#1ACQUISITION OF WESTERN AREAS LIMITED SCHEME IMPLEMENTATION DEED FOR A RECOMMENDED TRANSACTION 16 December 2021 igo#2Cautionary Statements & Disclaimer Summary information igo This Presentation is for information purposes only and is a summary only. The information in this Presentation is of a general nature and does not purport to be complete nor does it contain all information which a prospective investor may require in evaluating a possible investment in IGO or that would be required in a prospectus or product disclosure statement prepared in accordance with the requirements of the Corporations Act. This Presentation should be read in conjunction with IGO's most recent financial report and IGO's other periodic and continuous disclosure information lodged with the Australian Securities Exchange (ASX), which is available at www.asx.com.au. The content of this Presentation is provided as at the date of this Presentation (unless otherwise stated). Reliance should not be placed on information or opinions contained in this Presentation and, subject only to any legal obligation to do so, IGO does not have any obligation to correct or update the content of this Presentation. Certain market and industry data used in this Presentation may have been obtained from research, surveys or studies conducted by third parties, including industry or general publications. None of IGO, its representatives or advisers have independently verified any such market or industry data provided by third parties or industry or general publications. Forward looking statements This Presentation contains certain "forward-looking statements". The words "expect", "anticipate", "estimate", "intend", "believe", "guidance", "should", "could", "may", "will", "predict", "plan" and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance (including the outcome and effects of the Transaction) are also forward-looking statements. Forward-looking statements, opinions and estimates provided in this Presentation are based on subjective judgement, assumptions and contingencies which are subject to change without notice and involve known and unknown risks and certainties and other factors which are beyond the control of IGO and each of its respective related bodies corporate, affiliates, directors, securityholders, officers, employees, partners, agents, advisers and management. This includes statements about market and industry trends, which are based on interpretations of current market conditions. Forward-looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Actual results, performance or achievements may differ materially from those expressed or implied in such statements and any projections and assumption on which these statements are based. These statements may assume the success of IGO's business strategies. The success of any of those strategies will be realised in the period for which the forward-looking statement may have been prepared or otherwise. Recipients of this Presentation are cautioned not to place undue reliance on forward-looking statements, particularly in light of the current economic climate and the significant volatility, uncertainty and disruption caused by the COVID-19 pandemic. No representation or warranty, express or implied, is made as to the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects, returns or statements in relation to future matters contained in this Presentation. The forward-looking statements are based on information available to IGO as at the date of this Presentation. Except as required by law or regulation (including the ASX Listing Rules), none of IGO, its representatives or advisers undertakes any obligation to provide any additional or updated information whether as a result of a change in expectations or assumptions, new information, future events or results or otherwise. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward-looking statements. Financial information All financial information in this Presentation is in Australian Dollars (A$ or AUD) unless otherwise stated. The financial information in this Presentation is presented in an abbreviated form insofar as it does not include all the presentation and disclosures, statements or comparative information as required by the Australian Accounting Standards and other mandatory professional reporting requirements applicable to general purpose financial reports prepared in accordance with the Corporations Act. The financial information provided in this Presentation is for illustrative purposes only and is not represented as being indicative of IGO's views on its future financial condition and/or performance. 