IGO LIMITED — Investor Presentation 2012

Oct 31, 2012

GROWING A GREAT AUSTRALIAN MINING COMPANY

Mining 2012 Resources Convention Brisbane Chris Bonwick, Managing Director 1[st] November 2012

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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 forward-looking statements are not guarantees of future performance and, accordingly, not to put undue reliance on such statements.

Independence Group NL

ABN 46 092 786 304

1[st] November 2012

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Capital Structure:

ASX 200 Code : IGO 232.9M shares

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Financials: Market Cap. (29/10/12): A$952.6M Cash (end Sept Qtr 2012): A$146.9M Debt (end Sept Qtr 2012): (A$21.4M) Hedge Book (end Sept Qtr 2012): A$14.6M Estimated Unaudited NPAT (Sept Qtr 2012): A$7.5M

Substantial shareholders: JCP Investment Partners: 13.2% (As advised to IGO up to 16 Oct 2012) National Australia Bank: 9.1% Commonwealth Bank: 5.1% BT Investment Management: 5.1% Fidelity: 5.0% Dividends: Interim dividend (23 Mar 2012) 2c Final dividend (28 Sep 2012) 1c

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IGO 30%, AGA 70%, MANAGER

NEW AUSTRALIAN GOLD PROVINCE l UNDER SAND DUNES

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Regional drilling

Preparation for mining

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IGO 30%, AGA 70%, MANAGER

PROJECT UNDER CONSTRUCTION:

• Project 64% complete at 30 September 2012

• First production estimated December Qtr 2013

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• IGO attributable production years 1-3 : 141-147,000 oz Au pa ^

• Cash costs years 1-3 : A$580-600/oz Au

A$580-600/oz Au A$1,713/oz

• Recent gold price (29/10/12):

• 1.9M oz Au[# ]

• Resources – IGO 30% Share:

• Reserves – IGO 30% Share:

• 1.2M oz Au*

• ……and growing

• Combined land position of 13,480sq km

• References : ^ IGO 11/11/10 ASX Release - Tropicana Gold Project Development Approval (real terms as at 2010). # IGO 29/11/11 ASX Release - Open Pit and Havana Deeps Underground Resource Estimates * AGA 27/7/11 ASX Release - Reserve Estimate

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CASA Approved aerodrome 1.5 hour flight time From Perth

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IGO 30%, AGA 70%, MANAGER

SITE PHOTOS:

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Site aerial view

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CIL tank construction

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Accommodation village

Airport

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TROPICANA GOLD	PROJECT
GO 30%, AGA 70%, MANAGER		L
Comparison	BFS – November 2010	l Current
Reserves	3.45Moz Au	3.91Moz Au
Resources	5.01Moz Au	6.41Moz Au
Capital Cost Estimate	$740M real	$740M real*
	$775 nominal	$775 nominal*
Operating Costs LOM (real)	A$730/oz incl. royalties	A$730/oz incl. royalties*
Production Targets LOM	3.45Moz Au	Awaiting new LOM
Life of mine (LOM)	10 years	Awaiting new LOM
First Production Estimate	Second half 2013	December Quarter 2013
Production & Potential Sources	Tropicana, Havana,	Tropicana, Havana,
	Havana South	Havana South, Boston Shaker,
		Havana Deeps

IGO 30%, AGA 70%, MANAGER

*** Awaiting new LOM. Quoted figures, as at 2010.**

References: IGO 1/10/2010, 11/11/2010, 27/7/2011 and 29/11/2011 ASX Releases.

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UPSIDE STUDIES & POTENTIAL

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November 2011 Mineral Resource: 88.3Mt @ 2.3g/t Au = 6.41Moz (A$1,400/oz) l June 2011 Open Pit Reserve: 56.4Mt @ 2.2g/t Au = 3.91Moz (A$1,210/oz)

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Reference : AGA 27/7/11 ASX Release for Reserve Estimate and

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IGO 29/11/11 ASX Release for Open Pit and Havana Deeps Underground Resource Estimates

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HAVANA OPEN CUT & UNDERGROUND MINE POTENTIAL

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Reference : AGA 27/7/11 ASX Release for Reserve Estimate and IGO 29/11/11 ASX Release for Open Pit and Havana Deeps Underground Resource Estimates

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SIGNIFICANT DOWN PLUNGE POTENTIAL

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Drill widths approximate true widths

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FLY THROUGH

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IGO 30%, AGA 70%, MANAGER

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• Record^ Annual 2012 Production – 9,995Ni t (2011/12 Guidance 8,800-9,200Nit). l

• IGO produced over 83,000t Ni since acquisition.

