IGO LIMITED — AGM Information 2010

Nov 22, 2010

INDEPENDENCE GROUP

GROWING A GREAT AUSTRALIAN MINING COMPANY BY MINERAL DISCOVERIES AND MINE DEVELOPMENT

ANNUAL GENERAL MEETING 24 November 2010

Chris Bonwick – Managing Director

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DISCLAIMER

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 forward‐looking statements are not guarantees of future performance and, accordingly, not to put undue reliance on such statements.

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INDEPENDENCE OVERVIEW ‐ CORPORATE

Tight share structure, cashed up and no debt

Capital Structure:

ASX 200 Code: IGO

114.1M shares and 0.8M unlisted options ‐ pre raising 138.8M shares and 0.8M unlisted options ‐ post raising Market Cap. (23/11/10): A$963M Daily turnover (6 month average) – 0.5M

Substantial shareholders: (as at 19.11.10)

JF Capital 11.6M shares Orion 7.1M shares NAB 6.8M shares UBS 6.4M shares

Aus Inst : 47%, OS Inst : 17% (pre raising) 67 Institutions in top 100 (pre raising)

Financials:

2009/10 Profit: A$28.7M 2009/10 EPS (dil.) A25.3c Cash & Net Receivables: A$137.3M (as at 30.9.10 pre raising) Debt: Nil

Debt:

Dividends paid 2009/10: 2c interim + 3c final

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INDEPENDENCE OVERVIEW ‐ ASSETS

Multiple growth opportunities

LONG NICKEL MINE

� Production

2009/10 Cash Costs: without royalty A$4.01/lb Ni with royalty A$4.44/lb Ni 2009/10 Revenue: A$9.60/lb Ni Jun 10 Resources: 91,500t Ni @ 5.4% Ni Jun 10 Reserves: 53,400t Ni @ 4.1% Ni

Extending mine life – New Moran discovery June 2010 resource: 546,000t @ 7.2% Ni (39,400t Ni)

TROPICANA

� Potential Near Term Growth

REGIONAL EXPLORATION

� Growth

BFS Open Pit Reserve: 30% of 48Mt @ 2.2g/t Au (3.4M oz Au) BFS Open Pit Mining Inventory: 30% of 59Mt @ 2.0g/t Au (3.8M oz Au)

Significant underground & regional potential

7 high quality Ni, Au, Sn and Cu‐Pb‐Zn projects. Exclusive 292,000 sample geochemical database.

Unique exploration targeting & technology

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INDEPENDENCE HISTORY AND SHARE PRICE

Five ore bodies discovered to date Monthly Average Share Price to 19.11.10

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INDEPENDENCE TAX AND ROYALTY PAYMENTS JAN 2002 – JUN 2010

$207.4M Tax and royalties paid to Australian Governments

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LONG NICKEL MINE

IGO’S CURRENT CASH PRODUCING ASSET

2002 Purchase price = A$15M IGO Profit to date = A$274M Australia’s lowest cost nickel sulphide mine

1979‐1999 WMC Production: 203,184t Ni

2002‐2010 IGO Production: 64,109t Ni

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LONG NICKEL MINE (IGO 100%)

Moran, McLeay and Long nickel ore bodies yet to be closed off

HISTORY

• IGO Starting Reserve = 26,800 Ni t

• • IGO Production to date = 66,801 Ni t

• • June 2010 Resource = 91,500 Ni t

• • June 2010 Reserves = 53,400 Ni t

GOALS

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

• Low cost nickel producer.

• New Reserves to increase mine life.

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PRODUCTION FORECAST AND HEDGING

History of exceeding production guidance

2009/10 2009/10 Guidance Actual • Production 8,000‐8,400 Ni t 8,615 Ni t • Grade 4.0% Ni 4.25% Ni • Cash Costs (payable) ‐ with royalty A$4.20‐4.40/lb Ni A$4.44/lb Ni ‐ without royalty A$3.90‐4.10/lb Ni A$4.01/lb Ni 2010/11 Sep 2010 Guidance Quarter

• Production

8,800‐9,200 Ni t 2,702 Ni t 4.1% Ni 4.5% Ni A$4.40‐4.60/lb Ni A$4.36/lb Ni A$4.00‐4.20/lb Ni A$3.73/lb Ni

