IGO LIMITED — Annual Report 2007

Nov 20, 2007

INDEPENDENCE GROUP NL

Delivering Shareholder Wealth by Mining & Exploration Success

Investor Update Investor Update November 2007November 2007

FORWARD LOOKING STATEMENTS

Certain oral and written statements contained or incorporated by reference in this presentation, including information as to the future financial or operating performance of the Company and its projects, constitute forward-looking statements. All statement, other than statements of historical fact, are forward-looking statements. The words “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “intend”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule” and similar expressions identify forward-looking statements.

Forward-looking statements include, among other things, statements regarding targets, estimates and assumptions in respect of nickel, gold or other metal production and prices, operating costs and results, capital expenditures, mineral reserves and mineral resources and anticipated grades and recovery rates. Forward-looking statements are necessarily based upon a number of estimates and assumptions related to future business, economic, market, political, social and other conditions that, while considered reasonable by the Company, are inherently subject to significant uncertainties and contingencies. Many known and unknown factors could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward-looking statements. Such factors include, but are not limited to: competition; mineral prices; ability to meet additional funding requirements; exploration, development and operating risks; uninsurable risks; uncertainties inherent in ore reserve and resource estimates; dependence on third party smelting facilities; environmental regulation and liability; currency risks; effects of inflation on results of operations; factors relating to title to properties; native title and aboriginal heritage issues; dependence on key personnel; and share price volatility and also include unanticipated and unusual events, many of which are beyond the Company’s ability to control or predict.

CORPORATE OVERVIEW

♦ASX Code:	IGO (S&P / ASX 200)
♦Share Price:	A$7.59 (08.11.07)
♦Fully paid shares:	115.0M
♦Unlisted Options:	3.7M
♦Market Capitalisation (undiluted):	A$805M
♦Cash & Receivables net creditors:	A$175M (30.09.07)
♦Daily turnover (6 month average):	714,039

A$2M (30.09.07)

♦ Debt:

COMPANY HISTORY

Mar 2000 Incorporated – Chris Bonwick founding Director Jan 2002 Floated as an exploration company on the ASX Oct 2002 Purchased Long Nickel Mine ($15M) Mar 2005 Admitted to the ASX 300 Sep 2005 Tropicana discovery Dec 2006 Admitted to the ASX 200 Present 149 employees

AWARDS: 2005 Mining Journal –

“AUSTRALIAN MINER OF THE YEAR”

THE BOARD OF INDEPENDENCE GROUP

Rod Marston (64) Chris Bonwick (48) Kelly Ross (45) John Christie (69) Oscar Aamodt (61)

Non Executive Chairman Managing Director Executive Director & CFO Non Executive Director Non Executive Director

Over 140 years experience in junior, mid-cap &

TOP TEN SHAREHOLDERS

Ordinary Shares as at 05.11.07

HSBC Custody Nominees JP Morgan Nominees ANZ Nominees National Nominees Citicorp Nominees Forty Traders Limited RBC Dexia Investor Services Cogent Nominees Yarandi Investments K Schiller	13.6M 11.3M 9.3M 9.1M 7.6M 3.3M 2.9M 2.3M 2.3M 2.0M	11.9% 9.8% 8.1% 8.0% 6.6% 2.9% 2.5% 2.0% 2.0% 1.8%

2006/7 FINANCIALS

	2007 FY	2006 FY
Total revenue	$226M	$113M
EBITDA	$161M	$60M
Profit before tax	$151M	$50M
Net profit after tax	$105M	$35M
Operation cash flow before tax	$186M	$44M
Diluted earnings per share	90c	31c
Dividend payment per share	13c	9c

IGO CASH & INVESTMENTS Cash & Receivables net of creditors (08.11.07)Cash & Receivables net of creditors (08.11.07) $175M$175M

Share Share Share Company Number Price Value Matrix Metals Limited 124.1M 15.0c $18.6M Atlas Iron Limited 1.8M $2.25 $4.0M Southstar Diamonds 50% Unlisted Unlisted TOTAL $22.6M

IGO FINANCIAL YEAR STATISTICS

Net Profit after Tax Cash & Net Receivables

IGO FINANCIAL YEAR STATISTICS

Earnings per Share Fully Franked Dividends

IGO SHARE PRICE TO 13.11.07

Weekly Average

INDEPENDENCE GROUP NL

LONG NICKEL MINE IGO’S CURRENT CASH PRODUCING ASSET Purchase price = A$15M

LONG NICKEL MINE (IGO 100%)

HISTORY:

• ♦ Starting Reserve = 26,800 Ni t

• ♦ Production to June = 37,400 Ni t

• ♦ June 2007 Reserve = 39,600 Ni t

GOALS:

• ♦ Sustainable 9,000t Ni pa in bottom 3rd of world-wide nickel production cash costs.

• ♦ New Reserves to increase mine

LONG MINE PERSONNEL

• ♦ Owner operator with 115 salaried employees

• & 11 full time contractors.