• June 2012 Ore Reserve 41,900t Ni and Resource 76,600t Ni.

• 2011 Ore Reserve at A$10.10/lb Ni 2012 Ore Reserve at A$8.55/lb Ni

• Exploration success in new areas of Moran East and Long North.

• Moran South and McLeay South open along strike.

Long Nickel mine	2011/12 Actual	2012/13 Guidance	Sept Qtr 2012
Production (Ni Tonnes)	9,995	9,200 – 9,600	2,952
*Cash Costs (A$/lb Ni)	$4.74	$4.80 - $5.00	$3.88
Tonnes	282,177	260,000 – 280,000	76,713

*** Cash Costs are Reported based on Payable Metal Including Royalties**

 Hedging : FY13 200 Ni tonnes per month @ A$12.17/lb

Reference: IGO 29/8/2012 ASX Release – 2012 Financial Year Full Year Result and Final Dividend

^Record during the ten years of IGO ownership

Refer IGO ASX Release of 17 October 2012 for Mineral Resource and Reserve and IGO’s Annual Report 2012 released 19 October 2012 for Competent Persons’ Consents.

IGO 31/10/2012 ASX Release – Quarterly Activities Report to 30 September 2012

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QUARTERLY CASH COSTS & REVENUE

 Remains a low cost nickel producer.

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MINE GEOPHYSICS – TEM EQUIPMENT

 Innovative research and development

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High powered TEM transmitter exclusive to IGO****

• 10 x more powerful than conventional systems.

Nickel sulphides are very conductive and can be detected using electromagnetic geophysicial technology

• Doubles search radius detection up to 200m.

• Cleaner data.

• More accurate targeting.

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Down hole TEM probe

• 200m search radius.

• 3D visualisation of .

• massive NiS targets

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DEPOSITS & TARGETS LONGITUDINAL PROJECTION

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Reference:

IGO 29/8/2012 ASX Release – 2012 Financial Year Full Year Result and Final Dividend

Refer IGO ASX Release of 17 October 2012 for Mineral Resource and Reserve and IGO’s Annual Report 2012 released 19 October 2012 for Competent Persons’ Consents.

IGO 31/10/2012 ASX Release – Quarterly Activities Report to September 2012

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FLY THROUGH

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• Under-explored 50km long prospective l Cu-Zn-Ag VMS corridor.

• Prospectivity around existing 3 mines.

• Six Cu-Zn-Ag alteration anomalies under- cover being systematically tested.

Golden Grove Gossan Hill : discovery history

Bentley Deposit Scale Comparison

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L l Jaguar & Bentley zinc- copper-silver Mines 2011/12 Actual 2012/13 Guidance Sept Qtr 2012 UAR & BENTLEY (IGO 100%) ODUCTION UPDATE	L l Jaguar & Bentley zinc- copper-silver Mines 2011/12 Actual 2012/13 Guidance Sept Qtr 2012 UAR & BENTLEY (IGO 100%) ODUCTION UPDATE	L l Jaguar & Bentley zinc- copper-silver Mines 2011/12 Actual 2012/13 Guidance Sept Qtr 2012 UAR & BENTLEY (IGO 100%) ODUCTION UPDATE	L l Jaguar & Bentley zinc- copper-silver Mines 2011/12 Actual 2012/13 Guidance Sept Qtr 2012 UAR & BENTLEY (IGO 100%) ODUCTION UPDATE	L l Jaguar & Bentley zinc- copper-silver Mines 2011/12 Actual 2012/13 Guidance Sept Qtr 2012 UAR & BENTLEY (IGO 100%) ODUCTION UPDATE
Jaguar & Bentley zinc- copper-silver Mines	2011/12 Actual	l 2012/13 Guidance	Sept Qtr 2012
Production (Zn Tonnes)	16,569	27,000 – 28,000	6,668
Production(Cu Tonnes)	7,257	5,000 – 6,000	1,360
Production(Agozs)	577,726	700,000 – 800,000	194,844
*Cash Costs(A$/lb Zn)	$0.58	$0.40 - $0.60	$0.69

