Igo Limited · ASX:IGO

Igo — Independence Group NL — Q4 FY2015 Earnings Presentation

29 slides from Igo's earnings presentation, Jul 29, 2015

1. Slide 1: June 2015 Quarter Results Presentation

   For personal use only Au Ni Cu/Zn June 2015 Quarter Results Presentation Peter Bradford, Managing Director & CEO

2. Slide 2: Disclaimer

   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

3. Slide 3: June Quarter Highlights

   June Quarter Highlights  Solid quarter to end FY15 with production and cash For personal use only 600 costs for all three mines at or better than guidance for Annual IGO Revenue ($M) the year 500  Record revenue and net cash flow from operating 400 activities achieved in FY15 300  No lost time in

4. Slide 4: Unaudited June 2015 Quarter Highlights

   Unaudited June 2015 Quarter Highlights Highlights June 15 Qtr June 14 Qtr For personal use only Revenue $118.7M $106.8M EBITDA(1) $38.0M $47.6M Profit after tax $7.5M $14.7M Net Cash Flow From Operating Activities $47.3M $48.1M Free Cash Flow $18.4M $30.0M Cash and bullion (at end of Quarter)(2) $12

5. Slide 5: Unaudited FY2015 Results

   Unaudited FY2015 Results Highlights FY2015 FY2014 For personal use only Revenue $498.6M $399.1M EBITDA(1) $212.7M $147.8M Profit after tax $76.8M $48.6M Net Cash Flow From Operating Activities $201.7M $127.4M Free Cash Flow $115.8M $30.2M Cash and bullion (at end of year)(2) $121.5M $57.0M Marketabl

6. Slide 6: Mine Underlying EBITDA

   Mine Underlying EBITDA(1) 80 For personal use only 70 60 Underlying EBITDA ($’M) 50 40 30 20 10 0 Q1FY14 Q2FY14 Q3FY14 Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15 Tropicana Long Jaguar (1) Underlying EBITDA is a non-IFRS measure and comprises net profit or loss after tax, adjusted to exclude tax expense, fin

7. Slide 7: Incident Frequency

   Incident Frequency Significant improvement over the past 1-2 years is a credit to our people For personal use only 16 50 TRIFR (total recordable injuries per million manhours) 45 14 LTIFR (lost time injuries per million manhours) 40 12 35 10 30 8 25 20 6 15 4 12 Mthly Rolling LTIFR 12 Mthly Rolling

8. Slide 8: Sirius Acquisition

   Sirius Acquisition  On 25 May 2015, IGO and Sirius Resources NL (SIR) announced(1) an agreement For personal use only whereby IGO would acquire SIR by scheme of arrangement o SIR Shareholders will receive 0.66 IGO shares and $0.52 cash for each SIR share o SIR shareholders also receive pro-rata hol

9. Slide 9: Tropicana – in line with plan

   Tropicana – in line with plan 140 $700 Health, Safety and Environment For personal use only 120 $600 No lost time incidents for the quarter bringing the 100 $500 12-month LTIFR to 1.0(1) Gold Production (koz) 80 $400 Cash Costs ($/oz Au) 60 $300 Gold Tropicana Statistics(1) Units June 15 June 14 Pro

10. Slide 10: Tropicana – improved mining rate

    Tropicana – improved mining rate Gold production impacted by lower mill throughput For personal use only o Mill throughput lower due to planned maintenance activities for reliability upgrades Cash costs impacted by lower gold production and higher mining and processing costs o Mining costs impacted

11. Slide 11: Tropicana – Resource Extension

    Tropicana – Resource Extension  Work progressing at Tropicana, Havana For personal use only North, and Havana South (Crouching Tiger)  Encouraging results include: o 12m @ 1.8g/t at Havana North o 5m @ 5.2g/t at Havana North o 8m @ 3.5g/t at Crouching Tiger o 19m @ 1.2g/t at Tropicana  Conceptual

12. Slide 12: Tropicana - Exploration

    Tropicana - Exploration  Near Mine Exploration For personal use only o AC, RC and DDH drilling at several targets within 40km of Tropicana. Further encouraging results at Madras included: • 18m @ 1.5g/t (RC) • 10m @ 1.7g/t (DDH) • 4m @ 2.0g/t (DDH)  Regional Exploration o Systematic program contin

13. Slide 13: Long – solid quarter but grade was weaker

    Long – solid quarter but grade was weaker 3,500 $7.00 Health, Safety & Environment For personal use only No lost time injuries bringing the 3,000 $6.00 12 month LTIFR to 3.1(1) 2,500 $5.00 Cash Costs ($/lb Ni) Contained Nickel (t) 2,000 $4.00 1,500 $3.00 Contained Nickel (t) Long Statistics Units Ju

14. Slide 14: Long – lower grade impacts production & cost

    Long – lower grade impacts production & cost Nickel production in concentrate impacted by lower grade For personal use only o Attributed to greater contribution from lower grade stopes at Long, McLeay and Victor South (32kt @ 2.5% Vs 16.6kt @ 2.9% for 47% of mined tonnes versus 25% of mined tonnes i

15. Slide 15: Long - Exploration

    Long - Exploration  Moran South Development For personal use only o 222m drill drive/stockpile development completed o 290m development remaining  Moran South Infill o 320m x 60m wide mineralised zone identified by earlier drilling o Infill program of 18 holes for 3,200m using two underground dril

