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Corporate Update BMO Conference

An International Base Metal Miner

TSX-IVW

February 24, 2012

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FORWARD-LOOKING STATEMENTS Certain statements contained in this Presentation constitute forward-looking information within the meaning of securities laws. All statements included herein (other than statements of historical facts) which address activities, events or developments that management anticipates will or may occur in the future are forward-looking statements, including statements as to the following: the duration of the suspension of the Company’s transportation of lead carbonate from the Magellan Mine, the duration of the period of care and maintenance commenced in April 2011, future targets and estimates for production, capital expenditures, operating costs, cash costs, mineral resources, mineral reserves, life of mine, recovery rates, grades and prices, business strategies and measures to implement such strategies, competitive strengths, estimated goals and plans for Ivernia’s future business operations and other such matters. Forward-looking statements are often, but not always, identified by the use of words such as ‘‘seek’’, ‘‘anticipate’’, ‘‘contemplate’’, ‘‘target’’, ‘‘believe’’, ‘‘plan’’, ‘‘estimate’’, ‘‘expect’’, and ‘‘intend’’ and statements that an event or result ‘‘may’’, ‘‘will’’, ‘‘can’’, ‘‘should’’, ‘‘could’’ or ‘‘might’’ occur or be achieved and other similar expressions. These statements are based upon certain reasonable factors, assumptions and analyses made by management in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. However, whether actual results and developments will conform with management’s expectations is subject to a number of risks and uncertainties, including factors underlying management’s assumptions such as, the duration of the suspension of the Company’s transportation of lead carbonate from the Magellan Mine, the duration of the period of care and maintenance commenced in April 2011, risks relating to the operations being placed on care and maintenance, the need for additional financing, matters relating the restart of mining and milling operations, matters relating to ramping up mining and milling throughput and operations, regulatory compliance and approvals, metal price volatility, lead carbonate concentrate treatment charges, exchange rates, regulatory proceedings and litigation, the fact that the Company has a single mineral property, resources and reserves, health and safety, environmental factors, mining risks, metallurgy, labour and employment regulations, government regulations, insurance, dependence on key personnel, constraints on cash flow, the nature of mineral exploration and development, matters related to the order to cease transport of lead concentrate and matters relating generally to the transportation of lead carbonate; matters related to the Esperance settlement and shipments through the Port of Fremantle; implications stemming from the Esperance inquiry; and common share price volatility and the dilution of the Company’s Common Shares. Additional factors and considerations are discussed in the Company’s MD&A for the period ended September 30, 2011 and in other documents filed from time to time by Ivernia with Canadian securities regulatory authorities. While Ivernia considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. These factors may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and there can be no assurance that the actual results or developments anticipated by management will be realized or, even if substantially realized, that they will have the expected results on the Company. Undue importance should not be placed on forward-looking information nor should reliance be placed upon this information as of any other date. Except as required by law, while it may elect to, Ivernia is under no obligation and does not undertake to update this information at any particular time.

QUALIFIED PERSONS Mr. Daniel Guibal, a Fellow of the Australasian Institute of Mining and Metallurgy and a Corporate Consultant to SRK Consulting, is responsible for the mineral resources for the Magellan Mine in this presentation and has reviewed and verified the mineral resource figures and the underlying sampling and analytical data. Mr. Guibal is independent of Ivernia and is a “Qualified Person” within the meaning of National Instrument 43-101.

Mr. Roger Pooley, a Member of the Australasian Institute of Mining and Metallurgy and a Senior Mining Consultant with SRK Consulting, is responsible for the mineral reserves for the Magellan Mine in this presentation and has reviewed and verified the mineral reserve figures. Mr. Pooley is independent of Ivernia and is a “Qualified Person” within the meaning of 43-101.

