Slides
Page 1
IGO Limited | 28 July 2026 Page 1 4Q26 Results Presentation IGO Limited
Page 2
Page 2 Safety Sustained improvement in key safety metrics 200 days recordable injury free and nearly 11 months without an SPI TRIFR reduced by 63% to 3.7 over FY26 Greenbushes Finished FY26 at top end of revised production guidance Windfield paid a dividend of A$390M to shareholders during the quarter (100%) 4Q26 realised spodumene price of $US2,286/tonne 4Q26 EBITDA margin: 80% CGP3 fire stopped production in early June – plant expected to recommence in the coming days Kwinana Lithium hydroxide production of 897t (15% of nameplate) impacted by major planned shutdown Conversion costs of $A40,670/t reflect decreased production volumes Further shutdown in July/August to commission calciner off-gas treatment system, which will reduce production for the September quarter Nova Outstanding finish to FY26, ahead of LOM production and below cost guidance FY26 production of 15,304t with cash costs of $4.74/lb Divestment to Global Lithium announced post quarter end FY27 focus is on safe and profitable production before final production in December quarter 2026 Financial 4Q26 sales revenue up 18% to $141M due to higher copper sales and prices Group Underlying EBITDA of $118M for 4Q26 38% increase in share of TLEA net profit to $121M Net cash up 18% to $387M Results summary Strong finish to FY26 for Nova and Greenbushes; cash continuing to build
Page 3
Safety Sustained improvements in safety performance over the last 12 months Page 3 Sustained effort and more visible safety leadership over the year have delivered transformational safety improvements 12-month TRIFR reduced to 3.7, down 24% in the quarter and 63% over the year (10.2 in June 2025) Key focus areas in FY27 include the safe ramp-down and psychosocial risk initiatives at Nova and supporting upcoming exploration drilling programs across the portfolio FY26 TRIFR Performance 16.9 12.5 9.9 6.1 4.2 10.2 8 6.5 4.2 3.7 0 5 10 15 20 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Nova Operation IGO Group
Page 4
Nova Page 4 FY26 production exceeded LOM guidance; costs below guidance QoQ production eased due to a planned shutdown with unit cash costs up 29% Sales revenue up 18% on the back of higher copper sales volumes and prices Divestment to Global Lithium announced post quarter end, will be effective after mining concludes during December quarter Upgraded Life of Mine guidance (to December quarter 2026): • Nickel production(t): 19,000 – 20,000 • Cash cost (payable)(A$/lb): 4.25 – 5.00 Excellent operational performance in FY26; upgraded LOM guidance 1. Cash costs reported per pound of payable metal produced, inclusive of royalties and net of by-product credits Units 4Q26 3Q26 % change FY26 Nickel production t 3,882 4,202 ▼8% 15,304 Nickel sales t 3,372 3,399 ▼1% 12,379 Copper production t 1,694 1,907 ▼11% 6,754 Copper sales t 2,645 1,476 ▲79% 7,007 Cash cost (payable)1 A$/lb Ni 4.49 3.47 ▲29% 4.74 Underlying EBITDA A$M 31 61 ▼49% 158 Realised nickel price A$/t 24,702 24,715 - 23,807 Realised copper price A$/t 18,889 17,319 ▲9% 17,389
Page 5
Greenbushes Strong finish to FY26 with improved production and pricing Page 5 Production up 10% to 387kt with an 80% EBITDA margin for the quarter CGP3 contributed 71kt and was ramping well ahead of plan until the June fire took the plant offline Operations expected to recommence in the coming days Spodumene sales up 12% as delayed shipment from the prior quarter was accounted for; realised price rose to US$2,286/t Mined grade improved QoQ, while further operational improvements and life of mine optimisation work program continuing FY27 guidance: • Spodumene production (kt): 1,550 – 1,750 • Cash cost (production)(A$/t): 380 - 440 • Capital expenditure(A$M): 250 – 300 100% basis (IGO holds 24.99%) Units 4Q26 3Q26 % change FY26 Spodumene production kt 387 351 ▲10% 1,410 Spodumene sales kt 391 349 ▲12% 1,368 Mined Grade %Li2O 1.68 1.64 ▲2% 1.73 Cash cost (production)1 A$/t 448 446 - 415 Average realised price US$/t 2,286 1,668 ▲37% 1,443 Capex2 A$M 42 75 ▼44% 356 1. Cash cost (production) is IGO’s estimate of unit cash costs of production and includes mining, processing, crushing and site administration, and utilises production as the unit of measurement. Inventory adjustments, non-site G&A, offsite and royalty costs are excluded. 2. Capex includes sustaining, growth and capitalised stripping
Page 6
Lithium downstream Page 6 Production of 897t (15% of nameplate capacity) impacted by a major planned shutdown to install calciner off gas treatment system Average realised price US$19,543/t (3Q26: US$13,720/t) EBITDA loss for the quarter of $88M (100% basis) includes a negative inventory NRV adjustment of $35M Further shutdown planned for July/August, reducing September quarter production FY27 guidance: • Production(t): 9,000 – 11,000 • Conversion cost(A$/t): 16,000 – 18,000 • Sustaining and improvement capital(A$M): 75 – 90 Planned shutdown significantly impacted quarterly performance 100% basis (IGO holds 49%) Units 4Q26 3Q26 % change FY26 Lithium hydroxide production t 897 3,047 ▼71% 8,839 Lithium hydroxide sales t 864 2,890 ▼70% 10,274 Conversion cost (production)1 A$/t 40,670 14,068 ▲189% 18,379 Sales revenue A$M 24 57 ▼58% 159 EBITDA A$M (88) (8) n/a (167) Capex2 A$M 27 25 ▲8% 80 1. 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. 2. Includes sustaining and improvement capex.
