IGO LIMITED — AGM Information 2024

Nov 5, 2024

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Corporate Presentation Ivan Vella – Managing Director & CEO

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Page 1

Our Journey

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Our evolution over more than 20 years has given us a distinct and unique advantage

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Where we’ve come from What we’ve delivered
Adapted and evolved our strategy Initially base metals & gold, transitioning to clean energy metals
Built deep operational capability Successful operations at Long , Nova and Forrestania
Operated across commodity & in different structures Tropicana Gold Joint Venture, base metals, lithium Joint Venture with TLEA
Enduring commitment to organic growth via
An enviable exploration portfolio and deep in-house capability
discovery
Nova (via Sirius), Lithium JV (via TLEA), Tropicana JV divestment & adopted
Generated value through M&A
learnings from the WSA acquisition
Invested in technical development and capability Downstream nickel processing, proprietary exploration tools and datasets
Proactive approach to culture and sustainability A strong reputation which differentiates IGO with our stakeholders
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IGO Limited | 2024 Annual General Meeting

Page 2

Significant change in FY24

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We’ve made significant change to set us up for future success

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Enhanced safety performance TRIFR rates have reduced from 16.0 to 10.4 (35% improvement) Appointed Brett Salt (Chief Growth and Commercial Officer) and Enhanced executive capacity Marie Bourgoin (Chief Development Officer – Lithium) Developed our lithium JV Agreed new pricing mechanism at Greenbushes Transitioned safely to care and maintenance given project challenges and change Made a decisive call on Cosmos in market conditions Reset our exploration business Comprehensive review, rationalised portfolio, new operating model Reshaped our corporate team Implemented new organisational design to support our current business Strengthened our balance sheet Improved cash position and refinanced IGO debt facility Refreshed Strategy Completed a substantive update to our strategy – defining success to 2035

IGO Limited | 2024 Annual General Meeting

Page 3

Safety

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Improving safety performance remains our highest priority

Lag Safety Performance[1]

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20.2
17.7
16.5
16.0
12.7
12.0 12.1
10.4
1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24
TRI's TRIFR
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TRIFR has reduced over recent time but remains higher than desired

We are strengthening our safety culture and leadership capability through education and coaching

We will continue our focus on occupational health, wellbeing and psychosocial risk management

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. Western Areas injury data is captured from June 2022 onwards for the lead indicators, and April 2023 onwards for the lag indicators.

IGO Limited | 2024 Annual General Meeting

Page 4

Our Culture

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Our culture is a key enabler, connecting our strategy and purpose

Employee insights inform our decisions, shape our strategies and help to foster a more inclusive culture and work environment

Our culture is grounded on care, fostering curiosity and bringing the best out of our people

Delivering our refreshed strategy relies on us continuing to proactively cultivate a strong sense of connection, belonging and alignment

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IGO Limited | 2024 Annual General Meeting

Page 5

Executive Leadership Team

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The right management team to deliver the refreshed strategy

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IVAN VELLA

Managing Director & Chief Executive Officer

25 years industry experience, including 20 years with Rio Tinto across operating, commercial and functional roles

SAM RETALLACK Chief People Officer

Human resources and senior management professional with 30 years' experience, including 10 years at IGO

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KATHLEEN BOZANIC

Chief Financial Officer

30 years' experience in finance in both executive and non-executive roles. Prior partner of Deloitte and listed company CFO

MARIE BOURGOIN

Chief Development Officer - Lithium

Mining industry professional with 15 years' experience across multiple jurisdictions, operations and commodities. Previously held roles with BHP and Rio Tinto

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BRETT SALT

Chief Growth and Commercial Officer

Extensive executive and nonexecutive roles across sales and marketing, corporate development and strategy, including roles with Rio Tinto and Turquoise Hill

CAMERON WILSON Acting Chief Legal Officer

25 years industry experience in senior legal and commercial roles with WMC Resources, Iluka Resources and Fortescue Ltd.

