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  • 1. Click to edit Master title style June 2010
  • 2. Forward Looking Statements This presentation contains certain “forward-looking statements” and “forward-looking information” under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward looking information may include, but is not limited to, statements with respect to the future financial or operating performances of the Corporation, its subsidiaries and their respective projects, the timing and amount of estimated future production, estimated costs of future production, capital, operating and exploration expenditures, the future price of copper, gold and zinc, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the costs and timing of future exploration, requirements for additional capital, government regulation of exploration, development and mining operations, environmental risks, reclamation and rehabilitation expenses, title disputes or claims, and limitations of insurance coverage. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of the Corporation and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include changes in market conditions and other risk factors discussed or referred to in the section entitled “Risk Factors” in the Corporation’s annual information form dated March 29, 2010. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Corporation undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Unless otherwise stated, the information contained in this presentation is as of June 1, 2010. Unless otherwise stated, all dollars are US$. 2
  • 3. Key Messages Iberian Two operating mines – Condestable (Peru) and Aguas Tenidas (Spain) More than 2,000 employees worldwide Stable countries of operation Base metals – copper/zinc/lead concentrates - gold and silver credits Consolidated Reserves 29Mt + Production 2010 50,000t copper, 42,000t zinc & 5,400t lead Comparables Small peer group for investors Evolution from explorer to developer to producer P/NAV and Production Profile compelling The Future Upside in both mines, and in exploration Goal for future growth, with plans to be multi-mine 3
  • 4. Price / Net Asset Value 0.0X 0.2X 0.4X 0.6X 0.8X 1.0X Franconia Duluth Augusta Mercator Iberian Developer PolyMet Amerigo Corriente Producer Breakwater Mirabela Farallon Anvil First Quantum Lundin Capstone Quadra FNX Taseko HudBay Source: Bloomberg as at June 2, 2010; NAVs based on research analyst consensus. Price to Net Asset Value Comparison Inmet Katanga Chariot Teck Equinox Imperial Metals 4
  • 5. 2011E Cu Eq. Production (kt) 0 20 40 60 80 100 120 140 160 180 200 Globestar Imperial Metals Amerigo Farallon Anvil Taseko Capstone Mercator Minerals Mirabela 2010E Cu Eq. Production (kt) (1) Breakwater 0 20 40 60 80 100 120 140 160 180 200 Iberian Minerals Anvil 2011E Production FNX Globestar Katanga Amerigo HudBay Imperial Metals Quadra Farallon Equinox Source: Research analyst consensus Mirabela Inmet Mercator Minerals Lundin Taseko First Quantum 218 369 FNX 2012E Cu Eq. Production (kt) Breakwater 0 20 40 60 80 100 120 140 160 180 200 Capstone Globestar 2010E Production Iberian Minerals Imperial Metals Katanga Amerigo HudBay Farallon Quadra (1) Capstone Equinox Mercator Minerals Inmet Breakwater Lundin Anvil 411 First Quantum Mirabela Iberian Minerals Taseko 2012E Production Consensus Estimate Cu. Eq. Production , 2010-2012 FNX ($0.84/lb), Ni ($7.39/lb), Pb ($0.67/lb), Mo ($13.15/lb), Au ($891/oz), Ag ($14.32/oz), Pt ($1,365/oz), Pd ($344/oz) HudBay Katanga Quadra Includes production of the following metals converted to Cu Equivalent at analyst consensus long-term forecasts: Cu ($2.10/lb), Zn Inmet Equinox Lundin 219 537 First Quantum 5
