Imz presentation sept2012

  • 1,948 views
Uploaded on

 

  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Be the first to comment
    Be the first to like this
No Downloads

Views

Total Views
1,948
On Slideshare
0
From Embeds
0
Number of Embeds
0

Actions

Shares
Downloads
2
Comments
0
Likes
0

Embeds 0

No embeds

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
    No notes for slide

Transcript

  • 1. “Silver Producer with a Golden Future” September, 2012 www.intlminerals.com1
  • 2. Cautionary StatementSome of the statements contained in this presentation are “forward-looking statements” within the meaning ofCanadian securities law requirements. Such forward-looking statements involve known and unknown risks,uncertainties and other factors that may cause our actual results, performance or achievements to differ materially fromthe anticipated results, performance or achievements expressed or implied by such forward-looking statements.Forward-looking statements in this presentation include statements regarding drilling and development programs onthe Company’s projects, timing of commencement of production, reserve/resource additions, completion of feasibilitystudies, obtaining of required environmental and production permits, timing and significance of future cash flows anddividends.Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties suchas: risks relating to estimates of mineral resources and reserves; risks relating to project capital, production costs andcash flows; risks relating to obtaining mining and environmental permits; mining and development risks; risk ofcommodity price fluctuations; political and regulatory risk; general financial market and credit risks; other risks anduncertainties detailed in the IMZ’s Annual Information Form (dated September 26, 2011) and Management Discussionand Analysis for the year ended June 30, 2011, both of which are available at www.sedar.com.Any forward-looking financial information provided may not be appropriate in relation to reporting under InternationalFinancial Reporting Standards (IFRS). Please refer to the Company’s latest financial statements and notes. Theseforward-looking statements speak only as of the date hereof. The Company undertakes no obligation to update publiclyor release any revisions to these forward looking statements to reflect events or circumstances after the date hereof orto reflect the occurrence of unanticipated events.Qualified Person: The Company’s VP Corporate Development, Nick Appleyard.Dollar and Year References: “$” and “US$” refer to US dollars unless otherwise noted. Years refer to the respectivecalendar year unless otherwise noted as fiscal year (June 30).Au = gold; Ag = silver; g/t = grams per metric tonne; M = million; $M = million dollars; Mt = million tonnes; oz or ozs =troy ounces; tpd = metric tonnes per day 2
  • 3. Overview  Focus: Gold and Silver Deposits in the Americas  Large Resource Base  12.8M M+I Gold Equiv ozs (7.9M excluding Ecuador)  2.0M P+P Gold Equiv ozs (1.3M excluding Ecuador)  Pallancata Mine, Peru (40% IMZ, 60% Hochschild)  Estimated Production in 2012: ~10 Million Silver Equiv ozs  Inmaculada Gold-Silver Project, Peru (40% IMZ, 60% Hochschild)  Production Start-up: Dec 2013  Production 2014: ~200,000 Gold Equiv ozs/year  Nevada (100% IMZ)  Goldfield – Gemfield Feasibility Study completed July 2012. Basic engineering underway  Converse Feasibility Study – pending metallurgical testwork Q4  Ecuador: Evaluating options to optimize value of ~5 million M+I Gold Equiv ozs  Ruby Hill Royalty: Sold for $38M to Royal Gold in May 2012  Debt free3
  • 4. Capital Structure and Stock Performance Listings - Toronto and Swiss: Symbol “IMZ”  Shares Issued: 117.6 million  Swiss Performance Index (SPI): Top 100  Fully Diluted Shares: 121.4 million Market Capitalization: C$619million  Options: 3.8M (Aug. 31, 2012) (~$627 million)  Recent Share Price: C$5.26 Cash: $84 million (Aug. 31, 2012) Debt Free  52-Week Range: C$4.00-C$7.50 Analyst Coverage  Dundee Securities (C) – D. Mah GOLD -4%  National Bank (C) – S. Parsons  TD Securities (C) – S. Green HUI -21%  NCP Capital (C) – B. Mantzoutsos  Dahlman Rose (US) – A. Graf IMZ -25%  Bank Vontobel (SW) – P. Rafaisz ONE YEAR SHARE PRICE PERFORMANCE  Bank am Bellevue (SW) – J. Borner GDJX -40%  Collins Stewart (UK) – T. Dudley Weighted in US Dollars4
  • 5. Key Financial Data - Fiscal years ending June 30 + Year-to-Date (Q3) Mar 31, 2012 $80 $60 58.8(2) 21.4% $55 20% $70 $50 $60 $45 46.3 YTD 15% 13.6% $40 $50 47.9 YTD $35 34.0Return on Equity % 8.9% US $Millions 10% US $Millions $40 $30 7.2% YTD $25 $30 27.6 5% $20 15.5 $20 19.3 $15 8.7 0% $10 0.1% $10 $5 2.8% 0.7 $0 -5% 1.6 4.0 $0 0.2 -$5 3.0 -$5 07 08 09 10 11 2012 YTD 07 08 09 10 11 2012 YTD 07 08 09 10 11 2012 YTD % Return on Equity (ROE) Cash Flow from Operating Activities Pre-Tax Net Income (Pre-Tax Basis) ($ Millions) ($ Millions) Note: (1) Fiscal 2011 and Year-to-Date Q3 2012 numbers reflect adoption of IFRS as of July 1, 2011. (2) 2011 Net Income of $58.8M includes extraordinary income of $12.5M net from sale of 11% interest in Inmaculada to Hochschild 5
  • 6. Property Locations Rio Blanco Gaby Pallancata Inmaculada6
  • 7. Project Pipeline Peru U.S.A. EcuadorInmaculada Project Pallancata 2014 (Prodn. Estimate) Production Inmaculada (2014) Gemfield (2015) Development McMahon Ridge/Goldfield Main Converse Gaby Rio Blanco Del Oro/Rye Acoma Drill Targets 7
  • 8. Attributable Reserves / Resources 6.0 Total Attributable Reserves + Resources Gold Equivalent Ozs 5.5 With Ecuador 5.0 Gold Equivalent Ounces (Millions) 4.5 Ecuador USA 38% 4.0 53% 3.5 Peru 9% 3.0 2.5 Ex-Ecuador 2.0 Peru 14% 1.5 1.0 USA 86% 0.5 P+P Reserves Peru USA Ecuador 15 Inmaculada (40%) (Total 2.0 M ozs Au Eq)1,2,4 Goldfield (100%) Pallancata (40%) Rio Blanco (100%) Converse (100%) Gaby (~60%) (Million Ozs) Gold Equiv M+I Resources (78%) 10 (Total 12.8 M ozs Au Eq)1,3,4 Inferred Resources (22%) 5 (Total 3.7 M ozs Au Eq)1 ECU ECU ECU ECU ECU ECU ECU 0 06 07 08 09 10 11 12 Notes: 1. Average Au equiv conversion of 61:1 Ag to Au ratio for reserves and 62:1 for resources. Total M&I Gold Equiv Resources 2. P+P = Proven and Probable Reserves 3. M+I = Measured and Indicated Resources 4. M+I includes P+P. 8
  • 9. Pallancata Silver Mine, Peru – Principal Veins (Looking Northwest) Pallancata- Plan View Pallancata West To Mariana/ Mercedes/ San Javier Ranichico (8% 2012 prodn.) Central Zone Rina (2% 2012 prodn.) Main Structure Mercedes Camp District Map Suyamarca River Selene Pallancata 76M oz M&I Ag Eq (160 sq km) Pallancata West (37% 2012 prodn.) Central Area (370 sq km) Central Zone } (51% 2012 prodn.) Pallancata East 10 km 60% Hoch (2% 2012 prodn.) 40% IMZ Inmaculada 100% Hoch 1.5M oz M&I Au Eq View of Photograph (210 sq km)9
  • 10. Pallancata Mine, Peru (40% IMZ) Mine • Underground, 3,000 tpd 2012 Est. Operating Cash Flow to IMZ • Flotation circuit (concentrate) • Recoveries: 85% Ag, 70% Au $70 Post-Capex / Pre-Tax $66 Mine Life • ~7 years, including current resources $60 $59 Millions $50 $53 2011 2012E $47 Ore production (tonnes) 1,070,500 t 1,050,000 t $40 $41 $35 Head grade Ag/Au 301g/t / 1.3g/t 286g/t / 1.4g/t $ 30 $28 $24 $26 $28 $30 $32 $34 $36 Production Ag/Au (oz) 8.8M oz Ag 7.8M oz Ag Ag Price / Ounce 33,881 oz Au 32,000 oz Au Direct site costs/oz Ag $2.20 $4.00E 100% Production (40% to IMZ) (net of gold credit) 10.1 IMZ total cash costs/oz $6.38 $8.00E 8.8 (net of gold credit) 8.4 7.8E Reserves and Resources - Ag Equivalent- M ozs* (Dec 2011, 100% basis) 36 4.2 34 32E 32 Inf: P+P: 16 39.2M 41.0M M+I: 2008 2009 2010 2011 2012E 35.7M Silver (M ozs) Gold (,000 ozs) *60:1 Ag/Au ratio; $1,080 Au / $18 Ag10 *See Slide 28 in appendix.
