IGO LIMITED — AGM Information 2014

Nov 19, 2014

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Au 2014 Annual General Meeting Presentation Peter Bradford, Managing Director & CEO

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Cu
/Zn
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Disclaimer

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• This presentation has been prepared by Independence Group NL (“IGO”) (ABN 46 092 786 304). It should not be considered as an offer or invitation to subscribe for or purchase any securities in IGO or as an inducement to make an offer or invitation with respect to those securities in any jurisdiction.

• This presentation contains general summary information about IGO. The information, opinions or conclusions expressed in the course of this presentation should be read in conjunction with IGO’s other periodic and continuous disclosure announcements lodged with the ASX, which are available on the IGO website. No representation or warranty, express or implied, is made in relation to the fairness, accuracy or completeness of the information, opinions and conclusions expressed in this presentation.

• This presentation includes forward looking information regarding future events, conditions, circumstances and the future financial performance of IGO. Often, but not always, forward looking statements can be identified by the use of forward looking words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "continue" and "guidance", or other similar words and may include statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs. Such forecasts, projections and information are not a guarantee of future performance and involve unknown risks and uncertainties, many of which are beyond IGO’s control, which may cause actual results and developments to differ materially from those expressed or implied. Further details of these risks are set out below. All references to future production and production guidance made in relation to IGO are subject to the completion of all necessary feasibility studies, permit applications and approvals, construction, financing arrangements and access to the necessary infrastructure. Where such a reference is made, it should be read subject to this paragraph and in conjunction with further information about the Mineral Resources and Ore Reserves, as well as any Competent Persons' Statements included in periodic and continuous disclosure announcements lodged with the ASX. Forward looking statements in this presentation only apply at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information IGO does not undertake any obligation to publically update or revise any of the forward looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.

• There are a number of risks specific to IGO and of a general nature which may affect the future operating and financial performance of IGO and the value of an investment in IGO including and not limited to economic conditions, stock market fluctuations, commodity demand and price movements, access to infrastructure, timing of environmental approvals, regulatory risks, operational risks, reliance on key personnel, reserve and resource estimations, native title and title risks, foreign currency fluctuations and mining development, construction and commissioning risk. The production guidance in this presentation is subject to risks specific to IGO and of a general nature which may affect the future operating and financial performance of IGO.

• Any references to Mineral Resource and Ore Reserve estimates should be read in conjunction with IGO’s 2014 Mineral Resource and Ore Reserve announcement dated 28 August 2014 lodged with the ASX, which is available on the IGO website.

• All currency amounts in Australian Dollars unless otherwise noted.

• Cash Costs are reported inclusive of Royalties and after by-product credits on per unit of payable metal basis.

• IGO reports All-in Sustaining Costs (AISC) per ounce of gold for its 30% interest in the Tropicana Gold Mine using the World Gold Council guidelines for AISC. The World Gold Council guidelines publication was released via press release on 27th June 2013 and is available from the World Gold Council’s website.

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Presentation Outline

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 Corporate Overview

 Recent Financials

 Operations

• Tropicana

• Long

• Jaguar

• Growth

• Summary

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Corporate Overview

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 ASX listed (IGO.AX)

Board of Directors

• Head Office in Perth

 234.3M shares on issue

• $1.0 billion market capitalisation[(1) ]

 Multi-commodity

Chairman	Peter Bilbe
Managing Director & CEO	Peter Bradford
Non-executive Director	Peter Buck
Non-executive Director	Geoff Clifford
Non-executive Director	Rod Marsden(3)
Non-executive Director	Kelly Ross

• Three mines producing Au, Ni, Zn and Cu

• • All mines generating cash

Executive Management Team

 Track record of delivery on guidance

 History of dividends

• Policy to pay minimum 30% of NPAT[(2)]

 Pursuing growth opportunities

Managing Director & CEO	Peter Bradford
GM New Business	Matt Dusci
GM Operations	Brett Hartmann
Manager Human Resources	Sam Retallack
GM Finance	Scott Steinkrug
GM Corporate & Co. Sec	Tony Walsh

• (1) As at market close on 19 November 2014

• (2) Subject to certain conditions as set out in the Company’s dividend policy – see ASX Release dated 28 August 2014 (3) Retiring at Annual General Meeting on 20 November 2014

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Shareholders

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Institutional Retail & other

