INDEPENDENCE 6330 NU

Annual General Meeting

24th November 2004

EXECUTIVE SUMMARY

) Low cost nickel producer.

Expanding production profile and increasing mine life.

Strong cash reserves and cash generation potential.

Paying dividends.

Exploring for gold and nickel in Australia.

Unique exploration technology.

Aim to become a diversified mining house.

SHARE STRUCTURE

ASX Code - Shares 1GO \$1.34 (19.11.04) $-$ Options $1GOO$ \$1.13 (19.11.04) IGO average iumover (lasi 6 monins) = 377,983 shares/day

Ordinary shares $37.4W$ Options 12.3M Contributing shares 70M Unifsted options $\left( 9 \right)$ $\left( 3 \right)$ $\left( 1 \right)$ TOTAL 116.5M

Option expiry date 31.01.05 Will raise \$4.1M if all exercised

TOP TEN SHAREHOLDERS

Ordinary Shares

Equity Trustees	6.5M	3.1%
JP Morgan Nominees	37N)	4.6%
National Nominees	3.1M	3.9%
Forbar Custodians	27M	3.3%
ANZ Nominees	2.3M	$2.3\%$
Citicorp Nominees	2.0M	2.5%
IME	20M	$2.5\%$
Virtual Genius	2.0M	2.4%
Queensland Investments	2.0M	2.4%
Westpac Custodians	1.7M	2.1%
	28.OM	$32.6\%$

At least 3 British institutions on IGO register

IGO PROFITABILITY

	2002/3	2003/4
Mine Revenue	\$25.5M	366.7M
Mine cash flow (pre tax) ^s	\$7.3M	\$29,4M
Group profit (after tax)	\$1.4M	\$17.3M
Earnings per share (undiluted)	2.0c	24c
Earnings per share (diluted)	2406	166

Excludes capital, depreciation, amortisation and exploration

LONG NICKEL MINE GEOLOGICAL SETTING

WMC Production 1979-1999: 543Mt 3.7% Ni 203,434 Ni t IGO Production 2002-2004: 256,1551 3.9 % Ni 9.352 Ni 1 2004/2005 Reserves: 1485M1 4.4 % NH 43,300 NH 3

IGO NICKEL RESOURCES & RESERVES COMPARISON

LONG MINE SAFETY

	LTI's	MTPS	LIIFR
2002/2003		Z	33
2003/2004	O	1 M I	I
Toral		167	22.3
Industry Average

Contributions to Safety:

Owner operator with salaried employees. Continual awareness, training and good communication. High standards of shotcreting, bolting and meshing, Low extraction rate compared to previous owner.

LONG MINE PERSONNEL

) 92 employees.
) Turnover extremely JOW
Skilled personnel waiting list.

) Very experienced team.

2003/2004 PRODUCTION

	Fonnes	YS NR	NITA	CONTER
				Share
Etycloped	160,000	373	5230	3109
		t till
Timbridge og den større og den større og den som handelse og den som som en som handelse og den som en som e			a Maria da Ba

REASONS:

Mined 1,354 Ni t from outside ore reserve. Mined an additional 1,292 Ni t from inside reserves due to better grades. eg. Gibb South - 3.7% Ni ore reserve grade - 6.9% Ni aciual grade

2003/2004 PRODUCTION STATS

	Tonnes	$\frac{9}{6}$ Ni	NI t
1000	143,654	$\mathcal{C}_{1}$	5240
Gibb South	22,430	$\left[ 6 \right]$	4,523
Victor South	3,210	24	76
TOTAL	1998 - San Barbara		en 19

			A\$/Ib Payable Ni
			7.52
Payable sales revenue (incl. hedging): Cash mining / development costs;			245
Milling & other cash costs:			0.37
TOTAL			332

FUTURE COST SAVINGS

Producing own cement

Redesigning ground andacu

FUTURE COST SAVINGS

New Jjt haulage truck

MINING RESEARCH & DEVELOPMENT

Ground support evaluation

INNOVATIONS - GEOPHYSICS

3 component EM forch

3 component fluxgate down hole probe

GEOPHYSICS NICKEL GRADE ESTIMATION

EXPLORATION TARGETS

2004/2005 PRODUCTION BUDGET

LONG - 5 YR MINING SCHEDULE

AUSTRALIAN REGIONAL EXPLORATION STRATEGY

Looking for new nickel and gold camps:

Under cover, and 20
In lightly or unexplored terrains $\ddot{\bullet}$ using empirical & conceptual targeting

GEOPHYSICAL INNOVATIONS

LOW TEMP SQUID TEM SENSOR

GEOPHYSICAL INNOVATIONS COIL VS MAG TEM & SQUID TEM

Conventional Coll TEM

MAG & SQUID TEM

EXPLORATION INNOVATIONS USING CHROMITES TO FIND NIS

Chronites occur in many rock types.
Diamond explorers collect and analyse chromites.
IGO can use their data to recognise chromites that are sourced from massive nickel sulphides and fertile flows.