Intl mineralsjan2013corppresentation

“Silver Producer with a Golden Future”

IR presentation - January 2013

www.intlminerals.com

1

Cautionary Statement

Some of the statements contained in this presentation are “forward-looking statements” within the meaning of
Canadian 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 from
the 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 on
the Company’s projects, timing of commencement of production, reserve/resource additions, completion of feasibility
studies, obtaining of required environmental and production permits, timing and significance of future cash flows and
dividends.

Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such
as: risks relating to estimates of mineral resources and reserves; risks relating to project capital, production costs and
cash flows; risks relating to obtaining mining and environmental permits; mining and development risks; risk of
commodity price fluctuations; political and regulatory risk; general financial market and credit risks; other risks and
uncertainties detailed in the IMZ’s Annual Information Form (dated September 28, 2012) and Management Discussion
and Analysis for the year ended June 30, 2012, both of which are available at www.sedar.com.

Any forward-looking financial information provided may not be appropriate in relation to reporting under International
Financial Reporting Standards (IFRS). Please refer to the Company’s latest financial statements and notes. These
forward-looking statements speak only as of the date hereof. The Company undertakes no obligation to update publicly
or release any revisions to these forward looking statements to reflect events or circumstances after the date hereof or
to 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 respective
calendar 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

IMZ – Overview

Reserves and Resources
 Focus: Gold and Silver Deposits in the Americas
Peru
14%
 Large Resource Base: 9.5M Gold Equivalent Ounces

 Pallancata Silver Mine, Peru (40% IMZ, 60% Hochschild)
USA
 Estimated Production in 2012: ~9 Million Silver Equiv ozs 86%
 World’s 6th largest primary silver mine

 Inmaculada Gold-Silver Project, Peru (40% IMZ, 60% Hochschild)
 Production Start-up: 2H 2014
 Production 2014: ~200,000 Gold Equiv ozs/year

 Nevada (100% IMZ)
 Goldfield Gold Mine: start-up mid-2015
 Converse Gold Property: pending further studies
 Ecuador:
 Pending sale of assets

 Financial Strength: $73M in cash and debt free

 Announced initial dividend of C$0.12/share, payable Jan 31st. Pallancata, Peru

3

IMZ - 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$532 million  Options: 3.8M
(~$540 million)
 Recent Share Price: C$4.52
 Cash: $73 million
 52-Week Range: C$4.00-C$5.81
 Debt Free

One year relative performance

Analyst Coverage

 Dundee Securities (C) – D. Mah
 National Bank (C) – S. Parsons
 TD Securities (C) – S. Green
 Dahlman Rose (US) – A. Graf
 Bank Vontobel (SW) – P. Rafaisz
 Canaccord Genuity (UK) – T. Dudley
 Zürcher Kantonalbank (SW) – M. Schreiber

Weighted in US$

4

IMZ - Key Financial Data - Fiscal years end June 30th
$60 56.7 $80
$55 72.4
$70
$50
20.6%
$45 $60
20% 42.4

Mine Royalty
*
$40
$50
$35
15% 30.4

US $Millions
US $Millions
$30 39.7
12.6%* $40
Return on Equity %

$25 35.9
10% 8.9% 8.6% $30
$20 29.1 24*
7.2% 15.5 19.3
$15 $20
18.9
5% $10 8.7
$10
$5
0% $0 $0
0.1% 0.2 1.6
-$5 -$5 4.0
08 09 10 11 12 13 08 09 10 11 12 13 08 09 10 11 12 13
Q1 annualized* Q1 annualized* Q1 annualized*

% Return on Equity Pre-Tax Net Income from Pre-Tax Cash Flow from Continuing
(Cont. Ops; Pre-Tax Basis) Continuing Operations And Discontinued Operations
($ Millions) ($ Millions)

Note: Fiscal 2011 and 2012 numbers reflect adoption of IFRS as of July 1, 2011.

5

IMZ - Property Locations

Rio Blanco
Gaby

Pallancata
Inmaculada

6

IMZ - Project Pipeline

Peru

U.S.A.

