2021 Annual Report

Operations By virtue of its 49% interest in the Lithium JV with Tianqi Lithium Corporation (Tianqi), IGO has an indirect 24.99% stake in Greenbushes and a 49% stake in Kwinana. The A$1,855M investment into the lithium joint venture was funded via A$749M of new equity raised (net of costs) following the transaction announcement, A$862M proceeds (net of costs) from the divestment of the Company’s 30% stake in Tropicana and existing cash reserves. The transaction was completed on 30 June 2021. The investment is strongly aligned to IGO’s strategic focus on those metals critical to enabling clean energy and delivers both increased global relevance to IGO as well as downstream lithium exposure and greater connectivity to end users. GREENBUSHES LITHIUM MINE AND PROCESSING OPERATION Greenbushes is the world’s largest, lowest cost and highest grade hard rock lithium deposit and is located approximately 250km south of Perth, Western Australia. Greenbushes is operated as an incorporated joint venture, Talison Lithium, which is owned by the Lithium JV (51%) and Albemarle Corporation (49%). Greenbushes has a long and successful history as a mining operation and was one of the first mines established in Western Australia. Tin mining from Greenbushes first commenced in 1888, with lithium mining commencing in 1983. Spodumene ore is mined from a single, large open pit using traditional drill and blast mining methods and sent for processing by one of three established processing plants. Two of these plants, Chemical Grade Plant (CGP)1 and CGP2, produce chemical grade lithium concentrates (6.0% Li 2 O) with a combined installed production capacity of 1.2Mtpa. The single Technical Grade Plant (TGP) produces low-iron technical grade concentrates (5.0 – 7.2% Li 2 O) at a production rate of 150ktpa for the ceramics, glass and metallurgical markets. Greenbushes is one of only two operations globally which have the ore quality to produce technical grade concentrates. LithiumJoint Venture In December 2020, IGO announced a transformational transaction to invest into the Australian lithium assets of Tianqi, comprising a 51% interest in the Greenbushes Lithium Mine (Greenbushes), and 100% interest in the Kwinana Lithium Hydroxide Plant (Kwinana), both located in Western Australia. 20 — IGO ANNUAL REPORT 2021