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1
“Silver Producer with a Golden Future”
September, 2012
www.intlminerals.com
2
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 26, 2011) and Management Discussion and Analysis for the year ended June 30, 2011, both of which are available at www.sedar.com.
Any forward-looking financial information provided may not be appropriate in relation to reporting under 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
3
Focus: Gold and Silver Deposits in the Americas
Large Resource Base
12.8M M+I Gold Equiv ozs (7.9M excluding Ecuador)
2.0M P+P Gold Equiv ozs (1.3M excluding Ecuador)
Pallancata Mine, Peru (40% IMZ, 60% Hochschild)
Estimated Production in 2012: ~10 Million Silver Equiv ozs
Inmaculada Gold-Silver Project, Peru (40% IMZ, 60% Hochschild)
Production Start-up: Dec 2013
Production 2014: ~200,000 Gold Equiv ozs/year
Nevada (100% IMZ)
Goldfield – Gemfield Feasibility Study completed July 2012. Basic engineering underway
Converse Feasibility Study – pending metallurgical testwork Q4
Ecuador: Evaluating options to optimize value of ~5 million M+I Gold Equiv ozs
Ruby Hill Royalty: Sold for $38M to Royal Gold in May 2012
Debt free
Overview
4
Shares Issued: 117.6 million
Fully Diluted Shares: 121.4 million
Options: 3.8M
Recent Share Price: C$5.26
(Aug. 31, 2012)
52-Week Range: C$4.00-C$7.50
Capital Structure and Stock Performance
Dundee Securities (C) – D. Mah
National Bank (C) – S. Parsons
TD Securities (C) – S. Green
NCP Capital (C) – B. Mantzoutsos
Dahlman Rose (US) – A. Graf
Bank Vontobel (SW) – P. Rafaisz
Bank am Bellevue (SW) – J. Borner
Collins Stewart (UK) – T. Dudley
Analyst Coverage
Listings - Toronto and Swiss: Symbol “IMZ”
Swiss Performance Index (SPI): Top 100
Market Capitalization: C$619million
(Aug. 31, 2012) (~$627 million)
Cash: $84 million
Debt Free
Weighted in US Dollars
GDJX -40%
GOLD -4%
IMZ -25%
HUI -21%
ONE YEAR SHARE PRICE PERFORMANCE
5
Key Financial Data - Fiscal years ending June 30 + Year-to-Date (Q3) Mar 31, 2012
10%
5%
0%
-5%
Re
turn
on
Eq
uit
y %
$10
$5
$0
-$5
US
$M
illio
ns
$15
% Return on Equity (ROE) (Pre-Tax Basis)
Pre-Tax Net Income
($ Millions)
15%
0.1%
2.8%
7.2%
8.7
0.2
3.0
15.5
08 10 07 09 11
$10
$40
$0
-$5
US
$M
illio
ns
Cash Flow from Operating Activities ($ Millions)
$30
1.6
0.7
4.0
08 10 07 09 11 08 10 07 09 11
$20
$25
58.8(2)
$50
$60
$70
$35
$30
$40
$45
$20
$80
$50
$55 20%
8.9%
47.9
21.4%
$60
Note: (1) Fiscal 2011 and Year-to-Date Q3 2012 numbers reflect adoption of IFRS as of July 1, 2011.
(2) 2011 Net Income of $58.8M includes extraordinary income of $12.5M net from sale of 11% interest in Inmaculada to Hochschild
2012 YTD 2012 YTD 2012 YTD
19.3
YTD
13.6%
46.3
YTD
27.6
YTD
34.0
6
Property Locations
Gaby
Pallancata Inmaculada
Rio Blanco
7
Production
Development
Drill Targets
Pallancata
Converse
Gaby
Gemfield (2015)
Rio Blanco
Inmaculada (2014)
Project Pipeline
Peru
Ecuador
U.S.A.
Del Oro/Rye Acoma
Inmaculada
2014
Project
(Prodn. Estimate)
McMahon Ridge/Goldfield Main
8
Attributable Reserves / 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.
M+I Resources (78%)
(Total 12.8 M ozs Au Eq)1,3,4
15
10
5
0
Go
ld E
qu
iv
(Mil
lio
n O
zs
)
06 08 10 07 09
Total M&I Gold Equiv Resources
11
Total Attributable Reserves + Resources Gold Equivalent Ozs
12
5.0
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
P+P Reserves
(Total 2.0 M ozs Au Eq)1,2,4
Inferred Resources (22%)
(Total 3.7 M ozs Au Eq)1
5.5
Go
ld E
qu
iva
len
t O
un
ce
s (
Mil
lio
ns)
6.0
ECU ECU ECU ECU ECU ECU ECU
Peru 14%
USA 86%
Ex-Ecuador
Peru 9%
USA 53%
Ecuador 38%
With Ecuador
Ga
by (
~6
0%
)
Rio
Bla
nco
(10
0%
) Ecuador
Go
ldfi
eld
(10
0%
)
Co
nve
rse
(10
0%
)
USA
Pa
lla
nca
ta (
40
%)
Inm
ac
ula
da (
40
%)
Peru
9
Pallancata76M oz M&I Ag Eq
(160 sq km)
Central Area(370 sq km)
Selene
Inmaculada1.5M oz M&I Au Eq
(210 sq km)
10 km
100% Hoch
60% Hoch40% IMZ}
Pallancata Silver Mine, Peru – Principal Veins
Pallancata West
Central
Zone
Main
Structure
To Mariana/
Mercedes/
San Javier
(Looking Northwest)
Suyamarca River
Ranichico
(8% 2012 prodn.)
Mercedes
Camp
Pallancata- Plan View
Central Zone
(51% 2012 prodn.)
View of Photograph
Pallancata West
(37% 2012 prodn.)
Rina
(2% 2012 prodn.)
Pallancata East
(2% 2012 prodn.)
District Map
10
Pallancata Mine, Peru (40% IMZ)
Mine • Underground, 3,000 tpd
• Flotation circuit (concentrate)
• Recoveries: 85% Ag, 70% Au
Mine Life • ~7 years, including current resources
2011 2012E
Ore production (tonnes) 1,070,500 t 1,050,000 t
Head grade Ag/Au 301g/t / 1.3g/t 286g/t / 1.4g/t
Production Ag/Au (oz) 8.8M oz Ag
33,881 oz Au
7.8M oz Ag
32,000 oz Au
Direct site costs/oz Ag
(net of gold credit)
$2.20
$4.00E
IMZ total cash costs/oz
(net of gold credit)
$6.38
$8.00E
2012 Est. Operating Cash Flow to IMZ
Ag Price / Ounce
$60
$24 $26 $28 $30 $32 $34
$50
$40
$ 30
Millio
ns
$36
$70
$53
$47
$41
$35
$28
$66
Post-Capex / Pre-Tax
Reserves and Resources - Ag Equivalent- M ozs* (Dec 2011, 100% basis)
*See Slide 28 in appendix.
