IGO LIMITED — AGM Information 2016

Nov 17, 2016

INDEPENDENCE GROUP NL Peter Bradford, Managing Director & CEO Annual General Meeting 18 November 2016

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Cautionary statements & disclaimer

• 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 IGO Mineral Resource and Ore Reserve estimates, except the Nova Ore Reserve should be read in conjunction with IGO’s 2016 Mineral Resource and Ore Reserve announcement dated 14 October 2016 and lodged with the ASX, which are 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, unless otherwise stated

• 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.

• 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, and once-off transaction costs.

• Underlying NPAT comprises net profit (loss) after tax adjusted for; post tax effect of acquisition and integration costs, and impairments.

2

Outlook for base metals improving

Robust underlying supply and demand fundamentals for Cu and Ni

Relative Movement in A$ Spot Prices Last 2 years[(1) ]

Relative Movement in A$ Spot Prices Next 7 years[(2)]

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1.40 1.40
1.20 1.20
1.00 1.00
0.80 0.80
0.60 0.60
Nov-14 Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 2017 2018 2019 2020 2021 2022 2023
Ni Cu Au Cu Ni Au
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1) Historical commodity prices are nominal values from Bloomberg

2) Consensus forecast commodity prices are real US$2016 converted to A$ at consensus exchange rates.

3

Value focused strategy Transformational growth of EBITDA

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Diversified mining company
Quality
Scale
Longevity
Geographical focus
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A$M Macquarie Research EBITDA Profile A$M
600 600
500 500
400 400
300 300
200 200
Western Australia
100 100
0 0
FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17e FY18e FY19e FY20e
Long (A$M) Jaguar (A$M) Tropicana (A$M) Nova (A$M)
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4

IGO strengths We invest across the mining life cycle

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Discovery Project Development Operations
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• Proven generative exploration team focused on belt scale projects with the potential to deliver multiple tier-1 discoveries

• Successful brownfields exploration team delivering scale and mine life extensions

• Demonstrated capability to deliver development projects on time and on budget

• In house skills to evaluate and optimise mining projects

• Track record of consistent delivery from operations

• Demonstrated team capability →underground and open pit mining

• →gold and base metals

• →Australia and internationally

A leading Australian mining company

5

IGO profile

Diverse metal exposure with strong platform for growth

A leading Australian mining company

• Based in Perth, Western Australia

• Strong Board and management

Solid share register

• Top 5 shareholders own 50% of register

Strong balance sheet

• Net debt of A$22M at 30 September 2016

Quality, long life, diversified portfolio

• Gold and base metals

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(1)
Price Volume (M)
6.00 14
12
5.00
10
4.00
8
3.00
6
2.00
4
1.00
2
- -
Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16
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• Geographically focused in Western Australia

Unique combination of yield and growth

• Stated dividend policy = 30% NPAT

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27%
31%
69%
73%
(2)
Instos Retail & Other Domestic Instos International Instos
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Instos Retail & Other

1) As at market close 16 November 2016 2) As at 19 September 2016

6

Nova Project World class magmatic Ni-Cu-Co deposit

Located 160km east of Norseman, WA

• High grade underground mine with decline access

• 1.5 Mtpa processing plant to produce Ni and Cu concentrates

• Cash costs expected to be in bottom quartile

Project is ahead of time and on budget

• First concentrate produced in October 2016

• Six weeks ahead of schedule

First concentrate shipment in December 2016

• Ramp up to full production by mid 2017

Metric	Units	FY17(1)	FY18
Nickel Production tonnes 9,000 to 10,000 27,000 to 30,000
Copper Production tonnes 3,900 to 4,400 12,000 to 13,000
Cobalt Production tonnes 280 to 320 900 to 1,000
Cash costs (real)(2) A$/lb Ni 4.00 to 4.50 1.50 to 2.00

• 1) Refer IGO ASX release dated 21 July 2016 2) Cash cost includes royalties and is reported per pound of payable nickel after by product credits and applies to ramp up period following plant commissioning

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Flotation circuit
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7

Nova value unlocking

Project optimised and focus now on exploration

Optimisation studies delivered 51% increase in NPV relative to the DFS[(1)(2)]

• Improved mining schedule and sequencing to prioritise highervalue ore early in the mine life

• Accelerated ramp-up to fill the processing plant earlier

• Capturing contracted rates and forecast operating cost structure

Four areas of exploration focus

• Resource extensions with drilling to start at Conductor 5 in November 2016

• In mine EM loop and seismic to test for deeper repetitions

Cumulative value enhancement since acquisition[(1)(2) ]

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160%
140% 16%
120%
35%
100%
80%
151%
60%
100%
40%
20%
-
DFS Optimisation Study Accelerated Bollinger Total Value added to
(Dec-15) Decline Nova Project
(Jul-16)
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• Drilling of EM targets on Mining lease

• Regional exploration

R&D to support exploration

• Collaboration with CSIRO and University of WA to embed post doctoral researcher into IGO

1) For further information see ASX release 14 December 2015, Nova Project Optimisation Study

2) For further information see ASX release 21 July 2016, Accelerated Bollinger Decline at Nova Project

