<Page>

                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                    FORM 10-Q

(Mark One)

/X/    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
       EXCHANGE ACT OF 1934
       For the quarterly period ended JANUARY 31, 2002

                                       Or

/ /    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
       EXCHANGE ACT OF 1934
       For the transition period from _______ to _______

                        COMMISSION FILE NUMBER 333-66291

                        THE DOE RUN RESOURCES CORPORATION
             (Exact name of registrant as specified in its charter)

           NEW YORK                                     13-1255630
(State or other jurisdiction of                       (IRS Employer
incorporation or organization)                      Identification No.)

  1801 PARK 270 DRIVE, SUITE 300
       ST. LOUIS, MISSOURI                                 63146
(Address of principal executive offices)                 (Zip Code)

Registrant's telephone number, including area code    (314) 453-7100

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the proceeding 12 months (or for such shorter period that the registrant was
required to file such reports) and (2) has been subject to such filing
requirements for the past 90 days.
                                                         / /  YES        /X/  NO

Number of shares outstanding of each of the issuer's classes of common stock, as
of May 16, 2001:
COMMON STOCK, $.10 PAR VALUE                                  1,000 SHARES

<Page>

                        THE DOE RUN RESOURCES CORPORATION
                               INDEX TO FORM 10-Q

<Table>
<Caption>
                                                                    PAGE NO.
                                                                    --------
<S>                                                                 <C>
PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

                       THE DOE RUN RESOURCES CORPORATION
Condensed Consolidated Balance Sheets
  January 31, 2002 and October 31, 2001                               3
Condensed Consolidated Statements of Operations
  three months ended January 31, 2002 and 2001                        4
Consolidated Statements of Comprehensive Income
  three months ended January 31, 2002 and 2001                        5
Condensed Consolidated Statements of Cash Flows
  three months ended January 31, 2002 and 2001                        6
Notes to Consolidated Financial Statements                          7-23

                             DOE RUN PERU S.R.L.

Condensed Consolidated Balance Sheets
  January 31, 2002 and October 31, 2001                              24
Condensed Consolidated Statements of Operations
  three months ended January 31, 2002 and 2001                       25
Condensed Consolidated Statements of Cash Flows
  three months ended January 31, 2002 and 2001                       26
Notes to Condensed Consolidated Financial Statements                27-29

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
  FINANCIAL CONDITION AND RESULTS OF OPERATIONS                     30-42

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
  MARKET RISK                                                        42

PART II.  OTHER INFORMATION.
ITEM 1.  LEGAL PROCEEDINGS                                           42

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K.                           42

SIGNATURES                                                           43
</Table>

<Page>

                       THE DOE RUN RESOURCES CORPORATION
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                (DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

<Table>
<Caption>
                                                                                       JANUARY 31,          OCTOBER 31,
                                                                                          2002                  2001
                                                                                    ------------------  -----------------
                                                                                       (UNAUDITED)
                                     ASSETS
<S>                                                                                 <C>                 <C>
Current assets:
   Cash                                                                             $           5,976   $          6,263
   Trade accounts receivable, net of allowance for doubtful accounts                           59,995             73,006
   Inventories                                                                                125,903            107,404
   Prepaid expenses and other current assets                                                   27,590             19,331
                                                                                    ------------------  -----------------
     Total current assets                                                                     219,464            206,004
   Property, plant and equipment, net                                                         261,371            264,300
   Special term deposit                                                                       125,000            125,000
   Other noncurrent assets, net                                                                 6,416              7,811
                                                                                    ------------------  -----------------
     Total assets                                                                   $         612,251   $        603,115
                                                                                    ==================  =================

                      LIABILITIES AND SHAREHOLDER'S DEFICIT
Current liabilities:
   Short-term borrowings and current maturities of long-term debt                   $          66,295   $         62,611
   Accounts payable                                                                            61,274             52,037
   Accrued liabilities                                                                         60,285             58,329
                                                                                    ------------------  -----------------
     Total current liabilities                                                                187,854            172,977

Long-term debt, less current maturities                                                       432,502            433,370
Other noncurrent liabilities                                                                   62,387             62,569
                                                                                    ------------------  -----------------
     Total liabilities                                                                        682,743            668,916

Shareholder's deficit:

   Common stock, $.10 par value, 1,000 shares authorized, issued, and outstanding                  --                 --
   Additional paid-in capital                                                                   5,238              5,238
   Accumulated deficit                                                                        (62,417)           (57,726)
   Accumulated other comprehensive losses                                                     (13,313)           (13,313)
                                                                                    ------------------  -----------------
     Total shareholder's deficit                                                              (70,492)           (65,801)
                                                                                    ------------------  -----------------
     Total liabilities and shareholder's deficit                                    $         612,251   $        603,115
                                                                                    ==================  =================
</Table>

   The accompanying notes are an integral part of these condensed consolidated
                              financial statements.

                                        3
<Page>

                       THE DOE RUN RESOURCES CORPORATION
          CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
                             (DOLLARS IN THOUSANDS)

<Table>
<Caption>
                                                                                                  THREE MONTHS ENDED
                                                                                                      JANUARY 31,
                                                                                    ------------------------------------------------
                                                                                             2002                     2001
                                                                                    -----------------------  -----------------------
<S>                                                                                 <C>                      <C>
Net sales                                                                           $              156,536   $              187,225

Costs and expenses:
   Cost of sales                                                                                   137,481                  172,538
   Depletion, depreciation and amortization                                                          7,502                    7,521
   Selling, general and administrative                                                               6,253                    7,715
   Exploration                                                                                         199                      417
   Unrealized gain on derivative financial instruments                                              (1,386)                     (56)
                                                                                    -----------------------  -----------------------
     Total costs and expenses                                                                      150,049                  188,135
                                                                                    -----------------------  -----------------------

     Income from operations                                                                          6,487                     (910)

Other income (expense):
   Interest expense                                                                                (13,970)                 (16,059)
   Interest income                                                                                   3,539                    3,594
   Other, net                                                                                         (208)                     336
                                                                                    -----------------------  -----------------------
                                                                                                   (10,639)                 (12,129)
                                                                                    -----------------------  -----------------------

     Loss before income tax expense                                                                 (4,152)                 (13,039)

Income tax expense                                                                                     539                      417
                                                                                    -----------------------  -----------------------
     Loss before cumulative effect of change in accounting principle                                (4,691)                 (13,456)

     Cumulative effect of change in accounting principle, net of income tax
        benefit                                                                                         --                   (3,774)
                                                                                    -----------------------  -----------------------

          Net loss                                                                  $               (4,691)  $              (17,230)
                                                                                    =======================  =======================
</Table>

   The accompanying notes are an integral part of these condensed consolidated
                              financial statements.

                                        4
<Page>

                        THE DOE RUN RESOURCES CORPORATION
          CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
                             (DOLLARS IN THOUSANDS)

<Table>
<Caption>
                                                                                                  THREE MONTHS ENDED
                                                                                                      JANUARY 31,
                                                                                             2002                     2001
                                                                                    -----------------------  -----------------------
<S>                                                                                 <C>                      <C>
Net loss                                                                            $               (4,691)  $              (17,230)
Unrealized gain on derivative financial instruments, net                                                --                      590
                                                                                    -----------------------  -----------------------
   Comprehensive loss                                                               $               (4,691)  $              (16,640)
                                                                                    =======================  =======================
</Table>

   The accompanying notes are an integral part of these condensed consolidated
                              financial statements.

                                        5
<Page>

                       THE DOE RUN RESOURCES CORPORATION
          CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
                             (DOLLARS IN THOUSANDS)

<Table>
<Caption>
                                                                                                  THREE MONTHS ENDED
                                                                                                      JANUARY 31,
                                                                                    ------------------------------------------------
                                                                                             2002                     2001
                                                                                    -----------------------  -----------------------
<S>                                                                                 <C>                      <C>
Cash flows from operating activities:
   Net loss                                                                         $               (4,691)  $              (17,230)
   Cumulative effect of change in accounting principle                                                  --                    4,254
   Adjustments to reconcile net loss to net cash provided by (used in) operating
     activities:
     Depreciation, depletion and amortization                                                        7,502                    7,521
     Imputed interest and amortization of deferred financing costs                                     896                      944
     Unrealized gain on derivative financial instruments                                            (1,386)                     (56)
     Deferred income taxes                                                                             539                     (697)
     Increase/(decrease) resulting from other changes in assets and liabilities:                      (922)                   1,533
                                                                                    -----------------------  -----------------------

          Net cash provided by (used in) operating activities                                        1,938                   (3,731)

Cash flows from investing activities:

   Purchases of property, plant and equipment                                                       (4,745)                  (6,792)
   Net proceeds from sales of assets                                                                    25                       --
                                                                                    -----------------------  -----------------------
     Net cash used in investing activities                                                          (4,720)                  (6,792)

Cash flows from financing activities:
   Proceeds from revolving loans and short term borrowings, net                                      3,688                    8,465
   Payments on long-term debt                                                                       (1,093)                    (987)
   Payment of deferred financing costs                                                                (100)                    (375)
                                                                                    -----------------------  -----------------------
     Net cash provided by financing activities                                                       2,495                    7,103
                                                                                    -----------------------  -----------------------
     Net decrease in cash                                                                             (287)                  (3,420)

Cash at beginning of period                                                                          6,263                    8,295
                                                                                    -----------------------  -----------------------
Cash at end of period                                                               $                5,976   $                4,875
                                                                                    =======================  =======================

Supplemental disclosure of cash flow information - Cash paid during the period
   for:
     Interest, net of capitalized interest                                          $                  862   $                2,625
                                                                                    =======================  =======================
     Income taxes                                                                   $                    6   $                  278
                                                                                    =======================  =======================
</Table>

   The accompanying notes are an integral part of these condensed consolidated
                              financial statements.

                                        6
<Page>

                        THE DOE RUN RESOURCES CORPORATION

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                             (DOLLARS IN THOUSANDS)

(1)    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

               UNAUDITED INTERIM FINANCIAL STATEMENTS

       These interim consolidated financial statements include the accounts of
       The Doe Run Resources Corporation and its subsidiaries (collectively, the
       Company). In the opinion of management, the interim consolidated
       financial statements contain all adjustments, consisting of normal
       recurring accruals, necessary to present fairly the consolidated
       financial position as of January 31, 2002 and results of operations for
       the three months ended January 31, 2002 and 2001. Interim periods are not
       necessarily indicative of results to be expected for the year.

               RECLASSIFICATIONS

       Certain prior year balances have been reclassified in order to conform to
       current presentation.

(2)    CHANGE IN ACCOUNTING PRINCIPLE

       Statement of Financial Accounting Standards No. 133, ACCOUNTING FOR
       DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES, was issued by the
       Financial Accounting Standards Board in June 1998, and amended by
       Statement No. 138, ACCOUNTING FOR CERTAIN DERIVATIVE INSTRUMENTS AND
       CERTAIN HEDGING ACTIVITIES, AN AMENDMENT OF FASB STATEMENT NO. 133,
       issued in June 2000 (collectively, FAS 133). Under FAS 133, entities are
       required to carry all derivative instruments in the statement of
       financial position at fair value. The accounting for changes in the fair
       value (i.e. gains and losses) of a derivative instrument depends on
       whether it has been designated and qualifies as part of a hedging
       relationship, and if so, whether the derivative instrument is designated
       as a hedge of exposures to changes in fair values, cash flows or foreign
       currencies. If the hedged exposure changes in fair values, the gain
       (loss) is recognized in earnings in the period of change, with an equal
       and offsetting (loss) gain recognized on the change in value of the
       hedged item. If the hedged exposure changes in cash flows, the effective
       portion of the gain (loss) is reported as a component of other
       comprehensive income (outside earnings) until the forecasted hedged
       transaction affects earnings, when it is reclassified into earnings.

       The Company adopted FAS 133 as of November 1, 2000, in the first quarter
       in which it was required by the standard, as amended. The adoption of FAS
       133 resulted in a net transition loss of $3,774, net of income tax
       benefit of $480, and a gain recorded in other comprehensive income of
       $70.

(3)    INVENTORIES

       Inventories consist of the following:

<Table>
<Caption>
                                                                JANUARY 31,   OCTOBER 31,
                                                                   2002          2001
                                                             --------------  -------------
       <S>                                                   <C>             <C>
       Finished metals and concentrates                      $       27,104  $      15,887
       Metals and concentrates in process                            56,778         50,988
       Materials, supplies and repair parts                          42,021         40,529
                                                             --------------  -------------
                                                             $      125,903  $     107,404
                                                             ==============  =============
</Table>

       Materials, supplies and repair parts are stated net of reserves for
       obsolescence of approximately $5,666 and $5,484 at January 31, 2002 and
       October 31, 2001, respectively.

                                        7
<Page>

                        THE DOE RUN RESOURCES CORPORATION

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                             (DOLLARS IN THOUSANDS)

(4)    DEBT

       On June 26, 2001, the Company retired its obligation to Boeing Capital
       Corporation, with proceeds from the sale of equipment securing the note.
       The Company incurred prepayment penalties of $314, for which it signed a
       noninterest-bearing note, payable in 36 monthly installments, commencing
       August 1, 2001. The new note was discounted to a fair value of $159.

       On January 4, 2002, the Company entered into an amendment to the Loan and
       Security Agreement governing the Doe Run Revolving Credit Facility, under
       which the lender agreed to make supplemental loans, in addition to those
       originally provided for under the facility, of up to $5.0 million. The
       Renco Group, Inc. (Renco), which indirectly owns all of the Company's
       issued and outstanding capital stock, provided the lender with $5.0
       million of cash collateral and a limited guarantee of $2.0 million. The
       amendment also waived, through February 27, 2002, existing defaults
       resulting from the Company's failure to maintain consolidated net worth
       and EBITDA for U.S. operations.

       On February 28, 2002, the Company's lender issued a letter that extended
       the waiver of existing defaults resulting from the Company's failure to
       maintain consolidated net worth and EBITDA for U.S. operations through
       March 14, 2002.

       Due to the non-payment of interest due March 15, 2002 on the 11 1/4%
       Senior Notes due 2005, Floating Interest Rate Senior Notes due 2003 and
       11 1/4% Senior Secured Notes due 2005 (collectively, the Notes), and the
       expiration of the grace period during which the Company could cure the
       non-payment, and the violation of other financial covenants, the Company
       is in default of its covenants under the Notes indentures and its
       revolving credit facilities. In an event of default, the lenders have the
       right to accelerate the payment of any unpaid principal and interest
       balances. No actions have been taken by the lenders to accelerate the
       payment of outstanding debt balances. The Company is in restructuring
       negotiations as described below and in negotiations with the lenders of
       its revolving credit facilities to execute amended revolving credit
       facilities.

       On April 15, 2002, the Company announced that it had reached an agreement
       in principle with Renco and Regiment Capital Advisors, LLC (Regiment) for
       Renco and Regiment to provide the Company with significant capital for
       the purpose of restructuring its existing debt. Pursuant to the agreement
       in principle, Renco will purchase $20 million of the Company's preferred
       stock and Regiment, a significant holder of the Notes, will commit to
       lend the Company $35 million and will offer other holders of Notes the
       opportunity to participate in making such loan.