P+P:
41.0M
Inf:
39.2M
M+I:
35.7M
*60:1 Ag/Au ratio; $1,080 Au / $18 Ag
2008 2009 2010
100% Production (40% to IMZ)
4.2
16
8.4
32
10.1
36
2011
8.8
34
2012E
32E
7.8E
Gold (,000 ozs) Silver (M ozs)
$59
11
Angela
Lourdes
Martha
Cymoid
Angela SW
Jimena
Melisa
Angela SW
Angela NE
Verónica
Shakira
Plan View – Multiple Veins near to Angela Vein*
Inmaculada
Further potential along Angela Vein (Long Section looking Northwest)*
Inmaculada Project, Peru - Angela Vein
*Source: Hochschild Mining plc
Vein Outcrop
Approximate Eastern
Limit of Feasibility Study
12
Inmaculada, Peru - IMZ 40% / HOC 60% - Feasibility Study Jan 2012
Operation • Underground, 3,500 tpd
• Conventional cyanidation (dore)
• Recovery: 96% Au, 91% Ag
Mine Life • 6.3 years (basis initial reserves)
Production
Estimates • Average/year: 124,000 oz Au, 4.2Moz Ag
• Direct cash op costs /oz: $133 (net of Ag credit)
• Total cash op costs/oz: $172 (net of Ag credit)
Initial Capital • $315 million (based on feasibility study)
Base Case
Economics $1,100 Au, $18 Ag
• NPV0%: ~$323M ($194 after-tax)
• NPV8%: $120M ($46 after-tax)
• IRR: 18% (12% after-tax)
Sensitivity $1,500 Au, $25 Ag
• NPV0%= $821M ($492 after-tax), NPV8%=$433M ($236
after-tax), IRR = 38% (27% after-tax)
Outlook Permitting ongoing, decline development underway
Production Date : Dec 2013
2014 Est. Pre-tax Operating Cash Flow to IMZ
Au Price / Ounce
$900 $1100 $1300 $1500 $1700
Production Estimates
(100% Project Basis)
.
70
1.7
128 113
4.3 5.2
99
4.6
2014 2015 2016 2017
Gold (,000 ozs) Silver (M ozs)
$75
$50
$25
$ 0
Millio
ns
$100
$1900
$109
$93
$29 $45
$61 $77
$2100
100% Project Basis
$125
*See Slide 32 in appendix.
Reserves and Resources - Au Equivalent- M ozs* (Jan 2012, 100% basis)
*60:1 Ag/Au ratio; $1,100 Au / $18 Ag
P+P:
1.3M
Inf:
1.0M
M+I:
0.13M
13
Goldfield, Nevada - IMZ 100% - Development Stage
Historical Mining District in Southern Nevada
Approx 4M oz gold production from 1903-1940’s at ~18 g/t
Three Gold Deposits (Gemfield, McMahon Ridge, Goldfield Main)
P+P Reserves*: 0.51M oz Au (14.3Mt at 1.1 g/t Au)
M+I Resources: 1.23M oz Au (31.1Mt at 1.2 g/t Au)
Inferred Resources: 0.44M oz Au (10.9Mt at 1.3 g/t Au)
Heap Leach Feasibility Study at Gemfield: July 2012
Basic engineering begins Q4 – ends March 2013
Targeting Production in Mid 2015 (Gemfield only)
66,000 Au ozs/year, 6,000 tpd open-pit heap leach operation
Capex estimate: $133M (Plant/Infrastructure $93M, Mine $20M, Road $20M)
Total cash cost (with Ag by-product credit): $611/oz Au
Future Milling Scenario Under evaluation
Testing new drill targets outside of existing mineralized areas
* P+P Reserves included in M+I Resources.
14
Goldfield, Nevada: Gemfield Deposit Feasibility Study - July 2012
Operation • Open Pit., 6,000 tpd
• Heap leach (dore)
• Recovery: 84% Au
Mine Life • 6.5 years (basis initial reserves)
P&P Reserves (1)
$1,350/oz Gold
• 511,000 oz Au (14.3 Mt @ 1.1 g/t Au)
M&I Resources(1)
(includes reserves)
Inferred Res. (1)
• 574,000 oz Au (17.0 Mt @ 1.0 g/t Au)
• 74,000 oz Au (4.2 Mt @ 0.6 g/t Au)
Production
Estimates • Average/year: 66,000 oz Au
• Direct cash op costs /oz: $526 (net of Ag credit)
• Total cash op costs/oz: $611 (net of Ag credit)
Initial Capital • $133 million (based on feasibility study)
Base Case
Economics $1,350 Au
• NPV0%: ~$168M ($132M after-tax)
• NPV 7%: $83M ($59M after-tax)
• IRR: 22% (18% after-tax)
Outlook • Permitting ongoing, basic engineering underway
• Production Date: Mid 2015
Production Estimates
73
81
62 55
Avg. Annual Est. Pre-tax Operating Cash Flow(2)
Au Price / Ounce
$1100 $1350 $1600
Year 1 Year 2 Year 3 Year 4
Gold (,000ozs)
$30
$20
$10
$ 0
Millio
ns
$40
$1850
$57
$42
$10
$26
(1) Silver reserves and resources are not significant.
(2) Production and pre-tax operating cash flow on operating year basis. Gemfield is not
materially sensitive to silver prices due to low silver production.
(3) See appendix for details of July 2012 Feasibility Study.
$60
$50
15
Reno - 4.5 hours
Las Vegas - 2.5 hours
Goldfield, Nevada – Principal Gold Deposits
X-section
16
Goldfield, Nevada - Gemfield Deposit - Cross Section
Cross Section 47,000N (Looking North)
17
Converse, Nevada - IMZ 100% - Scoping Study - December 2011
Operation • Open pit, 45,000 tpd.