IGO Limited | 2024 Annual General Meeting

Page 6

Financial Performance

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Well capitalised to deliver our 2035 Vision

Strong balance sheet position including $720M undrawn debt Corporate cost structure reset to reflect our changing business

Focused on disciplined allocation of capital

e
	Units	FY24
Revenue	A$M	841
Share of Net Profit of TLEA	A$M	553
Underlying NPAT1	A$M	319
Net Profit After Tax	A$M	3
Underlying EBITDA2	A$M	581
Net Cash from Operating Activities	A$M	872
Underlying Free Cash Flow3	A$M	713
Cash	A$M	468

1. Underlying NPAT is net of impairments, insurance claims and restructuring costs

2. Underlying EBITDA is reported EBITDA net of insurance claims and restructuring costs

3. Underlying Free Cash Flow excludes transaction and integration costs, payments for mineral interests and financial assets, and proceeds of insurance claims

IGO Limited | 2024 Annual General Meeting

Page 7

Financial Performance

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IGO has a track record of delivering quality earnings and cash returns

Dividend History (A$M)

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1,074
794
560
234
158 280
83
65 76 76
FY20 FY21 FY22 FY23 FY24
Dividends (Fin. year basis) Dividends (Cumulative) A$M
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Over $1Bn in dividends paid over 5 years

Dividends vs Underlying FCF (A$M)

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1,098 51%
39%
713
24%
21% 21%
363
311 312
FY20 FY21 FY22 FY23 FY24
Underlying FCF A$M Dividend:Underlying FCF
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Average 37% Underlying FCF paid out in dividends over 5 years

IGO Limited | 2024 Annual General Meeting

Page 8

Capital Allocation

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Clear framework to allocate capital with discipline

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Operating Cash Flow External Capital
from Safe and Reliable Operations (Debt and Equity)
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Capital of Debt Sustainability Growth Growth
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FY24 Dividend declaration was consistent with this framework

~40% of Underlying FCF paid out to shareholders via 37c dividend

Shareholder Returns Target returns of between 20-40% of underlying FCF when liquidity is under $1.0 billion. The Board to consider higher returns when liquidity is above $1.0 billion.

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Special Dividends
and Share Buybacks
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Debt Reduction
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Inorganic Growth
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FY24 Payout: $280M

IGO Limited | 2024 Annual General Meeting

Page 9

Greenbushes

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The world’s largest and lowest cost hard rock lithium mine

FY24 Production Results:

• Spodumene Concentrate Production:1.38Mt (SC6)

• Cash Costs (production): $US330/t

• EBITDA Margin: 85%

Clear pathway to 2.0Mt installed processing capacity with CGP3 expected to be ready for commissioning during 2Q26

23-year mine life based on current ore reserve estimate[1]

2Q24 – SC6 Cost Curve (C1)

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1,400
1,200
1,000
800
600
400
200
Greenbushes
-
- 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500
USD per tonne
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Kt Concentrate

1. Refer to IGO ASX Release titled “Greenbushes CY23 Resources and Reserves”, released 19 February 2024

Source: Benchmark Mineral Intelligence, 2024

IGO Limited | 2024 Annual General Meeting

Page 10

Kwinana

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Supporting TLEA to improve production performance from Train 1

Train 1 - Lithium Hydroxide Production (Quarterly)

Performance improved in FY24 with increased reliability, availability and operating control

TLEA are progressively solving the technical issues we have encountered through ramp up, with the shut down in October 2024 expected to deliver the next uplift in performance

TLC are bringing their extensive experience and expertise to the rectification programs

Partners will carefully assess economics of Train 2 expansion once FEED is complete

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4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25
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IGO Limited | 2024 Annual General Meeting

Page 11

Nickel Business

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Laser focused on safe, stable production and cash maximisation at Nova

Nova

Nova Nickel Production (tonnes contained)

First quartile cost position underpins strong free cash flow until end of life

Team are focused on opportunities to reduce costs and accelerate mining by optimising sequence and increasing instantaneous production rates (equipment and mining cycle)

Delivering operational excellence at Nova will be a key enabler as we develop our Playbook

Forrestania

Safely transitioned to care and maintenance

Cosmos

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20,000
18,000
16,000 ?
14,000
12,000 ?
10,000
8,000
6,000
4,000
2,000
0
FY25 FY26 FY27
Nickel Production (low) Nickel Production (high)
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Study underway to understand opportunities to drive value

Focus on achieving the high end of nickel production in FY25 & FY26 to reduce the FY27 tail.