  • 11. Inmaculada Project, Peru - Angela Vein Plan View – Multiple Veins near to Angela Vein* Shakira Angela Angela NE Angela SW Lourdes Inmaculada Martha Melisa Cymoid Verónica Angela SW Jimena Further potential along Angela Vein (Long Section looking Northwest)* Approximate Eastern Limit of Feasibility Study Vein Outcrop*Source: Hochschild Mining plc11
  • 12. Inmaculada, Peru - IMZ 40% / HOC 60% - Feasibility Study Jan 2012 100% Project Basis 2014 Est. Pre-tax Operating Cash Flow to IMZOperation • Underground, 3,500 tpd $125 • Conventional cyanidation (dore) $100 $109 • Recovery: 96% Au, 91% Ag $93 $75 MillionsMine Life • 6.3 years (basis initial reserves) $77 $50 $61Production • Average/year: 124,000 oz Au, 4.2Moz Ag $45Estimates • Direct cash op costs /oz: $133 (net of Ag credit) $25 $29 • Total cash op costs/oz: $172 (net of Ag credit) $0Initial Capital • $315 million (based on feasibility study) $900 $1100 $1300 $1500 $1700 $1900 $2100 Au Price / OunceBase Case • NPV0%: ~$323M ($194 after-tax)Economics • NPV8%: $120M ($46 after-tax)$1,100 Au, $18 Ag • IRR: 18% (12% after-tax) Production EstimatesSensitivity • NPV0%= $821M ($492 after-tax), NPV8%=$433M ($236 (100% Project Basis)$1,500 Au, $25 Ag after-tax), IRR = 38% (27% after-tax) 128 . 113Outlook Permitting ongoing, decline development underway 99 Production Date : Dec 2013 5.2 4.3 4.6 Reserves and Resources - Au Equivalent- M ozs* (Jan 2012, 100% basis) 70 1.7 Inf: 1.0M P+P: 1.3M 2014 2015 2016 2017 M+I: Gold (,000 ozs) Silver (M ozs) 0.13M *60:1 Ag/Au ratio; $1,100 Au / $18 Ag12 *See Slide 32 in appendix.
  • 13. Goldfield, Nevada - IMZ 100% - Development Stage  Historical Mining District in Southern Nevada  Approx 4M oz gold production from 1903-1940’s at ~18 g/t  Three Gold Deposits (Gemfield, McMahon Ridge, Goldfield Main)  P+P Reserves*: 0.51M oz Au (14.3Mt at 1.1 g/t Au)  M+I Resources: 1.23M oz Au (31.1Mt at 1.2 g/t Au)  Inferred Resources: 0.44M oz Au (10.9Mt at 1.3 g/t Au)  Heap Leach Feasibility Study at Gemfield: July 2012  Basic engineering begins Q4 – ends March 2013  Targeting Production in Mid 2015 (Gemfield only)  66,000 Au ozs/year, 6,000 tpd open-pit heap leach operation  Capex estimate: $133M (Plant/Infrastructure $93M, Mine $20M, Road $20M)  Total cash cost (with Ag by-product credit): $611/oz Au  Future Milling Scenario  Under evaluation  Testing new drill targets outside of existing mineralized areas * P+P Reserves included in M+I Resources. 13
  • 14. Goldfield, Nevada: Gemfield Deposit Feasibility Study - July 2012 Avg. Annual Est. Pre-tax Operating Cash Flow(2) $60 $50 $57Operation • Open Pit., 6,000 tpd • Heap leach (dore) $40 Millions $42 • Recovery: 84% Au $30Mine Life • 6.5 years (basis initial reserves) $20 $26 $10P&P Reserves (1) • 511,000 oz Au (14.3 Mt @ 1.1 g/t Au) $10$1,350/oz Gold $0 $1100 $1350 $1600 $1850M&I Resources(1) • 574,000 oz Au (17.0 Mt @ 1.0 g/t Au) Au Price / Ounce(includes reserves) • 74,000 oz Au (4.2 Mt @ 0.6 g/t Au)Inferred Res. (1) Production Estimates 81Production • Average/year: 66,000 oz AuEstimates • Direct cash op costs /oz: $526 (net of Ag credit) 73 • Total cash op costs/oz: $611 (net of Ag credit) 62 55Initial Capital • $133 million (based on feasibility study)Base Case • NPV0%: ~$168M ($132M after-tax)Economics • NPV 7%: $83M ($59M after-tax)$1,350 Au • IRR: 22% (18% after-tax)Outlook • Permitting ongoing, basic engineering underway • Production Date: Mid 2015 Year 1 Year 2 Year 3 Year 4 (1) Silver reserves and resources are not significant. Gold (,000ozs) (2) Production and pre-tax operating cash flow on operating year basis. Gemfield is not materially sensitive to silver prices due to low silver production. (3) See appendix for details of July 2012 Feasibility Study.14
  • 15. Goldfield, Nevada – Principal Gold Deposits Reno - 4.5 hours X-section Las Vegas - 2.5 hours 15
  • 16. Goldfield, Nevada - Gemfield Deposit - Cross Section Cross Section 47,000N (Looking North)16
  • 17. Converse, Nevada - IMZ 100% - Scoping Study - December 2011 Avg Pre-tax Operating Cash Flow /Year $200Operation • Open pit, 45,000 tpd. • Heap leach (Dore) $160 $184 • Recovery: ~60% Au, 30% Ag $151 $120Mine Life • 13.5 years $119 Millions • Strip ratio 2.3:1 $80 $86P&P • No reserves defined to date $40 $53Reserves $20 $0Resources • M+I : 320Mt @ 0.50 g/t Au and 3.7 g/t Ag -$13 $1000 $1200 $1400 $1600 $1800 $2000 $2200 (5.2M oz Au, 38.0M oz Ag) Au Price / Ounce • Inferred: 31.2Mt @ 0.51 g/t Au and 3.0 g/t Ag (507,000 oz Au, 3.0M oz Ag)Production • Average/year: 160,000 oz Au, 638,000 oz Ag Production EstimateEstimates • Direct cash cost /oz: $745 (net of Ag credit) 219 • Total cash op costs/oz (incl capex): $998 (net of Ag credit) 183Initial Capital • $455 million 156 151Base Case • NPV0%: ~$494MEconomics • NPV8%: $70M$1,300/oz Gold • IRR: 11%$25/oz Silver • Cost per tonne ore processed: $8.35Sensitivity • $1600/oz Au & $31/oz Ag: NPV0%= $1,158M, NPV8%= $440M, IRR=22%Outlook • Feasibility study pending met test work Q4 2012 Year 1 Year 2 Year 3 Year 4 Gold (,000ozs)17
  • 18. Converse, Nevada - Regional Mines and Cross-Section 470000E 480000E 490000E R42E R43E R44E 4520000N Gold Mine, deposit NEWMONT LONE TREE MINE IMZ- fee land 80 Schematic Cross Section Looking East IMZ- BLM land VALMY N Conv-004C 2 Conv-005C 4510000N 17 10 IMZ 16 GOLDCORP/BARRICK T33N Converse 20 21 MARIGOLD MINE 80 29 28 Trout Creek Humboldt County 32 33 Trenton Valmy Pershing County 6 5 NEWMONT TD=2,388ft TD=1,800ft TRENTON CANYON MINE (549m) (728m) Trenton 4500000N Trenton North Peak Canyon Main Humboldt County Lander County T32N NEWMONT COPPER BASIN AREA NEWMONT BUFFALO VALLEY MINE IMZ drilling extended mineralization at depth 4490000N NEWMONT COPPER CANYON AREA T31N Fortitude Total Drilling to date: 76,469m in 333 drill holes Phoenix 0 1 2 3 (RC and core) Miles18
  • 19. 5-Year Estimates: Project Time Lines 2012-2016 2012 2013 2014 2015 2016 Q1 Q2 Q3 Production Pallancata, Peru Permit / Construction Production Inmaculada, Peru Feasibility Permit / Construction Production Goldfield, Nevada(1) Feasibility Permitting Converse, Nevada(2) Permit / Construction Production Rio Blanco, Ecuador(3) Pending Start-up Feasibility Permitting Gaby, Ecuador(3) (1) Goldfield: - Heap leach scenario for Gemfield only. - Milling option for Goldfield Main (plus Gemfield and McMahon Ridge) yet to be fully evaluated. (2) Converse: Feasibility study contingent on results of metallurgical testwork by end of 2012 (3) Rio Blanco + Gaby: Timelines contingent on ongoing evaluation of options to optimize value. 19
