IGO LIMITED — AGM Information 2011

Nov 22, 2011

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INDEPENDENCE GROUP

VALUE THROUGH DISCOVERY AND DEVELOPMENT

Annual General Meeting 23[rd] November 2011

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 Group Overview - Corporate

Capital Structure:

Capital Structure: ASX 200 Code : IGO 202.9M shares Market Cap. (18/11/11) : A$950M

Substantial shareholders: JCP : 11.8M shares (Nov 2011) Aus Inst : 59.5%, OS Inst : 11.2% 62 Institutions in top 100

Financials:

2010/11 Profit: A$5.5M Cash: (30/9/11) A$157.8M Debt: (30/9/11) A$27M Dividends paid 2010/11: 7c total

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Independence Group Overview – Assets

Multiple growth opportunities

LONG NICKEL OPERATION In Production

2010/11 Cash Costs: with royalty 2010/11 Revenue: Jun 11 Resources: Jun 11 Reserves:

A$4.48/lb Ni A$10.35/lb Ni 1.57Mt @ 5.3% Ni (83,000t Ni ) 1.61Mt @ 3.6% Ni (58,100t Ni )

JAGUAR/BENTLEY OPERATION In Production

2010/11 Cash Costs: with royalty 2010/11 Revenue: Jun 11 Resources: Jun 11 Reserves:

-A$0.38/lb Zn A$1.12/lb Zn

5.45Mt @ 2.0% Cu, 6.9% Zn, 102g/t Ag, 0.4g/t Au 3.23Mt @ 1.7% Cu, 7.4% Zn, 93g/t Ag, 0.4g/t Au

TROPICANA JV In Construction

Jun 11 Resources: Jun 11 Open Cut Reserve:

30% of 78.6Mt @ 2.1g/t Au (5.36M oz Au) 30% of 56.4Mt @ 2.2g/t Au (3.91M oz Au)

STOCKMAN PROJECT Feasibility Study

Jun 11 Resources:

12.69Mt @ 2.1% Cu, 4.4% Zn, 39g/t Ag, 1.0g/t Au

REGIONAL EXPLORATION

High quality gold and base metal projects. Exclusive 292,000 sample geochemical database. Unique exploration targeting & technology

Reference – IGO 5/10/10 ASX Release for Resource and Resource Estimates

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Independence History and Share Price

Five ore bodies discovered to date

Weekly Average Share Price to 18.11.11

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Independence Group NL – Mines, Development and Advanced Exploration Projects

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Tropicana JV (IGO 30%) Gold Production 2013

DEVELOPMENT IN PROGRESS A New Australian Gold Province

AngloGold Ashanti – 70% (Manager & Operator) Independence Group NL – 30%

Tropicana JV

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“New Gold Province under sand”

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Tropicana JV (IGO 30%) Significant Discoveries To Date

Numerous gold anomalies and potential for other gold discoveries

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• Reference – AGA 27/7/11 ASX Release for Resource and Reserve Estimates

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Tropicana JV June 2011 Resources & Reserves

100% PROJECT June 2011 Mineral Resource: 78.6Mt @ 2.1g/t Au = 5.36Moz (A$1,400/oz) June 2011 Open Pit Reserve: 56.4Mt @ 2.2g/t Au = 3.91Moz (A$1,210/oz)

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Reference – AGA 27/7/11 ASX Release for Resource and Reserve Estimates
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Tropicana JV – Bankable Feasibility Study & June 2011 Reserve Upate (100% Project)

BFS Open Pit Reserves: Reference – IGO 11/11/10 ASX Release for BFS Open Pit Reserve Estimate

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

(*$US880oz Au, A$1,100 oz Au, AUD : USD 0:80, A$85/bbl oil, 0.7 g/t Au fresh ore cut off)

Milling Rate:

Strip Ratio:

Recovery:

5.8 – 6.0Mt pa

5.5:1

90.4%

Expected Production:

1[st] Three Year Annual Production:

June 2011 Interim Open Pit Reserve:

3.45Moz over 10 years (1.04Moz IGO 30%) A$710-730/oz cash costs (including royalties)

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

56.4Mt @ 2.2 g/t Au for 3.9Moz* Additional June 2011 Reserve not yet in production profile

Reference – AGA 22/7/11 ASX Release for Reserve Estimate

(*$US1,100/oz Au, A$1,210/oz Au, AUD : USD 0:91, US$86/bbl oil, 0.7 g/t Au fresh ore cut off)

