IGO Limited is entering a new chapter with the imminent closure of its Nova nickel operation in Western Australia, marking the end of nearly a decade of operations. The company expects mining and processing to conclude by end of October 2026, with the subsequent divestment to Global Lithium Resources completing during the December quarter. This represents a significant structural change for the business, moving IGO away from a diversified nickel and copper producer toward a more focused copper and lithium strategy.
Nova delivered exceptional results in its final full quarter of operations, with nickel production reaching 4.6 kilotonnes and copper production at 2.1 kilotonnes. The operation achieved unit cash costs of $2.00 per pound of nickel, down 55% from the prior quarter, and is tracking to exceed the upper end of life-of-mine nickel production guidance while delivering cash costs below the bottom end. The company notes that Nova has been a high-grade, low-cost producer that has made a significant contribution to its business over the past decade.
The Nova closure is offset by standout performance at Greenbushes, which delivered record quarterly spodumene concentrate production of 435 kilotonnes. Chemical Grade Plant 3 reached nameplate capacity in September, nine months after first ore commissioning, following a fire-related interruption to its ramp-up in June. Cash costs improved 7% to $418 per tonne, while EBITDA margins expanded to 83% from 80% in the prior quarter. Management notes that Greenbushes provides significant value opportunities across resource and reserve optimisation, mine design, mine scheduling and recovery improvements.
The company maintained a net cash position of $376.3 million as at 30 September 2026, with a fully undrawn $300 million revolving credit facility extending to July 2028. Group underlying EBITDA of $176.1 million reflects the strong contribution from Nova together with positive mark-to-market movements on listed investments of $31.9 million. The robust cash generation from Greenbushes supported a dividend of $680.1 million paid to Windfield shareholders during the quarter.
IGO’s strategy is to build a high-quality copper and lithium business through disciplined exploration, partnerships leveraging its proprietary BioHeap technology for copper assets, and selective acquisitions where strategic fit and capital discipline are clearly demonstrated. Investors should monitor completion of the Nova divestment during the December quarter, progression of the Strategic Options Review at Greenbushes with valuation workstreams expected to be finalised in coming months, and timing of long-term guidance updates reflecting SOR outcomes. The company has noted investor interest in a more detailed long-term plan once the SOR is finalised. 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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