Domestic Instos Foreign Instos Top 100 shareholders Other

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Substantial	shareholders
Colonial	7.6%
Fidelity	6.8%
Vinva	5.0%

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FY14 Financials

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Highlights	FY14	FY13	Change
Revenue	$399.0M	$225.9M	77%
Underlying EBITDA(1)	$174.8M	$56.8M	208%
Profit after tax(2)	$46.6M	$18.3M	155%
Net Cash Flow From Operating Activities	$153.6M	$67.5M	128%
Free Cash Flow(3)	$30.2M	($147.6M)	NA
Full Year Fully Franked Dividends	8.0 cps	2.0 cps	300%
Cash (as at end of year)	$57.0M	$27.2M	110%
Debt (as at end of year)	$29.0M	$20.0M	(45%)

(1) Underlying EBITDA is a non-IFRS measure and comprises net profit or loss after tax, adjusted to exclude tax expense, finance costs, interest income, asset impairments, depreciation and amortisation

(2) Profit after tax for FY14 includes an abnormal exploration asset impairment of $17.0M before tax ($11.9M after tax). Total exploration asset impairments for the year were $32.0M before tax. (FY2013 - $5.8M). (3) Free Cash Flow is Cash Flow from Operations less Cash Flow from Investing Activities and, in FY13, is significantly impacted by Tropicana construction spend

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Q1 FY15 Financials

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Highlights	Q1 FY15(3)	Q1 FY14	Change
Revenue	$128.9M	$73.5M	75%
Underlying EBITDA(1)	$64.0M	$24.9M	157%
Profit after tax	$27.9M	$9.7M	188%
Net Cash Flow From Operating Activities	$55.5M	$22.2M	150%
Free Cash Flow(2)	$25.3M	($25.2M)	NA
Cash (as at end of quarter)	$44.3M	$43.8M	1%
Debt (as at end of quarter)	$2.7M	$65.0M	96%

(1) Underlying EBITDA is a non-IFRS measure and comprises net profit or loss after tax, adjusted to exclude tax expense, finance costs, interest income, asset impairments, depreciation and amortisation (2) Free Cash Flow is Cash Flow from Operations less Cash Flow from Investing Activities and, in Q1 FY14, is significantly impacted by Tropicana construction spend (3) Unaudited

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Underlying EBITDA (by Mine)

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80
70
60
50
40
30
20
10
0
Q1FY14 Q2FY14 Q3FY14 Q4FY14 Q1FY15
Tropicana Long Jaguar
Underlying EBITDA ($’M)
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Australian Dollar Metal Prices

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160%
150%
Gold
Copper
140%
Zinc
Nickel
130%
120%
110%
100%
90%
80%
70%
Past 12 months
Movement From One Year Ago (%)
8-Nov-13 8-Dec-13 17-Jan-14 16-Feb-14 18-Mar-14 17-Apr-14 7-May-14 16-Jun-14 16-Jul-14 5-Aug-14 4-Sep-14 14-Oct-14 3-Nov-14
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Tropicana Gold Mine

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 Located 370km northeast of Kalgoorlie by road

 Unincorporated joint venture

• 70% Anglogold Ashanti (Manager)

• 30% Independence

 Recent discovery on a new belt

• Eastern edge of the Yilgarn craton along the Fraser-Albany orogen

• Belt scale (~9,000km[2] ) concession controlled by joint venture

• Prospective for gold and base metals

 3.6 Moz reserves

• Contained within 7.5Moz Resource

• Significant upside potential for discovery

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Tropicana Gold Mine

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 10 year mine life

• At nameplate capacity since March 2014

 Open pit mine

• Contract mining by MacMahons

• Life of mine strip ratio of 5.4 : 1

 Standard CIL processing plant

• Nameplate capacity of 5.8 Mtpa

• Scope to debottleneck above this

• Conversion to gas fired power from 2016 to reduce costs

 FY15 production guidance

• 141-147,000 oz pa (IGO Share)

• Cash Costs of $590-$630/oz Au

 35,878 oz (IGO Share) in September quarter

• Cash costs of $535/oz

• AISC of $875/oz Au

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Tropicana Pits

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Tropicana Exploration

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 Tropicana Deeps

• 3D Seismic completed around existing pits

• Near surface targets identified in initial results

 Near Mine Exploration

• Numerous targets in prospective geology within 50km trucking distance of Tropicana mill

