#1ASX RELEASE 11/10/2017 igo 2017 MACQUARIE WESTERN AUSTRALIA FORUM PRESENTATION The attached presentation is being presented today at the Macquarie Western Australia Forum in Perth by our Managing Director and CEO, Peter Bradford. The presentation highlights the continuing positive developments across the business with the Nova nickel - copper - cobalt operation now in commercial production and exploration stepping up at and around Nova and at our other brownfields and greenfields sites. 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 Suite 4, Level 5 85 South Perth Esplanade South Perth WA 6151 PO Box 496 South Perth 6951 Western Australia T. +61 8 9238 8300 F. +61 8 9238 8399 E. [email protected] igo.com.au Independence Group NL ABN 46 092 786 304 PAGE 1#2INDEPENDENCE GROUP NL 2017 Macquarie Western Australia Forum Peter Bradford, Managing Director & CEO igo TRZ0218 11 October 2017#3Cautionary Statements & Disclaimer igo 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 2#4Post-capex and transitioning to cash generating phasening to Pos Intro.... Corporate overview • Balance sheet remains strong Nova value being realised . • In commercial production igo • Focus moving to unlocking upside Tropicana value enhancement • Higher production CY18-19 • Long Island to extend mine life Jaguar & Long • Triumph to add Jaguar mine life Exploration to unlock discovery ● Strong team and portfolio 3#5Corporate Summary Post capex and positioned for strong FY18 A$M FY17 FY16 Change % Share Ownership(4) Revenue 422 417 1% Substantial Holders Institutional Ownership Underlying EBITDA (1) 151 138 9% Mark Creasy 16% Australia 61% Net Profit after Tax 17 (59) n/a FIL 9% USA 26% Cash Flow from Operations(2) 78 102 (24%) Underlying Free Cash Flow(3) T Rowe Price 8% (113) (142) n/a UK & Europe 10% Cash 36 46 (23%) CBA 7% ROW 3% Debt 200 271 26% Strong balance sheet with Nova now in commercial production and A$200M undrawn revolver available 4.00 Dividend policy to return 30% of NPAT to shareholders 3.00 2.00 Underlying EBITDA is a non-IFRS measure (refer to Disclaimer page). 1) 2) Cash Flow from Operating Activities from Tropicana, Jaguar and Long Operations. 3) 4) Underlying Free Cash Flow is a non-IFRS measure (refer to Disclaimer page). It also excludes net payment for the acquisition of Sirius Resources NL in FY16 As at September 2017 5) As at market close 10 Oct 2017 1.00 10-Oct-16 10-Nov-16 10-Dec-16 A$/share 6.00 Max: A$4.88 5.00 10-Jan-17 10-Feb-17 10-Mar-17 10-Apr-17 10-May-17 Share Price Performance (5) 10-Jun-17 10-Jul-17 Min: 12.00 A$2.86 10.00 10-Aug-17 10-Sep-17 10-Oct-17 4 2.00 4.00 6.00 8.00 Volume (M) 14.00 igo#6Sustainability Focused on better outcomes for our people ACSI Rating of ASX200 Sustainability Reporting(1) Leading Detailed Moderate Basic 9 8 7 6 igo Ongoing Improvement in Key Lag Safety Metrics (2,3) 5 4 3 No Reporting 2 igo Sector Average Sector Leader ASX 200 Average 1 1) ACSI (Australian Council of Superannuation Investors) has reviewed IGO's sustainability disclosure and assessed the company at a "Leading" level 2) 12 month moving average MTIFR - Medically Treated Injury Frequency Rate: calculated as the number of medically treated injuries x 1,000,000 divided by the total number of hours worked 3) 12 month moving average LTIFR - Lost Time Injury Frequency Rate: calculated as the number of Lost Time injuries x 1,000,000 divided by the total number of hours worked LTIFR 12 MMA MTIFR 12 MMA 0 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 5#7A Company with Purpose To create long-term shareholder value GEOGRAPHICAL FOCUS QUALITY LONGEVITY igo SCALE Acquire Discover Develop Operate Jaguar Mine (Zn-Cu-Ag) IGO 100% Long Mine (Ni) IGO 100% Perth Western Australia Legend Mine Tropicana Mine (Au) IGO 30% Nova Mine (Ni-Cu-Co) IGO 100% igo 6#8Transformational EBITDA Growth Driven by tier one Tropicana & Nova assets Nova aligned to emerging Electric Vehicle metal demand Core Assets Nova: Ni/Cu/Co(1) 600 500 400 Tropicana: Au(2) 300 Other Assets Jaguar: Zn/Cu/Ag(1) Long: Ni(1) 200 100 IGO EBITDA Profile (A$M) (3) 0 1) 100% IGO owned 2) 30% IGO owned (unincorporated joint venture) 3) Macquarie Research FY08 FY09 FY10 FY11 ■Long (A$M) ■Jaguar (A$M) Tropicana (A$M) FY12 FY13 FY14 FY15 FY16 FY17e FY18e ■Nova (A$M) FY19e FY20e igo 600 500 400 300 200 100 7#9EV's Create New Source of Nickel Demand(1) Other 3,500 Plating Alloy Steel Foundry Non-Ferrous Alloys Battery/EV's 3,500 3,000 3.000 Stainless Steel Supply 2.500 2,500 2.000 2,000 1,500 1,500 Demand 1,000 side 1,000 disruption 500 ahead 500 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1) UBS Research Electric vehicle battery growth to disrupt markets 24kg nickel 24kg cobalt & 91kg copper in a Chevy Bolt (1) 8 igo#10Nova igo CITY 2T#11Nova Low cost nickel-copper-cobalt mine 00031 00 100 Quality High grade, thick, flat lying magmatic sulphide orebody 0000001 0001 Scale Average 26kt Ni, 11kt Cu & 1kt Co per annum Longevity Initial 10 year mine life with huge exploration potential Geographical Focus Located in WA on Fraser Range (proximal to Tropicana) igo#12Nova igo Commercial production achieved in July 2017 – only five years after discovery in July 2012 11#13Nova Now ramping up to nameplate capacity... 12 months earlier than the Definitive Feasibility Study and within 3% of Jan 2015 capex estimate igo 12#14Nova Capitalised Development Costs Variance Actual Budget(1) Area A$M A$M A$M(2) % Process Plant 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 Costs 134 75 59 79% less capitalised revenue (39) (7) (32) 459% Total 456 443 13 3% Nova Capital expenditure reconciliation igo 3% variance from uninflated January 2015 budget estimate is a great result • Demonstrates a good overall discipline in cost management Actual spend is 4% or A$17M lower than feasibility study estimate Actual cost includes additional unbudgeted expenditure Additional underground development Process plant equipment changes to provide debottlenecking opportunities Additional water supply exploration and development Longer period of pre-commercial production expenditure 1) Uninflated January 2015 revised budget (Initial July 2014 Feasibility Study estimate of A$473M revised down to A$443M in January 2015) 2) May not add up due to rounding 3333 13#15Nova Commercial production from 1 July 2017 Overview Resource 26 July 2017(1) igo IGO 100% magmatic Ni - Cu - Co 1.5Mtpa underground mine 271,000t Ni, 113,000t Cu Reserve 14 October 2016(2) Production Guidance FY18 (contained metal in concentrate) Operating Cost Guidance 275,000t Ni, 112,000t Cu 23,000 