IGO LIMITED — Investor Presentation 2017

Feb 22, 2017

23/02/2017

==> picture [279 x 197] intentionally omitted <==

RIU EXPLORERS CONFERENCE – FREMANTLE 2017

Attached is a presentation to be given today, by Matt Dusci, Chief Growth Officer, at the RIU Explorers Conference being held over the 22 and 23 February 2017.

The presentation outlines IGO’s:

• Commitment to creation of transformational value to shareholders through delivery of discoveries;

• Focus on excellence across people/ culture, areas selection and geophysics;

• Importance placed on technology, innovation and R&D as a core enabler for discovery;

• Exciting portfolio of belt-scale opportunities leveraged to our operating infrastructure; and

• Focus on unlocking the next metallogenic province through generative and early stage exploration.

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

PAGE 1

INDEPENDENCE GROUP NL MATT DUSCI, CHIEF GROWTH OFFICER RIU Explorers Conference 23 February 2017

==> picture [200 x 199] intentionally omitted <==

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.

2

Overview

Value creation through Discovery

1	Our Operations
2	Our Approach to Discovery
3	Our Portfolio
4	Key Takeaways

3

IGO Operations

A Snapshot

==> picture [136 x 133] intentionally omitted <==

Jaguar Zn, Cu, Ag Realising VMS camp potential Mineral Resources[(1)] 256,000t Zn 51,000t Cu 13.1Moz Ag Ore Reserves[(1)] 137,000t Zn 16,000t Cu 6.7Moz Ag FY17 Guidance[(3)] 41,000t Zn 4,850t Cu Cash Costs - $0.75/lb Zn[(5)] Long Ni Cash flow positive throughout Ni cycle Mineral Resources[(1)] 59,700t Ni Ore Reserves[(1)] 13,600t Ni FY17 Guidance[(3)] 7,800t Ni Cash Cost - $3.70/lb Ni[(5)]

==> picture [140 x 141] intentionally omitted <==

• 1) For further information on Mineral Resources and Ore reserves please refer to ASX release on 14[th] Oct 2016

Tropicana JV (30%) Au Low cost and long life gold asset Est. Mine Life ~2027-2030 Mineral Resources[(2)] 8.02Moz Resource Ore Reserve[(2)] 3.8Moz Reserve Scale 7.5Mpta (aiming for 7.7-7.9Mtpa) FY17 Guidance[(3)] 123,000oz (IGO share) Cash Costs - $900/oz[(5)] AISC - $1200/oz Nova Ni, Cu, Co World-class development project Est. Mine Life 10+ years Mineral Resources[(1)] 325,000 Ni t 134,000 Cu t Ore Reserves[(1)] 275,000 Ni t 112,000 Cu t Operation High margin asset of scale Guidance (FY1828.5ktpa Ni FY19)[(4)] 12.5ktpa Cu Cash Costs - $1.75/lb Ni[(5)]

• 2) For further information on Mineral Resources and Ore reserves please refer to ASX release on 15[th] Dec 2016

• 3) FY17 guidance mid-point of guidance range

• 4) FY18-19 guidance mid-point of guidance range

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

4

5

IGO – A strong sense of purpose Creation of a leading Australian growth platform

==> picture [324 x 141] intentionally omitted <==

==> picture [687 x 85] intentionally omitted <==

----- Start of picture text -----

DEVELOPMENT &
DISCOVERY
CONSTRUCTION
----- End of picture text -----

==> picture [350 x 84] intentionally omitted <==

----- Start of picture text -----

CURRENT OPERATIONS
----- End of picture text -----

Our purpose is to create long-term shareholder value through discovery, acquisition, development and operation of high-margin, long-life mining projects diversified by commodity and geography.

