Inspiration and Innovation through Acquisition

“Inspiration and Innovation”
CORPORATE PRESENTATION
December, 2014

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”) and Sulliden Gold Corporation Ltd. (“Sulliden”). 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.
In particular, this presentation contains forward-looking statements, pertaining to the following: the anticipated benefits of the Arrangement to Rio Alto, Sulliden and their
respective shareholders; the timing and anticipated receipt of required regulatory, court, and shareholder approvals for the Arrangement; the ability of Rio Alto, Sulliden and
SpinCo to satisfy the other conditions to, and to complete, the Arrangement; the anticipated timing of the mailing of the information circular regarding the Arrangement; the
closing of the Arrangement; the development of the Shahuindo gold mine; the future gold production of Rio Alto and Sulliden; future cash costs of production; the gold resources
and reserves of Rio Alto and Shahuindo; the development of the La Arena sulphide copper gold project; capital expenditure programs and cash flow estimates; the development of
deposits, resources and reserves including the development of the La Arena sulphide project and the Shahuindo gold project; treatment under regulatory regimes; treatment under
taxation regimes or other government financial regimes; expectations regarding Rio Alto’s ability to raise capital and complete the feasibility study for the La Arena sulphide
project; the ability to bring the Shahuindo project to production; timing with respect to production from the Shahuindo project; the ability to realize value from Sulliden’s non-core
assets; expected synergies between the La Arena and Shahuindo projects; work plans to be conducted by Rio Alto; and the production and production growth of gold and copper
from Rio Alto’s La Arena project and gold from Sulliden’s Shahuindo 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 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 Alto’s ability to obtain additional financing on satisfactory terms.
Rio Alto’s 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.
TSX: RIO BVL: RIO NYSE: RIOM 2

Cautionary Statement
Rio Alto’s 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 and Sulliden’s 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.
This Presentation also discloses mineral resources. 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 Alto’s 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 Alto’s 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 Alto’s 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 Alto’s Quality Control and Assurance Program and
prepared the updated resource estimates.
Certain technical and scientific information with respect to the Shahuindo project contained in this presentation has been taken from the technical report entitled “Technical
Report on the Shahuindo Heap Leach Project, Cajabamba, Peru” (the “Shahuindo Technical Report”) with an effective date of September 26, 2012, prepared by Mr. Paul Tietz, CPG,
and Mr. Thomas L. Dyer, both of Mine Development Associates, Inc., and Mr. Carl Defilippi of Kappes, Cassiday & Associates. A copy of the Shahuindo Technical Report is available
on Sulliden’s SEDAR profile at www.sedar.com.
“Cash costs" per ounce figures are non-GAAP measures. This data is furnished to provide additional information and is a non-IFRS measure. Cash costs presented do not have a
standardized meaning under IFRS and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation as a substitute for
measures of performance prepared in accordance with IFRS.

Acquisition of Sulliden Gold Corp.
Created a leading mid-tier gold producer with a strong portfolio of assets in a world-class
mining district in Peru
Low-Cost
Development
Enhanced
Growth
Leverage Core
Competencies
Increased
Resources &
Reserves
Accretive to
Key Metrics
Strong Re-Rate
Potential
Gold
Production
Enhanced
Financial
Position
Ownership in
SpinCo

Capital Structure
TSX: RIO BVL: RIO NYSE: RIOM
5
TSX: RIO
BVL: RIO
NYSE: RIOM
Shares Issued (November 27, 2014) 332.6 million
Warrants Outstanding (Agnico Eagle @ $2.40 by April 12 2015) 9.9 million
Options Outstanding: (Av. Exercise Price – C$ 1.91) 17.6 million
Fully Diluted: 360.1 million
Share Price: C$2.79
as at Nov 27, 2014
Market Cap (issued capital): approx. C$927.9 million

