IGO LIMITED — Investor Presentation 2015

May 6, 2015

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Au Ni Cu
/Zn
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May 2015 Investor Presentation

Cautionary Notes and Disclaimer

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• This presentation has been prepared by Independence Group NL (“IGO”) (ABN 46 092 786 304). 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 Australian Stock Exchange (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 2014 Mineral Resource and Ore Reserve announcement dated 28 August 2014 (excluding Stockman Ore Reserves) and Stockman Optimisation Study announcement dated 28 November 2014 (updated Stockman Ore Reserves), and lodged with the ASX, which are available on the IGO website.

• All currency amounts in Australian Dollars (AUD) unless otherwise noted.

• Cash Costs are in AUD and reported inclusive of royalties and after by-product credits on per unit of payable metal basis.

• IGO reports All-in Sustaining Costs (AISC) per ounce of gold in AUD for its 30% interest in the Tropicana Gold Mine using the World Gold Council guidelines for AISC. The World Gold Council guidelines publication was released via press release on 27th June 2013 and is available from the World Gold Council’s website.

Page 2

Table of Contents

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 Introduction

 Financials

 Operations

• Tropicana

• Long

• Jaguar

 Growth

 Summary

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Page 3

Independence Group NL Corporate Overview

Key Highlights

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Leading ASX200 Gold and Base Metals Producer

Quality Assets with Tier 1 Gold Asset (Tropicana)

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Financial Snapshot

Financial Snapshot
Highlights	YTD FY15	YTD FY14	Change
Revenue	$380M	$292M	30%
UnderlyingEBITDA(2)	$175M	$100M	75%
Profit after tax(2)	$69M	$34M	103%
Net Operating Cash Flow(2)	$157M	$79M	99%
Free Cash Flow	$100M	$0M	NA
Cash at end of period(1)	$110M	$47M	134%
Debt at end of period	($1M)	($50M)	98%

(1) Includes refined bullion of $6.8M at end of March 2015

(2) Adjusted for voluntary change in exploration and evaluation expenditure accounting policy

Board of Directors Management

Strong Cash Flow and Balance Sheet

Demonstrated Consistent Operational Performance

Strong Focus on Return to Shareholders Including Stated Dividend Policy

Current Australian Focus

Peter Bilbe Chairman Mount Gibson, Aztec, Portman, Aurora Gold, KCGM Peter Bradford MD and CEO Ashanti Goldfields, Golden Star, Anvil, Copperbelt, PMI Gold Peter Buck NED Lionore, WMC, PMI Gold Keith Spence NED Woodside, Clough, Oilsearch Geoff Clifford NED Saracen, Atlas Iron, Centaurs Metals, Fox Resources, Aztec Prior Experience	Prior Experience
	Brett Hartmann Operations Cannington Mine, CSA Mine, Mitel, Norseman Gold
	Tony Walsh Commercial ASX, EY, Atlas Iron
	Scott Steinkrug CFO ConsMin, RIO, Perilya
	Matt Dusci New Business Gold Fields, Western Mining, PMI Gold
	Sam Retallack Human Resources HR Consultancy

Page 4

Independence Group NL Share Ownership and Performance

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 ASX listed (IGO.AX)

• Head Office in Perth

 234.3M shares on issue

• $1.39 billion market capitalisation[(1) ]

• 2.4M potentially dilutive employee performance rights between July 2015 and July 2017

 Dividend policy in place

• Minimum 30% of NPAT[(2) ]

• 8.0 cps dividend paid for FY14

 Widely held register

• Fidelity 9.7%

• • Blackrock 5.0% • Vinva 5.0% • LSV 5.0%

 Institutional Ownership

•	Australia	68%
•	USA & Canada	19%
• •	UK & Europe Rest	10% 3%

(1) As at market close on 5 May2015.

Institutional Retail & other Domestic Instos Foreign Instos

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$6.00 6
$5.00 5
$4.00 4
$3.00 3
$2.00 2
$1.00 1
$0.00 -
Date
Page 5
Price (AUD/share) Volume (millions)
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(2) Subject to certain conditions as set out in the Company’s dividend policy – see ASX Release dated 28 August 2014

Independence Group NL Diversified Mining, Development and Exploration Company

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MINING	MINING	MINING	DEVELOPMENT	EXPLORATION
Au	Ni	Zn/Cu	Cu/Zn
TROPICANA	LONG	JAGUAR	STOCKMAN	VARIOUS
30% JV Interest	100% owned	100% owned	100% owned	70-100%
WA, Australia	WA, Australia	WA, Australia	Vic, Australia	Australia
148,000oz $610/oz cash cost(1)	10kt Ni $4.30/lb Ni(1)(2)	46Kt Zn + 7.5kt Cu $0.40/lb Zn(1)(2)	15kt Cu + 26kt Zn $1.30/lb Cu(3)	Au, Ni, Cu, Zn
			$202M pre-production capital expenditure

