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IGO Limited | 29 October 2026 1Q27 Results Presentation IGO Limited
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Page 2 Results summary Strong operational performance from Nova and Greenbushes SUSTAINED FOCUS ON SAFETY • 50% reduction in TRIFR over 12 months • Focus on critical risk management as we finalise ramp down and demobilisation from Nova NOVA RECORDED STRONG FINAL QUARTER • Nickel production up 19% • Copper production up 27% • Nova EBITDA of $56M • Production running at top end of LOM guidance, and below bottom end of LOM cash cost guidance GREENBUSHES DELIVERED RECORD PRODUCTION • Record quarterly spodumene concentrate production of 435kt • CGP3 achieved nameplate • 83% EBITDA Margin STRONG FINANCIAL RESULTS • Group underlying EBITDA of $176M, up 49% QoQ • Net cash of A$376M
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Safety Sustained focus on safety performance Page 3 TRIFR Performance to 30 September 2026 YoY IMPROVEMENT 50% lower Group 12-month TRIFR SEPTEMBER QUARTER RESULT 2 recordable injuries at Nova; TRIFR rose to 4.0 during the quarter FOCUS Maintaining critical risk management as we complete ramp- down and demobilise from Nova 12.5 9.9 7.1 5.3 5.5 8.0 6.5 4.9 3.7 4.0 0 5 10 15 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 Nova Operation IGO Group
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Nova Outstanding final full quarter from Nova Units 1Q27 4Q26 % change Nickel production t 4,635 3,882 ▲ 19% Nickel sales t 4,576 3,372 ▲ 36% Copper production t 2,144 1,694 ▲ 27% Copper sales t 1,845 2,645 ▼ 30% Cash cost (payable)¹ A$/lb Ni 2.00 4.49 ▼ 55% Underlying EBITDA² A$M 56 31 ▲ 83% Realised nickel price A$/t 22,961 24,702 ▼ 7% Realised copper price A$/t 22,494 18,889 ▲ 19% 1. Cash costs reported per pound of payable metal produced, inclusive of royalties and net of by-product credits. 2. Underlying EBITDA is a non-IFRS measure (refer to Disclaimer). PRODUCTION 4,635t Nickel ▲ 19% QoQ CASH COST (payable) $2.00/lb ▼ 55% QoQ, on higher production and by-product prices, lower costs UNDERLYING EBITDA $56M 2,144t Copper ▲ 27% QoQ Production performance reflects stronger mining performance and higher mill runtime FREE CASH FLOW $67M Page 4
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Nova’s Legacy A decade of contribution to IGO, with sustained performance to the end 14Mt Ore mined 221kt Nickel produced 99kt Copper produced $5.4B Cumulative revenue $2.9B Free cash flow $242M Royalties paid High-quality, low-cost operation Maintained strong production and cost performance despite nickel price downturn in 2023/24 Strong performance to the end On track to beat life-of-mine production and cost guidance Contribution to people and partners Created over 480 direct jobs, and developed and operated in partnership with the Ngadju Traditional Owners Nova to continue under new ownership Secured divestment to Global Lithium Resources post closure, enabling future lithium production LIFE OF MINE STATISTICS Page 7
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Greenbushes Record production and lower costs as CGP3 reaches sustained nameplate Page 8 100% basis Units 1Q27 4Q26 % change Spodumene production kt 435 387 ▲ 12% Spodumene sales kt 376 391 ▼ 4% Mined grade % Li2O 1.77 1.68 ▲ 5% Cash cost (production)1 A$/t 418 448 ▼ 7% Average realised price US$/t 2,130 2,286 ▼ 7% EBITDA margin % 83 80 Capex2 A$M 51 42 1. Cash cost (production) is IGO’s estimate of unit cash costs of production and includes mining, processing, crushing and site administration; inventory adjustments, non-site G&A, offsite and royalty costs are excluded. 2. Capex includes sustaining, growth and capitalised stripping. 1Q27 PRODUCTION 435kt ▲12% QoQ on higher grade and improved recovery CASH COSTS $418/t ▼ 7% QoQ; EBITDA margin increased to 83% CGP3 RAMP UP Nameplate production achieved in September DIVIDEND A$680M Quarterly dividend to shareholders (100%) reflecting strong cash generation
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Kwinana Production performance improving; conversion costs remain elevated 100% basis Units 1Q27 4Q26 % change Lithium hydroxide production t 918 897 ▲ 2% Lithium hydroxide sales t 926 864 ▲ 7% Conversion cost (production)¹ A$/t 33,677 40,670 ▼ 17% Sales revenue A$M 23.1 23.9 ▼ 3% EBITDA A$M (65.4) (88.4) ▲ 26% Capex² A$M 14.2 26.7 1. Lithium hydroxide conversion cost is IGO's estimate of cash conversion costs which include chemicals and reagents, utilities, direct labour, maintenance and indirect operating costs, and excluding the purchase of spodumene raw materials and Lithium Industry Support Program funding, per unit of lithium hydroxide produced. 2. Includes sustaining and improvement capex. Page 9 1Q27 PRODUCTION Major shutdown complete, production has resumed CONVERSION COSTS 17% lower at A$33,677/t due to shutdown EBITDA A$65M loss, driven by NRV adjustment and lower hydroxide prices
