IGO LIMITED — Investor Presentation 2021

Oct 4, 2021

PRESENTATION TO AUSTRALIAN NICKEL CONFERENCE

IGO Limited (ASX: IGO) (IGO or the Company) is pleased to attach a copy of the presentation materials provided to the Australian Nickel Conference which is being held today in Perth, Western Australia.

Managing Director and CEO, Peter Bradford, will use the conference to discuss recent operational, financial and sustainability highlights from IGO's portfolio of nickel, copper, cobalt and lithium projects, as well as an update on the Company's exploration program which is focused on discovering the clean energy metals mines of the future.

This announcement is authorised for release to the ASX by Peter Bradford, Managing Director & CEO

For further information contact:

Richard Glass Investor & Media Relations Manager T: +61 8 9238 8300 E: richard.glass@igo.com.au

Australian Nickel Conference IGO Limited

5 October 2021

IGO Limited

Building a clean energy metals business

• Outstanding operational and financial delivery in FY21
• IGO portfolio transformed to be 100% focused on clean energy metals
• New lithium JV delivers significant brownfields growth upside to IGO
• Future growth upside from nickel and copper focused exploration portfolio
• Leading approach to Sustainability and People & Culture

Clean Energy Metals Strategy

Clean Energy

Three key industries driving uptake of clean energy technologies

Renewable Energy Energy Storage Electric Vehicles

Lithium-ion Battery Demand

Substantial growth expected

Lithium-ion battery demand set to increase 5x over the next decade

Passenger vehicle electrification is the primary driver

GWh/year Lithium-ion battery demand outlook (GWh/year)1

3,000

Implications for raw materials

Battery demand will drive significant increases in demand for key raw materials

Lithium-ion battery metal demand outlook1

1.1. Source: Bloomberg NEF Source: Bloomberg NEF

Risk of history repeating itself

Plug-in EV sales up 150% YTD with 2015-2021 CAGR of 55%

Our Strategy

Purpose of Making a Difference has underpinned our strategy

Our Transformation

We have transformed our business and the way we work

Transformed Outlook

Transformed Culture Transformed ESG

Recent Achievements

FY21 was a highly successful year

• Invested into a lithium joint venture with Tianqi
• Divested our 30% interest in Tropicana
• Delivered outstanding operational & financial performance
• Built on our ESG credentials
• Admitted to the S&P/ASX 100

Our Portfolio

Aligned to clean energy metals strategy

Portfolio focused on nickel, copper, cobalt and lithium

Tier-1 jurisdictions

Significant brownfields expansion potential at Greenbushes and Kwinana

Extensive exploration portfolio in Australia and Greenland

FY21 Results

Record results across all key financial metrics

Underlying Free Cash Flow (A\$M)

1. Includes Other Income

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.

Outstanding performance for FY21

Metal production exceeded guidance for all metals

FY21 Cash Costs A\$1.85/lb Ni payable significantly lower than guidance

Underlying Free Cash Flow: A\$393M Underlying Free Cash Flow Margin: 59%

Operational performance continues to deliver strong financial outcomes

Nova Production & Cash Costs

Nova Financial Performance

Operation significantly de-risked

Underground capex development and grade control substantially complete Leveraging smart technology in collaboration with Barminco

FY22 Development Capex A\$5M – A\$7M

Nova Underground Development at 30 June 2021

Making strong progress toward carbon neutrality

Nova Solar Farm delivered ~11% of total power consumption in FY21

Four key emissions reductions projects to be delivered in FY22 – expected to reduce scope 1 and 2 emissions by a further 10%

Strategic research projects ongoing into battery storage, electric fleet and wind energy

Nova Near Mine Exploration

Targeting step change in Nova mine life within a proven magmatic nickel sulphide province

High priority target at Orion Prospect on the Boadicea JV tenement

Several intrusions encountered at Chimera with demonstrated mineralisation processes

Extensive follow up drilling currently underway

Fraser Range

Targeting magmatic nickel sulphide deposits

Extensive and highly prospective tenement portfolio over ~10,000km2

Prospective chonolith mafic-ultramafic intrusions with disseminated magmatic Ni-Cu sulphides intersected at many prospects

FY22 drilling program to continue testing multiple high-quality targets

Fraser Range

Silver Knight deposit to be acquired from Creasy Group

IGO acquiring Silver Knight for A\$45M cash consideration

Open pit nickel resource located 35km from Nova Operation

Infill drilling program to define updated resource and reserve estimate in CY22

Lithium Joint Venture

Transformational transaction with Tianqi completed in June 2021

World class lithium portfolio with scale, quality, life and strong ESG credentials

Greenbushes (25%) World's lowest cost and highest grade hard rock lithium mine

Kwinana (49%) First fully automated LiOH plant

Greenbushes

Expansion opportunities through additional concentrator capacity

Potential spodumene concentrate capacity expansion (Mtpa) (100%)

Kwinana Lithium Hydroxide Refinery

First hydroxide successfully produced from Train I

Lithium Hydroxide Production Capacity (ktpa) (100%)

Kwinana Lithium Hydroxide Refinery

Train I commissioning in progress

First lithium hydroxide successfully produced during August 2021

Saleable chemical grade product expected during December 2021 Quarter

Battery grade product for customer accreditation expected during March 2022 Quarter

Ramp up to nameplate capacity expected by December 2022

Growth & Transformation

26

Exploration Strategy

Committed to investing in growth through discovery

27

Exploration Strategy

Portfolio aligned to clean energy metals strategy

Primarily focused on high value magmatic nickel and sediment hosted copper deposits

Pipeline of opportunities across the western half of Australia

Leveraging IGO's best in class exploration team and the latest technology to maximise opportunity of discovery

The IGO Process™

Opportunity to capture value by delivering nickel sulphate for the battery industry

High metal extraction

Sustainability

Sustainability

Continued our commitment to leading performance and transparency

Dow Jones Sustainability Australia Index

S&P Global 2021 Sustainability Yearbook

Our Response to Climate Change

Accelerating our proactive response in FY22

Adopted an internal carbon price

Scope 1 & 2 emissions reduction programs being implemented

Investing in carbon removal and offsets programs in FY22

Commitment to understand controllable Scope 3 emissions

33

Our People

Enduring focus on people and building an iconic culture

Developing and fostering the next generation of leaders

FY19 and 4Q19 Highlights FY22 Focus

Building our clean energy metals business

• Execute on Lithium JV growth opportunities
• Continue delivering operational excellence at Nova
• Maintain our commitment to unlocking value through exploration and discovery
• Disciplined investigation of accretive inorganic growth opportunities
• Continued investment in our people & culture
• Continued improvement in sustainability practice and reporting while accelerating our response to climate change

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.
• 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 and Tropicana, 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 including Tropicana, and payments for investments and mineral interests.