The document is a corporate presentation for IMPACT Silver Corp from December 2012. It summarizes that IMPACT operates two silver mining districts in Mexico, has a profitable track record of increasing silver production and earnings since 2006, and has a strong cash position with no debt. It also provides details on IMPACT's asset base, including active mines, development projects like the Capire Mine, and exploration potential across the districts.

1. C O R P O R AT E P R E S E N T AT I O N │ D E C E M B E R 2 0 1 2
T S X – V : I P T │ F R AN K F U R T : I K L

2. CAUTIONARY DISCLAIMER
FORWARD-LOOKING STATEMENTS
December 2012
Except for historical information, this presentation may contain certain “ forward-looking” statements and information relating to
IMPACT that are based on the beliefs of IMPACT management, as well as assumptions made by and information currently available
to IMPACT management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including
but not limited to, without limitations, exploration and development risks, expenditure and financing requirements, title matters, operating
hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and
strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events.
Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual
results and forward-looking statements may vary materially from those described herein. IMPACT does not assume the obligation to
update any forward-looking statement.
The factors that could cause actual results to differ materially include, but are not limited to, the following: general economic
conditions; changes in financial markets; the impact of exchange rates; political conditions and developments in countries in which
the Company operates; changes in the supply, demand and pricing of the metal commodities which the Company mines or hopes
to find and successfully mine; changes in regulatory requirements impacting the Company’s operations; the ability to properly and
efficiently staff the Company’s operations; the sufficiency of current working capital and the estimated cost and availability of funding
for the continued exploration and development of the Company’s exploration properties.
This list is not exhaustive and these and other factors should be considered carefully, and readers should not place undue reliance
on the Company’s forward-looking statements. As a result of the foregoing and other factors, no assurance can be given as to any such
future results, levels of activity or achievements and neither the Company nor any other person assumes responsibility for the accuracy
and completeness of these forward-looking statements.
NI43-101 QUALIFIED PERSON
George Gorzynski, P.Eng., Vice President, Exploration and a Qualified Person under the meaning of
Canadian National Instrument 43-101, is responsible for the technical information in this presentation.
1

3. Why IMPACT Silver?
Profitable silver production in Mexico: Advanced portfolio of mines in operation
Corporate focus is on profits: 1,390% increase in net earnings from 2006 to 2011
A strong cash position of $19.6M as of Q3 2012, no debt and 90% of revenues from silver
Developing new mining district: Capire Mine and Processing Plant in Mexico
Investor-friendly, tightly managed share structure (72M Shares FD)
30,000,000
25,000,000
20,000,000
Revenues
15,000,000
Earnings before taxes
10,000,000
5,000,000 Operating cash flow before changes in
non-cash working capital
0
2006 2007 2008 2009 2010 2011 As of
Sept. 30
2012
2

4. Board of Directors
Frederick W. Davidson, CA – President & CEO, Director
• 35+ years mining & corporate finance experience
• Founding President of IMPACT Silver Corp. & Energold Drilling Corp.
• Held senior management positions at Erickson Gold Mines Ltd. and Mt. Skukum Gold Mines.
George A. Gorzynski, P. Eng – VP Exploration, Director
• 30+ years of international mineral exploration and mining experience. Currently Director of Tirex Resources Ltd.,
Defiance Silver Corp. and Berkwood Resources Ltd.
H. Walter Sellmer, P. Geo – Director
• Held senior management positions at Amax Exploration, Canamax Resources Inc. and TOTAL Energold Corp.
Victor A. Tanaka, P. Geo – Director
• Held senior positions in mineral exploration at Cominco, Asamera, Freeport McMoRan, Aber, Major General,
Fjordland and Pathfinder. Currently President & CEO of Bayswater Uranium.
Richard J. Mazur, P. Geo, MBA – Director
• Held senior management positions at Canamax Resources Inc. and IMPACT. Currently CEO of Alto Ventures Ltd.
and President & CEO of Forum Uranium Corp.
Peter N. Tredger, P. Eng, MBA – Director
• Held senior management positions at Glencairn Gold Corp., Wheaton River Minerals Ltd. and Blue Pearl Mining Ltd.
Currently VP of Thompson Creek Metals Company Inc.
Jean-Pierre Bourtin, MBA – Director
• Former Treasurer of Xerox Corp., Latin America & Emerging Markets. Currently President & Money Manager of a
3 private investment firm in Wilton, Connecticut.

