IGO LIMITED — Investor Presentation 2014

Jun 30, 2014

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AMEC Convention July 2014 Peter Bradford, Managing Director & CEO

Disclaimer

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This presentation has been prepared by Independence Group NL (“IGO”). It should not be considered as an offer or invitation to subscribe for or purchase any securities in IGO or as an inducement to make an offer or invitation with respect to those securities in any jurisdiction.

This presentation contains general summary information about IGO. The information, opinions or conclusions expressed in the course of this presentation should be read in conjunction with IGO’s other periodic and continuous disclosure announcements lodged with the ASX, which are available on the IGO website. No representation or warranty, express or implied, is made in relation to the fairness, accuracy or completeness of the information, opinions and conclusions expressed in this presentation.

This presentation includes forward looking information regarding future events, conditions, circumstances and the future financial performance of IGO. Often, but not always, forward looking statements can be identified by the use of forward looking words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "continue" and "guidance", or other similar words and may include statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs. Such forecasts, projections and information are not a guarantee of future performance and involve unknown risks and uncertainties, many of which are beyond IGO’s control, which may cause actual results and developments to differ materially from those expressed or implied. Further details of these risks are set out below. All references to future production and production guidance made in relation to IGO are subject to the completion of all necessary feasibility studies, permit applications and approvals, construction, financing arrangements and access to the necessary infrastructure. Where such a reference is made, it should be read subject to this paragraph and in conjunction with further information about the Mineral Resources and Ore Reserves, as well as any Competent Persons' Statements included in periodic and continuous disclosure announcements lodged with the ASX. Forward looking statements in this presentation only apply at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information IGO does not undertake any obligation to publically update or revise any of the forward looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.

There are a number of risks specific to IGO and of a general nature which may affect the future operating and financial performance of IGO and the value of an investment in IGO including and not limited to economic conditions, stock market fluctuations, commodity demand and price movements, access to infrastructure, timing of environmental approvals, regulatory risks, operational risks, reliance on key personnel, reserve and resource estimations, native title and title risks, foreign currency fluctuations and mining development, construction and commissioning risk. The production guidance in this presentation is subject to risks specific to IGO and of a general nature which may affect the future operating and financial performance of IGO.

Any references to Mineral Resource and Ore Reserve estimates should be read in conjunction with IGO’s announcements dated 25 October 2013 and 28 February 2014 lodged with the ASX, which are available on the IGO website.

All currency amounts in Australian Dollars unless otherwise noted.

Independence Group NL

ABN 46 092 786 304

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Presentation Outline

• Introduction to Independence

• March Quarter

• Operations

• Tropicana

• Jaguar

• Long

• Exploration and Development

• Going Forward

• Summary

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Introduction to Independence

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• Listed on the ASX

• Head Office in Perth

• 233.3M shares on issue

• $1.0 billion market capitalisation[(1) ]

• Multi Commodity focus

• Three operating mines

• Producing Au, Ni, Zn and Cu

• Strong brownfields exploration focus

• Powered by innovation

• Net debt (31 March 2014) $3.0M

• History of dividends

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• $98.3M paid to date

• Customarily 25-30% NPAT

(1) As at market close on 27 June 2014

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The Independence Team

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Board of Directors

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Peter Bilbe Peter Bradford Kelly Ross Rod Marston Geoff Clifford Chairman Managing Director & CEO Non Executive Director Non Executive Director Non Executive Director

Management

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Scott Steinkrug

Brett Hartmann Tony Walsh Group Operations Company Secretary & GM Corporate

Andrew Eddowes Tim Kennedy Rod Jacobs CFO Business Development Exploration Projects Development 4 years 10 years 10 years 3 years

10 Years 1 year 4 years 10 years

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March Quarter 2014

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March Quarter Highlights QTR YTD Unaudited Profit after tax $20.6M $42.1M Unaudited Underlying EBITDA[(1) ] $56.5M $119.8M Net Cash Flow From Operating Activities $42.4M $104.4M Interim Dividend Paid 28th March 2014 3.0 cps Cash $47.4M Debt $50.4M $M March Quarter 2014 Underlying EBITDA $70 $60 $5.8 M $50 $33.3 M $40 $30 $13.0 M $20 $10 $16.0 M $0 Long Operation Jaguar Operation Tropicana Corporate & Exploration

