IGO LIMITED — Investor Presentation 2016

Aug 1, 2016

Cautionary statements & disclaimer

• 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 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 IGO Mineral Resource and Ore Reserve estimates, except the Nova Ore Reserve should be read in conjunction with IGO's 2015 Mineral Resource and Ore Reserve announcement dated 28 October 2015 and lodged with the ASX, which are available on the IGO website. The Nova Ore Reserve was updated during the optimisation study dated 14 December 2015 and lodged with the ASX, which is available in the IGO website.
• All currency amounts in Australian Dollars unless otherwise noted.
• •Cash Costs are reported inclusive of Royalties and after by-product credits on per unit of payable metal basis, unless otherwise stated
• IGO reports All-in Sustaining Costs (AISC) per ounce of gold 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.
• 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, and once-off transaction costs.
• Underlying NPAT comprises net profit (loss) after tax adjusted for; post tax effect of acquisition and integration costs, and impairments.

IGO overview

Leading Australian diversified mining company

ASX listed (IGO)

•Based in Perth, Western Australia

Diversified portfolio of high margin assets

• 3 operating mines and 1 under construction
• •All located in Western Australia
• Gold, Nickel, Zinc, Copper, Cobalt, Silver

Strong track record of delivery

• •Strong cash flow and strong balance sheet
• •Strong management and Board

Fully financed growth

• Tropicana mill expansion and resource extension
• •Nova Nickel/Copper Project construction
• Belt scale exploration targets in Australia

Market profile & share ownership

Strong domestic institutional and retail support

Market profile

• •A\$2.2 billion market capitalisation at A\$4.24/share(1)
• • Share price 52 Week Range
• Low A\$1.98 20 January 2016
• High A\$4.49 14 July 2016

2) As at market close 17 June 2016

Share ownership prior to A\$250M placement

• Substantial holders(2) Mark Creasy 18.88% FIL Limited 9.92% Van Eck 9.63% Australian Super 6.04% • Institutional ownership(2) Australia 72% USA & Canada 19% UK & Europe 6% Rest 3% 70%30%Instos Retail & Other 72%28%DomesticInstos International Instos

4

Balance sheet and funding

5

Cashflow from operations + Bank debt + Placement

\$ ( ) U d i t d A 'm i l l i n a u e o n	Q 4 F Y 1 6	F Y 1 6
R e e nu e v	1 0 5. 9	4 1 7. 1
( 1) U d ly i E B I T D A n e r n g	3 8. 9	1 3 5. 7
N t P f i t A f t T e r o e r a x	1 6. 4	( 5 8. 9 )
N t C h F l F O t i A t iv i t i e a s o r o m p e r a n g c e s w	3 9. 7	9 2. 6
( 2) 1, F C h F l r e e a s o w	( 2 1. 8 )	( 3 2 8. 3 )
( 1, 2) U d ly i F C h F l n e r n g r e e a s o w	( 3 6. 3 )	( 1 4 1. 6 )
C ( f ) h t d i d a s a e n o p e r o	4 6. 3	4 6. 3
M k b l S i i ( d f i d ) t t t a r e a e e c u r e s a e n o p e r o	0 5.	5. 0
R f i d b l l i ( d f i d ) t e n e u o n a e n o p e r o	0	0
D b t ( t d f i d ) e a e n o p e r o	2 7 1. 0	2 1. 0 7

Completion of A\$250M placement

• •Oversubscribed placement completed 28 July 2016
• •Strong support from existing an new institutional investors
• • Completed to
• •Strengthen balance sheet
• •Increase financial flexibility
• •Fund growth
• Placement priced at A\$3.75 per share
• •6.9% discount to 5-day VWAP

1) Underlying EBITDA are non-IFRS measure (refer to Disclaimer page).

2) Free Cash Flow comprises Net Cash Flow from Operating Activities and Net cash Flow from Investing Activities. Underlying adjustments exclude proceeds from investment sales and payments for investments

Nickel market dynamics

Current supply deficit overshadowed by stockpile inventory

Upside drivers to the Nickel price

• •Sentiment
• •Politically driven supply constraint
• •Economically driven supply constraint
• •New sources of demand

Nickel is one of the key ingredients for the manufacture of lithium-ion batteries(1)

• •Why Nickel?
• • Nickel battery formulations offer highest energy density

1) Vale presentation – Nickel for Electric Vehicle Batteries: Long Term Supply Dynamics

Tesla Model S

Nickel – graphite batteries

""Our cells should be called Nickel-Graphite, because primarily the cathode is nickel and the anode side is graphite with silicon oxide… [there's] a little bit of lithium in there, but it's like the salt on the salad."