to 27,000t Ni 10,000 to 12,000t Cu 800 to 1,050t Co A$1.90 to A$2.50/lb FY18 (payable) Build Capital Guidance FY18 A$0 to 2M Sustaining A$9 to 13M Development| A$40 to 44M Exploration Budget A$8 to 10M Guidance FY18 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 14#16Nova Mine Design & Schedule Nova igo Grade control 100% complete by end CY17 Capital development substantially complete by end FY18 C5 Bollinger DEVELOPMENT Pre 30 Jun Post 30 Jun 2017 2017 STOPING Completed 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 15#17Nova FY18 Mining Plan Multiple mining fronts for flexibility igo Completed 1Q18 2Q18 3Q18 4Q18 Nova Bollinger 16 16#186,477,500mN 6,480,000mN 6,482,500mN 515,000 mE Tenements Nova mining lease Samson FLEM plates Prospective FLEM targets Drilling in progress & planned ⚫ FLEM target drill hole • Nova West target drill hole Seismic framework drill hole 517,500 mE 520,000 mE N Nova Upside 2D Seismic Line Processing Facilities Boxcut Decline In Progress TSF Aerodrome Village 515,000 mE 517,500 mE 520,000 mE In Progress Nova - Bollinger 6,477,500mN M 28/376 6,480,000mN 6,482,500mN igo 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 kilometres MGA Zone 51 (GDA94) 1) For further information refer to ASX release Nova Mineral Resource Estimation and Exploration Update, dated 26 Jul 2017 17 15#19LAVERTON Legend IGO managed tenure Tropicana joint venture (AGG 70% and IGO 30%) Current aircore drilling program Mine MLEM conductor location Prospect location 0 kilometres 50 MGA Zone 51 (GDA94) 6.600,000 mN Uraryie Lake Harris Trans Australian Railway Nova Mine (Ni-Cu-Co) 6,500,000 mN Brookman Western Margin To Norseman Fraser Range Talbot Centauri 6,400,000 mN 600,000 mE 700,000 mE 4,400km² over 265km Cobra Big Bullocks Current AC Drilling 12,000km² over 426km igo 6,800,000 mN Tropicana Mine (Au) Trouser Lemon Drop Mai Tai 6,700,000 mN Fraser Range Exploration New frontier with exploration focus only after Nova discovery Belt is underexplored • Prospective for Nova style intrusive hosted discoveries Held by underfunded juniors at bottom of commodity price cycle IGO consolidated 12,000km² on belt (1-5) Now completing systematic greenfields exploration in brownfields environment with significant opportunity for discovery Currently operating: 6,600,000 mN Mammoth Extension Zanthus Buningonia Widowmaker 6,500,000 mN Wineye Turcaud Cundeelee North Bore Crux Balladonia Eyre Highway 6,400,000 mN 500,000 mE 600,000 mE 700,000 mE Indian Ocean - - - 3 drill rigs (outside Nova mining lease) 2 EM fields crews 3 gravity crews 1) ASX release dated 2 Oct 2017 RTR: Rumble Secures Joint Venture with Independence Group on Fraser Range Projects 2) ASX release dated 10 Mar 2017 ORN: Orion Completes Landmark Joint Venture Agreement with IGO on Fraser Range Nickel-Copper Project WA 3) ASX release dated 22 Dec 2016 IGO Completes Compulsory acquisition of Windward Resources 4) ASX release dated 16 Nov 2016 SFX: Sheffield forms Fraser Range Joint Venture with IGO 5) ASX release dated 24 Aug 2016 BUX: BUX & IGO enter into Fraser Range Joint Venture 18 188#206.450.000 mN 6,500,000 mN 6,550,000 mN Nova Regional Exploration Fraser Range is a highly prospective - underexplored belt 500,000 mE All Drilling 550,000 mE Legend IGO 100% Creasy Joint Venture