5. Year-To-Date 2012 Financial Highlights
Nine Months Ended
Financial Results September 30th , 2012
Revenue $11.3 million
Mine operating earnings $3.6 million
Earnings before taxes $1 million
Net earnings (loss) after taxes $(0.3) million
Earnings per share $0.00
Operating cash flows, before non-cash working capital changes $2.4 million
Shares issued & outstanding 68 million
Fully diluted shares 72 million
Cash $19.6 million
Debt Nil
Working capital $26.9 million
4

6. Growth in Production
Nine Months Year Ended Year Ended Year Ended Year Ended Year Ended
Ended Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Change
Sept 30 2012 2011 2010 2009 2008 2007 2007-2011
Silver (oz) 472,182 833,607 750,259 114,340 645,668 349,949 138%
Gold (oz) 465 676 600 - - - 13%
Lead (t) 384 731 734 969 813 601 22%
Zinc (t) 611 1,248 1,212 1,098 1,053 976 28%
Total tonnes
125,956 154,289 131,348 114,340 102,426 99,918 54%
milled
Tonnes
463 424 360 313 280 274 55%
milled/day
Rev/tonne $98 $171 $123 $110 $90 $- 90%
Cost/tonne $63 $70 $63 $60 $55 $44 59%
5

7. Strong Asset Base in Mexico
Strong asset base with
control of two adjacent and
operating mining districts
in Mexico
A three-hour drive
southwest from Mexico
City
Excellent infrastructure
with paved road access to
mil and ample water supply
Many other significant mining
operations nearby:
Grupo Mexico, First Majestic,
Goldcorp, Peñoles
IMPACT employs a
highly skilled, 99%
Mexican workforce with
substantial mining
experience in Mexico
6

8. Zacualpan – Mamatla Silver Districts
Acquired the
Zacualpan land
package in 2006;
Mamatla in 2007
2012 Production:
• Chivo Mine
• San Ramon Mine
• Noche Buena Mine
• Gallega
In Development:
• Capire Mine
• Oscar Mine
Exploration:
• Valle de Oro zone
Huatecosco Vein
Carlos Pacheco Vein
Pilarica Vein
• Zacualpan District
La Condesa Vein
Mirasol Prospect
• Capire zone
7

9. Geography
Two adjacent mineral districts
totaling 623 sq km, located in
central Mexico, the world’s top
silver producing country in 2011
Epithermal, mesothermal and
VMS mineralization within land
package
Rolling hills and deep valleys
provide various depths to access
mineralization
Substantial exploration potential
for both gold and silver
Foreground: Zacualpan
Background: Mamatla
8

10. Two Silver Districts, One Land Package
ROYAL MINES OF ZACUALPAN MAMATLA SILVER DISTRICT
Current active mining center with three A new mineral district for IMPACT; the
underground silver mines in production: San Mamatla claim position covers 200 sq km (77 .
Ramon, Noche Buena and Gallega sq miles)
The Chivo Mine, in operation since January Capire Mine and Processing Plant, the first
2007, was phased out of production during the operation in the district, is scheduled for initial
fourth quarter of 2012 pilot plant production in early 2013
Capire pilot plant is rated at 200 tpd,
New underground high-grade Oscar Mine is
estimated annual throughput of ~200,000
scheduled for production in early 2013
ounces of silver once in production
The districts’ central mill, the Guadalupe Capire Mine is an open-pit VMS deposit with
Processing Plant, is rated at 500 tpd; year-to- NI 43-101 measured and indicated resources
date mill throughput is 463 tpd of 7.2M oz Ag and 30,446 oz Au (January, 2011)
Substantial exploration potential for gold in
Several VMS targets in close proximity to
Valle de Oro zone, a new subdistrict recently
Capire Mine to be drilled in 2013
discovered within the Zacualpan Silver District
9

