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The transition to care and maintenance resulted in redundancies. The mining contractor, Perenti, which employed 179 people at the site through its subsidiary Barminco, planned to redeploy its workforce to other projects.

The Cosmos Project, owned by IGO Limited, is located 30km north of Leinster in Western Australia. The project was transitioned into care and maintenance in June 2024. This decision was made following a review that highlighted a reduced expected mine life, delays in reaching full production capacity, and increased operating and capital costs, all exacerbated by a significant deterioration in commodity prices. IGO intends to maintain the project with the option to restart should market conditions improve.

Prior to entering care and maintenance, key activities included the wet commissioning of the processing plant and the processing of existing ore on the run-of-mine pad. A landmark study completed in May 2024 confirmed the technical and economic feasibility of converting the underground fleet from diesel to battery electric vehicles, which would be competitive with the planned diesel fleet.

The mining contractor had approximately $25 million of plant and equipment on site. A study assessed the feasibility of replacing the planned diesel fleet, which included two 63-tonne diesel trucks and three diesel loaders, with battery electric equivalents.

During the care and maintenance period, IGO is assessing select exploration programs to potentially increase the mineral resource, with a particular focus on the AM5 and AM6 orebodies. The company is also continuing exploration for lithium at the Cosmos Project. As part of a broader portfolio rationalisation, IGO is exploring options for the Cosmos site and its infrastructure, noting the region's prospectivity for gold and other minerals and the potential for the existing plant and equipment to be repurposed.

Production at Forrestania ceased in September 2024, and the site was transitioned to care and maintenance. IGO Limited retains nickel and lithium rights, while Medallion Metals Limited acquired gold assets and the processing facility.

Production overview - 2024: nickel 2089 t; 2022: nickel 22915 t.

The operation includes the Cosmic Boy processing facility. Medallion Metals intends to use the Forrestania infrastructure as a long-term gold processing and development hub for the region, treating ore from its nearby Ravensthorpe Gold Project.

Cosmic Boy processing facility

Medallion Metals acquired the Forrestania Nickel Operation assets, including the Cosmic Boy processing plant and infrastructure, with plans to use it as a central processing hub for regional gold and copper assets. IGO Limited retains rights for nickel and lithium exploration, development, and mining on the tenements.

IGO Limited transitioned the Cosmos Project into care and maintenance in June 2024, following a project review that highlighted a reduced expected mine life, delays in reaching full capacity, and increased operating and capital costs, exacerbated by a significant deterioration in commodity prices. The transition was expected to be concluded by 31 May 2024. IGO intends to protect the option to restart the project in the future if market conditions improve.

Production overview - 2022: nickel 164.5 kt.

Cosmos processing plant upgrade, nickel concentrator facility, wet commissioning of the processing plant, processing existing ore on the ROM pad

plant and equipment on site, existing Cosmos processing plant, nickel concentrator facility

redevelopment project included the Odysseus underground mine, processing plant upgrade to increase throughput, new agreement in October 2022 to increase the plant's capacity to 1.1 Mtpa

179 people (Perenti/Barminco)

IGO Limited's Cosmos Project in Western Australia transitioned to care and maintenance in June 2024 due to reduced expected mine life, production delays, increased costs, and deteriorating commodity prices. The company intends to restart the project if market conditions improve, while assessing exploration programs. The project focuses on the Odysseus underground mine.

