INDEPENDENCE GROUP NL

==> picture [720 x 78] intentionally omitted <==

“Growing a Great Company”

Annual General Meeting

25 November 2009

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 resu ts l re fl ecte d i n suc h f orwar d - oo l ki ng statements. S uc h f actors i nc u l d e, b ut are not li m te i d 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-lookin g statement made in this presentation are qualified by the foregoing cautionary statements. Investors are cautioned that forwardlooking statements are not guarantees of future performance and, accordingly, not to put undue reliance on such statements.

INDEPENDENCE OVERVIEW - CORPORATE

Capital Structure:

ASX Code: IGO 113.7M shares & 1.2M staff options Market Cap. (23/11/09): $508M Daily turnover (6 month average): 504,748

Substantial shareholders:

JP Morgan - 9.9M shares (8.8%) Orion - 7.1M shares (6.2%) NAB - 6.8M shares (6.0%)

Financials:

FY 09 NPAT: $16.1M Dividend: 2c interim + 3c final Cash & Net Receivables: $141M Debt: Nil excluding environmental bonds

==> picture [720 x 78] intentionally omitted <==

INDEPENDENCE OVERVIEW - ASSETS

Long Nickel Mine

2008/9 Cash Costs (C1+C2 payable): A$3.85/lb Ni 2008/9 Revenue: A$8.04/lb Ni June 2009 Resources: 93,900t Ni @ 5.6% Ni June 2009 Reserves: 51,800t Ni @ 3.9% Ni

Extending mine life – New Moran discovery Jun 2009 resource: 456,000 t @ 7.1% Ni (32,400 t Ni)

Tropicana JV Initial Open Cut Resource: 30% of 5.01M oz Open uC t Min ng nveni I tory: 56Mt @ 2g/t Au (3 6M. oz uA ) (US$900/oz Au, AUD: USD 0.85, Oil US$103/barrel & 15% discount rate assumptions)

Significant along strike, underground & regional potential

Regional Exploration 8 high quality Ni, Au and Cu-Pb-Zn . exploration projects

Unique exploration targeting & technology

IGO HISTORY AND SHARE PRICE

Monthly Average Share Price to 23.11.09

==> picture [720 x 78] intentionally omitted <==

INDEPENDENCE GROUP NL

==> picture [720 x 78] intentionally omitted <==

LONG NICKEL MINE IGO’s CURRENT CASH PRODUCING ASSET Purchase price = A$15M IGO Profit to date = 247M $

1979-1999 WMC Production: 203,184t Ni Oct 02 - Sep 09 IGO Production: 57 482t Ni ,

==> picture [720 x 78] intentionally omitted <==

----- Start of picture text -----

,
----- End of picture text -----

LONG NICKEL MINE (IGO 100%)

HISTORY:

♦ = 26 800 Ni t Starting Reserve ,
♦ Production to Jun 09 = 55,495 Ni t
♦ June 2009 Resource = 93,900 Ni t
♦ June 2009 Reserves = 51 800 Ni t,

GOALS:

♦ Sustainable 9,000t Ni pa in bottom 3rd of world-wide nickel production cash costs.
♦ New Reserves to increase mine life.

PRODUCTION FORECAST & HEDGING

�
�
�

FY 2008/9
Guidance
2008/9
Actual
8,400 - 8,800 Ni t
3.6% Ni
A$4 50 - 4 65/lb Ni
Production
Grade
Cash Costs (payable)
8,779 Ni t
4.0% Ni
A$3 85/lb Ni
FY 2009/10
Guidance
.
.
.
8,000 - 8,400 Ni t
4.0% Ni
�
Production
�
Grade
A$4.20 - 4.40/lb Ni
�
Cash Costs (payable)
♦Hedging
4,800 Ni t @ A$19,013 / t
Delivered @ 200Ni t / month
from July 09 to June 11

QUARTERLY CASH COSTS & REVENUE

==> picture [720 x 78] intentionally omitted <==

Relatively consistent cash costs

MINE GEOPHYSICS - TEM EQUIPMENT

==> picture [720 x 78] intentionally omitted <==

High powered TEM 3 component transmitter underground TEM system � 10 x more powerful than current systems. � Doubles search radius Down hole TEM probe detection up to 200m. � Locates blind � � Cleaner data. 200m search radius. massive NiS � � More accurate 3D visualisation of remnants 10 50m targeting. massive NiS targets. from stopes.

