Igo Limited · ASX:IGO

Igo — Independence Group NL — Q3 FY2015 Earnings Presentation

28 slides from Igo's earnings presentation, Apr 22, 2015

1. Slide 1: March 2015 Quarter Results Presentation

   For personal use only Au Ni Cu/Zn March 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 For personal use only purchase any securities in IGO or as an inducement to make an offer or invitation with respect to th

3. Slide 3: Presentation Outline

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

4. Slide 4: March 2015 Quarter Highlights

   March 2015 Quarter Highlights  Financials For personal use only • $19.8M unaudited NPAT • $42.9M net operating cashflow • $109.8M(1) of cash and refined bullion as at 31 March 2015  Tropicana • Gold production of 122,319oz (IGO share = 36,696oz) • Cash costs better than guidance at $530/oz produce

5. Slide 5: Financial Highlights

   Financial Highlights For personal use only Highlights Mar 15 Qtr Mar 14 Qtr Unaudited Profit after tax $19.8M $20.2M Underlying EBITDA(1) $53.3M $51.8M Net Cash Flow From Operating Activities $42.9M $37.9M Free Cash Flow(2) $24.5M $21.9M Cash (at end of Quarter)(3) $109.8M $47.4M Debt (at end of Qua

6. Slide 6: Underlying EBITDA

   Underlying EBITDA(1) For personal use only 80 70 60 Underlying EBITDA ($’M) 50 40 30 20 10 0 Q4FY13 Q1FY14 Q2FY14 Q3FY14 Q4FY14 Q1FY15 Q2FY15 Q3FY15 -10 Tropicana Long Jaguar (1) Underlying EBITDA is a non-IFRS measure and comprises net profit or loss after tax, adjusted to exclude tax expense, fina

7. Slide 7: IGO Group Incident Frequency Rate

   IGO Group Incident Frequency Rate For personal use only 16 50 45 14 40 12 LTIFR (Incidents per 10^6 manhrs) 35 TRIFR (Incidents per 10^6 man hrs) 10 30 8 25 20 6 IGO Controlled Activities (excludes Tropicana) 15 4 10 12 Mthly Rolling LTIFR 12 Mthly Rolling TRIFR 2 5 0 0 Jul 13 Oct 13 Jan 14 Apr 14 J

8. Slide 8: Tropicana (1)

   Tropicana (1) For personal use only Tropicana Statistics(1) Units Mar 15 Qtr Mar 14 Qtr Mining Total Material Mt 12.3 11.8 ROM Ore (>0.6g/t Au) Mt 2.5 1.9 ROM Ore Grade g/t Au 1.91 2.02 Processing Ore milled Mt 1.55 1.37 Milled grade g/t Au 2.74 3.01 Recovery % 90.1 90.9 Gold Produced oz 122,319 120

9. Slide 9: Tropicana (2)

   Tropicana (2)  Health, Safety and Environment For personal use only • One lost time incident for the quarter bringing 12-month LTIFR to 1.06  Mining • Mining production was lower at 12.3Mt of total material as planned • Mining occurred in both the Havana and Tropicana pits • ROM ore (>0.6g/t Au) t

10. Slide 10: Tropicana (3)

    Tropicana (3) 140 $700 For personal use only 120 $600 100 $500 Gold Production (koz) Cash Costs ($/oz Au) 80 $400 60 $300 Gold Produced Production Guidance 40 $200 Cash costs ($/oz) Cost Guidance 20 $100 - $0 Jun 13 Sep 13 Dec 13 Mar 14 Jun 14 Sep 14 Dec-14 Mar-15 Jun-15 Page 10

11. Slide 11: Tropicana - Exploration

    Tropicana - Exploration  Tropicana Resource Extension For personal use only • Confirmation drilling at Boston Shaker in quarter • Drilling commenced at Havana North at the end of quarter  Near Mine Exploration • RC Drilling at Madras, 25km south of Tropicana, at a number of targets continued with

12. Slide 12: Long (1)

    Long (1) For personal use only Long Statistics Units Mar 15 Qtr Mar 14 Qtr Development Operational m 471 358 Capitalised m 98 320 Mining Ore Mined Kt 66.5 70.3 Grade % Ni 4.12 3.72 Contained Nickel t 2,737 2,616 Payable Nickel t 1,654 1,590 Operating Costs Cash Costs(1) (contained Ni) $/lb 2.19 2.31

