TSX.V: LRA

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Investor Presentation May 2013

Creating Value Through Discovery in South America

“Creating Value Through Exploration, Acquisitions

and Discovery”

TSX.V: LRA

Forward Looking Statements

Except for statements of historical fact relating to the Company, certain information contained herein

constitutes forward-looking statements. Forward-looking statements are frequently characterized by words

such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate” and other similar words, or statements that

certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and

estimates of management on the date the statements are made, and are subject to a variety of risks and

uncertainties and other factors that could cause actual events or results to differ materially from those

projected in the forward-looking statements. There can be no assurance that such forward-looking statements

will prove to be accurate, as actual results and future events could differ materially from those anticipated in

such statements. Accordingly, readers should not place undue reliance on such statements. The Company does

not undertake to update any forward-looking statements that are incorporated by reference herein, except in

accordance with applicable securities laws.

For a description of material factors that could cause the Company’s actual results to differ materially from the

forward-looking statements, please review the Company’s Prospectus, Annual Information Form, and MD&A

filed on www.sedar.com.

The Qualified Person (QP) for projects in China and Peru is Andre Gauthier.

The Qualified Person (QP) for projects in Brazil is Mike Bennell

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TSX.V: LRA

• TSX Venture Exchange listed in Canada, symbol LRA

• Exploring in Brazil, Peru, Chile and Colombia

• Experienced South American management team

• Large portfolio across a diverse range of commodities

• 15 partnerships and three alliances potentially delivering over $61m in cash and third-party funded exploration

• ~$5m in treasury covers 2013-14 budgets

• New copper-gold discovery at Liberdade in Brazil

Company Snapshot

Management & Directors

Miles Thompson, Chairman

Andre Gauthier, President

Michael Bennell, VP Exploration

Chris MacIntyre, VP Corporate

David Miles, CFO

Kim Casswell, Corp Secretary

Noel Diaz, Manager Peru

Helio Ikeda, Manager Brazil

Independent Directors

Michael Winn

Byron King

Adrian Calvert

Chris Jones

Geoff Chater

Share Capital Price Shares % Total

Outstanding 1.30 30,499,687 83%

Warrants 1.85 4,683,175 11%

Options 1.04 2,436,875 6%

Fully Diluted 37,019,697

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TSX.V: LRA

Prospecting – we acquire mineral prospects and work up targets on them, then bring in Joint Venture partners to fund on-going exploration and development

Alliances – we conduct high-risk generative work for specific commodities/regions, funded by partners, with any targets acquired then going into Joint Ventures

Joint Ventures – we retain risk-free minority interests in the projects we generate, shares in partner companies and/or royalties

Risk – this approach makes Lara a more sustainable business than most of its peers, while remaining exposed to the substantial returns generated by a major discovery

Liberdade – this is what its all about – our JV with Chilean copper giant Codelco has intercepted significant copper-gold mineralization at Liberdade. Codelco must carry Lara through additional drilling and resource definition to earn its interest.

Prospect Generator Business Model

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TSX.V: LRA

Breaking News – Liberdade Discovery

IOCG – drilling indicates a potentially large Carajás-type copper-gold system

Codelco JV – $3 million of exploration to earn 51% and delivering a minimum compliant resource of 500,000t of contained copper to earn 75%

Next Step - 3,000m to 4,000m drill program starting up in April 2013

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TSX.V: LRA

Multi-Commodity Project Portfolio

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TSX.V: LRA

Option and Joint Venture Agreements

Partner Project Commodity Country Lara Residual

% Payment

US$m Exploration

US$m Shares

m Years

Aguia Resources Sergipe Potash Brazil 25% 0.10 1.50 10.0 2

Codelco Liberdade Copper Brazil 25% 3.00 4

Avenue Resources North Brazil Tin Brazil 25% 2.50 4

Focus Graphite Caninde Graphite Brazil 40% 7.00 0.50 5

Antofagasta Sami Copper, Gold Peru 25%+FS 6.00 4

Redzone Resources Lara + Tingo Este Copper Peru 45% 0.85

Network Exploration Picha Copper, Silver Peru 25%+PFS 1.20 8.00 3.00 3

Halston Exploration Condoroma Copper Peru 25%+FS 1.80 10.50 6

Halston Exploration Coporaque Copper Peru 25%+FS 1.65 10.00 6

Alta Resources Atenea Gold Peru 25%+FS 1.50 6.75 7

Totals 6.15 55.25

• Partnerships leverage Lara’s investment in target identification and acquisition and significantly increase the number of opportunities that we’re able to test

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TSX.V: LRA

3 Strategic Alliances

Partner Commodity Countries Lara Residual

% Payment

US$m Exploration US$m/Year Years

Antofagasta Copper Brazil 30% 3 0.6 3

Kiwanda Phosphate Peru, Chile, Colombia 30% 0.5 3

Kiwanda Coal Peru, Colombia 30% 0.6 3

Totals 3.00 1.7

• 3 Strategic Alliances formed in 2012

• Each Alliance provides funding for generative work, with new projects going to joint ventures where the partner will fund exploration to earn a 70% interest

