Volcan Compañía Minera S.A.A. announced an increase of the Maximum Tender Amount (as defined below) from U.S.$100,000,000 to U.S.$110,000,000 and the early tender results of its offer to purchase for cash up to U.S.$110,000,000 aggregate principal amount (the "Maximum Tender Amount") of its outstanding 4.375% Senior Notes due 2026 (CUSIP: 92863U AB2 and P98047 AC0, and ISIN: US92863UAB26 and USP98047AC08) (the "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"). Capitalized terms used in this announcement, but not defined herein, shall have the meanings given to such terms in 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 has solicited (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 forth therein.

 See "Proposed Amendments to the Indenture" in the Statement. As set forth in the Statement, on or prior to the Early Tender and Consent Time, Holders had the option to 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 does not apply to the Solicitation.  Given that the Maximum Tendered Amount has been obtained as set forth below, after the Early Tender and Consent Time but at or prior to the Expiration Date, Holders may still tender their Notes and deliver their Consents pursuant to the Solicitation, but no Notes will be accepted for purchase and no Consent Payment shall be made in respect thereof. Volcan hereby announces that, as of June 15, 2022, at 5:00 p.m.New York City time (which was the Early Tender and Consent Time), it has received valid tenders from the registered holders of the Notes (individually, a "Holder" and collectively, the "Holders") of U.S.$209,564,000 in aggregate principal amount of the Notes, representing approximately 44.12% 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 52.56%.  Withdrawal rights for the Tender Offer and revocation rights for the Solicitation have expired as of 5:00 p.m., New York City time, on June 15, 2022. Furthermore, Volcan hereby announces that it has obtained the Requisite Consents (as defined in the Statement) necessary to give effect to the Proposed Amendments.

As a result, Volcan expects that the first supplemental indenture to the Indenture (the "First Supplemental Indenture") effecting the Proposed Amendments will be executed on June 21, 2022, or promptly thereafter.  The First Supplemental Indenture will become effective upon its execution and delivery by Volcan, as issuer, the Subsidiary Guarantors (as defined therein), as guarantors and Citibank, N.A., as trustee, and payment in full of the Consent Payment. Volcan currently expects that the Early Settlement Date will be June 21, 2022.

 On the Early Settlement Date, Holders that validly tendered (and not validly withdrawn) their Notes at or prior to the Early Tender and Consent Time, which Notes were accepted for purchase pursuant to the Tender Offer, will receive the Total Consideration.  In addition, such Holders 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.  Moreover, on the Early Settlement Date, Holders who delivered Consents at or prior to the Early Tender and Consent Time, but elected not to tender their Notes in the Tender Offer, will receive the Consent Payment.  Lastly, any Holder's tendered Notes which are not accepted for purchased due to proration, will be promptly returned to such Holder, and such Holder will be deemed to have delivered its Consent with respect to all Notes tendered and will be eligible to receive the Consent Payment in respect of all such Notes that were tendered prior to the Early Tender and Consent Time.