IGO LIMITED — Investor Presentation 2017

Sep 24, 2017

– 27 September 2017

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 publicly 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 Tropicana Mineral Resource and Ore Reserve and Nova Resource should be read in conjunction with IGO's 2016 Mineral Resource and Ore Reserve announcement dated 14 October 2016 and lodged with the ASX, which are available on the IGO website.
• References to Mineral Resource and Ore Reserve estimates at Tropicana should be read in conjunction with IGO's Tropicana Gold Mine Value Enhancement Update, dated 15 December 2016 and lodged with the ASX, and is available on the IGO website.
• References to Mineral Resources estimates at Nova should be read in conjunction with IGO's Nova Mineral Resource Estimate and Exploration Update, dated 26 July 2017 and lodged with the ASX, and is available on the IGO website.
• References to Mineral Resources and Ore Reserve estimates at Triumph should be read in conjunction with IGO's Jaguar Value Enhancement Study, dated 26 July 2017 and lodged with the ASX, and is available on 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 27 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, redundancy and restructuring costs, 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.
• Free Cash Flow comprises Net Cash Flow from Operating Activities and Net Cash Flow from Investing Activities. Underlying adjustments exclude acquisition costs, proceeds from investment sales and payments for investments

A Company with Purpose

To create long-term shareholder value

1) 100% IGO owned

2) 30% IGO owned (unincorporated joint venture)

Transformational Growth of EBITDA

Aligned to disruptive electric vehicle growth

The addition of tier one assets, Nova and Tropicana have demonstrated transformational growth of EBITDA

• IGO expects to see continued significant growth in EBITDA as Nova transitions to full production in FY18 and grade streaming commences at Tropicana in CY18

Market dynamic to change over the coming years as a result of electric vehicle batteries

• 24kg nickel, 24kg cobalt and 91kg copper is used in a Chevy Bolt(2)

Snapshot of IGO Asset Base

Nova	Ni, Cu, Co
	World-class tier one asset
Status	Ramp up
Est. Mine Life	10+ years
cost (FY18)(1) Est. cash	A\$1.90 – A\$2.50/lb Ni
Current Resources(2)	271,000t Ni
	113,000t Cu
	9,000t Co
Estimated production	23,000t – 27,000t Ni
(FY18)(1)	10,000t – 12,000t Cu
	800t – 1,050t Co
Growth potential	In-mine exploration and resource
	extensions
	Regional exploration opportunities

	igo

Long	Ni
	Consistent high margin production
Status	Producing
Est. Mine Life	<1 year
cost (FY18)(1) Est. cash	A\$4.40 – \$4.90/lb Ni
Current Resources(4)	60,000t Ni
Estimated production (FY18)(1)	5,400 – 6,000t Ni
Growth potential	Exploration whilst planning for a suspension of mining period

Tropicana JV (30%) Au

Long mine life with potential to increase

Status	Producing
Est. Mine Life	7 – 10 years
Est. cash cost (FY18)(1)	A\$680 – A\$750/oz
Current Resources(3)	2.4Moz Au (IGO share)
Estimated production (FY18)(1)	132koz – 147koz Au (IGO share)
Growth potential	Grade streaming in CY18 and CY19 Long Island open pit study to be completed in December quarter 2017 Underground potential Expansion potential Regional exploration upside

Jaguar Zn, Cu, Ag

Unlocking new exploration and development options

Status	Producing
Est. Mine Life	3 – 5 years
cash cost (FY18)(1) Est.	A\$0.85 – A\$1.05/lb Zn
Current Resources(4)(5)	389,000t Zn 62,000t Cu 18.9Moz Ag
Estimated production (FY18)(1)	29,000t – 33,000t Zn 2,600t – 3,000t Cu
Growth potential	Jaguar Value Enhancement Study Bentayga discovery

Projects/Exploration Opportunities

Fraser Range Project & Salt Creek JV (Ni, Cu) (70%)	Regional geochemical sampling, moving loop electromagnetic surveying and/or drilling Aircore programs identified anomalous results requiring additional exploration
Lake Mackay (Gold/Base metals) (70%)	Unlocking new underexplored mineral province Drilling at Bumblebee has confirmed proof of concept
Bryah Basin (Cu, Au) (70%)	Follow up drilling of targets within a 2km strike of previously delineated zone of geochemical anomalism and electromagnetic conductors
De Beers Database	Unique sample database