(1) Underlying EBITDA is a non-IFRS measure and comprises net profit or loss after tax, adjusted to exclude tax expense, finance costs, interest income, asset impairments, depreciation and ammortisation

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Tropicana JV

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• 30% IGO and 70% AGA (Operator)

• First gold in September 2013

• At nameplate capacity in March 2014

• Tropicana Vital Statistics:

• 5.8 Mtpa Plant Throughput with potential to optimize

• 11 Year Mine life

• Years 1-3 Production Guidance

  • Average 141-147,000 oz pa (IGO Share)

  • Average Cash Costs of $590-$630/oz

 March Quarter 2014

• Gold Sold 36,903 oz (IGO Share)

• Cash cost[(1)] of $537/oz

• AISC[(2)] of $750/oz

• $21.7M Free Cash flow to IGO[(3) ]

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(1) IGO ASX Release 28/04/2014 Independence Group Quarterly Activities Report

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(2) The World Gold Council (WGC) encourages gold mining companies to report an All-in Sustaining Costs metric see WGC press release 27th June 2013 http://www.gold.org/ (3) Free cash flow in this instance and throughout this document comprises cash flow from operations less cash flow from investing activities (ie capital expenditure)

Tropicana JV Reserves

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Reference IGO ASX Release 28/02/2014 Mineral Resources and Ore Reserve Estimates for Tropicana Gold Project

Tropicana JV Exploration

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 Tropicana Deeps

• Enhanced pre-feasibility study commenced

• Phased exploration targeting additional high grade shoots

• 3D Seismic survey planned to map high grade shoots down plunge

• Funded separately from Regional Exploration

 Near Mine Exploration

• Near mine targets in prospective host stratigraphy over 35 km in strike length

• Under cover and largely untested by aircore drilling

 Regional Exploration

• Land package 10,570 km[2] in area and 375 km in strike length

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Long

 12yrs of consistent low cost production  History of reserve replacement

• Long Vital Statistics:

• Mining rate 230,000-270,000tpa

• 3-4 Year Mine Life based on Reserves

 March Quarter 2014

• $8.5M Free Cash flow to IGO

Parameter	FY14	Mar Qtr	FY14
	Guidance	2014	YTD
Production (Ni Tonnes)	9,000 – 10,000	2,616	8,344
Cash Costs(1)($/lb Ni)	4.30 - 4.70	3.80	3.67
Ore Tonnes	230,000 – 270,000	70,260	207,894

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(1) Cash Costs are reported based on Payable Metal Including Royalties

Long Reserves

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• IGO ASX Release 25/10/2013 Mineral Resources and Ore Reserves Estimates for Long Nickel Operation

Jaguar

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 Production 100% from Bentley Deposit

 Jaguar Vital Statistics:

• Annual mining rate 420,000 – 460,000t

• ~3 Year Mine Life based on Reserves

 March Quarter 2014

• $8.6M Free Cashflow to IGO

Parameter	FY14	Mar Qtr	FY14
	Guidance	2014	YTD
Production (Zn Tonnes)	38,700 – 40,500	8,978	28,551
Production (Cu Tonnes)	5,000 – 6,000	1,596	5,337
Production (Ag ozs)	900,000 – 1,100,000	262,686	1,094,017
Cash Costs(1)(A$/lb Zn)	$0.40 - $0.60	0.47	$0.38

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(1) Cash costs are reported based on payable metal including royalties

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Jaguar Reserves

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Reference: IGO ASX Release 25/10/2013 Mineral Resources and Ore Reserves Estimates for Jaguar Operation

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Jaguar - Flying Spur

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Reference: IGO ASX Release 20/02/2014 Jaguar Operation New Flying Spur Sulphide Lens IGO ASX Release 28/04/2014 Independence Group Quarterly Activities Report

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Jaguar Regional Exploration

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• Under-explored 50km long prospective Cu-Zn-Ag VMS corridor surrounding three known mines

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

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Jaguar - Darlot JV (WA)

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• Earn in JV

• IGO earning a 70-80% interest

• Partner - Enterprise Metals Ltd

• Location and Tenure

• 60 km north of Jaguar

• Large land holding (740 km[2] )

