IGO : CY21 Mineral Resource and Ore Reserve Estimate Update

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ASX RELEASE

31 January 2022

CY21 ANNUAL RESOURCES AND RESERVES UPDATE

IGO Limited (IGO or the Company) (ASX:IGO) is pleased to report its annual Mineral Resource and Ore Reserve estimates as of 31 December 2021 (CY21). The estimates include IGO's 100% owned Nova Operation (Nova), the 100% owned Silver Knight Project (Silver Knight) and its 24.99% indirect interest in Talison's Greenbushes Operation (Greenbushes). The Greenbushes interest is held through Tianqi Lithium Energy Australia Pty Ltd (TLEA), the lithium joint venture partnership between Tianqi Lithium Corporation (Tianqi) (51%) and IGO (49%).

Highlights

• IGO's CY21 total attributable Mineral Resource estimates from Nova, Silver Knight and Greenbushes, are estimated to contain 180kt nickel (Ni), 74kt copper (Cu), 6.1kt cobalt (Co) metal, and 23.2Mt of a nominal 6% lithia (Li2O) concentrate or 'lithia concentrate'.
• IGO's CY21 total attributable Ore Reserve estimates from Nova and Greenbushes, are estimated to contain, 123kt Ni, 52kt Cu, 4.5kt Co metal, and 14.7Mt of lithia concentrates.
• Nova's Ore Reserves decreased by 40kt of nickel metal in CY21 with 33kt of Ni metal mined and an additional reduction of 6kt because of adjustments to reconciliation factors. The mine life at Nova is 5.5 years based on the current life of mine plan.
• IGO's CY21 acquisition of Silver Knight has added 11kt of Ni, 5.7kt of Cu and 0.5kt of Co to IGO's total Mineral Resources.
• Greenbushes' Mineral Resource estimates and Ore Reserve estimates have increased by 52% and
  20% respectively, in terms of contained lithia concentrate from the previously reported statement (March 2018). The Mineral Resource additions are largely attributed to the first report of an estimate for the Kapanga Deposit of 42.5Mt @ 1.8% Li2O (100% basis), and significant additions to both the Indicated and Inferred Minerals Resources of the main Central Lode. The CY21 Ore Reserve additions have assessed the Indicated Resource portions of both Kapanga and the Central Lode. The current life-of- mine is now ~24 years.
• The CY21 Total Mineral Resource at Greenbushes (on a 100% basis on 31 Aug 2021) was 360.2Mt @ 1.5% Li2O containing 92.7Mt of lithia concentrate.
• The Total Ore Reserve estimate at Greenbushes (on a 100% basis on 31 Aug 2021) was 179.6Mt @ 2.0% Li2O containing 58.7 Mt of lithia concentrate.

IGO's Managing Director and CEO, Peter Bradford, commented: "We are pleased to present our annual Mineral Resource and Ore Reserve estimates for CY21. Our portfolio has significantly changed during the year as we continued to execute our strategy of being a globally relevant supplier of products that are critical to clean energy. The key changes are associated with the divestment of IGO's 30% interest in the Tropicana Gold Mine and the formation of a new lithium Joint Venture (JV) with Tianqi over its Australian lithium assets. This JV included a 24.99% indirect interest in the Talison Greenbushes Operation delivering exposure to a truly world-classasset with low cost, scale and longevity."

"Nova has continued to deliver strong production performance throughout CY21. To deliver extensions of mine life and additional exploration opportunities, we recently acquired Silver Knight. Both technical studies and exploration will be accelerated through CY22 on Silver Knight with the aim of reporting a first Ore Reserve in CY23, which will provide additional ore feed to Nova. In parallel, we continue to invest in exploration in the near-mine environment with several highly promising exploration targets."

"Some of the upside we envisaged at Greenbushes at the time of our investment in the lithium joint venture has been clearly demonstrated by the CY21 Mineral Resource and Ore Reserve, with a respective 52% and 20% increase in the estimated contained lithia concentrate. A significant proportion of the increases is attributable to the Kapanga Deposit, which is parallel to the Central Lode, with the two deposits planned to be mined from the one expanded open pit. Greenbushes is the premier hard-rock lithium mine globally, and the

Suite 4, Level 5	PO Box 496	T. [phone]	igo.com.au	Page 1
85 South Perth Esplanade	South Perth WA 6951	F. [phone]	IGO Limited
South Perth WA 6151	Western Australia	E. [e-mail]	ABN 46 092 786 304

ASX RELEASE

expanded Mineral Resource and Ore Reserve supports the continued investment to expand the production capacity to meet the rapidly increasing demand for lithium as the world transitions to clean energy."

