INDEPENDENCE GROUP NL ANNUAL REPORT 2017

MINERAL RESOURCES AND ORE RESERVES – CONT’D NOVA OPERATION — MINERAL RESOURCES Deposit JORC Code Class 30 June 2016 30 June 2017 Tonnes (Mt) Grades In situ Metal Tonnes (Mt) Grades In situ Metal Ni Cu Co Ni Cu Co Ni Cu Co Ni Cu Co (%) (%) (%) (kt) (kt) (kt) (%) (%) (%) (kt) (kt) (kt) Nova Measured - - - - - - - 5.2 2.63 1.10 0.08 137 57 4 Indicated 9.1 2.5 1.0 0.08 230 94 7.3 2.4 2.47 1.02 0.08 59 24 2 Inferred 1.0 1.4 0.6 0.05 14 6 0.5 0.7 1.5 0.8 0.05 10 5 0.4 Subtotal Nova 10.1 2.4 1.0 0.08 244 100 7.7 8.2 2.5 1.0 0.08 206 87 7 Bollinger Measured - - - - - - - - - - - - - - Indicated 2.4 2.7 1.1 0.11 64 26 2.6 2.1 2.54 1.02 0.10 53 21 2 Inferred 1.8 1.0 0.4 0.04 17 8 0.7 1.1 1.1 0.5 0.05 12 5 0.5 Subtotal Bollinger 4.2 2.0 0.8 0.08 82 34 3.3 3.2 2.1 0.8 0.08 65 26 3 Stockpiles Measured - - - - - - - - - - - - - - Total Measured - - - - - - - 5.2 2.63 1.10 0.08 137 57 4 Indicated 11.5 2.5 1.0 0.09 292 117 9.9 4.5 2.50 1.02 0.09 112 45 4 Inferred 2.8 1.1 0.5 0.04 32 13 1.2 1.7 1.3 0.6 0.05 22 10 1 Nova-Bollinger Total 14.3 2.3 0.9 0.08 325 134 11.0 11.4 2.4 1.0 0.08 271 113 9 NOVA OPERATION – ORE RESERVES Deposit JORC Code Class 30 June 2016 30 June 2017 Tonnes (Mt) Grades In situ Metal Tonnes (Mt) Grades In situ Metal Ni Cu Co Ni Cu Co Ni Cu Co Ni Cu Co (%) (%) (%) (kt) (kt) (kt) (%) (%) (%) (kt) (kt) (kt) Nova Proved - - - - - - - - - - - - - - Probable 10.9 2.0 0.8 0.06 216 89 7 10.6 2.02 0.81 0.06 214 86 6 Subtotal Nova 10.9 2.0 0.8 0.06 216 89 7 10.6 2.02 0.81 0.06 214 86 6 Bollinger Proved - - - - - - - - - - - - - - Probable 2.7 2.2 0.9 0.09 59 24 2 2.7 2.20 0.90 0.09 59 24 2 Subtotal Bollinger 2.7 2.2 0.9 0.09 59 24 2 2.7 2.20 0.90 0.09 59 24 2 Stockpiles Proved - - - - - - - - - - - - - - Total Proved - - - - - - - - - - - - - - Probable 13.6 2.0 0.8 0.07 275 112 9 13.3 2.06 0.83 0.07 274 110 9 Nova-Bollinger Total 13.6 2.0 0.8 0.07 275 112 9 13.3 2.06 0.83 0.07 274 110 9 1. In 2017, 46% of the total estimate was upgraded to a Measured Resource confidence by incorporation of close-spaced drilling completed to 16 March 2017 over the Nova area into an estimate update, which was then depleted for mining to 30 June 2017 2. The reduction in tonnage between the 2016 and 2017 estimates is a function of the additional drilling information and underground geological mapping leading to a revised and more constrained geological interpretation of the continuity of low and high-grade zones in both deposits 3. Actual mining depletion for 2017 was 328 kt grading 1.33 % Ni, 0.55% Cu and 0.04% Co 1. The estimate is calculated by depletion of the FY16 estimate (originally prepared in 2013) for FY17 mining, with no changes to assumptions and modifying factors. The FY17 estimate is not based on the updated Nova Mineral Resource estimate reported to the market on 26 July 2017, which indicated a 3Mt reduction in Mineral Resources from the prior estimate 2. An updated Nova-Bollinger Ore Reserve estimate is in preparation and a reduction in Ore Reserve tonnage is anticipated TABLE 3 — 30 JUNE 2016 / 2017 TABLE 4 — 30 JUNE 2016 / 2017 NOVA OPERATION IGO ANNUAL REPORT 2017— 25