IGO LIMITED — Annual Report 2017

Aug 29, 2017

30/08/2017

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FY17 FINANCIAL RESULTS

Independence Group NL (“IGO” or the “Company” or the “Group”) today released its financial results for the year ended 30 June 2017 (FY17). Refer ASX Appendix 4E and Annual Financial Report for FY17.

Peter Bradford, Managing Director and CEO of IGO said:

“Our financial and operating results for FY17 were strong with higher metal prices and strong performances at Long and Tropicana offsetting a mixed year for Jaguar. Both Long and Tropicana delivered production and cash costs within or better than guidance.

We made significant progress with the Nova Project, completing all surface infrastructure and processing plant construction and commissioning, with first concentrates produced on time, and on budget, in the December 2016 quarter.

We expect Nova to ramp up to nameplate capacity in the September 2017 quarter, some twelve months earlier than envisaged in the definitive feasibility study.

With the development of Nova largely behind us, IGO is well positioned to deliver a great FY18 with a first full year of production from Nova, higher gold production and lower cash costs at Tropicana, due to grade streaming, and improved outlook for Jaguar. In parallel, we have increased our exploration spend in FY18 to leverage off the ground position that we have consolidated on the Fraser Range, near Nova during FY17.”

Key Financials

• Higher revenue of A$422 million (FY16: A$417 million).

• Higher Underlying EBITDA[1] of A$151 million (FY16: A$138 million).

• Higher Net Profit After Tax of A$17 million, which includes an after-tax impairment of the Stockman Project of A$17 million (FY16: Net loss of A$59 million).

• Higher cash flow from operating activities contributions from Tropicana, Long and Jaguar, offset by payments of stamp duty taxes to the Western Australian State Government totalling A$58 million resulting in net cash flows from operating activities of A$78 million.

• Strong balance sheet with cash of A$36 million at the end of FY17.

• Drawn term debt remains at A$200 million, with A$200 million of undrawn revolving credit facilities available.

• FY17 Final Dividend of 1 cent per share declared, with a record date of 7 September 2017, and payment date of 22 September 2017.

• 1 See Page 2 for a definition of Underlying EBITDA.

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Business Highlights

• Nova construction has been completed and ore commissioning commenced in October 2016. From December 2016, Nova was able to consistently truck nickel concentrate to BHP Billiton Nickel West (Nickel West) and achieved shipments of nickel and copper concentrate from the Port of Esperance within the year.

• Commercial production at Nova declared with effect from 1 July 2017, and Nova is on track to ramp up to nameplate capacity during the September 2017 quarter.

• Strategic positioning in the Fraser Range, near the Nova Project, enhanced through an agreed joint venture with Buxton Resources Limited and the acquisition of Windward Resources Ltd (Windward) in December 2016 by way of an off-market takeover.

• Tropicana gold production, cash costs and all-in sustaining costs for the year were all better than or within guidance.

• Tropicana value enhancement initiatives, including Long Island studies, to increase mine life, and process plant optimisation, to increase nameplate by 29% to 7.5Mtpa, progressed and unlocked a 58% increase in Ore Reserves and 75% increase in net present value.

• Long production and cash costs for the year were better than guidance.

• Successful completion of equity placement in August 2016 with net proceeds of A$274 million.

Group Financial Summary

Highlights (A$M)	FY17	FY16	% change
Profit & Loss
Total Revenue2	421.9	417.1	1%
UnderlyingEBITDA3	150.5	137.5	9%
Net Profit(Loss)After Tax	17.0	(58.8)	n/a
Cash Flow
Net Cash Flow from OperatingActivities	77.7	102.1	(24%)
Other material Cash Outflows
Mine and Infrastructure Development	(220.5)	(215.5)	2%
Payment for the Acquisition of Listed Entities, Net of Cash Acquired	(17.6)	(202.0)	(91%)
Plant & Equipment	(14.5)	(10.7)	35%
Interest & other costs of Finance	(13.4)	(6.9)	94%
Proceeds from Share Issue,net of costs	273.9	-	n/a
(Repayment of)/ Proceeds from borrowings	(71.0)	271.0	-
Payment of Dividends	(17.6)	(12.8)	37%

2 Includes Other Income in FY16 of A$3.8M (FY17 - nil).

3 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, investment sales, retention and redundancy costs, depreciation and amortisation, and once-off transaction costs (see Page 10 for detailed breakdown).