11. Core Assets
San Ramon Mine – Commenced production in early 2008; mill feed in Q3 2012 – 50%
Large and wide zone of high-grade epithermal silver stockwork breccia style mineralization.
Noche Buena Mine – Commenced production in 2010; mill feed in Q3 2012 - 27%
Noche Buena is located in the Valle de Oro zone and contributes a silver-gold feed with low lead
and zinc contents to the Guadalupe mill. This feed is used to optimize concentrate value.
Gallega Mine – Production was restarted in late 2012 to augment the declining silver grades
at the Chivo Mine; mill feed in Q3 2012 - 13%. Gallega will continue to supply modest silver-rich
feed to the Guadalupe mill until the Oscar Mine is in production.
Capire Mine – Open-pit, VMS deposit with high-grade polymetallic mineralization.
Construction and pre-stripping for the open-pit is advancing with the initial test milling this winter.
Oscar Mine – Corridor of many wide and high-grade silver veins linking the legacy Cuchara
Mine and the Santa Lucia zone. Scheduled to commence production winter 2012.
Valle de Oro – A large gold-copper vein system indicate a potential new gold district in the
Zacualpan District. Major veins mapped to date are the Carlos Pacheco and Huatecosco.
10

12. Geology
Veins in the MINERALIZATION IN ORE SHOOTS
Zacualpan Depth Strike Length Mining Level
District tend to be 150-420 m (500-1400 ft)
silver-rich near Surface (0m / 0 ft)
Silver-rich at top Oscar Mine
the top
(commonly 1,000+ g/t) 200 – 1,000+ g/t Ag
Noche Buena Mine
Increasing
San Ramon Mine
lead and zinc 150 m (500 ft)
& decreasing
silver
towards the
bottom Lead & Zinc rich
at bottom Chivo Mine
Phased out in Q4 2012
300 m (1,000 ft) 60 – 150 g/t Ag
Significant Carlos Pacheco/
gold and Typical Huatecosco Zone
copper Mining Width Gold-Copper
may lie at 3 m (10 ft) at depth
depth
11

13. Royal Mines of Zacualpan – Prolific Mining History
The Royal Mines of Zacualpan is one of the
oldest mining districts in the Americas, with
485 years of recorded mining history
IMPACT bought the Zacualpan assets in
2006 and consolidated ownership of the
entire district for the first time in its history
Over the past six years, IMPACT’s
thorough exploration efforts have resulted
in over 3,000 old mine workings catalogued
in the GIS database, forming the basis for
modern and effective exploration One of 30 historic processing plants found in the
district attesting to a long history of silver mining
12

14. Two Production Centres
Guadalupe Processing Plant, Capire Pilot Processing Plant,
Zacualpan District Mamatla District
- 500 TPD - 200 TPD plant scheduled for pilot
- Operating at 486 TPD (as of Sept 30, 2012) production in early 2013
- Crushing and flotation circuit - CAPEX - $8 million (funded internally
through capital and cash flow)
- Plant infrastructure is built to
accommodate future expansion
Potential for additional processing centres may be constructed in the future to support increased
13
mill throughput, as a result of ongoing successful exploration.

