INDEPENDENCE GROUP NL ANNUAL REPORT 2017

NOVA OPERATION NICKEL-COPPER-COBALT IGO 100% LOCATION 140 road-km East of Norseman, Western Australia (Fraser Range) PRODUCT Nickel (Ni), Copper (Cu), Cobalt (Co) MINING Underground contract mining and owner operated process plant PROCESSING METHOD Conventional crushing, grinding, floatation and filtration SALES 100% nickel sulphide concentrate for first three years to BHP Billiton Nickel West Pty Ltd and Glencore International AG (50:50 split). 100% copper sulphide concentrate for first three years to Trafigura Pte Ltd. RESOURCES 1 (in-situ metal) 271,000t Ni 113,000t Cu 9,000t Co RESERVES 1 (in-situ metal) 274,000t Ni 110,000t Cu 9,000t Co ESTIMATED MINE LIFE 9 years GROWTH POTENTIAL In-mine exploration and Mineral Resource extensions Regional exploration opportunities 1 See Resources and Reserves section on pages 23 to 30 of this report 14 — IGO ANNUAL REPORT 2017