2021 Annual Report

At a Glance Location 140km by road, east northeast of Norseman, Western Australia Product Nickel (Ni), Copper (Cu), Cobalt (Co), produced as a concentrate Mining Underground mining utilising our primary contractor, Barminco Processing Owner-operated processing operation, using conventional crushing, grinding, flotation and filtration Sales/Offtake Nickel concentrate product is sold in equal volumes to BHP Nickel West Pty Ltd and Trafigura Pte. Ltd. 100% of copper concentrate is contracted to Trafigura Pte. Ltd. FY21 Production 29,002t Ni 13,022t Cu 1,084t Co FY21 Cash Costs A$1.85/lb Ni (payable) Resources 1 208,000t Ni 84,000t Cu 7,000t Co Reserves 1 163,000t Ni 69,000t Cu 6,000t Co Estimated Mine Life 1 5.5 years (approx.) 1. As at 31 December 2020. See Resources and Reserves section on pages 26 and 27 of this report. Processing operations also continued to perform well, with 1.6Mt of ore processed during the year. We also further optimised recoveries over the course of the year, with full year recoveries for nickel and copper at 87.9% and 88.6% respectively. CONTINUED FOCUS ON OPTIMISATION Our team at Nova continue to seek opportunities to operate more safely, efficiently and sustainably. We do this through critically evaluating our operating philosophy, the adoption of new technology and fostering a culture of excellence through innovation. In FY21, this included: • Vendor engagement to modify process components to increase safety and maintainability • Implementing remote drone technology to survey and measure Run of Mine (ROM) ore stockpiles, improving safety and accuracy • Reducing raw water consumption through the use of recycled process water • Refinement of process control systems to improve metal recoveries; and • Peer-to-peer data transfer on all mining equipment. IGO also completed further work on the potential electrification of the mining fleet to deliver improved safety outcomes for our people, lower costs and reduce carbon emissions. A SUSTAINABLE OPERATION As is the case all across our business, operating as sustainably as possible is a key focus at Nova. In FY21, we continued to ensure we minimised the impact of our operations on the environment and communities though the application of best practice process, systems and engagement. At the core of sustainability at Nova is our progress toward the reduction of greenhouse gas emissions through the use of renewable energy. The Nova solar farm has been operational since 2019 and in FY21 delivered over 11% of Nova’s total power consumption, replacing ~2,444kL of diesel and eliminating 6,600t of carbon. Additionally in FY21, IGO made substantial progress in reducing non-recyclable waste streams. The complexity of segregation and recycling waste streams from remote and isolated areas is significant, however IGO’s commitment to doing everything we can to reduce our impact on the planet has meant this program has been effectively and enthusiastically embraced by our people – another way we choose to Make a Difference. COMMITMENT TO EXPLORATION IGO considers the near-Nova exploration potential to be significant and has delivered an exploration program which aims to maximise the chances of successfully identifying resources which would be within ore trucking distance from the existing Nova Operation infrastructure. Over recent years, various programs including soil geochemistry, air core (AC) drilling, moving loop electromagnetics and 3D seismic surveys have generated a detailed geological and stratigraphic model which has helped guide our targeting programs. In FY21, many of these near-Nova targets were tested with diamond drilling (DD), including the Hercules, Double Dipper, Chimera and Orion prospects. The Orion prospect, just 3km northeast of Nova, is of significant interest with drilling confirming the existence of nickel-copper-sulphide mineralisation. This mineralisation, hosted within a chonolith intrusion, extends off the Nova Mining Lease and into an adjacent exploration licence which IGO has optioned from Boadicea Resources. More drilling at Orion is planned in FY22. IGO ANNUAL REPORT 2021— 17