IGO LIMITED — AGM Information 2019

Nov 19, 2019

ANNUAL GENERAL MEETING Independence Group NL

20 November 2019

Safety

Enduring commitment to safe work practices

Fatality resulting from an incident which occurred at Nova in September 2019

Comprehensive safety review underway

Actively creating and fostering a positive safety culture across the business

1) IGO reports safety metrics in accordance with Australian Standard AS 1885.1:1990 which incorporates fatalities in the calculation of LTIFR. For clarity, it is noted that fatality is captured in the calculation of the LTIFR.

2) LTIFR, MTIFR, SPIFR and HPIFR are respectively: Lost Time Injury Frequency Rate, Medically Treated Injury Frequency Rate, Serious Potential Incident Frequency Rate and High Potential Incident Frequency Rate.

Sustainability

Strong performance across key metrics in FY19

No material environmental or community incidents in FY19 Sustainability reporting continues to be industry leading IGO admitted to Dow Jones Sustainability Index Leading Detailed Moderate Basic No Reporting Sector Average Sector Leader ASX 200 Average 2019 ACSI Rating of ASX200 Sustainability Reporting(1) "Leading" rating by ACSI for the past 4 years

Corporate Overview

Portfolio of high quality operating and exploration assets

1) As at 15 November 2019 2) As at 30 September 2019 3) As at 29 October 2019

Delivering Our Compelling Story

Our Purpose: Making a Difference

We believe in a world where people power makes amazing things happen. Where technology opens up new horizons and clean energy makes the planet a better place for every generation to come. We are bold, passionate, fearless and fun – we are a smarter, kinder and more innovative company.

Our work is making fundamental changes to the way communities all over the world grow, prosper and stay sustainable. Our teams are finding and producing the specialist metals that will make energy storage mobile, efficient and effective enough to make long-term improvements to the lifestyle of hundreds of millions of people across the globe.

How? New battery storage technology is finally unleashing the full potential of renewable energy by allowing power produced from the sun, wind and other sources to be stored and used when and where it's needed. This technology will impact future generations in ways we cannot yet imagine, improving people's quality of life and changing the way we live.

We believe in a green energy future and by delivering the metals needed for new age batteries, we are making it happen.

This is the IGO Difference.

Our Purpose

Strategically focused on metals critical to clean energy

Nickel Market

Market deficits expected to be positive for nickel price

Electric Vehicles

EV sales are increasing rapidly

1) Source: Roskill, 2019

2) BEV – Battery Electric Vehicle; PHEV – Plug-in Hybrid Electric Vehicle; HEV – Hybrid Electric Vehicle

Electric Vehicles

Multiple factors driving strong demand growth for EVs

Battery Chemistry

Higher nickel intensities improve battery performance and range

1) Source: Proportion of metals in EV battery cathodes for different battery chemistries

2) Source: Goldman Sachs: Nickel: The "hope stock" of metals - June 2019

12

Nova Nickel Operation

Outstanding operational performance and financial returns

Track record of outperformance

Improving production profile and reducing cash costs

Free Cash Flow generated since start of commercial production¹ A\$414M

Average EBITDA Margin¹ 55%

Nova

Capital development and grade control drilling complete

Nova – Smart Solutions

Leveraging innovation and technology to optimise operations

Tropicana Joint Venture

(IGO 30%, AngloGold Ashanti 70% and manager)

Tropicana Performance

Consistent, high margin gold production

Tropicana Production (100%) and AISC

Strong history of gold production and cost performance

FY19 Result Production (IGO share): 154,402oz AISC: A\$951/oz

First underground gold production from Boston Shaker Underground expected in September 2020 quarter

Tropicana Opportunity

Significant potential for value uplift from underground and exploration

Financial Performance

FY19 Financial Results

Operational performance delivered record financial results in FY19

FY19 Full Year Dividend

Record return to shareholders in FY19

1) Refer to ASX Announcement released 31 January 2019: December 2018 Half-Year Financial Report

Exploration

Enduring commitment to exploration

Increased exploration budget in FY20 to accelerate organic growth opportunity

Fraser Range

Belt-scale opportunity with a pipeline of targets

Nova Exploration

Aggressive exploration program at and near Nova

Nova System

Nova intrusive system now understood to be larger than was originally apparent

Lake Mackay

Belt scale exploration asset targeting magmatic nickel-copper-cobalt

Kimberley Projects

Geologically similar to Fraser Range – exploring for more Novas

Landholding expanded to >11,500km² across West and East Kimberley Proven mineralised belt with Savannah mine and Merlin discovery Systematic exploration planned, targeting nickel, copper and cobalt

Nickel Value Optimisation

Downstream Processing

IGO Process designed to convert nickel sulphide concentrate into nickel sulphate

Nickel Value Optimisation

Parallel processes to unlock additional value from Nova concentrate sales

Takeover Offer for Panoramic Resources

Offer Summary

IGO's offer creates a win-win for both Panoramic and IGO shareholders

Diversifies IGO's Portfolio

Adds a second exploration and production camp in the East Kimberley

1) Source: Department of Mines information.

Enhances Production and Earnings Potential

Adds meaningful nickel production and preserves an attractive group cash cost margin¹

FY20 Nickel Equivalent Production Guidance (kt) 2 Cash Cost and Cash Margin to Nickel Price (A\$/lb)

• 1) Based on the Savannah Updated Feasibility Study
• 2) Mid-point of FY20 Production Guidance per Savannah Operations Update & Further Amendments to Project Loan Facility (Panoramic ASX Announcement 3 September 2019) and IGO 2019 Annual Report converted to nickel equivalent tonnes (NiEq) using the following spot prices as at 1 November 2019: US\$16,835/t Ni (IRESS), US\$5,825/t Cu (IRESS), US\$35,500/t Co (FactSet) and US\$1,510/oz Au (IRESS)
• 3) Operating cash cost per Updated Savannah Feasibility Study (Panoramic ASX Announcement 27 October 2017). Defined as mining, processing, geology, OHS&E, general and administrative, and concentrate transport costs, plus royalties, less by-product credits, divided by payable nickel produced.

