Igo Limited · ASX:IGO

Igo — Independence Group NL — Q2 FY2015 Earnings Presentation

27 slides from Igo's earnings presentation, Jan 28, 2015

1. Slide 1: December 2014 Quarter Results Presentation

   For personal use only Au Ni Cu/Zn December 2014 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: Presentation Outline

   Presentation Outline  Introduction For personal use only  Highlights  December Quarter Results • Safety • Financials • Tropicana • Long • Jaguar  Exploration and Development  Summary  Appendices Page 3

4. Slide 4: December 2014 Quarter Highlights

   December 2014 Quarter Highlights  Financials For personal use only • $21.6M unaudited NPAT • $71.9M operating cashflow • $93.3M of cash at 31 December 2014 ($48.9M quarter on quarter increase)  Tropicana • Record gold production of 137,901 oz (IGO share = 41,370 oz) • Cash costs better than guidan

5. Slide 5: Safety

   Safety For personal use only Dec 14 Qtr 12-Month Mine LTI(1) LTIFR(2) Tropicana 0 3.6 Long 2 3.0 Jaguar 0 3.4 LTI’s and LTIFR have been trending down over the past 12 months (1) LTI is Lost Time Incident (2) LTIFR is Lost Time Incidents per million man hours for the 12 months to 31 December 2014 Pag

6. Slide 6: Financial Highlights

   Financial Highlights For personal use only Highlights Dec 14 Qtr Dec 13 Qtr Unaudited Profit after tax(1) $21.6M $12.5M Underlying EBITDA(2) $57.4M $38.4M Net Cash Flow From Operating Activities $71.9M $33.2M Free Cash Flow(3) $49.9M $3.5M Cash (at end of Quarter) $93.3M $45.8M Debt (at end of Quart

7. Slide 7: Underlying EBITDA by Mine

   Underlying EBITDA(1) by Mine For personal use only 80 70 60 Underlying EBITDA ($’M) 50 40 30 20 10 0 Q3FY13 Q4FY13 Q1FY14 Q2FY14 Q3FY14 Q4FY14 Q1FY15 Q2FY15 -10 Tropicana Long Jaguar (1) Underlying EBITDA is a non-IFRS measure and comprises net profit or loss after tax, adjusted to exclude tax expen

8. Slide 8: Tropicana (1)

   Tropicana (1) Tropicana Statistics Units Dec 14 Qtr Dec 13 Qtr For personal use only Mining Total Material Mt 13.5 9.7 ROM Ore (>0.6g/t Au) Mt 3.2 2.1 ROM Ore Grade g/t Au 2.12 2.17 Processing Ore milled Mt 1.37 1.18 Milled grade g/t Au 3.41 3.05 Recovery % 91.6 88.0 Gold Produced oz 137,901 94,949

9. Slide 9: Tropicana (2)

   Tropicana (2)  Health, Safety and Environment For personal use only • No lost time incidents for the quarter • 12-month LTIFR is currently 3.6  Mining • Mining production was lower at 13.5Mt of total material • Mining occurred in both the Havana and Tropicana pits • ROM ore (>0.6g/t Au) totalled 3

10. Slide 10: Tropicana (3) - Exploration

    Tropicana (3) - Exploration  Tropicana Resource Extension For personal use only • 3D seismic data processing and interpretation continued • Near surface targets identified from initial interpretation  Near Mine Exploration • Drilling continued at a number of targets • 1km geochem anomaly at Maple

11. Slide 11: Long (1)

    Long (1) For personal use only Long Statistics Units Dec 14 Qtr Dec 13 Qtr Development Operational m 483 876 Capitalized m 161 643 Mining Ore Mined Kt 62.2 64.2 Grade % Ni 4.13 4.27 Contained Nickel t 2,572 2,737 Payable Nickel t 1,555 1,639 Operating Costs Cash Costs(1) (contained Ni) $/lb 2.34 2.2

