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IGO Limited | 27 August 2026 Page 1 FY26 Results Presentation IGO Limited
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Page 2 FY26 - Year in Review Strong performance across safety, operations and financial returns Safety Transformational safety performance Nova Beat production and cost guidance, delivering $228M of free cash flow Greenbushes Higher spodumene prices lifted margins, CGP3 ramping up Kwinana Developing a pathway forward with our partner TLC Growth Focused on building a strong pipeline of quality growth opportunities Cash & Balance Sheet $387M cash, 5 cent final dividend Team and Capability Leadership renewal and stronger capability to execute Portfolio Optimisation Forrestania exited, Nova sale announced, exploration tenure rationalised ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
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Safety Transformational improvement sustained across FY26 Page 3 64% reduction in Group 12-month TRIFR1 Group 12-month TRIFR reduced to 3.7, from 10.2 at June 2025 Nova TRIFR reduced 69% to 5.3, from 16.9 at June 2025 Greenbushes safety deteriorated mid-year, however all JV partners are aligned on critical safety improvement programs FY27 focus: safe ramp-down at Nova and safe exploration drilling programs 16.9 12.5 9.9 7.1 5.3 10.2 8.0 6.5 4.9 3.7 0 2 4 6 8 10 12 14 16 18 20 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 12-month rolling TRIFR Nova Operation IGO Group 1. TRIFR: Total Recordable Injury Frequency Rate per million hours worked, 12-month rolling. 2. SPI: Significant Potential Incident. Recorded to 3 August 2026 +200 Days without a recordable injury +330 Days without an SPI2
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Financial Results Strong cash generation on the back of an exceptional performance from Nova Page 4 Total revenue of $463M, with strong operational performance from Nova Group EBITDA of $323M driven by an $186M YoY improvement in IGO's share of TLEA net profit Share of TLEA net profit of $207M reflects the recovery in spodumene pricing through 2H26 Underlying free cash flow of $134M, up 176%, with Nova contributing $228M Net cash of $387M at 30 June 2026, up 38%, with no drawn debt $323M EBITDA $387M Net cash at 30 June 2026 up 38% Units FY26 FY25 YoY Revenue A$M 463 528 ▼ 12% Share of net profit/(loss) of TLEA A$M 207 (642) n/a EBITDA A$M 323 (709) n/a Net profit/(loss) after tax A$M 145 (955) n/a Underlying EBITDA¹ A$M 286 (43) n/a Net cash flow from operating activities A$M 132 43 ▲ 209% Underlying free cash flow² A$M 134 49 ▲ 176% Cash A$M 387 280 ▲ 38% 1. Underlying measures of profit/(loss), EBITDA and NPAT are non-IFRS financial measures (refer to Disclaimer). A reconciliation to reported EBITDA and NPAT is provided in the ASX announcement, FY26 Financial Results, 27 August 2026. 2. Free cash flow comprises net cash flow from operating activities and net cash flow from investing activities (refer to Disclaimer).
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Cash flow Operational delivery and cost discipline lifted net cash 38% to $387M Page 5 Strong Nova performance $228M free cash flow ▲ 63% YoY Exploration discipline $28M expenditure ▼ 45% YoY Leaner corporate base $58M corporate & other costs ▼ 13% YoY 140 5 (16) (51) (67) 280 228 (10) (13) (28) (58) 387 Nova FCF Forrestania FCF Cosmos FCF Exploration Corporate & Other¹ Closing Cash Key cash flow movements: FY26 vs FY25 ($M) FY25 FY26 ¹ FY26 Corporate & Other includes $5M proceeds on sale of Stockman royalty and $7M payments for financial assets & Copper Wolf JV Closing cash does not reconcile precisely as the chart is intended to highlight the key cash flow movements. Cash is a net cash position; IGO had no drawn debt during FY26.
