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Building A New Royalty Company

April 6th, 2005

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Forward-Looking Statements• Forward-looking statements are subject to a variety of risks, uncertainties and other factors that

could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitations: fluctuation in precious metal prices, currency exchange rates and equity markets; uncertainties involved in interpreting drilling results and other tests; possible variations in ore grade and recovery rates; risks of delays, accidents, equipment breakdowns, labour disputes or other difficulties with or interruptions in production or arsenic treatment; the possibility of unanticipated costs or expenses related to mining, processing, mine closures; the risk that adequate financing will not be available in a timely manner, or favourable terms or at all; uncertainties associated with the need for government approvals or cooperation of governmental agencies and other risks.

• Forward-looking statements are based on the beliefs, estimates and opinions of management at the date the statements are made. IRC does not undertake to update forward-looking statements if management’s beliefs, estimates or opinions or other circumstances should change.

• Resource Estimates - All “resource” estimates included in this presentation were prepared in accordance with the National Instrument 43-101 of the Canadian Securities Administrators and the Canadian Institute of Mining and Metallurgy Classification System. These standards differ significantly from the requirements of the Securities and Exchange Commission. In particular, “resources” are not the equivalent of “reserves” and the Securities and Exchange Commission does not normally permit the use of the term “resources” or of resource estimates in documents filed with the Securities and Exchange Commission. Accordingly, information included in the presentation may not be comparable to information disclosed by United States mining companies.

• IRC does not operate or explore but relies on others. Because it is not the operator, it must rely on decisions made by others, decisions on which it has no influence.

• See Preliminary Prospectus for additional details. • See also Qualified Persons report prepared by William J Crowl of Gustavson Associates LLC

(“Gustavson”) and the disclosure on p. 17 of the Preliminary Prospectus regarding the Independent Consultant’s Report.

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“The best business is a royalty on the growth of others - requiring little capital itself.1”

Warren BuffettChairman-Berkshire Hathaway Inc.

1 Berkshire Hathaway 1978 annual report

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Investment Highlights• 2.70% NSR on the Voisey’s Bay mine forms cornerstone

- One of the world’s largest mineral royalties- Open pit / underground nickel, copper, cobalt mine- Long life, low-cost producer- Exposure to Canada’s premier new nickel mine- Acquisition subject to meeting ordinary closing conditions

• Over 60 other royalties- Exposure to multiple commodities, geography, project status- Energy component with coal and oil royalties- Diamond royalties on 20+ million acres- Majority located in North America: politically stable regions

• >2,000 other royalties identified and to be investigated

• Growth through deal making / royalty creation

• High margin business: high return on capital

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Risk Factors NSR Working InterestCapital Costs No YesMining Costs No YesProcessing Costs No YesMine Site G&A Costs No YesEnvironmental Liabilities No YesLabor Costs No YesSmelting & Refining Costs Yes YesTransportation Costs Yes Yes

NSR Royalties Are Not Working Interests

NSR = Gross Revenues – Smelting, Refining, Transport costsRoyalties pay even if the operator is losing money on the mine Principal royalty risk is the mine closing

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High Margin Opportunity•IRC expects very high EBITDA margins and compares favorably with other royalty companies*

•IRC’s expected EBITDA margins are significantly higher than operating mining companies**

*IRC and Silver Wheaton figures based on Haywood estimates for 2006, Royal Gold figures based on 2004 Annual Report IRC’s 2007 EBITDA margin is 90.5%. IRC estimate based on US$6.00/lb Ni price.

**Figures based on financials for the year ended December 31, 2003

Haywood prepared slide.

