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7/28/2019 IAU-September-2012-DENVER-and-Singapore-FINAL.pdf
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Tujuh Bukit Indonesia452 holes 145,219 metres US$95 million
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Company snapshot (1 September 2012)
Broker coverageCanaccordCitibankCormarkEvans and PartnersMerrill Lynch
National Bank of CanadaRBCRBS MorganShaw Stockbroking
Wilson HTM
Stock exchange symbol ASX/TSX: IAU
Shares outstanding 553.7 millionOptions/rights unlisted 36.1 millionCurrent price C$0.3552 week high / low C$1.72 / C$0.23Market capitalisation $200 millionCash (no debt) $120 million
Major shareholders
Taurus Funds (Australia) 8.7%
Acorn Capital(Australia) 8.2%
Van Eck Global(USA) 6.6%
Surya Paloh (Indonesia) 5.0%
First Eagle; Independent Asset Management;BT IM; Geologic; Fidelity; Northcape; Colonial;Kinetic; AMP Capital Investors;
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The story so far
C$0.00
C$0.50
C$1.00
C$1.50
C$2.00
C$2.50
A$0.00
A$0.50
A$1.00
A$1.50
A$2.00
A$2.50
Jan 2010 Jan 2011 Jan 2012
IAU - ASX
IAU - TSX
1st PorphyryResour ce
Equityraising
Oxide PEA 2nd PorphyryResource
3rd PorphyryResource
Explorationhalted
New Indonesianinvestor
New JVpartner share-holders
Indonesiandivestment
rules changed
1
2 3 4
5
6
78 9
1 2 3 4
5
6 7 8 9
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Resource growthOne of the worlds fastest growinglargest undeveloped copper-gold-silver resources - not owned by a major
Porphyry - 25 million ounces goldand 15 billion pounds copper Oxide - 2.4 million ounces goldand 80 million ounces silver Multiple porphyries identified
0
20
40
60
80
100
0
1
2
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Jul.2008"
Dec.2008"
Dec.2009"
Dec.2010^
May2011^
Dec.2011^
2012
A g
( M o z
)
A u
( M o z
)Oxide Resources*
Gold (million oz) Silver (million oz)* = Inferred resources; = 0.5g/t Au equivalent cut-off; ^ = 0.2g/t Au cut-off; # = 0.2% Cu cut-off;
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Jul.2008
Dec.2008
Dec.2009
Sept.2010#
May2011#
Dec.2011#
2012
C u
( B l b s
)
A u
( M o z
)
Porphyry Resources*
Gold (million oz) Copper (billion lbs)
U p d a
t e i m m
i n e n
t
U p
d a t e
i m m
i n e n
t
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Recent events28 June 2012 Learned an Indonesian group had acquired 80% of PT IMN(Intrepids 20% Indonesian JV partner)
24 July 2012 Activities at Tujuh Bukit suspended without warning- all personnel stood down31 July 2012
Placement of 5% of Intrepid capital to prominent Indonesianbusinessman, Surya Paloh(plus performance rights based on 12 month share price)3 August 2012
Formal notice delivered to PT IMN for non-performance under contract1 September 2012 Tony Wenas, Indonesian national and former Freeport and PT Incoexecutive appointed Executive General Manager, Indonesia
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Recent events (continued)
Why Surya Paloh?
A prominent political andbusiness figure in Indonesia
Significant commercial interests(media, real estate, oil & gas, catering)
Political leader well known locally and nationally
Priority to build an Indonesian mining partnership
Assisting engagement with key Indonesian stakeholdersInterests fully aligned with existing Intrepid shareholders
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The delivery score cardDiscovered & advanced Tumpangpitu Porphyry rapid resource growth four additional porphyry systems identified
Completed positive PEA on gold-silver oxide resourcesRaised significant financing to rapidly advance the project
Senior Indonesian national appointed to the Board of Directors
Senior Indonesian national appointed to manage/grow business
Established and strengthening community presence & support
Earned 80% economic interest in the projectInvestment to date of US$95 million
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116km2 project area
Tumpangpitu main Cu-Auporphyry system
Au-Ag oxidecap overliesTumpangpitu
Four other porphyry systemsidentified withinthe project area
Tujuh Bukit (80% interest)
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Oxide Project (100% basis)A substantial near-term stepping stone
Inferred Resourceof 130Mt at 0.55g/t Auand 18g/t Ag
2.4Mozs goldand 80Mozs silver
Preliminary Economic
Assessment completedApril 2011
Gold / Silver Price (US$/oz) Post-tax cash flowUS$M (undiscounted)
NPV (post-tax) (10%)(US$M)
IRR%
1,050 / 16.50 445 180 311,450 / 38.00 942 446 54
Rezoning and permitting (ongoing)
