IGO : 2022 Annual Report to Shareholders

We believe in a green energy future

Annual Report 2022

Who We Are

IGO Limited is an ASX 100 listed Company focused on creating a better planet for future generations by discovering, developing and delivering products critical to clean energy.

We are a purpose-led organisation with strong, embedded values and a culture of caring for our people and our stakeholders. We believe we are Making a Difference by safely, sustainably and ethically delivering the products our customers need to advance the global transition to decarbonisation.

Through our upstream mining and downstream processing assets, IGO is enabling future-facing technologies, including the electrification of transport, energy storage and renewable energy generation.

IGO's nickel business includes the Nova and Forrestania Operations and Cosmos Project, all of which are located in Western Australia. Nova and Forrestania are operating underground mining and processing operations, while Cosmos is a development stage project with first production expected mid-2023.

Our lithium interests are held via our 49% interest in Tianqi Lithium Energy Australia Pty Ltd (TLEA), an incorporated joint venture with Tianqi Lithium Corporation (Tianqi). TLEA owns upstream and downstream lithium assets, including a 51% stake in the Greenbushes Operation and a 100% interest in a downstream processing refinery at Kwinana in Western Australia to produce battery grade lithium hydroxide.

IGO is also focused on discovering the mines of the future and has an enduring commitment to investing in exploration to ensure the world has a sustainable supply of clean energy metals into the future.

Our Values

Be Better Together

We empower, support and respect each other. We act safely and with care, to the strengths of our people.

Ignite The Spark

We seek, question, innovate and create. We know that without a burning curiosity and bright thinking, we risk missing the really big opportunities.

See Beyond

We know that our actions today will impact the world of tomorrow. We believe our people, community and the environment really matter.

Run Through The Sprinklers

We find the fun in what we do. When our workplaces are healthier and happier, we are better.

Never Stand Still

We are bold, adventurous and excited for the future. We imagine new opportunities and seek new horizons.

Our Purpose

Making a Difference

We believe in a world where people power makes amazing things happen.

Where technology opens up new horizons and clean energy makes the planet a better place for generations to come. Our people are bold, passionate, fearless and fun - we are a smarter, kinder and more innovative company.

Our work is making fundamental changes to the way communities all over the world grow, prosper and stay sustainable. Our teams are finding and producing the products that will make energy storage mobile, efficient and effective enough to make long-term improvements to the lifestyle of hundreds of millions of people across the globe.

How? Developments in battery storage technology are enabling the full potential of renewable energy to be realised, by allowing energy produced from the sun, wind and other sources to be stored and used when and where it's needed. This technology will impact future generations in ways we cannot yet imagine, improving people's quality of life and changing the way we live.

We believe in a green energy future and by delivering the products needed for tomorrow's battery systems, we are making it happen.

We are the IGO Difference.

Our Strategy

Informed by our purpose, our strategy is to become a globally relevant supplier of metals-based products that are critical for clean energy - to create a better planet.

We are committed to delivering this strategy by:

• producing a diverse suite of products made safely, ethically, sustainably and reliably
• connecting with end users through vertical integration
• committing to being carbon neutral; and
• engaging with our people who are bold, passionate, fearless and fun - a smarter, kinder, more innovative team.

About This Report

This Annual Report is a summary of IGO and its subsidiary companies' operations, activities and financial position as at 30 June 2022. All dollar figures are expressed in Australian dollars (AUD) unless otherwise stated.

Our purpose of Making a Difference drives our sustainable business. The seven pillars of our sustainability framework can be found on page 40, together with a summary of each pillar. Further detail on each pillar can be found in our 2022 Sustainability Report.

IGO completed the acquisition of Western Areas Limited (Western Areas) on 20 June 2022. Due to only having control of these assets for 10 days prior to year end there is limited reporting included in this Annual Report. The assets will be incorporated in full in our next Annual Report.

This report includes certain non-IFRS financial measures, including underlying measures of EBITDA and free cash flow. The meanings of individual non-IFRS measures used in this report are set out in the Glossary on page 160. Non-IFRS measures should not be considered as alternatives to an IFRS measure of profitability, financial performance or liquidity.

Contents

FY22 Snapshot	2
Chair's Message	5
CEO's Message	7
Celebrating 20 Years	8
CFO Report	10
Our Strategy	12
Operations and Exploration	16
Our Sustainable Business	40
Corporate Governance	47
Directors' Report	57
Remuneration Report	59
Financial Report	85

IGO ANNUAL REPORT 2022 - 1

FY22 Snapshot

In FY22, IGO maintained its focus on building a globally relevant business focused on clean energy metals.

Our lithium business, owned and operated via the TLEA joint venture, in which IGO hold a 49% interest, delivered an outstanding year of growth, with the acceleration of expansion projects at the Greenbushes Operation (IGO: 24.99%, via TLEA: 51%) and the successful commissioning of the Kwinana Lithium Hydroxide Refinery (Kwinana Refinery or Refinery) (IGO: 49%, via TLEA: 100%) with first production of battery grade lithium hydroxide achieved in May 2022. The TLEA portfolio represents a truly integrated lithium business which is well positioned to supply battery grade lithium hydroxide to the global lithium-ion battery supply chain. Production growth, together with a significant appreciation in lithium product pricing, saw TLEA generate excellent financial results and deliver a net profit of $176.7 million (IGO's share) together with an inaugural dividend to IGO.

We also delivered growth within our nickel business. Underpinned by the consistently strong performance from our Nova Operation, IGO successfully acquired

Western Areas in late June 2022. This transaction enhances IGO's nickel resources and reserves, and diversifies our nickel business to include operating, development, feasibility and exploration assets, all of which are substantially located in Western Australia. In parallel to integrating the Western Areas assets into the IGO business, we have commenced a program of work to understand the opportunity to invest in downstream processing to produce nickel sulphate, another key material in the production of lithium-ion batteries.

Importantly, IGO retained its focus on our people throughout this busy and successful period, ensuring we continue to foster our unique culture and focus on attracting and retaining the best people to our business. Our people, on an unwavering and consistent basis, have shown their commitment and resilience throughout FY22, delivering on our strategy and rising to the ongoing challenges of COVID-19.

100% focused on clean energy metals

2 - IGO ANNUAL REPORT 2022

Financial Summary

Group Revenue

$903M

(34%1)

Net Profit After Tax

$331M

(40%2)

Underlying Free Cash Flow

$312M

(14%)

1. From continuing operations

2. FY21 NPAT included gain on sale of Tropicana of $385M.

Highlights

Delivered on our commitment to our people

Maintained high level of employee engagement through our holistic approach to health and wellbeing, by continuing to develop our benefits programs and effectively managing the impact of COVID-19.

Benefited from significant growth within our Lithium Business

Receipt of first dividend from TLEA following a year of strong production growth and progress on planned expansion projects.

Consistent operating performance at Nova

Ni (payable)

$1.95/lb

Nova production within guidance, while cash costs of $1.95/lb cemented Nova's position as the lowest cost nickel operation in Australia.

Acquisition of Western Areas

IGO acquired Western Areas by way of a Scheme of Arrangement, with Western Areas shareholders receiving $3.87 per share cash consideration.

Sustainability

We were proud to be included in the Dow Jones Sustainability Index Australia for the third year running and in the S&P Sustainability Yearbook for the second year running.

IGO ANNUAL REPORT 2022 - 3