Ms. Jessica Helm reports

IVERNIA REPORTS SECOND QUARTER 2015 FINANCIAL RESULTS

Ivernia Inc. has released its results for the three and six months ended June 30, 2015 (all figures in U.S. dollars unless otherwise stated). Principal activities during the second quarter of 2015 continued around care and maintenance activities at the Paroo Station mine site, negotiating with lenders Sprott Resource Lending Partnership and Enirgi Group Corp. to extend the forbearance on principal and interest repayments, negotiating with key suppliers for the suspension or early termination of several leases and supply contracts, and the special committee of the board of directors' continuing financial and strategic review of the company.

In the second quarter, the company realized a net loss of $6.8-million or one cent per share, compared with a net income of $2.4-million or nil per share for the second quarter of 2014. The net loss of $6.8-million was primarily due to the continuing costs of care and maintenance, and an impairment charge relating to consumables and other inventory. The net loss for the first six months of 2015 was $9.2-million or one cent per share compared with a net loss of $500,000 or nil per share for the first six months of 2014.

Second-quarter 2015 highlights

Operational:

• The mine is on care and maintenance. Mining operations ceased in January, and milling ceased in early February, 2015. The final shipments of lead concentrate left the Fremantle port in March.
• A minimum complement of care and maintenance staff is at the mine site full-time.

Financial:

• Gross loss of $3.3-million and net loss of $6.8-million;
• Cash used in operations of $1.3-million;
• The special committee of the board of directors is currently conducting a financial and strategic review of the company. The special committee has recommended the company to seek to complete a transaction which may include, but is not limited to, a merger, sale of the mine, restructuring, or any other potential transaction which realizes the value of the company and its assets;
• On June 17, 2015, the company reached agreement with its lenders, Sprott Resource Lending Partnership and Enirgi Group Corp., to extend the forbearance on principal and interest repayments until the earlier of (i) Nov. 15, 2015; (ii) the date a transaction is completed; or (iii) for a transaction where negotiations have commenced and in-principle agreement is reached, the date on which the transaction is reasonably determined to have been terminate. In consideration, Ivernia paid $4.75-million (Canadian) ($3.8-million) to Sprott during the quarter, representing the proceeds of the refund of the transportation bond;
• The suspension on making payments to Enirgi Group and Enirgi Metal Group Pty. Ltd. (EMG) under the management services agreements (defined herein) for costs incurred subsequent to Feb. 13, 2015, was concurrently extended to the end of the Sprott forbearance period;
• The mine is on full care and maintenance, and, as a result, if a transaction is not undertaken, additional financing will be required to meet its commitments to its lenders, meet the costs of care and maintenance, and the costs of any potential future restart of the mine. Subject to the nature, and terms and conditions of any transaction entered into, additional financing may continue to be required even in the event a transaction is concluded by the company.

Financial and operating highlights

                          SUMMARY FINANCIAL AND OPERATING HIGHLIGHTS
   (in thousands of U.S. dollars, unless otherwise indicated and per-share amounts)

                                     Three months                               Six months
                                    ended June 30,                           ended June 30,
                                   2015      2014                         2015        2014
Financial highlights
Revenue (1)                       $ 750  $ 41,500                     $ 27,163    $ 74,105
Gross (loss) profit              (3,271)    4,278                       (4,945)      2,931
Net (loss) income                (6,804)    2,356                       (9,196)       (536)
Basic and diluted (loss)
earnings per share                (0.01)     0.00                        (0.01)      (0.00)
Cash flow (used in) provided
by operating activities          (1,254)    4,831                          387       6,034

                                   June 30,  2015                           Dec. 31,  2014

Total assets                             $ 66,038                                 $ 92,184

                                     Three months                               Six months
                                    ended June 30,                           ended June 30,
                                   2015      2014                         2015        2014
Operating highlights
Ore milled  (000s tonnes)             -   $ 294.2                      $ 171.2     $ 657.9
Average head grade                    -       8.4%                         7.4%        7.2%
Recovery                              -      84.2%                        77.3%       80.7%
Concentrate produced
(000s tonnes)                         -      31.9                         14.0        58.3
Concentrate sold
(000s tonnes)                         -      31.0                         22.4        56.9
Lead metal in concentrate
produced  (000s tonnes)               -      21.5                          9.9        38.8
Lead metal in concentrate
sold (000s tonnes)                    -      20.7                         15.7        37.8
Concentrate inventory
(000s of tonnes)                      -       5.2                            -         5.2
Ivernia's realized average
lead sale price ($ per tonne          -     2,171                        1,819       2,143
average lead price LME cash
settlement ($ per tonne)          1,942     2,096                        1,876       2,100
 
(1) During the first quarter of 2015, the mine transitioned to care and maintenance due to depressed
    London Metal Exchange (LME) lead prices and increased treatment charges. Mining operations ceased
    in January, and milling operations ceased in early February, 2015. Final shipments of lead
    concentrate left the Fremantle port in March, 2015.