1) For further information see ASX release 26 Jul 2017 – June 2017 Quarterly Activities Report and Presentation

2) For further information see ASX release 26 Jul 2017 – Nova Mineral Resource Estimate and Exploration Update

3) For further information see ASX release 15 Dec 2016 – Tropicana Gold Mine – Value Enhancement Update

4) For further information see ASX release 14 Oct 2016 – Mineral Resources and Ore Reserves Update

5) For further information see ASX release 26 Jul 2017 – Jaguar Value Enhancement Programs Demonstrate Options to Extend Mine Life & Improve Project Scale

Nova

World class, low cost magmatic nickel-copper mine

Nova

Commercial production declared 1 July 2017

Overview	IGO 100% magmatic Ni – Cu – Co 1.5Mtpa underground mine Ramping up to nameplate Near mine and regional exploration advancing
Resource 26 July 2017(1) Reserve 14 October 2016(2)	271,000t Ni, 113,000t Cu 275,000t Ni, 112,000t Cu
Production Guidance FY18 (contained metal in concentrate)	23,000 to 27,000t Ni 10,000 to 12,000t Cu 800 to 1,050t Co
Operating Cost Guidance FY18 (payable)	A\$1.90 to A\$2.50/lb
Capital Guidance FY18	Build A\$0 to 2M	Sustaining A\$9 to 13M	Development A\$40 to 44M
Exploration Budget Guidance FY18		A\$8 to 10M

Key developments and potential

• Focus switching from construction to production
• Ramping up to nameplate production in September 2017 quarter
• LoM grade control drilling to be completed by December 2017
• Near mine and regional exploration active with 5 surface drill rigs operating

• 1) For further information on Mineral Resources refer to ASX release Nova Mineral Resource Estimation and Exploration Update, dated 26 Jul 2017
• 2) For further information on Mineral Resources and Ore Reserves please refer to ASX release on 14 Oct 2016

Nova

Capital expenditure reconciliation

Nova Capitalised Development Costs	Actual A\$M	2015 Estimate A\$M(1)	Variance A\$M(2)	Change %
Process Plant & Infrastructure	161	176	(15)	(9%)
Non-mine Infrastructure	90	99	(8)	(8%)
Mine Development	64	55	10	18%
Mine Infrastructure	46	46	-	n/a
Pre-operating Owner's Costs	134	75	59	79%
Less: capitalised revenue	(39)	(7)	(32)	459%
Total	456	443	13	3%

3% variance from initial capital estimate a great result

• Nova construction and development costs have been reconciled to initial, uninflated estimates from January 2015
• Reconciliation demonstrates a good overall discipline in cost management
• Due to a delay in ramp up and transition to commercial production, higher pre-operating owners costs, together with pre-operating sales, have been absorbed into the total capital result
• The strong overall result is compounded by the completion of additional mine development relative to the initial estimate and improved specifications of key infrastructure components that will benefit the operation in the long term

Nova Mine Layout

Shallow, thick, flat lying orebody delivers low mining costs

Nova Resource(1)

Interim update as at 30 June 2017

91km of grade control drilling completed to date

• Delivers significant increase in confidence of Resource with drilling to 12.5m x 12.5m centres
• Updated Mineral Resource estimate using revised geological interpretation and approach to resource domaining
• As at 30 June 2017 Mineral Resource estimate for Nova and Bollinger is:
• ─ 11.4Mt at 2.4% Ni, 1.0% Cu and 0.08% Co
• ─ Equivalent to 271,000t Ni, 113,000t Cu and 9,000t Co
• Compared with previous estimates tonnage is reduced 15% with slightly higher grades for a reduction in contained metal of 14% and 12% for nickel and copper respectively(2)
• Working towards an updated Ore Reserve Estimate in the December 2017 quarter
• Work to date does not capture the potential for extensions to orebody

1) For further information on Mineral Resources refer to ASX release Nova Mineral Resource Estimation and Exploration Update, dated 26 Jul 2017

2) For comparison purposes both models have been reported using the same NiEq calculation at a ≥0.6% NiEq cut-off grade

11

Nova Resource Update(1)

Schematic Long Section of the Nova-Bollinger Deposits looking North

Nova Exploration

Drilling in progress on Nova mining lease

One surface diamond drill rig on site

• Drilling a number of historical EM plates
• Drill testing the western mafic complex
• Framework drilling on 2D seismic line testing a number of reflective positions

