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IGO Interactive Annual Report 2020

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2021 ANNUAL REPORT We believe in a green energy future. IGO Limited is an ASX 100 listed ACKNOWLEDGEMENTS Company focused on creating a We acknowledge the Traditional Owners of the land on better planet for future generations by which we operate and on which we work. We recognise their connection to land, waters and culture, and pay our discovering, developing, and delivering respects to their Elders past, present and emerging. products critical to clean energy. We would like to thank Neil Warburton who retired from the IGO Board in FY21 for his significant contribution to IGO over the last five years. WHO WE ARE We are also pleased to welcome two new appointments IGO Limited is an ASX 100 listed Company focused on to the Board, Xiaoping Yang as a Non-executive Director creating a better planet for future generations by discovering, and Michael Nossal as a Non-executive Director who developing, and delivering products critical to clean energy. transitioned to the Chair role on 1 July 2021. As a purpose-led organisation with strong, embedded values and a culture of caring for our people and our stakeholders, We would also like to take this opportunity to thank Peter we believe we are Making a Difference by safely, sustainably Bilbe, who was appointed to the IGO Board in 2009, for his and ethically delivering the products our customers need substantial contribution to the Company. Over his tenure, to advance the global transition to decarbonisation. Peter has overseen the positive transformation of IGO, culminating in the announcement on 30 June 2021 of the Through our upstream mining and downstream processing completion of the transaction with Tianqi Lithium Corporation. assets, IGO is enabling future-facing technologies including IGO will continue to benefit from Peter’s input as a Non- the electrification of transport, energy storage and renewable executive Director until the 2021 AGM. energy generation. IGO is proud to report the Australasian Reporting Awards IGO owns and operates 100% of the Nova nickel-copper-cobalt (ARA) awarded IGO’s 2020 Annual Report a Gold Award operation in Western Australia and is invested in a lithium in the 2021 ARA General Award. focused joint venture (Lithium JV) with our partner, Tianqi Lithium Corporation, which comprises a 51% stake in the Greenbushes Lithium Mine and 100% interest in a downstream processing refinery at Kwinana in Western Australia to produce battery grade lithium hydroxide. IGO is also focused on discovering the mines of the future and has an enduring commitment to investing in exploration to ensure the world has a sustainable supply of clean energy metals into the future. About This Report This annual report is a summary of IGO and its subsidiary companies’ operations, activities and financial position as at 30 June 2021. All dollar figures are expressed in Australian dollars unless otherwise stated. You will notice in this years’ report we have introduced our sustainability model, see page 28. This model is built on seven pillars to drive engagement and outcomes across the Company. This is centred around our purpose, Making a Difference. We recognise environmental, social and governance (ESG) and commercial issues are often connected; they are part of a system that is constantly evolving. This model highlights the interconnectedness of each of these pillars in achieving our overall business strategy. These seven pillars are summarised in this report, however more detail on each pillar can be found in our 2021 Sustainability Report. Non-IFRS: This report includes certain non-IFRS financial measures, including underlying measures of EBITDA and free cash flow. The meanings of individual non-IFRS measures used in this report are set out in the glossary on page 140. Non-IFRS measures should not be considered as alternatives to an IFRS measure of profitability, financial performance or liquidity. OVERVIEW FY21 Snapshot 02 Chair & CEO Message 04 CFO Report 06 Financial Summary 07 Our Purpose 08 Our Strategy 10 Executive Leadership Team 12 OPERATIONS & EXPLORATION Operational Scorecard & Outlook 14 Key Operations & Projects 15 Nova Operation 16 Tropicana Operation 19 Lithium Joint Venture 20 Regional Exploration & Development 22 Mineral Resources & Ore Reserves 26 OUR SUSTAINABLE CORPORATE GOVERNANCE BUSINESS & FINANCIAL REPORT Our People 29 Corporate Governance 33 Safety & Wellbeing 29 Board Profile 36 Communities & Traditional Owners 30 Directors’ Report 38 Our Response to Climate Change 30 Remuneration Report 50 Environment 31 Financial Report 73 Our Financial Contributions 31 Additional ASX Information 138 Business Integrity 32 Shareholder Reporting Timetable 139 Glossary 140 Company Directory 142 IGO ANNUAL REPORT 2021 — 1 Overview FY21 Snapshot Financial Summary In FY21, IGO successfully completed its GROUP REVENUE strategic transformation into a business AND OTHER INCOME 100% focused on clean energy metals. 