• Safety performance continues to improve, with TRIFR down to 8.0 and over 90 days injury free
• Greenbushes production impacted by short-term lower grade and heavy rain, but strong EBITDA margin of 57%
• Kwinana refinery production increased to 46% of nameplate capacity

IGO's Q1 FY26 results demonstrate a continued focus on safety, with the company's total recordable injury frequency rate (TRIFR) improving to 8.0 and over 90 days injury free. Production at the Greenbushes lithium mine was in line with plan, though impacted by short-term lower ore grades and heavy rain. The operation maintained a strong EBITDA margin of 57%. At the Kwinana lithium hydroxide refinery, production increased to 46% of nameplate capacity, with ongoing work to deliver further improvements. Nova's metal production was in line with the life of mine plan, though the operation is managing challenging end-of-life conditions. Underlying EBITDA for the group was $19M, with positive free cash flow of $15M. IGO's balance sheet remains strong, with $287M in net cash as at 30 September 2025. The company continues to progress its exploration and growth pipeline, with activities across its Cosmos, Forrestania, South-West Terrane, Copper Wolf, Kimberley, and Raptor projects.

FY26 guidance: Nickel production of 15,000-18,000t, copper production of 8,250-9,250t, and cobalt production of 600-700t at Nova. Greenbushes spodumene production of 1,500-1,650kt, with cash costs of A$310-360/t. Kwinana lithium hydroxide production of 9,000-11,000t, with conversion costs of A$16,000-20,000/t. Group exploration budget (ex-lithium business) of A$35-40M.