Discovery through exploration is core to IGO

Exploration

IGO committed to Growth through Discoveries

• Recognised value transformation through repeated discoveries and development to production

• $33M exploration budget across the portfolio for FY17

• Looking to ramp-up exploration in FY18 with potential to increase expenditures up to $50Mpa

FY17 Exploration Budget

==> picture [229 x 231] intentionally omitted <==

----- Start of picture text -----

21%
48%
8%
11%
12%
----- End of picture text -----

Tropicana Long Jaguar Nova Generative & Projects

6

Brownfields and Greenfields

Balanced portfolio exploring both Brownfields and Greenfields Terranes

Near Mine and Brownfields

• Creation of belt-scale opportunities around our infrastructure

• • Consolidation of ground positions and bolt-on opportunities

• • Ability to leverage off our infrastructure

• Greatest geological knowledge and ability to complete systematic exploration

• Greenfields exploration in a Brownfields environment

• Jaguar tenement portfolio

• +50km strike extent

• • 430km[2]

• Tropicana tenement portfolio

• 160km strike extent

• 3,660km[2]

• Fraser Range (Nova) portfolio

• 270 km strike extent

• 6,000km[2]

Our Discovery Focus

Greenfields

• Belt-scale opportunities that can deliver multiple base metal and gold projects (long-life, high-margin assets of scale)

• Focused on leveraging off knowledge from our Brownfields programs

• Limited companies committed to Greenfields exploration expenditures

• Lake Mackay Joint Venture

• 240km in strike extent

• • 6,500km[2]

• • Bryah Basin Joint Venture

  • 33km in strike extent

  • 489km[2]

• Focus for FY18 to build the Greenfields exploration portfolio

7

Our Focus on Excellence

People & Culture

• It is the team that makes discoveries

• Internal expertise balanced with execution capacity

• Value focused culture

• The right people in the right place at the right time

Area Selection

Our Focus on Excellence

• Increasing our probability of discovery success

• Science driving our area selection

• Coupling technical expertise with entrepreneurial spirit

• Utilisation of both empirical (DeBeers) and conceptual data

Geophysics

• In-house geophysics (technical, crews and equipment)

• EM part of the exploration work flow (including in-mine loops) Seismic data-collection for near mine environments

8

Technology, Innovation and R&D

A core enabler for Discovery

IGO is focused on technology, innovation and R&D as a core enabler for discovery

• Integration of technologies, innovation and R&D into our work streams Across all scales from microscopic through to continental scale

• Embedding into our business

Some examples

==> picture [1090 x 8] intentionally omitted <==

Minalyze

• First company mover on integration of Minalyze into our onsite data collection process at Nova

• XRF multi-element analysis

• Rock quality determination

• Core photography

• Digital structural logging

• Specific gravity

• Development of fundamental datasets for

• Target generation

• • Geometallurgy

Embedded Research

• Embedded Postdoctoral Fellowship in partnership with CSIRO/UWA

• Enhanced target generation both in a near mine and regional context

• Focused on “front-end” loading our collective understanding of the Nova deposit

Seismic Geophysics

• First movers for 3D seismic data collection and processing at Long Operation in 2008

• Tropicana 2D data collected in 2012, 3D data surveys completed in 2014

• Fundamental dataset for near-mine exploration at Long and Tropicana Operations

• Commenced 2D survey at Nova, aim to complete 3D dataset by end of 2017

• Resource and Geotechnical Domaining

==> picture [166 x 133] intentionally omitted <==

9

Jaguar Exploration

A VMS camp

==> picture [419 x 488] intentionally omitted <==

High grade underground Zn-Cu-Ag-Au VMS deposits

• Located 300km north of Kalgoorlie

Known VMS camp with significant exploration upside:

• Regional exploration potential with over 50km of known strike along prospective corridor (rhyolite/ mafic stratigraphic contact)

• Four known VMS deposits

Holistic camp-scale review and targeting completed

• Creation of new search space with the potential repetition of the ore stratigraphic sequence to the east of the main mineralised corridor (Madman Prospect)

• Recognition of additional high-priority VMS targets (Garden Well, Wilson Creek, Lagonda Prospects)

Gold potential being realised

• Same structural corridor as Thunderbox located 10km to the north

• Limited gold exploration completed

• Identification of a number of gold prospects with similar structural setting to Thunderbox and King of the Hills

• Heather Bore target - 5km strike extent of anomalous gold from reconnaissance AC drilling

10

Jaguar Exploration Triumph Deposit

==> picture [574 x 421] intentionally omitted <==

• Located 6km north of Jaguar processing plant

• VMS mineralisation identified within five lenses

• Over 700m of south-plunging mineralisation identified to date

• Mineralisation remains open

• 11.5m @ 7.9% Zn (16TMDD001)