4) Mid point of FY20 Guidance for Nova cash costs per June 2019 Quarterly Activities Report, Page 14 (IGO ASX Announcement 31 July 2019).

5) Pro-forma cash cost is calculated as a weighted average of nickel production (as per FY20 nickel production guidance) and the respective cash costs as shown on this page.

6) Spot LME nickel price as at 1 November 2019 from IRESS. Converted from US\$/t to US\$/lb using a conversion factor of 2204.62 and converted to A\$/lb using the spot AUD/USD foreign exchange rate from IRESS of 0.69 at 1 November 2019.

Conclusion

Conclusion

IGO well positioned to deliver value and growth for shareholders

Cautionary Statements, Disclaimer and Competent Persons' Statement

• 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 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.
• Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance
• All currency amounts in Australian Dollars unless otherwise noted.
• Quarterly Financial Results are unaudited
• Net Debt is outstanding debt less cash balances and Net Cash is cash balance less outstanding debt.
• Cash Costs are reported inclusive of Royaltiesand 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 availablefrom 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/loss on sale of subsidiary, redundancy and restructuringcosts, 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.
• Any references to IGO Mineral Resource and Ore Reserve estimates should be read in conjunction with IGO's Annual Update of Exploration Results, Mineral Resources and Ore Reserves dated 20 February 2019 (Annual Statement) and lodged with the ASX for which Competent Person's consents were obtained, which is also availableon the IGO website.
• 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 20 February 2019 and , (i) 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, (ii) 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, and (iii) the form and context in which the Competent Person's findings are presentedhave not been materially modified from the original ASX announcement.

Cautionary note and disclaimer for Panoramic Takeover Offer

• The information in this presentation is of a general nature and does not purport to be complete. The information, opinions and conclusions expressed in this presentation should be read in conjunction with IGO's and Panoramic Resources Limited's (ABN 47 095 792 288) (Panoramic) other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (ASX), which are available on IGO's and Panoramic's websites.
• This presentation is not, and does not constitute,an offer or invitation to subscribe for or purchase any securities, or as an inducement to make an offer or invitation with respect to any securities in any jurisdiction.
• No representation or warranty, express or implied, is made as to the fairness, accuracy, or completeness of the information, opinions and conclusions contained in this presentation. This presentation does not purport to summarise all information that a recipient should consider when making an investment decision and should not form the basis of any decision by a recipient. Recipients should carry out their own investigations and analysis, and verify the accuracy, reliabilityand completeness of the information contained in this presentation. No liability
• To the maximum extent permitted by law, IGO and its related bodies corporate and affiliates, and its respective directors, officers, employees, agents and advisers, nor any other person, accepts any responsibility or liability for, and makes no recommendation, representation or warranty concerning, the content of this presentation, including, without limitation, any liability arising from fault or negligence, for any loss arising from the use of, or reliance on, any of the information containedin this presentation or otherwise arising in connection with it (including any error or omission therefrom). Not financial product advice
• Reliance should not be placed on the information or opinions contained in this presentation. This presentation is for informational purposes only and is not a financial product or investment advice, or a recommendation to acquire any securities, and does not take into consideration the investment objectives, financial situation or particular needs of any particular recipient. Recipients should seek legal, financial, tax and other advice appropriate to their jurisdiction.

Past and future performance

• Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance.
• This presentation includes forward looking information regarding future events, conditions, circumstances and the future financial performance of IGO or Panoramic. Often, but not always, forward looking statements can be identified by the use of forward looking words such as "believes", "estimates", "anticipates", "expects, "predicts", "intends", "plans", "targets", "aims", "outlook", "guidance", "forecasts", "may", "will", "would", "could" or "should" or, in each case, their negative or other variations or comparable terminology, 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, are based on numerous assumptions, and involve unknown risks and uncertainties, many of which are beyond IGO's and Panoramic's control, which may cause actual results and developments to differ materially from those expressed or implied. Further detailsof these risks are set out below.
• All references to future production and production guidance made in relation to IGO and Panoramic 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 disclaimer and in conjunction with further information about the Mineral Resources and Ore Reserves, as well as any competent persons' statements included in periodicand continuous disclosure announcements lodged with the ASX.
• There are a number of risks specific to IGO and Panoramic, and of a general nature, which may affect the future operating and financial performance of IGO and Panoramic and the value of an investment in IGO or Panoramic, 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 presentationis subject to risks specific to IGO and Panoramic and of a general nature which may affect the future operating and financial performance of IGO or Panoramic.
• Given these risks and uncertainties, undue reliance should not be placed on forward-looking statements which speak only as at the date of the presentation. 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.

Financial Information

• The pro forma and forecast financial information provided in this presentation is for illustrative purposes only and do not represent a forecast or expectation as to IGO's or Panoramic's future financial condition and/or performance. This presentation has been prepared at a time where the review of financial information contained in this presentation has not been completed and accordingly, each recipient should only rely on any forecast or expectation as to IGO's or Panoramic's future financial condition and/or performance that is contained in a prospectus or other offer document lodged with an applicable regulator. Mineral Resources and Ore Reserves
• The information in this presentation relating to Panoramic's Ore Reserves and Mineral Resources is extracted from the ASX announcement titled "2019 Annual Report" released on 18 October 2019 and available to view at https://www.asx.com.au/asxpdf/20191018/pdf/449mpmb6kt5ztb.pdf . IGO has not independently verified this information.