• ♦ Only 3 LTI’s since commencement.

• ♦ Very experienced team.

• ♦ Turnover extremely low. 96.4% 2006/7 retention rate.

2006/7 PRODUCTION

2006/7 2005/6

• ♦ Production

• ♦ Grade

• ♦ Cash Costs (payable)

• ♦ Revenue

• ♦ Cash & Net Receivables

• ♦ Profit

• ♦ Debt

9,825 Ni t 8,897 Ni t 3.69% Ni 3.73% Ni A$4.35/lb Ni A$3.75/lb Ni A$18.75/lb Ni A$9.61/lb Ni A$165M A$50M A$105M A$35M A$2M A$3M

2007/8 PRODUCTION GUIDANCE

2007/8 2007 Budget Sep Qtr

• ♦ Production 8,800-9,000 Ni t 2,838 Ni t

• ♦ Grade 3.8% Ni 4.08% Ni ♦ Cash Costs (payable) A$4.50-4.65/lb Ni A$3.42/lb Ni

2007 Sep Qtr $23.6M

PRODUCTION TO JUNE 07

Operator	Period	tonnes	% Ni	Ni tonnes
WMC	1979-1999	5.43 million	3.7	203,184
IGO	Oct 02 – Jun 07	0.97 million	3.8	37,439

QUARTERLY CASH COSTS & REVENUE

LONG MINE & RESERVES LONGITUDINAL PROJECTION

LONG MINE ACCUMULATED RESOURCE & PRODUCTION

LONG MINE ACCUMULATED RESERVE & PRODUCTION

LONG MINE PRODUCTION STATS

2006/7

Ore Reserve Est. 6,588 Ni t Ore Reserve Actual 8,492 Ni t Outside Reserve Actual 1,331 Ni t TOTAL 9,823 Ni t

OCT 2002 – JUN 2007 IGO PRODUCTION Ore Reserve Est. 24,922 Ni t

MINE GEOPHYSICS

3 component underground TEM system

• ♦ Locates blind

Down hole TEM probe

High powered TEM transmitter

• ♦ 10 x more powerful than current systems.

• ♦ Doubles search radius detection up to 200m.

MINE GEOPHYSICS SEISMIC REFLECTION

LONG SOUTH SEISMIC SURVEY

Long South Target

McLEAY AND LONG SOUTH SEISMIC SECTION

LONG FLY THROUGH

McLEAY 3D MODEL SHOWING NICKEL SHOOTS

McLEAY SHOOT 2 – INTERCEPTS, RESOURCE BOUNDARIES & DRILL DRIVE LOCATION

McLEAY SHOOT 3 - INTERCEPTS, SHOOT BOUNDARY & DRILL DRIVE LOCATION

REGIONAL EXPLORATION STRATEGY

Discovering new, high profit mines by -

• ♦ Technical Innovation

• Geophysical tools to see “under cover”

• New targeting techniques

• Database licensing and evaluation

• ♦ Unlocking value in established and emerging belts • Examples: Wiluna, Ravensthorpe, Duketon

• ♦ First mover advantage in “frontier” belts

• Establish major land position

• Examples: Tropicana, Dalwallinu, Coomberdale, Storbodsund

• ♦ Strong in-house geophysical capability • Industry leaders

IGO NICKEL EXPLORATION PROJECTS

EXPLORATION GEOPHYSICS

High powered TEM transmitter truck developed in conjunction

LAKE LEFROY JOINT VENTURES

LAKE LEFROY – GLADIATOR JV TEM ANOMALIES OVER MAGNETIC IMAGE

NORTH-EASTERN GOLDFIELDS NICKEL PROJECTS

WILUNA JV WILUNA JV (IGO earning 51-70%)(IGO earning 51-70%)

BODKIN CROSS-SECTION

WILUNA JV – BODKIN PROSPECT (IGO earning 51-70%)

NORTH-EASTERN GOLDFIELDS NICKEL PROJECTS

DUKETON JV – BULGE PROSPECT

DUKETON JV – BULGE NICKEL PROSPECT DUKETON JV – BULGE NICKEL PROSPECT (IGO earning 70%)(IGO earning 70%)

RAVENSTHORPE JV (IGO earning 51-70%) REGIONAL AIR MAGNETICS

RAVENSTHORPE JV TENEMENTS, PROSPECTS AND INTERCEPTS

RAVENSTHORPE JV NICKEL PROSPECTS

RAV 1, 4 & 4 WEST PROSPECTS

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MS 7 PROSPECT
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STORBODSUND NICKEL JV (IGO earning 70%)