GO 70%) IGO-Windward Resources Buxton Resources Joint Venture Sheffield Resources Joint Venture Rumble Resources Joint Venture All Completed Drilling Eyro Highway Nova Project (Ni-Cu) kilometres MGA Zone 51 080094) 6.450,000 mN 6,500,000 mN 6.550,000 mN Legend Drilling >100m depth 500,000 mE 550.000 mE IGO 100% Creasy Joint Venture (GO 70%) IGO-Windward Resources Buxton Resources Joint Venture Sheffield Resources Joint Venture Rumble Resources Joint Venture All Drilling 100m Depth Eyro Highway Nova Project (Ni-Cu) kilometres NGA Zone 51 (30094) 25 8.450.000 mN 6,500,000 mN 6.550,000 mN Drilling >250m depth 500,000 mE 550.000 mE Legend IGO 100% Creasy Joint Venture (GO 70%) IGO-Windward Resources Buxton Resources Joint Venture Sheffield Resources Joint Venture Rumble Resources Joint Venture All Drilling 250m Depth Eyro Highway Nova Project (Ni-Cu) kilometres NGA Zone 51 (30094) 19 19 igo#21igo Tropicana#22Tropicana Gold Mine Making a great asset better through value enhancement Quality Engineering to bring value forward through grade streaming Scale ✓ +120,000 oz/year (IGO share) Longevity Initial 11 year mine life being extended by strip mining TD6302 MACMAHON Geographical Located in WA proximal to Focus Nova igo#23Tropicana Gold Mine Increasing gold production at improved AISC Overview Resource(1) Reserve(1) Production Guidance FY18 Operating cost Guidance FY18 JV IGO 30% with AngloGold Ashanti 70% Open pit with potential for expansion 8.02Moz (100%) 3.80Moz (100%) 2.4Moz (30%) 1.1 Moz (30%) (100%) 440 to 490koz (30%) 132 to 147koz 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 136387 A$6 to 7M A$44 to 55M Exploration Budget Guidance FY18 A$4 to 5M (30%) 1) For further information on Mineral Resources and Ore Reserves please refer to ASX release on 15 Dec 2016 2) For further detailed information on Tropicana Value Enhancement Study refer to ASX release dated 15 Dec 2016 ANGLOGOLDASHANTI igo EXT99 CAT 22 22#24Tropicana Gold Mine Higher grades and production scheduled for CY18 and CY19 Mining rate accelerated in CY17 ⚫ 600t class hydraulic shovel in to the mining fleet in November 2016 Increased mining rates have improved productivity and accelerated access to ore . Provides opportunity for grade streaming in CY18 and CY19 Delivers two years of higher grade and gold production Corresponding reduction in AISC ANGLOGOLDASHANTI igo Directional Production and AISC(1) koz A$/oz 600 1,200 550 500 450 400 Grade streaming will occur irrespective of Long Island Study decisions 350 1) For further information on Tropicana value enhancement refer ASX Release dated 15 Dec 2016 300 CY16 CY17 CY18 Gold produced AISC 1,150 1,100 1,050 1,000 950 900 CY19 Production profile subject to ongoing planning and Long Island Study which may smooth production profile for CY18 and CY19 23 23#25Directional Unit Costs and Material Movement(1) Mining cost (A$/wmt) 6 5 4 (37%) Long Island ---------- Base Case Plan wmt (Mt) 110 100 90 90 80 80 70 70 60 60 50 50 Tropicana Improved mining costs ANGLOGOLDASHANTI igo Mining costs have fallen 37% since CY15 . • ⚫ Lower diesel costs Productivity improvements Introduction of 600t class hydraulic shovel to mining fleet. Further upside exists Additional 600t class face shovels In-pit dumping of waste Long Island target A$2.50/t (nominal in 2015) 2 40 40 - 30 20 20 10 10 1 0 CY12 CY13 CY14 CY15 CY16 CY17 CY18 CY19 Mining Cost (A$/wmt) wmt (Mt) Target A$2.50/t 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 24#26HAVANA HAVANA S1 4 Strip 5 Strip 1 Strip 2 Strips Stop 4 TROPICANA BOSTON SHAKER 1 Strip 1 Strip 2 Tropicana Long Island Study ANGLOGOLDASHANTI igo Based on strip mining and in-pit waste dumping Possible due to tabular geometry and strike extent Step change in mining costs Transition to face shovels Shorter hauls due to in-pit dumping of waste Mining of bigger benches to reduce drill and blast costs Delivers longer mine life with staged decision points to reduce risk Study finalisation and first decision point end-2017 Mining Stage CY17 CY18 CY19 CY20 CY21 CY22 CY23 Current LoM Plan Havana South & Boston Shaker Havana Stage 1-3 Havana Stage 4-5 CY24 CY25 CY26 CY27(1) = Havana Sth Extn 1000 metres 25 25#27Tropicana Upside Evaluating underground opportunities ANGLOGOLDASHANTI Tropicana Boston Shaker Havana Havana South Exploration Potential Conceptual Target 3.0 g/t grade shell 0.3 g/t grade shell Havana Deeps UG Scoping Study (2010) Prefeasibility (2013) Orebody offset (Havana Shear) Mineral Resources (100%)* Open Pit-5.68 Moz Stockpiles-0.40 Moz Underground- 1.94 Moz Exploration Potential (Drilling Q3, 2017) Total Mineral Resources - 8.02 Moz As part of the Long Island drilling several high grade shoot positions have been identified, which will be investigated further in FY18 For further detailed information see Tropicana Gold Mine Investor/Analyst Visit presentation and ASX release dated 4 Aug 2017 igo 26 26#28Tropicana Upside Currently drilling initial 3,000m at Boston Shaker ANGLOGOLDASHANTI igo BWD040 12m @4.60 g/t from 338m 26m @ 3.04 g/t from 361m BWD047 16m @4.63 g/t from 386m 3.0 g/t grade shell 0.3 g/t grade shell BWD017 31m @ 4.20 g/t from 340m 14m @ 6.10 g/t from 355m BWD019 17m @ 5.53 g/t from 382m BSD054 9m @ 5.39 g/t from 439 m BSD027A 19m @ 3.98 g/t from 478m 27 27#29Jaguar & Long igo#30. Jaguar Mine VMS Corridor with cluster of orebodies Overview Resource(1)(2) Reserve(1)(2) IGO 100% High grade Underground Cu – Zn VMS - 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) Operating cost Guidance FY18 (payable) Capital Guidance FY18 Exploration Budget Guidance FY18 Key developments and potential 29,000 to 33,000t Zn 2,600 to 3,000t Cu A$0.85 to A$1.05/lb Zn Sustaining A$8 to 9M Development A$10 to 11M A$3 to 5M • 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 6,840,000mN 6,860,000mN 6,880,000mN 300,000mE 320,000mE 340,000mE N Thunderbox Western Australia Heather Bore Wilson Creek Wilson Jaguar Garden Well Halloween Lagonda Triumph Daimler Teutonic Bore Jaguar Bentley (incl Flying Spur) Legend Felsic Volcanic Granitic Gneiss Mafic/Intermediate package Ultramafic/mafic package Ultramafic Fault - interpreted Prospective stratigraphy Mine (Base Metals Mine (Gold) VMS prospect Au prospect Tenement Outline 300,000mE Madman Bentley South South Charlie Chicks Possie Well Possie Well South King of the Hills 320,000mE kilometres MGA Zone 51 (GDA54) 340,000mE 6,840,000mN 29 29 6,860,000mN 6,880,000mN igo#31Jaguar 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 61600mN Surface Base of weathering 4400mRL 4000mRL Triumph Deposit 62000mN