EBITDA Margin94.6%

87.6%

72.7%60.5%

49.2% 46.7%35.2%

17.6% 16.7%

0%

20%

40%

60%

80%

100%

SilverWheaton

IRC RoyalGold

Goldcorp WheatonRiver

Lionore Glamis Teck Noranda

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Voisey’s Bay Project

Reference: Inco website

Reference: A. Chislett, October 2004

Reference: Inco website

Reference: A. Chislett, October 2004

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Voisey’s Bay StatisticsOperator: Inco LimitedCapital Committed: CAD$2.33 billion (30 years)

~CAD$900 million (Phase I)Mining Method: Open pit / undergroundProduction: 110 MM lbs Ni / Yr

85 MM lbs Cu / Yr5 MM lbs Co / Yr

Cash Costs: US$0.93/ lb NiMine Life: Long LifeCost Curve: Lowest 10%1

Royalty Start-up: Early 20061 www.minecost.com

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1 B Lbs

Yakabindie

Leinster

Raglan

Tati

Source: IRC – based on publicly disclosed information

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Voisey’s Bay 2.70% NSR Economics2006 2007 2008 2009 2010

Concentrates ‘000 t 1,612 1,944 2,016 2,131 2,190Gross Revenues US$ MM $659 $872 $738 $724 $723Smelting, Trans., Refining US$ MM $ 98 $129 $129 $127 $126Net Smelter Return: US$ MM $561 $743 $608 $598 $5962.70% NSR: US$ MM $15.1 $20.1 $16.4 $16.1 $16.1Labrador Tax: US$ MM $ 3.0 $ 4.0 $ 3.3 $ 3.2 $ 3.2Net Revenue: US$ MM $12.1 $16.0 $13.1 $12.9 $12.9

CAD$ MM $16.1 $21.4 $17.5 $17.2 $17.2

Based on IRC’s Qualifying Report: 0.7500 CAD$:US$ Exchange rate: US$5.00 / lb Ni in 2006-2007, 2008 forward: $4.00 / lb NiFirst Quarter 2006 first royalty received

Voisey’s Bay Net Revenue - Sensitivities to Exchange Rates and Nickel prices2006 Ni Price (US$/lb) 2007 Ni Price (US$/lb)

(US$/C$) $4.00 $5.00 $6.00 $7.00 (US$/C$) $4.00 $5.00 $6.00 $7.00Revenues (C$M) Revenues (C$M)

0.75 $13.19 $16.14 $19.10 $22.05 0.75 $17.47 $21.40 $25.32 $29.240.80 $12.36 $15.13 $17.90 $20.67 0.80 $16.38 $20.06 $23.74 $27.420.85 $11.64 $14.24 $16.85 $19.45 0.85 $15.42 $18.88 $22.34 $25.800.90 $10.99 $13.45 $15.91 $18.37 0.90 $14.56 $17.83 $21.10 $24.37

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Voisey’s Bay Royalty Purchase Terms

Acquired 100% of Archean ResourcesArchean Resources indirectly holds a 2.70% NSR

CAD$185 million purchase price consisting of:– $152.5 million in cash to Chislett and Verbiski– $27.5 million in IRC shares at IPO price to Verbiski– 1.0 million IRC shares to Verbiski– 2 Board Seats (C. Daly, C. Seviour)– Additional CAD$40 MM if Labrador Mineral Tax is

repealed (low probability)

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Voisey’s Bay Upside

• Phase I - 30 MM tonnes of Reserves• Additional 54 MM tonnes of Measured and

Indicated Resources• Additional 16 MM tonnes of Inferred

Resources• NSR covers all future Inco mines in Labrador• Possible economic benefits to IRC from

Hydromet technology• Significant economic driver for Labrador

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Experience, Management, BoardManagementDouglas Silver,. B.A., M.S. CGA, FAusIMM (CP)

CEO, Chairman, Director: 25 years mining valuation experienceAnaconda, Bond Int. Gold, Pincock, Allen & Holt, Balfour Holdings, Inc.

