INDEPENDENCE GROUP NL ANNUAL REPORT 2017

AC air core usually in the context of drilling or drill holes AngloGold Ashanti AngloGold Ashanti Australia Pty Ltd Ag silver Au gold BCM bulk cubic metres Co cobalt Cu copper EBITDA Underlying Earnings Before Interest, Tax, Depreciation and Amortisation EM electromagnetic EM conductors electromagnetic conductors returned from EM surveys FLEM Fixed-Loop electromagnetic HPGR High Pressure Grinding Rolls HPM high precious metal IGO Independence Group NL LTIFR lost time injury frequency rate per million hours worked MLEM moving-loop electromagnetic surveys Mt million metric tonnes Mtpa million tonnes per annum NPAT Net Profit After Tax Ni nickel oz ounce RC drilling reverse circulation drilling t metric tonnes TGM Tropicana Gold Mine that is 30% owned by the Company and 70% owed by AngloGold Ashanti under the TJV agreement TJV Tropicana Joint Venture that is 30% owned by the Company and 70% owed by AngloGold Ashanti Zn zinc $ Australian dollars. All currency amounts in this report are Australian Dollars unless otherwise stated $M million Australian dollars FORWARD-LOOKING STATEMENTS This document may include Forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning IGO’s planned production and planned exploration program and other statements that are not historical facts. When used in this document, the words such as “could”, “plan”, “estimate”, “expect”, “intend”, “may”, “potential”, “should” and similar expressions are Forward-looking statements. Although IGO believes that its expectations reflected in these Forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these Forward-looking statements. CASH COSTS All cash costs quoted include royalties and net of by-product credits unless otherwise stated. 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, investment sales, 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, investment sales and impairments. CURRENCY All currency amounts in this report are Australian Dollars unless otherwise stated. ALL-IN SUSTAINING COSTS (AISC) PER OUNCE OF GOLD SOLD IGO reports All-in Sustaining Costs (AISC) per ounce of gold sold in AUD 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. IGO ANNUAL REPORT 2017— 129 GLOSSARY OF TERMS