2021 Annual Report

Carrying Value of Mine Properties Key audit matter How the matter was addressed in our audit Refer to Note 15 of the financial statements, for disclosure over the mine properties asset. The carrying value of mine properties is impacted by various key estimates and judgements, in particular:  Ore Reserves and estimates;  Amortisation rates;  Capitalisation and attribution of mining costs; The Group is also required to assess for indicators of impairment at each reporting period. The assessment of impairment indicators in relation to the mine assets requires management to make significant accounting judgements and estimates which includes discount rates, commodity price and ore reserve estimates. This is a key audit matter due to the quantum of the asset and the significant judgement involved in management’s assessment of the carrying value of mine properties. Our work included, but was not limited, to the following procedures:  Reviewing management’s amortisation models, including agreeing key inputs to supporting information;  Assessing the competency and objectivity of, and work performed by, management’s experts in respect of the ore reserve estimates;  Evaluating and challenging management’s assessment of indicators of impairment under the Australian Accounting Standards for the mining assets by:  Comparing the carrying amount of the Group’s net assets against the market capitalisation, both as at 30 June 2021, and subsequent movements;  Comparing commodity price and foreign exchange rate assumptions at 30 June 2021 to independent consensus forecast;  Comparing FY21 operating performance against Board approved budgets and historical operating performance; and  Assessing economic indicators for impacts on appropriate discount rates; and We also assessed the adequacy of related disclosures in Note 15 to the financial statements. Other information The directors are responsible for the other information. The other information comprises the information in the Group’s annual report for the year ended 30 June 2021, but does not include the financial report and the auditor’s report thereon. Our opinion on the financial report does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Independent Auditors Report 136 — IGO ANNUAL REPORT 2021