Elon Musk CEO Tesla

7

IGO asset portfolio

Portfolio of gold and base metals assets

1) FY17 guidance range mid-point

2) Cash costs are inclusive of royalties and net of by-product credits per unit of payable metal

3) Nova production average LOM production from Definitive Feasibility Study (refer to Sirius ASX release dated 14 July 2014)

4) Nova cash costs are average LOM production and cash costs from release titled Accelerated Bollinger Development (refer to ASX release dated 21 July 2016) and cash costs are shown net of by-product credits and per unit of metal in concentrate

5) Stockman production and cash costs are average LOM production and cash costs from Optimisation Study (refer to IGO ASX release dated 28 November 2014)

6) Nova total CAPEX \$443M with \$145M remaining as at 30 June 2016 (refer to ASX release – Quarterly report dated 27 July 2016)

7) Conversion of A\$ to US\$ using 0.74 exchange rate

Nova overview

World class, low cost magmatic nickel-copper project

Fully funded underground Ni-Cu-Co project in construction

• •Located in highly prospective Fraser Range, Western Australia
• •350km SE of Kalgoorlie and 350km from port of Esperance
• •Acquired by IGO in 2015

Project timeline is a testament to project quality

• Discovered in July 2012
• •Feasibility study completed in July 2014
• •Construction commenced in January 2015 and now 93% complete
• •Project remains on schedule for production of first concentrate in December 2016

World class project

• •High margin (low cost and high payability)
• •Scale (average 26ktpa nickel and 11.5ktpa copper)
• •Long mine life (initial 10 years)
• •Significant exploration upside in emerging province

Nova on schedule and on budget

Overall project now 93% complete

Nova progress Project well advanced and de-risked

Nova optimisation

Improved mining schedules and design realised significant value

• •Optimisation Study completed in December 2015 moved Nova down the cost curve
• •Optimisation Study delivered 36% improvement in NPV(1)
• •FY17 LOM realised an additional 14% improvement in NPV by accelerating Bollinger development(2)
• • Optimisation study generated increases of 41%, 108% and 83% of free cash flow in CY17, CY18 and CY19 when compared to the DFS (1)
• •FY17 LOM increased FY18 cash flow by an additional A\$134M(2)

1) For further information see ASX release 14 December 2015, Nova Project Optimisation Study

2) For further information see ASX release 21 July 2016, Accelerated Bollinger Decline at Nova Project

Nova concentrates

Highly marketable concentrates

Nickel concentrates

• •Nickel concentrate grading 13.5% Ni
• •No Arsenic
• •High Fe to MgO ratio preferred by smelters

Nickel offtake agreements

• •Three year contract
• •50% contracted with BHPB Nickel West, delivered via road to Kambalda
• •50% contracted with Glencore, exported via port of Esperance

Copper concentrates

• •Copper concentrate grading 29%
• •No deleterious elements

Copper offtake agreements

• •Three year contract
• •100% contracted with Trafigura, exported via port of Esperance

Nova in mine exploration

Opportunities for additions to mining inventory prioritised

• •Areas identified and prioritised for in mine exploration
• •Potential to extend mineralisation and Mineral Resources

• •Untested geophysical targets
• • Some areas require additional work to define targets

Tropicana overview

Transitioning to higher milling rates in 2016

30% IGO and 70% AngloGold Ashanti

•Located 330km East NE of Kalgoorlie

Conventional open pit of scale

• •3 Moz Ore Reserves(1) contained within 7 Moz Resources(1)
• •Open Pit mining with remaining LOM strip ratio of 6:1(1)
• •5.8 Mtpa original nameplate processing plant
• •Expansion of processing rate up to 7.0 - 7.5Mtpa underway
• •400,000 oz/yr sustainable production rate(2)

FY17 guidance midpoint

• •123,000oz(3) (IGO share)
• •Cash cost of A\$900/oz(3) (US\$666/oz(4))
• •AISC of A\$1,200/oz(3) (US\$888/oz(4) )

• 2) Based on ~7.0 Mtpa throughput, 2 g/t average reserve grade and 90% average recovery
• 3) Mid-point of guidance range, refer ASX release 27 June 2016 ,June 2016 Quarterly Report
• 4) Conversion of A\$ to US\$ using 0.74 exchange rate

Tropicana upside

Significant potential to extend mine life beyond initial 10 years

• •292km pipeline completed ahead of plan
• •Powerhouse conversion of gas fired engines complete

Process plant debottlenecking ongoing

• •Increase throughput from 5.8Mtpa to +7.0Mtpa
• Achieved 7.3Mtpa annualised mill rate in May June 2016

