IGO Annual Report 2022

Annual Report 2022 We believe in a green energy future

FY22 Snapshot 2 Chair’s Message 5 CEO’s Message 7 Celebrating 20 Years 8 CFO Report 10 Our Strategy 12 Operations and Exploration 16 Our Sustainable Business 40 Corporate Governance 47 Directors’ Report 57 Remuneration Report 59 Financial Report 85 Contents Who We Are IGO Limited is an ASX 100 listed Company focused on creating a better planet for future generations by discovering, developing and delivering products critical to clean energy. We are a purpose-led organisation with strong, embedded values and a culture of caring for our people and our stakeholders. We believe we are Making a Difference by safely, sustainably and ethically delivering the products our customers need to advance the global transition to decarbonisation. Through our upstream mining and downstream processing assets, IGO is enabling future-facing technologies, including the electrification of transport, energy storage and renewable energy generation. IGO’s nickel business includes the Nova and Forrestania Operations and Cosmos Project, all of which are located in Western Australia. Nova and Forrestania are operating underground mining and processing operations, while Cosmos is a development stage project with first production expected mid-2023. Our lithium interests are held via our 49% interest in Tianqi Lithium Energy Australia Pty Ltd (TLEA), an incorporated joint venture with Tianqi Lithium Corporation (Tianqi). TLEA owns upstream and downstream lithium assets, including a 51% stake in the Greenbushes Operation and a 100% interest in a downstream processing refinery at Kwinana in Western Australia to produce battery grade lithium hydroxide. IGO is also focused on discovering the mines of the future and has an enduring commitment to investing in exploration to ensure the world has a sustainable supply of clean energy metals into the future. Our Values Our Purpose Making a Difference We believe in a world where people power makes amazing things happen. Where technology opens up new horizons and clean energy makes the planet a better place for generations to come. Our people are bold, passionate, fearless and fun – we are a smarter, kinder and more innovative company. Our work is making fundamental changes to the way communities all over the world grow, prosper and stay sustainable. Our teams are finding and producing the products that will make energy storage mobile, efficient and effective enough to make long-term improvements to the lifestyle of hundreds of millions of people across the globe. How? Developments in battery storage technology are enabling the full potential of renewable energy to be realised, by allowing energy produced from the sun, wind and other sources to be stored and used when and where it’s needed. This technology will impact future generations in ways we cannot yet imagine, improving people’s quality of life and changing the way we live. We believe in a green energy future and by delivering the products needed for tomorrow’s battery systems, we are making it happen. We are the IGO Difference. Our Strategy Informed by our purpose, our strategy is to become a globally relevant supplier of metals-based products that are critical for clean energy – to create a better planet. We are committed to delivering this strategy by: • producing a diverse suite of products made safely, ethically, sustainably and reliably • connecting with end users through vertical integration • committing to being carbon neutral; and • engaging with our people who are bold, passionate, fearless and fun – a smarter, kinder, more innovative team. About This Report This Annual Report is a summary of IGO and its subsidiary companies’ operations, activities and financial position as at 30 June 2022. All dollar figures are expressed in Australian dollars (AUD) unless otherwise stated. Our purpose of Making a Difference drives our sustainable business. The seven pillars of our sustainability framework can be found on page 40, together with a summary of each pillar. Further detail on each pillar can be found in our 2022 Sustainability Report. IGO completed the acquisition of Western Areas Limited (Western Areas) on 20 June 2022. Due to only having control of these assets for 10 days prior to year end there is limited reporting included in this Annual Report. The assets will be incorporated in full in our next Annual Report. This report includes certain non-IFRS financial measures, including underlying measures of EBITDA and free cash flow. The meanings of individual non-IFRS measures used in this report are set out in the Glossary on page 160. Non-IFRS measures should not be considered as alternatives to an IFRS measure of profitability, financial performance or liquidity. Be Better Together We empower, support and respect each other. We act safely and with care, to the strengths of our people. Ignite The Spark We seek, question, innovate and create. We know that without a burning curiosity and bright thinking, we risk missing the really big opportunities. See Beyond We know that our actions today will impact the world of tomorrow. We believe our people, community and the environment really matter. Run Through The Sprinklers We find the fun in what we do. When our workplaces are healthier and happier, we are better. Never Stand Still We are bold, adventurous and excited for the future. We imagine new opportunities and seek new horizons. IGO ANNUAL REPORT 2022— 1

100% focused on clean energy metals FY22 Snapshot Financial Summary Benefited from significant growth within our Lithium Business Receipt of first dividend from TLEA following a year of strong production growth and progress on planned expansion projects. Delivered on our commitment to our people Maintained high level of employee engagement through our holistic approach to health and wellbeing, by continuing to develop our benefits programs and effectively managing the impact of COVID-19. Sustainability Highlights Our lithium business, owned and operated via the TLEA joint venture, in which IGO hold a 49% interest, delivered an outstanding year of growth, with the acceleration of expansion projects at the Greenbushes Operation (IGO: 24.99%, via TLEA: 51%) and the successful commissioning of the Kwinana Lithium Hydroxide Refinery (Kwinana Refinery or Refinery) (IGO: 49%, via TLEA: 100%) with first production of battery grade lithium hydroxide achieved in May 2022. The TLEA portfolio represents a truly integrated lithium business which is well positioned to supply battery grade lithium hydroxide to the global lithium‑ion battery supply chain. Production growth, together with a significant appreciation in lithium product pricing, saw TLEA generate excellent financial