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
2
3. Overview
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
3
4. 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$619million Options: 3.8M
(Aug. 31, 2012) (~$627 million)
Recent Share Price: C$5.26
Cash: $84 million (Aug. 31, 2012)
Debt Free 52-Week Range: C$4.00-C$7.50
Analyst Coverage
Dundee Securities (C) – D. Mah GOLD -4%
National Bank (C) – S. Parsons
TD Securities (C) – S. Green
HUI -21%
NCP Capital (C) – B. Mantzoutsos
Dahlman Rose (US) – A. Graf
IMZ -25%
Bank Vontobel (SW) – P. Rafaisz
ONE YEAR SHARE PRICE PERFORMANCE
Bank am Bellevue (SW) – J. Borner
GDJX -40%
Collins Stewart (UK) – T. Dudley
Weighted in US Dollars
4
5. Key Financial Data - Fiscal years ending June 30 + Year-to-Date (Q3) Mar 31, 2012
$80 $60 58.8(2)
21.4%
$55
20% $70
$50
$60 $45 46.3
YTD
15% 13.6%
$40
$50 47.9 YTD
$35 34.0
Return on Equity %
8.9%
US $Millions
10%
US $Millions
$40 $30
7.2% YTD $25
$30 27.6
5% $20
15.5
$20 19.3
$15
8.7
0% $10
0.1%
$10
$5
2.8% 0.7
$0
-5% 1.6 4.0 $0
0.2
-$5 3.0
-$5
07 08 09 10 11 2012 YTD 07 08 09 10 11 2012 YTD 07 08 09 10 11 2012 YTD
% Return on Equity (ROE) Cash Flow from Operating Activities Pre-Tax Net Income
(Pre-Tax Basis) ($ Millions) ($ Millions)
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
5
7. Project Pipeline
Peru
U.S.A.
Ecuador
Inmaculada Project
Pallancata
2014 (Prodn. Estimate) Production
Inmaculada (2014)
Gemfield (2015)
Development
McMahon Ridge/Goldfield Main Converse
Gaby Rio Blanco
Del Oro/Rye Acoma
Drill Targets
7
8. Attributable Reserves / Resources
6.0 Total Attributable Reserves + Resources
Gold Equivalent Ozs
5.5 With Ecuador
5.0
Gold Equivalent Ounces (Millions)
4.5 Ecuador
USA 38%
4.0 53%
3.5 Peru
9%
3.0
2.5 Ex-Ecuador
2.0 Peru
14%
1.5
1.0 USA
86%
0.5
P+P Reserves Peru USA Ecuador
15
Inmaculada (40%)
(Total 2.0 M ozs Au Eq)1,2,4
Goldfield (100%)
Pallancata (40%)
Rio Blanco (100%)
Converse (100%)
Gaby (~60%)
(Million Ozs)
Gold Equiv
M+I Resources (78%) 10
(Total 12.8 M ozs Au Eq)1,3,4
Inferred Resources (22%) 5
(Total 3.7 M ozs Au Eq)1
ECU ECU ECU ECU ECU ECU ECU
0
06 07 08 09 10 11 12
Notes: 1. Average Au equiv conversion of 61:1 Ag to Au ratio for reserves and 62:1 for resources. Total M&I Gold Equiv Resources
2. P+P = Proven and Probable Reserves
3. M+I = Measured and Indicated Resources
4. M+I includes P+P.
8
9. Pallancata Silver Mine, 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)
9
10. 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
Mine Life • ~7 years, including current resources $60 $59
Millions
$50
$53
2011 2012E
$47
Ore production (tonnes) 1,070,500 t 1,050,000 t $40 $41
$35
Head grade Ag/Au 301g/t / 1.3g/t 286g/t / 1.4g/t $ 30
$28
$24 $26 $28 $30 $32 $34 $36
Production Ag/Au (oz) 8.8M oz Ag 7.8M oz Ag
Ag Price / Ounce
33,881 oz Au 32,000 oz Au
Direct site costs/oz Ag $2.20 $4.00E 100% Production (40% to IMZ)
(net of gold credit)
10.1
IMZ total cash costs/oz $6.38 $8.00E 8.8
(net of gold credit)
8.4 7.8E
Reserves and Resources - Ag Equivalent- M ozs*
(Dec 2011, 100% basis)
36
4.2 34 32E
32
Inf:
P+P: 16
39.2M
41.0M
M+I:
2008 2009 2010 2011 2012E
35.7M
Silver (M ozs) Gold (,000 ozs)
*60:1 Ag/Au ratio; $1,080 Au / $18 Ag
10 *See Slide 28 in appendix.
11. Inmaculada Project, 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
*Source: Hochschild Mining plc
11
12. Inmaculada, Peru - IMZ 40% / HOC 60% - Feasibility Study Jan 2012
100% Project Basis 2014 Est. Pre-tax Operating Cash Flow to IMZ
Operation • Underground, 3,500 tpd $125
• Conventional cyanidation (dore) $100 $109
• Recovery: 96% Au, 91% Ag $93
$75
Millions
Mine Life • 6.3 years (basis initial reserves) $77
$50
$61
Production • Average/year: 124,000 oz Au, 4.2Moz Ag $45
Estimates • Direct cash op costs /oz: $133 (net of Ag credit) $25 $29
• Total cash op costs/oz: $172 (net of Ag credit)
$0
Initial Capital • $315 million (based on feasibility study) $900 $1100 $1300 $1500 $1700 $1900 $2100
Au Price / Ounce
Base Case • NPV0%: ~$323M ($194 after-tax)
Economics • NPV8%: $120M ($46 after-tax)
$1,100 Au, $18 Ag • IRR: 18% (12% after-tax) Production Estimates
Sensitivity • NPV0%= $821M ($492 after-tax), NPV8%=$433M ($236 (100% Project Basis)
$1,500 Au, $25 Ag after-tax), IRR = 38% (27% after-tax)
128 .