Operations review

Care and maintenance

During the fourth quarter of 2014, the LME lead price declined significantly. Early in 2015, customer negotiations concluded that treatment charges would increase further, at least in the short term, when compared with 2014 charges. Consequently, treatment charges, together with the decline in LME lead prices, were significant considerations in the decision to place the mine on care and maintenance, and appoint a special committee to conduct a financial and strategic review of the company.

Immediately after the move to care and maintenance was announced, mining operations were suspended, and the mining contractor commenced the process of demobilization, and moving machinery and equipment offsite. The pits were made secure, and the necessary regulatory agencies were advised of the move to care and maintenance. Plans were enacted to cease milling operations, with employees, customers and suppliers all advised of the decision and consequent changes.

Milling activities ceased on Feb. 2, 2015, with the plant then drained and secured for care and maintenance. The final concentrate produced was dewatered and bagged. The final shipments of concentrate left the Fremantle port in March. The company negotiated the suspension or early termination of several leases and supply contracts with key suppliers, leading to some reduction in the company's commitments and obligations with negotiations continuing in relation to one key supplier. These negotiations are expected to be concluded during the third quarter. The mine is on full care and maintenance with qualified care-and-maintenance staff on site.

The special committee of the board of directors is currently conducting a financial and strategic review of the company in light of current market conditions, the company's financial condition and the outcomes of the new technical report. The special committee recommended the company to seek to complete a transaction, which may include, but is not limited to, a merger, sale of the mine, restructuring, or any other potential transaction which realizes the value of the company and its assets.

As a result of the decision to place the mine on care and maintenance, the company triggered events of default under the secured loan agreement with Sprott. During the first quarter, the company reached an agreement with its lenders, Sprott and Enirgi Group, on a five-month moratorium on principal and interest payments ending on June 30, 2015. The company also obtained a suspension on making payments to Enirgi Group and EMG under the management services agreements (as defined below) for costs incurred between Feb. 13, 2015, and June 30, 2015.

The company and its lenders agreed to extend the moratorium on principal and interest payments until the end of the Sprott forbearance period. In consideration, Ivernia paid $3.8-million ($4.75-million (Canadian)) to Sprott during the quarter, representing the proceeds of the refund of the transportation bond. Concurrently, the suspension on making payments under the management services agreements was also extended to the end of the Sprott forbearance period.

The LME lead price has been volatile, and, since the end of the first quarter of 2015, it has traded at prices close to and higher than those recorded in the first quarter of 2015, when the LME lead price averaged $1,806 per tonne while reaching a high of $1,882 per tonne. During the second quarter of 2015, the LME lead price averaged $1,942 per tonne and reached a high of $2,140 per tonne. The LME lead price consistently traded over $2,000 per tonne between April 16, 2015, and May 13, 2015, before weakening again and closing at a price of $1,754 per tonne on June 30, 2015. The LME lead price has continued to be depressed subsequent to June 30, 2015.

The company continues to monitor LME lead prices closely. If a transaction involving the disposal of the mine is not undertaken, any decision to restart the mine will be subject to a number of factors that impact the company's ability to generate positive cash flow. These factors include, but are not limited to, a sustained improvement in LME lead prices over a sustained period of time supported by positive market fundamentals, favourable foreign exchange rates and treatment charges. Ultimately, a decision to restart the mine will be dependent on securing the necessary financing to restart operations. Given the company's current debt obligations and an estimated mine life of approximately four years, management and the special committee continue to focus not only on financing requirements, but on an overall strategic review of the mine and its operations in light of the foregoing factors.

