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June 2010

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 March 29, 2010. 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 June 1, 2010. Unless otherwise stated, all dollars are

US$.

2

Forward Looking Statements

Key Messages

3

Iberian

� Two operating mines – Condestable (Peru) and Aguas Tenidas (Spain)

� More than 2,000 employees worldwide

� Stable countries of operation

� Base metals – copper/zinc/lead concentrates - gold and silver credits

� Consolidated Reserves 29Mt +

� Production 2010 50,000t copper, 42,000t zinc & 5,400t lead

Comparables

� Small peer group for investors

� Evolution from explorer to developer to producer

� P/NAV and Production Profile compelling

The Future

� Upside in both mines, and in exploration

� Goal for future growth, with plans to be multi-mine

4

Source: Bloomberg as at June 2, 2010; NAVs based on research analyst consensus.

Price to Net Asset Value Comparison

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Consensus Estimate Cu. Eq. Production(1)

, 2010-2012

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(1) Includes production of the following metals converted to Cu Equivalent at analyst consensus long-term forecasts: Cu ($2.10/lb), Zn

($0.84/lb), Ni ($7.39/lb), Pb ($0.67/lb), Mo ($13.15/lb), Au ($891/oz), Ag ($14.32/oz), Pt ($1,365/oz), Pd ($344/oz)

Source: Research analyst consensus

2010E Production

411

218 369219 537

2011E Production 2012E Production

6

Consensus Estimate Copper Production, 2009-2012

Source: Research analyst consensus

2010E Production

2011E Production 2012E Production

374

166 330 176 333

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Mid-Cap Cu/Zn Producers Growth Comparison (1)

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(1) Based on Cormark Securities estimates and price deck US$/lb:

09E 10E 11E 09E 10E 11E 09E 10E 11E 09E 10E 11E 09E 10E 11E

Nickel Copper Zinc Lead Gold Silver

2009E $6.66 $2.33 $0.75 $0.78 $973 $14.70

2010E $7.50 $3.25 $0.95 $1.00 $1,050 $16.00

2011E $7.00 $3.50 $1.05 $1.05 $1,100 $16.25

CAGR - compound annual growth rate

� $40M Bought Deal Financing (May 2009)

� Swiss Continuance (June 2009)

� Permanent Aguas Tenidas permit (August 2009)

� High Grade Extension at Condestable (August 2009)

� Acquisition of Aguas Tenidas underground contractor (August 2009)

� 43-101 for Aguas Tenidas and 30% planned production increase (September 2009)

� Analyst Trip (September 2009)

� Commercial Production at Aguas Tenidas (October 2009)

� Raul Mine lease and royalty purchase (December 2009)

� Additional reagent permits for Aguas Tenidas (February 2010)

� Completed $55M refinancing at Condestable (March 2010)

� Completed $50M financing at Aguas Tenidas (April 2010)

8

Recent Accomplishments

9

Condestable

� Maintain Condestable in steady state of production,

� Local and regional exploration

Aguas Tenidas

� Cu/Pb bulk separation circuit operational (April 2010)

� 30% planned production increase by Q3 2010

Corporate

� Growth opportunities – base metals in North/South America or Europe/Middle

East/Africa regions

� Leverage Trafigura relationship

� Focus on key values, broad recognition for social and environmental

responsibilities, and enhancing value for our shareholders

Key Goals

10

� Consists of two mines– Condestable and Raul.

� Located 90km from Lima, with excellent access to

infrastructure

� Copper mineralization at Condestable occurs in

stratiform sulphide-rich replacement bodies

(mantos) and crosscutting sulphide bearing quartz

veins

� Acquired in early 2008, IZN holds 98.7% ownership

of Compania Minera Condestable

Condestable

Mine

Lima

Condestable - Location

11

Condestable Mine, Peru

� 5th largest copper producer in Peru

• 2009 Processed – 2,165,000t,

with 1.21% Cu head grade

• 2009 Produced – 95,339 DMT of

copper concentrate with 25% Cu

grade

• 2009 C1 and C3 costs US$ 0.90/lb

and US$ 1.24/lb

• Optimized at 6000+ tonnes

processed per day

� Low direct costs due to minimal

ground support and no required

backfilling

� Historically replaced reserves each

year

� Sustaining Capex 2010 in range of US$

4-5M

� 3 year collective labour agreement

signed January 2009

� Awarded 2009 safest underground

mine

� Raul lease and royalty purchased

(March 2010)

