IGO LIMITED — AGM Information 2018

Nov 22, 2018

2018 AGM PRESENTATION

23 November 2018

Cautionary Statements & 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 publicly 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 value2222 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 should be read in conjunction with IGO’s 2018 Mineral Resource and Ore Reserve announcement dated 26 July 2018 and lodged with the ASX for which Competent Person’s consents were obtained, which is available on the IGO website. The Competent Person’s 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 presentation that relates to Exploration Results is extracted from the ASX announcements released 25 October 2018 entitled “Lake Mackay JV – IGO meet 70% Earn-in Expenditure” and 3 August 2018 entitled “Tropicana Site Visit” and for which Competent Person’s consents were obtained. The Competent Person’s 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 Company confirms that it is not aware of any new information or data that materially affects the information included in the original ASX announcements released on 26 July 2018 and 3 August 2018 and, in the case of estimates or Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the original ASX 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 ASX announcement.

• All currency amounts in Australian Dollars unless otherwise noted.

• Net Debt is outstanding debt less cash balances and Net Cash is cash balance less outstanding debt.

• 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 27 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, gain on sale of subsidiary, redundancy and restructuring costs, depreciation and amortisation, and once-off transaction costs.

• Free Cash Flow comprises Net Cash Flow from Operating Activities and Net Cash Flow from Investing Activities. Underlying adjustments exclude acquisition costs, proceeds from investment sales and payments for investments.

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Our Winning Aspiration is to be a globally relevant supplier of metals that are critical for clean energy and future generations

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Globally relevant supplier of metals that are critical to energy storage and renewable energy

Delivered by people who are bold, passionate, fearless and fun – a smarter, kinder, more innovative team

Vertically integrated to produce battery grade chemicals and cathode precursors

Quality products desired by end users made safely, ethically, sustainably and reliably

Proactively green by using renewables, energy storage and EV mining equipment to reduce carbon footprint

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IGO Purpose Video

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http://www.igo.com.au/irm/content/making-a-difference.aspx

4

Focus on high quality, long life assets that deliver great financial outcomes

ASX

IGO

Base

Perth, WA

Market Cap p[[(1)]]

Market Cap[[(1)]] A$2.3 billion Cash[(2)] A$176M Debt[(2)] A$114M

Dividend Polic >30% underl in NPAT y y g

1) As at market close 22 Nov 2018

2) As at 30 Sep 2018 3) As at 27 Sep 2018

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Share Ownership

Substantial Holders(1)		Institutional	Ownership(3)
Mark Creasy	15%	Australia	70%
FIL	9%	USA	22%
T Rowe Price	8%	Europe	5%
CBA	6%	ROW	3%
Ausbil	5%

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Share Price Performance [(1)]
A$/share Volume (M)
6.00 14.00
12.00
5.00
10.00
4.00
8.00
3.00
6.00
2.00
4.00
1.00
2.00
- -
Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18
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A Streamlined Portfolio

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Strategic focus on minerals critical to energy storage and electric vehicles

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IGO EBITDA Profile (A$M) [(1)]
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600
500
400
300
200
100
-
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19E FY20E FY21E
Long (A$M) Jaguar (A$M) Tropicana (A$M) Nova (A$M)
1) Macquarie Research – 29 Aug 2018
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FY18 Results

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FY18 highlights:

• Record revenue and EBITDA

• Completed first full year of commercial production at Nova

• • Tropicana and Long production better than mid-point of guidance

• Exploration portfolio strengthened and non-core assets divested

• Net debt reduced from A$164M to A$4M during FY18

• Final fully franked dividend of 2c/share declared for FY18 for total FY18 dividends of 3c/share

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Significantly Improved Financial Results in FY18

Driven by first full year of commercial production at Nova and a strong year for Tropicana

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Revenue and Other Income Underlying EBITDA Net Profit after Tax Net Cash from Operating Activities
277.8
780.6 338.6 52.7
421.9
150.5
17.0
77.7
FY17 FY18 FY17 FY18 FY17 FY18 FY17 FY18
Underlying Free Cash Flow Net Debt / (Cash)
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Underlying Free Cash Flow
138.3
(113.2)
FY17 FY18
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30 Sep 2019 Net Cash: A$62M

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Cash: A$62M
200.0
171.4 171.4
142.9 142.9
114.3
(35.8) (29.1)
(51.3)
(70.3)
(138.7)
(176.0)
Cash Debt Net Debt
Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18
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1Q19 Cash Flow Reconciliation

27% increase in cash on hand whilst retiring debt and disciplined payment of dividends

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AUD M
250
2
18 19 12 6
200 29
12
71
150
A$91M cash flow
100
from operating 176
139
50
-
Cash at Nova FCF Tropicana FCF Long FCF Exploration & BD Sale of Royalty Corporate & Repayment of Dividends Paid Cash at
30 Jun 2018 Other Cash Flow Debt 30 Sep 2018
Operations
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Safety & Sustainability