 SUMMARY MINE PRODUCTION, PROCESS PRODUCTION, SHIPMENTS AND INVENTORIES

                                 Three months ended         Six months ended
                                            June 30,                 June 30,
                                 2015          2014        2015         2014

Ore mined 000s tonnes (1)           -       $ 400.3      $ 89.2      $ 870.6
Total ore and waste mined
000s of bulk cubic metres           -         958.5       209.9      1,769.1
Processing
Ore milled 000s tonnes              -         294.2       171.2        657.9
Average head grade                  -           8.4%        7.4%         7.2%
Average recovery                    -          84.2%       77.3%        80.7%
Concentrate produced
000s tonnes                         -          31.9        14.0         58.3
Concentrate grade                   -          67.3%       70.7%        66.5%
Lead metal in concentrate
produced 000s tonnes                -          21.5         9.9         38.8
Sales and inventories
Concentrate sold
000s tonnes                         -          31.0        22.4         56.9
Concentrate grade                   -          66.9%       70.1%        66.4%
Lead metal in concentrate
sold 000s tonnes                    -          20.7        15.7         37.8
Concentrate inventory
000s tonnes                         -           5.2           -          5.2

(1) Ore mined does not include low-grade ore.
(2) Low-grade ore is approximately 1.5 per cent to 2.5 per cent lead.
(3) During the first quarter of 2015, the mine transitioned to care
    and maintenance due to depressed LME lead prices and increased treatment
    charges. Mining operations ceased in January, and milling operations ceased
    in early February, 2015. Final shipments of lead concentrate left the
    Fremantle port in March, 2015.

Mineral resources and mineral reserves

On March 10, 2015, the company filed an independent technical report prepared by SRK Consulting (Australasia) Pty. Ltd. in accordance with National Instrument 43-101 on the Paroo Station mine, titled "Technical Report on the Paroo Station Lead Carbonate mine, Wiluna, Western Australia," with an effective date of Dec. 31, 2014. Following completion of the work supporting the new independent NI 43-101 technical report, the company reported approximate 18-per-cent and 54-per-cent decrease in contained metal in estimated total measured and indicated mineral resources, and total proven and probable mineral reserves, respectively, with a mine life of approximately four years. SRK is a global mining consulting firm independent of Ivernia. A copy of the technical report is filed on SEDAR and is available the SEDAR website.

Financial review

The net loss for the second quarter of 2015 was $6.8-million or one cent per share, compared with a net income of $2.4-million or nil per share for the second quarter of 2014. The net loss of $6.8-million was primarily due to the continuing costs of care and maintenance, and an impairment charge relating to consumables and other inventory. The net loss for the first six months of 2015 was $9.2-million or one cent per share, compared with a net loss of $500,000 or nil per share for the first six months of 2014.

During the second quarter, the company continued efforts to sell consumable stores, and sold 792 tonnes of sodium hydrosulphide and 126 tonnes of sodium isobutyl xanthate. Demand and selling prices were lower than previously expected, resulting in a writedown of consumables and other inventory of $2.3-million. The company continues to explore alternative avenues to sell the remaining consumables on hand to generate cash inflows to help meet the continuing costs of care and maintenance.

With the decision to move into care and maintenance, the operating cost base for the site has been significantly reduced. Mining and milling activities ceased, headcount was reduced significantly, maintenance work has been limited, and administrative costs have been reduced to the extent possible. With the mine now on full care and maintenance, operating costs are expected to stabilize at a consistent level in future quarters.

Revenue

Concentrate revenue for the second quarter of 2015 was $800,000, compared with $41.5-million for the same period in 2014. With the final shipments of lead concentrate having left the Fremantle port in March, customers were provisionally invoiced in March based on the estimated quantity of payable lead metal contained within the lead concentrate shipped. Adjustments were made to these provisionally priced sales during the second quarter, resulting in additional revenue of $800,000. As discussed below under the heading, "Price of lead," the company entered into short positions covering 100 per cent of production sold. As a result the company incurred a loss of $800,000 on the company's exchange-settled futures contracts, offsetting revenue earned on final pricing adjustments.

Concentrate revenue for the first six months of 2015 was $27.2-million from the sale of 22,400 tonnes of concentrate containing 15,700 tonnes of lead metal, compared with revenue of $74.1-million for the first six months of 2014 from the sale of 56,900 tonnes of concentrate containing 37,800 tonnes of lead metal. The lower sales in 2015 were a result of the decision to place the mine on care and maintenance.