  • 20. 5-Year Estimates: IMZ Production and Costs 2012-2016 320,000 $1000 300,000 Rio Blanco (100% IMZ) 280,000 $900 Goldfield (100% IMZ) 260,000 Industry-Average US $/oz Production Cost Total Production Costs ($809)** Inmaculada (40% IMZ) 240,000 $800 Pallancata (40% IMZ) 220,000 Total Cash Costs Gold Equivalent Ounces* 200,000 $700 Industry-Average --- Ex Ecuador 180,000 Cash Costs ($643) ** Total Production Costs --- Ex Ecuador 160,000 $600 * Gold Equiv ozs based on average 60:1 silver-gold ratio 140,000 ** Industry-average costs basis GFMS Gold Survey 2012 120,000 $500 100,000 80,000 $400 1. Pallancata: Basis Dec 31, 2011 reserve and resource estimates. 60,000 2. Inmaculada: Basis Jan 2012 Feasibility Study. 3. Goldfield: Basis July 2012 Feasibility Study. 2012E 2014E 2015E 2016E 2011A 2013E 4. Rio Blanco: Production dependent on ongoing evaluation of options to optimize value.20
  • 21. 5 Year Estimates: IMZ Pre-tax Cash Flow from Operations 2012 – 2016 $400 $400 $1,000 gold, $20 silver $1,500 gold, $30 silver $1,800 gold, $35 silver $300 $300 Rio Blanco (100% IMZ) (Goldfield (100% IMZ) $200 Inmaculada (40% IMZ) $200 Pallancata (40% IMZ) Production Royalty $100 $100 $0 $0 2013E 2015E 2016E 2014E 2011A 2012E 1. Pallancata: Basis Dec 31, 2011 reserve and resource estimates. 1.2. Inmaculada: Basis Jan 2012 Feasibility Study (IMZ 40%). 2.3. Goldfield: Basis July 2012 Feasibility Study. 3.4. Rio Blanco: Production dependent on ongoing evaluation of options to optimize value. 4.5. 2012 estimate does not include $38M from sale of Ruby Hill royalty. 21
  • 22. 5-Year Estimates: IMZ Capex and Other Costs - 2012-2016 $160 $160 $140 $140 Projects $120 $120 Rio Blanco $100 $100 Goldfield Inmaculada $80 $80 Pallancata $60 $60 Other $40 $40 Exploration + G&A $20 $20 $0 $0 2011A 2012E 2013E(2) 2014E(3) 2015E 2016E (1) Pallancata: Basis Dec. 31, 2011 reserve and resource estimates. Numbers include annual exploration estimates. (2) Inmaculada: Basis Jan 2012 Feasibility Study. HOC pays first $100M feasibility, development and capex. IMZ share of $315M total capex = $90M. Assumes $140M of asset-based financing for project in 2013. Numbers include annual exploration estimates and principal/debt repayments. (3) Goldfield: Basis July 2012 Feasibility Study. Assumes $57M of debt financing in 2014 (total initial capex $133M). Numbers include principal/debt repayments. (4) Rio Blanco: Timeline dependent on ongoing evaluation of options to optimize value.22
  • 23. 5-Year Estimates: Cum. Op Cash Flow Vs Capex + Other 2012-2016 (Ex-Ecuador) $1,000 $1,000 Cum. Op. Cash Flow $800 $1,800 Au. $35 Ag $800 Cum. Op. Cash. Flow $600 $600 $1,500 Au, $30 Ag $400 $400 Cum. Capex + Other $200 $200 Cum. Op. Cash Flow $1,000 Au, $20 Ag $0 $0 2011A 2012E(1) 2013E(1) 2014E(2) 2015E 2016E (1) Assumes $140M asset-based project financing at Inmaculada. Reduces IMZ capex contribution of $90M to $34M in 2012 and 2013. (2) Assumes $57M of debt financing for Goldfield in 2014 (total initial capex $133M). 23
  • 24. Enterprise Value (“EV”)/Total Au Resource Ounces (Excludes Over 100M Silver Ozs) 231 220 38 116 $450 22 $400 20 Total Resource Ozs M + I + Inferred Resources (ozs) $350 18 EV US$/Gold Resource Ozs 16 $300 $282 14 $250 $227 $231 $232 $236 12 $200 10 $147 $150 $124 8 $110 $115 $117 6 $100 $84 $66 $67 4 $54 $60 $50 $36 $38 $40 2 San Gold GOLDCORP B-2 Gold ANGLOGOLD Kirkland Lake AGNICO Alacer IMZ (ex Ecu) Timmins High River Argonaut Golden Star BARRICK Lakeshore Aurizon Jaguar IMZ (Total) Romarco Source: -Company Disclosure, Bloomberg. Based on most recent financials. - Pricing as at Aug 31, 2012. Resources include reserves. - Enterprise Value = market capitalization plus debt less cash . 24
  • 25. Why IMZ?  M+I Gold Equiv Resources: 7.9M oz (excl. Ecuador)  Growing Production and Cash Flow  Pallancata (IMZ’s 40% interest) • 2012: ~4M oz Ag Equiv (65,000 oz Au Equiv) • ~$22M free cash flow • Resource base continues to grow  Inmaculada (IMZ’s 40% interest) • Production date: Dec 2013 • 78,000 oz/year Au Equiv • Operating cash flow: ~$34M in 2014 (at $1,500 Au)  Growth from Nevada Gold Projects (IMZ 100%)  Production at Goldfield – mid 2015  Pending feasibility study at Converse  Ecuador Gold Projects  Evaluating options to optimize value  Strong Balance Sheet  $84M in cash; $2.4M in marketable securities  Debt-free25
  • 26. News Flow/Catalysts in 2012  Full Year Financial Results: Sept 28th  Nevada, USA:  Goldfield: - Basic Engineering underway - Q3 - Submit Environmental Baseline Study - Q4  Converse: - Metallurgical testwork update - Q4 - Decision on Feasibility Study - Q4  Del Oro/Rye: - Commence drilling - Q4  Peru:  Development updates from Inmaculada - Q4  Rio Blanco and Gaby, Ecuador:  Decision on future development of projects - Q426
  • 27. APPENDIX & FOOTNOTES 1. See slides below for the details of Pallancata and Rio Blanco reserve/resource estimates and the Converse, Goldfield and Gaby resource estimates. Inmaculada reserve and resource estimates are shown in slides 12 & 32. Please refer to the Company’s NI 43-101 reports and related news releases filed on SEDAR for a discussion of assumptions, parameters and material risk factors. Estimated mineral resources that are not mineral reserves do not have demonstrated economic viability. 2. The Inmaculada feasibility study information and reserve and resource estimates were announced in a news release dated January 11, 2012. A Technical Report on Inmaculada was filed by the Company on SEDAR on February 24, 2012. 3. The Goldfield feasibility study information and reserve and resource estimates were announced in a news release dated July 17, 2012. A Technical Report on Inmaculada was filed by the Company on SEDAR on August 31, 2012. 