results and deliver a net profit of $176.7 million (IGO’s share) together with an inaugural dividend to IGO. We also delivered growth within our nickel business. Underpinned by the consistently strong performance from our Nova Operation, IGO successfully acquired Group Revenue $903M ( 34%1) Net Profit After Tax Underlying Free Cash Flow $331M ( 40%2) $312M ( 14%) Acquisition of Western Areas IGO acquired Western Areas by way of a Scheme of Arrangement, with Western Areas shareholders receiving $3.87 per share cash consideration. Consistent operating performance at Nova $1.95/lb Nova production within guidance, while cash costs of $1.95/lb cemented Nova’s position as the lowest cost nickel operation in Australia. Ni (payable) 1. From continuing operations 2. FY21 NPAT included gain on sale of Tropicana of $385M. Western Areas in late June 2022. This transaction enhances IGO’s nickel resources and reserves, and diversifies our nickel business to include operating, development, feasibility and exploration assets, all of which are substantially located in Western Australia. In parallel to integrating the Western Areas assets into the IGO business, we have commenced a program of work to understand the opportunity to invest in downstream processing to produce nickel sulphate, another key material in the production of lithium-ion batteries. Importantly, IGO retained its focus on our people throughout this busy and successful period, ensuring we continue to foster our unique culture and focus on attracting and retaining the best people to our business. Our people, on an unwavering and consistent basis, have shown their commitment and resilience throughout FY22, delivering on our strategy and rising to the ongoing challenges of COVID-19. In FY22, IGO maintained its focus on building a globally relevant business focused on clean energy metals. We were proud to be included in the Dow Jones Sustainability Index Australia for the third year running and in the S&P Sustainability Yearbook for the second year running. IGO ANNUAL REPORT 2022— 3 2 —IGO ANNUAL REPORT 2022

Further, the Board is pleased with the progress that has been made on our response to climate change, with commitments to the expanded solar farm and energy storage system at Nova, placing the business on a path toward achieving our aspiration to be carbon neutral by 2035. Looking ahead, we are focused on IGO’s continuing transformation. The first phase of our transformation has delivered a very different IGO today in terms of the complexity of our business and our market size compared to three years ago and we are planning for it to be very different again in three years’ time. Recognising that, and as set out in our Remuneration Report, we have aligned executive remuneration with where IGO is today and where we are going, and are in the process of strengthening our executive team. As part of this process, the Board has engaged with our Managing Director and CEO, Peter Bradford, to understand his medium-term plans and I am delighted to report that Peter has no current plans to retire for at least three years and remains committed to IGO’s continuing transformation and evolution. We have accordingly worked to ensure that Peter’s remuneration package appropriately recognises the Company’s increased scale and complexity and incentivises him for the next phase of our journey. Near term, the Board is focused on the successful integration of Western Areas into IGO, the development of Cosmos through to first production in mid-2023 and the continued expansion of the lithium business at Greenbushes and Kwinana. I would like to welcome everyone who has joined IGO from Western Areas and to acknowledge the work of the Western Areas Board in building the company, and thank the Directors for the highly professional way in which the transfer of ownership was conducted. We continue to review the combined skills and experience of our Board to ensure we are prepared for the challenges ahead. As part of that process, we recently welcomed to the Board Trace Arlaud, a highly experienced mining executive with strong technical skills. In closing, I would like to thank the executive team and everyone at IGO for their efforts during a challenging and highly productive year, and my fellow directors who have provided excellent guidance and support to the business over the last 12 months. I would also like to extend a personal thank you to Peter Bilbe who provided invaluable advice and counsel as he transitioned off the Board during the year. Finally, I wish to thank our suppliers, host communities and of course, our shareholders, for your ongoing support for IGO, as we continue our important work toward Making a Difference. Michael Nossal Chair FY22 was another highly successful year, during which IGO delivered strong operating and financial results and established itself as a leading provider of products critical to clean energy. During this exciting period of transformation, IGO formally commenced its involvement in the TLEA joint venture and expanded its nickel business via the acquisition of Western Areas. These transactions have positioned IGO with a diverse portfolio spanning production, development, feasibility and exploration, with a focus on nickel, copper, cobalt and lithium. Importantly, the success we have delivered in the past 12 months has been achieved without compromising on safety, health and wellbeing. The Board takes safety incredibly seriously, and while we have achieved consistent improvements in our lead safety indicators, the Board is disappointed in the deterioration of some of our lag safety indicators, with Total Reportable Injury Frequency Rate (TRIFR) at 30 June 2022 of 14.1, representing a slight increase from 13.2 at 30 June 2021. As always, we can do better, and the Board is ensuring high levels of oversight in this critical area. Most importantly, the number of serious incidents has decreased, as has the severity of injuries recorded. Our emphasis on health and wellbeing and level of care has helped IGO proactively manage the increasing prevalence of COVID-19 with minimal impact on the business. In FY22, the Board has focused on several key work areas designed to ensure oversight of IGO’s environment, social and governance (ESG) performance, and our sustainability programs in general. These included improved workplace culture, continued development of our relationships with Traditional Owners and our response to climate change. The concepts of inclusivity and diversity have long been part of IGO’s unique culture and something we are all proud of. However, recent independent and government led reports have highlighted the broader mining industry has a lot more work to do in this area. IGO has had an