Mt Woods Magnetite Project

FeTech 2013 26 November 2013

I r r a w a d d y

Ntaka Hill (within Nachingwea) Ownership: 100% IMX*

Minerals: Ni, Cu

Stage: Exploration / Feasibility

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IMX Resources

* Subject to IMX / MMG Joint Venture Terms

Nachingwea Ownership: 100% IMX*

Minerals: Ni, Au, Cu

Stage: Exploration

Mt Woods Magnetite Ownership: 100% IMX

Minerals: Fe

Stage: Exploration / Feasibility

Cairn Hill Ownership: 51% IMX

Minerals: Fe, Cu

Stage: Producing

Mt Woods Copper-Gold Ownership: 100% IMX

Minerals: Cu-Au

Stage: Exploration

Q3 CY12 Q4 CY12 Q1 CY13 Q2 CY13 Q3 CY13

Waste (MBCM) 0.65 0.38 0.31 0.28 0.57

Waste & Ore (MBCM) 0.76 0.48 0.40 0.38 0.67

Ore Mined (Mt) 0.46 0.44 0.40 0.44 0.41

Ore Shipped (Mt) 0.46 0.39 0.46 0.46 0.45

Free Cash Flow (A$m) 4.7 6.2 13.4 21.3 3.7

Av. Price (US$/dmt)* 113 122 148 124 111

Cairn Hill Mine

First new iron ore producer in 100 years in South Australia

JV operated by IMX (51%), Taifeng (49%)

Cash flow positive and stable operation, good safety record, low staff turnover

1.8 Mtpa production of DSO coarse-grained Fe-Cu product expected for another 15 months

Established relationships with suppliers and the community – winner of Large Business Award in 2012 Regional SA Business Awards and 2013 SA Export Award

Opportunity for life extension through beneficiation of additional Phase 2 resources

Developed for pre-production capital of only A$11M

Production Statistics (100% Basis)

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* 62% Platts CIF, main component of price received by IMX.

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Cairn Hill Development Fundamentals

Mining and Crushing

Contract mining operation typical for smaller mining companies

Mobile, self powered crushing on a contract basis

No capital other than pre-stripping and earthworks

Haulage and Rail

Low cost private road to rail siding and contract haulage in 200t road trains

Second hand rail equipment

Leasing of wagons and containers to remove capital

Port

Development of ‘Rotainer’ system that is now the standard solution for mineral concentrate

Minimal infrastructure required at Port Adelaide

Key Partners

Exact Mining Services, SCT Logistics, Flinders Ports

Rail Siding and Loading Facility Train Line Port Adelaide Ship Loading

Cairn Hill’s Legacy

Proven logistics solution from mine to customer

Key contractors for Mining, Rail and Port

Close relationships with the local community of Coober Pedy

Highly effective native title agreement with local traditional owners

Site infrastructure that can be utilised for Mt Woods

Baseline environmental data for the local area

Operating team that worked through the development of Cairn Hill including permitting and contract negotiation

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Mt Woods Project Overview

Ore (Mt) % Fe % Al2O3 % P % SiO2 % S Cont. Fe (Mt)

568.9 27.11% 6.83% 0.13% 45.70% 0.03% 154.2

Snaefell Inferred Resource Estimate

(At 18% Cut-Off)

100% owned by IMX

Approximately 700km NW of Adelaide and

50km from Coober Pedy

Defined Inferred Resource at Snaefell, 12

km SW of Cairn Hill of 569Mt @ 27.1% Fe,

open along strike

Exploration targets totalling a further 900

to 1,200Mt @ 18 – 32% Fe

The Problem with Magnetite Projects

All bulk product projects need access to rail and port solutions to get product to market

Magnetite also needs processing and beneficiation so therefore needs power and water

Majority of projects lack some or all of these key pieces of infrastructure which vastly increases capital burden

In order to get a suitable return on capital project scale increases further increasing capital for mining and processing

Costs always end in the word “Billion”

Project delivery complexity as it is now a multi headed project hydra with up to 5 major projects in one

Inevitable blowouts of cost and time result

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Conceptualising Mt Woods

Initially IMX considered a “typical” magnetite project of up to 9.4 Mtpa with to achieve economies of scale – This meant:

Rail spur into site at A$3M/km

New port solution to achieve capacity and utilise Capesize vessels

Long distance power transmission or generation

But…..