15. Capire Mine & Processing Centre
Production on the Capire volcanogenic massive
sulphide (VMS) deposit represents new mining
operations in a new mining district
The 200 tpd pilot plant will be used to optimize
mining and processing parameters towards
planning for a larger plant in the future
The Capire open-pit deposit will be the first mine
in the Mamatla District, scheduled for production
in early 2013
The Capire area hosts epithermal silver and base
metal veins as well as VMS base and precious
metal mineralization
Capire Pilot Plant, November 2012
Future production from a larger plant at Capire is
anticipated to propel IMPACT into a multimillion
ounce silver producer
14

16. Mamatla Exploration
VMS mineralization in
Mamatla is predominantly
silver-rich with zinc, lead,
copper and gold credits
Mamatla covers the same
stratigraphy as the Campo
Morado VMS belt, where
Nyrstar N.V. is in
commercial production on
the G-9 deposit
Several VMS targets in
close proximity to Capire
will be drilled: Guadalupe,
Cruz Blanca, Santa Rita &
Aurora
15

17. NI 43-101 Mineral Resource Estimate – Capire Mine
Published: February 2011
Metal Content for Capire Mine Ag (oz) Au (oz) Cu (lb) Pb (lbs) Zn (lbs)
Measured 3,529,969 14,146 3,389,275 18,234,678 46,140,820
Indicated 3,694,066 16,300 3,693,733 19,029,800 49,522,173
Measured & Indicated (M&I) 7,224,035 30,446 7,083,007 37,264,478 95,662,993
Inferred 435,959 1,919 475,594 2,260,089 5,823,490
Summary Table of Classified Mineral Resources – Measured & Indicated and Separate Inferred
Zone Classification Tonnes Ag g/t Au g/t Cu (%) Pb (%) Zn (%)
Capire M&I 3,104,944 46.46 0.19 0.06 0.33 0.93
Aurora 1 M&I 1,807,302 44.50 0.199 0.07 0.36 0.80
M&I 4,912,246 45.74 0.193 0.06 0.34 0.88
Total
Inferred 371,066 36.54 0.161 0.06 0.28 0.71
• Drilling in 2010 showed Capire and Aurora 1 to be one continuous zone, now referred to as Capire.
• Initial mining grades anticipated to be 150 g/t silver
16

18. Capire Drill Highlights – November 2012
Drill From To Interval Ag Au Pb Zn Cu
Hole (m) (m) (m) (g/t) (g/t) (%) (%) (%)
C12-06 78.25 80.30 2.05 507 1.81 2.20 4.02 0.41
including 79.30 80.30 1.00 929 3.27 2.77 5.27 0.63
and 105.70 110.80 5.10 183 0.20 1.05 2.45 0.13
C12-21 83.35 110.10 16.75 153 0.40 1.14 2.71 0.21
including 92.40 97.00 4.60 435 0.71 3.13 5.99 0.48
C12-25 13.20 23.35 10.15 107 0.58 0.90 2.43 0.10
including 13.20 15.25 2.05 315 0.91 2.93 8.19 0.25
• Drill holes listed above were drilled vertically and all intersections are estimated to be close to true
width.
• These holes expanded to the extent of the Capire mineralization to the north and south; the zone
remains open for further expansion to the east.
17

19. Capire Open-Pit Mine Design
Area of defined N
Open-pit
NI 43-101 Resource
200 tpd pilot mill
3D model of Remains
planned open for
open-pit expansion
Mill
Tailings facility
Open-pit 3D model Initial open-pit mine site, Mamatla District
2012 2013 & 2014 2015 & 2016
Strategy to bring
Build the 200 tpd Production goal of Construction of full-
Capire Mine & ~200,000 ounces scale, permanent
pilot plant; 5,000
Processing Centre meter drill
annually and ongoing
drilling to optimize
processing plant in
the Capire zone; size
to full-scale program operating parameters will be determined
production for future plant from exploration and
(90% complete) expansion pilot plant results
18

20. Oscar Mine
Oscar is a high-grade silver vein
corridor linking the past-producing
Cuchara Mine and the Santa
Lucia zone, located 2.5km east of
the Guadalupe Mill in Zacualpan
Production at Oscar-Santa Lucia
is scheduled for early 2013, with
silver-rich mineralization to feed
the 500 tpd Guadalupe Mill
Utilizing the legacy Cuchara Mine
infrastructure allows for lower
capital costs and rapid mine
development at Oscar
19