Douglas Hurst, B.Sc. President, Director: 20 years, mining analyst Canadian market specialist, Sprott, McDermid

George Young, B.S., LLB Vice President, Director: 25 years, lawyer, corporate builderGetty Minerals, Bond Int. Gold, MAG Silver

Ray Jenner, B.Sc., B.Comm., C.A. CFO: 20 years, domestic and international finance, natural resource industryEcho Bay Mines Ltd., Nord Resources Corp, Lextron Inc

David Hammond, B.S, M.S., MBA, PhDInterim CFO: 30 years, PhD mineral economistARCO, Anaconda, Ladd Petroleum, PriceWaterhouseCoopers, Denver University

Board of DirectorsRene Carrier Businessman / compliance expertise Chris Daly CFO Archean / accountantGord Fretwell Canadian securities lawyerRobert Schafer Global exploration / business development expertiseColm Seviour Mining lawyerEd Mercaldo Businessman

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IRC’S Royalty PortfolioMultiple commodities with a strong

North American gold emphasis

Distribution of IRC Royalties by Commodity

Other

Gold

ZincCopper

SilverDiamonds

Coal

N = 62

Distribution of IRC Royalties by Geographic Area

Other

Canada

United States

Latin America

Australia

N = 62

*IRC closed a transaction in escrow with a vendor, David Fawcett, on February 22, 2005 with respect to the acquisition of this royalty. On March 21, 2005 Western Canadian Coal Corp. filed a petition in the Supreme Court of British Columbia challenging the validity of the royalty granted to Mr. Fawcett. Proceedings are ongoing.

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Review of other potential IRC RoyaltiesWilliams (Hemlo) Gold Royalty

Williams – David Bell is the largest gold mine in Canada

Williams mine• 0.25% NSR• Open pit / underground mining• Teck Cominco / Barrick operator• CAD$ 500,000 / year IRC NSR• 10+ years remaining mine life• 2.7 million ounces Reserves1

• 1.5 million ounces Resources1

• Cash Costs of US$226/Oz1

1Teck Comincowww.teckcominco.com

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Review of other IRC RoyaltiesB.C. Coal Royalties

• 5 royalties• 0.203% Free on Board

(“FOB”) royalty at port• Western Canadian Coal is

operator• Long-term off-take

contract for Perry Creek• Anticipated 2006

commissioning• 49.30 MM tonnes Resources• 1,600,000 tonnes per year

www.westerncoal.com

*IRC closed a transaction in escrow with a vendor, David Fawcett, on February 22, 2005 with respect to the acquisition of this royalty. On March 21, 2005 Western Canadian Coal Corp. filed a petition in the Supreme Court of British Columbia challenging the validity of the royalty granted to Mr. Fawcett. Proceedings are ongoing.

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Review of other IRC royaltiesFeasibility-stage royalties

Property Royalty Operator

Belahouro, Burkina Faso 2.5% NSR Goldbelt Res.

Caber, Canada 1.0% NSR Metco Res.

Hasbrouck, USA 1.5% NSR Vista Gold

Kubi Village, Ghana 3.0% NPI AngloGold

Mara Rosa, Brazil 1.0% NSR Amarillo Gold

Soledad Mtn, USA Capped Sliding NSR

Golden Queen

Ulu, Canada 5.0% NSR Wolfden Res.

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Review of other IRC RoyaltiesExploration Royalties

• Total royalties encompass 23+ million acres• Multiple commodities and geography• Royalties on

~5.9 million ounces Gold Reserves~7.3 million ounces Measured and Indicated Gold

Resources~3.9 million ounces Inferred Gold Resources

• Portfolio effect: one discovery could pay for the entire portfolio many times over

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Arctic diamond lands• Churchill Project• 1.0% GOR• 22 Kimberlite Pipes

Identified• Operator

- Shear Minerals- Stornoway Diamonds- BHP Billiton

• 7,900,000 acres

• Aviat Project• Operator

- Stornoway Diamonds- BHP Billiton

1.0% GOR6 Diamondiferous Pipes

www.shearminerals.com

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Pinson gold, NevadaAtna Resources – Operator Barrick retains 70% back-in right

www.atna.com

*Royalty covers a portion of the property

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IRC will receive the benefit of CAD$43 MM in exploration spending by others

2003 2004Company Spent By Others on

Expenditures IRC Royalty PropertiesCAD$ MM CAD$ MM

Newmont1 $203Rio Tinto2 $182BHP Billiton3 $159DeBeers $126Placer Dome $106Barrick Gold $ 87AngloGold $ 56Noranda1 $ 51International Royalty Corporation $ 0 $43+

