INDEPENDENCE GROUP NL‌‌‌‌‌‌‌‌‌‌‌‌‌

PETER BRADFORD, MANAGING DIRECTOR AND CEO

March 2016 Quarter Results Presentation

28 April 2016

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, except the Nova Ore Reserve should be read in conjunction with IGO's 2015 Mineral Resource and Ore Reserve announcement dated 28 October 2015 and lodged with the ASX, which are available on the IGO website. The Nova Ore Reserve was updated during the optimisation study dated 14 December 2015 and lodged with the ASX, which is available in 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 27th 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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  March 2016 quarter highlights

  Leading Australian diversified mining companyTropicana performance as planned during transition
  • 30,311oz (IGO share) at a cash cost of $837/oz and AISC of $1,067/oz
  • Significant investment in plant debottlenecking and Long Island study during the quarter
  • Long delivering to new plan with lower cost structure
  • 1,933t contained Ni at a C1 cash cost of $3.29/lb of payable Ni
  • Jaguar leadership team strengthened
  • Brendan Moseley appointed as General Manager
  • 9,680t Zn and 1,300t Cu at a C1 cash cost of $0.70/lb of payable Zn
  • Nova construction remains on schedule and on budget
  • Project 81% complete at quarter end with first concentrate production forecast for December 2016
  • On time and on budget with $200M capital spend remaining to complete project
  • Financial and Corporate
  • Cash and bullion of $40.8M and debt of $240.0M at quarter end
  • $4.1M of operating cash flow for the quarter, which is after expenditure of $4.0M on exploration
  • Unaudited underlying EBITDA of $28.7M and unaudited profit after tax of $2.8M

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Unaudited financial results

1. Underlying EBITDA are non-IFRS measure (refer to Disclaimer page).
2. Free Cash Flow comprises Net Cash Flow from Operating Activities and Net cash Flow from Investing Activities. 4