IGO (IGO) investor relations material

Executive summary

• Reported a net loss after tax of $955M, driven by significant impairments and portfolio rationalization.

• Achieved net zero Scope 1 and 2 emissions at Nova Operation through emission reduction and carbon credit cancellation.

• Major strategic and organizational changes were implemented, including leadership transitions, board renewal, and a refreshed strategy focused on cost discipline and portfolio optimization.

• Renewed ESG framework and implemented safety initiatives, improving safety culture and performance.

• Disciplined portfolio review led to a new growth strategy focused on upstream mining and value generation in clean energy minerals.

Financial highlights

• Revenue declined 37% year-over-year to $528M due to lower volumes and prices.

• Impairments totaled $720M, including full impairment of Kwinana ($605M) and $150M for exploration portfolio rationalization.

• Underlying EBITDA loss of $43M and underlying net loss after tax of $173M.

• Operating cash flow of $43M, down 95% year-over-year; cash balance of $280M at year-end.

• Total dividends paid of $197M during the year.

Outlook and guidance

• FY26 guidance: Nova nickel production 15,000–18,000t, Greenbushes spodumene 1,500–1,650kt, Kwinana lithium hydroxide 9,000–11,000t.

• Exploration expenditure for FY2026 guided between $35M and $40M, with lower corporate spend expected.

• Focus remains on optimizing Greenbushes, prudent management of Kwinana, and maximizing value from Nova as it approaches end of mine life in 2026.

• Capital demands expected to ramp down in FY2026, with potential for increased dividends as cash accumulates.

• Continued evaluation of growth opportunities and partnerships in clean energy minerals.