21. Oscar-Santa Lucia Drill Highlights
A Selection of Oscar Vein Drill Highlights
Drill Hole To (m) From (m) Interval (m) Ag (g/t) Au (g/t) Pb (%) Zn (%)
Z11-64 36.60 43.20 6.60 223 0.08 0.18 0.52
Z11-69 0.70 3.35 2.65 408 0.62 0.73 1.12
Z11-74 21.35 22.35 1.00 1,875 0.74 2.65 6.88
Z12-05 92.50 97.60 5.10 234 0.05 0.14 0.49
A Selection of Santa Lucia Drill Highlights
Z09-35 81.42 82.85 1.43 600 0.08 - -
Z09-47 60.60 66.90 6.30 278 0.01 0.15 0.70
including 63.72 66.90 3.18 467 0.01 0.24 1.11
Z09-53 216.13 218.52 2.39 419 0.03 0.28 0.32
See News Releases dated: April 23, 2012, December 16, 2009 & October 6, 2009
20

22. Valle de Oro – Emerging Gold District
Northwest view of Carlos Pacheco and Noche Buena area
First gold-copper zone found by IMPACT’s exploration team in a canyon below the known silver veins in the
Zacualpan District.
Initial drill results indicate a significant gold and copper zone at depths of 300 meters below the silver district,
9km east of the Guadalupe Processing Plant.
Two dominant veins identified in the Valle de Oro zone: The Huatecosco Vein and the Carlos Pacheco Vein.
The Huatecosco Vein is on a major structure that strikes northwesterly, thought to be one of the longest in the
Zacualpan District.
The Carlos Pacheco Vein, a parallel vein located 200m east of the Noche Buena Mine, with gold-copper
mineralization.
21

23. Valle de Oro – Drill Highlights
A Selection of Carlos Pacheco Drill Highlights
Drill Hole From (m) To (m) Interval (m) Au (g/t) Ag (g/t) Cu (%)
Z08-68 Top of intercept - 85.74 2.90 19.6 68 0.29
including Top of intercept - 85.74 1.0 49.7 59 0.31
Z12-13 192.30 199.00 6.70 3.84 28 0.54
including 192.30 195.05 2.75 8.47 56 1.12
Z12-23 229.85 230.95 1.10 3.82 84 0.54
A Selection of Huatecosco Drill Highlights
Drill Hole From (m) To (m) Interval (m) Au (g/t) Ag (g/t) Pb (%) Zn (%)
Z11-17 54.51 59.25 4.74 3.44 117.6 0.59 0.81
Z11-19 114.65 117.40 2.75 3.53 320.8 0.43 0.57
Z11-20 167.90 178.20 10.30 3.97 48.7 1.69 2.62
including 167.90 172.50 4.60 6.96 84.3 2.89 5.11
Z11-48 351.70 355.80 4.10 5.22 30.10 0.69 1.78
including 353.75 354.50 0.75 25.0 50.10 0.49 1.59
22 See News Releases dated July 11, 2012, October 12, 2011 and June 2, 2011

24. Summary of Operations
IMPACT’s goal is to build a multimillion ounce precious metals producer with multiple
processing centers in multiple districts
1. Zacualpan Silver District
• The San Ramon, Noche Buena and
Gallega Mines currently feed the 500 tpd
Guadalupe Processing Plant
• Oscar Mine is next near-term producer
1
2. Capire Mine & Processing Centre
• New production centre in new district
• Initial production through 200-tpd pilot plant
• Multiple gold and silver targets in area
3. Valle De Oro
• Area of many silver veins with gold and
3
copper mineralization at depth
• Exploration program currently underway
• Potential site of a third processing plant 2 4
4. Southeast Exploration Area
• Currently mapping numerous old
mine workings, early stage exploration
23