• Grade 4.1% Ni

• • Cash Costs (payable) ‐ with royalty A$4.40‐4.60/lb Ni ‐ without royalty A$4.00‐4.20/lb Ni

• • Hedging Oct 2010 ‐ Jun 2013

4,960 Ni t @ A $22,603/t (A$10.26/lb)

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QUARTERLY CASH COSTS AND REVENUE

High operating margins and consistent low cash costs over 6 years

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Revenue A$/lb Ni
(includes hedging)
Payable Cash Costs A$/lb Ni
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MINE GEOPHYSICS ‐ TEM EQUIPMENT

Innovative research and development

High powered TEM transmitter

*Exclusive to IGO*

• 10 x more powerful than current systems.

• Doubles search radius detection up to 200m.

• Cleaner data.

• More accurate targeting.

• Mark III in development.

Down hole TEM probe

• 200m search radius.

• 3D visualisation of massive NiS targets.

Underground Down hole TEM surveying

• More accurate drill targeting, reduced discovery and ore definition costs.

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LONG MINE NICKEL DEPOSITS AND TARGETS LONGITUDINAL PROJECTION Largest Reserve since IGO reopened the mine (mine life extended to at least 2016)

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MORAN NICKEL DEPOSIT

Moran remains open to the south

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MORAN SOUTH CROSS‐SECTION

Moran remains open to the south

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MORAN DEPOSIT HIGH‐GRADE MASSIVE NICKEL SULPHIDES

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LONG MINE DEVELOPMENT UPDATE

Potential for Moran, McLeay and Long ore body extensions

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LONG NORTH

Long ore body remain open to the north

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LONG MINE COMPLEX PRODUCTION / ORE RESERVE COMPARISON

Consistently mining more nickel than Reserve estimate Oct 2002 – Jun 2010 PRODUCTION SUMMARY Initial Ore Reserve Estimate: 40,373 Ni t Mined from Ore Reserve: 52,665 Ni t (+30%) Mined outside Ore Reserve: 11,444 Ni t (+28%) TOTAL: 64,109 Ni t (+58%)

40,373 Ni t 52,665 Ni t (+30%) 11,444 Ni t (+28%) 64,109 Ni t (+58%)

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LONG MINE FLY THROUGH

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TROPICANA JV (IGO 30%) IGO’S SECOND POTENTIAL CASH GENERATOR

A New Australian Gold Province

AngloGold Ashanti – 70% (Manager)

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Tropicana JV
1000kms
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“New Gold Province under sand”
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TROPICANA JV TENEMENTS

JV tenure – 396km strike length & 16,000 km area (granted & application ML’s & EL’s)2

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TROPICANA JV SIGNIFICANT DISCOVERIES TO DATE

Numerous gold anomalies and potential for other gold discoveries

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TROPICANA JV HAVANA DEEPS CROSS‐SECTION

Tropicana Project: Aerial View of Open Cuts and Mine Infrastructure

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TROPICANA JV BANKABLE FEASIBILITY STUDY OUTCOME (100% PROJECT)

BFS Open Pit Reserves:

Tropicana, Havana, Havana South 48Mt @ 2.2 g/t Au – 3.4Moz*

(*$US880/oz Au, A$1,100/oz Au, AUD : USD 0:80, A$106/bbl oil, 0.7 g/t Au fresh ore cut off)

Mining Inventory:

59Mt @ 2.0 g/t Au for 3.8Moz*

(*$US880/oz Au, A$1,100/oz Au, AUD : USD 0:80, A$106/bbl oil, 0.7 g/t Au fresh ore cut off)

Milling Rate:

Strip Ratio:

Recovery:

Expected Production:

5.8 – 6.0Mt pa

5.5:1

90.4%

3.45Moz over 10 years (1.04Moz IGO 30%)

A$710‐730/oz cash costs (including royalties)

1[st] Three Year’s Production:

470,000‐490,000 oz pa (141,000‐147,000 oz pa IGO 30%) A$580‐A$600/oz cash cost (including royalties)

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TROPICANA JV BFS OUTCOME (100% PROJECT)

Capital: Payback: Road Construction: Anticipated First Gold: Additional Upside:

Plant & Equipment A$590‐A$620M Real Working Capital A$100‐A$120M Real A$690‐A$740M 2.2 years (A$1,300/oz Au, US$85/bbl oil, AUD:USD 1:00)

