IGO (IGO) investor relations material

Executive summary

• Greenbushes delivered record production of 435kt, while CGP3 reached nameplate in September; underlying EBITDA was $176.1M and net cash was $376.3M.

• Nova delivered a strong final full quarter ahead of closure, with production and cash costs expected to beat the favourable ends of life-of-mine guidance.

• Strategic priorities include unlocking value from lithium assets, completing Nova’s divestment and advancing copper and lithium growth opportunities.

Financial highlights

• Sales revenue rose 12% QoQ to $157.9M, while underlying EBITDA increased 49% to $176.1M, including a $31.9M mark-to-market gain on listed investments.

• Underlying free cash flow fell 43% to $39.7M, mainly due to timing of debtor receipts; operating cash flow was $39.8M versus $69.2M in 4Q26.

• Net cash declined $10.2M QoQ to $376.3M after payment of a $37.9M FY26 final dividend; the $300M revolving credit facility remained undrawn.

• Share of TLEA net profit decreased 5% QoQ to $114.3M, reflecting lower Greenbushes sales volumes and realised prices.

Outlook and guidance

• FY27 Greenbushes guidance: spodumene production 1,550–1,750kt; production cash cost $380–440/t; development, sustaining, improvement and deferred waste capex $250–300M.

• FY27 Kwinana guidance remains 9,000–11,000t lithium hydroxide at $16,000–18,000/t conversion cost; an update is expected after ramp-up.

• Nova life-of-mine guidance through closure was 19,000–20,000t nickel, 8,500–9,500t copper and 650–750t cobalt, at $4.25–5.00/lb nickel cash cost.

• Greenbushes Strategic Options Review valuations are expected in the coming months and will inform Talison’s CY27 budget and future plans.

• Growth plans include copper and lithium exploration, advancing BioHeap toward a trial heap and disciplined consideration of selective M&A; FY27 exploration budget excluding the lithium business is $35–40M.