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ANNUAL REPORT 2018 We Believe in a World Where People Power Makes Amazing Things Happen

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ANNUAL REPORT 2018 We Believe in a World Where People Power Makes Amazing Things Happen ANNUAL REPORT 2018 We believe in a world where people power makes amazing things happen. CONTENTS WHO WE ARE Who We Are 01 Independence Group NL (‘IGO’ or ‘the Company’) is a leading ASX-listed mining 2018 Snapshot 02 and exploration company. Our strategic focus is on high quality assets of scale Chairman & CEO Message 04 and longevity and an evolving strategy to align the business to the structural shift Our People 06 to energy storage. The Company’s focus is on its 100% owned, world class Nova Safety 10 nickel-copper-cobalt operation, its 30% interest in the Tropicana Operation, a Joint Sustainability & Community 12 Venture with AngloGold Ashanti Australia Ltd, and its portfolio of belt-scale exploration projects in Western Australia and the FY19 Guidance and FY18 Scorecard / IGO Assets 14 Northern Territory. Nova Operation 16 THE IGO PURPOSE Tropicana Operation 18 Making a difference. Regional Exploration and Development 20 We believe in a world where people power makes amazing things happen. Where Mineral Resources & Ore Reserves 23 technology opens up new horizons and clean energy makes the planet a better Corporate Governance 29 place for every generation to come. We are bold, passionate, fearless and IGO Board 30 fun – a smarter, kinder, more innovative company. Our work is making fundamental Directors’ Report and Remuneration Report 32 changes to the way communities all over the world grow, prosper and stay sustainable. FY18 Financial Statements 65 Our teams are finding and producing the specialist metals that will make energy Additional ASX Information 132 storage mobile, efficient and effective enough to make long-term improvements Corporate Directory 135 to the lifestyle of hundreds of millions of people across the globe. How? New battery storage technology is finally unleashing the full potential of renewable energy by allowing power produced from sun, wind and other sources to be stored and used when and where it’s needed. This technology will impact future generations in ways we cannot yet imagine, improving people’s quality of life and changing the way we live. We believe in a green energy future and by delivering the metals needed for new age batteries, we are making it happen. This is the IGO Difference. ABOUT THIS REPORT This annual report is a summary of IGO and its subsidiary companies’ operations, activities and financial position as at 30 June 2018. All dollar figures are expressed in Australian dollars unless otherwise stated. IGO ANNUAL REPORT 2018 — 01 2018 SNAPSHOT The 2018 financial year was a successful year for IGO with record revenue and underlying EBITDA as a result of the delivery of the first year of commercial production at Nova, strong operational performance at Tropicana and a rationalisation of our portfolio. Overall contained nickel and copper This was coupled with extensive regional KEY ACHIEVEMENTS production for Nova for the 2018 financial exploration activities across the Fraser FOR THE YEAR year (FY18) was 22,258 tonnes and 9,545 Range and at Lake Mackay, and entry tonnes respectively. This fell slightly short into two new early stage projects. Total of guidance. Tropicana production for FY18 exploration and growth spend, including Nova’s first year of commercial was slightly better than the mid-point acquisitions in mineral interests and production delivered 22,258t of the guidance range, with improved investments in growth opportunities, and 9,545t of nickel and mill feed grades attributed to the grade- was $55 million. copper respectively streaming strategy adopted late in FY18. This grade-streaming is expected Our balance sheet was further to continue in FY19. strengthened throughout FY18, finishing the year with a cash balance of $139 million. Tropicana reached two million At year end, our Long Operation had Net debt at 30 June 2018 was $4 million. ounces of production in early commenced care and maintenance after In addition, IGO renegotiated its debt January 2018 delivering nickel production better than facilities, resulting in improved terms the mid-point of guidance. During the and the cancellation of the Company’s year, IGO announced the divestment $200 million revolving credit facility. Portfolio rationalisation, of the Jaguar Operation to CopperChem Pty Limited (CopperChem), a wholly owned IGO is well placed for a strong with Stockman and Jaguar FY19, with both Nova and Tropicana divestments successfully subsidiary of Washington H. Soul Pattinson and Company Limited. This transaction poised to deliver improved productivity completed was completed on 31 May 2018, for total and value. In addition, IGO