LONG MINE NICKEL DEPOSITS & TARGETS LONGITUDINAL PROJECTION

==> picture [720 x 78] intentionally omitted <==

McLEAY NICKEL DEPOSIT

==> picture [720 x 78] intentionally omitted <==

MORAN NICKEL DEPOSIT

==> picture [720 x 78] intentionally omitted <==

LONG MINE RESOURCES JUNE 2009 – IGO’s LARGEST EVER RESOURCE

==> picture [720 x 78] intentionally omitted <==

Continuing to Grow Resources & Reserves

LONG MINE RESERVES MINE LIFE EXTENDED TO 2015 @ 9,000 Ni t/pa

==> picture [720 x 78] intentionally omitted <==

Continuing to Grow Resources & Reserves

LONG MINE COMPLEX PRODUCTION / ORE RESERVE COMPARISON

2002-9 PRODUCTION SUMMARY Initial Ore Reserve Estimate: 33,894 Ni t Mined from Ore Reserve: 46,176 Ni t Mined outside re eserve: O R 9 319 Ni, t TOTAL: 55,495 Ni t

==> picture [720 x 78] intentionally omitted <==

LONG FLY THROUGH

==> picture [720 x 78] intentionally omitted <==

TROPICANA JV - NEW GOLD PROVINCE IGO’S SECOND POTENTIAL CASH GENERATOR

AngloGold Ashanti – 70% (Manager) Independence Group – 30%

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 309] intentionally omitted <==

----- Start of picture text -----

Tropicana JV
“New Gold Province under sand”
1000kms
----- End of picture text -----

TROPICANA JV TENEMENTS

==> picture [720 x 78] intentionally omitted <==

TROPICANA JV

SIGNIFICANT DISCOVERIES TO DATE

==> picture [720 x 78] intentionally omitted <==

TROPICANA JV JUN 09 GLOBAL RESOURCE

==> picture [720 x 78] intentionally omitted <==

TROPICANA JV – JUN 09 PREFEASIBILITY OPEN CUT DESIGN

==> picture [720 x 78] intentionally omitted <==

TROPICANA JV - NEW INTERCEPTS OUTSIDE JUN 09 OPEN CUT DESIGN

==> picture [720 x 78] intentionally omitted <==

TROPICANA JV UNDERGROUND POTENTIAL

==> picture [720 x 78] intentionally omitted <==

TROPICANA JV HAVANA DEEPS CROSS-SECTION

==> picture [720 x 78] intentionally omitted <==

TROPICANA JV PRE-FEASIBILITY OUTCOME

Open-cut Resource: 75.3 Mt @ 2.07g/t Au (5.01 M oz Au) at June 09 Mining Inventory: 56 Mt @ 2.0g/t Au (3.6 M oz Au, 6.2:1 SR) (US$900/oz Au, AUD: USD 0.85, US$103/barrel oil& 15% discount rate assumptions )

Mill:

6 Mt p/a (plant & infrastructure capital A$500-540 M includes 15% contingency)

Metallurgy:

Free milling - 92% recovery

Gold Production:

330,000 - 410,000 oz Au pa (recovered) over 8-10 years

Cash Costs:

Water: BFS Completion:

Owner operator option – diesel A$590-610/oz Au Contract mining option – diesel A$690-710/oz Au 900 Gigalitre aquifer located

Second half 2010

TROPICANA JV PROPOSED PLANT LAYOUT

==> picture [720 x 78] intentionally omitted <==

TROPICANA JV FLY THROUGH

==> picture [720 x 78] intentionally omitted <==

REGIONAL EXPLORATION STRATEGY

Discovering new, high profit mines by -

Technical Innovation
Geophysical tools to see “under cover”
� New targeting techniques
Exclusive access to new data bases
Unlocking value in established and emerging belts
First mover advantage in “frontier” belts � Eg. Tropicana
Strong in-house geophysical capability
Small, well resourced, highly motivated exploration team
Use of underva uel d large company ad tabases now owned by IGO

