IGO : Western Areas Acquisition Presentation

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personalACQUISITION OF WESTERN AREAS LIMITED

SCHEME IMPLEMENTATION DEED FOR A RECOMMENDED TRANSACTION

16 December 2021

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Cautionary Statements & Disclaimer

Summary information

	This Presentation is for information purposes only and is a summary only. The information in this Presentation is of a general nature and does not purport to be complete nor does it contain all information which a
	prospective investor may require in evaluating a possible investment in IGO or that would be required in a prospectus or product disclosure statement prepared in accordance with the requirements of the Corporations
	Act. This Presentation should be read in conjunction with IGO's most recent financial report and IGO's other periodic and continuous disclosure information lodged with the Australian Securities Exchange (ASX), which
	is available at www.asx.com.au. The content of this Presentation is provided as at the date of this Presentation (unless otherwise stated). Reliance should not be placed on information or opinions contained in this
	Presentation and, subject only to any legal obligation to do so, IGO does not have any obligation to correct or update the content of this Presentation. Certain market and industry data used in this Presentation may
	have been obtained from research, surveys or studies conducted by third parties, including industry or general publications. None of IGO, its representatives or advisers have independently verified any such market or
	industry data provided by third parties or industry or general publications.
onlyForward looking statements
use	This Presentation contains certain "forward-looking statements". The words "expect", "anticipate", "estimate", "intend", "believe", "guidance", "should", "could", "may", "will", "predict", "plan" and other similar
expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance (including the outcome and effects of the Transaction) are also
	forward-looking statements. Forward-looking statements, opinions and estimates provided in this Presentation are based on subjective judgement, assumptions and contingencies which are subject to change without
	notice and involve known and unknown risks and certainties and other factors which are beyond the control of IGO and each of its respective related bodies corporate, affiliates, directors, securityholders, officers,
	employees, partners, agents, advisers and management. This includes statements about market and industry trends, which are based on interpretations of current market conditions.
	Forward-looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Actual results, performance or achievements may differ materially
	from those expressed or implied in such statements and any projections and assumption on which these statements are based. These statements may assume the success of IGO's business strategies. The success
personal	of any of those strategies will be realised in the period for which the forward-looking statement may have been prepared or otherwise. Recipients of this Presentation are cautioned not to place undue reliance on
forward-looking statements, particularly in light of the current economic climate and the significant volatility, uncertainty and disruption caused by the COVID-19 pandemic. No representation or warranty, express or
implied, is made as to the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects, returns or statements in relation to future matters contained in this Presentation. The forward-looking
	statements are based on information available to IGO as at the date of this Presentation. Except as required by law or regulation (including the ASX Listing Rules), none of IGO, its representatives or advisers
	undertakes any obligation to provide any additional or updated information whether as a result of a change in expectations or assumptions, new information, future events or results or otherwise. Indications of, and
	guidance or outlook on, future earnings or financial position or performance are also forward-looking statements.
	Financial information
	All financial information in this Presentation is in Australian Dollars (A$ or AUD) unless otherwise stated. The financial information in this Presentation is presented in an abbreviated form insofar as it does not include
	all the presentation and disclosures, statements or comparative information as required by the Australian Accounting Standards and other mandatory professional reporting requirements applicable to general purpose
	financial reports prepared in accordance with the Corporations Act. The financial information provided in this Presentation is for illustrative purposes only and is not represented as being indicative of IGO's views on its
	future financial condition and/or performance.
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Cautionary Statements & Disclaimer

Ore reserve and mineral resource estimates

The information in this presentation that relates to IGO's Nickel Mineral Resources or Ore Reserves is extracted from IGO's ASX release dated 17 March 2021 entitled "CY20 Mineral Resource and Ore Reserve Statement and is available at https://www.igo.com.au/site/investor-center/ASX-Announcements or www.asx.com.au. IGO confirms that it is not aware of any new information or data that materially affects the information onlyincluded 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

The information in this presentation that relates to IGO's Lithium Mineral Resources or Ore Reserves is extracted from IGO's ASX release dated 9 November 2020 entitled "IGO invests in Global Lithium JV with Tianqi" and is available to view on https://www.igo.com.au/site/investor-center/ASX-Announcements or 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.

The information in this presentation that relates to the Forrestania Nickel Project and Cosmos Nickel Operation Mineral Resources or Ore Reserves is extracted from Western Area's ASX release dated 28 October 2021 entitled "Western Areas September Quarterly Presentation" and is available at https://www.westernareas.com.au/investor-centre/asx-announcements or www.asx.com.au.

useLimitation of information in relation to Western Areas

All information in this presentation in relation to Western Areas (including Forrestania and Cosmos) has been sourced from Western Areas. IGO has conducted due diligence in relation to the Transaction, but has not independently verified such information and, to the maximum extent permitted by law, makes no representation or warranty, expressed or implied, as to the fairness, accuracy, correctness, completeness or adequacy of any information relating to Western Areas. Receipt of additional or updated information may change the forward looking statements concerning Western Areas in this presentation. Western Areas may have a different interpretation of the underlying data and release other information to the market. personal 3

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Agenda

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1	Transaction Overview
	2	Western Areas Overview and the enlarged IGO Portfolio
use	3	Transaction Benefits and IGO Positioning
Appendix:
personalr	A	Scheme Implementation Deed & Indicative Timetable
B	Mineral Resource and Ore Reserve Statements

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TRANSACTION OVERVIEW

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