IGO LIMITED — AGM Information 2023

Nov 15, 2023

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2023 Annual General Meeting Acting Chief Executive Officer – Matt Dusci

16 November 2023

IGO LIMITED

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.

sold) per tonne sold are inclusive of ore mining costs, processing, general and administrative, selling & marketing and inventory movements.

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 forward-looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.

• Lithium cash costs (production) are reported inclusive of mining, processing, crushing, and site administration costs, and utilise production as a unit of measurement. This measure excludes non-cash inventory adjustments, deferred stripping, offsite and royalty costs.

• 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 and integration costs. Underlying EBITDA includes IGO’s share of TLEA net profit after tax.

• 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. •

• 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 applications and approvals, construction, financing arrangements and access to the necessary

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

Underlying NPAT comprises statutory NPAT adjusted for impairment of Forrestania and Cosmos assets, impairment of exploration expenditure, acquisition and integration credit and loss on sale of tenements

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.

• 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 reported as COGS (cash costs of goods

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IGO Limited | 2023 Annual General Meeting

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Our Strategy

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Aligned to our purpose – Making a Difference

To be a globally relevant supplier of products critical to the clean energy transition

Diverse suite of products

Made safely, ethically, sustainably and reliably

Vertically Integrated

Linking upstream and downstream into the supply chain

Net Zero

Achieving net zero emissions across our business

People

Delivered by a team who are bold, passionate fearless and fun – a smarter, kinder and more innovative team

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Who we are

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Australia based diversified clean energy metals portfolio with a pipeline of growth

	Greenbushes Lithium Operation
Upstream	Nova Operation
	Forrestania Operation
Downstream	Kwinana Lithium Hydroxide Refinery IBMF Facility (Study)
	Cosmos Project
Growth	Greenbushes Expansions Kwinana Lithium Hydroxide Refinery
	Mt Goode Feasibility Study
	Portfolio targeting nickel, copper,
Exploration	lithium and REE discovery
	(Ni, Cu, Co, Li, REE)

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FY23 Summary

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Building a globally relevant clean energy metals business

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Delivered outstanding financial results with record NPAT, underlying EBITDA and free cash flow for FY23, supported by the strength of our lithium business

Returned record dividends to shareholders, with total FY23 dividends of 74c per share

Record annual spodumene concentrate production from Greenbushes, while maintaining industry leading costs

Achieved strong operational performance at Nova despite some setbacks

Cosmos Project development challenged, with impairment against WSA assets recorded in FY23 results

Prioritising our people, building our unique culture and maintaining our leading sustainability performance

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Market Update

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Electric Vehicles

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The global electrification of vehicles is rapidly progressing

Projected EV sales and market share[1]

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Million Vehicles Market share (%)
140 100%
90%
120
80%
100
70%
80 14 19 23 28 33 37 42 47 51 55 59 64 69 60%
10
50%
60
40%
30%
40
70 71 71 72 70 68 67 65 63
60
56 53 20%
50
45
20
10%
0 0%
ICE Vehicles (LHS) Electric Vehicles (LHS) EV Penetration rate (RHS)
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Steep adoption of EVs, with penetration rates reaching 60% in 2035, despite recent macroeconomic trends

With the bulk of EV stimulus ending and demand remaining steady, increase is likely driven by organic consumer preferences

5x increase in the global EV fleet by 2035[1]

1. Source: Benchmark Mineral Intelligence, October 2023

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Lithium-ion Batteries

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Total metal demand continues to increase with battery demand

Lithium-ion battery metal demand outlook[1]

Metal demand growth 2022 – 2028E[1]

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Million metric tons From 2022 to 2028, total metals in Li-ion
10.0 batteries are forecast to increase 3.5x to ~13Mt [1]
Li
9.0
Lithium 3.4x
8.0
1.6
7.0
Ni
6.0 Nickel 3.5x
5.0 3.0
Cu
4.0
Copper 3.7x
3.0
2.0
3.5 Co
1.0 Cobalt 1.4x
0.0
2022 2023E 2024E 2025E 2026E 2027E 2028E
Cu Al Li Ni Co
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1. Source: Bloomberg NEF, Battery Metals Outlook, Shift in Demand Dynamics, 30 June 2023. Lithium is expressed in million metric tons of lithium carbonate equivalent. Total metals in Li-ion batteries includes cobalt, manganese, phosphorous, iron, graphite, nickel, lithium, aluminium and copper.

