INDEPENDENCE GROUP NL‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌

PETER BRADFORD, MANAGING DIRECTOR AND CEO

13thChina Nickel Conference

May 2016

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 Nova Ore Reserve should be read in conjunction with IGO's 2015 Mineral Resource and Ore Reserve announcement dated 28 October 2015 and lodged with the ASX, which are available on the IGO website. The Nova Ore Reserve was updated during the optimisation study dated 14 December 2015 and lodged with the ASX, which is available in 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 27th 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.

  2

  IGO overview

  Leading Australian diversified mining company

  ASX listed (IGO)

  • Based in Perth, Western Australia

    Diversified portfolio of high margin assets

  • 3 operating mines and 1 under construction

  • All located in Western Australia

  • Gold, Nickel, Zinc, Copper, Cobalt, Silver

    Strong track record of delivery

  • Strong cash flow

  • Strong balance sheet

  • Strong management

    Fully financed growth

  • Tropicana mill expansion and resource extension

  • Nova Nickel/Copper Project construction

  • Belt scale exploration targets in Australia

    3

    Market profile & share ownership

    Strong domestic institutional and retail support

    Market profile

    • $1.5 billion (US$ 1.1 billion(1)) market capitalisation at $2.97/share(2)

    • Share price 52 Week Range

 Low $1.98 20 January 2016

 High $6.21 5 May 2015

Price ($)

7.00

Volume (M)

14

Share ownership

• Substantial holders(3)

  • Mark Creasy 18.88%

  • FIL Limited 9.92%

  • Van Eck 6.15%

  • Australian Super 6.04%

• Institutional ownership(2)

6.00 12

5.00 10

4.00 8

3.00 6

2.00

1.00

4

30%

2

28%

18-May-15

18-Jun-15

18-Jul-15

18-Aug-15

18-Sep-15

18-Oct-15

18-Nov-15

18-Dec-15

18-Jan-16

18-Feb-16

18-Mar-16

18-Apr-16

18-May-16

- - 70%

72%

1. Conversion of A$ to US$ using 0.72 exchange rate

2. As at market close 18 May 2016

3. As at 13 May 2016

Instos Retail & Other

Domestic Instos International Instos 4