Share Price Performance – 3 years
Sulliden Acquisition
Announced

Extensive Operating Capabilities and In-Region Expertise in Latin America
Dr. Klaus Zeitler | Non Exec Chairman
Alex Black | President, CEO
Victor Gobitz Colchado | Director
Drago Kisic Wagner | Director
Sidney Robinson | Director
Ram Ramachandran | Director
Peter Tagliamonte | Director
Bruce Humphrey | Director
7
Management Team
Management Board of Directors
• Alex Black (President, CEO, Director)
– 33 years of industry experience
– Founder & former Managing Director of Global Mining Services
– Founder AGR Limited (Boroo Gold Project, Mongolia & Salman Gold
Project, Ghana)
– Founder of Rio Alto Mining Limited
• Eduardo Loret de Mola (Chief Operating Officer)
– Over 35 years of industry experience
– Former Corporate Manager for Trafigura
– Former International Operations Manager for Hochschild
• Kathryn Johnson (Chief Financial Officer)
– Former Corporate Controller at Petaquilla Minerals
• Augusto Chung (VP Projects)
– Former Generate Manager of Compania Minera Milpo
– Project manager for the construction of Lagunas Norte
• Tim Williams (VP Operations)
– Former operations manager for GyM – Stracon in Peru
• Enrique Garay (VP Geology)
– Previously worked with Barrick, Hochschild, Trafigura and Consorcio
Minero Horizonte

Project Locations – Peru Focus
World-Class Gold District
Vancouver
Admin Office
Lima Head
Office
#1 Gold producer in Latin America
#6 Gold producer in the world
#2 Silver producer in the world
#2 Copper producer in the world
#3 Zinc and Tin producer in the world
Major International Companies in Peru
• Barrick Gold • Hudbay
• Newmont Mining • Glencore Xstrata
• Buenaventura • Anglo American
• BHP Billiton • Jianxi Copper
• Gold Fields • Rio Tinto
• Southern Copper • MMG
• Pan American Silver • Chinalco
• Teck
Shahuindo1
Avg Prod (10ktpd):
Avg Cash Costs:
2P Reserves Au:
M&I Resources Au:
84.5koz Au
$552/oz Au
1.0Moz @ 0.84g/t
2.4Moz @ 0.52g/t
La Arena Oxides2
2014E Production:
2014E Cash Costs:
2P Reserves Au:
M&I Resources Au:
La Arena Sulphides
2P Reserves Au:
M&I Resources Au:
2P Reserves Cu:
M&I Resources Cu:
Lima
Cerro
Corona
Conga
Yanacocha
Pierina
Tantahuatay
La Zanja
Lagunas Norte
Source: Company disclosure
1. Forecasts based on Sulliden’s technical report entitled “Technical Report on the Shahuindo Heap Leach Project, Cajabamba, Peru” (the “Shahuindo Technical Report”) with an effective date of September 26, 2012
2. Based on Rio Alto’s 2014 production and cost guidance
200-220koz Au
$629-$695/oz Au
1.1Moz @ 0.43g/t
1.3Moz @ 0.41g/t
2.1Moz @ 0.24g/t
3.8Moz @ 0.21g/t
1.9Blbs @ 0.33%
3.7Blbs @ 0.30%

Solid Track Record – Execution & Delivery
Leverage Experience from La Arena to Fast Track Production at Shahuindo
2009-10
2011
2012
2013
Today
The Future
• Acquisition of La Arena from IAMGOLD
• Increased reserves to 821 kozs and began construction
• Startup at 10,000 tpd; Production of 51,398 gold ounces
• US$50 million capex with a 10 month build
• Expansion to 24,000 tpd 12 months post start-up
• Production of 201,113 gold ounces
• Expansion to 36,000 tpd 18 months post start-up
• Production of 214,742 gold ounces
• Consistent positive grade reconciliation
• Q1 production of 53,463 gold ounces
• 2014 production guidance of 200-220 kozs gold at cash
costs of $629-$695 per oz
• Cost optimization of oxide operations
• Oxides reserves increased by ~95% since startup
• Phase II Feasibility study in Q4 2014
• Continued expansion of oxide mineralization
Rio Alto Will Apply its Development Approach
for La Arena to the Development of Shahuindo

Balanced Pipeline of Quality Assets
Strong Organic Growth From Combined Project Pipeline
• La Arena production of 200 – 220 kozs in 2014 at attractive and decreasing cash costs
• Opportunity for further extension of current oxide heap leach operation via ongoing
exploration success
Current
Production
Near-Term
Construction
Brownfield
Expansion and
Development
Exploration Potential
• Commencement of Shahuindo construction in 2015 with first production by
late 2015 / early 2016
• Forecast initial production of approximately 100 kozs gold per annum from
Shahuindo at 10,000tpd
• Shahuindo expansion from 10,000 tpd to 25,000 – 36,000 tpd
• Future growth from development of La Arena Phase II copper-gold porphyry
• ~55,800 hectare land package in a highly prospective region of Peru that
hosts several significant deposits
• Significant exploration upside at both properties