2#3Cautionary Statements & Disclaimer Ore reserve and mineral resource estimates igo The information in this presentation that relates to IGO's Nickel Mineral Resources or Ore Reserves is extracted from IGO's ASX release dated 17 March 2021 entitled "CY20 Mineral Resource and Ore Reserve Statement and is available at https://www.igo.com.au/site/investor-center/ASX-Announcements or www.asx.com.au. IGO confirms that it is not aware of any new information or data that materially affects the information included in that original market announcement and that all material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially changed. IGO confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement The information in this presentation that relates to IGO's Lithium Mineral Resources or Ore Reserves is extracted from IGO's ASX release dated 9 November 2020 entitled "IGO invests in Global Lithium JV with Tianqi" and is available to view on https://www.igo.com.au/site/investor-center/ASX-Announcements or www.asx.com.au. IGO confirms that it is not aware of any new information or data that materially affects the information included in that original market announcement and that all material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially changed. IGO confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement. The information in this presentation that relates to the Forrestania Nickel Project and Cosmos Nickel Operation Mineral Resources or Ore Reserves is extracted from Western Area's ASX release dated 28 October 2021 entitled "Western Areas September Quarterly Presentation" and is available at https://www.westernareas.com.au/investor-centre/asx-announcements or www.asx.com.au. Limitation of information in relation to Western Areas All information in this presentation in relation to Western Areas (including Forrestania and Cosmos) has been sourced from Western Areas. IGO has conducted due diligence in relation to the Transaction, but has not independently verified such information and, to the maximum extent permitted by law, makes no representation or warranty, expressed or implied, as to the fairness, accuracy, correctness, completeness or adequacy of any information relating to Western Areas. Receipt of additional or updated information may change the forward looking statements concerning Western Areas in this presentation. Western Areas may have a different interpretation of the underlying data and release other information to the market. 3#4Agenda 1 2 3 Transaction Overview Western Areas Overview and the enlarged IGO Portfolio Transaction Benefits and IGO Positioning Appendix: A Scheme Implementation Deed & Indicative Timetable B Mineral Resource and Ore Reserve Statements igo 5 16 26 30 33 330#5go OPERENTIN TRANSACTION OVERVIEW go igo 5#6Transaction Details IGO to acquire Western Areas for A$3.36 cash per share via a Recommended Scheme of Arrangement Transaction overview igo IGO has entered into a Scheme Implementation Deed (SID) with Western Areas Limited (Western Areas or WSA) pursuant to which IGO will acquire 100% of Western Areas for cash under a Western Areas Board recommended Scheme of Arrangement (Transaction) The cash consideration of A$3.36 per Western Areas share represents an immediate premium to last close and a significant premium to the undisturbed trading price on 18 August 2021 (the day before discussions were first announced) Consideration and implied premia • 3.7% premium to Western Areas' last close on 15 December 2021 . 35.5%¹ premium to Western Areas' undisturbed share price on 18 August 2021 Conditions Exclusivity 36.5% premium to Western Areas' undisturbed 30-day VWAP on 18 August 2021 39.6% premium to Western Areas' undisturbed 90-day VWAP on 18 August 2021 Key conditions of the Transaction include: Approval being obtained from shareholders of Western Areas and Australian court approval in relation to the Scheme; The Independent Expert concluding that the Transaction is in the best interests of Western Areas shareholders, and not changing that conclusion or withdrawing its report; and Other conditions customary for a public transaction of this nature The SID includes customary exclusivity arrangements including "no shop" and "no talk" restrictions, notification obligations and matching rights for IGO as well as market standard terms and break fees 1. Premia to Western Areas VWAP's as at close on 18 August 2021 (the day before discussions were first announced). 6#7Transaction Details (cont.) Transaction is expected to complete in April 2022, subject to satisfaction of conditions igo IGO transaction funding WSA Board and shareholder support IGO intends to fund the Transaction and associated costs through a combination of: A debt facility of A$900M underwritten by ANZ, CBA and NAB; and Cash of A$272M sourced from IGO's existing cash reserves of A$552M (as at 30 September 2021) Western Areas' Board of Directors have recommended that Western Areas shareholders vote in favour of the Transaction, and each Western Areas Director intends to vote their Western Areas shares in favour of the Scheme, in the absence of a superior proposal and subject to an independent expert concluding that the Scheme is in the best interests of Western Areas shareholders Perpetual Limited ("Perpetual") (which currently owns 14.7% of the Western Areas shares) has confirmed to IGO that, if the Scheme proceeds, it intends to vote all of the shares in Western Areas that it holds (directly or indirectly) at the time of the Scheme meeting in favour of the scheme, in the absence of a superior proposal or offer to acquire any of the Shares held by Perpetual, and subject to Perpetual continuing to consider the Scheme to be in the best interests of its member. For the avoidance of doubt, Perpetual has confirmed to IGO that this intention statement: • does not prohibit Perpetual from selling any of its Western Areas shares, in its absolute discretion, prior to the Scheme meeting; is only valid until 6 months after the date of this announcement or earlier if IGO decides not to pursue the Scheme; and will be subject to Regulatory Guide 25 (RG25) published by the Australian Securities and Investments Commission. Indicative Timing The Transaction is expected to complete in April 2022. An indicative timetable can be found on slide 32 of this presentation. 