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Desjardins SEPTEMBER 4, 2012
Capital Markets
Research
Minera IRL Limited
(IRL C$0.64, TSX)
Ollachea drives production growth:
Initiating coverage with a Buy rating and C$1.10 target price
 In Peru, Minera IRL operates the Corihuarmi gold mine (100% owned) and controls 100% of its flagship
Ollachea development project. It also has a 100% interest in the Don Nicolas project in Santa Cruz,
Argentina
 With the development of Ollachea and Don Nicolas, we see a compelling growth story and expect the
company to increase its annual production to more than 150,000ozs Au by 2016 from ~25,000ozs in 2012
 We are initiating coverage of Minera IRL Limited with a Buy–Speculative rating and C$1.10 target price
Highlights. In 2011, Minera IRL produced 33,000ozs Au at Corihuarmi. By 2015, the company expects to be producing
over 180,000ozs Au with the development of its Don Nicolas and Ollachea projects, which it plans to bring into
production in late 2013 and late 2014, respectively. Overall, our production ramp-up for Minera IRL is more
conservative than company guidance, particularly in relation to the development of the Don Nicolas project in
Argentina, where due to financing delays, we expect production to commence a full year later than the company’s
current plans. At Minera IRL’s key Ollachea project, we forecast production commencing in 1Q15 and average annual
production totalling 103,000ozs Au at average cash costs of US$600/oz Au over a 21-year minelife.
Valuation and recommendation. We are initiating coverage of Minera IRL Limited with a Buy–Speculative rating and
C$1.10 target price. Our investment thesis for Minera IRL is based on the company’s ability to permit, build and operate
its two development projects, Don Nicolas in Santa Cruz, Argentina, and more importantly for our valuation, Ollachea in
Peru. At Don Nicolas and Ollachea, we see potential to significantly increase the current mine lives at both projects.
In our view, Minera IRL has developed an excellent community relations program in all of the regions in which it
operates and we see this as a key asset for the company. Despite recent anti-mining protests in Peru, we have a
favourable overall view of mining development risk in the country, and see political risk there as company- and asset-
specific. Minera IRL is under the stewardship of a high-quality, experienced management team of proven mine builders
who, in our estimation, are fully capable of advancing the company’s projects through to production.
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This report was prepared by an analyst(s) employed by Desjardins Capital Markets and who is (are) not registered as a research
Adam Melnyk, P.Eng.
analyst(s) under FINRA rules. Please see disclosure section on pages 34–35 for company specific disclosures, analyst certification
(416) 607-3081
[email protected] and legal disclaimers.
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Minera IRL Limited
Rating Buy–Speculative
Target C$1.10
Symbol IRL
Exchange TSX
Sector Gold
Executive Chairman Courtney Chamberlain
Website www.minera-irl.com
Share price C$0.64
Potential return 72%
52-week range C$0.63–1.28
3m volume traded 44,000
1m volume traded 49,000
Shares O/S 152m
Shares fully diluted 170m
Cash + equivalents C$23m
Cash/share C$0.15
Working capital C$12m
LT debt C$0m
Market cap C$97m
Enterprise value C$86m
Aueq ozs 3.28m ozs
Mkt cap/oz Aueq C$30
EV/oz Aueq C$26
Source: Desjardins Capital Markets, Capital
IQ, company reports Minera IRL limited valuation
Discount NPV Target
Asset (%) (US$m) generation (US$)
Corihuarmi (1.0x) 3.0 23 0.12
Ollachea (1.0x) 5.0 139 0.72
Don Nicolas (0.8x) 5.0 21 0.09
Exploration potential NA 40 0.21
Corporate G&A 10.0 -14 -0.07
Exploration spending 10.0 -26 -0.13
Debt + payments NA -35 -0.18
Working capital NA 42 0.22
NAV (C$) 211 1.08
Source: Bloomberg S ource: Desjardins Capital Markets

Desjardins
Minera IRL Limited
Capital Markets
PAGE 2
SEPTEMBER 4, 2012
Table of contents
3 Executive summary
3 Desjardins production forecast
3 Valuation and recommendation
4 Capital structure
4 Production growth in Peru and Argentina
5 Corihuarmi gold mine, Peru
5 A simple heap leach operation
6 Production winding down
6 Desjardins production forecast
7 Ollachea gold project, Peru
8 Ollachea geology
9 Resource—open for expansion
10 Driving ahead toward resource expansion
11 Ollachea development
12 Ollachea community relations—setting a new standard in Peru
13 Desjardins production forecast
14 Grade requires low-cost mining
14 Ollachea NPV sensitivity
15 Don Nicolas gold project, Argentina
15 Don Nicolas geology
16 Resources and exploration upside
16 Don Nicolas development—heap leach could add to short minelife
17 Regional projects, Argentina
18 Mining risk in Argentina casts shadow on Santa Cruz
19 Desjardins production forecast
20 Don Nicolas NPV sensitivity
20 Consolidated production forecast
21 Other projects
21 Bethania property
21 Huaquirca joint venture
21 Frontera joint venture
21 Quilavira project
21 Gold price outlook
22 Comparative analysis
23 Valuation
23 DCF for Corihuarmi
23 DCF for Ollachea
23 DCF for Don Nicolas
23 In situ valuation of resource potential
23 Corporate G&A, exploration expenditures and balance sheet
24 Potential return justifies Buy–Speculative rating
25 Recommendation
25 Upcoming catalysts
26 Investment risks
27 Appendix 1: Mining in Peru
27 Peru needs mining
27 New tax regime
29 Protests have made headlines
29 Desjardins view—Peru is open for business
29 Appendix 2: Management and directors
31 Insider ownership
Adam Melnyk, P.Eng.

Desjardins
Minera IRL Limited
Capital Markets
PAGE 3
SEPTEMBER 4, 2012
Executive summary
Minera IRL Limited operates the Corihuarmi gold mine (100% owned) in the Junín region of Peru and controls 100% of
its flagship Ollachea development project in the Puno region of Peru. The company also has a 100% interest in the Don
Nicolas gold development project in the province of Santa Cruz in Argentina. In 2011, Minera IRL produced 33,000ozs Au
at Corihuarmi. By 2015, the company expects to be producing over 180,000ozs Au with the development of its Don
Nicolas and Ollachea projects, which it plans to bring into production in late 2013 and late 2014, respectively.
Desjardins production forecast
Overall, our production ramp-up for Minera IRL is more conservative than company guidance, particularly in relation to
the development of the Don Nicolas project in Argentina, where due to financing delays, we expect production to
commence a full year later than the company’s current plans. For 2012, we forecast production from Corihuarmi of
24,000ozs Au at average total cash costs of US$820/oz Au. We see production growth commencing in earnest with the
development of Ollachea in 1Q15 and Don Nicolas in 4Q14. With the development of these two projects, we see a
compelling growth story and expect the company to be able to increase its annual production to more than 150,000ozs
Au by 2016 from ~25,000ozs in 2012.
Minera IRL’s key asset is Ollachea, where we see production commencing in 2015 (vs company guidance of late 2014)
and ramping up to a steady state of 3,000tpd by 2017. We forecast average annual production life-of-mine (LOM) at
Ollachea of 103,000ozs Au at average cash costs of US$600/oz Au. Given our positive view of the exploration potential for
the project, we assume that the minelife at Ollachea of nine years, outlined in a July 2011 prefeasibility study, will be
expanded to 21 years. We expect initial capital of US$195m and sustaining capital of US$170m.
Valuation and recommendation
We are initiating coverage of Minera IRL Limited with a Buy–Speculative rating and C$1.10 target price (rounded from
our C$1.08/share NAV).
Our investment thesis on Minera IRL is based on the company’s ability to permit, build and operate its two development
projects: Don Nicolas in Santa Cruz, Argentina, and more importantly for our valuation, Ollachea in Peru. At both Don
Nicolas and Ollachea, we see the potential for exploration success to significantly increase the currently designed mine
lives at both projects.
However, we take a cautious view of the company’s balance sheet and liabilities. In order to meet its stated production
timelines, Minera IRL will need to finance, develop and commission two assets over the next three years. The company’s
liquidity is also strained by the fact that it must repay US$10m of debt to Macquarie Bank by December 31, 2012; in
addition, in mid-2013 Minera IRL owes Rio Tinto a final payment which we estimate at ~US$25m to complete its
acquisition of a 100% interest in the Ollachea project (up to 80% can be paid in shares).
That being said, we believe that with future derisking of its assets, particularly the Ollachea project, Minera IRL could
create tangible value for shareholders. Moreover, we believe that exploration work at the company’s projects has the
potential to outline additional mineral resources, as well as delineate new discoveries.
In our view, Minera IRL has developed an excellent community relations program in all of the regions in which it
operates and we see this as a key asset for the company. Despite recent anti-mining protests in Peru, overall we have a
favourable view of mining development risk in the country and believe political risk in Peru is company- and asset-
specific (see Appendix 1 for an overview of the mining sector in Peru). In Argentina, we find recent developments relating
to mining legislation to be of some concern and take a cautious view of political risk in the country. We note that Minera
IRL’s Don Nicolas project is located in the province of Santa Cruz, historically one of the most supportive regions toward
mining development in Argentina. Given that we see Minera IRL’s Argentina projects as minor assets for the company
(9% of our NAV), we are comfortable that any political risk associated with these assets is diluted against the much larger
exposure of its asset base to Peru.
Minera IRL is under the stewardship of a high-quality, experienced management team of proven mine builders who, in
our estimation, are fully capable of advancing the company’s projects through to production.
Adam Melnyk, P.Eng.

