1

CREATING VALUE IN ECUADOR

December 7-9, 2016

Forward‐Looking StatementsThis presentation contains certain forward‐looking statements. Forward looking statements involve known and unknown risks, uncertainties and otherfactors which may cause the actual results, performance or achievement of INV Metals Inc. (“INV Metals”) to be materially different from any futureresults, performance or achievements expressed or implied by such forward‐looking statements. Such factors include, among others, risks related to theactual results of exploration activities, conclusions of economic evaluations and the assumptions on which such economic evaluations are based, theindustry‐wide risks and Loma Larga Project‐specific risks which are identified in the technical report (the “Technical Report”) that summarizes thePreliminary Feasibility Study (the “PFS”) available on SEDAR, risks associated with mining and mineral exploration activities, uncertainty in theestimation of Mineral Resources and Mineral Reserves, including, without limitation, the assumptions on which such estimates are based, changes inLoma Larga Project parameters as plans continue to be refined, uncertainty surrounding metallurgical test results, future prices of metals, economic andpolitical stability in Ecuador and Canada, the results of discussions with the Ecuador government, the risk of future unfavourable tax law or regulationchanges in Ecuador, environmental risks and hazards, increased infrastructure and/or operating costs, availability of future financing, labour andemployment matters, and government regulation. There is no guarantee that any drill targets or economic mineral deposits will be found on INV Metals’properties. For a more detailed discussion of such risks and other factors, refer to INV Metals’ annual information form (the “AIF”) and other regulatoryfilings filed with Canadian securities regulators available on SEDAR. Except as required by law, INV Metals does not assume any obligation to releasepublicly any revisions to forward‐looking statements contained in this presentation to reflect events or circumstances after the date hereof or to reflectthe occurrence of unanticipated events.

Qualified Persons and NI 43‐101 DisclosureMs. Shastri Ramnath, a Licensed Professional Geologist with the Association of Professional Geoscientists of Ontario and consultant to INV Metals, is a"Qualified Person" by virtue of education and relevant experience, as such term is defined in NI 43‐101, and has reviewed and approved the scientific andtechnical information related to Loma Larga included in this presentation on slides 14‐17. The remaining scientific and technical information contained inthis presentation has been reviewed and approved by Dawson Proudfoot, P.Eng., Project Manager, INV Metals Inc. and a Qualified Person under NI 43‐101. By virtue of his education and relevant experience,Mr. Proudfoot is a "Qualified Person" for the purpose of NI 43‐101.

For readers to fully understand the information in this presentation, they should review the Technical Report in its entirety, including all of thequalifications, assumptions and exclusions that relate to the information set out in the Technical Report, which qualify the technical informationcontained in the Technical Report. The Technical Report is intended to be read as a whole, and sections should not be reviewed or relied upon out ofcontext. The Technical Report also describes the Mineral Resource and Mineral Reserve estimation methodologies and the assumptions used, and towhich those estimates are subject. As noted above, the AIF includes details of certain risk factors that could materially affect the potential developmentof the Mineral Resources andMineral Reserves and should be considered carefully.

Non‐IFRS Performance Measures“Adjusted Operating Costs”, “All‐in Sustaining Costs”, and “Total Operating Costs per Tonne” are non‐International Financial ReportingStandards (“IFRS”) Performance Measures. These performance measures are included because these statistics are key performance measures thatmanagement uses to monitor performance. Management uses these statistics to assess how the Loma Larga Project ranks against its peer projects andto assess the overall effectiveness and efficiency of the contemplated mining operations. These performance measures do not have a meaning withinIFRS and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. These performance measuresshould not be considered in isolation as a substitute formeasures of performance in accordancewith IFRS.

CurrencyAll references to currencies herein, unless otherwise noted, are to U.S. dollars.