For personal use only

This announcement is authorised for release to the ASX by the IGO Board of Directors.

Investor and media enquiries:

Richard Glass

Investor and Media Relations Manager

T: [phone]

1. [e-mail]

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Mineral Resource and Ore Reserve Estimates

Update CY21

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Introduction

IGO Limited (IGO) is a multi-commodity mineral producer who has been listed on the Australian Securities Exchange (ASX) for over 20 years. IGO's strategic focus is on the metals and minerals critical for clean energy applications, including renewable energy generation, grid-scale energy storage and electric vehicles. Either through direct ownership or indirectly through Joint Ventures (JVs), IGO produces saleable concentrates containing nickel, copper, cobalt and lithia from its mining interests in Western Australia (WA).

As depicted in the map below, IGO also manages, through direct ownership or JV, extensive geological belt- scale exploration ground positions throughout WA, the Northern Territory (NT), South Australia (SA), New South Wales (NSW) and Greenland.

IGO's end of CY21 exploration tenure and mining interests

IGO's purpose of this ASX announcement is to provide investors and stakeholders with the technical information that is material to IGO's Mineral Resource and Ore Reserve estimates reported for the 2021 calendar year (CY21), which are reported as at 31 December 2021. IGO and its joint venture (JV) partners, report Exploration Results (ERs), Mineral Resource estimates (MREs) and Ore Reserve estimates (OREs) in accordance with the ASX listing rules and the requirements of the 2012 edition of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves, which is known as the JORC Code.

Suite 4, Level 5	PO Box 496	T. [phone]	igo.com.au	Page 3
85 South Perth Esplanade	South Perth WA 6951	F. [phone]	IGO Limited
South Perth WA 6151	Western Australia	E. [e-mail]	ABN 46 092 786 304

Update of Mineral Resource and Ore Reserve Estimates for the year ending 31 December 2021

For personal use only

For CY21, IGO is reporting estimates from its 100% interest in its Nova Operation (Nova), which produces concentrates containing nickel, copper, and cobalt (Ni-Cu-Co) and a 24.99% indirect interest in the Greenbushes Lithium Operation (Greenbushes), which produces saleable lithia (Li2O) concentrates. Also, in CY21, IGO acquired a 100% interest in the Ni-Cu-Co sulphide mineralisation of the Silver Knight Deposit (Silver Knight), which will likely be processed through Nova, and additionally divested its 30% interest in the Tropicana Gold Mine.

Total estimates

The tabulations below are listings of IGO's total attributable estimates for its interests in Ni-Cu-Co sulphide and lithia mineral deposits. IGO's two 100%-owned base Ni-Cu-Co sulphide assets are reported for CY21. IGO's 24.99% indirect interest in Greenbushes is reported effective 31 August 2021 (Aug-2021) as this is the date of the latest update of the operation's MREs and OREs, since the prior revision which was effective 31 March 2018 (Mar-2018)1.

IGO's Ni-Cu-Co sulphide deposit Mineral Resource on 31 December 2020/21

	Period	Deposit	Mass		Grades		In situ product
Estimate	Ni	Cu	Co	Ni	Cu	Co
ending	(IGO interest)	(Mt)
				(%)	(%)	(%)	(kt)	(kt)	(kt)
	CY20	Nova-Bollinger (100%)	11.80	1.76	0.711	0.058	208	83.9	6.82
		Silver Knight (100%)	-	-	-	-	-	-	-

MINERAL RESOURCES			CY20 total	11.80	1.76	0.711	0.058	208	83.9	6.82
CY21		Nova-Bollinger (100%)	11.16	1.52	0.615	0.050	169	68.7	5.58
			Silver Knight (100%)	0.39	2.81	1.467	0.140	11	5.7	0.54
			CY21 total	11.55	1.56	0.644	0.053	180	74.4	6.12
	CY21/CY20		Nova (100%)	95%	86%	86%	86%	81%	82%	82%
	% ratio		Silver Knight (100%)		IGO held no interest on 31 December 2020
			Total CY21/CY20	98%	89%	90%	91%	87%	89%	90%