Price of lead

During the second quarter of 2015, the LME cash settlement lead price averaged $1,942 per tonne compared with $2,096 per tonne in the same period in 2014. During the first six months of 2015, the LME cash settlement lead price averaged $1,876 per tonne compared with $2,100 per tonne for the same period 2014 impacting revenue. During the second quarter of 2015, the LME lead price reached a high of $2,140 per tonne. The LME lead price consistently traded over $2,000 per tonne between April 16, 2015, and May 13, 2015, before weakening again and closing at a price of $1,754 per tonne on June 30, 2015. Prices subsequent to quarter-end have continued to be depressed. The decline in the LME lead price continues to be due to weakening demand in Europe and China, and a deterioration in market fundamentals surrounding commodities in general.

Operating expenses

The decision to place the mine on care and maintenance has led to a decrease in operating costs to a minimum level. During the first quarter of 2015, the company milled and sold the high-grade inventory stockpile on hand as at Dec. 31, 2014, resulting in a reduction in inventory during the quarter and a corresponding increase in change in inventories expense. During the second quarter, the company continued efforts to sell consumable stores, and sold 792 tonnes of sodium hydrosulphide and 126 tonnes of sodium isobutyl xanthate. Demand and selling prices were lower than previously expected, resulting in a writedown of consumables and other inventory of $2.3-million.

Treatment charges

During the second quarter of 2015, treatment charges were $10,000 compared with $7.4-million for the same period in 2015. With the final shipments of lead concentrate having left the mine in March, 2015, the expense incurred during the second quarter of 2015 related to assaying adjustments to provisionally priced sales recorded in the first quarter.

For the first six months of 2015, the company incurred treatment charges of $6.6-million or $294 per tonne of lead concentrate sold, compared with treatment charges of $13.4-million or $236 per tonne of lead concentrate sold for the same period in 2014. Treatment charges continued to increase throughout 2014 and leading into 2015 due to the additional supply of lead concentrate within the market, which increased competition for smelter capacity. As a result, it is expected that smelters will continue to increase treatment charges during the remainder of 2015, which, together with the decline in the LME lead price, was an important consideration in the decision to place the mine on care and maintenance.

Foreign exchange

The foreign exchange loss of $300,000 for the second quarter of 2015 was primarily driven by the revaluation of the company's Canadian-dollar-denominated loans due to the strengthening of the Canadian dollar against the U.S. dollar with the Canadian-to-U.S.-dollar rate increasing from 78.85 cents on March 31, 2015, to 80.17 cents on June 30, 2015.

The foreign exchange gain of $1.1-million for the first six months of 2015 was primarily driven by the revaluation of the company's Canadian-dollar-denominated loans due to the weakening of the Canadian dollar against the U.S. dollar with the Canadian-to-U.S.-dollar rate rate decreasing from 86.20 cents on Dec. 31, 2014, to 80.17 cents on June 30, 2015.

Finance expenses

Finance expenses of $600,000 for the second quarter of 2015 (2014: $1.0-million) primarily comprised interest incurred on the Sprott facility (defined below) and the Enirgi facility (defined below) in the amount of $500,000 and accretion expense of $100,000 on the decommissioning liability. Interest expense and accretion expense on the decommissioning liability in the second quarter of 2014 was $900,000 and $100,000, respectively.

Finance expenses of $1.3-million for the first sixth months of 2015 (2014: $2.2-million) primarily comprised interest incurred on the Sprott facility (defined below) and the Enirgi facility (defined below) in the amount of $1.1-million and accretion expense of $200,000 on the decommissioning liability. Interest expense and accretion expense on the decommissioning liability in the first six months of 2014 was $2.0-million and $200,000, respectively. Finance expenses have decreased due to a reduction in principal owing to Sprott and a weakening of the Canadian dollar against the U.S. dollar.

Operating activities

Cash used in operating activities was $1.3-million for the second quarter of 2015 compared with cash provided by operations of $4.8-million for the same period in 2014. Operations were cash flow negative primarily due to the decision to place the mine on care and maintenance. Cash provided by operating activities was $400,000 for the first sixth months of 2015 compared with $6.0-million for the same period in 2014.

Operations were cash flow positive for the six months of 2015 due to a focused effort to conserve cash and maintain cash flow flexibility. During 2015, the company milled high-grade inventory on hand and collected outstanding receivables as at Dec. 31, 2014, to generate positive cash inflow to finance remaining milling and mining activities as well as the upfront and continuing costs of care and maintenance. The company ceased mining operations in January and milling operations in February to minimize continuing costs and conserve cash. The company obtained suspensions on making interest payments due to Sprott and Enirgi Group, and on making payments to Enirgi Group and EMG under the management services agreements.

