2021 Annual Report

LTI Measures The Board has also approved changes to the way in which the level of vesting will be calculated for: Reserve growth per share Reserve Growth per Share will be broadened to include assets that are both managed and unmanaged by IGO to reflect the up and downstream focus of the business and the changing nature of the assets within the IGO portfolio that unlock value for shareholders. The level of vesting will also be simplified to include a straight-line pro-rata vesting schedule over the achievement of 100% of baseline ore reserves. Reserve Growth per Share is defined as IGO share of ore reserve growth (managed and unmanaged) in excess of depletion over the time period per share. Growth in Ore Reserves per share performance Level of vesting Less than 100% of Baseline Ore Reserves 0% Above 100% of Baseline Ore Reserves Straight-line pro-rata between 33% and 100% 110% and above Baseline Ore Reserves 100% EBITDA average margin The vesting schedule will change to a straight-line vesting schedule to provide a simpler and fairer assessment of the actual value created for shareholders over the performance period. Group EBITDA Margin Level of vesting <20% 0% Above 20% per annum and below 40% per annum return Pro-rata straight line percentage between 33% and 100% ≥ 40% 100% The Board will also seek approval from shareholders at the 2021 AGM to make the changes noted above retrospectively for the Reserve Growth per Share and EBITDA Average Margin for the assessment of the FY19 and FY20 Performance Rights series for all participants of the program, including the Managing Director and CEO, Peter Bradford. Board Remuneration Following an extensive benchmarking process in FY21, the Board has approved changes to the Board fees for FY22. In FY22, the Board Chair fee will increase from $250,000 to $260,000 and the Non-executive Director fees will increase from $120,000 to $140,000. Committee chair fees will also increase from $20,000 to $25,000. Retention Retention of employees across the business, including Executive KMP, is of critical importance to the achievement of IGO’s strategic priorities. As such, key programs of work will continue in FY22 to focus sourcing and engagement strategies on recruitment and retention of local talent. Remuneration Review FY22 Prior to the FY23 recommendations for CEO and Executive KMP remuneration, a further analysis will be commissioned from a global remuneration specialist to provide the People & Performance Committee with additional information to align IGO Executive KMP remuneration to relevant global peers for FY23 and beyond. The following table reflects remuneration changes available to Executive KMP for FY22, effective 1 July 2022: Executive KMP Position Total Remuneration FY22 Total Remuneration FY21 TFR $ STI % LTI % TFR $ STI % LTI % Peter Bradford Managing Director & CEO 1,000,000 100 100 870,000 100 100 Kate Barker 1 General Counsel and Head of Risk & Compliance 450,000 50 50 400,000 50 50 Matt Dusci Chief Operating Officer 700,000 80 80 630,000 80 80 Andrew Eddowes Head of Corporate Development 400,000 50 50 380,000 50 50 Joanne McDonald Company Secretary and Head of Corporate Affairs 400,000 50 50 350,000 50 50 Sam Retallack Head of People & Culture 400,000 50 50 370,000 50 50 Scott Steinkrug Chief Financial Officer 525,000 50 80 460,000 50 80 1. The Board approved an increase in Ms Barker’s TFR from $350,000 to $400,000 effective 1 July 2020, to reflect the broadened nature of her role. Note: Due to an internal restructure Mr Sandl ceased to be an Executive KMP on 30 June 2021. IGO ANNUAL REPORT 2021— 63