Ann: IGO and Western Areas agree to amend Scheme of Arrangement, page-17

This is now a fair price for WSA given the price of Class 1 Nickel currently >$A45,000/tonne, as well as where it is headed 12-36 months from now.

Demand from new EV and Grid Storage Battery plants, as well as existing ones trying to expand to meet exponential demand, means that the price of nickel must remain above $A40,000/tonne - $A45,000/tonne, as a price floor.

A nickel price with a price floor of $A45,000/tonne will ensure new supply of nickel sulphides to the global EV market from lower-grade zones from existing nickel mines (next 12-24months).

It will also ensure large exploration budgets for new nickel sulphide deposits to remain strong for the next decade at least, which is where larger tonnages of nickel are desperately needed to help satisfy demand.

Not only is this a fair price, but also an excellent fit for the two companies and employees to work together going forward.

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I Hold DM1 (Desert Metals), SNG (Siren Gold) & ICL (Iceni Gold)





These forecasts below significantly underestimate demand for Class 1 Nickel from Grid Storage from 2025-2040+. This will dwarf EV battery demand.

The number of batteries required to meet this supply is 20-30x larger, each year, than the demand increase from Electric Vehicles.

You need the highest quality Class 1 Nickel for Grid Storage Battery Cathodes in order for the lifespan of the battery to last for 25-30 years, which brings down the cost of electricity to that of a gas or coal fired power plants.

IGO is a company that is perfectly positioned to financially benefit from this generational change in Automotive and Grid Energy requirements for the next 20years+.