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INTERNATIONAL BASE METALS LIMITED

INVESTOR PRESENTATION November 2010. INTERNATIONAL BASE METALS LIMITED. Disclaimer.

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INTERNATIONAL BASE METALS LIMITED

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  1. INVESTORPRESENTATION November 2010 INTERNATIONAL BASE METALS LIMITED

  2. 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, FAusIMM), 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.

  3. Section 1 – Introduction INTRODUCTION

  4. 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

  5. Board of Directors Dr James MacdonaldChairman; ex Chief Geoscientist for BHP Billiton; ex Exploration Manager, Homestake Chile Mr Frank Bethune Managing Director; ex Mine Manager, Sunrise Dam, Western Australia; ex General Manager, Navachab gold mine, Namibia Dr Ken MaidenFounding director of IBML; successful exploration geologist, ex CSR, MIM Dr Deng JiniuChairman of Qinghai West Resources Co Ltd; successful exploration geologist Mr Chen QiangInternational commodities trader and investor (Alternate to Dr Deng) Mr Alan HumphrisCorporate advisor; ex Head of Hambros Australia and former director of JP Morgan Australia

  6. Capital Structure and Shareholder Register As at 3 November 2010 Shares on Issue 329,790,812 Options • 20 cents exp 20/12/2012 22,000,000 • 30 cents exp 02/10/2013 2,500,000 MAJOR NUMBER OF % SHAREHOLDERS SHARES • WEST MINERALS PTY LTD 104,993,158 31.8 • HANGZHOU KINGS INDUSTRY CO LIMITED 23,333,333 7.1 • MANICA MINERALS LTD 15,000,000 4.5 • BLACKMANS & ASSOCIATES PTY LTD 14,470,558 4.4 • PEARL GLOBAL INVESTMENT LIMITED 13,333,333 4.0 • MAIDEN FAMILY SUPER FUND 11,077,307 3.4 • GREAT SEA WAVE INVESTMENT PTY LTD 9,167,333 2.8 • MACQUARIE BANK LTD 8,333,333 2.5 • PERPETUAL CORPORATE TRUST LIMITED 8,333,333 2.5 • PEAK SUCCEED INVESTMENTS LIMITED 6,666,667 2.0 Supportive cornerstone investor : WEST MINERALS PTY LTD

  7. 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) The Copper Market – Going Forward Source: IRESS • US government analysis forecasts a copper resource shortfall over the next 15 years equivalent to ~30 typical porphyry copper deposits (Singer, 2009)

  8. 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 for foreign investment Good exploration & mining support Exploration tenements clustered into several project areas

  9. Omitiomire Project – Infrastructure

  10. IPO - Use of Funds Use of Funds - Summary A$ million Omitiomire DFS (1 year) 17.0 Long lead-time items 1.0 Exploration (2 years) 6.0 Corporate (2 years) 4.0 TOTAL 28.0 plus IPO costs

  11. Section 2 – Omitiomire Project OMITIOMIRE PROJECT

  12. Omitiomire Project – Resource Cut-off (%Cu) Ore (Mt) Cu% Cu (t) Cu (Mlb) • 0.10 202 0.36 726,000 1,600 • 0.20 143 0.45 638,000 1,406 • 0.25 117 0.50 579,000 1,277 • 0.35 74 0.61 453,000 999 • 0.45 50 0.71 356,000 785 • Summary of resource estimates (~ 20% Indicated, 80% Inferred) • (Hellman & Schofield Pty Ltd, 2010, Independent Report)

  13. Omitiomire Project – Geology • 305 holes totalling > 42,000m • Deposit covers 2,600m x 700m • Dips east – depth > 150m at eastern edge • Plunges north – depth > 150m 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

  14. Omitiomire Project – Mining and Processing (PFS)

  15. Omitiomire Project – Pit Design Isometric view, looking north:Final pit design of Cut 1 & Cut 4of the 69 Mt pit 1.00% 0.50% 0.35% 0.20%

  16. Omitiomire Project – Mineralogy and Metallurgy Coarse-grained chalcocite & minor bornite Partly oxidised to 40m 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

  17. Omitiomire Project – Process Flow Chart

  18. Section 2 – Omitiomire Project Benchmarking

  19. 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

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

  21. 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

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

  23. Omitiomire Global Ranking Overall Rank Project Company Country 1 Quellaveco Anglo American Peru 2 Tambo Empresa Minera Peru 3 Rio Blanco ZiJin Peru 4 Mina Justa China Sci-Tech Peru 5 Toromocho Chinalco Peru 6 El Morro Goldcorp / New Gold Chile =6 Wafi Newcrest / Harmony PNG 7 Cobre Panama Inmet Panama 8 118 Vale Brazil 9 Roseby Altona / Xstrata Australia 10 Zeta Discovery Metals Botswana ... 20 Rosemont Ranch Augusta United States 21 Prosperity Taseko Canada 22 Los Sulfatos Anglo American Chile =22 Omitiomire IBML Namibia 23 Morrison-Hearne Hill Pacific Booker Canada 24 La Arena Rio Alto Peru =24 Blackard Xstrata Australia 25 Bedford Xstrata Australia … 290 Langmuir Golden Chalice Canada 291 Alexo Canadian Arrow Canada 292 Kuhmo Altona Finland 293 Mäntymäki Suomen Nikkeli Finland 294 Jerusalem Dynasty Metals 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

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

  25. 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

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

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

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

  29. Kamanjab Project Tenements cover over 100 km strike of prospective strata

  30. 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

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

  32. APPENDIX

  33. Appendix Omitiomire Project Details

  34. 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

  35. Omitiomire Project – Geological Setting

  36. Potential In Pit Resource Increase

  37. Potential Adjacent to Pit Resource Increase

  38. Outside Pit Resource Targets

  39. 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

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

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

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

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