PRODUCTION UPDATE

*** Cash Costs are Reported based on Payable Metal Including Royalties**

Reference: IGO 29/8/2012 ASX Release – 2012 Financial Year Full Year Result and Final Dividend IGO 31/10/2012 ASX Release – Quarterly Activities Report to 30 September 2012

HEAVY MEDIA SEPARATION PLANT

• Removes waste rock from diluted ore and stringer sulphides.

• Increases mill head-grade resulting in reduced processing costs.

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BENTLEY DEPOSIT

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Drill intercepts are quoted as down hole widths, and not true widths

Reference: Refer IGO ASX Release of 17 October 2012 for Mineral Resource and Reserve and IGO’s Annual Report 2012 released 19 October 2012 for Competent Persons’ Consents.

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• 207% Increase in Resource announced June 2012 to 674,300oz Au.

• New Gold Province in Western Australia’s “Iron Ore Country”.

• No historical gold workings.

• Under cover.

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• Close to infrastructure: major town, airport, sealed roads, major highway, gas pipeline, fresh water.

• Similar geological setting to Tropicana.

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Reference: IGO 28/06/2012 ASX Release – Karlawinda Gold Project

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FRANCOPAN PROSPECT DISCOVERY

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BIBRA PROSPECT CROSS-SECTION

• Scoping Study commenced.

• Potential to increase resources down dip and along strike.

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Reference: IGO 28/06/2012 ASX Release – Karlawinda Gold Project

BIBRA PROSPECT GRAM X METRE CONTOURS  Currently seven untested anomalies for follow-up regional exploration l

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Reference: IGO 28/06/2012 ASX Release – Karlawinda Gold Project

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Total Indicated + Inferred Resources: l

13.98M t @ 2.1% Cu, 4.3% Zn, 38g/t Ag, 1.0g/t Au.

Contained Metal :

293,700 t Cu 601,400 t Zn 17.1 Moz Ag 0.4 Moz Au

Reference: Refer IGO ASX Release of 17 October 2012 for details of the Mineral Resource and to IGO’s Annual Report 2012 released 19 October 2012 for Competent Persons’ Consents.

• 8 years x 1Mtpa BFS study nearing completion, subject to peer review.

• Approvals process continuing.

• Recent gold discovery at Bigfoot Prospect, 300m north of Currawong Deposit.

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• Long term exploration asset to find new Australian mineral camps.

• 293,000 geochemical samples collected by De Beers over 30 years.

• IGO analysing samples for 57 elements including Ni, Cu, Pb, Zn, Au, l l Ag, Pt, Pd, U, rare earths, Sn, Li, K etc.

• Over 49,000 samples analysed to date generating numerous geochemical anomalies.

• IGO has pegged a number of previously unknown gold, copper, zinc and tin anomalies.

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Sample coverage
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Sample storage

• No buy-back or royalties in future mineral discoveries

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• Combination of low cost cash flows from current operating mines with significant long-life l development projects and highly prospective exploration

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• Highly complementary management and technical capabilities, with proven successful track records of exploration, project management and operations

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CONTACT DETAILS

Perth Office Chris Bonwick, Managing Director Suite 4, Level 5, South Shore Centre 85 South Perth Esplanade South Perth, Western Australia, 6151 PO Box 496, South Perth, Western Australia, 6951 Telephone: +61 8 9238 8300 Facsimile: +61 8 9238 8399 Email: contact@igo.com.au Website: www.igo.com.au ASX Code: IGO