 Regional Exploration

• Focused on prospective lithologies

• Systematic program continuing

 Beachcomber and Salt Creek JVs

• Aggregate area of 3,480km[2 ]

• IGO spending a total of $6M over 4 years over two JVs to increase interest from 30% to 70%

• Prospective for base metals (Cu, Ni and PGMs)

 Total IGO exploration spend of $6.0M

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Voodoo ChildVoodoo Child
N
Watch TowerWatch Tower
ApocalypseApocalypse Black DragonBlack Dragon
TumbleweedTumbleweed
Tropicana Gold Mine
Black OrchidBlack Orchid
MadrasMadras
BansheeBanshee
SeahorseSeahorse
ZebrZebraa
SidewallSidewall
SanpanSanpan
0 10
kilometres
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Tropicana Exploration

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 Tropicana Deeps

• 3D Seismic completed around existing pits

• Near surface targets identified in initial results

 Near Mine Exploration

• Numerous targets in prospective geology within 50km trucking distance of Tropicana mill

 Regional Exploration

• Focused on prospective lithologies

• Systematic program continuing

 Beachcomber and Salt Creek JVs

• Aggregate area of 3,480km[2 ]

• IGO spending a total of $6M over 4 years over two JVs to increase interest from 30% to 70%

• Prospective for base metals (Cu, Ni and PGMs)

 Total IGO exploration spend of $6.0M

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N
Tropicana Gold
Mine
Domains
Salt Creek Complex
Northern Foreland
Tropicana Domain
Albany Fraser
Near Mine Exploration
Biranup
Basinal Cover
Yilgarn
Salt Creek JV Area
Beachcomber JV Area Tropicana JV
Tenement Outline
Salt Creek Complex
JV Tenement Outline
0 50
Beachcomber
kilometres JV Tenement Outline
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Long Nickel Mine

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 Located 57km south of Kalgoorlie

 Mechanised underground mine

• Owner mining (residential)

• Annual mining rate ~250,000t at average 4.0% Ni

• Toll treatment processing by BHP Nickel West

 Three year reserve life

• Track record of replacing production with new reserves

 FY15 guidance

• 9-10kt Ni @ $4.40 - $4.60/lb Ni

• September quarter better than guidance • 2,551t Ni at a cash cost of $4.11/lb Ni

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Long – consistent production

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- 500 1,000 1,500 2,000 2,500 3,000 3,500 Contained Nickel (t)	$0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Cash Costs ($/lb Ni) Contained Nickel (t) Production Guidance Cash Costs ($/lb Ni) Cost Guidance

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Long – brownfields exploration

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 McLeay South

• Encouraging recent exploration

• Potential for new resource at McLeay South

• Drill drive development commenced to provide platform for resource drilling

 Moran South

• First drill position completed

• Now drilling EM conductors south of Moran

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 Long North

• Encouraging recent exploration

• Surface drilling to test EM targets 300m north of Long this quarter

 $12M exploration spend in FY15

• $5M for drill drive development

• $7M for drilling

Reference: IGO ASX Release 29/10/2014 Independence Group Quarterly Activities Report

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Jaguar Zn/Cu Mine

 Located 300km north of Kalgoorlie

 Zn-Cu VMS camp

• IGO controls +50km long corridor

 Mechanised underground mine

• Owner mining (fly in – fly out)

• Annual mining rate ~440,000t at average 10%Zn and 1.8%Cu

• Three year reserve life

• Flotation processing plant at Jaguar

 FY15 guidance

• 40,000-43,000t Zn and 5,800-6,500t Cu

• Cash costs of $0.40-$0.60/lb Zn

 Sept quarter better than guidance

• 12,013t Zn and 2,418t Cu @ $0.19/lb Zn

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Jaguar Continuous Improvement

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- 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 Contained Metal (t)	$- $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 $0.70 $0.80 Sep-11Dec-11Mar-12Jun-12Sep-12Dec-12Mar-13Jun-13Sep-13Dec-13Mar-14Jun-14Sep-14 Cash Costs ($/lb Zn) Zinc (t) Copper (t) Zinc Guidance Copper Guidance Cash Costs ($/lb Zn) Cost Guidance

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Jaguar - Near Mine Exploration

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Under-explored 50km long corridor surrounding three known mines with ten Zn-Cu-Ag alteration anomalies under cover, being systematically tested.

