Early Indications of a copper-gold belt in the southwestern Aileron Province

Doug Winzar

Early Indications of a copper-gold belt in the southwestern Aileron Province 16 March 2016

INDEPENDENCE GROUP NL Doug Winzar, Project Manager-Lake Mackay

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. • Underlying NPAT comprises net profit (loss) after tax adjusted for; post tax effect of acquisition and integration costs, and impairments.

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IGO overview Leading Australian diversified mining company

ASX Listed (IGO) • Based in Perth, Western Australia

Diversified portfolio of high margin assets • 3 operating mines and 1 under construction • All located in Western Australia • Gold, Nickel, Zinc, Copper, Cobalt

Strong track record of delivery • Strong cash flow • Strong balance sheet • Strong management

Fully financed growth • Tropicana mill expansion and resource extension • Nova Nickel/Copper Project construction • Exploration culture

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IGO asset portfolio Portfolio of gold and base metals assets

1) FY16 guidance range mid-point 2) Cash costs are inclusive of royalties and net of by-product credits per unit of payable metal 3) Nova production average LOM production from Definitive Feasibility Study (refer to Sirius ASX release dated 14 July 2014) 4) Nova cash costs are average LOM production and cash costs from Optimisation Study (refer to ASX release dated 14 December 2015) and cash costs are

shown net of by-product credits and per unit of metal in concentrate 5) Stockman production and cash costs are average LOM production and cash costs from Optimisation Study (refer to IGO ASX release dated 28 November 2014) 6) Nova total CAPEX $443M with $260M remaining as at 31 December 2015 (refer to ASX release dated 28 January 2016) 7) Conversion of A$ to US$ using 0.72 exchange rate

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Generative exploration Long term commitment to delivering organic growth

Diverse greenfields and brownfields exploration projects • Targeting provinces that can deliver multiple gold and

base metals projects • Portfolio includes belt scale projects with potential for

Tier1 assets: Nova – Tropicana Belt Lake Mackay JV Bryah Basin JV

• Utilising science to drive area selection • CY16 Exploration budgeted at $25M(1)

1) Midpoint of CY16 guidance

Lake Mackay JV Option agreement signed with ABM August 2013

Belt scale opportunity • 7247km2 EL • 4981km2 ELA

Highly Prospective • Palaeoproterozoic units considered

lateral equivalents to the Tanami • Significant areas unexplored

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Option period objective

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Confirm potential of project to contain a significant deposit in 2 years Primary Target • Shallow large and/or high grade orogenic shear hosted gold deposit

Approach • Soil geochemistry selected because primary target is not directly detectable using

geophysics. • This was the trigger to the Tropicana discovery.

From left: Independence Group CEO Peter Bradford, Tropicana General Manager Duncan Gibbs and AngloGold Ashanti SVP Australia Mike Erickson with the milestone bar from the 1Moz gold pour. Photo taken by Aaron Bunch.

Soil sampling

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Orientation • Want a method that is effective for Au, pathfinders and base metals • Collect consistently in the field with multiple crews • Sample density that should identify a prospective belt

Phase 1 • Lag, Mag Lag and BLEG tested over 2 known prospects. • BLEG had best response

Phase 2 • Test different depths and size fractions • Compare BLEG with Aqua Regia

Soil sampling

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Orientation Results • -50um Au response 4 x greater than raw • Au response increases with depth • High correlation between BLEG and Aqua Regia

for Au • Low correlation between BLEG and Aqua Regia

for pathfinders

Soil sampling

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Reconnaissance Sample Plan • 800m grid sample spacing, from 0 to 20cm depth, sieve to -0.4mm in field • Sieve to -50um in Alice Springs (Intertek) • BLEG for Au and Ag, Aqua Regia for As, Bi, Ca, Cu, Fe, Ni, Pb and Zn • Mobile camps with 2 x 2 person crews on ATV’s for sample collection • Sample all areas not effectively covered by previous sample programs • Contract XM Logistics to undertake the sampling with technical oversight by IGO

Dig Sieve Bag Backfill

Soil sampling

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Reconnaissance • 800m grid • 9251 samples • 0.36 ppb Au average • 0.81 ppb Au anomalous

