3. Forward Looking Statements
This presentation contains certain “forward-looking statements” and “forward-looking information” under applicable securities laws.
Except for statements of historical fact, certain information contained herein constitutes forward-looking statements. Forward-looking
statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, and
other similar words, or statements that certain events or conditions “may” or “will” occur. Forward looking information may include,
but is not limited to, statements with respect to the future financial or operating performances of the Corporation, its subsidiaries and
their respective projects, the timing and amount of estimated future production, estimated costs of future production, capital,
operating and exploration expenditures, the future price of copper, gold and zinc, the estimation of mineral reserves and resources, the
realization of mineral reserve estimates, the costs and timing of future exploration, requirements for additional capital, government
regulation of exploration, development and mining operations, environmental risks, reclamation and rehabilitation expenses, title
disputes or claims, and limitations of insurance coverage. Forward-looking statements are based on the opinions and estimates of
management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and
uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking
statements. Many of these assumptions are based on factors and events that are not within the control of the Corporation and there is
no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such
forward-looking statements include changes in market conditions and other risk factors discussed or referred to in the section entitled
“Risk Factors” in the Corporation’s annual information form dated April 30, 2009. Although the Corporation has attempted to identify
important factors that could cause actual actions, events or results to differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be
no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from
those anticipated in such statements. The Corporation undertakes no obligation to update forward-looking statements if circumstances
or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to
place undue reliance on forward-looking statements.
Unless otherwise stated, the information contained in this presentation is as of September 25, 2009.
3
4. Iberian– Key Messages
• Base metals producer – copper, lead, and zinc concentrates with gold
and silver credits
• Small peer group for investors
• Two mines in stable countries of operation (Peru and Spain)
• Project debt at Aguas Tenidas paid off
• Upside in both mines, and in exploration
• Goal for future growth, with plans to be multi-mine
• Unique story for investors
“Growing Iberian Minerals as a
major iconic name in the base
metals industry”
4
5. Iberian - Key Goals
Continue to…
• Maintain Condestable in steady state of production, with local and
regional exploration
• Aguas Tenidas commercial production in Q4, and 30% planned
production increase in 2010/2011
• Complete polymetallic modification by end of 2009
• Corporate and asset opportunities - base metals in North/South
America or Europe/Middle East/Africa region
• Structure hedging/financial transactions for best group benefits
• Leverage the Trafigura relationship
• Focus on key values for social and environmental responsibilities
• Focus on broad recognition
...and above all, to enhance value for all shareholders.
5
6. Iberian - Corporate Summary
• Toronto Venture Exchange listed: IZN
• Headquartered in Toronto, with offices in Geneva, Lima and
Seville
• Domiciled in Switzerland, creating a unique opportunity for the
Iberian Group of companies to optimize the structure of future
transactions
• Operations in Peru and Spain
• More than 2,000 employees and 200 contract workers worldwide
• Strong management and operations teams
• Excellent environmental, social and safety record
• P/NAV Compelling
6
7. Price / Net Asset Value
0.00x
0.10x
0.20x
0.30x
0.40x
0.50x
0.60x
0.70x
0.80x
0.90x
1.00x
1.10x
1.20x
1.30x
1.40x
Inca Pacific
Chariot
Iberian
Anvil Mining
Candente
Producers
Developers
Canadian Royalties
Corriente
FNX
Farallon
Augusta
Taseko
7
Lundin
Breakwater
Equinox
PolyMet
First Quantum
Quadra
Source: Bloomberg as at September 24, 2009; NAVs based on research analyst consensus. Mirabela Nickel
Capstone Mining
Hudbay
Inmet
Teck Resources
Katanga Mining
Iberian – Price to Net Asset Value Comparison
8. Iberian - Capital Structure
Balance Sheet (in '000s) 30-Jun-09
Cash 34,000
Restricted Cash 3,200
Total Assets 565,000
Long Term Debt 45,300
Convertible Debenture 24,100
Total Debt (app) 130,000
Shareholder's Equity 226,700
Common Shares 338.3M
Warrants 7.6M IZN three month chart
Options 10.1M
Debenture1 30.0M
Fully Diluted 385.9M 52 week range $0.94 - $0.19
Month range (August) $0.39 - $0.52
Market Cap August 31 $131.9M
Major Shareholder Average daily volume (3 mo) 586,216
Trafigura Beheer B.V 45.93%
1 $25M convertible debt held by Dundee Resources, bearing interest at 6% and convertible at $1.25 maturing July 26, 2011 with an interest rate
of 6% payable semi-annually. Convertible at Dundee’s option at any time, in whole or in part, into units of the Company at a conversion price of
$1.25 per unit. Each unit will be comprised of one common share and one-half of a warrant, each warrant being exercisable into one common
share at $2.00 for a period of two years.
