This presentation contains certain forward-looking statements. Forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of INV Metals Inc. (“INV Metals”) to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks related to the actual results of exploration activities, conclusions of economic evaluations and the assumptions on which such economic evaluations are based, the industry-wide risks and Loma Larga Project-specific risks which are identified in the technical report (the “Technical Report”) that summarizes the Preliminary Feasibility Study (the “PFS”) available on SEDAR, risks associated with mining and mineral exploration activities, uncertainty in the estimation of Mineral Resources and Mineral Reserves, including, without limitation, the assumptions on which such estimates are based, changes in Loma Larga Project parameters as plans continue to be refined, uncertainty surrounding metallurgical test results, future prices of metals, economic and political stability in Ecuador and Canada, the results of discussions with the Ecuador government, the risk of future unfavourable tax law or regulation changes in Ecuador, environmental risks and hazards, increased infrastructure and/or operating costs, availability of future financing, labour and employment matters, and government regulation. There is no guarantee that any drill targets or economic mineral deposits will be found on INV Metals’ properties. For a more detailed discussion of such risks and other factors, refer to INV Metals’ annual information form (the “AIF”) and other regulatory filings filed with Canadian securities regulators available on SEDAR. Except as required by law, INV Metals does not assume any obligation to release publicly any revisions to forward-looking statements contained in this presentation to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Ms. Shastri Ramnath, a Licensed Professional Geologist with the Association of Professional Geoscientists of Ontario and consultant to INV Metals, is a "Qualified Person" by virtue of education and relevant experience, as such term is defined in NI 43-101, and has reviewed and approved the scientific and technical information related to Loma Larga included in this presentation on slides 14-17. The remaining scientific and technical information contained in this presentation has been reviewed and approved by Dawson Proudfoot, P.Eng., Project Manager, INV Metals Inc. and a Qualified Person under NI 43-101. By virtue of his education and relevant experience, Mr. Proudfoot is a "Qualified Person" for the purpose of NI 43-101. For readers to fully understand the information in this presentation, they should review the Technical Report in its entirety, including all of the qualifications, assumptions and exclusions that relate to the information set out in the Technical Report, which qualify the technical information contained in the Technical Report. The Technical Report is intended to be read as a whole, and sections should not be reviewed or relied upon out of context. The Technical Report also describes the Mineral Resource and Mineral Reserve estimation methodologies and the assumptions used, and to which those estimates are subject. As noted above, the AIF includes details of certain risk factors that could materially affect the potential development of the Mineral Resources and Mineral Reserves and should be considered carefully. “Adjusted Operating Costs”, “All -in Sustaining Costs”, and “Total Operating Costs per Tonne” are non-International Financial Reporting Standards (“IFRS”) Performance Measures. These performance measures are included because these statistics are key performance measures that management uses to monitor performance. Management uses these statistics to assess how the Loma Larga Project ranks against its peer projects and to assess the overall effectiveness and efficiency of the contemplated mining operations. These performance measures do not have a meaning within IFRS and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. These performance measures should not be considered in isolation as a substitute for measures of performance in accordance with IFRS. All references to currencies herein, unless otherwise noted, are to U.S. dollars. - 2 - INV-TSX
Advancing Loma Larga gold project towards development: High return, low cost, straight forward Proven board, management and technical team: Demonstrated ability to construct mines on time and on budget Significant production profile at 150,000 oz p.a. over 12 years (1.86 M oz reserve at ~5 gpt) aiming for production in 2020 Positive environment for mining in Ecuador Top performing gold stock on TSX in 2016 (up 536%) Very Attractive valuation : INV Metals is trading at only 0.21x its US$300 M project NAV (5%) - 3 - INV-TSX
• Continued advancement of Loma Larga • Completed a robust PFS with a positive after-tax return of 26.3% at $1,250/oz gold and a pre-tax NPV (@5%) of $489.9 million, US$286m initial capital, AISC of $590/oz, cash costs $510/oz • Maintained excellent CSR programs and solidified community support for Loma Larga • Adapted to continuing, very positive changes within Ecuador • Continued to build upon strong relationships within the Government of Ecuador • Initiated building a strong executive and technical team • Renewed investor relations activities resulting in a 536% increase in the share price • Initiated geotechnical and hydrological and hydrogeological programs required for the feasibility study - 4 - INV-TSX
• Completed $27.6 million bought deal financing • Successfully negotiated terms of the Mining Exploitation Agreement with the government of Ecuador. Key Terms: 5% Royalty, $15M advanced royalty paid over 3 years after agreement is executed • Appointed Bill Shaver as Chief Operating Officer • Currently reviewing proposals to award the preparation of the feasibility study on Loma Larga which is expected to start in June and be completed within 18 months • Commenced $3 million exploration program at Loma Larga • Acquired three prospective exploration projects • Commenced $2 million exploration program on recently acquired greenfields exploration properties • Intend to aggressively pursue the acquisition of additional high priority targeted properties within Ecuador’s Andean Mineral Belt - 5 - INV-TSX
Treasury: ~$29 million (unaudited) Bought Deal completed March: $27.6 million IAMGOLD maintained pro-rata ownership of 35.6% Insiders participated significantly more than pro-rata Market Capitalization: ~$88 million GMP Securities: Steve Butler Paradigm Capital: Don MacLean Rated “Buy” Rated “Speculative Buy” Target price of $1.65/share Target price of $2.50/share Clarus Securities: Jamie Spratt Rated “Speculative Buy” Target price of $1.75/share IAMGOLD 35.6% OTHER 37.8% COMMON SHARES 92.59 M FULLY DILUTED 100.87 M FRANKLIN 7.8% INSIDERS TECK 14.5% 4.3% - 6 - INV-TSX
Over 20 years experience in the mining sector CPA, CA and former global mining institutional sales-person with RBC CM and base metals mining associate with BMO CM Mining Engineer (P. Eng.) with over 40 years of experience in mine construction and operations Vast experience includes founder of Dynatec, COO of FNX and most recently CEO of DMC Mining services. CPA, CA with experience in the mining industry Mining Engineer with over 25 years of experience within Ecuador Previously was General Manager of IAMGOLD Ecuador, Chief Project Officer for Rio Blanco and Chief Technical Administration Officer for RTZ in Ecuador Sociologist with over 20 years of CSR and political expertise in mining Previously was Manager Social Responsibility for IAMGOLD Ecuador, RTZ and International Minerals Over 30 years mining and mining finance experience CFA, MBA, B.Sc. Geology, Past 10 years as Managing Director Global Mining Sales with BMO Capital Markets Previously Corporate Director, Processing, Dundee Precious Metals Expertise in laboratory and pilot plant testing; plant design and commissioning; feasibility studies; project and plant operations management - 7 - INV-TSX
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