Leading Low Cost Production Growth
Significant Production Growth at Attractive and Decreasing Cash Costs
Consensus 2014E – 2016E Gold Production Profile1
215
249
304
GFMS 2013 9-Month
Avg Total Cash Costs:
$768/oz
$657
$634
$576
2014E 2015E 2016E 2017 Onwards
Sulliden Production
Rio Alto Production
Pro Forma Cash Costs
Shahuindo
Expansion
to
~30,000 tpd
( kozs Au and
US$/oz Au )
Source: Investment dealer research
1. Based on average of available broker estimates

Robust Mineral Resource Base
Significant Resources to Support Production Growth and Long Life Operations
Oxide Mineral Reserves and Resources1 Global Mineral Resources1
SUE Inferred Resources
SUE M&I Resources (exclusive)
SUE 2P Reserves
RIO Inferred Resources
RIO M&I Resources (exclusive)
RIO 2P Reserves
0.2 0.2
1.1 1.1
( Mozs Au )
SUE Inferred Resources
SUE M&I Resources (inclusive)
RIO Inferred Resources
RIO M&I Resources (inclusive)
( Mozs Au )
La Arena Shahuindo Combined La Arena Shahuindo Combined
1.0
1.0
1.4
1.4
Rio Alto Sulliden New Rio Alto
5.2 5.2
2.4
2.4
1.6
1.6
Rio Alto Sulliden New Rio Alto
Source: Company disclosure
1. See slide 25 and 26 for detailed information on mineral reserves and resources for La Arena and Shahuindo

Cash Flow Generator
Strong Cash Flow with Potential for Continued Expansion of Oxides
• Steady and consistent operations at attractive cash
costs with cost reduction and optimization
underway
– 2013 operating cash flow of $77mm
– 2014E production of 200 to 220 kozs
– 2014E cash costs of US$629 to $695/oz
– 2014E all-in sustaining costs of US$824 to $911/oz
• Positive grade reconciliation has continued over the
last three years with grades up over 8%, resulting in
11% more gold production than anticipated
• Ongoing drilling success including 314m at 0.7 g/t as
Gold Production Guidance Range Total Cash Costs
Ending Reserve Ounces Cumulative Ore Placed on Pad
recently as May 2014
• Potential for significant future cash flow growth
with the development of the Phase II copper-gold
porphyry project at La Arena
• Prospective land package of ~45,000 ha in a well-established
gold mining district in Peru
Established Operating History
51
201
215 200-220
$567
$650 $629-$695
2011 Actual 2012 Actual 2013 Actual 2014 Guidance
Continued Reserve Replacement
821 740 887
1,044
295
557
821 821
1,182
1,601
2010 2011 2012 2013

Cost Optimization Program
Production & Sales
COST REDUCTION AND
OPTIMIZATION ONGOING –
Production 2012 201,113 oz
HEADING IN RIGHT
DIRECTION
Production 2013 214,742 oz
Production Guidance 2014 200 – 220,000 oz
_________________________________________________________________________________________________________________________________________________
Cost Guidance for 2013 (WGC) Actual
Adjusted Operating Cost US$ 675 to US$ 725 / oz $ 650
All-in sustaining costs US$ 900 to US$ 1,000 / oz $ 880
All-in costs US$ 1,200 to US$ 1,300 / oz $ 1,073
________________________________________________________________________________________________________________________________________________
Cost Guidance for 2014 (WGC) Actual Q1 ‘14 Q2 ‘14
Adjusted Operating Cost US$ 629 to US$ 695 / oz $ 651 $ 569
All-in sustaining costs US$ 824 to US$ 911 / oz $ 773 $ 772
All-in costs US$ 990 to US$ 1,094 / oz $ 914 $ 879
Great Result !!!

