2021 Annual Report

Directors’ Report — Remuneration report 30 June 2021 Performance Rights Vesting Schedules Relative TSR The vesting schedule of the 25% of performance rights subject to relative TSR testing is as follows: Relative TSR performance Level of vesting Less than 50th percentile 0% Between 50th and 75th percentile 50% plus pro-rata straight line percentage between 50% and 100% 75th percentile or better 100% Absolute TSR The vesting schedule of the 25% of performance rights subject to absolute TSR testing is as follows: Absolute TSR performance % of Performance Rights that will vest 10% per annum return 33% Above 10% per annum and below 20% per annum return Pro-rata straight line percentage between 33% and 100% Above 20% per annum return 100% Reserve growth per share The vesting schedule of the 25% of performance rights subject to Reserve growth per share testing is as follows: Reserve growth in Ore Reserves per share performance Level of vesting <90% of Baseline Ore Reserves 0% 90% of Baseline Ore Reserves 33% Above 90% of Baseline Ore Reserves and below 100% Straight-line pro-rata between 33% and 66% 100% Baseline Ore Reserves 66% Above 100% of Baseline Ore Reserves and below 120% Straight-line pro-rata between 66% and 100% 120% and above Baseline Ore Reserves 100% EBITDA average margin The vesting schedule of the 25% of performance rights subject to EBITDA average margin testing is as follows: Group EBITDA Margin Level of vesting <20% 0% ≥ 20% 33% ≥ 30% 66% ≥ 40% 100% Performance Rights Measurement Period Testing occurs three years from 1 July of the relevant financial year. Cessation of Employment In the event that the Executive KMP’s employment with IGO terminates prior to the vesting of all performance rights, outstanding unvested rights will be reviewed by the Board and may or may not vest, depending on the circumstances of the Executive KMP’s cessation of employment. Board Discretion The Board has absolute discretion to adjust performance rights vesting if, on assessment, absolute TSR is negative over the performance period. Peer Group The Company’s relative TSR performance for performance rights issued during FY21 will be assessed against a peer group comprised of members of the S&P ASX 300 Metals and Mining Index, as well as several mining companies listed on the Toronto Stock Exchange (TSX) and the New York Stock Exchange (NYSE). LTI - Non-executive Directors The overarching Employee Incentive Plan (EIP) permits Non-executive Directors to be eligible employees and therefore to participate in the plan. It is not currently intended that Non-executive Directors will be issued with share rights under the EIP and any such issue would be subject to all necessary shareholder approvals. 58 —IGO ANNUAL REPORT 2021