IGO LIMITED — AGM Information 2010

Nov 22, 2010

INDEPENDENCE GROUP NL

(ACN 092 786 304)

CHAIRMAN’S SCRIPT FOR ANNUAL GENERAL MEETING

To Be Held at Wardle Room, Perth Concert Hall, 5 St Georges Terrace, Perth, WA on 24 November 2010 at 10.00 am WST

INTRODUCTION Good Morning ladies and gentlemen. My name is Oscar Aamodt, and I am the (OSCAR AAMODT): Chairman of Independence Group. Welcome, and thank you for attending. I would particularly like to welcome any shareholders who have made the time to attend this meeting. Joining me today are my fellow directors Chris Bonwick and Kelly Ross both executives of the Company, and Rod Marston, John Christie and Peter Bilbe, who are non-executives like myself. Also attending today, are Glyn O’Brien and Paul Mulligan from BDO Kendalls, the Company’s auditors.

QUORUM: I am advised that a quorum of members is present and now call the meeting to order. NOTICE OF MEETING: Before proceeding, I advise that in order to expedite proceedings, we will answer questions of a general nature after the business of the meeting has been completed. Any questions relating to the financial statements will be dealt with after the Annual Report has been tabled. The Managing Director Chris Bonwick will make a short presentation which will provide you with an update of the Company’s activities. I also ask you to switch off or silence your mobile phones for the duration of the meeting.

The signed minutes of the last Annual General Meeting held on 25[th] November 2009 are hereby tabled. Copies of these minutes are available here today.

You have all received the Notice of Annual General Meeting detailing the business to be dealt with today. If there are no objections, I now MOVE that the Notice of Annual General Meeting be taken as read.

I PUT the motion:

Those in favour __ Those against __ Thank you.

If there are no objections, I will record that the motion is CARRIED/DEFEATED .

KR:s:\file management\corporate\board\agendas - members\agm 2010 script.docx (23/11/10:10:26 AM)

Chairman’s Script for ANNUAL General Meeting

Independence GROUP NL

ANNUAL REPORT

As shareholders of the Company, you will have received a copy of the 2010 Annual Report which is also posted on the Company’s website.

I now table the 2010 Annual Report, including the financial, directors’ and auditors’ report for the year ended 30 June 2010.

As the Chairman of Independence, I am delighted with the progress made by your company in the last 12 months which included:

• Consistent production from the Long nickel mine at Kambalda, which produced a net profit after tax of $29 million, and

• Exciting progress made at a number of our exploration projects, including Tropicana, Karlawinda and Duketon.

IGO paid a 3 cent dividend to shareholders in September 2010, to add to the 2 cent dividend which was paid in March.

The company recently announced the completion of the Tropicana Bankable Feasibility Study. To assist in funding the construction cost of the Project, IGO completed a placement as well as a rights issue offer to existing shareholders.

Members are now invited to ask questions regarding the financial statements contained in the Annual Report – are there any questions?

PROXIES:

Proxies have been received from 120 shareholders representing 54,394,690 ordinary shares, being 40.1% of the Company’s issued share capital. No invalid proxies were received.

The proxies are available for inspection.

RESOLUTION 1:

I will now proceed to the second item on the agenda, which is a non-binding resolution relating to the adoption of the 2010 Remuneration Report.

Of the proxies received with respect to this resolution, 53,865,644 votes were for this resolution, 126,050 votes were against, 146,010 votes abstained and 256,986 votes were open for the Chairman or proxies to vote.

I MOVE that the resolution be put as read. I PUT the motion: Those in favour __ Those against __ I declare the motion CARRIED/DEFEATED.

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Chairman’s Script for ANNUAL General Meeting

Independence GROUP NL

RESOLUTION 2:

As part of the ordinary business of the meeting, and in accordance with the Company’s Constitution, Mrs Kelly Ross retires as a Director and is seeking reelection. The Directors, with Mrs Ross abstaining, recommend that Mrs Ross be re-elected as a member of the board. I therefore proceed to move the following resolution as an ordinary resolution:

That Mrs Kelly Ross, who retires by rotation in accordance with the Company’s Constitution and, being eligible for re-election, be re-elected as a director of the Company.

Of the proxies received with respect to this resolution, 53,569,264 votes were for this resolution, 112,440 votes were against, 406,000 votes abstained and 306,986 votes were open for the Chairman or proxies to vote.

