2021 Annual Report

FRASER RANGE The Fraser Range Project in Western Australia is a priority search space for IGO given its proximity to IGO’s existing Nova Operation and the potential of this area to host another Nova-style magmatic nickel-copper-cobalt orebody. The Fraser Range Project granted tenement package totals some 10,300km 2 and extends over a total distance of some 430km. The tenements are held by IGO 100% as well as through numerous Joint Ventures (JVs) with IGO holding various levels of majority ownership. During FY21, our exploration efforts on the Fraser Range were concentrated on the tenement areas located to the south of the Trans Australian Railway and included a focus on the Nova near-mine area, including the Orion and Chimera targets, tenements along the Nova to Silver Knight corridor, and the Southern Hills area. Work programs included extensive moving-loop electromagnetic (MLEM) surveys, and over 76,000m of air core (AC) drilling and close to 10,000m of diamond drilling (DD) to follow-up various key targets. The Copernicus target, located 8km south of Creasy Group’s Silver Knight deposit 1 , was drilled during the year, with the holes intersecting a prospective ‘chonolith’ (worm-like) mafic-ultramafic intrusion with disseminated magmatic Ni and Cu sulphides. Further work is planned during FY22. The Southern Hills area, which occurs southwest and along trend of Nova, has multiple untested targets which IGO believes are prospective for Nova-style mineralisation. Access to Southern Hills was successfully negotiated during FY21 and work commenced to screen high priority geophysical, geochemical and geological anomalies with MLEM surveys. In FY22, the drill testing of high-quality targets will continue, with a significant focus around Nova and across the southern Fraser Range, including the Southern Hills area, the Boadicea JV tenements and the Nova-Silver Knight corridor. Regional Exploration & Development PATERSON The Paterson Project comprises four key tenement positions held either 100% by IGO or via joint venture rights with Encounter Resources Limited, Antipa Minerals Limited and Cyprium Metals Limited (previously Metals X Limited). The combined granted tenements cover about 6,300km 2 in area, second only in size in the region to exploration major Rio Tinto. The Paterson Project presents a belt-scale opportunity to find and develop Tier-1 sediment-hosted copper-cobalt and intrusion-related copper-gold deposits. IGO recognises the significant potential for discovery in the Paterson region, and in FY21 increased its level of activity and expenditure to advance the various land holdings toward potential discovery. On the Antipa Minerals JV tenements, encouraging results from AC drilling have extended the strike length of the Poblano gold-copper-silver trend, while DD on the Encounter JV tested electromagnetic (EM) geophysical targets, soil geochemical anomalies and favourable stratigraphy. In FY22, IGO plans to undertake significant work programs on the Cyprium and Encounter Resources JV tenements, including extensive soil geochemical and electrical geophysical surveys, as well as funding AC drilling over key areas on all three JVs. KIMBERLEY The Kimberley Project in Western Australia is a belt-scale project spanning nearly 2,500km 2 of granted tenements which are highly prospective for high value magmatic nickel-copper sulphide discoveries. The project covers a Proterozoic belt that has proven magmatic nickel-copper-cobalt sulphide mineralisation that includes the Savannah Mine in the East Kimberley, and the more recent Merlin nickel- copper discovery in the West Kimberley (within the Buxton Resources JV). In FY21, IGO commenced its first field exploration program in the East Kimberley comprising geological, geochemical and EM geophysical 1. IGO announced an agreement to acquire Silver Knight on 27 July 2021. 24 — IGO ANNUAL REPORT 2021 Exploration