       Under the proposed restructuring transaction, the Company would make a
       cash tender offer for a portion of the Notes and an exchange offer for
       the balance of the Notes. The $55 million in proceeds of the Renco
       investment and the loan, together with borrowings under its revolving
       credit facility would be used to finance the cash tender offer, to pay
       the accrued interest as of March 15, 2002 on the Notes exchanged in the
       exchange offer and to pay certain costs of the transactions. If
       successful, the cash tender offer and the exchange offer would
       significantly reduce the Company's future debt service and provide
       sufficient liquidity to continue to operate all its facilities at
       present levels and will not adversely affect the Company's trade
       creditors.

       The non-binding agreement in principle is subject to agreement on the
       terms of definitive documentation and the successful completion of the
       transactions is subject to several conditions, including, among others,
       the participation by holders of at least 90% of the aggregate principal
       amount of each class of Notes in the cash tender offer and/or the
       exchange offer and the satisfactory modification of Doe Run's United
       States and Peruvian revolving credit facilities.

                                        8
<Page>

                        THE DOE RUN RESOURCES CORPORATION

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                             (DOLLARS IN THOUSANDS)

(5)    SEGMENT INFORMATION

       The Company's operating segments are separately managed business units
       that are distinguished by products, location and production processes.
       The primary lead segment includes integrated mining, milling and smelting
       operations located in Missouri. The secondary lead segment, also located
       in Missouri, recycles lead-bearing feed materials, primarily spent
       batteries. The fabricated products segment produces value-added lead
       products. The Peruvian operations produce an extensive product mix of
       non-ferrous and precious metals through a subsidiary, Doe Run Peru S.R.L.
       (Doe Run Peru).

<Table>
<Caption>
                                                                  THREE MONTHS ENDED
                                                                     JANUARY 31,
                                                             --------------------------
OPERATING SEGMENTS- REVENUES                                     2002          2001
                                                             ------------  ------------
<S>                                                          <C>           <C>
Revenues from external customers:
   Peruvian operations                                       $    101,455  $    111,275
   Primary lead                                                    33,103        51,190
   Secondary lead                                                  16,970        18,083
   Fabricated products                                              4,007         5,759
                                                             ------------  ------------
           Total                                                  155,535       186,307
Revenues from other operating segments: (1)
   Peruvian operations                                                 --            --
   Primary lead                                                       585           575
   Secondary lead                                                      86           207
   Fabricated products                                                 --            --
                                                             ------------  ------------
    Total                                                             671           782
                                                             ------------  ------------
    Total revenues for reportable segments                        156,206       187,089
           Other revenues/gains (losses) (2)                        1,001           918
           Intersegment eliminations                                 (671)         (782)
                                                             ------------  ------------
                  Total consolidated revenues                $    156,536  $    187,225
                                                             ============  ============
</Table>

       (1)  Transactions between segments consist of metal sales recorded based
            on sales contracts that are negotiated between segments on terms
            that management feels are similar to those that would be negotiated
            between unrelated parties.

       (2)  Other revenues consist of metal sales not attributed to operating
            segments and gains (losses) on hedging transactions.

                                        9
<Page>

                        THE DOE RUN RESOURCES CORPORATION

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                             (DOLLARS IN THOUSANDS)

<Table>
<Caption>
OPERATING SEGMENTS-EBITDA(EARNINGS BEFORE INTEREST, TAXES, AND           THREE MONTHS ENDED
    DEPLETION, DEPRECIATION AND AMORTIZATION), EXCLUDING                     JANUARY 31,
    THE EFFECTS OF FAS 133                                          ---------------------------
                                                                         2002            2001
                                                                    ------------   ------------
   <S>                                                              <C>            <C>
   Peruvian operations                                              $      7,381   $      8,551
   Primary lead                                                            3,881         (2,369)
   Secondary lead                                                          4,381          3,448
   Fabricated products                                                       501            501
                                                                    ------------   ------------
           Total reportable segments                                      16,144         10,131
   Other revenues and expenses (3)                                          (360)           634
   Corporate selling, general and administrative expenses                 (3,389)        (3,864)
   Intersegment eliminations                                                  --            (10)
                                                                    ------------   ------------
           Consolidated EBITDA                                            12,395          6,891
   Depreciation, depletion and amortization                               (7,502)        (7,521)
   Interest income                                                         3,539          3,594
   Interest expense                                                      (13,970)       (16,059)
   Unrealized gain on derivative financial instruments                     1,386             56
                                                                    ------------   ------------
           Loss before income taxes                                 $     (4,152)  $    (13,039)
                                                                    ============   ============
</Table>

       (3)  Other revenues and expenses include primarily exploration expenses,
            gains and losses recognized on closed hedge transactions, and
            adjustments necessary to state inventories at LIFO cost.

(6)    HEDGING AND DERIVATIVE FINANCIAL INSTRUMENTS

       A significant portion of the Company's sales contracts are priced based
       on an average London Metal Exchange (LME) or other exchange prices for
       the respective metal plus a negotiated premium. As such, the prices of
       the Company's products fluctuate due to factors in the market that are
       beyond the Company's control. These price changes expose the Company to
       variability in its cash receipts. The purpose of the Company's price risk
       management program is to limit the Company's risk to acceptable levels,
       while enhancing revenue through the receipt of option premiums.

       The Company's price risk management program uses various derivative
       instruments in its attempt to mitigate commodity price risks. The Company
       uses purchased futures contracts as a fair value hedge of the change in
       fair value of inventory related to firm sales commitments with customers
       or as a cash flow hedge to lock in the price of lead purchases for its
       fabricated products subsidiary. In fair value hedges, the futures
       contracts are established at terms (quantities, prices and timing) that
       mirror those of the firm commitments. The Company uses sold futures
       contracts as a cash flow hedge to lock in the price of a portion of
       forecasted lead metal sales and to lock in the price of by-product sales
       whose prices are based on an average for a period after they are shipped.

       The Company routinely writes call options that, if exercised, will create
       sold futures contracts that will be designated as cash flow hedges of
       forecasted lead metal sales. The options generate premium income, which
       enhance revenues. The Company also uses futures contracts and options and
       combinations thereof to enhance revenue at contract prices that are
       acceptable to the Company, should the options be exercised. Because these
       instruments do not meet the requirements for hedge accounting under FAS
       133, the changes in fair market value related to these instruments
       (including the time value portion), which reflect market prices and
       volatility at the balance sheet date, are recorded in results of
       operations, and are expected to increase the volatility of reported
       results.

       The unrealized gain reflected in the consolidated statement of operations
       relates to the change in fair market value of derivative financial
       instruments that are not designated as hedges. For derivative instruments
       designated as

                                       10
<Page>

                        THE DOE RUN RESOURCES CORPORATION

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                             (DOLLARS IN THOUSANDS)

       hedges (futures contracts), the Company assesses effectiveness based on
       changes in the forward rate, and as a result, does not expect hedge
       ineffectiveness.

       The fair market value of the Company's derivative financial instruments
       reflected in the Company's balance sheet as of January 31, 2002 is the
       difference between quoted prices at the balance sheet date and the
       contract settlement value. The fair market value represents the estimated
       net cash the Company would receive (pay) if the contracts were canceled
       on the balance sheet date.

       The Company's open derivative financial instruments at January 31, 2002
       were: (numbers not in thousands)

           SOLD (PURCHASED) FUTURES CONTRACTS

<Table>
<Caption>
                                                WEIGHTED           FAIR MARKET
    METAL               QUANTITY             AVERAGE PRICE            VALUE                 PERIOD
---------------    ------------------     -------------------   ----------------   ----------------------
<S>                 <C>                      <C>                 <C>                  <C>
Lead (Hedges)           (1,929) tons         $   466.29/ton      $      (30,852)      Feb. 02 to Aug. 02
Lead (Other)            (3,527) tons         $   457.33/ton              (1,558)      Feb. 02 to Apr. 02
Copper (Other)           1,653  tons         $ 1,326.00/ton             (67,000)      Feb. 02 to Mar. 02
                        (1,315) tons         $ 1,579.00/ton             (24,013)      Feb. 02
Zinc (Other)             1,102  tons         $   711.81/ton              (1,785)      Feb. 02 to Mar. 02
                        (2,204) tons         $   787.95/ton            (162,748)      Feb. 02 to Apr. 02
Silver                 959,875   oz.         $     5.31/oz.           1,215,025       Feb. 02
                    (1,097,000)  oz.         $     5.11/oz.          (1,606,100)      Feb. 02
</Table>

           SOLD (PURCHASED) CALL OPTION CONTRACTS

<Table>
<Caption>
                                                                         FAIR MARKET
    METAL               QUANTITY                 PRICE RANGE                VALUE                  PERIOD
---------------    ------------------   ------------------------------ ----------------   ----------------------
<S>                  <C>                <C>                             <C>                  <C>
Copper                   8,838  tons    $1,440.00/ton to $1,633.00/ton  $      (234,365)     Feb. 02 to Jun. 02
                        (2,204) tons    $1,632.00/ton to $1,633.00/ton            2,287      Feb. 02 to Apr. 02
Lead                    83,307  tons      $431.00/ton to $522.00/ton           (899,891)     Feb. 02 to Dec. 02
                       (18,298) tons      $431.00/ton to $490.00/ton            138,476      Feb. 02 to Nov. 02
Zinc                     5,511  tons      $794.00/ton to $998.00/ton               (699)     Feb. 02 to Apr. 02
Silver               1,129,910  oz.         $4.01/oz. to $4.56/oz.              (55,518)     Feb. 02 to Jul. 02
                      (526,560) oz.         $4.19/oz. to $4.56/oz.                6,997      Feb. 02 to Mar. 02
Gold                    16,236  oz         $252.51/oz. to $255.24/oz.          (155,650)     Feb. 02 to Jun. 02
                        (8,118) oz.        $252.51/oz. to $373.47oz.             68,725      Feb. 02 to Mar. 02
</Table>

           SOLD (PURCHASED) PUT OPTION CONTRACTS

<Table>
<Caption>
                                                                         FAIR MARKET
     METAL              QUANTITY               PRICE RANGE                  VALUE                  PERIOD
---------------    ------------------   ------------------------------ ----------------   ----------------------
<S>                    <C>              <C>                                    <C>           <C>
Copper                   6,338  tons    $1,361.00/ton to $1,588.00/ton $       (672,119)     Feb. 02 to Jun. 02
                        (3,831) tons     $1361.00/ton to $1565.00/ton           343,777      Feb. 02 to Jun. 02
Lead                    46,242  tons     $404.00/ton to $445.00/ton            (459,166)     Feb. 02 to Dec. 02
                        (4,464) tons            $431.00/ton                      43,167      Feb. 02 to Jun. 02
Zinc                     1,102  tons           $1,016.00/ton                   (333,600)     Feb. 02 to Mar. 02
Silver                 241,340  oz.              $3.92/oz.                      (38,870)     Feb. 02 to Mar. 02
Gold                     8,119  oz.             $237.01/oz.                     (14,888)     Feb. 02 to Mar. 02
</Table>

                                       11
<Page>

                        THE DOE RUN RESOURCES CORPORATION

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                             (DOLLARS IN THOUSANDS)

       At January 31, 2002, the Company had recorded an asset of $436 and a
       liability of $3,405 related to the fair market values of these
       instruments. The Company also had recorded an asset of $28 for the fair
       value of firm commitments designated as the hedged item in fair value
       hedges.

(7)    ENVIRONMENTAL AND LITIGATION MATTERS

       ENVIRONMENTAL

       The Company has recorded a liability of approximately $28,900 as of
       January 31, 2002, which represents management's best estimate of known
       obligations relating to the environmental and reclamation matters that
       are discussed below.

               DOMESTIC OPERATIONS

       The Company is subject to numerous federal, state and local environmental
       laws and regulations governing, among other things, air emissions, waste
       water discharge, solid and hazardous waste treatment, and storage,
       disposal and remediation of releases of hazardous materials. In common
       with much of the mining industry, the Company's facilities are located on
       sites that have been used for heavy industrial purposes for decades and
       may require remediation. The Company has made and intends to continue
       making the necessary expenditures for environmental remediation and
       compliance with environmental laws and regulations. Environmental laws
       and regulations may become more stringent in the future which could
       increase costs of compliance.

       Primary smelter slag produced by and stored at the primary smelter in
       Herculaneum, Missouri is currently exempt from hazardous waste regulation
       under the Resource Conservation and Recovery Act of 1976, as amended
       (RCRA), but is subject to a state closure permit. The Company has accrued
       approximately $1,000 related to the cost of closure pursuant to this
       permit, which is management's best estimate of closure costs under the
       current requirements of the permit.

       The Company signed a voluntary Administrative Order on Consent (AOC) in
       September 2000 to study and address issues related to the slag pile,
       plant property, community soils adjacent to the primary smelter in
       Herculaneum, elevated blood lead levels in the community and lead
       releases from the plant. The U.S. Environmental Protection Agency (EPA)
       and the Missouri Department of Natural Resources (DNR) signed the AOC
       with an effective date of May 29, 2001. In addition, the Company has
       agreed to replace the soil in yards of private residences within a
       four-tenths of a mile radius of the smelter. The Company also agreed to
       test soils in an area outside the half-mile zone to determine if
       additional remediation is required. In September 2001, the Company agreed
       to an acceleration of the lead testing program on the remaining area
       within one mile of the smelter. As a result of the completion of this
       testing, the Company signed an AOC with the U.S. EPA on December 21,
       2001. The new AOC requires additional yard replacement relating to those
       residences with the highest soil lead measurements and those with
       children. The current total estimated cost of community cleanup, included
       in the Company's accrual for remediation costs, is approximately $2,400,
       with the spending to be completed by the end of calendar 2002. At this
       time, it is not possible to determine the outcome of the remaining areas
       of study or what additional remediation actions, if any, may be required
       after the study is completed. Estimated costs may change if required
       levels of remediation are different than currently estimated or if
       additional homes are identified as a result of additional regulatory
       decisions.

       On April 26, 2002, the Company signed a Settlement Agreement with the
       State of Missouri whereby it agreed to offer buyouts to approximately 160
       homeowners in an area close to the smelter. Under the terms of the
       proposed buyout plan, an estimated 26 homeowners, each having children
       less than 72 months old living in them, would be offered immediate
       buyouts with the remaining affected homeowners to be extended buyout
       offers by the end of 2004. The amount to be paid to the homeowners who
       accept the buyout offer will be based on an appraisal of the property's
       value at August 31, 2001. The accrual for cleanup at January 31, 2002
       does not include any cost associated with the buyout plan which could
       be as high as $10,000 if all qualifying homeowners accept the Company's
       buyout offer. Management believes it is highly unlikely that all of
       the qualifying homeowners will accept, but it cannot currently be
       estimated how many of the homeowners will accept the buyout offer, or,
       if the buyout offer is

                                       12
<Page>

                        THE DOE RUN RESOURCES CORPORATION

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                             (DOLLARS IN THOUSANDS)

       accepted, what the price to be paid for the property will be. The Company
       will attempt to rent out certain purchased houses, once they are
       remediated to the standards required by the regulatory agencies. To the
       extent the Company will be able to rent these properties, the fair value
       will be capitalized. To the extent the properties cannot be rented out,
       or the amount paid exceeds the fair value of the property at the buyout
       date, an impairment loss will be recognized.

       On April 11, 2002, a report in the media contained allegations by former
       employees of improper disposal of hazardous materials on the Herculaneum
       smelter site. The Company does not believe that there has been any
       violation of law and is cooperating with State and federal agencies in
       their investigation into the allegations.

