Key Highlights

  • IGO (ASX:IGO) has concluded Mining and processing at its Nova Nickel Operation, almost a decade after production began.
  • Nickel production of 21,340 tonnes finished 7% above the top end of life-of-mine guidance.
  • Cash costs of A$3.90 per pound of payable nickel finished 8% below the lower end of the revised guidance range.
  • The sale of Nova to Global Lithium Resources Limited is expected to be completed in the coming weeks.

IGO Limited (ASX:IGO) announced on 9 November 2026 that mining and processing at its Nova Nickel Operation in Western Australia have concluded. The operation began production almost a decade ago. Following final reconciliation of production, the company reported that Nova finished above the top end of its life-of-mine guidance for nickel, copper and cobalt, and that cash costs were below the updated range.

Final Production Against Guidance

Nova produced 21,340 tonnes of nickel, against an original life-of-mine guidance range of 15,000 to 18,000 tonnes and a revised range of 19,000 to 20,000 tonnes. Copper output of 9,517 tonnes and cobalt output of 765 tonnes also finished above their original and revised ranges.

IGO’s Managing Director and Chief Executive Officer, Ivan Vella, described Nova as a high-quality, low-cost operation that finished as well as it started. The outcome is attributed to the team’s performance in the final stages of the mine’s life, when operations are often most difficult.

Cost Performance

Cash costs were A$3.90 per pound of payable nickel. That figure sits 8% below the lower end of the revised life-of-mine cost range of A$4.25 to A$5.00 per pound, and well below the original range of A$5.90 to A$6.90 per pound.

The cost outcome was achieved in the final phase of the operation, which can carry higher costs as reserves thin and mining becomes more complex. The company has not provided a breakdown of the cost components.

Comparing the final figures with each guidance range shows how the outcome moved over the mine’s life. Nickel output finished above the revised range as well as the original one, while cash costs sat below the revised range. Those figures will not be repeated because the mine has closed. The company’s remaining disclosure will focus on the divestment and the treatment of obligations associated with the site.

Closure, Divestment and Remaining Steps

With mining and processing complete, the Nova team is completing demobilisation at site. IGO expects to finish the divestment of Nova to Global Lithium Resources Limited within the coming weeks, which will transfer the asset out of the group.

Once the divestment completes, IGO’s nickel production from Nova will end. The sale price and the treatment of closure and rehabilitation obligations are not stated, so those terms cannot be assessed.

Final Word

Nova’s closing result shows output and cost outcomes ahead of the guidance ranges as the mine wound down, and the sale to Global Lithium Resources is the next defined step. The end of production removes Nova from IGO’s operating base, and the financial impact will depend on the terms of the divestment. The next checkpoint is the completion of the sale in the coming weeks.

The completion of the Global Lithium Resources divestment will close the operating chapter at Nova, and the terms of that transaction, including the handling of site obligations, will be the next detail for shareholders to assess.