Pallancata
Production

Pallancata, Peru
Inmaculada (Est Prodn 2014)

Gemfield (Est Prodn 2015)
Development

McMahon Ridge/Goldfield Main Converse

Del Oro/Rye Acoma Drill Targets

7

IMZ - Reserves / Resources
Reserves and
6.0 Resources
Gold Equivalent Ounces (Millions)
Peru
5.5 14%
5.0
4.5 USA
4.0 86%

3.5
3.0
P+P Reserves
2.5
(Total 1.32 M ozs Au Eq)1,2,4
2.0
M+I Resources (83%)
1.5 (Total 7.89 M ozs Au Eq)1,3,4
1.0 Inferred Resources (17%)
0.5 (Total 1.65 M ozs Au Eq)1

Peru USA
10
Inmaculada (40%)
Pallancata (40%)

Goldfield (100%)

Converse (100%)

(Million Ozs)
Gold Equiv 5

0
07 08 09 10 11 12
Total M+I Gold Equiv Resources
Notes: 1. Average Au equiv conversion of 61:1 Ag to Au ratio for reserves and 62:1 for resources.
2. P+P = Proven and Probable Reserves
3. M+I = Measured and Indicated Resources
4. M+I includes P+P.

8

IMZ - Project Summaries

Pallancata Inmaculada Goldfield Converse
(40%) (40%) (100%) (100%)
Location Peru Peru Nevada Nevada
Metals Ag + Au Au+ Ag Au Au + Ag
Type of Operation Underground Underground Open Pit Open Pit
Status Production Development Development Advanced Expl
Production Date N/A 2H 2014 Mid 2015 ?
Annual Production 3.8M ozs Ag 50,000 ozs Au 66,000 ozs Au 110,000 ozs Au
12,000 ozs Au I.7M ozs Ag 638,000 ozs Ag

Mine Life 7.5 years 6.3 years 6.5 years 13.5 years
Initial Capital Costs N/A $112M $133M $455M
Total Cash Costs/oz (1) $9/oz Ag $265/oz Au $611/oz Au $745/oz Au
Net of By-Products

Economic Parameters (2)
at $1,500 Au, $25 Ag:
• Life of Mine Cash Flow $300-350M $335M $229M $936M
• NPV @ 8% Disc. Rate --- $223M $110M $316M
• IRR --- 55% 29% 37%
(1) By-product credit: Value of by-product metals are deducted from cash operating costs.
(2) All amounts are pre-tax.

9

IMZ - Pallancata Silver Mine (40% IMZ), 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)

10

IMZ - 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
$60 $59

Millions
Mine Life • ~7 years, including current resources
$50
$53
$47
$40 $41
$35
$ 30
$28
2011 2012E $24 $26 $28 $30 $32 $34 $36
Ag Price / Ounce

Ore production (tonnes) 1,070,500 t 1,050,000 t
100% Production (40% to IMZ)
10.1
Head grade Ag/Au 301g/t / 1.3g/t 286g/t / 1.4g/t 8.8
8.4 7.8E

Production Ag/Au (oz) 8.8M oz Ag 7.8M oz Ag
33,881 oz Au 30,000 oz Au
36
4.2 34 32E
Direct site costs/oz Ag $2.20 $4.00E 32
(net of gold credit) 16

IMZ total cash costs/oz $6.38 $8.00E
(net of gold credit) 2008 2009 2010 2011 2012E
Silver (M ozs) Gold (,000 ozs)

11

IMZ – Pallancata, Resources replace production – Inmaculada is growing!
Pallancata silver equivalent resources (at 60:1 ratio)
180
160
Pallancata
140
Mined Ag Eq 48mln
120
100 Pallancata
Millions
of Ounces Inferred +3%
80
60 Pallancata
M + I +97%
40
Inmaculada Inferred Resources Inmaculada M + I
20
-