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Tropicana JV – Proposed Site Layout

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Tropicana JV – Proposed Plant Layout

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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)

Commenced June 2011 Quarter

2013 Second half

Boston Shaker Underground, Havana Underground, Regional Exploration

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Tropicana JV - Boston Shaker and Swizzler Significant intercepts

Proposed Boston Shaker, Tropicana and Havana Open Pit Outlines, g/t Au x Thickness (m) Contours, Significant Drill Intercepts and Location of the Swizzler and Swizzler Deeps Prospects

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Tropicana JV (AngloGold Ashanti 70% / IGO 30%) Havana Deeps

Havana Deeps is not included in current Reserves or BFS

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Reference – IGO 31/12/10 ASX Quarterly Report for Havana Deeps Underground Resource Estimate

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Tropicana JV Havana Deeps Intercepts

Havana Deeps is not included in BFS

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Reference – IGO 31/12/10 ASX Quarterly Report for Havana Deeps Underground Resource Estimate

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Tropicana JV

Havana Deeps Cross-section

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Tropicana JV

Construction commenced

220km of new road from Pinjin to Tropicana

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Photo of truck on newly completed section

Aerial photo of new road and old track to Tropicana

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Tropicana Fly Through

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Long Nickel Mine (IGO 100%)

2002 Purchase price = A$15M

Update 27% Ore Reserve increase to 58,100 Ni t. Continued exploration and production development. Exploration success at Long North and Moran.

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1979-1999 WMC Production: 203,184t Ni 2002-Sep Qtr 2011 IGO Production: 75,861t 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 Sep 11 = 75,861 Ni t

• June 2011 Resource = 83,000 Ni t

• June 2011 Reserves = 58,100 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.

Reference – IGO 5/10/10 ASX Release for Resource and Resource Estimates

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Quarterly Cash Costs and Revenue

History of high operating margins and consistent low cash costs

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Revenue A$/lb Ni
(includes hedging)
Payable Cash Costs A$/lb Ni
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Long Production Forecast and Hedging

History of exceeding production guidance

2010/11 2010/11 Guidance Actual

• Production

• Grade

• Cash Costs (payable) + royalty

8,800 - 9,200 Ni t 9,753 Ni t

4.1% Ni 4.3% Ni A$4.40 - 4.60/lb Ni A$4.48/lb Ni

2011/12 Guidance

• Production

• Production 8,800 - 9,200 Ni t

• • Grade 3.8% Ni

• • Cash Costs (payable) + royalty A$4.80 - 5.00/lb Ni

• Hedging July 2011 - Jun 2012 July 2012 - Jun 2013

180 Ni t/month @ A$21,898 (A$9.93/lb) 200 Ni t/month @ A$26,830 (A$12.17/lb)

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Mine Geophysics - TEM Equipment

Innovative research and development

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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.

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Down hole TEM probe

• 200m search radius.

• 3D visualisation of massive NiS targets.

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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 2017)

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Reference – IGO 20/10/11 Annual Report ASX Release for Resource and Resource Estimates

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Long Mine Fly Through

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Jaguar / Bentley Operation (IGO 100%) VMS Corridor Walk-up Geophysical and Drilling Targets

Aeromagnetic Image

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Jaguar / Bentley September 2011 Reserves:

3.28M t @ 1.7% Cu, 7.4% Zn, 93g/t Ag, 0.5g/t Au

Reference – IGO 20/10/11 ASX Release for Reserve Estimate

Jaguar Mill

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Jaguar / Bentley Operation Production

• 2010/11 Guidance

• 2010/11 Guidance 8,100 - 8,550 Cu t, 13,500 - 14,250 Zn t

• • 2010/11 Actual Production 8,468 Cu t, 14,642 Zn t 2.8% Cu, 5.8% Zn, 80g/t Ag

• • Zn C1 Cash Costs (after Cu-Ag credits) A$-0.31/lb Zn

• 2011/12 Guidance

8,500 - 9,500 Cu t, 15,500 - 16,500 Zn t 0.4 - 0.5M oz Ag

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Jaguar Deposit (IGO 100%)

June 2011 Resource: 0.86M t @ 2.7% Cu, 4.6% Zn, 66g/t Ag Reserve: 0.82M t @ 2.4% Cu, 3.9% Zn, 56g/t Ag

