IGO LIMITED — Investor Presentation 2021

Mar 8, 2021

PRESENTATION TO EUROZ HARTLEYS ROTTNEST CONFERENCE

IGO Limited (ASX: IGO) (IGO or the Company) is pleased to attach a copy of the presentation provided to the Euroz Hartleys Rottnest Conference which is being held this week in Western Australia.

Managing Director and CEO, Peter Bradford, will use the conference to discuss the transformational lithium joint venture with Tianqi Lithium Corporation, as announced on 9 December 2020, which is progressing toward completion in the June quarter of 2021.

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

Euroz Hartleys Rottnest Conference IGO Limited

9 March 2021

Our Strategy

Focused on high quality, high margin assets aligned to clean energy metals

Globally Relevant large scale, high quality asset portfolio supplying metals critical to clean energy

Vertically Integrated

upstream metal production and downstream processing to unlock value

High-quality Products

to meet customer demand, made safely, sustainably, ethically and reliably

Proactively Green

by embracing renewable energy and innovation to reduce carbon footprint

Delivered by people who are bold, passionate, fearless and fun – a smarter, kinder, more innovative team

Notes: (1) Subject to transaction completion, expected June 2021 quarter

• Enduring commitment to exploration • Extensive portfolio of belt scale projects focused on nickel and copper discovery

Portfolio on a Page

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

Ni	Nova IGO 100%	• Australia's lowest cost nickel sulphide operation • Track record of consistent production and cost control
1 Li	Greenbushes IGO 24.99%	• World's largest, highest grade and lowest cost hard rock lithium mine • Significant brownfields growth optionality
	Kwinana IGO 49%	• Australia's first fully automated lithium hydroxide refinery • Battery grade product contracted to leading battery manufacturers ex-China
Au	Tropicana IGO 30%	• High margin, long life gold operation • Sales process ongoing
Cu Ni	Exploration	• Enduring commitment to exploration • Extensive portfolio of belt scale projects focused on nickel and copper discovery

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

Tianqi Lithium Joint Venture

Transformational Investment

Creation of a global, vertically integrated lithium partnership with Tianqi¹

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IGO to acquire an indirect 25% interest in Greenbushes² and a 49% interest in Tianqi's Kwinana Lithium Hydroxide Refinery, both located in WA

US\$1.4bn purchase price to be paid at completion³ , expected to occur in the June 2021 quarter

Funding de-risked through A\$766M equity raising⁴ , A\$1,100M new debt facilities⁵ and existing cash

Notes: (1) Tianqi Lithium Corporation, a Chinese incorporated company; (2) Greenbushes JV, also referred to as Windfield Holdings Pty Ltd, an Australian incorporated holding company; (3) Completion of the acquisition is subject to the satisfaction of a number of conditions precedent. Further information on the conditions precedent is available in the ASX Release dated 9 December 2020 (4) A\$766M raised via an institutional placement and accelerated non-renounceable rights issue and A\$57M raised via a retail non-renounceable rights issue, before costs (5) Debt facilities include a new Syndicated Facility Agreement comprising Term Loan, Revolving Credit Facility and Bridge Facility. For more information refer to ASX Announcement titled "IGO invests in Global Lithium JV with Tianqi, announced 9 December 2020

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

Transaction Aligned with Strategy

High margin, high quality business aligned with strategic focus on clean energy metals

Greenbushes Lithium Mine

Greenbushes Lithium Mine

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

Spodumene Concentrate Cash Cost Curve¹

"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 Lithium Hydroxide Refinery

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% complete⁵

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

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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.

IGO To Become a Unique Clean Energy Metals Investment

Transformative acquisition to create a leading diversified clean energy metals company

Notes: (1) As at 4 March 2021; (2) Public filings - refers to countries in which key assets are located in; (3) Albemarle have activities in Europe, North and South America, Australia and Asia.

Well-timed Investment in the Lithium Cycle

IGO transacting at a favourable point in the lithium cycle, with robust long term fundamentals

• 200 400 600 800 1,000 1,200

Forecast NMC Cell Chemistry Demand for EVs, 2015-20243,4

(US\$/t, nominal)¹ Spodumene Concentrate Price Outlook Acquisition at an opportune point in the lithium market cycle

Lithium Hydroxide Price Outlook Historical CRU Forecast

2018 2019 2020 2021 2022 2023 2024

Notes: (1) CRU Consulting, Lithium Economics Through the Value Chain, March 2020. Chemical grade concentrate; (2) BEV = Battery Electric Vehicle, HEV = Hybrid Electric Vehicle, PHEV = Plug-in Hybrid Electric Vehicle; (3) NMC = Products included in the lithium-ion battery formulation containing nickel-manganese-cobalt as the active precursor ingredients; (4) CRU Consulting, Lithium Market Outlook September Update 2020; (5) South Korea / Japan market; (6) Historical pricing data sourced from CRU and Tianqi Corporation.

Ownership Structure & Governance

Transaction structure designed to deliver value and security for IGO shareholders

Notes: (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; (2) Tianqi Lithium Corporation, a Chinese incorporated company; (3) Greenbushes JV, also referred to as Windfield Holdings Pty Ltd, an Australian incorporated holding company; (4) CRU Consulting; (5) Lithium HoldCo will own Kwinana on completion, subject to an internal restructure by Tianqi.

Tianqi – IGO Relationship

Focus on working together to make 1+1=3

Tianqi and IGO have excellent strategic and cultural alignment

Complimentary skill sets to benefit the new joint venture

High levels of engagement and cooperation as transaction nears completion

Tianqi CEO, Mr Frank Ha and IGO CEO, Mr Peter Bradford

Transaction Timeline

Key transaction milestones

• Australian Tax Office

Transaction Highlights

A transformative, compelling and on-strategy acquisition for IGO

Quality, long-term sustainable assets with significant growth optionality

Strong near-term production growth underpins cash flow generation

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IGO to become unique clean energy metals investment Well-timed acquisition in lithium cycle¹

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Strong partnership with Tianqi - a world leading lithium industry participant²

Accretive transaction expected to generate significant shareholder value

Closing Comments

Strategy focused on metals critical for enabling clean energy

Track record of consistent, high margin delivery from Nova & Tropicana

Strong culture and ESG / proactively green credentials

Transformative transaction with Tianqi aligned with strategy

Balanced approach to capital management delivering growth and dividends

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, 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.