IGO SUSTAINABILITY REPORT 2022— 15 14 —IGO SUSTAINABILITY REPORT 2022 Overview Nickel Business IGO is a leading independent producer of nickel concentrate products and owns and operates a portfolio of projects spanning production, development, feasibility and exploration assets substantially located in Western Australia. Following the acquisition of Western Areas Limited in June 2022, IGO’s key nickel production assets include the Nova and the Forrestania Operations, both underground mining and processing operations which have long histories of successful operating and financial performance. The Cosmos Project is an underground development project which is forecast to produce its first nickel concentrate in mid CY23. In addition, as part of our strategy to connect with end users via vertical integration, IGO is assessing the opportunity to develop a downstream nickel processing operation to produce battery grade nickel sulphate for the lithium-ion battery industry. Nova Operation (Nickel, Copper, Cobalt) The Nova Operation (IGO 100%) is a high-grade nickel-coppercobalt deposit located in the Fraser Range, approximately 140km eastnortheast of Norseman, Western Australia. The Operation sits within the Great Western Woodlands. The Ngadju people are the Traditional Owners and custodians of this area, with their native title claim being recognised by the Federal Court on 21 November 2014. The Nova deposit was discovered in 2012 and the Operation reached commercial ore production capacity in 2017. Mining is conducted using underground stoping methods and processing comprises conventional crushing, grinding, flotation and filtration processes to produce high quality nickel and copper concentrates. Forrestania Operation (Nickel) The Forrestania Operation (IGO 100%) is 400km east of Perth, Western Australia and includes two underground mines, Flying Fox and Spotted Quoll, and the Cosmic Boy processing facility. IGO acquired Forrestania as part of the acquisition of Western Areas which completed in June 2022. Production from Forrestania commenced in 2006 and the Operation has successfully produced high quality nickel concentrates which have been sold under offtake to customers including BHP Nickel West and Jinchuan. Forrestania is a mature asset with an estimated life of mine to FY25. The Company productively engages with the Ballardong people, the Maduwongga people, the Ngadju people and the Marlinyu Ghoorlie people, the Traditional Owners of the Forrestania area and surrounding exploration programs. Cosmos Project (Nickel) The Cosmos Project (IGO 100%) is located 30km north of Leinster in Western Australia in one of Australia’s premier nickel belts. IGO acquired Cosmos as part of the acquisition of Western Areas which completed in June 2022. Nickel was first discovered at Cosmos in 1997 and has been previously mined via open pit and underground methods. IGO’s primary focus at Cosmos is the development of the Odysseus Underground Mine which is expected to deliver approximately 13,000t per annum over a mine life of 10 years. In addition, there is significant potential to extend the production profile through assessment of the large low grade resource at Mt Goode, which IGO is assessing as a potential future production source. At Cosmos, the Company continues to foster a collaborative working relationship with the Traditional Owners of the land, the Tjiwarl people. Lithium Business IGO’s lithium business is held via its 49% interest in TLEA, an incorporated joint venture with Tianqi (51%). TLEA owns and operates an integrated lithium business which includes a 51% interest in the Greenbushes Operation and 100% interest in the Kwinana Lithium Hydroxide Plant (Kwinana Refinery) both located in Western Australia. IGO’s investment in the TLEA Joint Venture formally commenced on 30 June 2021. FY22 FY21 FY20 FY19 Prospecting licences 4,080 2,110 - 400 Exploration licences 6,314,230 3,956,420 3,088,6491 3,992,640 Mining leases 50,540 10,470 4,671 4,670 Miscellaneous and other licences 12,514 8,267 4,072 4,054 Total IGO landholdings2 6,381,364 3,977,267 3,097,391 4,001,764 1. Figure includes the Greenland Exploration Licences, which reduced to 554,230ha in FY20. 2. Figure includes IGO managed tenure, including joint venture landholdings as at 30 June. IGO Landholdings byMineral Tenement (ha) Regional Exploration and Development IGO has an enduring commitment to the exploration and discovery of the next generation of clean energy metals projects. Our belief is that organic growth via successful exploration will be a key driver of transformational value creation and sustainable growth for our business. Our exploration strategy reflects our corporate strategy which is focused on nickel, copper and lithium, with our exploration portfolio encompassing projects which are prospective for high value magmatic nickel-copper and sediment hosted copper deposits. In addition, IGO has commenced the assessment of lithium exploration opportunities via TLEA. IGO’s commitment to exploration over several years has resulted in a portfolio of exceptional, belt-scale projects and a team who are highly talented and passionate about discovery. Armed with the best science and latest in innovative technology, IGO is poised for discovery success. In FY22, our mineral tenement portfolio (including Western Areas tenures) included projects in Western Australia, Northern Territory, South Australia, New South Wales and in Greenland, with a total land area of 63,814km2. Mineral Titles In FY22, IGO continued to consolidate our ground positions at our belt-scale exploration projects. IGO’s current exploration tenement holdings cover approximately 1% of Australia’s land area. Our total landholdings have increased over the last 12 months due to the acquisition of Western Areas. Exploration licences again represent the majority of IGO mineral tenements. A breakdown of total landholdings is presented below: Greenbushes Operation (Lithium – spodumene concentrate) IGO holds an indirect interest 24.99% stake in the Greenbushes Operation via the TLEA. Greenbushes is a large-scale, long life, low cost, hard rock lithium mine located approximately 250km south of Perth, Western Australia which has the highest Ore Reserve grade of any hard rock lithium mine operating globally. Greenbushes is a well-established operation with mining operations spanning many years with lithium operations first commencing in 1983. The site comprises a large open pit mine, four processing plants – three producing chemical grade lithium concentrates and one producing technical grade lithium concentrates, and associated support infrastructure to support mining and processing operations. Kwinana Lithium Hydroxide Refinery (Lithium – lithium hydroxide monohydrate) The Kwinana Refinery is one of the first fully automated battery grade lithium hydroxide facilities globally and the first of its kind in Australia. Kwinana is approximately 35km south of Perth, Western Australia, adjacent to major supply chain logistics. Importantly, Kwinana is only 200km from Greenbushes which supplies the lithium bearing concentrate that is converted to lithium hydroxide. The plant consists of two individual production trains which will produce 48,000t of lithium hydroxide in aggregate once in full production (24,000t per Train). Train 1 is currently in ramp up phase, with first battery grade production achieved in May 2022. Train 2 is partly complete, and the joint venture expects to complete construction by 2024 before commissioning in 2025. Kwinana Lithium Hydroxide Refinery Nova Operating Plant
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