Social & Community

Environmental Responsibility
Reclamation work on
waste dump No. 1

Calaorco Pit Panorama – July 2014
Site Panorama – March 2014
Mining Progress

Near-Term Growth Driver
Near-Term Low Cost Heap Leach Gold Production with a Substantial Resource
• Highly attractive scalable project with top tier economics based
on the September 2012 Feasibility Study
 10,000 tpd operation and low strip ratio of 1.91:1
 Initial production forecast to be ~100,000 ounces gold per year with a
10 year mine life
 Cash costs of US$552/oz gold and US$826/oz gold all-in
 Initial capex of US$132 million
 NPV of US$249 million at US$1,415/oz gold and 5% discount rate
 IRR of ~38% and payback period of 2.2 years
• Currently in advanced stages of permitting
 Environmental Impact Assessment (“EIA”) approved by the Peruvian
Government in September 2013
 Remaining process permits, authorizations and applications underway
and moving towards construction phase
• Large resource base with strong upside potential to support
expanded operating scenarios and long-life operations
 Mineral reserves represent only ~40% of M&I oxide resources
 Numerous regional targets remain largely unexplored
Source: Sulliden’s technical report entitled “Technical Report on the Shahuindo Heap Leach Project, Cajabamba, Peru” (the “Shahuindo Technical Report”) with an effective date of September 26, 2012 and other company disclosure

Site Panoramas
Viewing North – July 2014
Viewing East – July 2014

Production Scale & Growth
2014E / 2016E Consensus Gold Production (kozs Au)1
406
220 215 202
160 138
300
215
123
612
308 304
272
231 210 210
176
127
B2Gold AuRico New Rio Primero Alamos Argonaut OceanaGold Rio Alto Timmins
Gold Mineral Reserves (mm ozs Au)
6.5
5.4
4.2
3.2 3.1 3.0
2.3
2.0
1.6
AuRico B2Gold New Rio Rio Alto OceanaGold Argonaut Primero Alamos Timmins
Source: FactSet, Bloomberg, company disclosure, available broker reports
1. Shown on a basic basis

Next Steps
• Integrate personnel and operating philosophies
• Leverage La Arena experience and re-evaluate Shahuindo development approach
• Evaluate synergies and opportunities to maximize value at Shahuindo
• Deliver on key operational goals, including the accelerated start-up of Shahuindo
by late 2015 / early 2016
• Continue expanding La Arena oxides and evaluate the Phase II expansion
• Pursue growth opportunities in the Americas

~40% Production Growth by 2016
1.3
3.8
Shahuindo
Expansion to
~36,000 tpd
Current New Rio Alto Future
22
Summary
Rio Alto is Ideally Positioned as a
New Leading Low-Cost Mid-Tier Gold Producer
• High quality operating and development gold
assets in a world-class mining jurisdiction
• Significant resource base supporting leading
organic production growth
• Strong financial position with superior and
growing cash flow
• Experienced and proven management team with a
track record of execution and delivery
• Low-cost heap leach producer in mining friendly
Peru should attract a premium multiple
• Compelling value proposition driven by quality
215
304
Current
(2014 Consensus)
New Rio Alto
(2016 Consensus)
Future
~180% Increase to M&I Oxide Resources
Prospective
Exploration
Packages
(kozs)
(Mozs)
Source: Company disclosure, available broker reports

Contact Us:
Rio Alto
Suite 1950 – 400 Burrard Street
Vancouver, BC V6C 3A6
Telephone: +1 604 628 1401
Investor Relations: +1 877 628 1401
Alex Black, Director, President & CEO alexb@rioaltomining.com
Alejandra Gomez, Manager Investor Relations alejandrag@rioaltomining.com

La Arena – Positive Cash Generator
24
Worried by a declining gold price and the impact on RIO???
Great upside to a rising gold price!!!