       The Company, working with the Missouri DNR and the Missouri Air
       Conservation Commission, has developed a plan to bring the Herculaneum
       smelter in compliance with the ambient air quality standard for lead
       promulgated under the federal Clean Air Act. The plan was included in a
       consent judgement entered into by the Company in December 2000, and has
       been approved at the state level and by the U.S. EPA. Capital
       expenditures for this plan were $5,900 in fiscal 2001. Capital
       expenditures are expected to total $4,500 in fiscal 2002, and $1,000 in
       2003. A substantial part of the equipment is now in place and the
       monitors have been reflecting compliance.

       The Company has received notice that it is a potentially responsible
       party (PRP) subject to liability under The Comprehensive Environmental
       Response, Compensation and Liability Act of 1980, as amended (CERCLA) at
       the following sites: six sites in St. Francois County, Missouri,
       including the Big River Mine Tailings site, the Bonne Terre site, the
       Federal site, the National site, the Rivermines site and the Leadwood
       site; the Oronogo-Durenweg site in Jasper County, Missouri; the Cherokee
       County site in Cherokee County, Kansas; the Tar Creek site in Ottawa
       County, Oklahoma; the Block "P" site in Cascade County, Montana; and the
       Missouri Electric Works site in Cape Girardeau, Missouri. There are two
       additional sites in St. Francois County for which the EPA has indicated
       it will issue notice. These sites involve historical operations of
       predecessors of the Company. CERCLA provides for strict and, in certain
       circumstances, joint and several liability for response costs and natural
       resource damages. The Company has a reserve as of January 31, 2002 of
       approximately $6,950 for these sites, including the two additional sites
       in St. Francois County, which the Company believes is adequate based on
       its investigations to date. However, depending upon the types of
       remediation required and certain other factors, costs at these sites,
       individually or collectively, could have a material adverse effect on the
       results of operations, financial condition and liquidity of the Company.

       The Company has completed an Engineering Evaluation/Cost Analysis (EE/CA)
       for the Bonne Terre site, and has signed two AOC's to conduct removal
       actions on the west and east portions of the site. Work began in late
       fiscal 2001 and is scheduled for completion within two years.

       The Company signed a voluntary AOC in 1994 with the EPA to remediate the
       Big River Mine Tailings site. The remediation work required by the AOC
       has been substantially completed, and will be followed by revegetation
       and ongoing monitoring and maintenance activities.

       The Company has also signed AOC's to perform an EE/CA on each of the
       National, Rivermines, and Leadwood sites for remediation of the mine
       waste areas at these sites. The National EE/CA is complete, the
       Rivermines EE/CA is due by the end of fiscal 2002 and the Leadwood EE/CA
       is due by the end of fiscal 2003. In addition, the Company has signed an
       AOC with the EPA to conduct a Remedial Investigation/Feasibility Study
       (RI/FS) to assess potential off-site impacts of site operations on and
       the need for remediation regarding groundwater, residential soils,
       several creeks and a river. The initial draft of the RI/FS was submitted
       in early March 2002. The Company has signed an order to conduct interim
       measures until the RI/FS is complete, consisting of blood lead testing of
       young children, residential soil sampling, and limited soil remediation
       as indicated by the testing and sampling results. The Company believes
       the current reserves assigned to these sites are adequate. However,
       should remediation goals or areas change, requiring substantially
       increased measures, there can be no assurance that the reserves would be
       adequate.

                                       13
<Page>

                        THE DOE RUN RESOURCES CORPORATION

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                             (DOLLARS IN THOUSANDS)

       The Company has been advised by the EPA that it is considering taking
       certain response actions at a mine site in Madison County, Missouri known
       as the Mine LaMotte Site. The Company and the owner of the other 50%
       share have signed an AOC to conduct an RI/FS at the site. This site is
       substantially smaller than the sites in St. Francois County where the
       Company has been named a PRP, and the potential issues are less complex.
       The Company has also been advised that remediation is required at a
       related small satellite mine site. After conducting an investigation, the
       Company has determined that it was not involved in operations at the
       satellite site. Further review will be required before a determination
       can be made as to whether the Company has any liability at the main site.
       At this time, based on this preliminary information and an inspection of
       the sites, management does not believe that any future action will result
       in a material adverse impact to the results of operations, financial
       condition or liquidity of the Company.

       The Company's Buick recycling facility is subject to corrective action
       requirements under RCRA as a result of a storage permit for certain
       wastes issued in 1989. This will involve remediation of solid waste
       management units at the site, although the plan for corrective action has
       not yet been finalized. The Company has reserves as of January 31, 2002
       of approximately $1,200 for corrective action and $2,900 for closure
       costs for the permitted storage area. While management believes these
       reserves are adequate based on expectations of the closure plan
       requirements, regulators could require that additional measures be
       included in the finalized plan, which could change the estimate of the
       costs for corrective action.

       The Company's domestic operating facilities have wastewater discharge
       permits issued under the federal Clean Water Act, as amended. It is
       possible that stricter discharge limits than previously in effect may be
       included in certain permits now in renewal. If additional treatment
       facilities were required under these permits, capital expenditures of
       approximately $2,500 would be required. Management does not expect an
       appreciable increase in operating costs.

       The Company's mining and milling operations include six mine waste
       disposal facilities that are subject to Missouri mine closure permit
       requirements. Certain closure requirements have already been performed,
       and the remaining estimated cost of future closure activities is
       approximately $7,600. The Company's mine and mill closure reserves were
       approximately $7,500 as of January 31, 2002.

               FOREIGN OPERATIONS

       Doe Run Peru submitted to and received approval from the Peruvian
       government for an Environmental Adjustment and Management Program (PAMA)
       that consisted of an environmental impact analysis, monitoring plan and
       data, mitigation measures and closure plan. The PAMA also sets forth the
       actions and corresponding annual investments the concession holder agrees
       to undertake in order to achieve compliance with the maximum applicable
       limits prior to expiration of the PAMA (ten years for smelters, such as
       Doe Run Peru's operations in La Oroya, and five years for any other type
       of mining or metallurgical operation like Cobriza). The required amount
       of annual investment must not be less than one percent of annual sales.
       Once approved, the PAMA functions as the equivalent of an operating
       permit with which the operator must comply. After expiration of the PAMA,
       the operator must comply with all applicable standards and requirements.
       Future changes in legal rules and maximum permissible levels would not be
       applicable to Doe Run Peru for the remaining period of the PAMA.

       Doe Run Peru has committed under its PAMA to implement the following
       projects at its La Oroya smelter through December 31, 2006:

       - New sulfuric acid plants
       - Treatment plant for the copper refinery effluent
       - Industrial waste water treatment plant for the smelter and refinery
       - Improve Huanchan lead and copper slag deposits
       - Build an arsenic trioxide deposit
       - Management and disposal of lead and copper slag wastes
       - Domestic waste water treatment and domestic waste disposal
       - Monitoring station

                                       14
<Page>

                        THE DOE RUN RESOURCES CORPORATION

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                             (DOLLARS IN THOUSANDS)

       Through January 31, 2002, the Company had spent approximately $26,500 on
       projects under the La Oroya PAMA.

       Annual spending on a calendar year basis approved in the La Oroya PAMA,
       as amended, most recently on January 25, 2002, is as follows:

<Table>
<Caption>
                                   ESTIMATED
                  YEAR               COST
                 ------           ----------
                  <S>             <C>
                  2002            $    5,750
                  2003                 9,350
                  2004                12,800
                  2005                53,500
                  2006                67,700
                                  ----------
                                  $  149,100
                                  ==========
</Table>

       The current estimate for the total to be expended on environmental
       projects under the PAMA and on additional related process changes for Doe
       Run Peru is approximately $174,000 for the remaining term of the PAMA.

       Doe Run Peru's operations historically and currently exceed some of the
       applicable Ministry of Energy and Mines (MEM) maximum permissible limits
       pertaining to air emissions, ambient air quality and waste water effluent
       quality. The PAMA projects, which are more fully discussed below, have
       been designed to achieve compliance with such requirements prior to the
       expiration of the PAMA on January 13, 2007. No assurance can be given
       that implementation of the PAMA projects is feasible or that their
       implementation will achieve compliance with the applicable legal
       requirements by the end of the PAMA period. Further, there can be no
       assurance that the Peruvian government will not in the future require
       compliance with additional or different environmental obligations that
       could adversely affect Doe Run Peru's business, financial condition or
       results of operations. Under the purchase agreement related to the
       acquisition of the La Oroya assets in October 1997, Centromin agreed to
       indemnify Doe Run Peru against environmental liability arising out of its
       prior operations, and performance of the indemnity has been guaranteed by
       the Peruvian government through the enactment of the Supreme Decree No.
       042-97-PCM. However, there can be no assurance that Centromin will
       satisfy its environmental obligations and investment requirements,
       including those in its PAMA, or that the guarantee will be honored. Any
       failure by Centromin to satisfy its environmental obligations could
       adversely affect Doe Run Peru's business, financial condition or results
       of operations.

       The Cobriza mine has a separate PAMA in which the Company has committed
       to complete projects to manage tailings, mine drainage, sewage and
       garbage by mid-2002. The Company has spent approximately $8,900 under the
       PAMA as of January 31, 2002. After beginning construction on the largest
       of the projects, the tailings backfill project, revisions to the cost
       estimate increased substantially. As a result, the Company has requested
       a revision of its PAMA from the MEM, which would allow it to operate for
       a time after the end of the current PAMA without completing the backfill
       project. Future economic and operating conditions could affect the
       Company's ability to complete the backfill project. The Company is
       currently in compliance with its requirement to reduce emissions from the
       mine under the PAMA through a decrease in production. In April 2002, the
       MEM proposed a pending regulation extending the PAMA for all companies
       for an additional 18 months for work remaining under the PAMA. For
       companies still not in compliance at the end of this 18-month extension
       period, each company would have an additional six months to close the
       operation. In light of this pending regulation, Doe Run will be
       re-evaluating its options with the expectation that a decision will be
       made within the next six to twelve months regarding the future course of
       action to be taken.

                                       15
<Page>

                        THE DOE RUN RESOURCES CORPORATION

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                             (DOLLARS IN THOUSANDS)

       The Company is responsible for the closure costs relating to a zinc
       ferrite disposal site. The Company has accrued $7,200 for the closure
       costs and, although a plan for closure of the site has not been
       finalized, management believes that this reserve is adequate.

          CONSOLIDATED

       The Company believes its reserves for domestic and foreign environmental
       and reclamation matters are adequate, based on the information currently
       available. Depending upon the type and extent of remediation activities
       required, costs in excess of established reserves are reasonably
       possible. Therefore, there can be no assurance that additional costs,
       both individually and in the aggregate, would not have a material adverse
       effect on the results of operations, financial condition and liquidity of
       the Company.

          LITIGATION

       The Company is a defendant in twelve lawsuits alleging certain damages
       stemming from the operations at the Herculaneum smelter. Four of these
       cases are class action lawsuits. In two separate cases, the plaintiffs
       seek to have certified a class of property owners in a certain section of
       Herculaneum, alleging that property values have been damaged due to the
       operations of the smelter. In a third case, plaintiffs seek to have
       certified a class of children who lived in Herculaneum during a period of
       time when they were nine months to six years old and children born to
       mothers who lived in Herculaneum during their pregnancies. The remedy
       sought is medical monitoring for the class. In a fourth case, plaintiffs
       seek to have certified a class of employees of a certain contractor who
       worked at the Herculaneum smelter. Seven of the cases are personal injury
       actions by 35 individuals who allege damages from the effects of lead
       poisoning due to operations at the smelter. Punitive damages also are
       being sought in each case. The last suit is a property damage case
       alleging lead contamination of fill material used on the plaintiff's
       property.

       A resident of Herculaneum has retained counsel who has forwarded to the
       Company information about personal injuries allegedly because of exposure
       to emissions from the smelter. No suit has yet been filed against the
       Company in this matter.

       The Company is a defendant in five lawsuits alleging certain damages from
       discontinued mine facilities in St. Francois County. Four of the cases
       are class action lawsuits. The first case seeks to have certified a class
       consisting of property owners, alleging that property values have been
       damaged due to the tailings from the discontinued operations. In the
       second case plaintiffs seek to have certified a class of children who
       lived, went to school or day care in Bonne Terre, Missouri or whose
       mothers lived in Bonne Terre during their pregnancies. The third and
       fourth cases are class actions for property damage and medical monitoring
       concerning alleged damages caused by chat, tailings, and related
       operations in six areas in St. Francois County. The fifth case, filed in
       July 2001, alleges personal injury against two children living in St.
       Francois County.

       Three lawsuits have been filed against the Company each alleging personal
       injury to a child living in Picher, Oklahoma as a result of lead
       contamination from chat piles and/or tailings generated by historic
       operations of the Company's predecessor.

       The Company, with several other defendants, has been named in four cases
       in Maryland, but not joined as a defendant in any of these cases. These
       suits seek damages, alleging personal injuries as a result of lead
       poisoning from exposure to lead paint and tetraethyl lead dust. The suits
       seek punitive damages. The Company has recently been dismissed from two
       similar cases in which it was joined as a defendant. Until The Company is
       actually joined as a defendant in one or more of these cases, material
       liability from these cases is considered remote.

       The Company and several other parties have been named defendants in a
       suit brought by the City of St. Louis, Missouri for costs allegedly
       incurred and to be incurred by the plaintiff for the care of
       lead-poisoned persons, education programs for children injured by
       exposure to lead and the abatement of lead hazards purportedly created

                                       16
<Page>

                        THE DOE RUN RESOURCES CORPORATION

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                             (DOLLARS IN THOUSANDS)

       by the defendants in the City of St. Louis. The complaint alleges that
       the defendants made material misrepresentations and intentional omissions
       of material facts to the City and/or its residents regarding the nature
       of lead and lead products, such as paint. The suit also seeks punitive
       damages.

       One hundred and seventeen individual cases have been filed that list the
       Company among other defendants, alleging that the employees or
       ex-employees of Burlington Northern Railroad who filed the cases were
       exposed to lead from the hauling of lead concentrates by the railroad. An
       ex-employee of the Terminal Rail Road Association of St. Louis has filed
       a similar case.

       The Company has been named as a defendant in a breach of
       contract/warranty action for damages arising from the sale of allegedly
       impure lead. The plaintiff has indicated, although the amount has not
       been confirmed through depositions, that its claims exceed $1,000.

       On January 15, 2002, The Doe Run Company received a Demand for
       Arbitration regarding payments Fabricated Products, Inc. was to make
       under an Asset Purchase Agreement.

       On February 28, 2002, Fabricated Products, Inc. ("FPI") and others were
       served with a wrongful death action on behalf of the estate of a former
       worker at FPI's Vancouver facility.

       Since all of the above cases are either in the pleading or discovery
       stages, the Company is unable at this time to estimate the expected
       outcome of and the final costs of any of these actions. Therefore, there
       can be no assurance that these cases would not have a material adverse
       effect, both individually and in the aggregate, on the results of
       operations, financial condition and liquidity of the Company. The Company
       has and will continue to vigorously defend itself against these all these
       claims.

(8)    LIQUIDITY

       Low metal prices over the past four years, coupled with the Company's
       substantial debt service requirements, have severely reduced the
       Company's liquidity. In fiscal 2001, cash from operating activities
       was sufficient to meet the Company's capital and debt service
       requirements only because of a significant reduction in working
       capital. Reductions in receivables and inventory coupled with
       increases in borrowings on revolving credit lines and accounts payable
       have reduced availability under revolving credit facilities to
       minimal levels. Further reductions of current assets of this magnitude
       are very unlikely.