ongoing program of work to ensure that our culture is one that creates a safe and inclusive environment for all of our people. Our employee surveys and other similar data provide comfort to the Board that IGO has the systems in place to ensure our people feel empowered to report any behaviour that is not aligned with our values. However, like safety more broadly, the Board looks for continuous improvement in this area. We have also remained focused on our relationships with Traditional Owners given the high levels of ongoing exploration activity across our broad portfolio. In particular, through formal and informal training and education programs, we seek to ensure that every IGO employee understands their responsibilities to not act against the interests and concerns of the host communities in which we operate. Focus on a sustainable future Chair’s Message FY22 was another highly successful year, during which IGO has established itself as a leading provider of products critical to clean energy. Acknowledgements We acknowledge the Traditional Owners of the land on which we operate and on which we work. We recognise their connection to land, waters and culture, and pay our respects to their Elders past, present and emerging. Nova Solar Farm IGO ANNUAL REPORT 2022— 5

Continued growth extensions to the Silver Knight sulphide ore body, proximal to Nova, as well as the further maturation of our knowledge of the geology at the Paterson, Kimberley and newly acquired Broken Hill projects. All that we have achieved in FY22 could not have been possible without our people who have continued to embody the IGO purpose and values and remain highly engaged with our business. Our talented team have helped IGO deliver on our transformation and continue to be bold, passionate, fearless and fun – a smarter, kinder, more innovative team. Their resilience was tested in FY22 as a result of increased COVID-19 infection rates in Western Australia which impacted the health of themselves and their families and necessitated a number of changes to how we operate our business. I am proud of the way in which all our people showed care, adaptability and patience during this time and that we were able to avoid any material disruption to our business. In conclusion, I would like to extend my thanks to the Board, for their support of our growth ambitions and commitment to sustainability, and to our Executive Leadership Team (ELT) for guiding our business through a period of profound growth, change and uncertainty. Thank you also to our people who turn up to work every day with outstanding enthusiasm, knowledge and passion for our purpose and strategy. My gratitude extends to our new colleagues who have joined us from Western Areas. We are delighted to welcome you to our business and look forward to, collectively, embarking on the next phase of the IGO journey – I truly believe we will be better together. Finally, I would like to acknowledge the work of our key contractors, the engagement from our communities and the support from our shareholders. We are looking forward to an exciting future as we continue to build a globally relevant business focused on the sustainable and ethical production of clean energy products. Thank you. Peter Bradford Managing Director and Chief Executive Officer It is my great pleasure to report on another outstanding year for IGO. While there have undoubtedly been challenges throughout the year, our team of amazing people have demonstrated the power of working together toward a shared goal – by Making a Difference. In FY22, we have continued to transform our business into a uniquely positioned supplier of products critical to clean energy. This transformation has included a continuing improvement and development of our distinct culture, which promotes diversity, inclusion, development and care. It has included the ongoing enhancement of how we approach and manage our external stakeholders and improve our environmental credentials. And it has seen us further evolve our portfolio through the successful acquisition of Western Areas. Everyone at IGO can rightfully be proud of what we have achieved in FY22 as our business has become an important participant in the clean energy transition. At the core of our strategy is our belief that we have a critical role to play in the decarbonisation of our planet. Through the nickel, copper, cobalt and lithium products we are delivering to our customers, we are enabling the manufacture of high-performance lithium-ion batteries which, thanks to the accelerating roll out of electrified transport, are helping to displace fossil fuel emissions and the resulting impacts on the environment. We continue to be focused on operating our business to the highest environmental, social and governance standards on the belief that how we work is as important as what we do. Our nickel business, which has recently expanded following the Western Areas transaction, has performed well. Nova nickel production was within guidance and cash costs were better than guidance for FY22, while we continued to advance development of the Silver Knight project. We have also worked quickly to integrate our new colleagues from Western Areas into the IGO family, and progress important programs of work designed to optimise the Cosmos and Forrestania operations and deliver synergies. Our lithium business, which includes the fully integrated Greenbushes Operation and the Kwinana Refinery, has also performed well in FY22, with a strong focus on executing expansion and growth projects. Expansion at Greenbushes has lifted production by 96% over the year, and the Refinery achieved an important milestone through the first production of battery grade lithium hydroxide – the first time this has been achieved in Australia. Exploration and discovery have continued to be a core focus for IGO and remains an area which we believe can deliver excellent organic growth for our business. In FY22, our teams focused on identifying and testing targets across our broad portfolio, while also expanding our target commodities to include lithium and rare earth elements. I highlight the notable progress toward identifying CEO’s Message Nova Core Yard IGO ANNUAL REPORT 2022— 7