continues consideration of $73 million. IGO also to make good progress with the major completed the divestment of the Stockman value enhancement projects including Balance sheet continued Project to CopperChem in December downstream processing of Nova nickel to strengthen with net debt 2017 for proceeds of $32 million and concentrate to produce nickel and reduced from $164M to $4M a net smelter return royalty. cobalt sulphates, and the Boston Shaker underground study at Tropicana. during FY18 FY18 was an exciting year for exploration and growth, with further consolidation Total interim and final fully of tenure on the Fraser Range. franked dividends of 3 cents for FY18 FY18 FINANCIAL SUMMARY Nova downstream HIGHLIGHTS FY18 FY17 FY16 processing metallurgical $M $M $M testwork demonstrated Total revenue and other income 781 422 417 proof of concept Underlying EBITDA1 339 151 138 Profit (Loss) after tax 53 17 (59) Completed Australia’s largest Net cash flow from operating activities 278 78 102 ever hard-rock 3D seismic Underlying Free cash flow1 138 (113) (328) survey Total assets 2,175 2,208 2,007 Cash 139 36 46 Marketable securities 24 15 5 Total liabilities 396 476 552 Shareholders’ equity 1,779 1,733 1,456 Net tangible assets per share ($ per share) $3.03 $2.95 $2.85 Dividends per share paid – fully franked (cents) 2.0 3.0 2.5 1 See Notes to Glossary of Terms for definitions 02 — IGO ANNUAL REPORT 2018 IGO HISTORICAL PAYABLE METAL NICKEL (t) GOLD (oz) COPPER (t) ZINC (t) 20,000 160,000 8,000 40,000 17,500 140,000 7,000 35,000 15,000 120,000 6,000 30,000 12,500 100,000 5,000 25,000 10,000 80,000 4,000 20,000 7,500 60,000 3,000 15,000 5,000 40,000 2,000 10,000 2,500 20,000 1,000 5,000 - - - - FY 14 15 16 17 18 FY 14 15 16 17 18 FY 14 15 16 17 18 FY 14 15 16 17 18 SHARE PRICE PERFORMANCE1 A$/SHARE MAX: VOLUME (M) A$5.60 6.00 14.00 12.00 5.00 MIN: A$3.00 10.00 4.00 8.00 3.00 6.00 2.00 4.00 Share Price Volume 1.00 2.00 – – JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG 17 17 17 17 17 17 18 18 18 18 18 18 18 18 SHARE OWNERSHIP1 SUBSTANTIAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL VS. HOLDERS1 OWNERSHIP1 SHAREHOLDING2 31% RETAIL (AND OTHER)2 23% Australia 69% Mark Creasy 16% Australian Insto’s Institutional USA 23% FIL 9% Row Insto’s Retail & Other 69% 77% UK & Europe 5% T Rowe Price 8% ROW 3% CBA 6% Ausbil 5% 1 As at market close 20 Aug 2018 2 As at 30 Jul 2018 IGO ANNUAL REPORT 2018 — 03 CHAIRMAN & CEO MESSAGE PETER BRADFORD PETER BILBE MANAGING DIRECTOR CHAIRMAN & CHIEF EXECUTIVE OFFICER Ladies and gentlemen, it is our IGO’s transformation is a tribute To improve our safety metrics joint pleasure to summarise the to our people who come to work and to ensure that our people progress of our Company during every day to make a difference. are not hurt while at work, the 2018 financial year. They are bold, passionate, we have focused on changing fearless and fun. They make the way our leaders within the A continuous and evolving IGO a smarter, kinder, more business interact with people strategy to reshape IGO innovative company. about safety – what we call ‘visual safety leadership’. We Over the past few years we have Doing what is right – have also introduced health pursued a strategy to reshape because we care and wellbeing programs, which Independence Group, or IGO include stretch exercises at the as we like to call ourselves, to Our strategy has also focused start of each working shift focus on high quality projects on the environmental, social to minimise the strains and of longer life and larger scale. and governance (ESG) aspects sprains that are historically our of the business. This focus has single biggest cause of injury. This journey began with the resulted in stronger systems commencement of gold and processes to support the Our ESG progress is covered production at Tropicana business as well as a structured in more detail in our fourth Operation in late 2013 and approach to our interactions annual sustainability report was followed in 2015 by the with all stakeholders to better which will be released acquisition of Nova and its demonstrate how we care. in October 2018. construction and development through to commercial This approach has included Creating a strong production on 1 July 2017. consistent interactions with culture, the IGO Way In parallel, we have reshaped community stakeholders our exploration team and to keep them informed about At IGO we recognise that strategy to focus on belt-scale the business. We also have a strong culture underpins exploration opportunities that a structured corporate giving successful strategies and have the potential to deliver program to support initiatives companies. We therefore work multiple tier one discoveries. that strengthen the communities with our employees to create within which we operate.
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