8
9. Condestable Mine - Location
• Consists of two mines– Condestable and Raul.
Lima
• located 90km from Lima, with excellent access
to infrastructure
• Copper mineralization at Condestable occurs
in stratiform sulphide-rich replacement
bodies (mantos) and crosscutting sulphide
Condestable
bearing quartz veins Mine
• Acquired in early 2008, IZN holds 98.7%
ownership
9
10. Condestable Mine – Key Facts
• 5th largest copper producer in Peru
• 2009 treatment target – 2,215,000mt, with 1.24% Cu head grade
• 2009 Annual Production Target: 96,400mt of copper concentrates with 26% Cu
grade
• Optimized at 6000+ tonnes processed per day
• Low direct costs due to minimal ground support and no required backfilling
• Historically replaced reserves each year with a comprehensive underground
drilling program, performed by company personnel
• New 3 year collective labour agreement signed January 2009
10
12. Condestable Mine - Plan view of Infrastructure
Condestable Raul Mine
Mine
Mill
Offices
Tailings Dam #1,
Tailings Dam #4 2 and 3
12
13. Condestable Mine – Reserves & Resources
Mineral Resources as at June 30, 2008
Classification 000's tonnes %Cu
Measured 5,246 1.76
Indicated 2,433 1.82
Total Measured & Indicated 7,679 1.77
Inferred 8,806 1.24
Proven and Probable Reserves as at June 30, 2008
000’s tonnes % Cu
Proven 6,696 1.27
Probable 3,120 1.30
Total Proven & Probable 9,816 1.28
Stocks (Proven) 262 0.80
Total for Mining Plan 10,078 1.27
Extracted from SRK Consulting 43-101 Technical Report dated January 2009
13
14. Condestable Mine - Production
Production Unit April May June Q2 Year to
2009 Date 2009
Concentrate DMT 7,509 8,596 8,204 24,309 48,649
Contained copper t 1,818 2,092 2,063 5,973 12,087
Fine gold oz 1,315 1,507 1,592 4,414 9,072
Fine silver oz 17,692 20,667 21,143 59,502 121,199
Production – First 6 Months 2009
• C1 and C3 costs $0.47/lb and $1.07/lb
• Q2 Recovery rate of 91%, and an average
head grade of approximately 1.23% copper
• Capital projects completed
2009 - Two new six-yard scooptrams, one diamond
drill, mill spares (main power transformer and ball mill
motor) and completion of the automated plant
monitoring and control system. $4.7M announced for
the year. Of this, acquisitions of $3.6M are complete,
with $2.9M already onsite.
2008 - New primary crusher, improved tailings
thickener, lesser dependence on fresh water wells
• Sustaining Capex 2010 in range of $4-5M
14
15. Condestable Mine - Exploration Concessions
Condestable concessions
Raul concessions
Local exploration concessions
District exploration concessions
CONCESSIONS Number Size (Ha)
Raul concessions 43 6,600
Condestable concessions 3 1,960
Local exploration concessions 16 4,600
District exploration concessions 47 33,560
Total 109 46,720
Results from the most recent Vinchos
5 KM
Este drill program are expected at the
end of September, 2009.
5 KM
Iberian has exploration planned for
2010, on concessions surrounding the
mine and regionally.
