Mineral Resources and Ore Reserves Prior to this 2022 Annual Report to shareholders, IGO reported its Exploration Results, Mineral Resource and Ore Reserve estimates to the Australian Securities Exchange (ASX) in accordance with its listing rules and the requirements and guidelines of the 2012 edition of the JORC Code1. However, with IGO’s June 2022 acquisition of Western Areas2, several of IGO’s mineral deposit estimates are now reported in accordance with the 2004 edition of the JORC Code3. The principal difference between the 2012 and 2004 JORC Code frameworks is that Competent Person preparation and reporting of JORC Code Table 1 Checklists, which detail the basis and assumptions used for ASX announced estimates and results, are deemed discretionary in the 2004 JORC Code context, but are mandatory for JORC Code 2012 reporting. Reporting for FY21/22 IGO last reported its annual revision of Mineral Resource and Ore Reserve estimates to the ASX in January 20224. In this announcement, IGO reported JORC 2012 estimates for its: • 100%-owned nickel-copper-cobalt Nova Operation (Nova), which is 140km east northeast of the town of Norseman in Western Australia, with Nova’s estimates reported as being effective for the end of the calendar year – 31 December 2021 (CY21) • 100% interest in the Silver Knight Project (Silver Knight) sulphide mineralisation, which is ~35km northeast of Nova, with Silver Knight’s estimates also deemed effective as at CY21; and • 24.99% indirect interest in the Greenbushes Operation (Greenbushes), which is ~210km south southeast of Perth, Western Australia, with the Greenbushes’ estimates deemed effective 31 August 2021, and IGO additionally reporting ore production from Greenbushes to the end of 30 June 2022 (FY22). Effective 20 June 2022, IGO acquired Western Areas and its associated nickel sulphide deposit Mineral Resource and Ore Reserve estimates for the Cosmos Project (Cosmos), which is ~40km north northwest of the town of Leinster in Western Australia, and Forrestania Operation (Forrestania), which is ~370km east southeast of Perth. The complete JORC Code 2012 and JORC Code 2004 reporting of these recently acquired estimates, which are deemed effective FY22, are detailed in the companion ASX release to this Annual Report to shareholders5. IGO’s preferred cycle for revising its Mineral Resources and Ore Reserves is to report the estimates for its mineral deposit interests to the ASX as being effective on 31 December in each year. As such, for this Annual Report, IGO has additionally reported any mine production that occurred post the effective estimation dates for Nova and Greenbushes, both of which have effective reporting dates that precede FY22. IGO cautions that while this additional reporting provides shareholders with an indication of the mass and grade depletion of the ASX reported estimates to FY22, simply subtracting the mine production results from the effective dates of the ASX reported estimates only provides a guide. The reason here is that there are modifying factors other than just mine production that need to be factored into the calculation of a correctly depleted JORC Code 2012 reportable estimate, and this work only occurs when the estimates are revised and/or depleted using mined volume surveys. Additionally, for similar reasons it is not valid to add together estimates that have different effective dates of reporting to obtain a IGO total estimate for a particular and comparable mineralisation style. Going forward, IGO is planning to achieve date-aligned reporting for all its mining interests in its next annual revision of resources and reserves at the end of 2022, albeit this goal could be again complicated by IGO’s future business development opportunities. Reporting Governance IGO’s corporate governance process includes three quality assurance and quality control (QAQC) steps for the public reporting of its JORC Code reportable results and/or estimates to the ASX. The first step involves IGO ensuring that a Competent Person, as defined in the prevailing JORC Code, who is taking responsibility for the precision and veracity of IGO’s results and/or estimates in its ASX announcements: • has provided IGO with verifiable proof that they hold at least one membership to a professional organisation that is recognised in the prevailing JORC Code framework, and the membership proof was current at the effective date(s) of reporting • has at least five years of industry experience that is relevant to the style of mineralisation and reporting activity for which they are acting as a Competent Person • has signed a Competent Person’s Consent letter that states that the results and estimates that are reported in the final