Int'l Royalties: Natural resource Royalties

t.IRC : 57.0 Milllion shs x C$3.60 = C$205 Million MarketCap : BUY at c$4.00??

..
PRINCIPAL ROYALTIES - -
N---- Inco Ltd. ... // Voisey's Bay ...... Labrador.... Inco, ....... 2.70%NSR
..
t.ATN Atna Resources// Pinson prj,Getchell Nevada, USA. Atna/Barrick. 1.8-3.0%NSR
..
t.ABX Barrick Gold // Williams (Hemlo)... Ontario..... Barrick, Teck 0.72%
..
t.TCKB Teck-Comin // Williams (Hemlo)... Ontario..... Barrick, Teck 0.72%
..
t.SWY Stornoway
..

N---- Inco Ltd. ... // Voisey's Bay ...... Labrador.... Inco, ....... 2.70%NSR
t.ATN Atna Resources// Pinson prj,Getchell Nevada, USA. Atna/Barrick. 1.8-3.0%NSR
ABX-- Barrick Gold. //
TCK-- Teck Cominco. // Williams Mine...... Ontario, Ca. Barrick&Teck. 0.25%NSR
Priv. Goldbelt Res. // Belahouro project.. Burkino Faso Goldbelt Res. 2.5%GSR
4 cos Stornoway etc // Aviat,Churchill,Ind Nunavut, Ca. Stornaway etc 1-1.25%GOR

On May 15, 2006 IRC reported the receipt of the first royalty payment from the Voisey's Bay royalty. Could be worth $30mn+p.a. once full production is underway.

Description:
Acquisition and creation of natural resource royalties, in particular mineral royalties. The Company holds royalty interests in 46 exploration-stage properties, 7 development-stage properties, and one property in production
Related Companies:
Subsidiaries:
Archean Resources Ltd. (including 90% of Labrador Nickel Royalty Limited Partnership); IRC Nevada Inc.; IRC (U.S.) Management Inc.



IRC completed a senior listing on the Toronto Stock Exchange on February 22nd, 2005 raising gross proceeds of C$192 million through an IPO (share price of C$4.30), and a unit offering consisting of 1,395,360 common shares of IRC and C$30 million in senior secured debentures. The jewel of our portfolio of over 60 royalties is a 2.7% NSR on the Voisey's Bay nickel mine in Labrador, Canada. Voisey's Bay is expected to begin production in early 2006, providing an estimated US$16 to $20 million* in annual revenue for IRC over an expected 30+ year mine life. With general and administrative expenses expected to remain at approximately US$2 million per year, the Voisey's Bay royalty will provide a tremendous opportunity for executing our business plan of building a large portfolio of royalties diversified by mineral commodity, geographic region and stage of development. This will allow us to present an attractive alternative to investing directly in mine operators, still providing the potential upside while decreasing risk.

Versus: Altius (ALS.t), another co. with a royalty in Voiseys Bay


* Based on IRC's Qualifying Report: 0.7500 CAD$:US$ Exchange rate: US$5.00 / lb Ni in 2006-2007, 2008 forward: $4.00 / lb Ni

Nickel CHARTS
...

Nickel Major: Inco (N) compared with IRC


Mine Asset========= Location==== Operator===== RltyRate
Voisey's Bay....... Newf'd&Labr. Inco Ltd..... 2.70%NSR
Pinson (Getchell).. Nevada...... Atna(70%)&ABX 1.8-3%NSR
Williams (Hemlo)... Ontario..... Barrick, Teck 0.25%NSR
Belahouro Property. Burkina Faso Goldbelt Res. 2.50%GSR
Diam./Nunavut Terr. Nunavut Ter. Stornaway etc 1-1.25%GOR
Coal./No.east BC... BritColumbia Western Canad 0.203%FOB
16 more............ Ca,US,Russia ABX,Com.,Nev. 1-3%mostly

BALANCE SHEET: 12/05 .... 03/06
Cash & equiv. $ 14.5 Mn . $ 13.6 Mn
Total assets. $255.2 Mn . $253.5 Mn
Shareholders. $160.9 Mn . $162.0 Mn

Investment Highlights
•2.70% NSR on the Voiseys Bay mine forms cornerstone
-One of the worlds largest mineral royalties
-Open pit / underground nickel, copper, cobalt mine-Long life, low-cost producer
-Exposure to Canada's premier new nickel mine

V-Bay Production, per Year -: annual :x90/80%: x2.7%
Nickel : 110 MM lbs x $10.00: $1,100M: $990M: $26.7mn
Copper :. 85 MM lbs x $ 2.50: $0,212M: $170M: $ 4.6mn
Cobalt :.. 5 MM lbs x $15.00: $0,045M: $0 3M: $ 0.1mn
Three Metals......... SubTot: $1,357M:$1163M: $31.4mn

= = = = =
LINKS:
Corporate Website:
Corp Presentation:
Stkhse. Bboard.. :