IGO LIMITED — Capital/Financing Update 2019

Apr 10, 2019

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ASX ANNOUNCEMENT / MEDIA RELEASE ASX: PRX

11[th] April 2019

Lake Mackay JV Update: 9,600m drilling program underway & project area increased by 50%

HIGHLIGHTS

• JV partner Independence Group NL has commenced 9,600m of RC drilling at Lake Mackay

• Systematic drilling of targets highly prospective for Au, Ag, Cu, Pb, Zn, Co, Ni, and Mn mineralisation - including the Blaze and Grimlock Prospects

• Significant opportunity for multiple base metals discoveries

• Lake Mackay Project area increased by 50% to 19,202km[2 ]

Prodigy Gold NL (ASX: PRX) (“Prodigy Gold” or the “Company”) is pleased to advise that a 9,600m Reverse Circulation (“RC”) drilling program is now underway at the Lake Mackay Project held in Joint Venture (“JV”) with Independence Group NL (ASX: IGO) (IGO 70%; PRX 30%).

Exploration Program Overview

Managing JV partner, Independence Group, has commenced a 9,600 metre RC drilling program designed to test bedrock conductors generated from the Moving Loop Electromagnetic (MLEM) Surveys that are presently being undertaken over the 63 targets identified in the airborne electromagnetic survey (“AEM”) completed in January 2019. Drilling will include the Grimlock Ni-CoMn Prospect and several conductors in the Blaze Au-Cu-Pb-Zn Prospect area where MLEM is presently in progress (ASX 26 July 2018). Each conductor is to be tested with 1-2 RC holes, to determine the cause of the conductors and any metals present. This, combined with downhole EM, will see a large number of targets tested at a rapid rate over the next 2-3 months.

IGO is aiming to complete 9,600m of RC drilling this financial year, however due to the large number of conductors and other anomalies being targeted for initial drill-testing, the drilling program is expected to continue into FY2020.

MLEM recommenced in March and it is planned to test all remaining Priority 1 conductive targets and a selection of Priority 2 and 3 targets to assess a range of conductors that will be further ranked based on prospective structural and geological settings and/or favorable surface geochemistry results.

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Management Commentary

Prodigy Gold’s Managing Director Matt Briggs said:

“We are pleased to report that drilling is now underway at Lake Mackay, with IGO commencing an aggressive RC campaign to test a number of very compelling base metals targets over the coming months.”

“Over the past four years IGO has systematically screened and reviewed in excess of 8,000km² of tenements in the Lake Mackay region to define a set of targets that we believe have the potential to host a number of base metal discoveries.”

“IGO’s commitment of ~A$4.4m in FY19 towards unlocking the underlying potential of Lake Mackay is extremely encouraging and is a significant vote of confidence in the project.”

“Further, we can report the Lake Mackay Project area has been increased by 50% via new exploration licence applications to ensure that prospective surrounding areas that host rocks of potentially similar age to mineralisation intersected at the Grapple Prospect are now included in the project”.

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Figure 1 - RC drilling at the Lake Mackay Project, April 2019

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Figure 2 - Lake Mackay Project Location and Prospects over regional magnetic map. New applications in red.

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Figure 3 - Exploration process for sulphide related conductor targets at Lake Mackay

Lake Mackay JV Background

The Lake Mackay Project is 400km northwest of Alice Springs and comprises approximately 19,200km[2] of exploration licences and applications (18,300km[2] IGO 70%/Prodigy Gold 30% JV, 900km[2] IGO 35.7%/Prodigy Gold 15.3%/Castile JV 49%)(Figure 2). The Project has consolidated tenure over the favourable Proterozoic margin between the Aileron and Warumpi Provinces and is characterised by a continent-scale geophysical gravity ridge and the Central Australian Suture. The JV partners consider that exploration has the potential to unlock a new metallogenic province hosting multiple styles of precious and base metal mineralisation.

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Matt Briggs – Managing Director

About Prodigy Gold NL

Prodigy Gold has a unique greenfields and brownfields exploration portfolio in the proven multimillion ounce Tanami Gold district. An aggressive program for 2019 will continue to build on 2018 successes by:

• drilling targets at the Bluebush Project, including the Capstan 8km long bedrock gold anomaly

• drilling of extensions to the shallow gold Resources at Suplejack

• systematic evaluation of high potential early stage targets

• joint ventures to expedite discovery on other targets

Relevant Announcements

20 February 2019 Lake Mackay JV: 63 AEM targets and Ni-Co prospect defined 25 October 2018 Lake Mackay JV - IGO meet 70% Earn-in Expenditure 26 July 2018 Lake Mackay JV - Exploration Update 15 November 2017 Lake Mackay JV - Final Grapple Diamond Drilling Results 20 December 2016 Exploration Update Grapple Prospect Drill Intersections

JORC Code (2012) Competent Persons’ Statements

The information in this announcement relating to exploration results is based on information reviewed and checked by Mr. Doug Winzar who is a Member of The Australian Institute of Geoscientists. Mr. Winzar is a fulltime employee and security holder of IGO. Mr. Winzar has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they have undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC 2012). Mr. Winzar consents to the inclusion in the documents of the matters based on this information in the form and context in which it appears.

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