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IGO (IGO) investor relations material
IGO Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary29 Jan, 2026
Executive summary
Strong operational performance at Nova, with higher production, lower costs, and $44M cash flow generated in the quarter as the mine approaches closure in 2027.
Greenbushes achieved improved production and sales, processed first ore at CGP3, and maintained a focus on productivity and operational discipline.
Safety performance improved, with TRIFR down to 5.8 and a mature safety culture emphasized across operations.
Positive underlying free cash flow of $13.4M and net cash position increased to $299M.
Kwinana's performance was steady but impacted by a maintenance shutdown, resulting in higher costs and lower production.
Financial highlights
Group underlying EBITDA rose 55% quarter-over-quarter to $29.9M, with Nova's EBITDA up 70% to $42.4M, aided by nickel price increases and inventory adjustments.
Sales revenue fell 22% quarter-over-quarter to $82.4M, mainly due to lower Nova shipments.
Greenbushes achieved a 64% EBITDA margin, with average realised spodumene price up 16% to US$850/t.
Free cash flow was positive at $13.4M; net cash position at $299M as of 31 December 2025.
Lithium downstream segment reported an EBITDA loss of $51.3M, impacted by higher conversion costs and maintenance outage.
Outlook and guidance
CGP3 ramp-up at Greenbushes is expected to reach nameplate capacity in about five months, with production and margin improvements anticipated as market prices remain strong.
Greenbushes FY26 spodumene production is trending marginally below guidance, while cash costs are slightly above guidance.
Kwinana production and costs are tracking within guidance; capex expected at the lower end of the range.
Life of mine optimization and productivity initiatives are underway at Greenbushes, with updates expected in upcoming reserve/resource statements.
Guidance for 2026 budgets at Talison is being finalized, with 2027 guidance to follow.
Kwinana: What strategic options are being evaluated?
CGP3 ramp-up: How will it impact FY26 guidance?
Nova: How is value being maximized near LOM?
Detail Greenbushes life-of-mine optimization progress
Kwinana conversion costs: utilization vs embedded?
Windfield capital allocation: de-gearing vs distribution?
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IGO Limited is an Australian mining and exploration company engaged in the production of base and precious metals. The company’s operations focus on the exploration, extraction, and processing of nickel, copper, cobalt, and lithium, which are critical for energy storage and renewable energy technologies. IGO Limited serves industries involved in electric vehicles, energy storage, and sustainable infrastructure development. The company is headquartered in Perth, Australia, and its shares are listed on the ASX.
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