Earnings release
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IGO Limited Level 5, 85 South Perth Esplanade South Perth WA 6151 PO Box 496 South Perth WA 6951 T. +61 8 9238 8300 F: +61 8 9238 8399 E. contact@igo.com.au ASX: IGO ABN 46 092 786 304 igo.com.au Quarterly Report Period ended 30 September 2026 PUBLICATION DATE 29/10/2026 Record Greenbushes production and outstanding final quarter from Nova Quarter Summary 12-month TRIFR increased from 3.7 at the end of June to 4.0 at the end of September Nova delivered outstanding production and cost performance in its final full quarter of operations Mining and processing operations will conclude by the end of October, with the divestment to Global Lithium Resources expected to complete during the December quarter Greenbushes delivered a record quarter, producing 435kt spodumene concentrate supported by the rapid recovery in CGP3 performance which reached nameplate during September Cash costs improved 7% to $418/t (4Q26: $448/t) Realised spodumene price fell 7% to US$2,130/t (4Q26: US$2,286/t) Greenbushes EBITDA margin 83% (4Q26: 80%) The technical elements of the Strategic Options Review are substantially complete, with work identifying significant value opportunities across resource and reserve optimisation, mine design and scheduling, recovery uplift and product grade Continued strong cash generation supported a dividend of $680.1M paid by Windfield to shareholders (100% basis) in the quarter Kwinana produced 918t of lithium hydroxide, impacted by a major shutdown Group underlying EBITDA $176.1M (4Q26: $117.8M) Underlying free cash flow $39.7M (4Q26: $69.5M) $37.9M dividend payment made to IGO shareholders Net cash of $376.3M as at 30 September 2026 Management Commentary “After almost a decade of successful operations, mining and processing at Nova will conclude over the coming days, ending an important chapter for IGO. We are immensely proud of what the team has achieved as they bring operations to a close . Production and cost performance this quarter were outstanding, with nickel production expected to exceed the top end of LOM guidance and cash costs below the bottom end. “The strong result is a fitting conclusion for an operation that has made a significant contribution to our business. As one of the last nickel operations still running in Western Australia, Nova has been a high-grade, low-cost producer, resilient through the cycle and a stable source of supply. Nova leaves a proud legacy , reflecting the quality of the orebody, our operating capability and, above all, the dedication of our people. With operations concluding, we are progressing our transaction with Global Lithium towards completion and handover in the coming weeks. “Greenbushes delivered an exceptional result, with record production and significant cash flow. CGP3 reaching nameplate capacity was a key contributor, together with improved recoveries. Looking ahead, we are excited about the substantial opportunity to further improve performance, support growth and reinforce Greenbushes’ industry - leading cost position. “With Nova concluding and Greenbushes positioned for a strong future, our focus is on IGO’s next phase of growth. We are committed to building a high-quality copper and lithium business, pursuing opportunities where we can apply our capabilities and create long-term value, while remaining disciplined on capital allocation with a clear focus on quality, value and strategic alignment.” Ivan Vella Managing Director and Chief Executive Officer Investor Webcast An investor webcast will be held at 12.00pm AEDT (9.00am AWST) on Thursday 29 October 2026. Please click here to join: IGO September Quarter Webcast.
