IGO (IGO) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of challenges in FY2025, including a net loss of AUD 955 million due to subdued nickel and lithium markets and strategic resets.

• Quorum confirmed, meeting live webcasted, and shareholders welcomed both in-person and online.

Financial performance review

• Net loss of AUD 955 million reported, driven by impairments at Kwinana Refinery and exploration assets.

• Greenbushes lithium operation maintained a 66% EBITDA margin and generated AUD 1.5 billion in operating cash flow.

• Nova mine delivered value despite nearing end-of-life, with positive cash flow of AUD 49 million in a weak nickel market.

• Major impairments and restructuring impacted headline results, but core assets continued to generate cash.

Board and executive committee updates

• Board renewal process initiated, reducing board size and recruiting new independent non-executive directors.

• Three directors retired; Dr. Vanessa Guthrie appointed Chair-elect, effective January 2026.

• CEO Ivan Vella completed first full year, strengthened leadership team, and led strategic changes.

• CFO Kathleen Bozanic to depart in early 2026; recruitment for successor underway.