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Financial results Strong earnings performance; balance sheet remains strong with A$376M cash Page 10 1. Underlying measures of EBITDA (earnings before interest, tax, depreciation, amortisation and impairment) and free cash flow are non-IFRS financial measures. They should not be considered as alternatives to an IFRS measure of profitability, financial performance, or liquidity. All references to financial measures and outcomes in this Quarterly Presentation are to unaudited results. 2. Tianqi Lithium Energy Australia (TLEA) is the joint venture between IGO (49%) and Tianqi Lithium Corporation (51%). 3. EBITDA is a non-IFRS measure. Underlying EBITDA for 1Q27 of $176.1M and 4Q26 of $117.8M included the following underlying adjustments: 1) expenses on sale of Forrestania assets and release of rehabilitation liabilities of $nil (4Q26: $0.2M). EBITDA, prior to these exclusions for 1Q27 and 4Q26, was $176.1M and $117.6M, respectively. Underlying EBITDA includes a $31.9M mark-to-market gain on listed investments in 1Q27 (4Q26: $9.6M loss). 4. Free cash flow comprises net cash flow from operating activities and net cash flow from investing activities. Underlying adjustments exclude: 1) payment for acquisition of 49% JV interest in Copper Wolf of $0.9M (4Q26: $5.3M), 2) proceeds on sale of assets of $1.0M (4Q26: $nil), and 3) costs relating to the sale of Forrestania assets of $nil (4Q26: $0.2M). Free cash flow, prior to these exclusions for 1Q27 and 4Q26, is a net inflow of $39.8M and $64.0M, respectively. Units 1Q27 4Q26 % change Sales revenue A$M 158 141 ▲ 12% Nova EBITDA A$M 56 31 ▲ 83% Share of net profit/(loss) of TLEA2 A$M 114 121 ▼ 5% EBITDA3 A$M 176 118 ▲ 50% Underlying EBITDA3 A$M 176 118 ▲ 49% Underlying free cash flow4 A$M 40 70 ▼ 43% Cash A$M 376 387 ▼ 3% UNDERLYING EBITDA 1 $176M ▲ 49%, supported by Nova and positive investment revaluations REVENUE $158M ▲ 12% on higher Nova nickel sales and copper price BALANCE SHEET $376M Strong cash balance to fund growth
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Page 11 Priorities Optimise our existing portfolio and position for growth UNLOCK VALUE FROM OUR LITHIUM BUSINESS • Complete the divestment of Nova to Global Lithium Resources • Assess value realisation opportunities from Cosmos • Continue to rationalise non-core exploration assets • Support our joint venture partners to deliver full value from Greenbushes • Agree a pathway for Kwinana with Tianqi Lithium Corporation ADVANCE GROWTH OPPORTUNITIES • Build a pipeline of advanced copper and lithium exploration projects • Progress the technical and commercial development of our BioHeap TM copper leach technology • Consider selective copper and lithium M&A opportunities with discipline MAXIMISE VALUE FROM NON - CORE ASSETS1 2 3
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Summary Page 12 Strong performance from Nova and Greenbushes; IGO well positioned for growth SAFETY • Group TRIFR of 4.0, down 50% year on year • Quarterly increase reinforces focus on critical risks GREENBUSHES • Record 435kt production, up 12% quarter on quarter • CGP3 reached nameplate in September KWINANA • 918t production following completion of major shutdown • Conversion costs fell 17% to $33,677/t NOVA • Nickel production rose 19% in the final full quarter • Cash costs fell 55% to $2.00/lb FINANCIAL • Underlying EBITDA of $176M, up 49% • Net cash of $376M and underlying free cash flow of $40M GROWTH • Disciplined growth focused on copper and lithium • BioHeap testing continues towards a trial heap
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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 Page 13
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Cautionary Statements & Disclaimer Page 14 • 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. • Quarterly Financial Results are unaudited. 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) are reporting inclusive of mining, processing, crushing and site administration, and utilise production as a unit of measurement. This measure excludes inventory adjustments, non-site general and administrative, offsite and royalty costs. • 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 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 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. Making a Difference 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.