M&I ounces Inferred ounces Mined Ounces
Inmaculada M&I Inmaculada Inf
For initial investment of ~USD5mln, we have recouped over USD116 mln in net dividend payouts

12

IMZ - Inmaculada Project (40% IMZ), 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

Production adit at Inmaculada

*Source: Hochschild Mining plc

13

IMZ - Inmaculada, Peru - IMZ 40% / HOC 60% - Feasibility Study Jan 2012
100% Project Basis 2014 Est. Pre-tax Operating Cash Flow to IMZ
$125

Operation • Underground, 3,500 tpd $100 $109
• Conventional cyanidation (dore) $93
$75

Millions
• Recovery: 96% Au, 91% Ag $77
$50
$61
$45
Mine Life • 6.3 years (basis initial reserves) $25 $29

$0
Production • Average/year: 124,000 oz Au, 4.2Moz Ag $900 $1100 $1300 $1500 $1700 $1900 $2100

Estimates • Direct cash op costs /oz: $133 (net of Ag credit) Au Price / Ounce
• Total cash op costs/oz: $172 (net of Ag credit)
Production Estimates
(100% Project Basis)
Initial Capital • $370 million - Nov 2012 update
128 .
113
99
Base Case • NPV0%: ~$323M ($194 after-tax) 5.2
Economics • NPV8%: $120M ($46 after-tax) 4.3 4.6
$1,100 Au, $18 • IRR: 18% (12% after-tax) 70
Ag
1.7
Sensitivity • NPV0%= $821M ($492 after-tax), NPV8%=$433M
$1,500 Au, $25 ($236 after-tax), IRR = 38% (27% after-tax)
Ag

Outlook • Permitting ongoing, decline development underway 2014 2015 2016 2017
Production Date : 2H 2014
Gold (,000 ozs) Silver (M ozs)

14

IMZ - 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 2012 – ends Q2 2013
 Targeting Production in Mid 2015 (Gemfield only)
 66,000 Au ozs/year, 6,000 tpd open-pit heap leach operation
 New met tests suggest a 7,500 tpd operation with 14% lower processing costs and
G & A is feasible. A new mine plan is scheduled for Q2 2013.
 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.
15

IMZ - Goldfield, Nevada – Principal Gold Deposits
Reno - 4.5 hours

X-section

Las Vegas - 2.5 hours

16

IMZ - Goldfield, Nevada: Gemfield Deposit Feasibility Study - July 2012
Avg. Annual Est. Pre-tax Operating Cash Flow(2)
$60

$50 $57
Operation • Open Pit., 6,000 tpd ( could rise to 7,500 tpd *)
• Heap leach (dore) $40

Millions
$42
• Recovery: 84% Au $30

Mine Life • 6.5 years (basis initial reserves) $20 $26
$10
P&P Reserves (1) • 511,000 oz Au (14.3 Mt @ 1.1 g/t Au) $10
$1,350/oz Gold $0
$1100 $1350 $1600 $1850

M&I Resources(1) • 574,000 oz Au (17.0 Mt @ 1.0 g/t Au) Au Price / Ounce
(includes reserves)

Inferred Res. (1) • 74,000 oz Au (4.2 Mt @ 0.6 g/t Au) Production Estimates
81
Production • Average/year: 66,000 oz Au
Estimates • Direct cash op costs /oz: $526 (net of Ag credit) 73
• Total cash op costs/oz: $611 (net of Ag credit) 62
55
Initial Capital • $133 million (based on feasibility study July 2012)
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 is not material .
Gold (,000ozs)
(2) Production and pre-tax operating cash flow on operating year basis. Silver revenue is
not material.
(3) See appendix for details of July 2012 Feasibility Study.
* See Nov 1st press release on Gemfield update.