7#8Transaction Rationale Acquisition to enhance IGO's nickel portfolio and deliver strong financial outcomes for IGO shareholders igo Aligned with Strategy Cash Consideration In line with IGO's focus on clean energy metals No dilution for IGO shareholders Enhances Nickel Portfolio Ni Logical Consolidation Increases nickel reserves and production profile Combines key WA nickel production and development assets к Accretive Free Cashflow Accretive from FY24 (post-Cosmos ramp up) IGO well positioned Funding and expertise to maximise value of the expanded portfolio Enhanced exposure to the EV and clean energy metals thematic 80#9Aligned with IGO's strategic focus on clean energy In the last 12 months, IGO has realigned its portfolio to leverage the clean energy opportunity TQC ANGLOGOLDASHANTI Creasy Group WESTERN AREAS LTD igo Li 9 December 2020 Agreement with Tianqi Lithium Au 13 April 2021 Divestment of IGO's 30% Ni to acquire a 49% interest in interest in the Tropicana Gold Mine to Regis Resources for A$889M Cu 27 July 2021 Acquisition of the Silver Knight nickel-copper-cobalt sulphide deposit from Creasy Group for A$45M Ni Tianqi Lithium Energy Australia for A$1.9B Provided IGO with a world class lithium portfolio with scale, quality, life and strong ESG credentials 25% interest in the Greenbushes Lithium Mine and a 49% interest in the Kwinana Lithium Hydroxide Plant Completed IGO's transformation to be 100% clean energy metals focused Concluded a highly successful +20 year partnership with AngloGold Ashanti Co op • Entered into a joint venture for the surrounding tenements with Creasy Group Planning underway for further exploration programs around Silver Knight 16 December 2021 Board Recommended transaction for acquisition of Western Areas for cash consideration of A$3.36 per WSA share Provides enlarged IGO with Cosmos nickel sulphide development project and producing Forrestania nickel operations Consolidates IGO's position in the Western Australian nickel market Anticipated to enhance future downstream potential of the combined Ni portfolio Tianqi Joint Venture Tropicana Divestment Silver Knight Acquisition Western Areas Acquisition 9#102020 2021 GWh/year 5,000 4,500 4,000 ~7x increase by 2030 3,500 3,000 2,500 2,000 1,500 1,000 500 ~13x increase by 2035 Mt 3,000 2,500 2022 2,000 T ■E-buses ■Stationary storage ■Commercial EVs 2023 T 2024 T 2025 T 2026 т 2027 2028 2029 2030 1,500 1,000 Enhances exposure to the EV and clean energy metal thematic IGO is a direct beneficiary of increasing lithium-ion battery demand through Ni and Li Lithium-ion battery demand outlook (GWh/year)1 igo Nickel & Lithium demand from lithium-ion batteries (tonnes)1 ...Lithium demand to increase ~11x 2031 Nickel demand to increase ~7x 1. Source: Bloomberg NEF - October 2021. ■Consumer electronics ■ Electric two-and three-wheelers ■Passenger EVs 2032 T 2033 T 2034 500 2035 Battery demand set to increase significantly as passenger EV adoption rates accelerate Nickel and Lithium expected to be strong beneficiaries of increased battery demand 2020 2021 2022 2023 2024 2025 2026 ■Lithium (LCE) ■ Nickel 2027 2028 2029 2030 2031 2032 2033 2034 2035 10#11Strategic and logical consolidation of complementary nickel assets Delivers a portfolio of high-quality operating and exploration assets aligned to clean energy igo Ni (Cu + Co) Li Nova IGO 100% Australia's lowest cost nickel sulphide operation - track record of consistent production and cost control Forrestania WSA 100% 16-17ktpa of nickel in concentrate from two underground nickel sulphide mines¹ Combined Portfolio Kimberley Raptor Cosmos WSA 100% Under development with first production expected in FY232 Yeneena JV Irindina Lake Mackay JV Cosmos (Ni) Greenbushes IGO 24.99% World's largest, highest grade and lowest cost hard rock lithium mine3 Mt Alexander JV Kwinana IGO 49% Australia's first fully automated lithium hydroxide refinery Kwinana (LiOH) Greenbushes (Li) Cu Ni Exploration Extensive portfolio of belt scale projects focused on nickel and copper discovery Fraser Range Nova (Ni-Cu-Co) Forrestania (Ni) Western Gawler JV Copper Coast igo WESTERN AREAS LTD 1. Refer WSA ASX Release titled "Western Areas long term production profile & FY22 guidance metrics", released 30 July 2021; 2. Refer WSA ASX Release titled "Corporate Presentation – November 2021", released 18 November 2021; 3. Refer IGO ASX Release titled "IGO invests in Global Lithium JV with Tianqi", released 9 December 2020 11#12Enhances IGO's nickel exposure Significantly increases IGO's nickel production, nickel reserves and extends mine life FY22e Nickel Production (kt)1 Nickel LOM² 25-27 +63% 16-17 41 - 44 ~6 years 10+ years -4 years 164 Nova Forrestania Pro forma IGO Nova Forrestania Cosmos igo WESTERN AREAS LTD igo igo WESTERN AREAS LTD WESTERN AREAS LTD Nickel Ore Reserves (kt)³ 65 99 +169% 212 441 207 Nickel Mineral Resources (kt)³ 285 +455% igo 656 1,148 Nova Forrestania Cosmos Pro forma IGO Nova Forrestania Cosmos Pro forma IGO WESTERN AREAS LTD WESTERN AREAS LTD igo igo igo WESTERN AREAS LTD. WESTERN AREAS LTD igo 1. FY22 guidance for nickel in concentrate production is 25-27kt at Nova and 16-17kt at Forrestania. Refer WSA ASX Release titled "Western Areas long term production profile & FY22 guidance metrics", released 30 July 2021; 2. Refer WSA ASX Release titled "Corporate Presentation – November 2021", released 18 November 2021; 3.As per IGO CY20 Mineral Resource and Ore Reserve Statement (ASX: 17 March 2021) and Western Areas September Quarterly Presentation (ASX: 28 October 2021). 