Financing activities

The company met its scheduled Sprott facility (defined below) principal repayment of $800,000 (Canadian) per month on Jan. 31, 2015. On Feb. 12, 2015, the company reached agreement with Sprott on a five-month forbearance on principal repayments ending on June 30, 2015. On June 17, 2015, the forbearance period was extended to the earlier of (i) Nov. 15, 2015; (ii) the date a transaction is completed; or (iii) for a transaction where negotiations have commenced and in-principle agreement is reached, the date on which the transaction is reasonably determined to have been terminated. See Sprott facility 2013. In consideration, the company repaid $3.8-million of the balance owing to Sprott, resulting in $4.6-million of cash being used in financing activities for the six months ending June 30, 2015.

On Jan. 29, 2013, the company entered into a $20-million (Canadian) secured loan facility with Sprott. The Sprott facility bears interest at a rate of 12 per cent per annum, compounded monthly, which is payable at the end of each month. The Sprott facility is secured by the mine and all of its assets.

As a result of the decision to place the mine on care and maintenance, the company triggered events of default under the Sprott facility. If an event of default is triggered and called by Sprott, then Sprott has certain rights and remedies, including rights to accelerate payment of principal and/or realize on its security. Following negotiations between the special committee and Sprott, pursuant to a letter dated Feb. 12, 2015, Sprott acknowledged that recent events in the commodity markets caused the company to place the mine into care and maintenance, resulting in negative cash flow and an expected working capital ratio to be below the required ratio in the Sprott facility. Pursuant to the Sprott forbearance letter, Sprott agreed (i) that it will not exercise its rights under the Sprott facility with respect to the existing defaults, subject to certain exceptions, until June 30, 2015, and (ii) to suspend the requirement for payments of principal and interest instalments to Sprott under the Sprott facility until the forbearance date (with such interest accruing and being treated as unpaid interest under the credit agreement). In consideration for providing the Sprott forbearance letter, the company agreed to pay Sprott a forbearance fee of $150,000 (Canadian) with such fee payable on the maturity date of the Sprott facility and secured by the Sprott facility.

On June 17, 2015, the company and Sprott entered into a forbearance extension agreement, pursuant to which Sprott has agreed that it would not exercise its rights under the Sprott facility until the earlier of (i) Nov. 15, 2015; (ii) the date a transaction is completed; or (iii) for a transaction where negotiations have commenced and in-principle agreement is reached, the date on which the transaction is reasonably determined to have been terminated. In consideration, the company repaid $4.75-million (Canadian) ($3.8-million) of the balance owing to Sprott, representing the proceeds of the refund of the transportation bond. During the forbearance period, Sprott retains the right to terminate the forbearance extension should certain limited events of default occur, including, but not limited to, the company becoming insolvent or bankrupt, or there being a further unfavourable material change in the financial condition of the company.

The forbearance extension agreement allows Sprott, at its option, to demand repayment of the balance owing to them under the Sprott facility at the end of the Sprott forbearance period. Unless terminated earlier, the balance owing to Sprott on Nov. 15, 2015, will be approximately $9.7-million (Canadian) ($7.8-million). The maturity date under the Sprott facility has been brought forward to the end of the Sprott forbearance period. All other terms and conditions of the Sprott facility will remain the same.

An event of default under the Sprott facility or the Enirgi facility that triggers early repayment of the outstanding indebtedness would have a material adverse impact on the company's financial condition, forcing the company to seek additional future financing. See "risk factors -- funding requirements" in the 2014 annual information form.

A copy of the credit agreement has been filed on SEDAR.

Enirgi facility 2012

On June 29, 2012, the company obtained a $6-million (Canadian) (principal sum) secured loan facility from its majority shareholder, Enirgi Group. Amounts drawn down on the Enirgi facility bear interest at an annual simple rate of 8.3 per cent, with interest payable in arrears.

Pursuant to a letter dated Feb. 13, 2015, Enirgi Group has agreed to: (a) forbear from exercising any of Enirgi Group's rights or remedies arising from any event of default under the Enirgi facility that has occurred as of Feb. 13, 2015, or that may occur prior to the forbearance date (as defined above); (b) suspend the payment of interest payable by Ivernia to Enirgi Group under the Enirgi facility until the forbearance date (with interest accruing and being treated as unpaid interest under the Enirgi facility); (c) confirm the suspension of the repayment of principal to Enirgi Group under the Enirgi facility until the Sprott facility is repaid in full; (d) confirm the suspension of the payment of interest under the Enirgi facility while there is an event of default under the Sprott facility; and (e) suspend payments by Ivernia and its subsidiaries to Enirgi Group under the management services agreements with Ivernia and Rosslyn Hill for services performed with respect to the period between Feb. 13, 2015, and the forbearance date.