Early June 2011 Quarter December 2013 Quarter Boston Shaker Open Cut, Havana Underground, Regional Exploration

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TROPICANA JV

BFS RESERVE AND MINING INVENTORY

100% Project:

Nov 2010 Open Pit Reserve: 48Mt @ 2.2g/t Au – 3.4Moz (A$1,100/oz) Nov 2010 Mining Inventory: 59Mt @ 2.0g/t Au – 3.8Moz (A$1,100/oz)

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TROPICANA JV

NEW BOSTON SHAKER DISCOVERY

Boston Shaker is not included in BFS

Tropicana gold system still growing along‐strike and down‐dip.

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TROPICANA JV UNDERGROUND POTENTIAL

High‐grade, true width in‐pit gold intercepts suggest underground potential

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TROPICANA JV HAVANA DEEPS INTERCEPTS

Havana Deeps is not included in BFS

Tropicana gold system still growing along‐strike and down‐dip.

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TROPICANA JV HAVANA DEEPS DRILL INTERCEPTS

Havana Deeps is not included in BFS

Tropicana gold system still growing along‐strike and down‐dip.

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TROPICANA JV HAVANA DEEPS CROSS‐SECTION

Tropicana JV Havana Deeps Step Out Hole

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TROPICANA FLY THROUGH

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INDEPENDENCE GOLD AND BASE METAL EXPLORATION PROJECTS

High quality nickel, gold, copper‐lead‐zinc and tin exploration projects

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DUKETON JV – C2 PROSPECT DISSEMINATED NICKEL SULPHIDES (IGO earning 70%)

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C2 Prospect cross‐section
C2 Prospect disseminated NiS
C2 Prospect stringer NiS
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DUKETON JV – ROSIE PROSPECT MASSIVE NICKEL SULPHIDES (IGO earning 70%)

Rosie Prospect massive nickel sulphides assaying: 5.2m @ 9.1% Ni,

1.1% Cu, 0.2% Co,

7.1g/t PGE’s

(2.2g/t Pt, 1.7g/t Pd,

1.8g/t Ru & 0.8g/t Rh)

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DUKETON JV ‐ ROSIE PROSPECT LONGITUDINAL PROJECTION (IGO earning 70%)

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ORRBACKEN NICKEL PROJECT ‐ SWEDEN (JV: IGO earning up to 73%)

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Numerous concealed TEM anomalies
NiS rich gabbro boulder
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HOLLETON GOLD PROJECT (IGO 100%)

Large gold anomaly discovered under cover

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REGIONAL GEOLOGY GOLD GEOCHEMISTRY
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KARLAWINDA GOLD PROJECT LOCATION (IGO 100%)

Large new gold system close to gas pipeline and existing infrastructure

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KARLAWINDA ‐ FRANCOPAN PROSPECT CROSS‐SECTION

Very large gold system

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KARLAWINDA GOLD PROJECT BIBRA PROSPECT (IGO 100%)

Potential heap leach gold operation

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PROJECT GENERATION DE BEERS DATABASE (IGO 100%)

No buy‐back or royalties on future mineral discoveries

• Long term exploration asset to find new Australian mineral camps.

• 293,000 geochemical samples collected.

• 2,278 samples reporting visible gold.

• 2,025 geophysical surveys.

• IGO analysing samples for 57 elements including Ni, Cu, Pb, Zn, Au, Ag, Pt, Pd, Ur, rare earths, Sn, Li, K etc.

• 28,385 sampled analysed by IGO to‐date. Numerous new metal anomalies.

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DE BEERS DATABASE STORAGE WAREHOUSE

Preparing geochemical samples for analysis

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EXAMPLE: POTENTIAL TO FIND NEW MINES DE BEERS DATABASE (IGO 100%)

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

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BIRRINDUDU TIN PROJECT NORTHERN TERRITORY (IGO 100%)

New Australian tin discovery

Cassiterite rich heavy mineral concentrate

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FY2010‐11 PROPOSED GROUP EXPLORATION, DEVELOPMENT & CAPITAL EQUIPMENT BUDGET

LONG NICKEL MINE Budget: A$39.6M TROPICANA JV Budget: A$31.5M (IGO share)

