INVESTOR PRESENTATION November 2010 INTERNATIONAL BASE METALS LIMITED

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INVESTOR PRESENTATION November 2010 INTERNATIONAL BASE METALS LIMITED 1

INVESTOR PRESENTATION November 2010 INTERNATIONAL BASE METALS LIMITED 1

Disclaimer This document contains certain "forward–looking statements", including, but not limited to, statements concerning

Disclaimer This document contains certain "forward–looking statements", including, but not limited to, statements concerning current and future drilling programmes, estimation of mineral resources, the continuing development plan, the type of mineralisation present and expected results. Information inferred from the interpretation of drilling results may be deemed to be a forward looking statement, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. Statements and estimates concerning mineral resources may also be deemed to be forward looking statements in that they involve estimates, based on certain assumptions, regarding the mineralisation that would be encountered if and when a mineral deposit is actually developed and mined. Forward looking statements are not historical facts, and are subject to a number of risks and uncertainties beyond management’s control. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward–looking statements include, among other things, but without limitation, those set forth in the Annual Report and the website (www. interbasemetals. com) of International Base Metals Limited (IBML). For more information about the Company’s properties and projects, please refer to the 2009 Annual Report. The technical information contained in this document was compiled by Dr Ken Maiden (MAIG, FAus. IMM), a Director of International Base Metals Limited. Dr Maiden is a Member of the Australian Institute of Geoscientists and a Fellow of the Australasian Institute of Mining and Metallurgy. He has sufficient experience to qualify as a Competent Person as defined in the September 2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Dr Maiden consents to the inclusion of the matters in the form and context in which they appear. 2

Section 1 – Introduction INTRODUCTION 3

Section 1 – Introduction INTRODUCTION 3

International Base Metals Limited (IBML) Project Areas NAMIBIA § § § § AUSTRALIA Unlisted

International Base Metals Limited (IBML) Project Areas NAMIBIA § § § § AUSTRALIA Unlisted public company based in Sydney, Australia Exploration in low-risk jurisdictions – Australia and Namibia Omitiomire project, Namibia – over 550, 000 tonnes contained copper (Cu) Positive pre-feasibility study (PFS) – June 2010 Three other Namibian copper projects Three other early stage projects in Australia Strong cornerstone investor – West Minerals Pty Ltd 4

Board of Directors § Dr James Macdonald § Mr Frank Bethune Chairman; ex Chief

Board of Directors § Dr James Macdonald § Mr Frank Bethune Chairman; ex Chief Geoscientist for BHP Billiton; ex Exploration Manager, Homestake Chile Managing Director; ex Mine Manager, Sunrise Dam, Western Australia; ex General Manager, Navachab gold mine, Namibia § Dr Ken Maiden § Dr Deng Jiniu § Mr Chen Qiang § Mr Alan Humphris Founding director of IBML; successful exploration geologist, ex CSR, MIM Chairman of Qinghai West Resources Co Ltd; successful exploration geologist International commodities trader and investor (Alternate to Dr Deng) Corporate advisor; ex Head of Hambros Australia and former director of JP Morgan Australia 5

Capital Structure and Shareholder Register As at 3 November 2010 Shares on Issue 329,

Capital Structure and Shareholder Register As at 3 November 2010 Shares on Issue 329, 790, 812 Options – 20 cents exp 20/12/2012 – 30 cents exp 02/10/2013 22, 000 2, 500, 000 MAJOR SHAREHOLDERS § § § § § WEST MINERALS PTY LTD HANGZHOU KINGS INDUSTRY CO LIMITED MANICA MINERALS LTD BLACKMANS & ASSOCIATES PTY LTD PEARL GLOBAL INVESTMENT LIMITED MAIDEN FAMILY SUPER FUND GREAT SEA WAVE INVESTMENT PTY LTD MACQUARIE BANK LTD PERPETUAL CORPORATE TRUST LIMITED PEAK SUCCEED INVESTMENTS LIMITED NUMBER OF SHARES 104, 993, 158 23, 333 15, 000 14, 470, 558 13, 333 11, 077, 307 9, 167, 333 8, 333, 333 6, 667 % 31. 8 7. 1 4. 5 4. 4 4. 0 3. 4 2. 8 2. 5 2. 0 Supportive cornerstone investor : WEST MINERALS PTY LTD 6

The Copper Market – Going Forward § § Global copper shortfall by 2011 Average

The Copper Market – Going Forward § § Global copper shortfall by 2011 Average US$3. 00 /lb in 2010 Average US$3. 30 /lb in 2011 Average US$3. 86 /lb in 2012 (Barclays Commodity Research, 02/2010) Source: IRESS § US government analysis forecasts a copper resource shortfall over the next 15 years equivalent to ~30 typical porphyry copper deposits (Singer, 2009) 7

Why Namibia? § § § § § Low political risk Well-developed mining industry Under-explored

Why Namibia? § § § § § Low political risk Well-developed mining industry Under-explored major base metal trends Good infrastructure Effective mining & taxation legislation Security of tenure Effective bureaucracy Full convertibility foreign investment Good exploration & mining support Exploration tenements clustered into several project areas 8

