IGO LIMITED — Earnings Release 2019

Aug 28, 2019

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----- Start of picture text ----- INDEPENDENCE GROUP NL AND CONTROLLED ENTITIESABN 46 092 786 30429 AUGUST 2019----- End of picture text -----

APPENDIX 4E – 1 JULY 2018 TO 30 JUNE 2019

Key Information – Results for Announcement to the Market

	$’000	% Increase overPreviousCorrespondingPeriod
Revenue from ordinaryactivities	784,512	1%
Profit from ordinaryactivities after tax attributable to members	76,085	44%
Netprofit attributable to members	76,085	44%

The previous corresponding period is the year ended 30 June 2018.

Dividends	Amount persecurity(cents)	Franked amountper security(cents)
Financialyear ended 30 June 2019
-Interim dividend	2.00	2.00
-Final dividend	8.00	7.76
Total FY19 dividend	10.00	9.76
Financialyear ended 30 June 2018
-Interim dividend	1.00	1.00
-Final dividend	2.00	2.00
Total FY18 dividend	3.00	3.00
Record date of final FY19 dividend	13 September 2019
Payment date of final FY19 dividend	26 September 2019

The major factors contributing to the above variances are as follows:

The Group generated revenue and profit from ordinary activities during FY19 of $784.5 million and $76.1 million respectively, an increase over the prior year predominantly due to higher production and sales revenue from both the Nova and Tropicana Operations. The higher revenue for FY19 was achieved despite the absence of production and sales from two operations in FY19. The Jaguar Operation was divested to Round Oak Minerals Pty Ltd in May 2018, having contributed $112.1 million in revenue in FY18, and the Long Operation which was placed into care and maintenance in June 2018, after contributing revenue of $64.8 million in FY18. The Long Operation was subsequently sold to Mincor Resources NL in May 2019, which resulted in the removal of Independence Long Pty Ltd from the consolidated Group. An overview of key contributing factors are outlined below:

• The Nova Operation outperformed from a production and sales perspective in FY19, its second year since declaring commercial production and exceeding production relative to the FY18 year. Payable nickel and copper in concentrates sold during the year increased by 59% and 44% respectively.

Suite 4, Level 5 85 South Perth Esplanade South Perth WA 6151

PO Box 496 South Perth WA 6951 Western Australia

T. +61 8 9238 8300 F. +61 8 9238 8399 E. contact@igo.com.au

igo.com.au Independence Group NL ABN 46 092 786 304

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ASX RELEASE

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Revenue generated by the Nova Operation for the year was $501.9 million, derived from sales of payable nickel, copper and cobalt of 22,434 tonnes, 12,208 tonnes and 372 tonnes respectively, resulting in a segment profit before tax of $95.4 million. Cash costs (including royalties) were $2.07 per payable pound of nickel, an improvement over the prior period of $2.78 per payable pound. All-In Sustaining costs were $2.79 per payable pound of nickel, compared to $4.51 per payable pound in FY18.

• The Tropicana Operation contributed $97.6 million in segment profit before tax, an increase of 13% over the FY18 result of $86.3 million. This result was primarily due to a 16% increase in revenue during the year due to higher production, driven by higher throughput and milled grade and a higher realised gold price than achieved in FY18.

The Group’s share of gold sold was 154,402 ounces, an increase of 11% over the prior year. The Tropicana Operation achieved cash costs of $680 per ounce of gold produced and All-in Sustaining costs of $951 per ounce of gold sold. These compared to FY18 achievement of $713 per ounce and $1,061 per ounce respectively.

Further details and analysis can be found in the in the ASX Release “FY19 Financial Results – Year Ended 30 June 2019” released on the same day as this Appendix 4E.

The net tangible asset backing per ordinary share is $3.13 (2018: $3.03).

The accounts have been audited by BDO Audit (WA) Pty Ltd. The accounts are not subject to dispute or qualification.

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