4. The Rio Blanco data for production, cash costs, capex and operating cash flow (slide 44) are presented on a pre-tax, pre- government royalty and pre-windfall tax basis, as reported in a Feb 19, 2009 Company news release about Rio Blanco’s updated costs. Life of mine production for the February 2009 estimate is based only on mineral reserves of the Alejandra North and San Luis deposits at Rio Blanco. 5. Gaby’s annual production, cash costs and capex estimates (slide 49) are sourced from an addendum to the preliminary feasibility study (PFS) announced in a January 29, 2009 Company news release. 6. Rio Blanco’s and Gaby’s outlook and production start-up estimates are dependent on continuation of project development pending a review of options to optimize value to shareholders. 7. Goldfield Main resource estimate is classified in accordance with CIM guidelines by independent consultant R. Mohan Srivastava, a Qualified Person under NI 43-101 and has an effective date of February 1, 2011. Gemfield reserve estimate was prepared by D. Anderson of Micon International Ltd (July 2012). Gemfield and McMahon Ridge resource estimates were calculated by R. Mohan Srivastava with an effective date of July 17, 2012. 8. IMZ uses the Gold Institute’s definition of “Total Cash Costs”. For Pallancata, IMZ’s Total Cash Costs per ounce of silver produced, net of gold credit, include mine operating costs, mined ore inventory adjustment, toll processing and mine general and administrative costs, Hochschild’s management fee, concentrate transportation and smelting costs, taxes (other than federal income tax) and Peruvian government royalty. Direct Site Costs per ounce silver comprise direct mining, mined ore inventory adjustment, toll processing and mine general and administrative costs (net of gold by-product credit). 9. IMZ accounts for its 40% ownership of the Pallancata Mine and the Inmaculada project on an equity accounting basis. 10. Production at Pallancata is shown from start-up of mining operations, September 2007.27
  • 28. Pallancata - December 31, 2011 Reserves & Resources 100% Basis (40% Attributable to IMZ) Basis $1,080 gold, $18.00 silver, Cut-off Grade 144 g/t silver Reserves Tonnes Silver Gold Silver Gold Silver Gold (g/t) (g/t) (oz) (oz) Equiv (1) Equiv (1) (M of oz) (M of oz) Proven & Probable 3,450,000 287 1.4 31,848,000 152,000 41.0M 683,000 Resources Measured & 5,015,000 372 1.7 60,006,000 278,000 76.7M 1,278,000 Indicated (2) Inferred Resource 2,813,000 347 1.5 31,335,000 132,000 39.3M 654,000 Notes: 1. Gold equivalent and silver equivalent values based on 60:1 silver-gold ratio 2. Measured and Indicated Resources include Proven and Probable Reserves 3. Cut off grade of 144 g/t silver. 4. Resource and reserve estimates have an effective date of December 31, 2011. 5. Numbers have been rounded in all categories to reflect the precision of the estimates. 6. Hochschild’s data and methodology were reviewed by IMZ’s VP of Corporate Development, Nick Appleyard and VP Special Projects, Alan Matthews, both Qualified Persons as defined by National Instrument 43-101. 28
  • 29. Pallancata Longitudinal Section - Looking Northeast A A’ EXTREMO EXTREME SUR ESTE SOUTHEAST4,800 HUARARANI NW PALLANCATA PALLANCATA PALLANCATA PALLANCATA4,600 WEST CENTRAL EAST SOUTHEAST4,4004,2004,000 Domo Sarnahuiri3,8003,6003,4003,2003,000 5,000m 1,300m SYMBOLS LITHOLOGIES PALLANCATA L. And.Afan. RESOURCES WEST = Areas Currently in Production " Domo / Flujo DDH OROVEGA Measured Resources T. And. - Pómez Rhyodacite ! " DDH HOC . ejecutado T. And. - Lapilli ! Indicated Resources PALLANCATA = Areas in Development DDH Programa 2010 Hipabisal T. And.- Lit.. Inferred Resources SOUTHEAST L. And.Porf. Diorite DDH Programa 2011 29
  • 30. Inmaculada - Multiple Targets Inmaculada Angela Vein Outcrop Angela Vein 14,672 ha. property30
  • 31. Inmaculada - Angela Vein - Long Section (Looking Northwest)  21,000 Hectares (210 sq km) - 60 km SW of Pallancata  Similar Low-Sulfidation Epithermal Vein System Inmaculada  Over 2 km in Strike Length and 300m Vertical Extent  Open East and West and One of Multiple Veins on Property  99% of Known Mineralization Not Exposed on Surface SW NE 10500 10550 11100 11200 10100 10750 10900 10400 10800 10850 11000 11800 11900 10150 10350 10450 10600 11500 10050 10250 10650 11400 11450 10200 11700 10000 11300 10300 10700 12000 11600 Surface Vein Outcrop o 10 Eastern Limit of Feasibility Study 10 4600 m 25 10 o 50 25 25 50 50 100 100 10 4500 m 50 100 50 100 25 10 100 50 25 100 100 4400 m 25 o 100 50 10 50 10 25 25 50 10 50 25 4300 m 100 10 10 4200 m 139 Drill Hole Mineralized Intercepts 0 50 100 200 Meters o o Drill Holes with o No Significant Values o 100 50 Grade-Thickness Contours: 25 10 Au Equivalent (g/t) x true width (m) 31
  • 32. Inmaculada, Peru - Reserves & Resources- January 2012 100% Project Basis, 40% Attributable to IMZ Base-Case: $1,100 Gold, $18.00 Silver Reserves Million Gold Silver Gold Silver Gold Equiv Tonnes (g/t) (g/t) (oz) (oz) (oz) Proven 3.844 3.40 106 421,000 13,125,000 640,000 Probable 3.958 3.33 134 424,000 17,796,000 707,000 Proven & Probable 7.801 3.37 120 845,000 30,140,000 1,347,000 Resources Measured 3.28 4.10 128 430,000 13,500,000 655,000 Indicated 3.78 4.05 159 490,000 19,300,000 812,000 Measured & Indicated (2) 7.07 4.07 144 930,000 32,800,000 1,477,000 Inferred Resources 4.94 3.91 152 620,000 24,200,000 1,023,000 1. Numbers are rounded to reflect the precision of a resource estimate. 2. Measured and Indicated Resources include Proven and Probable Reserves. 3. Cut-off grade for estimated Reserves is 2.3 g/t gold equivalent. Cutoff grade for estimated Resources is 1.5 g/t gold equivalent. Gold equivalent ounces are estimated for mineral resources using a 60:1 silver to gold ratio. 4. The estimated mineral resources are not mineral reserves and do not have demonstrated economic viability. 5. To limit the influence of individual high-grade samples, grade capping was used. Gold assay grades were capped at 100 g/t and silver grades were capped at 5,000 g/t for the Angela vein which contributes 95% of the measured and indicated tonnage and 97% of the gold equivalent ounces. Minor veins were capped at variable values ranging from 5 g/t to 50 g/t gold and 500 g/t to 1,250 g/t silver. 6. An estimated dry bulk density of 2.51 tonnes per cubic meter was used for all mineralized rocks. 7. The grades were interpolated using the “Ordinary Kriging” estimation technique. 8. The contained metal reserve estimates include mining dilution (averaging 28% at a grade of 0.3 g/t Au and 11 g/t Ag) and 3% ore losses , but remain subject to process recovery losses. 9. The mineral resources were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM),Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council December 11, 2005. 10. The reserve and resource estimates have an effective date of January 11, 2012. 32
