IGO LIMITED — Major Shareholding Notification 2004

Nov 25, 2004

26 November 2004

Manager Company Announcements Company Announcements Office Australian Stock Exchange Limited Level 10, 20 Bond Street SYDNEY NSW 2000

LIMITED

ABN 42 082 593 235

Electronic delivery No of pages: 1

Dear Sir.

ANNOUNCEMENT

Independence Group NL Acquisition of 19.96% of Matrix

Matrix Metals Limited ("Matrix") has received a Notice of Substantial Holding from Independence Group NL ("Independence") pursuant to which Independence gave notice that it now has a 19.96% interest in Matrix's issued capital.

Matrix has appointed Hartleys Limited to advise it in this matter, and will consider all options to maximise value for all shareholders.

Yours Faithfully

Andrew Chapman Chief Executive Officer