Gold Fields $ 39INCO $ 38TeckCominco $ 30

1 Includes exploration, research and development costs References: corporate annual reports, press releases, websites AIFs2 Includes exploration and evaluation costs Uses 2003 annual CAD$/US$ exchange rate of 0.71583 Fiscal year ending June 2004

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Most of IRC’s Royalties are Operated by Public Companies

• ~90% controlled and operated by public companies

• Lots of public information forthcoming - Free momentum

• IRC serves as an investment proxy for junior operators

• Royalties are attached to the property and not the owner

• Each acquisition can establish a perpetual position at no additional cost

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IRC business model• Buy or create royalties

Voisey’s Bay 2.7% NSR forms the cornerstone asset

18 month track record: 62 royalties with terms agreed or acquired so far…

• Proprietary database has targeted >2,000 royalties worldwide

• Several large royalties targeted for post-IPO

• Move quickly while there are few competitors

• Accumulate strong cash position for possible downturn

• Preserve high-margin business by growing revenues and maintaining low G&A

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References: Franco-Nevada public disclosures; Canada Stockwatch for share prices

Goldstrike Expansion commissioned

Acquisition of Voisey’s Bay royalty gives IRC a head start

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• Market cap CAD$244.24 M• FD Market cap CAD$264.88 M• FD Market cap* US$217.73 M• LT Debt** US$24.3 M

• Share Price (at IPO) CAD$4.30• Shares Out 57.0M• Fully Diluted 61.9M• Options 2.95M

Cap Structure & Ownership

*Assumes exchange rate of CAD$1 to $US0.822**CAD$30M debentures issued, based upon exchange rate on the date of closing *** As of 4/6/05

Major ShareholdersChris Verbiski – 13% Management – 7%

Share Capitalization

20.93% - 9.70M shares

16.83% - 7.80M shares

56.09% - 26.0M shares

6.15% - 2.85M shares

Existing ShareholdersIPO SharesAcquisition SharesOptions

***

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Initial Public Offering(CAD$ Millions Estimates)

Sources of FundsCAD$162.5 Equity

CAD$30.0 Debentures

CAD$192.5 Total

Uses of FundsCAD$152.5 Archean Acquisition

CAD$2.0 Other Acquisitions

CAD$1.8 Interest Coverage

CAD$13.7 Issue costs

CAD$22.5 Working Capital

CAD$192.5 Total

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Terms of the Offering• Issue: 37.791 MM Common Shares• Issue Price: CAD$4.30 per Common Share• Amount Raised: CAD$162,500,000• Use of Proceeds: Acquisition of Voisey’s Bay NSR, other

royalty portfolios, working capital and general corporate purposes

• Jurisdictions: Canada (Prospectus), USA (Rule 506 of Regulation D), and Overseas (Applicable Exemptions)

• Closed: February 22nd, 2005

• IRC is expected to be a PFIC under U.S. tax regulations

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Terms of the Debenture• Offering: Private placement secured debenture• Issue Amount: CAD$ 30,000,000• Coupon: 5.5%• Interest: First 18 months interest escrowed• Equity Component: 20% of principal at IPO price• Call Feature: Company has right to call after IPO• Principal Repayment: Not due until after Voisey’s Bay begins production.• Term: 6 Years• Use of Proceeds: Acquisition of Voisey’s Bay NSR, other

royalty portfolios, working capital and general corporate purposes

• Closed: February 22nd, 2005

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•Higher margins correlate to higher multiples•Significantly lower operating risk and exploration upside further justify premium valuations

*EBITDA Margin figures based on most recent annual report. IRC and Silver Wheaton based on 2006 and 2005 estimates respectively

**EV/EBITDA Multiples based on Haywood and GMP estimates

Comparison of EBITDA Margin vs. EV/EBITDA Multiple

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%60.0%

70.0%

80.0%

90.0%

100.0%

SilverWheaton

IRC Goldcorp WheatonRiver

Lionore Glamis Teck Noranda

EB

ITD

A M

argi

n

0.0

2.0

4.0

6.0

8.0

10.012.0

14.0

16.0

18.0

20.0

EV

/EB

ITD

A M

ultip

le

EBITDA Margin EV/EBITDA

Royalty Companies are High Margin Businesses

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Current Comparable Valuation

Haywood prepared slide.