113
Outlook Permitting ongoing, decline development underway 99
Production Date : Dec 2013
5.2
4.3 4.6
Reserves and Resources - Au Equivalent- M ozs*
(Jan 2012, 100% basis) 70
1.7
Inf:
1.0M P+P:
1.3M
2014 2015 2016 2017
M+I:
Gold (,000 ozs) Silver (M ozs)
0.13M
*60:1 Ag/Au ratio; $1,100 Au / $18 Ag
12 *See Slide 32 in appendix.
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.
13
14. 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
• 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)
• 74,000 oz Au (4.2 Mt @ 0.6 g/t Au)
Inferred Res. (1) 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)
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 reserves and resources are not significant.
Gold (,000ozs)
(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.
14
15. Goldfield, Nevada – Principal Gold Deposits
Reno - 4.5 hours
X-section
Las Vegas - 2.5 hours
15
17. 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 • Feasibility study pending met test work Q4 2012 Year 1 Year 2 Year 3 Year 4
Gold (,000ozs)
17
18. 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 Total Drilling to date: 76,469m in 333 drill holes
Phoenix
0 1 2 3 (RC and core)
Miles
18
19. 5-Year Estimates: Project Time Lines 2012-2016
2012 2013 2014 2015 2016
Q1 Q2 Q3
Production
Pallancata, Peru
Permit / Construction Production
Inmaculada, Peru
Feasibility Permit / Construction Production
Goldfield, Nevada(1)
Feasibility Permitting
Converse, Nevada(2)
Permit / Construction Production
Rio Blanco, Ecuador(3)
Pending Start-up Feasibility Permitting
Gaby, Ecuador(3)
(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.
19
20. 5-Year Estimates: IMZ Production and Costs 2012-2016
320,000 $1000
300,000
Rio Blanco (100% IMZ)
280,000 $900
Goldfield (100% IMZ)
260,000 Industry-Average
US $/oz Production Cost
Total Production Costs ($809)** Inmaculada (40% IMZ)
240,000 $800
Pallancata (40% IMZ)
220,000
Total Cash Costs
Gold Equivalent Ounces*
200,000 $700
Industry-Average
--- Ex Ecuador
180,000 Cash Costs ($643) ** Total Production Costs
--- Ex Ecuador
160,000 $600 * Gold Equiv ozs based on average 60:1 silver-gold ratio
140,000 ** Industry-average costs basis GFMS Gold Survey 2012
120,000 $500
100,000
80,000 $400
1. Pallancata: Basis Dec 31, 2011 reserve and resource estimates.
60,000 2. Inmaculada: Basis Jan 2012 Feasibility Study.
3. Goldfield: Basis July 2012 Feasibility Study.
2012E
2014E
2015E
2016E
2011A
2013E
4. Rio Blanco: Production dependent on ongoing evaluation of options to optimize value.
20
21. 5 Year Estimates: IMZ Pre-tax Cash Flow from Operations 2012 – 2016
$400 $400
$1,000 gold, $20 silver
$1,500 gold, $30 silver
$1,800 gold, $35 silver
$300 $300 Rio Blanco (100% IMZ)
(Goldfield (100% IMZ)
$200 Inmaculada (40% IMZ)
$200
Pallancata (40% IMZ)
Production Royalty
$100 $100
$0 $0
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.
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.
21
22. 5-Year Estimates: IMZ Capex and Other Costs - 2012-2016
$160 $160
$140 $140
Projects
$120 $120 Rio Blanco
$100 $100 Goldfield
Inmaculada
$80 $80
Pallancata
$60 $60 Other
$40 $40 Exploration + G&A
$20 $20
$0 $0
2011A 2012E 2013E(2) 2014E(3) 2015E 2016E
(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.
22
23. 5-Year Estimates: Cum. Op Cash Flow Vs Capex + Other 2012-2016 (Ex-Ecuador)
$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).
23
24. Enterprise Value (“EV”)/Total Au Resource Ounces (Excludes Over 100M Silver Ozs)
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 $282
14
$250 $227
$231 $232 $236 12
$200 10
$147
$150 $124 8
$110 $115 $117 6
$100 $84
$66 $67 4
$54 $60
$50 $36 $38 $40
2
San Gold
GOLDCORP
B-2 Gold
ANGLOGOLD
Kirkland Lake
AGNICO
Alacer
IMZ (ex Ecu)
Timmins
High River
Argonaut
Golden Star
BARRICK
Lakeshore
Aurizon
Jaguar
IMZ (Total)
Romarco
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 .
24
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
25
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
26
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.
27
28. 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.
28
29. 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
29
31. 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)
31
32. 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 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.
32
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- $ 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.
33