• Strategy

• Past exploration focussed on Au

• Updated geological model confirms Jaguar/Bentley style VMS potential

• Status

• Initial geochemical sampling by IGO identified potential mineralised horizon

• Aircore drilling of targets underway

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Exploration & Development

 Skilled and experienced team

 Technical innovation

• Geophysics

• Geochemistry

• Proprietary Databases

• Generative R&D

• Commodity focus

• Gold

• Base Metals

• Grade/Quality focus

 Australian focus

• JV options embraced

• Offshore generative programs ongoing

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Stockman Project (VIC)

• Located 420 road-km NE of Melbourne

 Zn-Cu-Au-Ag VMS

• Feasibility study completed 2013

• Enhanced study targeting a 30% capital reduction well progressed

 9 year mine life based on Ore Reserves

• Average 15Ktpa Cu and 25Ktpa Zn in concentrate

• Exploration upside

• Bigfoot and Eureka discoveries

• Regional prospectivity

 Zinc price upside driven by likely mine closures

 Permitting Underway

• Recommendation from independent panel to Minister in Sep Qtr

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Lake Mackay JV (NT)

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 Earn in JV

• IGO earning 70%

• Partner - ABM Resources NL

 Location & Tenure

• Southern NT on WA border

• Large tenure (6,700 km[2] )

 Strategy

• Large under-explored Tanami aged province

• Targeting Tanami style Au + IOCG

 Status

• Geochem over third of concession

• Exploration focussing on infill and extensional sampling

• Drilling planned for Dec Qtr

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Bryah Basin JV (WA)

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 Earn in JV

• IGO earning up to 80% from Alchemy Resources

 Location & Tenure

• Murchison, WA

• 300 km[2] land holding

 Strategy

• Targeting De Grussa style CuAu deposits

• Limited historical VMS exploration

• Utilize in-house VMS expertise

• Status

• Heritage survey underway

• Drill priority targets mid-year

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Going forward

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 Continued focus on operating assets

• Safety, productivity and cost control

• Delivery against plan and guidance

• Resource conversion

• Near mine exploration to expand resources and reserves

 Exploration and development

• Exploration to be a key component of the business

• Advance Stockman Project

 Business development

• Will consider project acquisition or joint venture opportunities

• Focus on higher grade gold and base metals projects

• Focus on Australia but will consider compelling offshore opportunities

• Emphasis on return on investment and payback

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Summary

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 March Quarter 2014

• NPAT of $20.6M

• Up 200% and 65% on Mar 2013 and Dec 2013 quarters respectively

• Tropicana achieves nameplate capacity

• Debt reduced by $12M

• Interim fully franked dividend of 3.0 cents per share paid

 Outlook

• Maintain operational discipline and low cost profile

• Pay down debt

• Pay consistent dividends (historically 25-30% NPAT)

• Adding value by focusing on our core strengths

• Brownfields Exploration and Underground Mining

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Contact Details

Peter Bradford Managing Director & CEO

Tony Walsh Company Secretary

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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Reserves & Resources

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Competent Persons Statements

Exploration Results

The information in this report that relates to Exploration Results (excluding Flying Spur exploration results) is based on information compiled by Mr. Timothy Kennedy who is a full-time employee of the Company and is a member of the Australasian Institute of Mining and Metallurgy. Mr. Kennedy has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Kennedy 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 report that relates to Flying Spur Exploration Results is based on information compiled by Mr Graham Sweetman who is a fulltime employee of the Company and is a member of the Australasian Institute of Mining and Metallurgy. Mr Sweetman 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 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Sweetman consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Resources and Reserves

The information in this report 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 the Company of the same information in the same form and context, until the consent is withdrawn or replaced by a subsequent report and accompanying consent. The information in this report has been extracted from the IGO ASX Release for Mineral Resources and Ore Reserves announcements dated 25 October 2013 (for Long, Jaguar, Stockman & Karlawinda) and 28 February 2014 (Tropicana) and is available on the IGO website www.igo.com.au. The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

