IGO LIMITED — Interim / Quarterly Report 2021

Apr 27, 2021

3Q21 Results Presentation IGO Limited

28 April 2021

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.
• 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.
• 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 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.
• 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.
• All currency amounts in Australian Dollars unless otherwise noted.
• Quarterly Financial Results are unaudited.
• Net Debt is outstanding debt less cash balances and Net Cash is cash balance less outstanding debt.
• Cash Costs are reported inclusive of Royalties and after by-product credits on per unit of payable metal basis, unless otherwise stated.
• IGO reports All-in Sustaining Costs (AISC) per ounce of gold for its 30% interest in the Tropicana Gold Mine using the World Gold Council guidelines for AISC. The World Gold Council guidelines publication was released via press release on 27 June 2013 and is available from the World Gold Council's website.
• Underlying EBITDA is a non-IFRS measure and comprises net profit or loss after tax, adjusted to exclude tax expense, finance costs, interest income, asset impairments, gain/loss on sale of subsidiary, redundancy and restructuring costs, depreciation and amortisation, once-off transaction costs, and foreign exchange and hedging gains/losses attributable to the acquisition of Tianqi.
• 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, payments for investments and mineral interests, and deposit on acquisition of Tianqi paid to escrow account.

Competent Person's Statements

• Any references to IGO Mineral Resource and Ore Reserve estimates should be read in conjunction with IGO's Annual Update of Exploration Results, Mineral Resources and Ore Reserves dated 17 March 2021 (Annual Statement) and lodged with the ASX for which Competent Person's consents were obtained, which is also available on the IGO website.
• The information in this presentation that relates to Exploration Results is extracted from the Prodigy Gold (PRX) ASX release dated 23 March 2021 entitled "Lake Mackay JV- Wide sulphide intersection at the Phreaker Prospect" for which Competent Person's consents were obtained.
• The Company confirms that it is not aware of any new information or data that materially affects the information included in the original ASX announcements released on 23 March 2021 and 17 March 2021, and, (i) in the case of estimates or Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the original ASX announcement continue to apply and have not materially changed, (ii) the Competent Person's consents remain in place for subsequent releases by the Company of the same information in the same form and context, until the consent is withdrawn or replaced by a subsequent report and accompanying consent, and (iii) the form and context in which the Competent Person's findings are presented have not been materially modified from the original ASX announcement.

Safety

Our priority remains on keeping our people safe

Total Reportable Injury Frequency (TRepIF)1 and Serious Potential Incident Frequency (SPIF) ²

1. 12 month moving average TRepIF – Total Reportable Injury Frequency Rate: calculated as the number of reportable injuries x 1,000,000 divided by the total number of hours worked. 2. 12 month moving average SPIF: Serious Potential Incident Frequency Rate: calculated as the number of serious potential incidents x 1,000,000 divided by the total number of hours worked.

FY19 and 4Q19 Highlights 3Q21 Highlights

Successful quarter of operations while portfolio transitions to 100% clean energy metals

Nova	Tropicana	Tianqi Lithium Investment
Nova production in line with guidance, with cash costs tracking better than guidance	Binding agreement to divest 30% stake to Regis Resources for A\$903M1, post quarter end	Remaining conditions precedent progressing toward completion
FY21 cash cost guidance revised downwards to A\$1.80 – A\$2.10/lb Ni (payable)	Quarterly production and costs in line with expectation	Transaction on track to complete in June Quarter

IGO included in S&P/ASX 100 Index

3Q21 Financial Results

Headline financials impacted by Nova inventory build and lower Tropicana production

	Units	2Q21	3Q21	QoQ	YTD
Revenue and Other Income	A\$M	235.9	185.7	▼21%	648.1
Underlying EBITDA(1)	A\$M	120.9	92.7	▼23%	335.0
Net Profit After Tax (NPAT)	A\$M	8.8	41.9	▲378%	96.0
Net Cash from Operating Activities	A\$M	132.0	71.1	▼46%	312.8
Underlying Free Cash Flow(2)	A\$M	112.7	51.4	▼54%	248.7
Cash & Net Cash	A\$M	1,186.1	1,295.9	▲9%	1,295.9

• Lower QoQ revenue due to timing related lower nickel and copper sales volumes
• Significantly higher NPAT result due to:
• ▬ reversal of 2Q21 Lithium transaction forex losses on USD balances in the March quarter
• ▬ lower D&A from Nova and Tropicana
• ▬ offset by lower EBITDA from Nova and Tropicana
• Cash from operating activities was lower QoQ due to lower sales receipts from both Tropicana and Nova

^1. Underlying EBITDA is a non-IFRS measure (refer to Disclaimer page)

^2. Free Cash Flow comprises Net Cash Flow from Operating Activities and Net Cash Flow from Investing Activities. Refer to Disclaimer page for "Underlying" adjustments.