Presentation Outline

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Corporate Overview Lead Markets The Magellan Mine The Prairie Downs Project Looking Ahead

The Ivernia Advantage

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An International Base Metal Miner The Magellan Mine

Lead Price Leverage Fundamentals remain strong

Magellan Mine Significant increase in Mineral Reserves &

Resources announced March 30, 2011 Operations currently on Care & Maintenance EPA recommended new conditions to Minister for

Environment – decision awaited Other Projects

High-grade discovery at the Prairie Downs Zinc-Lead-Silver project – earn-in rights

Operations & Projects

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The Magellan Mine 100% owned located near Wiluna in

Western Australia 730 km northeast of Perth;

1,180 km by road & rail from the Port of Fremantle

The Prairie Downs Project Exploration Earn-In,

managed by Ivernia Located near Newman, in the

prolific Pilbara mining region, 250 km north of Magellan

Board of Directors

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The Honourable J. Trevor Eyton Chairman of the Board Past Chairman & CEO of Brascan Limited (now Brookfield Asset Management) & Officer of the Order of Canada. Sits

on the board of several prominent companies, including Brookfield Asset Management & Magna International

Alan De’ath President & CEO Over 30 years experience in senior management positions in the mining industry, including positions with Rio Tinto

and TVX Gold. Joined Ivernia in 2000; President & CEO since 2003

Peter Cassidy Principal & Co-Founder of The Sentient Group, an independent private equity investment firm focused on the

resource industry

Leigh Hall Member of the Order of Australia & former Deputy Managing Director of AMP Asset Management Australia Limited,

sits on the board of several prominent Australian companies

David N. Murray Over 30 years operating experience in the mining industry, including senior positions with Rio Tinto, TVX Gold &

Avgold

Chen Zhi Member of China’s Yunnan Provincial People’s Congress & former Board Chairman of Yunnan Metallurgical Group

Ken Sangster Metallurgical consultant with extensive experience in the mining industry, including senior positions with Ivernia Inc,

Rio Tinto and Outokumpu

Jerry Shefsky Experienced venture capitalist through M&M Capital Corp with extensive experience in real estate development in

North America and Europe

Management

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Alan De’ath President, CEO & Director Over 30 years experience in senior management positions in the mining industry, including positions with Rio Tinto

and TVX Gold. Joined Ivernia in 2000, President & CEO since 2003

Wayne Richardson Chairman – Magellan Metals Pty Ltd. A career in strategic business development at the senior management level in domestic and international markets

including approximately 18 years with Pacific Dunlop Ltd and 10 years establishing a private international enterprise based on a concept and business model he developed in Australia. He has a track record of successful management of turnaround, growth and start-up companies. Currently the CEO of the Enirgi Group Corporation.

Robert Scargill Managing Director – Magellan Metals Pty Ltd. Mining Engineer with over 20 years management & technical experience, including senior positions at BHP’s

Cannington Mine & Perilya’s Broken Hill Operations

Brent Omland VP Finance & CFO Chartered Accountant with extensive auditing & corporate experience in the Canadian mining & accounting

industries; previously with Teck Resources

D’Arcy Doherty VP Legal & General Counsel Member of the Ontario bar, specializing in corporate & securities law, previously a partner with Gowling Lafleur

Henderson LLP

Ivernia at a Glance

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Capital Structure & Ownership (all figures in C$ unless otherwise noted)

Recent Share Price $0.10-$0.17

52 Week High-Low $0.44-$0.06

Shares (I&O) 745.1M

Shares (FD) 769.1M

Cash Position (As at November 14, 2011) Last Reported US$8.8M * Closed C$5.9M financing on Dec. 7, 2011

Market Capitalization (FD) Approx. $130M (Based on price of $0.17 per share)

Ownership 95% Institutional, incl. 58.9% Green SEA Resources Inc. (“GSR”)

Enirgi Group Corporation

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Managing the Energy Storage Life Cycle

Senior Management

Wayne Richardson President and CEO

Alan You Lee CFO

Enirgi Group Corporation is a private, Canadian company

Lead Markets

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Growth in lead-acid battery demand from new vehicle production can only come from new mine production – a key driver to lead market growth is new vehicle production, principally in Asia.

The lead market is distinct from that of other base metals, with production derived 40% from primary (mine) and 60% from secondary (recycling) sources. The secondary market is essentially a closed loop – with virtually 100% recycling of spent batteries.

