IGO Limited delivered a strong finish to FY26 with both its Nova nickel operation and Greenbushes lithium asset performing ahead of guidance while maintaining an exemplary safety record. Nova produced 15,304 tonnes of nickel with cash costs of A$4.74 per pound, exceeding life-of-mine guidance and coming in below cost targets. Greenbushes achieved 1,410 tonnes of spodumene production in the quarter, up 10 percent sequentially with an 80 percent EBITDA margin, underpinned by a US$2,286 per tonne realised price.
Beyond operational metrics, the safety transformation at IGO deserves emphasis. The company’s total recordable injury frequency rate fell 63 percent over the year to 3.7, down from 10.2 in June 2025. This represents genuine progress on a metric that matters to investors, employees, and regulators alike. Nova recorded 200 days without a recordable injury and nearly 11 months without a significant plant incident, signalling that the ramp and stability of the operation is delivering safer outcomes.
The financial position underscores the strength of the underlying businesses. Group underlying EBITDA reached A$118 million in the fourth quarter, while IGO’s share of TLEA net profit climbed 38 percent to A$121 million. Net cash on the balance sheet increased 18 percent to A$387 million during the quarter, with a significant contribution from Windfield, which paid a A$390 million dividend during the period. This cash generation provides IGO with flexibility for growth investment, shareholder returns, or further balance sheet strengthening.
A notable development announced post-quarter end was IGO’s intention to divest Nova to Global Lithium, effective after mining concludes in the December quarter of 2026. This marks a strategic shift as the company exits nickel production at Nova to focus on its lithium operations. Meanwhile, the Kwinana conversion plant is navigating planned shutdowns to commission new equipment and manage constrained nameplate capacity. Production of lithium hydroxide reached only 897 tonnes in the quarter due to major maintenance, and further shutdowns are scheduled for July and August to install off-gas treatment systems.
For investors, the key message is that IGO’s core operations are performing well with improving safety and strong cash generation. The divestment of Nova simplifies the portfolio and marks a transition toward pure-play lithium exposure. Over the coming quarters, focus should turn to Kwinana’s capacity ramp, Greenbushes’ guidance execution for FY27, and how the cash pile is deployed. This announcement is price sensitive and has been flagged as material by the ASX.
View the full ASX announcement (PDF)
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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