IGO LIMITED — AGM Information 2022

Nov 16, 2022

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2022 Annual General Meeting Acting Chief Executive Officer – Matt Dusci

17 November 2022

IGO LIMITED

Our Strategy

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Our Purpose of Making a Difference has underpinned our strategy

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IGO Limited | 2022 Annual General Meeting

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Our Transformation

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A business 100% focused on clean energy metals

DIVERSIFIED (GOLD & BASE METALS FOCUS)

CLEAN ENERGY METALS FOCUS

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Rebuild of exploration Divestment of Jaguar Tianqi Lithium Joint Venture Acquisition of
Nova Acquisition team & portfolio Operation Investment Western Areas
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22
Nova – Commercial Production Divestment of Long Divestment of 30% stake in
commenced Operation Tropicana
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Divestment of Stockman Operation

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Our Portfolio

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Diverse, Australian based clean energy metals portfolio with a pipeline of growth

• Nova (Ni, Cu, Co)

• Forrestania (Ni)

Production

• Greenbushes (Li2O)

• Kwinana (LiOH)

• Cosmos

• Development Greenbushes (Expansion) • Kwinana (Train 2)

• Silver Knight

• Studies • Nickel Downstream • Mt Goode

• Silver Knight

• • Fraser Range

• Exploration • Paterson • Broken Hill • Kimberley

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Key Achievements in FY22

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Another highly successful year

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Delivered outstanding results from our lithium business

Enhanced our nickel portfolio via the acquisition of Western Areas

Progressed exploration and growth projects along the value curve

Generated record financial results

Maintained and strenghened our commitment to our people, environment and community

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Market Update

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Electric Vehicles

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Electrification of the global vehicle fleet is progressing quickly

Projected EV demand and market share[1]

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Million Vehicles Market share (%)
30 20
18
25
16
14
20
12
15 10
8
10
6
4
5
2
0 0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Others China United States Europe Global market share
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EV sales rates proving to be resilient against recent macroeconomic headwinds

Demand increasingly driven by organic consumer demand, and away from policy and incentives

Global EV fleet expected to increase ~400% by 2025[2]

1. Source IEA (2022), Electric cars fend off supply challenges to more than double global sales, IEA, Paris https://www.iea.org/commentaries/electric-cars-fend-off-supply-challenges-to-more-than-double-global-sales, Bloomberg New Energy Finance 2021 2. Source: Bloomberg NEF – Long Term Vehicle Outlook 2022

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Lithium-ion Batteries

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EV demand is driving significant new metal demand

Lithium-ion battery metal demand outlook[1]

Forecast EV driven demand growth 2022 – 2030e[1]

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Million metric tons
10
9
Lithium
6x
8
7
6
5 Nickel
4x
4
3
2
1 Copper 4x
0
2020 2022e 2024e 2026e 2028e 2030e
Cobalt Nickel Lithium Copper
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1. Source: Bloomberg NEF, July 2022

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Lithium Market

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A rapidly evolving market

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Lithium Market Balance (kt)1
CY22 CY23 CY24 CY25 CY26 CY27 CY28 CY29 CY30
0
-20
-40
-60
-80
-100
-120
-140
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EV/battery demand remains positive despite global economic slowdown

New lithium supply challenged by lack of exploration, development timeframes and ESG and permitting hurdles

Sustained deficits expected to support strong pricing

1. Source: Macquarie Research: Lithium Market Outlook – 8 November 2022

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Nickel Market

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Near term surplus transitions quickly into deficits

Primary Nickel Supply/Demand Balance[1]

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200
150
100
50
0
-50
-100
-150
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2035 2040 2050
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Indonesian supply will drive surpluses until 2025

New nickel supply needed from ~2026 onward as EV demand exceeds supply

1.5Mt nickel needed from new resources by 2050 (Wood Mackenzie)

1. Source: Wood Mackenzie – Global Nickel strategic planning outlook to 2050 (June 2022). The data and Information provided by Wood Mackenzie should not be interpreted as advice and you should not rely on it for any purpose. You may not copy or use this data and Information except as expressly permitted by Wood Mackenzie in writing. To the fullest extent permitted by law, Wood Mackenzie accepts no responsibility for your use of this data and information except as specified in a written agreement you have entered into with Wood Mackenzie for the provision of such of such data and Information