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Jaguar – Bentley Extensions

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Jaguar – Triumph Drilling

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Reference: IGO ASX Release 29/10/2014
Independence Group Quarterly Activities Report
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Jaguar – Regional Exploration

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 Jaguar Concession

• 50km long corridor prospective for Zn-Cu-Ag VMS deposits

• Northern 16km and Southern 6km of Jaguar prospective corridor are untested

• New exploration techniques being applied to areas previously explored

 Darlot JV

• 60 km north of Jaguar concession

• Large land holding (740 km[2] )

• Partner - Enterprise Metals Ltd

• IGO earning a 70-80% interest

• First aircore drilling program completed in Sept 2014 Quarter

• EM program currently underway

 $8M exploration spend in FY15

• Bentley, Triumph, Jaguar Regional

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Growth

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Discovery Advanced exploration Study & develop

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Lake Mackay
De Beers database
Bryah Basin
Project generation
Tropicana base metals
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Joint Ventures Acquisition

Stockman

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CREATE
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SUPPLEMENT
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Production

Tropicana Long Jaguar

Brownfields Exploration

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SUSTAIN
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Growth

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 Continued investment in Brownfields exploration • Long, Jaguar and Tropicana

 Greenfields exploration

• Optimised portfolio

• Targeting more advanced exploration opportunities

 Pursuing opportunities to build project pipeline

• Focus on longer life, higher margin assets

• Gold and base metals

• Australia and selected jurisdictions offshore

• Joint venture or acquisition

• Development stage

• Will consider producing assets where we can unlock value

 De-risk Stockman project

• 12-18 months of permitting remain

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Stockman Project (VIC)

 460 km by road NE of Melbourne

• Zn-Cu-Au-Ag VMS

• Optimisation studies being finalised this month

• 9 year mine life based on Ore Reserves • Average 15Ktpa Cu and 25Ktpa Zn in concentrate

 Exploration upside

• Bigfoot and Eureka discoveries

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Zn-Cu outlook is robust

• Regional prospectivity

 Permitting well advanced

• Impact assessment completed

• Positive assessment by Minister for Planning received in October 2014

• Conditions being incorporated into financial model

 Zinc price upside

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Lake Mackay JV (NT)

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Under explored, belt scale, opportunity prospective for Tanami style gold and IOCG deposits

Location & Tenure

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• Southern NT on WA border

• Very large tenure - 12,200 km[2] (5,000 km[2] under application)

Joint Venture

• Partner - ABM Resources NL

• IGO earning 70% over 6 years

• • Phase 1: >$1.6M over 2 years

• Election: $1.0M

• Phase 2: >$6.0M over 4 years

Status

• Geochemistry over accessible project area completed

• First drilling program completed to test 15 prospects

• Results awaited

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Bryah Basin JV (WA)

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Leveraging in-house expertise to target De Grussa style Cu-Au deposits in an area with limited past VMS exploration

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Location

• Murchison, WA

• 300 km[2] land holding

Joint Venture

• Partner – Alchemy Resources

• • IGO earning 70-80%

• Spending $6.5M over 6 years

Status

• First aircore drilling program completed in Sept 14 Qtr

• • Results currently being interpreted

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Summary

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 Business is in good shape

• Strong FY14 and solid September Quarter production

• Consistent history of low cost production

 Continued focus on operating assets

• Safety, productivity and cost control

• Delivery against plan and guidance

• Exploration dollars focussed on brownfields opportunities to extend mine life

 Clean balance sheet

• Net cash of $41.6M at 30 September 2014

• Continue to strengthen balance sheet

 Growth

• Pursuing growth opportunities to sustain and grow the business

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Contact Details

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Peter Bradford Managing Director & CEO Tony Walsh Company Secretary

Suite 4, Level 5, South Shore Centre 85 South Perth Esplanade South Perth, Western Australia, 6151 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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Resources & Reserves

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Competent Persons Statements

Exploration Results

The information in this report that relates to Exploration Results is a compilation of previously published data for which Competent Persons consents were obtained. Their consents remain in place for subsequent releases by the Company of the same information in the same form and context, until the consent is withdrawn or replaced by a subsequent report and accompanying consent. The information in this report has been extracted from the IGO ASX Quarterly Activities Report dated 29 October 2014 and is available on the IGO website www.igo.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

