IGO LIMITED — Investor Presentation 2021

Jun 1, 2021

PRESENTATION TO PAYDIRT BATTERY MINERALS CONFERENCE

IGO Limited (ASX: IGO) (IGO or the Company) is pleased to attach a copy of the presentation provided by Chief Operating Officer, Matt Dusci, to the Paydirt Battery Minerals Conference being held in Perth today.

Mr Dusci will use the conference to provide an overview of IGO's portfolio, recent operational performance, and strategic focus on metals critical to clean energy. In particular, he will discuss the Company's transformational investment in a global lithium joint venture with Tianqi Lithium Corporation (as announced on 9 December 2020) which is expected to complete by the end of June as well as IGO's enduring commitment to exploration and discovery to unlock the 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 Relations & Communications Manager T: +61 8 9238 8300 E: richard.glass@igo.com.au

IGO Limited

Paydirt Battery Minerals Conference

2 June 2021

Our Strategy

Aligned to Clean Energy Metals

Delivered by people who are bold, passionate, fearless and fun – a smarter, kinder, more innovative team Globally Relevant large scale, high quality asset portfolio supplying products critical to clean energy Vertically Integrated upstream metal production and downstream processing with connectivity to end users High-quality and Diverse Suite of Products to meet customer demand, made safely, sustainably, ethically and reliably Being Carbon Neutral by embracing renewable energy and innovation

Clean Energy Metals

Nickel, copper and lithium to benefit most from clean energy revolution

Nickel

EV driven battery demand has significant implications for nickel demand

Class 1 Nickel Supply and Demand Outlook1

Nickel dominant cathode chemistries to remain technology of choice for US/EU markets

Laterite to nickel sulphate conversion processes incur a high environmental cost

Production capacity limited by lack of new discovery

Lithium

EV demand has significant implications for lithium demand

1) Source: JPMorgan 2) Source: CRU

1. Subject to transaction completion, expected June 2021 quarter

Greenbushes IGO 24.99%	• World's largest, highest grade and lowest cost hard rock lithium mine • Significant expansion optionality
Kwinana IGO 49%	• Australia's first fully automated lithium hydroxide refinery • Battery grade product contracted to leading battery manufacturers ex-China
Exploration	• Enduring commitment to exploration • Extensive portfolio of belt scale projects focused on nickel and copper discovery

Our Portfolio

Li ¹

Cu Ni

Ni (Cu + Co)

Nova IGO 100%

Portfolio of high quality operating and exploration assets aligned to clean energy

• Australia's lowest cost nickel

production and cost control

• Track record of consistent

sulphide operation

EXISTING OPERATIONS
EXPLORATION PROJECTS	GREENLAND
TIANOI JV ASSETS
Subject to transaction completion
KIMBERLEY	FRONTIER IGO up to 80%
IGO 100% and various JVs	RAPTOR
PATERSON IGO 100% and various JVs	IGO 100%
	LAKE MACKAY IGO up to 70%
KWINANA (LIOH)	COPPER COAST
PERTH IGO 49%*	IGO 100%
GREENBUSHES (Li) IGO 24.99%*
NOVA (Ni-Cu-Co) IGO 100%	FRASER RANGE IGO 100% and various JVs

6

Sustainability

Strong focus on sustainability because it's the right thing to do

Strong ESG brand developed through industry leading performance and disclosure

Focus on decarbonisation through clean energy generation at Nova

Dow Jones Sustainability Index Australia Index

S&P Global 2021 Sustainability Yearbook

Nova Operation

Australia's lowest cost nickel sulphide operation

On track to deliver at top end of production guidance for FY21

Nickel Production (FY21 YTD) 21,115t (in concentrate)

FY21 Cash cost guidance improved by 29%1 A\$1.80 – A\$2.10/lb Ni (payable)

Underlying Free Cash Flow (FY21 YTD) A\$263M

Nova Operation

Ongoing focus on improving costs and productivity

Nova Production & Cash Costs

Transformational Investment in Lithium Joint Venture

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

Pro-forma Ownership Structure

Greenbushes Tier 1 hard rock lithium mine in Western Australia

Kwinana3 Tier 1 lithium hydroxide plant In Western Australia

• 1. Currently named TL Energy Australia ("Lithium HoldCo"), a UK incorporated holding company with expected Australian tax domiciliation. Parties to agree a new name prior to completion
• 1. Greenbushes JV, also referred to as Windfield Holdings Pty Ltd, an Australian incorporated holding company;
• 1. Lithium HoldCo will own Kwinana on completion, subject to an internal restructure by Tianqi.

