INDEPENDENCE GROUP NL ANNUAL REPORT 2017

JAGUAR OPERATION MINERAL RESOURCES AND ORE RESERVES – CONT’D TABLE 10 — 30 JUNE 2016 / 2017 JAGUAR 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 Zn Cu Ag Au Zn Cu Ag Au Zn Cu Ag Au Zn Cu Ag Au (%) (%) (g/t) (g/t) (kt) (kt) (Moz) (koz) (%) (%) (g/t) (g/t) (kt) (kt) (Moz) (koz) Bentley Proved 0.277 9.7 1.8 157 0.8 - - - - 0.3 9.39 1.31 159 0.79 24 3 1 7 Probable 1.157 9.5 1.0 142 0.7 - - - - 0.9 6.56 0.83 103 0.64 61 8 3 19 Subtotal Bentley 1.434 9.5 1.1 145 0.8 - - - - 1.2 7.18 0.94 115 0.67 85 11 4 26 Triumph Proved - - - - - - - - - - - - - - - - - - Probable - - - - - - - - - 1.2 6.24 0.39 85 0.27 75 5 3 10 Subtotal Triumph - - - - - - - - - 1.2 6.24 0.39 85 0.27 75 5 3 10 Stockpiles Measured 0.004 9.3 1.7 138 0.7 - - - - 0 .007 7.33 0.93 97 0.46 0. 50 0.06 0.02 0.10 Total Proved 0.281 9.7 1.8 157 0.8 - - - - 0.3 9.34 1.30 158 0.78 25 3 1 7 Probable 1.157 9.5 1.0 142 0.7 - - - - 2.1 6.38 0.58 93 0.43 136 13 6 30 Jaguar Total 1.438 9.5 1.1 145 0.8 - - - - 2.4 6.71 0.66 100 0.47 161 16 8 36 1. In situ metal estimates were not reported in 2016 but are included for 2017 2. Triumph is a new estimate reported to the ASX on 26 July 2017 but effective as at 30 June 2017 3. The tonnage increase at Bentley for FY17 reflects an assumption of higher metal prices used for FY17 estimate updates 1. In situ metal estimates were not reported in 2016 but are included for 2017 2. No Ore Reserves have been estimated for Teutonic Bore 3. Bentley has undergone mining depletion with total ore mining of ≈ 0.45 Mt grading 8.16% Zn, 1.28% Cu, 137 g/t Au and 0.58 g/t Au TABLE 9 — 30 JUNE 2016 / 2017 JAGUAR 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 Zn Cu Ag Au Zn Cu Ag Au Zn Cu Ag Au Zn Cu Ag Au (%) (%) (g/t) (g/t) (kt) (kt) (Moz) (koz) (%) (%) (g/t) (g/t) (kt) (kt) (Moz) (koz) Bentley Measured 0.402 11.5 1.8 177 0.9 - - - - 0.3 12.88 1.52 204 1.05 43 5 2 11 Indicated 1.418 11.0 1.0 161 1.0 - - - - 1.7 7.00 0.76 109 0.74 118 13 6 40 Inferred 0.282 5.3 0.7 107 1.0 - - - - 0.8 3.9 0.5 58 0.8 29 3 1 19 Subtotal Bentley 2.107 10.3 1.1 157 1.0 - - - - 2.8 6.9 0.8 106 0.8 190 21 9 70 Triumph Measured - - - - - - - - - - - - - - - - - - Indicated - - - - - - - - - 1.7 5.99 0.49 81 0.26 102 8 4 16 Inferred - - - - - - - - - 0.5 6.9 0.4 94 0.3 35 2 2 4 Subtotal Triumph - - - - - - - - - 2.2 6.2 0.5 84 0.3 137 10 6 20 Teutonic Measured - - - - - - - - - - - - - - - - - - Bore Indicated 0.946 3.6 1.7 65 - - - - - 0.9 3.60 1.70 65 - 32 15 2 - Inferred 0.608 0.7 1.4 25 - - - - - 0.6 0.7 1.4 25 - 4 8 1 - Subtotal Teutonic Bore 1.554 2.5 1.6 49 - - - - - 1.5 2.5 1.6 49 - 36 23 3 - Stockpiles Measured 0.005 8.9 2.0 131 0.8 - - - - 0 .007 7.3 0.9 97 0.46 1.0 0. 06 0.02 0.10 Total Measured 0.407 11.5 1.8 176 0.9 - - - - 0.3 12.77 1.51 202 1.04 43 5 2 11 Indicated 2.364 8.0 1.3 123 0.6 - - - - 4.3 5.89 0.85 89 0.39 254 37 12 56 Inferred 0.890 2.2 1.2 51 0.3 - - - - 1.9 3.7 0.7 57 0.4 64 14 3 23 Jaguar Total 3.661 7.0 1.4 111 0.6 - - - - 6.5 5.6 0.9 85 0.4 364 55 18 90 28 — IGO ANNUAL REPORT 2017