       Subsequent to January 31, 2002 the Company was in default of various
       covenants related to its long-term debt. See discussion in Note 4.

(9)    GUARANTOR SUBSIDIARIES

       The Guarantor Subsidiaries (Fabricated Products, Inc. (FPI) and DR Land
       Holdings, LLC (the Domestic Guarantors) Doe Run Cayman Ltd. (Doe Run
       Cayman) and its subsidiary Doe Run Peru have jointly and severally,
       fully, unconditionally and irrevocably guaranteed the Unsecured Notes and
       Secured Notes of the Company. Doe Run Cayman has no operations separate
       from those of Doe Run Peru. Separate financial statements and other
       disclosures concerning certain Guarantor Subsidiaries and disclosures
       concerning non-Guarantor Subsidiaries have not been presented because
       management has determined that such information is not material to
       investors. Intercompany transactions eliminated in consolidation consist
       of various service and agency fees between The Doe Run Resources
       Corporation and Doe Run Peru and sales of metal to The Doe Run Resources
       Corporation by Doe Run Peru and to FPI by The Doe Run Resources
       Corporation.

       Doe Run Peru was merged with its parent, Doe Run Mining S.R.L. effective
       June 1, 2001. The following consolidating statements reflect the
       historical cost basis of assets and liabilities and the results of
       operations of assuming the merger had occurred on October 23, 1997, the
       date at which common control was established. The consolidating
       statements have been restated accordingly.

                                       17
<Page>

                        THE DOE RUN RESOURCES CORPORATION

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                             (DOLLARS IN THOUSANDS)

(8) GUARANTOR SUBSIDIARIES(CONTINUED)

                     CONDENSED CONSOLIDATING BALANCE SHEET
                       AS OF JANUARY 31, 2002 (UNAUDITED)

<Table>
<Caption>
                                               The Company
                                                Excluding                            Doe Run
                                                Guarantor           Domestic        Cayman and                             The
                                               Subsidiaries        Guarantors       Subsidiary      Eliminations         Company
                                               ------------        ----------       ----------      ------------         -------
<S>                                          <C>              <C>               <C>              <C>               <C>
                                     ASSETS
Current assets:
   Cash                                      $            -   $             -   $        5,976   $             -   $        5,976
   Trade accounts receivable, net of
     allowance for doubtful accounts                 29,574             3,370           27,261              (210)          59,995
   Inventories                                       55,484             1,906           68,537               (24)         125,903
   Prepaid expenses and other current
     assets                                          13,421                53           14,116                 -           27,590
   Due from subsidiaries                             16,415                 -                -           (16,415)               -
                                             ---------------  ----------------  ---------------  ----------------  ---------------
     Total current assets                           114,894             5,329          115,890           (16,649)         219,464
Property, plant and equipment, net                  116,651             4,761          139,959                 -          261,371
Special term deposit                                125,000                 -                -                 -          125,000
Other noncurrent assets, net                          6,056               177              183                 -            6,416
Investment in subsidiaries                           17,498                 -                -           (17,498)               -
                                             ---------------  ----------------  ---------------  ----------------  ---------------
     Total assets                            $      380,099   $        10,267   $      256,032   $       (34,147)  $      612,251
                                             ===============  ================  ===============  ================  ===============

                 LIABILITIES AND SHAREHOLDERS' EQUITY(DEFICIT)

Current liabilities:
   Short-term borrowings and current
     maturities of long-term debt            $       33,118   $             -   $       33,177   $             -   $       66,295
   Accounts payable                                  25,541             1,754           34,189              (210)          61,274
   Accrued liabilities                               36,406               368           23,511                 -           60,285
   Due to parent                                          -             6,512            9,903           (16,415)               -
                                             ---------------  ----------------  ---------------  ----------------  ---------------
     Total current liabilities                       95,065             8,634          100,780           (16,625)         187,854
Long-term debt, less current maturities             302,590                 -          129,912                 -          432,502
Other noncurrent liabilities                         52,936             1,416            8,035                 -           62,387
                                             ---------------  ----------------  ---------------  ----------------  ---------------
     Total liabilities                              450,591            10,050          238,727           (16,625)         682,743
Shareholders' equity (deficit):
   Common stock, $.10 par value, 1,000
     shares authorized, issued, and
     outstanding                                          -                 -                -                 -                -
   Common stock, $1 par value, 1,000
     shares authorized, issued, and
     outstanding                                          -                 1                -                (1)               -
   Common stock, $1 par value, 2,005,000
     shares authorized, issued and
     outstanding                                          -                 -            2,005            (2,005)               -
   Additional paid in capital                         5,238             1,205                             (1,205)           5,238
   Retained earnings (accumulated
     deficit) and accumulated other
     comprehensive loss                             (75,730)             (989)          15,300           (14,311)         (75,730)
                                             ---------------  ----------------  ---------------  ----------------  ---------------
     Total shareholders' equity (deficit)           (70,492)              217           17,305           (17,522)         (70,492)
                                             ---------------  ----------------  ---------------  ----------------  ---------------
     Total liabilities and shareholders'
        equity (deficit)                     $      380,099   $        10,267   $      256,032   $       (34,147)  $      612,251
                                             ===============  ================  ===============  ================  ===============
</Table>

                                       18
<Page>

                        THE DOE RUN RESOURCES CORPORATION

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                             (DOLLARS IN THOUSANDS)

(8) GUARANTOR SUBSIDIARIES(CONTINUED)

                     CONDENSED CONSOLIDATING BALANCE SHEET
                       AS OF OCTOBER 31, 2002 (UNAUDITED)

<Table>
<Caption>
                                               The Company
                                                Excluding                            Doe Run
                                                Guarantor           Domestic        Cayman and                             The
                                               Subsidiaries        Guarantors       Subsidiary      Eliminations         Company
                                               ------------        ----------       ----------      ------------         -------
<S>                                          <C>              <C>               <C>              <C>               <C>
                                     ASSETS
Current assets:
   Cash                                      $            -   $             -   $        6,263   $             -   $        6,263
   Trade accounts receivable, net of
     allowance for doubtful accounts                 41,944             5,975           25,352              (265)          73,006
   Inventories                                       44,654             1,623           61,152               (25)         107,404
   Prepaid expenses and other current
     assets                                          10,695                89            8,547                 -           19,331
   Due from subsidiaries                             16,783                 -                -           (16,783)               -
                                             ---------------  ----------------  ---------------  ----------------  ---------------
     Total current assets                           114,076             7,687          101,314           (17,073)         206,004
Property, plant and equipment, net                  118,927             5,126          140,247                 -          264,300
Special term deposit                                125,000                 -                -                 -          125,000
Other noncurrent assets, net                          7,401               185              225                 -            7,811
Investment in subsidiaries                           19,690                 -                -           (19,690)               -
                                             ---------------  ----------------  ---------------  ----------------  ---------------
     Total assets                            $      385,094   $        12,998   $      241,786   $       (36,763)  $      603,115
                                             ===============  ================  ===============  ================  ===============

                  LIABILITIES AND SHAREHOLDERS' EQUITY(DEFICIT)

Current liabilities:
   Short-term borrowings and current
     maturities of long-term debts           $       37,423   $             -   $       25,188   $             -   $       62,611
   Accounts payable                                  21,361             2,770           28,171              (265)          52,037
   Accrued liabilities                               36,140               397           21,792                 -           58,329
   Due to parent                                          -             7,910            8,873           (16,783)               -
                                             ---------------  ----------------  ---------------  ----------------  ---------------
     Total current liabilities                       94,924            11,077           84,024           (17,048)         172,977

Long-term debt, less current maturities             302,402                 -          130,968                 -          433,370
Other noncurrent liabilities                         53,569             1,660            7,340                 -           62,569
                                             ---------------  ----------------  ---------------  ----------------  ---------------
     Total liabilities                              450,895            12,737          222,332           (17,048)         668,916

Shareholders' equity (deficit):
   Common stock, $.10 par value, 1,000
     shares authorized, issued, and
     outstanding                                          -                 -                -                 -                -
   Common stock, $1 par value, 1,000
     shares authorized, issued, and
     outstanding                                          -                 1                -                (1)               -
   Common stock, $1 par value, 2,005,000
     shares authorized, issued and
     outstanding                                          -                 -            2,005            (2,005)               -
   Additional paid in capital                         5,238             1,205                -            (1,205)           5,238
   Retained earnings (accumulated
     deficit) and accumulated other
     comprehensive loss                             (71,039)             (945)          17,449           (16,504)         (71,039)
                                             ---------------  ----------------  ---------------  ----------------  ---------------
     Total shareholders' equity (deficit)           (65,801)              261           19,454           (19,715)         (65,801)
                                             ---------------  ----------------  ---------------  ----------------  ---------------
     Total liabilities and shareholders'
        equity (deficit)                     $      385,094   $        12,998   $      241,786   $       (36,763)  $      603,115
                                             ===============  ================  ===============  ================  ===============
</Table>

                                       19
<Page>

                        THE DOE RUN RESOURCES CORPORATION

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                             (DOLLARS IN THOUSANDS)

(8) GUARANTOR SUBSIDIARIES(CONTINUED)

                      CONSOLIDATING STATEMENT OF OPERATIONS
                 THREE MONTHS ENDED JANUARY 31, 2002 (UNAUDITED)

<Table>
<Caption>
                              The Company
                               Excluding                            Doe Run
                               Guarantor           Domestic        Cayman and                             The
                              Subsidiaries        Guarantors       Subsidiary      Eliminations         Company
                              ------------        ----------       ----------      ------------         -------
<S>                          <C>              <C>               <C>              <C>              <C>
Net sales                    $       53,966   $        4,007    $      101,455   $       (2,892)  $      156,536

Costs and expenses:
   Cost of sales                     43,598            3,197            91,358             (672)         137,481
   Depletion,
     depreciation and
     amortization                     4,511              372             2,619                -            7,502
   Selling, general and
     administrative                   3,389              309             4,776           (2,221)           6,253
   Exploration                          199                -                 -                -              199
   Unrealized (gain)/loss
     on derivatives                  (1,497)               -               111                -           (1,386)
                             ---------------  ---------------   ---------------  ---------------  ---------------
     Total costs and
        expenses                     50,200            3,878            98,864           (2,893)         150,049
                             ---------------  ---------------   ---------------  ---------------  ---------------
     Income from
        operations                    3,766              129             2,591                1            6,487

Other income (expense):
   Interest expense                  (9,796)            (173)           (4,060)              59          (13,970)
   Interest income                    3,578                -                20              (59)           3,539
   Other, net                           (47)               -              (161)               -             (208)
   Equity in earnings of
     subsidiaries                    (2,192)               -                 -            2,192                -
                             ---------------  ---------------   ---------------  ---------------  ---------------
                                     (8,457)            (173)           (4,201)           2,192          (10,639)
                             ---------------  ---------------   ---------------  ---------------  ---------------

     Income (loss)before
        income tax
        expense                      (4,691)             (44)           (1,610)           2,193           (4,152)
Income tax expense                        -                -               539                -              539
                             ---------------  ---------------   ---------------  ---------------  ---------------
     Net income (loss)       $       (4,691)  $          (44)   $       (2,149)  $        2,193   $       (4,691)
                             ===============  ===============   ===============  ===============  ===============
</Table>

                                       20
<Page>

                        THE DOE RUN RESOURCES CORPORATION

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                             (DOLLARS IN THOUSANDS)

(8) GUARANTOR SUBSIDIARIES(CONTINUED)

                      CONSOLIDATING STATEMENT OF OPERATIONS
                 THREE MONTHS ENDED JANUARY 31, 2002 (UNAUDITED)

<Table>
<Caption>
                                                     The Company
                                                      Excluding                           Doe Run
                                                      Guarantor          Domestic       Cayman and                             The
                                                     Subsidiaries       Guarantors      Subsidiary    Eliminations         Company
                                                     ------------       ----------      ----------    ------------         -------
<S>                                                 <C>             <C>             <C>             <C>             <C>
Net sales                                           $      73,365   $       5,759   $     111,275   $     (3,174)   $      187,225

Costs and expenses:
   Cost of sales                                           69,242           4,844          99,224            (772)         172,538
   Depletion, depreciation and amortization                 4,736             395           2,390               -            7,521
   Selling, general and administrative                      3,865             409           5,833          (2,392)           7,715
   Selling, general and administrative                        417               -               -               -              417
   Exploration                                                743             (61)           (738)              -              (56)
                                                    --------------  --------------  --------------  --------------  ---------------
     Total costs and expenses                              79,003           5,587         106,709          (3,164)         188,135
                                                    --------------  --------------  --------------  --------------  ---------------

     Income from operations                                (5,638)            172           4,566             (10)            (910)

Other income (expense):
   Interest expense                                       (10,917)           (212)         (5,141)            211          (16,059)
   Interest income                                          3,742               -              63            (211)           3,594
   Other, net                                                 402              (7)            (59)              -              336
   Equity in earnings of subsidiaries                      (2,145)              -               -           2,145                -
                                                    --------------  --------------  --------------  --------------  ---------------
                                                           (8,918)           (219)         (5,137)          2,145          (12,129)
                                                    --------------  --------------  --------------  --------------  ---------------
     Income (loss) before income tax expense              (14,556)            (47)           (571)          2,135          (13,039)
Income tax expense                                             25               -             392               -              417
                                                    --------------  --------------  --------------  --------------  ---------------
     Income (loss) before cumulative effect of
        change in accounting principle                    (14,581)            (47)           (963)          2,135          (13,456)
     Cumulative effect of change in accounting
        principle, net of income tax benefit               (2,649)              -          (1,125)              -           (3,774)
                                                    --------------  --------------  --------------  --------------  ---------------
     Net income (loss)                              $     (17,230)  $         (47)  $      (2,088)  $       2,135   $      (17,230)
                                                    ==============  ==============  ==============  ==============  ===============
</Table>

                                       21
<Page>

                        THE DOE RUN RESOURCES CORPORATION

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                             (DOLLARS IN THOUSANDS)

(8) GUARANTOR SUBSIDIARIES(CONTINUED)

                 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
                 THREE MONTHS ENDED JANUARY 31, 2002 (UNAUDITED)

<Table>
<Caption>
                                                          The Company
                                                           Excluding                        Doe Run
                                                           Guarantor        Domestic       Cayman and                        The
                                                          Subsidiaries     Guarantors      Subsidiary    Eliminations      Company
                                                          ------------     ----------      ----------    ------------      -------
<S>                                                        <C>            <C>            <C>           <C>            <C>
Net cash provided by (used in) operating activities        $     4,155    $     1,403    $   (5,812)   $     2,192    $     1,938
Cash flows from investing activities:
   Purchases of property, plant and equipment                   (2,302)            (5)        (2,438)            -         (4,745)
   Net proceeds from sales of assets                                25              -              -             -             25
   Investment in subsidiaries                                    2,192              -              -        (2,192)             -
                                                           ------------   ------------   ------------  ------------   ------------
     Net cash used in investing activities                         (85)            (5)        (2,438)       (2,192)        (4,720)
Cash flows from financing activities:
   Proceeds from revolving loans and short-term
     borrowings, net                                            (4,312)             -          8,000             -          3,688
   Payments on long-term debt                                      (26)             -         (1,067)            -         (1,093)
   Payment of deferred financing costs                            (100)             -              -             -           (100)
   Due to/due from parent/subsidiaries                             368         (1,398)         1,030             -              -
                                                           ------------   ------------   ------------  ------------   ------------
     Net cash provided by (used in) financing activities        (4,070)        (1,398)         7,963             -          2,495
                                                           ------------   ------------   ------------  ------------   ------------
     Net increase in cash                                            -              -           (287)            -           (287)
Cash at beginning of period                                          -              -          6,263             -          6,263
                                                           ------------   ------------   ------------  ------------   ------------
Cash at end of period                                      $         -    $         -    $     5,976   $         -    $     5,976
                                                           ============   ============   ============  ============   ============
</Table>