15
16. Condestable Mine – Local Exploration
VINCHO ESTE PROJECT; 2009
Exploration area 150 HA
RAUL-CONDESTABLE PROJECT; 2009
Exploration area 127 HA
SAN MARCOS PROJECT; 2009 – 2010
Exploration area 300 HA
VINCHO SUR PROJECT; Stand By
Exploration area 150 HA
PACAY PROJECT; Stand By
Exploration area 300 HA
16
17. Condestable Mine – District Exploration
Condestable 10
CONDESTABLE 10
Condestable 27
Exploration area 500 HA
10 KM
CONDESTABLE 27
Condestable 53
Exploration area 900HA
CONDESTABLE 53
Exploration area 600 HA
mine
17
18. Aguas Tenidas Mine - Location
• Located in the Andalucia
province of Huelva in southwest
Spain, Aguas Tenidas is 100%
owned by MATSA, a wholly
owned Spanish subsidiary of IZN
• Aguas Tenidas is 80km from
Huelva, which contains a major
port facility and smelter
• Historically a producing mine,
Aguas Tenidas was re-discovered
in the 1980’s
• The deposit is part of a roughly east-west striking chain of VMS deposits
• MATSA currently has more than 400 company employees and more than 200
contract workers on site
18
19. Aguas Tenidas Mine – Key Facts
• New NI 43-101 report for the Aguas Tenidas Mine – outlines plans to target
2.2mtpa production
• Purchased the underground division of Insersa, giving the Company control
• 5 year underground mining operating permit (including blasting) for
production ore
• Permanent process plant permit covering the life of mine
• Grant documentation finalized and presented - €10,092,472
• Copper and polymetallic circuits are operational
• Metallurgic recoveries for copper meet or exceed expectations
• Polymetallic circuit converted to copper/lead bulk and zinc concentrate
• Further optimization of the polymetallic circuit underway – completion in Q4
• Commercial production target Q4
• Exploration potential on strike and in vicinity
• Large Exploration potential in JV with Cadillac Ventures
19
22. Aguas Tenidas Mine – Reserves
Aguas Tenidas – Proven and Probable Mineral Reserves at 30th June, 2009
Reserve Category Total Tonnes MT
Proven 4.85
Probable 14.36
Total 19.21
Cupriferous Polymetallic
Reserve
Category Tonnes Cu % Zn % Pb % Ag g/t Au g/t NSR Tonnes
Cu % Zn % Pb %
Ag
Au g/t
NSR
Mt Euro/t Mt g/t Euro/t
Proven 2.41 2.16 0.80 0.17 21.90 0.30 70.90 2.44 0.87 6.48 1.86 62.90 0.87 82.20
Probable 6.40 2.32 0.99 0.24 28.20 0.43 77.80 7.96 1.28 6.48 1.98 70.80 0.78 101.50
TOTAL 8.81 2.27 0.94 0.22 26.50 0.40 75.90 10.40 1.19 6.48 1.95 69.00 0.80 97.00
Note – In determining mining reserves, reserves were blocked out on the basis of contained NSR value, with reference to the combined
stoping and processing costs. The NSR values were calculated using metal prices of $4.500/t Cu, $1,650/t Zn, $1,650/t Pb, $12.50/oz Ag,
$750/oz Au. Copper ore is split approximately 82% : 18% Cupriferous : Stockworks
Extracted from Report 43-101 Technical Report on the Mineral Resources and Reserves of the Aguas Tenidas Mine Project – Spain,
Prepared for Iberian Minerals Corp. by Adam Wheeler, 11 September 2009
22
23. Aguas Tenidas Mine – Resources
Aguas Tenidas – Measured and Indicated Mineral Resources at 30th June, 2009
Combined Resources
Class Total Tonnes Mt
Measured 11.72
Indicated 15.78
Total 27.5
Resource Category Mt Cu (%) Zn (%) Pb (%) Ag (g/t) Au (g/t)
Cupriferous Type Notes:
Measured 5.40 1.9 0.9 0.2 23.0 0.4 - Measured and indicated resources shown are
inclusive of reserves
Indicated 6.76 2.4 1.1 0.3 32.1 0.5 - Mineral Resources were evaluated using the
Total M & I 12.16 2.2 1.0 0.2 28.1 0.4 following cut-off grades:
Polymetallic Type - Polymetallic 3% Zn
- Cupriferous 1% Cu
Measured 5.39 0.6 6.7 1.8 56.3 0.8 - Stockworks 1% Cu
Indicated 7.13 1.3 7.8 2.3 80.1 0.8
Total M & I 12.52 1.0 7.3 2.1 69.8 0.8
Stockworks Extracted from Report 43-101 Technical Report on the Mineral
Resources and Reserves of the Aguas Tenidas Mine Project – Spain,
Measured 0.93 2.0 0.3 0.1 9.4 0.1 Prepared for Iberian Minerals Corp. by Adam Wheeler, 11
Indicated 1.89 1.7 0.1 0.1 6.1 0.1 September 2009
Total M & I 2.82 1.8 0.2 0.1 7.2 0.1
23
24. Aguas Tenidas Mine – Inferred Resources
Aguas Tenidas – Inferred Mineral Resources at 30th June, 2009
