• TRIFR at 10.6, with ongoing focus on embedding safety programs
• Group underlying EBITDA of $34M and underlying free cash flow of $49M
• Greenbushes continues to deliver strong margins and cash flows

IGO Limited reported a solid operating quarter, with strong performance at the Greenbushes lithium mine and the Nova nickel operation. The company's total recordable injury frequency rate (TRIFR) was 10.6, with a continued focus on embedding safety programs to deliver sustained improvements. Group underlying EBITDA was $34M and underlying free cash flow was $49M. The Greenbushes lithium mine continued to demonstrate its status as a world-class asset, delivering an EBITDA margin of 68% in FY25 year-to-date. A US$110M dividend was paid to the Greenbushes joint venture partners during the quarter. The Chemical Grade Plant 3 (CGP3) expansion at Greenbushes remains on track, with first concentrate expected in the December quarter of 2025. Nova also recorded a significantly improved production performance, and IGO is now able to provide greater clarity on the remaining life of this asset, with production expected to cease at the end of 2026. The company has implemented a new exploration business model, resulting in a rationalisation of its tenement portfolio and a reduction in the exploration team. IGO maintains a strong conviction and commitment to growth via exploration and retains highly prospective tenement holdings.

Greenbushes full year production guidance of 1.35-1.55Mt is maintained. Nova is expected to produce between 15,000 and 18,000 tonnes of contained nickel over its remaining life of mine beyond FY25.

IGO's new exploration business model has resulted in a reduction in total exploration expenditure, which is expected to be $35M - $40M in FY26.