IGO Interactive Annual Report 2019

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 30 JUNE 2019 Notes to the consolidated financial statements 30 June 2019 (continued) Financial Performance This section of the notes includes segment information and provides further information on key line items relevant to financial performance that the Directors consider most relevant, including accounting policies, key judgements and estimates relevant to understanding these items. 1 Segment information (a) Identification of reportable segments Management has determined the operating segments based on the reports reviewed by the Board that are used to make strategic decisions. The Group operates predominantly in only one geographic segment (Australia). During the year, the following segments were in operation: The Nova Operation, the Tropicana Operation and Growth, which comprises Regional Exploration Activities and Project Evaluation. The Jaguar Operation was sold effective 31 May 2018 and the Long Operation was placed in care and maintenance in June 2018, and subsequently sold effective 31 May 2019. The Nova Operation primarily produces nickel and copper concentrates. Revenue is derived from the sale of these concentrates containing nickel, copper and cobalt to multiple customers. The General Manager of the Nova Operation is responsible for the budgets and expenditure of the Operation. The Nova Operation and exploration properties are owned by the Group's wholly owned subsidiary Independence Nova Pty Ltd. The Tropicana Operation represents the Group’s 30% joint venture interest in the Tropicana Gold Mine. AngloGold Ashanti Australia Limited (AngloGold Ashanti) is the manager of the Operation and holds the remaining 70% interest. Programs and budgets are provided by AngloGold Ashanti and are considered for approval by the Company's Board. The Group’s General Manager Exploration is responsible for budgets and expenditure relating to the Group’s regional exploration, scoping studies, feasibility studies and new business development. The Growth division does not normally derive any income. Should a project generated by the Growth division commence generating income or lead to the construction or acquisition of a mining operation, that operation would then be disaggregated from the Growth division and become reportable in a different segment. The Long Operation produced primarily nickel, together with copper, until June 2018. Revenue derived by the Long Operation was received from one customer, being BHP Billiton Nickel West Pty Ltd. The Registered Manager of the Long Operation was responsible for the budgets and expenditure of the Operation, which included exploration activities on the mine’s tenure. The Long Operation and exploration properties were owned by the Group’s wholly owned subsidiary Independence Long Pty Ltd. The Long Operation was placed in care and maintenance during June 2018, and subsequently sold effective 31 May 2019. The Jaguar Operation primarily produced zinc and copper concentrate. The General Manager of the Jaguar Operation was responsible for the budgets and expenditure of the operation. The Jaguar Operation and exploration properties were owned by the Group’s wholly owned subsidiary Independence Jaguar Pty Ltd. The Jaguar Operation was sold effective 31 May 2018. Independence Group NL 9 IGO ANNUAL REPORT 2019 — 73