12

Condestable– Key Facts

13

Condestable - Geology

14

Extracted from SRK Consulting 43-101 Technical Report dated January 2009

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 1.3

Total Proven & Probable 9,816 1.28

Stocks (Proven) 262 0.8

Total for Mining Plan 10,078 1.27

Condestable – Resources & Reserves

15

Condestable – Operations

Condestable - Guidance

16

Production Unit 2010

Ore Processed t 2,200,000

Concentrate DMT 95,000

Contained copper t 24,500

Fine gold oz 16,800

Fine silver oz 200,000

� Average head grade of approximately 1.23% Cu, and recovery rate of

91% per year.

� 2010 operating costs of US$ 0.85 and US$ 1.43 per payable pound of

copper (C1 and C3).

*Per 2009 Year End

Condestable - Capex/Exploration

17

Year 2010 (000s USD)

Capex

Sustaining 1,500

Plant Operation 466

Mine Operation 753

Others 281

Special Projects 1,540

Crushing Building extension 790

Courier Project 750

Exploration 1,700

Condestable 10 950

San Marcos 750

TOTAL 4,740

For 2010 Capex and exploration at Condestable, the following budgets have been

approved, with exploration of US$ 1.7 million to generally consist of surface sampling,

geophysics and contracted surface diamond drilling at Condestable 10 and San Marcos.

� Located in the Andalucia province of Huelva in southwest Spain.

� Aguas Tenidas is 80km from Huelva.

� Historically a producing mine.

� Part of a roughly east-west striking chain of VMS deposits.

18

Aguas Tenidas – Mine Location

Aguas TenidasRio Tinto

Huelva

Cadiz

Seville

19

Aguas Tenidas Mine, Spain

� All required permits in place

� Commercial production declared

October 2009

� Copper and polymetallic circuits

operational

� Metallurgic recoveries for copper circuit

meet or exceed expectations

� Cu/Pb separation is operational

� Targeting 30% increase in Q3 2010

� Exploration potential on strike and in

vicinity

20

Aguas Tenidas– Key Facts

21

Aguas Tenidas – Operations

22

Resource Category Mt Cu (%) Zn (%) Pb (%) Ag (g/t) Au (g/t)