(1) Mid-point of FY15 contained metal production and cash cost guidance

(2) Long and Jaguar cash costs expressed net of royalties and by-product credits per unit of payable metal

(3) Stockman production and cash costs based on feasibility study estimates, cash costs expressed net of royalties and by-product credits per unit of payable metal

Page 6

Financials Underlying EBITDA[(1)] by Mine

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80
70
60
50
40
30
20
10
0
Q4FY13 Q1FY14 Q2FY14 Q3FY14 Q4FY14 Q1FY15 Q2FY15 Q3FY15
-10
Tropicana Long Jaguar
Underlying EBITDA ($’M)
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• (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 amortisation

• (2) Historical data is unadjusted for a voluntary change in accounting policy whereby exploration and evaluation expenditure is expensed unless it is anticipated that future economic benefit will more likely than not arise from the expenditure

Page 7

Commodity Prices Australian Dollar Metal Prices Still Strong

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Australian Dollar Price Movement
150%
140%
130%
120%
110%
100%
90%
80%
Gold
Silver
70%
Copper
Zinc
60% Nickel
IGO share price
50%
Movement Since One Year Ago (%)
Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15
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Page 8

Financial Highlights for Mar 15 Quarter

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Highlights	Mar 15 Qtr	Mar 14 Qtr
Unaudited Profit after tax	$19.8M	$20.2M
Underlying EBITDA(1)	$53.3M	$51.8M
Net Cash Flow From Operating Activities	$42.9M	$37.9M
Free Cash Flow(2)	$24.5M	$21.9M
Cash (at end of Quarter)(3)	$109.8M	$47.4M
Debt (at end of Quarter)	($1.1M)	($50.4M)
Net Cash (at end of Quarter)(3)	$108.7M	($3.0M)

Net Cash has increased by over $111M after paying out over $25M in dividends

• (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 amortisation

• (2) Free Cash Flow is Cash Flow from Operations less Cash Flow from Investing Activities

• (3) Includes refined gold bullion of $6.8M

Page 9

Financials Quarterly Financials for the last 21 months

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$120
$M Underlying EBITDA(2)(4)
$100
$M Debt (at period end)
$M Net Cash (at period end)(5)
$80
$M
$60
$40
$20
$0
Sept 13 Qtr Dec 13 Qtr Mar 14 Qtr June 14 Qtr Sept 14 Qtr Dec 14 Qtr Mar 15 Qtr
($20)
($40)
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• (1) Profit after tax for the December 2014 quarter includes a $6.6M negative adjustment resulting from a voluntary change of policy for the treatment of exploration and evaluation expenditure

• (2) 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 amortisation

• (3) Free Cash Flow is Cash Flow from Operations less Cash Flow from Investing Activities

• (4) Each of the above Quarters have been adjusted for a voluntary change in accounting policy whereby exploration and evaluation expenditure is expensed unless it is anticipated that future economic benefit will more likely than not arise from the expenditure.

• (5) Includes refined gold bullion of $6.8M

Page 10

Tropicana Tier 1 Gold Mine on New Belt

 370km northeast of Kalgoorlie by road

 Unincorporated joint venture

• 70% AngloGold Ashanti (Manager)

• 30% Independence

 Belt scale concession package ~3,000km[2]

• Eastern edge of the Yilgarn craton along the Fraser-Albany orogeny – prospective for gold and base metals

 3.6Moz reserves[(1) ]

• Contained within 7.5Moz Resource[(1) ]

• Significant upside potential for discovery

 Open pit mine

• Contract mining by MacMahons

• Life of mine strip ratio of 5.4 : 1

 Standard CIL processing plant

• Nameplate capacity of 5.8 Mtpa

• Conversion to gas fired power from 2016 to reduce costs

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(1) As at 30 June 2014

Page 11

Tropicana March 2015 Quarter

 Health, Safety and Environment

• No lost time incidents for the quarter

• 12-month LTIFR is currently 1.06[(1) ]

 Mining

• Mining production was 12.3Mt of total material

• Mining occurred in both the Havana and Tropicana pits

• ROM ore (>0.6g/t Au) totalled 2.5Mt at an average grade of 1.91g/t Au

 Processing

• Total of 1.55Mt of ore at 2.74g/t Au was processed with an average recovery of 90.1%

• Majority of contained ounces sourced from the Tropicana pit

• Borefield capacity now in excess of operational needs

 Gold Production and Costs

• Gold production in line with guidance at 122,319oz (IGO 30% share = 36,696 oz)

