IGO : 2Q22 and 1H22 Results Presentation

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IGO Limited

2Q22 and 1H22 Results Presentation

31 January 2022

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.
only	• 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
use		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
personal		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.
• Quarterly Financial Results are unaudited. All currency amounts are in Australian Dollars unless otherwise noted. Net Cash is cash balance less outstanding debt, Net Debt is outstanding
		debt less cash balances.
	• Nickel cash costs are reported inclusive of royalties and after by-product credits on a per unit of payable metal basis, unless otherwise stated. Lithium cash costs are reported as COGS
		(cash costs of goods sold) per tonne sold and is inclusive of ore mining costs, processing, general and administrative, selling & marketing, inventory movements and royalty expense.
	•	Underlying EBITDA is a non-IFRS measure and comprises net profit or loss after tax, adjusted to exclude income 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 Tropicana, and payments for investments and mineral interests.
	• IGO has a 49% interest in Tianqi Lithium Energy Australia Pty Ltd (TLEA) and therefore, as a non-controlling shareholder, recognises its share of Net Profit After Tax of TLEA in its
		consolidated financials. As such, IGO has provided additional information on the operating, financial and expansion activities at both Greenbushes and the Kwinana Refinery which reflects
		IGO's understanding of those operating, financial and expansion activities based on information provided to IGO by TLEA.
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Competent Persons Statement

• The information in this presentation that relates to IGO's Mineral Resources or Ore Reserves is extracted from IGO's ASX release dated 31 January 2022 titled "Annual Mineral Resource and Ore Reserve Estimates Update - CY21" and is available athttps://www.igo.com.au/site/investor-center/ASX-Announcementsor www.asx.com.au. IGO confirms that it is not aware of any new information or data that materially affects the information included in that original market announcement and that all material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially changed. IGO confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement

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Safety

Retained our focus on improving safety and preparedness for next phase of COVID-19

Lag Safety Indicators (TRepIFR1 & SPIFR2)

Lead Safety Indicators

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20

19

18

17

16

15

14

13

12

11

10

9

8

7

6

5

4

3

2

1

0

TRepIFR (lhs)		SPIFR (rhs)

450

400

350

300

250

200

150

100

50

0

Visual Safety Leadership Interactions (VSLI) Hazard Near Miss Workplace Inspection

1.

2.

12 month moving average TRepIFR - Total Reportable Injury Frequency Rate: calculated as the number of reportable injuries x 1,000,000 divided by the total number of hours worked.
12 month moving average SPIFR: Serious Potential Incident Frequency Rate: calculated as the number of serious potential incidents x 1,000,000 divided by the total number of hours worked.	4

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Sustainability

Working with Zenith Energy to expand renewable energy solution at Nova

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	10MWh battery energy storage system to
use		complement an expanded Nova Solar Farm
	Enables Nova to operate 100% on renewables in
		"engines off" mode for 9 consecutive hours per
personal		day during summer and spring
	IGO expects further ~24% reduction in carbon
		equivalent emissions
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