IGO LIMITED — Investor Presentation 2012

Oct 16, 2012

GROWING A GREAT AUSTRALIAN MINING COMPANY

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Presentation to Macquarie Western Australian Forum Chris Bonwick, Managing Director 17[th] October 2012

l 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

17 October 2012

ABN 46 092 786 304

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Capital Structure:

ASX 200 Code : IGO 232.9M shares

Financials:

Market Cap. (15/10/12): A$971.1M Cash (30/06/12): A$192.7M Debt (30/06/12): (A$23.4M) Hedge Book (30/06/12): A$23.9M

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 MAJOR PROJECTS
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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 50% complete at 30 June 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$1,777/oz

• Recent gold price (28/9/12):

• 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

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Sealed airstrip

• AGA 27/7/11 ASX Release - Reserve Estimate

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IGO 30%, AGA 70%, MANAGER

SITE PHOTOS:

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Site aerial view

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Accommodation village

CIL tank construction

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Dry mess

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L l Comparison BFS – November 2010 Current TROPICANA GOLD PROJECT IGO 30%, AGA 70%, MANAGER	L l Comparison BFS – November 2010 Current TROPICANA GOLD PROJECT IGO 30%, AGA 70%, MANAGER
	Reserves 3.45Moz Au 3.91Moz Au Resources 5.01Moz Au 6.41Moz Au Capital Cost Estimate $740M real $775 nominal $740M real $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

• 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

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
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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BOSTON SHAKER & SWIZZLER

SIGNIFICANT INTERCEPTS

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Drill widths approximate true widths

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IGO 30%, AGA 70%, MANAGER

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FLY THROUGH

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

• � IGO produced 83,931t 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
Production (Ni Tonnes)	9,995	9,200 – 9,600
Cash Costs (A$/lb Ni)	$4.74	$4.80 - $5.00
Tonnes	282,177	260,000 – 280,000

Reference: IGO 29/8/2012 ASX Release – 2012 Financial Year Full Year Result and Final Dividend IGO 17/10/2012 ASX Release – Long Nickel Mine Mineral Resource and Ore Reserve Statement

� Hedging : 2012/2013 200 Ni tonnes per month @ A$12.17/lb

*Record during the ten years of IGO ownership

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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.

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 17/10/2012 ASX Release – Long Nickel Mine Mineral Resource and Ore Reserve Statement
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FLY THROUGH

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L l Jaguar & Bentley zinc- il Mi 2011/12 Actual 2012/13 Guidance GUAR & BENTLEY (IGO 100%) ODUCTION UPDATE
Jaguar & Bentley zinc- il Mi	2011/12 Actual	l 2012/13 Guidance
copper-sver nes
Production (Zn Tonnes)	16,569	27,000 – 28,000
Production(Cu Tonnes)	7,257	5,000 – 6,000
Production(Agozs)	577,726	700,000 – 800,000
Cash Costs(A$/lb Zn)	$0.58	$0.40 - $0.60

PRODUCTION UPDATE

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

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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Reference: IGO 17/10/2012 ASX Release Jaguar/Bentley Operation Mineral Resource and Ore Reserve Statement

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

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

• Prospectively around existing 3 mines.

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

Golden Grove Gossan Hill : discovery history

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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.

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

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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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FLY THROUGH

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l Total Indicated + Inferred Resources: 13.98M t @ 2.1% Cu, 4.3% Zn, 38g/t Ag, 1.0g/t Au.

( Contained Metal ~ 293,700t Cu, 601,400t Zn, 17.1Moz Ag, 0.4Moz Au)

Reference: IGO 17/10/2012 ASX Release –

Stockman Project Mineral Resource Statement.

• 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 DeBeers over 30 years.

• IGO analysing samples for 57 elements including Ni, Cu, Pb, Zn, Au, Ag, Pt, Pd, Ur, 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
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�
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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L l RESERVES AND RESOURCES Mineral Resources 30 June 2012 LONG NICKEL OPERATION Ore Reserve 30 June 2012	L l RESERVES AND RESOURCES Mineral Resources 30 June 2012 LONG NICKEL OPERATION Ore Reserve 30 June 2012	L l RESERVES AND RESOURCES Mineral Resources 30 June 2012 LONG NICKEL OPERATION Ore Reserve 30 June 2012	L l RESERVES AND RESOURCES Mineral Resources 30 June 2012 LONG NICKEL OPERATION Ore Reserve 30 June 2012	L l RESERVES AND RESOURCES Mineral Resources 30 June 2012 LONG NICKEL OPERATION Ore Reserve 30 June 2012	L l RESERVES AND RESOURCES Mineral Resources 30 June 2012 LONG NICKEL OPERATION Ore Reserve 30 June 2012	L l RESERVES AND RESOURCES Mineral Resources 30 June 2012 LONG NICKEL OPERATION Ore Reserve 30 June 2012	L l RESERVES AND RESOURCES Mineral Resources 30 June 2012 LONG NICKEL OPERATION Ore Reserve 30 June 2012	L l RESERVES AND RESOURCES Mineral Resources 30 June 2012 LONG NICKEL OPERATION Ore Reserve 30 June 2012	L l RESERVES AND RESOURCES Mineral Resources 30 June 2012 LONG NICKEL OPERATION Ore Reserve 30 June 2012	L l RESERVES AND RESOURCES Mineral Resources 30 June 2012 LONG NICKEL OPERATION Ore Reserve 30 June 2012	L l RESERVES AND RESOURCES Mineral Resources 30 June 2012 LONG NICKEL OPERATION Ore Reserve 30 June 2012
	Mineral Resources 30 June 2012						l Ore Reserve 30 June 2012
	Cut-off 1% Ni						at Economic Ni Cut-off
	MORAN	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 VICTOR Measured - - - VICTOR SOUTH 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 McLEAY 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
	GRAND TOTAL 1,303,000 5.9 76,600 GRAND TOTAL 1,121,000 3.7 41,900 Reference: IGO 17/10/2012 ASX Release Long Operation Mineral Resource and Ore Reserve Statement
	Reference:	IGO 17/10/2012 ASX Release Long Operation Mineral Resource and Ore Reserve Statement

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TROPICANA GOLD PROJECT JV

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	Mil R	Mil R	Mil R	Mil R		O R	O R	O R	O R
	nera esources					re eserve
	November 2011					June 2011
	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
	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 Resources and Reserve Estimates

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JAGUAR / BENTLEY OPERATION

JAGUAR / BENTLEY OPERATION

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	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
	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	-									34
	Total 1,554,000 1.6 2.5 49 -
	GRAND TOTAL 5,063,000 1.9 7.1 99
	Reference: IGO 17/10/12 ASX Release Jaguar/Bentley Operation Mineral Resource and Ore Reserve							Statement

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STOCKMAN PROJECT

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	Mineral Resources 30 June 2012
	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
	,, . . . . * Inferred Augrades for Wilga Reference: IGO 17/10/12 ASX Release Stockman Project Mineral Resource Statement
	* Inferred Augrades for Wilga
	Reference: IGO 17/10/12 ASX Release Stockman Project Mineral Resource Statement

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

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	Laterite	2.2	1.1	77,100
	Upper Saprolite	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
	Reference: IGO 28/06/2012 ASX Release - Bibra Resources Estimate		(Au(oz) figures have been rounded to nearest 100oz)

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COMPETENT PERSONS STATEMENTS
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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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