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(A$M)	June 2017	June 2016	% change
Balance Sheet
Total Assets	2,208.5	2,007.4	10%
Cash	35.8	46.3	(23%)
Marketable Securities	15.3	5.0	206%
Total Liabilities	475.7	551.6	14%
Shareholders’ Equity	1,732.8	1,455.8	19%
Net tangible assetsper share($per share)	$2.95	$2.85	4%

Total revenue for FY17 was marginally higher than FY16 due to a number of factors, including:

• Long Operation’s total revenue increased by 10% to A$70.5 million due to higher A$ nickel price achieved on sale of marginally lower tonnes.

• Higher realised A$ zinc and copper prices from the Jaguar Operation resulted in an increase in revenue of 3% to A$137.5 million.

• Revenue at Tropicana decreased by 1% due to the cessation of grade streaming, resulting in 7,263 fewer sold ounces offset by a higher average FY17 A$ gold price.

Net cash flows from operating activities for the Group were lower than FY16 despite stronger operational cash flows from the Tropicana, Long and Jaguar operations.

• Operating cash flows at Tropicana of A$103.1 million were 7% higher than FY16 as a result of lower production costs, with payments reducing by A$8.7 million, partially offset by lower gold and silver sales receipts.

• The Long Operation delivered strong operational and financial results for FY17, with cash from operating activities up 55% to A$28.8 million.

• Jaguar’s contribution to cash from operations improved 8% to A$42.3 million.

• Included in cash flows from operating activities in FY17 were payments for exploration expenditure amounting to A$18.0 million (FY16: A$20.0 million) for the year and stamp duty payments made to the WA State Government, comprising of A$52.5 million (FY16: nil) for the interim assessment of Sirius Resources NL’s Nova acquisition (in September 2015) and A$5.7 million (FY16: nil) in relation to the completed duties assessment for the Jabiru Metals Ltd acquisition (in 2011).

Net cash outflows from investing activities amounted to A$273.3 million for the year, primarily related to the continued construction and development of the Nova Operation, with net project capital expenditure amounting to A$165.6 million for FY17. Cash outflows from investing activities were lower than FY16 as that year included payment for the acquisition of Sirius (A$202.1 million, net of cash acquired). Other movements in cash outflows from investing activities include A$17.6 million net cash outflow for the takeover of Windward, A$14.6 million for the acquisition of property, plant and equipment, and A$13.4 million cash outflow in relation to capitalised borrowing costs on the syndicated debt facility.

Net cash inflows from financing activities were A$185.3 million (FY16: A$252.3 million), which includes the successful completion of the equity placement to raise A$281.4 million, with associated capital raising costs of A$7.5 million. The cash flows also included the repayment of debt in the year of A$71.0 million, compared to a drawdown of debt in the prior year of A$271.0 million. Cash flows also included the payment of dividends in FY17 of A$17.6 million, compared to A$12.8 million in FY16.

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Business Unit Summary

Nova (IGO 100%)

Significant progress was achieved during the year to advance the ramp up of Nova mining and processing activities towards the 1.5Mtpa nameplate production capacity, which is expected to be achieved in the September 2017 quarter. This compares favourably to the Definitive Feasibility Study, which expected nameplate to be achieved in September/October 2018.

Although this is a great outcome, we had expected to do better than this and for nameplate to be achieved in the second half of FY17. However, lack of equipment and people resources of our mine contractor, Barminco, resulted in lower development being achieved mid-FY17 than planned, resulting in the need to revise mine schedules and delay ramp up to the September 2017 quarter.

Barminco have responded proactively and have since progressed development and mining in

accordance with the revised plan.

Surface infrastructure and the processing plant were completed in late 2016 with the process plant commissioned in October 2016. From then to year end, the process plant has been operated on a campaign basis. At year end, the first larger stopes in the Nova orebody were accessed which allowed the processing plant to transition to continuous and stable operations. This has allowed more process optimisation (plant reagents and conditioning) to be progressed. Daily throughput rates at or above the nominal nameplate capacity have been demonstrated, and recovery rates have also improved with daily average rates of up to 87% being achieved for both nickel and copper.