• Cash costs better than guidance at $530/oz Au produced

• AISC were $781/oz Au sold

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16 4.00
Total Mined (Mt)
14 3.50
Milled (Mt)
12 Grade Milled (g/t) 3.00
10 2.50
8 2.00
6 1.50
4 1.00
2 0.50
- -
Jun 13 Sep 13 Dec 13 Mar 14 Jun 14 Sep 14 Dec 14 Mar 15
Total Mined (Mt)
Milled (Mt) and Milled Grade (g/t)
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140 $700
120 $600
100 $500
80 $400
60 $300
Gold Produced
Production Guidance
40 $200
Cash costs ($/oz)
Cost Guidance
20 $100
- $0
Jun 13 Sep 13 Dec 13 Mar 14 Jun 14 Sep 14 Dec-14 Mar-15 Jun-15
Gold Production (koz) Cash Costs ($/oz Au)
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(1) LTIFR as at 31 March 2015

Page 12

Tropicana 3.6Moz Reserves Optimized at A$1,249/oz

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Page 13

Tropicana Gold Exploration

 Gold exploration managed by AngloGold Ashanti

 Tropicana Resource Extension

• Confirmation drilling at Boston Shaker in quarter

• Drilling commenced at Havana North at the end of quarter

 Near Mine Exploration

• RC Drilling at Madras, 25km south of Tropicana, continued at a number of targets with encouraging results, including:

• 15m @ 5.1g/t;

• 25m @ 2.5g/t;

• 17m @ 4.2g/t; and

• 18m @ 1.5g/t

 Regional Exploration

• Systematic program continuing

• Follow-up drilling completed at Sanpan, 50km south of Tropicana

 IGO share of exploration spend of $6.0M

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Page 14

Tropicana Base Metals Exploration

 Beachcomber JV and Salt Creek JV

• Managed by IGO

• Aggregate area of ~140km[2] and ~2,300km[2 ] respectively

• IGO spending a aggregate of $6M over 4 years to increase interest from 30% to 70%

 Strategic Rationale

• Prospective for magmatic Ni-Cu-PGE sulphides

• Mafic/Ultramafic intrusions in classic craton margin setting

• 140km NNE of Nova Ni-Cu Discovery

 Early stage exploration ongoing

• Gravity surveys have been completed to help define the distribution of mafic intrusives

• A wide-spaced aircore drilling program has commenced

• The current phase of the aircore program will be completed in the June quarter

• Three additional tenements added to the Salt Creek JV during the quarter

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N
Tropicana Gold
Mine
Domains
Salt Creek Complex
Northern Foreland
Tropicana Domain
Albany Fraser
Near Mine Exploration
Biranup
Basinal Cover
Yilgarn
Salt Creek JV Area
Beachcomber JV Area Tropicana JV
Tenement Outline
Salt Creek Complex
JV Tenement Outline
0 50
Beachcomber
kilometres JV Tenement Outline
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Page 15

Long Nickel Mine High Grade Ni, Good Fe:MgO Ratio, Low Impurities

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 Located 57km south of Kalgoorlie

 Fantastic orebody

• Over 310kt contained Ni to date at an average mined grade of 3.8% Ni mined over 35 year history

• Acquired by IGO in 2002

• Good Fe:MgO ratio (1.4 to 1.7) and low impurities

 Mechanized underground mine

• Owner mining (residential)

• Annual mining rate ~250,000t at average 4.0% Ni

• Toll processing by BHP Nickel West

• Offtake agreement with BHP Nickel West

 Three year reserve life[(1) ]

• Reserves are fully developed

• History of mining more Nickel than Reserves

• Track record of replacing production with new reserves

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(1) As at 30 June 2014

Page 16

Long Consistent Performance

 Health, Safety & Environment

• No lost time injuries

• 12 month LTIFR improved to 3.1[(2) ]

 Solid quarter

• 66.5kt ore mined at 4.12% Ni

• 2,737t contained nickel

• Cash cost[(1) ] of $3.63/lb of payable Ni

 FY15 guidance upgraded on 18 Feb 2015

• 9,500 – 10,500t contained nickel

• Cash cost[(1) ] of $4.10 to $4.50/lb Ni

 Developing the upside

• Consistently mine more ore than reserve

• $12M exploration budget in FY15

• McLeay South drill drive in progress

• Initial Moran South drilling completed

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3,500 $7.00
3,000 $6.00
2,500 $5.00
2,000 $4.00
1,500 Contained Nickel (t) $3.00
Production Guidance
1,000 $2.00
Cash Costs ($/lb Ni)
Cost Guidance
500 $1.00
- $0.00
Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15
90,000
80,000
70,000
60,000
50,000
40,000
30,000
20,000
Mined Reserve Depletion
10,000
0
Jun 13 Sep 13 Dec 13 Mar 14 Jun 14 Sep 14 Dec 14 Mar 15
Contained Nickel (t) Cash Costs ($/lb Ni)
Ore tonnes
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(1) Cash Costs are C1 costs reported inclusive of Royalties and after by-product credits per unit of payable metal (2) LTIFR as at 31 March 2015

