Key Highlights

  • IGO shares traded at $5.16, up 4.03%, during the 9 November 2026 trading session.
  • Greenbushes produced a record 435kt of spodumene concentrate in the September 2026 quarter, with cash costs down 7% to $418 per tonne.
  • The realised spodumene price fell 7% to US$2,130 per tonne from US$2,286 in the prior quarter.

IGO Limited (ASX:IGO) shares were trading at $5.16 during the Trading session on 9 November 2026, up 4.03%. Over the same session the S&P/ASX 200 index was up 0.10% at 9,029.70, and the S&P/ASX 200 Materials index was up 2.88% at 23,254.80. IGO holds a 49% interest in the Greenbushes lithium mine in Western Australia, which is operated by Talison Lithium, and it is winding down its Nova nickel-copper operation.

Latest Development: Quarterly Report on 29 October 2026

IGO's quarterly report for the period ended 30 September 2026, released on 29 October 2026, reported a record quarterly production of 435kt of spodumene concentrate at Greenbushes.

Cash costs improved 7% to $418 per tonne from $448 per tonne in the June quarter. The Greenbushes EBITDA Margin was 83%, compared with 80% in the prior quarter.

The realised spodumene price fell 7% to US$2,130 per tonne. The company said CGP3 performance recovered and reached nameplate capacity during September.

Nova Wind-Down and Strategic Options Review

The company said Nova delivered production and cost performance in its final full quarter, and Mining and processing operations are due to conclude by the end of October 2026.

The divestment to Global Lithium Resources is expected to complete in the December quarter. The technical elements of the Strategic Options Review are substantially complete, according to the release.

About the Company and Business Overview

IGO is an Australian mining company. Its main asset is its interest in the Greenbushes lithium operation, and its Revenue depends largely on spodumene prices and sales volumes.

The company reports safety, production, cost and Cash Flow measures each quarter.

Sector Context

Lithium prices have moved significantly over recent periods, and producers' realised prices can lag benchmark moves. Demand is linked to battery and electric vehicle production.

Gold, silver and copper moved higher on 9 November 2026 according to market data, while lithium prices follow separate Supply and demand drivers.

Risks and What to Watch Ahead

Lower realised prices reduce revenue even as costs improve. The company's 12-month total recordable injury frequency increased to 4.0 from 3.7 at June 2026.

Watch items include the completion of the Nova divestment, the outcome of the Strategic Options Review and the December quarter report.

Final Word

IGO's September quarter report shows record Greenbushes output, lower cash costs and a higher EBITDA margin, offset by a lower realised price and a higher injury frequency measure. The report covers the quarter ended 30 September 2026.