2021 Annual Report

TROPICANA OPERATION As discussed above, on 31 May 2021, IGO announced the completion of the divestment of its 30% interest in the Tropicana Gold Mine to Regis. Accordingly, the results and commentary below reflect the year-to-date to 31 May 2021. During the year, total material mined was 29.4M bank cubic metres, which comprised of 2.6 million tonnes of the open cut ore (>0.6 grams per tonne Au), 0.76 million tonnes of the underground ore and 72.0 million tonnes of waste material. The average grade mined for full grade ore (>0.6 grams per tonne Au) was 1.85 grams per tonne Au for the year. Ore milled was 8.3 million tonnes while mill feed grade and recovery were 1.50 grams per tonne and 90.5% for the year, respectively. The development of the Boston Shaker underground mine commenced in May 2019. The mine transitioned into commercial production in the September 2020 quarter on schedule, below the A$105.7 million budget and importantly, with no recordable safety incidents. Revenue from the Tropicana Operation for the period was A$243.3 million. The Company’s share of gold refined and sold was 110,402 ounces. Cash costs per ounce produced, which comprises the costs of producing gold at the mine site and includes credit adjustments for waste stripping costs, capitalised mine development costs and inventory build and draw costs, were A$1,081 per ounce, while all-in sustaining costs (AISC) per ounce sold were A$1,720 per ounce. AISC comprises cash costs and capitalised sustaining deferred waste stripping costs, capitalised mine development costs, sustaining exploration costs, sustaining capital and non-cash rehabilitation accretion costs. AISC excludes improvement capital expenditure and greenfield exploration expenditure. The table below outlines the key results and operational statistics during the current year to 31 May 2021 and prior year. TROPICANA OPERATION 2021 2020 Total revenue A$'000 243,257 290,078 Segment operating profit before tax A$'000 67,264 98,282 Total segment assets A$'000 - 357,643 Total segment liabilities A$'000 - 57,785 Open Cut: Gold ore mined (>0.6g/t Au) '000 tonnes 2,642 10,640 Open Cut: Gold ore mined (>0.4 and 0.6g/t Au) '000 tonnes 157 1,898 Underground: Ore mined '000 tonnes 760 - Waste mined '000 tonnes 71,867 79,796 Open Cut: Gold grade mined (>0.6g/t) g/t 1.85 1.59 Underground: Au Grade Mined g/t 3.14 - Ore milled '000 tonnes 8,283 8,684 Gold grade milled g/t 1.50 1.84 Metallurgical recovery % 90.5 90.1 Gold recovered ounces 362,129 463,717 Gold produced ounces 364,751 463,118 Gold refined and sold (IGO share) ounces 110,402 141,169 Cash Costs A$ per ounce produced 1,081 806 All-in Sustaining Costs (AISC)* A$ per ounce sold 1,720 1,171 * All-in Sustaining Costs is a measure derived by the World Gold Council. On 27 June 2013, the Council released a publication outlining definitions of both Cash Costs and All-in Sustaining Costs. IGO ANNUAL REPORT 2021— 43