Page 17

Long Solid Brownfields Exploration Targets Being Tested

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 Moran South

• Completed drilling initial 12-hole program

• Hole 3 intersected 5.4m at 12.4%Ni

• Hole 9 intersected 2.5m at 5.4%Ni

• A nickel mineralised envelope (>1% nickel) 320m x 50m in size was defined from six drill intercepts

• Extending drill drive to do additional drilling to the south

 McLeay South

• McLeay South drill drive in progress

• 93m advanced in Q3 with 409m development to be completed

 McLeay

• Infill drill program to upgrade mineralisation to indicated category

• 7 out of 18 drill holes completed

• Best of 4.7m @ 5.19%Ni (3.5m true width)

 $12M exploration spend in FY15

• ~$5M for drill drive development

• ~$7M for drilling

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Reference: IGO ASX Releases 22/04/2015 Independence Group Quarterly Activities Report and 10/12/2014 Moran South drill result

Page 18

Jaguar Zn/Cu Mine A Turnaround Success Story

 Located 300km north of Kalgoorlie

 Cu-Zn-AG VMS camp

• IGO controls +50km long corridor prospective for Cu-ZnAg VMS deposits

• Three mines discovered and developed

• First discovery at Teutonic Bore made by BP in 1976

 Acquired by IGO in 2011

• Focus has been to strengthen mine management and systems

• Dramatic improvement in performance over last 1-3 years

 Mechanized underground mine

• Owner mining (fly in – fly out)

• Annual mining rate ~440,000t at average 10% Zn and 1.8% Cu

• Three year reserve life[(1) ]

• Flotation processing plant at Jaguar

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(1) As at 30 June 2014

Page 19

Jaguar Strong Contribution Over Last 12 Months

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 Health, Safety & Environment

• NIL lost time injuries

• 12 month LTIFR improved to 3.4[(2) ]

 Solid quarter (incl. scheduled shutdown)

• 117kt ore mined (470ktpa rate)

• Shutdown completed ahead of schedule

• 110kt milled at 9.7% Zn & 1.2% Cu

• 9,406t Zn & 1,123t Cu in concentrate

• Cash cost[(1) ] of $0.80/lb of payable Zn (YTD: $0.38/lb of payable Zn)

 FY15 guidance upgraded on 18 Feb 2015

• 44-48kt contained Zn

• 7.0-8.0kt contained Cu

• Cash cost[(1) ] of $0.30 to $0.50/lb Zn

• Three week mill shutdown completed one week ahead of schedule

 Developing the upside

• $8M exploration budget in FY15

• Targeting extensions to Bentley mine

• Looking for the “next Bentley”

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18,000 $0.90
Zinc (t)
16,000 Copper (t) $0.80
Zinc Guidance
Copper Guidance
14,000 $0.70
Cash Costs ($/lb Zn)
Cost Guidance
12,000 $0.60
10,000 $0.50
8,000 $0.40
6,000 $0.30
4,000 $0.20
2,000 $0.10
- $-
Jun 13 Sep 13 Dec 13 Mar 14 Jun 14 Sep 14 Dec 14 Mar 15 Jun 15
(
1
160,000
140,000
120,000
100,000
80,000
60,000
40,000
Mined Reserve Depletion
20,000
0
Jun 13 Sep 13 Dec 13 Mar 14 Jun 14 Sep 14 Dec 14 Mar 15
Contained Metal (t) Cash Costs ($/lb Zn)
Ore tonnes
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(1) Cash Costs are C1 costs reported inclusive of Royalties and after by-product credits per unit of payable metal (2) LTIFR as at 31 March 2015

Page 20

Jaguar 50km Long Corridor Prospective for Cu-Zn-Ag VMS

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Three known mines with similar metal endowment

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

Page 21

Jaguar Priority 1: Explore for Resource Extensions at Bentley

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 Inferred Resource

• Inferred resource at bottom of Arnage and Flying Spur

• Drill drive has commenced to provide drill access to drill off inferred resource

 Bentley Deeps

• 7.8m @ 10% Zn and 2.5% Cu drilled in October quarter

• Subsequent drilling has intersected Arnage and Flying Spur horizons but not high grade mineralisation

• Currently interpreting all drilling data with potential extension located further south of current drilling

Page 22

Jaguar Priority 2: Using Science to find the Next Bentley

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 Triumph

• Diamond drilling planned for June quarter to target up plunge and down plunge extensions of mineralisation

