• Nova operation continues to perform exceptionally well with 11% increase in nickel production
• Greenbushes production impacted by lower feed grade, recoveries and increased maintenance
• Kwinana lithium hydroxide production ramps up to 51% of nameplate capacity

IGO Limited has reported its March 2026 Quarterly Activities Report, highlighting strong operational performance at its Nova nickel operation and continued challenges at the Greenbushes lithium mine. The company's safety performance improved significantly during the quarter, with the Total Recordable Injury Frequency Rate (TRIFR) decreasing from 6.5 to 4.2. This was driven by disciplined execution of critical controls and a focus on frontline leadership. At the Nova operation, nickel production increased by 11% in the quarter, and the operation generated $52 million in free cash flow. The exceptional operational results at this stage of the mine life are a testament to the capability and discipline of the mining, processing and technical support teams. In contrast, the Greenbushes lithium mine faced operational challenges, with production remaining flat at 351kt. The results were impacted by lower feed grade, lower recoveries and increased downtime associated with maintenance outages. The ramp-up of the CGP3 expansion project is progressing broadly in line with plan following delays in January. Greenbushes generated a strong EBITDA margin of 75% during the quarter.The Kwinana lithium hydroxide refinery increased production to 3,047t, representing 51% of nameplate capacity. This reflects improved conversion costs due to the increased production volumes. The refinery will undergo a large shutdown in April/May, which will reduce production for the June quarter.IGO continues to focus on portfolio optimisation, with the completion of the sale of its Forrestania Nickel Operation assets to Medallion Metals. The company is also exploring options to rationalise the Cosmos site and infrastructure assets. On the growth front, IGO entered into an agreement to acquire the remaining 49% interest in the Copper Wolf project in Arizona, USA, and progressed exploration activities across its various domestic and international projects.

Greenbushes FY26 guidance: Spodumene production of 1,350-1,400kt, cash costs of A$420-A$440/t.