Lead is used in the production of lead-acid batteries, accounting for approximately 80% of global lead consumption. Virtually every car, truck, bus, motorcycle, E-bike, electric or hybrid vehicle uses a lead-acid battery. Lead also has significant industrial uses.

Energy storage solutions will be required as a buffer between solar, wind and tidal power generation and human demand, and lead-acid batteries are already playing an important role in this growth area. Uninterrupted Power Supply units (UPSs) are another growth area

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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Global Vehicle Production

Lead Market Drivers

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Chart Data Source: IHS/CMS/OICA

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Lead has seen the largest increase in demand of the base metals over the last decade

25% increase in global vehicle production estimated from 2011 to 2016

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Global Lead Mine Production

Global Refined Lead Production (Primary + Secondary) Production

Global Lead Consumption

Supply & Demand

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Chart Data Source: CHR Metals

Global Lead Production vs. Consumption 00

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Lead markets have been fairly well-balanced over the last 3 years, expected to be in balance by 2012

Global lead mine production is essentially flat – lead from new operations is offset by mine closures

From 2014 onward, supply is not anticipated to keep pace with demand, with projected deficits of 48,000 to 83,000 tonnes per annum

Lead Price Forecast

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Chart Data Source: Reuters (January 2012); 2010 and 2011 (actual): LME cash lead contract, 2012 (estimates): based on poll of 36 analysts

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Lead

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$0.97/lb $2,138/t

$1.09/lb $2,398/t

$1.18/lb $2, 601/t

Analyst lead price forecasts show an increase of 17% in 2012 relative to January 24, 2012 price

Anticipated supply shortfalls from 2013 onward point to continued robust lead prices

The Magellan Mine

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100% Ownership - Through Magellan Metals Pty Ltd

A Unique Mine - The world’s largest pure lead mine, commenced operations in 2005

Best practise concentrate transport system – 88,000 dmt successfully shipped since new system introduced in 2009

Operations on Care & Maintenance since April 2011

A Pure & Unique Product – Lead carbonate concentrate produced from Magellan is very low in impurities and unlike lead sulphide concentrates, can be used in both primary and secondary smelters

New Technical Report – On March 30 2011, updated Mineral Resource and Reserve add significantly to the size of the deposit

Magellan Mine Overview

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Location – The Magellan Mine is located in central Western Australia, 30 km west of Wiluna and 730 km northeast of Perth. The Goldfields Highway passes the front entrance to the mine and Wiluna has an all-weather airstrip.

People – Under normal operations the mine employs 220 people commuting on a FIFO roster from Perth.

Simple mining – Open pit mining is carried out to depths of only 50 metres with an average stripping ratio of 2.4:1.

Processing opportunity – The milled ore is sulphurdized and then concentrated using traditional froth flotation. The processing plant was achieving best ever performance immediately prior to being placed on care and maintenance.

Ivernia developed concentrate transport system – Concentrate is loaded into 2 tonne bulkabags which are then sealed, vacuumed clean and then placed into shipping containers for transport by road, rail and sea to smelters around the world.

Mineral Resources & Reserves

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Mineral Resources (1-3, 6-8)

Tonnage (Mt)

Pb (%)

Contained Pb ('000 t)

Measured & Indicated 40.4 4.5 1,810 Inferred 12.1 4 480

Mineral Reserves(1-2, 4-8)

Tonnage (Mt)

Pb (%)

Contained Pb ('000 t)

Proven & Probable 19.9 5.7 1,130

(1) As at December 31, 2010. (2) Mineral reserves are a subset of mineral resources. Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral

resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues. (3) Mineral resources are reported in accordance with the JORC Code, which is consistent with the CIM Code. All mineral reserves are reported in accordance with the JORC

Code. The JORC Code uses the term “ore reserve” which is equivalent to the term “mineral reserve”, as defined in NI 43-101. Mineral resources are estimated based on a cut-off grade of 2.1% Pb. Mineral resources are based on a Technical Report prepared by SRK Consulting with an effective date of March 30, 2011.

