1INTERNATIONAL BASE METALS LIMITED

INVESTORPRESENTATIONNovember 2010

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Disclaimer

This document contains certain "forward–looking statements", including, but not limited to, statements concerning current and future drilling programmes, estimation of mineral resources, the continuing development plan, the type of mineralisation present and expected results. Information inferred from the interpretation of drilling results may be deemed to be a forward looking statement, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. Statements and estimates concerning mineral resources may also be deemed to be forward looking statements in that they involve estimates, based on certain assumptions, regarding the mineralisation that would be encountered if and when a mineral deposit is actually developed and mined. Forward looking statements are not historical facts, and are subject to a number of risks and uncertainties beyond management’s control. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements.  Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward–looking statements include, among other things, but without limitation, those set forth in the Annual Report and the website (www.interbasemetals.com) of International Base Metals Limited (IBML).

For more information about the Company’s properties and projects, please refer to the 2009 Annual Report.

The technical information contained in this document was compiled by Dr Ken Maiden (MAIG, FAusIMM), a Director of International Base Metals Limited.  Dr Maiden is a Member of the Australian Institute of Geoscientists and a Fellow of the Australasian Institute of Mining and Metallurgy.  He has sufficient experience to qualify as a Competent Person as defined in the September 2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”.  Dr Maiden consents to the inclusion of the matters in the form and context in which they appear.

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Section 1 – Introduction

INTRODUCTION

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International Base Metals Limited (IBML)

NAMIBIA AUSTRALIA

Project Areas

Unlisted public company based in Sydney, Australia Exploration in low-risk jurisdictions – Australia and Namibia Omitiomire project, Namibia – over 550,000 tonnes contained copper (Cu) Positive pre-feasibility study (PFS) – June 2010 Three other Namibian copper projects Three other early stage projects in Australia Strong cornerstone investor – West Minerals Pty Ltd

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Board of Directors

Dr James MacdonaldChairman; ex Chief Geoscientist for BHP Billiton; ex Exploration Manager, Homestake Chile

Mr Frank BethuneManaging Director; ex Mine Manager, Sunrise Dam, Western Australia; ex General Manager, Navachab gold mine, Namibia

Dr Ken MaidenFounding director of IBML; successful exploration geologist, ex CSR, MIM

Dr Deng JiniuChairman of Qinghai West Resources Co Ltd; successful exploration geologist

Mr Chen QiangInternational commodities trader and investor (Alternate to Dr Deng)

Mr Alan HumphrisCorporate advisor; ex Head of Hambros Australia and former director of JP Morgan Australia

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Capital Structure and Shareholder Register

As at 3 November 2010

Shares on Issue 329,790,812Options

– 20 cents exp 20/12/2012 22,000,000– 30 cents exp 02/10/2013 2,500,000

MAJOR NUMBER OF %SHAREHOLDERS SHARES

WEST MINERALS PTY LTD 104,993,158 31.8 HANGZHOU KINGS INDUSTRY CO LIMITED 23,333,333 7.1 MANICA MINERALS LTD 15,000,000 4.5 BLACKMANS & ASSOCIATES PTY LTD 14,470,558 4.4 PEARL GLOBAL INVESTMENT LIMITED 13,333,333 4.0 MAIDEN FAMILY SUPER FUND 11,077,307 3.4 GREAT SEA WAVE INVESTMENT PTY LTD 9,167,333 2.8 MACQUARIE BANK LTD 8,333,333 2.5 PERPETUAL CORPORATE TRUST LIMITED 8,333,333 2.5 PEAK SUCCEED INVESTMENTS LIMITED 6,666,667 2.0

Supportive cornerstone investor : WEST MINERALS PTY LTD

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Global copper shortfall by 2011 Average US$3.00 /lb in 2010 Average US$3.30 /lb in 2011 Average US$3.86 /lb in 2012

(Barclays Commodity Research, 02/2010)

The Copper Market – Going Forward

US government analysis forecasts a copper resource shortfall over the next 15 years equivalent to ~30 typical porphyry copper deposits (Singer, 2009)

Copper (since 2005)

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

3/01/05 3/01/06 3/01/07 3/01/08 3/01/09 3/01/10

US

$/lb

Source: IRESS

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Why Namibia?