                                       22
<Page>

                        THE DOE RUN RESOURCES CORPORATION

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                             (DOLLARS IN THOUSANDS)

(8) GUARANTOR SUBSIDIARIES(CONTINUED)

                 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
                 THREE MONTHS ENDED JANUARY 31, 2002 (UNAUDITED)

<Table>
<Caption>
                                                          The Company
                                                           Excluding                        Doe Run
                                                           Guarantor        Domestic       Cayman and                          The
                                                          Subsidiaries     Guarantors      Subsidiary    Eliminations      Company
                                                          ------------     ----------      ----------    ------------      -------
<S>                                                       <C>            <C>            <C>            <C>            <C>
Net cash provided by (used in) operating activities       $    (9,785)   $    (1,130)   $      5,039   $      2,145   $     (3,731)
Cash flows from investing activities:
   Purchases of property, plant and equipment                   (3,347)             -         (3,445)             -         (6,792)
   Investment in subsidiaries                                    2,145              -              -         (2,145)             -
                                                          -------------  ------------   -------------  -------------  -------------
     Net cash used in investing activities                      (1,202)             -         (3,445)        (2,145)        (6,792)
Cash flows from financing activities:
   Proceeds from (payments on) revolving loans and
     short-term borrowings, net                                 11,318              -         (2,853)             -          8,465
   Payments on long-term debt                                      (94)             -           (893)             -           (987)
   Payment of deferred financing costs                            (375)             -              -              -           (375)
   Due to/due from parent/subsidiaries                             138          1,130         (1,268)             -              -
                                                          -------------  ------------   -------------  -------------  -------------
     Net cash provided by (used in) financing
        activities                                              10,987          1,130         (5,014)             -          7,103
                                                          -------------  ------------   -------------  -------------  -------------
     Net decrease in cash                                            -              -         (3,420)             -         (3,420)

Cash at beginning of period                                          -              -          8,295              -          8,295
                                                          -------------  ------------   -------------  -------------  -------------
Cash at end of period                                     $          -   $          -   $      4,875   $          -   $      4,875
                                                          =============  ============   =============  =============  =============
</Table>

                                       23
<Page>

                              DOE RUN PERU S.R.L.
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                (DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

<Table>
<Caption>
                                                                                  JANUARY 31,    OCTOBER 31,
                                                                                     2002           2001
                                                                                  -----------    -----------
                                                                                  (UNAUDITED)
<S>                                                                               <C>            <C>
                                     ASSETS

Current assets:
   Cash                                                                           $     5,976    $      6,263
   Trade accounts receivable, net                                                      27,495          25,352
   Inventories                                                                         68,537          61,152
   Prepaid expenses and other current assets                                           14,116           8,547
                                                                                  -----------    ------------
     Total current assets                                                             116,124         101,314

Property, plant and equipment, net                                                    139,959         140,247
Other non current assets, net                                                             183             225
                                                                                  -----------    ------------
     Total assets                                                                 $   256,266    $    241,786
                                                                                  ===========    ============

                      LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

   Short-term borrowings and current maturities of long-term debt                 $    33,177    $     25,188
   Accounts payable                                                                    34,189          28,170
   Due to related parties                                                              10,137           8,873
   Accrued liabilities                                                                 23,668          21,793
                                                                                  -----------    ------------
     Total current liabilities                                                        101,171          84,024

Long-term debt, less current maturities                                               129,912         130,968
Other non-current liabilities                                                           7,340           7,340
Net deferred tax liability                                                                539               -
                                                                                  -----------    ------------
     Total liabilities                                                                238,962         222,332

Shareholders' equity:
   Capital stock, $0.01 par value, 15,912,083,739 shares in 2002,
   $0.3709 par value, 729,548,157  shares in 2001                                       2,005           2,005
   Retained earnings                                                                   15,299          17,449
                                                                                  -----------    ------------
     Total shareholders' equity                                                        17,304          19,454

     Total liabilities and shareholders' equity                                   $   256,266    $    241,786
                                                                                  ===========    ============
</Table>

   The accompanying notes are an integral part of these condensed consolidated
                              financial statements

                                       24
<Page>

                              DOE RUN PERU S.R.L.
           CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
                             (DOLLARS IN THOUSANDS)

<Table>
<Caption>
                                                                                     THREE MONTHS
                                                                                    ENDED JANUARY 31,
                                                                                -----------------------
                                                                                  2002           2001
                                                                                ----------   -----------
<S>                                                                             <C>          <C>
Net sales                                                                       $ 101,455    $  111,275
                                                                                ---------    ----------

Costs and expenses:
   Costs of sales                                                                  91,358        99,224
   Depreciation                                                                     2,619         2,390
   Fees and commissions to related parties                                          2,221         2,392
   Selling, general and administrative expenses                                     2,555         3,441
   Unrealized (gain)/loss on derivatives                                              111          (738)
                                                                                ----------   -----------
     Total costs and expenses                                                      98,864       106,709
                                                                                ----------   -----------
     Income from operations                                                         2,591         4,566
                                                                                ----------   -----------
Other income (expense):
   Interest expense                                                                (4,060)       (5,141)
   Interest income                                                                     20            63
   Exchange difference                                                                 36          (116)
   Other, net                                                                        (198)           57
                                                                                ----------   -----------
                                                                                   (4,202)       (5,137)
                                                                                ----------   -----------
     Loss before income tax expense                                                (1,611)         (571)

Income tax expense                                                                    539           392
                                                                                ----------   -----------
   Loss before cumulative effect of change in accounting principle                 (2,150)         (963)

Cumulative effect of change in Accounting principle, net
   of income tax benefit                                                                -        (1,125)
                                                                                ----------   -----------
     Net loss                                                                   $  (2,150)   $   (2,088)
                                                                                ==========   ===========
</Table>

   The accompanying notes are an integral part of these condensed consolidated
                              financial statements.

                                       25
<Page>

                              DOE RUN PERU S.R.L.
           CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
                             (DOLLARS IN THOUSANDS)

<Table>
<Caption>
                                                                                     THREE MONTHS
                                                                                    ENDED JANUARY 31,
                                                                                -----------------------
                                                                                  2002           2001
                                                                                ----------   ----------
<S>                                                                             <C>          <C>
Net cash provided by (used in) operating activities                                (6,047)       5,040
                                                                                ----------   ----------
Cash flows from investing activities:
   Purchases of plant, property and equipment                                      (2,438)      (3,445)
                                                                                ----------   ----------
     Net cash used in investing activities                                         (2,438)      (3,445)
                                                                                ----------   ----------
Cash flows from financing activities:
   Proceeds from (payments on) revolving loans, net                                 8,000       (1,000)
   Proceeds from (payments on) short-term borrowings, net                               -       (1,853)
   Payments on long term debt                                                      (1,067)        (894)
   Due to related parties                                                           1,265       (1,268)
                                                                                ----------   ----------
     Net cash provided by (used in) financing activities                            8,198       (5,015)
                                                                                ----------   ----------
     Net decrease in cash                                                            (287)      (3,420)

Cash at beginning of period                                                         6,263        8,295
                                                                                ----------   ----------
Cash at end of period                                                           $   5,976    $   4,875
                                                                                ==========   ==========
</Table>

   The accompanying notes are an integral part of these condensed consolidated
                              financial statements.

                                       26
<Page>

                               DOE RUN PERU S.R.L.

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                             (DOLLARS IN THOUSANDS)

(1)  BASIS OF PRESENTATION

          UNAUDITED INTERIM FINANCIAL STATEMENTS

In the opinion of management, the interim condensed consolidated financial
statements of Doe Run Peru S.R.L. (Doe Run Peru) contain all adjustments,
consisting of normal recurring accruals, necessary to present fairly the
condensed consolidated financial position as of January 31, 2002 and results of
operations for the three month periods ended January 31, 2002 and 2001. Interim
periods are not necessarily indicative of results to be expected for the year.

          RECLASSIFICATIONS

Certain prior year balances have been reclassified in order to conform to
current presentation.

(2)  CHANGE IN ACCOUNTING PRINCIPLE

Statement of Financial Accounting Standards No. 133, ACCOUNTING FOR DERIVATIVE
INSTRUMENTS AND HEDGING ACTIVITIES was issued by the Financial Accounting
Standards Board in June 1998, and amended by Statement No. 138, ACCOUNTING FOR
CERTAIN DERIVATIVE INSTRUMENTS AND CERTAIN HEDGING ACTIVITIES, AN AMENDMENT OF
FASB STATEMENT Mo. 133, issued in June 2000 (collectively, FAS 133). Under FAS
133, entities are required to carry all derivative instruments in the statement
of financial position at fair value. The accounting for changes in the fair
value (i.e. gains and losses) of a derivative instrument depends on whether it
has been designated and qualifies as part of a hedging relationship, and if so,
whether the derivative instrument is designated as hedge of exposures to changes
in fair values, cash flows or foreign currencies. If the hedged exposure is
changes in fair values, the gain (loss) is recognized in earnings in the period
of change, with an equal and offsetting (loss) gain recognized on the change in
value of the hedged item. If the hedged exposure is changes in cash flows, the
effective portion of the gain (loss) is reported as a component of other
comprehensive income (outside earnings) until the forecasted hedged transaction
affects earnings, when it is reclassified into earnings.

The Company adopted FAS 133 beginning November 1, 2000, in the first quarter in
which it was required by the standard, as amended. The adoption of FAS 133
resulted in a net transition loss of $1,125, net of income tax benefit of $480.

(3) BUSINESS ACQUISITION

At the General Shareholders' Meetings on May 14, 2001 for Doe Run Peru and Doe
Run Mining, respectively, the merger by absorption of these two companies was
approved, with Doe Run Peru the absorbing company and Doe Run Mining the
absorbed company. This merger was effective as of June 1, 2001.

For comparability purposes, the merger of Doe Run Peru and Doe Run Mining
resulted in the following adjustments to amounts previously reported for Doe Run
Peru:

<Table>
<Caption>
                                                           Three Months
                                                      Ended January 31, 2001
                                                      ----------------------
                <S>                                              <C>
                Income from Operations
                    Previously Reported                          $3,414
                    Adjustment (a)                               (1,152)
                                                                 -------
                    Reported Herein                              $4,566
                                                                 ======
</Table>

                                       27
<Page>

                               DOE RUN PERU S.R.L.

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                             (DOLLARS IN THOUSANDS)

<Table>
                <S>                                             <C>
                Net Income (Loss)
                    Previously Reported                         $   917
                    Adjustment (b)                               (3,005)
                                                                 -------
                    Reported Herein                             $(2,088)
                                                                ========
</Table>

   (a)  Adjustment stems from the elimination of related party fees and
        commissions that had previously been eliminated at the Doe Run Mining
        level.
   (b)  Adjustment is primarily the result of additional interest expense of
        $3,640 that was previously reported as an expense of Doe Run Mining,
        partially offset by the elimination of related party fees and commission
        discussed in note (a).

(4) INVENTORIES

<Table>
<Caption>
                                                                  JANUARY 31,             OCTOBER 31,
                                                                      2002                   2001
                                                                  -----------             -----------
                                                                  (UNAUDITED)
<S>                                                          <C>                     <C>
Refined metals and concentrates for sale                     $                       $
                                                                           3,669                  1,775
Metals and concentrates in process                                        51,371                 45,516
Materials, supplies and spare parts                                       13,497                 13,861
                                                             --------------------   --------------------
                                                             $            68,537     $           61,152
                                                             ====================   ====================
</Table>

Materials, supplies and repair parts are stated net of reserves for obsolescence
of approximately $971 and $826 at January 31, 2002 and October 31, 2001,
respectively.

(5)  HEDGING AND DERIVATIVE FINANCIAL INSTRUMENTS

The Company uses derivative financial instruments primarily to enhance revenue
by receiving premiums on option contracts. The Company sells futures contracts
and options and combinations thereof that effectively establish contract prices
for sales and purchases that are acceptable to the Company, should the options
be exercised. The options generate premium income, which enhance revenues.
Because these instruments do not meet the requirements for hedge accounting
under FAS 133, the changes in fair market value related to these instruments
(including the time value portion), which reflect market prices and volatility
at the balance sheet date, are recorded in results of operations, and are
expected to increase the volatility of reported results.

The amount reflected in other income/(expenses) relates to the change in fair
market value of derivative financial instruments that are not designated as
hedges. For derivative instruments designated as hedges (futures contracts), the
Company assesses effectiveness based on changes in the forward rate, and as a
result, does not expect hedge ineffectiveness.

The fair market value of the Company's derivative financial instruments
reflected in the Company's balance sheet as of January 31, 2002 is the
difference between quoted prices at the balance sheet date and the contract
settlement value. The fair market value represents the estimated net cash the
Company would receive (pay) if the contracts were canceled on the balance sheet
date.

                                       28
<Page>

                               DOE RUN PERU S.R.L.

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                             (DOLLARS IN THOUSANDS)

The Company's open derivative financial instruments at January 31, 2002 were:
(numbers not in thousands)

SOLD/(PURCHASED) FUTURES CONTRACTS

<Table>
<Caption>
                                                             FAIR MARKET
       METAL              QUANTITY         PRICE RANGE           VALUE              PERIOD
       -----              --------         -----------           -----              ------
       <S>             <C>                  <C>               <C>              <C>

       Copper             1,653 tons        $1,326/ton        $  (67,000)      Feb. 02-Mar. 02
                        (1,315) tons        $1,579/ton           (24,013)          Feb. 02
       Silver             959,875 oz        $5.309/oz          1,215,025           Feb. 02
                       (1,097,000) oz       $5.111/oz         (1,606,100)          Feb 02
</Table>

SOLD/(PURCHASED) CALL OPTION CONTRACTS

<Table>
<Caption>
                                                                   FAIR MARKET
       METAL             QUANTITY            PRICE RANGE              VALUE              PERIOD
       -----             --------            -----------              -----              ------
       <S>             <C>             <C>                         <C>              <C>
       Copper           4,952 tons     $1,440/ton - $1,633/ton     $ (177,966)      Feb. 02 - May 02
                        (551) tons            $1,633/ton                   85       Feb. 02 - Mar. 02
         Lead           1,102 tons             $464/ton                  (307)           Feb. 02
         Zinc            551 tons              $798/ton                                  Feb. 02
                                                                            0
       Silver          1,129,910 oz      $4.01/oz - $4.56/oz          (55,518)      Feb. 02 - Jul. 02
                        526,560 oz       $4.19/oz - $4.56/oz            6,997       Feb. 02 - Mar. 02
         Gold            16,236 oz     $252.51/oz - $255.24/oz       (155,650)      Feb. 02 - Jun. 02
                        (9,434) oz     $252.51/oz - $373.47/oz         68,725       Feb. 02 - Mar. 02
</Table>

SOLD/(PURCHASED) PUT OPTION CONTRACTS

<Table>
<Caption>
                                                                     FAIR MARKET
       METAL             QUANTITY             PRICE RANGE               VALUE               PERIOD
       -----             --------             -----------               -----               ------
       <S>              <C>             <C>                          <C>              <C>
       Copper           1,653 tons      $1,361/ton - $1,542/ton      $ (86,030)       Feb. 02 -Mar. 02
       Silver           241,340 oz             $3.92/oz                (38,870)       Feb. 02 - Mar. 02
         Gold            16,236 oz            $237.01/oz               (17,625)       Feb. 02 - Jun. 02
                        (8,118) oz            $237.01/oz                 2,737        Feb. 02 - Mar. 02
</Table>

At January 31, 2002, the Company had recorded a liability of $936 related to the
fair market values of these instruments.