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INV METALS – INVESTMENT HIGHLIGHTS

Loma Larga:  High Return, Low Cost, Straight Forward Gold Project• After tax IRR of 26% @ US$1,250 gold• All in sustaining cost, AISC of US$590/oz• Initial capex of only US$286 million

Significant production profile at 150,000 oz p.a. over 12 years ( 1.86 Moz reserve at ~5 gpt)

Greatly improved environment for mining in EcuadorProven management and technical teamVery Attractive valuation: INV Metals is trading at 

only 0.12x its US$300 M project NAV (5%) and at only US$15/oz of resources

4

INV UNDERVALUED VS. DEVELOPER PEERS

Source: Public Company filings, INV MetalsNotes:1. FS: Feasibility, PF: Pre‐Feasibility, PEA: Preliminary Economic Assessment2. All NPV figures in US Dollars with the exception of AMI, SBB and VIT, which are denoted in Canadian Dollars

0.12  0.15 0.21 

0.34 

0.45  0.47  0.48  0.51  0.51 

0.70 

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

0.80

INV Metals Midas GoldQuest Belo Sun Sabina Victoria Dalradian Aurico Continental Lundin Gold

P/NAV vs. Developer Peers

INV MAX GQC BSX SBB VIT DNA AMI CNL LUGStage1 PF PF PF FS FS FS PEA FS FS FSLOM Production (000 ozs)         1,681         4,006            656         3,527         2,319          1,884         2,913         2,342         3,492         4,418 AVG Annual Production (000 ozs)            150            337              90            205            198             200            162            195            253            340 Cash Cost ($/oz)  $        510  $        568  $        669  $        618  $        534   $        561  $        485  $        639  $        411  $        553 Gold Price  $     1,250  $     1,350  $     1,300  $     1,200  $     1,150   $     1,250  $     1,200  $     1,250  $     1,200  $     1,250 After‐tax IRR (%) 26% 19% 28% 26% 24% 30% 36% 13% 31% 16%Payback (yrs)             2.7             3.4             2.5             3.9             2.9              2.8             2.6             3.9             2.3             4.5 Market Cap ($M)  $          49  $        168  $          57  $        307  $        216   $        241  $        325  $        147  $        598  $        637 After‐tax NPV @ 5% ($US M)2  $        301  $        832  $        203  $        665  $        480   $        509  $        504  $        289  $        860  $        676 P/NAV           0.12           0.15           0.21           0.34           0.45            0.47           0.48           0.51           0.51           0.70 

ECUADOR – STRATEGIC PROJECTS

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Ecuador Good infrastructure: Recent 

significant investment in roads, airports, ports

Currently investing in 10 hydroelectric projects

• Capacity of 8,300 MW projected for 2016

• Hydro exports anticipated by 2020US$ Currency

Project Loma Larga designated one of 5 

strategic mining projects by Ministry of Mines

Nearest city is Cuenca: 300,000 people, 40 km away

Closest community is 10 km away Expect workers to be bused to site, no 

permanent camp required

Strategic Projects

Loma Larga Project Site

ECUADOR – STRATEGIC PROJECTS

Machala

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LOMA LARGA – HIGH GRADE RESERVE

1. Mineral Resources are reported at an NSR cut‐off value of US$60/t.

2. Mineral Resources are estimated using a long‐term gold price of $1,500 per ounce, silver price of $25 per ounce, and copper price of $3.50 per pound.

3. Mineral Resources are inclusive of Mineral Reserves.

ReservesTonnage 

(Mt)

Contained Gold(M oz)

Au Grade(gpt)

Contained Silver(M oz)

AgGrade(gpt)

ContainedCopper(M lb)

CuGrade(%)

Total Probable 11.6 1.86 4.98 10.5 28.0 73.6 0.29

ResourceClassification Zone

Tonnage (Mt)

ContainedGold

(M oz)

Au Grade(gpt)

Contained Silver(M oz)

AgGrade(gpt)

ContainedCopper(M lb)

CuGrade(%)

Indicated HighGrade Main 10.4 2.06 6.14 11.6 34.6 87.7 0.35

Low Grade Main 7.4 0.48 2.02 4.7 19.4 22.3 0.14

Total 17.9 2.55 4.42 16.3 28.3 104.0 0.26

Inferred 7.3 0.54 2.29 5.7 0.13 21.0 0.13

1. Mineral Reserves are reported within mine designs carried out using a cut‐off grade of 2 g/t Au.  Incremental ore consists of development that meets an incremental cut‐off grade of 1 g/t Au.2. Mineral Reserves are estimated using a long‐term gold price of US$1,250 per ounce, silver price of US$20 per ounce, and copper price of US$3.00 per pound.