12#13Increases scale and delivers portfolio diversification Acquisition delivers portfolio diversification and increased near-term nickel production profile The acquisition of Western Areas will provide an additional 277kt Ni contained Ore Reserves to pro forma IGO IGO's Ore Reserves will increase by ~37% on a nickel-equivalent basis¹ Reweights IGO's near-term production towards nickel with the additional production from Forrestania and Odysseus 71% 100% Diversification of Reserve base1,2 Lithium Nickel Copper Cobalt 3% 4% 22% igo WESTERN AREAS LTD 52% igo I 2% 3% igo Pro forma IGO 43% 1. Nickel-equivalent basis using commodity prices of: Nickel US$16,955/t, Lithium Spodumene US$730/t, Copper US$7,792/t and Cobalt US$53,462/t; 2. Percentage of Reserves calculated using IGO CY20 Mineral Resource and Ore Reserve Statement (ASX: 17 March 2021) and IGO Global Lithium JV with Tianqi Announcement (ASX: 9 December 2020) and Western Areas September Quarterly Presentation (ASX: 28 October 2021). 13#14Sources and Uses IGO intends to fund the Transaction using debt of A$900M and existing cash IGO's funding sources IGO intends to fund the Transaction through a combination of: Restructuring IGO's existing A$450M amortising facility into a new senior secured debt facility (Facilities) of A$900M underwritten by ANZ, CBA and NAB; and Cash of A$271.9M sourced from IGO's existing cash reserves of A$552M (as at 30 September 2021) Transaction costs include estimated stamp duty, due diligence, adviser and finance costs Details of the Facilities include: - Seven semi-annual repayments of Facility A commencing June 2022 and ending 30 April 2025 Bullet repayment of Facility B on 30 April 2025 Competitive finance costs and terms that are customary of facilities of this nature Sources IGO cash New IGO debt facilities Sources and Uses Tenor (yrs) A$M 271.9 Facility A- Amortising facility 3 540.0 Facility B-Revolver 3 360.0 Total sources Uses Purchase consideration 900.0 1,171.9 A$M 1,096.1 Transaction costs Total uses 75.7 1.171.9 igo 14#15IGO will retain financial strength post transaction Post Transaction, IGO will remain well funded with pro-forma net debt of A$472M Pro forma snapshot igo IGO's financial strength Post-acquisition, IGO will retain a strong balance sheet with modest gearing IGO will fund the Transaction with new debt of A$900M and A$272M of existing cash Post Transaction completion, IGO will also assume Western Areas existing cash of A$148M¹ upon completion IGO will have pro forma net debt of A$472M and modest gearing of 5.5% (Net debt/EV) IGO Western Areas Acquisition Pro forma IGO No. Ordinary Shares Vesting Rights M 757.3 321.6 757.3 M 4.6 Market Capitalisation A$M 8,050 1,0966 8,050 Cash and Equivalents1 A$M 552 148 (272) 428 Debt1 A$M 900 900 Net Debt/ (Cash) A$M (552) (148) 1,172 472 IGO will remain well capitalised to fund further growth initiatives Enterprise Value A$M 7,498 948 8,522 Further nickel growth initiatives include the development of the Cosmos Nickel, the Mt Goode PFS and the Silver Knight deposit Remaining Odysseus development cost to be funded from IGO's existing cash and operating cashflows Gearing (Net Debt / EV) % 5.5% Nickel Reserves² kt 164 277 441 Nickel Resources² kt 207 941 1,148 Li₂O Reserves³ kt 735 735 Substantial brownfields growth opportunity within the lithium joint venture Li₂O Resources³ kt 936 I 936 FY22F Ni Production kt 25-27 FY22F Cash Costs A$/lb 2.00 -2.404 16-17 4.25 -4.655 41-44 n/a 1. As at 30 September 2021; 2. As per IGO CY20 Mineral Resource and Ore Reserve Statement (ASX: 17 March 2021) and Western Areas September Quarterly Presentation (ASX: 28 October 2021); 3. Attributable Lithium Reserves from 24.99% ownership as per IGO Global Lithium JV with Tianqi Announcement (ASX: 9 December 2020); 4. Per lb of payable nickel; 5; Per lb of nickel, payable terms are not disclosed due to confidentially conditions of the offtake agreements; 6. Western Areas market capitalisation calculated on a fully diluted basis. 15#16ASSET OVERVIEW igo 16#17Combined Portfolio IGO will have exposure to nickel and lithium production across four clean energy metals operations Nickel Operations Lithium Operations igo Nova Greenbushes 163kt (1.8% Ni) Ore Reserves (24.99%) 6 735kt (2.1% Li₂O) Mineral Resources (24.99%) 6 936kt (1.9% Li₂O) 268kt Li₂O Ore Reserves¹ Mineral Resources¹ FY22 Ni Production Guidance² FY22 Cu Production Guidance² FY22 Co Production Guidance² FY22 Cash Cost Guidance2,3 208kt (1.8% Ni) 25-27kt 11-12.5kt 0.9 - 1.1kt A$2.00 A$2.40/lb Ni Forrestania Ore Reserves4 Mineral Resources4 FY22 Ni Production Guidance5 FY22 Cash Cost Guidance5 65kt (2.1% Ni) 285kt (1.6% Ni) 16-17kt A$4.25 A$4.65/lb Ni Cosmos Ore Reserves4 212kt (2.1% Ni) Mineral Resources4 656kt (1.0% Ni) Q1FY22 Production (100%) Kwinana Lithium Hydroxide Refinery Train 1 commissioning progressing through FY22 with first battery grade product expected during March Quarter Cosmos (Ni) Kwinana (LiOH) Nova (Ni-Cu-Co) Forrestania (Ni) Greenbushes (Li) 1. Refer to IGO CY20 Mineral Resource and Ore Reserve Statement, released 17 March 2021; 2. Refer to June 2021 Quarterly Activities Report, released 28 July 2021; 3. Per lb of payable nickel; 4. Refer to Western Areas Quarterly Activities Report, released 28 October 2021; 5. Refer to Western Areas Long Term Production Profile & FY22 Guidance Metrics, released 30 June 2021; 6. Refer to IGO Announcement, IGO invests in Global Lithium JV with Tianqi, announced 9 December 2020 17#18Western Areas Overview Australian nickel producer with producing Forrestania and Cosmos (development) nickel sulphide assets Overview Project pipeline igo Net cash position of A$147.7M1 Scoping/ Pre-feasibility Feasibility Pre-production Commissioning Producing Overview 19.9% shareholder of WA nickel company Panoramic Resources (ASX:PAN) Mt Goode Forrestania: Flying Fox and Spotted Quoll Assets FY22 Guidance Cosmos: Odysseus Mine & AM6 Mt Goode deposit at Cosmos Nickel tonnes in concentrate of 16-17kt Nickel unit cash cost of production of A$4.25/lb-A$4.65/lb² AM6 Flying Fox AM5 Odysseus FY21 Production and Costs Nickel tonnes in concentrate of 16.2kt Ni New Morning Spotted Quoll Nickel unit cash cost of production of A$4.23/lb² Odysseus Massive Sulphide Mine Life Forrestania: Flying Fox ~1 year; Spotted Quoll 4 years Odysseus: 10+ years Diggers Reserves Total Ore Reserves of 13.3Mt @ 2.1% Ni for 276.8kt contained nickel1 Resources Total Mineral Resources of 84.9Mt @ 1.1% for 941.1kt contained nickel1 Forrestania Cosmos 1. As per Western Areas September Quarterly Presentation (ASX: 28 October 2021); 2. Per lb of nickel, payable terms are not disclosed due to confidentially conditions of the offtake agreements. 18#19Forrestania Western Areas flagship producing asset is the 100% owned Forrestania nickel project Flying Fox Flying Fox has operated for over 15 years Significant low grade disseminated resource In FY21, Flying Fox mined a total of 176.5kt ore at an average grade of 3.25% nickel for 5.7kt contained nickel Spotted Quoll Spotted Quoll Underground has operated for 10 years Utilises top down mining with paste fill In FY21, Spotted Quoll mined a total of 346.4kt ore at an average grade of 3.2% nickel for 11.1kt contained nickel which is the highest annual ore tonne production to date igo Spotted Quoll Open Pit Tonnes (Mt) Ni grade Ni tonnes (kt) (%) Production & Costs FY21 Result FY22 Guidance Flying Fox - Ore Reserves 0.16 3.2% 5.2 Flying Fox - Ore Resources 1.09 3.7% 40.3 Nickel in concentrate mined (t) Cash Costs (A$/lb Ni) 16,812 A$4.23 16,000 17,000 A$4.25 A$4.651 Mine life (on Ore Reserves) ~1 year Spotted Quoll - Ore Reserves 0.79 3.7% 29.2 Spotted Quoll - Mineral Resources 0.78 6.1% 47.6 Mine life (on Ore Reserves) 4 years Note: Reserves and Resources as per Western Areas September Quarterly Presentation (ASX: 28 October 2021); 1. Per lb of nickel, payable terms are not disclosed due to confidentially conditions of the offtake agreements. 19#20Cosmos The Odysseus Mine at Cosmos is expected to produce nickel in concentrate for 10+ years from FY23 Cosmos Operational Hub Western Areas' second operational hub Strategically located between BHP Nickel West's Leinster and Mt Keith mines Established infrastructure in a prolific nickel camp igo Odysseus Mine Long life, low cost project: Mine life 10 years Attractive AISC AM6: Provides additional upside Significant upside: Follow up drilling commenced on the 22% Ni massive sulphide lenses below Odysseus Open mineralisation south of AM6 Cosmos Tonnes (Mt) Ni grade (%) Ni tonnes (kt) Production & Costs First production¹ Pre-production Capex² Concentrate production on schedule for FY23 FY22: A$160M; FY23: A$55M Odysseus Ore Reserve 8.1 2.0% 165 AM6 Ore Reserve 2.1 2.2% 47 Mineral Resources (including Mt Goode) 67.0 1.0% 656 Mine life (on Ore Reserves) 10+ years Note: Reserves and Resources as per Western Areas September Quarterly Presentation (ASX: 28 October 2021); 1. As per Western Areas FY21 Results Presentation (ASX: 24 August 2021); 2. As per Western Areas AGM Presentation (ASX: 18 November 2021). 20 20#21Mt Goode A Scoping Study is currently being progressed on the Mt Goode deposit at the Cosmos Nickel Operation igo Mt Goode Overview Mt Goode is located approximately 30km north of Leinster, WA and is part of the Cosmos Nickel Operation The pit sits adjacent to the Cosmos open pit and is located directly above the AM5/6 deposits The ongoing Scoping Study is evaluating both underground and open pit mining operations 1 Conventional open pit mining is currently preferred as the initial mining option Anticipates ~4Mtpa of low-grade disseminated ore will be mined Geometallurgical surface drilling commenced during November 2021 6942000mN 460m Mine RL Location 6944000mN COSMOS MINE MT GOODE COSMOS DEEPS . WCD032W1 Underground Development Interpreted Channel Position 45.4m @ 0.81% Ni Incl. 5.35m @ 1.09% Ni AM2 AM6 AM1 ? ODYSSEUS NORTH Tonnes (Mt) Ni grade (%) Ni tonnes (kt) -500m Mine RL Measured 13.6 0.8% 106 PENELOPE AM5 Indicated 27.4 0.6% 159 WCD032W2 1.85m @ 1.09% Ni Incl. 0.3m @ 3.45% Ni Measured + Indicated 40.9 0.7% 264 Inferred 12.0 0.5% 62 Total 52.9 0.6% 327 FY21 Sept. Quarter Result Drill Holes Previous Result Target Area WCD034 0.45m @ 28.7% Ni 32.55m @ 1.22% Ni Incl. 11.1m @ 1.67% Ni WCD034W2W1 48.2m @ 0.99% Ni Incl. 19m @ 1.37% Ni 0 AMD763W1W1 5.3m @ 1.36% Ni ODYSSEUS ODYSSEUS NORTH SOUTH MASSIVE 1000m Fault Low grade disseminated deposit High grade disseminated deposit Massive sulphide deposit Note: Reserves and Resources as per Western Areas September Quarterly Presentation (ASX: 28 October 2021). 