Low political risk Well-developed mining

industry Under-explored major base

metal trends Good infrastructure Effective mining & taxation

legislation Security of tenure Effective bureaucracy Full convertibility for

foreign investment Good exploration & mining

support Exploration tenements

clustered into severalproject areas

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Omitiomire Project – Infrastructure

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IPO - Use of Funds

Use of Funds - Summary A$ million

Omitiomire DFS (1 year) 17.0Long lead-time items 1.0Exploration (2 years) 6.0Corporate (2 years) 4.0

TOTAL 28.0 plus IPO costs

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Section 2 – Omitiomire Project

OMITIOMIRE PROJECT

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Omitiomire Project – Resource

Cut-off (%Cu) Ore (Mt) Cu% Cu (t) Cu (Mlb)

0.10 202 0.36 726,000 1,600

0.20 143 0.45 638,000 1,406

0.25 117 0.50 579,000 1,277

0.35 74 0.61 453,000 999

0.45 50 0.71 356,000 785

Summary of resource estimates (~ 20% Indicated, 80% Inferred)(Hellman & Schofield Pty Ltd, 2010, Independent Report)

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Omitiomire Project – Geology

305 holes totalling > 42,000m Deposit covers 2,600m x 700m Dips east –

depth > 150m at eastern edge Plunges north –

depth > 150m at northern end Remains open at depth to northeast Known low grade zone to southeast

- not yet quantified Further geochemical anomalies to

be tested

Proposed pit outline

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Omitiomire Project – Mining and Processing (PFS)

Item Parameter

In-pit ore 69 million tonnes at 0.55% Cu

Waste to ore ratio 5-6:1

Crusher feed 6 million tonnes per annum

Processing Crush, dense medium separation (DMS), grind, flotation

Mill feed

Overall Recovery

3.45 million tonnes at 1% Cu

Sulphides – 90%, oxides – 63%

Concentrate 30,000 – 36,000 tpa Cu in concentrate at +50% Cu

Capex (incl mining) US$297 million

Opex (before royalties & taxes) US$1.30 – 1.65/lb

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Omitiomire Project – Pit Design

Isometric view, looking north:

Final pit design of Cut 1 & Cut 4

of the 69 Mt pit

1.00%

0.50%

0.35%

0.20%

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Omitiomire Project – Mineralogy and Metallurgy

Coarse-grained chalcocite & minor bornite Partly oxidised to 40m depth Crush / screen / dense medium separation

– low tech / low cost upgrade Overall 90% sulphide copper recovery

and 63% oxide copper recovery Sulphide flotation: +50% Cu concentrate No deleterious elements (no arsenic, etc)

2 cm

500 µm

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Omitiomire Project – Process Flow Chart

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Section 2 – Omitiomire Project

Benchmarking

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Political risk (Fraser Institute ranking 2009 – 2010)

Namibia compares very favourably as a destination for mining companies to conduct business

Note: 100 is a perfect score

Source: CRU Strategies

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Resource grade comparison (% Cu)

Omitiomire resource grade after pre concentration

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With an estimated concentrate grade of 55% Copper, Omitiomire will have the highest grade product of all new, open pit, greenfield mines

Concentrate grade comparison (% Cu)

Source: CRU Strategies

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Capital cost per tonne (US$/tonne)

And almost the lowest on a capex per annual tonne of contained copper basis

Source: CRU Strategies

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Omitiomire Global Ranking

Source: Austock Research

Omitiomire Copper Project ranks at #22 on Global project rankings (Top 10 percentile) for open pit, undeveloped copper projects globally

