Earnings release
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IGO Limited Level 5, 85 South Perth Esplanade South Perth WA 6151 PO Box 496 South Perth WA 6951 Western Australia T. +61 8 9238 8300 F. +61 8 9238 8399 E. contact@igo.com.au ASX: IGO ABN 46 092 786 304 igo.com.au Quarterly Report Period ended 30 September 2025 PUBLICATION DATE 30/10/2025 Production in line with expectations, strong balance sheet maintained Quarter summary Focus on safety basics and other initiatives delivering continued improvements in safety performance, including TRIFR down to 8.0 and over 90 days injury free Realised spodumene price broadly steady at US$730/t despite lithium market volatility Greenbushes EBITDA margin 57% (4Q25: 60%) Lower mined ore grade, compounded by heavy rain, at Greenbushes impacted spodumene production (1Q26: 320kt, 4Q25: 340kt); spodumene sales volumes (1Q26: 301kt, 4Q25: 412kt) reflect lower production Kwinana production increased to 2,775t (4Q25: 2,126t), 46% of nameplate capacity. Discussions ongoing with JV partner to determine optimum pathway for the refinery Nova production and costs tracking to life of mine plan Group underlying EBITDA of $19M (4Q25: $5M) Positive cash flow from operating activities of $16M (4Q25: $4M), free cash flow $15M (4Q25: $2M) Strong balance sheet retained ($287M net cash as at 30 September 2025) Investor Webcast An investor webcast has been scheduled for: 10.00am AEDT (7.00am AWST) on Thursday, 30 October 2025. Please use the following link: 1Q26 results webcast Management commentary “I am pleased that our sustained focus on safety basics is delivering an improved safety record, including lower injury rates and achieving over 90 days injury free. The safety of our people remains a core focus and one we will look to continue to improve our record in this area through strong leadership and safety initiatives. In line with expectations, Greenbushes production was lower on the back of a short-term decline in ore grade. More sophisticated mine planning as part of the optimisation program will look to reduce this variation, as well as achieving improved cost discipline. CGP3 remains on track for commissioning at the end of 2025. Nova production and costs were in line with life of mine plan and the operational team is working well to address ongoing challenges with the remaining ore body. Production at the Kwinana refinery was higher in the quarter, at 46% of capacity , with improvement works ongoing. We are continuing discussions with our JV partner on the optimum way forward for the asset. Free c ash flow was positive at $1 5M and net cash improved to $287M. Finally, to reaffirm, IGO remains committed to our growth pathway, including through exploration and partnerships where we bring technical and operational expertise. We have a number of targets and opportunities we are progressing to deliver future value.” Ivan Vella Managing Director and Chief Executive Officer
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Quarterly Report – Period ended 30 September 2025 Page 2 Group safety performance IGO’s focus on safety basics is delivering tangible results. The Company’s total recordable injury frequency rate (TRIFR) for the 12 months to 30 September 2025 has improved to 8.0 (from 10.2 to 30 June 2025) and we have achieved over 90 days injury free. This progress is encouraging but more work remains to reach industry-leading performance levels. During the quarter, there was a small increase in Serious Potential Incidents (SPIs), with four recorded events. Our renewed critical risk framework is being implemented across the business, concentrating efforts on the controls that prevent severe injuries and fatalities. Leadership capability also continues to strengthen, with 80% of our supervisors now completing the new Visible Safety Leadership Interaction (VSLI) training. Building on the success of our "Taking Control of My Safety" program, which has been well received and is positively influencing safety culture at our operations, we are currently developing a program to sustain and amplify these cultural gains across the business. Group financials summary1 • Group sales revenue decreased 17% during the quarter, driven by one less copper shipment and lower realised nickel prices. • Underlying EBITDA was impacted by lower underlying share of net profit from TLEA and lower EBITDA contribution from Nova, offset by positive mark-to-market listed investment movement . The prior quarter also included the impact of adjustment to rehabilitation provisions ($58M). • The TLEA result reflects lower sales volumes at Greenbushes, together with higher costs of production . Share of net profit from TLEA includes Kwinana capital expenditure of $ 4.1M (IGO ’s 49% share) in line with accounting standards following the full impairment of Kwinana at 30 June 2025 ($80.5M in 4Q25). • Cash flow from operating activities was higher (1Q26: $15.7M, 4Q25: $4.0M), reflective of copper sales receipts timing. A$M 1Q26 4Q25 QoQΔ Sales revenue 105.3 126.9 (17%) Nova EBITDA 24.9 49.8 (50%) Underlying share of net profit/(loss) of TLEA2 0.2 22.3 n/a Underlying EBITDA3 19.3 4.9 293% Underlying free cash flow4 15.3 2.4 546% Cash / net cash 286.5 279.7 2% 1 Underlying measures of EBITDA (earnings before interest, tax, depreciation, amortisation & impairment) and free cash flow are non-IFRS financial measures. They should not be considered as alternatives to an IFRS measure of profitability, financial performance, or liquidity. All references to financial measures and outcomes in this Quarterly Report are to un audited results. Underlying EBITDA for 4Q25 has been revised to $4.9M from $62.3M reported in the 30 June 2025 Quarterly Report to include year-end accounting adjustments relating to rehabilitation provisions. 2 Tianqi Lithium Energy Australia (TLEA) is the joint venture between IGO (49%) and Tianqi Lithium Corporation (51%). 4Q25 reported share of net loss from TLEA was revised to $58.2M from share of profit of $22.3M reported in the 30 June 2025 Quarterly Report to include year-end accounting adjustments relating to impairment of the Kwinana Refinery assets of $80.5M. 3 EBITDA is a non-IFRS measure. Underlying EBITDA for 1Q26 of $19.3M and 4Q25 of $4. 9M included the following underlying adjustments: 1) IGO share of profit/(loss) of TLEA of $nil (4Q25: $80.5M, comprising impairment of Kwinana refinery assets). EBITDA, prior to these exclusions for 1Q26 and 4Q25, was $19.3M and a loss of $75.6M, respectively. Underlying EBITDA includes mark-to-market listed investment movement of $25.7M in 1Q26 (4Q25: $16.5M) . 4 Free cash flow comprises net cash flow from operating activities and net cash flow from investing activities. Underlying adjustments exclude: 1) restructure and redundancy costs of $nil (4Q25: $0.8M). Free cash flow, prior to these exclusions for 1Q26 and 4Q25, is a net inflow of $15.3M and $1.6M, respectively.
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Quarterly Report – Period ended 30 September 2025 Page 3 Greenbushes lithium mine (100% basis) • Greenbushes production was in line with plan and reflects short-term lower grade and ore mined . These impacts were compounded by heavy rain in the quarter . Work continues to improve mine planning to reduce production variation. • Higher cash costs reflect lower feed grades and recoveries. Cost discipline is an ongoing focus. • Lower s podumene sales were due to lower production , 4Q25 also included sales from inventory draw down. • Continue to deliver quality product and achieve realised price in line with industry over long term, average realised spodumene price broadly steady at US$730/t. • Strong EBITDA margin generation in the quarter (57%). • Sustaining, growth and capitalised stripping expenditure was $ 121M and included works on CGP3 and tailings storage facilities. • As previously disclosed, CGP3 is on track for first ore around the end of calendar year 2025. • Windfield paid a dividend to JV partners of A$50 M in September (100% basis). • As at 30 September 2025, Windfield held cash balances of US$398.9M (A$604.2M) and has drawn debt of US$1,350.0M (A$2,044.8M). Units 1Q26 4Q25 QoQΔ Spodumene Production kt 320 340 (6%) Sales kt 301 412 (27%) Cash cost (production) A$/t 388 366 6% Average realised price US$/t 730 725 1% EBITDA margin % 57 60 n/a Sustaining, growth and capitalised stripping A$M 121.1 163.6 (26%) Kwinana lithium hydroxide refinery (100% basis) • Lithium hydroxide production reached 46% of nameplate capacity in the September quarter (4Q25: 35%). Work continues to deliver further improvement. • Lower conversion costs were due to higher production volumes. • Sales volumes and revenue were higher in the quarter up 68% and 54% respectively. • Sustaining and improvement capex of $8.3 million , with spending predominantly on improvement projects. Given the full impairment of the Kwinana refinery by IGO in June 2025, this amount is expensed and reflected in Kwinana’s EBITDA and IGO’s share of net profit. • Kwinana delivered an EBITDA loss for the quarter of $19.6M ( 4Q25: $28.7M loss) , including capital expenditure of $8.3M (on 100% basis), and continued to receive the Lithium Industry Suppo rt Program (LISP) rebate during the quarter. Units 1Q26 4Q25 QoQΔ Lithium hydroxide Production t 2,775 2,126 31% Sales t 2,921 1,739 68% Conversion cost A$/t 14,177 17,215 (18%) Sales revenue A$M 33.4 21.7 54% Sustaining and improvement capex A$M 8.3 4.5 84%