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APPENDIX RESERVES AND RESOURCES STATEMENTS

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NICKEL OPERATION

ICKEL OPERATION	ICKEL OPERATION	ICKEL OPERATION	ICKEL OPERATION	ICKEL OPERATION	ICKEL OPERATION	ICKEL OPERATION	ICKEL OPERATION	ICKEL OPERATION	ICKEL OPERATION	ICKEL OPERATION
ineral Resources 30 June 2012					Ore Reserve 30 June 2012					l
Cut-off 1% Ni					at Economic Ni Cut-off
Classification Tonnes Ni% Ni Tonnes				Classification Tonnes Ni% Ni Tonnes
Measured	47,000	3.7	1,700		LONG
Indicated	220,000	5.1	11,200			Proven	5,000	3.0	100
Inferred	167,000	5.1	8,600			Probable	91,000	2.6	2,400
Total 434,000 5.0 21,500				Total 96,000 2.6 2,500
Measured	-	-	-		MORAN
Indicated	498,000	7.1	35,300			Proven	-	-	-
Inferred	11,000	5.3	600			Probable	768,000	4.1	31,700
Total 509,000 7.0 35,900				Total 768,000 4.1 31,700
Measured	-	-	-		VICTOR
Indicated	53,000	7.3	3,900		SOUTH	Proven	-	-	-
Inferred	34,000	1.5	500			Probable	55,000	4.2	2,300
Total 87,000 5.1 4,400				Total 55,000 4.2 2,300
Measured	49,000	7.2	3,600		McLEAY
Indicated	145,000	5.5	7,900			Proven	63,000	2.4	1,500
Inferred	79,000	4.2	3,300			Probable	139,000	2.8	3,900
Total 273,000 5.4 14,800				Total 202,000 2.7 5,400
L 1,303,000 5.9 76,600				GRAND TOTAL 1,121,000 3.7 41,900
Refer IGO ASX Release of 17 October 2012 for Mineral Resource and Res				erve and IGO’s Annual Report 2012 released 19 October 2012 for Competent Persons' Consents.

ineral Resources 30 June 2012

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TROPICANA GOLD PROJECT JV

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Mineral Resources	Mineral Resources	Mineral Resources	Mineral Resources		Ore Reserve	Ore Reserve	Ore Reserve	Ore Reserve
November 2011					June 2011
Tonnes Grade Contained Gold Tonnes Grade Contained Gold Classification (Mt) (g/t)1 (Moz)2 Classification (Mt) (g/t)3 (Moz)4
Measured	28.2	2.1	1.95
Indicated	49.4	2.0	3.25		Proven	25.8	2.3	1.90
Inferred	10.6	3.6	1.21		Probable	30.6	2.0	2.01
TOTAL 88.3 2.3 6.41 TOTAL 56.4 2.2 3.91
Note:
(1) Cut-off: 0.3g/t for transported and upper saprolite, 0.4g/t for lower saprolite, 0.4g/t Au for saprock, 0.5g/t Au fresh material, 2.14g/t Au underground.
(2) Havana, Tropicana and Boston Shaker A$1,400/oz Au optimisation.
(3) Cut-off: 0.4g/t for transported and upper saprolite, 0.5g/t for lower saprolite, 0.6g/t Au for saprock, 0.7g/t Au fresh ore.
(4) A$1,210/oz Au optimisation.
Reference: AGA 27/7/11 and 29/11/11 Annual Report ASX Releases for Resource and Reserve Estimates