Underground diamond drilling

• In June 2017, drilling at Bollinger South intersected massive and brecciated sulphides outside current Mineral Resource boundaries
• 30 drill holes completed as part of a program to map the south-western extension of the Bollinger orebody
• The majority of results are still pending
• Significant results received to date include(1):
• ─ NBU0977 6.9m @ 3.52% Ni
• ─ NBU0980 13.3m @ 1.85% Ni
• Drilling is continuing in 1Q18

Fraser Range Exploration

Regional drilling around Nova

• New frontier with exploration focus only after Nova discovery in 2012
• Belt is underexplored primarily as discontinuous land positions held by underfunded juniors at bottom of commodity price cycle
• IGO completing systematic greenfields exploration in brownfields environment with significant opportunity for discovery

Making a great asset better through value enhancement

Increasing gold production at improved AISC

Overview	JV IGO 30% with AngloGold Ashanti 70% Open pit with potential for expansion 7+ years current LoM
Resource(1) Reserve(1)	8.02Moz (100%) 3.80Moz (100%)	2.4Moz (30%) 1.1Moz (30%)
Production Guidance FY18	(100%) 440 to 490koz	(30%) 132 to 147koz
Operating cost Guidance FY18	Cash cost A\$680 to A\$750/oz	All-in Sustaining cost A\$1,060 to A\$1,170/oz
Capital Guidance FY18	Sustaining A\$3 to 5M	Improvement Waste Stripping A\$6 to 7M A\$44 to 55M
Exploration Budget Guidance FY18		A\$4 to 5M (30%)

2) For further detailed information on Tropicana Value Enhancement Study refer to ASX release dated 15 Dec 2016

Transitioning towards grade streaming

Mining costs have fallen 37% since CY15

• Accelerated mining rates have been delivered by the introduction of a 600t class hydraulic shovel in to the mining fleet in November 2016
• Increased mining rates have improved productivity and accelerated access to ore
• Grade streaming through CY18 and CY19 delivers material increases in gold production and corresponding reduction in AISC
• Grade streaming will occur irrespective of Long Island Study decisions

Directional Production and AISC(2)

Directional Unit Costs and Material Movement(1)

1) For further detailed information on Tropicana mining costs and schedule outlook see Tropicana Gold Mine Investor/Analyst Visit presentation and ASX release dated 4 Aug 2017

Long Island Study – What is it?

Based on strip mining strategy

• Possible due to tabular geometry and strike extent
• Unlocks additional down plunge resource

Strip mining delivers lower mining costs

• Shorter hauls due to in-pit dumping of waste
• Transition to face shovels
• Mining of bigger benches to reduce drill and blast costs

Tropicana LoM pit to be starter pit

• Backfill with waste from Boston Shaker to the north and Havana to the south

Mining scenario under Long Island

• Peak material movement rate 105Mtpa
• Current mining fleet will be expanded by
• ─ 1 x 600t shovel
• ─ 2-5 Cat 793 haul trucks
• LoM extended to 2028

Long Island Study

Staged schedule with multiple decision points

• 3 decision points Flexibility & Optionality
• 3 locations with 8 stages
• ─ 1st decision point 4Q17
• ─ 2nd decision point 4Q19
• ─ 3rd decision point 4Q22

Finalisation of the Long Island Study is expected in the December 2017 quarter

Mining Stage	CY17	CY18	CY19	CY20	CY21	CY22	CY23	CY24	CY25	CY26	CY27(1)
Current LoM Plan
Havana South & Boston Shaker
Havana Stage 1-3
Havana Stage 4-5

NGLOGOLDASHANTI

Evaluating underground potential

As part of the Long Island drilling several high grade shoot positions have been identified, which will be investigated further in FY18

Boston Shaker

Recent results below Boston Shaker are very encouraging

Currently drilling high grade targets

• Down dip extensions
• Initial ~3,000m scheduled

1) For further detailed information see Tropicana Gold Mine Investor/Analyst Visit presentation and ASX release dated 4 Aug 2017

Exploration

A\$9M

Project

A\$5M

Committed to delivering growth through exploration

Fraser Range Exploration

Consolidated 12,000km² of tenure

Prospective tenure proximal to Nova Project

• Substantial exploration planned for FY18 to unlock the potential over the Fraser Range
• Currently operating:
• ─ 3 drill rigs (outside Nova mining lease)
• ─ 2 EM fields crews
• ─ 3 gravity crews
• In order to consolidate the ground IGO has entered into three JV's and completed one acquisition:
• ─ JV with Orion Gold(1)
• ─ Acquisition of Windward Resources(2)
• ─ JV with Sheffield Resources Limited(3)
• ─ JV with Buxton Resources Limited(4)

