IGO Interactive Annual Report 2020

Chairman & CEOMessage SUSTAINABLE OPERATIONS Sustainability is a key pillar of IGO’s strategy, and our people are committed to ensuring we are able to deliver value and care over the long-term for all of our stakeholders. Reducing our impact on the environment through innovative thinking, processes and technology, is central to our strategy to be Proactively Green. During FY20, our partner Zenith Energy completed and successfully commissioned the 5.5MW solar farm at Nova with first power delivered during December 2019. The solar farm is designed to generate enough power to displace approximately 6,500 tonnes of CO 2 emissions per year, while also lowering costs at Nova. This demonstrates IGO’s commitment to reducing our carbon footprint. Elsewhere, we also continued to support our local community stakeholders, through high levels of engagement, offering employment opportunities and our active corporate giving program. During the year, we made financial donations to a number of organisations important to our host communities, including the Royal Flying Doctor Service, the Earbus Foundation WA and Madalah, as well as local community groups in Norseman and Esperance. As a result of our commitment to sustainability, IGO was proud to have been admitted to the Dow Jones Sustainability Index Australia in September 2019. This is an important recognition for the Company. IGO is placed in the top 30% of companies in the S&P/ASX 200 Index. CONTINUED OPERATIONAL PERFORMANCE During the year our teams at Nova and Tropicana delivered outstanding operational results, despite the challenging conditions. Key achievements during FY20 included: • Nova production exceeded our guidance range for all metals for the second year in a row • Tropicana delivered performance within guidance while progressing the development of the Boston Shaker Underground Mine to plan; and • We successfully progressed our extensive exploration portfolio toward discovery, with substantial drill programs testing numerous targets during the year, while also expanding our belt-scale land holdings. At Nova, we have continued on our journey to unlock productivity, cost savings and safety outcomes through technology and innovation. This is a work program that will continue at Nova and promises to deliver stronger returns and a more engaged workforce. At Tropicana, the focus during FY20 has been on delivering the first underground mine at Boston Shaker, which at the time of publication was on track to achieving commercial production in the September 2020 quarter. The development of this project on time and on budget, is testament to the ability and strong management of our joint venture partner, AngloGold Ashanti Australia and our key contractors. POSITIONED FOR GROWTH With our record of strong operational and financial performance, IGO is in an ideal position to deliver on our growth ambitions – both through exploration and discovery, and via disciplined mergers and acquisitions. During FY20, we continued our commitment to exploration and discovery to unlock the mines of the future. Our technical capability in this area is ‘best in class’, and we have built a portfolio of belt-scale projects which are highly prospective for commodities aligned to our clean energy metal strategy. In Western Australia, we continue to prioritise work on the Fraser Range, where we have systematically worked to discover repetitions of the Nova orebody over the past two years. Discovery on the Fraser Range would deliver significant value to IGO shareholders and this remains a key focus into FY21 and beyond. Elsewhere in Western Australia, we have expanded our belt-scale positions in the Kimberley and consolidated a new land package in the Paterson region which is highly prospective for Tier-1 copper and precious metals discoveries. In addition, we continued to progress the Raptor and Lake Mackay Projects in the Northern Territory, the Copper Coast Project in South Australia and the Frontier Project in Greenland. We also remain highly active in assessing opportunities to grow the business via mergers and acquisitions, as evidenced by the public takeover offer for Panoramic Resources Ltd in late 2019. While IGO did not proceed with this transaction, our team continue to review and conduct due diligence on a range of opportunities which are aligned to our strategy and which deliver superior returns for our shareholders. THANK YOU Despite the global challenges we are all facing, IGO is in a very strong position. This has been in large part thanks to our dedicated and hardworking people who have adapted to new ways of working and have continued to Make a Difference. We take this opportunity to thank our people for their contributions and their families and friends for their support. We also express our thanks to our host communities, suppliers, contractors, industry associations and regulators for their assistance throughout the year. Lastly, we would like to thank our shareholders and our employees, many of whom are also owners of the business, for your continuing support and trust in the Board and Leadership team. PETER BILBE CHAIRMAN PETER BRADFORD MANAGING DIRECTOR & CHIEF EXECUTIVE OFFICER STRATEGY AND PURPOSE IGO remains firmly focused on our strategy to become a globally relevant supplier of metals, which are critical enablers of the rapidly growing energy storage and renewable energy markets as well as electrification of transport. Despite the uniquely challenging global events during the year, demand for high quality, sustainably produced raw materials, such as nickel and copper, continues to increase as the world progresses down a pathway toward decarbonisation. IGO is excited to be part of and ideally positioned to benefit from this revolution, continuing to Make a Difference. We strongly believe that our reason for being goes far beyond merely being a mining company. We know we are accountable to all of our stakeholders in the way in which we go about our business, be they shareholders, employees, contractors, Traditional Owners, local communities or our customers. During FY20, we continued to pursue our commitment of value and care to deliver safe, reliable and sustainable operations while improving our operating and financial performance. OUR PEOPLE – OUR PRIORITY While the impact of the global COVID-19 pandemic has been disruptive on a global scale, the mining industry has demonstrated its ability to adapt quickly to changing circumstances and, importantly, proven its critical role in supporting the Australian economy. IGO is pleased to have played our part and are proud of our industry which has shown genuine care for the safety and wellbeing of its people and the broader community during this crisis. The pandemic has impacted all of us and continues to present unprecedented changes to the way we live and work. During the year, our people also faced the threat of bushfires at Nova, as well as the tragic death of one of our contractors' employees at Nova. At the time of writing it has been some 10 months since the accident and we continue to feel for the loss of his family and friends. These events impacted our team deeply and tested our unique culture, but we are proud of the way in which our people have supported each other and shown that we really are Better Together. Despite our ongoing commitment to safety, we are disappointed that our safety performance was below where we would like it to be, with our Total Reportable Injury Frequency Rate (TRIFR) increasing over the course of the year. As a result, we have implemented a Safety Improvement Plan focused on our systems of work, workplace hazard reduction and the behaviours known to lead to better safety outcomes. Board and management are acutely focused on this issue and we are confident these changes will result in an improvement in our future safety performance. The success of our business is a direct reflection of our culture and the level of engagement our people have with what we are aiming to achieve. We are pleased that our 2020 Engagement Survey found our people remain highly engaged and are proud to work for IGO. We have proactively worked to build a culture which is friendly, supportive, challenging and fun, and the feedback we have from our people is that they are energised and motivated to go the extra mile for IGO, a direct result of our culture. It is our joint pleasure to summarise IGO’s performance for the 2020 financial year. IGO ANNUAL REPORT 2020— 5 4 — IGO ANNUAL REPORT 2020