Desjardins
Minera IRL Limited
Capital Markets
PAGE 4
SEPTEMBER 4, 2012
Capital structure
Minera IRL has 151.9m shares outstanding and 170.1m shares fully diluted. None of the company’s options were in the
money at the time of writing. The company has a current (June 30, 2012) cash position of US$23m and working capital
of US$12m. Minera IRL has a current debt position of US$10m related to a July 2010 feasibility finance facility with
Macquarie Bank that bears interest at LIBOR+3.5% and that is due for repayment on December 31, 2012. The
company’s most recent equity financing closed in March 2012, raising gross proceeds of C$33.1m through the sale of
29.3m shares at C$1.13/share.
Exhibit 1: Minera IRL capital structure as at June 30, 2012
Shares issued and outstanding 151,902,884
Fully diluted 170,061,315
Issued options (GBP) Exercise price # options Total proceeds
Date of grant Exercisable to (GBP) outstanding (GBP)
18-Mar-08 18-Mar-13 0.62 790,000 489,800
17-Nov-09 17-Nov-14 0.9125 2,300,000 2,098,750
25-Jan-10 25-Jan-15 0.8875 125,000 110,938
2-Jul-10 2-Jul-15 0.725 50,000 36,250
17-Nov-10 17-Nov-15 1.08 2,630,000 2,840,400
3-Apr-12 3-Apr-17 0.8063 3,485,000 2,809,956
3-May-12 14-May-12 0.5875 200,000 117,500
9,580,000 8,503,593
Issued options (US$) (US$) (US$)
7-Jul-10 28-Jun-13 1.08 6,944,444 7,500,000
30-Sep-10 28-Jun-13 1.53 1,633,987 2,500,000
8,578,431 10,000,000
Total 18,158,431 US$23,346,296
Source: Company reports
Production growth in Peru and Argentina
Minera IRL operates the Corihuarmi gold mine (100% owned) in the Junín region of Peru and controls 100% of its
flagship Ollachea development project in the Puno region of Peru. The company also has a 100% interest in the Don
Nicolas gold development project in the province of Santa Cruz in Argentina.
In 2011, Minera IRL produced 33,000ozs Au at Corihuarmi. By 2015, the company expects to be producing over
180,000ozs Au with the development of its Don Nicolas and Ollachea projects, which it plans to bring into production in
late 2013 and late 2014, respectively.
Minera IRL is led by Courtney Chamberlain, Executive Chairman and CEO; Tim Miller, CFO; Dr Diego Benavides,
President, Minera IRL SA; Donald McIver, Vice-President, Exploration; and Trish Kent, Vice-President, Corporate
Relations.
Adam Melnyk, P.Eng.

Desjardins
Minera IRL Limited
Capital Markets
PAGE 5
SEPTEMBER 4, 2012
Exhibit 2: Minera IRL project locations
Source: Minera IRL Limited
Corihuarmi gold mine, Peru
Minera IRL controls 100% (subject to a 3% net smelter return (NSR)) of the Corihuarmi heap leach gold mine in Peru,
located ~160km southeast of Lima at an altitude of ~5,000 metres in the Junín region of the central Andes. The project
covers 14 concessions totaling 9,316ha. Minera IRL acquired the Corihuarmi project in 2002 from Minera Andina de
Exploraciones SA and the vendor retains a 3% NSR on the project. Following the completion of a bankable feasibility
study in April 2006, production at the mine commenced in March 2008 after a nine-month construction period (initial
capex US$20m).
Exhibit 3: Corihuarmi mine leach pads
Source: Desjardins Capital Markets
A simple heap leach operation
Corihuarmi is a low-strip, open pit, heap leach gold operation with a one-stage crushing circuit. Most of the production
Adam Melnyk, P.Eng. at the project has come from the oxidized portion of a high-sulphidation, epithermal gold system, with two zones—

Desjardins
Minera IRL Limited
Capital Markets
PAGE 6
SEPTEMBER 4, 2012
Diana and Susan—outcropping at surface. Total reserves as at January 1, 2010 were 106,000ozs at 0.65g/t Au. In
addition, a colluvial scree deposit containing an inferred resource of 54,600ozs at 0.45g/t Au is located at the base of the
Diana and Susan zones, but is not included in current reserves.
Exhibit 4: Corihuarmi reserves and resource, January 1, 2010
Tonnes (000) Au (g/t) Au (000ozs)
Reserves 5,100 0.65 106
M&I (Diana and Susan) 5,329 0.60 103
Inferred (scree) 3,760 0.45 55
Total resources 9,089 0.50 158
Note: 0.3g/t Au cut-off for the Susan deposit and 0.25g/t Au cut-off for the Diana deposit
Source: Company reports
Production winding down
The mine has produced 164,000ozs Au through 2Q12, above the production planned in the initial feasibility study of
111,000ozs of gold. Overall, production has decreased and costs have increased since 2008 as grades placed on the leach
pads have declined.
In 1H12, Corihuarmi produced 13,435ozs Au (13,404ozs sold) at a cash operating cost of US$552/oz Au. The average
processed grade at Corihuarmi in 1H12 was 0.55g/t Au and the strip ratio was 0.3:1. Recoveries averaged 72% while
throughputs averaged 5,750tpd in 1H12.
Exhibit 5: Corihuarmi operating summary
Year-end Dec-31 2008 2009 2010 2011 1H12
Production (ozs Au) 51,691 33,012 32,533 33,255 13,435
Operating cash costs (US$/oz Au) 161 341 383 410 552
Grade (g/t Au) 1.99 1.13 0.87 0.68 0.55
Source: Company reports
Minera IRL expects production at Corihuarmi to extend into 2015, with production declining from ~25,000ozs Au
expected in 2012 to less than 20,000ozs annually by the end of the minelife.
Desjardins production forecast
Overall, we see little exploration upside at the Corhihuarmi project and expect the mine to wind down production over
the next three years, with the last year of our forecast production in 2015. As grades decrease over the remaining
minelife, we expect gold production to decline to 10,000ozs by 2015 from our forecast of 24,000ozs in 2012, while cash
costs increase to US$969/oz from US$826/oz over the same period (see Exhibit 6 below).
Using our base-case gold price assumptions detailed in the Gold price outlook section of this report, our DCF model for
Corihuarmi generates an NPV (3%) for the project of US$23m.
Adam Melnyk, P.Eng.

Desjardins
Minera IRL Limited
Capital Markets
PAGE 7
SEPTEMBER 4, 2012
Exhibit 6: Desjardins Corihuarmi production forecast
25
20
15
10
5
0
2012E 2013E 2014E 2015E
Adam Melnyk, P.Eng.
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950
900
850
800
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Production (LHS) Cash costs (RHS)
Source: Desjardins Capital Markets
Ollachea gold project, Peru
Minera IRL’s 100%-owned (1% NSR) Ollachea gold project is located in the Puno region of southern Peru. The Ollachea
project covers 8,699ha over 12 mineral concessions, with the deposit located ~1km to the west of the town of Ollachea
(population ~5,000). The project is accessible by road and crossed by the Interoceanic Highway ~250km north of the city
of Juliaca; however, topography in the area is steep. A 138kV transmission line passes over the project area but will
require the installation of a 1.2km power line to provide electricity for Ollachea.
Exhibit 7: Ollachea project location
Source: Company reports

Desjardins
Minera IRL Limited
Capital Markets
PAGE 8
SEPTEMBER 4, 2012
Minera IRL acquired the key concessions at Ollachea from Rio Tinto in 2006. Rio Tinto was unable to secure an access
agreement for the project with the local community but Minera IRL secured a surface rights agreement in February
2007. Following payments to Rio Tinto by Minera IRL of US$3.8m (completed in May 2010) and US$6.25m of staged
payments (completed in November 2011), Rio Tinto retains a 1% NSR on the project. Rio Tinto is also entitled to an
additional payment following the completion of a bankable feasibility for Ollachea equal to 30% of the NPV (7%)
detailed by the feasibility study (payment due 180 days after the release of the study), less 30% of sunk costs at the
project. Minera IRL can elect to pay 80% of this in shares, with the balance owing to be paid in cash.
Exhibit 8: Ollachea project area plan map
Source: Company reports
Ollachea geology
Ollachea is an orogenic (mesothermal) gold deposit hosted in a sheared carbonaceous metasedimentary package
(phyllites/slates). The deposit is situated on the eastern flank of the Cordillera Oriental in the Peruvian Andes.
Mineralization at Ollachea is stratabound by northeast-east-trending, north-dipping (~45–50o) carbonaceous phyllites.
Shear-related quartz-carbonate-sulphide veins and veinlets cut the metasediments. Gold associated with suphides
(primarily pyrrhotite) is hosted in seven discrete west-striking, north-dipping zones at the project, ranging from
2–30 metres in width.
Adam Melnyk, P.Eng.

Desjardins
Minera IRL Limited
Capital Markets
PAGE 9
SEPTEMBER 4, 2012
Exhibit 9: Ollachea cross section, looking east
Source: Company reports
Exhibit 10: Ollachea drill core
Source: Desjardins Capital Markets
Resource—open for expansion
Updated NI 43-101 resources for the main Minapampa zone at Ollachea, announced in June 2012, total 1.4m ozs Au at
an average grade of 4.0g/t Au indicated and 0.3m ozs at 3.3g/t Au inferred (2.0g/t Au cut-off). At a higher 3.5g/t Au cut-off,
indicated resources total 0.9m ozs Au at 5.3g/t Au.
A two-drill rig infill program was completed in 2Q12. Results from this infill drilling program (announced in February
2012) included 20 metres grading 10.2g/t Au and 31 metres grading 5.58g/t Au.
Adam Melnyk, P.Eng.

Desjardins
Minera IRL Limited
Capital Markets
PAGE 10
SEPTEMBER 4, 2012
In 2Q10, Minera IRL announced the discovery of the Concurayoc zone at the project, located 400 metres west of
Minapampa. In September 2011, the company announced an initial resource estimate for Concurayoc over a strike
length of 700 metres, with inferred resources of 0.9m ozs Au at 2.8g/t Au at a 2.0g/t Au cut-off, increasing total contained
ounces at Ollachea to 2.6m ozs Au.
Exhibit 11: Ollachea NI 43-101 mineral resource (2.0g/t gold cut-off), July 2012
Zone Metric tonnes (m) Grade (g/t gold) Contained ounces (m)
Indicated
Minapampa 10.6 4.0 1.4
Inferred
Minapampa 3.3 3.3 0.3
Concurayoc 10.4 2.8 0.9
Total inferred 13.7 2.9 1.2
Total resources 24.3 3.4 2.6
Source: Company reports
According to the company, the Minapampa East zone is open for expansion to the east, beneath topography that has
limited surface drilling in that direction. Mineralized structures are observed to outcrop up to 1km east of current
resources. Drill results from the eastern extent of Minapampa East include 7.0 metres grading 20.7g/t Au and 3.0 metres
grading 27.2g/t Au. Additionally, the Minapampa zone is open for expansion along strike in both directions and
down dip.
Exhibit 12: Ollachea project area—Minapampa zone beneath slope on right
Source: Desjardins Capital Markets
Driving ahead toward resource expansion
With the support of the local community, construction of a 1.2km exploration tunnel (5 x 5 metres) at the project began
in February 2012—this tunnel will initially be used for underground exploration in areas where surface drilling has been
unable to gain access due to the topography. The tunnel has a budget of US$14.9m, of which ~US$6m has been
Adam Melnyk, P.Eng. incurred to date—this is slightly above budget. Minera IRL has recently stated that the tunnel may be completed as early

