IGO LIMITED — Capital/Financing Update 2014

Jul 7, 2014

8 July 2014

FY2014 PRODUCTION SURPASSES GUIDANCE

Independence Group NL (“Company”) (ASX: IGO) is pleased to advise that nickel, zinc and copper production for the financial year ended 30 June 2014 (FY2014) at its Long and Jaguar operations have exceeded FY2014 production guidance. In addition, production at the Tropicana gold operation (IGO 30% interest) has gone very well in its first 9 months of operation. Highlights include:

• The Tropicana Joint Venture (TJV) produced 132,845 ounces of gold (100% basis) during the June 2014 Quarter, up 10% on the March 2014 Quarter.

• Nickel production at Long exceeded the higher end of FY2014 guidance by 8.4%.

• Copper production at Jaguar exceeded the higher end of FY2014 guidance by 28.2%.

• Zinc production at Jaguar exceeded the higher end of FY2014 guidance (see Note 1) by 1.6%.

“This is an excellent result by our operational teams at Jaguar and Long and by the AngloGold Ashanti operational team at Tropicana,” IGO’s Managing Director, Peter Bradford said. “We are especially pleased by the strong quarterly production at Jaguar where record tonnage were put through the processing plant during the June quarter.”

Full details of FY2014 Production are set out below:

Mining Operation	Units	JuneQuarter2014	FY2014Actual	FY2014 Guidance-range	% higher end ofFY2014 Guidanceexceeded
Tropicana (IGO 30%)Gold (100% basis)Gold (IGO’s 30% share)LongNickel (contained metal)	ouncesounces	132,84539,853	348,474104,542	Not providedfor FY2014	n/an/a
	tonnes	2,511	10,835	9,000 to 10,000t	+8.4%
Jaguar
Zinc in concentrate	tonnes	12,611	41,163	38,700 to 40,500t	1.6%(see Note 1)
Copper in concentrate	tonnes	2,355	7,692	5,000 to 6,000t	+28.2%

Note 1 : On 27 March 2014 the Company advised the market that zinc metal production from Jaguar was expected to be approximately 10% below the lower end of FY2014 production guidance of 43,000 to 45,000 tonnes given in July 2013. The revised FY2014 zinc metal production guidance for Jaguar was therefore 38,700 to 40,500 tonnes. Note 2 : Production numbers are based on preliminary reconciliations.

Background Information

In July 2013, production guidance for the Long Operation for FY2014 was announced as 230,000 to 270,000 ore tonnes for production of between 9,000 and 10,000 tonnes of contained nickel.

In July 2013, production guidance for the Jaguar Operation for FY2014 was announced by IGO as 420,000 to 460,000 ore tonnes for production of 5,000 to 6,000 tonnes of copper metal, 43,000 to 45,000 tonnes of zinc metal and 900,000 to 1,100,000 ounces of silver metal in-concentrate. On 27 March 2014, this guidance was revised to a range of 38,700 to 40,500 tonnes of zinc metal in concentrate.

In July 2013, the Company advised the market that average annual production during the first 3 years was expected to be in the range of 470,000 – 490,000oz Au per annum. The first gold at Tropicana occurred on 26

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September 2013 and ramp-up to nameplate capacity was completed in the month of March 2014.

June 2014 Quarterly and FY2014 Costs

The Company will include June 2014 Quarterly and FY2014 costs per unit of production in its June 2014 Quarterly Report.

FY2015 Guidance

The Company expects to provide production guidance (including unit cost guidance) for FY2015 in its June 2014 Quarterly Report.

For further information contact :

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

Tony Walsh Company Secretary/General Manager Corporate Independence Group NL Telephone: 08 9238 8300

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