Nearly 295,000 tonnes of Odysseus ore were processed until 22 May 2024. Processing plant capacity upgraded from 900 ktpa to 1.1 Mtpa.

wet commissioning of the processing plant, processing of existing ore on the run-of-mine pad, upgraded circuit includes new primary, secondary, and tertiary crushing and screening, a new primary mill, refurbished secondary and regrind mills, new and refurbished flotation cells, and new thickeners for concentrate and tailings

paste plant, processing plant, shaft, primary, secondary, and tertiary crushing and screening, primary mill, secondary and regrind mills, flotation cells, thickeners for concentrate and tailings, all-diesel underground fleet, battery electric vehicles (BEVs), 65-tonne BEV trucks, 63-tonne diesel trucks

processing plant capacity upgraded from 900 ktpa to 1.1 Mtpa; assessing select exploration programs to potentially increase the mineral resource, particularly the AM5 and AM6 orebodies

IGO Limited transitioned the Cosmos Project into care and maintenance in June 2024. This decision followed a comprehensive review that commenced in mid-2023, which highlighted a reduction in the expected mine life, delays in reaching full capacity, and increases in operating and capital costs, all exacerbated by a significant deterioration in nickel commodity prices. As a result of the review, IGO recorded a non-cash, pre-tax impairment expense against the Cosmos assets. The company is exploring options to rationalise the site and its infrastructure, noting the region is also prospective for gold and other minerals. While on care and maintenance, IGO is assessing the value of continuing select exploration programs to potentially increase the mineral resource.

Production overview - 2024: nickel 1734 t.

The Cosmos processing plant was undergoing an upgrade to increase its throughput capacity from its original 450,000 tonnes per annum to 1.1 million tonnes per annum. The design involves a conventional sulphide processing route using grinding and flotation technology to produce concentrate. Before transitioning to care and maintenance, the wet commissioning of the processing plant was being completed, along with the processing of existing ore on the run-of-mine pad.

The Cosmos processing plant was undergoing an upgrade to increase its throughput capacity from its original 450,000 tonnes per annum to 1.1 million tonnes per annum.

The Cosmos Project, acquired by IGO Limited in 2022, transitioned to care and maintenance in June 2024 due to reduced mine life, increased costs, and declining nickel prices. IGO plans to preserve the option for future restart and is exploring rationalisation options, including potential for gold and other minerals. A lithium drilling program was completed in Q3 2025.

wet commissioning of the processing plant and processing existing ore on the run-of-mine pad

Cosmic Boy processing plant

Over 2,000 people, with 70% sourced from local communities (as of November 2025).

The Platreef Project is located on the Northern Limb of the Bushveld Igneous Complex, featuring the Flatreef deposit, a thick, high-grade, and flat-lying orebody suitable for mechanised, bulk underground mining. The project officially began production on November 18, 2025, with a phased development approach.

Phase 1 operates with a 770,000 tpa concentrator. Phase 2 expansion will increase total processing capacity to 4.1 Mtpa, with expected average annual production of over 460,000 ounces of platinum, palladium, rhodium, and gold (3PE+Au), plus approximately 9,000 tonnes of nickel and 6,000 tonnes of copper. A potential Phase 3 expansion to 10.7 Mtpa processing capacity could further increase annual production to over 1 million ounces of 3PE+Au, approximately 22,000 tonnes of nickel, and 13,000 tonnes of copper.

Ore undergoes a multi-stage process of crushing, milling, flotation, thickening, and filtration to produce a concentrate.

Shaft 1 (2.5 Mtpa hoisting capacity, 996 metres depth), Shaft 2 (6 Mtpa planned hoisting capacity), Shaft 3 (operational by April 2026, increasing total hoisting capacity to 5 Mtpa). Utilises battery-electric M2C drill rigs and 14-tonne load haul dumpers.

Phase 2 expansion underway, targeted for completion in Q4 2027, adding a new 3.3 Mtpa concentrator for a total processing capacity of 4.1 Mtpa. A $700 million senior project finance facility has been signed for this expansion. A Preliminary Economic Assessment (PEA) outlines a potential Phase 3 expansion to 10.7 Mtpa processing capacity.

more than 2,000 employees

The Phase 1 concentrator has a milling capacity of 770,000 tonnes per annum (ktpa).

The Phase 1 concentrator has a milling capacity of 770,000 tonnes per annum (ktpa). The concentrator is expected to reach 80% of its capacity by mid-2026. The first concentrate produced is a blend of copper, gold, palladium, platinum, nickel, and rhodium.

