduate of Manchester University worked as an oil exploration Geologist for Texaco after graduation
and gained experience in the North Sea, the Gulf of Mexico and the Permian Basin. Having served as Chairman of a London AIM
listed oil and gas exploration company he was a founding Director of TSX-V listed Mexican Silver Mines and subsequent to the
take over and merger with Rio Alto Mining has remained on the Board as an Independent Director. Dr. Norwich is non-Executive
Chairman of Grupo Minero Panuco based in Mexico with extensive Copper, Gold and Molybdenum production assets.

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Ram Ramachandran, Director

Mr. Ramachandran has over 25 years of financial reporting experience in a multitude of capacities. During the past 10 years Ram
has consulted extensively on financial reporting and regulatory matters for public companies, accounting and law firms. Mr.
Ramachandran's contributions to the capital markets include authoring and launching the "Canadian Securities Reporter", a
proprietary public company subscription service currently available through the CICA's Knotia website. Mr. Ramachandran has
previously served as Associate Chief Accountant and Deputy Director, Corporate Finance at the Ontario Securities Commission
and served as a senior member in the national office of an international accounting firm. Mr. Ramachandran was also a member
of the OSC's Continuous Disclosure Advisory Committee (2004-2007) and has completed the IFRS Certification program offered
by the Institute of Chartered Accountants in England & Wales. Mr. Ramachandran originally qualified as a Chartered Accountant
in England & Wales and subsequently became a C.A. in Ontario in 1984. Mr. Ramachandran currently serves as a director of
White Tiger Gold Ltd. (TSX) and Viper Gold Ltd. (TSXV) and as Chief Financial Officer of CanAlaska Uranium Ltd. (TSXV) and
Purepoint Uranium Inc. (TSXV).

Daniel E. Kenney, Corporate Secretary

Daniel Kenney is a partner in the Calgary office of the law firm of Davis LLP. Mr. Kenney's practice is focused on securities and
corporate finance transactions, mergers and acquisitions and corporate governance matters. He has extensive experience with
public and private offerings of securities, including initial public offerings, business combinations and restructurings through
asset and share acquisitions, plans of arrangements and take-over bids. He also has considerable experience in all dealings with
securities regulators including stock exchanges and securities commissions. Mr. Kenney acts for a broad range of issuers listed on
the Toronto Stock Exchange and the TSX Venture Exchange as well as for investment dealers in connection with financings and
corporate restructuring transactions.

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Rio Alto Mining: De Junior a Productor Minero

GERENTE DE MINA LA ARENA Andrew Cox

VP OPERACIONES Tim Williams

VP GEOLOGIA Enrique Garay
VP PROYECTOS Sigfried Arce
VP RIESGOS/PLANEAMIENTO Paul Tweddle
VP RELACIONES CORPORATIVAS Jaime Soldi

GERENTE TECNICO Juan Rodriguez

GERENTE DE FINANZAS Zinha Urrunaga
GERENTE COMERCIAL Carmen Ramos
GERENTE LEGAL Carlos Salazar

SUPERINTENDENTE LICENCIAS Y PERMISOS Antonio Inope

SUPERINTENDENTE GESTION AMBIENTAL - Claudia Pozzo
SUPERINTENDENTE GIS Abigail Bandach
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