Highlights

• IGO said Greenbushes produced a record 435kt of concentrate in the quarter, while its Nova nickel-copper operation moves.

• On a 100 per cent basis, Greenbushes produced a record 435kt of spodumene concentrate, up 12 per cent.

• The CGP3 processing plant reached nameplate capacity in September, nine months after first ore and despite a fire.

• Kwinana produced 918 tonnes of lithium hydroxide, up 2 per cent, despite a major shutdown to commission a.

IGO (ASX:IGO) — said Greenbushes produced a record 435kt of concentrate in the quarter, while its Nova nickel-copper operation moves towards closure and a sale to Global Lithium Resources.

IGO Limited has released its quarterly activities report for the three months to 30 September 2026.

Group results and balance sheet

Group sales revenue was A$157.9m, up 12 per cent on the prior quarter. Underlying EBITDA was A$176.1m, compared with A$117.8m in the June quarter, and includes a A$31.9m mark-to-market gain on listed investments. Underlying free cash flow was A$39.7m against A$69.5m previously, and operating cash flow of A$39.8m was lower because of the timing of debtor receipts. IGO's share of net profit from its Tianqi joint venture entity (TLEA) was A$114.3m, down 5 per cent.

Net cash was A$376.3m, and a A$300m revolving credit facility, expiring in July 2028, is undrawn. IGO paid its final FY26 dividend of A$37.9m, or 5 cents a share. Separately, Windfield paid A$680.1m (US$483.0m) to its shareholders, of which TLEA received A$347m.

Greenbushes

On a 100 per cent basis, Greenbushes produced a record 435kt of spodumene concentrate, up 12 per cent. Sales were 376kt, down 4 per cent, as port constraints led to smaller cargoes and higher concentrate inventory. Cash cost fell 7 per cent to A$418 a tonne, the realised price was US$2,130 a tonne, also down 7 per cent, and the EBITDA margin was 83 per cent. Capital expenditure was A$51m, mainly for the fourth tailings storage facility.

The CGP3 processing plant reached nameplate capacity in September, nine months after first ore and despite a fire in June. The company said technical work in the Strategic Options Review is substantially complete and has identified value opportunities, with a valuation due in the coming months. It cautioned that realising those opportunities depends on water, tailings and port logistics.

Kwinana lithium hydroxide

Kwinana produced 918 tonnes of lithium hydroxide, up 2 per cent, despite a major shutdown to commission a calciner off-gas system that has now been completed. Sales were 926 tonnes at a realised price of US$17,676 a tonne, generating revenue of A$23.1m. Conversion cost fell 17 per cent to A$33,677 a tonne. The facility still recorded an EBITDA loss of A$65.4m, which includes a A$32.0m negative inventory net realisable value adjustment.

Nova and exploration

Nova produced 4.6kt of nickel, up 19 per cent, and 2.1kt of copper, up 27 per cent, at a nickel cash cost of A$2.00 a pound, down 55 per cent. EBITDA was A$56.1m and free cash flow A$66.9m. The company said Nova is on track to beat the top of its life-of-mine nickel guidance of 19,000 to 20,000 tonnes, with costs below the bottom of its range. Mining and processing end in late October 2026, and the sale of Nova to Global Lithium Resources is expected to complete in the December quarter.

In exploration, 29 reverse circulation holes totalling 5,216 metres were drilled at the Cosmos gold project, with assays for 28 holes being interpreted, and 14 holes were drilled at the Quickshears prospect in the Kimberley. About 8,000 metres of drilling is planned at the Forrestania lithium project in the March 2027 quarter, and bioheap sample testing is under way.

Guidance and risks

For FY27, IGO guided to 1,550kt to 1,750kt of spodumene concentrate at Greenbushes at a cash cost of A$380 to A$440 a tonne, and 9,000 to 11,000 tonnes of lithium hydroxide at Kwinana at a conversion cost of A$16,000 to A$18,000 a tonne. The exploration budget outside lithium is A$35m to A$40m.

Risks flagged include port constraints, dependence on water, tailings and port capacity at Greenbushes, lower lithium prices and the Kwinana inventory write-down, a higher group injury rate of 4.0 (from 3.7 in June) and completion of the Nova divestment. Key dates are the December 2026 quarter for the Nova sale and a decision on a TLEA distribution, and the next quarterly report on 28 January 2027, followed by half-year results on 24 February 2027.