2018 ACSI Rating of ASX200 Sustainability Reporting[(5)]

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Leading
Detailed
Moderate
Basic
No Reporting
Sector Sector ASX 200
Average Leader Average
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“Leading” rating each of the last three years

• 1) 12 month moving average MTIFR – Medically Treated Injury Frequency Rate: calculated as the number of medically treated injuries x 1,000,000 divided by the total number of hours worked

• 2) 12 month moving average LTIFR – Lost Time Injury Frequency Rate: calculated as the number of Lost Time injuries x 1,000,000 divided by the total number of hours worked

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Key Lag Safety Metrics [(1,2,4)]
9
8
7
LTIFR 12 MMA MTIFR 12 MMA
6
5
4
3
2
1
0
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Key Lead Safety Metrics [(3)]
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2.5
2.0
1.5
1.0
0.5
-
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• 3) VSLI: Visual Safety Leadership Interaction

• 4) Jun-18 LTIFR rate has increased from 1.96 to 2.39 as a result of the reclassification of a single injury from the June 2018 Quarter

• 5) Australian Council of Superannuation Investors (ACSI)

Workplace Inspection Index 12

VSLI Index Hazard Index

Near Miss Index

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= SHARED VALUE

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Part of the IGO Difference is our focus on people

• Strong sense of purpose

• Empowered people who are owners of the business

• Focus on doing what is right – because we care

• Collectively we are making a difference

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1 14 4

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Creating a strong culture, the IGO Way

• Strong employee engagement

• Health and wellbeing programs

• Paid parental leave

• Flexible working arrangements

• Graduate and vacation programs

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• WA Mining Club scholarships

“I believe diversity in the working environment is important as it introduces different ways of thinking, promotes creativity and brings people together with differentskillsets andtalents.” Matilda O'Connor, Graduate Exploration Geologist

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Mining Activity Vs Mining Engineering Enrolments[(1,2)]

We need more mining people

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9,000,000 350
8,000,000
300
7,000,000
250
6,000,000
200
5,000,000
4,000,000 150
3,000,000
100
2,000,000
50
1,000,000
0 0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Adelaide UNSW UQ WASM Iron Ore (ht) Gold (oz)
Gold & Iron Ore Production
Mining Engineering Enrolments
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• Several years of rhetoric perpetuated a myth that the mining boom had busted

• 81% decline in mining engineering graduates between 2017 to 2020[(1)]

• Mining engineer graduates lag the economic cycle by four years

• IGO/Curtin Scholarship Endowment

1) Minerals Council of Australia 2) WA Department of Mines, Industry Regulation and Safety

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Tropicana

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Tropicana

• 30% IGO & 70% AngloGold Ashanti (managers)

• Higher gold production and lower costs expected in FY19

• 8.0 Mtpa processing rate achieved in 1Q19

• 10 year mine life remaining

• Progress projects in 2Q19:

• ─ Complete underground prefeasibility study

• ─ Complete and commission second ball mill

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Tropicana Production (100%) & AISC

Gold production (oz)

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Gold production (oz) AISC (A$/oz)
600,000 1,200
500,000 1,000
400,000 800
300,000 600
200,000 400
100,000 200
0 0
FY14 FY15 FY16 FY17 FY18 FY19E
Gold Production (oz) AISC (A$/oz)
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• 1) Refer to IGO annual reports for FY14 to FY18

• 2) FY19E is the midpoint of guidance for FY19. Refer ASX Release dated 29 July 2018 – Guidance Range of 500,000 to 550,000oz gold production at AISC of A$890/oz to A$980/oz gold sold

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Tropicana value drivers

• Additional ball mill delivers higher throughput rate and improved gold recovery

• ─Commissioning by end CY18

• Boston Shaker Underground Prefeasibility study nearing completion

• ─Market release in 2Q19

• Further underground potential at Havana and Havana South

• Regional exploration along 160km of strike on 3,000km[2] of JV tenements

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Tropicana – 5km strike of mineralisation

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1) Refer to AGA ASX release dated 3 Aug 2018: Tropicana Site Visit

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Nova

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Nova de-risked

• Successful first year of commercial production with 1.5Mtpa nameplate capacity exceeded

• Nova – Bollinger grade control completed

• Underground capital development expected to be completed in FY19

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Directional Production and Cash Costs
kt A$/lb
30 3.0
2.5
20 2.0
1.5
10 1.0
0.5
- -
FY18A FY19E FY20E FY21E
Nickel produced Nickel production min
Nickel production range Cash cost forecast range
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Strong outlook for Nova

• Consistent and higher production rate expected next three years

• Main driver is higher grade stopes in core of Nova and Bollinger

• Assumes:

• ─ 1.5Mtpa mining/processing rate

• ─ 89% nickel recovery and 85% copper recovery

• ─ Commodity price for by-product credits of A$4.08/lb for copper and A$50/lb for cobalt