• 1) ASX release dated 10 Mar 2017 ORN: Orion Completes Landmark Joint Venture Agreement with IGO on Fraser Range Nickel-Copper Project WA
• 2) ASX release dated 22 Dec 2016 IGO Completes Compulsory acquisition of Windward Resources
• 3) ASX release dated 16 Nov 2016 SFX: Sheffield forms Fraser Range Joint Venture with IGO
• 4) ASX release dated 24 Aug 2016 BUX: BUX & IGO enter into Fraser Range Joint Venture

Greenfields Exploration

Lake Mackay Joint Venture

JV with ABM Resources NL

• Proterozoic gold and base metals
• 400km north east of Alice Springs
• 7,200km² of exploration licenses
• Tenure covers a 200km strike of the Proterozoic
• ─ Continental-scale geophysical gravity ridge
• ─ Central Australian Suture

Grapple Prospect drilling update(1)

• Assay results received from first diamond drill hold 17GRDD001 include:
• ─ 11.4m @ 7.9g/t Au, 20.7g/t Ag, 0.8% Cu, 1.1% Zn, 0.5% Pb and 0.1% Co from 284.9m
• ─ 14.4m @ 1.8g/t Au, 6.0g/t Ag, 1.1% Cu, 0.3% Zn and 0.1% Pb from 348m
• A 5th hole intersected two sulphide zones 100m along strike to the east of the two sulphide zones intersected in 17GRDD001

Market Profile

Strong domestic institutional support and growing international profile

Liquid: ~5.3 million shares per day

Robust balance sheet: net debt A\$164M(2)

Share Ownership(1)
Substantial Holders Institutional Ownership
Mark Creasy	16%	Australia	60%
FIL	9%	USA	26%
T Rowe Price	8%	UK & Europe	9%
CBA	7%	ROW	5%

Share Price Performance(2) - 2.00 4.00 6.00 8.00 10.00 12.00 14.00 - 1.00 2.00 3.00 4.00 5.00 6.00 08-Sep-16 08-Oct-16 08-Nov-16 08-Dec-16 08-Jan-17 08-Feb-17 08-Mar-17 08-Apr-17 08-May-17 08-Jun-17 08-Jul-17 08-Aug-17 08-Sep-17 Volume (M) A\$/share Max: A\$4.88 Min: A\$2.86

+30% NPAT as dividend payment

Undrawn debt facilities A\$200M

Financial Results Summary

Improving metal prices through FY17 and into FY18

A\$M FY17 FY16 Change % Revenue 422 417 1% Underlying EBITDA(1) 151 138 9% Net Profit after Tax 17 (59) n/a Cash Flow from Operations(2) 78 102 (24%) Underlying Free Cash Flow (3) (113) (142) n/a Cash 36 46 (23%)

FY17 results drivers

• Higher realised base metal prices, zinc ↑69%, copper ↑15%, nickel ↑11%, gold ↑4%
• Offset by lower production, primarily Jaguar copper and zinc production
• C1 Cash Costs from Long ↓ 11%, Jaguar ↑43%, Tropicana ↑11%
• Exploration expenditure reduced 34%
• Capex contribution of A\$166M to complete build at Nova
• Acquisition and consolidation of prospective land package around Nova and Tropicana
• Announced sale of Stockman project in Victoria

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

²⁾ Cash Flow from Operating Activities from Tropicana, Jaguar and Long Operations.

³⁾ Underlying Free Cash Flow is a non-IFRS measure (refer to Disclaimer page). It also excludes net payment for the acquisition of Sirius Resources NL in FY16

FY17 Cash Flow Reconciliation

Nova FY17 development focus switching to FY18 production focus

Investment in Nova and Fraser Range continued through FY17

FY17 FCF A\$105M from Tropicana, Jaguar and Long

Sustainability

We are focused on improving outcomes for our people

Leading practice in Sustainability Reporting(1)

• Australian Council of Superannuation Investors recognised IGO's level of sustainability disclosure as sector leading in both FY15 & FY16

Improved safety outcomes

• Significant improvement in lag metrics over the past 2 years
• Focus on visual leadership

