June 2025 Quarterly Activities Report

• Growing safety culture and focus on safety basics delivering improvements
• Greenbushes spodumene sales increased, achieving 60% EBITDA margin
• Higher production and lower unit costs at Nova, completing a strong second half

IGO has reported a strong operational quarter, with increased spodumene sales from the Greenbushes lithium mine and higher production and lower unit costs at the Nova nickel operation. The company's focus on improving safety outcomes over the past 12 months has delivered positive results, with a 50% reduction in injuries, an 81% reduction in injury severity rate, and a 66% decline in serious potential incidents from the first half to the second half of FY25. IGO's underlying EBITDA for the quarter was $62.3 million, up 83% from the previous quarter, driven by a higher EBITDA contribution from Nova and a fair value gain on IGO's listed investment portfolio. The company's exploration and tenement rationalisation initiatives also continued, with further work at the Cosmos, Forrestania, South-West Terrane, Copper Wolf, Kimberley, and Raptor projects, and the withdrawal from several joint venture arrangements in the Paterson region. The Kwinana lithium hydroxide refinery continued to operate below nameplate capacity, and IGO expects a further impairment charge of $70-90 million (IGO's 49% share) for FY25, resulting in Train 1 being fully impaired.

Greenbushes FY26 production and cash cost guidance of 1,500-1,650kt and $310-360/t, respectively. Nova life of mine production guidance maintained at 15,000-18,000t of contained nickel.