(2SD)

Soil sampling

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Infill • 400m grid, 200m grid, 100m grid in

2014 • 400m x 200m, 200m x 50m in 2015 • 8084 samples

Kilometers

0 10

Prowl

Dufaur

Springer

Bumblebee

MR_D MR_E

MR_F

EL24915 soil results z-score on TMIRTP1VD

Soil sampling

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Bumblebee Prospect Phase Peak

Samples Au ppb

Ag ppb

As ppm

Bi ppm

Cu ppm

Fe % Ni ppm

Pb ppm

Zn ppm

800m x 800m A428746 1.9 24.8 3.5 0.63 62 5.36 32.2 16.9 48

400m x 200m A429863 6.76 12.4 7.6 1.37 46.2 3.98 14 26.4 36.4

200m x 50m A431502 15.25 59.7 13.1 3.91 132.7 3.88 13.7 92.1 41

0 200

metres

Rock sampling

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Multiple phases • Rock sampling was undertaken by the soil sampling crews during all phases of sampling • Additional sampling was undertaken during geological mapping. • 225 rock samples collected • Ni-Mn-Co rich duricrust over part of the Andrew Young Igneous Complex (AYIC) in

EL24915 upgraded the Ni prospectivity of the area. • This triggered opportunistic pegging of open ground covering the AYIC

Peak rock chip 15LMRK009: 2.47% Co, 36.4% Mn, 1.32% Ni, 0.42g/t Pt

Drilling

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Aircore

2014 • 15 targets tested • Tekapo mineralisation

coincident with peak of soil anomaly

• Other targets poor result with slight Au anomalism at interface

2015 • 6 targets tested • Bedrock mineralisation

in 3 targets, all in southern tenement EL24915

Drilling

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Bumblebee Prospect

• Peak soil coincident with bedrock mineralisation • Supergene and primary mineralisation

intercepted • Complex geochemistry:

• Significant Cu, Au, Ag, Zn, Co, Pb

• Elevated in As, Bi, Cd, F, Hg, Mo, Ni, Sb, Se, Sn and Te

• Most likely model is a distal modified IOCG similar to the Cloncurry style.

• Possibly a metamorphosed VMS

Hole ID From (m) To (m)

Interval (m) Cu % Au g/t Ag g/t Zn % Co % Pb %

15LMAC030 29 32 3 5.22 0.92 25.72 1.1 0.07 1.48

15LMAC031 35 42 7 3.17 3.29 37.66 1.24 0.08 0.85

15LMAC032 56 61 5 1.33 2.37 11 0.86 0.11 0.18

2) For Bumblebee Drill results refer to ABM Resources ASX release date 6 October 2015

(2)

Potentially new copper-gold belt

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Two mineralisation styles in area Bumblebee Style • Springer and Bumblebee Cu-Au targets aligned on northern edge of AYIC gravity ridge

Orogenic Gold • The Prowl Prospect is structurally controlled and associated with domal development in the

Dufaur suite

Secure Ground • Existing applications covered most prospective area and subsequent JV with Castile

Resources secured remaining area of interest • Option agreement with ABM extended

Potentially new copper-gold belt

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Geoscience Australia- South Arunta IOCG prospectivity mapping (3)

• “Zone 3. In the central Aileron Province, is largely controlled by the distribution of the Andrew Young Igneous Complex and is not associated with known copper-gold mineralisation”

• Largest and most prospective area identified by GA for IOCG mineralisation in southern Arunta region based on a mineral systems approach

• Bumblebee is the first potential IOCG mineralisation identified within Zone 3

3) Schofield A, Huston D and Kemp C, 2013. Iron oxide-copper gold potential of the southern Arunta Region. Geoscience Australia, Canberra.

Next steps Confirm Bumblebee mineralisation style • Ground EM to identify conductor and aid drill planning • RC/Diamond drilling to determine style of mineralisation and size of prospect

Explore new copper-gold belt • Ratify a deed for exploration with the Central Land Council on current tenement

applications • Complete belt-scale reconnaissance exploration based on outcomes from Bumblebee

drilling

Acknowledgements Traditional owners Central Land Council ABM Resources Brett Keillor