Decline and Development Design 14TRDD010 2.3m @ 3.1% Zn 14TROD003+ 15TMD0019+ 15TMDD013 +15TMODGO 14TROD309 Етисово 14TRDD006 2.3m @17.9% Zn Tiger OPEN 14TRDD011 + 16TMDD001 11.5m @7.9% Zn Including 5.9m @ 14.3% Zn 3600mRL 61600mN 15TMOD21 Rocket OPEN JHDDEDEOW 14TROD013 Spitfire + 62400mN 62800mN Stag 14TRODI03 +15TYP 12TRO0006 15TMD0015 +12TROD012 15TMOD020 15TMD0012 15TMD0018 12TRRC006 +15TMD0017 STMOD010 b001 0 igo N 200m Jaguar Mine Grid Looking West 4400mRL Total Ore Reserve 30 June 2017 1.2Mt @6.2% Zn, 0.4% Cu, 85g/t Ag and 0.3g/t Au OPEN 15TRD0004 + 62000mN JHD0030303 15TMDD007 3.6m @4.7% Zn 14TRDD007 4.5m @2.8% Zn 15TMDD024 4.0m @ 3.4% Zn +14TRD0012 16TMDD002 11.4m @ 3.3% Zn JHDD0003 13.7m @7.4% Zn Legend Mineralisation Lens Ore Reserve Massive Sulphide Semi-Massive Sulphide Stringer No Significant Intercept (<2m @2% Zn) Note: Widths quoted are true width. 1) For further information see ASX release 26 Jul 2017 - Jaguar Value Enhancement Programs Demonstrate Options to Extend Mine Life & Improve Project Scale 30 30#32Jaguar 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 N- Bentley Decline Comet Bentley Mine Mulsanne Brooklands igo Mine Development Arnage 2017 Resource Indicated Inferred 17BUDD0003 9.7m @20% Zn, 0.8% Cu, 3.1% Pb, 534g/t Ag, 3.2g/t Au Including 6.5m @27.1% Zn, 1.0% Cu, 4.2% Pb, 712g/t Ag. 4.2g/t Au 17BUDD0016 1.9m Massive and Semi massive sulphide assays pending 17BUDD0014 7.2m @ 1.1% Zn, 0.4% Pb, 86g/t Ag and 0.2g/t Au 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 17BUDD0006W1 6.2m Massive and Semi massive sulphide assays pending 17BUDD0006 5.4m @9.5% Zn, 0.4% Cu, 0.9% Pb, 208g/t Ag, 0.8g/t Au Including 4m @ 12.0% Zn, 0.4% Cu, 1.2% Pb, 264g/t Ag. 1.0g/t Au 17BUDD0004 9m @ 3.3% Zn, 1.0% Cu, 0.6% Pb, 113g/t Ag, 0.4g/t Au Including 3.4m @ 7.0% Zn, 1.2% Cu, 1.4% Pb, 201g/t Ag, 0.6g/t Au 14BTDD001W1 6.2m @ 2.6% Zn and 7.8m @ 10.1% Zn Legend Bentayga Pierce Point Flying Spur Zagato Arnage Deeps 14BTD0001W1 17BUDD0001 4.9m @ 3.2% Zn, 1.5% Pb. 296g/t Ag and 0.78g/t Au 15BUDD134 3m @2.4% Zn 17BUDD002 17BUDD001 17BU00014 17BUD0016 17B01 ALBUDD015 INSI 17BUDD006 17BUDD004 Target Area Bentayga 17BUDD005 OPEN 17BUDD0005 3m @ 7.8% Zn, 0.1% Cu, 1.5% Pb, 60g/t Ag. 0.1g/t Au 1) For further information see ASX release 26 Jul 2017 - Jaguar Value Enhancement Programs Demonstrate Options to Extend Mine Life & Improve Project Scale 2017 Drilling 2014-2016 Drilling 31 31#33Long 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) Production Guidance FY18 (contained metal in concentrate) Operating cost Guidance FY18 (payable) Capital Guidance FY18 Exploration Budget Guidance FY18 60,000t Ni 14,000t Ni 5,400 to 6,000t Ni A$4.40 to A$4.90/lb A$1 to 2M A$1 to 2M 6,548,000mN 6,552,000mN Location Map 500 0 kilometres Geraldton Perth 372,000mE WA DURKIN (100,000t Ni) Kalgoorlie Long Kambalda Dome Fault Lefroy Fisher Victor South McLeay Moran Extension Target McLeay Extension Target Key developments and potential Mining program likely to be suspended in June 2018 quarter ⚫ Resource development and exploration target review underway IGO Tenure (100%) Goldfields Royalty Area Nickel Shoots Granite Kambalda Komatite Paringa Basalt Black Flag Group Kapal Slate 1) For further information on Mineral Resources and Ore Reserves please refer to