Igo Limited · ASX:IGO
Igo — 2Q26 Earnings Presentation
15 slides from Igo's earnings presentation, Jan 29, 2026
Slide 1: 2Q26 Results Presentation
2Q26 Results Presentation IGO Limited IGO Limited | 29 January 2026 Page 1
Slide 2: Results summary
Results summary Strong operational result at Nova, first ore processed at CGP3 Safety Greenbushes Nova Kwinana Financial ▪ Sustained progress in ▪ 64% EBITDA margin ▪ Performed well in ▪ Production of 2.1kt, 35% ▪ Group underlying reducing injuries and quarter and continues to of nameplate capacity
Slide 3: Nova
Nova Continues to generate positive cash flow and deliver to remaining life of mine plan Strong operational quarter with higher production and lower costs, FY26 Life of mine Units 2Q26 1Q26 % change YTD guidance $44M cash flow generated 15,000- Nickel production t 3,790 3,429 ▲11% 7,219 18,000 Stope
Slide 4: Lithium downstream
Lithium downstream Production impacted by maintenance outage, conversion costs higher 100% basis FY26 FY26 Production of 2.1kt at 35% of nameplate capacity in the quarter Units 2Q26 1Q26 % change (IGO holds 49%) YTD guidance Lithium hydroxide 9,000- t 2,120 2,775 ▼24% 4,895 production 11,000 Utilisa
Slide 5: Greenbushes
Greenbushes Production improved, 64% EBITDA margin 100% basis % FY26 FY26 EBITDA margin increased to 64% (IGO holds 24.9%) Units 2Q26 1Q26 change YTD guidance Spodumene Production increased on higher ore mined and grade improvement kt 352 320 ▲10% 672 1,500-1650 production following grade and weathe
Slide 6: Recent spodumene price growth
Recent spodumene price growth Higher spodumene prices contribute to Greenbushes cash generation US$/t Spodumene price (SC6, FOB Australia) 3,000 • All Greenbushes sales linked to price formula - 2,500 monthly average of four price reporting Daily Month avg agencies spot price at one month lag 2,000
Slide 7: Greenbushes cash generation potential
Greenbushes cash generation potential Strong margins through the cycle, significant cash generation upside Annual Greenbushes cash margin at various spodumene prices and sales volumes1 • Few lithium assets globally Margin deliver cash conversion upside potential through the cycle Cash margin 3. Lowe
Slide 8: Greenbushes optimisation
Greenbushes optimisation Detailed program of work to deliver full value potential of the asset Phase 1: Understand the upside Phase 2: Develop pathway to deliver full value Mine design Equipment and Operational Plant reliability Strategic options review design management Preliminary modelling Block
Slide 9: Example of potential value unlock
Example of potential value unlock Greenbushes pit optimisation and geotechnical review • Steepening of pit walls requires mature geotechnical management and work continues • Unlocks value through: reduced waste movements, access to high grade core at base of pit and reduced strip ratio High grade co
Slide 10: Greenbushes productivity focus
Greenbushes productivity focus Programs delivering operational excellence Key successes to date Program of work Goals Focus areas Annualised mtpa per truck Increased productive hours, lower cycle ▲ Productivity times, optimum equipment Mining ▼ Waste movement Optimised life of mine planning ▲ Availa
Slide 11: Financial results
Financial results1 Positive free cash flow and strong balance sheet retained % FY26 • Sales revenue lower due to lower shipments from Nova Units 2Q26 1Q26 change YTD • Nova EBITDA $42M, including favourable impact of inventory adjustment in December Sales revenue A$M 82 105 ▼22% 188 • Underlying EBI
Slide 12: Summary
Summary Nova generating strong cash flow and delivering in Positive cash flow and net line with remaining life of cash of $299M mine plan CGP3 first ore achieved, Improved TRIFR with Greenbushes productivity sustained focus on injury improvement and strategic prevention and safety optimisation work
Slide 13: Cautionary Statements & Disclaimer
Cautionary Statements & Disclaimer This presentation has been prepared by IGO Limited (“IGO”) (ABN Persons' Statements included in periodic and continuous disclosure Kwinan lithium hydroxide conversion cost is IGO’s estimate of cash 46 092 786 304). It should not be considered as an offer or announc
Slide 14: Contact
Contact Investors & Media Philippa Browning Senior Advisor External Affairs & 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
Slide 15: Making a Difference
Making a We believe in a world where people power makes How? Developments in battery storage technology amazing things happen. are enabling the full potential of renewable energy to be realised, by allowing energy produced from the Where technology opens up new horizons and clean sun, wind and other