IGO LIMITED — Investor Presentation 2012

Aug 2, 2012

GROWING A GREAT AUSTRALIAN MINING COMPANY

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DIGGERS & DEALERS 2012 Chris Bonwick, Managing Director

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

ABN 46 092 786 304

3 August 2012

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• 2000 Independence Group NL founded l

• � 2002 Listed on ASX (IGO)

• � 2002 Acquisition: Long Nickel Mine (IGO 100%)

• � 2005 Discovery: Tropicana Gold Project (IGO 30%) Discovery: McLeay Nickel Deposit at Long (IGO 100%)

• � 2008 Discovery: Moran Nickel Deposit at Long (IGO 100%) Acquisition: Karlawinda Gold Project (IGO 100%)

• � 2009 Discovery: Karlawinda Gold Project “Bibra Prospect” Acquisition: De Beers Database (IGO 100%)

• � 2010 Positive Tropicana Bankable Feasibility Study Tropicana Gold Mine Development Approval

• 2011 Acquisition: Jaguar / Bentley Copper, Zinc, Silver Mines (IGO 100%) Acquisition: Stockman Copper, Zinc, Silver, Gold Project (IGO 100%)

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Capital Structure:

ASX 200 Code : IGO 232.9M shares

Financials:

Market Cap. (31/07/12) : A$728.9M Cash (30/06/12): A$192.0M 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 31 July 2012) National Australia Bank: 9.1% Fidelity: 5.0% Commonwealth Bank: 5.1% Dividends: Interim dividend (Mar 2012) 2c

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� Six exploration discoveries since IGO’s inception

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Monthly average share price to 31/07/12 l
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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$1,543/oz

• Current gold price (31/07/2012):

• 1.9M oz Au[#]

• Resources – IGO 30% Share:

• Reserves – IGO 30% Share:

• 1.2M oz Au*

• ……and growing

• Combined land position of 15,677sq km

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Sealed airstrip

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

References : ^ IGO 11/11/10 ASX Release - Tropicana Gold Project Development Approval # IGO 29/11/11 ASX Release - Open Pit and Havana Deeps Underground Resource Estimates

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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.

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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UPSIDE STUDIES & MINE POTENTIAL

Potential Upside to BFS Pit Designs:

• Inclusion of Boston Shaker pit

• Underground operations at Havana, Tropicana and Boston Shaker

• Joining of pits between Havana and Tropicana

• Expanded Pit Shell

• New discovery

Exploration Upside:

• Havana Deeps Open down-plunge & along-strike

• Springbok 5m @ 4.0g/t Au

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• Voodoo Child 12.4m @ 5.6g/t Au

• Iceberg 8m @ 2.4g/t Au 2m @ 5.3g/t Au

Drill widths approximate true widths

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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.

• IGO produced 83,883t Ni since acquisition

• June 2011 largest ever Ore Reserve (58,100t Ni) and Resource (83,000t Ni).

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

• Long North, Moran South and McLeay South open along strike.

Long Nickel mine	2011/12 Guidance	2011/12 Actual	Performance
			against Budget
Production (Ni Tonnes)	8,800 – 9,200	9,995	8.6%
Cash Costs (A$/lb Ni)	$4.80 – 5.00	$4.79	0.2%
Grade	3.80%	3.54%	6.8%

� 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 20/10/11 ASX Release Annual Report for Resources and Reserve Estimates

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FLY THROUGH

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L l Jaguar & Bentley iil 2011/12 Guidance 2011/12 Actual Performance it Bdt JAGUAR & BENTLEY (IGO 100%) PRODUCTION UPDATE
Jaguar & Bentley iil	2011/12 Guidance	2011/12 Actual	l Performance it Bdt
znc-copper-sver Mines			agans uge
Production (Zn Tonnes)	15,500 – 16,500	16,569	0.4%
Production (Cu Tonnes)	7,500 – 8,500	7,257	3.2%
Production (Ag ozs)	400,000 – 500,000	577,266	15.4%