Mineral Reserves and Resources – La Arena
Quantity Grades Contained
Gold Silver Copper Gold Silver Copper
(kt) (g/t) (g/t) (%) (kozs) (kozs) (Mlbs)
Proven & Probable Reserves
Oxides - Proven Reserves 2,800 0.35 0.6 0.03% 32 -- --
Oxides - Probable Reserves 75,400 0.43 0.4 0.04% 1,046 -- --
Oxides - Proven & Probable Reserves 78,200 0.43 0.5 0.04% 1,078 -- --
Sulphides - Proven Reserves 100 0.32 -- 0.29% 1 -- 1
Sulphides - Probable Reserves 268,700 0.24 -- 0.33% 2,091 -- 1,946
Sulphides - Proven & Probable Reserves 268,900 0.24 -- 0.33% 2,092 -- 1,947
Total - Proven Reserves 2,900 0.35 -- 0.01% 33 -- 1
Total - Probable Reserves 344,100 0.28 -- 0.26% 3,137 -- 1,946
Total - Proven & Probable Reserves 347,100 0.28 -- 0.25% 3,170 -- 1,947
Measured and Indicated Resources (Inclusive of Reserves)
Oxides - Measured Resources 2,000 0.43 2.6 0.04% 28 -- --
Oxides - Indicated Resources 98,200 0.41 1.5 0.04% 1,299 -- --
Oxides - Measured & Indicated Resources 100,200 0.41 1.5 0.04% 1,327 -- --
Sulphides - Measured Resources -- -- -- -- -- -- --
Sulphides - Indicated Resources 561,700 0.21 0.4 0.30% 3,829 -- 3,746
Sulphides - Measured & Indicated Resources 561,700 0.21 0.4 0.30% 3,829 -- 3,746
Total - Measured Resources 2,000 0.43 2.6 0.04% 28 -- --
Total - Indicated Resources 659,900 0.24 0.0 0.26% 5,128 -- 3,746
Total - Measured & Indicated Resources 661,900 0.24 0.0 0.26% 5,156 -- 3,746
Inferred Resources
Oxides - Inferred Resources 300 0.20 0.7 0.01% 2 -- --
Sulphides - Inferred Resources 32,500 0.11 0.4 0.19% 116 -- 137
Total - Inferred Resources 32,800 0.11 0.0 0.19% 118 -- 137
The New Rio Alto - A Leading Americas Focused Mid-Tier Gold Producer
25
Note: La Arena oxide mineral reserves and resources as at December 31, 2013. La Arena sulphide mineral resources as at January 1, 2013

Mineral Reserves and Resources – Shahuindo
Quantity Grades Contained
Gold Silver Copper Gold Silver Copper
(kt) (g/t) (g/t) (%) (kozs) (kozs) (Mlbs)
Proven & Probable Reserves
Oxides - Proven Reserves 14,994 0.90 10.4 -- 434 5,008 --
Oxides - Probable Reserves 22,595 0.80 8.8 -- 582 6,396 --
Oxides - Proven & Probable Reserves 37,589 0.84 9.4 -- 1,015 11,404 --
Mixed - Proven Reserves 165 0.71 17.6 -- 4 93 --
Mixed - Probable Reserves 93 0.87 21.3 -- 3 64 --
Mixed - Proven & Probable Reserves 258 0.76 18.9 -- 6 157 --
Total - Proven Reserves 15,159 0.90 10.5 -- 437 5,102 --
Total - Probable Reserves 22,688 0.80 9.4 -- 584 6,459 --
Total - Proven & Probable Reserves 37,847 0.84 9.5 -- 1,022 11,561 --
Measured and Indicated Resources (Inclusive of Reserves)
Oxides - Measured Resources 40,500 0.59 8.1 -- 766 10,530 --
Oxides - Indicated Resources 104,840 0.48 6.3 -- 1,624 21,080 --
Oxides - Measured & Indicated Resources 145,340 0.51 6.8 -- 2,390 31,610 --
Mixed - Measured Resources 780 0.75 33.7 -- 19 850 --
Mixed - Indicated Resources 1,190 0.77 23.8 -- 29 910 --
Mixed - Measured & Indicated Resources 1,970 0.76 27.8 -- 48 1,760 --
Total - Measured Resources 41,280 0.59 8.6 -- 785 11,380 --
Total - Indicated Resources 106,030 0.48 6.5 -- 1,653 21,990 --
Total - Measured & Indicated Resources 147,310 0.52 7.1 -- 2,438 33,370 --
Inferred Resources
Oxides - Inferred Resources 9,570 0.40 4.3 -- 124 1,330 --
Mixed - Inferred Resources 20 0.68 12.2 -- 0 10 --
Sulphides - Inferred Resources 61,410 0.76 22.9 -- 1,504 45,220 --
Total - Inferred Resources 71,000 0.71 20.4 -- 1,628 46,560 --
The New Rio Alto - A Leading Americas Focused Mid-Tier Gold Producer
26
Note: Shahuindo mineral reserves and resources as at September 2012

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