  • 6. 2011E Cu Production (kt) 0 20 40 60 80 100 120 140 Breakwater Mirabela Farallon Globestar Imperial Metals FNX Anvil Capstone HudBay 2010E Cu Production (kt) Taseko 0 20 40 60 80 100 120 140 Amerigo 2011E Production Breakwater Iberian Minerals Mirabela Mercator Minerals Farallon Katanga Anvil Quadra FNX Lundin Globestar Inmet Source: Research analyst consensus Imperial Metals 166 Equinox Taseko First Quantum 330 Mercator Minerals 2012E Cu Production (kt) Capstone 0 20 40 60 80 100 120 140 Amerigo Breakwater 2010E Production Iberian Minerals Imperial Metals HudBay Farallon Katanga Mirabela Quadra Globestar Inmet Capstone Lundin HudBay Equinox FNX First Quantum 374 Mercator Minerals Taseko Iberian Minerals Consensus Estimate Copper Production, 2009-2012 2012E Production Amerigo Anvil Katanga Lundin Inmet Quadra Equinox First Quantum 176 333 6
  • 7. Mid-Cap Cu/Zn Producers Growth Comparison (1) 300 Copper Equivalent Production (MM lb) 250 200 150 100 50 0 Capstone Breakwater Iberian Quadra FNX 09E 10E 11E 09E 10E 11E 09E 10E 11E 09E 10E 11E 09E 10E 11E (1) Based on Cormark Securities estimates and price deck US$/lb: Nickel Copper Zinc Lead Gold Silver 2009E $6.66 $2.33 $0.75 $0.78 $973 $14.70 2010E $7.50 $3.25 $0.95 $1.00 $1,050 $16.00 2011E $7.00 $3.50 $1.05 $1.05 $1,100 $16.25 CAGR - compound annual growth rate 7
  • 8. Recent Accomplishments $40M Bought Deal Financing (May 2009) Swiss Continuance (June 2009) Permanent Aguas Tenidas permit (August 2009) High Grade Extension at Condestable (August 2009) Acquisition of Aguas Tenidas underground contractor (August 2009) 43-101 for Aguas Tenidas and 30% planned production increase (September 2009) Analyst Trip (September 2009) Commercial Production at Aguas Tenidas (October 2009) Raul Mine lease and royalty purchase (December 2009) Additional reagent permits for Aguas Tenidas (February 2010) Completed $55M refinancing at Condestable (March 2010) Completed $50M financing at Aguas Tenidas (April 2010) 8
  • 9. Key Goals Condestable Maintain Condestable in steady state of production, Local and regional exploration Aguas Tenidas Cu/Pb bulk separation circuit operational (April 2010) 30% planned production increase by Q3 2010 Corporate Growth opportunities – base metals in North/South America or Europe/Middle East/Africa regions Leverage Trafigura relationship Focus on key values, broad recognition for social and environmental responsibilities, and enhancing value for our shareholders 9
  • 10. Condestable - Location Consists of two mines– Condestable and Raul. Lima Located 90km from Lima, with excellent access to infrastructure Copper mineralization at Condestable occurs in stratiform sulphide-rich replacement bodies (mantos) and crosscutting sulphide bearing quartz veins Condestable Mine Acquired in early 2008, IZN holds 98.7% ownership of Compania Minera Condestable 10
  • 11. Condestable Mine, Peru 11
  • 12. Condestable– Key Facts 5th largest copper producer in Peru • 2009 Processed – 2,165,000t, with 1.21% Cu head grade • 2009 Produced – 95,339 DMT of copper concentrate with 25% Cu grade • 2009 C1 and C3 costs US$ 0.90/lb and US$ 1.24/lb • Optimized at 6000+ tonnes processed per day Low direct costs due to minimal ground support and no required backfilling Historically replaced reserves each year Sustaining Capex 2010 in range of US$ 4-5M 3 year collective labour agreement signed January 2009 Awarded 2009 safest underground mine Raul lease and royalty purchased (March 2010) 12
