IGO Limited: Solid Cash Generation Anchored by Greenbushes and Nova
IGO Limited (ASX: IGO) delivered a mixed but resilient operational performance for the quarter ended December 2025, underpinned by strong contributions from its Nova nickel operation and the Greenbushes lithium asset. Nova continued to generate robust cash flows, supported by higher production, lower unit costs, and disciplined cost management, keeping the operation on track with its remaining life-of-mine plan. Greenbushes recorded improved spodumene production and a sharp rise in realised prices, lifting EBITDA margins to 64%, while the successful processing of first ore through the CGP3 plant marked a key operational milestone. In contrast, the Kwinana lithium hydroxide refinery faced headwinds from maintenance outages and elevated conversion costs, resulting in a quarterly EBITDA loss. At the group level, IGO reported positive free cash flow and maintained a strong balance sheet with net cash of AU$299 million. Overall, the quarter highlighted IGO’s exposure to high-quality, cash-generative assets, partially offset by challenges in downstream lithium processing.
Customer Notice:
Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com.au
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IGO Limited: Solid Cash Generation Anchored by Greenbushes and Nova
IGO Limited (ASX: IGO) delivered a mixed but resilient operational performance for the quarter ended December 2025, underpinned by strong contributions from its Nova nickel operation and the Greenbushes lithium asset. Nova continued to generate robust cash flows, supported by higher production, lower unit costs, and disciplined cost management, keeping the operation on track with its remaining life-of-mine plan. Greenbushes recorded improved spodumene production and a sharp rise in realised prices, lifting EBITDA margins to 64%, while the successful processing of first ore through the CGP3 plant marked a key operational milestone. In contrast, the Kwinana lithium hydroxide refinery faced headwinds from maintenance outages and elevated conversion costs, resulting in a quarterly EBITDA loss. At the group level, IGO reported positive free cash flow and maintained a strong balance sheet with net cash of AU$299 million. Overall, the quarter highlighted IGO’s exposure to high-quality, cash-generative assets, partially offset by challenges in downstream lithium processing.
Customer Notice:
Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com.au