Omitiomire Project – Infrastructure 9

Omitiomire Project – Infrastructure 9

IPO - Use of Funds - Summary A$ million Omitiomire DFS (1 year) Long

IPO - Use of Funds - Summary A$ million Omitiomire DFS (1 year) Long lead-time items Exploration (2 years) Corporate (2 years) 17. 0 1. 0 6. 0 4. 0 TOTAL 28. 0 plus IPO costs 10

Section 2 – Omitiomire Project OMITIOMIRE PROJECT 11

Section 2 – Omitiomire Project OMITIOMIRE PROJECT 11

Omitiomire Project – Resource Cut-off (%Cu) 0. 10 0. 25 0. 35 0. 45

Omitiomire Project – Resource Cut-off (%Cu) 0. 10 0. 25 0. 35 0. 45 Ore (Mt) Cu% Cu (t) 202 143 117 74 50 0. 36 0. 45 0. 50 0. 61 0. 71 726, 000 638, 000 579, 000 453, 000 356, 000 Cu (Mlb) 1, 600 1, 406 1, 277 999 785 Summary of resource estimates (~ 20% Indicated, 80% Inferred) (Hellman & Schofield Pty Ltd, 2010, Independent Report) 12

Omitiomire Project – Geology § 305 holes totalling > 42, 000 m § Deposit

Omitiomire Project – Geology § 305 holes totalling > 42, 000 m § Deposit covers 2, 600 m x 700 m § Dips east – depth > 150 m at eastern edge § Plunges north – depth > 150 m at northern end § Remains open at depth to northeast § Known low grade zone to southeast - not yet quantified § Further geochemical anomalies to be tested Proposed pit outline 13

Omitiomire Project – Mining and Processing (PFS) Item In-pit ore Waste to ore ratio

Omitiomire Project – Mining and Processing (PFS) Item In-pit ore Waste to ore ratio Crusher feed Processing Mill feed Overall Recovery Concentrate Capex (incl mining) Opex (before royalties & taxes) Parameter 69 million tonnes at 0. 55% Cu 5 -6: 1 6 million tonnes per annum Crush, dense medium separation (DMS), grind, flotation 3. 45 million tonnes at 1% Cu Sulphides – 90%, oxides – 63% 30, 000 – 36, 000 tpa Cu in concentrate at +50% Cu US$297 million US$1. 30 – 1. 65/lb 14

Omitiomire Project – Pit Design Isometric view, looking north: Final pit design of Cut

Omitiomire Project – Pit Design Isometric view, looking north: Final pit design of Cut 1 & Cut 4 of the 69 Mt pit 1. 00% 0. 50% 0. 35% 0. 20% 15

Omitiomire Project – Mineralogy and Metallurgy § Coarse-grained chalcocite & minor bornite § Partly

Omitiomire Project – Mineralogy and Metallurgy § Coarse-grained chalcocite & minor bornite § Partly oxidised to 40 m depth § Crush / screen / dense medium separation – low tech / low cost upgrade § Overall 90% sulphide copper recovery and 63% oxide copper recovery § Sulphide flotation: +50% Cu concentrate § No deleterious elements (no arsenic, etc) 2 cm 500 µm 16

Omitiomire Project – Process Flow Chart 17

Omitiomire Project – Process Flow Chart 17

Section 2 – Omitiomire Project Benchmarking 18

Section 2 – Omitiomire Project Benchmarking 18

Political risk (Fraser Institute ranking 2009 – 2010) Note: 100 is a perfect score

Political risk (Fraser Institute ranking 2009 – 2010) Note: 100 is a perfect score Namibia compares very favourably as a destination for mining companies to conduct business Source: CRU Strategies 19

Resource grade comparison (% Cu) Omitiomire resource grade after pre concentration 20

Resource grade comparison (% Cu) Omitiomire resource grade after pre concentration 20

Concentrate grade comparison (% Cu) With an estimated concentrate grade of 55% Copper, Omitiomire

Concentrate grade comparison (% Cu) With an estimated concentrate grade of 55% Copper, Omitiomire will have the highest grade product of all new, open pit, greenfield mines Source: CRU Strategies 21

Capital cost per tonne (US$/tonne) And almost the lowest on a capex per annual

Capital cost per tonne (US$/tonne) And almost the lowest on a capex per annual tonne of contained copper basis Source: CRU Strategies 22