  • 33. Inmaculada, Peru (40% IMZ, 60% Hochschild) - Feasibility Study Results Item Units 100% Project IMZ 40% Base Case gold price $ per ounce $1100 $1100 Base Case silver Price $ per ounce $18 $18 Initial Mine life years 6.3 6.3 Expected Production Date date Dec. 2013 Dec. 2013 Average annual gold production ounces/year 124,000 49,600 Average annual silver production ounces/year 4,204,000 1,682,000 Average annual gold equiv. production4 ounces/year 194,000 78,000 Life-of-mine gold production ounces 783,000 313,000 Life-of-mine silver production ounces 26,488,000 10,600,000 Life-of-mine gold equiv. production4 ounces 1,220,000 488,000 Plant processing rate (3,500 tpd) tonnes/year 1,260,000 1,260,000 Metallurgical recovery – gold % 95.6% 95.6% Metallurgical recovery – silver % 90.6% 90.6% Initial capital 2 $ millions $315 $91 Direct site costs 3 per tonne processed $74 $74 Direct site costs3, 5 per ounce Au (with Ag credit) $133 $133 Total cash operating costs3,5, 6,7 per ounce Au (with Ag credit) $172 $262 IRR pre-tax/post-tax % 18% / 12% 26% / 21% Pre-tax /post-tax cash flow (non- $ millions $323 / $194 $136 / $95 discounted) Pre-tax/post-tax NPV, 5% discount rate $ millions $181 / $90 $85 / $57 Pre-tax/post-tax NPV, 8% discount rate $ millions $120 / $46 $63 / $40 1. IMZ owns a 40% interest in the Inmaculada project. Under the joint venture agreement signed between IMZ and Hochschild, in December 2010, Hochschild must contribute the first $100 million of feasibility study, project development and capital costs with subsequent costs funded 60% by Hochschild and 40% by IMZ. Hochschild will receive a 7% management fee as operator of Inmaculada. Table does not consider the impact of these agreement terms. 2. Initial capital includes $25 million in contingency allowance and is based on Q4 2011 estimates. No escalation factors have been applied. 3. Direct site costs include mining, processing and mine administration. Total cash operating costs include direct site costs plus estimates of refining charges and government royalty (but do not include workers profit sharing which is 8% of net income). IMZ costs also include estimate of management fee. 4. Gold equivalent (“gold equiv.”) numbers are estimated using a silver-to-gold ratio of 60:1 calculated by using the ratio of the base case metal prices. 5. By-product accounting subtracts the revenue generated by silver from the total operating costs to determine the cost per ounce of gold. 6. For comparative purposes, if IMZ had selected co-product accounting, the resulting total cash operating costs on a 100% project basis are estimated to be $502/oz of gold and $8.20/oz of silver. 7. For comparative purposes, if IMZ had selected co-product accounting, the resulting total cash operating costs for IMZ’s 40% interest of the project are estimated to be $560/oz of gold and $9.15/oz of silver. 33
  • 34. Inmaculada, Peru - Sensitivity to Gold & Silver Prices Pre-tax Sensitivity Analyses 100% Project Basis v 40% Attributable to IMZ (base-case in bold) Gold Price / Silver Price ($/oz) BASE CASE Category $900 / $1,100 / $1,300 / $1,500 / $1,700 / $1,900 / $15.00 $18.00 $21.00 $25.00 $28.00 $31.00 IRR 5% / 9% 18% / 26% 28% / 40% 38% / 55% 46% / 67% 53% / 78% Cash Flow $88 / $42 $323 / $136 $559 / $231 $821 / $335 $1,057 / $429 $1,292 / $523 ($ millions) NPV 5% $6 / $15 $181 / $85 $356 / $155 $551 / $233 $726 / $302 $901 / $372 ($ millions) NPV 8% -$28 / $3 $120 / $63 $268 / $122 $433 / $188 $581 / $247 $729 / $306 ($ millions) NOTE: $181 / $85 = 100% Project Basis / 40% Attributable to IMZ 34
  • 35. Goldfield, Nevada - NI 43-101 Mineral Resources* Prospect Resources Tonnes Gold Contained (g/t) Gold (oz) Gemfield Measured 12,182,000 1.1 438,000 (cut-off 0.3 g/t Indicated 4,852,000 0.9 136,000 gold) M&I 17,034,000 1.0 574,000 Inferred 4,173,000 0.6 74,000 Proven 11,041,000 1.2 412,000 Probable 3,246,000 0.9 99,000 P&P 14,287,000 1.1 511,000 McMahon Measured -------- ----- --------- Ridge (cut-off Indicated 5,514,000 1.3 238,000 0.4 g/t gold) M&I 5,514,000 1.3 238,000 Inferred 108,000 1.1 4,000 Goldfield Measured -------- ----- --------- Main (cut-off 0.4 Indicated 8,549,000 1.5 421,000 g/t gold) M&I 8,549,000 1.5 421,000 Inferred 6,591,000 1.7 360,000 Total Measured 12,182,000 1.1 438,000 Goldfield Indicated 18,915,000 1.3 795,000 (see cutoff grades above) M&I 31,097,000 1.2 1,233,000 Inferred 10,872,000 1.3 438,000 Proven 11,041,000 1.2 412,000 Probable 3,246,000 0.9 99,000 P&P 14,287,000 1.1 511,000 *Goldfield Main resource estimate is classified in accordance with CIM guidelines by independent consultant R. Mohan Srivastava, a Qualified Person under NI 43-101 and has an effective date of February 1, 2011. Gemfield reserve estimate was prepared by D. Anderson of Micon International Ltd (July 2012). Gemfield and McMahon Ridge resource estimates were calculated by R. Mohan Srivastava with an effective date of July 17, 2012.35