13. Slide 13: Long (2)

    Long (2)  Health, Safety & Environment 3,500 $7.00 For personal use only 3,000 $6.00 • No lost time injuries • 12 month LTIFR currently 3.1 2,500 $5.00 Cash Costs ($/lb Ni) Contained Nickel (t) 2,000 $4.00  Solid quarter 1,500 $3.00 • 66.5kt ore mined at 4.12% 1,000 Contained Nickel (t) Production

14. Slide 14: Long - Exploration

    Long - Exploration  Moran South For personal use only • Completed drilling initial 12-hole program • Hole 3 intersected 5.4m at 12.4%Ni • Hole 9 intersected 2.5m at 5.4%Ni • A nickel mineralised envelope (>1% nickel) 320m x 50m in size was defined from six drill intercepts • Extending drill drive t

15. Slide 15: Jaguar (1)

    Jaguar (1) Jaguar Statistics Units Mar 15 Qtr Mar 14 Qtr For personal use only Development Operational m 93 320 Capitalised m 745 333 Mining Ore Mined Kt 116.7 115.3 Processing Ore Milled Kt 109.5 93.7 Grade % Zn 9.7 10.9 Grade % Cu 1.2 1.94 Zinc Produced t 9,406 8,978 Copper Produced t 1,123 1,525

16. Slide 16: Jaguar (2)

    Jaguar (2) 18,000 $0.90  Health, Safety & Environment Zinc (t) For personal use only Copper (t) 16,000 Zinc Guidance $0.80 • NIL lost time injuries 14,000 Copper Guidance Cash Costs ($/lb Zn) $0.70 • 12 month LTIFR improved to 3.4 Cost Guidance Cash Costs ($/lb Zn) Contained Metal (t) 12,000 $0.60

17. Slide 17: Jaguar – Bentley Extensions

    Jaguar – Bentley Extensions For personal use only Page 17

18. Slide 18: Jaguar - Exploration

    Jaguar - Exploration  Triumph For personal use only • Diamond drilling planned for June quarter  Daimler • New geological model developed for Daimler • 2 diamond drill holes completed in March quarter to test target, assays pending, but target down-graded  Teutonic Bore • Study of past work on Te

19. Slide 19: Exploration & Development

    Exploration & Development  Stockman (Zn-Cu-Au-Ag) (VIC) For personal use only • Progressing final permits and approvals including Tails Dam assessment  Lake Mackay (Au) (NT) • Infill soil sampling program of 502 samples over 14 prospect areas commenced • Majority of sampling will be testing gold a

20. Slide 20: Summary

    Summary  March Quarter 2015 For personal use only • YTD all projects delivering within guidance • Net Operating cashflows of $42.9M • Cash and refined gold bullion improved by $16.5M in quarter to $109.8M • 6 cent interim dividend paid, a $14.1M cash outflow  Outlook • Maintain focus on: o safety

21. Slide 21: 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

22. Slide 22: 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

23. Slide 23: 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.

24. Slide 24: 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

25. Slide 25: 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

26. Slide 26: 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

27. Slide 27: FY15 Guidance

    FY15 Guidance(1)(2) Tropicana Jaguar For personal use only • 144,000 to 153,000oz (IGO 30% share) • 44,000 to 48,000t Zn in conc. • Average cash cost of $590 - $630/oz Au • 7,000 to 8,000t Cu in conc. • AISC of $770 - $830/oz Au • Average cash cost of $0.30-0.50/lb Zn • Sustaining capex (IGO 30% sha

28. Slide 28: Hedging Summary

    Hedging Summary For personal use only Nickel • Q4 FY15: 250t/mth at Avg. price of $18,382/t • Q1 FY16: 250t/mth at Avg. price of $19,701/t Copper • FY15 Q4: 550t at $8,500/t in June 15 Gold • FY15: Average 4,500oz/month zero cost collars (range $1,300 to $1,717/oz) • FY16: Average 3,208oz/month zero

Independence Group NL — Q3 FY2015 Earnings Presentation on 6ix