2021 Annual Report

It is our joint pleasure to summarise IGO’s achievements for the 2021 financial year. A TRANSFORMATIONAL YEAR As the impact of climate change on our planet becomes undeniable, global decarbonisation has become a political, financial and human imperative. To that end, advances in technology are now enabling the efficient and cost-effective generation, storage and consumption of clean energy, resulting in exponential growth in demand for electrified transport and grid-scale energy storage systems. In 2017, and in recognition of this emerging revolution, we redefined our purpose and strategy to become a globally relevant producer of metals critical to clean energy, and to do so in a manner which is ethical, responsible and sustainable. We believe that what we do, and how we do it, can really Make a Difference. In FY21, our focus on clean energy metals took a significant step forward with the transformational transaction to form a new lithium focused joint venture (Lithium JV) with Tianqi Lithium Corporation (Tianqi). This exciting transaction has resulted in IGO gaining exposure to a world-class lithium resource at Greenbushes and becoming co-owners of a lithium hydroxide downstream processing refinery at Kwinana – a fully integrated supply chain delivering high quality battery grade products to end users. In addition, we completed the successful divestment of our 30% stake in Tropicana, which we held in partnership with AngloGold Ashanti since discovery. While Tropicana is an outstanding asset, divestment offered us the opportunity to deleverage the balance sheet following the Tianqi transaction, while completing our strategic transition to become a truly diversified clean energy metals company with high quality nickel, copper, cobalt and lithium exposure. In recognition of the continuing growth of our business, IGO was admitted to the S&P/ASX 100 Index during FY21. This important milestone elevates IGO into the top-ranking listed companies in Australia and increases our global relevance to the investment community. BOARD SUCCESSION We were delighted to welcome Xiaoping Yang and Michael Nossal to the Board during December 2020. Xiaoping brings an impressive range of skills including strong technology development and innovation skills. With a deep passion for clean energy, and direct experience with solar, hydrogen and energy storage technologies, and significant experience in doing business in China, Xiaoping adds critical skills to the Board especially following our transaction with Tianqi. Michael is a highly regarded senior mining executive who brings strong strategy and business development skills, and a deep knowledge in the areas of exploration, project development and operations. Michael transitioned to the Chair position with effect from 1 July 2021 and we look forward to his contribution to our growing business. PRIORITISING OUR PEOPLE The continued success and growth of our business would not be possible without our incredible team of people who continue to be bold, passionate, fearless and fun – a smarter, kinder, more innovative team. As our greatest asset, our first responsibility is to keep our people safe, and we have continued to work on improving our safety performance throughout FY21 with our Total Reportable Injury Frequency Rate down from 16.9 in FY20 to 13.2. There is always more to do, but key lead and lag indicators have demonstrated an improvement over FY21. In addition, it is important we recognise that protecting our people goes beyond physical safety. IGO takes a holistic view, to include programs that support our team’s physical, mental and financial wellbeing. The support we provide in this area has been particularly important throughout FY21 as the COVID-19 pandemic continued to impact the way in which we all lived and worked. Thankfully, Western Australia, where the majority of our operations are located, has been relatively unaffected by the pandemic, however we acknowledge the additional pressure this unprecedented event has placed on our people and their families over the last 18 months. Our resilience as an organisation is a direct reflection of our strong culture and we are proud with the continued progress that has been made over FY21. Our recent 2021 Engagement Survey demonstrated the continued pride our people have for working for IGO and highlighted our culture, defined by our people as friendly, flexible, happy and ambitious. The culture we have built Chair & CEO Message Focusing on a sustainable future Peter Bradford, Managing Director & CEO and Peter Bilbe, Non-executive Director (Chair July 2011-June 2021) 4 — IGO ANNUAL REPORT 2021