  • 13. Condestable - Geology 13
  • 14. Condestable – Resources & Reserves Mineral Resources as at June 30, 2008 Classification 000's tonnes %Cu Measured 5,246 1.76 Indicated 2,433 1.82 Total Measured & Indicated 7,679 1.77 Inferred 8,806 1.24 Proven and Probable Reserves as at June 30, 2008 000's tonnes % Cu Proven 6,696 1.27 Probable 3,120 1.3 Total Proven & Probable 9,816 1.28 Stocks (Proven) 262 0.8 Total for Mining Plan 10,078 1.27 Extracted from SRK Consulting 43-101 Technical Report dated January 2009 14
  • 15. Condestable – Operations 15
  • 16. Condestable - Guidance Production Unit 2010 Ore Processed t 2,200,000 Concentrate DMT 95,000 Contained copper t 24,500 Fine gold oz 16,800 Fine silver oz 200,000 *Per 2009 Year End Average head grade of approximately 1.23% Cu, and recovery rate of 91% per year. 2010 operating costs of US$ 0.85 and US$ 1.43 per payable pound of copper (C1 and C3). 16
  • 17. Condestable - Capex/Exploration For 2010 Capex and exploration at Condestable, the following budgets have been approved, with exploration of US$ 1.7 million to generally consist of surface sampling, geophysics and contracted surface diamond drilling at Condestable 10 and San Marcos. Year 2010 (000s USD) Capex Sustaining 1,500 Plant Operation 466 Mine Operation 753 Others 281 Special Projects 1,540 Crushing Building extension 790 Courier Project 750 Exploration 1,700 Condestable 10 950 San Marcos 750 TOTAL 4,740 17
  • 18. Aguas Tenidas – Mine Location Aguas Tenidas Located in the Andalucia Rio Tinto province of Huelva in southwest Spain. Seville Aguas Tenidas is 80km from Huelva. Historically a producing mine. Huelva Part of a roughly east-west striking chain of VMS deposits. Cadiz 18
  • 19. Aguas Tenidas Mine, Spain 19
  • 20. Aguas Tenidas– Key Facts All required permits in place Commercial production declared October 2009 Copper and polymetallic circuits operational Metallurgic recoveries for copper circuit meet or exceed expectations Cu/Pb separation is operational Targeting 30% increase in Q3 2010 Exploration potential on strike and in vicinity 20
  • 21. Aguas Tenidas – Operations 21
  • 22. Aguas Tenidas – Resources Aguas Tenidas – Measured and Indicated Mineral Resources at 30th June, 2009 Combined Resources Class Mt Measured 11.72 Indicated 15.78 Total 27.50 Resource Category Mt Cu (%) Zn (%) Pb (%) Ag (g/t) Au (g/t) Cupriferous Measured 5.40 1.9 0.9 0.2 23.0 0.4 Indicated 6.76 2.4 1.1 0.3 32.1 0.5 Total 12.16 2.2 1.0 0.2 28.1 0.4 Polymetallic Measured 5.39 0.6 6.7 1.8 56.3 0.8 Indicated 7.13 1.3 7.8 2.3 80.1 0.8 Total 12.52 1.0 7.3 2.1 69.8 0.8 Stockworks Measured 0.93 2.0 0.3 0.1 9.4 0.1 Indicated 1.89 1.7 0.1 0.1 6.1 0.1 Total 2.82 1.8 0.2 0.1 7.2 0.1 Extracted from Report 43-101 Technical Report by Adam Wheeler, 11 September 2009 22
  • 23. Aguas Tenidas - Reserves Aguas Tenidas – Proven and Probable Mineral Reserves at 30th June, 2009 Reserve Category Mt Proven 4.85 Probable 14.36 Total 19.21 Reserve Tonnes NSR Cu % Zn % Pb % Ag g/t Au g/t Category Mt Euro/t Cupriferous Proven 2.41 2.16 0.80 0.17 21.90 0.30 70.90 Probable 6.40 2.32 0.99 0.24 28.20 0.43 77.80 TOTAL 8.81 2.27 0.94 0.22 26.50 0.40 75.90 Polymetallic Proven 2.44 0.87 6.48 1.86 62.90 0.87 82.20 Probable 7.96 1.28 6.48 1.98 70.80 0.78 101.50 TOTAL 10.40 1.19 6.48 1.95 69.00 0.80 97.00 Extracted from Report 43-101 Technical Report by Adam Wheeler, 11 September 2009 23
