IGO Interactive Annual Report 2019

LOCATION 140 road-km east northeast of Norseman, Western Australia (Fraser Range) PRODUCT Nickel (Ni), Copper (Cu), Cobalt (Co) MINING Underground contract mining and owner operated processing plant PROCESSING METHOD Conventional crushing, grinding, flotation and filtration SALES 100% nickel sulphide concentrate to BHP Billiton Nickel West Pty Ltd and Glencore International AG. 100% copper sulphide concentrate to Trafigura Pte Ltd. All contracts due to expire in FY20. FY19 PRODUCTION 30,708t Ni 13,693t Cu 1,090t Co FY19 PAYABLE CASH COSTS A$2.07/lb Ni RESOURCES 1 270,000t Ni 107,000t Cu 9,000t Co RESERVES 1 219,000t Ni 87,000t Cu 7,000t Co ESTIMATED REMAINING MINE LIFE 7+ years GROWTH POTENTIAL Discovery of new magmatic nickel deposits within IGO’s extensive tenement positions in the Fraser Range. Processing of Nova’s nickel concentrate into a nickel sulphate product for the energy storage market. 1 See Resources and Reserves section on pages 28 to 31 of this report. Nova is located in the Great Western Woodland, approximately 140km east northeast of Norseman. The Ngadju are the Traditional Owners and custodians of this area and their native title was recognised by the Federal Court on 21 November 2014. The Nova deposit was discovered in July 2012 and development of the site commenced in January 2015. Commercial production started in July 2017 and the operation reached nameplate ore production in the September 2017 quarter. FY19 PRODUCTION Nova production for FY19 was 2.4% above the top end of the full year guidance range, the result of higher tonnage and grade than planned. Nova has demonstrated steady state production at or above the nameplate 1.5 million tonne per annum rate through FY19. Options to increase throughput consistently beyond the nameplate capacity of 1.5 million tonnes per annum to maximise production as grade drops over the remaining mine life have progressed. MINING Mineral Resources and Ore Reserves were updated as of 31 December 2018 as the basis of the current mine plan utilising updated information from the final grade control and minor extensional drilling information, as well as updated metal pricing. The rate of mine development ramped down over the course of the year from three jumbo crews in the first quarter to two for the remainder of the year. Development requirements are now essentially only for maintenance of ore production. Mining has entered the highest-grade parts of the orebodies with resulting uplift in mined grades during FY19. The paste fill plant was modified to increase capacity in line with future production scenarios. During the year the mining contract with Barminco was extended for a further term of six years, out to mid-2024. NOVA OPERATION NICKEL-COPPER-COBALT IGO 100% AT A GLANCE 22 — IGO ANNUAL REPORT 2019