Capital equipment A$19.4M Moran development A$13.5M Exploration A$6.7M Finalise Bankable Feasibility Study A$1.4M Mine capital development A$20.8M Exploration and new feasibility studies A$9.3M

REGIONAL EXPLORATION Budget: A$12.9M

‐ Duketon JV Ongoing exploration (excludes resource drilling) ‐ Karlawinda Ongoing exploration (excludes resource drilling) ‐ Holleton First pass drilling De Beers Database ‐ On‐going analysis and target follow‐up

TOTAL: A$84.0M

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INDEPENDENCE CORPORATE GOALS

Focus on:

Low cash costs Mine longevity Innovative exploration Strong balance sheet

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INDEPENDENCE CONTACT DETAILS

Perth Office Managing Director – Chris Bonwick Ground Floor, Suite 1 183 Great Eastern Highway, Belmont, Western Australia Postal: PO Box 496, South Perth, Western Australia 6951 Telephone: +61 8 9479 1777 Facsimile: +61 8 9479 1877 Email: contact@igo.com.au Website: www.igo.com.au ASX Code: IGO

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LONG NICKEL MINE

JUNE 2010 RESOURCES AND RESERVES

	RESOURCES Undiluted at 1% Ni Cut-off1, 2		MINING RESERVE
	as at 30 June 2010		as at 30 June 2010
	Tonnes Ni % Ni Tonnes		Tonnes Ni % Ni Tonnes
LONG	Measured 26,000 5.6 1,500	LONG	Proven 15,000 2.8 400
	Indicated 215,000 4.8 10,300		Probable 98,000 2.9 2,900
	Inferred 105,000 4.4 4,600
	Sub-Total 346,000 4.7 16,400		Sub-Total 113,000 2.9 3,300
MORAN	Measured - - -	MORAN	Proven - - -
	Indicated 494,000 7.2 35,700		Probable 739,000 4.4 32,700
	Inferred 52,000 7.1 3,700
	Sub-Total 546,000 7.2 39,400		Sub-Total 739,000 4.4 32,700
VICTOR SOUTH	Measured 17,000 7.0 1,200	**VICTOR SOUTH **	Proven 24,000 4 1,000
	Indicated 232,000 2.7 6,300		Probable 55,000 5.1 2,800
	Inferred 131,000 1.7 2,200
	Sub-Total 380,000 2.6 9,700		Sub-Total 79,000 4.8 3,800
McLEAY	Measured 85,000 8.1 6,900	McLEAY	Proven 121,000 3.9 4,700
	Indicated 248,000 5.7 14,200		Probable 261,000 3.4 8,800
	Inferred 94,000 5.1 4,800
	Sub-Total 427,000 6.1 25,900		Sub-Total 382,000 3.5 13,500
BROKEN STOCKS	Measured 3,000 4.0 100	BROKEN STOCKS	Proven 2,000 3.0 100
	Sub-Total 3,000 4.0 100		Sub-Total 2,000 3.0 100
TOTAL	1,702,000 5.4 91,500	TOTAL	1,315,000 4.1 53,400

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.

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TROPICANA JV

2009 PRE‐FEASIBILITY RESOURCES AND 2010 BFS RESERVES

Owner Operator Costs Contract Mining Costs

June 2009 Open Pit Resources

November 2010 Open Pit Reserves

Tonnes Grade Contained Tonnes Grade Contained 1 3 (Mt) (g/t) Gold (Mt) (g/t) Gold[2] (Moz) (Moz)[4] Measured 24.2 2.3 1.79 Proved 24 2.3 1.8 Indicated 39.8 2.0 2.58 Probable 24 2.1 1.6 Inferred 11.3 1.8 0.64 TOTAL 75.3 2.1 5.01 TOTAL 48 2.2 3.4

• 1 Cut‐offs: 0.6g/t Au oxide, 0.7g/t Au fresh ore.

• 2 A$1,250/oz Au optimisation.

• 3 Cut‐off: 0.7g/t Au oxide ore, 0.8g/t Au fresh ore.

• 4 A$1,100/oz optimisation

• 5 See final slide for JORC required competent person sign‐off.

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COMPETENT PERSON STATEMENT

Note: The information in this presentation that relates to Exploration Results, Mineral Resources or Ore Reserves 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.

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