At the offering price, IRC is inexpensive relative to existing royalty companies

Share Market Total Revenue EBITDA EV/ EV/Price Cap Cash Debt EV (US$M) (US$M) Revenue EBITDA

Company (C$) (US$M) (US$M) (US$M) (US$M) 2005 2006 2005 2006 2005 2006 2005 2006Silver Wheaton $3.43 $469.2 $18.2 $0.0 $450.9 $28.7 $23.6 $27.4 $22.3 15.8x 19.2x 16.6x 20.3xRoyal Gold Inc. $20.12 $353.5 $46.2 $0.0 $307.3 $22.9 n/a n/a n/a 13.3x n/a n/a n/a

Average 14.6x 19.2x 16.6x 20.3xshares out FD $43.5 $213.1

IRC 2006 @ US$7/lb Ni $6.00 $213.1 $12.2 $24.5 $225.3 nm $17.5 nm $15.9 nm 12.9x nm 14.2xIRC 2006 @ US$6/lb Ni $6.00 $213.1 $12.2 $24.5 $225.3 nm $15.3 nm $13.6 nm 14.8x nm 16.5xIRC 2006 @ US$5/lb Ni $6.00 $213.1 $12.2 $24.5 $225.3 nm $13.1 nm $11.4 nm 17.3x nm 19.7x

$43.5IRC 2007 @ US$7/lb Ni $6.00 $213.1 $12.2 $24.5 $225.3 nm $22.9 nm $21.3 nm 9.8x nm 10.6xIRC 2007 @ US$6/lb Ni $6.00 $213.1 $12.2 $24.5 $225.3 nm $20.0 nm $18.3 nm 11.3x nm 12.3xIRC 2007 @ US$5/lb Ni $6.00 $213.1 $12.2 $24.5 $225.3 nm $17.0 nm $15.4 nm 13.2x nm 14.6xSources: Silver Wheaton and Royal Gold public disclosure, Haywood Research estimates, National Bank Financial Research report Nov. 4, 2004 US$/C$ exchange rate = 0.82

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Historical Valuation ComparisonRelative to the historical revenue and EBITDA multiples, IRC would be priced at a significant discount based on 2006 and 2007 revenue and EBITDA

Haywood prepared slide.

97-98 IRCRevenue Avg Avg US$7/lb Ni US$6/lb Ni US$5/lb Ni

Company 1998 1997 1996 1995 2006 2007 2006 2007 2006 2007Euro Nevada 29.5x 27.3x 19.5x 17.6x 23.5x 28.4x 12.9x 9.8x 14.8x 11.3x 17.3x 13.2xFranco Nevada 36.4x 30.6x 21.5x 18.5x 26.7x 33.5x 12.9x 9.8x 14.8x 11.3x 17.3x 13.2x

97-98 IRCEBITDA Avg Avg US$7/lb Ni US$6/lb Ni US$5/lb Ni

Company 1998 1997 1996 1995 2006 2007 2006 2007 2006 2007Euro Nevada 31.9x 29.2x 21.0x 19.3x 25.4x 30.5x 14.2x 10.6x 16.5x 12.3x 19.7x 14.6xFranco Nevada 38.1x 31.8x 22.3x 19.1x 27.8x 35.0x 14.2x 10.6x 16.5x 12.3x 19.7x 14.6xSource: Euro Nevada and Franco Nevada public disclosure, IRC, and Bloomberg

EV/

EV/

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Summary• Voisey’s Bay: long-term, low cost• Provides cash for future growth• Database of > 2,000 royalties• High revenues & low costs = High margin business• Strong management; uniquely qualified• Royalties are a better way to invest in commodities• Exposure to commodity prices, exploration

discovery and strong cash flow without the risk of varying capital and operating costs

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Building A New Royalty Company

April 6th, 2005