IGO LIMITED — Investor Presentation 2021

Aug 30, 2021

FY21 Results Presentation IGO Limited

31 August 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.
• 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 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 the Tropicana Operation, and payments for investments and mineral interests.

Our Transformation

We have transformed our business and the way we work

Transformed Outlook

Transformed Culture Transformed ESG

Our Journey

Deliberate transformation of our business to focus on clean energy metals

Our Strategy

Our Purpose, Making a Difference, has underpinned our strategy

1. Net proceeds after completion adjustments, offset by selling costs and close out of gold hedge book, was A\$862M

• 1. Includes Other Income
• 1. NPAT includes gain on sale of the Tropicana Operation of A\$385M after tax

FY19 and 4Q19 Highlights FY21 Highlights Strong operational & financial performance | Clean energy metals transition complete

Nova production better than guidance and cash costs well below guidance

Completion of transformational lithium transaction with Tianqi

Divestment of Tropicana to Regis Resources for A\$889M1

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.

529

FY21 Cash Flow

Balance sheet strength maintained post transformational transactions

FY21 Cash Flow Waterfall

FY21 Dividend & Capital Management

dividends to shareholders

Final fully franked dividend in line with revised Shareholder Returns Policy

Capital Allocation Framework

Final Dividend declared 10c per share fully franked Revised Shareholder Returns Policy IGO building its franking account in FY22 enabling current and future frankable Underlying Free Cash Flow Shareholder Returns Growth Balance Sheet 15% – 25% 75% – 85% Higher returns possible above A\$500M liquidity

Nova

Metal production and cash costs all better than guidance

Production & Costs	FY21 Result	FY21 Guidance
Nickel in concentrate (t)	29,002	27,000 – 29,000
Copper in concentrate (t)	13,022	11,000 – 12,500
Cobalt in concentrate (t)	1,084	850 – 950
Cash Costs (A\$/lb Ni payable)	A\$1.85	A\$2.801 A\$2.40 –
1. Revised to A\$1.80 – A\$2.10 in 3Q21 Quarterly Activities Report on 28 April 2021

Segment Financials	FY21 Result
Underlying EBITDA	A\$436M
Underlying EBITDA Margin	65%
Underlying Free Cash Flow	A\$393M
Underlying Free Cash Flow Margin	59%

Nova

Operational performance continues to deliver strong financial outcomes

Nova Production & Cash Costs

Nova Financial Performance

FY22 Nova Guidance

Metric	Units	FY22 Guidance
Nickel in concentrate	t	25,000 to 27,000
Copper in concentrate	t	11,500 to 12,500
Cobalt in concentrate	t	900 to 1,000
Cash cost (payable)	A\$/Ib Ni	2.00 to 2.40
Sustaining/improvement capex	A\$M	19 to 22
Development capex	A\$M	5 to 7

FY22-24 Nova Guidance1

1. Directional guidance based on consensus commodity price forecasts

Tropicana

Successfully divested in FY21

FY21 Production and Cost Results1

Metric	Units	Result
Gold produced (100%)	oz	364,751
Gold Sold (IGO 30%)	oz	110,402
Cash cost	A\$/oz	1,081
AISC	A\$/oz	1,720

Divestment to Regis Resources for A\$889M

Successful partnership with AngloGold Ashanti over ~20 years

Completes transformation to be 100% clean energy metals focused

Lithium Joint Venture

Transformational transaction to form global lithium joint venture with Tianqi1

First lithium hydroxide successfully produced at Kwinana

Greenbushes expansion projects continuing (CGP2 + TRP)

Developing disclosure framework with joint venture partners

Exploration Strategy

Committed to investing in growth through discovery

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

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

Accelerate our response to climate change