IGO BASE METAL EXPLORATION PROJECTS

==> picture [720 x 78] intentionally omitted <==

DUKETON JV LOCATION

==> picture [720 x 78] intentionally omitted <==

DUKETON JV – BULGE PROSPECT NICKEL DRILL INTERCEPTS

==> picture [720 x 78] intentionally omitted <==

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

==> picture [720 x 78] intentionally omitted <==

----- Start of picture text -----

JV Partner:
South Boulder
----- End of picture text -----

IGO GOLD EXPLORATION PROJECTS

==> picture [720 x 78] intentionally omitted <==

HOLLETON GOLD PROJECT

==> picture [720 x 495] intentionally omitted <==

----- Start of picture text -----

(IGO 100%)
----- End of picture text -----

KARLAWINDA PROJECT (IGO – 100%)

==> picture [720 x 78] intentionally omitted <==

KARLAWINDA - FRANCOPAN PROSPECT CROSS-SECTION

==> picture [720 x 78] intentionally omitted <==

KARLAWINDA – WEST BIBRA PROSPECT

==> picture [720 x 78] intentionally omitted <==

PROJECT GENERATION DE BEERS DATABASE (IGO 100%)

103,000 geochemical samples analysed.
189 000, geochem ca samp es unana ysei l l l d.
2,278 samples reporting
� v si ible gold.
2,025 geophysical surveys.
Estimated cost to replicate data base >$A500M.
No buy-back or royalties.

==> picture [720 x 78] intentionally omitted <==

PROJECT GENERATION DE BEERS DATABASE (IGO 100%)

IGO 2009 gold analysis of De Beers samples collected before the discovery of the Plutonic Gold Mine (WA)

==> picture [720 x 78] intentionally omitted <==

INDEPENDENCE CORPORATE GOALS

To improve shareholder returns by becoming a highly profitable, multi commodity Australian mining company

Focus on:

Low cash costs
Mine longevity
Innovative exploration
Strong balance sheet

==> picture [720 x 78] intentionally omitted <==

COMPETENT PERSON STATEMENT

==> picture [720 x 78] intentionally omitted <==

Note: The information in this presentation that relates to Exploration Results, Mineral Resources or Ore Reserves (apart from the Tropicana mineral resources) is based on information compiled by Mr Christopher M Bonwick who is a full-time employee of the Company and is a member of the Australasian Institute of Mining and Metallurgy. Christopher Bonwick has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Christopher Bonwick consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Sign Off: The information in this presentation that relates to Tropicana Mineral Resources is based on information compiled by Mark Kent, who is a full-time employee of AngloGold Ashanti Limited, and a member of the AusIMM. Mark Kent has sufficient experience relative to the type and style of mineral deposit under consideration and to the activity which has been undertaken, to qualify as a Competent Person (or Recognised Mining Professional) as defined in the 2004 Edition of the JORC Code . Mark Kent consents to the release of the resource based on the information in the form and context in which it appears.

==> picture [720 x 78] intentionally omitted <==

LONG NICKEL MINE 2009 RESOURCES AND RESERVES

	RESOURCES Undiluted at 1% Ni Cut-off1, 2	RESOURCES Undiluted at 1% Ni Cut-off1, 2
LONG MORAN VICTOR SOUTH McLEAY BROKEN STOCKS TOTAL	Measured Indicated Inferred Sub-Total	Tonnes Ni % Ni Tonnes	Proven Probable Sub-Total
		64,000 6.4 4,100 298 000 5 2 15 500 , . , 61,000 4.4 2,700 423,000 5.3 22,300
	Measured Indicated Inferred Sub-Total	- - - 401,000 6.9 27,800 55,000 8.4 4,600 456,000 7.1 32,400	Proven Probable Sub-Total
	Measured Indicated Inferred Sub-Total	- - - 305,000 3.2 10,100 - - - 305,000 3.2 10,100	Probable Sub-Total
	Measured Indicated Inferred Sub-Total	118,000 6.8 8,000 217,000 5.6 12,100 162 000 5 4 8 800 , . , 497,000 5.8 28,900	Proven Probable Sub-Total
	Measured Sub-Total	4,000 5 200 4,000 5 200	Proven Sub-Total
		1 685 000 5 6 93 900 , , . ,

Reserves are included in resources Notes:

1 The cut-off grade used for the Victor South resource is 0.6% Ni.
2 Ore tonnes have been rounded to the nearest thousand tonnes and nickel tonnes have been rounded to the nearest hundred tonnes.