2. Al = Aluminium

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Lithium Market

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Strong market fundamentals over the medium to long term

Lithium Supply/Demand Balance (Kt LCE)[1]

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500 6,000
-
5,000
-500 4,000
-1,000 3,000
-1,500 2,000
-2,000 1,000
-
-2,500
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Moderating demand and new supply driving modest surplus over coming years

Market deficit expected from 2028 as battery demand outpaces supply response

New lithium resource required by 2040:

~13.3 million tonnes LCE[1]

Surplus/(deficit) (LHS) Demand (RHS) Supply (RHS)

1. Source: Benchmark Mineral Intelligence, October 2023

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Nickel Market

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Market appears supply constrained over the long term

Primary Nickel Supply/Demand Balance (Kt Ni)[1]

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8,000
500
7,000
250
1.3Mt Deficit
6,000
0
5,000
-250
4,000
-500
3,000
-750
2,000
-1,000
-1,250 1,000
-1,500 0
Surplus/(deficit) (LHS) Demand (RHS) Supply (RHS)
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Rapid expansion of Indonesian supply (of Class 2 nickel) has delivered surplus nickel unit supply over the short term – transitioning to deficit by 2028[1]

New nickel supply required from ~2028 onwards; driven by an increasing battery demand

Nickel needed from new resources by 2040:

~8.6 million tonnes[1]

1. Source: Benchmark Mineral Intelligence, October 2023

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Sustainability

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FY23 Sustainability Highlights

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Committed to a safe, sustainable and diverse business

Community

• ~$800k in corporate giving contributions for FY23

• $8.3M spend with Aboriginal owned and managed businesses

Diversity

• Continuing to cultivate a diverse workforce, with 27% female representation and 2% Aboriginal representation

People & Culture

• Continuing to focus on supporting our people and maintaining our unique culture

Key sustainability index inclusions

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1
Dow Jones Sustainability Index –
Australia & Asia Pacific
2
Member 2022 and 2023
3
Included in 2021, 2022 and 2023
1 of 20 global metals and mining companies
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Safety

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Continuing to focus on harm reduction, risk minimisation and training

Disappointing increase in TRIFR at 30 June 2023 to 16.0 (from 14.1 at 30 June 2022)

Safety improvement has been a high priority for Board and management

Recent improvement in TRIFR (12.7 at 30 September 2023) is encouraging

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1. 12 month moving average calculated as the number of recordable injuries x 1,000,000 divided by the total number of hours worked. 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 2022.

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Decarbonisation

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Retaining our focus on building a sustainable business

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Decarbonisation Fund

• Internal Carbon Price is pricing our emissions and driving funding of our Decarbonisation Fund

• Expected to raise $9.3M in FY24

Nova

• Expanded solar generation and storage capacity enabling 7 – 8 hours of ‘engines off’ operations during summer and autumn

2035 Net Zero Target

• Progressing our pathway to Net Zero at direct operations and activities by 2035

Nova solar farm

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FY23 Financial Results

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Financial Results

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IGO has established a track record of financial performance

Total Revenue[1] (A$M)

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1,024
889 915 903
785
FY19 FY20 FY21 FY22 FY23
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Net Profit After Tax (A$M)

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549 [2] 5493
Gain on sale of Tropicana
331
155
76 164
FY19 FY20 FY21 FY22 FY23
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Underlying EBITDA (A$M)

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1,987
177%
717
460 475
341
FY19 FY20 FY21 FY22 FY23
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Underlying Free Cash Flow (A$M)

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1,098
252%
363
311 312
278
FY19 FY20 FY21 FY22 FY23
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1. Total revenue excluding 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. 3. Statutory NPAT of A$549M includes the impairment of A$968M on the assets acquired in the Western Areas transaction.

