IGO LIMITED — Investor Presentation 2008

Nov 18, 2008

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INDEPENDENCE GROUP NL
Annual General Meeting
Investor Update
19 [th] November 2008
Chris Bonwick
Managing Director
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FORWARD LOOKING STATEMENTS Certain oral and written statements contained or incorporated by reference in this presentation, including information as to the future financial or operating performance of the Company and its projects, constitute forward-looking statements. All statement, other than statements of historical fact, are forward-looking statements. The words “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “intend”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule” and similar expressions identify forward-looking statements. Forward-looking statements include, among other things, statements regarding targets, estimates and assumptions in respect of nickel, gold or other metal production and prices, operating costs and results, capital expenditures, mineral reserves and mineral resources and anticipated grades and recovery rates. Forward-looking statements are necessarily based upon a number of estimates and assumptions related to future business, economic, market, political, social and other conditions that, while considered reasonable by the Company, are inherently subject to significant uncertainties and contingencies. Many known and unknown factors could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward-looking statements. Such factors include, but are not limited to: competition; mineral prices; ability to meet additional funding requirements; exploration, development and operating risks; uninsurable risks; uncertainties inherent in ore reserve and resource estimates; dependence on third party smelting facilities; environmental regulation and liability; currency risks; effects of inflation on results of operations; factors relating to title to properties; native title and aboriginal heritage issues; dependence on key personnel; and share price volatility and also include unanticipated and unusual events, many of which are beyond the Company’s ability to control or predict. The Company disclaims any intent or obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. All forward-looking statement made in this presentation are qualified by the foregoing cautionary statements. Investors are cautioned that forwardlooking statements are not guarantees of future performance and, accordingly, not to put undue reliance on such statements.

INDEPENDENCE OVERVIEW - CORPORATE Capital Structure: 113M shares & 1.7M staff options 27 Institutions with >0.5M shares Directors & staff – 7% Daily turnover (6 month average) – 856,528 Substantial shareholders: JP Morgan - 11.5M shares (10.1%) Barclays - 8 5M shares. (6 9%). Orion - 7.5M shares (6.4%) NAB - 6.8M shares (6.1%) Financials: NPAT: $51.5M EPS: $0.44 / share (diluted) Dividend: Dec 07 – 12c final, Apr 08 - 5c interim Sep 08 Financials: Cash & Net Receivables: $127.5M

INDEPENDENCE OVERVIEW - ASSETS Long Nickel Mine 2007/8 Cash Costs: A$4.12/lb Ni 2007/8 Production: 9,275t Ni June 2007 Resources: 79,300t Ni @ 5.3% Ni June 2007 Reserves: 39,600t Ni @ 3.6% Ni Extending mine life Tropicana JV Initial Open Cut Resource: 30% of 4.05M oz Significant underground & regional potential Regional Exploration 8 high quality Ni, Au and Cu-Pb-Zn exploration projects. Unique exploration targeting & technology