Page 7
Revenue 18% higher QoQ due to higher copper sales and prices Nova EBITDA negatively impacted by $31M of year end adjustments including increased rehabilitation provision and retention and redundancy provisions related to end of mine life Increased Share of net profit from TLEA reflecting higher spodumene prices at Greenbushes Strong increase in free cash flow to $70M; net cash increased to $387M Financial results1 Solid financial results with cash building to $387M Page 7 Units 4Q26 3Q26 % change FY26 Sales revenue A$M 141 120 ▲18% 449 Nova EBITDA A$M 31 61 ▼49% 158 Share of net profit/ (loss) of TLEA2 A$M 121 87 ▲38% 207 EBITDA A$M 118 151 ▼22% 323 Underlying EBITDA3 A$M 118 119 ▼1% 286 Underlying free cash flow4 A$M 70 36 ▲94% 134 Cash A$M 387 327 ▲18% 387 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 unaudited results. 2. Tianqi Lithium Energy Australia (TLEA) is the joint venture between IGO (49%) and Tianqi Lithium Corporation (51%). 3. EBITDA is a non-IFRS measure. Underlying EBITDA for 4Q26 of $117.8M and 3Q26 of $118.9M included the following underlying adjustments: 1) expenses on sale of Forrestania assets and release of rehabilitation liabilities of $0.2M (3Q26: $31.9M gain on sale) and 2) gain on sale of tenements of $nil (3Q26: $0.3M). EBITDA, prior to these exclusions for 4Q26 and 3Q26, was $117.6M and $151.1M, respectively. Underlying EBITDA includes mark-to-market listed investment movement loss of $9.6M in 4Q26 (3Q26: $5.6M loss). 4. Free cash flow comprises net cash flow from operating activities and net cash flow from investing activities. Underlying adjustments exclude: 1) payment for acquisition of 49% JV interest in Copper Wolf of $5.3M (3Q26: $nil), 2) costs relating to the sale of Forrestania assets of $0.2M (3Q26: $0.4M) and 3) payments for financial assets of $nil (3Q26: $2.0M). Free cash flow, prior to these exclusions for 4Q26 and 3Q26, is a net inflow of $64.0M and $33.4M, respectively.
Page 8
Shaping a simpler, more focused copper and lithium portfolio Forrestania and Nova divestments reflect disciplined portfolio management Assessing options to unlock value from the Cosmos Project Rationalising exploration tenure and listed equity holdings Advancing technical and commercial understanding of IGO’s proprietary BioHeap TM sulphide leaching technology Actively repositioning application of technology to copper opportunities Extensive engagement with industry, technical and commercial partners Expanding our internal capability to support technical development Highly selective and disciplined evaluation of global copper and lithium opportunities High threshold for quality, return and risk Targeting high quality copper and lithium opportunities across multiple jurisdictions Building a balanced pipeline of early, mid and late stage opportunities Strong alignment to commercial strategy Growth Disciplined ambition to build a globally relevant copper and lithium business aligned to the energy transition Page 8 Exploration BioHeapTM Portfolio OptimisationDisciplined M&A
Page 9
OPERATIONS Nova finished FY26 ahead of production and below cost guidance Divestment to Global Lithium GROWTH Strong pipeline of growth opportunities through exploration, BioHeapTM and commercial/partnerships SAFETY Transformational safety performance Group TRIFR reduced to 3.7 and 200 days recordable injury free GREENBUSHES Stronger Greenbushes quarter with CGP3 ramp-up and an 80% EBITDA margin Summary Page 9
Page 10
Contact Investors & Media Richard Glass Head of Strategy and Investor Relations T:+61 8 9238 8300 E: investor.relations@igo.com.au Authorised for release to the ASX by Managing Director and CEO, Ivan Vella Page 10
Page 11
Appendix Guidance Summary Page 11 Unit FY27 Guidance Greenbushes Spodumene production kt 1,550 – 1,750 Cash cost (production) A$/t 380 – 440 Development, sustaining, improvement & deferred waste capex A$M 250 – 300 Kwinana refinery Lithium hydroxide production t 9,000 – 11,000 Conversion cost (production) A$/t 16,000 – 18,000 Sustaining & improvement capex1 A$M 75 – 90 Nova LOM Guidance2 Nickel production t 19,000 – 20,000 Copper production t 8,500 – 9,500 Cobalt production t 650 – 750 Cash cost (payable) A$/lb Ni 4.25 – 5.00 Exploration FY27 Guidance Group exploration budget (ex-lithium business) A$M 35 – 40 1. IGO notes that FY27 sustaining and improvement capital expenditure at Kwinana is expensed in accordance with accounting standards. 2. LOM Guidance relates to period 1 July 2025 to end of mine life, expected during December Quarter 2026.