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Quarterly Report – Period ended 30 September 2026 Page 2 Group Safety Performance IGO’s 12-month Total Recordable Injury Frequency Rate (TRIFR) increased from 3.7 at the end of June to 4.0 at the end of September, reflecting two recordable injuries in September and a reduction in exposure hours as operations at Nova ramp down towards closure. Despite the increase during the quarter, the longer -term trend remains positive, with Group TRIFR down 50% from 8.0 in September 2025. At IGO’s non-operated sites, Greenbushes’ 12-month TRIFR increased to 9.7, while at Kwinana the 12-month TRIFR remained elevated at 12.7. The Talison team is focused on delivery of a structured Safety Improvement Program and lifting the level of field interactions. Total Recordable Injury Frequency Rate (TRIFR) – IGO Group and Nova to September 2026 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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Quarterly Report – Period ended 30 September 2026 Page 3 Group Financial Summary1 • Group sales revenue increased 12% during the quarter, primarily due to higher nickel sales volumes, offset by lower realised nickel prices and lower copper sales. • IGO’s share of profit from TLEA was 5% lower at $114.3M, impacted by lower sales and prices at Greenbushes. • Underlying EBITDA of $176.1M for the quarter reflects the strong EBITDA contribution from Nova, together with positive mark-to-market movements on listed investments of $31.9M. • Cash flow from operating activities decreased to $39.8M due to the timing of debtor receipts during the quarter (4Q26: $69.2M). • A dividend of $680.1M (US$483.0M) was paid to Windfield shareholders during the quarter, resulting in a considerable cash build at TLEA. • Following the payment of IGO’s final FY26 dividend of $37.9M, or 5 cents per share, during the quarter 2, net cash reduced $10.2M to end the quarter with net cash of $376.3M . IGO’s revolving credit facility of $300.0M remains fully undrawn, expiring in July 2028. A$M 1Q27 4Q26 %Δ Sales revenue 157.9 141.4 12% Nova EBITDA 56.1 30.6 83% Share of net profit of TLEA3 114.3 120.6 (5%) EBITDA 176.1 117.6 50% Underlying EBITDA4 176.1 117.8 49% Underlying free cash flow5 39.7 69.5 (43%) Cash / net cash 376.3 386.5 (3%) 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 r eferences to financial measures and outcomes in this Quarterly Report are to unaudited results. 2As announced with IGO’s FY26 Financial Results, released to the ASX on 27 August 2026. 3 Tianqi Lithium Energy Australia (TLEA) is the joint venture between IGO (49%) and Tianqi Lithium Corporation (51%). 4 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). 5 Free cash flow comprises net cash flow from operating activities and net cash flow from investing activities. Underlying adju stments 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 e xclusions for 1Q27 and 4Q26, is a net inflow of $39.8M and $64.0M, respectively.
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Quarterly Report – Period ended 30 September 2026 Page 4 Greenbushes Lithium Mine (100% basis) • Greenbushes delivered record quarterly production of 435kt, up 12% quarter on quarter, which drove 7% lower cash costs of $418/t. • Processing performance was strong, benefiting from higher feed grade and improved recoveries. Mined grades and total mining movements also continued to trend upwards. • Chemical Grade Plant 3 (CGP3) achieved nameplate capacity in September, nine months after first ore commissioning, and despite the interruption to ramp-up caused by a fire in June. • Spodumene sales were 4% lower quarter on quarter, with lower average cargo sizes being temporarily utilised due to port constraints, resulting in an increase in concentrate inventory during the quarter. • Average realised spodumene price was lower at US$2,130/t (4Q26: US$2,286/t). • EBITDA margin was 83% for the quarter, rising from 80% in the prior quarter. • Sustaining, growth and capitalised stripping expenditure was $51 M, with the most significant item being TSF 4 expenditure. • A dividend of $680.1M (US$483.0M) was paid to Windfield shareholders during the quarter. • As at 30 September 2026, Windfield Holdings 6 held cash of $368.8M (US$257.3M) and drawn debt of $2,121.3M (US$1,480.0M). Units 1Q27 4Q26 %Δ Spodumene Concentrate (SC6.0) Production kt 435 387 12% Sales kt 376 391 (4%) Cash cost (production) A$/t 418 448 (7%) Average price US$/t 2,130 2,286 (7%) EBITDA margin % 83 80 Capex7 A$M 51 42 Optimisation Talison has substantially completed the technical elements of the Strategic Options Review (SOR) at Greenbushes. Following extensive technical and peer review, the SOR has identified significant value opportunities across resource and reserve optimisation, mine design (including wall steepness) , mine scheduling, recovery and product grade. Realising these opportunities depends on a number of enablers, principally water, tailings and port logistics and capacity. Valuation is the remaining workstream that is expected to be finalised in the coming months , with outputs incorporated into Talison’s CY27 budget and future plans. IGO recognises the market’s interest in a more detailed long-term plan reflecting the SOR outcomes. IGO is working with its partners on how this will be communicated once it is finalised. 6 Windfield Holdings owns 100% of Talison (the operator of Greenbushes). Windfield is owned 51% by TLEA and 49% by Albemarle Co rporation. 7 Includes sustaining, growth and capitalised stripping.