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IGO HISTORY AND SHARE PRICE FINANCIALS
Monthly Average Share Price to 14.11.08 2007/8
Total revenue $149M
Profit before tax (unaudited) $74M
Net profit after tax (unaudited) $51M
Cash & net receivables $150M
Diluted earnings per share 44c
Dividend payment per share 17c
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INDEPENDENCE GROUP NL
LONG NICKEL MINE
IGO’S CURRENT CASH PRODUCING ASSET
Purchase price = A$15M IGO Profit to date = $233.8M
1979-1999
WMC Production:
203,184t Ni
2002-2008
IGO Production:
46,516t Ni
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LONG NICKEL MINE (IGO 100%)
HISTORY:
♦ Starting Reserve = 26,800Ni t
♦ Production to Jun08 = 46,516Ni t
♦ June 2008 Resource = 75,800Ni t
♦ June 2008 Reserves = 37,200Ni t
GOALS:
♦ Sustainable 9,000t Ni pa in
bottom 3rd of world-wide nickel
production cash costs.
♦ New Reserves to increase mine
life and possibly increase
production rate.
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LONG MINE PERSONNEL PRODUCTION FORECAST & HEDGING
2007/8 2007/8
Budget Actual
♦ Owner operator with
126 salaried employees ♦ Production 8,800-9,000 Ni t 9,275 Ni t
& 35 full time contractors. ♦ Grade 3.8% Ni 3.6% Ni
♦ Cash Costs (payable) A$4.50-4.65/lb Ni A$4.12/lb Ni
♦ O n y l 6 LTI’ s s nce i
2008/9
commencement.
Budget
♦ Production 8,400-8,800 Ni t
♦ Very experienced team. ♦ Grade 3.6% Ni
♦ Cash Costs (payable) A$4.50-4.65/lb Ni
♦ Productivity bonus.
♦ Hedging 1,800 Ni t @ $18,489 / t
Delivered @ 200Ni t / month to June 09
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QUARTERLY CASH COSTS & REVENUE
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LONG MINE RESOURCES & RESERVES
LONGITUDINAL PROJECTION
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LONG NORTH - SIGNIFICANT NICKEL LONG MINE RESOURCES & RESERVES
INTERCEPTS OUTSIDE RESERVES LONGITUDINAL PROJECTION
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McLEAY SHOOT 3 – SIGNIFICANT NICKEL LONG MINE RESOURCES & RESERVES
INTERCEPTS OUTSIDE RESERVES LONGITUDINAL PROJECTION
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LONG SOUTH TEM CONDUCTORS &
MINE GEOPHYSICS - TEM EQUIPMENT
SIGNIFICANT INTERCEPTS OUTSIDE RESERVES
Hightransmitter powered TEM 3 component
underground TEM
system
♦ 10 x more powerful
than current systems.
♦ Doubles search radius Down hole TEM probe
detection up to 200m. ♦ Locates blind
♦ Cleaner data. ♦ 100m search radius. massive NiS
♦ More accurate ♦ 3D visualisation of remnants 10-50m
targeting. massive NiS targets. from stopes.
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MINE GEOPHYSICS LONG SOUTH
SEISMIC REFLECTION SEISMIC SURVEY
Low resolution trial
seismic survey coverage
Long South Target
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MCLEAY AND LONG SOUTH
SEISMIC SECTION
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LONG FLY THROUGH
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TROPICANA JV - NEW GOLD PROVINCE
TROPICANA JV TENEMENTS
IGO’S SECOND CASH GENERATOR
AngloGold Ashanti – 70% (Manager)
Independence Group – 30% free-carried to
completion of Pre-feasibility Study
Tropicana JV
1000kms
“New Gold Province under sand”
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TROPICANA JV TROPICANA & HAVANA
SIGNIFICANT DISCOVERIES TO DATE SIGNIFICANT INTERCEPTS
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TROPICANA & HAVANA TROPICANA JV - NEW INTERCEPTS
PROPOSED OPEN CUTS OUTSIDE DEC 07 RESOURCE MODEL
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TROPICANA JV - HAVANA ZONE TROPICANA JV - HAVANA ZONE
G X M GOLD CONTOURS SIGNIFICANT DRILL HOLE RESULTS
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TROPICANA PRE-FEASIBILITY STATUS TROPICANA JV – 45KM GOLD CORRIDOR	TROPICANA PRE-FEASIBILITY STATUS TROPICANA JV – 45KM GOLD CORRIDOR	TROPICANA PRE-FEASIBILITY STATUS TROPICANA JV – 45KM GOLD CORRIDOR	TROPICANA PRE-FEASIBILITY STATUS TROPICANA JV – 45KM GOLD CORRIDOR	TROPICANA PRE-FEASIBILITY STATUS TROPICANA JV – 45KM GOLD CORRIDOR
	TROPICANA PRE-FEASIBILITY STATUS		TROPICANA JV – 45KM GOLD CORRIDOR
	Open-cut Resource: Open-cut Size: Drilling: Pit Design: 62.8M t @ 2.0g/t Au (4.05M oz Au) at Dec 07 Target – 10 years @ +300,000oz/y 25m x 25m Reserves in-fill drilling and testing high-grade down plunge potential in progress 2 main open cuts Mill: Metallurgy: 3.5 – 7.5Mt p/a Free milling – 91% recovery
Water: Flora & Fauna: Ethnographic: Tenure: Large aquifer discovered No major issues envisaged No major issues envisaged Mining leases granted	Water: Flora & Fauna: Ethnographic: Tenure: Large aquifer discovered No major issues envisaged No major issues envisaged Mining leases granted

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TROPICANA JV – BLACK DRAGON PROSPECT
ROCK CHIPS
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TROPICANA FLY THROUGH
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• REGIONAL EXPLORATION STRATEGY

• Discovering new, high profit mines by -

• ♦ Technical Innovation • Geophysical tools to see “under cover” • New targeting techniques • Database licensing and evaluation

• ♦ Unlocking value in established and emerging belts • Examples: Wiluna, Ravensthorpe, Duketon

• ♦ First mover advantage in “frontier” belts • Establish major land position • Examples: Tropicana, Dalwallinu, Coomberdale, Storbodsund

• ♦ Strong in-house geophysical capability • Industry leaders • Data integrity • Rapid evaluation

• ♦ Small, well resourced, highly motivated exploration team

IGO NICKEL EXPLORATION PROJECTS

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EXPLORATION GEOPHYSICS LAKE LEFROY JOINT VENTURES
High powered TEM transmitter truck
developed in conjunction
with Curtin University
Squid TEM sensor
Photo courtesy of Anglo American
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LAKE LEFROY JOINT VENTURE
TEM ANOMALIES OVER MAGNETICS
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NORTH-EASTERN GOLDFIELDS
NICKEL PROJECTS
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WILUNA JV NORTH-EASTERN GOLDFIELDS
(IGO earning 51-70%) NICKEL PROJECTS
JV Partner: OZ
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DUKETON JV – BULGE NICKEL PROSPECT DUKETON JV – BULGE PROSPECT
(IGO earning 70%) NICKEL GEOCHEM ANOMALIES
JV Partner:
South Boulder
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IGO GOLD EXPLORATION PROJECTS
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HOLLETON PROJECT (IGO 90-100%)
REGIONAL GEOLOGY
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HOLLETON PROJECT (IGO 100%) MT ISDELL (IGO diluting to 49%)
GIBB ROCK Au ANOMALIES PROJECT AREA OVER GRAVITY IMAGE
JV Partner: Teck Cominco
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MT ISDELL – LAG GEOCHEM IMAGES
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KARLAWINDA (IGO – 100%)
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INDEPENDENCE CORPORATE GOALS

To improve shareholder returns by becoming a highly profitable, multi commodity Australian mining company

Focus on: ♦ Low cash costs ♦ Mine longevity

RESOURCE & RESERVE COMPETENT PERSON STATEMENT

Note: The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Christopher M Bonwick who is a full-time employee of the Company and is a member of the Australasian Institute of Mining and Metallurgy. Christopher Bonwick has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Christopher Bonwick consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

♦ Innovative exploration

♦ Strong balance sheet

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