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People, Culture and Community

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Safety

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Improving safety performance is a key focus for FY23

TOTAL RECORDABLE INJURY FREQUENCY RATE (TRIFR)[1]

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22
21
20
19
18
17
16
15
14
13
12
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Despite lower rates of serious injury, recent safety performance has been disappointing

Revised safety strategy focused on 4 key themes:

• Leadership

• Management Systems

• Critical Risk

• Organisational Learning

1. 12 month moving average calculated as the number of recordable injuries x 1,000,000 divided by the total number of hours worked. As of March 2022, IGO reports recordable injuries (TRI) as the sum of Lost Time Injury (LTI), Medically Treated Injury (MTI) and Restricted Work Injury (RWI) as required by Part 1.1 r.5 of the WHS (Mines) Regulations

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Culture

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Our unique culture is a key enabler of our strategy

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Our culture of ‘care’ has helped immensely in recent months

We believe in the value of a diverse and inclusive team

Our strong levels of employee engagement are a direct reflection of our commitment to active culturing

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Community

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Engaging with our community

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High levels of engagement with Traditional Owners

Reconciliation Action Plan in progress

Proudly committed to our Corporate Giving program which provided support for initiatives involved with child health and education

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Sustainability & Decarbonisation

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Sustainability

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Continued focus on industry leading performance and reporting

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Decarbonisation

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Clear and tangible plan to remove carbon from our business

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Second solar farm + battery storage at Nova set to decrease carbon emissions by 24%

Internal carbon price expected to raise $7M - $10M over FY23 to fund decarbonisation projects

High levels of engagement on carbon reduction with our people and joint venture partners

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Financial Results

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FY22 Financial Results

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Building on our track record of strong financial performance

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Revenue [1]
889 915 903
778 784
413 422
FY16 FY17 FY18 FY19 FY20 FY21 FY22
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Net Profit After Tax (A$M)
549 [2]
331
164
155
76
53
17
-59
FY16 FY17 FY18 FY19 FY20 FY21 FY22
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Underlying EBITDA (A$M)
717
460 475
339 341
138 151
FY16 FY17 FY18 FY19 FY20 FY21 FY22
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Underlying Free Cash Flow (A$M)
363
311 312
278
138
-113
-142
FY16 FY17 FY18 FY19 FY20 FY21 FY22
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1. Includes Revenue and Other Income from continuing and discontinued operations. Excludes revenue from Greenbushes.

2. Statutory NPAT of A$549M includes gain on sale of the Tropicana Operation of A$385M after tax. Profit after Tax excluding this gain was A$164M.

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FY22 Dividend

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10c per share fully franked dividends paid during FY22

Dividend History

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Cents per share A$M
12 80
76 76
70
10
65
60
59
5
8
5 50
6 8 40
10
30
4
6 20
18
5
2
2
10
2
1
0 0
FY18 FY19 FY20 FY21 FY22
Interim Dividend (lhs) Final Dividend (lhs)
Total Dividend Payment (rhs)
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Lithium Business

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Greenbushes Lithium Mine

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World-class hard rock lithium operation

World’s largest, highest grade and lowest cost hard rock lithium operation

24+ year mine life with potential to transition to underground mining

FY23 Production Guidance (kt): 1,350 – 1,450 FY23 Cost Guidance (A$/t): 225 –275

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Greenbushes

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Strong progress toward delivering next phase of growth

FY22 Achievements

Greenbushes – Growth in Processing Capacity (Mtpa spodumene)

Chemical Grade Plant 2

Tailings Retreatment Plant

Chemical Grade Plant 3

Site Infrastructure

Fully ramped to nameplate

Substantively ramped to full nameplate

Final Investment Decision approved

Progressed expansions to site infrastructure to support higher mining and processing

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Expected
Commissioning
in CY27
Expected
0.5
Commissioning
in CY25
Current
Installed 0.5
Capacity
2.5
1.5
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CGP1 / CGP2 / TRP CGP3 CGP4 Total Installed Capacity

1. CGP: Chemical Grade Plant; TRP: Tailings Retreatment Plant

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Kwinana Lithium Hydroxide Refinery

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Progressing toward commercial production from Train 1

Battery grade product successfully produced from Train 1 with good conversion rates

