2021 Annual Report

Notes to the consolidated financial statements 30 June 2021 (continued) Financial Performance This section of the notes includes segment information and provides further information on key line items relevant to financial performance that the Directors consider most relevant, including accounting policies, key judgements and estimates relevant to understanding these items. 1 Segment information (a) Identification of reportable segments Management has determined the operating segments based on the reports reviewed by the Board that are used to make strategic decisions. The Group operates predominantly in only one geographic segment (Australia). During the year, the following segments were in operation: The Nova Operation, the Tropicana Operation and Growth, which comprises Regional Exploration Activities and Project Evaluation. The Nova Operation produces nickel and copper concentrates. Revenue is derived primarily from the sale of these concentrates containing nickel, copper and cobalt to multiple customers. The General Manager of the Nova Operation is responsible for the budgets and expenditure of the Operation. The Nova Operation and exploration properties are owned by the Group's wholly owned subsidiary IGO Nova Pty Ltd. The Tropicana Operation represented the Group's 30% joint venture interest in the Tropicana Gold Mine. AngloGold Ashanti Australia Limited (AngloGold Ashanti) were the manager of the Operation and held the remaining 70% interest. The Tropicana Operation was sold effective 31 May 2021. The Group’s General Manager - Exploration is responsible for budgets and expenditure relating to the Group’s regional exploration, scoping studies and feasibility studies, and the Head of Corporate Development is responsible for budgets and expenditure relating to new business development. The Growth division does not normally derive any income. Should a project generated by the Growth division commence generating income or lead to the construction or acquisition of a mining operation, that operation would then be disaggregated from the Growth division and become reportable in a separate segment. IGO Limited 10 1 Seg ent infor ation (a) Identification of reportable seg ents anage ent has deter ined the operating seg ents based on the reports reviewed by the Board that are used to ake strategic decisions. The roup operates predo inantly in only one geographic seg ent (Australia). During the year, the following segments were in operation: The Nova Operation, Lithium Operations, the Tropicana Operation and Growth, which comprises Regional Exploration Activities and Project Evaluation. The Nova peration produces nickel and copper concentrates. Revenue is derived pri arily fro the sale of these concentrates containing nickel, copper and cobalt to ultiple custo ers. The eneral anager of the Nova peration is responsible for the budgets and expenditure of the peration. The Nova peration and exploration properties are owned by the roup's wholly owned subsidiary I Nova Pty Ltd. The Lithium Operations represent the Group's 49% share in the Lithium joint venture (JV) with Tianqi Lithium Corporation (Tianqi) over its Australian lithium assets. The JV focus is on the existing upstream and downstream lithium assets located in Western Australia, whereby the Group has an indirect 24.99% interest in the Greenbushes Lithium Mine (a JV with global lithium company Albemarle Corporation who hold 49%) and a 49% interest in the owned and op rated Kwina a Lithium Hydroxide Refi ery. The transaction complete on 30 J n 2021and t refore the is o im act on segment operating profit/(loss) for the curre t year. The investment is equity accounted by the Group. The Tropicana Operation represented the Group's 30% joint venture interest in the Tropicana Gold Mine. AngloGold Ashanti Australia Limited (AngloGold Ashanti) were the manager of the Operation and held the remaining 70% interest. The Tropicana Operation was sold effective 31 May 2021. The Group’s General Manager - Exploration is responsible for budgets and expenditure relating to the Group’s regional exploration, scoping studies and feasibility studies, and the Head of Corporate Development is responsible for budgets and expenditure relating to new business development. The Growth division does not normally derive any income. Should a project generated by the Growth division commence generating income or lead to the construction or acquisition of a mining operation, that operation would then be disaggregated from the Growth division and become reportable in a separate segment. Notes to The Consolidated Financial Statements 30 June 2021 IGO ANNUAL REPORT 2021 — 81