• Continued focus on safety initiatives has delivered an improvement in leading indicators and a reduction in TRIFR
• Revenue for the half-year was $284M, reflecting lower output at Nova and the transition of Forrestania into care and maintenance
• Net loss after tax of $782M materially impacted by impairments at Kwinana and exploration

IGO Limited's financial results for the first half of 2025 reflect the continued challenging conditions in the nickel and lithium markets, with lower nickel sales volumes and lower realised prices at both its nickel and lithium operations. The reported net loss after tax of $782.1M includes the Group's share of net loss from TLEA of $602.2M for the period, which included IGO's share of impairment of $524.6M recorded against the Kwinana Lithium Refinery assets and derecognition of deferred tax balances of $58.0M. In addition, IGO recorded an impairment of $114.8M against the Group's exploration assets, reflecting the ongoing rationalisation and prioritisation of its exploration portfolio. Excluding these impairment charges, IGO's underlying net loss after tax was $84.7M. The Group's Nickel Business generated sales revenue of $274.9M and EBITDA of $31.2M, with the Nova Operation contributing revenue of $203.0M and a segment loss before tax of $29.1M. The Forrestania Operation contributed revenue of $64.0M and a segment operating loss before tax of $23.7M, as the Operation completed final production and transitioned to care and maintenance during the period. The Group finished the first half with strong cash and liquidity, with $247M cash and an undrawn $720M debt facility.