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Resources & Reserves

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TROPICANA JV

Mineral Resource 31 December	Mineral Resource 31 December	Mineral Resource 31 December	Mineral Resource 31 December	2013
	100% Project
	Classification	Tonnes Mt	Au g/t	Contained Au Moz
OPEN PIT	Measured	28.6	2.06		1.89
	Indicated	74.0	1.88		4.48
	Inferred	5.8	2.57		0.48
	Sub Total	108.4	1.97		6.85
UNDERGROUND	Measured	-	-		-
	Indicated	2.4	3.58		0.27
	Inferred	6.1	3.07		0.60
	Sub Total	8.5	3.21		0.87
TOTAL TROPICANA	Measured	28.6	2.06		1.89
	Indicated	76.4	1.94		4.75
	Inferred	11.9	2.83		1.08
GRAND TOTAL		116.8	2.06		7.72

Notes:

1 For the Open Pit Mineral Resource estimate, mineralisation in the Havana, Havana South, Tropicana and Boston Shaker areas w as calculated w ithin a US$1,550/oz pit optimisation at an AUD:USD exchange rate of 1.03 (A$1,500/oz).

2 The Open Pit Mineral Resources have been estimated using the geostatistical technique of Uniform Conditioning, using cut-off grades of 0.3g/t Au for Transported and Saprolite material, 0.4g/t Au for Transitional and Fresh material.

	Ore Reserve	31 December 2013	31 December 2013	31 December 2013
	100% Project
	Classification	Tonnes Mt	Au g/t	Contained Au Moz
OPEN PIT
	Proved	24.9	2.26	1.81
	Probable	29.9	2.02	1.95

GRAND TOTAL 54.8 2.13 3.76

Notes:

1 The Proved and Probable Ore Reserve (31 December 2013) is reported above economic break-even gold cut-off grades of 0.4 g/t for Transported/Upper Saprolite material, 0.5 g/t for Low er Saprolite material, 0.6g/t for Sap-Rock (Transitional) material and 0.7g/t for Fresh material at nominated gold price US$1,100/oz,and exchange rate 0.88 AUD:USD (A$1,249/oz Au).

2 The estimate is based on the actual survey position for the end of September 2013 w ith Resource models depleted by the monthly forecast production for the remainder of CY2013.

3 The Havana Deeps Underground Mineral Resource estimate has been reported outside the US$1,550/oz pit optimisation at a cut-off grade of 1.73g/t Au, w hich w as calculated using a gold price of US$2,000/oz (AUD:USD1.05) (A$1,896/oz). The Havana Deeps Underground Mineral Resource w as estimated using the geostatistical technique of Ordinary Kriging using average drill hole intercepts.

4 Resources are inclusive of Reserves.

Reference: ASX Release dated 28 February 2014.

Reference: ASX Release dated 28 February 2014.

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Resources & Reserves

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LONG

	Mineral Resources 30 June	Mineral Resources 30 June	2013			Ore Reserves	Ore Reserves	30 June 2013
	Classification	Tonnes	Ni%	Ni Tonnes			Classification	Tonnes	Ni%	Ni Tonnes
LONG	Measured	61,000	5.4	3,300		LONG	Proven	45,000	3.1	1,400
	Indicated	213,000	5.2	11,100			Probable	66,000	2.9	1,900
	Inferred	116,000	5.1	5,900
	Sub Total	390,000	5.2	20,300			Sub Total	111,000	3.0	3,300
VICTOR	SOUTH Measured	-	-	-		**VICTOR SOUTH **	Proven	-	-	-
	Indicated	212,000	2.4	5,000			Probable	20,000	3.9	800
	Inferred	28,000	1.4	400
	Sub Total	240,000	2.3	5,400			Sub Total	20,000	3.9	800
McLEAY	Measured	79,000	6.7	5,300		McLEAY	Proven	46,000	3.0	1,400
	Indicated	164,000	5.7	9,300			Probable	70,000	3.6	2,500
	Inferred	75,000	4.5	3,400
	Sub Total	318,000	5.6	18,000			Sub Total	116,000	3.3	3,900
MORAN	Measured	181,000	6.7	12,200		MORAN	Proven	229,000	4.5	10,300
	Indicated	241,000	7.4	17,700			Probable	405,000	3.9	15,600
	Inferred	11,000	4.5	500
	Sub Total	433,000	7.0	30,400			Total	634,000	4.1	25,900
TOTAL		1,381,000	5.4	74,100		TOTAL		881,000	3.8	33,900

Notes:

1. Mineral Resources are reported using a 1% Ni Cut-off grade as at 30 June.

2. Excludes Victor South disseminated mineralisation of 175,000t @ 1.3% Ni using a cut-off grade of 0.6% Ni.

3. Mining depletion as at 30 June 2013 has been removed from the 2013 resource estimate.

4. Resources are inclusive of Reserves.

5. Ore tonnes have been rounded to the nearest thousand tonnes and nickel tonnes have been rounded to the nearest hundred tonnes.