Could continue on from Cairn Hill exporting 1.8 Mtpa of product with ZERO capital for logistics

Continue in containers on standard rail wagons

Port Adelaide storage in containers and using Rotainer onto Panamax vessels

Smaller production also lowers power requirement so there is a possibility of accessing power from Prominent Hill

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Mt Woods Infrastructure

Rail

Rail siding at Rankin Dam, 50km from Snaefell deposit

850km to Port Adelaide which can support up to 3.5 Mtpa on current train paths

Opportunity to improve rail efficiency over current operations

Port

Proven innovative port solution developed with Flinders Ports

Opportunity to develop scalable port options at Port Adelaide and improve efficiency

Longer term opportunity to port and shipping efficiency and reduce costs

Power

Grid sourced power feeding the OZ Minerals Prominent Hill mine 60km the the south-east

via BHP Billiton’s Olympic Dam mine

Preliminary investigations indicate sufficient power, available conditional on agreement with

OZ Minerals and BHP Billiton, to support up to 3.5 Mtpa production

Rail Siding and Loading Facility Train Line Port Adelaide Ship Loading

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Mt Woods Metallurgy

Low processing complexity and ramp up risk

Coarse grind (P80 80μm)

Simple beneficiation process

Low overall cost operation

Low capital cost

Reduced risk of cost escalation

High level of operating cost certainty

Quality product specifications and optionality

Premium grade, high quality product with

low impurities (68.5% Fe, 3% SiO2)

Range of products able to be produced from

same flow sheet

Mt Woods Base Case

Mining at a LOM strip ratio of 1:1 up to 10 Mtpa of ore and feeding into a conventional crushing circuit

Simple processing with a LOM average yield of 27%

Hydraulic transfer of product from minesite to rail siding (significant Opex savings over trucking)

Power supply by connection to Prominent Hill – Grid generated power

Water supply from groundwater with washing of product with desalinated water

Small extension to Rankin Dam siding to accommodate 1.8km long trains

Rail of product to Port Adelaide in containers and storage in containers at the port

Loading of product into Panamax vessels using Rotainer system

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Mt Woods Scoping Study

Low Capital Cost

Infrastructure, metallurgy and simple processing give opportunity for smaller scale

development

Scoping Study base case of 2.5 Mtpa production based on proven logistics solution

Opportunities for up to 3.5 Mtpa with optimised logistics

Capital cost potentially between $300M and $400M

Competitive Operating Costs

LOM strip ratio only 1:1

Low power costs from primary coarse separation, coarse grind and grid generated power

Potential base case FOB operating costs of A$77/t, but with optimised logistics expected

reductions of more than A$5/t

Costs competitive with domestic Chinese production on a US$/t basis landed in China

Premium Product

68.5% Fe product with approx. 3% SiO2, no other significant impurities

Options for lower grade, coarser product at reduced operating costs

Sound Economic Returns

Mt Woods is an economically attractive, lower risk, near term project opportunity

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Capital Intensity Benchmarking

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Capital Intensity (US$/t): Capital Expenditure (US$m)1 / Production Rate (Mtpa)

Mt Woods has a low capital intensity when compared with peers on all production cases, due

to the existing infrastructure and simple metallurgy.

* Pig iron project.

1. Assumes an exchange rate of 0.85 AUD:USD.

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Mt Woods Scoping Study – Believable?

