IGO Limited

Revenue was AUD 194 million versus AUD 284 million in the prior comparable period, reflecting lower nickel and copper prices and volumes from Nova plus no Forrestania revenue. Underlying EBITDA was AUD 49 million, helped by EBITDA up 15% to AUD 67 million and exploration spend down to AUD 15 million from AUD 30 million. IGO’s share of underlying net loss from TLEA improved to AUD 1 million from AUD 20 million in FY25; Greenbushes EBITDA was AUD 464 million on a 100% basis and Kwinana posted a AUD 71 million loss on a 100% basis, including AUD 33 million of capitalized items. Underlying net loss after tax was AUD 39 million and statutory net loss after tax was AUD 34 million, versus statutory losses of $782 million in the prior corresponding period. Net cash flow from operating activities was AUD 28 million, compared with a AUD 7 million outflow, and underlying free cash flow was AUD 29 million. The company ended with AUD 299 million in cash and AUD 300 million of undrawn debt facility, and it did not declare a dividend. Forward-looking, management said Greenbushes is currently running at the low end of guidance, but guidance was unchanged. The team expects further cost step-downs as Forrestania closes, Cosmos dewatering stops, and Nova continues through year-end; cash flow should improve in the second half as pricing lags unwind and Greenbushes ramps more fully.

Ivan Vella framed the half around operational discipline, safety and a reset toward higher-value growth, saying Nova is showing the benefits of a strong safety and production focus and that Greenbushes can follow a similar improvement path. He emphasized that Greenbushes optimization is only at a first-pass stage, with more work needed on mine planning, productivity, ore sorting, tailings retreatment and potential CGP4 timing. His tone was confident but measured: positive on early CGP3 indicators and the long-term upside at Greenbushes, but clear that the work is unfinished and that Kwinana remains a poor asset economics story.

Kathleen Bozanic said the company’s focus on costs and safe production at Nova helped deliver an improved underlying result, with revenue of AUD 194 million, underlying EBITDA of AUD 49 million, and operating cash flow of AUD 28 million. She highlighted the drop in exploration spend to AUD 15 million, the improved TLEA underlying net loss contribution to AUD 1 million, and the strong balance sheet with AUD 299 million in cash plus AUD 300 million of undrawn facility. She also noted that cash flow was affected by timing, including a one-month pricing lag and a roughly 90-day payment cycle for spodumene, and said a good second half is expected based on current pricing.

Analysts focused heavily on Greenbushes optimization, especially the resource/reserve update, the potential timing and shape of CGP4, ore sorting, the sustainability of the lower strip ratio, and whether the underground resource can be developed in sequence after the open pit. Management said the Greenbushes year is running at the low end of guidance, but guidance is unchanged, and they described CGP3 ramp-up as early but encouraging, with 24-hour production of 1,000 tonnes, average recoveries of 60%, and con grade above 5.5 to 6. Questions on Kwinana centered on the future of the JV and whether Australia can support downstream lithium processing; Ivan said they are focused on reducing net cash outflow, are not fixed on one pathway with Tianqi, and see little economic logic in continuing to fund an uncompetitive asset. On cash and debt, management said there is no debt in TLEA, any debt discussed relates to Winfield, and timing lags plus Greenbushes debt paydown explain some of the cash movement.