Exhibit 99.4
Independent auditor’s report
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To the shareholders of Rio Alto Mining Limited
We have audited the accompanying consolidated financial statements of Rio Alto Mining Limited, which comprise the consolidated statements of financial position as at December 31, 2012, December 31, 2011 and May 31, 2011, the consolidated statements of net income (loss) and comprehensive income (loss), changes in equity, and cash flows for the year ended December 31, 2012, seven month period ended December 31, 2011, and year ended May 31, 2011, and a summary of significant accounting policies and other explanatory information.
Management’s responsibility for the financial statements
Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
Auditor’s responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the company’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
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| Audit • Tax • Advisory |
| Grant Thornton LLP. A Canadian Member of Grant Thornton International Ltd |
We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of Rio Alto Mining Limited as at December 31, 2012, December 31, 2011, and May 31, 2011, and its financial performance and its cash flows for the year ended December 31, 2012, seven months ended December 31, 2011, and year ended May 31, 2011, in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.
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| Vancouver, Canada |  |
| March 28, 2013 | Chartered accountants |
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| Audit • Tax • Advisory |
| Grant Thornton LLP. A Canadian Member of Grant Thornton International Ltd |
