2021 Annual Report

surveys in the Osmond Valley area. In the West Kimberley, DD was conducted at the Merlin and Quick Shears targets. In FY22, the initial focus will continue in the East Kimberley, and in the West Kimberley work will shift to the Sentinel area (Buxton Resources JV), where geological, geochemical and EM geophysical surveys will also commence. LAKE MACKAY Lake Mackay is a JV between IGO, Prodigy Gold NL and Castile Resources Pty Ltd (in parts), with IGO having earned up to a 70% interest over a holding of 4,780km 2 of granted tenements that straddle the border between Northern Territory and Western Australia. The project has demonstrated potential to deliver a range of mineralisation styles including copper-gold-silver, nickel- cobalt-manganese and gold. In FY21, the JV made strong progress toward maturing our understanding of the Grimlock, Swoop, Goldbug and Phreaker Prospects. Of note were high-grade copper-gold intersections identified late in FY21 by DD at Phreaker, including 4.5m at 3.03% Cu, 1.78g/t Au, 14g/t Ag from 562m and 17.47m at 2.13% Cu, 0.21g/t Au, 9g/t Ag from 575.23m in the second of three holes drilled 1 . Drilling at Phreaker has confirmed copper, gold and silver mineralisation over a 650m strike length and 430m vertical extent. At 30 June 2021, the latest results were still being assessed to determine how best to progress the project in FY22. COPPER COAST The Copper Coast Project is a 100% owned 7,519km 2 tenement package extending from Port Augusta to Bute in South Australia, which covers parts of the Torrens Hinge Zone (THZ), considered by IGO to be prospective for sediment-hosted copper mineralisation in a similar setting to that which hosts the giant Kamoa-Kakula copper system in the Democratic Republic of Congo (DRC). During FY21, IGO completed 3D modelling of gravity, magnetic and magneto-telluric survey data, defined prospective corridors, and completed two stratigraphic DD holes (totalling 2,300m) to test the interpreted stratigraphy for proof-of-process evidence to support the potential for significant sediment-hosted copper mineralisation in the area. At year end, both DD holes were still being analysed with a range of methods to help determine the next steps for the project. INNOVATION IGO has a proud history of developing and utilising the latest technologies available to help make our exploration programs safer, more efficient, and ultimately to deliver success in the form of discoveries. In recent years, our work has focused on areas including 3D seismic imaging and designing the next generation of EM equipment to more effectively conduct EM geophysical surveys. In FY21, we also made great progress in advancing innovation in the area of mineral geochemistry, with the first rounds of mineral analysis of IGO’s proprietary De Beers collection of heavy mineral concentrate samples. IGO is applying the latest Tescan Integrated Mineral Analyzer (TIMA) technology to understand the geochemical and mineral properties of these samples. The TIMA technology is enabling our team to process mineral samples on a mass scale at commercially viable costs, which will enable us to more efficiently identify potential new exploration targets from the extensive Australia-wide De Beers sample database. Case Study: Improved Exploration Techniques for Land Clearing IGO has extensive tenement holdings throughout Australia, characterised by different biological regions and important cultural heritage. IGO’s Exploration team operates in accordance with our Group Environmental Standards which focus on understanding and minimising our impacts on the land. IGO’s Exploration team employ a range of best practice technologies and techniques in our search for the next discovery. Most of our exploration practices have no, or limited, impact on the land, which ensures that we limit the clearing of vegetation and protect cultural heritage. When land clearing is required, primarily for drilling, the Exploration team conducts all earthmoving activities in accordance with our land clearing procedure. In FY21, IGO further strengthened its clearing protocols to improve planning and execution of land clearing operations, including: • appointment of a dedicated Heritage Coordinator in Exploration • bespoke training program for all personnel involved in the land clearing process; and • improvements to our spatial database to capture all relevant environmental and heritage information. IGO Exploration has also integrated an internal verification process before any land clearing is undertaken, where dedicated environment and heritage specialists review all planned land clearing. The updated process is designed to ensure IGO complies with all regulatory, native title and other stakeholder requirements, along with best practice for the given project before land clearing is carried out. Through updates to our land clearing procedure and additional training for our people, IGO has focused on greater protection of cultural heritage and minimisation of environmental disturbance. 1. ASX Release - PRX: Exceptional high grade copper intersections at the Phreaker Prospect within Lake Mackay JV, dated 24 May 2021. IGO ANNUAL REPORT 2021— 25