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Quarterly Report – Period ended 30 September 2025 Page 4 Nova operation • Nova metal production was in line with the life of mine plan. T he operation is managing the challenging conditions associated with an end of life ore body. • A stope misfire occurred in mid -September. R isk assessment work is underway with ore being rescheduled and reprioritised with a short-term impact to production expected. Life of mine guidance is unchanged. • Unit c ash costs were in line with guidance , trending higher as production declines. • Sales revenue was lower QoQ reflecting one copper shipment in the quarter compared with two in the prior quarter. • Lower underlying EBITDA reflects the lower sales revenue during the quarter , along with the increase in unit cash costs. • Nova incurred minimal sustaining capital expenditure of $0.2M during the quarter , consistent with an operation approaching end of mine life. Units 1Q26 4Q25 QoQΔ Nickel production t 3,429 5,107 (33%) Nickel sales (payable) t 3,320 3,482 (5%) Copper production t 1,377 2,318 (41%) Copper sales (payable) t 1,455 2,883 (50%) Sales revenue A$M 105.3 126.3 (17%) Cash cost (payable) A$/lb Ni 6.84 3.97 72% Underlying EBITDA A$M 24.9 49.8 (50%) Average realised price Nickel A$/t 22,830 23,261 (2%) Copper A$/t 14,717 14,586 1% Cobalt A$/t 50,656 49,925 (1%) Exploration Project activities • Cosmos Project: A surface lithium drilling program was completed during the quarter, with 10 holes completed for approximately 2,000m. The results will inform future exploration strategies. Work is also being undertaken to identify and evaluate the next phase targets across the broader lease, alongside a review of gold opportunities. • Forrestania Project: Geological mapping and historical data reviews were undertaken to better define lithium targets for drill testing and a reverse circulation drill program commenced in late September. • South-West Terrane Project : Discussions were held with Venus Metals during the quarter to discuss future activities in the area. There was positive collaboration with regional stakeholders and regulatory approvals were progressed for key tenements. Subsequent to the quarter, it was announced an unincorporated joint venture has formed between a subsidiary of Venus Metals Corporation and a subsidiary of IGO following IGO meeting earn - in requirements to acquire 51% in relation to the Bridgetown Project and South West Terrane Projects.5 • Copper Wolf Project: A t echnical review supported a proposed copper drilling program to test mineralised targets. Discussions are underway with the joint venture partner to determine the best technical and commercial pathway forward. • Kimberley Project: Field work as part of lithium target definition work was undertaken during the quarter across the southern East Kimberley tenement package and lithium targets identified are being reviewed. Third party reviews of gold and base metal potential targets are underway. • Raptor Project: Initial surface sampling of outcropping pegmatites has informed a targe ted drill program commencing in late September. Drilling to date has not delineated adequate scale for a potentially economic orebody. An expanded soil sampling program is underway targeting additional mineralisation under shallow cover. Regional reconnaissance is continuing across prospective surrounding tenure. • Other opportunities: International projects were assessed during the quarter with site visits completed targeting copper opportunities at varying stages of maturity. Target assessments and identification also continued. 5 Refer ASX announcement, Joint Venture formed between Venus and IGO Bridgetown Greenbushes Exploration Project , 27 October 2025