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Quarterly Report – Period ended 30 September 2026 Page 5 Kwinana Lithium Hydroxide Refinery (100% basis) • Lithium hydroxide production increased 2% to 918t, despite a major shutdown to commission a calciner off -gas treatment system. This extended shutdown is now complete, and optimi sation and close-out activities on the calciner will continue over the next quarter. • Conversion costs decreased 17% to $33,677/t, mainly due to the reduced maintenance costs during the quarter. • Sales volumes increased 7% to 926t, reflecting continued customer engagement. Sales revenue decreased 3% to $23.1M due to a lower average realised price (1Q27: US$17,676/t; 4Q26: US$19,543/t). • Sustaining and improvement capex decreased 47% to $14.2M (4Q26: $26.7M). • The EBITDA loss of $65.4M (4Q26: $88.4M loss) inclu des a $32.0M negative inventory net realisable value (NRV) adjustment, reflecting higher spodumene feedstock costs and lower lithium hydroxide prices at the end of 1Q27. It also includes IGO’s 49% share of Kwinana capital expenditure: $6.9M (4Q26: $12.9M), which IGO has expensed. Tianqi Lithium Energy Australia (TLEA) (100% basis) • During the quarter, TLEA received $347M in dividends from Windfield (US$246M), following $199M (US$ 137M) received in the June quarter. • These distributions reflect the strong cash generation from Greenbushes and have contributed to a significant cas h build within TLEA. • TLEA did not declare a dividend during the quarter . TLEA distributions will be assessed by the Board during the December quarter. 8 Includes sustaining and improvement capex. Units 1Q27 4Q26 %Δ Lithium hydroxide Production t 918 897 2% Sales t 926 864 7% Sales revenue A$M 23.1 23.9 (3%) Conversion cost A$/t 33,677 40,670 (17%) EBITDA A$M (65.4) (88.4) (26%) Capex8 A$M 14.2 26.7
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Quarterly Report – Period ended 30 September 2026 Page 6 Nova Operation • At Nova, n ickel production increased 19% to 4.6kt and copper production increased 27% to 2.1kt . Improved mining performance and mill runtime were delivered in the quarter, with the final major shutdown being completed in the prior quarter. • This strong performance , combined with unreconciled performance for October, has put Nova on track t o beat the upper end of LOM nickel production guidance9 provided in July 2025, with costs expected to be below the bottom end of LOM guidance. • Nova unit cash costs decreased 55% to $2.00/lb Ni (4Q26: $4.49/lb), due to higher production, higher by-product prices and lower operating costs. • Sales revenue increased 12% to $157.9M , driven by higher nickel sales volumes and a higher copper price, partially offset by lower copper sales volumes and a lower nickel price. • Nova underlying EBITDA increased 83% to $56. 1M (4Q26: $30.6M). The prior quarter result included a $15.5M increase in the rehabilitation provision and $15. 0M of redundancy and retention accruals tied to the end of mine life . Cash production costs fell in line with lower activity as the mine approaches closure. • Free cash flow decreased 15% to $66.9M (4Q26: $78.9M), with no sustaining capital expenditure in the quarter. • Mining and processing operations will conclude in late October 2026, with the divestment to Global Lithium Resources due to complete later during the December quarter. Units 1Q27 4Q26 %Δ Nickel production t 4,635 3,882 19% Nickel sales (payable) t 4,576 3,372 36% Copper production t 2,144 1,694 27% Copper sales (payable) t 1,845 2,645 (30%) Sales revenue A$M 157.9 141.4 12% Cash cost (payable) A$/lb Ni 2.00 4.49 (55%) Underlying EBITDA A$M 56.1 30.6 83% Average price Nickel A$/t 22,961 24,702 (7%) Copper A$/t 22,494 18,889 19% Cobalt A$/t 72,690 79,301 (8%) 9 LOM Guidance relates to period 1 July 2025 to end of mine life, as announced on 31 July 2025