(6)  RELATED PARTY TRANSACTIONS

Effective November 1, 2000, the Company terminated all previously existing
agreements for services with Doe Run Mining S.R.L and the Doe Run Resources
Corporation and replaced them with a Hedging Services Contract and an
International Sales Agency Services Contract with the Doe Run Resources
Corporation. Under the Hedging Services Contract, the Company will pay to the
Doe Run Resources Corporation $42 per month for trading and hedging services.
Under the International Sales Agency Services Contract, the Company will pay to
the Doe Run Resources Corporation a commission of 2 1/4% of foreign sales. The
Contracts cover an initial term of two years, and are annually renewable
thereafter. Amounts expensed in the three months ended January 31, 2002 were
$126 and $2,095 under the Hedging Services Contract and the International Sales
Agency Services Contract, respectively. Amounts expensed in the three months
ended January 31, 2001 were $126 and $2,266 under the Hedging Services Contract
and the International Sales Agency Services Contract, respectively.

                                       29
<Page>

                               DOE RUN PERU S.R.L.

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                             (DOLLARS IN THOUSANDS)

(7)    LIQUIDITY

        On March 12, 2002, Doe Run Peru, with the consent of its parent company,
       The Doe Run Resources Corporation, (Doe Run) did not pay $7,031 of
       interest due to Banco de Credito Overseas Limited (the Bank) under a
       Contract for a Loan in Foreign Currency. Failure to pay such interest was
       cured by instructing the Bank to offset the amount of such payment
       against the amount otherwise payable by the Bank to Doe Run under a
       Special Term Deposit Contract.

       Due to the non-payment of interest due March 15, 2002 on the 11 1/4%
       Senior Notes due 2005, Floating Interest Rate Senior Notes due 2003 and
       11 1/4% Senior Secured Notes due 2005 (collectively, the Notes), and the
       expiration of the grace period during which Doe Run could cure the
       non-payment, the Company, as a guarantor is in default of its covenants
       under the Notes indentures and its revolving credit facilities. In an
       event of default, the lenders have the right to accelerate the payment of
       any unpaid principal and interest balances. No actions have been taken by
       the lenders to accelerate the payment of outstanding debt balances. Doe
       Run is in restructuring negotiations as described below and in
       negotiations with the lenders of its revolving credit facilities to
       execute amended revolving credit facilities.

       On April 15, 2002, Doe Run announced that it had reached an agreement in
       principle with Renco and Regiment Capital Advisors, LLC (Regiment) for
       Renco and Regiment to provide Doe Run with significant capital for the
       purpose of restructuring its existing debt. Pursuant to the agreement in
       principle, Renco will purchase $20 million of Doe Run's preferred stock
       and Regiment, a significant holder of the Notes, will commit to lend Doe
       Run $35 million and will offer other holders of Notes the opportunity to
       participate in making such loan.

       Under the proposed restructuring transaction, Doe Run would make a cash
       tender offer for a portion of the Notes and an exchange offer for the
       balance of the Notes. The $55 million in proceeds of the Renco investment
       and the loan, together with borrowings under its revolving credit
       facility would be used to finance the cash tender offer, to pay the
       accrued interest as of March 15, 2002 on the Notes exchanged in the
       exchange offer and to pay certain costs of the transactions. If
       successful, the cash tender offer and the exchange offer would
       significantly reduce Doe Run's future debt service and provide sufficient
       liquidity to continue to operate all its facilities at present levels and
       will not adversely affect Doe Run's trade creditors.

       The non-binding agreement in principle is subject to agreement on the
       terms of definitive documentation and the successful completion of the
       transactions is subject to several conditions, including, among others,
       the participation by holders of at least 90% of the aggregate principal
       amount of each class of Notes in the cash tender offer and/or the
       exchange offer and the satisfactory modification of Doe Run's United
       States and Peruvian revolving credit facilities.

                                       30
<Page>

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS

        The following discussion and analysis includes both the U.S. operations
and the Peruvian operations of the Company and should be read in conjunction
with the consolidated financial statements of the Company and the notes thereto,
and other financial information included herein.

        FINANCIAL CONDITION

        During the 2002 quarter, sales volume slowed significantly (see
discussion below in "Results of Operations"). As a result, inventories increased
approximately $18 million while accounts receivable decreased approximately $13
million during the quarter. Accounts payable increased approximately $9 million
during the 2002 quarter, a portion of which is the result of delaying payments
to vendors.

        LIQUIDITY

        The Company's primary available sources of liquidity are cash provided
by operating activities and two revolving credit facilities. In the U.S., the
Company has available a revolving credit facility (the Doe Run Revolving Credit
Facility) that provides for advances by the lender to a maximum of $75.0 million
less outstanding letters of credit, based on specific percentages of eligible
receivables and inventories. In Peru, the Company has available a revolving
credit facility (the Doe Run Peru Revolving Credit Facility) that provides for
advances by the lender to a maximum of $40.0 million, less outstanding letters
of credit, guarantee letters and customs bonds based upon specific percentages
of eligible receivables and inventories. These credit facilities are discussed
in more detail in the "Liquidity and Capital Resources" section below.

        On January 4, 2002, the Company entered into an amendment to the Loan
and Security Agreement governing the Doe Run Revolving Credit Facility, under
which the lender agreed to make supplemental loans, in addition to those
originally provided for under the facility, of up to $5.0 million. Renco
provided the lender with $5.0 million of cash collateral and a limited guarantee
of $2.0 million. The amendment also waived, through February 27, 2002, existing
defaults resulting from the Company's failure to maintain consolidated net worth
and EBITDA for U.S. operations, as required by the agreements governing the Doe
Run Revolving Credit Facility. On February 28, 2002, the Company's lender
extended this waiver through March 14, 2002.

        Net unused availability at January 31, 2002 was $9.1 million under the
Doe Run Revolving Credit Facility and $3.6 million under the Doe Run Peru
Revolving Credit Facility. In addition to availability under the credit
facilities, the Company had $6.0 million of cash at January 31, 2002. At April
30, 2002 availability was $7.4 million under the Doe Run Revolving Credit
Facility and $0.1 million under the Doe Run Peru Revolving Credit Facility, and
the Company's cash balance was $2.3 million.

        Low metal prices over the past four years, coupled with the Company's
substantial debt service requirements, have severely reduced the Company's
liquidity. In fiscal 2001, cash from operating activities was sufficient to
meet the Company's capital and debt service requirements only because of a
significant reduction in working capital. Reductions in receivables and
inventory coupled with increases in borrowings on revolving credit lines and
accounts payable have reduced availability under revolving credit facilities
to the minimal levels discussed above. Further reductions of working capital
of this magnitude are very unlikely.

        Due to the non-payment of interest due March 15, 2002 on the 11 1/4%
Senior Notes due 2005, Floating Interest Rate Senior Notes due 2003 and 11 1/4%
Senior Secured Notes due 2005 (collectively, the Notes), and the expiration of
the grace period during which the Company could cure the non-payment, and the
violation of other financial covenants, the Company is in default of its
covenants under the Notes indentures and its revolving credit facilities. In an
event of default, the lenders have the right to accelerate the payment of any
unpaid principal and interest balances. No actions have been taken by the
lenders to accelerate the payment of outstanding debt balances. The Company is
in restructuring negotiations as described below and in negotiations with the
lenders of its revolving credit facilities to execute amended revolving credit
facilities.

                                       31
<Page>

        On April 15, 2002, the Company announced that it had reached an
agreement In principle with Renco and Regiment Capital Advisors, LLC (Regiment)
for Renco and Regiment to provide the Company with significant capital for the
purpose of restructuring its existing debt. Pursuant to the agreement in
principle, Renco will purchase $20 million of the Company's preferred stock and
Regiment, a significant holder of the Notes, will commit to lend the Company $35
million and will offer other holders of Notes the opportunity to participate in
making such loan.

        Under the proposed restructuring transaction, the Company would make
a cash tender offer for a portion of the Notes and an exchange offer for the
balance of the Notes. The $55 million in proceeds of the Renco investment and
the loan, together with borrowings under its revolving credit facility would
be used to finance the cash tender offer, to pay the accrued interest as of
March 15, 2002 on the Notes exchanged in the exchange offer and to pay
certain costs of the transactions. If successful, the cash tender offer and
the exchange offer would significantly reduce the Company's future debt
service and provide sufficient liquidity to continue to operate all its
facilities at present levels and will not adversely affect the Company's
trade creditors.

        The non-binding agreement in principle is subject to agreement on the
terms of definitive documentation and the successful completion of the
transactions is subject to several conditions, including, among others, the
participation by holders of at least 90% of the aggregate principal amount of
each class of Notes in the cash tender offer and/or the exchange offer and the
satisfactory modification of Doe Run's United States and Peruvian revolving
credit facilities.

RESULTS OF OPERATIONS

        The Company reported a net loss of $4.7 million for the three months
ended January 31, 2002 (the 2002 quarter) quarter compared to a net loss of
$17.2 million for the three months ended January 31, 2001 (the 2001 quarter).
The Company's U.S. operations reported a net loss of $4.8 million (excluding
intercompany fee revenue of $2.2 million) for the 2002 quarter compared to a net
loss of $17.5 million excluding intercompany fee revenue of $2.4 million) in the
2001 quarter. The decrease in U.S. net loss was primarily due lower production
costs, lower energy costs and a higher average LME lead price, partially offset
by lower realized prices for zinc concentrates. The Company's Peruvian
operations had net income of $0.1 million (excluding intercompany fees of $2.2
million) in the 2002 quarter compared to net income of $0.3 million (excluding
intercompany fees of $2.4 million) in the 2001 quarter. The decrease in Peruvian
net income was due primarily to lower treatment and refining charges for lead
and zinc concentrates, and lower metal prices, primarily copper and zinc,
partially offset by reduced conversion costs and lower interest, selling and
administrative and other expenses.

        The Company's results for the 2002 quarter reflect an increase in the
market price of lead and declines in the market prices of copper, zinc and
silver. The following table sets forth average London Metal Exchange (LME)
prices for lead, copper and zinc and the average London Bullion Market
Association (LBMA) price for silver for the periods indicated:

<Table>
<Caption>
                                                    Three Months Ended
                                                        January 31,
                                                ------------------------------
                                                     2002           2001
                                                --------------  --------------

               <S>                               <C>              <C>
               AVERAGE PRICES
                Lead  ($/short ton)              $   449.20       $   426.00
                Copper  ($/short ton)              1,331.20         1,641.20
                Zinc  ($/short ton)                  703.20           952.80
                Silver ($/troy ounce)                  4.33             4.66
</Table>

        The average annual LME lead price has declined more than 40% from 1996
through 2000 as new mines have been developed in Australia and Ireland, and as
China has increased its lead metal production and exports. Fiscal 2001 saw a
modest improvement in lead prices, which continued into the 2002 quarter. The
second quarter of 2002 will reflect deterioration of prices compared to fiscal
2001 and the 2002 quarter. Lead prices remain below the average for the ten
years 1992 through 2001.

                                       32
<Page>

        In the U.S. market, demand for lead has been adversely impacted by the
recessionary conditions in the U.S. economy during 2001. Slower automotive
replacement battery shipments have weakened overall demand, compared to the
prior year. Also, a significant drop in lead required for batteries for the
telecommunications industry occurred as a result of lower capital expenditures
for the industry's infrastructure. In fiscal 2001, western world consumption of
lead declined by 4% and U.S. consumption declined by 8%, reflecting weakened
economic conditions. This decline in demand significantly impacted the Company's
sales volume in the 2002 quarter, as U.S. battery manufacturers rationalized
high inventory levels. Lead metal sales volume was off more than 35,000 tons, or
34% in the 2002 quarter, compared to the 2001 quarter. The Company has altered
its marketing strategies in order to improve sales volume and reduce
inventories. In addition, management believes that the rationalization is
complete and demand should level off and begin to improve as the economy
strengthens. Any improvement in prices and premiums is not likely to occur until
demand improves.

        Despite the current demand situation, management believes that lead
prices will recover from the current low level, as several large lead-producing
mines will be depleted in 2002 through 2006. In 2001, mine closures and cutbacks
occurred in Spain, Sweden, Canada and the U.S., reducing supply by approximately
200,000 tons, or approximately 3% of western world consumption. These closures
should significantly reduce western world production and bring about a deficit
in supply versus demand. In recent months, the industry has seen evidence of
this deficit as some primary smelters have cut back production due to limited
concentrate availability. In publications issued in December of 2001,
international commodity consultants forecasted annual average lead prices for
the years 2002 through 2007, which are higher than those experienced in 2001.

        Zinc prices dropped precipitously in 2001 as a result of weak demand and
excess production. The last several years have seen large zinc mines open in
Australia, Ireland and Peru and a major expansion of a zinc mine in Alaska. In
fiscal 2001, world zinc mine production increased 5% and zinc metal production
increased 3%. Demand was weak during 2001 because of general economic
conditions, and in particular because of weakness in the auto and construction
industries. Western world zinc demand dropped 3% and U.S. zinc demand dropped
15% in 2001, compared to 2000. The impact of these market conditions continued
into the 2002 quarter as the average LME price for refined zinc declined more
than 26%, compared to the 2001 quarter. Industry analysts project this zinc
surplus will continue to grow, making the prospects for a recovery in zinc
prices unlikely in 2002. If zinc mine production is reduced, in order to balance
supply and demand, lead concentrate supplies are likely to tighten even further
as lead is a by product of many zinc mines.

        Copper prices have declined slowly since 2001, reflecting weakened world
economic conditions, particularly in major copper consuming industries, like
telecommunications, electronics, construction and automotive. In 2001, world
copper consumption dropped 3%, western world copper consumption 8% and US copper
consumption by 21% compared to 2000. During the same period, copper supply
increased by 5% resulting in a surplus of 768,000 short tons. Most analysts
believe that consumption has bottomed and will increase in 2002 as the US and
world economics recover. Like lead and zinc, the low copper prices have brought
about numerous mine closures and as a result, forecasts of lower refined copper
production in 2002. Most international commodity consultants see little change
in prices in 2002 compared 2001

        In the 2002 quarter the Company's U.S. operations generated a small
operating profit despite the low lead and zinc prices due, in part, to changes
to operations implemented during in fiscal 2001 and in the 2002 quarter. These
changes, which are described below, reduced certain costs, and improved
operating efficiencies, lowering overall production costs. However, despite
these improvements, prices sustained at these levels or decreasing further are
likely to result in operating losses for the Company's U.S. operations.