version of IGO’s final public report to the ASX, agrees in form and context with the Competent Person’s supporting documentation • has additionally confirmed in writing any perceived material conflict of interests relating to the reporting activity for which they are taking responsibility, or otherwise stating there are no material conflicts reportable; and • has prepared supporting documentation for results and estimates to a level consistent with normal industry practices and provided the documentation for peer review by IGO’s senior technical staff – including the JORC Code Table 1 Checklists for any results and/or estimates that IGO is reporting under the JORC Code 2012 framework. Where operations or development projects are controlled by IGO, IGO’s second QAQC step is implemented by IGO’s senior technical staff who peer review results and/or estimates to ensure they are prepared using IGO’s corporate guidance for metal prices and foreign exchange rate assumptions. At operating mines under IGO’s direct control, IGO additionally ensures that the estimation precision is reviewed regularly by comparing the Mineral Resource and Ore Reserve forecasts to actual mine and process production results. This reconciliation of these inputs and outputs is then used to improve the forecasting precision of future Mineral Resource or Ore Reserve revisions. Importantly, for IGO’s recent acquisition of Cosmos and Forrestania, IGO has relied on the estimation assumptions of prior owner Western Areas for IGO’s FY22 reporting. However, while Western Areas’ assumptions may be different from IGO’s pricing and exchange rate preferences, IGO found in its due diligence analyses for the takeover, that Western Areas’ estimation assumptions were generally acceptable. No matter the degree of IGO’s interest in a mineral asset, IGO’s third QAQC step involves ensuring that all IGO’s public report tabulations of results and/or estimates, are peer reviewed and fact-checked by IGO’s senior technical staff, before being finally reviewed by IGO’s Company Secretary, Chief Operating Officer, and Chief Executive Officer, before being presented to IGO’s Board for approval and subsequent ASX announcement. IGO also has a policy whereby any estimates and results deemed market sensitive or production critical, may also be audited by suitably qualified external consultants to confirm and/or endorse the precision, correctness, and veracity of the reported estimates and/or the estimation methodology. The JORC Code Competent Persons Statement tabulation for all estimates and results included on page 39 of this Annual Report to shareholders. 1. 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2. IGO ASX announcement 20 June 2022 ‘Completion of Western Areas Scheme of Arrangement’ 3. 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 4. IGO ASX announcement 31 January 2022 ‘CY21 Annual Resources and Reserves Update’ 5. IGO ASX announcement 30 August 2022 ‘FY22 Cosmos and Forrestania Resources and Reserves’ JORC Code 2012 Mineral Resource Estimates on CY20 and CY21 Estimate JORC Code Class 31 December 2020 31 December 2021 Mass Nickel Copper Cobalt Mass Nickel Copper Cobalt (Mt) (%) (kt) (%) (kt) (%) (kt) (Mt) (%) (kt) (%) (kt) (%) (kt) Underground Measured 10.39 1.88 196 0.755 78.5 0.062 6.41 9.56 1.64 156 0.660 63.0 0.054 5.13 Indicated 1.30 0.81 10 0.370 4.8 0.028 0.36 1.50 0.75 11 0.332 5.0 0.026 0.39 Inferred 0.07 1.26 1 0.466 0.3 0.040 0.03 0.05 0.96 1 0.370 0.2 0.031 0.02 Subtotal 11.75 1.76 207 0.711 83.6 0.058 6.79 11.11 1.51 168 0.614 68.2 0.050 5.54 Stockpiles Measured 0.04 1.62 1 0.654 0.3 0.065 0.03 0.05 1.88 1 0.881 0.5 0.072 0.04 Total Measured 10.43 1.88 197 0.755 78.8 0.060 6.43 9.61 1.64 157 0.661 63.5 0.054 5.17 Indicated 1.30 0.81 10 0.370 4.8 0.028 0.36 1.50 0.75 11 0.332 5.0 0.026 0.39 Inferred 0.07 1.26 1 0.466 0.3 0.040 0.03 0.05 0.96 1 0.370 0.2 0.031 0.02 Nova Operation 11.80 1.76 208 0.711 83.9 0.058 6.82 11.16 1.52 169 0.615 68.7 0.050 5.58 Notes: • Nova Operation mined 0.807Mt grading 1.96% Ni, 0.835% Cu and 0.075% Co from 1 January 2022 to 30 June 2022. Ultramafic Associated Ni-Cu-Co Sulphide Deposits For Nova and Silver Knight refer to IGO’s ASX release on 31 January 2022 ‘CY21 Annual Resources and Reserves Update’ for full JORC Code 2012 reporting. Note that all Mineral Resource estimates are inclusive of Ore Reserve estimates. In the tabulations below refer to IGO’s ASX release on 30 August 2022 ‘FY22 Cosmos and Forrestania Resources and Reserves’ for full JORC Code 2012 and JORC Code 2004 reporting details related to Cosmos and Forrestania. Nova Operation 34 —IGO ANNUAL REPORT 2022 IGO ANNUAL REPORT 2022— 35
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