 Daimler

• New geological model developed for Daimler

• 2 diamond drill holes completed in March quarter to test target, assays pending, but target down-graded

 Teutonic Bore

• Study of past work on Teutonic Bore progressing well

 Regional

• 3 diamond holes drilled at the Charlie Chicks prospect during quarter

• Surface geochemical completed at Kent Bore with 2 multi-element anomalies outlined

 Darlot

• Aircore drilling program planned in June quarter

Page 23

Stockman Project (VIC) Continuing to De-risk Project in 2015

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$3,000
Zinc price
 460 km by road NE of Melbourne
$2,500
 Optimisation study results released 28 Nov 2014 $2,000
• Cu-Zn VMS
$1,500
 10 year mine life based on Ore Reserves [(1) ] Bloomberg consensus
• Average 15Ktpa Cu and 26Ktpa Zn in concentrate $1,000
• Average Life of mine C1 costs of $1.30/Ib Cu
$500
• IRR post tax of 18% [(2) ]
• Pre-production capital of $202M Date
 Exploration upside
Zn-Cu outlook is robust
• Bigfoot and Eureka discoveries
• Regional prospectivity
$10,000
Copper price

Permitting well advanced $8,000
• Impact assessment completed with positive state ministerial
assessment received in October 2014 and federal approval in $6,000
December 2014
• Detailed licensing expected to take 12 to 18 months $4,000
• Progressing final permits and approvals including Tails Dam Bloomberg consensus
assessment $2,000
 Zinc price upside $0
Date
(1) IGO ASX Release 28/11/2014: Independence delivers positive Optimisation Study for Stockman Copper-Zinc Project Page 24
Price (USD/t Zn)
Price (USD/t Cu)
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(1) IGO ASX Release 28/11/2014: Independence delivers positive Optimisation Study for Stockman Copper-Zinc Project (2) At IGO Reserve metal price deck

Lake Mackay JV (NT) Underexplored, belt scale opportunity

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 Located in NT on WA border

• Very larger tenure – 12,200km[2] (5,000km[2] under application)

 IGO earning 70% over 6 years

• Partner: ABM Resources NL

• Phase 1: $1.6M over 2 years followed by election and $1.0M payment

• Phase 2: $6.0M over 4 years

 Blanket geochem completed

• Infill soil sampling program of 502 samples over 14 prospect areas commenced

• Majority of sampling will be testing gold anomalies on the SW portion of the project

 Magmatic Ni potential at Da Fuar

• 7km x 5km Ni geochem anomaly

• 1.60% Ni, 1.61% Co and 38.5% Mn in rockchip sampling

• Four geochem traverses in June quarter will test the Da Fuar Ni-Co prospect

Page 25

Bryah Basin JV (WA) Targeting De Grussa Style Cu-Au deposit

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 Located west of De Grussa

 IGO earning 70-80%

• Partner: Alchemy Resources

• $6.5M over 6 years to earn 70-80%

 Underexplored base metals potential

• 45km strike extent on Narracoota volcanic sequence

 Neptune prospect

• Drilling identified strong multielement (Cu-Zn-Te-Ag-Sb-Au) anomalism

• Follow up drilling for Neptune prospect to start in June quarter

• Additional moving loop transient electromagnetic surveys planned

Page 26

Summary Business is in good shape

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 Business is in good shape

• YTD all projects delivering within guidance

• Net Operating cashflows of $42.9M in March quarter (YTD: $157M)

• Cash and refined gold bullion improved by $16.5M in March quarter to $109.8M

• 6 cent interim dividend paid, a $14.1M cash outflow

 Continued stewardship of operating assets

• Maintain focus on:

• safety

• operational discipline

• cost control to continue to meet or better guidance

• Delivery against plan and guidance

 Clean balance sheet

• Net cash (incl. and refined gold bullion) of $109M at 31 March 2015

• Continue to strengthen balance sheet

 Continue to target projects (exploration – development – producing) to sustain and grow the business

Page 27

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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Page 28

Resources & Reserves Competent Persons Statement

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Exploration Results

The information in this report that relates to Exploration Results 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 Quarterly Activities Report dated 22 March 2015 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.

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 Releases for Mineral Resources and Ore Reserves dated 28 August 2014 (excluding Stockman Ore Reserves) and 28 November 2014 (Stockman Ore Reserves only), and are 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 announcements and that all material assumptions and technical parameters underpinning the estimates in the market announcements 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 announcements.

