• Continued focus on safety initiatives delivering lift in leading indicators
• Group EBITDA loss of $79.0M due to lower TLEA contribution, foreign exchange losses, and inventory adjustments
• Greenbushes delivered another strong quarter exceeding planned production

IGO Limited reported its December 2024 Quarterly Activities Report, highlighting a mixed performance across its operations. The company's focus on safety initiatives continued to deliver a lift in leading indicators, with the Total Recordable Injury Frequency Rate (TRIFR) at 11.3, a marginal reduction from the previous quarter. Group EBITDA loss of $79.0M (excluding the Kwinana impairment) was driven by a lower contribution from TLEA, foreign exchange losses on Windfield debt, and net realisable value adjustments of inventory at Kwinana. Greenbushes delivered another strong quarter, exceeding planned production, with sustained margins and cash flows. However, Nova's operating and financial performance was impacted by lower grades, while Forrestania completed its final sale of concentrate and transitioned into care and maintenance. Post-quarter end, IGO announced the cessation of all works on the Kwinana Lithium Hydroxide Plant 2 project, citing significant challenges to the project economics. The company expects to recognize a substantial impairment related to Kwinana in its 1H25 financial results.

FY25 guidance: Nova nickel production of 16,000 - 18,000t, copper production of 6,250 - 7,250t, and cobalt production of 550 - 650t. Greenbushes spodumene production of 1,350 - 1,550kt and cash costs of $320 - $380/t. Kwinana Train 1 sustaining and improvement capex of $80 - $100M. Group exploration budget (ex-Lithium Business) of $50 - $60M.