Total Inferred Resources
Total Tonnes Mt 10.62
Class Mt Cu % Zn % Pb % Ag g/t Au g/t
Cupriferous Main Zone 1.34 3.52 0.61 0.08 23.00 0.44
Western Extension 6.25 1.99 1.51 0.50 37.70 0.67
Total 7.59 2.26 1.35 0.42 35.10 0.63
Polymetallic Main Zone 0.87 1.24 10.33 2.63 111.20 0.88
Western Extension 1.94 1.64 4.00 1.31 64.70 0.56
Total 2.81 1.52 5.96 1.72 79.10 0.66
Stockworks 690800-691060 0.22 1.38 0.05 0.02 4.60 0.03
Notes: - Measured and indicated resources shown are inclusive of reserves
- Mineral Resources were evaluated using the following cut-off grades:
- Polymetallic 3% Zn
- Cupriferous 1% Cu
- Stockworks 1% Cu
Extracted from Report 43-101 Technical Report on the Mineral Resources and Reserves of the Aguas Tenidas Mine Project – Spain,
Prepared for Iberian Minerals Corp. by Adam Wheeler, 11 September 2009
24
25. Aguas Tenidas Mine - Mineralization
Zn/Pb/Cu Massive Sulphides
Cu Massive
Sulphides
Cu - Stockwork
25
29. Aguas Tenidas Mine – 2010 Unit Operating Cost Breakdown
OPERATING COST ESTIMATE 2010
Area $US/t
Mining 22.79
Labour 8.41
Contract 2.75
Power 1.14
Consumables 10.50
Process Plant 19.39
Labour 3.45
Electrical Power 4.25
Reagents 4.56
Grinding Media 3.22
Other Consumables 3.07
Tailings 0.84
Paste Plant 0.53
General & Administration 6.85
Total Operating Cost 49.57
• C1 + C3 costs will be available after commercial production
29
31. Iberian - Finances
Key Points
• Consolidated Reserves 29Mt +
• MATSA Resources 27Mt + (CMC replaces annually)
• Production 2010 (est): 50,000t+ copper, 42,000t+ zinc & 5,400t+ lead
• No project debt
• Flexibility in dealing, with no bank covenants/restrictions
• Bought deal financing completed in May 2009 - $40M
• Current funding of $20-30M to be debt financed
• No planned equity financing
• SocGen $70M facility at Condestable balance, at June 30, 2009
approximately $52M; being repaid at $6M per quarter
• Trafigura NPI at Condestable (46% of net profits 2011-2014) is in range of
US $11M (assuming current year figures)
31
33. Iberian – Hedging
The cornerstone of Iberian's Hedging Policy is the protection of the Company's
assets. Hedging activity and monitoring is overseen by the Company's Hedging
Committee.
The Hedging Committee continually reviews the markets in which the Company trades, and
depending on circumstances, decides if any additional or altered hedging is appropriate to
enhance the future cash flow of the Company’s operations, and protection of the Company’s
assets.
Condestable Mine hedges are as follows:
CMC
As at Sep. 30/09
Copper Q4 2009 2010 2011 Q1 2012
% of hedgeable 87 89 89 31
tonnes 5000 20475 20625 1750
Avg. Price 4419 4419 3494 3408
Gold Q4 2009 2010 2011 Q1 2012
% of hedgeable 14 14 14 0
ounces 600 2400 2400 0
Avg. Price 741 741 741 0
Silver NO POSITIONS
33
34. Iberian – Hedging
Aguas Tenidas Mine hedges are as follows:
MATSA
As at Sep. 30/09
Q4
Copper 2009 2010 2011 Copper calls sold
% of hedgeable 30 77 0 2010 5175 t @ $4,200
tonnes 1325 20100 0
Avg. Price 6100 4116 0
Q4
Zinc 2009 2010 2011 Zinc calls sold
% of hedgeable 0 51 0 2010 4900 t @ $1,500
tonnes 0 17350 0
Avg. Price 0 1418 0
NO OTHER POSITIONS IN OTHER METALS
34
35. Trafigura – Available Support
• Leverage – project and debt funding
• Expertise in hedging commodities and currencies
• Off-take agreements – single customer at benchmark/spot
• Board expertise – Jeremy Weir and Jesus Fernandez, with invaluable global
insight (2 of 7 board members)
• Traditionally supportive in financing requirements
35
36. Future Plans - Criteria
• Targets in the base metals space
• Focus on copper, zinc, lead with potential interest in nickel
• Mid size with ideally a minimum of 25kt annual production of copper
equivalent units
• Assets preferably in in North/South America or Europe/Middle
East/Africa region
• Producing (preferable) or (second choice) near production stage with at
least a completed bankable feasibility study
• Corporate merger or asset acquisition
36
37. Board of Directors
Norman Brewster P.Geo, Chairman of the Board, Director – Norman is a geologist who
joined IZN in 2002. He also sits on the board of Cadillac Ventures Inc.