Page 12
Cautionary Statements & Disclaimer IGO Limited | June Quarterly Activities Report Page 12 • This presentation has been prepared by IGO Limited (“IGO”) (ABN 46 092 786 304). It should not be considered as an offer or invitation to subscribe for or purchase any securities in IGO or as an inducement to make an offer or invitation with respect to those securities in any jurisdiction. • This presentation contains general summary information about IGO. The information, opinions or conclusions expressed in the course of this presentation should be read in conjunction with IGO’s other periodic and continuous disclosure announcements lodged with the ASX, which are available on the IGO website. No representation or warranty, express or implied, is made in relation to the fairness, accuracy or completeness of the information, opinions and conclusions expressed in this presentation. • This presentation includes forward looking information regarding future events, conditions, circumstances and the future financial performance of IGO. Often, but not always, forward looking statements can be identified by the use of forward-looking words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "continue" and "guidance", or other similar words and may include statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs. Such forecasts, projections and information are not a guarantee of future performance and involve unknown risks and uncertainties, many of which are beyond IGO’s control, which may cause actual results and developments to differ materially from those expressed or implied. Further details of these risks are set out below. All references to future production and production guidance made in relation to IGO are subject to the completion of all necessary feasibility studies, permit applications and approvals, construction, financing arrangements and access to the necessary infrastructure. Where such a reference is made, it should be read subject to this paragraph and in conjunction with further information about the Mineral Resources and Ore Reserves, as well as any Competent Persons' Statements included in periodic and continuous disclosure announcements lodged with the ASX. Forward looking statements in this presentation only apply at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information IGO does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based. • There are a number of risks specific to IGO and of a general nature which may affect the future operating and financial performance of IGO and the value of an investment in IGO including and not limited to economic conditions, stock market fluctuations, commodity demand and price movements, access to infrastructure, timing of environmental approvals, regulatory risks, operational risks, reliance on key personnel, reserve and resource estimations, native title and title risks, foreign currency fluctuations and mining development, construction and commissioning risk. The production guidance in this presentation is subject to risks specific to IGO and of a general nature which may affect the future operating and financial performance of IGO. • Quarterly Financial Results are unaudited. All currency amounts are in Australian Dollars unless otherwise noted. Net Cash is cash balance less outstanding debt, Net Debt is outstanding debt less cash balances. • Nickel cash costs are reported inclusive of royalties and after by- product credits on a per unit of payable metal basis, unless otherwise stated. • Lithium cash costs reported as COGS (cash costs of goods sold) per tonne sold are inclusive of ore mining costs, processing, general and administrative, selling & marketing and inventory movements. • Lithium cash costs (production) are reporting inclusive of mining, processing, crushing and site administration, and utilise production as a unit of measurement. This measure excludes inventory adjustments, non-site general and administrative, offsite and royalty costs. • Underlying EBITDA is a non-IFRS measure and comprises net profit or loss after tax, adjusted to exclude income tax expense, finance costs, interest income, asset impairments, gain/loss on sale of investments, depreciation and amortisation and other once- off transaction and integration costs. Underlying EBITDA includes IGO’s share of TLEA net profit after tax. • Free Cash Flow comprises Net Cash Flow from Operating Activities and Net Cash Flow from Investing Activities. Underlying adjustments exclude acquisition and integration costs, proceeds from investment sales, payments for investments and mineral interests and other once-off receipts/payments. • IGO has a 49% interest in Tianqi Lithium Energy Australia Pty Ltd (TLEA) and therefore, as a non-controlling shareholder, recognises its share of Net Profit After Tax of TLEA in its consolidated financial statements. As such, IGO has provided additional information on the operating, financial and expansion activities at both Greenbushes and the Kwinana Refinery which reflects IGO’s understanding of those operating, financial and expansion activities based on information provided to IGO by TLEA.
Page 13
We believe in a world where people power makes amazing things happen. Where technology opens up new horizons and clean energy makes the planet a better place for generations to come. Our people are bold, passionate, fearless and fun – we are a smarter, kinder and more innovative company. Our work is making fundamental changes to the way communities all over the world grow, prosper and stay sustainable. Our teams are finding and producing the products that will make energy storage mobile, efficient and effective enough to make long-term improvements to the lifestyle of hundreds of millions of people across the globe. How? Developments in battery storage technology are enabling the full potential of renewable energy to be realised, by allowing energy produced from the sun, wind and other sources to be stored and used when and where it’s needed. This technology will impact future generations in ways we cannot yet imagine, improving people’s quality of life and changing the way we live. We believe in a green energy future and by delivering the products needed for tomorrow’s battery systems, we are making it happen. We are the IGO Difference. Making a Difference