TLEA team have been diligently working through rectifications required to deliver improved plant availability and reliability

Commercial production expected to be declared at Train 1 soon, with ramp up to nameplate over CY23

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Kwinana Lithium Hydroxide Refinery

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Lithium hydroxide capacity set to grow over the coming years

Lithium Hydroxide Production Capacity (ktpa) (100%)[(1)]

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Option to add Train 3
Final Investment Decision on Train 2 expected imminently and 4 in the future
24ktpa 96ktpa
Expected to
commission
in 2024
24ktpa
Significant sunk capital and progress already made on Train 2
Currently
ramping 24ktpa
up
24ktpa
Potential for Train 3 and Train 4 in future
Train I Train II Train III Train IV Total Potential
Capacity
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1. Refer to ASX Announcement titled “IGO Invests in Global Lithium JV with Tianqi” and “IGO / Tianqi Lithium JV Presentation” – 9 December 2020

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Nickel Business

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Our Nickel Business

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Production, development, exploration and downstream studies

Nova Forrestania

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High quality, low cost nickel production asset

Operating underground nickel mining and processing operation

Enduring focus on operational excellence and sustainability

~4years of mine life remaining

Silver Knight development project to provide additional ore source

Long and successful history of operations

Cosmos

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High quality development asset with 10+ year mine life

Established infrastructure in a prolific nickel camp

Scoping Study into development of Mt Goode resource underway

Exploration

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Focused on discovery of magmatic nickel sulphide deposits

Extensive belt-scale land holdings

Potential to deliver significant value for shareholders

Downstream

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Opportunity to value add through downstream processing

IGO Process developed to convert concentrate into battery-grade nickel sulphate

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Nickel Business

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Integration of Forrestania and Cosmos progressing to plan

Key Strategic Action Items

Maximising value through optimisation and Integration leveraging synergies Cosmos Delivering a safe and sustainable project Securing new offtake agreements for Nova Offtake and Forrestania concentrates

Progressing nickel downstream study with Downstream partners

Assessing opportunities to expand nickel Studies resource and reserves at Silver Knight, New Morning & Mt Goode

IGO’s Nickel Portfolio

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Nova

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Strong operational and financial performance over FY22

Units FY22 Result FY22 Guidance Nickel in concentrate t 26,675 25,000 – 27,000 Copper in concentrate t 11,483 11,500 – 12,500 Cobalt in concentrate t 982 900 – 1,000 Cash cost (payable)2 A$/lb Ni 1.95 2.00 – 2.40	FY22 Production within guidance, with cash costs better than guidance
	Elevated nickel prices over FY22 drove record EBITDA of A$631M and high margins
	FY23 focus on continued optimisation and cost reduction

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Cosmos

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Project Revised Development Plan delivers a safe and sustainable operation

Cosmos – Underground Schematic

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Key Outcomes:

• Expansion of process plant to 1.1Mtpa

• Completion of shaft and infrastructure

• Complete additional underground development (incl. AM6)

• Strengthening site infrastructure

Revised Project Timeline:

• Process plant completion & first concentrate – 1Q24

• Shaft completion – 2Q24

First production to be produced from stockpiles, before hoisting commences from Odysseus following shaft completion

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Downstream Nickel

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Assessing the opportunity to become vertically integrated

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Feasibility Study underway with Wyloo Metals with completion expected by mid-2024

Significant opportunity to capture value and increase connectivity to battery and precursor industries

Potential to co-locate a facility with cathode precursor (pCAM) facility

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Exploration & Discovery

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Exploration Strategy

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Seeking to unlock the mines of the future

A$75M budget for FY23 across our extensive portfolio

Primarily focused on nickel sulphide, sediment-hosted copper, lithium and rare earths

Applying the best science, technology and expertise to unlock organic growth for IGO

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Summary

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Priorities for FY23

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Multiple opportunities to drive value and Make a Difference

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Continue to ensure delivery of growth opportunities within our lithium business

Maximise our nickel business through group synergies, offtake and operational excellence.

Maintain our commitment to exploration and discovery

Retain our focus on people – safety, development, retention, wellbeing

Deliver the next stage of our carbon reduction plan

Ensure we deliver on Peter Bradford’s vision for IGO as a globally significant clean energy metals business

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Cautionary Statements & Disclaimer

• This presentation has been prepared by IGO Limited (“IGO”) (ABN 46 092 786 304). It should not be considered as an offer or invitation to subscribe for or purchase any securities in IGO or as an inducement to make an offer or invitation with respect to those securities in any jurisdiction.