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Reference – IGO 20/10/11 Annual Report ASX Release for Resource & Reserve Estimate
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Bentley Deposit (IGO 100%)

June 2011 Resource: 3.0M t @ 2.0% Cu, 9.8% Zn, 139g/t Ag, 0.7g/t Au Reserve: 2.45M t @ 1.5% Cu, 8.6% Zn, 1.6g/t Ag, 0.5g/t Au

Level of Current Development

Reserves

Yet to be drilled out to be Reserve Status

Open down-plunge

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Jaguar/Bentley Operation Potential (IGO 100%)

Volcanic Massive Sulphide (VMS) Discovery History & Mineralisation Scale

Golden Grove Gossan Hill discovery history

Bentley Resource Outline

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? ? ?

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Jaguar Project (IGO 100%) VMS Corridor Walk-up Geophysical and Drilling Targets

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Under explored 50km long prospective Cu-Zn-Ag VMS corridor.

Prospectivity around existing mines.

Other strong Cu-Zn-Ag alteration anomalies.

Gold and Nickel potential.

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Visible gold in
Bentley drill
core
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Stockman Project (IGO 100%) Mines and Prospects

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Wilga and Currawong Cu-Zn-Ag Deposits discovered by WMC in 1978/9.

Jun 2011 Total Indicated + Inferred Resources *: 12.5M t @ 2.1% Cu, 4.4% Zn, 38g/t Ag, 0.9g/t Au

*Reference – IGO 20/10/11 Annual Report ASX Release for Resource Estimate

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Stockman Project Currawong Deposit Planned Development

June 2011 Resource: 9.45M t @ 2.0% Cu, 4.2% Zn, 0.8% Pb, 42g/t Ag, 1.2g/t Au

Open down-plunge

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Stockman Project Wilga Deposit Planned Development

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June 2011 Resource: 3.33M t @ 2.4% Cu, 4.4% Zn, 0.7% Pb, 38g/t Ag, 0.9g/t Au
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Open down-plunge

Reference – IGO 20/10/11 Annual Report ASX Release for Resource Estimate

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Karlawinda Gold Project (IGO 100%) Bibra Prospect Gram x Metre Contours

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*Reference – IGO 31/3/11 ASX Quarterly Report for Resource Estimate

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Karlawinda Gold Project (IGO 100%) Bibra Prospect Cross-section

Maiden Resource 219,900 oz Au

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Reference – IGO 31/3/11 ASX Quarterly Report for Resource estimate

Duketon JV – Rosie Prospect Massive Nickel Sulphides (IGO earning 70%)

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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

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Project Generation De Beers Database (IGO 100%)

No buy-back or royalties on future mineral discoveries

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Long term exploration asset to find new Australian mineral camps.

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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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Asset Pipeline and Organic Growth Profile

Combination of low cost cash flows from current operating mines with significant long-life development projects and highly prospective exploration

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Highly complimentary management and technical capabilities, with proven successful track records of exploration, project management and operations

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Independence Contact Details

Perth Office Managing Director – Chris Bonwick Suite 4, Level 5 South Shore Centre 85 South Perth Esplanade South Perth, Western Australia 6151 Postal: PO Box 496, South Perth Western Australia 6951 Telephone: +61 8 9238 8300 Facsimile: +61 8 9238 8399 Email: contact@igo.com.au Website: www.igo.com.au ASX Code: IGO

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Independence Group NL

APPENDIX RESOURCE STATEMENTS

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Long Nickel Mine (IGO 100%) June 2011 Resources and Reserves