Reference: ASX Release dated 25 October 2013.

Notes:

1. Ore Reserves are reported above an economic Ni Cut-off value as at 30 June.

2. A Net Smelter Return (NSR) value of $239 per ore tonne has been used in the evaluation of the 2013 reserve.

3. Mining depletion as at 30 June 2013 has been removed from the 2013 reserve estimate.

4. Ore tonnes have been rounded to the nearest thousand tonnes and nickel tonnes have been rounded to the nearest hundred tonnes.

5. Revenue factor inputs (US$): Ni $18,087/t, Cu $7,694/t. Exchange rate AU$1.00 : US$1.01.

Reference: ASX Release dated 25 October 2013.

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Resources & Reserves

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JAGUAR

Mineral Resources 30 June 2013		Ore Reserves 30 June 2013
Classification Tonnes Cu% Zn% Ag g/t Au g/t JAGUAR Measured 264,000 2.4 3.4 47 - Indicated 181,000 1.8 2.0 28 - Inferred 30,000 2.6 2.7 42 - Stockpiles - - - - - Sub Total 475,000 2.2 2.8 39 - BENTLEY Measured 453,000 1.6 17.1 212 1.0 Indicated 1,442,000 1.7 7.9 103 0.6 Inferred 849,000 2.4 8.4 161 1.0 Stockpiles 27,000 1.3 11.0 135 0.4 Sub Total 2,771,000 1.9 9.6 139 0.8 TEUTONIC Measured - - - - - BORE Indicated 946,000 1.7 3.6 65 - Inferred 608,000 1.4 0.7 25 - Sub Total 1,554,000 1.6 2.5 49 - GRAND TOTAL 4,800,000 1.8 6.6 100 - Mineral Resources 2009		Classification Tonnes Cu% Zn% Ag g/t Au g/t
		JAGUAR Proven 20,000 1.7 0.4 15 - Probable 3,000 1.8 0.3 11 -
		Sub Total 23,000 1.7 0.4 14 -
		BENTLEY Proven 431,000 1.3 13.4 163 0.8 Probable 830,000 1.8 7.7 107 0.6
		Sub Total 1,261,000 1.6 9.6 126 0.7
		GRAND TOTAL 1,284,000 1.6 9.4 124 -
		Notes: 2. Revenue factor inputs (US$): Cu $7,694/T, Zn $2,270/t, Ag $33/troy oz, Au $1,740/troy oz. Exchange rate AU$1.00 : US$1.01. 3. Metallurgical recoveries – 82% Cu, 53% Ag, 43% Au in Cu concentrate; 83% Zn and 22% Ag in Zn concentrate. 4. Longitudinal sub-level long hole stoping w ill be used at Bentley and Jaguar. 1. Cut-off values w ere based on NSR values of $180 per ore tonne for direct mill feed and $120 per ore tonne for HMS feed.

Notes:

1. Teutonic Bore Mineral Resource estimate is as at August 2009 and w as previously reported in accordance w ith the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. It has not been updated since to comply w ith the JORC Code 2012 on the basis that the information has not materially changed since it w as last reported.

2. Mineral Resources include massive sulphide and stringer sulphide mineralisation. Massive sulphide resources are geologically defined, stringer sulphide resources are reported above cut-off grades of 0.5% Cu for Bentley and Jaguar, 0.7% Cu for Teutonic Bore.

3. All Measured Resource and associated dilution w as classified as Proved Reserve. All Indicated Resource and associated dilution w as classified as Probable Reserve.

