Ivernia Inc. (IVW)

Ivernia is an international base metals mining, exploration and development company which, through its wholly-owned subsidiary, Magellan Metals Pty Ltd. ("Magellan Metals" or "Magellan"), is the sole owner and operator of the Magellan lead mine (the "Magellan Mine") in Western Australia, which is the Company's principal asset. For details on the operation of the Magellan Mine, see below under "Operations Review - Magellan Mine". In June 2010, Ivernia announced an exploration joint venture with Prairie Downs Pty Ltd ("Prairie Downs") whereby Ivernia has the right to acquire up to an 80% interest in the Prairie Downs lead-zinc project in Western Australia (the "Prairie Downs Joint Venture") which is described in more detail below.