IGO acknowledges the recent short-term volatility in the LME...

IGO acknowledges the recent short-term volatility in the LME nickel market and price, which is primarily
attributed to the Russian invasion of Ukraine, which in turn has reportedly created the need for a large industry
participant to manage a nickel short position on the LME.
IGO’s valuation of Western Areas and the proposed Scheme consideration of $3.36 in cash per share is based
on IGO’s long term view of the nickel market fundamentals and price, which has not changed. IGO has no
obligation, nor any current intention to increase the consideration in response to these short-term events