3Q24 Results Presentation

IGO Limited

30 April 2024

IGO LIMITED | ASX: IGO

Safety

Improving safety performance remains our highest priority

Lag Safety Performance1

TRIFR performance remains steady at 12.1 (from 12.0 at 31 December 2023)1

10

20.2

17.7

22

9

16.5

16.0

8

17

12.7

7

12.0

12.1

6

12

5

4

7

3

2

2

1

0

-3

1Q23

2Q23

3Q23

4Q23

1Q24

2Q24

3Q24

TRI's

TRIFR

Dedicated focus on operational risk register reviews and safety workshops for senior leaders, with the aim of cultivating our safety-first culture

1. 12 month moving average calculated as the number of recordable injuries x 1,000,000 divided by the total number of hours

worked. IGO reports recordable injuries (TRI) as the sum of Lost Time Injury (LTI), Medically Treated Injury (MTI) and Restricted Work Injury (RWI) as required by Part 1.1 r.5 of the WHS (Mines) Regulations 2022. Western Areas injury data is captured from June 2022 onwards for the lead indicators, and April 2023 onwards for the lag indicators.

IGO Limited | 3Q24 Results

Lead Safety Performance1

677

542

364

413

450

399

383

106

99

89

103

76

91

141

1Q23

2Q23

3Q23

4Q23

1Q24

2Q24

3Q24

Critical Control Checks

Visual Safety Leadership Interactions

Page 2

Lithium Business

TLEA Joint Venture (IGO: 49% / Tianqi Lithium Corporation: 51%)

IGO Limited | 3Q24 Results

Page 3

Greenbushes

Lower QoQ production and sales, driven by reduced offtake nominations

100% basisUnits 3Q241 2Q241 QoQ YTD1 YTD Guidance3

Lower QoQ production, as expected,

Spodumene

driven by lower product nominations

kt

280

358

▼22%

1,051

975 - 1,050

Production

Spodumene Sales

kt

183

275

▼34%

850

Not Guided

Sales Revenue

A$M

286

1,286

▼78%

3,816

Not Guided

Lower QoQ sales revenue and EBITDA reflect lower spodumene prices and lower sales, as the new pricing mechanism comes into effect

EBITDA

A$M

211

1,144

▼82%

3,395

Not Guided

Cash Costs

A$/t

386

357

▲8%

327

330 - 380

(Production)2

3Q24 average realised price (chemical and technical grade) of US$1,034/t FOB Australia

  1. 3Q24 is the three months ending 31 March 2024; 2Q24 is the three months ending 31 December 2023; YTD is the nine months ending 31 March 2024.
  2. Cash Costs (production) include mining, processing, crushing and site administration, and utilises production as the unit of measurement. Inventory adjustments, non-site G&A, offsite and royalty costs are excluded.
  3. Pro-ratarevised YTD Guidance (FY24 revised guidance divided by four and multiplied by three), where applicable. Details of revised guidance can be found on page 8 of the IGO Half-Financial Results for the period ended 31 December 2023.

IGO Limited | 3Q24 Results

Page 4

Kwinana Refinery

Train 1 production rates show encouraging trends, although still below nameplate

Train 1

Quarterly production of 954t was a 55% improvement

QoQ (2Q24: 617t)

During the quarter, production improved month on month, with a clear improvement in asset reliability and operating control delivering better consistency at current levels

Lithium hydroxide sales resumed, with qualification and contract discussions advanced with potential customers

IGO Limited | 3Q24 Results

Page 5

Nickel Business

IGO Limited | 3Q24 Results

Page 6

Cosmos

Focused on a safe transition to care and maintenance

Work commenced to transition the site into care and maintenance, prioritising our people and the preservation of assets

New study is expected to begin in 4Q24

Total costs incurred for the Quarter were $61M, comprising $52M operating expenditure and $9M infrastructure costs

IGO Limited | 3Q24 Results

Page 7

Nova

Short term operational issues impacting production, but margins remain robust

Units

3Q241

2Q241

QoQ

YTD1

YTD Guidance3

Nickel Production

t

4,583

5,110

▼10%

14,458

15,750

- 16,500

Copper Production

t

2,069

2,465

▼16%

6,875

6,375

- 7,500

Cobalt Production

t

162

178

▼9%

508

525

- 600

Cash cost (payable)2

A$/lb Ni

5.05

4.17

▲21%

4.45

3.90

- 4.30

Sales Revenue

A$M

113

119

▼5%

394

N/A

Underlying EBITDA

A$M

61

60

▲2%

215

N/A

Underlying Free Cash

A$M

50

76

▼34%

214

N/A

Flow

Weaker production due to poor weather which extended a mill shutdown and unplanned maintenance

Higher cash costs primarily driven by lower metal production

Positive free cash flow generation of $50M despite operational challenges

  1. 3Q24 is the three months ending 31 March 2024; 2Q24 is the three months ending 31 December 2023; YTD is the nine months ending 31 March 2024.
  2. Cash costs reported per pound of payable metal produced, inclusive of royalties and net of by-product credits.
  3. Pro-ratarevised YTD Guidance (FY24 revised guidance divided by four and multiplied by three), where applicable. Details of revised guidance can be found on page 8 of the IGO Half-Year Financial Results for the period ended 31 December 2023.

IGO Limited | 3Q24 Results

Page 8

Forrestania

Cashflow and EBITDA positive towards end of mine life

Units

3Q241

2Q241

QoQ

YTD1

YTD

Guidance3

Nickel Production

t

1,944

2,007

▼3%

6,318 5,625 - 6,750

Lower production driven by transition to campaign milling post the Flying Fox mine closure, partially offset by higher feed grades and recoveries

Cash cost (payable)2

A$/lb Ni 10.93 12.03

▼9%

11.55

10.50 - 11.50

Sales Revenue

A$M

48

60

▼20% 194

N/A

Revenues impacted by lower sales volumes owing to route closures for heavy vehicles

Underlying EBITDA

A$M

15

0.2 ▲8,688% 27

N/A

Underlying Free Cash Flow A$M

2

4

▼58%

35

N/A

Uplift in EBITDA due to lower mining costs from Flying Fox closure, lower milling costs and a build-up of stockpiles, plus the reversal of NRV adjustments recognised last quarter

  1. 3Q24 is the three months ending 31 March 2024; 2Q24 is the three months ending 31 December 2023; YTD is the nine months ending 31 March 2024.
  2. Cash costs reported per pound of payable metal produced, inclusive of royalties and net of by-product credits.
  3. Pro-ratarevised YTD Guidance (FY24 revised guidance divided by four and multiplied by three), where applicable. Details of revised guidance can be found on page 8 of the IGO Half-Year Financial Results for the period ended 31 December 2023.

IGO Limited | 3Q24 Results

Page 9

Exploration

IGO Limited | 3Q24 Results

Page 10

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IGO Ltd. published this content on 30 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2024 00:23:01 UTC.