The mine utilises mechanised, bulk mining methods such as long-hole stoping and drift-and-fill. Key infrastructure includes Shaft 1 for initial production, Shaft 2 which is being expanded, and Shaft 3 which is expected to be operational by April 2026. The commissioning of Shaft 3 will increase the mine's hoisting capacity five-fold to 5 million tonnes per annum. A 5-megawatt solar power facility was completed in the first quarter of 2025 to support operations.

The Platreef Project is being developed in multiple phases. Phase 1 commenced production in late 2025. Phase 2 expansion is underway and targeted for completion in the fourth quarter of 2027. This will increase processing capacity to 4.1 million tonnes per annum (Mtpa) and is expected to increase annual production to approximately 450,000-460,000 ounces of platinum, palladium, rhodium and gold (3PE+Au), plus around 9,000 tonnes of nickel and 6,000 tonnes of copper. A future Phase 3 expansion is planned, which would further increase processing capacity to 10.7 Mtpa and more than double production to over 1 million ounces of 3PE+Au, approximately 22,000 tonnes of nickel and 13,000 tonnes of copper annually.

The Nova Operation is an underground mine located in the Fraser Range of Western Australia, approximately 160km east-northeast of Norseman. It is wholly owned and operated by IGO Limited. The mine commenced commercial production in July 2017 and is expected to reach its end of life in late 2026. The operation consists of two interconnected ore bodies, Nova and Bollinger, which are mined using a combination of room-and-pillar, sub-level open stoping, and longhole stoping methods.

Production overview - 2025: nickel 16371 t, copper 7324 t, cobalt 581 t; 2022: nickel 26675 t, copper 11483 t, cobalt 982 t.

The ore from the Nova Operation is processed on-site through a differential flotation circuit. This method selectively floats copper-bearing minerals before the flotation of nickel. The processing plant produces separate nickel and copper concentrates, with cobalt recovered within the nickel concentrate.

More than 2,000 employees (2025)

Platreef PGM-Nickel Mine is an underground mine in Limpopo Province, South Africa, operated by Ivanhoe Mines. It commenced production in Q4 2025 and is undergoing a multi-phase expansion to significantly increase output of palladium, platinum, nickel, copper, rhodium, and gold.

The mine officially opened and produced its first concentrate on November 18, 2025. The Phase 1 concentrator began by processing lower-grade development ore and is set to transition to higher-grade production ore in the second quarter of 2026. The first sale of concentrate was made to Northam Platinum in late Q4 2025.

The Phase 1 concentrator has a milling capacity of 770,000 tonnes per annum (ktpa). The total combined processing capacity of the Phase 1 and 2 concentrators will be 4.1 million tonnes per annum (mtpa). The Phase 3 expansion targets a processing capacity of 10.7 mtpa. The processing method involves crushing, milling, and flotation circuits.

The mine utilises shaft access for underground mining. Shaft #1 has an annual hoisting capacity of 2.5 million tonnes. Shaft #3 is scheduled to be operational by April 2026, which will increase the mine's hoisting capacity five-fold to 5 million tonnes per annum. Work on widening Shaft #2 is expected to commence in April 2026. The mining methods are long-hole stoping and drift-and-fill, which are mechanised bulk mining approaches.