• 13.7m @ 7.4% Zn (JHDD003)

• Recent drilling has focused on the upper Stag Lens

1) True width of drill intersections reported 2) ASX release dated 16 February 2017: Jaguar Operation – Exploration Update

11

Jaguar Exploration Triumph Deposit

==> picture [574 x 421] intentionally omitted <==

1) True width of drill intersections reported 2) ASX release dated 16 February 2017: Jaguar Operation – Exploration Update

12

Jaguar Exploration Triumph Deposit

• Completion of resource definition drilling on the Stag Lens

• 40m centres

• 200m along strike & 160m vertical extent

• 180m depth from surface

• Thickness 2 - 40m in width

• Significant drill intersections include:

• 23.3m @ 7.5% Zn (16TMDD003)

• 34.1m @ 9.2% Zn (16TMDD004)

• 39.4m @ 9.5% Zn (16TMDD011)

• 5.2m @ 18.2% Zn (16TMDD014)

• Delivery of maiden Mineral Resource and Pre-Feasibility Study scheduled for mid CY17

• 1) True width of drill intersections reported

• 2) ASX release dated 16 February 2017: Jaguar Operation – Exploration Update

13

Tropicana Exploration

Framework and Resource Extension Drilling

==> picture [750 x 423] intentionally omitted <==

160,000m of drilling completed as part of Long Island Study

at Boston Shaker ~40,000m and Havana South still to be captured in resource model updates

results continued to Significant be returned from Havana South and Boston Shaker

14

Tropicana Exploration Delivering Resource and Reserve Growth

Resource definition and extension drilling coupled with Long Island Study deliverying significant Resource and Reserve Growth

Mineral Resource Contained Gold (Moz) by Open Pit

==> picture [801 x 471] intentionally omitted <==

----- Start of picture text -----

30 June 2016 31 December 2016 8Moz of contained gold in Mineral
0.79 0.51 0.88 Resource
1.22
0.76
1.91
2.38 500koz of gold added, net of depletion,
2.53 over the past 6 months
Tropicana Havana Tropicana Havana
Havana South Boston Shaker Havana South Boston Shaker 1.1Moz of Open Pit Resource addition to
Havana South
Ore Reserve Contained Gold (Moz) by Open Pit
30 June 2016 31 December 2016 3.8Moz of contained gold in Ore Reserve
0.12 0.08
0.43
0.82
0.39
0.77
58% increase from June 2016
0.84 2.20
Tropicana Havana Tropicana Havana
Havana South Boston Shaker Havana South Boston Shaker 1.4Moz of additional contained gold, net
MINERAL RESOURCE
ORE RESERVE
----- End of picture text -----

1.4Moz of additional contained gold, net of depletion in six months 15

1) Refer to ASX dated 15 December 2016: Tropicana Gold Mine – Value Enhancement Study 2) Mineral Resources and Ore Reserves are reported on an 100% basis (IGO 30%)

15

Tropicana Exploration

Significant Drilling Results at Boston Shaker outside Resource

Boston Shaker deposit with significant drill results outside resource

==> picture [716 x 404] intentionally omitted <==

• Continuing to deliver exploration success at Havana South and Boston Shaker

Intersecting multiple zones of strong mineralisation outside current resources

Significant drilling intersections include:

• 9m @ 7.89g/t (BWD015)

• 27m @ 3.85g/t (BWD029)

• 14m @ 4.70g/t (BWD031)

• 40m @ 2.71g/t (BWD039)

• 14m @ 5.77g/t (BSD080)

Updated Long Island Study due for completion in mid CY17

1) Refer to ASX Release dated 15 December 2016 – Tropicana Value Enhancement Update

16

Nova Exploration (Fraser Range)

Consolidation of Prospective Fraser Range

• IGO has the largest land-holding in the Fraser Range of any ASX listed company

• Increased ground holding on prospective tenure by 370%[1)]

• Creation of belt-scale opportunity leveraged to Nova and Tropicana Operations

• Focused on transformational discoveries (greenfields exploration with brownfields infrastructure)

