INDEPENDENCE GROUP NL ANNUAL REPORT 2017

1ST ORE OCTOBER 2016 $456 MILLION PROJECT CAPITAL INVESTED 492 ROOM ACCOMMODATION VILLAGE OPERATIONS—NOVA MINE BACKGROUND Nova is located in the Great Western Woodland approximately 140 road-km East of Norseman. The Ngadju are the Traditional Owners and custodians of this area and their native title was recognised by the Federal Court on 21 November 2014. The Nova deposit was discovered in July 2012 and development of the site commenced in January 2015. Commercial production commenced in July 2017 with the operation expected to reach nameplate production in the September 2017 quarter. PROJECT DEVELOPMENT Since the commencement of the Nova decline, our contractor, Barminco, has completed 15.9km of underground development and, during this year, commenced stoping operations. The construction of the process plant and associated infrastructure, including the tailings storage facility, village, access road and aerodrome were all completed on time and on budget resulting in the first delivery of concentrate being achieved by December 2016. During FY17, ramp up of the underground operation has continued successfully with life of mine ventilation systems and mine dewatering systems complete. Service installations including high voltage power, water and telecommunications were also installed. IGO ANNUAL REPORT 2017— 15