ASX release on 14 Oct 2016 6,544,000mN Devonian Consols Basalt Faults Lunnon Basalt 372,000mE Long North Target Long Moran LUNNON (130,000t Ni) kilometres MGA Zone 51 (GDA94) 376,000mE 6,544,000mN 376,000mE 6,548,000mN 22 32 6,552,000mN igo#34Exploration FERATION 80 igo 33 33#35Exploration Committed to growth through exploration FY18 Exploration Budget - - A$5M A$2M A$4M ⑳Mine Greenfields & • Exploration Generative Nova Broome Tropicana A$9M A$31M Jaguar Long Substantial increase in greenfields exploration in FY18 Fraser Range a key focus of activity - Advancing belt scale Lake Mackay Project Port Hedland Darwin Lake Mackay JV Northern Territory Bryah Basin JV Jaguar Mine (Zn-Cu-Ag) Leinste Newman Western Australia Geraldton Tropicana Mine (Au) South Australia Long Mine (Ni) Kalgoorlie Fraser Range Exploration Perth Norseman Esperance Albany Nova Mine (Ni-Cu-Co) 250 500 kilometres igo 34 3#36Greenfields Exploration Lake Mackay Joint Venture Legend 585,200mE IGO 2017 Diamond Drilling Collar/Hole Trace IGO Previous RC Drilling Collar Hole Trace Pierce Point (Note: All widths are down hole) DHEM Plate MLEM Plate Geology Metasediment Gneiss Amphibolite Breccia Sulphides Stringer Sulphides Planned 200mRL OmRL 200mRL 0 17GRDD006 Awaiting Results 200 metres NEA 585,500mE 17GRDD006 17GRDD002 Awaiting Results 640m 17GRDD004 Awaiting Results 16GRRC011 1m @0.9g/t Au, 3.9% Cu and 5m @0.4g/t Au, 2.7% Cu 17GRDD002 17GRDD004 586,000mE 16GRRC009 17GRDD001 6m 9.0g/t Au, 1.5% Cu 586,400m 1m @3.0git Au, 3.1% Cu and 1m @2.1g/t Au, 1.3% Cu and 1m 1.2git Au, 1.4% Cu and 2m @4.5g/t Au, 1.2% Cu 16GRRC007 and 4m incl. 3m @ 13.9g/t Au, 1.3% Cu 3.8g/t Au, 1.9% Cu 600mRL 17GRDD005 16GRRC011 214m 220m 1810 100m 427m 450m 478m 490m 17GRDD001 11.4m @ 7.9g/t Au, 0.8% Cu incl. 3.5m @ 18.3g/t Au, 1.1% Cu and 14.4m @ 1.8g/t Au, 1.1% Cu incl. 2m @7.2g/t Au, 0.2% Cu 600 REGO 16GRRC008 16GRRC001 178m 130m 208m 16GRRC003 16GRRC006 Surface 16GRRC001 2m @ 2.3g/t Au, 0.2% Cu and 1m @1.9g/t Au, 0.3% Cu 16GRRC008 1m @ 1.2g/t Au, 0.9% Cu and 1m @ 4.1g/t Au, 1.1% Cu 244m 10m @ 1.6g/t Au, 1.1% Cu and 9m 1.8g/t Au, 3.3% Cu and 5m @1.1g/t Au, 4.6% Cu 16GRRC010 9m @ 5.2g/t Au, 1.4% Cu incl. 2m 14.0g/t Au, 2.0% Cu and 3m @ 2.6g/t Au, 0.2% Cu incl. 1m 4.9g/t Au 0.1% Cu 17GRDD003 Awaiting Results 16GRRC005 4m 0.8g/t Au, 1.1% Cu and 1m @0.9g/t Au, 1.1% Cu and 1m @1.8g/t Au, 0.7% Cu 17GRDD005 Awaiting Results 586,000mE 586,400mE igo 7,200km² of underexplored tenure 200m RL OmRL • • 400km north east of Alice Springs Proterozoic gold and base metals Continental-scale geophysical gravity ridge Central Australian Suture Grapple Prospect drilling update(1) 200m RL 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 1) 585,200mE 585,600mE Refer to ASX dated 18 Sep 2017: Lake Mackay JV - Grapple Prospect Drilling Update 35 35#37Post-capex and transitioning to cash generating phasening to Pos Wrap up..... Corporate overview • Balance sheet remains strong Nova value being realised . • In commercial production • Focus moving to unlocking upside Tropicana value enhancement • Higher production CY18-19 • Long Island to extend mine life Jaguar & Long igo • Triumph to add Jaguar mine life Exploration to unlock discovery ● Strong team and portfolio 36#38FOLLOW US AS WE GO FROM STRENGTH TO STRENGTH igo.com.au igo