BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation Level 9, Mia Yellagonga Tower 2 5 Spring Street Perth WA 6000 PO Box 700 West Perth WA 6872 Australia Tel: +61 8 6382 4600 Fax: +61 8 6382 4601 www.bdo.com.au INDEPENDENT AUDITOR'S REPORT To the members of IGO Limited Report on the Audit of the Financial Report Opinion We have audited the financial report of IGO Limited (the Company) and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 2022, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the financial report, including a summary of significant accounting policies and the directors’ declaration. In our opinion the accompanying financial report of the Group, is in accordance with the Corporations Act 2001, including: (i) Giving a true and fair view of the Group’s financial position as 30 June 2022, and of its financial performance for the year ended on that date; and (ii) Complying with Australian Accounting Standards and the Corporations Regulations 2001. Basis for opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the Financial Report section of our report. We are independent of the Group in accordance with the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor’s report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial report of the current period. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation Level 9, Mia Yellagonga Tower 2 5 Spring Street Perth WA 6000 PO Box 700 West Perth WA 6872 Australia Tel: +61 8 6382 4600 Fax: +61 8 6382 4601 www.bdo.com.au INDEPENDENT AUDITOR'S REPORT To the members of IGO Limited Report on the Audit of the Financial Report Opinion We have audited the financial report of IGO Limited (the Company) and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 2022, the consolidated statem nt of profit or loss and othe c mprehens v income, the consoli a ed statement of changes in equity and the consolidated st men of cash flows for the year then ended, and notes to the financial report, including a summary of significant accounting poli ies an th directors’ declar tion. In our opinion the accompanying financial report of the Group, is in accordance with the Corporations Act 2001, including: (i) Giving a true and fair view of the Group’s financial position as 30 June 2022, and of its financial performance for the year ended on that date; and (ii) Complying with Australian Accounting Standards and the Corporations Regulations 2001. Basis for opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the Financial Report section of our report. We are independent of the Group in accordance with the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We confi m th t he independence declarat on quired by the Corporations Act 2001, which has been given to the directors of the C mpany, would be in the same terms if given to the directors as at the time of this auditor’s report. We believe that the audit evidence we have obtained is sufficient and appropria e to provide b sis for our opinion. Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial report of the current period. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Equity accounting for interest in associate Key audit matter How the matter was addressed in our audit The Group’s carrying value of its investment in Tianqi Lithium Energy Australia Pty Ltd represents a significant asset to the Group, as disclosed in Note 26. The Australian Accounting Standards require the Group to account for the investment as an Investment in Associate and assess whether there are any indicators of impairment in accordance with AASB 128 Investments in Associates and Joint Ventures (“AASB 128”). As the carrying value of the Interest in Associate represents a significant asset of the Group, this was considered to be a key audit matter. Our work included but was not limited to the following procedures: • Assessing the accounting methodology used by the Group for the investment against the requirements of AASB 128; • Reviewing the profit or loss of the associate recognised in the Group’s profit or loss for compliance with AASB 128; • Considering management’s assessment of the existence of impairment indicators of the investment; and • Assessing the adequacy of related disclosures in Note 26 to the financial statements. Accounting for the acquisition of Western Areas Limited Key audit matter How the matter was addressed in our audit During the financial year ended 30 June 2022, the Group acquired a 100% interest in Western Areas Limited (‘WSA’) via acquisition of shares. Note 23 discloses details of the transaction, including, the cost of the acquisition and the provisional fair value of assets and liabilities recognised by the Group. The audit of the accounting for this acquisition is a key audit matter due to the size of the acquisition and significant assumptions and judgements required by management for the treatment of the transaction. Our work included, but was not limited, to the following procedures: • Reviewing key executed transaction documents to understand the key terms and conditions of the transaction; • Obtaining an understanding of the transaction including an assessment of the accounting acquirer and whether the transaction constituted a business combination; • Evaluating the assumptions and methodology in management's determination of the provisional fair value of assets acquired and liabilities assumed; and • Assessing the adequacy of related disclosures in Note 23 to the financial statements. Independent Auditor’s Report Independent Auditor’s Report 154 — IGO ANNUAL REPORT 2022 IGO ANNUAL REPORT 2022 — 155
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