2016 Loma Larga Grade Shell Wireframes

ECUADOR – STRONG COMMITMENT TO MINING

Creation of Ministry of Mines in 2015 with strong commitment to advance the mining sector within Ecuador 

Positive changes in Mining Laws and Regulations:• Ability to recover initial capital investment prior to application of windfall tax• Windfall tax calculation based on 10 year average trailing gold price plus one 

standard deviation, allowing for CPI inflation adjustments • Recoverability of VAT beginning in 2018, after export sales commence

Lundin Gold successfully moving forward on pathway to production

Several Recent financings for Ecuador focused companies in 2016

President Correa on responsible mining:“Ecuadorian President Rafael Correa argued that a large part of Ecuador’s future lies in developing responsible mining, minimizing the environmental impact while achieving the well‐being of Ecuadorians, especially the inhabitants of the areas neighboring mining projects.”Source:  Pulbimetro Ecuador, Diciembre 23, 2015

7

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LOMA LARGA – SIMPLE MINE PLANFlat lying, thick, shallow orebody allows for simple mine plan Continuous orebody allows for efficient and concentrated mining Ramp access directly into orebody – no shaft Long hole stoping mining planned for 75% of orebody          

(15x15x30 m stopes) at 3,000 tpd

Plan View

Main Access Ramp1,100m @ 15%

B’

B

A’

A

NS

W ECross Section (A –A’)Looking North

125m

125m

Long Section (B – B’)Looking West

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ENVIRONMENTALLY FRIENDLY PROJECT DESIGN

INV‐TSX

“GREEN” mine  Mine plan mitigates environmental impact and 

minimizes footprint  Dry stack tailings (about 1 M rain p.a.) ~50% of tailings returned to mine as paste fill Simple flotation on site produces two concentrates  No cyanide used on site

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PRODUCTION OF TWO CONCENTRATES INV Metals will produce a Pyrite Gold Concentrate and a Copper Concentrate Concentrates will be trucked to the port  Indicative Smelter terms have been provided for the concentrates

Pyrite/Gold Concentrate Details

Commodity Grade Payability

Gold 111 gpt 80%

Copper 30% 96.5%

Silver 1,577 gpt 75%

Sulphur 40% ‐

Arsenic 11% ‐

Copper Concentrate Details

Commodity Grade Payability

Gold 37 gpt 93%

Copper 0.43% 0%

Silver 142 gpt 93%

Sulphur 50% ‐

Arsenic <0.2% ‐

Tonnes produced annually 108,300

Percent of Total Concentrate 93%

Percent of Total Gold 83%

Percent of Total Revenue 75%

Tonnes produced annually 8,500

Percent of Total Concentrate 7%

Percent of Total Gold 17%

Percent of Total Revenue 25%

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RECENT LOMA LARGA SITE PICTURESRig 1: Combined Hydrometallurgical/Geotechnical Hole

Looking North East

Loma Larga orebody projected to surface

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RECENT LOMA LARGA SITE PICTURES

13

HIGHLIGHTS OF 2016 PFSLoma Larga is a straight forward and robust gold project3,000 tpd project produces 150,000 oz p.a. over 12 year lifeLow cost operation

• Initial capex of US$286 million• Adjusted operating costs of US$510/oz sold• All‐in sustaining cost of US$590/oz sold• All‐in costs of US$778/oz sold

High after‐tax return at US$1,250/oz gold• NAV@5% of US$300 million• IRR of 26.3%• Payback of 2.7 years

Project remains robust at lower gold prices with an after‐tax IRR of 18.5% at US$1,050/oz gold

PROJECT MILESTONE TIMELINE

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Geotechnical, hydrogeological and metallurgical programs are currently underway Feasibility Study excepted to commence early 2017, RFPs to be requested Q4/2016 Community engagement on‐going Targeting gold production end of 2020

2016Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Community Engagement and Consultation

Geotechnical and Hydrogeological Programs

Metallurgical Test Work

Environmental Studies

Feasibility Study

Project Financing

Exploitation Agreement Negotiation and Permitting

Detailed Engineering and Construction

Gold Production

2020Project Milestone

2017 2018 2019

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EXPLORATION UPSIDEPotential for upside at 3 main target types Targets to increase current resource

• Loma Larga remains open to expansion • Follow up required on good drill results near the resource

Proximal Targets• Loma Larga has large land position with several target types• Potential for both high and low sulphidation targets• Potential deeper targets: feeder zones, porphyry

Regional Targets• Ecuador is relatively underexplored with great potential• Participating in Swiss Auction to acquire additional concessions

Underground confirmation project currently being planned Ramp would be developed sooner in project timeline to provide access 

to ore body for geological, metallurgical and mine planning and training purposes

