IGO LIMITED — AGM Information 2006

Nov 21, 2006

A INDEPENDENCE CROUP NL

Mining, Exploration & Success

AGM Presentation

22^nd November 2006

Chris Bonwick Managing Director

FORWARD LOOKING STATEMENTS

Certain oral and written statements contained or incorporated by reference in this presentation, including information as to the future financial or operating performance of the Company and its projects, constitute forward-looking statements. All statement, other than statements of historical fact, are forward-looking statements. The words "believe", "expect", "anticipate", "contemplate", "target", "plan", "intend", "continue", "budget", "estimate", "may", "will", "schedule" and similar expressions identify forward-looking statements.

Forward-looking statements include, among other things, statements regarding targets, estimates and assumptions in respect of nickel, gold or other metal production and prices, operating costs and results, capital expenditures, mineral reserves and mineral resources and anticipated grades and recovery rates. Forward-looking statements are necessarily based upon a number of estimates and assumptions related to future business, economic, market, political, social and other conditions that, while considered reasonable by the Company, are inherently subject to significant uncertainties and contingencies. Many known and unknown factors could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward-looking statements. Such factors include, but are not limited to: competition: mineral prices: ability to meet additional funding requirements; exploration, development and operating risks; uninsurable risks; uncertainties inherent in ore reserve and resource estimates; dependence on third party smelting facilities; environmental regulation and liability; currency risks; effects of inflation on results of operations; factors relating to title to properties; native title and aboriginal heritage issues; dependence on key personnel; and share price volatility and also include unanticipated and unusual events, many of which are beyond the Company's ability to control or predict.

The Company disclaims any intent or obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. All forward-looking statement made in this presentation are qualified by the foregoing cautionary statements. Investors are cautioned that forwardlooking statements are not quarantees of future performance and, accordingly, not to put undue reliance on such statements

2005/6 FINANCIAL YEAR

Full Year Ended June 30	2005	2006	% change
Total revenue	\$86.6M	\$113.4M	31%
EBITDA	\$39.4M	\$59.7M	$51\%$
Profit before tax	\$30.6M	\$50.4M	65%
Net profit after tax	\$20.9M	\$35.0M	67%
Operation cash flow	\$47.1M	\$44.3M	$-6\%$
Diluted earnings per share	19.3 o	30.7c	59%
Dividend per share*	M.	96	13%

*7c dividend paid on 17.10.06

IGO FINANCIAL YEAR STATISTICS

Net Profit after Tax

Earning per Share

IGO FINANCIAL YEAR STATISTICS

Fully Franked Dividends Cash & Net Receivables

IGO FINANCIAL YEAR STATISTICS

Market Capitalisation

Production & Reserves

IGO SHARE PRICE TO 20.11.06

Weekly Average

CORPORATE OVERVIEW

ASX Code:	IGO (S&P / ASX 300)
Share Price:	A\$4.45 (21.11.06)
Fully paid shares:	113M
Unlisted Options:	4.3M
Market Capitalisation (undiluted):	A\$503M
Cash & Receivables net creditors:	A\$67.5M (30.09.06)
Daily turnover (6 month average):	375,000
Debr	A\$2.9M (30.09.06)

Rod Marston	Non Executive Chairman
Chris Bonwick	Managing Director
Kelly Ross	Executive Director & Company Secretary
John Christie	Non Executive Director
Oscar Aamodt	Non Executive Director

2005/06 Board Remuneration - \$1.1M (including option valuation)

TOP TEN SHAREHOLDERS

Ordinary Shares as at 9.11.06

JP Morgan Nominees	12.9M	$11.4\%$
Westpac Custodian Nominees	10.8M	$9.5\%$
ANZ Nominees	7.8M	$6.9\%$
National Nominees	7.8M	6.9%
Citicorp Nominees	6.5M	$5.8\%$
Forty Traders Limited	3.3M	$3.0\%$
RBC Dexia Investor Services	3.1M	2.8%
Virtual Genius	3.0M	2.7%
Cogent Nominees	2.8M	2.4%
K Schiller	2.6M	$2.3\%$
	GOIGNI	53 7%

LONG NICKEL MINE (IGO 100%)

TARGETS:

Sustainable 9,000t Ni pa in bottom 3rd of world-wide nickel production cash costs.

New Reserves to increase mine life and possibly increase production rate.

PRODUCTION HISTORY

CASH COSTS & RECEIVABLES

HEDGIN

Low priced hedging (174 Ni t / month @ A \$12,183) finished in April 2006.

Difference between spot @ A \$35,000 / Ni t and low priced hedged Ni = A \$4.0M/month.

23% of current payable metal in reserve hedged.

40% of payable metal hedged between July 06 and Jun 09.

