IGO (IGO) H1 2026 earnings summary

Executive summary

• Revenue for the half was AUD 194.1 million, down from AUD 284 million year-over-year, mainly due to lower nickel and copper prices and volumes at Nova and no revenue from Forrestania, which is now in care and maintenance.

• Underlying EBITDA reached AUD 49 million, with Nova's EBITDA up 15% to AUD 67 million, and exploration spend halved to AUD 15 million.

• Statutory net loss after tax was AUD 34.1 million, a significant improvement from the prior period's AUD 782.1 million loss, which included major impairments.

• No dividend declared for the half, maintaining a prudent capital management approach.

• Strong safety performance and ongoing sustainability initiatives, including a new Reconciliation Action Plan and closure readiness at Nova.

Financial highlights

• Net cash flow from operating activities was AUD 28.5 million, up from a AUD 6.6 million outflow in the prior year.

• Underlying free cash flow reached AUD 29 million, supported by Nova, with ongoing care and maintenance spend at Forrestania and Cosmos.

• Cash balance at period end was AUD 298.9 million, with an undrawn debt facility of AUD 300 million.

• EBITDA from the Nickel Business was AUD 50.2 million, up from AUD 31.2 million in the prior period.

• Basic and diluted loss per share was (4.50) cents, compared to (103.28) cents in the prior period.

Outlook and guidance

• Greenbushes expected to run at the low end of production guidance for the year, with CGP3 ramp-up progressing but starting later than anticipated.

• Focus remains on cost discipline, safe production at Nova through mine closure, and targeted exploration, especially in lithium and copper.

• Ongoing discussions with JV partner regarding Kwinana Refinery's future and evaluation of future refinery options.