Reference: IGO 27/7/2012 ASX Release – Quarterly Activities Report for 3 months to 30 June 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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June 2011 Resource:
3.0M t @ 2.0% Cu,
9.8% Zn, 139g/t Ag,
0.7g/t Au
June 2011 Reserve:
2.45M t @ 1.5% Cu,
8.6% Zn, 106g/t Ag,
0.5g/t Au
Comet Lens intercept:
5.5m @ 1.1% Cu, 11.8% Zn,
129g/t, 2.7g/t Au
Reference: IGO 20/10/11 Annual Report ASX Release for
Resources & Reserve Estimates
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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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Total Indicated + Inferred Resources: l

12.7M t @ 2.1% Cu, 4.4% Zn, 39g/t Ag, (263,200t Cu, 551,900t Zn, 15.7Moz Ag). Reference: IGO 20/10/11 ASX Release – Annual Report for Resources Estimate.

• 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
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 RESOURCE and RESERVE STATEMENTS

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L l RESERVES AND RESOURCES Mineral Resources 30 June 2011 LONG NICKEL OPERATION Ore Reserve 30 June 2011 12 2	L l RESERVES AND RESOURCES Mineral Resources 30 June 2011 LONG NICKEL OPERATION Ore Reserve 30 June 2011 12 2	L l RESERVES AND RESOURCES Mineral Resources 30 June 2011 LONG NICKEL OPERATION Ore Reserve 30 June 2011 12 2	L l RESERVES AND RESOURCES Mineral Resources 30 June 2011 LONG NICKEL OPERATION Ore Reserve 30 June 2011 12 2	L l RESERVES AND RESOURCES Mineral Resources 30 June 2011 LONG NICKEL OPERATION Ore Reserve 30 June 2011 12 2	L l RESERVES AND RESOURCES Mineral Resources 30 June 2011 LONG NICKEL OPERATION Ore Reserve 30 June 2011 12 2	L l RESERVES AND RESOURCES Mineral Resources 30 June 2011 LONG NICKEL OPERATION Ore Reserve 30 June 2011 12 2	L l RESERVES AND RESOURCES Mineral Resources 30 June 2011 LONG NICKEL OPERATION Ore Reserve 30 June 2011 12 2	L l RESERVES AND RESOURCES Mineral Resources 30 June 2011 LONG NICKEL OPERATION Ore Reserve 30 June 2011 12 2	L l RESERVES AND RESOURCES Mineral Resources 30 June 2011 LONG NICKEL OPERATION Ore Reserve 30 June 2011 12 2	L l RESERVES AND RESOURCES Mineral Resources 30 June 2011 LONG NICKEL OPERATION Ore Reserve 30 June 2011 12 2	L l RESERVES AND RESOURCES Mineral Resources 30 June 2011 LONG NICKEL OPERATION Ore Reserve 30 June 2011 12 2
	Mineral Resources 30 June 2011						l Ore Reserve 30 June 2011
	12						2
	Undiluted at 1% Ni Cut-off,						at Economic Ni Cut-off
	, . , ,, . , VICTOR Measured - - - VICTOR SOUTH Indicated 240,000 2.6 6,200 SOUTH Proven - - - Inferred 34,000 1.5 500 Probable 68,000 4.3 2,900 Total 274,000 2.4 6,700 Total 68,000 4.3 2,900 McLEAY Measured 69,000 6.9 4,800 McLEAY Indicated 203,000 5.1 10,300 Proven 120,000 2.8 3,400 Inferred 93,000 4.4 4,100 Probable 204,000 2.9 5,900 Total 365,000 5.3 19,200 Total 324,000 2.9 9,300
	GRAND TOTAL 1,566,000 5.3 83,000 GRAND TOTAL 1,610,000 3.6 58,100 Reserves are included in resources Notes: (1) The cut-offgrade used for the Victor South resources is 0.6% Ni. (2) Ore tonnes have been rounded to the nearest thousand tonnes and nickel tonnes have been rounded to the nearest hundred tonnes. (3) The competentpersons statement is incorporated in the JORC Code Competent Persons and Forward Looking Statements section of thispresentaiton. Reference: IGO 20/10/11 Annual Report ASX Release for Resources and Reserve Estimates 34
	Reserves are included in resources
	Notes:	(1) The cut-offgrade used for the Victor South resources is 0.6% Ni.
		(2) Ore tonnes have been rounded to the nearest thousand tonnes and nickel tonnes have been rounded to the nearest hundred tonnes.
		(3) The competentpersons statement is incorporated in the JORC Code Competent Persons and Forward Looking Statements section of thispresentaiton.
	Reference: IGO 20/10/11 Annual Report ASX Release for Resources and Reserve Estimates