Philippe Blavier, Director – Philippe is Chairman of the Company’s Audit Committee
and a member of the Remuneration Committee of the Company. He has extensive
experience at BNP Paribas, where he was Head of Corporate & Investment
Banking and Member of the Executive Committee.
Jesus Fernandez, Director – Jesus has been part of the Trafigura team since 2004 as
Manager of the Corporate Finance team, with an emphasis on mining and
downstream oil project investments. He joined IZN’s board in 2008.
L. Jack Gunter, P.Eng, FIMM, Director – Jack has over 45 years experience in the mining
industry. He has worked previously with Rio Tinto and Phelps Dodge, and also sits
on the board of Galantas Gold Corp.
Murray John, Director – Murray is an engineer with more than 25 years experience in
the resource industry. He is currently the President & CEO of Dundee Resources.
Jeremy Weir, Director – Jeremy works as Executive Director and Manager at Trafigura,
where he has also been head of the metals derivatives trading structured products
and risk management departments.
Daniel Vanin, Director – Daniel is the President and CEO of Iberian.
37
38. Management
Daniel Vanin – P.Eng, President & CEO – Daniel has worked in the mining industry for over 30
years and has strong international mine development and management skills with
extensive experience in Canada, South America, Africa and Russia. He is a
professional mining engineer and graduated from McGill University, Montreal, in
1975. Most recently, Daniel was Executive VP & Chief Operating Officer at High River
Gold. Prior to that, he was Chief Executive Officer of RBG Resources Plc, in Bolivia,
where he managed all operations, project development and construction at the
Vinto smelter and Huanuni tin mine.
David Poynton, Senior Vice-President, General Counsel and Corporate Secretary - David is a
lawyer with more than 20 years experience in private practice with public
companies, private entrepreneurs and the non-profit sector, with a particular
emphasis on, and understanding of the mining industry. David acted as primary
counsel to many TSX and TSX-V issuers before joining Iberian in January 2009.
Jeff Hillis, CFO - Mr. Hillis joined Iberian in June 2009. He has worked in the mining industry
for over 5 years in progressively more senior finance and reporting positions. He
most recently served as CFO of a TSX listed mining company based in
Toronto. Jeffrey is a Chartered Accountant (Ontario, 2001). He worked for three
years in the audit group of Ernst & Young with major clients in the mining industry.
38
43. Condestable Mine - Tailings
Tailings Dam 4
8,606 400 m3 Tailings Dam N°4
Dam Limit (life: 6 years) 3
Total capacity 8,606,400 m
3
Accumulated to Jul-09 1,444,580 m
Current Difference 7,161,820 m
3
3
Volume per month 100,000 m
Life of the Tailings Dam 6.0 years
Plant
Thickener Tailings Dam 4
Tailings Dams
1,2 and 3
A-1
44. Condestable Mine – Raul model view
OPEN PIT RAUL
RP PRINCIPAL
RP FICO
LV +20
LV -20
LV -55
LV -95
LV -130
LV -175
LV -215
LV -255
DEEPENING
KARINA VEIN
A-2
45. Aguas Tenidas Mine – Plan Section
X = 690380
Plan view of Aguas Tenidas Resource Limits from Adam Wheeler 43-101
A-4
46. Aguas Tenidas Mine – Long Section
X = 690380
Long section view of Aguas Tenidas Resource Limits from Adam Wheeler 43-101
A-5
