TSX:IRC NYSE Alternext: ROY

Maintaining Profitability through Turbulent Markets

2

3

4

1,2

51. Net of $8.6 million Labrador mineral royalty tax 2. Through 9/30/08

6

7

8

9See appendix for references and assumptions.

Royalty

Voisey’s Bay

Western Australia

Belahouro

Pascua-Lama

Pinson

Horizon Coal

BC Coal

Williams

Estimated Remaining Mine

Life (Yrs)

Initial IRC Investment

(US$MM)

Total Payments Thru 12/31/07

(US$MM)

Current or Full-Year Royalty Payment

(US$MM)2

Forward Returnon Investment1

27

8

7

20

10

30

21

4

$149.4

$10.2

$0.8

$56.5

$4.1

$1.5

$1.0

$2.2

$53.4

$2.6

$0

$0

$0

$0

$0

$1.7

$22.4

$6.1

$2.7

$16.9

$4.2

$0.94

$0.4

$0.32

Fedorova 18 $0.03 $0 $6.15

23%

80%

151%

18%

63%

30%

56%

52%

96%

10See appendix for references and assumptions.

IRC Investment(US$ MM)

Estimated CashCosts (US $/unit) Unit Unit Price

12/22/08

149.4

56.5

42.2

19.8

12.5

Less than $0.00

$40.00-$50.00

$0.68

$0.27

$4.08

Pound Ni

Troy oz Au

Pound Cu

Pound Zn

Pound Ni

$4.45

$845.00

$1.30

$0.52

$4.45

Voisey’s Bay

Pascua-Lama

Las Cruces

Wolverine

Avebury

11

12

ETF/

Bullion IRC Company Company

Upside Potential

Discovery Potential

Production

Expansion Potential

Acquisition Potential

Metal Price Appreciation

Downside

Mine Capital and Operation Costs

Mining Exploration

13

North America / Latin America~65 Royalties

Australia~13 Royalties

Europe / Africa~7 Royalties

14

Text

$12.0

$32.6

$10.6

Net Revenues Operating Expenses

$45

$40

$35

$30

$25

$20

$15

$10

$5

2004 2005 2006 2007$0

IRC Scalability

US

$MM

Per

Yea

r

Profit Margin

15See appendix for references.

Berg

Westmoreland

Pinson

Fedorova

Pascua

Horizon

Wolverine

Belahouro

Las Cruces

Gwalia Deeps

BC Coal

Voisey’s Bay

Project

17

11

10

18

23

30

15

9

7

15

9

21

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Mine Life 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Commissioning date not yet announced

Commissioning date not yet announced

Commissioning date not yet announced

Commodity

Coal

Cu

Au

Au

Legacy 20Industrial Sand

Coal

Ag, Au

Ni

Au, Cu

Pt, Pd

Au

Cu, Mo, Ag

High Lake 12Zn, Pb, Ag, Au, Cu

Ni, Cu, Co

U

Bell Creek

Schaft Creek Cu, Mo, Au, Ag 30+ Commissioning date not yet announced

16Revenue totals shown are net of Labrador s mineral royalty tax on the Voisey s Bay royalty. For purposes of illustration. See appendix for references and assumptions. See Forward Looking Statements on p. 2-3.

17For purposes of illustration, assumes US$850/oz gold and US$11.75/oz silver for 2008 forward. See appendix for references and further assumptions.

181. Bloomberg.com, Philippine Nickel Ore Shipments to China Plunge 96% in July, 8/19/08

19See appendix for references.

Operator LocationPlannedCAPEX

(MM)Commodities

ExpectedStarting

Date

Inmet

Private

Wega Mining

Junduicheng

Copper Fox

Barrick Gold

Spain

United States

Burkina Faso

Canada

Canada

Chile

N/A

$95

€463

C$208

$2,300-2,400

Cu, Ag

Sand

Au

Ag, Au

Cu, Mo, Ag, Au

Au, Cu

2009

2009

2009

2011

2011

2012

Royalty

Las Cruces

Legacy

Belahouro

Wolverine

Schaft Creek

Pascua

C$27

Barrick Gold Russia $560 2012 PGMFedorova

20See appendix for references.