Resources and Reserves

The information in this report that relates to Mineral Resources or Ore Reserves is a compilation of previously published data for which Competent Persons consents were obtained. Their consents remain in place for subsequent releases by the Company of the same information in the same form and context, until the consent is withdrawn or replaced by a subsequent report and accompanying consent. The information in this report has been extracted from the IGO ASX Release for Mineral Resources and Ore Reserves dated 28 August 2014 and is available on the IGO website www.igo.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

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Resources & Reserves

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TROPICANA (IGO 30% SHARE)

Mineral Resource 30 June 2014	Mineral Resource 30 June 2014	Mineral Resource 30 June 2014	Mineral Resource 30 June 2014
	100% Project
	Classification	Tonnes Mt	Au g/t	Contained Au Moz
OPEN PIT	Measured	22.8	2.11	1.56
	Indicated	73.7	1.89	4.47
	Inferred	5.8	2.57	0.48
	Sub Total	102.4	1.97	6.50
UNDERGROUND	Measured	-	-	-
	Indicated	2.4	3.58	0.27
	Inferred	6.1	3.07	0.60
	Sub Total	8.5	3.21	0.87
STOCKPILES	Measured	4.9	1.04	0.16
TOTAL TROPICANA	Measured	27.7	1.92	1.72
	Indicated	76.1	1.94	4.74
	Inferred	11.9	2.83	1.08
GRAND TOTAL		115.7	2.03	7.54

Notes:

1. For the Open Pit Mineral Resource estimate, mineralisation in the Havana, Havana South, Tropicana and Boston Shaker areas w as calculated w ithin a US$1,550/oz pit optimisation at an AUD:USD exchange rate of 1.03 (A$1,500/oz).

2. The Open Pit Mineral Resources have been estimated using the geostatistical technique of Uniform Conditioning, using cut-off grades of 0.3g/t Au for Transported and Saprolite material, 0.4g/t Au for Transitional and Fresh material.

3. The Havana Deeps Underground Mineral Resource estimate has been reported outside the US$1,550/oz pit

4. optimisation at a cut-off grade of 1.73g/t Au, w hich w as calculated using a gold price of US$2,000/oz (AUD:USD 1.05) (A$1,896/oz).

5. The Havana Deeps Underground Mineral Resource w as estimated using the geostatistical technique of Ordinary Kriging using average drill hole intercepts.

6. Mining depletion as at 30 June 2014 has been removed from the 2014 resource estimate.

7. Resources are inclusive of Reserves.

8. The Competent Persons statement is incorporated in the JORC Code (2012) Competent Persons Statements section of the ASX Release dated 28 August 2014.

	Ore Reserve 30 June 2014	Ore Reserve 30 June 2014
	100% Project
	Classification Tonnes Mt	Au g/t	Contained Au Moz
OPEN PIT	Proved 20.2	2.29	1.49
	Probable 29.7	2.02	1.94

Stockpiles	3.3	1.27	0.13
GRAND TOTAL	53.3	2.08	3.56

Notes:

1. The Proved and Probable Ore Reserve (30 June 2014) is reported above economic break-even gold cut-off grades of 0.4 g/t for Transported/Upper Saprolite material, 0.5 g/t for Low er Saprolite material, 0.6g/t for Sap-Rock (Transitional) material and 0.7g/t for Fresh material at nominated gold price US$1,100/oz and exchange rate 0.88 AUD:USD (equivalent to A$1,249/oz Au).

2. The 30 June 2014 Reserve estimate is updated using the end of June 2014 surveyed surface topography and end of June 2014 stockpile balances. The final pit designs, cut-off grades and the Resource model used are unchanged from the December 2013 estimate.

3. Resources are inclusive of Reserves.

4. The Competent Persons statement is incorporated in the JORC Code (2012) Competent Persons Statements section in the ASX Release dated 28 August 2014.

5. JORC (2012) Table 1 Parameters are in Appendix A of the ASX Release dated 28 August 2014.

6. JORC (2012) Table 1 Parameters are in Appendix A of the ASX Release dated 28 August 2014.

Reference: ASX Release dated 28 August 2014 for Resources and Reserves.

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Reference: ASX Release dated 28 August 2014 for Resources and Reserves.