IGO Limited | 2024 Annual General Meeting

Page 12

Exploration

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We have refocused our exploration capability to drive commercial success and returns

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Tenure People Relationships Tools
Large and highly
prospective tenement
Highly experienced team Strong and collaborative
package across belt Proprietary tools,
with diverse skills across relationships with
scale regions in Australia technology and data sets
earth sciences Traditional Owners
for our target
commodities
Opportunity Capability Access Leverage
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Process and Commercial

Agility | Effective allocation of capital | Disciplined Decisions | Returns Focused | Transparency

IGO Limited | 2024 Annual General Meeting

Page 13

Our Strategy on a Page

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We have an exceptional base of capability to leverage as we work towards our 2035 vision

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Purpose
We have conviction on our 2035 portfolio …
Exploration Development Operations Commercial
Cu Cu Cu
Li Li Li Li
Ni Ni Ni
… and our strategic themes will govern how we make a difference.
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IGO Limited | 2024 Annual General Meeting

Page 14

Strategic Objectives

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Prioritised our key objectives over three distinct time horizons

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• Maximise the potential of our lithium business through the TLEA Joint Venture
• Work with our partners to optimise Greenbushes and define full potential for this asset
• Develop a clear view on lithium market and support TLEA with market development
• Help resolve the economic pathway for the Kwinana Refinery
Short Next • Partner and develop technology for improved upstream lithium extraction and processing
1-2 •
Term •
years
on lithium and copper
• Continue to improve safety and sustainability performance
• Develop IGO Playbook
• Build the pipeline of projects in exploration, development and operations
Medium Next
• Gain recognition as a globally relevant lithium industry player through our TLEA partnership
5 years
Term •
Optimise and apply IGO Playbook to future opportunities
•
Long Next development and operation
•
10 years
Term
• Demonstrate systematic delivery of exploration success
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• Maximise the potential of our lithium business through the TLEA Joint Venture

• Work with our partners to optimise Greenbushes and define full potential for this asset

• Develop a clear view on lithium market and support TLEA with market development

• Partner and develop technology for improved upstream lithium extraction and processing

• Operate Nova with a focus on safe and stable operations with cash maximisation to end of mine life

• Apply a disciplined and commercial focus on our exploration and development portfolio, focused on lithium and copper

• Gain recognition as a globally relevant lithium industry player through our TLEA partnership

• Build a strong and relevant lithium business with multiple assets at different stages exploration, development and operation

• Hold a diversified portfolio of development and operating assets in battery materials sector

IGO Limited | 2024 Annual General Meeting

Page 15

Our Unique Value Proposition

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We have a distinct set of credentials to deliver our strategy

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Greenbushes
delivering strong free
cash flow through the
cycle and significant
Our deep exploration
opportunity for Our track record of
capability and unique
optimisation operational
opportunity for
excellence
growth through
discovery
Our strategic
Our ability and partnerships with
desire to be lithium industry
diversified leaders
Our renewed
Our culture which
executive team and
empowers and
refocused corporate
enables our team to
team
deliver success
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IGO Limited | 2024 Annual General Meeting

Page 16

Cautionary Statements & Disclaimer

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• 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.

• 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 reporting inclusive of mining, processing, crushing and site administration, and utilise production as a unit of measurement. This measure excludes inventory adjustments, non-site general and administrative, 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 other onceoff 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.

• 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, payments for investments and mineral interests and other once-off receipts/payments.

• 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 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

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 byproduct credits on a per unit of payable metal basis, unless otherwise stated.

• • Lithium cash costs reported as COGS (cash costs of goods sold) per tonne sold are inclusive of ore mining costs, processing, general and administrative, selling & marketing and inventory movements.

IGO Limited | 2024 Annual General Meeting

Page 17

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Contact

Investors & Media Richard Glass Head of Corporate Affairs & Investor Relations T:+6 8 9238 8300

E: Richard.glass@igo.com.au

IGO Limited | 2024 Annual General Meeting

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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 clean energy future and by delivering the products needed for tomorrow’s battery systems, we are making it happen.

We are the IGO Difference.