Omitiomire Global Ranking Overall Rank 1 2 3 4 5 6 =6 7 8

Omitiomire Global Ranking Overall Rank 1 2 3 4 5 6 =6 7 8 9 10. . . 20 21 22 =22 23 24 =24 25 … 290 291 292 293 294 Project Company Country Quellaveco Tambo Rio Blanco Mina Justa Toromocho El Morro Wafi Cobre Panama 118 Roseby Zeta Anglo American Empresa Minera Zi. Jin China Sci-Tech Chinalco Goldcorp / New Gold Newcrest / Harmony Inmet Vale Altona / Xstrata Discovery Metals Peru Peru Chile PNG Panama Brazil Australia Botswana Rosemont Ranch Prosperity Los Sulfatos Omitiomire Morrison-Hearne Hill La Arena Blackard Bedford Augusta Taseko Anglo American IBML Pacific Booker Rio Alto Xstrata United States Canada Chile Namibia Canada Peru Australia Langmuir Alexo Kuhmo Mäntymäki Jerusalem Golden Chalice Canadian Arrow Altona Suomen Nikkeli Dynasty Metals Canada Finland Ecuador § Omitiomire Copper Project ranks at #22 on Global project rankings (Top 10 percentile) for open pit, undeveloped copper projects globally § Ranking based on a weighted basis according to the following criteria: – Contained Resource (10%) – Resource Grade (5%) – Contained Reserve (15%) – Reserve Grade (15%) – Regional Country Prospectively (10%) – Political Risk (45%) Source: Austock Research 23

Section 3 – Other Projects Exploration Potential – Namibia and Australia 24

Section 3 – Other Projects Exploration Potential – Namibia and Australia 24

Exploration Projects in Namibia § § § Focus on copper Extensive tenement position EPLs

Exploration Projects in Namibia § § § Focus on copper Extensive tenement position EPLs provide security of tenure Good access to all project areas Project areas: - Omitiomire - Steinhausen - Kamanjab - Kalahari Copperbelt 25

Omitiomire Area – Near-Mine Exploration Potential § Soil geochemical surveys have identified extensive geochemical

Omitiomire Area – Near-Mine Exploration Potential § Soil geochemical surveys have identified extensive geochemical anomalies associated with Ekuja Dome 26

Steinhausen Project § § § Large tenement position Surrounds Omitiomire Known copper occurrences Good

Steinhausen Project § § § Large tenement position Surrounds Omitiomire Known copper occurrences Good geochem anomalies Under-explored 27

Kalahari Copperbelt Project Craton holds 3 tenements with known copper occurrences 28

Kalahari Copperbelt Project Craton holds 3 tenements with known copper occurrences 28

Kamanjab Project Tenements cover 100 km strike of prospective strata 29

Kamanjab Project Tenements cover 100 km strike of prospective strata 29

Australian Projects § Early-stage projects § Cobar, NSW: - historic Cu-Au mines - JV

Australian Projects § Early-stage projects § Cobar, NSW: - historic Cu-Au mines - JV § Maranoa, Queensland: - Ni-Cu targets § Mount Isa, Queensland: - Cu targets § New project generation: - in progress 30

Why Invest in IBML? ü JORC compliant Resource of 117 million tonnes of ore

Why Invest in IBML? ü JORC compliant Resource of 117 million tonnes of ore ü Recently completed pre feasibility study supports attractive project economic potential ü Namibia is a favourable country for mineral exploration and investment ü Highly prospective tenements around Omitiomire Project ü Potential for significant resource growth in other Namibian and Australian tenements ü Experienced Board and management team with extensive skills in the resources sector 31

APPENDIX 32

APPENDIX 32

Appendix Omitiomire Project Details 33

Appendix Omitiomire Project Details 33

Omitiomire Project – Geological Setting § Two basement domes; partly bounded by large thrust

Omitiomire Project – Geological Setting § Two basement domes; partly bounded by large thrust zones § Omitiomire deposit and other copper prospects are hosted by metamorphic rocks of the Ekuja Dome § Domes consist of quartz-feldspar (‘felsic’) gneiss, amphibolite and biotite schist 34

Omitiomire Project – Geological Setting 35

Omitiomire Project – Geological Setting 35

Potential In Pit Resource Increase 36

Potential In Pit Resource Increase 36

Potential Adjacent to Pit Resource Increase 37

Potential Adjacent to Pit Resource Increase 37

Outside Pit Resource Targets 38

Outside Pit Resource Targets 38

Ekuja Dome Resource Targets Omitiomire deposit § Extensive copper geochemical anomalies § Shallow RAB

Ekuja Dome Resource Targets Omitiomire deposit § Extensive copper geochemical anomalies § Shallow RAB drilling confirms copper in target areas § Follow-up drilling to commence in 2011 39

Potential Pit Design Improvements to design include: § Remove dual ramps § Design slopes

Potential Pit Design Improvements to design include: § Remove dual ramps § Design slopes to geotechnical recommendations 40

Potential Geotechnical Pit Slopes Additional Geotechnical drilling will provide more information that may allow

Potential Geotechnical Pit Slopes Additional Geotechnical drilling will provide more information that may allow for steeper slopes 41

IBML Contact Details International Base Metals Limited Address Level 8 / 275 George Street

IBML Contact Details International Base Metals Limited Address Level 8 / 275 George Street Sydney NSW 2000 Australia Telephone Fax +61 (0) 2 8223 3777 +61 (0) 2 8223 3799 Email Website [email protected] com http: //www. interbasemetals. com 42