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Quarterly Report – Period ended 30 September 2025 Page 5 Portfolio optimisation Portfolio rationalisation activities progressed during the quarter, with strategic exits from non-core positions in the Paterson, Fraser Range and South Australia. Corporate Forrestania and Cosmos update Dewatering of the underground Odysseus mine at Cosmos has ceased f ollowing extensive technical and economic assessments. This decision will reduce ongoing maintenance costs at the site and facilitate the next stage of care and maintenance works. Cash outflows from Forrestania and Cosmos were $7M and $5M respectively in 1Q26 . This expenditure is expected to reduce in future periods, subject to finalisation of the Medallion Metals transaction for Forrestania and given the Cosmos dewatering change noted above. Board renewal and succession update Subsequent to the quarter end, it was announced that Keith Spence and Dr Xiaoping Yang resigned as Directors.6 These planned changes form part of the Board renewal and succession process announced on 27 June 2025.7 Dr Yang ‘s retirement is effective from 14 November 2025 and Mr Spence’s from 18 November 2025. 2025 Annual General Meeting The Company will be holding its Annual General Meeting at 9.30am WST on Wednesday, 19 November 2025. The meeting will be held at Meeting Room 8, Perth Convention and Exhibition Centre, Mounts Bay Road, Pe rth, Western Australia . Shareholders can also access the meeting online via the Computershare Meeting Solution platform. For further information, please refer to the ASX release dated 17 October 2025, Notice of Annual General Meeting. Reporting calendar KEY DATES EVENT 19 November 2025 Annual General Meeting 29 January 2026 December 2025 Quarterly Activities Report 19 February 2026 First Half FY26 Financial Report 29 April 2026 March 2026 Quarterly Activities Report These dates are indicative only and are subject to change. 6 Refer ASX announcement Resignation of Directors, 14 October 2025 7 Refer ASX announcement, Board Renewal and Succession, 27 June 2025
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Quarterly Report – Period ended 30 September 2025 Page 6 Investor and media enquiries Philippa Browning Senior Advisor External Affairs and Investor Relations T. +61 8 9238 8300 E. investor.relations@igo.com.au This announcement is authorised for release to the ASX by Ivan Vella, Managing Director and Chief Executive Officer. Forward-Looking Statements This document includes forward-looking statements including, but not limited to, statements of current intention, statements of opinion and expectations regarding IGO’s present and future operations, and statements relating to possible future events and future financial prospects, including assumptions made for future commodity prices, foreign exchange rates, costs, and mine scheduling. When used in this document, the words such as “could”, “plan”, “estimate”, “expect”, “intend”, “may”, “potential”, “should” and similar expressions are forward-looking statements. Such statements are not statements of fact and may be affected by a variety of risks, variables and changes in underlying assumptions or strategy which could cause IGO’s actual results or performance to materially differ from the results or performance expressed or implied by such statements. There can be no certainty of outcome in relation to the matters to which the statements relate, and the outcomes are not all within the control of IGO. IGO makes no representation, assurance or guarantee as to the accuracy or likelihood of fulfilment of any forward-looking statement or any outcomes expressed or implied in any forward-looking statement. The forward-looking statements in this document reflect IGO’s expectations held at the date of this document. Except as required by applicable law or the ASX Listing Rules, IGO disclaims any obligation or undertaking to publicly update any forward-looking statements or discussions of future financial prospects, whether as a result of new information or of future events.
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Quarterly Report – Period ended 30 September 2025 Page 7 Appendix 1 FY26 Guidance Unit LOM Guidance Nova Nickel production t 15,000 – 18,000 Copper production t 8,250 – 9,250 Cobalt production t 600 – 700 Cash cost (payable) A$/Ib Ni 5.90 – 6.90 Development, sustaining & improvement capex A$M Not provided FY26 Unit Guidance Greenbushes Spodumene production kt 1,500 – 1,650 Cash cost (production) A$/t 310 – 360 Development, sustaining, improvement & deferred waste capex A$M 575 – 675 Kwinana refinery Lithium hydroxide production t 9,000 – 11,000 Conversion cost (production) A$/t 16,000 – 20,000 Sustaining & improvement capex8 A$M 75 – 85 Exploration Group exploration budget (ex-lithium business) A$M 35 – 40 8 IGO notes that FY26 sustaining and improvement capital expenditure at Kwinana will be expensed in accordance with accounting standards.