Desjardins
Minera IRL Limited
Capital Markets
PAGE 11
SEPTEMBER 4, 2012
as 1Q13. Currently, the exploration drive has advanced ~205 metres, but poor rock conditions encountered to date have
slowed the pace of advancement. Now progress is being made at ~6 metres/day in better ground conditions (Minera IRL
is targeting advancement of 8 metres/day); however, ground conditions are unknown for the remainder of the tunnel’s
planned path due to a lack of geotechnical drill data. Minera IRL expects to be able to drill the eastern extension of
Minapampa East from this underground infrastructure by November 2012.
Exhibit 13: Ollachea drill plan with magnetic geophysics
Source: Company reports
Ollachea development
The results of a prefeasibility study for Ollachea completed by AMEC were released in July 2011. Based on probable
reserves of 1.1m ozs Au at an average grade of 3.65g/t Au, a 3,000tpd underground operation at the project is forecast to
produce an average of 117,000ozs Au at a cash cost of US$436/oz Au over an estimated nine-year minelife. Initial capex
is US$170m, including a 20% contingency but excluding the cost for the 1.2km 5 x 5-metre exploration tunnel that is
currently under construction (total budget of US$14.9m) and that will initially be used for exploration purposes. At a
base-case gold price assumption of US$1,100/oz, the after-tax NPV (5%) is US$167m, with an IRR of 20.5%.
Exhibit 14: Ollachea prefeasibility mine plan
Year-end Dec-31 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E LOM
Mine production (000 tonnes) 57 332 945 1,101 1,098 1,096 1,102 1,095 1,100 1,098 453 9,477
Contained gold (000ozs) 6 39 102 128 132 132 146 135 132 116 44 1,112
Grade (g/t Au) 3.2 3.7 3.4 3.6 3.7 3.8 4.1 3.8 3.7 3.3 3.1 3.7
Source: Company reports
The mine is designed to utilize a fully mechanized underground sub-level stoping mining method with longhole drilling,
using a combination of paste and waste-rock fill. Geotechnically, poor ground conditions are expected to require cable
bolting in areas of underground development. Recoveries via crush, grind and CIL processing are expected to average
91%. The US$47/tonne operating cost assumption outlined in the prefeasibility study consists of US$18/tonne mining,
US$24/tonne processing and US$4/tonne G&A. The minimum horizontal mining width is estimated to be 2.6 metres,
with ore zones up to 30 metres in width in places. The exploration drive currently under construction is designed to
serve as an adit access for mining activities.
Adam Melnyk, P.Eng.

Desjardins
Minera IRL Limited
Capital Markets
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SEPTEMBER 4, 2012
The tailings facility design is pending. However, following archaeological surveys that identified an Inca burial site at one
possible tailings location, the company has identified a suitable tailings location that is accessible by the Interoceanic
Highway, ~2km away from the Ollachea mine portal.
A key risk identified in the Ollachea prefeasibility study was that of water inflows into the mine workings; this relates to
both water management during mining, as well as potential changes in the flow rates of the nearby Oscco Cachi river.
Due to the sensitivity of water issues relating to resource development in Peru, we view water management as a key risk
for the project going forward.
A feasibility study for Ollachea is expected in 4Q12. Based on its expected permitting (environmental impact assessment
(EIA) approval scheduled for mid-2013) and development timeline, Minera IRL expects production at Ollachea to
commence in late 2014.
Exhibit 15: Ollachea July 2011 prefeasibility summary
Parameter Units Key performance indicator
Minelife Years 9
Tonnes Mt 9.5
Grade g/t Au 3.65
Contained ounces m 1.11
Metallurgical extraction % 91.3
Ozs produced m 1.01
Pre-production capital cost US$m 170
LOM cash operating cost US$/t 46.6
LOM cash operating cost US$/oz 436
Base-case gold price Upside gold price
Gold price assumption US$/oz 1,100 1,500
Pre-tax
Project cash flow US$m 419 808
NPV at 5% real US$m 271 561
NPV at 7% real US$m 226 486
NPV at 10% real US$m 170 393
IRR (real) % 28.1 46.5
Payback Years 3.1 1.9
Post-tax
Project cash flow US$m 280 531
NPV at 5% real US$m 167 354
NPV at 7% real US$m 133 301
NPV at 10% real US$m 91 235
IRR (real) % 20.5 34.1
Payback Years 3.8 2.5
Note: Costs are 2Q11; NPV as at commencement of construction; pre-tax is before workers’ participation of 8% and income tax of 30% and post-tax is after workers’
participation profit and income tax; payback starts from commencement of production
Source: Company reports
Ollachea community relations—setting a new standard in Peru
In 2007, a surface rights agreement was signed with the local community at Ollachea, in contrast with the previous
operator (Rio Tinto), who had been unable to secure a surface rights agreement. This agreement, which was extended
for 30 years in June 2012, provides the Ollachea community with a 5% equity participation in the project and allows the
company to develop and operate a mine at Ollachea. Minera IRL conducts and funds numerous health, education and
sustainable development projects in the Ollachea area.
Adam Melnyk, P.Eng.

Desjardins
Minera IRL Limited
Capital Markets
PAGE 13
SEPTEMBER 4, 2012
A number of artisanal mining operations covering a surface area of ~100 x 500 metres are currently active in the project
area where the Ollachea deposit outcrops on the north flank of the Oscco Cachi river valley. Minera IRL is highly engaged
with these artisanal miners (including providing materials and explosives). Since the majority of artisanal workings are
within 10 metres of the surface, it is not necessary for artisanal mining operations to cease entirely prior to full-scale
mining at Ollachea; however, the company indicates that it is likely that many of the artisanal miners may transition to
working for Minera IRL once the mine is operational.
In our view, Minera IRL has conducted its community relations activities at Ollachea in a very impressive manner. The
surface rights agreement with the local community, which includes a 5% equity participation in the project by the
community, is the first of its kind in Peru. We view Minera IRL’s strong community relations team, led by Dr Diego
Benavides, President, Minera IRL SA, and the existing goodwill built with the local community as key assets for the
company. Ongoing management of community relations at Ollachea will be paramount in ensuring the project remains
on Minera IRL’s proposed development timeline.
Desjardins production forecast
We expect production at Ollachea to commence in 2015 (vs company guidance of late 2014) and to ramp up to a steady
state of 3,000tpd by 2017. Our modelled LOM average annual production at Ollachea is 103,000ozs Au at an average
cash cost of US$600/oz Au. Our model includes a total of 2.37m ozs Au at an average grade of 3.31g/t Au, significantly
above current reserves of 1.1m ozs Au at an average grade of 3.65g/t Au. As the mine develops, we expect the conversion
of current resources (globally 2.6m ozs at 3.4g/t Au) to mineable reserves. This drives our assumption that the minelife at
Ollachea of nine years, outlined in a July 2011 prefeasibility study, will be expanded to 21 years. We expect initial capital
of US$195m and sustaining capital of US$170m.
Exhibit 16: Desjardins production forecast for Ollachea
160
120
80
40
0
Adam Melnyk, P.Eng.
)uA
szo000(
E5102 E6102 E7102 E8102 E9102 E0202 E1202 E2202 E3202 E4202 E5202 E6202 E7202 E8202 E9202 E0302 E1302 E2302 E3302 E4302 E5302
1,000
800
600
400
200
(US$/oz
Au)
Production (LHS) Cash costs (RHS)
Source: Desjardins Capital Markets
Our modelled parameters for Ollachea are shown in the table below.

Desjardins
Minera IRL Limited
Capital Markets
PAGE 14
SEPTEMBER 4, 2012
Exhibit 17: Desjardins DCF summary for Ollachea
Desjardins estimate July 2011 prefeasibility
Production start 2015 Late 2014
Minelife (years) 21 9
Total contained ozs Au (m) 2.37 1.11
Avg grade (g/t Au) 3.31 3.65
Avg throughput (tpd) 2,907 2,925
Gold recovery (%) 91 91
Avg production (000ozs Au/year) 103 117
Avg total cash costs (US$/oz Au) 600 436
Mining costs (US$/tonne) 26 18
Processing (US$/tonne) 25 24
G&A (US$/tonne) 4 4
Pre-production capital (US$m) 195 170
Sustaining capital (US$m) 170 50
Source: Desjardins Capital markets, company reports
Grade requires low-cost mining
Given the relatively low underground grade at Ollachea (reserves average 3.65g/t Au vs our diluted head-grade modelled
at 3.31g/t Au), reasonable overall operating costs at Ollachea will need to be achieved for the operation to prove
economic. Our steady-state all-in operating cost assumptions for Ollachea are US$55/tonne, 20% higher than the
US$46/tonne operating cost assumption used in the Ollachea prefeasibility study. While our assumed CIL processing and
G&A unit costs are overall in line with the prefeasibility study at US$25/tonne and US$4/tonne, respectively, our
modelled mining costs at US$26/tonne are ~35% above the prefeasibility study mining costs of US$18.48/tonne.
In our view, reasonable per-tonne mining costs are achievable at Ollachea for the following reasons:
 Labour costs in Peru are relatively low compared with costs in more developed jurisdictions
 Ollachea displays wide ore zones of up to 30 metres in width, permitting the use of mechanized longhole mining
methods
 The Ollachea orebody will be accessed by a raised adit, allowing loaded ore haulage to be conducted downhill and
facilitating mine drainage. This should result in lower operating costs than a similar operation utilizing vertical shaft
access
Ollachea NPV sensitivity
Using our base-case gold price assumption of US$1,100/oz Au long-term, our DCF model for Ollachea generates a post-
tax NPV (5%) for the project of US$139m, with an IRR of 12%. Our NPV estimate for Ollachea does not include the
payment owing to Rio Tinto, which is equal to 30% of the NPV (7%) detailed by the feasibility study (payment is due six
months following the release of the study), less 30% of sunk costs at the project. Overall, given current gold spot prices
and consensus estimates, we view our long-term gold price assumption as conservative. We provide a summary of our
Ollachea DCF sensitivity to gold price fluctuations in Exhibit 18 below.
Adam Melnyk, P.Eng.