  • 24. Aguas Tenidas– Long Section X = 690380 Long section view of Aguas Tenidas Resource Limits from Adam Wheeler 43-101 22
  • 25. Aguas Tenidas – Inferred Resources Aguas Tenidas – Inferred Mineral Resources at 30th June, 2009 Total Inferred Resources Mt 10.62 Class Mt Cu % Zn % Pb % Ag g/t Au g/t Cupriferous Main Zone 1.34 3.52 0.61 0.08 23.00 0.44 Western Extension 6.25 1.99 1.51 0.50 37.70 0.67 Total 7.59 2.26 1.35 0.42 35.10 0.63 Polymetallic Main Zone 0.87 1.24 10.33 2.63 111.20 0.88 Western Extension 1.94 1.64 4.00 1.31 64.70 0.56 Total 2.81 1.52 5.96 1.72 79.10 0.66 Stockworks 690800-691060 0.22 1.38 0.05 0.02 4.60 0.03 Extracted from Report 43-101 Technical Report by Adam Wheeler, 11 September 2009 25
  • 26. Aguas Tenidas – Processing Plant 26
  • 27. Aguas Tenidas - Guidance Production Unit 2010 Ore Processed t 1.8-1.9M Copper concentrate DMT 107,000 Zinc concentrate DMT 73,000 Lead concentrate DMT 13,000 Bulk concentrate DMT 2,000 Contained copper t 25,000 Contained zinc t 36,000 Contained lead t 5,000 Fine silver oz 600,000 *Per 2009 Year End Average head grade (copper ore) of approximately 2.0% Cu, and recovery rate of 82% per year. Average head grade (polymetallic ore) of approximately 5.9% Zn and recovery of 75%; head grade of approximately 1.0% Cu and recovery of 55%. 2010 Operating costs per payable pound of copper of US$ 1.46 (C1), and US$ 2.20 (C3). 27
  • 28. LOM Metal Production (tonnes metal) Metal Production Life-of-Mine 100,000 90,000 91,126 80,000 70,125 77,448 70,000 74,973 60,000 t 50,000 46,435 42,643 40,000 39,660 43,860 33,220 30,000 29,304 29,873 28,170 27,438 27,923 22,919 26,835 20,000 24,037 8,233 16,092 15,532 19,587 10,000 13,944 9,436 9,879 8,035 8,324 4,530 6,909 7,207 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Copper Lead Zinc Cu in Bulk 28
  • 29. Aguas Tenidas– Capex 2009/2010 (000s Year 2010 USD) Capex Sustaining 23,017 Plant Projects and equipment 10,187 Mine Development 6,549 For 2010, higher Mine Equipment 2,339 Capex due to plant Mine projects 480 and tailings Buildings 399 expansion projects Communications infrastructure 336 Licenses 2,597 2011+ sustaining Other 131 Capex US$ 15-20M Special - Expansion 14,730 Mine development 4,366 Mine equipment 1,842 Plant projects and equipment 8,522 Exploration 308 Surface diamond core drilling 308 TOTAL 38,055 29
  • 30. Summary CMC MATSA • Positive Ramp-up • On Track and on Plan • New General Manager ensure strong team • Exploration Potential • Strong underground drilling results • Future Growth • Metallurgical hurdles overcome • Excellent Management • Reduced hedge book • Well positioned for the future 30
  • 31. Appendix Corporate Summary A-1 Condestable Mine – Deepening A-6 Capital Structure A-2 Condestable Mine – Exploration A-7 Analyst Coverage A-3 Board of Directors A-8 Hedging A-4 Management A-9
  • 32. Corporate Summary Toronto Venture Exchange listed: IZN Headquartered in Toronto, with offices in Geneva, Lima and Seville Domiciled in Switzerland, creating a unique opportunity for the Iberian Group of companies to optimize the structure of future transactions Operations in Peru and Spain More than 2,000 employees and contract workers worldwide Strong management and operations teams Excellent environmental, social and safety record A-1