Resources & Reserves

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LONG

Mineral Resource 30 June	Mineral Resource 30 June	Mineral Resource 30 June	Mineral Resource 30 June	2014					Ore Reserve	30 June 2014
	Classification		Tonnes	Ni%		Ni Tonnes			Classification	Tonnes	Ni%	Ni Tonnes
LONG	Measured		70,000	5.5		3,900		LONG	Proved	50,000	3.8	1,900
	Indicated		270,000	5.5		15,000			Probable	56,000	3.1	1,700
	Inferred		138,000	5.4		7,400
	Sub Total		478,000	5.5		26,300			Sub Total	106,000	3.4	3,600
**VICTOR SOUTH **	Measured	-	-		-			**VICTOR SOUTH **	Proved	5,000	3.7	200
	Indicated		188,000	2.0		3,700			Probable	8,000	3.2	200
	Inferred		28,000	1.6		400
	Sub Total		216,000	1.9		4,100			Sub Total	13,000	3.4	400
McLEAY	Measured		74,000	6.7		4,900		McLEAY	Proved	49,000	4.1	1,900
	Indicated		85,000	4.8		4,100			Probable	3,000	3.3	100
	Inferred		75,000	4.6		3,400
	Sub Total		234,000	5.3		12,400			Sub Total	52,000	3.9	2,000
MORAN	Measured		285,000	7.3		20,800		MORAN	Proved	449,000	4.5	20,200
	Indicated		90,000	6.9		6,300			Probable	120,000	3.1	3,600
	Inferred		86,000	4.0		3,500
	Sub Total		461,000	6.6		30,600			Total	569,000	4.2	23,800
STOCKPILES	Measured		3,000	3.3		100		STOCKPILES		3,000	3.3	100
TOTAL			1,392,000	5.3		73,400		TOTAL		743,000	4.0	29,900

Notes:

Notes:

1. Mineral Resources are reported using a 1% Ni Cut-off grade except for the Victor South disseminated Mineral Resource w hich is reported using a cut-off grade of 0.6% Ni.

2. Mining depletion as at 30 June 2014 has been removed from the 2014 resource estimate.

3. Resources are inclusive of Reserves.

4. Ore tonnes have been rounded to the nearest thousand tonnes and nickel tonnes have been rounded to the nearest hundred tonnes. This may result in slight rounding differences in the total values in the table above.

5. The Competent Persons statement is incorporated in the JORC Code (2012) Competent Persons Statements section of the ASX Release dated 28 August 2014.

6. JORC (2012) Table 1 Parameters are in Appendix B of the ASX Release dated 28 August 2014.

7. Ore Reserves are reported above an economic Ni Cut-off value as at 30 June.

8. A Net Smelter Return (NSR) value of $214 per ore tonne has been used in the evaluation of the 2014 reserve.

9. Mining depletion as at 30 June 2014 has been removed from the 2014 reserve estimate.

10. Ore tonnes have been rounded to the nearest thousand tonnes and nickel tonnes have been rounded to the nearest hundred tonnes.

11. Revenue factor inputs (US$): Ni $14,508/T, Cu $6,820/T. Exchange rate AU$1.00 : US$0.90.

12. The Competent Persons statement is incorporated in the JORC Code (2012) Competent Persons Statements section of the ASX Release dated 28 August 2014.

13. JORC (2012) Table 1 Parameters are in Appendix B of the ASX Release dated 28 August 2014.

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Reference: ASX Release dated 28 August 2014 for Resources and Reserves.

Reference : ASX Release dated 28 August 2014 for Resources and Reserves.

Resources & Reserves

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JAGUAR

	Mineral Resource 30 June	Mineral Resource 30 June	Mineral Resource 30 June	2014
	Classification	Tonnes	Cu%	Zn%	Ag g/t	Au g/t
BENTLEY	Measured	706,000	2.2	12.3	172	0.8
	Indicated	1,502,000	1.5	8.0	123	0.7
	Inferred	631,000	1.2	6.1	101	0.6
	Stockpiles	16,000	1.8	11.7	166	0.8
	Sub Total	2,855,000	1.6	8.7	130	0.7
		Mineral Resources 2009
TEUTONIC	Measured	-	-	-	-	-
BORE	Indicated	946,000	1.7	3.6	65	-
	Inferred	608,000	1.4	0.7	25	-
	Sub Total	1,554,000	1.6	2.5	49	-
GRAND TOTAL		4,409,000	1.6	6.5	102	-

Notes:

1. Mineral Resources include massive sulphide and stringer sulphide mineralisation. Massive sulphide resources are geologically defined; stringer sulphide resources for 2014 are reported above cut-off grades of 0.6% Cu for Bentley and 0.7% Cu for Teutonic Bore.

