INDEPENDENCE GROUP NL ANNUAL REPORT 2017

32 — IGO ANNUAL REPORT 2017 Directors' report 30 June 2017 Your Directors present their report on the consolidated entity (referred to hereafter as the Group) consisting of Independence Group NL (referred to hereafter as the Company) and the entities it controlled at the end of, or during, the year ended 30 June 2017. Directors The following persons held office as Directors of Independence Group NL during the whole of the financial year and up to the date of this report, unless otherwise noted: Peter Bilbe Peter Bradford Debra Bakker Peter Buck Geoffrey Clifford Keith Spence Neil Warburton Debra Bakker was appointed as a Non-executive Director on 14 December 2016 and continues in office at the date of this report. Principal activities The principal activities of the Group during the financial year were non-operator gold mining from the Company’s 30% interest in the Tropicana Gold Mine, nickel mining at the Long Operation, zinc and by-product mining at the Jaguar Operations, development of the Nova Project and ongoing mineral exploration. Dividends Dividends paid to members during the financial year were as follows: 2017 $'000 2016 $'000 Final ordinary dividend for the year ended 30 June 2016 of 2.0 cents (2015: 2.5 cents) per fully paid share 11,734 12,786 Interim ordinary dividend for the year ended 30 June 2017 of 1.0 cent (2016: nil cents) per fully paid share 5,867 - 17,601 12,786 In addition to the above dividends, since the end of the financial year the Company has announced the payment of a final ordinary dividend of $5,867,000 (1 cent per fully paid share, fully franked) to be paid on 22 September 2017. Operating and financial review Independence Group NL is a company listed on the Australian Securities Exchange (ASX:IGO). The Company has been listed on the ASX since 17 January 2002, having traded as Independence Gold NL from 17 January 2002 to 19 December 2003. Independence Group NL 1 DIRECTORS’ REPORT 30 JUNE 2017