Cupriferous

Measured 5.40 1.9 0.9 0.2 23.0 0.4

Indicated 6.76 2.4 1.1 0.3 32.1 0.5

Total 12.16 2.2 1.0 0.2 28.1 0.4

Polymetallic

Measured 5.39 0.6 6.7 1.8 56.3 0.8

Indicated 7.13 1.3 7.8 2.3 80.1 0.8

Total 12.52 1.0 7.3 2.1 69.8 0.8

Stockworks

Measured 0.93 2.0 0.3 0.1 9.4 0.1

Indicated 1.89 1.7 0.1 0.1 6.1 0.1

Total 2.82 1.8 0.2 0.1 7.2 0.1

Aguas Tenidas – Measured and Indicated Mineral Resources at 30th June, 2009

Extracted from Report 43-101 Technical Report by Adam Wheeler, 11 September 2009

Combined Resources

Class Mt

Measured 11.72

Indicated 15.78

Total 27.50

Aguas Tenidas – Resources

23

Reserve

Category

Tonnes

MtCu % Zn % Pb % Ag g/t Au g/t

NSR

Euro/t

Cupriferous

Proven 2.41 2.16 0.80 0.17 21.90 0.30 70.90

Probable 6.40 2.32 0.99 0.24 28.20 0.43 77.80

TOTAL 8.81 2.27 0.94 0.22 26.50 0.40 75.90

Polymetallic

Proven 2.44 0.87 6.48 1.86 62.90 0.87 82.20

Probable 7.96 1.28 6.48 1.98 70.80 0.78 101.50

TOTAL 10.40 1.19 6.48 1.95 69.00 0.80 97.00

Aguas Tenidas – Proven and Probable Mineral Reserves at 30th June, 2009

Reserve Category Mt

Proven 4.85

Probable 14.36

Total 19.21

Aguas Tenidas - Reserves

Extracted from Report 43-101 Technical Report by Adam Wheeler, 11 September 2009

22

X =

69038

0

Long section view of Aguas Tenidas Resource Limits from Adam Wheeler 43-101

Aguas Tenidas– Long Section

25

Aguas Tenidas – Inferred Mineral Resources at 30th June, 2009

Total Inferred Resources

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

Aguas Tenidas – Inferred Resources

Extracted from Report 43-101 Technical Report by Adam Wheeler, 11 September 2009

Aguas Tenidas – Processing Plant

26

27

Production Unit 2010

Ore Processed t 1.8-1.9M

Copper concentrate DMT 107,000

Zinc concentrate DMT 73,000

Lead concentrate DMT 13,000

Bulk concentrate DMT 2,000

Contained copper t 25,000

Contained zinc t 36,000

Contained lead t 5,000

Fine silver oz 600,000

� Average head grade (copper ore) of approximately 2.0% Cu, and

recovery rate of 82% per year.

� Average head grade (polymetallic ore) of approximately 5.9% Zn and

recovery of 75%; head grade of approximately 1.0% Cu and recovery of

55%.

� 2010 Operating costs per payable pound of copper of US$ 1.46 (C1),

and US$ 2.20 (C3).

Aguas Tenidas - Guidance

*Per 2009 Year End

LOM Metal Production (tonnes metal)

28

9,879

22,91929,304 29,873

28,17026,835 27,438 27,923

24,037

8,3244,530 6,909 7,207 8,035

13,944 16,092 15,532 19,5879,436

8,233

33,220

42,643

39,660

46,435

70,125 74,97377,448

91,126

43,860

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

t

Metal Production Life-of-Mine

Copper Lead Zinc Cu in Bulk

29

Year 2010(000s

USD)

Capex

Sustaining 23,017

Plant Projects and equipment 10,187

Mine Development 6,549

Mine Equipment 2,339

Mine projects 480

Buildings 399

Communications infrastructure 336

Licenses 2,597

Other 131

Special - Expansion 14,730

Mine development 4,366

Mine equipment 1,842

Plant projects and equipment 8,522

Exploration 308

Surface diamond core drilling 308

TOTAL 38,055

� For 2010, higher

Capex due to plant

and tailings

expansion projects

� 2011+ sustaining

Capex US$ 15-20M

Aguas Tenidas– Capex 2009/2010

30

Summary

CMC

• On Track and on Plan

• Exploration Potential

• Future Growth

• Excellent Management

MATSA

• Positive Ramp-up

• New General Manager ensure strong team

• Strong underground drilling results

• Metallurgical hurdles overcome

• Reduced hedge book

• Well positioned for the future

Corporate Summary A-1

Capital Structure A-2

Analyst Coverage A-3

Hedging A-4

Condestable Mine – Deepening A-6

Condestable Mine – Exploration A-7

Board of Directors A-8

Management A-9

Appendix

� 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 contract

workers worldwide

� Strong management and operations teams

� Excellent environmental, social and safety

record

A-1

Corporate Summary

Common Shares 338M

Options 9.6M

Warrants1, 2 74.2M

Fully Diluted 421.8M

(as at June 3, 2010)

Major Shareholder

Trafigura Beheer B.V 45.93%

1 Warrants:- 22M warrants exercisable at $0.52 each, with 16.7M expiring October 20, 2010, and 5.2M expiring November 26, 2010. If fully exercised,

Trafigura’s holding will be approximately 49% of the then current issue of 360,055,865 registered shares- 44.6M warrants exercisable at $0.56 expiring December 31, 2011 - 7.6M warrants exercisable at $1.30 expiring June 30, 2013.

2 $25M convertible debenture, bearing interest at 7%, payable quarterly in arrears and mature on December 31, 2011. Exercise of warrants reduces remainder payable.