RESOURCE EXPANSION OPPORTUNITIES

16

Deposit remains open to the north

INV Metals’ 2013 drill program returned positive results to be followed up

Depth Potential

Potential Feeder zone

Open to North

17

EXPLORATION TARGETS Numerous additional 

targets on the Loma Larga concessions are very prospective and require more exploration work

~8,000 hectare land package

When Loma Larga was discovered, exploration focused and targeted on the deposit 

INV Metals will apply the understanding gained through the discovery of Loma Larga, to look for additional orebodies on property

ECUADOR EXPLORATION OPPORTUNITIES

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Ecuador is underexplored relative to other South American countries with similar geology

Geology continues from Colombia to Chile along Western Cordillera/Andes Mountains 

INV Metals has submitted bids on 3 exploration concessions in Ecuador through a swiss auction process

COMMUNITY, SOCIAL AND ENVIRONMENTAL RESPONSIBILITY

Focus on sustainable projects with primarily woman and children

Focus on sustainable and educational projects with agriculture, animal husbandry, water

Extensive knowledge of indigenous plants and climate

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EXPERIENCED LEADERSHIP

20

MANAGEMENTCandace MacGibbon – CEO and Director• Over 20 years experience in the mining sector • CPA, CA and former global mining institutional salesperson with RBC CM and base metals 

mining associate with BMO CM

Kevin Canario – CFO• CPA, CA with experience in the mining industry

• Former senior associate with PricewaterhouseCoopers LLP providing audit services to mining and manufacturing clients

Dawson Proudfoot – Project Manager• Over 30 years of experience in the mining industry• Professional Engineer currently on secondment from Torex Gold where he holds the position 

of VP Engineering

Doug Flegg – Strategic Advisor Capital Markets• Over 30 years mining and mining finance experience• CFA, B.Sc. Geology, Past 10 years as Managing Director Global Mining Sales with BMO 

Capital Markets

EXPERIENCED BOARD

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BOARD OF DIRECTORS Terrance MacGibbon – Chairman• P. Geo. with over 45 years of experience in the mining business• Founder and Executive Chairman of TMAC Resources, developing the Hope Bay Gold Belt in 

Nunavut, Canada• Founder, Chairman and CEO of FNX Mining, a TSX‐listed company that transformed from a 

$5M market cap junior exploration company into a mid‐tier diversified Canadian base and precious metals producer with over 2,000 employees and a market cap of over $3B

• Co‐founder and Chairman of Torex Gold Resources, a Canadian mining company that recently developed the Morales gold project in Mexico

James Clucas• Founder of INV Metals and Executive Chairman and Director of Search Minerals Inc.; former 

CFO of Inco’s Canadian operations

EXPERIENCED BOARD

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BOARD OF DIRECTORS (continued)Parviz Farsangi• President of PF Mining and Metals, a consulting company• Former President, CEO and Director of Scorpio Mining Corp.• Former Exec. Vice President and COO of Vale Inco from 2007 to 2009

Eric Klein• Executive Vice President, Corporate Development, Dundee Corporation• CA and CBV with over 25 years of experience in corporate finance and valuation, corporate 

management and professional accounting

Robert Pollock • CEO and Director of Primary Capital Inc. and Director of Merus Labs International Inc., a 

specialty pharmaceutical company • Former CEO and Director of Primary Corp., merchant bank• Former SVP of Quest Capital Corp. and VP, Investment Banking at Dundee Securities

CORPORATE STRUCTURE

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Share Ownership

6 Month Share Performance

INV‐TSX

As of December 5, 2016

Treasury ($CAD): ~$10.1 millionMarket Capitalization ($CAD): ~$48.7 million 

IAMGOLD 35.7%

TECK 6.1%

INSIDERS 10.2%

OTHER 48.0%

COMMONSHARES64.87 M

FULLY DILUTED70.08 M

COMMONSHARES64.87 M

FULLY DILUTED70.08 M

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INV METALS – CONCLUSIONS

Loma Larga: A High Return, Low Cost, Straight Forward Project• After tax IRR of 26% @ US$1,250 gold• All in sustaining cost AISC of US$590/oz• Initial capex of only US$286 million

Significant production profile at 150,000 oz p.a. over 12 years ( 1.86 Moz reserve at ~5 gpt)