21 24#22Nova High margin 100% owned and operated nickel sulphide mine producing high quality concentrates Nova Overview1 FY21 performance drove record financial outcomes from Nova: Underlying EBITDA of A$436M (EBITDA margin of 65%) Underlying FCF of A$393M (FCF margin of 59%) Expanded exploration program through Silver Knight acquisition: Acquisition of the Silver Knight nickel-copper-cobalt sulphide deposit from Creasy Group for A$45M completed in October 2021 Infill drilling program to commence 4Q22 to inform and update resource estimate during 2Q23 FY22 expected capital expenditure requirements: Development capex of A$5-7M Sustaining/improvement capex of A$19M-22M igo Nova Processing Plant Tonnes Ni grade (Mt) (%) Ore Reserves² 9.0 1.8% Cu grade (%) 0.8% Co grade Ni tonnes (%) 0.07% (kt) 163 Mineral Resources² 11.8 1.8% 0.7% 0.06% 208 Mine life (on reserves) ~6 years Production & Costs 1 Nickel in concentrate (t) Copper in concentrate (t) Cobalt in concentrate (t) Cash Costs (A$/lb Ni payable) FY21 Result 29,002 13,022 FY22 Guidance 25,000 27,000 11,000 12,500 1,084 900-1,000 A$1.85 A$2.00 A$2.40 1. As per IGO AGM Presentation (ASX: 18 November 2021); 2. As per IGO CY20 Mineral Resource and Ore Reserve Statement (ASX: 17 March 2021). 222#23Greenbushes World's largest (by production), highest grade and lowest cost hard rock lithium asset Greenbushes Overview IGO has a 24.99% interest in the world's largest and lowest cost producer of high quality, chemical grade spodumene concentrate, with expansion optionality and significant life Overview: Located 240km south of Perth, Western Australia Active lithium mine for 20+ years utilising a local workforce Large open pit mine with three onsite concentrator facilities to produce spodumene concentrate (both technical grade and chemical grade for batteries) Good progress on expansion projects since JV transaction completion: Chemical Grade Plant 2 (CGP2) commissioning commenced in May 2021 and ramp up is well progressed Tailings Retreatment Project (TRP) under construction with commissioning expected to commence in 3Q22 EPCM contract for CGP3 awarded to Lycopodium igo Greenbushes Chemical Grade Plant 2 (CGP2) Central Lode (100%)² Ore Reserves Mineral Resources Tonnes (Mt) 133.1 178.5 Li₂O grade (%) 2.1% Li₂O tonnes (Mt) 2.8 2.0% 3.6 TSF1 (100%)² Tonnes (Mt) 10.1 Li₂O grade (%) Li₂O tonnes (Mt) 1.4% 18.3 1.3% 0.14 0.23 Ore Reserves Mineral Resources 1. As per IGO AGM Presentation (ASX: 18 November 2021); 2. Reported on a 100% ownership basis as per IGO Global Lithium JV with Tianqi Announcement (ASX: 9 December 2020) 23#24Kwinana Refinery Downstream processing facility to produce battery grade lithium hydroxide Kwinana Refinery Overview IGO has a 49% interest in Australia's first fully automated refinery for the production of world-class battery grade lithium hydroxide, operated alongside Tianqi Lithium (production capacity of 48ktpa lithium hydroxide by 20241) Overview: Located in the Kwinana Industrial area, south of Perth Fully automated processing facility converting Greenbushes spodumene concentrate into LiOH Existing offtake contracts with South Korean and European battery makers IGO:49% indirect interest Commissioning of Train 1 progressing to plan: First lithium hydroxide produced from Train 1 during August 2021 Process commissioning progressing from batch to continuous basis; battery grade product expected by March 2022 Recommencement of Train 2 construction expected during CY22 1. On a 100% basis post commissioning of Train 2. Kwinana Lithium Hydroxide Refinery igo 24#25Exploration Portfolio Combined exploration portfolio is diversified by geography, operation and commodity Extensive Exploration Portfolio Coupled with the funding capacity and expertise to fully exploit this upside with an extensive portfolio of Fraser Range interests, exploration of the Western Gawler, West Kimberley and Lake Mackay projects IGO expecting a pro forma FY22 exploration budget of ~A$80M1 to be utilised across the combined tenement package igo Combined Exploration Projects² GREENLAND Post completion, exploration budget and plan to be further developed for Western Areas portfolio Combined exploration portfolio is diversified by geography, operation and commodity Combined FY22 Exploration Budget Western Areas Exploration Lake Mackay, Copper Coast, Raptor ~A$80M Nova & Fraser Range Kimberley Project Paterson Project KIMBERLEY PATERSON MT ALEXANDER FRASER RANGE PERTH FRONTIER RAPTOR IRINDINA LAKE MACKAY WESTERN GAWLER COPPER COAST 1. ~$80M budget estimated using IGO FY22 exploration budget of A$65M plus lower end of WSA FY22 exploration guidance of A$15M (as per WSA FY21 Results Presentation released to ASX on 24 August 2021); 2. Exploration projects held either by IGO 100% or via various joint ventures 25#26TRANSACTION BENEFITS igo 26#2710.0 9.0 Top ASX listed clean energy metals business Acquisition consolidates IGO's position as a leading diversified clean energy metals company Unique investment proposition igo 8.0 7.0 7.0 Enterprise Value (A$B) 30 3.0 4.0 5.0 00 6.0 Li Li Mining Ni Services Ni Ni 2.0 Cu 30 Fe Cu 30 Cu 1.0 Au OZ Minerals¹ Li Co Cu Li Co Li Li Ni Cu Pilbara Minerals³ 1 igo Livent¹ Allkem¹ Nickel Mines¹ Sandfire Resources 29 Metals¹ 1 Mineral Resources² igo Pro forma Ni WESTERN AREAS LTD Note: As at ASX market close 15 December 2021; 1. Cash and debt as per September 2021 quarterly cash and debt balances; 2. MIN cash and debt balances as at 30 June 2021 with cash adjusted for A$328m divestment of 5.4% stake in Pilbara Minerals (ASX: 6 September 2021) and A$200m for the first tranche of payment to acquire Red Hill Iron's JV interest (ASX: 30 July 2021); 3. PLS cash balance as at 30 September 2021, drawn debt as per PLS's Revised Finance Facilities (ASX: 23 November 2021). 