IGO's Ni-Cu-Co sulphide deposit Ore Reserves on 31 December 2020/21

	Period	Deposit	Mass		Grades		In situ product
Estimate	Ni	Cu	Co	Ni	Cu	Co
ending	(IGO interest)	(Mt)
				(%)	(%)	(%)	(kt)	(kt)	(kt)
	CY20	Nova-Bollinger (100%)	9.00	1.82	0.769	0.066	163	69.2	5.96
		Silver Knight (100%)	-	-	-	-	-	-	-
ORE RESERVES		CY20 total	9.00	1.82	0.769	0.066	163	69.2	5.96
CY21	CY21 total	7.26	1.70	0.719	0.062	123	52.1	4.48
	Nova-Bollinger (100%)	7.26	1.70	0.719	0.062	123	52.1	4.48
		Silver Knight (100%)	-	-	-	-	-	-	-
	CY21/CY20	Nova (100%)	81%	93%	93%	93%	75%	75%	75%
	% ratio	Silver Knight (100%)	-	-	-	-	-	-	-
		Total CY21/CY20	81%	93%	93%	93%	75%	75%	75%

1 IGO ASX Announcement 30 June 2021 'IGO completes transformational transaction with Tianqi'

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Update of Mineral Resource and Ore Reserve Estimates for the year ending 31 December 2021

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Details regarding the JORC Code parameters of the reporting of the total estimates are discussed in the relevant sections pertinent to each deposit further below.

The main difference between the CY20 and CY21 total results for Ni-Cu-Co sulphide deposits is a decrease in both MRE and ORE due to the 12-month mining depletion at Nova. At the end of CY21, the MRE contained 180kt, 74kt, and 6.1kt respectively of Ni, Cu and Co metal, and the ORE contained 123kt, 52kt and 4.5kt respectively of Ni, Cu and Co metal. The Silver Knight acquisition during 20212, added 11kt, 5.7kt and 0.5kt respectively of Ni, Cu and Co metal in sulphides to IGO's overall total Mineral Resource.

While IGO held no interest in Greenbushes in 2018, for comparative purposes only, the tabulation below includes the operation's Mar-2018 estimates (scaled to IGO's 24.99% interest), so the Aug-2021 ORE and MRE revisions can be compared to the prior update, which IGO reported in December 2020 as part of its transaction announcements3.

IGO's interest in lithia deposit Mineral Resources on 31 March 2018 and 31 August 2021

														Grade
		Estimate		Period			Deposit			Mass					6% Li2O**
			ending			(IGO interest)			(Mt)			(%Li2O)			(Mt)
					Mar-2018*	Greenbushes (24.99%*)		49.2		1.9		15.4
		MINERAL RESOURCES						Mar-18 total	49.2		1.9		15.4
				Aug-2021	Greenbushes (24.99%*)	90.0		1.5		23.2
								Aug-21 total		90.0		1.5		23.2
					Mar-2018/Aug-2021	Greenbushes (24.99%)		183%		79%		152%
					% ratio		Total Mar-18/Aug-21		183%		79%		152%

IGO's interests in lithia deposit Ore Reserves on 31 March 2018 and 31 August 2021

Estimate	Period	Deposit	Mass	Grade	6% Li2O**
ending	(IGO interest)	(Mt)	(%Li2O)	(Mt)
	Mar-2018*	Greenbushes (24.99%)	35.8	2.1	12.2
ORE RESERVES		Mar-18 total	35.8	2.1	12.2
Aug-2021	Greenbushes (24.99%)	44.9	2.0	14.7
		Aug-21 total	44.9	2.0	14.7
	Mar-2018/Aug-2021Greenbushes (24.99%)	126%	95%	120%
	% ratio	Total Mar-18/Aug-21	126%	95%	120%

• * IGO held no interest in Greenbushes in Mar-2018. The IGO proportional interest is listed for the Mar-2018 estimates only to highlight the increases achieved in the Aug-2021 estimates.
• ** The 6% Li2O is a proxy for Greenbushes' saleable spodumene concentrates. Note this metric does not account for process recovery.
• Greenbushes mined 1.24 Mt of ore grading 2.41% Li2O from 1 Sep 2021 to 31 Dec 2021.

The change to the Aug-2021 update of MREs and OREs for Greenbushes is the significant increase in both estimates despite the intervening ore mining of ~9Mt grading 2.63% Li2O between the two reporting milestones. For the MRE, the main drivers of the 52% increase in contained lithia concentrate were the first

1. IGO ASX announcement 27 July 2021 'IGO to acquire Silver Knight Deposit from Creasy Group'
2. IGO ASX announcement 9 December 2020 'IGO to acquire interest in Global Lithium JV with Tianqi - securing exposure to the Tier 1 Greenbushes and Kwinana Assets'

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