2021 Annual Report

Directors’ Report — Remuneration report 30 June 2021 Growth and Strategy 1 40% weighting 74% achieved (29.6% outcome) Complete nominated number of agreed strategic priorities. Assesses performance achieved to deliver a suite of strategic initiatives, brownfields/greenfields opportunities and value accretive M&A opportunities important to growing shareholder value. Planned progress was achieved on a range of other strategic priorities and timelines along with the progression of the Company’s greenfields and brownfields exploration programs, and inorganic growth program. Board Discretion 28.2% outcome Outstanding operating and financial performance. COVID-19 Response/Business continuity. The Board has discretion to adjust KPI awards when internal or external events materially impact KPI performance and/or achievement. To reflect the delivery of outstanding operating and financial results within the context of a challenging operating environment due to the COVID-19 pandemic, which required a consistent and cohesive response from Executive KMP, the COVID-19 response team and all employees, the Board decided to apply upwards discretion to increase the company STI score to 100% for FY21. Total outcome 100% In addition to the achievement of the KRAs on the scoreboard above, the CEO also had a number of individual KPIs to drive the strategic and culturing outcomes, which the Board rated at 100%. FY21 Discretionary Bonus In addition to the upwards discretion applied via the STIP, the Board also approved an additional payment, in the form of a cash bonus, to those individuals who contributed to the delivery of the transformational Tropicana and Tianqi transactions and the debt and equity funding. The total additional cost of this award was $2,000,000. Awards made to Executive KMP are outlined below. FY21 STIP OUTCOMES 1 Executive KMP Position FY21 Potential STI 2 % FY21 STI Declared 3 $ FY21 Discretionary Bonus 4 $ FY20 Potential STI 5 % FY20 STI $ Peter Bradford Managing Director & CEO 100 870,000 300,000 100 635,000 Keith Ashby 6 Head of SHEQ & Risk - - - 50 130,000 Kate Barker General Counsel and Head of Risk & Compliance 50 200,000 185,000 50 129,000 Matt Dusci Chief Operating Officer 80 504,000 120,000 80 373,000 Andrew Eddowes Head of Corporate Development 50 184,300 160,000 50 139,000 Joanne McDonald Company Secretary and Head of Corporate Affairs 50 171,500 50,000 50 127,000 Sam Retallack Head of People & Culture 50 181,300 50,000 50 137,000 Ian Sandl General Manager - Exploration 50 188,000 - 50 138,000 Scott Steinkrug Chief Financial Officer 50 230,000 185,000 50 170,000 1. The service rights component of the FY20 STI were classified as an LTI in the FY20 Remuneration Report. These service rights have been reclassified and included in FY20 STI in the table above for comparative purposes. 2. % of TFR (base salary plus superannuation). 3. To be paid in August 2021 - 50% in cash and 50% in service rights (vesting in equal parts in September 2022 and September 2023). 4. Discretionary bonus as approved by the Board for FY21 performance to be paid in August 2021. 5. FY20 STI comprises 50% in cash (paid in August 2020) and 50% in service rights (vesting in equal parts in September 2021 and September 2022). 6. Mr Ashby resigned effective 27 November 2020 therefore is not entitled to an STI for FY21. 1. Due to the sensitive nature of some corporate KPIs the full detail on measures and achievement is confidential. 2. Total weighting increased to 125% with the addition of the Board Discretion KRA. 56 —IGO ANNUAL REPORT 2021