Resource extension drilling underway

• •Framework drilling beneath known Mineral Resources
• •Encouraging results indicating potential to extend mineralisation

Mining studies underway with potential for a step change reduction in mining costs

•Unique mineralisation geometry and continuity

JV commitment to unlocking exploration potential

•New brownfields and greenfields exploration opportunities

Tropicana pits

Four contiguous pits extending over a five kilometre strike

Tropicana growth potential

Long Island Study – significant drilling results

Boston Shaker(1)

BSD077 – 19m @ 3.40 g/t Au from 387m BSD078 – 13.5m @ 3.25 g/t Au from 428.5m BSD080 – 14m @ 5.77 g/t Au from 384m BSD081 – 17m @ 3.65 g/t Au from 411m

Havana South(1)

HSD050 – 16m @ 7.78 g/t Au from 469m HSD052 – 11.7m @ 8.90 g/t from 352.3m HSD053 – 8m @ 10.76 g/t Au from 434m HSD054 – 15m @ 8.77 g/t from 510m HSD077 – 10m @ 8.55 g/t Au from 466m HSD087 – 8m @ 7.56 g/t Au from 432m HSD088A – 15m @ 4.62 g/t Au from 429m and 21m @ 2.21 g/t Au from 471m

1) For detailed information on drilling results refer to ASX release dated 30 July 2016, Tropicana Gold Mine Analyst-

Tropicana growth potential

Long Island Study mining concept

100km of drilling in 12 months

Long overview

History of consistent low cost production and exploration success

High grade underground nickel

•Located in Kambalda, 60km south of Kalgoorlie

35 year operating history

• •Acquired by IGO in 2002
• •Average grade project to date of 3.8% Ni
• •Owner operated underground mining
• •Consistent low cost producer with history of exploration success

FY17 guidance(1)

• •8,750t nickel at A\$3.70/lb(2) or US\$2.74/lb(3)
• •Positive reserve call factor

BHP Nickel West relationship

• •Toll processing of ore
• •Concentrate offtake agreement

1) FY17 guidance range mid-point, refer ASX release 27 July 2016 titled June 2016 quarterly report

• 2) Cash costs are inclusive of royalties and net of by-product credits per unit of payable metal
• 3) Conversion of A\$ to US\$ using 0.74 exchange rate

Jaguar overview

High grade Zn-Cu VMS camp

Production from Bentley underground Zn-Cu-Ag-Au VMS mine

•Located 300km north of Kalgoorlie via sealed road, fly in – fly out from Perth

Record mining and milling rates achieved in FY16

• •Acquired by IGO in 2011
• •Owner operated underground mining
• •500ktpa processing plant producing zinc and copper concentrates

FY17 guidance(1)

• •41kt zinc & 4,850t copper at A\$0.75/lb Zn(2) or US\$0.55/lb Zn(3)
• •Known VMS camp with significant exploration upside
• • In-mine resource extension potential with recently completed drilling of Flying Spur lens and Bentley Deeps
• •Near-mine potential with Triumph discovery
• • Regional exploration potential with over 50km of known strike along prospective corridor
• 1) FY17 guidance range mid-point, refer ASX release 27 July 2016 titled June 2016 quarterly report
• 2) Cash costs are inclusive of royalties and net of by-product credits per unit of payable metal
• 3) Conversion of A\$ to US\$ using 0.74 exchange rate

Exploration

IGO remains committed to delivering growth through exploration

A\$33M exploration budgeted across portfolio

• • Targeting provinces that can deliver multiple gold and base metals projects
• • Increasing focus on generative and greenfields projects

FY17Exploration Budget

Nova – Tropicana Belt

Two of Australia's best exploration discoveries in the last 15 years

Partnering to unlock opportunities

Focussed on belt scale opportunities with potential for Tier 1 assets

Lake Mackay JV

• •Partnered with ABM Resources NL
• •IGO has an option to earn 70% interest
• •400km northwest of Alice Springs
• •Sparsely explored Proterozoic terrane
• •Prospective for gold and base metals

Bryah Basin JV

• •Partnered with Alchemy Resources Limited
• •IGO can earn 70% - 80% interest
• •40km west of the Degrussa Cu-Au VMS
• • Covers the prospective Narracoota Volcanic – Karaluni Formation host stratigraphy
• •Prospective for Cu-Au VMS deposits

Sustainability

Continued strengthening and improvement across the business

Concluding comments

Diversified mining company delivering cash flow and growth

Recent placement has strengthened balance sheet

Deliver Nova Project on time and on budget with first production in December 2016

Unlock scale and value at Tropicana throughout 2016

Unlock upside through investment in brownfields and greenfields exploration