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Shareholder Returns

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Record dividend payments declared for FY23

Dividend history

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56200
16
44
76 76
65
59
5
18 5 14
2 8 10
1 6 5
2
FY18 FY19 FY20 FY21 FY22 FY23
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Interim FY23 Dividend 14c per share (fully franked) Final FY23 Dividend : 44c per share (fully franked) Final FY23 Dividend 44c per share (fully franked) Special Dividend: 16c per share (fully franked) Special FY23 Dividend 16c per share (fully franked)

Updated Capital Management Policy designed to reflect our growing business

Total dividends declared with respect of FY23:

$560M

Interim Dividend (cents/share) Final Dividend (cents/share) Special Dividend (cents/share) Total Dividend Payment (A$M)

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Lithium Business

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Greenbushes

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Outstanding operational and financial performance in FY23

Quarterly Production and cash cost (production)[1]

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$271
$262
$253
$224 $226
$214 $215
$205
$185
414
395
379
361 356
338
268 270
259
1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24
Spodumene Production (Chemical & Technical Grade) (kt) Cash Cost (production) (A$/t)
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FY23 Performance

Spodumene production of 1.49Mt, a record for the business with industry leading cash costs (production) of $244/t

Operational performance delivered alongside significant growth projects on site

Underlying EBITDA[1] : $9.5Bn ↑606% YoY FY23 EBIDTA Margin: 91%

1. 100% basis.

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Greenbushes

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Multiple strategic growth projects

Greenbushes Production (100%)

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Spodumene Planned total
concentrate capacity
~2.5Mtpa
CGP4
~520ktpa (520ktpa)
Subject to FID
Chemical Grade
~520ktpa
Plant 3 (520ktpa)
Under construction
Tailings Retreatment Project (280ktpa) [1]
Chemical Grade Plant 2 (520ktpa)
~1.5Mtpa
Chemical Grade Plant 1 (600ktpa)
Technical Grade Plant (150ktpa)
2021 2022 2023 2024 2025 2026 2027 2028
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Greenbushes Growth Priorities

Processing Expanding processing capacity to Capacity deliver higher production rates Improving efficiencies via new mining Mining Capacity contractor and expanding support infrastructure Maximising productivity via process Optimisation continuous improvement and debottlenecking Assessing underground potential as part Underground of life-of-mine planning Investing in exploration and studies to Satellite Feed assess opportunities outside existing resource

1. Assumes TRP infrastructure can be utilised beyond the current 6 year mine life, using alternate ore feed.

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Kwinana Refinery

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Train 1 performance delayed, but rectification works are progressing

Train 1

FY23 production of 1,884t of lithium hydroxide was below expectations due on operational challenges

Targeting 50% of nameplate capacity during December 2023, and continuing to ramp during 2024

Train 2

FEED underway with completion expected in mid-2024

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Nickel Business

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Our Nickel Business

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Building an integrated nickel business

Strong portfolio of production assets… …with growth & value optimisation opportunities.

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Nova Operation
Production
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High-quality, low-cost nickel production asset, with ~3 years of mine life

Enduring focus on operational excellence and sustainability

Forrestania Operation Production

Cosmos Project Development | Review

Downstream Exploration Feasibility study & partnering Ongoing process underway

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Operating underground Key project development nickel mining & milestones complete processing operation

Assessing opportunity to Focused on discovery of develop an Integrated magmatic nickel sulphide Battery Materials Facility deposits producing PCAM

Project review nearing Study completion Extensive belt-scale land completion expected in mid-2024 holdings

Focus on production and cost improvement

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Nova

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Strong operational and financial delivery in FY23

Nova Production & Costs[1,2]

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Tonnes A$/lb
7,000 $6.00
$5.30/lb
6,000
$5.00
5,000
$4.00
$3.79/lb
4,000
$3.14/lb
$3.00
6,572 6,568 $2.60/lb
3,000
5,547
$2.00
4,229
2,000
2,985
2,805
2,524 $1.00
1,000 1,953
- $0.00
1Q23 2Q23 3Q23 4Q23
Nickel production (t) Copper production (t) Cash costs ($A/lb Ni payable)
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FY23 Performance

Production delivered just below guidance, with costs within guidance

• 22,915t nickel

• $3.54/lb cash costs

• • EBITDA Margin: 62%

• Underlying Free Cash Flow: $518M

Outlook

Continuous focus on production and cost optimisation over remaining mine life

1. 4Q23 is the three months ending 30 June 2023; 3Q23 is the three months ending 31 March 2023; 2Q23 is the three months ending 31 December 2022; 1Q23 is the three months ending 30 September 2022