A-2

IZN three month chart

52 week range $0.35-$0.73Month range (May) $0.50 - $0.67Market Cap May 31 $202.8MAverage daily volume (3 mo) 345,986

Balance Sheet (in '000s) 31-Dec-09

Cash 15,453

Restricted Cash 6,974

Total Assets 548,978

Long Term Debt 86,389

Convertible Debenture 24,336

Shareholder's Equity 82,460

(All figures on this page in Cdn$)

Capital Structure

A-3

Analyst Coverage

Institution Analyst

BMO David Cotterell

Canaccord Capital Corp. Orest Wowkodaw

Cormark Securities Inc. Cliff Hale-Sanders

GMP Securities David Charles

Macquarie Capital Markets Canada Ltd Pierre Vaillancourt

Versant Partners Anthona Curic

Wellington West Capital Markets Steve Parsons

A-4

The cornerstone of Iberian's Hedging Policy is the protection of the Company's assets. Management,

reporting to 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 while respecting protection of the Company’s assets.

The hedging program for Condestable Mine is fixed and in accordance with the terms of its syndicated loan.

As of April 6, 2010, copper production at the Condestable Mine has been hedged as follows:

Hedging

2010 S1 2010 S2 2011 S1 2011 S2 2012 S1 2012 S2 2013 S1 TOTAL

Existing Hedging Volumes

Cu Forwards FMT 10,200 10,275 10,275 10,350 1,750 42,850

Cu price USD/t 4,419 4,419 3,583 3,408 3,408 3,933

New Collar Hedging Volumes

Copper

Volume FMT 2,500 3,000 1,500 7,000

Minimum price USD/t 6,500 6,500 6,500

Maximum price USD/t 8,760 8,760 8,760

Cu % hedged 82% 83% 83% 83% 34% 24% 24% 62%

The hedging program for Aguas Tenidas Mine, as of April 12, 2010 is as follows:

A-5

Hedging

2010 2011 2012 2013 TOTAL

Restructured Hedging Volumes

Zn Forwards FMT 4,959 16,848 4,896 26,703

Zn Price USD/t 1,630 1,601 1,579 1,603

Cu Forwards FMT 4,104 16,002 396 20,502

Cu Price USD/t 4,300 4,216 4,160 4,232

Zn Short Cal l FMT 4,900 4,900

Zn Strike Price USD/t 1,500 1,500

Cu Short Cal l FMT 6,100 6,100

Cu Strike Price USD/t 4,200 4,200

New Hedging Volumes

Zn Forwards FMT 8,550 1,125 9,675

Zn Price USD/t 2,307 2,272 2,303

Cu Forwards FMT 3,600 17,100 1,800 22,500

Cu Price USD/t 7,768 7,471 7,319 7,507

Zn % Hedged 29% 39% 33% 2% 25%

Cu % Hedged 44% 66% 58% 6% 44%

A-6

RP PRINCIPALRP FICO

LV +20

LV -175

LV -55

LV -130

DEEPENING

LV -20

LV -95

LV -215

LV -255

OPEN PIT RAUL

KARINA VEIN

Condestable Mine - Deepening

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

A-7

5 KM5 K

M

Iberian has exploration planned for 2010,

on concessions surrounding the mine and

regionally.

Condestable Mine - Exploration

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.

A-8

Board of Directors

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.

Jeff Hillis, CFO - Jeff 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.

Johny Orihuela Avila, Operations Manager, Condestable Mine - Johny is a Mining Engineer, graduated from

Universidad Nacional de Ingeniería in 1990. With a postgraduate degree in Mining Management from

Universidad San Ignacio de Loyola. With extensive experience in the mining industry having worked with

numerous companies including Perubar, Iscaycruz and Exsa, he has worked as a General Superintendent

of Mines at Volcan and General Superintendent at Companía Minera Atacocha. Johny has Operations

Manager at Condestable since November 2005.

Robert L. Byrd, General Manager, Aguas Tenidas Mine - Bob joined Iberian in April of 2010, and has over 30 years in

the mining industry in both base and precious metals, principally in Latin America. He is a graduate of the

Colorado School of Mines, and Boston University. Most recently, Bob was President and General

Manager for Pan American Silver in Bolivia. Prior to that, he held positions with Breakwater Resources Ltd

as General Manager, El Mochito in Honduras, through Vice-President, Latin America overseeing

operations in Honduras, Nicaragua and Chile. Prior to joining Breakwater Bob was employed by ASARCO

at both the Southwest Mining Department, and the Tennessee Mines Division.

A-9

Management