2. Block modelling mainly used ordinary kriging grade interpolation methods w ithin w ireframes for all elements and density. The Flying Spur lens, part of the Bentley deposit, w as estimated using the Inverse Distance Squared Weighting method (IDW2). The new Flying Spur Mineral Resource comprised 449,000t @ 12.6% Zn, 0.6% Cu, 209g/t Ag and 1.7g/t Au (Inferred).

	Ore Reserve 30	Ore Reserve 30	June	2014
	Classification	Tonnes	Cu%	Zn%	Ag g/t	Au g/t
BENTLEY	Proved	499,000	2.1	12.1	168	0.8
	Probable	771,000	1.6	8.8	144	0.8
	Sub Total	1,270,000	1.8	10.1	154	0.8
STOCKPILES		16,000	1.8	11.7	166	0.8
GRAND TOTAL		1,286,000	1.8	10.1	154	0.8

Notes:

1. Cut-off values w ere based on Net Smelter Return (NSR) values of $180 per ore tonne for direct mill feed and $100 per ore tonne for marginal feed. 2. Revenue factor inputs (US$): Cu $6,820/T, Zn $2,070/T, Ag $19.50/troy oz, Au $1,248/troy oz. Exchange rate AU$1.00 : US$0.90.

2. Metallurgical recoveries – 82% Cu, 53% Ag, and 43% Au in Cu concentrate; 83% Zn and 22% Ag in Zn concentrate

3. Longitudinal sub-level long hole stoping is the primary method of mining used at Bentley.

4. All Measured Resource and associated dilution w as classified as Proved Reserve. All Indicated Resource and associated dilution w as classified as Probable Reserve. No Inferred Resource has been converted into Reserve

5. Mining of the Jaguar deposit w as completed on 29 February 2014. All remaining in situ mineralisation w as evaluated and deemed inappropriate for Reserve conversion. The Jaguar underground mine w as subsequently closed.

6. Mining depletion as at 30 June 2014 has been removed from the 2014 reserve estimate.

7. The Competent Persons statement is incorporated in the JORC Code (2012) Competent Persons Statements section of the ASX Release dated 28 August 2014.

8. JORC (2012) Table 1 Parameters are in Appendix C of the ASX Release dated 28 August 2014.

9. Mining depletion as at 30 June 2014 has been removed from the 2014 resource estimate for Bentley. Historic mining has been removed from the 2009 resource estimate for Teutonic Bore.

10. Resources are inclusive of Reserves.

11. Mining of the Jaguar deposit w as completed on 29 February 2014. Economic evaluation of remaining resources has show n that they are not economic at foreseeable metal prices w ithin a reasonable timeframe and have been removed from the 2014 inventory.

12. The Teutonic Bore resource estimate is now reported in compliance w ith JORC Code 2012 reporting guidelines. The model is unchanged from the 2009 model.

13. The Competent Persons statement is incorporated in the JORC Code (2012) Competent Persons Statements section of the ASX Release dated 28 August 2014.

14. JORC (2012) Table 1 Parameters are in Appendices C and D of the ASX Release dated 28 August 2014.

Reference: ASX Release dated 28 August 2014 for Resources and Reserves.

Reference: ASX Release dated 28 August 2014 for Resources and Reserves.

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Resources & Reserves

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STOCKMAN

	Mineral Resource	Mineral Resource	30 June	2014
	Classification	Tonnes Mt	Cu%	Zn%	Ag g/t	Au g/t
CURRAWONG	Measured	-	-	-	-	-
	Indicated	9,548,000	2.0	4.2	42	1.2
	Inferred	781,000	1.4	2.2	23	0.5
	Sub Total	10,329,000	2.0	4.0	40	1.1
WILGA	Measured	-	-	-	-	-
	Indicated	2,987,000	2.0	4.8	31	0.5
	Inferred	670,000	3.7	5.5	34	0.4
	Sub Total	3,657,000	2.3	4.9	32	0.5*
GRAND TOTAL		13,986,000	2.1	4.3	38	1.0*

Notes:

1. All Resources tonnes have been rounded to the nearest one thousand tonnes and grade to the nearest 1/10th percentage/gram per tonne.