Complete InfillDrill Program(June 2012)
ResourceUpdate
imminent
PrefeasibilityStudy(2013)
BankableFeasibility Study
(2013)
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Oxide ProjectPreliminary Economic Assessment results
Life of Mine Production: 57Mt at 0.86g/t gold and 23g/t silver
Annual average gold
production:
143,000 ounces per year
Life of mine processing rate: 20,000 tonnes per day
Mining cost: US$5.76 / processed tonne(US$2.74 / tonne mined)
G&A cost: US$0.80 per processed tonneTotal operating cost: US$10.82 per processed tonne
US$376 per ounce gold(after silver credits)
Pre-production capital cost: US$204M (incl. working capital, VAT)Company Tax: 25%
Royalties: 3.75% on sale price
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Porphyry ProjectOne of the worlds largest undeveloped Cu-Au-Mo resource
Inferred resourcesof 1,700Mt at 0.46g/t Au,
0.41% Cu and 100ppm Mo25Moz gold,15 billion lbs copper and 170,000t molybdenum
Resource update in 2012Resource footprint ~3km2and growing / open at depth Golden Gate Bridge(2000 m)
ExplorationProgram
(2012)
ResourceUpdate
(Sept 2012)
ScopingStudy/PEA
(1st half 2013)
PrefeasibilityStudy
(1st half 2015)
NW View
Rezoning and permitting (ongoing)
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Tumpangpitu schematic section
Deserves
to be drilleddeeper
GOLD OXIDE(Zone A)
GOLD OXIDE(Zone C)
0m
-500m
1 7 4 0 0 0 m
E
Tujuh Bukit ProjectTumpangpitu Porphyry ProspectSchematic Cross Section 10980mN
(not all mineralisation illustrated)
0
m etres
200
1 7 3 5 0 0 m
E
Hydrothermal breccia
Sediments
Diatreme Breccia Coarse-grained Tonalite
Fine-grained Tonalite
High Sulphidation zone
Zone of higher grademineralisation
Quartz Diorite
Diorite
226m @
0.72g/t Au &0.44% Cu164m @
0.46g/t Au &0.45% Cu
492m @0.49g/t Au &
0.41% Cu
284m @0.1g/t Au &0.52% Cu
268m @0.47g/t Au &
0.8% Cu
605m @0.34g/t Au &
0.34% Cu
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500m
Golden Gate Bridge2000m
CN Tower
Tumpangpitu the dimensions
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Where does Tujuh Bukit rank?
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Where does Tujuh Bukit rank?
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Recent precedents:
Newmont Straits Resources (rezoning) Asia One (rezoning) Finders Resources
NW View
Permitting
TumpangpituLooking South-East
Protection forest:areas whose slopemay raise concernsabout soil erosionduring occasional
heavy rains.
IUP Production approved for 20 years valid to 25/1/2030, renewable
IUP Exploration approved for 4 years valid to 25/1/2014
Forestry land classificationsConservation no miningProtection underground mining only
Production open pit or undergroundReviewing reclassification vs. spatiallayout plan (Rezoning) approaches:
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The Indonesian Ministry of Energy and Mineral Resourceshas confirmed that the two IUPs held by PT IMN in respect
of the Tujuh Bukit project have been reviewed and are consideredclean and clear.
Intrepids 80% economic interest in the Tujuh Bukit IUPsis derived through contractual arrangements with PT IMN.
The Company is working to finalise a shareholders agreement toallow Intrepid to acquire an 80% direct equity interest in PT IMN.
Direct equity precedents incl. Robust Resources, Arc Resources,Sumatra Copper & Gold & Rio
Title and ownership status
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Robert McDonaldNon-Executive Director Mr McDonald has more than 35 years broad mining industryexperience. He is currently the Principal of the Minera GroupPty Ltd, a Non-executive Director of Sedgman Limited andalso a Non-executive Director of Kimberley Metals Limited.He was previously Managing Director of NM Rothschild &Sons (Australia) Limited and a Principal of ResourceFinance Corporation Limited, and prior to that held variousroles within the Rio Tinto Group.Mr McDonald is a Non-executive Director, and a member of both the Audit and Risk Committee and the Remunerationand Nomination Committee.
Alan RobertsNon-Executive Director Mr Roberts served as Managing Director of Indophil NL from 2003 until 2004, and prior to that was Chief Executive Officer of Lihir Gold Limited, from 1999 to 2002.Mr Roberts is currently a Director of Ok Tedi Mining Limitedand a member of the Investment Committee of TaurusInvestment Fund. He is a Fellow of the Australian Instituteof Mining and Metallurgy.Mr Roberts is a Non-executive Director and Chairman of theSafety and Social Responsibility Committee.
