INDEPENDENCE GROUP NL ANNUAL REPORT 2017

LONG OPERATION 1. The changes in both Mineral Resource and Ore Reserve estimates are solely by mining depletion with most of mining taking place from the Moran deposit and small tonnages from Long MINERAL RESOURCES AND ORE RESERVES – CONT’D TABLE 8 — 30 JUNE 2016 / 2017 LONG OPERATION — MINERAL RESOURCES Area JORC Code Class 30 June 2016 30 June 2017 Tonnes Ni Ni Tonnes Ni Ni (Mt) (%) (kt) (Mt) (%) (kt) Long Measured 0.062 5.3 3.3 0.1 5.39 3 Indicated 0.287 5.1 14.6 0.3 5.11 14 Inferred 0.355 4.7 16.7 0.4 4.7 17 Subtotal Long 0.704 4.9 34.6 0.7 4.9 33 Victor South Measured - - - - - - Indicated 0.147 2.1 3.1 0.2 2.11 3 Inferred 0.033 1.5 0.5 0.03 1.5 1 Subtotal Victor South 0.180 2.0 3.6 0.2 2.0 4 McLeay Measured 0.061 6.4 3.9 0.1 6.35 4 Indicated 0.071 4.9 3.5 0.1 4.92 3 Inferred 0.021 6.7 1.4 0.02 6.7 1 Subtotal McLeay 0.153 5.8 8.8 0.2 5.7 9 Moran Measured 0.126 7.2 9.1 0.1 7.99 5 Indicated 0.044 3.9 1.7 0.04 3.38 1 Inferred 0.052 3.7 1.9 0.1 3.7 2 Subtotal Moran 0.222 5.7 12.7 0.2 5.3 8 Stockpiles Measured - - - - - - Total Measured 0.249 6.5 16.3 0.2 6.59 12 Indicated 0.549 4.2 22.9 0.5 4.11 22 Inferred 0.461 4.4 20.5 0.5 4.4 20 Long Operation Total 1.259 4.7 59.7 1.2 4.6 54 TABLE 7 — 30 JUNE 2016 / 2017 LONG OPERATION — ORE RESERVES Deposit JORC Code Class 30 June 2016 30 June 2017 Tonnes Ni Ni Tonnes Ni Ni (Mt) (%) (kt) (Mt) (%) (kt) Long Proved 0.023 3.5 0.8 0.01 4.09 0.6 Probable 0.045 3.1 1.4 0.02 3.26 0.8 Subtotal Long 0.068 3.2 2.2 0.04 3.55 1.4 Victor South Proved 0.004 5.0 0.2 0.003 4.83 0.2 Probable 0.006 1.7 0.1 0.01 1.71 0.1 Subtotal Victor South 0.010 3.0 0.3 0.01 2.67 0.3 McLeay Proved 0.018 3.9 0.7 0.01 3.53 0.4 Probable 0.019 3.2 0.6 0.02 3.22 0.7 Subtotal McLeay 0.037 3.5 1.3 0.03 3.34 1.0 Moran Proved 0.224 4.2 9.4 0.06 4.20 2.5 Probable 0.012 3.3 0.4 0.03 3.22 0.9 Subtotal Moran 0.236 4.2 9.8 0.09 3.89 3.4 Stockpiles Proved - - - - - - Total Proved 0.269 4.1 11.1 0.09 4.11 3.7 Probable 0.082 3.1 2.5 0.08 3.10 2.5 Long Operation Total 0.351 3.9 13.6 0.17 3.64 6.2 IGO ANNUAL REPORT 2017— 27