Desjardins
Minera IRL Limited
Capital Markets
PAGE 15
SEPTEMBER 4, 2012
Exhibit 18 Sensitivity analysis for Ollachea
Discount rate (%)
(C$000) 0.0 3.0 5.0
Base case (US$1,100/oz Au) 386,542 215,550 138,893
Gold price
+10% 509,786 300,766 206,745
+20% 633,031 385,982 274,598
-10% 263,297 130,333 71,040
-20% 139,792 44,877 2,960
Source: Desjardins Capital Markets
Don Nicolas gold project, Argentina
The Don Nicolas gold project (100%-owned, 2% NSR) is located in the province of Santa Cruz in southern Argentina. The
project covers 2,700km2 within the Deseado Massif area of Patagonia. The project area has a low population density and
a temperate climate, but with frequent high winds due to the flat to rolling, treeless topography. Road access is good via
both national and provincial highways. Minera IRL acquired this project in late 2009 in conjunction with its acquisition
of Hidefield Gold PLC, which had previously acquired the project from Yamana Gold Inc.
Exhibit 19: Don Nicolas project area
Source: Company reports
Don Nicolas geology
The Deseado Massif is a Jurassic-age volcanic complex of rocks located in the province of Santa Cruz that covers a surface
area of ~60,000km2. This area of Argentina is host to numerous mines and development projects, including Yamana’s
(previously Extorre’s) Cerro Moro project, Goldcorp’s (previously Andean’s) Cerro Negro development project, AngloGold
Ashanti’s Cerro Vanguardia mine, Coeur d’Alene’s Martha mine, a joint venture between McEwen Mining and Hochschild
Mining (the San Jose mine), and Pan American’s Manantial Espejo mine. The dominant deposit type in the region is
high-grade, low-sulphidation epithermal vein deposits. In the Deseado Massif area, the main control on ore genesis is
extension fracturing developed in Jurassic volcanics, combined with an influx of meteoric fluid.
Current resources at Don Nicolas are hosted in nine steeply dipping, low-sulphidation epithermal quartz-adularia veins
within the La Paloma and Martinetas gold fields. Gold occurs as free gold and is associated with sulphides. The vein
systems at Don Nicolas are hosted in rhyolitic to andesitic volcaniclastic rocks.
At La Paloma, mineralized veins are 2–5 metres thick overall. The Sulfuro vein is the main mineralized structure
identified at La Paloma to date. At Martinetas, multiple narrow, sub-parallel, anastomosing vein swarms and stockworks
are observed. Five mineralized areas have been identified (the Cerro Oro, Coyote, Lucia, Calafate and Armadillo veins),
with widths averaging ~1 metre or less in thickness.
Adam Melnyk, P.Eng.

Desjardins
Minera IRL Limited
Capital Markets
PAGE 16
SEPTEMBER 4, 2012
Exhibit 20: Don Nicolas plan map
Source: Company reports
Resources and exploration upside
Minera IRL announced an updated resource estimate for Don Nicolas in August 2011. Using a 1.6g/t Au cut-off, the
resource is estimated to contain a global (all categories) resource of 390,000oz Aueq at an average grade of 5.5g/t Aueq
(Au:Ag = 50:1). Dropping the cut-off grade to 0.3g/t Au increases the global resource to 556,000oz Aueq at 2.0g/t Aueq.
Minera IRL is currently advancing Don Nicolas as a high-grade project (see Exhibit 21 below), but is evaluating the
potential for these incremental low-grade ounces (from 0.3–1.6 g/t Au) to be processed via heap leach processing.
Exhibit 21: Don Nicolas resource—August 2011
Tonnes Au Au Ag Ag Aueq Aueq
(000) (g/t) (000ozs) (g/t) (000ozs) (g/t) (000ozs)
1.6g/t Au cut-off
M&I 1,461 6.0 280 13.4 630 6.3 292
Inferred 744 4.0 95 5.0 119 4.1 97
Total 2,204 5.3 375 10.6 750 5.5 390
0.3g/t Au cut-off
M&I 5,638 2.1 381 6.3 1,147 2.2 404
Inferred 3,069 1.5 145 3.5 347 1.6 152
Total 8,707 1.9 526 5.3 1,493 2.0 556
Note: Au:Ag = 50:1
Source: Company reports
Don Nicolas development—heap leach could add to short minelife
In February 2012, Minera IRL completed a feasibility study for Don Nicolas. Open pittable proven and probable reserves
at the project totalled 1.2m tonnes grading 5.1g/t Au and 10g/t Ag, containing 197,000ozs Au and 401,000ozs Ag.
Reserves are hosted at the Martinetas (primarily at the Cerro Oro, Coyote and Armadillo veins) and La Paloma (focused
on the Sulfuro vein) vein fields, which are ~50km apart.
Over a 3.6-year minelife, a 1,000tpd open pit operation at Don Nicolas is forecast to produce a total of 181,000ozs Au
and 190,000ozs Ag, for an annual average production rate of 50,300ozs Au and 52,800ozs Ag. Net of silver credits, cash
operating costs are expected to average US$528/oz Au (US$82.50/tonne). According to the company, peak production is
scheduled to occur in year 2 of operations, with 63,800ozs Au and 92,200ozs Ag. Initial capex is estimated at US$55.5m,
Adam Melnyk, P.Eng.

Desjardins
Minera IRL Limited
Capital Markets
PAGE 17
SEPTEMBER 4, 2012
with an additional US$7.3m in sustaining capital. Gold recoveries are estimated at 92% and silver recoveries at 47% via
crush-grind-CIL processing. At a base-case gold price of US$1,250/oz Au, the feasibility study generates an after-tax NPV
(5%) of US$25.1m and an IRR of 22.8%.
The average US$82.50/tonne operating costs are driven by US$2.80/tonne moved (plus US$5.00/tonne of La Paloma ore
moved to the processing location at Martinetas), US$35.00/tonne for processing and US$7.10/tonne for G&A. The
average strip ratio is 11.8:1. The current feasibility study considers using diesel-generated power, but Minera IRL is
evaluating tying in to the local power grid, which is expected to have a positive impact on operating costs.
Exhibit 22: Don Nicolas feasibility study, February 2012
Parameter Units Key performance indicator
Minelife Years 3.6
Tonnes Mt 1.2
Au grade g/t 5.1
Ag grade g/t 10
Au recovery % 92.1
Ag recovery % 47.4
Au produced (000) ozs 181
Ag produced (000) ozs 190
Pre-production capital US$m 55.5
Sustaining capital US$m 7.3
LOM site cash operating cost US$/tonne 82.50
LOM cash operating cost (after Ag credit) US$/oz 528
Source: Company reports
Minera IRL believes that brownfield exploration at the project has the potential to expand the current minelife; the
company is also evaluating the potential for an underground mining operation at Don Nicolas below currently designed
open pits (particularly at the Sulfuro vein). Minera IRL is currently conducting a heap leach study at Don Nicolas that
would expand production beyond the feasibility study levels. The company indicates that 102,000ozs Au at 0.8g/t Au and
516,00ozs Ag at 4g/t Ag may be amenable to heap leaching at the project, not including an additional 49,000ozs at
0.7g/t Au from stockpiles created during high-grade mining.
Minera IRL recently completed an infill and extension drill program (18,700 metres) at the Martinetas area of the project,
with the goal of increasing open pit resources. Assays are expected to be released late in 3Q12 and an updated resource
estimate is expected in 4Q12.
In July 2012, Minera IRL announced the signing of a 10-year social licence agreement with local communities for Don
Nicolas. The agreement will jointly develop policies for local training, jobs and sustainable health programs, as well as
establishing companies to supply the goods and services required by Don Nicolas.
An EIA for Don Nicolas has been completed and the permitting process has commenced, which is expected to be
completed in 2H12. Subject to project financing, the company expects that this will keep the project online for initial
production in late 2013.
Regional projects, Argentina
Minera IRL controls 270,000ha of leased exploration ground in Santa Cruz. At the Michelle project, near AngloGold
Ashanti’s Cerro Vanguardia mine, the company indicates that veins can be traced from Cerro Vanguardia onto the
Michelle project; 33 of 51 rock samples taken at the project returned grades greater than 1g/t Au. A
3,200-metre, 23-hole drill program was completed in 2Q12; assays are pending.
Also in Santa Cruz, Minera IRL controls the Escondido project, which adjoins Mariana Resources’ Las Calandrias project.
The company has identified a mineralized breccia covering an area of 700 x 100 metres that has returned drill assay
results including 100.0 metres grading 1.19g/t Au and 7.80g/t Ag, and 0.7 metres grading 136g/t Au and 157g/t Ag.
Adam Melnyk, P.Eng.

Desjardins
Minera IRL Limited
Capital Markets
PAGE 18
SEPTEMBER 4, 2012
Exhibit 23: Minera IRL’s land in Santa Cruz, Argentina
Source: Company reports
Mining risk in Argentina casts shadow on Santa Cruz
As mentioned earlier in this report, a number of companies are currently operating and developing projects in the
province of Santa Cruz, Argentina. The country has a state-specific mining code and therefore, political risk applicable to
mining development in Argentina should be considered state-specific. For example, the province of Mendoza currently
has a ban on the use of cyanide and sulphuric acid in mining projects; this ban does not apply in Santa Cruz. We
consider Santa Cruz to be one of the premier mining jurisdictions in Argentina as the province has historically been
supportive of project development.
However, Argentina’s political risk profile has increased recently. In April 2012, President Cristina Fernandez de Kirchner
nationalized 51% of YPF SA (the country’s largest oil producer) from Spanish company Repsol on the basis that Repsol
had underinvested in its Argentine assets and failed to increase oil and natural gas production to meet local demand.
Previously, in October 2011, Argentina passed a resolution on export revenues, requiring mining companies operating
within the country to repatriate export proceeds to Argentina and to convert those revenues to Argentine pesos within
180 days. There is no restriction on the use or transfer of funds subsequent to the repatriation. According to Yamana,
“the decree will have only a modest impact on Yamana’s movement of funds in and out of the country, mostly relating
to an increase in immaterial transaction fees”.
In addition, Argentina has also recently moved to restrict imports in favour of Argentinian-sourced goods and services. In
May 2012, the government asked a group of large mining companies operating in the country, including Vale, Xstrata
and Barrick, to present plans to replace imports with goods manufactured locally. We also note that cost and wage
inflation have been high recently in Argentina relative to other jurisdictions.
In our view, the recent acquisition of Extorre by Yamana indicates that mining companies view the risk of outright asset
expropriation in Argentina as low. However, we expect that one consideration in the acquisition of Extorre was Yamana’s
ability to keep cash flows from its other Argentinian operations (Gualcamayo and 12.5% of Alumbrera) within the
country in order to fund the development of the Cerro Moro project. Although the province of Santa Cruz has historically
Adam Melnyk, P.Eng.