• Heap leach (Dore)
• Recovery: ~60% Au, 30% Ag
Mine Life • 13.5 years
• Strip ratio 2.3:1
P&P
Reserves
• No reserves defined to date
Resources
• M+I : 320Mt @ 0.50 g/t Au and 3.7 g/t Ag
(5.2M oz Au, 38.0M oz Ag)
• Inferred: 31.2Mt @ 0.51 g/t Au and 3.0 g/t Ag
(507,000 oz Au, 3.0M oz Ag)
Production
Estimates • Average/year: 160,000 oz Au, 638,000 oz Ag
• Direct cash cost /oz: $745 (net of Ag credit)
• Total cash op costs/oz (incl capex): $998 (net of Ag credit)
Initial Capital • $455 million
Base Case
Economics $1,300/oz Gold
$25/oz Silver
• NPV0%: ~$494M
• NPV8%: $70M
• IRR: 11%
• Cost per tonne ore processed: $8.35
Sensitivity • $1600/oz Au & $31/oz Ag:
NPV0%= $1,158M, NPV8%= $440M, IRR=22%
Outlook • Feasibility study pending met test work Q4 2012
Production Estimate
219
156
183
151
Avg Pre-tax Operating Cash Flow /Year
Au Price / Ounce
$1000 $1200 $1400 $1600 $1800
Year 1 Year 2 Year 3 Year 4
Gold (,000ozs)
$120
$80
$40
$ 0
Millio
ns
$160
$2000
$151
$119
-$13
$20
$53
$86
$184
$2200
$200
18
Converse, Nevada - Regional Mines and Cross-Section
2
21
28 29
6
T33N
Trout Creek
Trenton Valmy
Trenton North Peak
Phoenix
Fortitude
R42E R44E
32
20
16
10
80
4 4 9 0 0 0
0 N
4
5 0 0 0 0
0 N
4
5 2 0
0 0
0 N
490000E 470000E
33
Humboldt County
Lander County
Humboldt County
Pershing County 5
Converse Converse IMZ IMZ
MARIGOLD MINE
VALMY
TRENTON CANYON MINE
Trenton Canyon Main
NEWMONT
COPPER BASIN AREA
BUFFALO VALLEY MINE
NEWMONT
COPPER CANYON AREA
R43E
LONE TREE MINE
480000E
80
Gold Mine, deposit
IMZ- fee land
IMZ- BLM land
T32N
T31N
N
NEWMONT
GOLDCORP/BARRICK
45
10
00
0N
NEWMONT
NEWMONT
Schematic Cross Section Looking East
Conv-005C Conv-004C
TD=1,800ft
(549m)
TD=2,388ft
(728m)
17
IMZ drilling extended mineralization at depth
Total Drilling to date: 76,469m in 333 drill holes
(RC and core) 0 1 2 3
Miles
19
5-Year Estimates: Project Time Lines 2012-2016
Pallancata, Peru
Inmaculada, Peru
Goldfield, Nevada(1)
Converse, Nevada(2)
Rio Blanco, Ecuador(3)
Gaby, Ecuador(3)
2012 2013 2014 2015
Q1 Q2 Q3
Feasibility
Feasibility
Feasibility
Permitting
Permit / Construction
Permit / Construction
Production
Permit / Construction Production
Production
Permitting
2016
Production
(1) Goldfield: - Heap leach scenario for Gemfield only.
- Milling option for Goldfield Main (plus Gemfield and McMahon Ridge) yet to be fully evaluated.
(2) Converse: Feasibility study contingent on results of metallurgical testwork by end of 2012
(3) Rio Blanco + Gaby: Timelines contingent on ongoing evaluation of options to optimize value.
Pending Start-up
20
5-Year Estimates: IMZ Production and Costs 2012-2016
80,000
60,000
2016E
2011A
2012E
2013E
2014E
Go
ld E
qu
iva
len
t O
un
ce
s*
100,000
1. Pallancata: Basis Dec 31, 2011 reserve and resource estimates.
2. Inmaculada: Basis Jan 2012 Feasibility Study.
3. Goldfield: Basis July 2012 Feasibility Study.
4. Rio Blanco: Production dependent on ongoing evaluation of options to optimize value.
120,000
140,000
160,000
180,000
Rio Blanco (100% IMZ)
Pallancata (40% IMZ)
Total Cash Costs
--- Ex Ecuador
Goldfield (100% IMZ)
Total Production Costs --- Ex Ecuador
Inmaculada (40% IMZ)
200,000
240,000
220,000
2015E
$700
$600
$500
US
$/o
z P
rod
uctio
n C
ost
$800
260,000
* Gold Equiv ozs based on average 60:1 silver-gold ratio
** Industry-average costs basis GFMS Gold Survey 2012
280,000
300,000
320,000
$900
$1000
$400
Industry-Average
Cash Costs ($643) **
Industry-Average
Total Production Costs ($809)**
21
5 Year Estimates: IMZ Pre-tax Cash Flow from Operations 2012 – 2016
$0
2011A
2012E
2013E
2014E
$200
$100
$1,000 gold, $20 silver
$1,500 gold, $30 silver
$1,800 gold, $35 silver
1. Pallancata: Basis Dec 31, 2011 reserve and resource estimates.
1.2. Inmaculada: Basis Jan 2012 Feasibility Study (IMZ 40%).
2.3. Goldfield: Basis July 2012 Feasibility Study.
3.4. Rio Blanco: Production dependent on ongoing evaluation of options to optimize value.
4.5. 2012 estimate does not include $38M from sale of Ruby Hill royalty.
$300 Rio Blanco (100% IMZ)
(Goldfield (100% IMZ)
Pallancata (40% IMZ)
Production Royalty
Inmaculada (40% IMZ)
2015E
$400
2016E
$ 0
$200
$100
$300
$400
22
5-Year Estimates: IMZ Capex and Other Costs - 2012-2016
(1) Pallancata: Basis Dec. 31, 2011 reserve and resource estimates. Numbers include annual exploration estimates.
(2) Inmaculada: Basis Jan 2012 Feasibility Study. HOC pays first $100M feasibility, development and capex. IMZ share of $315M total capex = $90M.
Assumes $140M of asset-based financing for project in 2013. Numbers include annual exploration estimates and principal/debt repayments.
(3) Goldfield: Basis July 2012 Feasibility Study. Assumes $57M of debt financing in 2014 (total initial capex $133M). Numbers include principal/debt
repayments.
(4) Rio Blanco: Timeline dependent on ongoing evaluation of options to optimize value.
