IGO Interactive Annual Report 2019

FRASER RANGE PROJECT - WESTERN AUSTRALIA Base Metals Project (IGO various ownership levels) In FY19, we continued to strengthen our position in the prospective Fraser Range, to the east of Kalgoorlie and Norseman in Western Australia, through joint venture agreements and new tenement applications. IGO holds the largest tenement position in the belt with a portfolio of approximately 14,000km 2 of tenure (not including the Tropicana Joint Venture). We consider the Fraser Range to be under-explored and highly prospective for orthomagmatic Ni- Cu-Co deposits, Volcanic Massive Sulphide Cu-Zn-Au-Ag deposits, and lode-style gold mineralisation. The Company leverages its exploration efforts from the Nova capital infrastructure, while also gaining further strategic knowledge from the Nova-Bollinger deposit through our in-house geologists and research efforts. Consequently, during the FY19 year, our exploration team has generated more targets and conducted significant drill testing along the Fraser Range than ever before. During the year IGO’s methodical exploration approach yielded discovery results at the Andromeda Cu-Zn-Au-Ag prospect and the identification of new mineralised mafic-ultramafic intrusions around Nova. Diamond and RC drilling at IGO’s Andromeda prospect, 75km north- northeast of Nova has extended mineralisation from around 120m strike length to well over 400m with intersections that include 16.4m @ 1.65% Cu, 2.46% Zn, 0.54g/t Au, 25.9g/t Ag (near true width) and 41.4m @ 1.47% Cu, 2.46% Zn, 0.35g/t Au, 22g/t Ag (not true width) 1 & 2 . The Themis and Pion gold prospects, located 60 and 70km northeast of Nova respectively, are new discoveries which validate the Company’s systematic regional exploration program. Results include 5m @ 10.9g/t Au from 49m (1g/t Au cut-off) enclosed within a broader interval of 25m @ 2.4g/t Au from 42m (0.1g/t Au cut-off) at Themis and 4m @ 3.8ppm Au from 86m at Pion 3 . Both prospects will be followed up in FY20. The regional Spectrem Airborne Electromagnetic (AEM) survey across the Fraser Range was completed during the year, bringing the total area covered by Spectrem to approximately 46,000 line-km. Numerous high-quality electromagnetic (EM) targets are now being methodically assessed and will be followed up using deep penetrating Low-Temperature and High-Temperature SQUID EM teams. IGO also plans to complete >180,000m of aircore and diamond drilling in FY20 to test the large number of geophysical and geochemical targets that have been, and continue to be, generated from our quality datasets assembled over the past few years. The Company’s regional aircore program, designed to map the geology under cover and for generating geochemical anomalies, will continue in the southern part of the Fraser Range, but the focus is now shifting to infill drilling around geological and geochemical anomalies generated over the past 18 months. WEST KIMBERLEY JOINT VENTURE – WESTERN AUSTRALIA Base Metals Project (IGO Manager and Option to Earn up to 80%) A highly prospective land position of approximately 3,470km 2 was acquired by IGO partnering with Buxton Resources. The West Kimberley project focuses on the Ruins Intrusive Suite in the King Leopold Oregon, the host of the Merlin Prospect. This prospect is the most significant magmatic Ni- Cu sulphide discovery in Australia since Nova-Bollinger and has opened up a new belt-scale Ni-Cu opportunity near the port town of Derby. IGO has arranged for a 6,100 line- km Spectrem AEM survey to be flown over key JV tenements across the area. Results are currently being analysed with follow up ground EM expected to generate new targets for drilling in FY20. LAKE MACKAY JOINT VENTURE – NORTHERN TERRITORY Base Metals-Gold Project (IGO JV Manager and 70% owner) The Lake Mackay Joint Venture with Prodigy Gold is located 400km northwest of Alice Springs. The JV has approximately 6,926km 2 of granted exploration licences and a further approximately 10,847km 2 of licence applications over an unexplored Proterozoic terrane, characterised by polymetallic base and precious metal mineral systems. Exploration is at an early stage and, until recently, was limited to a single tenement. Work programs during FY19 included soil sampling, a regional Spectrem AEM survey, follow up ground moving loop electromagnetic (MLEM) surveys and RC drilling. Elsewhere on the project, drilling at the Grimlock Prospect confirmed Co-Ni-Mn-Sc mineralisation in the lateritic duricrust profile, in all 10 holes drilled, with a highest-grade intersection of 1m @ 1.86% Co, 17.8% Mn, 0.89% Ni and 135ppm Sc 4 . Target testing of the remaining EM and soil anomalies is ongoing. At IGO, we are excited about our greenfield exploration projects and our best-in-class exploration team, who are bold, passionate, fearless and fun, as they strive to find the specialist metals that will make clean energy a reality for communities around the world. 1 ASX Release – 2018 Mineral Resources and Ore Reserves Update, dated 26 July 2018 2 ASX Release – CY18 Mineral Resources and Ore Reserves Estimate, dated 20 February 2019 3 ASX Release - Rumble Resources Significant High Grade Gold Minerlisation in Fraser Range, dated 1 July 2019 4 Lake Mackay JV Update: High grade cobalt intersected at Grimlock – PRX ASX Release 30 May 2019 IGO ANNUAL REPORT 2019 — 27