2021 Annual Report

Directors’ Report 30 June 2021 Your Directors present their report on the consolidated entity (Group) consisting of IGO Limited (IGO or the Company) and the entities it controlled during the year ended 30 June 2021. DIRECTORS The following persons held office as Directors of IGO during the whole of the financial year and up to the date of this report, unless otherwise noted: Peter Bilbe Peter Bradford Debra Bakker Kathleen Bozanic Peter Buck Michael Nossal 1 Keith Spence Neil Warburton 2 Xiaoping Yang 3 1. Michael Nossal was appointed a Non-executive Director on 18 December 2020. On 1 July 2021, the Company announced the appointment of Michael to the role of Chair, while Peter Bilbe transitioned to a Non- executive Director role. 2. Neil Warburton was a Non-executive Director from the beginning of the financial year until his resignation on 28 October 2020. 3. Xiaoping Yang was appointed a Non-executive Director on 1 December 2020. PRINCIPAL ACTIVITIES The principal activities of the Group during the financial year were nickel, copper and cobalt mining and processing at the Nova Operation, and up until its divestment on 31 May 2021, non-operator gold mining from the Company’s 30% interest in the Tropicana Operation, and ongoing mineral exploration in Australia and overseas. DIVIDENDS Dividends paid to members during the financial year were as follows: 2021 A$’000 2020 A$’000 Final ordinary dividend for the year ended 30 June 2020 of 5.0 cents (2019: 8.0 cents) per fully paid share 29,540 47,264 Interim ordinary dividend for the year ended 30 June 2021 of nil cents (2020: 6.0 cents) per fully paid share - 35,448 29,540 82,712 In addition to the above dividends, since the end of the financial year the Company has announced the payment of a fully franked final ordinary dividend of A$75,727,000 (10 cents per fully paid share) to be paid on 23 September 2021. OPERATING AND FINANCIAL REVIEW This review should be read in conjunction with the financial statements and the accompanying notes. COMPANY OVERVIEW IGO Limited is a leading ASX-listed mining and exploration company with a strategic focus on metals that are critical to energy storage and renewable energy. Headquartered in Perth, Western Australia, IGO owns and operates 100% of the Nova nickel-copper-cobalt operation in Western Australia’s Fraser Range. On 30 June 2021, IGO also completed a transaction to invest into the Australian lithium assets of Tianqi Lithium Corporation. Until its divestment on 31 May 2021, the Company also owned 30% of the Tropicana Gold Mine, a joint venture (JV) with AngloGold Ashanti Australia in Western Australia’s goldfields region. The Company is actively pursuing growth through a combination of exploration – to discover the mines of the future – and disciplined corporate activity to secure opportunities via mergers and acquisitions. Further details of business activities of the Group are outlined here: • The Nova Operation, 100% owned, was acquired as a development stage project via the acquisition of Sirius Resources NL in September 2015. The Nova Operation is located in the Fraser Range, approximately 140km east northeast of Norseman, 360km southeast of Kalgoorlie and 380km from the Port of Esperance in Western Australia. The Ngadju People are the Traditional Owners of the land. The Nova Operation comprises an underground mine consisting of two orebodies, Nova and Bollinger. The Nova- Bollinger magmatic nickel-copper deposits are hosted within the lower granulite facies mafic rocks of the Fraser Zone of the Albany-Fraser Orogen. The host rocks of the Nova- Bollinger deposit consist of a suite of meta-gabbroic to meta-picrite cumulates which have been metamorphosed to a high metamorphic grade. These units are interpreted to have been emplaced as a layered sill in an extensional sedimentary basis. The deposit is situated on the north- western side of an eye-like structural feature which is best seen in regional and ground magnetics. In addition, the Nova Operation consists of a processing facility with nameplate production capacity of 1.5 million tonnes per annum that produces both nickel and copper concentrates, and associated non-processing infrastructure. Commercial production was declared at the Nova Operation on 1 July 2017, with nameplate production capacity reached shortly thereafter. Nova has since demonstrated steady state production at or above the nameplate 1.5 million tonnes per annum rate. • On 30 June 2021, the Company announced the completion of the transformational transaction to form a new lithium JV with Tianqi over its Australian lithium assets of which IGO has a 49% interest. The Lithium JV will initially focus on the existing upstream and downstream lithium assets located in Western Australia, which include a 51% share of the Greenbushes Lithium Mine (a JV with global lithium company Albemarle Corporation who hold 49%) and the 100% owned and operated Kwinana Lithium Hydroxide Refinery (Kwinana). Directors’ Report 30 JUNE 2021 38 —IGO ANNUAL REPORT 2021