17

IMZ - Converse, Nevada - IMZ 100% - Scoping Study - December 2011
Avg Pre-tax Operating Cash Flow /Year
$200
Operation • Open pit, 45,000 tpd.
• Heap leach (Dore) $160
$184
• Recovery: ~60% Au, 30% Ag $151
$120
Mine Life • 13.5 years $119

Millions
• Strip ratio 2.3:1 $80
$86
P&P • No reserves defined to date $40 $53
Reserves $20
$0
Resources • 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 Estimate
Estimates • Direct cash cost /oz: $745 (net of Ag credit) 219
• Total cash op costs/oz (incl capex): $998 (net of Ag credit) 183

Initial Capital • $455 million 156
151
Base Case • NPV0%: ~$494M
Economics • NPV8%: $70M
$1,300/oz Gold • IRR: 11%
$25/oz Silver • Cost per tonne ore processed: $8.35
Sensitivity • $1600/oz Au & $31/oz Ag:
NPV0%= $1,158M, NPV8%= $440M, IRR=22%

Outlook • Further studies pending met test work Q4 2012 Year 1 Year 2 Year 3 Year 4
Gold (,000ozs)

18

IMZ - 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
Phoenix
0 1 2 3

Miles

19

IMZ - 5 Year Estimates: Project Time Lines

Goldfield, Nevada

2012 2013 2014 2015 2016
Pallancata, Peru
Q1 Q2 Q3

Production
Pallancata, Peru
Permit / Construction Production
Inmaculada, Peru

Feasibility Permit / Construction Production
Goldfield, Nevada(1)
Further Development Pending
Converse, Nevada(2)

(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: - Further development pending results of metallurgical test work.

20

IMZ - 5 Year Estimates: IMZ Production and Costs 2012-2016

320,000 $1000
Industry-Average Total Production Costs
300,000 1H 2012 ($930)**

280,000 $900

260,000

US $/oz Production Cost
240,000 $800
Inmaculada, Peru
220,000
Industry-Average Total Cash Costs
Goldfield (100% IMZ)
Gold Equivalent Ounces*

1H 2012 ($720) **
200,000 $700
Inmaculada (40% IMZ)
180,000
Pallancata (40% IMZ)
160,000 $600
Total Cash Costs
140,000
Total Production Costs
120,000 $500
* Gold Equiv ozs based on average 50:1 silver-gold ratio
100,000 ** Industry-average costs basis GFMS Gold Survey 2012
updated Sept 2012 – figures are 1H 2012 average
80,000 $400

60,000 1. Pallancata: Basis Dec 31, 2011 reserve and resource estimates.
2. Inmaculada: Basis Jan 2012 Feasibility Study.
3. Goldfield: Basis July 2012 Feasibility Study.
2012E

2014E

2015E

2016E
2011A

2013E

21

IMZ - 5 Year Estimates: Pre-tax Cash Flow from Operations

$300 $1,000 gold, $20 silver $300
$1,500 gold, $30 silver
$1,800 gold, $35 silver

$200 $200 Converse, Nevada

$1,800 Au,
$35 Ag
$1,500 Au,
$1000 Au,
$30 Ag
$20 Ag Goldfield (100% IMZ)
$100 $100
Inmaculada (40% IMZ)

Pallancata (40% IMZ)
$0 $0
Production Royalty
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.
4. 2012 estimate does not include $38M from sale of Ruby Hill royalty.

22

IMZ – 5 Year Estimates: Total Costs

$140 $140

122
$120 $120

$100 $100
87

78 78
$80 $80
Goldfield, Nevada
57
$60 $60
49 Projects
Goldfield
$40 $40
Inmaculada
$20 $20 Pallancata

$0 $0 Other
2011A 2012E 2013E(2) 2014E(3) 2015E 2016E
Exploration + G&A

(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.

23

IMZ - 5 Year Estimates: Cum. Operating Cash Flow vs Total Spending

$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).

24

Enterprise Value /Total Gold Resource Ounces
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
14
$244 $245$256
$250 12
$209
$200 10
$146
$150 $146 8
$129

$101 $105 $110 6
$100 $80 $81
$49 $55 $56 $57
4
$50 $35
2

B-2 Gold

GOLDCORP
High River
Lake Shore

BARRICK
Kirkland Lake
Golden Star

AGNICO
ANGLOGOLD

Romarco

Timmins
Jaguar

Intl Mins
San Gold

Alacer
Aurizon

Argonaut

Source: -Company Disclosure, Bloomberg. Based on most recent financials.
- Resources include reserves.
- Enterprise Value = market capitalization plus debt less cash.