The mine is being developed in three phases. Phase 1 commenced production in Q4 2025 and is expected to produce approximately 100,000 ounces of 3PE+Au plus nickel and copper once fully ramped up. Phase 2 expansion is underway, with completion targeted for Q4 2027, increasing annual production to approximately 450,000-460,000 ounces of 3PE+Au, plus over 30 million pounds (approximately 13,600 tonnes) of nickel and copper combined. A future Phase 3 expansion, outlined in a 2025 Preliminary Economic Assessment, would further increase annual production to over 1 million ounces of 3PE+Au, plus approximately 22,000 tonnes of nickel and 13,000 tonnes of copper.

approximately 400 people (2017)

The Nova Operation is an underground mine in the Fraser Range, Western Australia, owned and operated by IGO Limited. In March 2025, IGO announced that the mine is expected to reach its end of life by late 2026. The company is focusing on responsible mine closure, with the submission of a final Mine Closure Plan to the Western Australian government anticipated for mid-2026. IGO's managing director and CEO stated in May 2025 that the company expected to produce a further 15,000-18,000 tonnes of nickel beyond the 2024-2025 financial year.

Production overview - 2025: nickel 16371 t, copper 7324 t, cobalt 581 t; 2024: nickel 20806 t, copper 9922 t, cobalt 735 t.

The processing plant has a capacity of 1.5 million tonnes per year. The process involves crushing and grinding ore, followed by flotation to produce separate copper and nickel concentrates. Tailings are used to create paste fill for backfilling underground stopes.

The underground mining operation uses 60-tonne trucks for hauling ore and waste.

Production overview - 2022: nickel 14028 t.

The site includes the Cosmic Boy processing plant.

The Cosmos Project, owned and operated by IGO Limited, was officially placed on care and maintenance in June 2024. This decision followed a project review that highlighted a reduced mine life, delays in reaching full capacity, and increased operating and capital costs, which were compounded by a significant deterioration in the nickel price. Prior to this, IGO had restarted processing operations on 6 November 2023, utilising a refurbished concentrator with a planned throughput of one million tonnes per annum. The plant's ore commissioning commenced in the December 2023 quarter, and it achieved nameplate throughput rates. Nearly 295,000 tonnes of ore from the Odysseus underground mine were processed until operations ceased on 22 May 2024. The final sale of nickel concentrate from this period occurred in the first quarter of FY25 (July-September 2024), contributing $8.1 million in revenue. The company is now exploring options to rationalise the Cosmos assets, noting the region's prospectivity for gold and other minerals.

Nearly 295,000 tonnes of ore from the Odysseus underground mine were processed between November 2023 and May 2024. Historically, from its opening in 2000 until it was first placed on care and maintenance in 2012, the Cosmos mine produced 127,000 tonnes of nickel in concentrate at a grade of 4.8 percent.

The processing plant was being refurbished to increase capacity from 750,000 to one million tonnes per annum. The facility underwent wet commissioning before the project was transitioned to care and maintenance. The processing route is a conventional sulphide flotation technology to produce concentrate.

over 2,000 (including employees) attended the opening ceremony in November 2025

The Platreef Project, operated by Ivanhoe Mines, transitioned to production with first concentrate produced in November 2025. Ivanhoe Mines holds a 64% interest in the project.

Phase 1 ramping up 770,000 tpa concentrator in late 2025. Shaft #3 commissioning in April 2026 to increase total hoisting capacity to 5 Mtpa. Phase 2 targets 4.1 Mtpa processing capacity and 450,000-460,000 oz 3PE+Au, plus over 30 Mlbs nickel and copper. Phase 3 aims for 10.7 Mtpa processing and over 1 Moz 3PE+Au, plus approximately 22,000 tonnes nickel and 13,000 tonnes copper.

mill/flotation process to produce a concentrate

Phase 2 expansion is underway, targeting 4.1 Mtpa processing capacity and increased production by Q4 2027. A future Phase 3 expansion to 10.7 Mtpa is being assessed.

Approximately 200-400 staff and contractors were understood to be employed at the project in early 2024. This included around 179 people employed by the underground mining contractor Barminco.

Prior to being placed on care and maintenance, it was understood that about 400 contractors and IGO workers were employed at the mine. One of the mining contractors, Perenti's subsidiary Barminco, employed around 179 people at the operation.

The Cosmos Project is located 30km north of Leinster in Western Australia.

Production overview - 2024: nickel 18200 t.