Desjardins
Minera IRL Limited
Capital Markets
PAGE 19
SEPTEMBER 4, 2012
been a world-class mining jurisdiction that encourages the development of numerous projects, the current risk
sentiment toward mining projects in Argentina is justifiably cautious.
Desjardins production forecast
Our DCF model for Don Nicolas consists of two parts: (1) a high-grade milling operation, and (2) a low-grade heap leach
gold project, which we anticipate will be developed following the conclusion of milling operations at the project. The
February 2012 feasibility study for the project considers only a high-grade milling operation.
For the high-grade project at Don Nicolas, we expect production to commence in late 2014, a full year later than Minera
IRL’s stated timeline. Given the difficult financing environment currently, we anticipate that the project may be delayed,
pending successful completion of financing requirements. We also see a possibility for the company to engage a partner
to assist in the financing and development of the project.
Overall, we see a high-grade milling project at Don Nicolas producing an average of 48,000ozs Au and 49,000ozs Ag,
slightly below the average annual production outlined in the feasibility study of 50,300ozs Au and 52,800ozs Ag. We
model a seven-year minelife—an approximate doubling of the minelife over feasibility study levels—with contained
ounces approximately equal to current global resources at the project. We model a maximum throughput of 900tpd vs
1,000tpd in the feasibility study.
Our average modelled grades of 5g/t Au and 10g/t Ag for the Don Nicolas high-grade project are in line with the
feasibility study, as are our recoveries of 92% Au and 47% Ag.
At the high-grade milling operation at Don Nicolas, we forecast average cash costs of US$644/oz Aueq, above the
feasibility study average of US$528/oz Aueq. We note that our initial capex estimate of US$75m, sustaining capital
forecast average of US$3m/year and average operating costs of US$94/tonne of ore are above the feasibility study
estimates of US$55.5m, US$2m/year and US$82.50, respectively, largely due to our view of recent cost inflation in
Argentina.
Our model for Don Nicolas also includes a 3,500tpd heap leach operation with production commencing in 2022,
following the completion of milling operations at Don Nicolas. We forecast an initial capex of US$20m, plus sustaining
capital of US$11m over a five-year minelife. We expect average annual production of 17,000ozs Au and 36,000ozs Ag at
average cash costs of US$666/oz Aueq from ore grading 0.75g/t Au and 3.5g/t Ag.
Exhibit 24: Desjardins production forecast for Don Nicolas
70
60
50
40
30
20
10
0
Adam Melnyk, P.Eng.
)uA
szo
000(
E4102 E5102 E6102 E7102 E8102 E9102 E0202 E1202 E2202 E3202 E4202 E5202 E6202
700
600
500
400
300
200
100
0
(US$/oz
Au)
High-grade production (LHS) Leach production (LHS) Cash costs (RHS)
Source: Desjardins Capital Markets

Desjardins
Minera IRL Limited
Capital Markets
PAGE 20
SEPTEMBER 4, 2012
Don Nicolas NPV sensitivity
Using our base-case long-term gold price assumption of US$1,100/oz Au, our DCF model for Don Nicolas generates a
post-tax NPV (5%) for the project of US$21m, with an IRR of 13%. Overall, given current gold spot prices and consensus
estimates, we view our long-term gold price assumption as conservative. We have provided a summary of our Don
Nicolas DCF sensitivity to gold price fluctuations below.
Exhibit 25: Sensitivity analysis for Don Nicolas
Discount rate (%)
(US$000) 0.0 3.0 5.0
Base case (US$1,100/oz Au) 47,086 29,620 20,583
Gold price
+10% 73,637 50,935 39,096
+20% 100,188 72,249 57,608
-10% 20,536 8,306 2,071
-20% -14,562 -19,646 -22,079
Source: Desjardins Capital Markets
Consolidated production forecast
In 2011, Minera IRL produced 33,000ozs Au at Corihuarmi. By 2015, the company expects to be producing over
180,000ozs Au with the development of its Don Nicolas and Ollachea projects, which it plans to bring into production in
late 2013 and late 2014, respectively.
Overall, our production ramp-up for Minera IRL is more conservative than company guidance, particularly in relation to
the development of the Don Nicolas project in Argentina, where we expect production to commence a full year later
than the company’s current plans. For 2012, we forecast production from Corihuarmi of 24,000ozs Au at average total
cash costs of US$820/oz Au. We see production growth commencing in earnest with the development of Ollachea in
1Q15 and Don Nicolas in 4Q14. Our production forecast for the company peaks in 2018, when we expect consolidated
production of 178,000ozs Aueq at cash costs of US$535/oz Aueq.
Exhibit 26: Desjardins estimates of Minera IRL consolidated production
200
160
120
80
40
0
Adam Melnyk, P.Eng.
)qeuA
szo000(
1102 21Q1 21Q2 E21Q3 E21Q4 E2102 E31Q1 E31Q2 E31Q3 E31Q4 E3102 E41Q1 E41Q2 E41Q3 E41Q4 E4102 E5102 E6102 E7102 E8102 E9102 E0202 E1202 E2202 E3202 E4202 E5202 E6202 E7202 E8202 E9202 E0302 E1302 E2302 E3302 E4302 E5302
1,250
1,000
750
500
250
0
(US$/oz
Au)
Corihuarmi sales (LHS) Don Nicolas sales (LHS) Ollachea sales (LHS) Consolidated cash costs (RHS)
Source: Desjardins Capital Markets,

Desjardins
Minera IRL Limited
Capital Markets
PAGE 21
SEPTEMBER 4, 2012
Other projects
Bethania property
Minera IRL controls 100% of the 3,294ha Bethania project, located ~10km from the Corihuarmi mine site. The key target
at Bethania is low-grade Cu-Au porphyry mineralization. An alteration zone measuring 3.5 x 1.2km is coincident with an
IP geophysical anomaly. RC drilling conducted in 2010 intersected 276 metres from the surface, grading 0.38g/t Au and
0.09% Cu. Diamond drilling in 2011 confirmed the results of this RC drill program, but drilling at other targets on the
project did not intersect significant mineralization. Minera IRL has no current exploration plans at Bethania.
Huaquirca joint venture
Under the terms of the Huaquirca joint venture, Alturas Minerals Corp. (ALT, TSX-V, not rated) can earn an 80% interest
from Minera IRL in the 6,903ha Chapi-Chapi project (located in southern Peru) by conducting 15,000 metres of drilling
and completing a scoping study. Assay results from a 16-hole, 5,498-metre drill program were announced in both
December 2011 and May 2012 and included 14.7 metres grading 0.52% Cu and 0.27g/t Au. An additional 10,000 metres
of drilling is planned in 2H12. The project displays the potential for Cu-Au-Mo porphyry and skarn mineralization over a
4.5 x 2.5km area.
Frontera joint venture
Teck Resources Limited (TCK.B, TSX, rated Buy–Average Risk with a C$45.20 target by Desjardins Metals & Mining Analyst
John Hughes) operates the 1,200ha Frontera JV (35% IRL) in northern Chile. The project is adjacent to the Pucamarca
high-sulphidation gold deposit (1.2m ozs Au) owned by a private Peruvian operator.
Quilavira project
The 5,100ha Quilavira project, located at the Strategic Frontier zone near the Chilean border in southern Peru, is under
option by Minera IRL from Newcrest Mining Limited (NM, TSX, not rated). The company has not yet been granted
permission by the authorities to conduct exploration work at the project. A surface rights agreement has yet to be
secured with the local community. An alteration zone of 1,200 x 300 metres has been identified, with a corresponding
200 x 200-metre rock chip anomaly (>1g/t Au).
Gold price outlook
We expect the strong price environment for precious metals to continue for the remainder of 2012 and into 2013. The
key drivers for gold continue to be negative real interest rates, investment demand and positive central bank sentiment.
These drivers are set against a backdrop of ongoing economic uncertainty in the US and Europe, and continued
quantitative easing in both these areas. This view is balanced by headwinds from a stronger US dollar, which could
potentially keep bullion prices in check.
We see gold averaging US$1,750/oz in 2012 and expect overall stronger bullion prices in 2H12 vs 1H12. As quantitative
easing (especially in Europe) kicks in, we expect to see higher gold prices over the remainder of the year. This is in line
with Desjardins Portfolio Strategy & Quantitative Research analyst Ed Sollbach’s peak price forecast of US$1,880/oz. We
see gold prices increasing in 2013 to average US$1,850/oz for the year, before coming down to US$1,600/oz in 2014 and
US$1,300/oz in 2015. Our long-term gold price forecast is US$1,100/oz.
Exhibit 27: Desjardins metals price deck
Year-end Dec-31 2011 2012E 2013E 2014E 2015E Long-term
Gold (US$/oz) 1,572.86 1,750.00 1,850.00 1,600.00 1,300.00 1,100.00
Silver (US$/oz) 35.32 35.00 37.50 35.00 30.00 25.00
Au:Ag 45 50 49 46 43 44
Copper (US$/lb) 4.00 3.75 4.00 3.50 3.00 3.00
Zinc (US$/lb) 1.00 0.95 1.05 1.00 1.00 1.00
Source: Desjardins Capital Markets, Bloomberg
Adam Melnyk, P.Eng.

Desjardins
Minera IRL Limited
Capital Markets
PAGE 22
SEPTEMBER 4, 2012
Comparative analysis
In order to assess what the market is paying for Minera IRL’s gold resources, we have compiled a data set of comparable
companies. The group of companies we use for this analysis vary in terms of their stage of development, but overall they
are non-producing companies advancing projects with multi-million-ounce resource bases and primarily located in the
Americas. Our data set considers only projects with defined NI 43-101 resources (no historical resources included). We
combine all categories of reserves and resources for this analysis (proven, probable, measured, indicated and inferred).
The Aueq ounces and grades we consider give silver credits at an Au:Ag ratio of 44:1, but no credits for any other metal.
Overall, we expect the market to pay a premium for resources that are more advanced along the development pathway
or that are already in production. As projects are advanced and derisked, it is expected that the market would attribute a
premium for the resources the projects contain. Ultimately, ounces hosted at producing mines that can be accessed and
recovered with existing infrastructure should command the highest values. We expect higher grade resources to trade at
premium valuations based on greater potential operating margins. Additionally, we expect the market to award a
premium valuation to resources it believes have a higher potential for expansion.
Investors should be aware that no two projects or issuers are directly comparable and that the premium/discount
awarded to a company’s valuation is attributable to many factors, including those in and outside of the issuer’s control.
Examples of factors that could affect the premium/discount attributed to a company and its assets include resource
grade and size, geologic potential, timeline to production, overall project economic prospects, metallurgical
characteristics, geotechnical considerations, strip ratios, infrastructure, permitting status, taxes, royalties, political
environment, access to a skilled workforce, management quality and track record, as well as the issuer’s financial status,
prospects and ability to raise capital.
The comparables in our data set are trading at an average enterprise value (EV) of C$47/oz Aueq. This compares with
Minera IRL at C$26/oz Aueq, which is below the group average.
Exhibit 28: EV/oz Aueq for data set of comparables
Mkt cap Mkt cap/oz EV EV/oz Aueq Aueq
Company Ticker (C$m) (C$/oz Aueq) (C$m) (C$/oz Aueq) (m ozs) (g/t)
Queenston Mining Inc. QMI 278 87 209 65 3.2 4.83
Lydian International Limited LYD 297 73 256 63 4.0 0.87
Sulliden Gold Corporation Ltd. SUE 336 68 290 59 4.9 0.84
Belo Sun Mining Corp. BSX 269 56 253 52 4.8 1.69
Atacama Pacific Gold Corporation ATM 169 48 140 39 3.6 0.53
Midway Gold Corp. MDW 166 31 149 28 5.4 0.83
Guyana Goldfields Inc. GUY 249 30 196 23 8.4 3.26
Average 252 56 213 47 4.9 1.84
Minera IRL Limited IRL 97 29 86 26 3.3 2.45
Note: Au:Ag 44:1
Source: Capital IQ, company reports
Valuation
We value Minera IRL using a sum-of-the-parts method based on the following components:
1. Discounted cash flow (DCF) model for the company’s producing Corihuarmi gold mine in Peru
2. DCF model for the company’s flagship Ollachea gold development project in Peru
3. DCF model for the company’s Don Nicolas gold/silver development project in Santa Cruz, Argentina
4. Discounted in situ valuations for resources we believe the company may be able to delineate with future exploration
work at its projects
5. Valuations for our estimates of corporate G&A, exploration expenditures, working capital and debt
Adam Melnyk, P.Eng.

