2021 Annual Report

is one of our competitive advantages, our people want to be part of our future and we receive consistent feedback from our people that they are excited about our purpose and strategy and enjoy being part of the IGO community. A SUSTAINABLE BUSINESS How we go about our business is as important as what we do. Our sustainability as a business relies on us ensuring we consistently deliver value and care to all of our stakeholders. During FY21, we refined our sustainability model, which is now built around seven key pillars. This model, which is included in this report, will help guide IGO’s future sustainability practices and reporting and provide a consistent framework against which our performance can be measured. Some of the areas we focus on most are the reduction of our carbon emissions and impact on the environment, as well as the engagement with our local communities and ensuring the integrity of our supply chain. In FY21, our solar farm at Nova continued to deliver a significant reduction in diesel usage and consequently, carbon emissions. In addition, we have made substantial progress in reducing non-recyclable waste streams from both operations and remote exploration activities – yet another way we are ensuring we minimise our impact on the planet. We also continued to support the local communities in which we operate through both financial and non-financial support for organisations focused on child health and education. As well as providing over A$904,000 of funding through our Corporate Giving Program, IGO supports a range of organisations through employee volunteering programs and in-kind contributions that deliver positive outcomes in our community. We also produced our first Modern Slavery Statement, which outlines the steps that IGO has taken to assess modern slavery risks within our operations and supply chains, and the actions we have taken to address those risks. IGO takes great pride in the transparency with which we report on sustainability measures. Our 2021 Sustainability Report, which can be read in conjunction with this document, is a comprehensive record of our performance over FY21 and we encourage you to review this document in due course. Our commitment to sustainability continues to be recognised by third-party agencies. For the second year running, IGO is a constituent in the Dow Jones Sustainability Index Australia, with a ranking in the 85th percentile and being one of just nine mining companies in the Index. In addition, IGO was included in the S&P Global Sustainability Yearbook for 2021, being one of 13 mining companies globally and one of two Australian mining companies who were admitted. This is a record we are proud of and one we intend to maintain. SUCCESSFUL OPERATIONS FY21 was another highly successful year at our Nova Operation, while Tropicana also delivered strong outcomes before our divestment in May 2021. At Nova, our FY21 production for all metals exceeded our guidance range, with cash cost performance benefiting from both the higher nickel volumes and higher by-product metal prices. The strong results for FY21 confirm Nova’s position as one of the highest margin nickel operations globally. Our continuing strong delivery from Nova was made possible by our onsite team who maintained a consistent focus on operational excellence and continuous improvement. Key achievements in FY21 included significant progress in areas of recovery improvement, paste plant optimisation and mine optimisation. This focus will continue into FY22. Tropicana, which was divested in May 2021, also delivered to expectation with solid gold production and costs within guidance. We take this opportunity to thank AngloGold Ashanti for their partnership at Tropicana over many years, and wish them and Regis Resources, the new partner, a prosperous future. The continued strong operational performance resulted in equally strong financial performance, and we are proud to have recorded record revenue, net profit and free cash flow generation in FY21. We have also ended FY21 with an exceptionally strong balance sheet, with A$529M in cash and no debt. GROWTH While we have witnessed significant transformation in the business over FY21, IGO remains focused on further growth opportunities. Exploration remains a critically important part of our business and a key area of competence and capability. Chronic underinvestment in exploration by the mining industry will impact on the ability to deliver the mines of the future and the products needed for the next generation of technology. With a large but highly prospective exploration portfolio, IGO is making a significant and enduring commitment to reverse this trend and is investing in some of the most prospective land positions in Australia for both nickel and copper. We believe we have the portfolio of tenements, the team and the tenacity to deliver transformational discovery and value creation for our shareholders. In addition, we continue to assess further opportunities to grow via accretive mergers and acquisitions. THANK YOU The work we do would not be possible without the commitment and support of our people and their families, and we thank you all for your ongoing commitment to Making a Difference. We also take this opportunity to thank our host communities, suppliers, contractors, industry associations and regulators for their continued support. Finally, we thank our shareholders for your continuing support and trust in the Board and Leadership team. Peter Bilbe Non-executive Director (Chair between July 2011 and June 2021) Peter Bradford Managing Director & Chief Executive Officer MESSAGE FROM PETER BILBE This is the last Annual Report I will be involved with at IGO before I retire from the Board in November 2021. Over the 12 years I have been with IGO, the business has matured and grown tremendously and the opportunity ahead for the business is incredibly exciting. I would like to thank my fellow Board members and the broader IGO team, past and present, for their support over the years, and wish Michael Nossal all the best as Chair. IGO ANNUAL REPORT 2021— 5