IGO : September 2023 Quarter Presentation

1Q24 Results Presentation

IGO Limited

30 October 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 and site administration, and utilise production as a unit of measurement. This measure excludes inventory adjustments, non-site 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 | 1Q24 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.

Page 2

Safety

Sustained improvement in safety performance

TRIFR at 30 September 2023 was 12.7, a decrease from 16.0 as at 30 June 223

Enduring commitment to improving safety systems, culture and risk management has driven improvements in safety performance

Relaunched company-wide health and wellness program 'I-GO Well'

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 | 1Q24 Results	Page 3

1Q24 Summary

Lithium business continues to deliver strong free cash flow

Financial Results	Lithium Business	Nickel Business	Sustainability & People

• Another quarter of record free cash flow and record dividend flow from TLEA
• Record IGO dividend of $454M paid during the Quarter
• Robust cash creation, contributing to a strong balance sheet position

•	Record quarterly production	•	Operations delivered lower	• Decrease in TRIFR to 12.7
	and lower cash costs from		than expected production	from 16.0 last quarter
	Greenbushes		and higher costs	• Became a member of the
•	Record dividend received	•	Cosmos Project Review
United Nations Global
	from TLEA of $578M		progressing toward	Compact, demonstrating our
• Kwinana Train 1 ramp up		completion	commitment to responsible
		& sustainable business
	progressing	•	Successful exploration result	conduct
			at the Dogleg Ni-Cu-Co
			Prospect

IGO Limited | 1Q24 Results	Page 4

1Q24 Financial Results

Record TLEA dividend delivers record FCF result

	Units	1Q241	4Q231	QoQ
Sales Revenue	A$M	248	241	▲3%
Share of Net Profit of TLEA	A$M	328	522	▼37%
Underlying EBITDA2	A$M	362	620	▼42%
Net Profit After Tax	A$M	392	(454)	▲186%
Net Cash from Operating Activities	A$M	635	479	▲33%
Underlying Free Cash Flow3	A$M	530	381	▲39%
Cash	A$M	804	775	▲4%
Net Cash	A$M	444	415	▲7%

Softer lithium prices resulted in lower share of TLEA net profit and EBITDA

Record $578M dividend received from TLEA

Net cash position improved quarter on quarter despite payment of $454M in dividends to IGO shareholders

1. 1Q24 is the three months ending 30 September 2023; 4Q23 is the three months ending 30 June 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 | 1Q24 Results	Page 5

Cash Reconciliation

Cash continuing to build

CASH - QoQ MOVEMENT1

A$M 1,600

1,400

1,200

1,000

800

600

400

200

-

				42
					17
						9
						578
												454
		30
			98												13
															23
88
															10

775

804

Cash at	Nova FCF Forrestania Cosmos FCF	TLEA	Exploration,	Corporate &	Finance Costs	Dividend	Purchase of Income Tax	Effect of	Cash at
30 June 2023	FCF	Dividend	Evaluation &	Other	& Lease	Payments	EIP Shares	Foreign	30 Sept 2023
			Investments		Payments			Exchange
								Movements

1. Figures may not sum due to rounding

IGO Limited | 1Q24 Results	Page 6

NPAT Reconciliation

Strong recovery in NPAT despite lower profit from TLEA

NPAT - QoQ MOVEMENT1

A$M

700

500

300

33	18	2	1	19

194
		116
6	3

100

(100)

(300)

(500)

982

(454)

392

4Q23 NPAT Impairment of	Nova	Forrestania	Exploration &	Corporate &	Mark-to-	Share of	Net Finance	D&A	Tax	1Q24 NPAT
E&E & Other	EBITDA	EBITDA	Evaluation	Other	market	Profits of	Costs
Assets			EBITDA		investments	TLEA

1. Figures may not sum due to rounding

IGO Limited | 1Q24 Results	Page 7

Lithium Business

TLEA Joint Venture (IGO: 49% / Tianqi Lithium Corporation: 51%)

IGO Limited | 1Q24 Results	Page 8

TLEA Joint Venture

Record dividend received from TLEA | Lower pricing delivers lower NPAT

QUARTERLY DIVIDEND RECEIVED FROM TLEA ($M)

700

600

500

400

300	578
200	423

334 321

100

106

0

1Q23

2Q23

3Q23

4Q23

1Q24

IGO share of TLEA NPAT

$328M

↓37% QoQ

Dividend Received from TLEA

$578M

↑37% QoQ

Cumulative Dividends received from TLEA

$1.8Bn

IGO Limited | 1Q24 Results	Page 9

Greenbushes

Excellent quarter delivers record production and reduced costs

100% basis

Units

1Q241

4Q231

QoQ

YTD Guidance3

Spodumene Production

kt

414

395

▲5%

350 - 375

Spodumene Sales

kt

392

429

▼9%

Not Guided

Sales Revenue

A$M

2,244

3,493

▼36%

Not Guided

EBITDA

A$M

2,039

3,248

▼37%

Not Guided

Cash Costs (Production) 2 A$/t

262

271

▼3%

280 - 330

Higher QoQ production driven by continued higher feed grades and improved recoveries

Lower cash costs resulted from improved unit production and lower mining costs as a result of higher deferred stripping

Sales QoQ revenue and EBITDA impacted by lower prevailing spodumene prices

1Q24 average realised price (chemical and technical grade) of US$3,740/t FOB Australia

1. 1Q24 is the three months ending 30 September 2023; 4Q23 is the three months ending 30 June 2023.
2. As of 1 July 2023, IGO adopted a revised cash cost reporting methodology as a more appropriate measure of cost performance at Greenbushes. Cash Costs (production) include mining, processing, crushing and site administration, and utilises production as the unit of measurement (as opposed to sales). For clarity, inventory adjustments, non-site G&A, offsite and royalty costs are excluded.
3. Pro-rataYTD Guidance (FY24 guidance divided by four), where applicable.

IGO Limited | 1Q24 Results	Page 10