12. Slide 12: Long (2)

    Long (2)  Health, Safety & Environment 3,000 $6.00 For personal use only 2,500 $5.00 • No lost time injuries Cash Costs ($/lb Ni) Contained Nickel (t) • 12 month LTIFR improved to 3.0 2,000 $4.00  Solid quarter 1,500 $3.00 Contained Nickel (t) • 62kt ore mined at 4.13% 1,000 Production Guidance $2

13. Slide 13: Long (3) - Exploration

    Long (3) - Exploration  McLeay South For personal use only • McLeay South drill drive in progress  Moran South • Currently drilling 9-hole program • Hole 3 intersected 5.4m at 12.4%Ni • Hole 4 (80m south) intersected narrow mineralisation at top of EM plate (top of channel) • Hole 5 (160m south) i

14. Slide 14: Jaguar (1)

    Jaguar (1) Jaguar Statistics Units Dec 14 Qtr Dec 13 Qtr For personal use only Development Operational m 146 361 Capitalized m 622 448 Mining Ore Mined Kt 125.5 103.2 Processing Ore Milled Kt 131.6 100.5 Grade % Zn 11.8 9.8 Grade % Cu 2.1 2.3 Zinc Produced t 13,360 8,425 Copper Produced t 2,390 2,02

15. Slide 15: Jaguar (2)

    Jaguar (2)  Health, Safety & Environment For personal use only 16,000 $0.70 • Two lost time injuries 14,000 $0.60 • 12 month LTIFR improved to 3.4 12,000 $0.50 Contained Metal (t) Cash Costs ($/lb Zn)  Solid quarter 10,000 $0.40 • 125kt ore mined (500ktpa rate) 8,000 Zinc (t) $0.30 • 132kt milled

16. Slide 16: Jaguar (3) – Bentley Extensions

    Jaguar (3) – Bentley Extensions  Inferred Resource For personal use only • Inferred resource at bottom of Arnage and Flying Spur • Planning drill drive to provide drill access to drill off inferred resource  Bentley Deeps • 7.8m @ 10%Zn and 2.5% Cu drilled in October quarter • Subsequent drilling

17. Slide 17: Jaguar (4) - Exploration

    Jaguar (4) - Exploration  Triumph For personal use only • Drilling continued in December quarter • Now undertaking a 3D review of all work prior to continuing any further drilling  Daimler • New geological model developed for Daimler • Several targets identified • Expect to commence drilling in Ma

18. Slide 18: Exploration & Development

    Exploration & Development  Stockman (Zn-Cu-Au-Ag) (VIC) For personal use only • Positive Assessment Report from Victorian Minister for Planning • Approval from Commonwealth Minister for Environment received • Optimisation Study completed • Now progressing final permits and approvals including Tails

19. Slide 19: Summary

    Summary  December Quarter 2014 For personal use only • All projects delivering at or above guidance • Operating cashflow of $71.9M • Cash improved by $48.9M in quarter to $93.3M  Outlook • Maintain focus on: o safety o operational discipline o cost control to continue to meet or better guidance •

20. Slide 20: 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

21. Slide 21: 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

22. Slide 22: 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.

23. Slide 23: 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

24. Slide 24: 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

25. Slide 25: 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

26. Slide 26: FY15 Guidance

    FY15 Guidance(1)(2) Tropicana Jaguar For personal use only • 141,000 to 147,000oz (IGO 30% share) • 40,000 to 43,000t Zn in conc. • Average cash cost of $590 - $630/oz Au • 5,800 to 6,500t Cu in conc. • Sustaining capex (IGO 30% share) of $9M • Average cash cost of $0.40-0.60/lb Zn • Exploration (IG

27. Slide 27: Hedging Summary

    Hedging Summary For personal use only Nickel • FY15: 200t/month averaging $18,421/t Copper • FY15 Q3: 550t at $8,294/t in March 15 • FY15 Q4: 550t at $8,500/t in June 15 Gold • FY15 H2: Average 4,833oz/month zero cost collars (range $1,316 to $1,719/oz) • FY16 H1 & H2: Average 3,208oz/month zero cos

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