TROPICANA JV RESOURCES

TROPICANA JV June 2009

OPEN PIT RESOURCES

Measured I di t d n ca e Inferred TOTAL	Million Tonnes g/t Au1 Million Ounces2 24.2 2.3 1.79 39 8 2 0 2 58 . . . 11.3 1.8 0.64 75.3 2.1 5.01

Notes:

1 Cut-offs: 0.6g/t Au oxide ore, 0.7g/t Au fresh ore. 2 A$1,250/oz Au optimisation.

AI assistant

IGO LIMITED — AGM Information 2009

65111_rns_2009-11-23_ff2c0b4e-2dfa-44cd-b8c8-fa8c6bd135a7.pdf

INDEPENDENCE GROUP NL

“Growing a Great Company”

Annual General Meeting

25 November 2009

FORWARD LOOKING STATEMENTS

INDEPENDENCE OVERVIEW - CORPORATE

INDEPENDENCE OVERVIEW - ASSETS

IGO HISTORY AND SHARE PRICE

INDEPENDENCE GROUP NL

LONG NICKEL MINE (IGO 100%)

HISTORY:

GOALS:

PRODUCTION FORECAST & HEDGING

QUARTERLY CASH COSTS & REVENUE

Relatively consistent cash costs

MINE GEOPHYSICS - TEM EQUIPMENT

LONG MINE NICKEL DEPOSITS & TARGETS LONGITUDINAL PROJECTION

McLEAY NICKEL DEPOSIT

MORAN NICKEL DEPOSIT

LONG MINE RESOURCES JUNE 2009 – IGO’s LARGEST EVER RESOURCE

Continuing to Grow Resources & Reserves

LONG MINE RESERVES MINE LIFE EXTENDED TO 2015 @ 9,000 Ni t/pa

Continuing to Grow Resources & Reserves

LONG MINE COMPLEX PRODUCTION / ORE RESERVE COMPARISON

LONG FLY THROUGH

TROPICANA JV - NEW GOLD PROVINCE IGO’S SECOND POTENTIAL CASH GENERATOR

TROPICANA JV TENEMENTS

TROPICANA JV

SIGNIFICANT DISCOVERIES TO DATE

TROPICANA JV – JUN 09 PREFEASIBILITY OPEN CUT DESIGN

TROPICANA JV - NEW INTERCEPTS OUTSIDE JUN 09 OPEN CUT DESIGN

TROPICANA JV HAVANA DEEPS CROSS-SECTION

TROPICANA JV PRE-FEASIBILITY OUTCOME

TROPICANA JV PROPOSED PLANT LAYOUT

TROPICANA JV FLY THROUGH

REGIONAL EXPLORATION STRATEGY

Discovering new, high profit mines by -

IGO BASE METAL EXPLORATION PROJECTS

DUKETON JV LOCATION

DUKETON JV – BULGE PROSPECT NICKEL DRILL INTERCEPTS

IGO GOLD EXPLORATION PROJECTS

HOLLETON GOLD PROJECT

KARLAWINDA PROJECT (IGO – 100%)

KARLAWINDA - FRANCOPAN PROSPECT CROSS-SECTION

KARLAWINDA – WEST BIBRA PROSPECT

PROJECT GENERATION DE BEERS DATABASE (IGO 100%)

PROJECT GENERATION DE BEERS DATABASE (IGO 100%)

INDEPENDENCE CORPORATE GOALS

To improve shareholder returns by becoming a highly profitable, multi commodity Australian mining company

Focus on:

COMPETENT PERSON STATEMENT

LONG NICKEL MINE 2009 RESOURCES AND RESERVES

Reserves are included in resources Notes:

TROPICANA JV RESOURCES

TROPICANA JV June 2009

OPEN PIT RESOURCES

More from IGO LIMITED

IGO LIMITED AGM Information 2009