Greatly improved environment for mining in EcuadorProven management and technical teamVery Attractive valuation: INV Metals is trading at 

only 0.12x its US$300 M project NAV (5%) and at only US$15/oz of resources

25 INV‐TSX

ADDITIONAL INFORMATION

HISTORY OF LOMA LARGA

26

2004 Discovered by IAMGOLD

2008 IAMGOLD completed PFS, evaluated open pit and underground options

2008‐2012 Mining law uncertainty

2012 INV Metals completed acquisition from IAMGOLD in November (retain 35.9%) 

2013 Performed evaluation of deposit, 12 hole drill program (3,685 m), metallurgical test work

2014‐15 Completed medium‐scale PFS at 1,000 tpd 

2015 Completed optimization study on mine plan at large‐scale 3,000 tpd

2004‐2016 INV Metals/IAMGOLD developed and maintain strong local social, educational and environmental programs

Focused on community engagement with two local drop‐in offices and a “door to door” campaign

INV METALS AND THE LOMA LARGA PROJECT HAVE STRONG SUPPORT FROM THE PRESIDENT, THE GOVERNMENT, THE 

MINES MINISTRY AND LOCAL COMMUNITIES

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PFS DETAILS New PFS provides 

robust economics under large‐scale mining category 

Substantially improved economics from previous 2015 PFS  under the medium‐scale category (1,000 tpd) 

Metal Prices of $1,250/oz Au, $20/oz Ag, $3/lb Cu

Increased production rate results in significantly lower operating costs per tonne

Mine Life ~12 yearsNameplate Capacity 3,000 tpdAnnual Gold Production 150,000 ozGold Grade 4.98 g/t Gold Production 1.68 million ozGold Recovery 90%Silver Grade 28.00 g/tSilver Production 9.83 million ozSilver Recovery 94%Au Equivalent Payable Ag 129,000 ozCopperGrade 0.29%Copper Production 71.30 million lbsCopper Recovery 97%Au Equivalent Payable Cu 119,000 oz

Capital Costs (M$)Direct Costs $153.4Indirect Costs 88.3Contingency 44.2Initial Capital $285.9Sustaining 90.0Reclamation and Closure 4.2Total $380.1Costs $/tonneMining $36.30Processing and Treatment 44.23G&A 7.27Total Operating Costs $87.80

Operating Cash costs $510/oz soldAll‐in Sustaining Costs* $590/oz sold  All‐In Costs* $778/oz sold

* Non‐IFRS measures. See Non‐IFRS Performance Measures on slide 2.

PROPOSED SITE PLAN

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POTENTIAL TARGET TYPES AT LOMA LARGA

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LOMA LARGA REGIONAL EXPLORATION

Discovery Hole

Regional Drill Results

Deposit open along strike and potential for additional lenses at depth

Follow‐up program warranted on significant drilling results obtained from INV Metals and IAMGOLD

Multiple gold mineralized intersections have been identified outside the resource

Silver‐rich zone to the south

Regional Grab Sample Results

Anomalous gold grab samples

High value silver grab samples

INCREASED MARKET ACTIVITY IN ECUADOR The market has witnessed increased investment activity for 

mining projects in Ecuador• Lundin Gold’s equity financing raising gross proceeds of ~C$95M for the 

continued advancement of the Fruta Del Norte project• SolGold’s equity financings raising gross proceeds of ~US$55M, including 

investments by Newcrest Mining and Guyana Goldfields• Unsolicited proposal by BHP Billiton to SolGold for a US$30M equity 

investment and US$275M earn‐in for 70% of the Cascabel project

The increased activity is a result of:• Improving political environmentwith increasing support for the mining 

industry• Underexplored and prospective country, potential for world class 

deposits• Scarcity of attractive development projects globally

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STRONG EQUITY PERFORMANCE

Ecuador Mining Index includes: Cornerstone Capital Resources, Ecuador Gold and Silver, INV Metals, Lundin Gold, Odin, Salazar, SolGold and ToachiSource: Bloomberg

Mining companies in Ecuador have shown strong share price performance

32

($0.2)

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

$1.6

$1.8

$2.0

(50%)

0%

50%

100%

150%

200%

250%

300%

350%

400%

450%

500%

1‐Jan‐16 1‐Feb‐16 1‐Mar‐16 1‐Apr‐16 1‐May‐16 1‐Jun‐16 1‐Jul‐16 1‐Aug‐16 1‐Sep‐16 1‐Oct‐16 1‐Nov‐16

Combined M

arket Capitalization (C$B)R

elative Sh

are Price Perform

ance (%

)

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