25. Mine Development Process
A cornerstone of IMPACT’s success has been rapid mine development to
increase mill throughput and generate near-term cash flow
EXPLORATION AND MINE DEVELOPMENT PROCESS FLOWCHART:
RESEARCH FIELD WORK DRILLING MINE
DEVELOPMENT MINE
Compile old Surface & Drilling in PRODUCTION
mines/ underground phases Mine Planning,
& CASH
prospects from sampling, based on Permitting and
FLOW
historic maps mapping success Construction
• Capire (North)
More than • San Ramon
• Pilarica
3,000 old Prioritize and • Capire
• Condesa & • Noche
mines and select
Cuchara North • Oscar - Buena
prospects areas and
catalogued prospects • Carlos Pacheco Santa Lucia • Gallega
to date for drilling • Huatecosco
24

26. Yearly Financial Summary
Change
($000’000’s CDN except of EPS)
2011 2010 2009 2008 2007 2006 2006-2011
Revenue $24.3 $16.7 $12.2 $8.9 $7.3 $7.0 247%
Net earnings $7.6 $3.4 $1.6 $.66 $.29 $.51 1,390%
Operating cash
Flow
$10.6 $5.4 $3.7 $2.2 $1.9 $2.6 292%
Cash $30.8 $18.7 $5.3 $5.4 $10.1 $4.0 670%
Working capital $31.9 $20.2 $6.3 $7.3 $11.3 $5.2 467%
EPS $0.12 $0.07 $0.02 $0.01 $0.01 $0.01 1,100%
25

27. Long-term Value Play
MARKET INFORMATION December 2012
Recent Share 52 Wk $0.96 -
$1.25
Price Range $2.18
Basic:
68 M
Shares Avg Vol
98,448
Outstanding FD:
(3m)
72 M
Market Cap 85M Warrants Nil
Two Largest Ownership Positions ( >10%):
Sprott Asset Management & Energold Drilling Corp.
1 Year Share Price Performance Source: Big Charts, November 2012
CAPITAL UTILIZATION ($CDN)
Revenue in
Funds spent on property, excess of
Shareholder capital Equity generated by
Total revenue plant, equipment (PP&E) PP&E and
raised from January 2006 increasing retained
generated to date and exploration exploration
to December 2011 earnings
expenditures expenditures
at Sept. 30, 2012
26 $44.9M $10.1M $55.0M $35.9M $19.1M

28. Zacatecas Option Agreement – Defiance Silver Corp
IMPACT Silver optioned its
200-tpd Santa Gabriela Processing Plant
and 10 mineral concessions to Defiance
Silver Corp. for a 16.5% share position
and a future cash payment of $1.95M
Defiance Silver is a near term silver Santa Gabriela Processing Plant
producer exploring in the Zacatecas
Mining District in Mexico (TSX-V: DEF)
Defiance Silver plans to utilize IMPACT’s
Santa Gabriela plant with their San Acacio
Silver Mine (18M ounces of silver defined)
San Acacio Silver Mine
27

29. Future Plans & Goals
2012 2013 2014 & 2015
• Marked as a • Continue aggressive • Continue
transition year as exploration to exploration and
IMPACT winds accelerate organic expansion of
down the Chivo growth mining activities
Mine and builds • Pursue accretive which move
two new mines M&A opportunities of toward becoming
(one within a new advanced stage a multimillion
mining district), assets ounce silver
laying the producer
foundation for the
next phase of
profitable silver
production growth
28

30. Why IMPACT Silver?
Five years of
increasing
revenues and
earnings
Proven history of Strong cash
profitable mining position & zero
success debt
Expanding silver
Tight share
production with
structure and
two new mines
small market cap
commencing
for a profitable
production in the
junior silver
winter of
producer Aggressive 2012/2013
exploration for
This statue of a miner is located in front of the gold and silver in
church in the town of Zacualpan, signifying the the Valle de Oro
importance and acceptance of mining within zone
the community and the surrounding areas.
29

31. Contact Us
Telephone: 1 604 681 0172
Email: inquiries@impactsilver.com
www.impactsilver.com
TSX-V: IPT