25

IMZ -The Investment case

 Growing Production and Cash Flow
 Pallancata (IMZ’s 40% interest)
• 2012: ~3.6M oz Ag Equiv (65,000 oz Au Equiv)
• 2012: ~$20-30M free cash flow
 Inmaculada (IMZ’s 40% interest)
• Production date: 2H 2014
• 78,000 oz/year Au Equiv
• 2014 Free cash flow: ~$35-$40M
 Growth from Nevada Gold Projects (IMZ 100%)
Camp at Inmaculada, Peru
 Production at Goldfield - mid 2015
 Pending further studies at Converse - 2013
 Maintain active exploration program
 Brownfield exploration on Goldfield lease, NV.
 Central Nevada (Del Oro/Rye)
 Southeastern Peru (Acoma)
 Strong Balance Sheet
 $73M in cash and debt-free

Production Adit, Inmaculada, Peru

26

IMZ - Value added

Ventura Gold Acquisition 2010
(for Inmaculada property)
USD mlns
Acquisition cost, net 0.4
Exploration spending by IMZ 12.1

Total IMZ investment 12.5

Total Au Eq M + I ozs (IMZ 40% share) 0.4*
* excludes 0.25 mln Inferred ozs

COST PER OUNCE (Au eq) USD
Acquisition cost per ounce 1.00
Development cost per ounce 30.30
Total cost per ounce Au 31.3

TANGIBLE RESULTS TO DATE
 Inmaculada under construction
 Minimal IMZ initial capital obligations
 Significant resource expansion potential
27

IMZ – Value added

Metallic Ventures Purchase 2010
(for Goldfield and Converse projects)
USD mlns
Acquisition cost, net 51.5
Cash received from royalty -47.8
Net cost to IMZ 3.7
Exploration spending by IMZ 25.4

Total IMZ investment 29.1

Total Au Eq M + I ozs mlns 6.79*
(*excludes 1.08 mln Inferred Au Eq ozs)

COST PER OUNCE (Au eq) USD
Acquisition cost per ounce 0.54
Development cost per ounce 3.74
Total cost per ounce Au 4.29

TANGIBLE RESULTS TO DATE
 One mine (Goldfield) in development
 Significant resource expansion potential

28

IMZ - News Flow/Catalysts in 2012/2013
 Q2 Financial Results: - Feb 14 2013
 Nevada, USA:
 Goldfield:
- Project update - Q2 2013
 Converse:
- Metallurgical testwork update - Q4 2012
- Decision on Further studies - Q4 2012
 Del Oro/Rye:
- Drill Permitting commenced - Q4 2012
- Commence drilling - Q2 2013
 Peru:
 Inmaculada project update - Q1 2013
 Pallancata Q4 production stats - Q1 2013
 Pallancata Ore Resource update - Q1 2013

 Ecuador:
 Sale of projects - Q4 2012/Q1 2013

29

IMZ - 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

30

IMZ - 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

• Christine Stewart
Renmark Financial (Canada)
Toronto Office: +1 (416) 644 2020
Montreal Office: +1 (514) 939 3989
Email: cstewart@renmarkfinancial.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.com

31

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 15 & 38. 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 47) 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 52) 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.

32

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.

33

Pallancata Longitudinal Section - Looking Northeast

A A’

EXTREMO
EXTREME
SUR ESTE
SOUTHEAST
4,800 HUARARANI
NW PALLANCATA PALLANCATA PALLANCATA PALLANCATA
4,600 WEST CENTRAL EAST SOUTHEAST

4,400

4,200

4,000 Domo Sarnahuiri

3,800

3,600

3,400
3,200

3,000 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

34

Inmaculada - Multiple Targets

Inmaculada

Angela Vein
Outcrop

Angela Vein

14,672 ha. property

35

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)

36

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 that are not mineral reserves 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.