Operating Costs

Mining unit costs from current mining contractor

Rail haulage costs built up from current access charges, current rolling stock lease costs,

current container costs, current haulage rates

Port costs from current port operator for identical operations

Shipping costs from current vessel charter costs

G & A costs from current operations

Over 80% of CFR operating costs based on current operations

Capital Costs

Mining pre-strip unit rates from current mining contractor

Geotechnical parameters from existing pit

Rail siding extension costs from engineer who developed the original siding

Re-use of significant parts of Cairn Hill infrastructure such as offices, fuel storage,

accommodation camp etc.

Result

Accuracy of the scoping study is determined by the resource confidence, metallurgical

test work, geotechnical and other assumptions rather than estimating accuracy

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Mt Woods Deliverability

Low funding requirement

Low funding requirement for smaller scale project with ability to scale up with modular

construction

Easier to finance both equity and debt

Proven team, good jurisdiction and existing contracts

Proven development & operating team from Cairn Hill mine is still with IMX

Existing contracts and relationships in place with service providers and regulators

South Australia is a development focused jurisdiction

Working with DMITRE through “Case Manager” program to streamline and expedite

approvals process

Development scale and product optionality

Multiple production scale and product type alternatives provide optionality and increase

marketability

Not five projects in one but a conventional mining and processing project with minor

infrastructure

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Mt Woods Upside Opportunities

Reducing Operating Costs through Optimised Logistics

Use of bottom dump rail solution over current container solution to optimise rail costs

Optimising port handling operations to increase loading rates and reduce costs

Staged Development

Possible start up at 1.8 Mtpa with single train consist

Expansion through modular addition of processing line and additional train consist

Additional Resources at Mt Woods

Current exploration targets have the potential to add 900 – 1,200 Mt at 18 – 32% Fe

Opportunity for a cluster of projects sharing synergies around infrastructure

Catalyst for SA Iron Ore Opportunities

Potential to bring together similar smaller scale projects and share synergies

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Mt Woods Key Differences

Or – Why isn't Mt Woods like every other magnetite project….

Mt Woods uses existing Rail, Port and Power infrastructure

Mt Woods has simple coarse grained metallurgy which gives simple and

low cost processing

IMX has the knowledge and team to deliver the Mt Woods project gained

through the successful development and operation of our Cairn Hill Mine

This provides….

Low capital cost & low capital per tonne of production

Low technical and commercial risk

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Mt Woods Next Steps

Currently seeking development partner to fund feasibility studies through

to a development decision

Asian steel mills

Private equity investors

Existing producers looking to supplement production

Targeting partner selection in the first half of 2014

Committing to limited activities to de-risk or address critical path

Heritage clearance of planned drilling

Spring environmental survey

Power, rail and port discussions

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Conclusions

Magnetite industry, particularly in Australia, needs to work hard to

overcome the stigma of some high profile underperformers

Logistics and infrastructure solutions that are already in place or require

minimal development will allow the effective development of smaller

scale projects that greatly reduce the investment risk

Projects with mineralisation more akin to Chinese or North American

projects (coarse grained) will greatly reduce technical risk

Proven development teams provide comfort to investors that what is

promised is delivered

Mt Woods provides all these key points and represents the style of project

that is the future of magnetite in Australia

Forward Looking Statements

This presentation includes certain “forward‐looking statements”. Forward-looking statements and forward-looking information are frequently characterised by words such as “plan,” “expect,” “project,” “intend,” “believe,” “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may”, “will” or “could” occur. All statements other than statements of historical fact included in this presentation are forward‐looking statements or constitute forward-looking information. Such statements and information in this presentation include, but are not limited to statements regarding mining parameters (including processing rates and processing plant feed), iron concentrate production, estimates of capital costs and operating costs, internal rates of return, net present values, availability and development of infrastructure, life of mine estimates, annual mining and production estimates and targets and revenue related assumptions such as iron ore prices and exchange rates. There can be no assurance that such information or statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such information. Important factors could cause actual results to differ materially from IMX’s expectations.