2. The Mineral Resource estimate is unchanged since 2012.

3. Mineral Resources include massive sulphide and stringer sulphide mineralisation. Massive sulphide resources are geologically defined; stringer sulphide resources are reported above cut-off grades of 0.5% Cu.

4. *4. Au grades for Wilga are all inferred due to paucity of Au data in historic drilling.

5. Block modelling used ordinary kriging grade interpolation methods w ithin w ireframes for all elements and density.

6. Mining depletion as at end of historic mine life (1996) has been removed from the Resource estimate for Wilga.

7. Resources are inclusive of Reserves.

8. The Competent Persons statement is incorporated in the JORC Code (2012) Competent Persons Statements section of the ASX Release dated 28 August 2014.

9. JORC (2012) Table 1 Parameters are in Appendix E of the ASX Release dated 28 August 2014.

	Ore	Reserve	30 June	2014
	Classification	Tonnes Mt	Cu%	Zn%	Ag g/t	Au g/t
CURRAWONG	Proved	-	-	-	-	-
	Probable	7.3	2.2	4.1	40	1.2
	Sub-Total	7.3	2.2	4.1	40	1.2
WILGA	Proved	-	-	-	-	-
	Probable	1.1	2.5	5.3	30	0.5*
	Sub Total	1.1	2.5	5.3	30	0.5*
GRAND TOTAL		8.4	2.3	4.3	39	1.1*

Notes:

1. All Reserves tonnes have been rounded to the nearest one hundred thousand tonnes and grade to the nearest 1/10th percentage/gram per tonne.

2. The Ore Reserve is unchanged since June 2013.

• *3. Gold (Au) grades are Inferred at Wilga due to a paucity of gold assays in historic drilling. Revenue from gold in the Wilga ore w as included in the estimation of the Ore Reserve. The contribution to Revenue of this gold w as estimated to be $3.84 per gram of gold in situ. This inclusion w as not material to the value of the mining envelopes considered and did not w arrant dow ngrading of any portion of the Ore Reserve attributable to Wilga. The contribution from Wilga represents 13% of the Total Ore Reserve.

• Historic mining depletion for Wilga has been removed from the Reserve estimate.

• The Competent Persons statement is incorporated in the JORC Code (2012) Competent Persons Statements section of the ASX Release dated 28 August 2014.

• JORC (2012) Table 1 Parameters are in Appendix E of the ASX Release dated 28 August 2014.

Reference: ASX Release dated 28 August 2014 for Resources and Reserves.

Reference: ASX Release dated 28 August 2014 for Resources and Reserves.

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FY15 Guidance[(1)(2) ]

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Tropicana

• 141,000 to 147,000oz (IGO 30% share)

• Average cash cost of $590 - $630/oz Au

• Sustaining capex (IGO 30% share) of $9M

• Exploration (IGO 30% share) of $6M

Jaguar

• 40,000 to 43,000t Zn in conc.

• 5,800 to 6,500t Cu in conc.

• Average cash cost of $0.40-0.60/lb Zn

• Sustaining capex of $10M

• Development of $11M

Long

• Exploration of $8M

• 9,000 to 10,000t contained Ni

• Average cash cost of $4.30 - $4.70/lb Ni

• Sustaining capex of $8M

• Exploration of $12M

Exploration and Development

• $11M on greenfields and generative exploration

• $3M on Stockman Project evaluation, permitting and exploration targeting

(2) Reference: IGO ASX Release 28/07/2014 Independence Group Quarterly Activities Report

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(1) Refer to “Forward Looking Statement” note on Page 2

Hedging Summary

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Nickel

• FY15: 200t/month averaging $18,135/t

Copper

• FY15 Q2: 550t at $7,700/t in December 14

• • FY15 Q3: 550t at $8,294/t in March 15

• • FY15 Q4: 550t at $8,500/t in June 15

Gold

• FY15 Q2, Q3 & Q4 : 5,056oz/month zero cost collars (range $1,310 to $1,757/oz)

• • FY16 Q1 & Q2: 3,917oz/month zero cost collars (range $1,350 to $ 1,744/oz)

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September 2014 Quarter

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