First deliveries of nickel concentrate were delivered to Nickel West in December 2016 and the first offshore shipments from the Port of Esperance were shipped in June 2017.

Net cash outflows for Nova for the year totalled A$165.6 million, comprising A$184.5 million of project cash spend offset by A$18.9 million in cash receipts.

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Tropicana (IGO 30%)

Revenue for the period was marginally lower than the previous period due to 5% lower gold sold as a result of lower grade milled following the cessation of grade streaming in mid-FY16. This was partially offset by a 12% increase in ore milled for the year, following the process plant optimisation project completed during FY17. An A$71/oz higher realised gold price further offset lower gold sales.

Cash costs per ounce produced and All-in Sustaining Costs (AISC) per ounce sold, though within or better than guidance, were both higher than FY16, primarily due to lower gold production and sales respectively, and, in the case of the AISC, higher mining volumes in the second half of FY17.

The table below outlines the key Tropicana operating statistics during FY17 and FY16:

Operating Parameter	Units	FY17	FY16
Total revenue	A$M	211.9	215.0
UnderlyingEBITDA	A$M	106.1	114.9
Segment operating profit before tax	A$M	58.3	64.3
Total segment assets	A$M	1,037.2	840.2
Total segment liabilities	A$M	34.1	36.8
Cash Flow from OperatingActivities	A$M	103.1	96.8
Free Cash Flow	A$M	55.6	68.7
Gold ore mined(>0.6g/t Au)	Mt	7.90	7.29
Gold ore mined(>0.4 and 0.6g/t Au)	Mt	0.98	1.21
Waste mined	Mt	73.25	50.35
Goldgrade mined(>0.6g/t)	g/t	2.05	2.13
Ore milled	Mt	7.33	6.53
Goldgrade milled	g/t	2.07	2.39
Metallurgical recovery	%	89.1	89.3
Gold recovered	oz	431,005	448,546
Goldproduced	oz	431,625	448,116
Gold refined and sold(IGO share)	oz	128,601	135,864
Cash Costs	A$/oz Auproduced	807	730
All-in SustainingCosts(AISC)*	A$/oz Au sold	1,162	918

• All-in Sustaining costs is a measure derived by the World Gold Council. On 27 June 2013, the Council released a publication outlining definitions of both Cash Costs and All-in Sustaining Costs.

Long (IGO 100%)

Revenue for the Long Operation increased by 10% during FY17, due to higher average realised A$ nickel price offset by marginally lower nickel sold.

The Long Operation segment profit before tax improved during the period to A$0.7 million, compared to a loss of A$3.5 million in FY16. The FY17 profit incorporated A$6.4 million of retention and redundancy costs associated with the less than one year anticipated remaining mine life of the Long Operation.

Nickel production for FY17 was broadly in line with FY16 as a result of marginally lower tonnes mined

at marginally higher grade mined.

Based on current life of mine plans, the Long Operation will reach the end of its ore reserves and cease mining by the end of FY18. The Company is currently considering options following cessation of mining including placing the mine on care and maintenance.

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The table below highlights the key Long operational statistics for FY17 and FY16:

Operating Parameter	Units	FY17	FY16
Total revenue	A$M	70.5	63.9
UnderlyingEBITDA	A$M	32.1	18.9
Segment operating profit(loss)before tax	A$M	0.7	(3.5)
Total segment assets	A$M	38.7	65.7
Total segment liabilities	A$M	40.4	35.2
Cash Flow from OperatingActivities	A$M	28.8	18.4
Free Cash Flow	A$M	28.1	16.8
Ore mined	kt	205	215
Nickelgrade	%	4.11	3.94
Coppergrade	%	0.29	0.28
Ore delivered	kt	205	215
Nickel delivered	t	8,433	8,493
Copper delivered	t	592	610
Metalpayable(IGO share)
- Nickel	t	5,098	5,125
- Copper	t	240	247
Ni cash costs and royalties	A$/lb Nipayable	3.28	3.67

Jaguar (IGO 100%)

Revenue from the Jaguar Operation increased by 3% during the year with lower sales volumes more than offset by higher metal prices. Key price variances (net of treatment and refining charges) were 69% higher A$ realised zinc price and 15% higher A$ realised copper price.

