Slide 1: 1Q23 Results Presentation
1Q23 Results Presentation IGO Limited 31 October 2022 IGO LIMITED
Slide 2: Vale Peter Bradford
Vale Peter Bradford IGO Limited | 1Q23 Results Page 2
Slide 3: People & Safety
People & Safety Focused on improving safety outcomes for our people TOTAL RECORDABLE INJURY FREQUENCY RATE (TRIFR)1 22 Despite lower rates of serious injury, recent safety 21 performance has been disappointing 20 19 18 17 Integrating safety systems across newly acquired operational sites 16 15 14 13
Slide 4: 1Q23 Highlights
1Q23 Highlights Strong lithium earnings delivers record quarterly EBITDA Lithium Business Record quarterly production at Greenbushes | Ramp up at Kwinana continuing Nickel Business Solid operational performance | Cosmos Revised Development Plan announced Record EBITDA driven by strong lithium earnin
Slide 5: 1Q23 Financial Results
1Q23 Financial Results Higher lithium prices and consistent operational performance delivered strong financial results Units 1Q231 4Q221 QoQ1 Record quarterly EBITDA of A$398M driven primarily by lithium earnings Sales Revenue A$M 285 278 ▲3% Share of Net Profit of TLEA NPAT contribution increased s
Slide 6: Net Profit After Tax Reconciliation
Net Profit After Tax Reconciliation Stronger lithium business earnings offset lower earnings from Nova Net Profit After Tax – QoQ Movement A$M 350 300 10 28 20 250 184 200 150 253 26 100 78 65 50 107 13 4 1 - 4Q22 NPAT Nova Forrestania Exploration & Corporate & Acquisition Mark-to- Share of Net Fina
Slide 7: Cash Reconciliation
Cash Reconciliation Net debt reduced to A$396M at 30 September after A$220M debt repaid Free Cash Flow – QoQ Movement A$M 700 30 600 16 21 106 12 59 500 206 220 400 38 12 300 28 200 367 284 100 - Cash at Nova FCF Forrestania Cosmos FCF TLEA Exploration & Corporate & Finance Debt Dividend Purchase of
Slide 8: Lithium Business
Lithium Business IGO Limited | 1Q23 Results Page 8
Slide 9: TLEA Lithium Joint Venture
TLEA Lithium Joint Venture Strong lithium prices driving outstanding financial returns 1Q23 Financial Highlights Record spodumene production and higher lithium price generating strong returns IGO share of TLEA NPAT A$286M 181% QoQ Second quarterly dividend payment of A$106M received Dividend Receive
Slide 10: Greenbushes
Greenbushes Record production and financial performance YTD 100% basis Units 1Q231 4Q221 QoQ1 Record production driven by increased Guidance throughput and improved recovery Spodumene Concentrate kt 361 338 ▲7% 338 – 363 Sales revenue benefited from higher chemical grade spodumene sales price of Spo
Slide 11: Greenbushes
Greenbushes Strong progress toward delivering next phase of growth Greenbushes – Growth in Processing Capacity (Mtpa spodumene) Major Capital Projects Expected Commissioning in CY27 Chemical Grade Plant 3 Detailed engineering, bulk Expected (CGP3) earthworks and finalisation of Commissioning 0.5 pil
Slide 12: Kwinana Refinery
Kwinana Refinery Progressing toward commercial production Increased production to 195t of finished lithium hydroxide as trial production runs continue Successful badging of acid roast kiln and calciner in September Train 2 Financial Investment Decision expected during FY23 1Q23 Financial Results (10
Slide 13: Nickel Business
Nickel Business IGO Limited | 1Q23 Results Page 13
Slide 14: Nickel Business
Nickel Business Integration of Forrestania and Cosmos progressing to plan Key Strategic Action Items IGO’s Nickel Portfolio Maximising value through optimisation and Integration leveraging synergies Cosmos Delivering a safe and sustainable project Securing new offtake agreements for Nova Offtake and
Slide 15: Nova
