IGO Reports Record Greenbushes Output as Nova Winds Down

IGO (ASX:IGO)'s September quarter report covers the final full quarter of operations at Nova and record production at Greenbushes, as it prepares to hand Nova over to Global Lithium Resources.

Nova mining and processing operations will conclude by the end of October, and the divestment to Global Lithium Resources is expected to complete during the December quarter. Greenbushes produced a record 435kt of spodumene concentrate as CGP3 reached nameplate during September, with cash costs improving 7% to $418/t and an EBITDA margin of 83%. The realised spodumene price fell 7% to US$2,130/t. Windfield paid a dividend of $680.1M to its shareholders (100% basis). Kwinana produced 918t of lithium hydroxide, impacted by a major shutdown. Group underlying EBITDA was $176.1M (4Q26: $117.8M), including positive mark-to-market movements on listed investments of $31.9M, and underlying free cash flow was $39.7M (4Q26: $69.5M). IGO's share of profit from TLEA was 5% lower at $114.3M. After paying its final FY26 dividend of $37.9M, IGO had net cash of $376.3M at 30 September 2026, and its $300.0M revolving credit facility remains fully undrawn.

Underlying EBITDA and free cash flow are non-IFRS measures and all results are unaudited. The technical elements of the Strategic Options Review are substantially complete, but the release does not state what decisions will follow.