Ranking based on a weighted basis according to the following criteria:

– Contained Resource (10%)

– Resource Grade (5%)– Contained Reserve

(15%)– Reserve Grade (15%)– Regional Country

Prospectively (10%)– Political Risk (45%)

OverallRank Project Company Country

1 Quellaveco Anglo American Peru2 Tambo Empresa Minera Peru3 Rio Blanco ZiJin Peru4 Mina Justa China Sci-Tech Peru5 Toromocho Chinalco Peru6 El Morro Goldcorp / New Gold Chile=6 Wafi Newcrest / Harmony PNG7 Cobre Panama Inmet Panama8 118 Vale Brazil9 Roseby Altona / Xstrata Australia10 Zeta Discovery Metals Botswana...20 Rosemont Ranch Augusta United States21 Prosperity Taseko Canada22 Los Sulfatos Anglo American Chile

=22 Omitiomire IBML Namibia23 Morrison-Hearne Hill Pacific Booker Canada24 La Arena Rio Alto Peru

=24 Blackard Xstrata Australia25 Bedford Xstrata Australia…

290 Langmuir Golden Chalice Canada291 Alexo Canadian Arrow Canada292 Kuhmo Altona Finland293 Mäntymäki Suomen Nikkeli Finland294 Jerusalem Dynasty Metals Ecuador

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Section 3 – Other Projects

Exploration Potential – Namibia and Australia

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Exploration Projects in Namibia

Focus on copper Extensive tenement position EPLs provide security of tenure Good access to all project areas Project areas:

- Omitiomire

- Steinhausen

- Kamanjab

- Kalahari Copperbelt

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Omitiomire Area – Near-Mine Exploration Potential

Soil geochemical surveys have identified extensive geochemical anomalies associated with Ekuja Dome

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Steinhausen Project

Large tenement position Surrounds Omitiomire Known copper occurrences Good geochem anomalies Under-explored

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Kalahari Copperbelt Project

Craton holds 3 tenements with known copper occurrences

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Kamanjab Project

Tenements cover over 100 km strike of prospective strata

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Australian Projects

Early-stage projects Cobar, NSW:

- historic Cu-Au mines

- JV Maranoa, Queensland:

- Ni-Cu targets Mount Isa, Queensland:

- Cu targets New project generation:

- in progress

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Why Invest in IBML?

JORC compliant Resource of 117 million tonnes of ore

Recently completed pre feasibility study supports attractive project economic potential

Namibia is a favourable country for mineral exploration and investment

Highly prospective tenements around Omitiomire Project

Potential for significant resource growth in other Namibian and Australian tenements

Experienced Board and management team with extensive skills in the resources sector

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APPENDIX

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Omitiomire Project Details

Appendix

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Omitiomire Project – Geological Setting

Two basement domes; partly bounded by large thrust zones

Omitiomire deposit and other copper prospects are hosted by metamorphic rocks of the Ekuja Dome

Domes consist of quartz-feldspar (‘felsic’) gneiss, amphibolite and biotite schist

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Omitiomire Project – Geological Setting

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Potential In Pit Resource Increase

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Potential Adjacent to Pit Resource Increase

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Outside Pit Resource Targets

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Ekuja Dome Resource Targets

Extensive copper geochemical anomalies

Shallow RAB drilling confirms copper in target areas

Follow-up drilling to commence in 2011

Omitiomire deposit

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Potential Pit Design Improvements

Improvements to design include: Remove dual ramps Design slopes to geotechnical

recommendations

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Potential Geotechnical Pit Slopes

Additional Geotechnical drilling will provide more information that may

allow for steeper slopes

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IBML Contact Details

International Base Metals Limited

Address Level 8 / 275 George Street

Sydney NSW 2000 Australia

Telephone +61 (0) 2 8223 3777

Fax +61 (0) 2 8223 3799

Email office@interbasemetals.com

Website http://www.interbasemetals.com