IGO LIMITED — M&A Activity 2011

Feb 8, 2011

ACN 110 150 055

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Share Sale and Pre-bid Agreement

9 February 2011 (Perth, WA)

Metals X Limited (“ Metals X ”) advises that it has today sold 58 million shares of its shareholding in Jabiru Metals Limited (“ Jabiru ”) to Independence Group NL (“ Independence ”) for a cash consideration of $48.1M ($0.8291 per share).

Metals X also advises that it has signed a Pre-bid Acceptance Agreement with Independence to sell all of its remaining 52,468,574 shares in Jabiru. The sale is conditional upon Independence:

• (a) announcing within two business days, that it intends to make a takeover bid for all the ordinary shares in Jabiru by way of a scrip offer of one fully paid ordinary share in Independence for every 8 fully paid ordinary shares in Jabiru; and

• (b) then proceeding, within 2 months, with the takeover bid.

The Pre-bid Acceptance Agreement also provides that if Independence acquires Metals X’s remaining Jabiru shares and Independence then sells or disposes of such shares within 6 months of acquisition, then Independence will pay to Metals X the profit on such sale less any tax payable.

Metals X was the largest shareholder in Jabiru with a relevant interest of 19.97% or 110,468,574 shares.

Metals X’s Managing Director, Warren Hallam said:

“This is an excellent outcome for Metals X shareholders. We acquired our holding in Jabiru 12 months ago at an average purchase price of $0.3417 per share after identifying the significant value that could be realised from the Jabiru assets.

We are happy at the offer price to support the consolidation of Jabiru with Independence and to form a larger diversified explorer and developer with strong cash flow, multi-commodity exposure and an excellent and diverse exploration portfolio that fills the gap of a mid-cap Australian owned and operated producer. Accordingly we have undertaken the sale of shares and the signing of a prebid agreement to provide our support for the completion of the deal”.

Yours faithfully Metals X Limited

Warren Hallam Managing Director

Metals X Limited Level 3, 123 Adelaide Tce, East Perth WA 6004 T +61 8 9220 5700 F +61 8 9220 5757 info@metalsx.com.au http://metalsx.com.au/