IGO LIMITED — Capital/Financing Update 2005

Jun 9, 2005

10^th June 2005

Australian Stock Exchange Limited PO Box H224 Australia Square NSW 1215

$(1$ Page)

Attention: Ms Marian Tang

Re: Cancellation of Unlisted Options (ASX Code: IGOAC)

Dear Marian,

Independence Group NL has unlisted options exercisable at \$1.16 each with the ASX code IGOAC and an expiry date of 30 June 2010.

Two employees holding a total of 250,000 options have left our employment. As continuous employment is a condition of the options, they therefore have been cancelled.

Please amend our Unquoted Securities accordingly, with a total of 550,000 IGOAC options now on issue.

Yours sincerely.

a company and the company of the company of the company of the company of the company of the company of the company of the company of the company of the company of the company of the company of the company of the company

Kelly Ross Company Secretary

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