3Q21 Cash Flow Reconciliation

Balance sheet well positioned prior to Tianqi Lithium settlement

• QoQ operating cash flows lower from Nova and Tropicana due to lower revenue receipts
• A\$53M2 net proceeds received with respect to the retail component of the entitlement offer
• A\$903M3 proceeds from Tropicana divestment expected to be received in June Quarter
• 1. Figures may not sum due to rounding
• 1. Net of transaction costs
• 1. Subject to completion adjustments

3Q21 NPAT Reconciliation

Foreign exchange position driving volatility in profit result

• Depreciation of AUD over the quarter has resulted in a reversal of A\$39M forex loss recorded in 2Q21. Net loss on forex position held to protect AUD equivalent of Tianqi Transaction price is A\$15.4M

Nova

On track to deliver into FY21 production guidance; costs tracking below guidance

Metric	Units	2Q21	3Q21	YTD	YTD Guidance1
Nickel in concentrate	t	7,024	6,816	21,115	20,250 – 21,750
Copper in concentrate	t	3,171	3,035	9,484	8,250 – 9,375
Cobalt in concentrate	t	266	256	800	638 – 713
Cash cost (payable)	A\$/Ib Ni	2.10	1.83	2.07	2.40 – 2.80 (revised to 1.80 – 2.10)
Sustaining/ improvement Capex	A\$M	1.3	1.4	3.8	13.5 – 15.0
Development Capex	A\$M	1.1	0.8	3.2	1.5 – 3.0

• Metal production lower QoQ, as expected, primarily due to lower feed grades. Average milled nickel grade of 1.92% (2Q21: 1.96%) while average milled copper grade was 0.81% (2Q21: 0.84%).
• Strong cost performance attributable to higher by-product prices (↓A\$0.49/lb QoQ variance), offset by lower production volume (↑A\$0.20/lb QoQ variance)
• FY21 cash cost guidance revised to A\$1.80 – A\$2.10 /lb Ni (payable)

Nova Production

Strong by-product pricing delivering excellent cash cost performance

12

Tropicana

Lower production and higher costs with significant focus on Havana cut back

Metric	Units	2Q21	3Q21	YTD	YTD Guidance1
Gold produced (100%)	oz	112,050	82,393	301,503	285,000 – 322,500
Gold Sold (IGO 30%)	oz	34,230	25,667	91,255	85,500 – 96,750
Cash cost	A\$/oz	1,023	1,318	1,077	1,040 – 1,120
AISC	A\$/oz	1,537	2,120	1,698	1,730 – 1,860
Sustaining/improvement	A\$M	2.9	0.8	4.8	8 – 12
Waste stripping	A\$M	12.7	17.4	45.4	49 – 52.5
Underground capex (30%)	A\$M	1.3	1.4	7.9	7.5 – 10.5

• Lower QoQ production driven by lower milled grades (1.26g/t Au vs 2Q21: 1.69g/t Au) as a result of higher utilisation of low grade stockpiles as investment in Havana cutback continues
• Total milled tonnes (2.2Mt) remained inline QoQ while gold recoveries improved slightly to 90.8%

Tropicana

Investment in Havana cutback has impacted production and AISC, as guided

Tropicana Divestment

Highly competitive sales process concludes with divestment to Regis Resources

Maximises value for IGO shareholders

Delivers IGO with a very strong balance sheet post Tianqi transaction completion (pro forma net cash of ~A\$300M)1

Completes strategic transition to become 100% focused on commodities critical to enabling clean energy

Key Transaction Details

Consideration A\$903M cash, payable upon completion2

Conditions Precedent

• AngloGold Ashanti have waived their 60-day Right of Last Refusal (ROLR) meaning the transaction with Regis can progress to completion
• Other conditions considered administrative

Timetable Completion expected by 31 May 2021

1. Comprising 31 March 2021 net cash of A\$1,296M less pro-forma Tianqi Transaction purchase consideration net of the deposit paid and pro-forma transaction costs, totaling A\$1,860M plus Tropicana sale cash consideration of A\$903M (subject to completion adjustments) net of selling costs and costs associated with closing hedge book, but excluding any cash tax payable on the transaction.

2. Subject to completion adjustments for working capital and economic benefit between the 31 March effective date and the completion date.

Transformational Lithium Transaction

New joint venture into Tianqi's world class Australian lithium assets

IGO is acquiring an indirect 25% interest in Greenbushes and a 49% interest in Tianqi's Kwinana Lithium Hydroxide Refinery

Purchase price of US\$1.4bn is fully funded (from post deal equity raise, Tropicana sale, new debt facility and existing cash)

Transforms IGO into a leading, diversified clean energy metals company with exposure to nickel, copper, cobalt and lithium

Greenbushes World's lowest cost hard rock lithium mine1

Kwinana First fully automated LiOH plant

Transaction Timeline

Key transaction milestones

Exploration

3Q21 Highlights

Primary focus remains on Near Nova, Fraser Range and Paterson Projects

• Orion: Drilling of highly prospective intrusion on Boadicea JV in coming months
• Chimera: Further work to follow up on encouraging aircore drilling result; diamond drilling planned
• Several targets tested and downgraded during 3Q21

Near Nova Fraser Range Project Paterson Project

• Copernicus: 497m drill hole completed; results warrant further drilling along trend
• Southern Hills: Screening of various anomalies with MLEM surveys underway

Lake Mackay Project

Phreaker1: ~45m interval of visible copper sulphides with local semi-massive zones

• Cyprium Metals JV: Relogging and resampling program of historical drill core continued
• Encounter JV: Diamond drilling underway to test several targets and concepts
• Antipa JV: Currently planning for a 133-hole aircore drilling program during June Quarter

Focus remains on identifying new, high value nickel sulphide and sediment hosted copper deposits

FY19 and 4Q19 Highlights Concluding Comments

Transformation into a clean energy metals business continues

Nova continuing to perform in line with expectations

Tianqi transaction progressing toward completion

Tropicana strategic review concludes with successful divestment

Exploration teams energised for 2021 field season

IGO is strongly positioned for further organic and inorganic growth