  • 36. Goldfield, Nevada - Gemfield Deposit: Feasibility Study Results- July 2012 Item Units 100% Project Base Case gold price $ per ounce $1,350 Initial Mine life years 6.5 Average annual gold production ounces/year 66,000 Life-of-mine gold production ounces 430,000 Plant processing rate (6,000 tpd) tonnes/year 2,190,000 Average Metallurgical recovery – gold % 84% Initial capital cost 1 $ millions $133 Sustaining capital cost $ millions $16 Direct site costs 2 per tonne processed $15.67 Cash operating costs (with Ag credit) 2,5 per ounce Au $526 Total cash operating costs (with Ag credit) 2,5 per ounce Au $611 IRR pre-tax/post-tax 3,4 % 22% / 18% Pre-tax /post-tax cash flow (non-discounted) 3,4 $ millions $168 / $132 Pre-tax/post-tax NPV, 5% discount rate 3,4 $ millions $102 / $75 Pre-tax/post-tax NPV, 7% discount rate 3,4 $ millions $83 / $59 1) Initial capital of $133M includes $20M in contingency allowance and is based on Q2 2012 estimates. No escalation factors have been applied. Capital breakdown: Plant and Infrastructure $93M, Road $20M, Mine $20M. 2) Direct site operating costs include mining, processing and G&A costs. Cash operating costs include direct site costs plus estimates of transport and refining charges, net the silver credit. Total cash costs include cash operating costs plus a 5% NSR royalty and the Nevada Net Proceeds on Minerals tax. Direct site operating costs per tonne of ore comprise processing $6.36, mining $6.39 and G&A $2.92. 3) Cash flow and NPV estimates all include a 5% Net Smelter Return (“NSR”) royalty due to a third party. 4) The after-tax estimates include all income taxes applied to the project. 5) By-product accounting subtracts the revenue generated by silver from the total operating costs to determine the cost per ounce of gold. Total silver revenue for the base case is approximately $2M, less than 0.5% of the estimated total project revenue. 6) Initial capital costs includes $19M to re-align US Highway 95 (see further information below). 36
  • 37. Goldfield, Nevada – Gemfield Deposit: Sensitivity to Gold Price Pre-tax Sensitivity Analyses (base-case in bold) Gold Price ($/oz) Category $1,100 $1,350 $1,600 $1,850 IRR 10% 22% 33% 42% Cash Flow $66 $168 $270 $373 ($ millions) NPV 5% $26 $102 $179 $256 ($ millions) NPV 7% $14 $83 $152 $220 ($ millions) 37
  • 38. Goldfield, Nevada - Goldfield Main Deposit (Looking Southeast) Currently 780,000 oz Gold Resource Jumbo Pit Combination Pit Red Top Pit38
  • 39. Goldfield, Nevada – Principal Target Areas Reno - 4.5 hours Esmeralda County Nye County Belmont Gemfield McMahon Ridge Principal Mineral NE Gold Deposit Wealth Goldfield Sinter Midnight Gold Resources: 1.6M ozs Milltown Goldfield Main: 780,000 oz Gemfield: 560,000 ozGemfield McMahon Ridge: 285,000 oz Central Gemfield SE Zone Milltown Tognoni Other Targets Goldfield Simerone Main Tom 0 0.5 1.0 1.5 Keane Miles Las Vegas - 2.5 hours39
  • 40. Converse, Nevada - Updated Resources - December 2011 Resources Tonnes Gold Silver Gold Silver Equivalent (g/t) (g/t) (oz) (oz) Gold (oz) Measured 221,172,000 0.51 3.91 3,590,000 27,828,000 3,868,000 Indicated 99,057,000 0.50 3.18 1,582,000 110,125,000 1,683,000 Measured & 320,229,000 0.50 3.69 5,172,000 37,953,000 5,552,000 Indicated Inferred 31,242,000 0.51 3.00 507,000 3,013,000 537,000 1. Numbers are rounded to reflect the precision of a resource estimate. 2. The estimated mineral resources are not mineral reserves and do not have demonstrated economic viability. 3. Gold equivalent ounces are estimated for mineral resources using 100:1 silver to gold ratio that assumes base case metal prices of $1,300 and $25 for gold and silver respectively and metallurgical recoveries of 60% for gold and 31% for silver. 4. To limit the influence of individual high-grade samples, grade cutting was used. Gold assay grades were capped at 15 g/t and silver grades were capped at 100 g/t. 5. Average dry bulk densities of 2.72 tonnes per cubic meter were used for all mineralized rocks. 6. The grades were interpolated using the “Ordinary Kriging” estimation technique. 7. Descriptions of parameters to determine “Measured”, “Indicated” and “Inferred” resources are provided below. 8. The contained metal estimates remain subject to factors such as mining dilution and losses and, process recovery losses. 9. The mineral resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council December 11, 2005. 10. IMZ is not aware of any known environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the validity of these resource estimates.40
  • 41. Converse Project, Nevada - Scoping Study Results Item Units Base Case gold price $ per ounce $1300 Base Case silver price $ per ounce $25 Initial mine life years 13.5 Strip ratio Waste rock : mineralized rock 2.3 : 1 Average annual gold production ounces/year 160,000 Average annual silver production ounces/year 638,000 Average annual gold equiv. production4 ounces/year 173,000 Life-of-mine gold production ounces 2,165,000 Life-of-mine silver production ounces 8,471,000 Life-of-mine gold equiv. production4 ounces 2,328,000 Plant processing rate (~45,000 tpd) tonnes/year 16,556,000 Metallurgical recovery – gold % 60% Metallurgical recovery – silver % 31% Initial capital 2 $ millions $455 Total cash operating cost 3 per tonne processed $8.35 Total cash operating cost 5 per ounce Au (with Ag credit) $745 Pre-tax IRR % 10.5% Pre-tax cash flow (non-discounted) 6 $ millions $494 Pre-tax NPV, 5% discount rate 6 $ millions $185 Pre-tax NPV, 8% discount rate 6 $ millions $70 1) The scoping study is preliminary in nature, in that it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the results of the scoping study will be realized and actual results may vary substantially. 2) Initial Capital includes $60 million in contingency allowance. Costs are based on Q3 2011 estimates and no escalation factors have been applied. 3) Total Cash Operating costs include estimates of refining charges. 4) Gold equivalents for production are estimated using a silver-to-gold ratio of 52:1 calculated by using the base case metal prices. 5) By-product accounting subtracts the revenue generated by silver from the total operating costs to determine the cost per ounce of gold. 6) Cash flow and Net Present values (“NPV”) are all shown pre-tax, but include 5% net smelter return (“NSR”) royalty payable to third parties and refining and transportation charges. 7) Mineral resources that are not mineral reserves and do not have demonstrated economic viability. 41
  • 42. Converse Project, Nevada- Sensitivity to Gold & Silver Prices Pre-tax Sensitivity Analyses (base-case in bold) Gold Price / Silver Price ($/oz) BASE CASE $1,200/ $1,300/ $1,400/ $1,600/ $1,800/ $2,000/ Category $1,000/ $23.00 $25.00 $27.00 $31.00 $35.00 $39.00 $19.00 IRR -4.3% 6.0% 10.5% 14.7% 22.5% 29.8% 36.8% Cash Flow -171 272 494 715 1,158 1,602 2,045 ($ millions) NPV 5% -269 33 185 336 639 941 1,244 ($ millions) NPV 8% -300 -54 70 193 440 687 934 ($ millions) 42