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Quarterly Report – Period ended 30 September 2026 Page 7 Growth Portfolio IGO remains focused on building a globally relevant copper and lithium business that supports the global energy transition. This growth agenda is underpinned by commercial discipline and a focus on opportunities where IGO can apply its technical capability, capital strength and operational expertise to create sustainable long-term value. In FY27, IGO is pursuing growth through three key pathways: 1. Disciplined exploration focused on high-quality copper and lithium opportunities. 2. Leveraging IGO’s proprietary BioHeap™ technology to unlock value in copper assets. 3. Disciplined M&A in copper and lithium, considered only in highly selective circumstances where strategic fit, capital allocation discipline and a distinctive IGO advantage are clearly demonstrated. For exploration and BioHeapTM, IGO’s preference is a partnership-led approach, with projects stage-gated so that capital is deployed in line with results and confidence in project delivery. In parallel, work to maximise the value of Cosmos is progressing as IGO continues to simplify its portfolio. Exploration IGO’s exploration team is progressing generative exploration, project evaluation and partner engagement on new lithium and copper opportunities, with a focus on building a pipeline of projects at various stages of maturity. Project 1Q27 Update Cosmos Western Australia Reverse circulation gold drilling was completed during the quarter, with 29 holes drilled for 5,216m. Assays have been received for 28 of the 29 holes and are being interpreted to inform IGO's internal valuation of the Project's gold assets. Kimberley Western Australia Heritage surveys with the relevant Traditional Owner groups were completed and reverse circulation (RC) drilling at Quickshears was completed for the season, with 14 holes drilled for 2,733m. Work at the Sentinel project has been deferred to mid-to-late 2027. Heritage approvals are being finalised for the first phase of gold exploration work in the East Kimberley during the December 2026 quarter. This work along with the drilling at Cosmos this will help us realise full value from these tenements. Copper Wolf United States A site visit was completed during the quarter, with seven drill pads confirmed across the three priority targets. Approvals for a magnetotelluric (MT) geophysics survey were lodged, with drilling to follow completion of the geophysical surveys. Permitting and land access work is ongoing. South-West Terrane Western Australia Approval was received for infill soil sampling, together with survey requirements to support future drill testing of the Ti Tree corridor through the Hester Forest. A flora and fauna survey covering the drilling area was confirmed. Infill soil sampling is on track for the March 2027 quarter. Forrestania Western Australia Four priority lithium areas have been defined for approximately 8,000m of RC drilling, planned for the March 2027 quarter. Flora surveys required to enable drilling access have been confirmed across all areas, with surveys commencing in October. A passive seismic (ANT) orientation survey is planned over the South Iron Cap area for the March 2027 quarter. Raptor Northern Territory A heritage survey with the relevant land council is on track for the December 2026 quarter. A business case for lithium drilling in the 2027 dry season is being developed. Irindina Northern Territory Negotiations toward a Native Title Exploration Agreement are proceeding with the relevant land council. BioHeap™ – Copper Enabling Technology BioHeapTM development activities continued during the quarter, with sample testing underway across materials provided by a range of potential commercial partners. IGO is actively working to establish commercial arrangements to support further development of the technology towards a trial heap. In parallel, IGO’s Critical Minerals Development Laboratory (CMDL) continues to be developed to expand our testing capacity and capabilities.