• Low-risk way for Lara to leverage its experience and database to acquire new joint venture project interests

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TSX.V: LRA

Listed Interests and Royalty Agreements

Partner Project Commodity Country Lara Interest

Cash US$m Royalty Shares m

Vertical Mineração Vertical Iron Brazil Royalty 0.80 0.75-1.50/t

Horizonte Minerals Vila Oito Nickel Brazil Shares 8.5

Avenue Resources Sao Lourenco Tin Brazil Royalty 1.00 1.0% 3.0

Avanco Resources Conceicao Ni-PGE Brazil Royalty 3.00 2.0%

Hochschild Lampa Gold Peru Royalty 2.0%

CJL Capital Chocos Zinc-Lead Peru Royalty 0.45 2.0%

Totals 2.25

• Most joint venture agreements result in a royalty interest if Lara elects not to fund its minority interest

• Market currently puts high value on royalties and Lara intends to grow this part of its portfolio in the coming years

• The Vertical iron project is now permitted to begin small-scale production and, subject completion of project finance, could be the first royalty to start paying out

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TSX.V: LRA

• 2012

– Lara (Cu, Mo)

– Curionópolis (Cu, Au)

– Vertical (Fe)

– São Lourenço (Sn)

– Conceição (Ni)

– Liberdade (Cu)

Six Drill Programs JV Funded Again in 2012

• 12 third-party funded drill programs completed 2011-2012.

• 2012 programs substantially expanded the Lara Copper and Vertical Iron deposits and confirmed the Liberdade copper discovery.

• 5 drill programs already planned for 2013

• 2013

– Liberdade (Cu)

– Sergipe (K)

– Condoroma (Cu)

– Picha (Cu-Ag)

– Sami (Cu-Au)

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TSX.V: LRA

Brazil Exploration Highlights

• Copper-gold discovery at Liberdade with Codelco.

• Curionopolis high-grade copper target, >1% Cu breccias.

• Sergipe Potash target to be drilled in 2013

• Growing pipeline of iron, copper and graphite prospects.

• New copper exploration Alliance with Antofagasta

• 16 projects, 7 funded by JV

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TSX.V: LRA

Peru Exploration Highlights

• Drilling substantially expanded footprint of the Lara Cu porphyry.

• World class epithermal district outlined at Sami.

• Drill permits secured for Condoroma and Picha

• 18 projects, 8 JVs

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TSX.V: LRA

• 20 high sulphidation epithermal gold and porphyry style copper-gold targets indentified.

• The large area of prospective alteration is indicative of district potential.

• Pitusaja zone of strong silica alteration with gold values. Similar outcrops nearby suggest mineralization extends under cover for several kilometres.

Sami (Peru) – District-Scale Epithermal System

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TSX.V: LRA

• Drilling has materially expanded the mineralization to 2km by 0.5km.

• Low altitude, close to infrastructure and the coast.

Lara Copper (Peru) – Mid-Size Cu-Mo Porphyry

• Purchase by Minsur of a 70% interest in the nearby Marcona - Mina Justa deposit for $505 million establishes valuation target benchmark

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TSX.V: LRA

• Iron formations extend for over 10km within the property

• Pilot mining license and permitting in place for small- scale production

• Final Exploration Report with Resources and Reserves filed with the Brazilian Dept of Mines

• Vertical currently working to secure a Mining License and project finance

Vertical Iron (Brazil) - Royalty Project

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TSX.V: LRA

• Located in the Carajas IOCG district close to several operating iron and copper mines.

• Artisanal workings expose high-grade copper-gold veins.

• Recent drill holes include: 53.8m at 9.59% Cu & 29.05m at 4.56% Cu

Curionopolis (Brazil) - High-Grade Copper

TSX.V: LRA

• People - management has depth (10 geologists), is highly experienced technically, commercially and locally. Insiders are significant shareholders.

• Politics – active in multiple jurisdictions – Brazil, Peru, Chile and Colombia.

• Finance – $5m treasury sufficient for 2013-14. The company expects additional cash from portfolio sales, share sales and royalties going forward.

• Paper – approximately 31m shares outstanding and 37m fully diluted.

• Partnerships – over $61m of exploration to be potentially paid for by joint ventures and alliances with companies from Canada, UK, Australia and South America.

• Commodities – diversified portfolio including Au, Ag, Sn, Cu, Ni, Fe, Zn, Pb, K, P, C (graphite) and coal exposure.

• Portfolio - includes a number of significant discoveries and projects maturing towards resource definition and mining.

• Payback – large diverse portfolio gives multiple chances of the kind of exploration success that generates outstanding returns to shareholders, while the partnerships funding limits the downside risk.

De-Risking Exploration

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