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Quarterly Report – Period ended 30 September 2025 Page 8 Appendix 2 Group financial summary 2Q25 (A$M) 3Q25 (A$M) 4Q25 (A$M) 1Q26 (A$M) FY26 YTD (A$M) Financials Sales revenue 131.8 110.7 126.9 105.3 105.3 Share of net profit / (loss) of TLEA (639.2) 18.4 (58.2) 0.2 0.2 Underlying EBITDA (79.0) 34.0 4.9 19.3 19.3 Net cash flow from operating activities (9.7) 45.4 4.0 15.7 15.7 Cash flows included in the above: Exploration and evaluation expenditure9 (17.6) (11.5) (9.0) (9.9) (9.9) Income tax received - 34.6 - - - Net cash flow from investing activities 0.6 (1.4) (2.4) (0.4) (0.4) Cash flows included in the above: Mine and infrastructure development (0.4) (1.5) (1.1) - - Underlying free cash flow (6.1) 48.7 2.4 15.3 15.3 Net cash flow from financing activities (6.2) (5.5) (5.5) (8.2) (8.2) Cash flows included in the above: Lease repayments (5.8) (5.4) (5.1) (5.2) (5.2) Balance sheet items Cash / net cash 246.6 284.3 279.7 286.5 286.5 1Q26 cash reconciliation10 9 Exploration and evaluation expenditure includes business development expenditure. 10 Corporate & other includes FY25 short term incentive payments (STIP) 280 287 53 7 5 10 17 4 3 - 50 100 150 200 250 300 350 Cash at 30 June 2025 Nova FCF Forrestania FCF Cosmos FCF Exploration & evaluation Corporate & other (*10) Finance costs & lease payments Purchase of EIP shares Cash at 30 September 2025 A$M
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Quarterly Report – Period ended 30 September 2025 Page 9 Appendix 3 Nova production summary Unit 2Q25 3Q25 4Q25 1Q26 FY26 YTD Ore mined11 t 347,702 384,562 393,636 295,077 295,077 Ore milled t 338,555 385,084 378,645 323,683 323,683 Nickel grade % 1.25 1.34 1.64 1.34 1.34 Copper grade % 0.48 0.57 0.73 0.51 0.51 Nickel recovery % 80.3 80.9 82.0 79.1 79.1 Copper recovery % 82.4 86.7 84.0 82.7 82.7 Nickel (metal in concentrate) t 3,393 4,179 5,107 3,429 3,429 Nickel (metal payable in concentrate) t 2,782 3,427 4,172 2,798 2,798 Copper (metal in concentrate) t 1,349 1,914 2,318 1,377 1,377 Copper (metal payable in concentrate) t 1,302 1,847 2,237 1,329 1,329 Nickel cash costs and royalties $/lb 7.35 5.12 3.97 6.84 6.84 Exploration, development, P&E $/lb 0.09 0.19 0.15 0.04 0.04 11 Total mined ore from inside and outside of reserves.
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Quarterly Report – Period ended 30 September 2025 Page 10 Appendix 4 Lithium joint venture (TLEA)12 & Fina Unit 2Q25 3Q25 4Q25 1Q26 FY26 YTD Greenbushes Total material mined (ore + waste) BCM 4,869,897 5,253,194 5,107,827 3,397,236 3,397,236 Ore mined t 1,030,532 1,275,168 1,418,892 1,428,023 1,428,023 Grade ore mined % Li2O 2.10 2.10 1.86 1.74 1.74 Spodumene production t 392,447 340,646 340,203 319,522 319,522 Spodumene sales t 312,347 366,132 411,855 300,685 300,685 Sustaining & improvement capex & deferred waste A$M 148.9 199.3 163.6 121.1 121.1 Cash cost (production)13 A$/t 324 341 366 388 388 Kwinana refinery Lithium hydroxide production t 1,593 1,562 2,126 2,775 2,775 Lithium hydroxide sales t 828 2,304 1,739 2,921 2,921 Lithium hydroxide conversion cost (production)14 A$/t 30,397 21,585 17,215 14,177 14,177 Sustaining & improvement capex A$M 31.6 4.5 4.5 8.3 8.3 12 Results of Operations are reported at 100%. IGO has a 24.99% indirect interest in the Greenbushes Operation and a 49% direct interest in the Kwinana Refinery. 13 Cash cost (production) is IGO’s estimate of unit cash costs of production and includes mining, processing, crushing and site administration, and u tilises production as the unit of measurement. Inventory adjustments, non -site G&A, offsite and royalty costs are excluded. 14 Lithium hydroxide conversion cost is IGO’s estimate of cash conversion costs which include chemicals and reagents, utilities, direct labour, maintenance and indirect operating costs and excluding the purchase of spodumene raw materials and Lithium Industry Support Program funding , per unit of lithium hydroxide produced.