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Quarterly Report – Period ended 30 September 2026 Page 8 Corporate Appointment of Non-executive Director Ms Anthea McKinnell was appointed a Non-executive Director effective 1 September 2026. Ms McKinnell is an experienced executive and n on-executive director with more than 20 years’ experience at listed public companies in the resources and energy sectors, including as Chief Financial Officer at Santos Limited and key finance and treasury roles at Woodside Energy Limited. Ms McKinnell h as assumed the role of Chai r of the Audit and Risk Committee following the resignation of Ms Samantha Hogg as Non-executive Director during the quarter. Reporting Calendar KEY DATES EVENT 28 January 2027 December 2026 Quarterly Activities Report 24 February 2027 FY27 Half Year Results 22 April 2027 March 2027 Quarterly Activities Report 27 July 2027 June 2027 Quarterly Activities Report 31 August 2027 FY27 Full Year Results These dates are indicative only and are subject to change. Investor and Media Enquiries Richard Glass Head of Strategy and Investor Relations T. +61 8 9238 8300 E. investor.relations@igo.com.au This announcement is authorised for release to the ASX by Ivan Vella, Managing Director and Chief Executive Officer. Forward-Looking Statements This document includes forward-looking statements including, but not limited to, statements of current intention, statements of opinion and expectations regarding IGO’s present and future operations, and statements relating to possible future events and future financial prospects, including assumptions made for future commodity prices, foreign exchange rates, costs, and mine scheduling. When used in this document, the words such as “could ”, “plan”, “estimate”, “expect”, “intend”, “may”, “potential”, “should” and similar expressions are forward-looking statements. Such statements are not statements of fact and may be affected by a variety of risks, variables and changes in underlying assumptions or strategy whic h could cause IGO’s actual results or performance to materially differ from the results or performance expressed or implied by such statements. There can be no certainty of outcome in relation to the matters to which the statements relate, and the outcomes are not all within the control of IGO. IGO makes no representation, assurance or guarantee as to the accuracy or likelihood of fulfilment of any forward-looking statement or any outcomes expressed or implied in any forward-looking statement. The forward-l ooking statements in this document reflect IGO’s expectations held at the date of this document. Except as required by applicable law or the ASX Listing Rules, IGO disclaims any obligation or undertaking to publicly update any forward-looking statements or discussions of future financial prospects, whether as a result of new information or of future events.
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Quarterly Report – Period ended 30 September 2026 Page 9 Appendix 1 FY27 Guidance Unit FY27 Guidance Greenbushes Spodumene production kt 1,550 – 1,750 Cash cost (production) A$/t 380 – 440 Development, sustaining, improvement & deferred waste capex A$M 250 – 300 Kwinana refinery Lithium hydroxide production t 9,000 – 11,000 Conversion cost (production) A$/t 16,000 – 18,000 Sustaining & improvement capex10 A$M 75 – 90 Nova Unit LOM Guidance11 Nickel production t 19,000 – 20,000 Copper production t 8,500 – 9,500 Cobalt production t 650 – 750 Cash cost (payable) A$/lb Ni 4.25 – 5.00 Exploration FY27 Guidance Group exploration budget (ex-lithium business) A$M 35 – 40 10 IGO notes that FY27 sustaining and improvement capital expenditure at Kwinana is expensed in accordance with accounting standards. 11 LOM Guidance relates to period 1 July 2025 to end of mine life, expected during December 2026 quarter.