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Capital Management Disciplined capital returns to shareholders in line with IGO’s Capital Management Guideline Page 6 5.0c Final FY26 dividend per share $38M Final dividend ~30% of Underlying free cash flow 0 10 20 30 40 50 60 70 80 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Dividends per share (cents) Interim Final Special Capital management priorities unchanged: balance sheet strength, disciplined growth and shareholder returns Final fully franked dividend of 5.0 cents per share, approximately $38M, with payment expected in late September 2026 A mid-point payout of ~30% of underlying free cash flow, within the Guideline’s 20–40% target range Dividend per share calculated on 757.3M ordinary shares on issue. No interim dividend was paid or declared for FY26. FY23 also included a 16 cent special dividend. Underlying free cash flow is a non-IFRS measure (refer to Disclaimer). Dividend represents disciplined capital return to shareholders in line with Capital Management Guideline
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Page 7 FY27 Priorities Clear focus to optimise existing portfolio and position for growth OPTIMISE AND MAXIMISE THE PORTFOLIO Nova • Safe and stable operations through to completion of mining • Complete the divestment to Global Lithium Resources, supporting our people to the end Greenbushes • Optimising the world’s best lithium asset to deliver its full value • Complete the CGP3 ramp-up to deliver production step-up Kwinana • Maintain a strong focus on cash and disciplined capital allocation • Work with our partner to determine the optimal pathway for IGO shareholders DELIVER OUR GROWTH OPPORTUNITIES Exploration • Global focus on copper and lithium • Targeted at opportunities with known mineralisation and genuine upside BioHeap • Detailed technical and commercial work, including capex and opex modelling completed • Progressing opportunities to commence trial heaps Disciplined M&A • Highly selective, copper and lithium only • Disciplined, accretive and aligned with our strategy Underpinned by our team: engaged, values -led and highly capable as we refocus the business toward growth
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Investors & Media Richard Glass Head of Strategy and Investor Relations T:+61 8 9238 8300 E: investor.relations@igo.com.au Authorised for release to the ASX by Managing Director and CEO, Ivan Vella
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Cautionary Statements & Disclaimer Page 9 This presentation has been prepared by IGO Limited (“IGO”) (ABN 46 092 786 304). It should not be considered as an offer or invitation to subscribe for or purchase any securities in IGO or as an inducement to make an offer or invitation with respect to those securities in any jurisdiction. This presentation contains general summary information about IGO. The information, opinions or conclusions expressed in the course of this presentation should be read in conjunction with IGO’s other periodic and continuous disclosure announcements lodged with the ASX, which are available on the IGO website. No representation or warranty, express or implied, is made in relation to the fairness, accuracy or completeness of the information, opinions and conclusions expressed in this presentation. This presentation includes forward looking information regarding future events, conditions, circumstances and the future financial performance of IGO. Often, but not always, forward looking statements can be identified by the use of forward-looking words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "continue" and "guidance", or other similar words and may include statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs. Such forecasts, projections and information are not a guarantee of future performance and involve unknown risks and uncertainties, many of which are beyond IGO’s control, which may cause actual results and developments to differ materially from those expressed or implied. Further details of these risks are set out below. All references to future production and production guidance made in relation to IGO are subject to the completion of all necessary feasibility studies, permit applications and approvals, construction, financing arrangements and access to the necessary infrastructure. Where such a reference is made, it should be read subject to this paragraph and in conjunction with further information about the Mineral Resources and Ore Reserves, as well as any Competent Persons' Statements included in periodic and continuous disclosure announcements lodged with the ASX. Forward looking statements in this presentation only apply at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information IGO does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based. There are a number of risks specific to IGO and of a general nature which may affect the future operating and financial performance of IGO and the value of an investment in IGO including and not limited to economic conditions, stock market fluctuations, commodity demand and price movements, access to infrastructure, timing of environmental approvals, regulatory risks, operational risks, reliance on key personnel, reserve and resource estimations, native title and title risks, foreign currency fluctuations and mining development, construction and commissioning risk. The production guidance in this presentation is subject to risks specific to IGO and of a general nature which may affect the future operating and financial performance of IGO. All currency amounts are in Australian Dollars unless otherwise noted. Net Cash is cash balance less outstanding debt, Net Debt is outstanding debt less cash balances. Nickel cash costs are reported inclusive of royalties and after by- product credits on a per unit of payable metal basis, unless otherwise stated. Lithium cash costs reported as COGS (cash costs of goods sold) per tonne sold are inclusive of ore mining costs, processing, general and administrative, selling & marketing and inventory movements. Lithium cash costs (production) is IGO’s estimate of unit cash costs of production and includes mining, processing, crushing and site administration, and utilises production as the unit of measurement. Inventory adjustments, non-site general and administrative, offsite and royalty costs are excluded. Lithium hydroxide conversion cost is IGO’s estimate of cash conversion costs, which includes chemicals and reagents, utilities, direct labour, maintenance and indirect operating costs, and excludes the purchase of spodumene raw materials and Lithium Industry Support Program funding, per unit of lithium hydroxide produced. Underlying EBITDA is a non-IFRS measure and comprises net profit or loss after tax, adjusted to exclude income tax expense, finance costs, interest income, asset impairments, gain/loss on sale of investments, depreciation and amortisation and other once-off transaction and integration costs. Underlying EBITDA includes IGO’s Share of TLEA net profit/(loss) after tax. Free Cash Flow comprises Net Cash Flow from Operating Activities and Net Cash Flow from Investing Activities. Underlying adjustments exclude acquisition and integration costs, proceeds from investment sales, payments for investments and mineral interests and other once-off receipts/payments. IGO has a 49% interest in Tianqi Lithium Energy Australia Pty Ltd (TLEA) and therefore, as a non-controlling shareholder, recognises its Share of net profit/(loss) after tax of TLEA in its consolidated financial statements. As such, IGO has provided additional information on the operating, financial and expansion activities at both Greenbushes and the Kwinana Refinery which reflects IGO’s understanding of those operating, financial and expansion activities based on information provided to IGO by TLEA.
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We believe in a world where people power makes amazing things happen. Where technology opens up new horizons and clean energy makes the planet a better place for generations to come. Our people are bold, passionate, fearless and fun – we are a smarter, kinder and more innovative company. Our work is making fundamental changes to the way communities all over the world grow, prosper and stay sustainable. Our teams are finding and producing the products that will make energy storage mobile, efficient and effective enough to make long-term improvements to the lifestyle of hundreds of millions of people across the globe. How? Developments in battery storage technology are enabling the full potential of renewable energy to be realised, by allowing energy produced from the sun, wind and other sources to be stored and used when and where it’s needed. This technology will impact future generations in ways we cannot yet imagine, improving people’s quality of life and changing the way we live. We believe in a green energy future and by delivering the products needed for tomorrow’s battery systems, we are making it happen. We are the IGO Difference. Making a Difference