Rio Blanco
Goldfield
Inmaculada
Pallancata
$60
$100
$0
$80
$40
$120
$20
$160
$140
2011A 2012E 2013E(2) 2014E(3) 2015E 2016E
Other
Exploration + G&A
Projects
$60
$100
$ 0
$80
$40
$120
$20
$160
$140
23
5-Year Estimates: Cum. Op Cash Flow Vs Capex + Other 2012-2016 (Ex-Ecuador)
$200
2011A 2012E(1) 2013E(1) 2014E(2)
$ 0
2015E
$600
$400
$800
$1,000
2016E
Cum. Capex + Other
Cum. Op. Cash. Flow
$1,500 Au, $30 Ag
$200
$ 0
$600
$400
$800
$1,000
Cum. Op. Cash Flow
$1,800 Au. $35 Ag
Cum. Op. Cash Flow
$1,000 Au, $20 Ag
(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
Arg
on
au
t
Ala
ce
r
B-2
Go
ld
IMZ
(To
tal)
Kir
kla
nd
Lak
e
Lak
es
ho
re
IMZ
(ex
Ec
u)
Tim
min
s
Ro
marc
o
Ja
gu
ar
Hig
h R
ive
r
Au
rizo
n
GO
LD
CO
RP
AN
GL
OG
OL
D
BA
RR
ICK
AG
NIC
O
$67 $66
Enterprise Value (“EV”)/Total Au Resource Ounces (Excludes Over 100M Silver Ozs)
$200
$100
$50
EV
US
$/G
old
Reso
urc
e O
zs
$250
$300
$350
$400
Source: -Company Disclosure, Bloomberg. Based on most recent financials.
- Pricing as at Aug 31, 2012. Resources include reserves.
- Enterprise Value = market capitalization plus debt less cash .
$450
16
14
12
10
8
6
M +
I +
In
ferr
ed
Res
ou
rce
s
(ozs
)
18
2
20
$60 $40
Total Resource Ozs
38 231 220 116
4
$150
$227 $232
$110
$38
Sa
n G
old
$54
22
Go
lden
Sta
r
$231 $236
$147
$115 $117
$36
$84
$124
$282
25
Why IMZ?
M+I Gold Equiv Resources: 7.9M oz (excl. Ecuador)
Growing Production and Cash Flow
Pallancata (IMZ’s 40% interest)
• 2012: ~4M oz Ag Equiv (65,000 oz Au Equiv)
• ~$22M free cash flow
• Resource base continues to grow
Inmaculada (IMZ’s 40% interest)
• Production date: Dec 2013
• 78,000 oz/year Au Equiv
• Operating cash flow: ~$34M in 2014 (at $1,500 Au)
Growth from Nevada Gold Projects (IMZ 100%)
Production at Goldfield – mid 2015
Pending feasibility study at Converse
Ecuador Gold Projects
Evaluating options to optimize value
Strong Balance Sheet $84M in cash; $2.4M in marketable securities
Debt-free
26
News Flow/Catalysts in 2012
Full Year Financial Results: Sept 28th
Nevada, USA:
Goldfield:
- Basic Engineering underway - Q3
- Submit Environmental Baseline Study - Q4
Converse:
- Metallurgical testwork update - Q4
- Decision on Feasibility Study - Q4
Del Oro/Rye:
- Commence drilling - Q4
Peru:
Development updates from Inmaculada - Q4
Rio Blanco and Gaby, Ecuador:
Decision on future development of projects - Q4
27
APPENDIX & FOOTNOTES
1. See slides below for the details of Pallancata and Rio Blanco reserve/resource estimates and the Converse, Goldfield and Gaby
resource estimates. Inmaculada reserve and resource estimates are shown in slides 12 & 32. Please refer to the Company’s NI
43-101 reports and related news releases filed on SEDAR for a discussion of assumptions, parameters and material risk factors.
Estimated mineral resources that are not mineral reserves do not have demonstrated economic viability.
2. The Inmaculada feasibility study information and reserve and resource estimates were announced in a news release dated
January 11, 2012. A Technical Report on Inmaculada was filed by the Company on SEDAR on February 24, 2012.
3. The Goldfield feasibility study information and reserve and resource estimates were announced in a news release dated July 17,
2012. A Technical Report on Inmaculada was filed by the Company on SEDAR on August 31, 2012.
4. The Rio Blanco data for production, cash costs, capex and operating cash flow (slide 44) are presented on a pre-tax, pre-
government royalty and pre-windfall tax basis, as reported in a Feb 19, 2009 Company news release about Rio Blanco’s updated
costs. Life of mine production for the February 2009 estimate is based only on mineral reserves of the Alejandra North and San
Luis deposits at Rio Blanco.
5. Gaby’s annual production, cash costs and capex estimates (slide 49) are sourced from an addendum to the preliminary
feasibility study (PFS) announced in a January 29, 2009 Company news release.
6. Rio Blanco’s and Gaby’s outlook and production start-up estimates are dependent on continuation of project development
pending a review of options to optimize value to shareholders.
7. Goldfield Main resource estimate is classified in accordance with CIM guidelines by independent consultant R. Mohan
Srivastava, a Qualified Person under NI 43-101 and has an effective date of February 1, 2011. Gemfield reserve estimate was
prepared by D. Anderson of Micon International Ltd (July 2012). Gemfield and McMahon Ridge resource estimates were
calculated by R. Mohan Srivastava with an effective date of July 17, 2012.
8. IMZ uses the Gold Institute’s definition of “Total Cash Costs”. For Pallancata, IMZ’s Total Cash Costs per ounce of silver
produced, net of gold credit, include mine operating costs, mined ore inventory adjustment, toll processing and mine general
and administrative costs, Hochschild’s management fee, concentrate transportation and smelting costs, taxes (other than
federal income tax) and Peruvian government royalty. Direct Site Costs per ounce silver comprise direct mining, mined ore
inventory adjustment, toll processing and mine general and administrative costs (net of gold by-product credit).
9. IMZ accounts for its 40% ownership of the Pallancata Mine and the Inmaculada project on an equity accounting basis.
10. Production at Pallancata is shown from start-up of mining operations, September 2007.
28
Pallancata - December 31, 2011 Reserves & Resources
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.
Reserves Tonnes Silver
(g/t)
Gold
(g/t)
Silver
(oz)
Gold
(oz)
Silver
Equiv (1)
(M of oz)
Gold
Equiv (1)
(M of oz)
Proven & Probable 3,450,000 287 1.4 31,848,000 152,000 41.0M 683,000
Resources
Measured &
Indicated (2)
5,015,000 372 1.7 60,006,000 278,000 76.7M 1,278,000
Inferred Resource 2,813,000 347 1.5 31,335,000 132,000 39.3M 654,000
100% Basis (40% Attributable to IMZ)
Basis $1,080 gold, $18.00 silver, Cut-off Grade 144 g/t silver
29
Pallancata Longitudinal Section - Looking Northeast
"
!