2006/7 2007/8 2008/9

Payable Metal 1200 Nit @ A \$17,418 2400 Nit @ A \$17,670 2400 Nit @ A \$18,489

LONG MINE PRODUCTION STATS

2005/6 IGO PRODUCTION
Expected from Ore Reserve blocks	5,537 Ni t
Mined from Ore Reserve blocks	7,887 Ni t
Mined from outside Ore Reserve	1,010 Ni t
IIOIME	8,897 Ni t

OCT 2002 - JUN 2006 IGO PRODUCTION
Expected from Ore Reserve blocks	18,334 Nit
Mined from Ore Reserve blocks	22,755 Nit
Mined from outside Ore Reserve	4,863 Nit
TOTAL	27,618 Nit

LONG MINE & RESERVES LONGITUDINAL PROJECTION

June 2006 Ore Resource: 1,367,000t @ 5.6% Ni (76,700t Ni) Ore Reserve: 1,114,000t @ 4.2% Ni (46,800t Ni)

MNE GEOPHYSICS

3 component underground TEM system developed by Independence / Curtin University

. . . . . . . . . . . . . . . . . . . .

Down hole Mag TEM probe developed by Electromagnetic Imaging Technology

High powered TEM transmitter - 10 x more powerful than current systems in development by Independence / Curtin University

MCLEAY DISCOVERY

MCLEAY SHOOTS 1 & 2 LONGITUDINAL PROJECTION

Significant drill hole intercepts south of current ore reserves

LONG SOUTH EXPLORATION SIGNIFICANT DRILL INTERCEPTS

LONG MINE DRILLING TARGETS LONGITUDINAL PROJECTION

IGO REGIONAL EXPLORATION

STRATEGY: Targeting new, high profit mines by -

Exploring under cover and in lightly or unexplored terrains.

Combining empirical and conceptual targeting methods with new and innovative exploration technologies.

Maintaining a strong in-house geophysical capability.

Turning ground over quickly and efficiently.

REGIONAL BUDGET: 2006/7 - A \$6.0M

SIGNIFICANT PROJECTS.

7 Nickel 6 Gold 3 Iron Ore 1 Base Metal

IGO AUSTRALIAN NICKEL PROJECTS

EXPLORATION GEOPHYSICS

Mag TEM sensor developed by Electromagnetic Imaging Technology (EMIT)

Squid TEM sensor Photo courtesy of Anglo American

STRATA - LAKE LEFROY JV (IGO earning 70%)

DOME COMPARISON

Kambalda Ultramafic Dome

Lake Lefroy Ultramafic Dome

STRATA - LAKE LEFROY JV (IGO earning 70%)

JV Partner: Strata

LAKE LEROY JOINT VENTURES

NORTH-EASTERN GOLDFIELDS NICKEL PROJECTS

WILUNA OPTION $(1GQ$ option to earn $51-70\%)$

NORTH-EASTERN GOLDFIELDS NICKEL PROJECTS

COPPER NICKEL GOSSAN - DUKETON JV (IGO earning 70%)

JV Partner: South Boulder

DUKETON JV - BULGE NICKEL PROSPECT (IGO earning 70%)

Aeromagnetic image

JV Partner: South Boulder

RAVENSTHORPE OPTION (IGO option to earn 51-70%)

Regional Air Magnetics

JV Partner: Traka

STORBODSUND NICKEL JV (IGO option to earn 70%)

JV Partner: Mawson Resources

STORBODSUND NICKEL JV (IGO option to earn 70%)

IGO AUSTRALIAN GOLD PROJECTS

TROPICANA GOLD JV (IGO 30%)

TROPICANA ZONE CROSS-SECTION (IGO 30%)

HAVANA ZONE CROSS-SECTION (IGO 30%)

TROPICANA GRAM X METRE CONTOURS (IGO 30%)

TROPICANA PROSPECT POTENTIAL EXTENSIONS

TROPICANA JV SOUTHERN AUGER ANOMALIES

DALWALLINU PROJECT PITHARA PROSPECT (IGO 100%)

Cross-sections 25m apart

DALWALLINU – COOMBERDALE GOLD ANOMALIES (IGO 100%)

COBAR GOLD PROJECT (IGO 100%)

IGO INVESTMENTS

Company	Share Number	Share Price	Share Value
Matrix Metals Limited	124 1M	10.5c	\$12.5M
Atlas Iron Limited	1.05M	25100	\$0.47M
Southstar Diamonds	5023	Unisted	Unisted

As at 21.11.06

MATRIX METALS LIMITED FUTURE COPPER PRODUCTION

Matrix plan to mine the Mt Watson copper deposit and treat the ore at the Mt Cuthbert SXEW plant.

Production, commencing in 2007 will begin at a rate of 5,500t Cu pa increasing to 10,000t Cu pa.

INDEPENDENCE CORPORATE GOALS

To increase shareholder wealth by becoming a highly profitable, mid-cap, multi commodity Australian mining company

Focus on share price, cash flow, earnings per share, dividends and market capitalisation accretion.

Growth through exploration and possible acquisitions.

Maintain a conservative balance sheet.

WORLD-WIDE STANLESS STEEL PRODUCTION VS INDUSTRIAL PRODUCTION

Between 1968 - 2003 stainless steel production has increased nearly 800% compared to total industrial production increasing by only 150%.

IGO LOOKING FORWARD

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Targeting +A\$100M profit per annum (pay large dividends)

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New discoveries Target: new low cost, long life mine exploration or acquisition