Speculation mounts re Sirius' Independence, page-26

and the x% in Gage Road,

I think IGO is showing signs it has not learnt from its calamitous other acquisitions...

Matrix Metals
Jaguar

Almost a case of LEST WE FORGET

from 2012

Jaguar/Bentley was acquired as part of the transaction to acquire Jabiru Metals in early
2011. We believe the transaction may have been motivated in an attempt to block any
takeover attempt for IGO by Tropicana JV partner AngloGold. The deal was all scrip and at
the time used IGO’s more expensive scrip to acquire Jabiru for A$532m. In retrospect, the
deal turned out to be a negative drain on IGO and the share price dropped from $7/sh to
$3/sh in mid-2012. The Jaguar deposit was difficult and had issues with ground support and
negative reserve reconciliation. The mine has remained unprofitable for most of its life and
has since been depleted.

Just a dumb industry....

The hits on Moran South look very exciting, and I think the old girl will prove to have another 10 years at least of profitable bottom quartile production, and the outlook for nickel also exciting...

Moran South • Completed drilling initial 12-hole program •
Hole 3 intersected 5.4m at 12.4%Ni •
Hole 9 intersected 2.5m at 5.4%Ni •

A nickel mineralised envelope (>1% nickel) 320m x 50m in size was defined from six drill intercepts •

Extending drill drive to do additional drilling to the south