INDEPENDENCE GROUP NL ANNUAL REPORT 2017

MINING OPERATION UOM FY17 GUIDANCE RANGE FY17 RESULTS FY18 GUIDANCE RANGE Nova Nickel in concentrate t ~3,400 (1) 3,502 23,000 to 27,000 Copper in concentrate t ~1,500 (1) 2,106 10,000 to 12,000 Cobalt in concentrate t - 112 800 to 1,050 Cash cost (payable) (2) A$/Ib Ni - - 1.90 to 2.50 Net Project capex (cash basis) (3) A$M 165 to 180 166 0 to 2 Sustaining capex (2) A$M - - 9 to 13 Development capex (2) A$M - - 40 to 44 Exploration expenditure A$M 3.5 to 4.5 4.3 8 to 10 Tropicana (IGO 30%) Gold produced (100% basis) oz 390,000 to 430,000 431,625 440,000 to 490,000 Gold sold (IGO’s 30% share) oz 117,000 to 129,000 128,601 132,000 to 147,000 Cash cost A$/oz Au 850 to 950 817 680 to 750 All-in Sustaining Costs A$/oz Au 1,150 to 1,250 1,162 1,060 to 1,170 Sustaining capex (30%) A$M 2 to 3 2.2 3 to 5 Improvement capex (30%) (4) A$M 7 to 8 7.5 6 to 7 Capitalised waste stripping (30%) (4) A$M 37 to 43 39.9 44 to 55 Exploration expenditure (30%) A$M 6 to 8 5.6 4 to 5 Long Nickel (contained metal) t 7,400 to 8,200 8,433 5,400 to 6,000 Cash cost (payable) A$/Ib Ni 3.50 to 3.90 3.28 4.40 to 4.90 Sustaining capex A$M 1 0.8 0.5 – 1 Development capex A$M - 0.2 0.5 – 1 Exploration expenditure A$M 2 to 3 0.4 1 to 2 Redundancy payments A$M - - 9 to 10 Jaguar Zinc in concentrate t 39,000 to 43,000 32,638 29,000 to 33,000 Copper in concentrate t 4,600 to 5,100 4,565 2,600 to 3,000 Cash cost (payable) A$/Ib Zn 0.70 to 0.80 0.76 0.85 to 1.05 Sustaining capex A$M 8 to 9 7.6 8 to 9 Development capex A$M 12 to 13 11.4 10 to 11 Exploration expenditure A$M 3 to 4 3.2 3 to 5 Greenfields & generative Greenfields & generative A$M 11 to 15 6 29 to 33 (1) As restated in the 26 June 2017 Nova update ASX release (2) Actual results not reported for FY17 due to extended period of “pre-production” costs and revenue (3) Actual FY17 result differs from FY17 guidance due to extended period of “pre-production” resulting in additional costs capitalised Actual results include pre-production cash sale receipts of A$19 million capitalised to the Nova project over the same extended period (4) As restated in the 15 December 2016 Tropicana update ASX release OPERATIONAL SCORECARD AND OUTLOOK 12 — IGO ANNUAL REPORT 2017