INDEPENDENCE GROUP NL

Peter Bradford, Managing Director and CEO Nova Optimisation Study Presentation14 December 2015

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, specifically IGO's ASX Releases dated 10 December 2015 and 14 December 2015, 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 should be read in conjunction with IGO's 2015 Mineral Resource and Ore Reserve announcement dated 28 October 2015 (excluding Nova Project Ore Reserves) and Nova Project Optimisation Study announcement dated 14 December 2015 (updated Nova Project Ore Reserves), and lodged with the ASX, which are available on the IGO website.

• All currency amounts in Australian Dollars, unless otherwise noted.

• Cash costs are reported on a C1 basis after by-product credits per pound of nickel in concentrate, unless otherwise stated.

  
  

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  Key Nova Highlights

  
  

  On Time & On Budget

  • 56% complete

  • First concentrate delivered December 2016

    
    

    
    

    Added Value

    • Improved Project NPV

    • Increased margin

    • Improved early free cash flow

Reduced Risk

• Increased operational flexibility

• Achieving higher than forecast assumptions

• Development on schedule

• Capital cost de-risked

  
  

  
  

  Future Growth

• Optionality for future growth and value creation generated without any change to project capital estimate

  
  

  
  

  3

  Project Update

  On time and on budget

  
  

  • Approximately 56% of work complete1

  • Remains on time and on budget with first production of concentrates expected in December 2016

  • Infrastructure well advanced

  • Underground development 11 weeks ahead of schedule

  • Processing plant site activities commenced in September quarter with focus on structural concentrate and steel

  • Purchase of major equipment well advanced

  • Integration completed in accelerated timeframe with no disruptions

    
    

  • As at 30 November 2015 4