27 Au Au#28Transaction Benefits Transaction is a logical consolidation of the WA nickel sector aligned with clean energy metals strategy igo • Aligned with Strategy • Transaction further capitalises on the transition to clean energy technologies Aligns with IGO's clean energy metals strategy which has been strongly endorsed by the market Increased nickel exposure enhances IGO position as a global leader in clean energy metals Cash Consideration • Funding structure results in no dilution for IGO shareholders • Transaction funded from existing cash reserves and new debt IGO balance sheet remains well positioned to fund future organic growth initiatives • Accretive Transaction is FCF accretive from FY24 once the ramp-up of Odysseus underground mine is complete Increased leverage to improving nickel outlook • Enhances Nickel Portfolio A significant and high quality nickel business comprising the Nova and Forrestania Nickel Mines and the Cosmos Development Project Increased nickel exposure with FY22 pro forma nickel production increased by 63% to 41 - 44 kt¹ • Extends IGO's nickel exposure beyond Nova ° Logical Consolidation • Strategic and logical opportunity to consolidate the Western Australian nickel market, positioning IGO as Australia's leading independent nickel producer Enhances future downstream optionality of the combined nickel portfolio IGO well positioned · Odysseus development to be derisked through IGO's nickel development expertise and balance sheet IGO will assume WSA cash upon completion of A$148M IGO exploration expertise and with financial commitment to maximise value from Mt Goode and broader combined exploration portfolio 0 Enhanced exposure to EV and clean energy metals thematic 1. FY22 guidance for nickel in concentrate production is 25-27kt at Nova and 16-17kt at Forrestania, refer to WSA ASX Release titled "Western Areas long term production profile & FY22 guidance metrics", released 30 July 2021 and IGO ASX Release titled "June 2021 Quarterly Activities Report, released 28 July 2021" 28#29igo MAKING A DIFFERENCE 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 every generation to come. We are bold, passionate, fearless and fun - a smarter, kinder, 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 specialist metals 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? New battery storage technology is finally unleashing the full potential of renewable energy by allowing power produced from 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 metals needed for new age batteries, we are making it happen. This is the IGO Difference.#30APPENDIX A: SCHEME IMPLEMENTATION DEED DAVID igo 30#31Scheme Implementation Deed (SID) Summary Summary of Key Terms Key Terms The SID governs the process for implementation of the Scheme under which IGO will acquire all Western Areas shares for consideration of A$3.36 per share. The Scheme proceeding is subject to the satisfaction of certain conditions precedent including: Western Areas' shareholder approval and Court approval; the Independent Expert concluding the Scheme is in the best interest of Western Areas shareholders and not changing its conclusion; and other customary conditions IGO has a right to terminate the SID in the event of a material adverse change, prescribed occurrence or regulated event (as defined in the SID) occurring in relation to Western Areas. Western Areas is subject to customary exclusivity obligations including "no shop", "no talk" and notification obligations. IGO has a matching right in respect of any Superior Proposal received by Western Areas. In certain circumstances a reimbursement fee of A$10.96M is payable by Western Areas to IGO and a reverse reimbursement fee of A$10.96M may also be payable by IGO to Western Areas in certain circumstances. Refer to the full SID also released today for full details of the terms and conditions. igo 31#32Transaction Timetable Scheme implementation expected to be completed by April 2022 Key Dates First Court Hearing Scheme Meeting Second Court Hearing Effective Date Scheme Record Date Implementation Date This timetable is indicative and subject to change March 2022 April 2022 April 2022 April 2022 April 2022 April 2022 igo 32#33APPENDIX B: MINERAL RESOURCES AND ORE RESERVE STATEMENTS igo RDT 08 SAFETY FIRST CATERPILLAR CATERPILLAR 08 B 08 33 33#34IGO Mineral Resources and Ore Reserve Statement Grades Metal Year ending Mass Operation (Mt) Ni Cu Co Ni (%) (%) (%) (kt) 2020 Nova (100%) 11.8 1.76 0.71 0.06 208 84 IGO Total Mineral Resources 55.3 Grades are not additive 208 %%2 Cu Co (kt) 8룐 (kt) 7 84 7 Grades Metal Year ending Mass