Celebrating 20 Years 2000 Company founded as Independence Gold NL Founding Managing Director and CEO Chris Bonwick appointed 2020 Climate Change Policy issued aspiring to be carbon neutral across all our managed operations by 2035 Changed official name to IGO Limited 2009 Acquisition of the DeBeers database 2002 IGO listed on the Australian Stock Exchange First ore from the Long Nickel Mine Tropicana joint venture formed with AngloGold Ashanti 2021 IGO enters S&P ASX 100 Formation of lithium joint venture with Tianqi Lithium Divestment of 30% stake in the Tropicana Gold Operation 2017 IGO’s strategic direction refocused to clean energy metals Divestment of the Stockman Project 2018 Commercial production commenced at the Nova Operation Divestment of the Jaguar Operation 2005 Discovery of the Tropicana Gold Project 2022 Acquisition of Western Areas Limited 2011 Acquisition of Jabiru Metals Acquisition of the Stockman Project Commenced construction at Tropicana 2019 Divestment of the Long Nickel Operation 2013 First gold from the Tropicana Gold Operation 2014 Peter Bradford appointed as Managing Director and CEO 2008 Discovery of the Moran Nickel Deposit at the Long Nickel Mine 2015 Acquisition of Sirius Resources, including the Nova Project First Sustainability Report published Note: 20 years since listing on the Australian Stock Exchange. 8 —IGO ANNUAL REPORT 2022 IGO ANNUAL REPORT 2022— 9

Record performance I am delighted to present this report and to provide a summary of our key financial performance for FY22, in what was another outstanding year for IGO. Following a transformative FY21, in which we completed our divestment of our share of the Tropicana Gold Operation (Tropicana) and formed a new lithium joint venture, TLEA, with Tianqi, FY22 was a year of immense growth and value creation for our shareholders. In FY22, IGO delivered earnings of $330.9 million, underpinned by strong metal prices and consistent production at Nova, whilst welcoming the first full year’s earnings contribution from TLEA. The year culminated with the completion of IGO’s strategic acquisition of Western Areas and its portfolio of nickel assets, which we expect to contribute to our financial performance and operating results from FY23 onwards. FY22 production from Nova was in line with guidance, with 26,675t nickel, 11,483t copper and 982t cobalt at cash costs of $1.95 per payable pound of nickel produced. Cash costs, previously guided at $2.00 to $2.40/lb, were controlled despite inflationary cost pressures during the year. Unit cash costs also benefited from strong realised copper and cobalt by-product prices. At Greenbushes, spodumene concentrate production of 1,135kt was within guidance following a strong final quarter to close the year, an outstanding result after the interrupted third quarter result impacted by bushfires in the region. Greenbushes returned a full year unit cost of goods sold (COGS) before royalties of $238/t, in line with our guided range, despite industry wide cost pressures. Higher royalties were payable than guided, however this reflected the strong and rising lithium prices achieved during the period. At the Kwinana Refinery, commissioning activities for Train 1 culminated in the first battery grade lithium hydroxide production in the June 2022 quarter, which was an CFO Report important milestone to enable customer qualifications and further production ramp up. Commercial production levels of battery grade lithium hydroxide is expected in FY23. The overall net profit after tax contribution from TLEA of $176.7 million for FY22 is an outstanding result, which reflects the excellent operating and financial outcomes from Greenbushes. In another milestone for the lithium joint venture, TLEA issued its inaugural dividend to IGO of US$49 million ($70.7 million) in June 2022, marking the first return on investment to ourselves as shareholders of this new joint venture. This first dividend from TLEA, and record underlying free cash flow generated by Nova of $574.1 million increased IGO’s cash position substantially during the year. Some of this cash was deployed in June 2022 to acquire the shares of Western Areas for total consideration of $1,262.5 million. To fund this transaction, IGO used existing cash and new three-year term $900.0 million syndicated debt facilities. The acquisition was formally completed on 20 June 2022, positioning our business with a strong balance sheet, with net debt of $532.9 million at 30 June 2022. We maintain our commitment to deliver solid returns to our shareholders of between 15-25% of underlying free cash flow. In accordance with this policy, our final FY21 and interim FY22 dividend paid to shareholders during the year totalled 15 cents per share, and subsequent to year end I am pleased to report that the Company has determined to pay a final FY22 dividend of 5 cents per share. I would like to take this opportunity to acknowledge the ongoing support of our debt providers who believe in our purpose and assist us to deliver on our strategy. Scott Steinkrug Chief Financial Officer FY22 Financial Summary FY22 $M FY21 $M FY20 $M FY19 $M FY18 $M Total revenue and other income 903 9191 892 793 781 Underlying EBITDA2 717 475 460 341 339 Profit after tax 331 5493 155 76 53 Net cash flow from operating activities 357 446 398 372 278 Underlying free cash flow2 312 363 311 278 138 Total assets 4,845 3,609 2,293 2,190 2,175 Cash 367 529 510 348 139 Marketable securities 208 111 108 28 24 Total liabilities 1,410 409 367 341 396 Shareholders’ equity 3,435 3,200 1,926 1,849 1,779 Net tangible assets per share ($ per share) 4.54 4.23 3.26 3.13 3.03 Dividends (cents per share) 10 10 11 10 3 1. Revenue and other income from continuing and discontinued operations (excluding profit on sale of Tropicana of $557M). 2. See Glossary on page 160 for definition. 3. Profit after tax includes the gain on the sale of Tropicana after tax of $385M. Profit after tax excluding this gain was $164M. Share Price Performance $0.00 0 $2.00 3,500,000 1,750,000 5,250,000 $4.00 7,000,000 8,750,000 $6.00 10,500,000 $8.00 12,250,000 $10.00 14,000,000 $16.00 $14.00 $12.00 $/share Volume As at 11 August 2022. Share Price Volume MAX: $15.00 MIN: $7.95 Jul 21 Aug 21 Sep 21 Oct 21 Nov 21 Dec 22 Jan 22 Feb 22 Mar 22 Apr 22 May 22 Jun 22 Jul 22 Aug 22 Historical Payable Production1 The historical payable metal charts represent five years of contribution from IGO’s current operations and historical contributions from the Long and Jaguar operations that are no longer in the IGO portfolio2. Nickel (t) 25,000 20,000 5,000 0 15,000 10,000 FY21 FY20 FY19 FY18 FY22 Cobalt (t) 500 350 400 450 100 150 200 250 300 50 0 Copper (t) 14,000 8,000 10,000 12,000 6,000 4,000 0 2,000 FY21 FY20 FY19 FY18 FY22 1. Historic metal production of nickel, copper and cobalt includes metal units produced in concentrate (Nova and Jaguar) and metal in ore (Long). Historic production from the Forrestania Operation, which was acquired by IGO during FY22, has been excluded from these charts. 2. The Long and Jaguar Operations were divested during FY19 and FY18 respectively. FY21 FY20 FY19 FY18 FY22 IGO ANNUAL REPORT 2022— 11 10 —IGO ANNUAL REPORT 2022