Royalty

Aviat

Mara Rosa

Berg

Qimmiq

Operator Location Commodities Comments

StornowayDiamonds

AmarilloGold

TerraneMinerals

CommanderResources

Canada

Brazil

Canada

Canada

Diamonds

Au

Cu, Mo, Ag

Au

Announced estimated 24-40 million carats of diamonds in

recent conceptual study

Scoping study underway

M&I Resources of 372 MM t @0.31% Cu, 0.04% Mo. 2.1 g/t Ag

Multiple high-grade gold prospectshave been discovered

Pinson

Westmoreland

BarrickGold

LaramideResources

UnitedStates

Australia

Au

U

Barrick must spend US$30 millionby April 2009

Recent GRD Minproc scoping studyshows 3MM lbs/yr U3O8 for 11-15

years @ $20/lb avg production cost

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Nickel

Copper

Gold

Cobalt

Change inCommodity Price

Change inEBITDA

10%

10%

10%

10%

$1,816,000

$625,000

$596,000

$62,000

See appendix for assumptions.

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23

24

25

26

As of 12/31/08.

BASIC SHARES OUTSTANDING: 78,480,356

Stock Options

Number Outstanding

Average Remaining Contractual Life

Number Exercisable

Exercise Price (Weighted Average)

6,195,500 4,837,833 CA$4.242.17 Years

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1.IRC s NI 43-101 report on the Voisey s Bay project contains the last publicly reported production schedule for the project. Anticipated revenues are derived from information in this report, internal company calculations and actual production numbers for 2006 and 2007.2 Pre-income tax basis

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1. St Barbara Ltd Proven and Probable Reserves Statement as of June 30, 2008, Saracen Mineral Holdings Ltd Annual Report 2007, p. 10, Saracen Mineral Holdings Ltd, Decision to Commence Gold Production Operations, Sept 29, 2008, www.mercatorgold.com, Oct 3, 20082. See appendix for assumptions3. Estimates and projections are based on publicly available information of operator, 2007-2010 average revenue per year.

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1. Anticipated revenues based on publicly available information of operator.2. Projected mine life based on operator’s public disclosure.3. Average of the first 5 years of production.

301. St Barbara Ltd Company Update, 9/17/082 Pre-income tax basis

31www.inmetmining.com

322007-2008 based upon the operator’s published estimates of gold produced and the applied royalty rate. Goldbelt Resources press releases dated 2/5/07,11/27/06 and 11/1/06. Wega Mining presentation 11/02/07.

Citigroup "Nickel" report dated 9-29-08 showing nickel mine supply curve, p. 14Business News Americas, "Barrick aims for Pascua Lama construction start in September", 5-7-08Inmet Mining presentation to Credit Suisse Global Steel & Mining Conference 9-25-08; estimated life-of-mine cash costWardrop Engineering 43-101 report 10-22-07; estimated cash cost after by-product credits"OZ Minerals closes Avebury nickel mine", money.ninemsn.com.au 12-19-08

Avebury: Allegiance Mining NL press release 2/6/08, www.allegiance-mining.com.auLas Cruces: http://www.inmetmining.com/Theme/Inmet/files/pdf/2008_Q1_Las%20Cruces%20Section.pdfPascua: Based on 80% of stated production levels, 2011 assumes 1/2 yearSouthern Cross, Williams: Estimated based on current and past production levelsGoldbelt Resources Ltd. Press release 10/4/07Gwalia Deeps: St Barbara Ltd. Press release 2/7/07Mercator Gold PLC news release 8/9/07

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Pinson: Assumes 100,000 Oz Au production per year.

B.C. Coal: assumes the litigation is favorably resolved.

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Inmet Mining Corporation AIF, March 10, 2008"A New Nickel Province for China" presentation by Allegiance Minning, November 2007Confidential information, 12/2007Wega Mining Presentation, May 9, 2008St Barbara Mines Ltd Presentation, BMO Capital Markets, 2/27/08www.barrick.com/globaloperations/southamerica/pascualamaproject/default.aspx <http://www.barrick.com/globaloperations/southamerica/pascualamaproject/default.aspx> Copper Fox Metals Inc, 1/14/08Fedorova Tundra Pt, Pd, Au, Ni, Cu deposit, restated by Barrick Gold Corp. 11/07

Atna Resources Ltd Press Release, 4/23/08Laramide Resources Ltd Press Release, 6/25/08www.stornowaydiamonds.com/advanced/aviat <http://www.stornowaydiamonds.com/advanced/aviat> Amarillo Gold Corp Press Release, 2/29/08Terrane Metals Corp News Release, 4/29/08Commander Resources Ltd News Release, 11/23/08, 10/02/07

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