Operation. Meeting customer requirements The value from our metal resources and market positions is optimised by IGO’s operations team. Our Executive Leadership Team and Board collectively drive commercial decisions across IGO’s value chain in consultation with the operations. This also includes working with our customers to ensure we meet their specific needs and to optimise downstream uses. In FY20, IGO’s key customers were: • Trafigura and BHP — purchase of nickel concentrate produced from the Nova Operation; • Trafigura — purchase of copper concentrate produced from the Nova Operation; and • the Perth Mint and financial institutions ANZ, CBA and NAB — purchase of gold produced from the Tropicana Operation. Vertical integration Our strategy involves becoming vertically integrated by aligning ourselves with the supply chains for energy storage and renewable energy markets. Our customer market is dynamic and fast-growing. We believe there will be significant opportunities to grow our business by harnessing the value potential at the next stages of material refinement at a time that makes optimum business sense. Nickel sulphate is critically important in certain electric vehicle battery cathodes, particularly for battery technologies using nickel-cobalt-manganese (NCM) and nickel-cobalt-aluminium (NCA). There is an increasing trend towards higher nickel volumes in these battery types, driven by the improved energy density properties and subsequent performance that can be achieved. During 2018/2019, IGO developed a new patented process (the IGO Process TM ), a proprietary, innovative processing technology that efficiently converts nickel sulphide concentrate into nickel sulphate. Through this innovative process we demonstrated that we can produce battery grade nickel sulphate directly from Nova nickel concentrate with high extraction rates for nickel and copper, low conversion costs and with less environmental impact. We understand that this is a world first, with the development a testament to the innovation and creativity of our people and partners. Our team’s work was highly successful, with the process being technically robust, also delivering lower costs and better environmental outcomes than comparative processes. Going forward, we plan to assess partnership and collaboration opportunities to leverage our proprietary technology into the battery pre-cursor and cathode supply chain. Read more about the IGO Process TM on our website. INNOVATION & COLLABORATION DRIVING IMPROVEMENTS We will continue to invest into organisational capability, innovation, and technology to optimise the implementation of our strategy and maximise business value. In line with our Proactively Green strategy, we seek better ways to exploit and maximise value from the resources we discover and work towards creating the Proactively Green mines of the future. We acknowledge that collaboration with industry experts, peers, governments, and research organisations is crucial to our success in optimising our business value, and the success of our industry. IGO’s Proactively Green strategy drives our participation and collaboration in industry leading improvement programs. We cannot underestimate the potential that technological innovation has in transforming our industry and sustainable future. Some of the key innovative collaboration programs we are involved in are highlighted below: Electric vehicle pilot In collaboration with Barminco, we completed a successful pilot of a Safescape Bortana BELV (battery electric light vehicle) at our Nova Operation in FY20. A light vehicle was selected given its versatility and commonality across mine sites. It offered a low risk, low- cost test to understand the possible safety, efficiency and sustainability benefits in an industrial setting, where learnings could be extrapolated to the bigger classes of equipment used in underground mines. This pilot was a successful collaboration with a clear focus on innovation. Our assessment is that one of the most effective ways to both minimise emissions and improve safety and productivity will be through the future electrification of our mine plant and vehicles. Utilising drone technology Increasing performance while reducing risk are key drivers of an IGO backed study to miniaturise even more ground- based exploration survey tools and deploy them via airborne drones. IGO is one of 18 companies sponsoring the ‘Developing UAV-mounted Geophysical Sensor Arrays’ project through Amira Global, an independent not-for-profit organisation that draws on the global expertise of the mining industry. This study involves experts in geophysical instrumentation design and miniaturisation as well as Unmanned Aerial Vehicle (UAV) professionals. While drones are currently used at our Nova Operation to conduct a range of surveys such as stockpile measurements and environmental studies, this study looked beyond to assess the potential for adapting other conventional geophysical exploration tools — typically carried by hand or mounted on planes or helicopters — to more nimble UAVs. UAVs may present a paradigm shift in the way some geophysical surveys are conducted, offering higher density of data collected, lower cost and, most importantly, the potential to reduce safety risks and minimise the impacts of land clearing and ecological disturbance. The final study report contains technical discussions for each geophysical method along with succinct roadmaps for the foreseeable future. IGO and the other project sponsors have agreed to release a public version of the report later in 2020, acknowledging the positive impact that this work will have across the industry. FBICRC PROJECT PROJECT FOCUS Process Legacy Maximising community value from mining in an environmentally safe manner and ensuring IGO’s social licence to operate. Innovative Ni and Co-extraction Technologies New process development and technology scouting – economical alternative leach technologies for extraction of nickel and cobalt from waste streams. Cathode Precursor Production Pilot Plant in WA Increasing the value chain of battery manufacturing in Western Australia by developing a Pilot Plant and establishing technical and processing capabilities to manufacture nickel rich cathode active material precursors. Electrochemical Testing of Li-ion Battery Materials in Standard Cell Formats Technical marketing insights for future clean energy products, and the establishment of fabrication and electrochemical testing facility for lithium-ion battery materials. Demonstrating Market Advantage Through Certification and Life Cycle Analysis A quantified environmental basis to ensure traceable, sustainable production of Australian battery minerals, metals and materials. Battery Supported Mine Electrification Alignment with IGO’s strategy for the Proactively Green mines of the future – a holistic systems approach to mine electrification with batteries deployed in stationary and mobile applications. FBICRC collaboration The technologies that make our IGO strategy a global reality are fast evolving and we have chosen to play a significant role in Australia’s green energy technology development by becoming a core participant in the Future Battery Industries Cooperative Research Centre (FBICRC). The FBICRC has an ambitious six-year research and development program targeting all segments of the battery value chain: the policy and governance framework for battery industries; the processes for extraction, refining and processing of raw materials and advanced battery component materials, and their recycling; and the testing, manufacture and deployment of battery components and systems. IGO have identified the following six programs that align with the Company’s strategies. These programs are also expected to offer IGO new technology insights across a range of disciplines and provide staff development opportunities that will enable IGO to embrace the technology and market shifts in the clean energy metal value chain. This collaborative partnership ensures IGO will be at the forefront in battery innovation, and further strengthens our participation in global battery value chains. It demonstrates the importance of collaboration in optimising our business value. IGO produced battery grade nickel sulphate 90 — IGO SUSTAINABILITY REPORT 2020 IGO SUSTAINABILITY REPORT 2020— 91 OPTIMISING BUSINESS VALUE