Our Strategy Strategic Pillar FY22 Key Focus Areas Producing a diverse suite of products made safely, ethically, sustainably and reliably • Diversified our commodity suite to produce key metal products for the battery storage and electric vehicle industries – lithium, nickel, copper and cobalt • recorded consistent improvements in our lead safety indicators and retained our focus on improving lag safety performance indicators; and • reduced overall carbon emissions across our controlled operations. Being customer focused - connecting with end users through vertical integration • Successfully transitioned to downstream processing of lithium hydroxide from our Kwinana Refinery, in joint venture with Tianqi; and • committed to exploring our opportunity to invest in a downstream nickel sulphate processing facility, enabled by the acquisition of Western Areas. Committing to being carbon neutral • Implemented our internal carbon price which created $3.7M of internal funding in FY22 for carbon removal and offset programs, to reduce our total carbon footprint and invest in decarbonisation projects across the business; and • committed to expansion of the solar farm at Nova, which will enable the Operation to run on 100% solar energy for extended periods over summer and spring. Engaging with our people who are bold, passionate, fearless and fun – a smarter, kinder, more innovative team • Increased our level of engagement with our team across multiple key areas, as measured by our FY22 Engagement Survey • continued to enhance our employee value proposition through new financial and non-financial benefits; and • maintained our focus on fostering our unique culture. Informed by our purpose, Making a Difference, our strategy is to become a globally relevant supplier of metals-based products that are critical for clean energy – to create a better planet. We are committed to delivering this strategy by: • producing a diverse suite of products made safely, ethically, sustainably and reliably • connecting with end users through vertical integration • committing to being carbon neutral; and • engaging with our people who are bold, passionate, fearless and fun – a smarter, kinder, more innovative team. In FY22, we have continued to grow and diversify our business in line with this strategy while also delivering on our commitment to our people and the environment. Our FY23 strategic priorities include: • maintain our focus on safety and care for our people and communities • successfully integrate the Western Areas assets into our nickel business • complete and deliver on an optimised project development strategy for Cosmos • complete technical studies and progress permitting for the Silver Knight development project • progress a pre-feasibility study into the potential development of Mt Goode • commence our evaluation of the opportunity to establish a downstream nickel sulphate operation • support our joint venture partners in executing brownfields growth in both our upstream and downstream lithium business • deliver exploration success, leveraging our best–in–class team and the latest technology and innovation • continue to develop our company-wide decarbonisation plan; and • complete and implement a Reconciliation Action Plan. Key Strategic Imperatives Operations We are in control, deliver on our promises, and continuously strive to do better. Governance We are enabled with systems, processes and technology to drive success. Planet We make a positive contribution towards decarbonisation and a better planet. Stakeholders We are a valued part of our communities and make a positive contribution. Innovation We unlock, share and act on ideas to transform our business at all levels. Growth We drive transformation through M&A, vertical integration and discovery. Customers We deliver quality products safely, ethically, sustainably and reliably. Financial We enable our growth through the optimal allocation of capital and funding solutions. People We are bold, passionate, fearless and fun – a smarter, kinder, more innovative team. Safety andWellbeing We keep ourselves safe and healthy and care about each other. IGO ANNUAL REPORT 2022— 13 12 —IGO ANNUAL REPORT 2022

Executive Leadership Team Kate Barker General Counsel and Head of Risk & Compliance LLB, BA Kate’s role is to provide guidance to the Company on all legal, risk and compliance, and land access and heritage matters. She provides oversight on the Company’s growth strategy and M&A activities, supports the Exploration and Operational teams, and is directly involved in the Company’s key stakeholder relationships and negotiations. Kate Barker joined IGO in 2011 and was appointed General Counsel in 2017, before moving into her current role as General Counsel and Head of Risk & Compliance in 2021. Kate has over 20 years’ experience as a practising lawyer specialising in large scale resources litigation, corporate law and Native Title. In addition to her corporate work, Kate has been a legal member of WA’s Mental Health Review Board and WA Health’s Human Research Ethics Committee and is currently a board member of Ronald McDonald House Charities (WA). Peter Bradford Managing Director and Chief Executive Officer BAppSc Extractive Metallurgy, FAusIMM Peter is accountable to the Board of Directors for the day‑to-day management of the Company. Peter was appointed Managing Director and CEO of IGO in 2014. Peter is a seasoned mining executive with significant experience in senior leadership roles with exploration, project development and mining companies in Australia and internationally across a range of commodities. Peter is President of the Association of Mining and Exploration Companies Inc (AMEC). Matt Dusci Chief Operations Officer BAppSc (Geology) (Hons) Matt’s role is accountable for the day-to-day operational delivery and performance of the Company. This includes the Nova and Forrestania Operations, Cosmos Project Development, Exploration, Project Studies, Health and Safety, Environment and Climate Change and Information Technology. Matt is also a Non-executive Director of the lithium joint venture, TLEA. Matt joined IGO in 2014 and was appointed Chief Operating Officer in early 2018, and prior to that was Chief Growth Officer. Matt has over 25 years’ experience in all facets of the industry, including exploration, resource development, technical studies, corporate development, public markets, operations, and executive leadership. Matt has previously held senior management positions within PMI Gold, Gold Fields and WMC Resources. Matt has extensive global experience, having worked in Australia, South America, Africa and Asia. Andrew Eddowes Head of Corporate Development B.Sc (Earth Science) (Hons), MAusIMM, FGeolSoc Andrew’s role is accountable for the growth of the IGO portfolio through partnering, acquisition and