  • 33. Capital Structure (All figures on this page in Cdn$) Balance Sheet (in '000s) 31-Dec-09 Cash 15,453 Restricted Cash 6,974 Total Assets 548,978 Long Term Debt 86,389 Convertible Debenture 24,336 Shareholder's Equity 82,460 Common Shares 338M Options 9.6M IZN three month chart Warrants1, 2 74.2M Fully Diluted 421.8M (as at June 3, 2010) 52 week range $0.35-$0.73 Month range (May) $0.50 - $0.67 Market Cap May 31 $202.8M Major Shareholder Average daily volume (3 mo) 345,986 Trafigura Beheer B.V 45.93% 1 Warrants: - 22M warrants exercisable at $0.52 each, with 16.7M expiring October 20, 2010, and 5.2M expiring November 26, 2010. If fully exercised, Trafigura’s holding will be approximately 49% of the then current issue of 360,055,865 registered shares - 44.6M warrants exercisable at $0.56 expiring December 31, 2011 - 7.6M warrants exercisable at $1.30 expiring June 30, 2013. 2 $25M convertible debenture, bearing interest at 7%, payable quarterly in arrears and mature on December 31, 2011. Exercise of warrants reduces remainder payable. A-2
  • 34. Analyst Coverage Institution Analyst BMO David Cotterell Canaccord Capital Corp. Orest Wowkodaw Cormark Securities Inc. Cliff Hale-Sanders GMP Securities David Charles Macquarie Capital Markets Canada Ltd Pierre Vaillancourt Versant Partners Anthona Curic Wellington West Capital Markets Steve Parsons A-3
  • 35. Hedging The cornerstone of Iberian's Hedging Policy is the protection of the Company's assets. Management, reporting to the Hedging Committee, continually reviews the markets in which the Company trades, and depending on circumstances, decides if any additional or altered hedging is appropriate to enhance the future cash flow of the Company’s operations while respecting protection of the Company’s assets. The hedging program for Condestable Mine is fixed and in accordance with the terms of its syndicated loan. As of April 6, 2010, copper production at the Condestable Mine has been hedged as follows: 2010 S1 2010 S2 2011 S1 2011 S2 2012 S1 2012 S2 2013 S1 TOTAL Existing Hedging Volumes Cu Forwards FMT 10,200 10,275 10,275 10,350 1,750 42,850 Cu price USD/t 4,419 4,419 3,583 3,408 3,408 3,933 New Collar Hedging Volumes Copper Volume FMT 2,500 3,000 1,500 7,000 Minimum price USD/t 6,500 6,500 6,500 Maximum price USD/t 8,760 8,760 8,760 Cu % hedged 82% 83% 83% 83% 34% 24% 24% 62% A-4
  • 36. Hedging The hedging program for Aguas Tenidas Mine, as of April 12, 2010 is as follows: 2010 2011 2012 2013 TOTAL Restructured Hedging Volumes Zn Forwards FMT 4,959 16,848 4,896 26,703 Zn Price USD/t 1,630 1,601 1,579 1,603 Cu Forwards FMT 4,104 16,002 396 20,502 Cu Price USD/t 4,300 4,216 4,160 4,232 Zn Short Cal l FMT 4,900 4,900 Zn Strike Price USD/t 1,500 1,500 Cu Short Cal l FMT 6,100 6,100 Cu Strike Price USD/t 4,200 4,200 New Hedging Volumes Zn Forwards FMT 8,550 1,125 9,675 Zn Price USD/t 2,307 2,272 2,303 Cu Forwards FMT 3,600 17,100 1,800 22,500 Cu Price USD/t 7,768 7,471 7,319 7,507 Zn % Hedged 29% 39% 33% 2% 25% Cu % Hedged 44% 66% 58% 6% 44% A-5
  • 37. Condestable Mine - Deepening OPEN PIT RAUL RP PRINCIPAL RP FICO LV +20 LV -20 LV -55 LV -95 LV -130 LV -175 LV -215 DEEPENING LV -255 KARINA VEIN A-6
  • 38. Condestable Mine - Exploration Condestable concessions Raul concessions Local exploration concessions District exploration concessions Concessions Number Size (Ha) Raul concessions 43 6,600 Condestable concessions 3 1,960 Local exploration concessions 16 4,600 District exploration concessions 47 33,560 Total 109 46,720 5 KM Iberian has exploration planned for 2010, on concessions surrounding the mine and 5 KM regionally. A-7