Sales volumes were impacted by lower grades year on year and lower tonnes mined as a result of ventilation issues delaying access to continuous ore supply from higher grade stopes and reducing the amount of development ore mined, as well as mining delays due to some bridging of stopes, which meant ore was supplied from lower grade remnant areas within the upper levels of the mine. Once these ventilation and stope access issues were resolved, production was brought back up to planned levels.

The table below outlines the key Jaguar operational statistics for FY17 and FY16:

Operating Parameter	Units	FY17	FY16
Total revenue	A$M	137.5	133.0
UnderlyingEBITDA	A$M	50.2	43.1
Segment operating profit before tax	A$M	33.5	17.3
Total segment assets	A$M	175.9	145.9
Total segment liabilities	A$M	25.7	22.8
Cash Flow from OperatingActivities	A$M	42.3	39.1
Free Cash Flow	A$M	22.1	24.1
Ore mined	kt	445	498
Coppergrade	%	1.3	1.7
Zincgrade	%	8.3	8.9
Silvergrade	g/t	134	128
Goldgrade	g/t	0.52	0.8

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Operating Parameter	Units	FY17	FY16
Ore milled	kt	443	506
Metal in concentrate
- Copper	t	4,565	7,412
- Zinc	t	32,638	39,335
- Silver	oz	1,376,521	1,603,565
- Gold	oz	2,532	4,880
Metalpayable(IGO share)
- Copper	t	4,377	7,122
- Zinc	t	27,067	32,634
- Silver	oz	951,182	1,071,989
- Gold	oz	2,328	4,543
Zinc cash costs and royalties	A$/lb Zn Payable	0.76	0.53

Balance Sheet

Cash and cash equivalents at 30 June 2017 totalled A$35.8 million (FY16: A$46.3 million), a net decrease of A$10.5 million for the year.

During the year, the Company completed an equity financing for net proceeds of A$273.9 million, which provided the funding to complete the development of Nova without any further debt drawdowns and allowed A$71.0 million of debt to be repaid, reducing outstanding debt to A$200.0 million. In addition, a further undrawn portion of A$79.0 million of the Company’s Term Loan Facility was cancelled.

The Company’s facilities now comprise A$200.0 million in drawn term loan facility and an undrawn A$200.0 million revolving credit facility. The term debt is scheduled to be repaid semi-annually over seven equal instalments commencing in September 2017 and ending September 2020, though the Company retains flexibility to repay debt earlier.

Mine properties at year end includes A$1,355.7 million in Nova capitalised development costs, which includes A$456.4 million in Nova construction and development costs.

The Nova construction and development costs have been reconciled to initial, uninflated estimates from January 2015 in the following table. This reconciliation demonstrates good overall discipline in the management of the capital costs, offset by higher pre-operating owners’ costs as a result of the delay to ramp up and transition to commercial production.

Nova Capitalised Development Costs(A$M)	Actual	Initial est.	Variance
Nova Capital Costs
Process Plant & Infrastructure	160.6	176.0	(15.4)
Non-mine Infrastructure	90.4	98.6	(8.2)
Mine Development	64.4	54.7	9.7
Mine Infrastructure	45.7	45.7	-
Pre-operatingOwner’s Costs	133.9	74.9	59.0
Less: capitalised revenue	(38.6)	(6.9)	(31.7)
	456.4	443.0	13.4

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Capitalised exploration and evaluation expenditure at year end totalled A$60.0 million and comprises a combined A$54.8 million for the Fraser Range, and other of A$5.2 million. The Stockman Project’s carrying value has been classified as a current Held for Sale asset, totaling A$44.8M at year end.

EXPLORATION AND DEVELOPMENT PROJECTS

FY17 cash outflows for both capitalised and expensed exploration and evaluation expenditure totalled A$21.7 million (FY16: A$30.6 million). Key work activities completed during this period include:

Brownfields Exploration

• Tropicana Gold Mine - Resource extension drilling program continued during the first half of FY17 to form the basis of the Mineral Resource for the Long Island Study, based on a strip mining strategy designed to significantly reduce waste mining costs. Mineralisation remains open with high-grade ore shoots defined at both Boston Shaker and Havana South.

