IGO LIMITED — Investor Presentation 2017

May 17, 2017

18/05/2017

BOFAML GLOBAL METALS, MINING & STEEL CONFERENCE PRESENTATION

Attached is a presentation given by Peter Bradford, Managing Director and CEO at the BofAML Global Metals, Mining & Steel Conference.

Speaking at the BofAML Global Metals, Mining & Steel Conference, Peter Bradford, said "IGO has a number of significant, near term catalysts across its diversified portfolio. These include: completion of the Tropicana Long Island study and delivery of the Mineral Resource estimate and prefeasibility for the new Triumph deposit at our Jaguar operation.

In addition, our new Nova operation is ramping up to nameplate capacity and we expect to deliver this important milestone during the September 2017 quarter.

Concurrently with the delivery of these exciting catalysts, we have a number of significant exploration programs commencing at Nova and within our belt scale Fraser Range tenement holdings that we consolidated over the past 6-12 months. In addition to the potential growth opportunities that these programs could unlock, we continue to progress value enhancement programs outlined at Tropicana."

For further information contact:

Peter Bradford Managing Director Independence Group NL Telephone: 08 9238 8300 Joanne McDonald Company Secretary Independence Group NL Telephone: 08 9238 8300

INDEPENDENCE GROUP NL

2017 BofAML GLOBAL METALS, MINING & STEEL

Peter Bradford, Managing Director and CEO

16-18 May 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 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 Tropicana Mineral Resource and Ore Reserve 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.
• 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, 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.

We are a company with purpose

A company with purpose

To create long-term shareholder value

1) 100% IGO owned

2) 30% IGO owned (unincorporated joint venture

Diversified portfolio

Delivering consistent operating margin

Our flagship Nova nickel-copper mine

World class, low cost magmatic nickel-copper mine

Nova timeline

World class timetable from discovery to production

Nameplate capacity expected to be achieved 12 months earlier than DFS estimate

5 ¼ years from discovery to nameplate = world class

Nova mine design & schedule

Priority (till now) has been underground development

Nova processing plant

Conventional differential flotation plant

De-risked and commissioned in Oct 2016

Plant tonnage constrained from underground

Ramp-up to nameplate in Sep Q17

Average LOM production 26kt Ni & 11.5kt Cu(1)

Highly marketable concentrates

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

Tropicana overview

Making a great asset better through value enhancement

Tropicana value enhancement

Value enhancement delivers 79% increase in value

Further value enhancement to be unlocked in 2017

Additional mine life increase

Incremental plant expansion

Acceleration of regional exploration

Tropicana production profile

Accelerated mining and grade streaming

Tropicana LOM extension

Long Island Study – What is it?

Unlock resource extensions beneath pits

160,000m of drilling completed for study

Strip mining with in-pit dumping of waste

Step change reduction in mining cost

Study completion in Sep Q17

Positioning to discover the next big one

Exploration

IGO committed to delivering growth through exploration

Tropicana Generative & Projects

IGO vs Tropicana Exploration

Nova exploration

Multiple exploration activities underway in CY17

Fraser Range consolidation

Positioning for discovery

Multiple programs starting in CY17

Regional geochem & geophysics

Deeper drilling on advanced targets

Apply learnings from R&D at Nova

Corporate and our people

People

Attracting, developing and retaining the best people

1) 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.

2) 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.

IGO corporate and market data

Diversified explorer, developer and miner

Scale: ~A\$1.8 billion market capitalisation	Share Ownership(1)
	Substantial Holders		Institutional Ownership
	Mark Creasy	17%	Australia	66%
Liquid: ~5.5 million shares per day	FIL	10%	USA	22%
	Van Eck	6%	UK & Europe	8%
	CBA	5%	ROW	5%
Robust balance sheet: net debt A\$131M
			Share Price Performance(2)
	Price (\$)	Max:		Volume (M)
+30% NPAT as dividend payment	6.00 Min: 5.00	\$4.88		14.00 12.00
	\$2.67 4.00			10.00
	3.00			8.00
Undrawn debt facilities A\$200M	2.00			6.00
	1.00			4.00 2.00

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1) As at May 2017 2) As at market close 11 May 2017

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IGO key catalysts

Value delivery and growth

Multiple catalysts across the portfolio

Concluding comments

Diversified mining company delivering cash flow and growth

Diversified (gold and base metals)

Two core assets with long mine life

Quality assets delivering 40-50% historical operating margin

Strong balance sheet

Positioned to unlock potential of Fraser Range

Appendix

Nova Mine

World class Ni-Cu-Co project in ramp-up

Overview	IGO 100% magmatic Ni – Cu 1.5Mtpa underground mine Ramp-up expected September 2017 quarter
Resource(1) Reserve(1)	325,000t Ni, 134,000t Cu 275,000t Ni, 112,000t Cu
Production Guidance FY17	5,000 to 6,000t Ni, 1,900 to 2,300t Cu

Key developments and potential

• Ramp-up to nameplate capacity in September 2017 quarter

Tropicana Gold Mine

One of Australia's leading open-pit gold mines

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 FY17	(100%) 390 to 430koz pa		(30%) 117 to 129koz pa
Operating cost Guidance FY17	Cash cost A\$850 to 950/oz		All-in Sustaining cost A\$1,150 to 1,250/oz
Capital Guidance FY17	Sustaining A\$2 to 3M	Improvement A\$2 to 3M	Waste Stripping A\$29 to 36M
Exploration Budget Guidance FY17		A\$6 to 8M (30%)

Key developments and potential

• 3Q17 average annualised processing rate was maintained at 7.6Mtpa
• Long Island Study to be completed mid CY17(2)

1) For further information on Mineral Resources and Ore Reserves please refer to ASX release on 15th Dec 2016

2) For further detailed information on Tropicana value enhancement refer to ASX release dated 15th Dec 2016

Jaguar Mine

VMS Corridor with cluster of orebodies

Overview	IGO 100% High grade Underground Cu – Zn VMS
Resource(1)	51,000t Cu, 256,000t Zn & 13.1Moz Ag
Reserve(1)	16,000t Cu, 137,000t Zn & 6.7Moz Ag
Production	39,000 to 43,000t Zn in concentrate
Guidance FY17	4,600 to 5,100t Cu in concentrate
Operating cost	Payable Cash cost
Guidance FY17	A\$0.70 to 0.80/lb Zn
Capital Guidance	Sustaining	Development
FY17	A\$8 to 9M	A\$12 to 13M
Exploration Budget Guidance FY17	A\$3 to 4M

Key developments and potential

• Delivery of maiden resource estimate and pre -feasibility study for the Triumph deposit expected mid CY17
• Process plant study to investigate potential for High Precious Metals concentrate by mid CY17
• Bentley in -mine exploration drilling will continue into 4Q17 to define the potential geometry and extent of mineralisation intersected to -date
• Although 4Q17 production is expected to be stronger, unlikely to achieve full year zinc production guidance

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)	66,000 Ni t 22,000 Ni t
Production Guidance FY17	7,400 to 8,200 Ni t
Operating cost Guidance FY17	A\$3.50 to 3.90/lb
Capital Guidance FY17	A\$1M
Exploration Budget Guidance FY17	A\$2 to 3M

Key developments and potential

• Consistent high margin production
• 3Q17 and YTD production and cash costs all better than guidance
• Interpretation of the reprocessed seismic data to identify near infrastructure exploration targets is ongoing