  • 43. Rio Blanco – Alejandra North Vein and Regional Cross Section View Looking North Area of San Luis Long Section (Looking North) Highly altered volcanics Veins (at depth) West East with high As, Sb, Hg Surface 3900 LEGEND Contour Interval: Upper Adit (in gm-meters gold) Adit BP-4 3800 20 g*m 50 g*m Area of Vein at 100 g*m Surface 3700 Upper Core Drill Hole Pierce Points Fault Adit 29.9m @ 21.9 gt Au, 216 g/t Ag Multiple (Incl. 4.5m @ 83.0 g/t Au, 1,060g/t Ag) Intersections 3600 0 50 100 150 Meters Projected Trace of Vein Underground 4,000 San Luis Veins Regional Cross Section (Looking West) Alejandra North Vein IMZ Camp Loma Larga 3,800 Arco Iris Alejandra South 3,600 Prospective targets not included in resource Dorada estimate Zones included in 3,400 current resource 0 0.5 Km 1 Km estimates Geology Alteration Mineralized zones Silicification Diorite Illitic Lapilli Tuffs Propylitic Andesite Faults43
  • 44. Rio Blanco, Ecuador - IMZ 100% - Permitting Stage Avg. Year Pre-tax Operating Cash FlowOperation • Underground, vein, 800 tpd. Ramp access. $100 • Agitation leach circuit. Merrill Crowe recovery. $80 $86 • Recovery: 88% Au, 70% Ag Millions $79 $73Mine Life • 7.5 years (basis current reserves) $60 $66 $60 $53P&P Reserves - • 2.1Mt @ 8.8 g/t Au + 62 g/t Ag $40 $472006 feas study 605,000 ozs Au + 4.3M ozs Ag $ 20($475 Au) (658,000 oz Au Equiv) $1000 $1100 $1200 $1300 $1400 $1500 $1600 Au Price / OunceResources • M+I (incl. reserves): 2.2Mt @9.5g/t Au + 69 g/t Ag(2006) 661,000 oz Au, 4.8M oz Ag (721,000 oz Au Equiv) • Inferred: 3.6Mt @ 3.0 g/t Au + 17 g/t Ag Production Estimate (Basis 2006 Feasibility Study) 354,000 oz Au, 2.0M oz Ag (379,000 oz Au Equiv) 97Production • Average/year: 71,000 oz Au, 400,000 oz AgEstimates (2009) • Total cash costs/oz: ~$300 (net of Ag credit)* 78 76 76Initial Capex • Feb 2009 estimate : $120 million 475 430 440Cash Flow • Average Annual Operating CF: ~$80Mat $1,500 Au • NPV10%: $266M 280(2009) • IRR: ~ 57%Outlook • Evaluating options to optimize value Year 1 Year 2 Year 3 Year 4 Gold (,000ozs) Silver (,000 ozs) * 2011 in-house estimate for total cash cost/oz is approximately $450 (net of silver credit) and assuming government production royalty of 6% NSR.44
  • 45. Rio Blanco, Ecuador - 2006 Reserves & Resources 100% IMZ Basis $475 gold  Discovery Cost per Total Resource Ounces = ~$35/oz gold equivalent Reserves Tonnes Gold Silver Gold Silver Gold Equiv (1) (g/t) (g/t) (oz) (oz) (oz) Proven & Probable 2,147,448 8.8 62 605,000 4,307,000 658,000 Resources Tonnes Gold Silver Gold Silver Gold Equiv (1) (g/t) (g/t) (oz) (oz) (oz) Measured & Indicated (2)(3) 2,150,000 9.5 69 661,000 4,785,000 721,000 Inferred Resource (3) 3,620,000 3.0 17 354,000 1,976,000 379,000 Notes 1. Gold equivalent value based on 80:1 silver-gold ratio 2. Measured & Indicated Resources include Proven & Probable Reserves 3. Updated from January 2006 feasibility study to include San Luis Vein 4. Gold cut-off grade = 4.0 g/t 5. Effective date of October 12, 2006. 6. The mineral reserve and resource estimate for the Alejandra North deposit was prepared in accordance with NI 43-101 by Micon’s Qualified Persons, Senior Geologist Paul Gribble, P.Eng. and Mining Engineer Malcolm Buck. The updated mineral resource estimate, including the San Luis deposit, was prepared by IMZ’s Qualified Person, VP-Corporate Development Nick Appleyard.45
  • 46. Rio Blanco, Ecuador - Basis February 2009 Costs Summary Initial Mine Life 7.5 years Average Annual Gold Production 71,000 oz Average Annual Silver Production 400,000 oz Life of Mine Gold Production 531,600 oz Life of Mine Silver Production 2,996,000 oz Plant Process Rate 800 tpd Initial Capital $ 120.0 million Total Cash Costs/oz gold (net of silver) $ 295 oz Gold Price (All figures are in $750 $1,000 $1,100 $1,200 $1,400 $1,500 $ millions) (Base Case) NPV @ 5% $63 $164 $205 $245 $326 $367 NPV @ 10% $29 $108 $140 $171 $234 $266 Cash Flow $113 $246 $299 $352 $458 $511 IRR % 16% 32% 37% 42% 52% 57% Notes 1. Excluding start-up working capital of $13.2 million. 2. Total Cash Costs per ounce of gold is shown net of silver credit. Total Cash Costs (using the Gold Institute’s definition) comprise mine operating costs, processing costs, mine general and administrative costs, transportation and refining costs, local and payroll taxes. Excluded at Rio Blanco are Ecuadorian government royalty, windfall and income taxes. 3. Includes Ecuadorian value added tax (IVA), which is not recoverable. 4. Excludes government royalty of minimum 5% of sales and 70% windfall revenue tax. 5. No escalation for operating or capital costs above the base case scenario. 46
  • 47. Gaby, Ecuador - Property and Deposits Combined Deposits Port of Guayaquil 140 km M&I Resources: 7M oz Au (4.1M oz to IMZ) Main Gaby DepositInferred Resources: 3M ozs Au (1.8M oz to IMZ) M&I: 5.4M oz (3.3M oz to IMZ) N Inferred: 2.1M oz (1.4M oz to IMZ) Tama Zone (vein) Ponce Enriquez 1 km Papa Grande Deposit M&I: 1.6M oz (0.8M to IMZ) Port of Machala 50 km Inferred: 0.8M oz (0.4M oz to IMZ) 47
  • 48. Main Gaby Deposit: Schematic Cross-Section (Looking West) South North Camp 300 m Pit Outline 200 m 100 m Sea Level 200 m Main Gaby Deposit (+0.4 g/t Gold) Intrusive Higher-Grade Gold Zones (+1 g/t Au) 48
  • 49. Gaby, Ecuador - IMZ 60% - Feb ‘08 Pre-Feasibility Study (update Jan ‘09) Avg. Year Pre-tax Operating Cash Flow (IMZ’s Attributable 60%)Operation • Open pit, gold-copper porphyry: 60,000 tpd $200 Includes 6% Government • CIL circuit to produce dore royalty + Ag credit ($18/oz) $150 • Recovery: Au 87% (Cu not included in circuit) $163 Millions $144 $125Mine Life • ~20 years $100 $107 $89Resources • M+I: 356Mt @ 0.61 g/t Au $50 $70 $52- 100% Basis - 7M oz Au (59% or 4.1M to IMZ) • Inferred: 143.2 Mt @0.62 g/t Au $0 $1000 $1100 $1200 $1300 $1400 $1500 $1600 - 3M oz Au (62% or 1.8M to IMZ) Au Price / OunceProduction • Average/year: ~330,000 oz Au (~60% IMZ) Production Estimate • Cash costs/oz Au: ~$645 431Cash Flow • Average Annual Operating CF: ~$118M 418at $1,250 Au • NPV5%(1) : $1.1 billion 408(100% basis Pre-Tax) • IRR: ~20%Initial Capital • ~ $1 billion 367Outlook • Evaluating options to optimize value1) NPV10% calculations were not estimated in Preliminary Feasibility Study due to low gold price used in study ($650). Year 1 Year Year 2 Year Year 3 Year 4 Year 3 Year 42) Copper grade averages 0.09% and is uneconomic at low copper prices (less than $2/lb). Contained copper is approximately 300,000 tonnes (~660 million lbs). Gold (,000 ozs) Gold (,000 ozs)49