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JAGUAR / BENTLEY OPERATION

JAGUAR / BENTLEY OPERATION l

Mineral Resources 30 June 2012	Mineral Resources 30 June 2012	Mineral Resources 30 June 2012	Mineral Resources 30 June 2012	Mineral Resources 30 June 2012	Mineral Resources 30 June 2012	Mineral Resources 30 June 2012		l Ore Reserve 30 June 2012	l Ore Reserve 30 June 2012	l Ore Reserve 30 June 2012	l Ore Reserve 30 June 2012	l Ore Reserve 30 June 2012	l Ore Reserve 30 June 2012	l Ore Reserve 30 June 2012
Classification Tonnes Cu% Zn% Ag g/t Au g/t								Classification Tonnes Cu% Zn% Ag g/t Au g/t
JAGUAR	Measured	429,000	2.5	4.4	61	-		JAGUAR	Proven	73,000	1.9	0.5	15	-
	Indicated	129,000	1.8	2.6	32	-			Probable	6,000	1.5	0.4	10	-
	Inferred	31,000	2.6	2.7	43	-		Total 79,000 1.8 0.4 14
	Stockpiles	6,000	1.9	3.7	54	-
Total 595,000 2.3 3.9 54								BENTLEY	Proven	-	-	-	-	-
									Probable	2,373,000	1.3	8.5	100	0.5
**BENTLEY **	Measured	-	-	-	-	-		Total 2,373,000 1.3 8.5 100 0.5
	Indicated	2,118,000	1.7	10.5	125	0.7
	Inferred	795,000	2.5	9.6	160	0.9
	Stockpiles	1,000	0.8	6.5	66	0.3		GRAND TOTAL 2,452,000 1.3 8.2 98 0.4
Total 2,914,000 1.9 10.2 134 0.7
		Mineral Resources - August 2009
**TEUTONIC **	Measured	-	-	-	-	-
BORE	Indicated	946,000	1.7	3.6	65	-
	Inferred	608,000	1.4	0.7	25	-
Total 1,554,000 1.6 2.5 49 -
GRAND TOTAL 5,063,000 1.9 7.1 99
Reference: Refer IGO ASX Release of 17 October 2012 for Mineral Resource and Reserve and IGO’s Annual								Report 2012 released 19 October 2012 for Competent Persons' Consents.

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l Mineral Resources 30 June 2012	l Mineral Resources 30 June 2012	l Mineral Resources 30 June 2012	l Mineral Resources 30 June 2012	l Mineral Resources 30 June 2012	l Mineral Resources 30 June 2012	l Mineral Resources 30 June 2012	l Mineral Resources 30 June 2012
Classification Tonnes Cu% Zn% Pb% Ag g/t Au g/t
CURRAWONG	Indicated	9,548,000	2.0	4.2	0.8	42	1.2
	Inferred	781,000	1.4	2.2	0.3	23	0.5
Total 10,329,000 2.0 4.0 0.8 40 1.1
WILGA	Indicated	2,987,000	2.0	4.8	0.5	31	0.5
	Inferred	670,000	3.7	5.5	0.4	34	0.4
Total 3,657,000 2.3 4.9 0.5 32 0.5
GRAND TOTAL 13,986,000 2.1 4.3 0.7 38 1.0
* Inferred Augrades for Wilga
Reference: Refer IGO ASX Release of 17 October 2012 for details of the Mineral Resource and to IGO’s Annual Report 2012 released 19 October 2012 for Competent Persons' Consents.

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KARLAWINDA GOLD PROJECT : BIBRA DEPOSIT (INFERRED RESOURCES - JUNE 2012)

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Tonnes Au Grade Contained Au (Mt) (g/t) (oz) Mineralisation Type
Laterite	2.2	1.1	77,100
UpperSaprolite	0.9	1.1	31,000
LowerSaprolite	1.9	1.1	63,600
Transitional	2.1	1.0	68,200
Sub-total	7.1	1.1	239,900
Fresh	11.4	1.1	434,300
TOTAL INFERRED 18.5 1.1 674,300
Reference: IGO 28/06/2012 ASX Release - Bibra Resources Estimate		(Au(oz) figures have been rounded to nearest 100oz)

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Notes:

The information in this summary presentation that relates to Exploration Results 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. Mr 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’. Mr Bonwick consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this summary presentation that relates to Mineral Resources or Ore Reserves is a compilation of previously published data for which Competent Persons consents were obtained. Their consents remain in place for subsequent releases by Independence Group NL of the same information in the same context, until the consent is withdrawn or replaced by a subsequent report and accompanying consent. The initial public releases to the ASX of Mineral Resources or Ore Reserves have been referenced on each slide in this summary presentation, in accordance with clause 5 of the 2004 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. These references include the Competent Persons consent for each Mineral Resource or Ore Reserve.

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