Concurrently with the extension of the forbearance period of the Sprott facility, Enirgi Group has agreed to extend the terms granted to the company until the end of the Sprott forbearance period. Subject to the foregoing, interest under the Enirgi facility will become payable in accordance with the terms of the Enirgi facility at the end of the Sprott forbearance period. All other terms and conditions of the Enirgi facility, including the maturity date of June 30, 2016, will remain the same.

Capital resources, liquidity and working capital requirements

During the first quarter of 2015, the company completed the transition of the mine's operations to care and maintenance. As of June 30, 2015, the company had approximately $4.4-million in cash and cash equivalents, and a working capital deficit of $14.5-million. During the first six months of 2015, the company incurred significant cash outflows associated with employee redundancies, contract terminations, contract suspensions, demobilization and preparation of the site to function in a care-and-maintenance state. The majority of these costs have been paid; however, several costs are accrued as liabilities as at June 30, 2015, and are unpaid. The company has concluded negotiations relating to the suspension or termination of the majority of its contractual commitments. Negotiations continue with one key supplier. While the company made its best estimate of the likely cost to be incurred in relation to the suspension or termination of this contract, the actual cost incurred may be different to this estimate and the difference may be material, which may affect available cash. The company expects these negotiations to be concluded during the third quarter of 2015, and, once negotiations relating to contract suspensions and terminations are complete and any associated costs finalized, the company expects the continuing care and maintenance activities and costs of the mine to stabilize. As a result of care and maintenance, the company expects to have a continuing working capital deficiency until such time as either a transaction takes place, an appropriate financing solution is secured or both occur.

Management and the board have been focused on managing the company's working capital requirements in light of the fact that the mine is on care and maintenance. In quarter one, the finance committee of the board of directors was reconstituted into a special committee of independent directors tasked with undertaking a review of strategic alternatives for the company. The special committee has been able to secure forbearances on making principal and interest payments under the Sprott facility and Enirgi facility, and forbearances on making payments under the management services agreements as an interim step, which will provide temporary relief from making principal and interest payments to Sprott, and paying for continuing management services provided by Enirgi Group and EMG. In addition, the special committee has recommended that the company seek to complete a transaction, which may include, but is not limited to, a merger, sale of the mine, restructuring, or any other potential transaction which realizes the value of the company and its assets.

The company's ability to continue as a going concern is dependent on raising additional funds to meet its debts and obligations as they fall due through either through completing a transaction, obtaining additional financing or both. On a historic basis, the company's major sources of financing have been the issuance of equity and debt for cash. The special committee and management are currently examining potential transactions and various financing alternatives to address future financing requirements. The company will need to either undertake a transaction, obtain additional financing or undertake both to service its working capital deficiency of $14.5-million, meet its commitments to lenders, meet the costs of care and maintenance, and any potential future restart of the mine. The amount of this financing requirement will be contingent on several factors, including, but not limited to, the nature of any transaction undertaken, the outcome of further negotiations with the company's lenders, the costs and duration of care and maintenance, and the timing and cost of any potential future restart of mining and milling operations.

There can be no assurance that the company will either be able to complete a transaction or be able to secure sufficient financing to finance its commitments to lenders, the costs of continuing care and maintenance, or the costs of any potential future restart of operations. If the company is unable to complete a transaction or secure additional financing, the company may be unable to meet its commitments to lenders, keep the mine on care and maintenance, or restart the mine, which could affect its ability to continue as a going concern. A decision to restart the mine will be contingent on several factors, including, but not limited to, a sustained recovery in the LME lead price, a reduction in treatment charges and a favourable U.S.-to-Australian-dollar foreign exchange rate.

These material uncertainties create significant doubt as to the company's ability to continue as a going concern, and, accordingly, the use of accounting principles applicable as a going concern. The condensed interim consolidated financial statements do not reflect any adjustments to carrying values of assets and liabilities, and the reported expenses and balance sheet classifications that would be necessary should the going concern assumption be inappropriate.

Management's discussion and analysis, and consolidated financial statements

Ivernia's unaudited financial statements, and management's discussion and analysis for the three and six months ended June 30, 2015, will be filed today and will be available on the Ivernia website or SEDAR.

We seek Safe Harbor.