INDEPENDENCE GROUP NL

Peter Bradford, Managing Director and CEO Annual General Meeting Presentation

16 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, 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, other than Nova Project Ore Reserves, should be read in conjunction with IGO's ASX Release dated 28 October 2015 (2015 Mineral Resource and Ore Reserve) , and, in the case of Nova Project Ores Reserves, IGO's ASX Release dated 14 December 2015, which are 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, depreciation and amortisation, and once-off transaction costs.

  
  

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  Highlights and achievements

  
  

  Vision and Strategy

  We have a clearly articulated vision and a focussedstrategy

  Sustainability

  A year of continuous improvement and capacitybuilding

  Financial PerformanceRecord revenue and operating Cashflow deliveredin FY15

  
  

  Operations Production and cash costs ator better than guidance at all

  operations

  
  

  Growth

  Successfully completed acquisition of Nova Projectand Optimisation Study

  People & Organisation Strengthened senior management team

  
  

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  FY2015 in retrospect

  A roller coaster journey

  • Consistent delivery against guidance

  • Maintained strong performance against backdrop of significant commodity price deterioration

  • Completed transformational acquisition of Nova Project

    
    

    200% IGO Share Price Performance

    (since last AGM)

    
    

    100%

  • Completed Optimisation Study for Nova 0%

    Project to deliver 36% extra value on a

    IGO ASX300 Metals

    like for like basis

  • Negotiated $550M finance package

  • Delivered promising brownfields and greenfields exploration results

  • Strengthened management team

150% Australian Dollar Price Movement

(since last AGM)

100%

Gold Silver

Copper Zinc

50%

Nickel

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