I PUT the motion: Those in favour __ Those against __ I declare the motion CARRIED/DEFEATED.

RESOLUTION 3: As part of the ordinary business of the meeting, and in accordance with the Company’s Constitution, the Company seeks approval to increase the available directors’ fees pool, to enable either an increase in fees available to be paid or to enable the Company to recruit additional board members.

The available directors’ fees payable has not been increased since 2003.

We have had a few questions from shareholders relating to the increase in the available directors fees pool. I would just like to point out that the increase in the available pool does not mean that directors fees paid to the non-executive directors will increase – it simply provides the ability to either increase fees to existing directors in the future or enable us to appoint additional directors. Without this resolution, we are restricted to a total pool of $300,000 p.a. IGO’s non-executive directors receive quite modest remuneration, when compared with, for example, Western Areas, Panoramic or Mincor, whose non-executive directors received remuneration of $800,000, $600,000 and $350,000 respectively compared to IGO’s payments of $300,000 this year.

The Directors and their associates abstain from voting on this resolution. I proceed to move the following resolution as an ordinary resolution:

That the aggregate amount of directors’ fees available to be paid to directors be increased by $300,000 to $600,000.

Of the proxies received with respect to this resolution, 53,690,768 votes were for this resolution, 199,489 votes were against, 177,447 votes abstained and 326,986 votes were open for the Chairman or proxies to vote.

I PUT the motion:

Those in favour __ Those against __ I declare the motion CARRIED/DEFEATED.

That concludes the formal business of today’s meeting.

I will now ask Chris Bonwick to give you a short presentation to update you on current projects and the progress of the company.

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Chairman’s Script for ANNUAL General Meeting

Independence GROUP NL

CHRIS BONWICK

Thanks Oscar. Good morning ladies and gentlemen.

…………………..PRESENTATION………………..

I now hand the meeting to the Chairman, Oscar Aamodt.

OSCAR AAMODT

Thanks Chris.

In conclusion, Independence Group has had a very successful year by recording a NPAT of $29 million. This result was achieved through a combination of above budget nickel production and maintaining a low cost efficient operation at the Long Nickel Mine. This result supported fully franked dividends of 5 cents per share, along with a considerable investment in exploration. The company is in a strong position with the capital to fund its share of the Tropicana development, to maintain the exciting investment in exploration regionally and at the Long mine.

I now invite members to ask questions of the directors.

Does any member have any questions or comments?

I would like to thank you for your attendance today, and for your continued support of our company.

There being no further business I declare the meeting closed. Please join the board and management for a cup of tea or coffee.

CLOSURE:

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Chairman’s Script for ANNUAL General Meeting

Independence GROUP NL

GENERAL MEETING - POLL DIA LOGUE

If Poll Demanded By Chairman

The resolution was not CARRIED on a show of hands and I now demand a poll.

You will now be handed a ballot paper for the poll. The resolution upon which the poll is being taken is to be set out on the ballot paper by you - that is Resolution #. You should record your vote by placing a cross in either the “For” or “Against” square on the paper.

You should also print on the ballot paper your name, if you are a shareholder, or the name of the shareholder whose proxy, representative or attorney you are. If you hold multiple proxies please state this and we will complete the information from the proxies.

I appoint Kelly Ross, being the Company Secretary as the scrutineer for the poll and to collect your ballot paper.

When Ballot Papers Collected

I will now move to the next resolution on the agenda and will announce the result of the ballot when the votes have been counted.

If Poll Is Demanded By Members

A poll may be demanded before or immediately upon the declaration of the result of the show of hands by:

• a) at least five shareholders present in person or by proxy, attorney or representative; or

• b) any one or more shareholders holding not less than 5% of the total voting rights of all shareholders having the right to vote on the resolution.

Being properly demanded by a member, a poll will take place. (Check member is entitled).

You will now be handed a ballot paper for the poll. The resolution upon which the poll is being taken is to be set out on the ballot paper by you - that is Resolution #. You should record your vote by placing a cross in either the “For” or “Against” square on the paper.

You should also print on the ballot paper your name, if you are a shareholder, or the name of the shareholder whose proxy, representative or attorney you are. If you hold multiple proxies please state this and we will complete the information from the proxies.

I appoint Brad McVeigh, being a representative of the Company’s auditor as the scrutineer for the poll and to collect your ballot paper.

When Ballot Papers Collected

I will now move to the next resolution on the agenda and will announce the result of the ballot when the votes have been counted.

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