Page 29

Resources & Reserves Tropicana (IGO 30% share)

Mineral Resource 30 June 2014	Mineral Resource 30 June 2014	Mineral Resource 30 June 2014	Mineral Resource 30 June 2014
	100% Project
	Classification	Tonnes Mt	Au g/t	Contained Au Moz
OPEN PIT	Measured	22.8	2.11	1.56
	Indicated	73.7	1.89	4.47
	Inferred	5.8	2.57	0.48
	Sub Total	102.4	1.97	6.50
UNDERGROUND	Measured	-	-	-
	Indicated	2.4	3.58	0.27
	Inferred	6.1	3.07	0.60
	Sub Total	8.5	3.21	0.87
STOCKPILES	Measured	4.9	1.04	0.16
TOTAL TROPICANA	Measured	27.7	1.92	1.72
	Indicated	76.1	1.94	4.74
	Inferred	11.9	2.83	1.08
GRAND TOTAL		115.7	2.03	7.54

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.

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:USD 1.05) (A$1,896/oz).

4. The Havana Deeps Underground Mineral Resource w as estimated using the geostatistical technique of Ordinary Kriging using average drill hole intercepts.

5. Mining depletion as at 30 June 2014 has been removed from the 2014 resource estimate.

6. Resources are inclusive of Reserves.

7. The Competent Persons statement is incorporated in the JORC Code (2012) Competent Persons Statements section of the ASX Release dated 28 August 2014.

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	Ore Reserve 30 June 2014	Ore Reserve 30 June 2014	Ore Reserve 30 June 2014
	100% Project
	Classification	Tonnes Mt	Au g/t	Contained Au Moz
OPEN PIT	Proved	20.2	2.29	1.49
	Probable	29.7	2.02	1.94
	Stockpiles	3.3	1.27	0.13

GRAND TOTAL 53.3 2.08 3.56

Notes:

1. The Proved and Probable Ore Reserve (30 June 2014) 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 (equivalent to A$1,249/oz Au).

2. The 30 June 2014 Reserve estimate is updated using the end of June 2014 surveyed surface topography and end of June 2014 stockpile balances. The final pit designs, cut-off grades and the Resource model used are unchanged from the December 2013 estimate.

3. Resources are inclusive of Reserves.

4. The Competent Persons statement is incorporated in the JORC Code (2012) Competent Persons Statements section in the ASX Release dated 28 August 2014.

5. JORC (2012) Table 1 Parameters are in Appendix A of the ASX Release dated 28 August 2014.

6. JORC (2012) Table 1 Parameters are in Appendix A of the ASX Release dated 28 August 2014.

Reference: ASX Release dated 28 August 2014 for Resources and Reserves.

Reference: ASX Release dated 28 August 2014 for Resources and Reserves.

Page 30

Resources & Reserves Long (100% IGO)

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Mineral Resource 30 June	Mineral Resource 30 June	Mineral Resource 30 June	Mineral Resource 30 June	2014					Ore Reserve	30 June 2014
	Classification		Tonnes	Ni%		Ni Tonnes			Classification	Tonnes	Ni%	Ni Tonnes
LONG	Measured		70,000	5.5		3,900		LONG	Proved	50,000	3.8	1,900
	Indicated		270,000	5.5		15,000			Probable	56,000	3.1	1,700
	Inferred		138,000	5.4		7,400
	Sub Total		478,000	5.5		26,300			Sub Total	106,000	3.4	3,600
**VICTOR SOUTH **	Measured	-	-		-			**VICTOR SOUTH **	Proved	5,000	3.7	200
	Indicated		188,000	2.0		3,700			Probable	8,000	3.2	200
	Inferred		28,000	1.6		400
	Sub Total		216,000	1.9		4,100			Sub Total	13,000	3.4	400
McLEAY	Measured		74,000	6.7		4,900		McLEAY	Proved	49,000	4.1	1,900
	Indicated		85,000	4.8		4,100			Probable	3,000	3.3	100
	Inferred		75,000	4.6		3,400
	Sub Total		234,000	5.3		12,400			Sub Total	52,000	3.9	2,000
MORAN	Measured		285,000	7.3		20,800		MORAN	Proved	449,000	4.5	20,200
	Indicated		90,000	6.9		6,300			Probable	120,000	3.1	3,600
	Inferred		86,000	4.0		3,500
	Sub Total		461,000	6.6		30,600			Total	569,000	4.2	23,800
STOCKPILES	Measured		3,000	3.3		100		STOCKPILES		3,000	3.3	100
TOTAL			1,392,000	5.3		73,400		TOTAL		743,000	4.0	29,900

Notes:

Notes:

1. Mineral Resources are reported using a 1% Ni Cut-off grade except for the Victor South disseminated Mineral Resource w hich is reported using a cut-off grade of 0.6% Ni.

2. Mining depletion as at 30 June 2014 has been removed from the 2014 resource estimate.

3. Resources are inclusive of Reserves.

4. Ore tonnes have been rounded to the nearest thousand tonnes and nickel tonnes have been rounded to the nearest hundred tonnes. This may result in slight rounding differences in the total values in the table above.