16. Slide 16: Jaguar – strong operational performance

    Jaguar – strong operational performance 18,000 $0.90 Zinc (t) Health, Safety & Environment For personal use only Copper (t) 16,000 Zinc Guidance $0.80 No lost time injuries bringing Copper Guidance 14,000 Cash Costs ($/lb Zn) $0.70 12 month LTIFR improved to 3.3(1) Cost Guidance Cash Costs ($/lb Zn)

17. Slide 17: Jaguar – mill rate drives production and cost

    Jaguar – mill rate drives production and cost Production benefited from higher throughput and higher copper grades, offset by lower For personal use only zinc grades. Zinc and copper recoveries were unchanged o Zinc and copper grades were in line with plan (stoping schedule) Cash costs benefited fro

18. Slide 18: Jaguar - Exploration

    Jaguar - Exploration  Bentley Resource Drilling For personal use only o Hanging wall drill drive commenced o Provide platform for infill drilling of inferred resources at Arnage & Flying Spur o Drill drive will be completed in July 2015 and diamond drilling will commence o Potential to extend drill

19. Slide 19: Exploration & Development

    Exploration & Development  Stockman (Zn-Cu-Au-Ag) (VIC) For personal use only o Detailed permitting work continued  Lake Mackay (Au) (NT) o 8,000m AC program to test seven gold and multi-element geochem anomalies – no results received  Bryah Basin (Cu-Au) (WA) o AC drilling at Neptune confirmed a

20. Slide 20: FY16 Guidance

    FY16 Guidance(1)(2)(3)  Tropicana For personal use only o Gold production of 129,000 to 141,000oz (IGO 30% share) at an average cash cost of $640 to $710/oz Au produced and AISC of $820 to $910/oz Au sold o Sustaining capex and exploration (IGO 30% share) of $8 to $10M and $9 to $11M respectively 

21. Slide 21: Summary

    Summary  June Quarter 2015 For personal use only o Solid operating quarter o Net Operating Cash flows of $47.3M o Cash and refined gold bullion improved by $11.7M in June quarter to $121.5M, net of investments in listed securities of $12.4M  FY2015 Full Year (Unaudited) o Achieved or bettered guid

22. Slide 22: Contact Details

    Contact Details For personal use only Peter Bradford Managing Director & CEO Tony Walsh Company Secretary Suite 4, Level 5, South Shore Centre 85 South Perth Esplanade South Perth, Western Australia, 6151 PO Box 496, South Perth, Western Australia, 6951 Telephone: +61 8 9238 8300 Facsimile: +61 8 92

23. Slide 23: Resources & Reserves – Competent Persons Statements

    Resources & Reserves Competent Persons Statements For personal use only Exploration Results The information in this report that relates to Exploration Results is a compilation of previously published data for which Competent Persons consents were obtained. Their consents remain in place for subseque

24. Slide 24: Resources & Reserves – Tropicana

    Resources & Reserves TROPICANA (IGO 30% SHARE) For personal use only Mineral Resource 30 June 2014 Ore Reserve 30 June 2014 100% Project 100% Project Classification Tonnes Mt Au g/t Contained Au Moz Classification Tonnes Mt Au g/t Contained Au Moz OPEN PIT Measured 22.8 2.11 1.56 OPEN PIT Proved 20.

25. Slide 25: Resources & Reserves – Long

    Resources & Reserves LONG For personal use only Mineral Resource 30 June 2014 Ore Reserve 30 June 2014 Classification Tonnes Ni% Ni Tonnes Classification Tonnes Ni% Ni Tonnes LONG Measured 70,000 5.5 3,900 LONG Proved 50,000 3.8 1,900 Indicated 270,000 5.5 15,000 Probable 56,000 3.1 1,700 Inferred 1

26. Slide 26: Resources & Reserves – Jaguar

    Resources & Reserves JAGUAR For personal use only Mineral Resource 30 June 2014 Ore Reserve 30 June 2014 Classification Tonnes Cu% Zn% Ag g/t Au g/t Classification Tonnes Cu% Zn% Ag g/t Au g/t BENTLEY Measured 706,000 2.2 12.3 172 0.8 BENTLEY Proved 499,000 2.1 12.1 168 0.8 Indicated 1,502,000 1.5 8

27. Slide 27: Resources & Reserves – Stockman

    Resources & Reserves STOCKMAN For personal use only Mineral Resource 30 June 2014 Ore Reserve 28 November 2014 Classification Tonnes Mt Cu% Zn% Ag g/t Au g/t Classification Tonnes Mt Cu% Zn% Ag g/t Au g/t CURRAWONG Measured - - - - - CURRAWONG Proved - - - - - Indicated 9.58 2.0 4.2 42 1.2 Probable

28. Slide 28: FY16 Guidance

    FY16 Guidance(1)(2)(3) Tropicana Jaguar For personal use only • 129,000 to 141,000oz (IGO 30% share) • 35,000 to 40,000t Zn in conc. • Average cash cost of $640 to $710/oz Au • 7,500 to 8,500t Cu in conc. • AISC of $820 to $910/oz Au sold • Average cash cost of $0.40 to 0.60/lb Zn • Sustaining capex

29. Slide 29: Hedging Summary

    Hedging Summary Nickel For personal use only • Q1 FY16: 250t/mth at avg. price of $19,701/t Copper • Q1 FY16: 550t at $8,001/t in Sept 15 Gold • FY16: Average 3,208oz/month zero cost collars (range $1,342 to $1,672/oz) • FY17: 2,500oz/month zero cost collars to November 2016 (range $1,330 to $1,593/

Independence Group NL — Q4 FY2015 Earnings Presentation on 6ix