Operation (Mt) Ni Cu Co Ni Cu Co (%) (%) (%) (kt) (kt) (kt) 2020 Nova (100%) 9.0 1.82 0.77 0.07 163 69 CO 6 IGO Total Ore Reserves 23.7 Grades are not additive 163 69 6 1 Please refer to IGO CY20 Mineral Resource and Ore Reserve Statement, released on 17 March 2021 igo 34#35Western Areas Ore Reserve Statement Forrestania Flying Fox Area Spotted Quoll Area Diggers Area Total Forrestania Ore Reserve Ore Reserves Statement¹ igo Tonnes Grade Ni % Ni Tonnes Classification JORC Code 164,100 3.2 5,190 Probable Ore Reserve 2012 793,200 3.7 29,180 Probable Ore Reserve 2012 Diggers South 2,016,000 1.4 28,950 Probable Ore Reserve 2004 Diggers Rocks 93,000 2.0 1,850 Probable Ore Reserve 2004 3,066,300 2.1 65,170 Cosmos Cosmos Area Tonnes Grade Ni % Ni Tonnes Classification Odysseus South 4,483,700 1.9 85,620 Probable Ore Reserve 2012 Odysseus North 3,651,900 2.2 78,900 Probable Ore Reserve 2012 AM62 2,098,500 2.2 47,100 Probable Ore Reserve 2012 Total Cosmos Ore Reserve 10,234,100 2.1 211,620 Total WSA Ore Reserve 13,300,400 2.1 276,790 Note: Figures have been rounded and may not add up to totals. 1 Please refer to Western Areas' Quarterly Activity Report released on 28 October 2021 at www.asx.com.au for detailed figures on Western Areas current Ore Reserve and Mineral Resource Statement including JORC (2012) Table 1. 35#36Western Areas Mineral Resource Statement Forrestania Mineral Resource Statement¹ igo Forrestania Flying Fox Area Tonnes Grade Ni % Ni Tonnes Classification JORC Code T1 T6 Massive Zone T7 Massive Zone 827,020 4.4 36,490 259,568 1.5 3,771 Indicated Mineral Resource Inferred Mineral Resource 2012 2012 T5 Flying Fox Disseminated Zone 197,200 0.8 1,590 Indicated Mineral Resource 2004 357,800 1.0 3,460 Inferred Mineral Resource 2004 T5 Lounge Lizard Disseminated Zone 4,428,000 0.8 36,000 Indicated Mineral Resource 2004 Total Flying Fox/Lounge Lizard 6,069,588 1.3 81,311 New Morning / Daybreak Massive Zone 340,126 3.3 11,224 Indicated Mineral Resource 2012 78,067 3.9 3,025 Inferred Mineral Resource 2012 Disseminated Zone 3,318,468 1.2 41,181 Indicated Mineral Resource 2012 2,496,658 1.3 32,498 Inferred Mineral Resource 2012 Total New Morning / Daybreak Spotted Quoll Area 6,233,319 1.4 87,928 Spotted Quoll 638,298 6.3 40,392 Indicated Mineral Resource 2012 146,678 5.0 7,228 Inferred Mineral Resource 2012 Beautiful Sunday 480,000 1.4 6,720 Indicated Mineral Resource 2004 Total Spotted Quoll / Beautiful Sunday 1,264,976 4.3 54,340 Cosmic Boy Area Cosmic Boy 180,900 2.8 5,050 Indicated Mineral Resource 2004 Seagull 195,000 2.0 3,900 Indicated Mineral Resource 2004 Total Cosmic Boy Area 375,900 2.4 8,950 Diggers Area Diggers South - Core 2,704,500 1.4 37,570 Indicated Mineral Resource 2004 Digger South-Core 362,700 1.2 4,530 Inferred Mineral Resource 2004 Digger Rocks - Core 282,940 1.7 4,790 Indicated Mineral Resource 2004 Digger Rocks - Core Purple Haze 50,600 1.3 670 Inferred Mineral Resource 2004 560,000 0.9 5,040 Indicated Mineral Resource 2004 Total Diggers Area 3,960,740 1.3 52,600 Total Forrestania Mineral Resource 17,904,523 1.6 285,129 Note: Figures have been rounded and may not add up to totals. 1 Please refer to Western Areas' Quarterly Activity Report released on 28 October 2021 at www.asx.com.au for detailed figures on Western Areas current Ore Reserve and Mineral Resource Statement including JORC (2012) Table 1. 36#37Western Areas Mineral Resource Statement (cont.) Cosmos Cosmos Area AM5 Total Cosmos Area Mt Goode Area Total Mt Goode Area Total Cosmos Mineral Resource Total Western Areas Mineral Resource Cosmos Mineral Resource Statement¹ igo Tonnes Grade Ni % Ni Tonnes Classification JORC Code 1,449,751 2.0 28,217 Indicated Mineral Resource 2012 1,832,451 2.2 40,578 Inferred Mineral Resource 2012 AM6 2,889,733 2.1 59,397 Indicated Mineral Resource 2012 118,518 1.5 1,718 Inferred Mineral Resource 2012 Odysseus South - Disseminated 4,016,949 2.1 84,767 Indicated Mineral Resource 2012 219,641 2.0 4,302 Inferred Mineral Resource 2012 Odysseus North - Disseminated 3,128,943 2.6 81,156 Indicated Mineral Resource 2012 225,248 2.7 6,111 Inferred Mineral Resource 2012 Odysseus North - Massive 70,106 12.6 8,814 Indicated Mineral Resource 2012 124,900 11.2 14,002 Inferred Mineral Resource 2012 14,076,240 2.3 329,062 Mt Goode 13,563,000 0.8 105,791 Measured Mineral Resource 2012 27,363,000 0.6 158,705 12,009,000 0.5 62,447 Indicated Mineral Resource Inferred Mineral Resource 2012 2012 52,935,000 0.6 326,943 67,011,240 1.0 656,005 84,915,763 1.1 941,134 Note: Figures have been rounded and may not add up to totals. 1 Please refer to Western Areas' Quarterly Activity Report released on 28 October 2021 at www.asx.com.au for detailed figures on Western Areas current Ore Reserve and Mineral Resource Statement including JORC (2012) Table 1. 37#38igo MAKING A DIFFERENCE 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 every generation to come. We are bold, passionate, fearless and fun - a smarter, kinder, 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 specialist metals 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? New battery storage technology is finally unleashing the full potential of renewable energy by allowing power produced from 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 metals needed for new age batteries, we are making it happen. This is the IGO Difference.