Nova Consistent operational performance delivered metal production in line with guidance YTD Units 1Q231 4Q221 QoQ1 Guidance Metal production in line QoQ Nickel in concentrate t 6,572 6,509 ▲1% 6,000 – 6,750 Copper in concentrate t 2,805 2,814 - 2,750 – 3,000 Cash costs higher QoQ driven by lower by
Slide 16: Forrestania
Forrestania Strong quarter driven by higher throughput and milled grade YTD Units 1Q231 4Q221 QoQ1 Guidance Metal production higher due to improved throughput and milled grade Nickel in concentrate t 3,189 2,860 ▲11% 2,625 – 3,125 Cash cost (payable)2 A$/lb Ni 8.70 9.24 ▼6% 7.50 – 8.50 Sales revenue
Slide 17: Cosmos
Cosmos Project development progressed during 1Q23 Processing Plant Final plant design nearing completion, long lead items ordered, site works & refurbishments continuing Shaft Progressed construction & fit out of main shaft, including testing of winder components Paste Plant Earthworks and civils co
Slide 18: Cosmos
Cosmos Project Revised Development Plan delivers a safe and sustainable operation Cosmos – Underground Schematic Key Outcomes: • Expansion of process plant to 1.1Mtpa • Completion of shaft and infrastructure • Complete additional underground development (incl. AM6) • Strengthening site infrastructur
Slide 19: Cosmos
Cosmos Capital Cost Estimate Bridge from IER3 to Total Project Cost Estimate Necessary expenditure identified Remaining cost to complete the project expected to Expansion of processing plant and accelerated by IGO that was not included in A$M the IER be between A$493M and A$523M1 900 mining, includi
Slide 20: Cosmos
Cosmos Project Delivery Timeline Cooling Plant Handover Odysseus Headframe Complete First Ore Hoisted from Odysseus shaft 2Q23 3Q23 4Q23 1Q24 2Q24 Paste Plant Commissioning Process Plant Commissioning Commencement of Shaft Leg 2 First Concentrate Production IGO Limited | 1Q23 Results Page 20
Slide 21: Exploration
Exploration IGO Limited | 1Q23 Results
Slide 22: Nova & Silver Knight
Nova & Silver Knight Exploration at Silver Knight demonstrates continuity of sulphide mineralisation Silver Knight • Diamond drilling identified sulphide mineralisation outside the existing resource at Silver Knight South • Futher extensions to be tested in 2Q23, as well as Red Queen and Firehawk ta
Slide 23: Paterson Project
Paterson Project Focus on generating belt-scale data sets to inform future work Geochemical and geophysical programs completed across joint venture project areas Diamond drilling at EB01 and ET01 on Encounter JV intersected quartz-carbonate veining with variable copper sulphide contents AC drilling
Slide 24: Sustainability
Sustainability Continued focus on industry leading performance and reporting 2022 Sustainability Report – IGO’s 8th consecutive report – released in August 2022 Nova’s second solar farm nearing practical completion – first power expected in November 2022 Several additional projects underway to furth
Slide 25: Summary
Summary Lithium business driving outstanding financial results Record quarterly sales and underlying EBITDA Record spodumene production at Greenbushes Nickel business tracking ahead of production guidance Cosmos Revised Development Plan Balance sheet strengthened Ensuring our people are safe and sup
Slide 26: Making a Difference
Making a We believe in a world where people power makes How? Developments in battery storage technology amazing things happen. are enabling the full potential of renewable energy to be realised, by allowing energy produced from the Where technology opens up new horizons and clean sun, wind and other
Slide 27: Cautionary Statements & Disclaimer
Cautionary Statements & Disclaimer • This presentation has been prepared by IGO Limited (“IGO”) applications and approvals, construction, financing • Nickel cash costs are reported inclusive of royalties and after (ABN 46 092 786 304). It should not be considered as an offer arrangements and access