divestment of advanced assets aligned with the Company strategy. Andrew is a geologist with over 25 years’ experience in the exploration and mining industry. He has worked on major projects within Australia and internationally, in a variety of corporate and technical roles. Andrew joined IGO in 2003 and in February 2018, was appointed Head of Corporate Development with a focus on advancing IGO’s growth and improvement of the asset portfolio through acquisitions and strategic partnerships. JoanneMcDonald Company Secretary and Head of Corporate Affairs MSc (Corporate Governance), MSc (Professional Accounting), FGIA, GAICD Joanne’s role is to support the Board as well as advising and implementing good governance practices across the organisation. Joanne also provides leadership and oversight of Corporate Affairs, including stakeholder engagement, ESG reporting, investor relations, communications and IGO’s Corporate Giving Program. Joanne joined IGO in 2015 and has over 18 years’ professional experience working for listed companies in Australia and the UK. Prior to joining IGO, Joanne held positions with Paladin Energy Ltd and Unilever plc. Joanne is currently a WA State Councillor for the Governance Institute of Australia and a Director of the Leeuwin Ocean Adventure Foundation and the Fremantle Foundation. Scott Steinkrug Chief Financial Officer F.C.A. B.Comm, BSc., GAICD Scott’s role includes responsibility for statutory financial compliance and reporting, taxation, treasury, budgeting and forecasting, sales and marketing, and Group procurement. Scott joined IGO in 2011 as Chief Financial Officer. Scott is a Chartered Accountant and a Fellow of Chartered Accountants Australia and New Zealand having gained over 20 years’ experience in the resources industry, including Consolidated Minerals, Perilya, Sons of Gwalia and Hamersley Iron (Rio Tinto). Positions held over this period include Chief Financial Officer, Manager – Treasury & Finance and Financial Controller. SamRetallack Head of People & Culture Dip App Science, B. Health Science, CAHRI, GAICD Sam’s role is to provide leadership and oversight of all People and Culture activities, including diversity, equity and inclusion initiatives, learning and talent development and reinforcing the organisation’s culture, purpose and values. Sam is also responsible for the corporate office administration and operation. Sam joined IGO in 2013 as Human Resources Manager and was appointed Head of People & Culture in 2017. Sam has over 25 years’ experience in senior management, human resources, consulting and operational roles working for a range of organisations. Prior to joining IGO, Sam led large workforce-based businesses within Aherns Department Stores and Ansett Airlines, before turning to roles in Human Resource management across the mining, finance, legal and biomedical sectors. Left to right: Kate Barker, Andrew Eddowes, Matt Dusci, Peter Bradford, Joanne McDonald, Scott Steinkrug, Sam Retallack. IGO ANNUAL REPORT 2022— 15 14 —IGO ANNUAL REPORT 2022

Traditional Owner Groups by Region/Project IGO would like to acknowledge and pay our respects to Traditional Owner groups whose land we are privileged to work on, and whose input and guidance we seek and value within the operation of our business. We acknowledge their strong and special physical and cultural connections to their ancestral lands. Arunta North/Raptor Warlpiri, Anmatyerre Arunta South Warlpiri, Pintupi, Luritja Broken Hill Barkandji Burracoppin Ballardong (Noongar South West Settlement) Copper Coast Barngarla, Narungga, Ngadjuri, Nukunu Cosmos Tjiwarl Empress Springs Tagalaka Forrestania Ballardong (Noongar South West Settlement), Marlinyu Ghoorlie and Ngadju Fraser Range/Nova Operation Ngadju, Nangaanya-ku, Untiri Pulka, Upurli Upurli Nguratja Greenbushes South West Boojarah (Noongar South West Settlement) Irindina Eastern Arrernte East Kimberley Jaru, Koongie-Elvire, Malarngowem, Miriuwung-Gajerrong, Ngarrawanji, Yi-Martuwarra Ngurrara, Yurriyangem Taam, Gooniyandi, Purnululu West Kimberley Bunuba, Warrwa, Wanjina - Wunggurr Wilinggin, Dambimangari Kwinana Whadjuk (Noongar South West Settlement) Lake Campion Ballardong (Noongar South West Settlement), Marlinyu Ghoorlie Lake Mackay Jipalpa-Winitjaru, Kiwirrkurra, Pikilyi, Yarripilangu-Karrinyarra, Watakinpirri, Winparrku Metal Hawk JV Maduwongga, Marlinyu Ghoorlie, Kakarra Mt Padbury Nharnuwangga Paterson Nyangumarta, Martu, Karnapyrri, Ngurrara, Nyamal, Nyiyaparli Western Gawler Mirning, Wirangu, Kokatha, Yalata, Maralinga Tjaratja South Perth Whadjuk Noongar Key Operations and Projects Cu/Co/Au Head office Perth Operations Exploration projects Study/Construction Ni/Cu/Co/Au Li2O Note: IGO also has an interest (up to 80%) in the Frontier Project, an exploration project located in Greenland. Rare earth elements Fraser Range Project IGO 100% and various JVs Mt Alexander Project IGO 25% Greenbushes Project IGO up to 100% Lake Campion Project IGO 100% Kwinana Refinery IGO 49% Western Gawler Project IGO 100% and Iluka JV Greenbushes Operation IGO 24.99% Kimberley Project IGO 100% and various JVs Paterson Project IGO 100% and various JVs Copper Coast Project IGO 100% Broken Hill Nickel Project IGO up to 75% Nova Operation IGO 100% Cosmos Project IGO 100% Silver Knight (Sulphide) IGO 100% Forrestania Operation IGO 100% Lake Mackay Project IGO up to 70% Irindina Project IGO 100% Raptor Project IGO 100% IGO ANNUAL REPORT 2022— 17 16 —IGO ANNUAL REPORT 2022

Operational Scorecard and Outlook Nickel Business Units FY22 Guidance Range FY22 Actual FY23 Guidance Range Nickel Production Nova t 25,000 to 27,000 26,675 24,000 to 27,000 Forrestania t N/A1 14,0281 10,500 to 12,500 Cosmos t N/A2 N/A2 N/A2 Total contained nickel t 25,000 to 27,000 26,6751 34,500 to 39,500 Copper Production Nova t 11,500 to 12,500 11,483 11,000 to 12,000 Cobalt Production Nova t 900 to 1,000 982 900 to 1,000 Nickel Cash Costs3 Nova $/lb 2.00 to 2.40 1.95 2.60 to 3.00 Forrestania $/lb N/A1 8.021 7.50 to 8.50 Total nickel business cash costs $/lb 2.00 to 2.40 1.951 4.10 to 4.70 Development, Sustaining and Improvement Capex Nova $M 24 to 29 14 19 to 26 Forrestania $M N/A1 161 11 to 12 Total nickel business capex $M 24 to 29 141 30 to 38 LithiumBusiness4 Spodumene Concentrate Production Greenbushes kt 1,100 to 1,250 1,135 1,350 to 1,450 Lithium Hydroxide Production Kwinana Refinery kt N/A5 N/A5 N/A5 Lithium Cash Costs (excluding royalties)6 Greenbushes COGS $/t sold 225 to 275 238 225 to 275 Kwinana Refinery COGS $/t sold N/A5 N/A5 N/A5 Development, Sustaining and Improvement Capex Greenbushes $M 275 to 330 202 420 to 480 Kwinana Refinery $M 75 to 85 56 15 to 207 Total development, sustaining and improvement capex $M 350 to 415 258 435 to 500 Exploration Business Exploration Expenditure Total exploration expenditure $M 65 64 75 1. Forrestania’s FY22 results are not included in the FY22 actual results of the IGO nickel business. 