IGO : June 2021 Quarter Presentation

IGO Limited

4Q21 Results Presentation

28 July 2021

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 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.

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Safety

Improvements in lead and lag indicators but there is more work to do

20

19

18

17

16

15

14

13

12

11

10

9

8

Lag Safety Indicators (TRepIFR1 & SPIFR2)

7

6

5

4

3

2

1

0

Lead Safety Indicators

400

350

300

250

200

150

100

50

0

TRepIFR (lhs)		SPIFR (rhs)		Workplace Inspection		Near Miss		Hazard		Visual Safety Leadership Interactions (VSLI)

1.	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.	3
2.	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.

4Q21 Highlights

FY19 and 4Q19 Highlights

Excellent operational performance | Clean energy metals transition complete

Nova

• Quarterly production and cash costs better than guidance
  FY21 production better than
• guidance and cash costs at lower end of revised range

Lithium Joint Venture		Tropicana

Completion of transformation	Completion of divestment to
 transaction with Tianqi	 Regis Resources for A$903M1
 progressedIntegration of JV well

Continued evolution of our business

		
Michael Nossal appointed as	Maintained excellent	Retained focus on maintaining
new Chair	engagement with our people	our strong ESG brand

1. Net proceeds after completion adjustments, offset by selling costs and close out of gold hedge book was A$862M

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4Q21 Financial Results

Excellent end to FY21 driven by strong Nova production and higher metals prices

	Units	3Q21	4Q21	QoQ		FY21(1)
Sales Revenue	A$M	185.1	266.2	▲	44%	912.1
Underlying EBITDA(2)	A$M	92.7	139.5	▲	50%		474.6
Net Profit After Tax (NPAT)	A$M	41.9	452.6	▲ 981%	548.7
Net Cash from Operating Activities	A$M	71.1	133.3	▲	87%	446.1
Underlying Free Cash Flow(3)	A$M	51.4	114.3	▲ 122%		363.0
Cash & Net Cash	A$M	1,295.9	528.5	▼	59%	528.5

• Higher QoQ revenue driven by higher concentrate sales and metals prices
• NPAT result includes gain on sale of Tropicana
• Stronger Cash from Operating Activities and Underlying Free Cash Flow result reflects higher Nova sales receipts

1. FY21 Financial Results are unaudited
2. Underlying EBITDA is a non-IFRS measure (refer to Disclaimer page). Underlying EBITDA for 4Q21 of A$139.5M and FY21 of A$474.6M excludes: 1) gain on sale of Tropicana (4Q21 and FY21: A$556.8M), 2) acquisition and transaction
   costs of the Lithium Transaction (4Q21: A$0.5M, FY21: A$4.6M) and 3) foreign exchange gains on USD balances held during the period for the purposes of protecting the AUD equivalent of the USD purchase price of the Lithium Transaction
   (4Q21: A$20.8M, FY21: A$5.4M). EBITDA, prior to these exclusions for 4Q21 and FY21 is A$716.8M and A$1,032.2M respectively.
3. Free Cash Flow comprises Net Cash Flow from Operating Activities and Net Cash Flow from Investing Activities. Refer to Disclaimer page for "Underlying" adjustments. Free Cash Flow, prior to these adjustments for 4Q21 and FY21 is a net outflow of A$772.1M and A$618.9M respectively.

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