8

Tropicana gold mine One of Australia’s leading open-pit gold mines

Located 370km NE of Kalgoorlie, WA

• Joint venture with AngloGold Ashanti

• Large scale open pit gold mine with CIL processing plant

400,000 oz/year gold production rate

• 1Q17 production and cash costs at or better than guidance

• FY17 strip ratio higher than LOM 6:1 average

Significant investment in last 12-18 months

• Completed processing plant to 7.5 Mtpa in October 2016

• Converted to gas power generation in January 2016

• Resource drilling under pits and technical studies (Long Island) to deliver material step-change in reserve and mine life

9

Tropicana growth Long Island study mining concept

Long Island Study to Unlock full potential of Tropicana through:

• 100km framework drilling beneath existing pits over last 12 months

• Step change reduction in mining costs through adoption of a strip mining approach

• In pit dumping of waste

Mineral Resources updated at 30 June 2016

• Does not capture expected mining cost reductions as part of Long Island study

Technical Studies to be completed in 2Q17

• Development of favourable economic business case funded through operating cash flow

• Ongoing extensional drilling at Havana South

Regional exploration on 3,000km[2] “prospective” tenure

• Knowledge transfer from mine geology with improved understanding on the mineralisation controls

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Latest concept – August
2016
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10

Long mine

+35 years of production at ~4% nickel

High grade underground nickel mine

• Located in Kambalda, WA

• Mining at ~1km depth with decline haulage to surface

• Toll processing at BHP Billiton Nickel West concentrator

• Offtake agreement with BHP Billiton Nickel West

Consistent production and cash costs

• 1Q17 production and cash costs better than guidance

• Focus on cost management and productivity

Track record of reserve replacement

• Current mine life of 1.5 years[(1) ]

• In-mine exploration commenced in 1Q17

• Near term focus on three conceptual targets proximal to existing mine infrastructure

• Longer term focus on Moran South and McLeay South

Historical Production and Grade

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t Ni contained Ni grade (%)
12,000 5.0%
4.5%
10,000
4.0%
3.5%
8,000
3.0%
6,000 2.5%
2.0%
4,000
1.5%
1.0%
2,000
0.5%
- -
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Contained Nickel Nickel Grade
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1) For further information on Mineral Resources and Ore Reserves refer to ASX release dated 14 October 2016

11

Jaguar mine VMS corridor with cluster of orebodies

High grade underground zinc/copper mine

• Located 300km north of Kalgoorlie, WA

• VMS province with three orebodies discovered and developed

• Shallow underground mining with decline haulage to surface

• Onsite concentrator to produce Zn and Cu concentrates shipped to markets via Geraldton Port

Record mined and processed tonnes in FY16

• 1Q17 production and cash costs at or better than guidance

• Financial results impacted by timing of shipments

Increased reserves at Bentley in FY16[(1) ]

• Mineralisation at Bentley remains open down plunge and further resource extension drilling is budgeted in FY17

• Definition drilling commenced at the Triumph in October 2016

• Regional work to identify further prospects, with focus on Wilson Creek in 1Q17

1) For further information on Mineral Resources and Ore Reserves refer to ASX release dated 14 October 2016

12

Exploration

IGO remains committed to delivering growth through exploration

A$33M exploration budgeted across portfolio

• Targeting provinces that can deliver multiple gold and base metals projects

• Increasing focus on generative and greenfields projects

FY17 Exploration Budget

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21%
48%
8%
11%
12%
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Tropicana

Long

Jaguar

Nova

Generative & Projects

13

Nova – Tropicana belt

Two of Australia's best exploration discoveries in the last 15 years

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• 1) IGO entered into JV with Sheffield Resources Limited with an initial interest of 51% and may earn up to 70%[(] See ASX release dated 16 November 2016 SFX: SFX Forms Joint Venture with IGO in Fraser Range) 2) IGO entered into JV with Buxton Resources Limited with an initial interest of 90% over 592km[2 (] See ASX release dated 24 August 2016 BUX: BUX & IGO enter into Fraser Range JV)

• 3) IGO announced a recommended takeover bid for Windward Resources who holds 1,700km[2 ] of under explored tenure (See ASX release dated 5 October 2016 IGO Announces Takeover Bid for Windward Resources)

14

Sustainability (or ESG) Continued strengthening and improvement across the business

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ACSI Assessment of IGO’s Sustainability Reporting[(1) ]

1) Communication to IGO from Australian Council of Superannuation Investors dated 30 June 2016 regarding 2015 sustainability reporting

15

IGO Summary Diversified mining company delivering cash flow and growth

Quality diversified assets

Strong focus on operational performance and cost control

• Solid 1Q17 operating performance across the portfolio

• Tropicana plant expansion complete

• Nova ahead of schedule and on budget

• Nova construction complete and successfully commissioning

Leading growth portfolio

• First Nova stope brought into production

• First Nova nickel and copper concentrates produced

• Strong balance sheet with $22M net debt at 30 September 2016

Outlook and catalysts for value recognition

• Long Island Study results in December 2016

Strong and consistent operational performance

• First concentrate shipments from Nova in December 2016

• Ramp up in production at Nova by mid 2017

• In mine exploration around the Nova orebody

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