        The following table sets forth the Company's production statistics for
the periods indicated:

                                       33
<Page>

<Table>
<Caption>
                                                                       Three Months Ended
                                                                            January 31,
                                                                ------------------------------
                                                                      2002            2001
                                                                 --------------  -------------
         <S>                                                         <C>             <C>
         U.S. OPERATIONS
          Lead metal - primary (short tons)                          71,250          83,195
          Lead metal - secondary (short tons)                        38,191          39,755
          Lead concentrates (metal content, short tons)              76,961          80,999
          Ore Grade                                                    6.51%           6.23%

         PERUVIAN OPERATIONS

          Refined copper (short tons)                                18,215          17,948
          Refined lead (short tons)                                  33,280          33,282
          Refined zinc (short tons)                                  21,851          21,848
          Refined silver (thousands of troy ounces)                   8,750           8,529
          Refined gold (thousands of troy ounces)                        22              20
          Copper concentrates (metal content, short tons)             4,820           4,449
          Ore Grade                                                    1.07%           1.07%
</Table>

        In response to continued poor lead metal market conditions, the Company
implemented operational and organizational changes at its U.S. primary lead
operations (the Revised Operating Plan). Implementation of this plan was
initiated in the second half of fiscal 2001 and completed in the 2002 quarter.
The key elements of this plan are that the Company's Herculaneum primary smelter
reduced its annual refined metal production rate by 95,000 tons from 250,000 to
155,000 tons by reducing blast furnace and sinter plant operating time. The
Company eliminated purchases of lead concentrates and reduced production of
concentrates at its southeast Missouri mining operations. The Company placed its
No. 29 mine on care and maintenance and plans to mine out its No. 28 mine during
the second half of fiscal 2002. The Company also reduced total concentrate
production at its other five mines. These production changes resulted in
workforce reductions of approximately 280 employees. These reductions, which
involved both terminations and an early retirement program, were completed in
the 2002 quarter. The changes were made in an effort to allow the Company to
compete more effectively in the global market and improve overall financial
performance by reducing production costs and enhancing product mix as the
smelters focus on producing specialty and alloy products.

        The cost of severance benefits and outplacement services provided to
certain employees of approximately $1.2 million was recorded during fiscal 2001
of which approximately $0.6 million was paid in 2001 and $0.6 million will be
paid in 2002. In addition, the Company recorded charges of $2.6 million in
fiscal 2001 to adjust its pension and other post retirement benefit liabilities.
The cost of these benefits will be paid as part of the ongoing funding of these
programs. The estimated cost of closing the No. 28 mine, the Viburnum mill and
related surface structures and tailings areas of approximately $0.6 million was
previously accrued during the operating life of the mine. These closure
activities will be performed as personnel and funds are available.

        Primarily due to changes associated with the Revised Operating Plan, the
Company's U.S. mining operations reduced ore production during the 2002 quarter
in an effort to increase grade and decrease unit production costs. Compared to
the 2001 quarter, ore production was scaled back approximately 120,000 tons or
9% while lead ore grade improved by 5%. The improvement in grade partially
offset the impact of reduced ore tonnage, as production of lead metal contained
in concentrates was approximately 5% lower in the 2002 quarter, compared to the
2001 quarter.

        Primary smelter production for the 2002 quarter was 14% less than the
2001 quarter reflecting implementation of the Revised Operating Plan at the
Company's Herculaneum smelter, partially offset by improved performance at the
Company's Glover smelter. At Herculaneum, production volume was down 33% or
about 18,000 tons compared to the prior year. Efficiency improved, however, as
unit production cost declined approximately 3% despite the impact of lower
production volume.

                                       34
<Page>

        Production at the Company's Glover primary smelter, for the 2002
quarter, improved 21% or about 6,000 tons compared to the 2001 quarter when the
smelter was forced to shut down three times, twice due to mechanical failure of
cooling system components and once due to the failure of a baghouse fan motor.
Without the production problems experienced in the prior year, Glover's cost
performance improved dramatically, as unit productions costs were down
approximately 27% compared to the prior year.

        During the second quarter of 2001, the Company's Buick secondary smelter
replaced its blast furnace. The material feed and air control systems on the new
blast furnace were redesigned, improving output by approximately 25%. The
results of these improvements are reflected in Buick's production volume, which
was only about 2% or 800 tons less than the 2001 quarter, despite the planned
outage to rebuild the facility's reverberatory furnace. The production volume
was slightly better than was anticipated. Despite the lower production volume,
unit conversion costs improved approximately 7% compared to the prior year. The
cost of feed materials was also favorable in the 2001 quarter, as unit feed cost
improved approximately 14%, compared to the 2001 quarter.

        In Peru, at the La Oroya metallurgical complex, production of refined
copper, lead and zinc for the 2002 quarter were approximately the same as the
2001 quarter. Refined silver and gold production were up 3% and 10%,
respectively, primarily due to increased metal content in the concentrate
feed used. Operating costs declined approximately 5% compared to the prior
year, due to reductions in spending.

        At the Cobriza copper mining operation, production of ore and metal
contained in concentrates each increased about 8% in the 2002 quarter,
compared to the 2001 quarter, while operating costs declined slightly, due to
reductions in spending. As a result, unit production costs improved
approximately 9%, compared to the prior year.

                                       35
<Page>

        The following tables set forth the separate operating results, sales
volumes and realized prices for the Company's U. S. and Peruvian operations for
the periods indicated:

                           RESULTS OF U.S. OPERATIONS

<Table>
<Caption>
                                                                       Three Months Ended
                                                                           January 31,
                                                                   ---------------------------
                                                                       2002           2001
                                                                   ------------   ------------
     <S>                                                             <C>           <C>
     Net sales (a)                                                   $ 55,081      $  75,950

     Costs and expenses:
        Cost of sales                                                  46,123         73,314
        Depletion, depreciation and amortization                        4,883          5,131
        Selling, general and administrative                             3,698          4,274
        Exploration                                                       199            417
        Unrealized (gain) loss on derivatives                          (1,497)           682
                                                                     --------      ---------
          Total costs and expenses                                     53,406         83,818
                                                                     --------      ---------

          Income (loss) from operations                                 1,675         (7,868)

     Other income (expense)
        Interest expense                                               (9,910)       (10,918)
        Interest income                                                 3,519          3,531
        Other, net                                                        (47)           395
                                                                     --------      ---------
                                                                       (6,438)        (6,992)
                                                                     --------      ---------
          Loss before income tax expense and cumulative effect
             of change in accounting principal                         (4,763)       (14,860)
     Income tax expense                                                     -             25
                                                                     --------      ---------
          Loss before cumulative effect of change in accounting
             principal                                                 (4,763)       (14,885)
                                                                     --------      ---------
     Cumulative effect of change in accounting principal                    -         (2,649)
                                                                     --------      ---------
     Net loss                                                        $ (4,763)     $ (17,534)
                                                                     ========      =========
</Table>

     (a) Intercompany fees that are eliminated in the consolidated results of
         the Company and have been excluded from the results presented above are
         as follows:

<Table>
     <S>                                                             <C>           <C>
          Net Sales                                                  $  2,221      $   2,392

     SALES VOLUMES (SHORT TONS)
         Lead metal                                                    68,692        104,390
         Zinc concentrates                                             20,271         24,469
         Copper concentrates                                            1,577          1,577

     REALIZED PRICES ($/SHORT TON)(b)
         Lead metal                                                  $ 540.57      $  529.14
         Zinc concentrates                                             191.95         288.73
         Copper concentrates                                           221.31         310.08
</Table>

 (b) Net realized prices for metals, concentrates, and by-products include: 1)
     premiums received, including charges for special alloys and shapes, 2)
     adjustments to provisionally priced sales, 3) treatment and refining
     charges and 4) net hedging activity.

                                       36
<Page>

                         RESULTS OF PERUVIAN OPERATIONS

<Table>
<Caption>
                                                                       Three Months Ended
                                                                           January 31,
                                                                ------------------------------
                                                                      2002           2001
                                                                --------------  --------------
     <S>                                                         <C>              <C>
     Net sales                                                   $   101,455      $  111,275
     Costs and expenses:
         Cost of sales                                                91,358          99,224
         Depreciation and amortization                                 2,619           2,390
         Selling, general and administrative (a)                       2,555           3,441
         Unrealized loss (gain) on derivatives                           111            (738)
                                                                 -----------      ----------
            Total costs and expenses                                  96,643         104,317
                                                                 -----------      ----------
            Income from operations                                     4,812           6,958

     Other income (expense):
         Interest expense                                             (4,060)         (5,141)
         Interest income                                                  20              63
         Other, net                                                     (161)            (59)
                                                                 -----------      ----------
                                                                      (4,201)         (5,137)
                                                                 -----------      ----------
         Income before income tax expense and
            cumulative effect of change in accounting principal          611           1,821
     Income tax expense                                                  539             392
                                                                 -----------      ----------
         Income before cumulative effect of change in
            accounting principal                                          72           1,429
     Cumulative effect of change in accounting principal                   -          (1,125)
                                                                 -----------      ----------
     Net Income                                                  $        72      $      304
                                                                 ===========      ==========
</Table>

     (a) Intercompany fees that are eliminated in the consolidated results of
         the Company and have been excluded from the results presented above are
         as follows:

<Table>
     <S>                                                         <C>              <C>
            Selling, general and administrative                        2,221           2,392

     SALES VOLUMES
         Copper (short tons)                                          17,664          17,268
         Lead (short tons)                                            32,684          32,818
         Zinc (short tons)                                            21,136          21,143
         Silver (thousands of troy ounces)                             8,667           8,154
         Gold bullion (thousands of troy ounces)                          22              20

     REALIZED PRICES (b)
         Copper ($/short ton)                                    $  1,320.70      $ 1,641.42
         Lead ($/short ton)                                           459.34          438.56
         Zinc ($/short ton)                                           703.14          970.49
         Silver  ($/troy ounce)                                         4.32            4.69
         Gold bullion  ($/troy ounce)                                 275.92          266.98
</Table>

     (b) Net realized prices for metals, concentrates, and by-products include:
         1) premiums received, including charges for special alloys and shapes,
         2) adjustments to provisionally priced sales, 3) treatment and refining
         charges and 4) net hedging activity.

                                       37
<Page>

        Results of operations for the three months ended January 31, 2002 and
2001 include the results of the Company's U.S. and Peruvian operations. In order
to provide a more meaningful analysis, the results attributable to Peruvian
operations will be noted and discussed separately under "Results of Peruvian
Operations".

        NET SALES in the 2002 quarter were $156.5 million compared to $187.2
million in the 2001 quarter. A decrease of $9.8 million was attributable to
Peruvian operations. U.S. net sales were $20.9 million lower in the 2002
quarter, compared to the 2001 quarter, primarily due to a decrease in sales
volumes of lead metal and zinc concentrates and lower realized prices of zinc.
Lead metal sales volume was 34% lower than the prior year, reducing net sales by
$18.9 million. The reduced volume reflects the weaker overall demand discussed
previously. Zinc concentrate sales volume for the 2002 quarter was down 17% or
4,200 tons compared to the prior year, reducing net sales by $1.2 million. The
net realized price for zinc concentrates was 34% lower than the prior year,
reducing net sales another $2.0 million. The volume shortfall was primarily due
to lower ore grades resulting in less production, while the lower realized price
was the result of 26% drop in the LME zinc price and unfavorable prior period
adjustments.

        COST OF SALES for the 2002 quarter was $137.5 million compared to $172.5
million for the 2001 quarter. Of this decrease, $7.9 million was attributable to
Peruvian operations. U.S. cost of sales for the first quarter of 2002 was $27.2
million less than the 2001 quarter. Volume changes, primarily lower lead metal
and zinc concentrate sales, reduced cost of sales by approximately $21.2
million. Lead metal unit production cost was down 14% compared to the prior
year, decreasing cost of sales $5.3 million. This decrease is the result of
efficiency improvements at all three primary operating facilities resulting from
implementation of the Revised Operating Plan coupled with elimination of
operating problems experienced in the 2001 quarter. The secondary smelter also
improved production cost compared to the prior year. In addition, energy costs,
primarily for natural gas and propane, were approximately $1.9 million lower
than the unusually high costs experienced in the 2001 quarter

        SELLING, GENERAL AND ADMINISTRATIVE expenses decreased by $1.5 million
in the 2002 quarter, compared to the 2001 quarter. Of this decrease, $0.9
million was attributable to Peruvian operations. The decrease in selling,
general and administrative expenses for U.S. operations of $0.6 million for the
2002 quarter is primarily due to reductions in association dues, professional
fees and travel and entertainment expenses.

        EXPLORATION expense for the 2002 quarter decreased $0.2 million, or 50%,
compared to the 2001 quarter. All of the reduction was attributable to U.S.
operations and it was due to the suspension of all drilling and fieldwork on the
Company's Missouri and South African exploration properties in an effort to
conserve cash.

        UNREALIZED GAINS ON DERIVATIVES related to the change in fair market
value of derivative financial instruments pursuant to FAS 133. Gains for the
2002 quarter resulted from the LME lead price at January 31, 2002 being higher
than the settlement price on certain sold futures contracts.

        INCOME FROM OPERATIONS for the 2002 quarter was $6.5 million compared to
a loss of $0.9 million for the 2001 quarter. Income from Peruvian operations
decreased by $2.1 million for the 2002 quarter. An improvement of $9.5 million
attributable to U.S. operations was primarily due to the factors discussed
above.

        INTEREST EXPENSE decreased $2.1 million in the 2002 quarter, compared to
the 2002 quarter. Of this decrease, $1.1 million was attributable to Peruvian
operations. For U.S. operations, interest expense decreased by $1.0 million in
the 2002 quarter, compared to the 2001 quarter, primarily due to lower interest
rates on the Company's floating interest rate notes and on the U.S. revolving
credit facility.

        INCOME TAX EXPENSE for the 2002 quarter reflects primarily the provision
for the Company's Peruvian subsidiaries. As a result of the Company's tax status
in the U.S., the Company is not subject to federal and most state income taxes.

                                       38
<Page>

        CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE relates to the
adoption of FAS 133. See "Item 1. Financial Statements - Note 2 to the Company's
Consolidated Financial Statements" for a discussion of FAS 133.

RESULTS OF PERUVIAN OPERATIONS

        NET SALES for the 2002 quarter decreased $9.8 million, compared to the
2001 quarter, primarily due to lower realized prices for copper, zinc and
silver, partially offset by increased silver sales volume. The realized prices
of copper, zinc and silver declined 20%, 28%, and 8% respectively, due to
similar declines in market prices, accounting for a $13.6 million reduction in
net sales. This decrease was partially offset by higher volumes for silver, gold
and copper which increased net sales approximately $3.6 million, compared to the
prior year.

        COST OF SALES decreased $7.9 million, from the 2001 quarter to the 2002
quarter due to lower unit production costs partially offset by increased volume.
Unit production costs were approximately 8%lower than the prior year, decreasing
cost of sales approximately $10.3 million. The reduction was due to lower feed
costs, resulting from lower market prices for copper, zinc and silver, partially
offset by lower treatment and refining charges, coupled with a 5% decline in
production costs. The lower production costs were partially offset by volume
changes, primarily the items mentioned above, which increased cost of sales
approximately $3.2 million.

        DEPRECIATION AND AMORTIZATION expense increased by $0.2 million in the
2002 quarter, compared to the 2001 quarter, primarily due to recent capital
additions.

        SELLING GENERAL AND ADMINISTRATIVE EXPENSES decreased $0.9 million for
the 2002 quarter, primarily due to a reduction of expenses related to the
helicopter, which was sold in the third quarter of 2001, and lower legal fees,
partially offset by increased insurance expense.

