• Further improvement in TRIFR, down to 5.8 with continuing progress in reducing injuries and improving safety culture
• Greenbushes spodumene production up 10% and realised price up 16% to US$850/t
• CGP3 first ore processed on 18 December, focus on commissioning and ramp up

IGO Limited reported a strong operational result for the quarter ended 31 December 2025. The company's total recordable injury frequency rate (TRIFR) improved to 5.8, down from 8.0 at the end of September 2025, reflecting sustained progress in reducing injuries and strengthening the safety culture. Significantly, IGO recorded zero serious potential incidents (SPIs) for the quarter, an encouraging sign that the company's risk controls are working effectively. Greenbushes spodumene production was up 10% in the quarter, reflecting increased ore mined and an improvement in grade. Spodumene sales were higher than the previous quarter but remain below production, with one shipment delayed to January 2026. The average realised spodumene price increased 16% to US$850/t, reflecting the rising market in late 2025. The Greenbushes operation continued to deliver strong EBITDA margins of 64%.The construction of the Greenbushes CGP3 plant was completed, and first ore was processed on 18 December 2025, in line with the commissioning plan. The focus is now on the ramp-up of the new plant.The Nova operation performed well in the quarter, delivering 3.8kt of nickel and 1.8kt of copper. Measures to manage grade variability as the operation approaches the end of mine life are achieving results and smoothing production. Nova's underlying EBITDA was up 70%, including the impact of an inventory adjustment in December.Kwinana lithium hydroxide production declined to 35% of nameplate capacity in the December quarter due to a plant maintenance shutdown. The refinery demonstrated 50% utilization during the month of December. Higher conversion costs during the quarter were primarily due to the lower production volumes.IGO's group underlying EBITDA improved to $29.9 million, and the company generated positive cash flow from operating activities of $13 million. The balance sheet remains strong, with $299 million in net cash as of 31 December 2025.

Greenbushes FY26 spodumene production is trending marginally below the bottom end of guidance, while cash cost is trending marginally above the top end of guidance. Greenbushes capex is trending to be below guidance. Kwinana FY26 production and cash cost guidance is tracking within guidance, whilst capex is expected to be at the lower end of the guided range. Nova is tracking well to life of mine guidance, particularly nickel production and cash costs.