DDH OROVEGA
DDH HOC . ejecutado
DDH Programa 2010
DDH Programa 2011
SYMBOLS LITHOLOGIES
T. And. - Pómez
T. And. - Lapilli
L. And.Porf.
T. And.- Lit..
L. And.Afan. Domo / Flujo
Rhyodacite
Hipabisal
Diorite
! "Measured Resources
Indicated Resources
Inferred Resources
RESOURCES
EXTREMO
SUR ESTE
Domo Sarnahuiri
3,000
3,400
3,800
4,200
4,400
4,600
4,800
4,000
3,600
3,200
HUARARANI
NW PALLANCATA
SOUTHEAST PALLANCATA
CENTRAL
PALLANCATA
WEST PALLANCATA
EAST
EXTREME
SOUTHEAST
PALLANCATA
WEST = Areas Currently in Production
1,300m 5,000m
PALLANCATA
SOUTHEAST = Areas in Development
A A’
30
Inmaculada - Multiple Targets
14,672 ha. property
Inmaculada
Angela Vein
Angela Vein
Outcrop
31
10
10
50
50
100 10
50
4600 m
50
50
10
10
SW NE
4200 m
25
10
25
50
10
10
25
25
50
100
50
139
10
25
100
10
100
50
100
50
10
00
0
100
25
100
100
25
25
25
100
10
05
0
10
10
0
10
15
0
10
20
0
10
25
0
10
30
0
10
35
0
10
40
0
10
45
0
10
50
0
10
55
0
10
60
0
10
65
0
10
70
0
10
75
0
10
80
0
10
85
0
10
90
0
11
40
0
11
00
0
11
45
0
11
10
0
11
20
0
11
30
0
11
50
0
11
60
0
11
70
0
11
80
0
11
90
0
12
00
0
Meters
50 100 0 200
o
o
o
o
o
o
Surface
Grade-Thickness Contours: Au Equivalent (g/t) x true width (m)
Drill Holes with
No Significant Values
Drill Hole Mineralized Intercepts
25 50
10
100
o
Eastern Limit of Feasibility Study
Inmaculada - Angela Vein - Long Section (Looking Northwest)
4300 m
4400 m
4500 m
Inmaculada
Vein Outcrop
21,000 Hectares (210 sq km) - 60 km SW of Pallancata
Similar Low-Sulfidation Epithermal Vein System
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
32
Inmaculada, Peru - Reserves & Resources- January 2012
1. Numbers are rounded to reflect the precision of a resource estimate.
2. Measured and Indicated Resources include Proven and Probable Reserves.
3. Cut-off grade for estimated Reserves is 2.3 g/t gold equivalent. Cutoff grade for estimated Resources is 1.5 g/t gold equivalent. Gold equivalent ounces are
estimated for mineral resources using a 60:1 silver to gold ratio.
4. The estimated mineral resources are not mineral reserves and do not have demonstrated economic viability.
5. To limit the influence of individual high-grade samples, grade capping was used. Gold assay grades were capped at 100 g/t and silver grades were capped at 5,000
g/t for the Angela vein which contributes 95% of the measured and indicated tonnage and 97% of the gold equivalent ounces. Minor veins were capped at variable
values ranging from 5 g/t to 50 g/t gold and 500 g/t to 1,250 g/t silver.
6. An estimated dry bulk density of 2.51 tonnes per cubic meter was used for all mineralized rocks.
7. The grades were interpolated using the “Ordinary Kriging” estimation technique.
8. The contained metal reserve estimates include mining dilution (averaging 28% at a grade of 0.3 g/t Au and 11 g/t Ag) and 3% ore losses , but remain subject to
process recovery losses.
9. The mineral resources were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM),Standards on Mineral Resources and Reserves,
Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council December 11, 2005.
10. The reserve and resource estimates have an effective date of January 11, 2012.
Reserves Million
Tonnes
Gold
(g/t)
Silver
(g/t)
Gold
(oz)
Silver
(oz)
Gold Equiv
(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
100% Project Basis, 40% Attributable to IMZ Base-Case: $1,100 Gold, $18.00 Silver
33
Inmaculada, Peru (40% IMZ, 60% Hochschild) - Feasibility Study Results
Item Units 100% Project IMZ 40%
Base Case gold price $ per ounce $1100 $1100
Base Case silver Price $ per ounce $18 $18
Initial Mine life years 6.3 6.3
Expected Production Date date Dec. 2013 Dec. 2013
Average annual gold production ounces/year 124,000 49,600
Average annual silver production ounces/year 4,204,000 1,682,000
Average annual gold equiv. production4 ounces/year 194,000 78,000
Life-of-mine gold production ounces 783,000 313,000
Life-of-mine silver production ounces 26,488,000 10,600,000
Life-of-mine gold equiv. production4 ounces 1,220,000 488,000
Plant processing rate (3,500 tpd) tonnes/year 1,260,000 1,260,000
Metallurgical recovery – gold % 95.6% 95.6%
Metallurgical recovery – silver % 90.6% 90.6%
Initial capital 2 $ millions $315 $91
Direct site costs 3 per tonne processed $74 $74
Direct site costs3, 5 per ounce Au (with Ag credit) $133 $133
Total cash operating costs3,5, 6,7 per ounce Au (with Ag credit) $172 $262
IRR pre-tax/post-tax % 18% / 12% 26% / 21%
Pre-tax /post-tax cash flow (non-
discounted)
$ millions $323 / $194 $136 / $95
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 $9.15/oz of silver.
34
Inmaculada, Peru - Sensitivity to Gold & Silver Prices
Gold Price / Silver Price ($/oz)
BASE CASE
Category
$900 /
$15.00
$1,100 /
$18.00
$1,300 /
$21.00
$1,500 /
$25.00
$1,700 /
$28.00
$1,900 /
$31.00
IRR 5% / 9% 18% / 26% 28% / 40% 38% / 55% 46% / 67% 53% / 78%
Cash Flow
($ millions)
$88 / $42 $323 / $136 $559 / $231 $821 / $335 $1,057 / $429 $1,292 / $523
NPV 5%
($ millions)
$6 / $15 $181 / $85 $356 / $155 $551 / $233 $726 / $302 $901 / $372
NPV 8%
($ millions)
-$28 / $3 $120 / $63 $268 / $122 $433 / $188 $581 / $247 $729 / $306
Pre-tax Sensitivity Analyses 100% Project Basis v 40% Attributable to IMZ
(base-case in bold)
NOTE: $181 / $85 = 100% Project Basis / 40% Attributable to IMZ
35
Goldfield, Nevada - NI 43-101 Mineral Resources*
Prospect Resources Tonnes Gold
(g/t)
Contained
Gold (oz)
Gemfield
(cut-off 0.3 g/t
gold)
Measured 12,182,000 1.1 438,000
Indicated 4,852,000 0.9 136,000
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
Ridge (cut-off
0.4 g/t gold)
Measured -------- ----- ---------
Indicated 5,514,000 1.3 238,000
M & I 5,514,000 1.3 238,000
Inferred 108,000 1.1 4,000
Goldfield
Main (cut-off 0.4
g/t gold)
Measured -------- ----- ---------
Indicated 8,549,000 1.5 421,000
M & I 8,549,000 1.5 421,000
Inferred 6,591,000 1.7 360,000
Total
Goldfield
(see cutoff
grades above)
Measured 12,182,000 1.1 438,000
Indicated 18,915,000 1.3 795,000
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.
