IGO LIMITED — Investor Presentation 2004

Nov 30, 2004

1 December 2004

Australian Stock Exchange Limited Company Announcements Level 10, 20 Bond Street SYDNEY NSW 2000

NO. OF PAGES : (10)

PRESENTATION TO UK INVESTORS

Independence Group NL is currently making the attached presentation regarding its recent investment in Matrix Metals Limited to UK investors.

Chind N et and de

CHRISTOPHER BONWICK Managing Director

PO Box 893, South Perth Western Austratia 6951 Tel: +61 8 9367 2755 Fax: +61 8 9367 3288 E-mail: contact@independencegroup.com.au Website: www.independencegroup.com.au

INDEPENDENCE CROUP NI

Matrix Metals Limited

Overview

December 2004

MATRIX METALS LIMITED

Indapandanca Group is now the largest sharaholder
(19.96%),

Nearterm, low-cost Australian oxide copper producer.

I

MATRIX METALS LIMITED - A SNAPSHOT

Listed on the Australian Stock Exchange ASX code - MRX.

Ordinary shares Unisted Options 544.4401 444.32NI

IGO largest shareholder Average price paid

MRX cash as at 30.9.04

103M (19.96%) 416

AS13M

Market Cao as at 26.11.04 (quoted at 11.5e)

A\$62.2M (uncilluted)

MATRIX METALS QUEENSLAND PROJECTS LOCATION

MATRIX METALS LIMITED

• Growing oxide copper producer with good operating record.
• Initial plan for 15,000t copper cathode (99.99% Cu) pa for 6 8 years, and with 2^nd mine this increases to 30,000t Cu pa over a sinilar tine frane.
• Current oxide resources: 21 Mt @ 1.1% Cu (230,000t Cu).
• Low strip ratio pits and low acid consumption
• White Range operating costs estimated to be US\$ 0.55-0.65/1b Cu (awaiting December 2004 BFS).
• Significant upside to increase resources/reserves.

MATRIX METALS PROJECT LOCATIONS & RESOURCES

Mt Waison, 3.3 Mt @ 1.0% Cu. 200 depositio de developed at a rate of 15,000: Gu oa.

Mt Cuthbert Operation: SX/EW plant to be moved to White Range.

White Ranger 12.4 Mt @ 1.1% Cu. 1^st deposit to be developed at a rate of 15,0001 CU oa.

Gold potential.

MT CUTHBERT SX/EW PLANT

• Proven dump leach SX/EW in-house experise.
• Mt Cuthbert plant moving to White Range.

POTENTIAL FOR NEW COPPER OXIDE DEPOSITS

Other copper oxide prospects : Mi Earl Prospect 16m @ 1.62% Cu 20m @ 1.22% Cu 14m @ 1.24% Cu 16m @ 1.17% Cu 16m @ 1.46% Cu Toby Barty Prospect 14m @ 1.0%Cu Copper Canyon Prospect 10m @ 0.9% Cu Desolation Prospect 9m @ 1.3% Cu

Other untested copper oxide prospects occur on Matrix's profect areas.

PRIMARY COPPER SULPHIDE. POTENTIAL

Potential for economic primary copper sulphide ore bodies beneath surface oxide deposits.

Mt Watson drill hole example: MWRCD 130: 33m @ 2.18% Cu (including 20m @ 3.03% Cu)

$an$ $m$