2. Cosmos is yet to reach commercial production. FY23 guidance for Cosmos is expected to be provided in October 2022 once engineering and studies are completed for the development reset plan. 3. Cash costs are inclusive of offsite unit costs of production and royalties and are expressed as a unit of nickel payable produced. 4. Results for the lithium business are shown on a 100% basis, to which the Group holds a 24.99% indirect interest in Greenbushes and 49% interest in the Kwinana Refinery. 5. IGO expects to provide production and cash cost guidance for the Kwinana Refinery after the operation has reached commercial production. 6. COGS. See Glossary on page 160 for definition. 7. FY23 guidance is for Train 1 sustaining capex only. Guidance for Train 2 capex will be provided following a final investment decision on the project. Nova Underground Portal IGO ANNUAL REPORT 2022— 19

Operating and Financial Overview FY22 represented another outstanding operating and financial result for IGO, one characterised by strong commodity prices and operational consistency across IGO’s Nickel and Lithium businesses. Record sales revenue at Nova led to record earnings at the Operation, and IGO’s investment in the Australian lithium assets of TLEA delivered its first annual profit contribution to the Group. The acquisition of Western Areas on 20 June 2022 bolsters IGO’s nickel asset portfolio, providing a platform for further growth and returns to IGO shareholders over the next decade. A key financial indicator monitored by the Group’s Board and management is underlying EBITDA (a non-IFRS measure calculated as profit before tax adjusted for finance costs, interest income, gains/losses on sale of investments and subsidiaries, acquisition and transaction costs, foreign exchange and hedging gains/losses attributable to acquisitions, impairment charges and depreciation and amortisation). Revenue from continuing operations, comprising primarily Nova, increased 34% year-on-year as a result of consistent metal production and a significant growth in average nickel, copper and cobalt prices. Nova’s record sales capped a robust FY22 operating performance where the operation delivered on FY22 production guidance and beat cash costs guidance, an outstanding result given the industrywide cost pressures. This strong performance culminated in full year EBITDA of $631.2 million at Nova, a 45% increase over the prior period. IGO’s lithium business also performed strongly in its first full year contribution to Group earnings, with net profit from TLEA of $176.7 million for FY22. This pleasing result is due to IGO’s 24.99% economic interest in the Greenbushes Operation, which on a 100% basis delivered $1,348.5 million in EBITDA and $890 million in Net Profit After Tax. Greenbushes’ FY22 spodumene production and unit Cost of Goods Sold (excluding royalties) were both within guidance at 1,134,580t and $238/t respectively. The results from the Kwinana Refinery are also included within IGO’s reported net profit from TLEA. A total of $41.2 million in EBITDA losses was recorded, primarily as a result of expected commissioning activities at the Kwinana Refinery which progressed positively, with the first production of battery grade lithium hydroxide achieved in May 2022. Collectively, the consistent operating performance and strong metal prices helped deliver a record underlying EBITDA for the fourth year running of $716.9 million, a 51% increase on the prior year. The following chart depicts the key contributions to IGO’s FY22 underlying EBITDA relative to the previous financial year, which includes the discontinued operations of the Tropicana divested on 31 May 2021. FY22 $717M FY21 $475M Underlying EBITDA $M 0 400 100 500 600 700 300 200 (100) Share-based payments expense (non-cash) (5) (6) TLEA Operation 177 Corporate and other expenses (25) (28) Exploration and evaluation expense (64) (68) Nova Operation 436 631 Investment revaluation 11 10 Tropicana Operation 122 Underlying EBITDA to NPAT for FY22 $M Underlying EBITDA Net finance costs Depreciation & amortisation Acquisition & transaction costs Impairment of E&E Income tax expense Net profit after tax 0 700 200 100 600 500 400 300 800 717 331 (4) (176) (71) (3) (133) NPATVariance FY22 vs FY21 $M Share-based payments NPAT FY21 Volume variance Price variance TLEA NPAT FY22 Costs of production Corporate expenses Exploration & evaluation MTM movement of investments Exploration & Evaluation impairment Acquisition costs Gain on sale of Assets Net finance costs Income tax expense NPAT FY22 0 200 1,200 600 800 1,000 400 Tropicana NPAT 549 254 177 1 (9) (1) (6) (3) (22) (37) 20 331 (385) (47) (93) (67) 20 —IGO ANNUAL REPORT 2022 IGO ANNUAL REPORT 2022— 21

Exploration and evaluation expenditure was 5% higher than FY21 due to increased business development expenditure in relation to merger and acquisition activities, consistent with IGO’s strategy to be a globally relevant supplier of products that are critical to clean energy. Corporate expenditure also increased slightly compared to FY21, with higher technical services costs, higher IT systems costs, higher insurance charges and higher company secretarial costs, all reflective of a growing business. Net profit after tax (NPAT) for the year was $330.9 million, compared to $548.7 million in the previous financial year. The prior year result included $47.1 million after tax earnings from Tropicana, along with the gain on the sale of Tropicana after income tax of $384.8 million ($556.8 million before tax). The year-on-year variance in NPAT is detailed in the chart on page 21. Depreciation and amortisation expense from continuing operations of $175.6 million was consistent with the prior year (FY21: $175.6 million). Acquisition costs incurred in FY22 of $71.1 million primarily relate to the acquisition of Western Areas and includes accrued stamp duty costs, which are expected to be payable in the second half of FY23. From a cash flow perspective, cash flows from operating activities for the Group were $357.1 million, compared to the FY21 year of $446.1 million, predominantly due to the payment of tax in FY22 on the sale of Tropicana in FY21, partially offset by stronger base metal prices positively impacting product revenue. The Nova Operation generated $588.5 million cash flows from operating activities, which was a result of 21,377t of payable nickel (FY21: 22,051t), 10,383t of payable copper (FY21: 10,752t) and 420t of payable cobalt (FY21: 454t) sold during the year. Significant cash flows from operating activities include the