36
Goldfield, Nevada - Gemfield Deposit: Feasibility Study Results- July 2012
Item Units 100% Project
Base Case gold price $ per ounce $1,350
Initial Mine life years 6.5
Average annual gold production ounces/year 66,000
Life-of-mine gold production ounces 430,000
Plant processing rate (6,000 tpd) tonnes/year 2,190,000
Average Metallurgical recovery – gold % 84%
Initial capital cost 1 $ millions $133
Sustaining capital cost $ millions $16
Direct site costs 2 per tonne processed $15.67
Cash operating costs (with Ag credit) 2,5 per ounce Au $526
Total cash operating costs (with Ag credit) 2,5 per ounce Au $611
IRR pre-tax/post-tax 3,4 % 22% / 18%
Pre-tax /post-tax cash flow (non-discounted) 3,4 $ millions $168 / $132
Pre-tax/post-tax NPV, 5% discount rate 3,4 $ millions $102 / $75
Pre-tax/post-tax NPV, 7% discount rate 3,4 $ millions $83 / $59
1) Initial capital of $133M includes $20M in contingency allowance and is based on Q2 2012 estimates. No escalation factors have been
applied. Capital breakdown: Plant and Infrastructure $93M, Road $20M, Mine $20M.
2) Direct site operating costs include mining, processing and G&A costs. Cash operating costs include direct site costs plus estimates of
transport and refining charges, net the silver credit. Total cash costs include cash operating costs plus a 5% NSR royalty and the Nevada
Net Proceeds on Minerals tax. Direct site operating costs per tonne of ore comprise processing $6.36, mining $6.39 and G&A $2.92.
3) Cash flow and NPV estimates all include a 5% Net Smelter Return (“NSR”) royalty due to a third party.
4) The after-tax estimates include all income taxes applied to the project.
5) By-product accounting subtracts the revenue generated by silver from the total operating costs to determine the cost per ounce of gold.
Total silver revenue for the base case is approximately $2M, less than 0.5% of the estimated total project revenue.
6) Initial capital costs includes $19M to re-align US Highway 95 (see further information below).
37
Goldfield, Nevada – Gemfield Deposit: Sensitivity to Gold Price
Gold Price ($/oz)
Category
$1,100
$1,350
$1,600
$1,850
IRR
10% 22% 33% 42%
Cash Flow
($ millions)
$66 $168 $270 $373
NPV 5%
($ millions)
$26 $102 $179 $256
NPV 7%
($ millions)
$14 $83 $152 $220
Pre-tax Sensitivity Analyses (base-case in bold)
38
Goldfield, Nevada - Goldfield Main Deposit (Looking Southeast)
Red Top Pit
Combination Pit Jumbo Pit
Currently 780,000 oz Gold Resource
39
Milltown
Gemfield
Principal
Gold Deposit
Other Targets
Goldfield Main: 780,000 oz
Gemfield: 560,000 oz
McMahon Ridge: 285,000 oz
Gold Resources: 1.6M ozs
Goldfield, Nevada – Principal Target Areas
Main Goldfield
Reno - 4.5 hours
Las Vegas - 2.5 hours
McMahon
Ridge
Gemfield
Midnight
Belmont
NE
Goldfield
Tognoni
Tom
Keane
Central
Zone
Milltown
Mineral
Wealth
Sinter
Simerone
Gemfield SE
Es
me
rald
a C
ou
nty
Nye
Co
un
ty
Miles
0 0.5 1.0 1.5
40
Converse, Nevada - Updated Resources - December 2011
Resources Tonnes Gold
(g/t)
Silver
(g/t)
Gold
(oz)
Silver
(oz)
Equivalent
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 &
Indicated
320,229,000 0.50 3.69 5,172,000 37,953,000 5,552,000
Inferred 31,242,000 0.51 3.00 507,000 3,013,000 537,000
1. Numbers are rounded to reflect the precision of a resource estimate.
2. The estimated mineral resources are not mineral reserves and do not have demonstrated economic viability.
3. Gold equivalent ounces are estimated for mineral resources using 100:1 silver to gold ratio that assumes base case metal prices of
$1,300 and $25 for gold and silver respectively and metallurgical recoveries of 60% for gold and 31% for silver.
4. To limit the influence of individual high-grade samples, grade cutting was used. Gold assay grades were capped at 15 g/t and silver
grades were capped at 100 g/t.
5. Average dry bulk densities of 2.72 tonnes per cubic meter were used for all mineralized rocks.
6. The grades were interpolated using the “Ordinary Kriging” estimation technique.
7. Descriptions of parameters to determine “Measured”, “Indicated” and “Inferred” resources are provided below.
8. The contained metal estimates remain subject to factors such as mining dilution and losses and, process recovery losses.
9. The mineral resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM),
CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve
Definitions and adopted by CIM Council December 11, 2005.
10. IMZ is not aware of any known environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant
factors that could materially affect the validity of these resource estimates.
41
Converse Project, Nevada - Scoping Study Results
Item Units
Base Case gold price $ per ounce $1300
Base Case silver price $ per ounce $25
Initial mine life years 13.5
Strip ratio Waste rock : mineralized rock 2.3 : 1
Average annual gold production ounces/year 160,000
Average annual silver production ounces/year 638,000
Average annual gold equiv. production4 ounces/year 173,000
Life-of-mine gold production ounces 2,165,000
Life-of-mine silver production ounces 8,471,000
Life-of-mine gold equiv. production4 ounces 2,328,000
Plant processing rate (~45,000 tpd) tonnes/year 16,556,000
Metallurgical recovery – gold % 60%
Metallurgical recovery – silver % 31%
Initial capital 2 $ millions $455
Total cash operating cost 3 per tonne processed $8.35
Total cash operating cost 5 per ounce Au (with Ag credit) $745
Pre-tax IRR % 10.5%
Pre-tax cash flow (non-discounted) 6 $ millions $494
Pre-tax NPV, 5% discount rate 6 $ millions $185
Pre-tax NPV, 8% discount rate 6 $ millions $70
1) The scoping study is preliminary in nature, in that it includes inferred mineral resources that are considered too speculative geologically to have
the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the results
of the scoping study will be realized and actual results may vary substantially.