• Jaguar Operation - Exploration activities during FY17 were focused primarily on underground drilling at Bentley, which resulted in the discovery of a new massive sulphide lens named Bentayga, and resource definition drilling on the Triumph deposit to upgrade the Mineral Resource from Inferred to Indicated status on the upper Stag lens, which formed the basis of the Triumph Feasibility Study.

• Nova Project - The focus in FY17 has been on the underground grade-control drilling, with up to five underground diamond drill rigs executing this work program. The grade-control drilling is scheduled for completion towards the end of CY17 at which point the focus will shift to exploration. Surface exploration activities include diamond drill testing of a number of electromagnetic plates along with the completion of a 2D seismic traverse.

• Long Operation - Reprocessing and reinterpretation of 3D seismic data has resulted in the development of a number of exploration targets at Long.

Greenfields Exploration

• Fraser Range - During FY17, the Company consolidated a prospective tenement package over the Fraser Range of approximately ~12,000km[2] . The tenement package is underexplored and is considered highly prospective for nickel, copper and cobalt mineralisation. Systematic geophysical and aircore drilling commenced during the second half of FY17.

• Lake Mackay - Work programs included a regional aeromagnetic survey and the completion of an 18 hole RC program which lead to the discovery of the Grapple Prospect. Encouraging drilling intersections were reported and have defined mineralisation over a strike length of 300m with mineralisation remaining open to the west. Negotiations with the Central Land Council to gain access to the entire tenement package remains ongoing.

OUTLOOK FOR FY18

Mining Operation	UOM	FY17 Guidance Range	FY17 Results	FY18 Guidance Range
Nova
Nickel in concentrate	t	~3,400(1)	3,502	23,000 to 27,000
Copper in concentrate	t	~1,500(1)	2,106	10,000 to 12,000
Cobalt in concentrate	t	-	112	800 to 1,050
Cash cost(payable) (2)	A$/Ib Ni	-	-	1.90 to 2.50

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Mining Operation	UOM	FY17 Guidance Range	FY17 Results	FY18 Guidance Range
Net Project capex(cash basis) (3)	A$M	165 to 180	166	0 to 2
Sustainingcapex(2)	A$M	-	-	9 to 13
Development capex(2)	A$M	-	-	40 to 44
Exploration expenditure	A$M	3.5 to 4.5	4.3	8 to 10
Tropicana(IGO 30%)
Goldproduced(100% basis)	oz	390,000 to 430,000	431,625	440,000 to 490,000
Gold(IGO’s 30% share)	oz	117,000 to 129,000	128,601	132,000 to 147,000
Cash cost	A$/oz Au	850 to 950	817	680 to 750
All-in SustainingCosts	A$/oz Au	1,150 to 1,250	1,162	1,060 to 1,170
Sustainingcapex(30%)	A$M	2 to 3	2.2	3 to 5
Improvement capex(30%)	A$M	7 to 8	7.5	6 to 7
Capitalised waste stripping (30%)	A$M	37 to 43	39.9	44 to 55
Exploration expenditure(30%)	A$M	6 to 8	5.6	4 to 5
Long
Nickel (contained metal)	t	7,400 to 8,200	8,433	5,400 to 6,000
Cash cost (payable)	A$/Ib Ni	3.50 to 3.90	3.28	4.40 to 4.90
Sustainingcapex	A$M	1	0.8	0.5 – 1
Development capex	A$M	-	0.2	0.5 – 1
Exploration expenditure	A$M	2 to 3	0.4	1 to 2
Redundancy payments	A$M			9 to 10
Jaguar
Zinc in concentrate	t	39,000 to 43,000	32,638	29,000 to 33,000
Copper in concentrate	t	4,600 to 5,100	4,565	2,600 to 3,000
Cash cost (payable)	A$/Ib Zn	0.70 to 0.80	0.76	0.85 to 1.05
Sustainingcapex	A$M	8 to 9	7.6	8 to 9
Development capex	A$M	12 to 13	11.4	10 to 11
Exploration expenditure	A$M	3 to 4	3.2	3 to 5
Greenfields &generative	A$M	11 to 15	6	29 to 33

