IGO Limited delivered a March quarter results presentation on 24 April 2026 marked by a significant doubling of lithium prices, though operational performance remained mixed across its portfolio. The average realised spodumene price reached US$1,668 per tonne, nearly double the previous quarter, reflecting robust market demand for lithium as battery and energy storage markets continue their expansion. This price strength provided substantial tailwinds to the group’s financial performance despite underlying production and operational challenges.
The company’s Nova operation emerged as the standout performer, with nickel production rising 11% to 4,202 tonnes and underlying EBITDA climbing 43% quarter-on-quarter. Cash costs fell 24% to A$3.47 per pound despite higher fuel costs, demonstrating the site’s operational efficiency gains even as it manages the final years of its mine life. Nova generated A$52 million in free cash flow during the quarter, contributing meaningfully to the group’s expanded net cash position of A$327 million.
Greenbushes presented a more complex picture. The company’s flagship lithium operation maintained flat production at 351,000 tonnes but faced headwinds from lower feed grade, reduced plant recoveries, and increased maintenance downtime. However, the operation delivered a robust 75% EBITDA margin despite operating through an end-of-life ore body phase. The Cartier Growth Project (CGP3) ramp-up contributed approximately 33,000 tonnes in March quarter and is progressing broadly in line with guidance, positioning the operation for improved production metrics in future periods.
Safety performance requires close monitoring. The group achieved meaningful progress on its 12-month Total Recordable Injury Frequency Rate, which improved to 4.2 representing a 70% reduction from peak levels, with Nova recording zero reportable injuries in the quarter. However, Greenbushes deteriorated materially with a number of serious incidents recorded during the period, a concerning reversal given the operational focus placed on safety. Management flagged that the formula to reverse this trend is clear and underway, with reset safety stops already implemented.
The underlying financial picture remains solid. Group underlying EBITDA reached A$119 million with underlying free cash flow of A$36 million, benefiting from increased contributions from the Talison Lithium joint venture and Nova. The group’s balance sheet strengthened with net cash increasing to A$327 million, providing financial flexibility for capital allocation and operational investments.
Investors should watch closely for Greenbushes safety trend reversal in coming quarters alongside the pace of CGP3 ramp-up, which will be critical to sustaining production growth. The sustainability of lithium prices at current elevated levels will also prove pivotal to group earnings and cash flow generation. This announcement is price sensitive and has been flagged as material by the ASX.
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About IGO Limited (ASX: IGO)
IGO Limited is an Australian mining company focused on producing critical minerals and battery materials for the clean energy transition. The company operates the Nova nickel-copper-cobalt mine in Western Australia and holds a significant stake in the Greenbushes Lithium Mine, along with a lithium hydroxide processing facility at Kwinana. IGO supplies essential materials including nickel, copper, cobalt, and lithium to the global battery and renewable energy sectors.
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