2) Initial Capital includes $60 million in contingency allowance. Costs are based on Q3 2011 estimates and no escalation factors have been applied.
3) Total Cash Operating costs include estimates of refining charges.
4) Gold equivalents for production are estimated using a silver-to-gold ratio of 52:1 calculated by using the base case metal prices.
5) By-product accounting subtracts the revenue generated by silver from the total operating costs to determine the cost per ounce of gold.
6) Cash flow and Net Present values (“NPV”) are all shown pre-tax, but include 5% net smelter return (“NSR”) royalty payable to third parties and
refining and transportation charges.
7) Mineral resources that are not mineral reserves and do not have demonstrated economic viability.
42
Converse Project, Nevada- Sensitivity to Gold & Silver Prices
Gold Price / Silver Price ($/oz)
BASE CASE
Category
$1,000/
$19.00
$1,200/
$23.00
$1,300/
$25.00
$1,400/
$27.00
$1,600/
$31.00
$1,800/
$35.00
$2,000/
$39.00
IRR -4.3% 6.0% 10.5% 14.7% 22.5% 29.8% 36.8%
Cash Flow
($ millions)
-171 272 494 715 1,158 1,602 2,045
NPV 5%
($ millions)
-269 33 185 336 639 941 1,244
NPV 8%
($ millions)
-300 -54 70 193 440 687 934
Pre-tax Sensitivity Analyses (base-case in bold)
43
Rio Blanco – Alejandra North Vein and Regional Cross Section
Geology Alteration
Mineralized zones Silicification
Diorite Illitic
Lapilli Tuffs Propylitic
Andesite Faults
Dorada
Alejandra North Vein
San Luis Veins
Loma Larga
0 1 Km
3,600
3,400
IMZ Camp
Arco Iris Alejandra South
0.5 Km
3,800
Prospective targets not included in resource
estimate
Zones included in
current resource
estimates
4,000 Regional Cross Section (Looking West)
Upper
Adit 29.9m @ 21.9 gt Au, 216 g/t Ag
(Incl. 4.5m @ 83.0 g/t Au, 1,060g/t Ag)
Area of Vein at
Surface
Highly altered volcanics
with high As, Sb, Hg
Area of San Luis
Veins (at depth)
Projected
Trace of Vein
Underground
View Looking North
Long Section (Looking North)
LEGEND
Contour Interval:
(in gm-meters
gold)
20 g*m
50 g*m
100 g*m
Core Drill Hole
Pierce Points
Multiple
Intersections
East West
Adit BP-4
3900
Upper Adit
0 50 100 150 Meters
3800
3700
3600
Surface
Fault
44
Rio Blanco, Ecuador - IMZ 100% - Permitting Stage
Operation • Underground, vein, 800 tpd. Ramp access.
• Agitation leach circuit. Merrill Crowe recovery.
• Recovery: 88% Au, 70% Ag
Mine Life • 7.5 years (basis current reserves)
P&P Reserves -
2006 feas study
($475 Au)
• 2.1Mt @ 8.8 g/t Au + 62 g/t Ag
605,000 ozs Au + 4.3M ozs Ag
(658,000 oz Au Equiv)
Resources
(2006)
• M+I (incl. reserves): 2.2Mt @9.5g/t Au + 69 g/t Ag
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
354,000 oz Au, 2.0M oz Ag (379,000 oz Au Equiv)
Production
Estimates (2009)
• Average/year: 71,000 oz Au, 400,000 oz Ag
• Total cash costs/oz: ~$300 (net of Ag credit)*
Initial Capex • Feb 2009 estimate : $120 million
Cash Flow
at $1,500 Au
(2009)
• Average Annual Operating CF: ~$80M
• NPV10%: $266M
• IRR: ~ 57%
Outlook • Evaluating options to optimize value
Production Estimate (Basis 2006 Feasibility Study)
97
280
78 76
475 430
76
440
Avg. Year Pre-tax Operating Cash Flow
Au Price / Ounce
$1000 $1100 $1200 $1300 $1400
Year 1 Year 2 Year 3 Year 4
Gold (,000ozs) Silver (,000 ozs)
$80
$60
$40
$ 20
Millio
ns
$100
$1500
$79 $73
$47 $53
$60 $66
$86
* 2011 in-house estimate for total cash cost/oz is approximately $450 (net of silver credit)
and assuming government production royalty of 6% NSR.
$1600
45
Rio Blanco, Ecuador - 2006 Reserves & Resources
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.
Discovery Cost per Total Resource Ounces = ~$35/oz gold equivalent
Resources Tonnes Gold
(g/t)
Silver
(g/t)
Gold
(oz)
Silver
(oz)
Gold Equiv (1)
(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
Reserves Tonnes Gold
(g/t)
Silver
(g/t)
Gold
(oz)
Silver
(oz)
Gold Equiv (1)
(oz)
Proven & Probable 2,147,448 8.8 62 605,000 4,307,000 658,000
100% IMZ
Basis $475 gold
46
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
$ millions) $750
(Base Case)
$1,000
$1,100 $1,200 $1,400 $1,500
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.