  • Nickel cash costs are reported inclusive of royalties and after by-product credits on a per unit of payable metal basis, unless otherwise stated. Lithium cash costs are reported as COGS (cash costs of goods sold) per tonne sold and is inclusive of ore mining costs, processing, general and administrative, selling & marketing, inventory movements and royalty expense.

• applications and approvals, construction, financing • arrangements and access to the necessary infrastructure. Where such a reference is made, it should be read subject to this paragraph and in conjunction with further information about the Mineral Resources and Ore Reserves, as well as any Competent Persons' Statements included in periodic and continuous disclosure announcements lodged with the ASX. Forward looking statements in this presentation only apply at • the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information IGO does not undertake any obligation to publicly update or revise any of the forwardlooking statements or to advise of any change in events, conditions or circumstances on which any such statement is • based.

• This presentation contains general summary information about IGO. The information, opinions or conclusions expressed in the course of this presentation should be read in conjunction with IGO’s other periodic and continuous disclosure announcements lodged with the ASX, which are available on the IGO website. No representation or warranty, express or implied, is made in relation to the fairness, accuracy or completeness of the information, opinions and conclusions expressed in this presentation.

Underlying EBITDA is a non-IFRS measure and comprises net profit or loss after tax, adjusted to exclude income tax expense, finance costs, interest income, asset impairments, gain/loss on sale of investments, depreciation and amortisation and once-off transaction costs. Underlying EBITA includes IGO’s share of TLEA net profit after tax.

Free Cash Flow comprises Net Cash Flow from Operating Activities and Net Cash Flow from Investing Activities. Underlying adjustments exclude acquisition costs, proceeds from investment sales, and payments for investments and mineral interests.

• This presentation includes forward looking information regarding future events, conditions, circumstances and the future financial performance of IGO. Often, but not always, forward looking statements can be identified by the use of forward-looking words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "continue" and "guidance", or other similar words and may include statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs. Such forecasts, projections and information are not a guarantee of future performance and involve unknown risks and uncertainties, many of which are beyond IGO’s control, which may cause actual results and developments to differ materially from those expressed or implied. Further details of these risks are set out below. All references to future production and production guidance made in relation to IGO are subject to the completion of all necessary feasibility studies, permit

• There are a number of risks specific to IGO and of a general nature which may affect the future operating and financial performance of IGO and the value of an investment in IGO including and not limited to economic conditions, stock market fluctuations, commodity demand and price movements, access to infrastructure, timing of environmental approvals, regulatory risks, operational risks, reliance on key personnel, reserve and resource estimations, native title and title risks, foreign currency fluctuations and mining development, construction and commissioning risk. The production guidance in this presentation is subject to risks specific to IGO and of a general nature which may affect the future operating and financial performance of IGO.

IGO has a 49% interest in Tianqi Lithium Energy Australia Pty Ltd (TLEA) and therefore, as a non-controlling shareholder, recognises its share of Net Profit After Tax of TLEA in its consolidated financial statements. As such, IGO has provided additional information on the operating, financial and expansion activities at both Greenbushes and the Kwinana Refinery which reflects IGO’s understanding of those operating, financial and expansion activities based on information provided to IGO by TLEA.

Quarterly Financial Results are unaudited. All currency amounts are in Australian Dollars unless otherwise noted. Net Cash is cash balance less outstanding debt, Net Debt is outstanding debt less cash balances.

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Making a Difference

We believe in a world where people power makes amazing things happen.

Where technology opens up new horizons and clean

energy makes the planet a better place for generations to come. Our people are bold, passionate, fearless and fun – we are a smarter, kinder and more innovative company.

Our work is making fundamental changes to the way communities all over the world grow, prosper and stay sustainable. Our teams are finding and producing the products that will make energy storage mobile, efficient and effective enough to make long-term improvements to the lifestyle of hundreds of millions of people across the globe.

How? Developments in battery storage technology are enabling the full potential of renewable energy to be realised, by allowing energy produced from the 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 products needed for tomorrow’s battery systems, we are making it happen.

We are the IGO Difference.

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