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.
	See final slide for JORC required competentperson sign-off.
	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 2011	Mineral Resources 30 June 2011	Mineral Resources 30 June 2011	Mineral Resources 30 June 2011	Mineral Resources 30 June 2011	Mineral Resources 30 June 2011	Mineral Resources 30 June 2011		l Ore Reserve 30 June 2011	l Ore Reserve 30 June 2011	l Ore Reserve 30 June 2011	l Ore Reserve 30 June 2011	l Ore Reserve 30 June 2011	l Ore Reserve 30 June 2011	l Ore Reserve 30 June 2011
	Classification Tonnes Cu% Zn% Ag g/t Au g/t
	JAGUAR	Measured	373,000	3.5	5.9	81	-		JAGUAR	Proven	359,000	3.1	4.8	66	-
		Indicated	441,000	2.1	3.8	57	-			Probable	467,000	1.8	3.3	48	-
		Inferred	42,000	2.2	1.8	28	-		Total 826,000 2.4 3.9 56
		Stockpiles	5,000	2.0	4.2	55	-
	Total 861,000 2.7 4.6 66								**BENTLEY **	Proven	-	-	-	-	-
										Probable	2,450,000	1.5	8.6	106	0.5
	**BENTLEY **	Measured	-	-	-	-	-		Total 2,450,000 1.5 8.6 106 0.5
		Indicated	2,296,000	1.8	10.0	122	0.6
		Inferred	742,000	2.7	9.4	192	1.0
	Total 3,038,000 2.0 9.8 139 0.7								GRAND TOTAL 3,276,000 1.7 7.4 93 0.4
			Mineral Resources - August 2009
	**TEUTONIC **	Measured	-	-	-	-	-
	BORE	Indicated	946,000	1.7	3.6	65	-
		Inferred	608,000	1.4	0.7	25	-									36
	Total 1,553,000 1.6 2.5 49 -
	GRAND TOTAL 5,453,000 2.0 6.9 102
	Reference: IGO 20/10/11 Annual Report ASX Release for Resources and Reserve Estimates

STOCKMAN PROJECT

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	Mineral Resources 30 June 2011
	CURRAWONG	Indicated	9,130,000	2.0	4.2	0.8	42	1.2
		Inferred	305,000	1.4	4.1	0.6	34	0.5
	Total 9,435,000 2.0 4.2 0.8 42 1.2
	WILGA	Indicated	2,368,000	2.1	5.5	0.5	32	0.5*
		Inferred	887,000	3.0	2.9	0.2	23	0.2*
	Total 3,255,000 2.4 4.8 0.4 30 0.4*
	,, . . . . * Inferred Augrades for Wilga Reference: IGO 20/10/11 ASX Release Annual Report for Resources Estimate
	* Inferred Augrades for Wilga
	Reference: IGO 20/10/11 ASX Release Annual Report for Resources Estimate

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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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DUKETON JOINT VENTURE (IGO right to earn 70%) l ROSIE NICKEL RESOURCES

	ROSIE NICKEL RESOURCES	ROSIE NICKEL RESOURCES	ROSIE NICKEL RESOURCES	ROSIE NICKEL RESOURCES	ROSIE NICKEL RESOURCES	ROSIE NICKEL RESOURCES	ROSIE NICKEL RESOURCES	ROSIE NICKEL RESOURCES	ROSIE NICKEL RESOURCES
	Maiden Mineral Resources
	> 1.0 Ni - December 2011
	Indicated	Fresh	685,000	1.9	13,300	0.4	0.8	1.1	1.9
		Transitional	30,000	1.6	500	0.3	0.7	1.2	1.9
	Reference: IGO 25/01/2012 ASX Release - Rosie Deposit Resources Estimate

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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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