** Analysts at Morningstar say the path to earnings recovery for Australia's IGO ASX:IGO hinges on refinery improvement and support in underlying lithium prices
** Says the Greenbushes spodumene mine met FY25 production guidance while the embattled Kwinana lithium hydroxide refinery missed and is likely to be fully impaired
** Flags FY25 EBITDA rose to A$393 million ($252.97 million), supported by solid output at Greenbushes, though partly offset by JV losses linked to Kwinana’s operational and cost challenges
** Investment research firm notes A$173 million loss from the JV with Tianqi Lithium SZSE:002466, reflecting continued pressure on refinery performance and lithium market softness
** Morningstar marginally reduces its FY26 production estimates for IGO
** Brokerage says Shares remain materially undervalued, with the market extrapolating spot lithium prices into perpetuity
** Stock down 2.7% YTD
($1 = 1.5535 Australian dollars)