23 November 2005

Australian Stock Exchange Limited Company Announcements Level 10, 20 Bond Street SYDNEY NSW 2000

NO. OF PAGES : $(43)$

ANNUAL GENERAL MEETING

Independence Group NL is pleased to provide the presentation to be made at the Annual General Meeting of Shareholders to be held at 10:00 am today.

Thurd of

CHRISTOPHER BONWICK Managing Director

INDEPENDENCE

Annual General Meeting

November 23, 2005

$\overline{\phantom{a}}$

EXECUTIVE SUMMARY

$\bullet$ Low cost nickel producer $-$ 2004/5 A\$3.32/lb payable Ni.
$\bullet$ Strong cash reserves and cash generation potential Sept 2005 323.5M cash + receivables net creditors. Debt reduced to 32.9M.
High-grade McLeay discovery is still growing and will significantly increase the current 5 yr mine life.
Highly prospective exploration portfolio with recent success at Tropicana (38m [email protected]$ g/t Au) and Dalwallinu (7m [email protected]$ g/t Au).
Paying fully franked dividends 13c per share since Dec 2004.
Strategy to increase shareholder returns by growing IGO into a $\circledast$ highly profitable diversified mining house with a targeted net profit of S100M p.a.

) BOA

Rod Marston Non Executive Chairman

Chris Bonwick Managing Director

Kelly Ross

Executive Director & Company Secretary

John Christie

Non Executive Director

Oscar Aamodh Non Executive Director

2004/05 Board Remuneration - \$1.14M (including option valuation)

SHARE STRUCTURE

ASX Code - IGO A\$1.68 (22.11.05)

IGO average iumover (last 6 monihs) = 440,000 shares/day

Undiluted market capitalisation = \$183M

Now an ASX 300 Company

IGO SNAPSHOT

IGO SNAPSHOT (CONT.)

IGO SHARE PRICE - 22.11.05

Weekly Average

ASX 300 METALS COMPANIES P/E COMPARISON

TOP TEN SHAREHOLDERS

Ordinary Shares as at 18.11.05

National Nominees	749N)	742%
ANZ Nominees	631	6.2%
JP Morgan Nominees	$62$ VI	5.6%
Westpac Custodian Nominees	59M	54%
RBC Global Services	4.6M	4,2%
Cogent Nominees	37M	3,4%
Forly Traders	34M	3.2%
Virtual Genius	3.4M	3.2%
Yarandi Investments	23M	22%
Queensland Investments	2211	2.0%
	46.4M	42.6%

IGO PROFITABILITY

	2003/4	2004/5
Mine Revenue	S56.7M	S35.3M
Mine cash flow (pre tax)	\$29.4M	SS1.7M
Group profit (after tax)	\$17.3M	\$21.5M
Earnings per share (diluted)	466	20c

Excludes capital, depreciation, amortisation and exploration

IGO CASH & DEBT (A\$)

Paid Dividends to 30.06.05: A\$8.7M (5c + 3c)

LONG NICKEL MINE (100% IGO)

TARGETS:

A Sustainable 9,000t Ali ga in bottom 3^rd of nickel production gash gosis.
6 New Reserves and Resources to Increase mine life.

LONG NICKEL MINE GEOLOGICAL SETTING

WWC Production 1979-1999: 543M F 3.7% Ni 203, 134 Ni i

IGO Production 2002-Jun05: 463,303 t 4.0 % Ni 13,721 Ni t 30.06.05 Reserve: 1284M6 3.3 % NH 49.370 Nit

LONG PRODUCTION HISTORY

$\alpha$ 2002 – Sepi 05 pre-tax free cash = \$92.4M (\$15M purchase price)

LONG MINE PERSONNEL

Owner operator with 111 salarisd employees 27 full time contrigiors.

& Only 2 LTI's since commencement.

• Very experienced team.

o Turnover extremely low.

Productivity bonus. $\bullet$

2003/4 & 2004/5 PRODUCTION

	IQuies	% YT	INT 7	IGO NITE Sine
20034	163,991	$\Delta_{\rm{L}}$	6,343	4.063
2004/51	212,554	e di p	H.	5,248

2004/5 cash costs A\$3.32/lb (payable nickel metal)

A\$/lb Payable Ni Payable sales revenue (incl. hedging): 741 Cash Cosist $3.32$ Deprec. / amort. / rehab: 077

LONG MINE PRODUCTION STATS

2004/2005 IGO PRODUCTION

145,046 t @ 4.5% N1 (5,554 N1 t) Ore Reserve Est. 179,259 i @ 4.1% NJ (7,373 NJ i) Ore Reserve Actual

Oniside Reserve Actual Bobis Cop Island (4,190) and 212,654 t @ 4.2% Ni (8,868 Ni t) TOTAL

OCT 2002 - JUN 2005 ICO PRODUCTION

294,139 t @ 4.3% Ni (12,798 Ni t) Ore Reserve Est. 363835 t @4.0% N1 (14.674 N11) Ore Reserve Actual Outside Reserve Adual 9999231 @4.0% N1 (4,049A)10) 468,808 t @ 4.0% Ni (18,719 Ni t) TOTAL

2005/2006 PRODUCTION BUDGET

	PANDARA	ZOOSISTERIGER
To kanan ka	PAGES I	PARTICIPI
LATER	Service	1999 - 1990 - 1990 - 1990 - 1990 - 1990 - 1990 - 1990 - 1990 - 1990 - 1990 - 1990 - 1990 - 1990 - 1990 - 19
INickel tonnes (NIA)	EXEMPLE	CANDIDA READA
IGO Payable Ni t	5243	$5,500 - 6,000$
Aus \$/lb payable	KKY	3.5 - 40

• Historic reserve nickel metal overcall not taken into account average 47% project to date.

Costs budgeted to increase by 10-15% (fuel, steel, explosives etc.) .

LONG MINE FLY THROUGH

LONG NICKEL MINE NEW MCLEAY DISCOVERY

MCLEAY SHOOT 1 & 2

LONG PROJECT AREA LONGITUDINAL PROJECTION

IGO INVESTMENT CRITERIA

Acquisition / Merger Investment Tenets:

$\odot$ Production cash costs preferably in the lowest $3^{\rm cl}$ of world-wide costs.

• Long-term mine-life.

· Appropriate capital cost and cash generation dininch

• Significant exploration upside.

MATRIX METALS COPPER PROJECT LOCATION & GOALS (IGO - 18.9%)

IGO AUSTRALIAN REGIONAL EXPLORATION

STRATEGY: Targeting new, high profit mines by -

Denologing under cover and in lightly or unexplored terrains.
Jeing empirical, conceptual targeting & new innovative exploration technology,
Turning ground over quickly and efficiently.