Company Reports

IGO's fiscal 2026 underlying net profit after tax of AUD 109 million was back in the black, following an AUD 173 million loss last year. The result was supported by higher spodumene prices at Greenbushes, with an average realized price of USD 1,400 per metric ton, from USD 780 in fiscal 2025.

IGO’s primary asset is a noncontrolling 25% stake in the Greenbushes mine, the world’s largest and lowest-cost hard rock lithium operation. The mine is operated by Talison Lithium, a joint venture between IGO, Albemarle, and effective controller Tianqi Lithium. IGO is entitled to a dividend from Talison, paid out of free cash flow.

IGO’s primary asset is a noncontrolling 25% stake in the Greenbushes mine, the world’s largest and lowest-cost hard rock lithium operation. The mine is operated by Talison Lithium, a joint venture between IGO, Albemarle, and effective controller Tianqi Lithium. IGO is entitled to a dividend from Talison, paid out of free cash flow.

Fiscal 2026 spodumene production of 1.4 million metric tons at Greenbushes was toward the top end of the guided range, which was downgraded materially in March. Guidance sees production lifting to 1.6 million-1.8 million metric tons of spodumene in fiscal 2027.

IGO cut fiscal 2026 Greenbushes spodumene production guidance by 11% at the midpoint to 1,375-1,425 thousand metric tons and increased unit cost guidance by 20% at the midpoint to AUD 380-AUD 420 per metric ton. Shares subsequently fell 18%.

IGO’s primary asset is a noncontrolling 25% stake in the Greenbushes mine, the world’s largest and lowest-cost hard rock lithium operation. The mine is operated by Talison Lithium, a joint venture between IGO, Albemarle, and effective controller Tianqi Lithium. IGO is entitled to a dividend from Talison, paid out of free cash flow.

IGO posted an underlying net loss after tax of AUD 39 million in the first half of fiscal 2026, an improvement on the AUD 85 million loss last year. The board did not declare an interim dividend.

Second-quarter fiscal 2026 spodumene (lithium ore) production at the Greenbushes mine lifted 10% on the prior quarter as weather disruptions abated and grades improved. Realized spodumene prices surged 16% to USD 850 per ton.

IGO’s primary asset is a noncontrolling 25% stake in the Greenbushes mine, the world’s largest and lowest-cost hard rock lithium operation. The mine is operated by Talison Lithium, a joint venture between IGO, Albemarle, and effective-controller Tianqi Lithium. IGO is entitled to a dividend from Talison, paid out of free cash flow.

Lower grades and weather disruptions saw first-quarter fiscal 2026 spodumene (lithium ore) production at the Greenbushes mine fall 6% on last year, to 320 thousand metric tons. Lower throughput lifted unit cash costs 6% to AUD 388 per metric ton.

IGO's fiscal 2025 underlying net profit after tax swung to a AUD 173 million loss, from a AUD 319 million profit last year. Statutory NPAT fell to a loss of AUD 955 million from a AUD 3 million profit, mostly due to impairments of the Kwinana hydroxide refinery.

IGO’s primary asset is a noncontrolling 25% stake in the Greenbushes mine, the world’s largest and lowest-cost hard rock lithium operation. The mine is operated by Talison Lithium, a joint venture between IGO, Albemarle, and effective-controller Tianqi Lithium. IGO is entitled to a dividend from Talison, paid out of free cash flow.

The Greenbushes spodumene mine met fiscal 2025 production guidance of 1.48 million metric tons. Guidance sees production lifting to 1.50 to 1.65 million metric tons of spodumene in fiscal 2026. The embattled Kwinana lithium hydroxide refinery missed guidance and is likely to be fully impaired.

Demand from China has been the main driver of rising commodity prices in the past two decades. More recently, gold is close to historical highs on safe-haven demand. However, driven by weak China steel end-user demand and slower global growth, most other commodity prices have fallen.

IGO's March-quarter fiscal 2025 sales revenue fell 16% quarter on quarter, reflecting the Forrestania nickel mine entering care and maintenance. Greenbushes realized a 7% increase in lithium prices from the December quarter, with full-year production and cost guidance maintained.

IGO’s primary asset is a noncontrolling 25% stake in the Greenbushes mine, the world’s largest and lowest-cost hard rock lithium operation. The mine is operated by Talison Lithium, a joint venture between IGO, Albemarle, and effective-controller Tianqi Lithium. IGO is entitled to a dividend from Talison, paid out of free cash flow.

Gold is higher in the March quarter as worries over tariffs affecting economic growth see a flight to safety. Despite likely slower global growth, copper is up as investors try to get ahead of potential tariffs on US copper imports. Iron ore is flat, while metallurgical and thermal coal are down.

IGO’s primary asset is a noncontrolling 25% stake in the Greenbushes mine, the world’s largest and lowest-cost hard rock lithium operation. The mine is operated by Talison Lithium, a joint venture between IGO, Albemarle, and effective-controller Tianqi Lithium. IGO is entitled to a dividend from Talison, paid out of free cash flow.

Impairments hammered narrow-moat IGO’s first-half fiscal 2025 statutory NPAT, which swung to a loss of AUD 782 million from an AUD 288 million profit last year. Most of this was an AUD 525 million write-down of its share in the embattled Kwinana lithium hydroxide refinery. Stripping this out, IGO posted an underlying loss of AUD 85 million compared with an AUD 454 million profit last year. This was due to lower lithium earnings and cost slippage at the Nova nickel mine.

IGO’s primary asset is a noncontrolling 25% stake in the Greenbushes mine, the world’s largest and lowest-cost hard rock lithium operation. The mine is operated by Talison Lithium, a joint venture between IGO, Albemarle, and effective-controller Tianqi Lithium. IGO is entitled to a dividend from Talison, paid out of free cash flow.