World class lithium assets

Delivering quality, scale, long mine life, solid ESG credentials and alignment to clean energy

Greenbushes World's lowest cost and highest grade hard rock lithium mine1

Kwinana First fully automated LiOH plant

Greenbushes Lithium Mine

Asset quality in a league of its own - underpinned by resource size and grade

Spodumene Concentrate Cash Cost Curve¹

(2019 Cash Costs, US\$/t Concentrate)

Resource & Resource Grade2,3

"Cycle Proof" World's lowest cost & highest grade hard rock lithium mine4

Largest Scale

World's largest hard rock lithium mine by reserves and production (21% of global supply in 2019)5

Long Production History

Active lithium mine for over 20 years, with 128+ years of mining history and a local workforce

Notes: (1) CRU Consulting, Lithium Economics Through the Value Chain Report, March 2020; (2) Public filings. Excludes Manono (AVZ) as an outlier; (3) Mineral Resources, inclusive of TSF1 (Talison March 2018) excluding any subsequent mining depletion, reviewed by BDA (Independent Technical Report for Greenbushes Lithium Operation, February 2020); (4) CRU Consulting; (5) Global lithium supply including hard rock and brine production by operation on a LCE basis per CRU Consulting, Lithium Market Outlook September Update 2020.

Greenbushes - Growth Optionality

Low cost, brownfield opportunities to increase production to 2.5Mtpa

Notes: (1) Windfield also has a revolving loan in place with a syndicate of banks available to fund CGP3 capital expenditure requirements (US\$505M expected to be drawn at 31 December 2020, with a total facility size of US\$770M expected at 31 December 2020 subject to certain milestones being achieved); (2) Shown on a 100% operating asset basis; (3) CGP3 and CGP4 construction is subject to market conditions; (4) IGO estimates – construction and timing of Trains III & IV are subject to completion of studies and Lithium HoldCo Board approvals.

Kwinana Battery Grade LiOH Plant

First mover in Australia with premium off-takers and supply chain visibility

Australia's 1st LiOH Plant1

designed for Greenbushes feedstock and delivering a high product quality and strong ESG credentials

Competitive Cost Curve Position

Expected to be one of the world's lowest cost LiOH plants2 vertically integrated with Greenbushes offtake

Premium Offtake Partners

Supply agreements in place with several leading global cathode and battery cell manufacturers in the Korean and European market

Train I Complete

Train I construction is complete and expected to ramp-up by Q4 2022. Train II construction is 20 - 30% complete4

Lithium Hydroxide Economic Cost Curve (Operating and Committed Projects)2 (2025 Business Costs, US\$/t LiOH)

Premium Offtake Partners3

Kwinana – Growth Optionality

Flexibility to respond to changes in demand for spodumene concentrate and lithium hydroxide

24.0 24.0 24.0 24.0 96.0 Train I Train II Train III Train IV Total Potential Capacity Lithium Hydroxide Production Capacity (ktpa) (100%) 0.2 37 51 145 2020 2021 2022 2023 Kwinana Construction Capital Profile (100% basis)2,3 (US\$M, real terms) Kwinana Construction Capital Profile (100% basis) Train I – Commissioning Capex Maintenance Capex Train II – Construction Capex Currently completing commissioning Option to add Train III and IV in the future due to significant amount of additional land available4 Expected to commission in 2024

Notes: (1) Windfield also has a revolving loan in place with a syndicate of banks available to fund CGP3 capital expenditure requirements (US\$505M expected to be drawn at 31 December 2020, with a total facility size of US\$770M expected at 31 December 2020 subject to certain milestones being achieved); (2) Shown on a 100% operating asset basis; (3) CGP3 and CGP4 construction is subject to market conditions; (4) IGO estimates – construction and timing of Trains III & IV are subject to completion of studies and Lithium HoldCo Board approvals.

Transaction Timeline

Key transaction milestones

Exploration

Exploration Strategy

Focused on unlocking transformational value and sustainable growth

Targeting high value nickel and copper deposits – aligned to clean energy metals strategy

Utilising best in class generative geoscience and geophysics

Belt-scale land packages acquired through open-file applications and various JVs

FY19 and 4Q19 Highlights Concluding Comments

Transformation into a clean energy metals business continues

Nova continuing to perform in line with expectations

Tianqi lithium 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

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.
• 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, and once-off transaction costs.
• 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 and payments for investments and mineral interests.