	RESOURCES Undiluted at 1% Ni Cut-off1, 2		MINING RESERVE
	as at 30 June 2011		as at 30 June 2011
	Tonnes Ni% Ni Tonnes		Tonnes Ni% Ni Tonnes
LONG	Measured 26,000 5.6 1,500	LONG	Proven
	Indicated 210,000 4.8 10,100		Probable 127,000 3.0 3,800
	Inferred 106,000 4.8 5,100
	Sub-Total 342,000 4.9 16,700		Sub-Total 127,000 3.0 3,800
MORAN	Measured - - -	MORAN	Proven - - -
	Indicated 585,000 6.9 40,400		Probable 1,091,000 3.9 42,100
	Inferred - - -
	Sub-Total 585,000 6.9 40,400		Sub-Total 1,091,000 3.9 42,100
VICTOR SOUTH	Measured - - -	VICTOR SOUTH	Proven
	Indicated 240,000 2.6 6,200		Probable 68,000 4.3 2,900
	Inferred 34,000 1.5 500
	Sub-Total 274,000 2.4 6,700		Sub-Total 68,000 4.3 2,900
McLEAY	Measured 69,000 6.9 4,800	McLEAY	Proven 120,000 2.8 3,400
	Indicated 203,000 5.1 10,300		Probable 204,000 2.9 5,900
	Inferred 93,000 4.4 4,100
	Sub-Total 365,000 5.3 19,200		Sub-Total 324,000 2.9 9,300
**TOTAL **	1,566,000 5.3 83,000	**TOTAL **	1,610,000 3.6 58,100

Reserves are included in resources

Reference – IGO 2011 Annual Report for Resource and Reserve Estimates

Note:

(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 (AngloGold Ashanti 70% / IGO 30%) June 2011 Interim Resources and Reserves

June 2011 Project Resources

June 2011 Project Reserves

	Tonnes	Grade	Grade	Contained		Tonnes	Grade	Grade	Contained
	(Mt)	(g/t)	1	Gold		(Mt)	(g/t)	3	Gold
				(Moz)2					(Moz)4
Measured	28.4	2.2		1.97	Proved	25.8	2.3		1.90
Indicated	43.9	1.9		2.67	Probable	30.6	2.0		2.01
Inferred	6.3	3.6		0.73
TOTAL	78.6	2.1		5.36	TOTAL	56.4	2.2		3.91

Note:

(1) Cut-offs: 0.4g/t Au oxide, 0.5g/t Au fresh ore.

(2) Havana, Tropicana and Boston Shaker A$1,400/oz Au optimisation.

(3) Cut-off: 0.4g/t for transported and upper saprolite, 0.5g/t for lower saprolite, 0.6g/t Au for saprock, 0.7g/t Au fresh ore.

(4) A$1,210/oz Au optimisation

See final slide for JORC required competent person sign-off.

Reference – AGA 27/7/11 ASX Release for Resource and Reserve Estimates

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Jaguar Project

J aguar/Bentley Mineral Resource – June 2011

2.0

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Reference: IGO Annual Report 2011 ASX release dated 20 October 2011

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Reserve– 30 June 2011

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Reference: IGO Annual Report 2011 ASX release dated 20 October 2011

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Stockman

Resource Estimate – June 2011

Stockman	Classification	Tonnes	Cu %	Zn %	Pb %	Ag g/t	Au g/t
Currawong	Indicated	9,130,000	2.0	4.2	0.8	42	1.2
Currawong	Inferred	305,000	1.4	4.1	0.6	34	0.5
Total Indicated + Inferred		9,435,000	2.0	4.2	0.8	42	1.2
Wilga	Indicated	2,368,000	2.1	5.5	0.5	32	0.5
Wilga	Inferred	887,000	3.0	2.9	0.2	23	0.2
Total Indicated + Inferred		3,255,000	2.4	4.8	0.4	30	0.5
TOTAL Indicated + Inferred		12,690,000	2.1	4.4	0.7	39	1.0

Reference: IGO Annual Report 2011 Released 20 October 2011

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Karlawinda Gold Project – Bibra Deposit Maiden Resource March 2011

Mineralisation Type	Tonnes (Mt)	Au Grade (g/t)	Contained Au (oz)
Laterite	1.9	1.2	73,300
Upper Saprolite	0.8	1.1	28,300
Lower Saprolite	1.6	1.1	56,600
Sub-total Oxide Inferred	4.3	1.1	158,200
Transition Inferred	1.6	1.2	61,700
Grand Total Oxide/Trans Inferred	5.9	1.1	219,900

Note: Bibra Inferred Resource is based on the following key resource parameters:- minimum 100m x 50m spaced RC drill holes, 1m cone split RC percussion chips samples, samples analysed for gold by 50g fire assay, top-cut grades were applied (Supergene mineralisation used 8g/t top-cut, and primary mineralisation varied with each lode 6g/t, 6.5g/t, and 9g/t). Resource was estimated using Ordinary Kriging method.

Reference – IGO 31/3/11 ASX Quarterly Report for Resource Estimate

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Competent Person Statements

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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