(4) All mineral reserves are reported in accordance with the JORC Code. The JORC Code uses the term “ore reserve” which is equivalent to the term “mineral reserve”, as defined in NI 43-101. Mineral reserves have been reported based on a cut-off grade of 2.1% Pb, an exchange rate of US$0.95/A$1.00, a lead price of US$2,200 per tonne (approx. A$2,316 per tonne) and estimated operating costs. Mineral reserves are based upon mineral resource estimates set out above, which, in turn, are based on the 2011 Technical Report prepared by SRK.

(5) Mineral reserves have a waste to ore ratio of 2.4 to 1. (6) Contained lead is total lead mined, planned plant recovery is over 75% as per the life of mine plan and 95% payable contained lead. (7) Table entries other than totals are rounded to the second significant figure. (8) For additional information see Ivernia’s current Technical Report for the Magellan Mine and the Company’s current Annual Information Form, both dated March 30, 2011, at

www.ivernia.com or www.sedar.com

87% increase in tonnage and 76% increase in contained metal in M&I resources (on December 31, 2009 resources less 2010 production)

42% increase in tonnage and 45% increase in contained metal in reserves

Updated Mineral Resources & Reserves for the Magellan Mine announced March 30, 2011

+10 year mine life based on 2.0 Mt of ore processed per annum

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2010 Production

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Quarter over quarter increase in production & recovery through 2010

2010 production of 44,000 tonnes of contained lead in concentrate

2010 average recovery of 74%

2010 Production

2010 Recovery

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54%

69% 76% 78%

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Process to Restart Operations

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• Ivernia placed the Magellan Mine operations on care and maintenance in April 2011 following a number of issues regarding the transport of its lead concentrate. None of these issues resulted in any harm or risk to the environment or local communities, however the Company felt that the ongoing interruptions to operations was unacceptable.

• The Western Australian Minister for Environment directed the EPA to conduct a review of Magellan’s environmental conditions under Section 46 of the EPA Act. The Section 46 Report and recommendations were issued in October 2011.

– Generally positive report from EPA – Identified concentrate transport process as “over and above what is required and best practice” – Also acknowledged that “the conditions placed on Magellan are much stricter than would be

normally required for the transport and monitoring of this type of product”

• The draft recommended conditions have been circulated to key stakeholders as part of the WA Minister for Environment’s mandatory consultation process. The Company continues to meet with Regulators, Government Officials and Politicians to discuss future directions.

The timing and content of the final environmental conditions are at the discretion of the Minister. Ivernia cannot, at this time, give any guidance regarding the timing of a restart. The Company does not expect to be in a position to make a decision on a restart until the Minister has issued the final environmental conditions and the Company has reviewed these conditions.

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Prairie Downs Project

Target – high-grade zinc-lead-silver for either underground or open-pit mining in a known mineralized fault system

Earn-In Agreement – Signed in June 2010. Option to purchase a 60% interest in the Project for A$10 million in cash or its shares (at Ivernia’s election) after expenditure of A$5 million in 36 months with option to increase to an 80% interest by spending a further A$5 million on exploration. The Company has completed the first $3 million of this spend.

Large Land Position – tenements covering 55,000 hectares. Only worked on small part of system so far, moving into new areas

Promising New Discovery Wolf – Large zinc system drilled over one kilometre with high grade structurally controlled zones

Completed Two Drilling Campaigns – For full drill results see the Ivernia news releases dated January 20, 2011 and June 15, 2011.

Looking Ahead

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Magellan Mine

March 2011independent NI 43-101 compliant Technical Report indicates substantial increase in mineral resources, reserves – further optimization work planned

Developing a business model which is robust, sustainable and financially viable Awaiting issuance of final operating conditions from Minister which will impact timing for restart

Contact Us

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For additional information please contact:

Ivernia Inc. 130 Adelaide Street West, Suite 3303 Toronto, ON, Canada 416.867.9298 ● investor@ivernia.ca

www.ivernia.com