The IGO Ltd (ASX: IGO) share price is in focus today after the miner posted a big lift in quarterly revenue and underlying EBITDA, despite ongoing challenges at Greenbushes.
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What did IGO report?
- Group sales revenue up 45% to $119.7 million for the quarter
- Group underlying EBITDA surged to $119 million (up from $30 million in Q2)
- Nova nickel production rose 11% quarter-on-quarter, generating $52 million free cash flow
- Greenbushes EBITDA margin strongly at 75%
- Net cash position increased to $327 million as at 31 March 2026
- Total Recordable Injury Frequency Rate (TRIFR) improved to 4.2, with 90 days injury free
What else do investors need to know?
IGO's Nova operation delivered another excellent quarter, with improved safety performance and high output from a mature ore body. Strong production and cost discipline at Nova drove growth in both revenue and free cash flow, despite higher fuel prices on the horizon.
At Greenbushes, spodumene production stayed flat at 351 thousand tonnes, but operational challenges – including lower feed grades, recoveries, and maintenance outages – saw overall performance miss earlier targets. Still, a strong lithium price almost doubled the realised spodumene price to US$1,668 per tonne, lifting margins. The ramp-up of the CGP3 plant remains on track after previous delays.
Foundation work continues on portfolio optimisation. During the quarter, IGO completed the sale of Forrestania assets, and is progressing rationalisation at other sites while advancing project generation and exploration across existing and new targets.
What did IGO management say?
IManaging Director and Chief Executive Officer van Vella said:
Nova has delivered a very strong operational result and further improvement in safety performance despite the challenges of an end of mine life ore body… Nickel production increased 11% in the quarter and the operation generated $52M of free cash flow. Greenbushes production result this quarter is disappointing. Performance has been challenged across a number of metrics… Fundamental changes to operating approaches and systems take time to be effective and improvements are typically not linear. Greenbushes is a world-class asset and generated 75% EBITDA margin this quarter. I am confident the work underway will deliver the required performance and overall value optimisation.
What's next for IGO?
IGO has updated full-year guidance for Greenbushes, now expecting spodumene production of 1,375–1,425kt (down from 1,500–1,650kt), mainly due to year-to-date performance and slower plant ramp-up. Unit cash cost guidance has increased while capex is expected to be lower, reflecting greater discipline.
Kwinana and Nova guidance remains as previously advised, with strong operational performance at Nova but heightened end-of-mine risks. Across its portfolio, IGO is focusing on operational improvements, portfolio rationalisation, and targeted exploration and growth opportunities – all aimed at underpinning long-term value.
IGO share price snapshot
Over the past 12 months, IGO shares have risen 135%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 10% over the same period.