Rio Blanco, Ecuador - Basis February 2009 Costs
47
1 km
Ponce Enriquez
N
Gaby, Ecuador - Property and Deposits
Papa Grande Deposit M&I: 1.6M oz (0.8M to IMZ)
Inferred: 0.8M oz (0.4M oz to IMZ)
M&I Resources: 7M oz Au
Inferred Resources: 3M ozs Au
(4.1M oz to IMZ)
(1.8M oz to IMZ)
Combined Deposits Port of Guayaquil 140 km
Main Gaby Deposit M&I: 5.4M oz (3.3M oz to IMZ)
Inferred: 2.1M oz (1.4M oz to IMZ)
Tama Zone (vein)
Port of Machala 50 km
48
Main Gaby Deposit: Schematic Cross-Section (Looking West)
South
Main Gaby Deposit (+0.4 g/t Gold) Intrusive
Higher-Grade Gold Zones (+1 g/t Au)
Camp
Sea Level
100 m
200 m
300 m
Pit Outline
200 m
North
49
Gaby, Ecuador - IMZ 60% - Feb ‘08 Pre-Feasibility Study (update Jan ‘09)
Year 1 Year 2 Year 3 Year 4
Gold (,000 ozs)
Operation • Open pit, gold-copper porphyry: 60,000 tpd
• CIL circuit to produce dore
• Recovery: Au 87% (Cu not included in circuit)
Mine Life • ~20 years
Resources
- 100% Basis
• M+I: 356Mt @ 0.61 g/t Au
- 7M oz Au (59% or 4.1M to IMZ)
• Inferred: 143.2 Mt @0.62 g/t Au
- 3M oz Au (62% or 1.8M to IMZ)
Production • Average/year: ~330,000 oz Au (~60% IMZ)
• Cash costs/oz Au: ~$645
Cash Flow
at $1,250 Au (100% basis Pre-Tax)
• Average Annual Operating CF: ~$118M
• NPV5%(1) : $1.1 billion
• IRR: ~20%
Initial Capital • ~ $1 billion
Outlook • Evaluating options to optimize value
Production Estimate
367
431
408 418
Avg. Year Pre-tax Operating Cash Flow
(IMZ’s Attributable 60%)
Au Price / Ounce
$150
$1000 $1100 $1200 $1300 $1400
$100
$50
$ 0
M i l
l i o
n s
$1500
$200
$163
$70
$125 $144
$89 $107
$52
Year 1 Year 2 Year 3 Year 4
Gold (,000 ozs)
1) NPV10% calculations were not estimated in Preliminary Feasibility Study due to low
gold price used in study ($650).
2) Copper grade averages 0.09% and is uneconomic at low copper prices (less than
$2/lb). Contained copper is approximately 300,000 tonnes (~660 million lbs).
$1600
Includes 6% Government
royalty + Ag credit ($18/oz)
50
Resources Tonnes
(M)
Gold
(g/t)
Gold
(oz)
IMZ’s Share
(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
Gaby, Ecuador - January 2009 Resources
Discovery Cost per Total Resource Ounces = ~$5/oz gold
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.
100% Basis, ~60% Attributable to IMZ
Basis $650 gold
51
Gaby - Jan 09 Addendum to Feb 08 Preliminary Feasibility Study (PFS)
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.
100% Basis, IMZ controls ~60%
PFS Base Case
(20,000 tpd,
$650 oz Au)
Gold Price Sensitivity
Summary
Life of Mine Gold Production (oz)
Average Grade (g/t Au)
Cash Costs (/oz Au)
Addendum PFS
Optimization Case
(60,000 tpd, $750 oz Au)
Addendum PFS
Optimization Case
(60,000 tpd, $1,000 oz Au)
0.8 0.7 0.6
$645 $670 $538
5,300,000 2,700,000 2,300,000
14 Initial Mine Life (yrs) 7 16
60,000
330,000 390,000
$900 $1,000
164,000 Annual Gold Production (oz/yr)
60,000
Initial Capital (M$) $432
20,000 Plant Process Rate (/day)
26% 20% 11% (12)% IRR
$4,541 $2,526 $(340) $(314)
Pre-tax Cash Flow
NPV 5%
$1,250
(60,000 tpd)
$1,000
(60,000 tpd)
$1,500
(60,000 tpd)
(All figures are in
US$ millions) PFS Base Case, $650
(20,000 tpd)
$(302)
$916
$331
$1,171
$2,084
52
Ecuador: Tax & Royalty Comparison
Ecuador Peru Chile Colombia Mexico
Corp. income tax 25% 30% 17-30%2 33% 30%
Employees and
Communities Profit
sharing
Communities 12%1
Employees 3%1
Employees 8% - - -
Min./alternative
income tax
- - - - 16.5%-17.5% (revenue less
certain expenses)
Mining royalty Min. 5% NSR1 Variable (based on gross
profits)
0.5%-5% (Cu equiv.sales)
3%-12% (gross value)
-
Value Added Tax
(IVA)
12% (not reimbursable)1
19% 19% 7% 16% (Recoverable)
Windfall Revenue
Tax
70% of revenue (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%.
Globally, all forms of taxes (local and federal) and
royalties paid by the mining industry total at least 50%.
53
Ecuador: Emerging Metals Mining Industry
Current small-scale, artisanal mining only. No large-scale mines.
Approx. $100 billion GDP dominated by oil (~60% of total exports).
Oil reserves and production are declining - estimated 2011 production = 500,000 bpd.
Mining is the only real alternative for significant future revenue for Ecuador.
Presidential elections – February 2013
Law
passed
Jan 29
New Mining Law and Estimated Timeline for Rio Blanco
General Elections
April 26
Correa re-elected
New Congress
Aug 10
Decision on
Development (Q4)
Regs
issued
Nov 4
1Q09 2Q09 3Q09 4Q09 2010 2011 2012
54
Peru: Largest Silver Producer
General:
Presidential elections every 5 years
President Ollanta Humala elected July 28, 2011
Population 29 million
Currency Nuevo Sol (US$=Sol 2.6)
Main Exports (2011): Mining (66%), fishing and agriculture
World’s 2nd largest silver producer and 5th largest gold producer
Largest gold producer in Latin America
World’s 3rd largest copper and zinc producer, 4th largest lead producer
One of the fastest growing economies in the world*
7.9% GDP growth rate in 2011
Lowest inflation rate in Latin America
10 years of consecutive economic growth
* Bloomberg and Internet references.
55
Directors, Officers and Senior Management
Directors Position Profession Nationality
Stephen Kay President/CEO Geologist British
Rod McKeen Corp. Secretary and
Legal Counsel, Canada
Lawyer Canadian
Mike Smith Audit Committee Chairman
Lead Independent Director
Chartered
Accountant
Canadian
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
Nick Appleyard
CFO
VP Corp. Development
Economist
Geologist
Canadian/U.S.
Australian
Paul Durham VP Corp. Relations Geologist British
Alan Matthews VP Special Projects Mining Engineer British
56
Contact Information
Website: www.intlminerals.com
Investor Relations
• Paul Durham
VP - Corporate Relations
Office phone: +1 (203) 883-8359
Cell Phone: +1 (203) 940-2538
Email: [email protected]
Headquarters (U.S.A.)
• Stephen Kay
President and Chief Executive Officer
Phoenix office: +1 (480) 483-9932
Fax: +1 (480) 483-9926
Email: [email protected]
• Oliver Holzer
Marketing Consultant (Europe)
Swiss office: +41 44 853 00 47
Mobile: +41 79 402 39 33
Email: [email protected]
