• Major shutdown at Kwinana Lithium Hydroxide Refinery completed
• Improved performance from Lithium Hydroxide Plant 1 expected by March 2025
• Build-up of lithium hydroxide inventory at Kwinana due to market conditions
• No dividend expected from TLEA during FY25

IGO Limited (ASX: IGO) has provided an update on the Kwinana Lithium Hydroxide Refinery, which is held via its 49% interest in Tianqi Lithium Energy Australia (TLEA). A major shutdown at Kwinana was performed during October 2024 to conduct scheduled maintenance and implement several key rectification and debottlenecking projects designed to deliver improvements to production performance from Lithium Hydroxide Plant 1 (LHP1). The works completed during the shutdown have resulted in improved performance from LHP1, however it is expected that full realisation of the improvements will be likely to occur in March 2025. IGO is continuing to work closely with TLEA and its partner, Tianqi Lithium Corporation, as this work is completed over the coming months and will update the market as required. Due to prevailing market conditions for lithium hydroxide chemical, TLEA has experienced a build-up of lithium hydroxide inventory at Kwinana over recent months, which is expected to continue in the short to medium term. TLEA continues to actively market this product to existing and prospective customers. On the basis of current market conditions, the continued ramp-up of LHP1, and lower product sales, IGO does not expect TLEA to be in a position to pay a dividend to shareholders during FY25. IGO cannot provide guidance on when dividends are expected to recommence, however, notes that Greenbushes continues to generate solid cash flows despite current market conditions.