2. Cash costs reported per pound of payable metal produced inclusive of royalties and net of by-product credits.

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Forrestania

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Solid performance over FY23

Forrestania Quarterly Production & Costs[1]

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4,000t $12.0/lb
$10.97/lb
$10.27/lb
3,500t
$10.0/lb
$8.70/lb
$8.67/lb
3,000t
$8.0/lb
2,500t
2,000t $6.0/lb
3,189
1,500t 2,950 2,981
2,811
$4.0/lb
1,000t
$2.0/lb
500t
- -
1Q23 2Q23 3Q23 4Q23
Nickel production (t) Cash costs ($A/lb Ni payable)
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FY23 Performance

Production and costs delivered within guidance:

• 11,931t nickel

• $9.65/lb cash costs

• FY23 EBITDA margin: 40%

• FY23 Underlying free cash flow: $69M

Outlook

Continued priority on driving production efficiencies and cost improvements going into FY24, with a focus on blending opportunities

1. Cash costs reported per pound of payable metal produced inclusive of royalties and net of by-product credits.

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Cosmos

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Development progressed in parallel to the ongoing project review

Processing Plant

• First concentrate from mill produced in recent weeks

Shaft Infrastructure

• Shaft proper complete taking the shaft to final depth of ~1km

• Focus on installation of shaft hoisting/loading structures in the coming quarters

Materials Handling

• The headframe and winder scope is >90% complete

• Scopes for the underground crushed ore silo and the lift on the tailings storage facility both completed

Total FY23 incurred spend of $338M

Project review expected to be complete in the December quarter 2023

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Current lined shaft, image from ground up

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Integrated Battery Materials Facility

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An opportunity to progress our downstream strategy

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Proposed IBMF will convert nickel sulphide into cathode precursor for the battery sector.

Key work undertaken to date:

• Multiple campaigns including pilot testwork and confirming the flowsheet for the propriety IGO Process[TM] have been successfully completed

• Land allocation at Kwinana

• Negotiations ongoing with preferred PCAM partner

Next steps:

1. Conclude negotiations with preferred PCAM partner

2. Continue to progress feasibility study – completion expected mid-2024

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Ni Sulphide IGO PCAM Battery Industry
Concentrate Process [TM] Material End product
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3D render of proposed IBM Facility at Kwinana

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Exploration & Discovery

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Exploration

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Exploration work continues, aimed at unlocking new discoveries

FY24 Exploration budget of $65M - $75M

• Ni •

• Nickel Nova, Cosmos & Forrestania • Fraser Range Project

• Targeting magmatic and komatiitic • Kimberley Project (Dogleg)

• nickel sulphide deposits • Irindina Project

• Cu Copper • Paterson Project

• •

• Targeting sediment hosted copper Lake Mackay Project •

• deposits Copper Coast Project

• Li Lithium • Greenbushes Regional

• Targeting hard rock spodumene • Forrestania Project

• deposits

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Exploration

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Several interesting developments as we progress our journey of discovery

West Kimberley Project

Successful drilling at the Dogleg Ni-Co-Cu Prospect[1] intersected massive sulphides

Forrestania Project

Diamond drilling intersected spodumene bearing pegmatites up to 34m in downhole thickness.

Copper Wolf Project

Project located in Arizona, with drilling by Buxton Resources (BUX) indicating potential for a large porphyry coppermolybdenum mineral system[2]

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Massive sulphides intersected at Dogleg

1. Refer to Buxton Resources Limited (BUX) ASX Release titled” Massive Sulphides at Dogleg Ni-Cu-Co Prospect:, dated 4 October 2023 2. Refer to Buxton Resources Limited (BUX) ASX Release titled “Exceptional results from maiden drill hole at Copper Wolf” , dated 28 August 2023

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Summary

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Priorities for FY24

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Our focus for the year ahead

Deliver Greenbushes expansion projects

Lithium Business

Nickel Business

Drive further value recognition at Greenbushes via exploration and underground studies Progress Kwinana Train 1 ramp up

Continue to optimise operating assets at Nova and Forrestania Complete Cosmos Project Review

Advance Integrated Battery Materials Facility opportunity

Growth Progress targeted exploration activity to deliver the mines of the future

People Maintain our focus on developing our people, enhancing culture and improving safety

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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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