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Quarterly Report – Period ended 30 September 2026 Page 10 Appendix 2 Group Financial Summary 2Q26 (A$M) 3Q26 (A$M) 4Q26 (A$M) 1Q27 (A$M) FY27 (A$M) Financials Sales revenue 82.4 119.7 141.4 157.9 157.9 Share of net profit / (loss) of TLEA (1.0) 87.4 120.6 114.3 114.3 Underlying EBITDA 29.9 118.9 117.8 176.1 176.1 Net cash flow from operating activities 12.8 34.6 69.2 39.8 39.8 Cash flows included in the above: Exploration and evaluation expenditure12 (9.0) (6.4) (7.3) (12.0) (12.0) Income tax received - - 4.1 - - Net cash flow from investing activities 5.6 (1.3) (5.2) 0.1 0.1 Cash flows included in the above: Payments for Copper Wolf JV - - (5.3) (0.9) (0.9) Net proceeds on sale of PP&E and other assets 5.6 0.7 0.4 1.0 1.0 Underlying free cash flow 13.4 35.8 69.5 39.7 39.7 Net cash flow from financing activities (5.6) (5.1) (4.9) (50.1) (50.1) Cash flows included in the above: Dividends paid - - - (37.9) (37.9) Lease repayments (5.0) (4.9) (4.9) (5.0) (5.0) Purchase of Employee Incentive Plan shares (0.6) (0.3) - (7.2) (7.2) Balance sheet items Cash / net cash 298.9 327.0 386.5 376.3 376.3 1Q27 Cash Reconciliation 12 Exploration and evaluation expenditure includes business development expenditure ($3.1M). 386.5 376.3 66.9 4.1 12.0 0.9 13.4 1.6 37.9 7.2 - 50 100 150 200 250 300 350 400 450 500 Cash at 30 June 2026 Nova FCF Cosmos FCF Exploration & Evaluation Payments for Mineral Interests Corporate & Other Finance Costs & Lease Payments Dividend Payments Purchase of EIP Shares Cash at 30 September 2026 $M
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Quarterly Report – Period ended 30 September 2026 Page 11 Appendix 3 Nova Production Summary Unit 2Q26 3Q26 4Q26 1Q27 FY27 Ore mined13 t 319,347 317,472 322,239 354,311 354,311 Ore milled t 295,169 332,336 285,796 369,885 369,885 Nickel grade % 1.58 1.54 1.66 1.54 1.54 Copper grade % 0.71 0.67 0.70 0.69 0.69 Nickel recovery % 81.1 81.8 82.1 81.4 81.4 Copper recovery % 83.7 86.1 84.8 84.0 84.0 Nickel (metal in concentrate) t 3,790 4,202 3,882 4,635 4,635 Nickel (metal payable in concentrate) t 3,079 3,459 3,203 3,801 3,801 Copper (metal in concentrate) t 1,776 1,907 1,694 2,144 2,144 Copper (metal payable in concentrate) t 1,713 1,840 1,635 2,069 2,069 Nickel cash costs (payable) $/lb 4.54 3.47 4.49 2.00 2.00 13 Total mined ore from inside and outside of reserves.
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Quarterly Report – Period ended 30 September 2026 Page 12 Appendix 4 Lithium Joint Venture (TLEA)14 Unit 2Q26 3Q26 4Q26 1Q27 FY27 Greenbushes Total material mined (ore + waste) BCM 3,524,160 3,033,150 3,443,645 3,810,657 3,810,657 Ore mined t 1,956,387 2,399,963 2,638,177 2,770,372 2,770,372 Grade ore mined % Li2O 1.88 1.64 1.68 1.77 1.77 Spodumene production t 352,315 350,575 387,123 435,151 435,151 Spodumene sales t 327,509 349,076 390,918 376,159 376,159 Sustaining & improvement capex & deferred waste A$M 117.8 74.7 42.1 51.5 51.5 Cash cost (production)15 A$/t 373 446 448 418 418 Kwinana refinery Lithium hydroxide production t 2,120 3,047 897 918 918 Lithium hydroxide sales t 3,599 2,890 864 926 926 Lithium hydroxide conversion cost (production)16 A$/t 20,642 14,068 40,670 33,677 33,677 Sustaining & improvement capex A$M 19.6 25.0 26.7 14.2 14.2 14 Results of Operations are reported at 100%. IGO has a 24.99% indirect interest in the Greenbushes Operation and a 49% direct interest in the Kwinan a Refinery. 15 Cash cost (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 G&A, offsite and royalty costs are excluded. 16 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 exclude the purchase of spodumene raw materials and Lithium Industry Support Program funding , per unit of lithium hydroxide produced.