ASX RELEASE
31 JANUARY 2024

COSMOS PROJECT UPDATE
IGO Limited (ASX: IGO) (IGO or the Company) wishes to provide an update on the Cosmos Project (Cosmosor Project) following completion of the Cosmos project review (Review).
The Review, which commenced in mid-2023, has been focused on identifying risks and assessing
opportunities to optimise the life of mine plan, capital cost estimates and schedule.
Having thoroughly assessed the Project, the outcomes of the Review has demonstrated a reduction in theexpected life of mine, delays in getting the mine to full capacity to fill the processing plant and further increases
in operating and capital costs. In parallel, commodity prices have deteriorated significantly since the Review
commenced, impacting the economics of Cosmos.
As a result, IGO has made the difficult decision to transition Cosmos into care and maintenance. The transition,
which is expected to be concluded by 31 May 2024, will prioritise the safe preservation of the Cosmos assets
and the completion of select key workstreams include finishing the wet commissioning of the processing plantand processing of existing ore on the ROM pad.
During the transition to care and maintenance, IGO will also assess the value of continuing work on selectexploration programs to increase the size and definition of the mineral resource, in particular the AM5 andAM6 orebodies, and optimising the mining and materials handling methods. IGO intends to protect theoptionality to restart Cosmos in the future should market conditions improve.
Regrettably, this transition will have an impact to our people and IGO is currently working on a resourcing planfor the transition and care and maintenance phases. While the Company expects to be able to offer someredeployment opportunities, there will be roles which will become redundant. IGO is providing all the necessary
support for our people as we work through this difficult process.
IGO’s Managing Director and CEO, Ivan Vella, commented, “This is not the outcome anyone at IGO wanted,
however we cannot ignore the operational and financial risks involved in continuing to develop Cosmos in thecurrent environment. We still believe there is value in Cosmos, however in this nickel environment we need tobe disciplined with our allocation of capital, while retaining our optionality to restart if market conditions
improve.
“I’d like to thank the team on site who have done an outstanding job to work through the challenges, and toprogress the Project to where it is today. Prioritising and minimising the impact on our team through thisprocess is our absolute focus and we will provide every support we can to those people affected.”
As previously advised 1, IGO expects to record a further impairment against the Cosmos assets in theCompany’s First Half FY24 Results to be released on 22 February 2024. While the impairment value has notyet been finalised, IGO estimates the total impairment charge to be in the region of $150M to $175M.
Further, the independently conducted Post Investment and Integration Review into the Western Areas
acquisition is approaching completion, and IGO will provide further detail on this in the Half Year results
announcement.
1

Refer to IGO ASX Announcement on 13 December 2023, titled “Cosmos Project Update”

Suite 4, Level 5
85 South Perth Esplanade
South Perth WA 6151

PO Box 496
South Perth WA 6951
Western Australia

T. +61 8 9238 8300
F. +61 8 9238 8399
E. contact@igo.com.auigo.com.au
IGO Limited
ABN 46 092 786 304

Page 1ASX RELEASE
This announcement is authorised for release to the ASX by Managing Director and CEO, Ivan Vella.

For further information contact:
Richard Glass
Head of Investor Relations
T: +61 8 9238 8300
E: richard.glass@igo.com.au

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