Desjardins
Minera IRL Limited
Capital Markets
PAGE 23
SEPTEMBER 4, 2012
DCF for Corihuarmi
We expect Corihuarmi to wind down production over the next three years, with 2015 as the last year of our forecast
production at the mine. As grades decrease over the remaining minelife, we expect gold production to decrease to
10,000ozs by 2015 from 24,000ozs in 2012, and we expect cash costs to increase to US$969/oz from US$826/oz over the
same period.
Using our base-case long-term gold price assumption of US$1,100/oz, our DCF model for Corihuarmi generates an NPV
(3%) for the project of US$23m. We apply a 1.0x multiple to our Corihuarmi NPV (3%) in our valuation, reflecting our view
that, while the mine is well optimized and we have a favourable view of political risk relating to mining companies in
Peru, Corihuarmi is nearing the end of its minelife (2015). We expect production to decline each year during this period
(2012–15) and thus do not believe the mine warrants a premium valuation multiple.
DCF for Ollachea
As detailed earlier in this report, we see production at Ollachea commencing in 2015 (vs company guidance of late 2014)
and ramping up to a steady state of 3,000tpd by 2017. We forecast average annual production at Ollachea of
103,000ozs Au at average cash costs of US$600/oz Au. Given our positive view of the exploration potential for the project,
we assume that the minelife at Ollachea of nine years, outlined in a July 2011 prefeasibility study, will be expanded to 21
years. We expect initial capital of US$195m and sustaining capital of US$170m.
Using our base-case long-term gold price assumption of US$1,100/oz Au, our DCF model for Ollachea generates an NPV
(5%) for the project of US$139m. We see Ollachea as a top-quartile gold development project with potential for
significant resource expansion. We view favourably both the political risk environment relating to mining companies in
Peru, as well as Minera IRL’s successful and well established community relations at Ollachea. However, the Ollachea
project is not currently financed and financing risk for the project remains high. We apply a 1.0x multiple in our
valuation to our NPV (5%) for Ollachea.
DCF for Don Nicolas
Our DCF model for Don Nicolas consists of two parts: (1) a high-grade milling operation, and (2) a low-grade heap leach
gold project, which we expect will be developed following the conclusion of milling operations at the project. For the
high-grade project at Don Nicolas, we expect production to commence in late 2014, a full year later than Minera IRL’s
stated timeline. Overall, we see a high-grade milling project at Don Nicolas producing an average of 48,000ozs Au and
49,000ozs Ag at average cash costs of US$644/oz Aueq over a seven-year minelife. We then model a low-grade heap
leach operation at Don Nicolas with average annual production of 17,000ozs Au and 36,000ozs Ag at average cash costs
of US$666/oz Aueq over a five-year minelife.
Given our cautious view of the political risk surrounding mining projects in Argentina (despite the Don Nicolas project’s
location in the mining-friendly province of Santa Cruz) and considering that the Don Nicolas project is not currently
financed, we apply a discounted 0.8x multiple in our valuation to our NPV (5%) for Don Nicolas.
In situ valuation of resource potential
We view favourably the resource expansion and grassroots exploration potential at Minera IRL’s projects, particularly at
Ollachea, Don Nicolas and regionally in Santa Cruz province in Argentina. Overall, we expect that the company’s
exploration efforts will be able to outline an additional 1m ozs of gold beyond what is currently included in the
NI 43-101 resources at its projects. While we are impressed by the exploration potential of the company’s Argentinian
projects, going forward we expect Minera IRL to focus its exploration efforts at its flagship Ollachea project in Peru and
anticipate that the majority of its exploration success will come at this highly prospective project. We apply an in situ
value of US$40/oz Au to these potential resources, which is in line with how we value potential in situ gold resources for
other companies in our gold exploration and development universe.
Corporate G&A, exploration expenditures and balance sheet
We discount our estimates of future exploration expenditures and corporate G&A expenses at a rate of 10%, deriving
values of US$14m for corporate G&A and US$26m for exploration. The company has a current (June 30, 2012) cash
position of US$23m and working capital of US$12m. Minera IRL has a debt position of US$10m, related to a July 2010
Adam Melnyk, P.Eng.

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SEPTEMBER 4, 2012
feasibility finance facility with Macquarie Bank which bears interest at LIBOR+3.5% and which is due for repayment on
December 31, 2012.
We note that an additional payment is due by Minera IRL to Rio Tinto following the completion of a bankable feasibility
study for Ollachea equal to 30% of the NPV (7%) detailed by the feasibility study (payment is due 180 days after the
release of the study, which is planned for late 2012), less 30% of sunk costs at the project. Minera IRL can elect to pay 80%
of this in shares, with the balance to be paid in cash. Based on our estimate of sunk costs and the NPV of the project,
combined with company guidance, we assume this payment will be equal to US$25m. Our valuation also includes
equity dilution of US$30m (at a share price of C$0.75/share).
Potential return justifies Buy–Speculative rating
As outlined in Exhibit 29, our total NAV for Minera IRL is C$1.08/share.
Exhibit 29: Minera IRL valuation
Discount NPV NPV/share Multiple Target
Asset (%) (US$m) (192m O/S US$) (x) generation (US$)
Corihuarmi 3.0 23 0.12 1.00 0.12
Ollachea 5.0 139 0.72 1.00 0.72
Don Nicolas 5.0 21 0.11 0.80 0.09
Exploration potential NA 40 0.21 1.00 0.21
Corporate G&A 10.0 -14 -0.07 1.00 -0.07
Exploration spending 10.0 -26 -0.13 1.00 -0.13
Payment to Rio Tinto NA -25 -0.13 1.00 -0.13
Macquarie debt NA -10 -0.05 1.00 -0.05
Working capital NA 42 0.22 1.00 0.22
NAV (US$) 190 0.99 0.97
NAV (C$) 211 1.10 1.08
Share price (C$) 0.64 0.64
0.58x NAV 72% potential return
to target
Note: C$/US$ = 0.90
Source: Desjardins Capital Markets
Adam Melnyk, P.Eng.

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Minera IRL Limited
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SEPTEMBER 4, 2012
Recommendation
We are initiating coverage of Minera IRL Limited with a Buy–Speculative rating and C$1.10 target price (rounded from
our C$1.08/share NAV), representing a potential return of 72%.
Our investment thesis on Minera IRL is based on the company’s ability to permit, build and operate its two development
projects: Don Nicolas in Santa Cruz, Argentina, and more importantly for our valuation, Ollachea in Peru. With the
development of these two projects, we see a compelling growth story and expect the company to be able to increase its
annual production to over 150,000ozs Au by 2016 from ~25,000ozs in 2012. At Don Nicolas and Ollachea, we see the
potential for exploration success to significantly increase the currently designed mine lives at both projects.
However, we take a cautious view of the company’s balance sheet and liabilities. In order to meet its stated production
timelines, Minera IRL will need to finance, develop and commission two assets over the next three years, with a
combined capital cost of >2x its current market capitalization. In the current difficult financing environment for
resource development companies, this could lead to dilutive financing arrangements and/or project delays. The
company’s liquidity is also strained by the fact that it must repay US$10m of debt to Macquarie Bank by
December 31, 2012; in addition, in mid-2013 Minera IRL owes Rio Tinto a final payment which we estimate at
~US$25m to complete its acquisition of a 100% interest in the Ollachea project (up to 80% can be paid in shares).
That being said, we believe that future derisking of Minera IRL’s assets, particularly the Ollachea gold project in Peru,
could create tangible value for Minera IRL’s shareholders. Moreover, as detailed earlier in this report, we believe that
exploration work at the company’s projects has the potential to outline additional mineral resources, as well as
delineate new discoveries.
In our view, Minera IRL has developed an excellent community relations program in all of the regions in which it
operates and we see this as a key asset for the company. Despite recent anti-mining protests in Peru, we have an overall
favourable view of the mining development risk in the country and see political risk in Peru as company- and asset-
specific. In Argentina, we find recent developments relating to mining legislation to be of some concern and take a
cautious view of political risk in the country. We note that Minera IRL’s Don Nicolas project is located in the province of
Santa Cruz, historically one of the most supportive regions toward mining development in Argentina. Given that we see
Minera IRL’s Argentinian projects as minor assets for the company (9% of our NAV), we are comfortable that any political
risk associated with these assets is diluted against the much larger exposure of its asset base to Peru.
Minera IRL is under the stewardship of a high-quality, experienced management team of proven mine builders who are,
in our estimation, fully capable of advancing the company’s projects to production.
Upcoming catalysts
 Drill results from 18,700-metre program at Don Nicolas—3Q12
 Drill results from 3,200-metre program at the Michelle project in Santa Cruz, Argentina—3Q12
 Don Nicolas resource update—4Q12
 Ollachea underground drilling commencing—4Q12
 Ollachea feasibility study—4Q12
 EIA approval for Don Nicolas—4Q12
 Ollachea EIA approval— mid-2013
We view the mineral exploration and development sector as highly speculative. Investors should rigorously evaluate the
risks associated with all companies advancing mineral assets prior to making investment decisions. For more details on
the investment risks associated with Minera IRL, please see the Investment risks section below.
Adam Melnyk, P.Eng.