5. The Competent Persons statement is incorporated in the JORC Code (2012) Competent Persons Statements section of the ASX Release dated 28 August 2014.

6. JORC (2012) Table 1 Parameters are in Appendix B of the ASX Release dated 28 August 2014.

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

8. A Net Smelter Return (NSR) value of $214 per ore tonne has been used in the evaluation of the 2014 reserve.

9. Mining depletion as at 30 June 2014 has been removed from the 2014 reserve estimate.

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

11. Revenue factor inputs (US$): Ni $14,508/T, Cu $6,820/T. Exchange rate AU$1.00 : US$0.90.

12. The Competent Persons statement is incorporated in the JORC Code (2012) Competent Persons Statements section of the ASX Release dated 28 August 2014.

13. JORC (2012) Table 1 Parameters are in Appendix B of the ASX Release dated 28 August 2014.

Reference : ASX Release dated 28 August 2014 for Resources and Reserves.

Reference: ASX Release dated 28 August 2014 for Resources and Reserves.

Page 31

Resources & Reserves Jaguar (100% IGO)

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	Mineral Resource 30 June	Mineral Resource 30 June	Mineral Resource 30 June	2014				Ore Reserve 30 June	Ore Reserve 30 June	Ore Reserve 30 June	2014
	Classification	Tonnes	Cu%	Zn%	Ag g/t	Au g/t		Classification	Tonnes	Cu%	Zn%	Ag g/t	Au g/t
BENTLEY	Measured	706,000	2.2	12.3	172	0.8	BENTLEY	Proved	499,000	2.1	12.1	168	0.8
	Indicated	1,502,000	1.5	8.0	123	0.7		Probable	771,000	1.6	8.8	144	0.8
	Inferred	631,000	1.2	6.1	101	0.6
	Stockpiles	16,000	1.8	11.7	166	0.8
	Sub Total	2,855,000	1.6	8.7	130	0.7		Sub Total	1,270,000	1.8	10.1	154	0.8
							STOCKPILES		16,000	1.8	11.7	166	0.8
		Mineral Resources 2009					GRAND TOTAL		1,286,000	1.8	10.1	154	0.8
TEUTONIC	Measured	-	-	-	-	-	Notes:
BORE	Indicated	946,000	1.7	3.6	65	-	1. Cut-off values w ere based on Net Smelter Return (NSR) values of $180 per ore tonne for direct mill feed and $100 per ore tonne for marginal feed.
	Inferred	608,000	1.4	0.7	25	-	2. Revenue factor inputs (US$): Cu $6,820/T, Zn $2,070/T, Ag $19.50/troy oz, Au $1,248/troy oz. Exchange rate AU$1.00 : US$0.90.
	Sub Total	1,554,000	1.6	2.5	49	-	3. Metallurgical recoveries – 82% Cu, 53% Ag, and 43% Au in Cu concentrate; 83% Zn and 22% Ag in Zn concentrate
GRAND TOTAL		4,409,000	1.6	6.5	102	-	4. Longitudinal sub-level long hole stoping is the		primary method of mining used at Bentley.

Notes:

1. Mineral Resources include massive sulphide and stringer sulphide mineralisation. Massive sulphide resources are geologically defined; stringer sulphide resources for 2014 are reported above cut-off grades of 0.6% Cu for Bentley and 0.7% Cu for Teutonic Bore.

2. Block modelling mainly used ordinary kriging grade interpolation methods w ithin w ireframes for all elements and density. The Flying Spur lens, part of the Bentley deposit, w as estimated using the Inverse Distance Squared Weighting method (IDW2). The new Flying Spur Mineral Resource comprised 449,000t @ 12.6% Zn, 0.6% Cu, 209g/t Ag and 1.7g/t Au (Inferred).

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. No Inferred Resource has been converted into Reserve

4. Mining of the Jaguar deposit w as completed on 29 February 2014. All remaining in situ mineralisation w as evaluated and deemed inappropriate for Reserve conversion. The Jaguar underground mine w as subsequently closed.

5. Mining depletion as at 30 June 2014 has been removed from the 2014 reserve estimate.

6. The Competent Persons statement is incorporated in the JORC Code (2012) Competent Persons Statements section of the ASX Release dated 28 August 2014.

7. JORC (2012) Table 1 Parameters are in Appendix C of the ASX Release dated 28 August 2014.

8. Mining depletion as at 30 June 2014 has been removed from the 2014 resource estimate for Bentley. Historic mining has been removed from the 2009 resource estimate for Teutonic Bore.

