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
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