Adrianto MachribieNon-Executive Director Mr Machribie became a member of the ANJ Board of Commissioners in July 1996 and the PresidentCommissioner in September 2003. He wasCommissioner of PT Freeport Indonesia and also thekey Senior Advisor to the Office of the Chairman of theparent company of PT Freeport Indonesia, FreeportMcMoRan Copper & Gold. He is currently thePresident Director of PT Media Televisi Indonesia(Metro TV). He is also a member of many professionalorganizations including Board of Governor of INA(Indonesia Netherlands Association), Board of Trusteeof USINDO (United States-Indonesia), Member of TheCommissions Pacific Asia Group representingIndonesian Business, Advisor to the Board of IMA(Indonesia Mining Association), Chairman IndonesiaChamber and Industry Spain and PortugalCommittee (KADIN).Mr Machribie is a Non-executive Director.
Board of Directors
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Contact details
c o n
t a c
t i n f o r m a t
i o n
Australia
Intrepid Mines limitedLevel 1, WBM Building
490 Upper Edward StreetSpring Hill, Queensland 4004Australia
Ph: + 61 7 3007 8000
Fax: + 61 7 3007 8080Email: intrepid@intrepidmines.com
Contacts:Brad Gordon, CEO
Ph: +61 7 3007 8000Greg Taylor, Investor RelationsPh: +1 416 605 5120Colin G Jackson, ChairmanPh: +61 417 929 107
Indonesia
Intrepid Mines Representative OfficeSampoerna Strategic Square
South Tower, 25th
Floor Jl. Jend. Sudirman Kav. 45-46,Jakarta 12930
Ph: +62 21 29930840
Fax: +62 21 29930888
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Appendix technical information
t e c
h n
i c a l
i n f o r m a
t i o n
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Exploration to July 2012
452 holes - 145,219 metresdrilled
Future ProgrammeTumpangpitu deep drilling,infill and extension of resourceSalakan review & follow upCandrian follow up drillingKatak follow up drilling
27
Prospect Hole Width Copper GoldSalakan SAN-12-001 604 m 0.22% 0.08 g/tCandrian CND-11-002 138 m 0.21% 0.80 g/tCandrian CND-11-005 112 m 0.22% 0.32 g/t
Katak KTD-10-001 100 m 0.30% 0.45 g/t
Katak KTD-10-004 324 m 0.20% 0.31 g/t
Regional exploration a cluster of porphyries
t e c
h n
i c a l
i n f o r m a
t i o n
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Drilling deep holes:
remains open at depth
Tumpangpitu schematic section
0m
-500m
1 7 3 5 0 0 m
E
1 7 4 0 0 0 m
E
1 7 4 5 0 0 m
E
GOLD OXIDE(Zone C)
Tujuh Bukit ProjectTumpangpitu Porphyry Prospect
Schematic Cross Section10820mN
(not all mineralisation illustrated)
0
metres
200
Hydrothermal breccia
Sediments
Diatreme Breccia Coarse-grained Tonalite
Fine-grained Tonalite
High Sulphidation zone
Zone of higher grademineralisation
Quartz Diorite
Diorite
689m @0.84g/t Au &
1.0% Cu
120m @0.89g/t Au &
0.58% Cu296m @0.67g/t Au &
0.56% Cu
455m @0.39g/t Au &
0.34% Cu
676m @
1.0g/t Au &0.54% Cu
t e c
h n
i c a l
i n f o r m a
t i o n
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Tumpangpitu PorphyryCopper-Gold Resource
Resource remains open at depth
Recent intersections include:Hole GTD-11-248 689 metresat 1.00% copper, 0.85g/t goldand 143ppm molybdenum
Hole GTD-11-201 676 metresat 0.54% copper, 1.0g/t goldand 85ppm molybdenumHole GTD-11-208 599 metres
at 0.7% copper and 0.52g/t goldexpands resource potential tothe east
Au
Cu
t e c
h n
i c a l
i n f o r m a
t i o n
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Tumpangpitu PorphyryCopper-Gold Resource
Zone AZone B
Zone C
Porphyry
Au(COG - 0.2g/t)
Cu(COG - 0.2%)
Ag(COG - 2.0g/t)
Mo(COG - 40ppm)
5 0 0 m
Z
XY
t e c
h n
i c a l
i n f o r m a
t i o n
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Drilling deep holes:remains open at depth
Tumpangpitu schematic section
t e c
h n
i c a l
i n f o r m a
t i o n
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t e c
h n
i c a l
i n f o r m a
t i o n
Additional
porphyrysystems
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Oxide Projectactivities and milestones
Completing infill drill program(June 2012)
Resource Update(2012)
Prefeasibility Study
(2013)Bankable Feasibility Study(2013)
Rezoning & permitting(Ongoing)
t e c
h n
i c a l
i n f o r m a
t i o n
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