  • 39. Board of Directors Norman Brewster P.Geo, Chairman of the Board, Director – Norman is a geologist who joined IZN in 2002. He also sits on the board of Cadillac Ventures Inc. Philippe Blavier, Director – Philippe is Chairman of the Company’s Audit Committee and a member of the Remuneration Committee of the Company. He has extensive experience at BNP Paribas, where he was Head of Corporate & Investment Banking and Member of the Executive Committee. Jesus Fernandez, Director – Jesus has been part of the Trafigura team since 2004 as Manager of the Corporate Finance team, with an emphasis on mining and downstream oil project investments. He joined IZN’s board in 2008. L. Jack Gunter, P.Eng, FIMM, Director – Jack has over 45 years experience in the mining industry. He has worked previously with Rio Tinto and Phelps Dodge, and also sits on the board of Galantas Gold Corp. Murray John, Director – Murray is an engineer with more than 25 years experience in the resource industry. He is currently the President & CEO of Dundee Resources. Jeremy Weir, Director – Jeremy works as Executive Director and Manager at Trafigura, where he has also been head of the metals derivatives trading structured products and risk management departments. Daniel Vanin, Director – Daniel is the President and CEO of Iberian. A-8
  • 40. Management Daniel Vanin – P.Eng, President & CEO – Daniel has worked in the mining industry for over 30 years and has strong international mine development and management skills with extensive experience in Canada, South America, Africa and Russia. He is a professional mining engineer and graduated from McGill University, Montreal, in 1975. Most recently, Daniel was Executive VP & Chief Operating Officer at High River Gold. Prior to that, he was Chief Executive Officer of RBG Resources Plc, in Bolivia, where he managed all operations, project development and construction at the Vinto smelter and Huanuni tin mine. Jeff Hillis, CFO - Jeff joined Iberian in June 2009. He has worked in the mining industry for over 5 years in progressively more senior finance and reporting positions. He most recently served as CFO of a TSX listed mining company based in Toronto. Jeffrey is a Chartered Accountant (Ontario, 2001). He worked for three years in the audit group of Ernst & Young with major clients in the mining industry. Johny Orihuela Avila, Operations Manager, Condestable Mine - Johny is a Mining Engineer, graduated from Universidad Nacional de Ingeniería in 1990. With a postgraduate degree in Mining Management from Universidad San Ignacio de Loyola. With extensive experience in the mining industry having worked with numerous companies including Perubar, Iscaycruz and Exsa, he has worked as a General Superintendent of Mines at Volcan and General Superintendent at Companía Minera Atacocha. Johny has Operations Manager at Condestable since November 2005. Robert L. Byrd, General Manager, Aguas Tenidas Mine - Bob joined Iberian in April of 2010, and has over 30 years in the mining industry in both base and precious metals, principally in Latin America. He is a graduate of the Colorado School of Mines, and Boston University. Most recently, Bob was President and General Manager for Pan American Silver in Bolivia. Prior to that, he held positions with Breakwater Resources Ltd as General Manager, El Mochito in Honduras, through Vice-President, Latin America overseeing operations in Honduras, Nicaragua and Chile. Prior to joining Breakwater Bob was employed by ASARCO at both the Southwest Mining Department, and the Tennessee Mines Division. A-9