1) ACSI (Australian Council of Superannuation Investors) has reviewed IGO's sustainability disclosure and assessed the company at a "Leading" level

2) 12 month moving average MTIFR – Medically Treated Injury Frequency Rate: calculated as the number of medically treated injuries x 1,000,000 divided by the total number of hours worked

3) 12 month moving average LTIFR – Lost Time Injury Frequency Rate: calculated as the number of Lost Time injuries x 1,000,000 divided by the total number of hours worked

Value Delivery and Growth

Multiple catalysts across the portfolio

APPENDIX

30

Jaguar Mine

VMS Corridor with cluster of orebodies

Overview	IGO 100% High grade Underground Cu – Zn VMS
Resource(1)(2) Reserve(1)(2)	62,000t Cu, 389,000t Zn & 18.9Moz Ag 20,600t Cu, 212,000t Zn & 9.9Moz Ag
Production Guidance FY18 (contained metal in concentrate)	29,000 to 33,000t Zn 2,600 to 3,000t Cu
Operating cost Guidance FY18 (payable)	A\$0.85 to A\$1.05/lb Zn
Capital Guidance FY18	Sustaining A\$8 to 9M	Development A\$10 to 11M
Exploration Budget Guidance FY18	A\$3 to 5M

Key developments and potential

• Exploration to test new Bentayga system below Bentley
• Heather Bore gold potential along mineralised shear system (10km from Saracen and Thunderbox mine)
• Successful Triumph and HPM(3) studies provide value enhancement and growth options

1) For further information on Mineral Resources and Ore Reserves please refer to ASX release on 14 Oct 2016

2) For further information see ASX release 26 Jul 2017 – Jaguar Value Enhancement Programs Demonstrate Options to Extend Mine Life & Improve Project Scale

3) High Precious Metals

Jaguar Value Enhancement Program(1)

Optimising and extending Jaguar's mine life and overall performance

Triumph Deposit

Mineral Resource and Ore Reserve

• Mineral Resource: 2.2Mt @ 6.2% Zn, 0.5% Cu, 0.5% Pb, 84g/t Ag and 0.3g/t Au(1)
• Ore Reserve: 1.2Mt @ 6.2% Zn, 0.4% Cu, 85g/t Ag and 0.3g/t Au(1)

Process Plant Enhancement Study

Process plant improvements to add third flotation circuit:

• Produce high-grade copper and zinc concentrates through higher metallurgical recoveries from all Bentley ores
• A new third concentrate would be produced consisting of lead, gold and silver, namely a High Precious Metals concentrate

Estimated capital cost is A\$7M to A\$8M

Triumph Deposit

1) For further information see ASX release 26 Jul 2017 – Jaguar Value Enhancement Programs Demonstrate Options to Extend Mine Life & Improve Project Scale

Jaguar Value Enhancement Program(1)

Bentayga Discovery

Bentley In-Mine Exploration

New massive sulphide lens named Bentayga

• Bentayga, ~250m south of the current Bentley decline
• Mineralisation extends over ~200m along strike and 150m vertically and contains a typical VHMS sulphide assemblage

Diamond core drilling is continuing to define the central high-grade core and extents of the Bentayga lens

Bentayga Significant Drill Intersections(1)

• 17BUDD003: 15.5m (true width 9.7m) @ 20.0% Zn, 0.8% Cu, 3.1% Pb, 534g/t Ag and 3.2g/t Au from 539.8m
• 17BUDD004: 14.6m (true width 9.0m) @ 3.3% Zn, 1.0% Cu, 0.6% Pb, 113g/t Ag and 0.4g/t Au from 572.4m in hole

Bentley Mine

1) For further information see ASX release 26 Jul 2017 – Jaguar Value Enhancement Programs Demonstrate Options to Extend Mine Life & Improve Project Scale

Long Mine

High grade underground nickel on the Kambalda dome

Overview	IGO 100% high-margin underground nickel Average grade project to date of 3.8% Ni Consistent low cost producer
Resource(1) Reserve(1)	60,000t Ni 14,000t Ni
Production Guidance FY18 (contained metal in concentrate)	5,400 to 6,000t Ni
Operating cost Guidance FY18 (payable)	A\$4.40 to A\$4.90/lb
Capital Guidance FY18	A\$1 to 2M
Exploration Budget Guidance FY18	A\$1 to 2M

Key developments and potential

• Mining program likely to be suspended in June 2018 quarter
• Resource development and exploration target review underway