  • 50. Gaby, Ecuador - January 2009 Resources 100% Basis, ~60% Attributable to IMZ Basis $650 gold  Discovery Cost per Total Resource Ounces = ~$5/oz gold Resources Tonnes Gold Gold IMZ’s Share (M) (g/t) (oz) (oz) Measured 91.6 0.64 1,900,000 1,141,000 Indicated 264.8 0.59 5,040,000 2,964,000 Total Measured & Indicated 356.4 0.61 6,940,000 4,105,000 Inferred 143.2 0.62 2,850,000 1,761,000 Notes 1. No Proven or Probable Reserves at base case gold price of $650/oz. 2. Cut-off grade = 0.4 g/t gold 3. IMZ holds variable interests (50%-100%) in the three principal mining concessions comprising the Gaby deposits. 4. IMZ controls ~60% of contained gold ounces 5. Effective date of resource estimates is January 26, 2009. 6. The Qualified Person for the NI 43-101 resource estimate is R. Mohan Srivastava (P.Geo) of the independent consulting firm, FSS.50
  • 51. Gaby - Jan 09 Addendum to Feb 08 Preliminary Feasibility Study (PFS) 100% Basis, IMZ controls ~60% Summary PFS Base Case Addendum PFS Addendum PFS (20,000 tpd, Optimization Case Optimization Case $650 oz Au) (60,000 tpd, $750 oz Au) (60,000 tpd, $1,000 oz Au) Initial Mine Life (yrs) 14 7 16 Life of Mine Gold Production (oz) 2,300,000 2,700,000 5,300,000 Plant Process Rate (/day) 20,000 60,000 60,000 Average Grade (g/t Au) 0.8 0.7 0.6 Annual Gold Production (oz/yr) 164,000 390,000 330,000 Cash Costs (/oz Au) $538 $670 $645 Initial Capital (M$) $432 $900 $1,000 Gold Price Sensitivity (All figures are in PFS Base Case, $650 $1,000 $1,250 $1,500 US$ millions) (20,000 tpd) (60,000 tpd) (60,000 tpd) (60,000 tpd) Pre-tax Cash Flow $(314) $(340) $916 $2,526 $4,541 NPV 5% $(302) $331 $1,171 $2,084 IRR (12)% 11% 20% 26% Notes: 1. Mineral reserves cannot be estimated at the base case gold price used ($650) 2. Ecuadorian value-added tax (IVA) of 12% included and non-recoverable. 3. Includes government royalty of 6% of sales, but excludes 70% windfall revenue tax. 4. Cash flow estimates for the optimization cases shown are not calculated from detailed project scheduling or cost estimates as would be used in a final feasibility study and so may not reflect actual project economics. The Base Case (shown in bold) does, however, use detailed mine planning and scheduling to a preliminary feasibility level of engineering. 5. Copper, at an average grade of 0.09%, is currently non-recoverable. 6. NPV 10% numbers were not calculated in PFS January 2009 Addendum.51
  • 52. Ecuador: Tax & Royalty Comparison Globally, all forms of taxes (local and federal) and royalties paid by the mining industry total at least 50%. Ecuador Peru Chile Colombia Mexico Corp. income tax 25% 30% 17-30%2 33% 30% Employees and Communities 12%1 Employees 8% - - - Communities Profit Employees 3%1 sharing Min./alternative - - - - 16.5%-17.5% income tax (revenue less certain expenses) Mining royalty Min. 5% NSR1 Variable 0.5%-5% 3%-12% - (based on gross (Cu equiv.sales) (gross value) profits) Value Added Tax 12% 19% 19% 7% 16% (IVA) (not reimbursable)1 (Recoverable) Windfall Revenue 70% of revenue - - - - Tax (above metal reference price)1 Source: Company information & Raymond James report, Mining in Latin America, August 2008 Notes: 1. Amounts are deductible for tax purposes 2. Chilean income tax: 17% until capex recovered, then increases to 30%.52
  • 53. Ecuador: Emerging Metals Mining Industry Current small-scale, artisanal mining only. No large-scale mines. Approx. $100 billion GDP dominated by oil (~60% of total exports). Oil reserves and production are declining - estimated 2011 production = 500,000 bpd. Mining is the only real alternative for significant future revenue for Ecuador. Presidential elections – February 2013 New Mining Law and Estimated Timeline for Rio Blanco 1Q09 2Q09 3Q09 4Q09 2010 2011 2012 Law New Congress Decision on passed Aug 10 Development (Q4) Jan 29 General Elections Regs April 26 issued Correa re-elected Nov 453
  • 54. Peru: Largest Silver Producer  General:  Presidential elections every 5 years  President Ollanta Humala elected July 28, 2011  Population 29 million  Currency Nuevo Sol (US$=Sol 2.6)  Main Exports (2011): Mining (66%), fishing and agriculture  World’s 2nd largest silver producer and 5th largest gold producer  Largest gold producer in Latin America  World’s 3rd largest copper and zinc producer, 4th largest lead producer  One of the fastest growing economies in the world*  7.9% GDP growth rate in 2011  Lowest inflation rate in Latin America  10 years of consecutive economic growth * Bloomberg and Internet references.54
  • 55. Directors, Officers and Senior Management Directors Position Profession Nationality Stephen Kay President/CEO Geologist British Rod McKeen Corp. Secretary and Lawyer Canadian Legal Counsel, Canada Mike Smith Audit Committee Chairman Chartered Canadian Lead Independent Director Accountant Gabriel Bianchi Independent Director Asset Manager Swiss Roberto Baquerizo Independent Director Asset Manager Ecuadorian/U.S. Jorge Paz Legal Counsel, Ecuador Lawyer Ecuadorian/Swiss John Hick Independent Director Lawyer Canadian Other Senior Management and Officers Scott Brunsdon CFO Economist Canadian/U.S. Nick Appleyard VP Corp. Development Geologist Australian Paul Durham VP Corp. Relations Geologist British Alan Matthews VP Special Projects Mining Engineer British 55
  • 56. Contact Information  Website: www.intlminerals.com  Investor Relations • Paul Durham • Oliver Holzer VP - Corporate Relations Marketing Consultant (Europe) Office phone: +1 (203) 883-8359 Swiss office: +41 44 853 00 47 Cell Phone: +1 (203) 940-2538 Mobile: +41 79 402 39 33 Email: pdurham@intlminerals.com Email: oholzer@intlminerals.com  Headquarters (U.S.A.) • Stephen Kay President and Chief Executive Officer Phoenix office: +1 (480) 483-9932 Fax: +1 (480) 483-9926 Email: skay@intlminerals.com56