2021 Annual Report

HISTORY The Tropicana Gold Operation is located on the western edge of the Great Victoria Desert, with the Wongatha and Spinifex people recognised as the Traditional Owners and custodians. IGO identified the prospectivity of the Tropicana tenure prior to the Company’s ASX listing in 2002. Shortly after, AngloGold Ashanti and IGO formed a joint venture (IGO: 30% / AngloGold Ashanti: 70%) over what was at that stage, an exploration project. The initial discovery at Tropicana was made with the identification of the Tropicana deposit in 2005. This success led to the completion of feasibility studies prior to development approval by the joint venture in 2011. Following the successful construction and commissioning process, mining and processing operations commenced in 2012. Since that time, more than three million ounces of gold has been mined from Tropicana. FY21 PERFORMANCE Gold production attributable to IGO during FY21 included all production between 1 July 2020 and 31 May 2021 when the sale was made to Regis. Production during this period was 364,751oz Au (100% basis), in line with pro-rata guidance, with IGO’s share of gold sold (30% basis) of 110,402oz Au. Cash costs for the period 1 July 2020 to 31 May 2021 were A$1,081/oz, while all-in sustaining costs for the same period were A$1,720/oz. Compared to the prior year, production was lower and costs higher due to an investment in a large cut back at the Havana open pit during FY21, which resulted in lower milled grades and higher waste movements. DIVESTMENT TO REGIS RESOURCES In April 2021, IGO announced the sale of its 30% stake in Tropicana to Regis Resources Limited (Regis) for a headline A$903M in cash consideration, thereby ending a long partnership with AngloGold Ashanti and completing the shift in IGO’s strategy. The divestment followed the completion of a strategic review which was designed to assess how IGO could maximise the value of its stake in Tropicana. This review considered both the organic growth opportunities at Tropicana as well Tropicana’s alignment to strategy and relevance in the IGO portfolio. Having concluded that a divestment was the best outcome for IGO shareholders, a highly competitive global sales process commenced and concluded in the divestment to Regis. The sale of Tropicana, combined with the investment into the Lithium JV with Tianqi, completes IGO’s strategic transition to become a globally relevant, pure-play clean energy metals producer and developer, with unique exposure to nickel, copper, cobalt and lithium. We would like to extend our thanks to AngloGold Ashanti, our joint venture partner at Tropicana over the past 18 years, for their collaborative and collegiate approach to operating the Tropicana asset. We wish AngloGold Ashanti and Regis all the best for the future. Tropicana Operation GOLD IGO ANNUAL REPORT 2021— 19