The discovery of new resources creates the greatest value for IGO and, in turn, our stakeholders. As a result, IGO’s primary focus for growth is on exploration. This includes both near-mine exploration for new resources surrounding our existing mines, and greenfield exploration in other mineral belts that we regard as highly prospective for quality, new mineral discoveries. However, the period between exploration, discovery, and finally, mine production is rarely quick. Nova was exceptional with only approximately five years between discovery and production. As a consequence, IGO also continually looks for potentially accretive mergers and acquisitions that provide relatively quick access to cashflow. IGO has and will continue to explore both options to grow value and enhance the quality of its business. In FY18, our acquisition activities were also focused on consolidating and growing key exploration landholdings in the Fraser Range and Lake Mackay regions. Both regions are relatively under-explored and highly prospective. In FY18, IGO entered into a number of acquisition and joint venture arrangements with exploration companies holding key tenements in the Fraser Range region, including very large and strategic holdings owned by Arrow Minerals and Creasy Group. At Lake Mackay, IGO expanded its joint venture holdings with Prodigy Gold (formerly ABM Resources) and also acquired first rights to key early-stage exploration tenements in the Areachap region of South Africa owned by Orion Minerals. In addition to our significant exploration programs, IGO is also exploring opportunities for downstream processing of our nickel concentrate from Nova. Processing our concentrate to produce a nickel sulphate, targeted specifically for the battery market, has the potential to reduce capital expenditure and operating costs at Nova. It also reduces the amount of waste material transported to our customers – reducing both shipping costs and our carbon footprint. During FY18, we continued to build our exploration team and realigned our exploration strategy with the Company’s new strategic focus on energy storage and transmission metals. Our primary commodities of interest are nickel, copper and cobalt; however, we also remain interested and open to other commodity opportunities, including other battery metals and minerals, and gold. During FY18, we further transformed our exploration project portfolio by consolidating our extensive brownfields ground position in the highly prospective Fraser Range. This took advantage of our major infrastructure investment and our advanced geological understanding of Nova. Our discovery portfolio also includes belt-scale greenfield exploration opportunities in the Northern Territory, at the expanded Lake Mackay Project and at the new 100%-owned Raptor Project. More recently we added the Frontier Project in Eastern Greenland. MINERAL TITLES In FY18, IGO continued to increase its landholdings, particularly in the Fraser Range and Northern Territory. Our tenement holdings have grown 11% to over 2 million hectares. As mentioned, the significant increase in land tenure was primarily through the staking of exploration licences in the Northern Territory, at the Lake Mackay and Raptor projects, and the acquisition and joint venture agreement with Arrow Minerals within the reporting period. This was offset by substantial tenement reductions elsewhere through whole-project divestments, in addition to selective tenure relinquishments along the Fraser Range. At the end of FY18, exploration licences again represented the majority of mineral tenements held by IGO, followed by miscellaneous licences (including general purpose leases). A breakdown of total landholdings for FY17 and FY18 is presented below. Figure 13 shows IGO’s increase in total landholdings over the last three financial years. OVERVIEW EXPLORATION IGO Mineral Tenements Units 2017 2018 Prospecting licences ha 2,480 1,780 Exploration licences ha 1,596,600 1,356,880 Mining leases ha 49,254 36,295 Miscellaneous and other licences ha 286,969 752,883 Freehold ha 1,329 721 Total* ha 1,936,632 2,148,559 * Including joint venture landholdings. 500,000 0 1,000,000 1,500,000 2,000,000 2,500,000 FY16 FY17 FY18 Hectares FIGURE 13 FIGURE 14 IGO TOTAL LANDHOLDINGS BREAKDOWN OF TOTAL LANDHOLDINGS Industry, innovation and infrastructure 44 — IGO SUSTAINABILITY REPORT 2018