INDEPENDENCE GROUP NL ANNUAL REPORT 2017

FRASER RANGE PROJECT Base Metals Project (IGO various ownership levels) IGO has consolidated the largest ground position of any listed company on the prospective Fraser Range where IGO currently holds ~12,000km 2 of tenure outside the Tropicana joint venture areas on and proximal to the Fraser Range. The tenement package is under-explored and considered highly prospective for nickel, copper and cobalt sulphide mineralisation. IGO is in a unique position to leverage from both the Nova capital infrastructure and the fingerprinting of the Nova- Bollinger deposits. Exploration activities have increased over the second half of FY17 with improved geological interpretation and target generation through the completion of significant soil sampling programs, regional geophysical gravity surveys and 3D inversion modelling, as well as by conducting moving loop electromagnetic (MLEM) surveys and data collection for a number of EM conductors that require follow-up drill testing. Systematic reconnaissance aircore drilling is underway on the northern tenements. Reverse circulation (RC) drilling was also completed on a number of the more advanced targets including Raising Dragon and Cobra. Follow-up drilling is required on both these prospects. LAKE MACKAY JOINT VENTURE – NORTHERN TERRITORY Gold / Base Metals Project (IGO Manager and Option to Earn 70%) The Lake Mackay Joint Venture with ABM Resources is located 400km northwest of Alice Springs. The JV has ~8,000km 2 of exploration licences and applications over a favourable Proterozoic margin, characterised by continent-scale targeting criteria. Exploration is at a very early stage and has been limited to a small proportion of the tenement package. Work programs during FY17 have included a regional aeromagnetic survey and the completion of an 18 hole RC program which led to the discovery of the Grapple Prospect. Encouraging drilling intersections were reported and have defined mineralisation over a strike length of 300m. Mineralisation remains open to the west. COMMITTED TO DELIVERING GROWTH THROUGH EXPLORATION Exploration discovery is core to the IGO DNA and value creation proposition. During FY17 we transformed our portfolio with the consolidation of our ground position on the prospective Fraser Range to leverage off the capital investment and geological understanding at Nova. Our discovery portfolio includes both highly prospective brownfields opportunities and belt-scale greenfields projects. REGIONAL EXPLORATION AND DEVELOPMENT PROJECTS/EXPLORATION OPPORTUNITIES Fraser Range Project and Salt Creek JV (Ni & Cu) (70%) Regional geochemical sampling, moving loop electromagnetic surveying and/or drilling Aircore programs identified anomalous results requiring additional exploration Lake Mackay (Gold/Base metals) (70%) Unlocking new under- explored mineral province Drilling at Bumblebee has confirmed proof of concept Bryah Basin (Cu & Au) (70%) Follow-up drilling of targets within a 2km strike of previously delineated zone of geochemical anomalism and electromagnetic conductors De Beers Database Unique sample database 22 — IGO ANNUAL REPORT 2017