        UNREALIZED LOSS ON DERIVATIVES relates to the change in fair market
value of derivative financial instruments pursuant to FAS 133. Losses for the
2002 quarter resulted from lower metal prices.

        INCOME FROM OPERATIONS decreased $2.1 million in the 2002 quarter
compared to the 2001 quarter due primarily to the factors discussed above.

        CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE in the 2001 quarter
relates to the adoption of FAS 133. See "Item 1. Financial Statements - Note 2
to Doe Run Peru's Financial Statements" for a discussion of FAS 133.

LIQUIDITY AND CAPITAL RESOURCES

        The Company's liquidity requirements arise from its working capital
requirements, and capital investment and debt service obligations. The Company's
primary available sources of liquidity are cash provided by operating activities
and the two revolving credit facilities discussed previously. As of January 31,
2002, $33.1 million was outstanding, exclusive of $8.7 million of letters of
credit, under the Doe Run Revolving Credit Facility.

        The Doe Run Peru Revolving Credit Facility provides for advances by the
lender to a maximum of $40.0 million, less outstanding letters of credit, based
upon specific percentages of eligible receivables and inventories. In addition
the lender provides a separate line of $12.0 million for the issuance of
guarantee letters. The sum of the advances on both of these lines is limited to
$40.0 million. At January 31, 2002, $29.0 million, exclusive of $2.5 million of
letters of credit, was outstanding under the Doe Run Peru Revolving Credit
Facility. The Company also has available in Peru, unsecured and uncommitted
credit arrangements and additional availability related to letters of credit and
customs bonds, provided by local banks. At January 31, 2002, $2.2 million of
customs bonds was outstanding under these arrangements.

                                       39
<Page>

        In the 2002 quarter, cash provided by operating activities was $1.7
million and was negatively impacted by the build in inventories during the
quarter reflecting the weakened demand for lead metal previously discussed, cash
used in investing activities was $4.7 million and cash provided by financing
activities was $2.7 million.

        In the U.S., the Company had capital expenditures of $2.3 million for
the 2002 quarter and has projected total capital expenditures of approximately
$11.1 million for fiscal 2002, primarily to support ongoing operations and for
operational and environmental improvements. In addition to these capital
investments, the Company's U.S. operations expended an average of approximately
$68.9 million per year on repairs and maintenance from fiscal 1996 through
fiscal 2001. As a result of these expenditures, the Company believes that it
operates and will continue to maintain modern and efficient facilities.

        As part of the acquisition of its Peruvian operations, the Company has
undertaken a capital investment program, in part to satisfy an investment
commitment of $120.0 million as set forth in the purchase agreement. For
expenditures through October 31, 2001, Centromin has approved qualifying
expenditures under the investment commitment of approximately $103 million.
Additional expenditures for the first quarter of fiscal 2002 have not yet been
approved. Peruvian operations had capital expenditures of $2.4 million in the
2002 quarter and have projected capital expenditures of approximately $16.4
million for fiscal 2002, primarily for environmental improvements and to support
ongoing operations.

        The Company has substantial indebtedness and debt service requirements.
As of January 31, 2002, on a consolidated basis, the Company had $498.8 million
of indebtedness outstanding, or $373.8 million net of the Special Term Deposit
made in a foreign bank as collateral for a loan made to Doe Run Peru, securing
indebtedness of a like amount. As has been previously discussed, the Company
announced on April 15th that it had reached an agreement in principle that
should enable the Company to restructure its existing debt and that, if
successful, would significantly reduce the Company's outstanding debt. If the
Company is able to complete the restructuring as planned, future debt service
requirements will be reduced, liquidity will be improved and the Company should
be able to continue operations at current levels.

        The Doe Run Revolving Credit Facility, the Doe Run Peru Revolving Credit
Facility, and the indentures governing the Notes contain numerous covenants and
restrictions. The more restrictive covenants included limitations on allowable
indebtedness and maintenance of a minimum net worth, as defined, a limitation on
capital expenditures in the U.S. and requirements for earnings before interest,
taxes, depreciation, depletion, amortization and adjustments made in accordance
with FAS 133 (EBITDA) in the U.S. The indentures covering the Company's Notes
limit principal outstanding under various Peruvian working capital facilities to
$60 million.

        As discussed previously, the Company is currently in default of
various covenants. See discussion regarding pending restructuring in
LIQUIDITY.

                                       40
<Page>

        The following tables summarize Doe Run's contractual obligations and
commercial commitments at January 31, 2002. For a discussion of environmental
and reclamation obligations, see "Item 1. Financial Statements - Note 7 to the
Company's Consolidated Financial Statements".

<Table>
<Caption>
     Contractual Obligations:     ($ millions)                Payments Due By Period
     ------------------------                  ----------------------------------------------------
                                                  Less Than       1 - 3       4 - 5       After 5
                                      Total        1 Year         Years       Years        Years
                                      -----        ------         -----       -----        -----
     <S>                            <C>           <C>           <C>           <C>         <C>
     Current portion of
       long-term debt               $   66.3      $  66.3             -           -           -
     Long-term Debt (a)                432.5            -       $ 432.5           -           -
     Operating Leases                   18.4          7.1           8.1       $ 1.2       $ 2.0
     Capital Leases                     10.2          5.0           5.2           -           -
     Rents and Royalties                 3.4           .3            .9          .5         1.7
                                   -----------   ------------  ----------    ---------   ---------
            Total                   $  530.8      $  78.7       $ 446.7       $ 1.7       $ 3.7
                                   ===========   ============  ==========    =========   =========
</Table>

               (a) Total long-term debt, net of the $125 special term deposit,
               is $308.4. Subsequent to January 31, 2002, the Company was
               in default of the covenants related to long-term debt. See
               "Item 8. Financial Statements and Supplementary Data - Note 4
               to the Company's Condensed Consolidated Financial Statements".

<Table>
<Caption>
     Commercial Commitments:     ($ millions)                  Payments Due By Period
     -----------------------                   ------------------------------------------------------
                                                  Less Than      1 - 3        4 - 5        After 5
                                     Total         1 Year        Years        Years         Years
                                     -----         ------        -----        -----         -----
     <S>                            <C>            <C>             <C>          <C>        <C>
     Customs Bonds                  $  2.2         $  2.2          -            -              -
     Standby Letters of Credit        11.2            5.7          -            -          $ 5.5
     Tolling Commitments                  (b)           -          -            -              -
     Purchase Commitments                 (c)           -          -            -              -
     Sales Commitments                    (d)           -          -            -              -
                                   ------------  ------------   ---------     --------    ----------
            Total                   $ 13.4         $  7.9          -            -          $ 5.5
                                   ============  ============   =========     ========    ==========
</Table>

               (b) The Company has entered into tolling arrangements with major
               battery manufacturers whereby the manufacturers will deliver
               spent lead-acid batteries and other lead-bearing material to the
               Company's recycling facility and, for a processing fee, the
               Company will return finished lead metal. The largest of these
               contracts expire in September and December 2003. The agreements
               cover approximately 10% of the Company's anticipated combined
               primary and secondary lead metal production for the 2002 fiscal
               year.
               (c) The Company has minimum-take purchase agreements for coke and
               zinc under which it has committed to purchase minimum quantities
               of these products. For coke, the annual minimum-take quantity is
               87,000 tons and the contracts run through December 2003. The coke
               contracts are fixed priced contracts. For zinc, the monthly
               minimum-take quantity is 140 tons and the contracts run through
               February and March 2003, respectively. Pricing for the zinc
               contracts is the average market price of zinc for the month of
               delivery plus a premium.
               (d) The Company has commitments to sell approximately 66%, 74%,
               75%, 38% and 100% of its anticipated 2002 lead, copper, zinc,
               silver and gold metal production, respectively under agreements,
               with terms of generally less than one year. Sales prices are
               generally based on the average quoted exchange prices for the
               month of shipment, plus a premium.

                                       41
<Page>

IMPACT OF ACCOUNTING STANDARDS NOT YET ADOPTED

        In June 2001, the Financial Accounting Standards Board issued Statement
No. 143, ACCOUNTING FOR ASSET RETIREMENT OBLIGATIONS, which addresses financial
accounting and reporting for obligations associated with the retirement of
tangible long-lived assets and the associated asset retirement costs. The
standard applies to legal obligations associated with the retirement of
long-lived assets that result from the acquisition, construction, development
and (or) normal use of the asset.

        Statement No. 143 requires that the fair value of a liability for an
asset retirement obligation be recognized in the period in which it is incurred
if a reasonable estimate of fair value can be made. The fair value of the
liability is added to the carrying amount of the associated asset and this
additional carrying amount is depreciated over the life of the asset. The
liability is accreted at the end of each period through charges to operating
expense. If the obligation is settled for other than the carrying amount of the
liability, the Company will recognize a gain or loss on settlement.

        The Company is required and plans to adopt the provisions of
Statement No. 143 as of November 1, 2002. To accomplish this, the Company
must identify all legal obligations for asset retirement obligations, if any,
and determine the fair value of these obligations on the date of adoption.
The determination of fair value is complex and will require the Company to
gather market information and develop cash flow models. Additionally, the
Company will be required to develop processes to track and monitor these
obligations. Because of the effort necessary to comply with the adoption of
Statement No. 143, it is not practicable for management to estimate the
impact of adopting this Statement at the date of this report. It is currently
the Company's practice to accrue for mine and other closure obligations at
their estimated, undiscounted cost. See "Item 1. Financial Statements", Note
7 to the Company's Consolidated Financial Statements for disclosures related
to these obligations.

FORWARD-LOOKING STATEMENTS

        This report includes "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995 which involve known and
unknown risks, uncertainties and other important factors that could cause the
actual results, performance or achievements of the Company to differ materially
from any future results, performance or achievements expressed or implied by
such forward-looking statements. Such risks, uncertainties, and other important
factors include, among others: general economic and business conditions;
increasing industry capacity and levels of imports of non-ferrous metals or
non-ferrous metals products; industry trends, including product pricing;
competition; currency fluctuations; the loss of any significant customer;
availability of qualified personnel; effects of future collective bargaining
agreements; outcome of litigation, and major equipment failures. These
forward-looking statements speak only as of the date of this report. The Company
expressly disclaims any obligation or undertaking to disseminate any updates or
revisions to any forward-looking statement contained herein to reflect any
change in the Company's expectations with regard thereto or any change in
events, conditions, or circumstances on which any such statement is based.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

        The Company has outstanding $55 million of floating interest rate senior
notes on which interest is payable based on the six-month LIBOR rate plus 6.29%,
reset at each interest payment date (March and September 15). The Company has
not hedged its risk with respect to fluctuations in the LIBOR rate. At January
31, 2002, the effective rate was approximately 9.38%.

                                       42
<Page>

        In the normal course of its business, the Company has used in the past,
and may use in the future, forward sales commitments and commodity put and call
option contracts to manage its exposure to fluctuations in the prices of lead,
copper, zinc and silver. Contract positions are designed to ensure that the
Company will receive a defined minimum price for certain quantities of its
production. Gains and losses, and the related costs paid or premiums received
for option contracts which hedge the sales prices of commodities are recognized
in net sales when the related production is sold. None of the aforementioned
activities have been entered into for speculative purposes. See "Item 1.
Financial Statements--Note 6 to the Company's Condensed Consolidated Financial
Statements" for additional disclosures regarding these activities.

PART II. OTHER INFORMATION.

ITEM 1.  LEGAL PROCEEDINGS
        No developments since Form 10K May 14, 2002.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K.

(a) EXHIBITS.
        None

(b) REPORTS ON FORM 8-K.

        The Company filed a current report on Form 8-K dated January 30, 2002
        reporting that the Company had initiated discussions with certain
        holders of its 11 1/4% Senior Notes due 2005, Floating Interest Rate
        Senior Notes due 2003 and 11 1/4% Senior Secured Notes due 2005 to
        negotiate a restructuring of the Notes. The Company also reported that
        although the Company was not in default on any of its obligations
        relating to the Notes at that time, the continuation of weak prices for
        its primary products had reduced liquidity to the extent that the
        Company was uncertain that payment of the interest on the Notes due
        March 15, 2002 could be assured. Accordingly, unless market conditions
        improve, the Company anticipated that it would not make such interest
        payments.

        The Company filed a current report on Form 8-K dated March 15, 2002
        reporting that the Company did not make a scheduled interest payment due
        on March 15th on the Company's 11 1/4% Senior Notes due 2005, Floating
        Interest Rate Senior Notes due 2003 and 11 1/4% Senior Secured Notes due
        2005 and that the Company did not foresee being able to make the
        required interest payments prior to the expiration of the grace periods
        granted by the indentures governing the Notes, all of which expire April
        15, 2002. The Company also reported that is was in detailed negotiations
        with a significant holder of the Notes and The Renco Group, Inc. with
        respect to the terms of a proposed restructuring transaction which would
        include a significant cash investment by the holder and Renco and would
        require the participation by a significant number of holders of the
        Notes in an exchange offer and tender offer. Pursuant to the terms of
        the proposed transaction, the Company would be able to continue to
        operate all its facilities at present levels and the Company's trade
        creditors would not be adversely affected.

        The Company filed a current report on Form 8-K dated April 15, 2002
        reporting that it had reached an agreement in principle with The Renco
        Group, Inc. and Regiment Capital Advisors, LLC for Renco and Regiment to
        provide Doe Run with significant capital that should enable Doe Run to
        restructure its existing debt. The Company also reported that the
        non-binding agreement in principle was subject to agreement on the terms
        of definitive documentation and the successful completion of the
        transactions was subject to several conditions, including, among others,
        the participation by holders of 90% of the aggregate principal amount of
        each class of Notes in a cash tender offer and/or an exchange offer and
        the satisfactory modification of Doe Run's United States and Peruvian
        revolving credit facilities. Pursuant to the terms of the proposed
        transaction, Doe Run would be able to continue to operate all its
        facilities at present levels and the Company's trade creditors would not
        be adversely affected.

                                       43
<Page>

        The Company filed a current report on Form 8-K dated May 15, 2002 in
which it made public the terms of the transactions contemplated by the
agreement in principle announced on the Form 8-K dated April 15, 2002.
Readers are directed to the From 8-K dated April 15, 2002 for a detailed
description of these transactions as well as a discussion of the conditions
precedent to the consummation of such transactions which include, among
others, (i) the participation by holders of 90% of the aggregate principal
amount of each class of Notes in a cash tender offer or exchange offer
described in the Form 8-K dated May 15, 2002; (ii) the participation of at
least $125,000,000 aggregate principal amount of Notes in the cash tender
offer; (iii) satisfactory modification of Doe Run's domestic and Peruvian
revolving credit facilities; (iv) the entrance by Doe Run into definitive
loan documentation with Regiment Capital Advisors, LLC ("Regiment") relating
to a new senior secured credit facility pursuant to which Regiment will
initially loan Doe Run $35,700,000; and (v) the absence of a material adverse
change with respect to Doe Run or Doe Run Peru. There can be no assurance
that the transactions described herein or in the Form 8-K dated May 15, 2002
can be successfully completed.

                               S I G N A T U R E S

        Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                THE DOE RUN RESOURCES CORPORATION
                                (Registrant)


         MAY 16, 2002           /s/ Marvin K. Kaiser
         ------------           ------------------------------------------------
              Date              Marvin. K. Kaiser
                                Executive Vice President and Chief Financial
                                and Administrative Officer
                                (duly authorized officer and principal financial
                                officer)

                                       44