IGO GOLD EXPLORATION PROJECTS

DALWALLINU (IGO 100%) PROJECT LOCATION

DALWALLINU PROJECT (IGO 100%) PITHARA PROSPECT LONG SECTION

DALWALLINU PROJECT (IGO 100%) PITHARA PROSPECT GOLD ANOMALIES

COOMBERDALE LOCATION

COOMBERDALE PROJECT (IGO 100%) GOLD ANOMALIES AND INTERCEPTS

HOLLETON PROJECT (IGO 90-100%) REGIONAL GEOLOGY

HOLLETON PROJECT (IGO 90-100%) HOLLETON MINING CENTRE Au ANOMALIES

MT ISDELL (IGO 100%)

Project area over gravity image

TROPICANA JV - NEW GOLD PROVINCE IGO’S SECOND CASH GENERATOR AngloGold Ashanti – 70% (Manager) Independence Group – 30% free-carried to completion of pre-feasibility study

Tropicana JVTropicana JV

TROPICANA JV TENEMENTS

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LAVERTONLAVERTONLAVERTONLAVERTON
300km
LEONORALEONORALEONORALEONORA
Tropicana Deposit
29 29 29 29 0.0 S29 0.0 S29 0.0 S29 00.0 S29 00.0 S29 00.0 S 000 0.0 S0.0 S0.0 S
�
Sunrise Dam
Gold Mine
�
30 30 30 30 0.0 S30 0.0 S30 0.0 S30 00.0 S30 00.0 S30 00.0 S 000 0.0 S0.0 S0.0 S
PINJINPINJINPINJINPINJIN
Tropicana JV Granted Tenure
Tropicana JV MLA
Tropicana JV Applications
KALGOORLIE-BOULDERKALGOORLIE-BOULDERKALGOORLIE-BOULDERKALGOORLIE-BOULDER
COOLGARDIECOOLGARDIECOOLGARDIECOOLGARDIE
31 31 31 31 0.0 S31 0.0 S31 0.0 S31 00.0 S31 00.0 S31 00.0 S 000 0.0 S0.0 S0.0 S RAWLINNARAWLINNARAWLINNARAWLINNA
KAMBALDAKAMBALDAKAMBALDAKAMBALDA 100km
300km
450km
120km
240km
200km
55km
1 00.0 1 00.0 2 121 00.0 E11 E 1 00.0 1 00.0 2 121 00.0 E11 E 1 00.0 1 00.0 2 121 00.0 E11 E 2 00.0 2 00.0 2 122 00.0 E11 E 2 00.0 2 00.0 2 122 00.0 E11 E 2 00.0 2 00.0 2 122 00.0 E11 E 3 00.0 3 00.0 2 123 00.0 E11 E 3 00.0 3 00.0 2 123 00.0 E11 E 3 00.0 3 00.0 2 123 00.0 E11 E 4 00.0 4 00.0 2 124 00.0 E11 E 4 00.0 4 00.0 2 124 00.0 E11 E 4 00.0 4 00.0 2 124 00.0 E11 E 5 00.0 5 00.0 2 125 00.0 E11 E 5 00.0 5 00.0 2 125 00.0 E11 E 5 00.0 5 00.0 2 125 00.0 E11 E 6 00.0 126 00.0 E126 00.0 E1 6 00.0 6 00.0 2 126 00.0 E11 E
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TROPICANA JV SIGNIFICANT DISCOVERIES TO DATE

TROPICANA MINERALISATION STYLE

TROPICANA FLY THROUGH

TROPICANA JV SIGNIFICANT INTERCEPT LOCATIONS

TROPICANA PROSPECT SIGNIFICANT DRILL HOLE RESULTS

TROPICANA JV - HAVANA ZONE SIGNIFICANT DRILL HOLE RESULTS

TROPICANA JV – TROPICANA ZONE SIGNIFICANT DRILL HOLE RESULTS

TROPICANA JV - TROPICANA ZONE SIGNIFICANT DRILL HOLE RESULTS

TROPICANA PRE-FEASIBILITY STATUS

Open-cut Size: Drilling: Pit Design: Mill: Metallurgy: Water: Flora & Fauna: Ethnographic:

10 years @ 300,000oz/y (AGA Diggers 07) 50m x 50m grid with minor 25m x 25m in-fill (~60kms) Currently proposed 2 open cuts 3 – 5.5 Mt p/a Free milling Water exploration commenced Base line studies commenced Studies commenced Mining leases under application

Tenure:

INDEPENDENCE CORPORATE GOALS

To improve shareholder returns by becoming a highly profitable, multi commodity Australian mining company

Focus on:

• ♦ Low cash cost assets

• ♦ Mine longevity

• ♦ Innovative exploration

• ♦ Strong balance sheet

IGO LOOKING FORWARD

Targeting +A$100M profit per annum

FINANCIAL YEAR

	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017
						?	?	?	?	?	?
		Existing Reserves				McLeay		New Discoveries
						Extensions
	– IGO 30%			?	?	?	?	?	?	?	?
	gress
	ong	?	?	?	?	?	?	?	?	?	?
	n or

Long Nickel Mine IGO 100% 9000 Ni tonnes pa

Tropicana Gold Project – IGO 30% Resource drilling in progress

New discoveries