receipt in June 2022 of an inaugural fully franked dividend of $70.7 million from TLEA, $64.5 million exploration and evaluation expenditure and $27.4 million corporate expenditure, net of borrowing costs. The Company also paid income taxes of $199.0 million during the year, primarily relating to the gain on the sale of its share of the Tropicana in FY21. FY22 cash outflows from investing activities increased to $1,281.0 million, up from $1,065.0 million in the prior period. Total payments of $1,262.5 million related to the acquisition of Western Areas completed on 20 June 2022, offset by cash acquired of $94.0 million. Cash outflows for capitalised exploration and evaluation expenditure totalled $50.7 million, and this primarily related to the acquisition of the Silver Knight nickel-copper-cobalt sulphide deposit from entities owned and controlled by the Creasy Group, and the formation of a joint venture with the Creasy Group over a portfolio of exploration tenements related to Silver Knight. Cash outflows included a single contribution to TLEA in the September 2021 quarter of $15.7 million which was matched on a pro-rata basis by IGO’s joint venture partner, Tianqi. Cash flows from financing activities during the financial year included proceeds from borrowings, totalling $900.0 million, relating to a senior-secured debt facility which was fully drawn to partially fund the Western Areas acquisition. Furthermore, cash outflows from financing activities included transaction costs of $10.1 million relating to the establishment of the new financing facility during the year. Finally, the Company paid dividends totalling $113.6 million for FY22. At the end of the financial year, the Group had cash and cash equivalents of $367.1 million, debt of $900.0 million and marketable securities of $208.4 million (FY21: $528.5 million and $110.9 million respectively). External Factors and Risks Affecting the Group’s Results The Group operates in an uncertain economic environment and its performance is dependent upon the result of inexact and incomplete information. As a consequence, the Group’s Board and management monitor these uncertainties and, where possible, mitigate the associated risk of adverse outcomes. The following external factors are all capable of having a material adverse effect on the business and will affect the prospects of the Group for future financial years. Commodity Prices The prices that the Group obtains for its products are a key driver of business performance, and fluctuations in these markets affects its results, including cash flows and shareholder returns. The Group’s FY22 operating cash flows were sourced from the sale of base metals at Nova and lithium sales via TLEA, including Greenbushes and the Kwinana Refinery. Each of these commodities are priced by external markets and, as the Group is not a price maker with respect to the metals it sells, it is susceptible to adverse price movements. The Group mitigates its exposure to commodity prices through a financial risk management policy in which a percentage of anticipated usage may be hedged. Commodity prices were generally higher in FY22 compared with the prior year and IGO undertook a number of strategic nickel hedge swaps to reduce the Group’s exposure to adverse movements in the nickel price. The Group also had limited diesel hedging in place to protect against increases in oil prices during FY22. This hedging was for up to approximately 50% of anticipated diesel usage at the Nova Operation. These contracts expired on 30 June 2022. In FY23, dividends received from TLEA will be impacted by variable lithium prices, reflected in chemical and technical grade spodumene prices and lithium hydroxide prices for Greenbushes and the Kwinana Refinery, respectively. Furthermore, the production of nickel, copper and cobalt at the Nova Operation and nickel from the newly acquired Forrestania Operation will remain exposed to commodity price fluctuations. The Group will continue to manage this risk in accordance with its financial risk management policy in FY23 and beyond. COVID-19 The COVID-19 pandemic continues to pose a global socio‑political, economic and health risk. The potential for the pandemic to have both lasting and unforeseen impacts is high. As a Group, we changed the way we work to protect the wellbeing of our people, safeguard the communities in which we operate and ensure business continuity. We continue to maintain a heightened state of response readiness commensurate with the risk and in accordance with Government recommendations and health advice. Currency Exchange Rates The Group is exposed to exchange rate risk on sales denominated in United States dollars (USD) whilst its Australian dollar (AUD) functional currency is the currency of payment to the majority of its suppliers and employees. To protect against adverse movements in the foreign exchange rate, the Group enters into commodity price hedges, denominated in AUD in accordance with its Financial Risk Management Policy. The Group did not enter into any currency exchange hedging during FY22. Exposure to Economic, Environment and Social Sustainability Risks The Group has material exposure to economic, environmental and social sustainability risks, including changes in community expectations, and environmental, social and governance legislation (including, for example, those matters related to climate change). The Group employs suitably qualified personnel to assist with the management of its exposure to these risks. These risks are discussed in more detail in the Company’s 2022 Sustainability Report which can be found on the Company’s website. Interest Rates Interest rate movements affect both returns on funds on deposit as well as the cost of borrowings. Furthermore, AUD and USD interest rate differentials are intimately related to movements in the AUD/USD exchange rate. The Group may hedge interest rate risk in accordance with its Financial Risk Management Policy in certain circumstances. The Group did not enter into any interest rate hedging during FY22. DownstreamProcessingMarkets The price of sea freight, smelting and refining charges are market driven and vary throughout the year. These also impact on the Group’s overall profitability. The price paid for the sale of the Company’s metal contained in concentrates is subject to payability factors under contractual offtake agreements. Some of the Group’s offtake agreements are due to expire in FY23 and will be re‑tendered. The outcome of this tendering has the potential to materially affect the Group’s results and profitability. Further risks are discussed in the Managing Risk Effectively section in this Annual Report on page 51. 22 —IGO ANNUAL REPORT 2022 IGO ANNUAL REPORT 2022— 23