IGO : 2023 Annual Report to Shareholders

Annual Report 2023

Contents

Overview
Our Year at a Glance	2
Chair's Message	6
Acting CEO's Message	8
Remembering Peter Bradford	10
CFO Report	12
How we make a difference
Our Strategy	15
Operations and Exploration	16
Our Sustainable Business	36
Governance	42
Reports
Directors' Report	54
Remuneration Report	56
Financial Report	83

About This Report

This Annual Report is a summary of IGO and its subsidiary companies' operations, activities and financial position as at

30 June 2023. All dollar figures are expressed in Australian dollars (AUD) unless otherwise stated. A detailed summary of IGO's sustainability performance can be found in our 2023 Sustainability Report.

Non-IFRS Financial Reporting

This report includes certain non-IFRS financial measures, including underlying measures of net profit after tax, EBITDA and free cash flow. The meanings of individual non-IFRS measures used in this report are set out in the Glossary on page 167.

Non-IFRS measures should not be considered as alternatives to an IFRS measure of profitability, financial performance or liquidity.

Terminology

In this report, IGO may use the terms Indigenous and Aboriginal and Torres Strait Islander peoples interchangeably in different contexts. We respectfully acknowledge that preferred terms and language may vary between jurisdictions.

We use the term Traditional Owners to describe Aboriginal and Torres Strait Islander peoples who have a continuing connection to the lands on which we work and operate, with rights and interests granted under traditional law and customs.

1

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, and 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 the Cosmos Project, all of which are located in Western Australia. Nova and Forrestania are operating underground mining and processing operations, while the Cosmos Project is currently under development.

Our lithium interests are held via our 49% shareholding 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 battery grade lithium hydroxide refinery in Kwinana, Western Australia.

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.

Acknowledgement of Country

IGO would like to acknowledge and pay respects to Traditional Owner groups whose land we are privileged to work on, and whose input and guidance we seek and value within the operation of our business. We acknowledge the strong, special physical and cultural connections to their ancestral lands.

Nova Solar Farm

Image left: Forrestania Operation

2

Our Year at a Glance

Financial

Group Revenue

	$1,024M
	13%
Underlying Free Cash Flow	Net Profit After Tax
$1,098M	$549M
252%	66%

Nova Processing Plant

Operations

3

$1,184M

Record dividends from TLEA driven by strong operating performance at Greenbushes

34,846t

• 30%

Nickel Business production in line with revised FY23 guidance

1.491Mt

Spodumene concentrate production at Greenbushes exceeding FY23 guidance

Sustainability

TRIFR 16.0

Total Reportable Injury Frequency Rate disappointingly increased from 14.1 in FY22 to 16.0 in FY23

$8.3M

total spend on Aboriginal or Torres Strait Islander owned or managed businesses in FY23, increase from $8.0M in FY22

57%

female representation on the IGO Board, and 27% of our overall workforce is female

88%

of our people said we have a work environment that is accepting of diverse backgrounds and ways of thinking

$793k

corporate giving contributions in FY23

10MW

expansion of the Nova solar farm and battery installation allowing the Operation to run on 100% renewable power (engines off) for 8-9 hours a day in spring and summer