These forward-looking statements are based on certain assumptions, the opinions and estimates of management and QPs/CPs at the date the statements are made, and are 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 or information. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, the ability of contracted parties (including laboratories and drill companies to provide services as contracted), limited, constrained or unavailable infrastructure (including rail lines and port and shipping availability), uncertainties relating to the availability and costs of financing needed in the future and other factors. Exploration target tonnage quantity and grades estimates are conceptual in nature only. These figures are not resource estimates as defined by the JORC (2004) or NI 43-101, as insufficient exploration has been conducted to define a Mineral Resource and it is uncertain if further exploration will result in the target being delineated as a Mineral Resource. Mineral resources that are not Mineral Reserves do not have demonstrated economic viability. There is no certainty that the analysis and outcomes presented below will be realised and the reader is cautioned not to place undue reliance on forward-looking statements or information.

IMX undertakes no obligation to update forward-looking statements or information if circumstances should change. The reader is cautioned not to place undue reliance on forward-looking statements or information. Readers are also cautioned to review the risk factors identified by IMX in its regulatory filings made from time to time with the ASX, TSX and applicable Canadian securities regulators.

Competent Persons Consents / NI 43-101 Statements

Information relating to Australian exploration results is based on data compiled by Mr Peter Hill who is a Member of the Australian Institute of Geoscientists, and who is a full-time employee of IMX Resources Limited (“IMX”) or the “Company”). Mr Hill has sufficient relevant experience to qualify as a Competent Person (“CP”) under the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and as a Qualified Person (“QP”) as defined in Canadian National Instrument 43-101 (Standards of Disclosure for Mineral Projects). Mr Hill approves and consents to the inclusion of the data in the form and context in which it appears.

Information that relates to the estimation of the Inferred Mineral Resource at Snaefell is based on information compiled by Mr Kevin Lowe and Mrs Vanessa O’Toole and reviewed by Mr Trevor Stevenson and supervised by Ms Bianco Manzi, who at the time was a full time employee of IMX and a member of the Australian Institute of Geoscientists. Mr Lowe is a Member of the Australasian Institute of Mining and Metallurgy and Mr Stevenson is a Fellow of the Australasian Institute of Mining and Metallurgy. Both Mr Lowe and Mr Stevenson are full time employees of Runge Limited and have sufficient relevant experience to qualify as CPs and QPs. Mr Lowe and Mr Stevenson approve and consent to the inclusion of the data in the form and context in which it appears.

The quality control and technical information compiled for the Mt Woods Scoping Study was prepared by the following QPs/CPs: Alistair Stevenson of Runge Pincock Minarco who is a Fellow of the Australasian Institute of Mining and Metallurgy; Trevor Mcllwaine of Xstract Mining Consultants who is a Professional Engineer; Neville Dowson of Engenium Pty Ltd who is a Fellow of the Australasian Institute of Mining and Metallurgy; and Jeames McKibben who is a Member of the Australasian Institute of Mining and Metallurgy. Each of these QPs/CPs have reviewed this news release and approve and consent to the inclusion of the data in the form and context in which it appears. ``

Mineral resources have been estimated using the Australian JORC (2004) Code, which is a permitted code under Canadian National Instrument 43-101, in addition to the CIM Definition Standards on Mineral Resources and Mineral Reserves. Mineral resource classifications under the two reporting codes are recognised as equivalent in categories with no material differences.

Cautionary statement The information in this presentation is published to inform you about IMX. To the extent permitted by law, the Company accepts no responsibility or liability for any losses or damages of any kind arising out of the use of any information contained in this presentation. Recipients should make their own enquiries in relation to any investment decisions. Certain information in this presentation is based on low-level technical and economic assessments and is insufficient to support estimation of Ore (Mineral) Reserves or to provide assurance of an economic development case at this stage, or to provide certainty that the conclusions of the PEA will be realised.

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