9. Resources are inclusive of Reserves.

10. Mining of the Jaguar deposit w as completed on 29 February 2014. Economic evaluation of remaining resources has show n that they are not economic at foreseeable metal prices w ithin a reasonable timeframe and have been removed from the 2014 inventory.

11. The Teutonic Bore resource estimate is now reported in compliance w ith JORC Code 2012 reporting guidelines. The model is unchanged from the 2009 model.

12. The Competent Persons statement is incorporated in the JORC Code (2012) Competent Persons Statements section of the ASX Release dated 28 August 2014.

13. JORC (2012) Table 1 Parameters are in Appendices C and D of the ASX Release dated 28 August 2014.

Reference: ASX Release dated 28 August 2014 for Resources and Reserves.

Reference: ASX Release dated 28 August 2014 for Resources and Reserves.

Page 32

Resources & Reserves Stockman (100% IGO)

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Mineral Resource 30 June 2014		Ore Reserve 28 November 2014
Classification Tonnes Mt Cu% Zn% Ag g/t Au g/t CURRAWONG Measured - - - - - Indicated 9.58 2.0 4.2 42 1.2 Inferred 0.78 1.4 2.2 23 0.5 Sub Total 10.33 2.0 4.0 40 1.1 WILGA Measured - - - - - Indicated 2.99 2.0 4.8 31 0.5 Inferred 0.67 3.7 5.5 34 0.4 Sub Total 3.66 2.3 4.9 32 0.5 GRAND TOTAL 13.99 2.1 4.3 38 1.0**		Classification Tonnes Mt Cu% Zn% Ag g/t Au g/t
		CURRAWONG Proved - - - - - Probable 7.4 2.1 4.3 40 1.2 Sub-Total 7.4 2.1 4.3 40 1.2 WILGA Proved - - - - - Probable 1.6 2.1 5.6 31 0.5 Sub Total 1.6 2.1 5.6 31 0.5**
		GRAND TOTAL 9.0 2.1 4.5 39 1.1*

Notes:

1. All Mineral 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 Mineral Resources are geologically defined; stringer sulphide resources are reported above cut-off grades of 0.5% Cu.

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

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

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

6. Mineral Resources are inclusive of Ore Reserves.

7. The Competent Persons statement is incorporated in the JORC Code (2012) Competent Persons Statements section of this report.

8. See IGO’s ASX Release of 28 August 2014 for JORC Code (2012) Table 1 Parameters.

Notes:

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

2. Gold (Au) grades are Inferred at Wilga due to a paucity of gold assays in historic drilling. Revenue from Au in the Wilga ore w as included in the estimation of the Ore Reserve. The contribution to Revenue of this Au w as estimated to be $8.65 per gram of Au 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 18% of the total Ore Reserve.

3. *3. Historic mining depletion for Wilga has been removed from the Ore Reserve estimate.

4. The Competent Persons statement is incorporated in the JORC Code (2012) Competent Persons Statements section of this report.

5. See IGO’s ASX Release of 28 November 2014 for JORC Code (2012) Table 1 Parameters.

Reference: ASX Release dated 28 August 2014 for Resources and Reserves.

Reference: ASX Release dated 28 November 2014 for Resources and Reserves.

Page 33

FY15 Guidance[(1)(2) ]

Tropicana

• 144,000 to 153,000oz (IGO 30% share)

• Average cash cost of $590 - $630/oz Au

• AISC of $770 - $830/oz Au

• Sustaining capex (IGO 30% share) of $9M

• Exploration (IGO 30% share) of $6M

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Jaguar

• 44,000 to 48,000t Zn in conc.

• 7,000 to 8,000t Cu in conc.

• Average cash cost of $0.30-0.50/lb Zn

• • Sustaining capex of $10M

• Development of $11M

• Exploration of $8M

Long

• 9,500 to 10,500t contained Ni

• Average cash cost of $4.10 - $4.50/lb Ni

• Sustaining capex of $8M

• • Exploration of $12M

Exploration and Development

• $11M on greenfields and generative exploration

• $3M on Stockman Project evaluation, permitting and exploration targeting

(1) Refer to “Forward Looking Statement” note on Page 2

(2) Reference: IGO ASX Release 18/02/2015 Independence Group Half-Year Report

Page 34

Hedging Summary

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Nickel

• Q4 FY15: 250t/mth at Avg. price of $18,382/t

• Q1 FY16: 250t/mth at Avg. price of $19,701/t

Copper

• FY15 Q4: 550t at $8,500/t in June 15

Gold

• FY15: Average 4,500oz/month zero cost collars (range $1,300 to $1,717/oz)

• • FY16: Average 3,208oz/month zero cost collars (range $1,342 to $1,672/oz)

• • FY17: Average 2,500oz/month zero cost collars (range $1,330 to $ 1,593/oz)

Page 35