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2019 for Personal Use Only Use Personal For For personal use only ANNUAL ANNUAL REPORT 2019 IGO ANNUAL REPORT 2019 INDEPENDENCE GROUP NL ABN 46 092 786 304 WHO WE ARE Independence Group NL (‘IGO’ or ‘the Company’) is a leading ASX-listed exploration and mining company with a strategic focus on metals that are critical to energy storage and renewable energy. Headquartered in Perth, Western Australia, the Company owns 100% of the Nova nickel-copper-cobalt operation and a 30% non-operator interest in the Tropicana Operation, a Joint Venture with AngloGold Ashanti Australia Limited. In addition, the Company is pursuing aggressive organic growth through its portfolio of high-quality belt scale exploration projects across AustraliaFor personal use only and overseas that prioritise nickel and copper exploration and discovery. ABOUT THIS REPORT This annual report is a summary of IGO and its subsidiary companies’ operations, activities and financial position as at 30 June 2019. All dollar figures are expressed in Australian dollars unless otherwise stated. Nova Operation CONTENTS FY19 Snapshot 02 Chairman & CEO Message 04 Our Purpose & Strategy 06 Executive Leadership Team 08 Our People 10 Our Safety Performance 14 Making a Difference 16 Sustainability 18 Operational Scorecard & Outlook 20 Key Operations & Projects 21 Nova Operation 22 Tropicana Operation 24 Regional Exploration & Development 26 Mineral Resources & Ore Reserves 28 Corporate Governance 32 Board Profile 34 Directors’ Report & Remuneration Report 36 FY19 Financial Statements 65 Additional ASX Information 129 Company Directory 132 For personal use only IGO ANNUAL REPORT 2019 — 1 FY19 SNAPSHOT IGO achieved record revenue and underlying EBITDA during the 2019 financial year. The successful delivery of the second year of commercial production at Nova exceeded production guidance, and the continuing strong performance from Tropicana comfortably met production guidance. The performance of our two core assets generated underlying free cash flow of $278M and net profit after tax of $76M. These outstanding financial results reflect the quality of our world class asset portfolio and our people, who are focused on delivering high margin products made safely, ethically, sustainably and reliably. FY19 FINANCIAL SUMMARY HIGHLIGHTS FY19 FY18 FY17 AT A GLANCE $M $M $M Total revenue and other income 793 781 422 Underlying EBITDA1 341 339 151 Profit after tax 76 53 17 Net cash flow from operating activities 372 278 78 NOVA'S PRODUCTION Underlying free cash flow1 278 138 (113) Nova’s second year of commercial Total assets 2,190 2,175 2,208 production exceeded the top end Cash 348 139 36 of metal production guidance with Marketable securities 28 24 15 production of 30,708t nickel and Total liabilities 341 396 476 13,693t copper. Shareholders’ equity 1,849 1,779 1,733 Net tangible assets per share ($ per share) $3.13 $3.03 $2.95 Dividends per share paid – fully franked (cents) 4.0 2.0 3.0 TROPICANA PRODUCTION 2 Tropicana delivered 518,172oz of SHARE PRICE PERFORMANCE gold production on a 100% basis. EXPLORATION ACTIVITY Substantial exploration activity continued across the IGO portfolio. NEW DEVELOPMENT Development of the Boston Shaker Underground mine commenced at Tropicana in May 2019. SMART SOLUTIONS Construction of a six-megawatt hybrid diesel-solar plant commenced at Nova. PORTFOLIO IGO HISTORICAL PAYABLE METAL Further portfolio rationalisation with The historical payable metal charts represent five years of contribution from IGO’s current operations divestment of the Long Operation. and historical contributions from the Long and Jaguar operations that are no longer in our portfolio. In FY19 all nickel, copper and cobalt was derived from Nova with all gold contributed from the Tropicana JV (IGO 30% share). For personal use only NICKEL (t) GOLD (oz) COPPER (t) COBALT (t)3 25,000 200,000 15,000 400 350 20,000 12,000 150,000 300 15,000 9,000 250 100,000 200 10,000 6,000 150 50,000 100 5,000 3,000 50 FY19 FY19 FY19 FY15 FY16 FY17 FY18 FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 - - FY15 FY16 FY17 FY18 - - 1 See Notes to Glossary of Terms for definitions 3 FY18 represented the first year of commercial 2 As at market close 23 August 2019 production at Nova and first production of cobalt in the IGO portfolio. 2 — IGO ANNUAL REPORT 2019 OUR PEOPLE Company-wide employee Award of 27% of internal promotions engagement survey completed to female candidates, along with with positive improvements across 60% of manager promotions to many areas: female candidates. • Overall engagement score of 70%, Improved gender diversity balance an increase of 15% from 2018. achieved for new graduates recruited for FY20 • 90% of those surveyed said (38.5% graduates female). IGO has a work environment accepting of diverse Participation in the IGO Graduate backgrounds. and Vacation Programs increasing • 86% of those surveyed indicated year-on-year with a total of 13 first, that they are proud to work for IGO. second- and third-year graduates working with us at year-end. SAFETY PERFORMANCE Lost Time Injury Frequency Rate per Embedding an inter-dependent