37

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.

38

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

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 oz
Gemfield 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 hours

40

Newly Discovered Mineralized Zone at Gemfield Project, Goldfield, Nevada

41

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.

42

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).

43

Goldfield, Nevada – Gemfield Deposit: Sensitivity to Gold Price


44

Goldfield, Nevada - Gemfield Deposit - Cross Section

Cross Section 47,000N (Looking North)

45

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 that are not mineral reserves 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.

46

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 do not have demonstrated economic viability.

47

Converse Project, Nevada- Sensitivity to Gold & Silver Prices

(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)

48

IMZ - Decision to Exit Ecuador

 20 years exploring in Ecuador
 Mining industry basically shutdown since April 2008
 No history of large-scale mining as “guideline” to show economic
benefits of mining industry to government and population
 Increasing political and social/community risks
 Lack of clarity in implementation of new mining regulations
 Punitive components of mining/tax laws
 Advance royalty payments payable ahead of production
 Windfall Revenue Tax restricts upside potential (unique in the world)
 Minimum 50% of profits guaranteed to government

 IMZ can better utilize its management and financial resources in other
more mining-friendly jurisdictions.

49

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 Faults

50

Rio Blanco, Ecuador - IMZ 100% - Permitting Stage
Avg. Year Pre-tax Operating Cash Flow

Operation • Underground, vein, 800 tpd. Ramp access. $100

• Agitation leach circuit. Merrill Crowe recovery.
$80 $86

Millions
• Recovery: 88% Au, 70% Ag $79
$60 $73
Mine Life • 7.5 years (basis current reserves) $66
$60
$40
$53
P&P Reserves - • 2.1Mt @ 8.8 g/t Au + 62 g/t Ag $47
2006 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 / Ounce
Resources • 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)
97
Production • Average/year: 71,000 oz Au, 400,000 oz Ag
Estimates (2009) • Total cash costs/oz: ~$300 (net of Ag credit)* 78 76 76

Initial Capex • Feb 2009 estimate : $120 million
475 430 440
Cash Flow • Average Annual Operating CF: ~$80M
at $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.

51

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.

52

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.

53

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 Deposit
Inferred 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)

54

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)

55

Gaby, Ecuador - IMZ 60% - Feb ‘08 Pre-Feasibility Study (update Jan ‘09)
Avg. Year Pre-tax Operating Cash Flow
(IMZ’s Attributable 60%)
$200
Operation • Open pit, gold-copper porphyry: 60,000 tpd
Includes 6% Government
• CIL circuit to produce dore royalty + Ag credit ($18/oz)
$150 $163
• Recovery: Au 87% (Cu not included in circuit)

Millions
$144
$125
Mine Life • ~20 years $100
$107
$89
Resources • M+I: 356Mt @ 0.61 g/t Au $50 $70
$52
- 100% Basis - 7M oz Au (59% or 4.1M to IMZ)
$0
• Inferred: 143.2 Mt @0.62 g/t Au $1000 $1100 $1200 $1300 $1400 $1500 $1600
- 3M oz Au (62% or 1.8M to IMZ) Au Price / Ounce

Production • Average/year: ~330,000 oz Au (~60% IMZ) Production Estimate
• Cash costs/oz Au: ~$645
431
Cash Flow • Average Annual Operating CF: ~$118M 418
at $1,250 Au • NPV5%(1) : $1.1 billion 408
(100% basis Pre-Tax) • IRR: ~20%

Initial Capital • ~ $1 billion 367

Outlook • Evaluating options to optimize value

1) 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 4
2) Copper grade averages 0.09% and is uneconomic at low copper prices (less than
Gold (,000 ozs)
Gold (,000 ozs)
$2/lb). Contained copper is approximately 300,000 tonnes (~660 million lbs).

56

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.

57

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.

58

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%.

59

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 4

60

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.

61

Intl mineralsjan2013corppresentation

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