(1) As restated in the 26 June 2017 Nova update ASX release

(2) Actual results not reported for FY17 due to extended period of “pre-production” costs and revenue

(3) Actual FY17 result differs from FY17 guidance due to extended period of “pre-production” resulting in additional costs capitalised. Actual results include pre-production cash sale receipts of A$19 million capitalised to the Nova project over the same extended period

IMPORTANT INFORMATION

About this release

IGO today released its financial results for the year ended 30 June 2017 (ASX Appendix 4E and Annual Financial Report).This ASX release is a summary document and readers are directed to the full text of the Appendix 4E and Annual Financial Report on the ASX platform, which is also available on the IGO website.

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Forward-looking statements

This document may include Forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning IGO’s planned production and planned exploration program and other statements that are not historical facts. When used in this document, the words such as "could", "plan", "estimate", "expect", "intend", "may", "potential", "should" and similar expressions are Forward-looking statements. Although IGO believes that its expectations reflected in these Forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these Forward-looking statements.

Non-IFRS financial information

IGO results are reported under International Financial Reporting Standards (IFRS). This release may also include certain non-IFRS and other financial measures including Underlying EBITDA and Underlying Cashflow. These measures are used internally by management to assess the performance of our business and aid in decision making. Non-IFRS measures have not been subject to audit or review and should not be considered as an indication of, nor an alternative to IFRS measures of profitability, financial performance or liquidity.

Cash Costs

All cash costs quoted include royalties and net of by-product credits unless otherwise stated.

Underlying Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA)

Underlying EBITDA is a non-IFRS financial measure and comprises A$26.4M profit before tax (FY2016: loss before tax of A$59.2M) less (A$0.9M) finance costs net of interest income (FY2016: A$0.7M), add $89.8M depreciation & amortisation expense (FY2016: A$99.7M), add A$25.0M exploration and other asset impairment expenses (FY2016: A$35.5M), add A$3.9M asset acquisition costs relating to addition stamp duty costs on acquisition of Jabiru Metals Ltd (FY2016: A$65.1M relating to the acquisition of Sirius Resources NL), add A$6.4M redundancy and retention costs (FY2016: nil), and less gain on sale of investments of nil (FY2016: A$2.9M).

INVESTOR CALL AND WEBCAST

An investor call and webcast has been scheduled for 8.00am Perth time, Wednesday 30 August 2017. Dial-in details for the call and the webcast link can be found below.

Meeting title: Independence Group Conference Call

Date: 30 August 2017 Conference ID: 228973

Audio Access Dial in numbers:

Australia Toll Free 1 800 558 698

Alternate Australia Toll Free 1 800 809 971

Australia Local Number +612 9007 3187 New Zealand 0800 453 055 China Wide 4001 200 659 Norway 800 69 950 Belgium 0800 72 111 Philippines 1800 1110 1462 Canada 1855 8811 339 Singapore 800 101 2785 France 0800 913 848 South Korea 00 798 142 063 275 Germany 0800 182 7617 Sweden 020 791 959 Hong Kong 800 966 806 South Africa 800999976 India 0008 0010 08443 Switzerland 800820030 Indonesia 001 803 019 3275 Taiwan 008 0112 7397 Ireland 1800 948 625 Thailand 001800 156 206 3275 Italy 800 793 500 UAE 8000 3570 2705 Japan 0053 116 1281 United Kingdom 0800 051 8245 Malaysia 1800 816 294 United States 1855 8811 339 Netherlands 0800 020 0715

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Details of the webcast are set out below:

To listen in live, please click on the link below and register your details.

http://webcasting.boardroom.media/broadcast/5962e07dc8d9977c89ce7109

Please note it is best to log on at least 5 minutes before 10am AEDT (8am WST) on Wednesday morning, 30 August 2017 to ensure you are registered in time for the start of the presentation.

Investors are advised that, in addition to the live webcast, a recording of the presentation will be available on the IGO website www.igo.com.au approximately one hour after the conclusion of the webcast.

For further information contact:

Peter Bradford Managing Director Independence Group NL Telephone: 08 9238 8300

Joanne McDonald Company Secretary Independence Group NL

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