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Investment risks
Production and development risk. The mining industry should, by its very nature, be considered speculative. Although
our valuation assumes continued production at Corihuarmi and the successful development of the Ollachea and Don
Nicolas projects, there can be no assurance that the company will achieve either our or its own production forecasts.
Actual operating and economic parameters may differ significantly from those estimated in technical studies or
contained in management guidance. In addition, there can be no guarantee of the timeline under which the company
will be able to advance its projects along its proposed development path.
Resource estimate risk. NI 43-101 resource estimates are subject to uncertainty relating to estimation methods, drilling
and sampling results, the precision and accuracy of assay data, as well as modelling techniques. Estimates are also
subject to the quantity and quality of drill data, in addition to assumptions made in engineering and geological
interpretations. There is no certainty that resources will be converted into mineable reserves. In particular, inferred
resources carry a large degree of uncertainty. Investors are cautioned that they should not assume that part or all of an
inferred resource exists, or that it is economically or legally mineable. Historical resources or any resources not in
compliance with NI 43-101 standards should not be relied upon. We note that any estimate of undelineated resources is,
by its nature, highly speculative and subject to material change, and therefore should not be relied upon.
Permitting risk. Although we view the overall permitting framework in Peru favourably, there is no certainty that
Minera IRL will be able to secure the necessary permits to develop Ollachea. While we see Santa Cruz province in
Argentina (where the company’s Don Nicolas project is located) as an overall pro-development jurisdiction, based on
recent events outlined earlier in this report, we see Argentina as an above-average risk jurisdiction overall. The possibility
exists that hostile relations with local community groups or other opposition to its projects could prove terminal to the
company’s ability to secure permits and/or carry out exploration, development and operating activities.
Operational risk. Minera IRL is subject to numerous technical risks during each of the construction, operation,
decommissioning and reclamation phases. These risks include, but are not limited to, metallurgical issues, geotechnical
uncertainty, mechanical issues, environmental damage, as well as floods, fires and other weather-related disruptions. In
addition, there can be no guarantee that Minera IRL will be able to secure a skilled workforce to execute its planned
mining activities. The company may also experience higher-than-expected operating and capital costs due to higher
prices for fuel, labour and consumables.
Political risk. Every mining company is exposed to political risk in the jurisdictions in which it operates. Although
political risk for mining in Peru is considered reasonable and the region has a clear mining code and taxation and
royalty structure, investors should be aware that changes to the political and regulatory environment in which Minera
IRL operates may occur. As mentioned previously in this report, although we see Santa Cruz province in Argentina
(where the company’s Don Nicolas project is located) as an overall pro-development jurisdiction, based on recent events,
we see Argentina as an above-average risk jurisdiction overall.
Environmental risk. The company is required to adhere to strict environmental regulations and standards while
conducting exploration, development, construction, operation, decommissioning and reclamation of its projects.
Changes to environmental regulations or violations of regulations and standards by the company could adversely affect
the outlook for its projects.
Financing risk. Although Minera IRL is currently achieving positive operating cash flow at the Corihuarmi mine in Peru,
the company may be dependent on debt or equity financing to advance its projects and fulfill its financial obligations.
There can be no guarantee that Minera IRL will be able to secure debt, equity or other financing necessary to advance its
projects and/or fulfill its financial obligations in the future. The company’s ability to secure financing could change with
market and economic factors that are independent of its activities.
Commodity price risk. Minera IRL is highly leveraged to commodity (gold, copper) prices, which could fluctuate widely.
The timing and magnitude of these fluctuations cannot be predicted.
Currency risk. Minera IRL’s material assets are located in Peru and Argentina. Strengthening of the Peruvian and
Argentinian currencies could result in increased production costs (in US dollar terms) and reduced operating margins for
the company.
Market risk. The valuation attributed to Minera IRL and its assets by the market is subject to numerous conditions that
can be highly volatile. The company’s share price could fluctuate independently of material changes in its overall
Adam Melnyk, P.Eng. outlook and development prospects.

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SEPTEMBER 4, 2012
Appendix 1: Mining in Peru
Peru needs mining
Mining has a dominant position in the Peruvian economy, accounting for ~60% of the country’s total exports, largely
driven by significant production from large-scale gold and copper mines operating in the country. Numerous mining
companies are active in Peru, including Newmont Mining at Yanacocha; Xstrata at Tintaya; Barrick Gold at Pierina and
Lagunas Norte; Freeport-McMoRan at Cerro Verde; Gold Fields at Cerro Corona; Anglo American at the Quellaveco
project; HudBay Minerals at Constancia; Antamina, a joint venture between Xstrata (33.75%), BHP Billiton (33.75%), Teck
Resources (22.5%) and Mitsubishi Corporation (10%); as well as various mines operated throughout the country by
Buenaventura, Southern Copper, Volcan, Minsur and Milpo. In northern Peru, the regions of Cajamarca, La Libertad and
Ancash are the most active mining areas, while in southern Peru the regions of Arequipa, Puno, Junín and Apurimac are
the most active.
In 2011, US$7.2b was invested in mining and associated projects in Peru. According to Peru’s Ministry of Energy and
Mines, US$53b of investment related to the mining industry is planned over the next seven years.
New tax regime
In September 2011, Peruvian President Ollanta Humala (elected in June 2011 for a five-year term) announced a new set
of laws governing the mining sector in Peru that were aimed at increasing the government’s revenue from mining
projects. These new laws include modified royalties, the creation of a special mining tax (IEM) for companies without tax
stability contracts and the introduction of a special levy on mining (GEM) for companies with tax stability contracts. All of
these taxes are now sliding scale rates based on a company’s operating profit margin. In addition, companies have to
pay a workers’ profit share equal to 8% of pre-tax income and are subject to a 30% corporate tax rate. Details of the new
tax regime are shown in the exhibits below (Exhibits 30–33). We note that for a company operating without a tax stability
agreement, the all-in tax, royalty and profit share burden ranges from 40–45%, depending on its profit margin; we note
that Minera IRL does not have a tax stability contract.
Exhibit 30: Summary of new Peruvian mining taxes
Without tax stability contract (TSC)1 With tax stability contract
Concept Royalties Special tax on mining (IEM) Special levy on mining (GEM)
Scheme Replaces current royalties New New
Calculation base Operating profit Operating profit Operating profit
Rates according to operating margin From 1–12% From 2–8.4% From 4–13.12%
Minimum payment 1% of sales Not applicable Not applicable
Accounting treatment Deductible expense for income tax Deductible expense for income Deductible expense for income
calculations tax calculations tax calculations
1 Includes contracts signed according to the General Mining Law
Source: APOYO Consultoria
Adam Melnyk, P.Eng.

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Exhibit 31: Sliding scale royalty rates for companies without tax stability contracts
Scale according to operating margin Marginal rate (%) Effective rate (%)1
Less than 10% 1.00 1.00
10–15% 1.75 1.25
15–20% 2.50 1.56
20–25% 3.25 1.90
25–30% 4.00 2.25
30–35% 4.75 2.61
35–40% 5.50 2.97
40–45% 6.25 3.33
45–50% 7.00 3.70
50–55% 7.75 4.07
55–60% 8.50 4.44
60–65% 9.25 4.81
65–70% 10.00 5.18
70–75% 10.75 5.55
75–80% 11.50 5.92
More than 80% 12.00 7.14
1 Rate considering the upper limit of each scale
Source: APOYO Consultoria
Exhibit 32: Special mining tax (IEM) for companies without tax stability contracts
Scale according to operating margin Marginal rate (%) Effective rate (%)1
Less than 10% 2.00 2.00
10–15% 2.40 2.13
15–20% 2.80 2.30
20–25% 3.20 2.48
25–30% 3.60 2.67
30–35% 4.00 2.86
35–40% 4.40 3.05
40–45% 4.80 3.24
45–50% 5.20 3.44
50–55% 5.60 3.64
55–60% 6.00 3.83
60–65% 6.40 4.03
65–70% 6.80 4.23
70–75% 7.20 4.43
75–80% 7.60 4.63
80–85% 8.00 4.82
More than 85% 8.40 5.36
1 Rate considering the upper limit of each scale
Source: APOYO Consultoria
Adam Melnyk, P.Eng.

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SEPTEMBER 4, 2012
Exhibit 33: Total royalty, profit-sharing and tax burden for companies
without tax stability contracts
Source: APOYO Consultoria
Protests have made headlines
Recently, there have been numerous anti-mining protests in Peru, including those led by Cajamarca’s regional president,
Gregorio Santos, at Newmont’s US$4.8b Conga development project at the Yanacocha mine in Cajamarca. This was
followed by the declaration of a state of emergency in Cajamarca in December 2011 by President Humala, who sent in
the army to break up the protests. Newmont suspended construction activities at the Conga project in November 2011
and has indicated that production will now commence in 2017 (previously 2014).
This year there have also been protests in southern Peru’s Espinar province (in the Cusco region), near Xstrata’s Tintaya
mine. Protesters have expressed concern over water quality, and demanded an increase in Xstrata’s contribution to a
social fund to 30% of pre-tax profit from 3%. The mayor of Espinar, Óscar Mollohuanca, who led the protests, has since
been arrested.
Additionally, in June 2011, Bear Creek Mining’s concessions for the Santa Ana project in Puno were cancelled. This
occurred when outgoing President Alan Garcia issued a Supreme Decree reversing the Supreme Decree issued in 2007
that granted Bear Creek title to the Santa Ana project. Bear Creek has since taken legal action against the Peruvian
government.
Desjardins view—Peru is open for business
Despite these recent difficulties, overall we see Peru’s federal government as supportive of mining development. Despite
President Humala’s perceived left-wing, populist policies and calls for ‘social inclusion’ during his 2011 election
campaign, he has demonstrated an overall pro-development stance during his first year in office. Recent anti-mining
protests in Peru have, in our view, been company- and asset-specific, and have been associated particularly with large-
scale sulphide projects. We view Peru as a favourable mining jurisdiction with a stiff but stable tax and royalty regime, as
well as clear laws relating to mineral title. We do note, however, that companies operating in Peru require an engaged
and effective community relations program in order to avoid protests and delays related to planned development.
Appendix 2: Management and directors
Courtney Charles Chamberlain, Executive Chairman. Mr Chamberlain is a metallurgist by profession with over 40 years
of experience in precious and base metals management, operations and development, as well as consulting in Australia,
Asia, Africa and both North and South America. He is a fellow of the Australasian Institute of Mining and Metallurgy
(AusIMM). Mr Chamberlain spent 29 years with Newmont Mining Corporation and Newcrest Mining Limited, including
13 years on the board of directors of both Newmont Australia Limited and Newcrest, where he was responsible for
operations and development. His responsibilities included key management roles in the development of the Telfer and
New Celebration gold mines in Western Australia and the Cadia mine in New South Wales. Mr Chamberlain was a
founding partner of Investor Resources Limited (IRL), a financial and technical advisor to the international mining
industry. He also initiated Minera IRL Limited.
Adam Melnyk, P.Eng.