million hours worked was 1.37, down safety culture and reducing from 2.39 in FY18. potential incidents continues to be a key focus for the Company in FY20. IGO’s Total Reportable Injury Frequency Rate for FY19 was 9.58, down from 19.14 for the previous year. MAKING A DIFFERENCE IGO’s Corporate Giving program Over 80 IGO employees made a difference to over 46 participated in IGO volunteer organisations and programs. opportunities in FY19. Over $475,000 invested in Corporate Giving over the year compared to $252,000 in FY18. SUSTAINABILITY For personal use only In FY19, IGO made production Positive results from the IGO Social royalty payments to the Ngadju Impact Assessment study following Native Title Aboriginal Corporation over 300 responses from stakeholders (NNTAC) totalling $3.3M. in our host communities in Norseman and Esperance. IGO ANNUAL REPORT 2019 — 3 CHAIRMAN & CEO MESSAGE In FY19, IGO continued to uphold We are proud of what we have achieved our social licence to operate and and continue to be impressed with further understand the matters that the genuine insights and engagement are material to our stakeholders. by our people. This has enabled us to Community consultation and shape a unique company culture that is engagement efforts included the delivering real and lasting benefits to completion of a Social Impact many areas of the business. In FY19, we Assessment study related to our achieved a significant improvement in Nova Operation and Fraser Range employee engagement compared to the exploration activities, holding previous year with IGO’s organisational local community update meetings, engagement score increasing by 15% investing in our community with our to 70%. Importantly, 86% of our survey corporate giving programs, as well as respondents indicated that they Ladies and gentlemen, it is our active engagement with the Ngadju are proud to work for IGO, and 82% joint pleasure to summarise people, who are the native title indicated that their career intention IGO’s achievements for the 2019 holders of the land on which the Nova was to stay at IGO. These results are all financial year. Operation sits, as well as a key area of better than the external benchmarking our exploration activities. norm and pleasing to see. Our purpose and strategy We are very pleased to report that we IGO’s transformation and continued At IGO, we have made good progress made significant improvements in our success is a tribute to our people. They on our strategic aspiration to become Lost Time Injury Frequency rates and are bold, passionate, fearless and fun. a globally relevant supplier of metals Medically Treated Injury Frequency They make IGO a smarter, kinder, more that are critical to energy storage and rates during the year. In addition, we innovative company. Together, we are renewable energy. We do this with our also saw a lower number of reported making a difference! purpose at the heart of everything we serious potential incidents indicating do - making a difference. more active and engaged visible safety Streamlined portfolio with leadership by our people. world-class assets We care At IGO, we are highly committed to In FY19, we continued our enduring delivering safe, reliable and sustainable Our alignment to clean energy is focus on establishing IGO’s portfolio operations and we will be held complemented by our commitment of high quality, longer life and larger accountable for ensuring continuous to being proactively green, which is scale projects. This is reflected in both improvement of our performance. We achieved by embracing renewable Nova and Tropicana delivering solid can, and always will, pursue efforts to energy and innovation to reduce our production results as well as the further make our workplaces safe for all people carbon footprint. IGO will continue to strengthening of the portfolio through and promote a culture that prioritises produce high-quality products that the divestment of the Long Operation. the care and wellbeing of our people. meet our customers’ needs, made A number of notable achievements safely, sustainably and reliably. An engaged workforce were made during FY19, including: We understand that not only Over the last few years we have made • better than guidance production shareholders, but also current from Nova in its second year and prospective employees, local great progress in understanding and shaping the IGO culture, to deliver of commercial production and communitiesFor personal use only and customers all the type of organisation that our continued strong performance have a growing interest in how from Tropicana; companies are conducting their people want to be part of and can be business; a matter that is increasingly proud of. This journey has involved • commencement of the development of scrutinised with environment, social everyone in the business in many the Boston Shaker Underground mine; and governance (ESG) evaluations, in different ways, including the employee • continued commitment to addition to analysing operational and engagement and opinion surveys that exploration, including assembling financial performance.
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