• Current land holding ~6,000km[2]

• Joint Venture Partners:

• Buxton Resources

• Sheffield Resources

• Creasy Group

==> picture [343 x 38] intentionally omitted <==

----- Start of picture text -----

September 2015
----- End of picture text -----

==> picture [342 x 38] intentionally omitted <==

----- Start of picture text -----

January 2017
----- End of picture text -----

• 1) Since September 2015 and the acquisition of Sirius Resources to January 2017

17

Nova Exploration (Fraser Range)

Building knowledge from Mine Geology

• Targeting Nova/ Bollinger equivalent scale of mineralisation as extensions to the Nova mafic intrusive

• Significant work program ongoing, including

• Stratigraphic re-logging

• Re-processing and integration of historic EM anomalies

• Integration of geological datasets (Mine and Regional)

• New model of structure, stratigraphy and intrusive architecture

• Number of targets developed

• Extension of the Nova intrusive to the west

• Repetition of the Nova intrusive beneath Nova/ Bollinger

Schematic section with potential western extension of the Nova intrusive

• Extension of the Nova intrusive beyond Bollinger

• Drilling to commence Q4 FY17

18

Nova Exploration (Fraser Range)

Unlocking the Search Space

• Nova/ Bollinger potentially part of a larger magmatic sulphide complex

• Complex geometry

• Concordant and cross-cutting stratigraphy

• Typically extend at depth

• Eg. Norilsk, Tamarack, Eagle, Nkomati, Tati

• Challenge is to unlock the prospective search space

• EM has depth limitations

• Building understanding of predictive intrusive geometry

19

Nova Exploration (Fraser Range)

Unlocking the Search Space

3D Seismic

• Commencing 2D seismic traverse across the Nova mining lease (9.2km)

• Vibroseis vehicle and equipment on site

• Aim to complete full 3D seismic survey by end of CY17

Utilisation of geophysics to unlock the prospective search space

• Potential to detect

• Intrusive units

• Stratigraphic marker horizons

• Massive sulphide bodies

• Ability to model greater than 2km below surface

Underground EM Platform

• Plan to establish EM loop underground (currently in permitting process)

• Drilling beneath Nova/ Bollinger coupled with underground EM loop to provide effective test for mineralisation at depth

20

Lake Mackay Joint Venture

Greenfields Belt-scale Exploration

==> picture [539 x 318] intentionally omitted <==

• Partnered with ABM Resources NL

• 400km northwest of Alice Springs

• Secured over 200km of strike of Proterozoic margin between the Aileron and Warumpi Provinces

• Continent-scale geophysical gravity ridge

• Central Australian Suture

• 6,500km[2 ] of exploration licences

• Sparsely explored

• Prospective for multiple mineralisation styles (eg. IOCG, VMS and gold)

• Reconnaissance exploration limited to EL24915 (9% of total area)

21

Lake Mackay Joint Venture Grapple Prospect: Multi-element response

Grapple Prospect

==> picture [650 x 363] intentionally omitted <==

• 11 hole RC program completed over the Grapple Prospect

• Intersected mineralisation with significant results including

• 9m @ 1.8g/t Au, 3.26% Cu, 49.1g/t Ag and 3.63% Zn (16GRRC003)

• 6m @ 8.98g/t Au, 1.45% Cu, 23.5g/t Ag and 1.40% Zn (16GRRC007)

• 9m @ 5.23g/t Au, 1.40% Cu, 12.8g/t Ag and 0.57% Zn (16GRRC010)

• Mineralisation remains open to the west, coincident with DHEM plate

• Systematic regional exploration program planned for CY17

1) Refer to ASX dated 20 December 2016: ABM Resources Exploration Update – Grapple Prospect Drill Intersections

22

Key Takeaways

==> picture [340 x 454] intentionally omitted <==

Commitment to creation of value transformation through discovery

Delivered through excellence with focus on people & culture, area selection and geophysics

Innovation, technology and R&D are core enablers of discovery

Developed an exciting portfolio of belt-scale opportunities which are leveraged to our operating infrastructure

Looking at unlocking the next metallogenic province through generative and early stage exploration

23