1. “Silver Producer with a Golden Future”
IR presentation - January 2013
www.intlminerals.com
1
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 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
3. 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
4. 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
5. 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
7. 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
8. 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
9. 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
10. 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
11. 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
12. 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
13. 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
14. 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
15. 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
16. IMZ - Goldfield, Nevada – Principal Gold Deposits
Reno - 4.5 hours
X-section
Las Vegas - 2.5 hours
16
17. 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
18. 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
19. 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
20. 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
21. 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
22. 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
23. 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
24. 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
25. 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
26. 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
27. 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
28. 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
30. 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
31. 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
32. 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
33. 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
34. 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
36. 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
37. 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
38. 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
40. 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