IGO : June 2023 Quarter Presentation

4Q23 Results Presentation

IGO Limited

31 July 2023

IGO LIMITED | ASX: 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.

• 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.

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

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.

•

Lithium cash costs reported as COGS (cash costs of goods sold) per tonne sold are inclusive of ore mining costs, processing, general and administrative, selling & marketing and inventory movements.

Lithium cash costs (production) are reporting inclusive of mining, processing, crushing, site administration and deferred stripping, and utilise production as a unit of measurement. This measure excludes inventory adjustments, general and administrative, offsite and royalty costs.

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 investments, depreciation and amortisation and once-off transaction and integration costs. Underlying EBITDA includes IGO's share of TLEA net profit after tax.

Free Cash Flow comprises Net Cash Flow from Operating Activities and Net Cash Flow from Investing Activities. Underlying adjustments exclude acquisition and integration costs, proceeds from investment sales, and payments for investments and mineral interests.

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

IGO Limited | 4Q23 Results

• 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 financial statements. 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.

Nickel cash costs are reported inclusive of royalties and after by-product credits on a per unit of payable metal basis, unless otherwise stated.

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Safety

Continuing to focus on harm reduction, risk minimisation and training

TRIFR at 30 June 2023 was 16.0, marginally lower than result at prior quarter - but remains too high

Significant focus on group risk assessment workshops across a range of key operational areas

Board and management priority is to drive further reductions in harm

TOTAL RECORDABLE INJURY FREQUENCY RATE (TRIFR)1

22

21

20

19

18

17

16

15

14

13

12

1. 12 month moving average calculated as the number of recordable injuries x 1,000,000 divided by the total number of hours worked. IGO reports recordable injuries (TRI) as the sum of Lost Time Injury (LTI), Medically Treated Injury (MTI) and Restricted Work Injury (RWI) as required by Part 1.1 r.5 of the WHS (Mines) Regulations 2022.

IGO Limited | 4Q23 Results	Page 3

Highlights

June quarterly result underpinned by strength of our lithium business

Financial Results	Another quarter of record financial results
Strong cash generation continues to build balance sheet strength
	Excellent quarter of production from Greenbushes - full year production exceeded guidance
Lithium Business	Record dividend received from TLEA
	Train 1 ramp up at Kwinana remains challenging
	Strong finish to FY23 at Nova and Forrestania
Nickel Business	Cosmos Project development progressed
	Impairment announced post quarter end, Cosmos Project Review underway

Sustainability

Successful commissioning of expanded solar farm and battery storage system at Nova

IGO Limited | 4Q23 Results	Page 4

4Q23 Financial Results Summary

Record financial performance driven by outstanding contribution from Greenbushes

	Units	4Q231	3Q231	QoQ	FY231
						Greenbushes performance drove higher
Sales Revenue	A$M	241	236	▲2%	1,015
QoQ EBITDA and cash flows

Share of Net Profit of TLEA	A$M	522	450	▲16%	1,604
Underlying EBITDA2	A$M	636	533	▲19%	2,004
Net Cash from Operating Activities	A$M	464	383	▲21%	1,408
Underlying Free Cash Flow3	A$M	381	284	▲34%	1,098

Strong free cash generation driven by higher TLEA dividend

Cash	A$M	775	441	▲76%	775	Further repayment of $90M debt brings net
						cash to $415M
Net Cash/(Debt)	A$M	415	(9)	N/A	415

1. 4Q23 is the three months ending 30 June 2023; 3Q23 is the three months ending 31 March 2023.
2. Underlying EBITDA is a non-IFRS measure (refer to Disclaimer page) and includes IGO's share of net profit from TLEA.
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.

IGO Limited | 4Q23 Results	Page 5