4. Mining depletion as at 30 June 2013 has been removed from the 2013 reserve estimate.

5. The Bentley underground reserves have decreased by 1.1 million ore tonnes as a result of depletion 313,000 ore tonnes, changes in realised (AUD) metal prices w ithin the net smelter return cut off valuation process and increases in the site cut-off values ( 2013 $180/t direct feed and $120/t marginal feed versus 2012 $160/t direct feed and $100/t marginal feed ) have impacted mainly in the Arnage stringer material resulting in a reduction of 590,000 ore tonnes, changes in resource interpretation along boundaries on ore surfaces, and minor changes in mining method in the Brooklands surface of 16,000 ore tonnes.

6. Block modelling used ordinary kriging grade interpolation methods w ithin w ireframes for all elements and density.

7. Mining depletion as at 30 June 2013 has been removed from the 2013 resource estimates for Jaguar and Bentley.

8. Resources are inclusive of Reserves.

Reference: ASX Release dated 25 October 2013.

Reference: ASX Release dated 25 October 2013.

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Resources & Reserves

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STOCKMAN PROJECT

Mineral Resources 30 June 2011

Mineral Resources 30 June 2013		Ore Reserves 30 June 2013
Classification Tonnes Mt Cu% Zn% Ag g/t Au g/t CURRAWONG Measured - - - - - Indicated 9,548,000 2.0 4.2 42 1.2 Inferred 781,000 1.4 2.2 23 0.5 Sub Total 10,329,000 2.0 4.0 40 1.1 WILGA Measured - - - - - Indicated 2,987,000 2.0 4.8 31 0.5 Inferred 670,000 3.7 5.5 34 0.4 Sub Total 3,657,000 2.3 4.9 32 0.5 GRAND TOTAL 13,986,000 2.1 4.3 38 1.0**		Classification Tonnes Mt Cu% Zn% Ag g/t Au g/t
		CURRAWONG Proved - - - - - Probable 7.3 2.2 4.1 40 1.2 Sub-Total 7.3 2.2 4.1 40 1.2 WILGA Proved - - - - - Probable 1.1 2.5 5.3 30 0.5 Sub Total 1.1 2.5 5.3 30 0.5**
		GRAND TOTAL 8.4 2.3 4.3 39 1.1*

Notes:

1. All Resources tonnes have been rounded to the nearest one thousand tonnes and grade to the nearest 1/10th percentage/gram per tonne.

2. Mineral Resources include massive sulphide and stringer sulphide mineralisation. Massive sulphide resources are geologically defined, stringer sulphide resources are reported above cut-off grades of 0.5% Cu.

3. *3. Au grades for Wilga are all inferred due to paucity of Au data in historic drilling.

Notes:

1. All Reserves tonnes have been rounded to the nearest one hundred thousand tonnes and grade to the nearest 1/10th percentage/gram per tonne.

2. No Ore Reserves w ere reported in 2012.

3. Gold (Au) grades are Inferred at Wilga due to a paucity of gold assays in historic drilling. Revenue from gold in the Wilga ore w as included in the estimation of the Ore Reserve. The contribution to Revenue of this gold w as estimated to be $3.84 per gram of gold in situ . This inclusion w as not material to the value of the mining envelopes considered and did not w arrant dow ngrading of any portion of the Ore Reserve attributable to Wilga. The contribution from Wilga represents 13% of the Total Ore Reserve.

4. Block modelling used ordinary kriging grade interpolation methods w ithin w ireframes for all elements and density.

5. Historic mining depletion for Wilga has been removed from the 2013 reserve estimate.

6. Mining depletion as at end of historic mine life (1996) has been removed from the Resource estimate for Wilga.

7. Resources are inclusive of Reserves. The Resource estimate is unchanged since 2012.

8. Reference: ASX Release dated 25 October 2013.

Reference: ASX Release dated 25 October 2013.

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Hedging Summary

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		HEDGING SUMMARY	HEDGING SUMMARY	HEDGING SUMMARY	HEDGING SUMMARY
Nickel		Copper		Gold
FY 2015 June Qtr 2014	200t per month averaging $18,126/t 600t averaging $18,900/t	June Qtr 2015 March Qtr 2015 Sept Qtr 2014	550t averaging $8,500/t 400t averaging $8,502/t 550t averaging $8,014/t	Zero Cost Collars to CY 2014 Zero Cost Collars for CY 2015	5,500oz/month range $1,300 to $1,783 4,375oz/month range $1,331 to $1,730

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