1 A$919M The lithium joint venture agreement with Tianqi Lithium Corporation was a watershed moment for IGO which, combined with the divestment of the Company’s 30% interest 3% in the Tropicana Gold Mine, has resulted in IGO being uniquely positioned with world-class upstream and downstream assets exposed to nickel, copper, cobalt and lithium. It is this suite of metals which IGO believes will benefit most from the rapidly NET PROFIT AFTER TAX accelerating demand for electric vehicles, stationary energy storage and renewable energy technologies. 2 FY21 saw robust operational performance from Nova, which A$549M achieved above guidance metal production in FY21, and also Tropicana, which delivered record financial results for the full year. Total revenue and other income of A$919M1 and 254% underlying free cash flow of A$363M has placed IGO’s balance sheet in an enviable position following the completion of the two major transactions, with group net cash of A$529M. UNDERLYING FREE The success of FY21 could not have been achieved without the hard work and commitment of our people. CASH FLOW Our people have risen to the challenge of operating through COVID-19 and have delivered outstanding outcomes and importantly, have remained committed to our purpose A$363M of Making a Difference. 17% 2 — IGO ANNUAL REPORT 2021 At a Glance EXCELLENT FINANCIAL OUTSTANDING PERFORMANCE PERFORMANCE FROM NOVA IGO delivered record financial Nova production exceeded results for FY21, reporting total guidance for all metals, and revenue and other income of confirmed its position as the A$919M1, underlying EBITDA lowest cost nickel operation in of A$475M and underlying free Australia with cash costs of cash flow of A$363M A$1.85/lb TRANSFORMATIONAL LITHIUM INVESTMENT Ni (payable) IGO invested in a new lithium focused joint venture with RECOGNITION OF Tianqi Lithium Corporation. COMMITMENT TO ESG Through the new joint venture, IGO has gained exposure to IGO was recognised for its the world-class Greenbushes strong ESG performance with Lithium Mine and the Kwinana admission to the Dow Jones Lithium Hydroxide Refinery, Sustainability Index Australia both located in Western for the second year running. Australia IGO was also included in the S&P Sustainability Yearbook for 2021 DIVESTMENT OF TROPICANA In May 2021, IGO divested its IMPROVED FEMALE GENDER 30% stake in the Tropicana DIVERSITY Gold Mine to Regis Resources Limited for proceeds of 27% A$889M ( 3% vs FY20) of our overall workforce are female, with a significant ASX 100 INCLUSION improvement across all disciplines at our Nova Operation In recognition of IGO’s growth, the Company was admitted to the S&P/ASX 100 Index in February 2021 1. Revenue and other income from continuing and discontinued operations (excluding profit on sale of Tropicana of A$557M) 2. Profit after tax includes gain on sale of Tropicana after tax of A$385M. Profit after tax excluding this gain was A$164M IGO ANNUAL REPORT 2021 — 3 Chair & CEO Message Focusing on a sustainable future strong technology development and innovation skills. With a deep passion for clean energy, and direct experience with solar, hydrogen and energy storage technologies, and significant experience in doing business in China, Xiaoping adds critical skills to the Board especially following our transaction with Tianqi. Michael is a highly regarded senior mining executive who brings strong strategy and business development skills, and a deep knowledge in the areas of exploration, project development and operations. Michael transitioned to the Chair position with effect from 1 July 2021 and we look forward to his contribution to our growing business. PRIORITISING OUR PEOPLE The continued success and growth of our business would not be possible without our incredible team of people Peter Bradford, Managing Director & CEO and Peter Bilbe, who continue to be bold, passionate, Non-executive Director (Chair July 2011-June 2021) fearless and fun – a smarter, kinder, more innovative team. As our greatest asset, our first responsibility is to keep our people safe, and we have continued to work It is our joint pleasure has resulted in IGO gaining exposure on improving our safety performance to a world-class lithium resource at throughout FY21 with our Total to summarise IGO’s Greenbushes and becoming co-owners Reportable Injury Frequency Rate of a lithium hydroxide downstream down from 16.9 in FY20 to 13.2. There achievements for the processing refinery at Kwinana – a fully is always more to do, but key lead and 2021 financial year. integrated supply chain delivering high lag indicators have demonstrated an quality battery grade products to end improvement over FY21. users. A TRANSFORMATIONAL YEAR In addition, it is important we recognise In addition, we completed the successful that protecting our people goes beyond As the impact of climate change on divestment of our 30% stake in physical safety. IGO takes a holistic view, our planet becomes undeniable, global Tropicana, which we held in partnership to include programs that support our decarbonisation has become a political, with AngloGold Ashanti since discovery.
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