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Nova Underground Mine Design & Drilling

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Zenith Energy to build 12.5GWh solar farm at Nova

• First fully integrated commercial hybrid diesel/solar PV facility in Australia

• Includes state-of-the-art PV modules, single axis tracking and control systems

• First power expected September 2019 quarter

• Breakeven at diesel price of A$0.65/L[(2)]

• 1) Photo showing Arctech Solar Arctracker Pro application in Namibia 2) A$0.65/L breakeven diesel price is inclusive of A$0.41/L fuel tax credit

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Trend to Increased EV Penetration & Vehicle Numbers[(1)]

Trend to More Nickel in Cathodes

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Global EV sales 2.1%
2.1%
(million units)
20 9.0% 4.6%
18 13.8%
27.4%
16 30.4%
14 38% CAGR
12
10
8
30.2% 36.2% 71.9%
6 82.3%
45% CAGR
73.1%
4
2
0
28.3%
25.5%
China Europe US Japan ROW 8.4%
11.0% 10.9% 10.7% 11.0% 10.9%
NMC (111) NMC (433) NMC (811) NCA NCA+
Aluminium Cobalt Nickel Manganese Lithium
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1) UBS Research, November 2018 2) CAGR means Compound Annual Growth Rate

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Decreasing stockpiles and stainless steel demand growth to maintain market supply deficit

Official Nickel Exchange Stockpiles and Price[(1)]

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Nickel Price
Nickel Stocks
(US$/t)
(kt)
600 23,000
21,000
500
19,000
400 17,000
15,000
300
13,000
200 11,000
9,000
100
7,000
- 5,000
LME Warehouse Nickel SHFE Nickel Stocks
Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18
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Nickel to be a big winner from EV battery demand disruption with 300-900kt of additional nickel required by 2025[(3)]

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Nickel Market Supply/Demand Balance [(2)]
(kt)
200
152
150 123
100
54
50
0
-50
-36
-100
-107
-150
-200
-200
-250 -227 -217
-248
-257
-300
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
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• 1) Source: Bloomberg

• 2) Source: UBS Research 22 Nov 2018: UBS Global I/O: What does EV Battery Tear-Down imply for battery raw materials 3) Source: UBS Research 28 Jun 2018: UBS Global I/O: Miner’s Price Review, Still Got It

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LME Nickel Versus Nickel Sulphate (US$/t)[(1,2)]

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20,000
18,000
16,000
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16,000
NiSO4
Price
14,000
Premium
12,000
10,000
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Downstream processing potential at IGO

• Produce nickel and cobalt sulphates for EV batteries

• Delivers potential for higher payability, premium price and higher concentrator recoveries

• Broadens exposure to wider range of investors

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8,000

Ni US$/t Nickel Sulphate Ni 22%min, Co 0.4%max (US$/t Battery Grade)

• 1) Source: Asian Metals 2) Nickel Sulphate price converted to per unit of nickel

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Nickel sulphate hexahydrate crystals produced from Nova nickel concentrate

• Demonstrated technical feasibility of process route

• Test work validated and improved upon previous metallurgical assumptions indicating potential for lower capex & opex

• Prefeasibility underway

1) Photographs to the LHS are of the 1.6kg of nickel sulphate hexahydrate crystals produced in the metallurgical testwork. Photography by Karel Osten, Wood Plc

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A$51M committed to discovery in FY19

Nova A$12.0M Tropicana A$3.0M A$33.0M A$2.5M Long

Best in Class exploration and discovery capability

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A$12M commitment on Nova Mine Lease in FY19 to unlock brownfields discovery

• Leveraged multiple geophysical platforms

• Largest hard rock 3D seismic survey in Australia

• Now drill testing first seismic targets with two drill rigs onsite

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September 2018February 2018
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Systematic exploration over ~15,000km[2] of consolidated tenure

• Multiple EM platforms

• Bedrock geochem using Aircore

• Gravity survey & mapping

• Follow up RC/DDH

Testing numerous targets

• Technical success at Andromeda with Cu-Zn-Au-Ag discovery

• Good potential at Widow Maker (south of Creasy Silver Knight discovery)

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Lake Mackay is a 12,800km[2] belt scale greenfields exploration project for IGO

• Polymetallic intersections in drilling at Grapple & Bumblebee

• Rock chip samples from Grimlock prospect confirm results with up to 2.5% Co, 1.1% Ni, 46.4% Mn[(1)]

• Spectrem airborne EM survey commenced

1) Refer to PRX ASX release dated 26 Jul 2018: Lake Mackay JV: Exploration Update

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Concluding Remarks

• Two low cost assets of scale and long mine life

• Strong free cash flow delivering strong and strengthening balance sheet

• Strong team passionate about making a difference

• Positioned for transformational organic growth:

• ─ Underground at Tropicana

• ─ Nickel sulphate downstream

• ─ Exploration & Discovery

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