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Tim Miller, CFO and Company Secretary. Mr Miller has over 15 years of experience in corporate finance, mergers &
acquisitions and finance experience in the natural resource industry. He is also a member of the AusIMM and a fellow of
Financial Services Institute of Australasia (FINSIA). Mr Miller assisted with the founding of Minera IRL Limited and
managed the company’s admission into the London Stock Exchange (AIM). In 2009, he joined the Minera IRL Limited
team, managing the company’s placements, the acquisition of Hidefield Gold PLC and the listing of the company on the
TSX in April 2010.
Dr Diego Benavides, President, Minera IRL SA. Responsible for corporate, legal and community activities, Dr Benavides
is a member of the Merger and Acquisition Committee. He is a lawyer by training, with particular experience in the Latin
American mining industry. His previous experience includes positions with Minera Mount ISA Peru SA and Minera
Newcrest Peru SA, and as a consultant to Minera Phelps Dodge Del Peru SA.
Donald McIver, Vice-President, Exploration. Mr McIver is responsible for all exploration activities within the group. He
is a fellow of the AusIMM and a geologist by training, with extensive international experience that includes over 10 years
in South Africa, two years in Ecuador and over nine years in Peru. He has previous production and exploration
experience within the consulting, project management and team environment.
Trish Kent, Vice-President, Corporate Relations. Ms Kent is responsible for group, public and investor relations, as well
as the management of archaeology, and is closely involved with community relations. Ms Kent holds an Arts degree and
has a diverse employment background, including public and community relations, administration and project
management roles, as well as having experience in the writing, production and editing of publications. She has lived and
worked in a number of countries, is proficient in Spanish and is currently a resident of Peru.
Dr Douglas Alan Jones, non-executive director. Dr Jones is a geologist with 35 years of international exploration,
exploration management and consulting experience in the mining industry. From 2003–07, he served as Vice-President
of Exploration for Golden Star Resources and was responsible for worldwide exploration. Prior to that, he was Chief
Geologist, New Business South America at Delta Gold Limited. He is currently the Chief Executive Officer of ASX- and TSX-
listed Chalice Gold Mines Limited, and a non-executive director of both ASX-listed Liontown Resources Limited and AIM-
and TSX-listed Serabi Gold plc. Mr Jones is also a former director of Moto Goldmines Limited, which is listed on the TSX,
AIM and ASX.
Graeme David Ross, non-executive director. Mr Ross qualified as a chartered accountant in 1984 and is now a partner
in Rawlinson & Hunter, Jersey, which is part of the Rawlinson & Hunter international network. He has worked in Jersey’s
finance industry since 1986 and has in-depth knowledge and experience of the structuring and ongoing administration
requirements of publicly owned Jersey investment vehicles. Mr Ross is a shareholder in R&H Trust Co. (Jersey) Limited,
which provides services to and is remunerated by Minera IRL Limited.
Kenneth Peter Judge, non-executive director. Mr Judge is a corporate lawyer with extensive business management
and corporate development experience, having held numerous public company directorships and having been engaged
in the establishment or corporate development of oil & gas, mining and technology companies in the UK, Middle East,
US, Australia, Europe, Canada, Latin America and Southeast Asia. He has undergraduate and post-graduate degrees in
Commerce, Jurisprudence and Laws from the University of Western Australia, and was awarded an Order of Australia
medal in 1984. Mr Judge was the Executive Chairman of AIM-listed Hidefield Gold PLC, until its acquisition by Minera IRL
in December 2009, and is a senior consultant and advisor to Hamilton Capital Partners and a director of AIM-listed
Gulfsands Petroleum PLC.
Napoleon Valdez, non-executive director. Mr Valdez has extensive business management experience and is the
president of the board and major shareholder of the privately owned glass company, Cristalerias Ferrand. He is also the
owner and director of Inversiones El Carmen, Agricola Topara and Gruval, which are incorporated in Peru. Mr Valdez is a
Peruvian resident and well connected and experienced South American businessman, and is well informed on the
Peruvian mining industry in which he has been a long-standing investor.
Adam Melnyk, P.Eng.

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Insider ownership
Exhibit 34: Minera IRL insider ownership
Insider Shares Options
Courtney Chamberlain, Executive Chairman 3,492,692 1,970,000
Trish Kent, Vice-President, Corporate Relations 571,997 650,000
Diego Benavides, President Minera IRL SA 1,782,600 1,050,000
Don McIver, Vice-President, Exploration 445,895 850,000
Tim Miller, CFO 253,200 800,000
Dr Douglas Alan Jones, non-executive director 322,936 430,000
Graeme David Ross, non-executive director 5,000 355,000
Napoleon Valdez, non-executive director 544,000 330,000
Kenneth Judge1, non-executive director 1,389,062 330,000
Note: 1 Hamilton Capital Partners is the direct or indirect holder of these ordinary shares, an associate company of
Ken Judge.
Source: INK Research, company reports
Adam Melnyk, P.Eng.

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Notes
Adam Melnyk, P.Eng.

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SEPTEMBER 4, 2012
Notes
Adam Melnyk, P.Eng.

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SEPTEMBER 4, 2012
DISCLOSURES
Distribution of ratings
Rating Desjardins Desjardins coverage % Desjardins Investment %
category rating universe (# of stocks) distribution Banking (# of stocks) distribution
Buy Top Pick/Buy 116 69 4 80
Hold Hold 51 30 1 20
Sell Sell 1 1 0 0
Total 168 100 5 100
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Desjardins
Minera IRL Limited
Capital Markets
PAGE 35
SEPTEMBER 4, 2012
STOCK RATING SYSTEM
Top Pick Buy Hold Sell Not Rated
Desjardins’ best investment ideas – stocks Stocks that are expected to Stocks that are expected to Stocks that are expected to Stock is being
that offer the best risk/reward ratio and outperform their respective perform in line with their underperform their covered exclusively
that are expected to significantly peer group* over a 12- respective peer group* over a respective peer group* over on an
outperform their respective peer group* month period 12-month period a 12-month period informational basis
over a 12-month period
RISK QUALIFIERS
Average Risk Above-average Risk Speculative
Risk represented by the stock is in line with its peer Risk represented by the stock is greater than that High degree of risk represented by the stock,
group* in terms of volatility, liquidity and earnings of its peer group* in terms of volatility, liquidity marked by an exceptionally low level of
predictability and earnings predictability predictability
* Peer group refers to all of the companies that an analyst has under coverage and does not necessarily correspond to what would typically be considered an industry
group. Where an analyst’s coverage universe is such that ‘relative’ performance against a ‘peer group’ is not meaningful, the analyst will benchmark the rating against the
most appropriate market index
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Desjardins
Capital Markets
Research Industrials Real Estate
Patrick Bartlett, CFA (416) 607-3011 Transportation & Aerospace Jenny Ma, CFA (416) 607-3028
Head of Research Benoit Poirier, CFA (514) 281-8653 [email protected]
[email protected] [email protected] David Lee, CA, Associate (416) 607-3019
Portfolio Strategy & Quantitative Research Erin Opolko, Associate (514) 985-3498 [email protected]
Ed Sollbach, P.Eng., CFA (416) 607-3075 [email protected] Telecom, Media & Technology
[email protected] Diversified Industries Maher Yaghi, CPA, CMA, CFA (514) 281-8664
Philippe Gear, Associate (416) 607-3017 Pierre Lacroix, CFA (514) 281-4231 [email protected]
[email protected] [email protected] Matthew Logan, CFA, Associate (416) 607-3024
Consumer Discretionary David Rochow, Associate (514) 985-3576 [email protected]
Retailing/Consumer Staples/Food & Beverages/ [email protected] Utilities
Food & Drug Retailing Materials Pierre Lacroix, CFA (514) 281-4231
Keith Howlett (416) 607-3020 Metals & Mining/Fertilizers [email protected]
[email protected] John Hughes (416) 607-3021 Jeremy Rosenfield, CFA (514) 985-1862
Chase Bethel, CFA, Associate (416) 607-3012 [email protected] [email protected]
[email protected] Paul Medici, Associate (416) 607-3027 David Rochow, Associate (514) 985-3576
Financial [email protected] [email protected]
Banks & Diversified Financials/Insurance Jackie Przybylowski, P.Eng. (416) 607-3092 Production
Michael Goldberg, CFA (416) 607-3018 [email protected] Karen Voon, Head of Production (416) 607-3031
[email protected] Precious Metals [email protected]
Stefanie Lau, Associate (416) 607-3023 Brian Christie (416) 607-3013 Marigold de Mesa (416) 607-3014
[email protected] [email protected] [email protected]
Healthcare Chris Martino, Associate (416) 607-3025 Simon Dukes (416) 607-3016
Pooya Hemami, CFA (514) 985-7574 [email protected] [email protected]
[email protected] Adam Melnyk, P.Eng. (416) 607-3081 Heather Snow (416) 607-3029
Energy [email protected] [email protected]
Oil & Gas Paper & Forest Products Translation
Tim Murray, CFA (403) 532-6611 Pierre Lacroix, CFA (514) 281-4231 Johanne Chevalier, C. Tr. (514) 281-4389
[email protected] [email protected] [email protected]
Josie Ho, Associate (403) 532-6615 David Rochow, Associate (514) 985-3576 Administration
[email protected] [email protected] Tonia Di Censo (416) 607-3015
Allan Stepa, P.Eng. (403) 532-6613 [email protected]
[email protected] Christine Wise (514) 281-2313
Chris MacCulloch, Associate (403) 532-6617 [email protected]
[email protected]
Oil & Gas Services
Jamie Murray, CFA (403) 532-6621
[email protected]
www.desjardins-securities.ca
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Desjardins Economics
François Dupuis, Vice-President & Chief Economist Mathieu d’Anjou, CFA Jimmy Jean
Yves St-Maurice, Senior Director & Deputy Chief Benoit P Durocher Hendrix Vachon
Economist Francis Généreux
(514) 281-2336
[email protected]
Equity Capital Markets
Sales
Craig Brenner, Head of Sales 416-867-7590 Darren Goldberg (416) 867-1396 Stephen Lloyd, CFA (416) 867-3598
[email protected] [email protected] [email protected]
Robert Dennison (604) 656-2665 Todd Johnson (416) 867-3757 André Pagé (514) 281-2291
[email protected] [email protected] [email protected]
Mark Dickinson (416) 867-3594 Rahim Kassim-Lakha (416) 867-1232 Wolfgang Rosner (514) 281-8632
[email protected] [email protected] [email protected]
Simon Dionne, Analyst (514) 985-5064
[email protected]
Trading
David Washburn, Head of Trading 416-867-1789 Jose Estevez (416) 867-2266 Michael Nicholishen (416) 867-3436
[email protected] [email protected] [email protected]
Felix Bélanger (514) 985-5072 Meiwen Gouadec (416) 867-3423 Mel Peralta (416) 867-1710
[email protected] [email protected] [email protected]
Yasmina Borki (416) 867-2262 David Lailey (416) 867-8612 Pierre-Olivier Tardif (514) 281-8771
[email protected] [email protected] [email protected]
Eric Bouchard (514) 985-1889 François Laplante, Head of Liability Trading (514) 281-7707
[email protected] [email protected]
Administration
Marie-Eve Boulé (514) 281-2894 Cindy Masson (Trading) (514) 281-4210 Meni Stoikos (416) 867-3586
[email protected] [email protected] [email protected]
Jo-Ann Deguire (514) 281-7251 Jay Peralta (Trading) (416) 867-1888 Angelique Welsch (514) 985-1844
[email protected] [email protected] [email protected]
Angela Di Pede (416) 867-1465
[email protected]
Preferred Shares
John Nagel, Vice-President (416) 867-3535 David Paul (416) 867-3772 Alex Somjen (416) 867-3751
[email protected] [email protected] [email protected]