The processing plant was upgraded to a capacity of 1.1 million tonnes per annum. The plant includes new primary, secondary, and tertiary crushing and screening circuits, refurbished mills, new and refurbished flotation cells, and new thickeners and filters. During a brief operational period in FY24, the plant achieved an instantaneous processing rate of 1.1Mt/a during commissioning.

IGO Limited acquired the Cosmos Project through its acquisition of Western Areas in June 2022. In January 2024, IGO announced the decision to transition the Cosmos Project into care and maintenance due to a combination of factors including a reduction in the expected mine life, delays in reaching full capacity, increased operating and capital costs, and a significant deterioration in commodity prices. The transition to care and maintenance was concluded by 31 May 2024. IGO intends to maintain the option to restart Cosmos in the future if market conditions improve. A study into the feasibility of an all-electric underground fleet, including 65-tonne battery-electric trucks, was completed and showed it could be competitive with a diesel fleet.

The move to care and maintenance resulted in an impact on the workforce, including redundancies. Specific figures regarding the number of employees or redundancies have not been publicly released.

Production overview - 2024: nickel 18200 t.

The Cosmos Project includes a partly new and refurbished sulphide concentrator with a nominal capacity of 1.1 million tonnes per annum. The plant achieved this instantaneous processing rate during commissioning.

IGO Limited transitioned the Cosmos Project to care and maintenance in June 2024 due to a reduced expected mine life, delays in reaching full production capacity, and increased operating and capital costs, influenced by a weak nickel market. The transition was completed by 31 May 2024, including wet commissioning of the processing plant and processing existing ore. IGO intends to maintain the option to restart Cosmos if market conditions improve and is assessing potential for gold and other minerals.

The Nova Operation relies on a combination of local and Fly-In-Fly-Out (FIFO) workforce arrangements.

The Nova Operation is located in the Fraser Range, approximately 160km east-northeast of Norseman in Western Australia. The operation consists of two underground orebodies, Nova and Bollinger. The Nova deposit was discovered in July 2012, with mine development commencing in January 2015 and commercial production starting in July 2017. In March 2025, IGO announced that the Nova Operation is expected to cease operations in late 2026. The company is planning for the mine's closure, with the submission of a final Mine Closure Plan anticipated for mid-2026.

Production overview - 2025: nickel 16371 t, copper 7324 t, cobalt 581 t; 2024: nickel 20806 t, copper 9922 t, cobalt 735 t.

The operation has a processing plant that produces saleable nickel and copper concentrates. The processing infrastructure includes a wastewater treatment plant for recycling treated effluent for concentrate washing and a reverse osmosis plant. The mine also utilises paste backfill.

The mine utilises an underground mining fleet. A workshop on site is equipped to service CAT excavators and loaders.

179 people (underground mining services contractor Barminco)

The Cosmos Project, acquired by IGO Limited in June 2022, is an underground nickel-cobalt mine in Western Australia. Mining commenced in 2000. Following a review due to reduced mine life, delays, and increased costs amidst falling nickel prices, the project transitioned to care and maintenance in June 2024, with processing operations ceasing in May 2024. IGO intends to preserve the option to restart if market conditions improve.

Production overview - 2024: nickel 18200 t.

Sulphide concentrator upgraded to 1.1 Mtpa capacity, including new primary, secondary, and tertiary crushing and screening circuits, a new primary mill, refurbished secondary and regrind mills, new and refurbished flotation circuits (roughers, cleaners, and cleaner scavengers), a refurbished concentrate thickener, a new tailings thickener, and a new concentrate filter.

Sulphide concentrator, primary, secondary, and tertiary crushing and screening circuits, primary mill, secondary and regrind mills, flotation circuits (roughers, cleaners, cleaner scavengers), concentrate thickener, tailings thickener, concentrate filter.

Processing plant upgraded to 1.1 Mtpa capacity, including new crushing, milling, and flotation circuits.