IGO Limited

Thank you for standing by and welcome to the IGO December 2025 Quarterly Activities Report. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr Ivan Vela, Managing Director and CEO. Please go ahead.

Great. Thank you. Good morning. Good afternoon, everyone. Thanks for joining us. I know it's a super busy day, lots and lots of So I appreciate you dialling in, taking the time to catch up with our results. I won't spend too long as usual just trying to highlight, pick up the financials as we get further through and then we can dive into some Q&A. Just to sort of touch the headlines first before I run through a few areas in more depth, I think safety again, continued improvement. I've talked about this since I started on the roll-off two years ago and I'm really We're making steady improvement every quarter. Teams working really hard at it. They absolutely treat this as their first priority. And the results are flowing through, which we're really pleased about. Naturally, it's never done. That focus on a good, mature culture is something that we keep working at. But I think it ties back into performance in the mine as well. And obviously, these results are largely focused around NOVA. And you'll see the results from Nova were really, really strong through the last quarter. Production, cost, teams doing a great job, and I've reinforced obviously a few quarterlies now, how difficult it is when you get to the end of an all-body like this, when you're approaching the end of line life. It is challenging. Teams are dealing with that extremely well, and we start to see where focus on good safety I do recognise, of course, the benefit of the by-product credits from copper, which is nice. It's another piece of the pie. And obviously, the legal markets have been fantastic for the last 12 months as mine, but as you can see, it all starts with what we control and those basics are running well. a better quarter than the first quarter of this financial year, which was impacted by rain and spray. We've seen that grade improve. That's continuing to flow through. We'll see that lift through the second half of this financial year. So, improved production, sales, off which is its shipment, which, to be honest, is with a very rapidly rising market, not the end of the world. We're just seeing some improved financials on the back of that. And, you know, a lot of work is happening to get CGP up and going, CGP3 at least. That's, as we've announced already, fit first door and a reduced first concentrate this month. There was a huge focus on that ramp up and that's what brought that in due course. Hunana built another quarter that's sort of in line with the prior quarters, I think, really did pull out and was impacted by a shutdown that took out some of the available days for production. The team did finish the last month at about 50%, which is two of the best that we've seen from a refinery for any sustained period. And, you know, I guess we, much as low as the prices are, we continue to take the view that this has got a very challenged future. So that's, I think, the quick highlights. Our financial capital begins to look further, but as you can see, it generates positive free cash. If I drop down and move further into NOVA and I've touched on it in previous points, it's a really good operational quarter delivering cash to the business. I talked about a scope misfiring in Q1 which has been addressed and mitigated and again that's the sort of thing that the team naturally doesn't want to happen. They had to work really hard to deal with it safely. and it's now in the revision era, looking forward with the mine at this point. So close to closure, we don't have the ability to flex our schedule, and so we have to deal with these things very attentively. Sales a bit lower, just in line with the shipping plan, so one less quarter that'll roll through. There's nothing really material in that. And overall, tracking really well against our end-of-life mine guidance. and said the performance from production was really good and they continue to lead through this quarter. So we're up. We've got some strong confidence there right through to the end of this year. And, of course, costs are a function of that performance. All that said, the team are working really hard to manage our costs as this line breaks down. We're certainly not looking to carry anything that we don't need to as we move towards closure. We're tracking, you know, pretty much in line with our guidance as we set out for the financial year. The costs are up and, you know, that's a function the production through the quarter. We did take a bit out of the maintenance stuff that was done and some other modifications that were done to the farm. The next slide is dropping the green bushes. So look, it's a good quarter, lived on Q1 in production. Costs are still running high relative and that's obviously because I see production related. As the sums ramp up, we'll see that come back in. The realised price lifted to $8.50, which I think reflects this very close connection with the PRAs or the spot price in the market, and we'll talk more of that on the next slide. I think it's something that's very favourable, particularly in this lifting market, a very buoyant market now. And the big news was obviously getting first-order CDP3 late last year, just before Christmas. The team did find some issues as they started to run it up. They stopped and they fixed those early in January and then got back into it. As I said, we've just seen first concentrate starting to come through. So, yes, it's working. I think they took the time when it was down to go and check a few more things, hopefully avoid any more surprises. We're going to know more by our half-year results in a few weeks' time or three weeks' later. So I think that'll be a place where I can give you a more substantive update. At this point, it's a bit early really to say too much until we see a few more results that have come through. I have a couple of extra slides on greenbushes. I wanted to start, as we talked about in the last quarter, just feeding more information to the extent I can about both the life of mine optimisation or the strategic review that we're doing and the focus on productivity. The first thing I did want to touch on first, though, was just on the price status, which I'm sure everyone is following closely in the market. It's certainly moving very, very quickly. I would say a lot of the expectations that I've had are who wants to do the downshift with GFX and others. And I think we certainly expect to see some of the catalogue supply out there start to be reintroduced. And I think in Red's morning message, they were looking at that. I expect to see more of that, which might pay for it. But really the takeaway from this slide is the way that that translates for reimburses. And as you know, when we take the average of the PRRs, but it's pretty much a very close connection to the spot price that's out there. It does give us a very good real life surprise as that flows through. We don't have any of that lag or impact from contracts that might carry discounts or other frictions from a lower end in the cycle. So I expect we're going to see obviously some very effective lifts in our realised price over the coming months. The next slide then, I guess, brings to life how that translates into margin, which is one of the things, again, I've called out before. I think pre-bushes is one of those few mines at any point in the world that generates extremely high margins. at the absolute bottom of the cycle but the thing that's really unique is it also drives fantastic cash conversion and translates it into returns that flow out of the business. They don't have to be reinvested to make land production and this chart speaks to what that looks like if you take 1.5 million tonnes, so current production level roughly at 2,000 tonne and then with the lift in combustion that's coming through CGP3, you know, the sort of amount of cash that's generated through that step up. Just helps to visualise that. The next slide talks a bit to the optimisation where we're going. Slides I've referred to before. Just to reorient everyone, we've got the overall review of the entire mine, which is, I guess, the last of mine up to the basin. I'm going to talk to one example of the kind of work that's happening there in a minute. That is significant. It's got a lot of expertise, external expertise, hot links with it. It basically goes right back to the ore body, the sensors, the ore characterization, the design of the mine, how we manage waste tailings, and reset that in an optimum way. In doing so, obviously, I lost a lot of value. In parallel with that, we were also focusing on productivity. These things are naturally linked. Productivity work is happening now anyway, and that's focused across a number of different streams. All of that together brings us to, I guess, our goal, which is achieving the full potential of Greenbushes. The CEO there at Taliesin is doing a great job. He's got a lot to work through and it's the team he's put together are working through it. They are finding a whole range of issues, challenges and changes they need to make and that's part of the shift but we've seen Nova in a short space of time make this shift and this steady focus on production, stability and safety. I don't share the safety results with Taliesin but there is some challenges there as well. I think these things are linked and whilst we've got a really good set of programs and changes in place, step by step to support the team, to shift that culture and focus on safety, on production reliability and stability and also the productivity, it will drive out more tons and obviously the less cost as well. The example I want to refer to for all asset review really looks at the So steeping pit walls is something that naturally has risk or threat and opportunity, both ways, on the upside. It means a lot lower strip ratio and in this case, you can see, and I'll talk to the line in a minute, it starts to expose more metal or more material, valuable material that otherwise might not have been accessible. On the downside, if you get it wrong, you have a defect. or a failure in the wall that can sterilise them all. So it means a lot of careful work and thought. The team have brought in experts to help them with that. They are ensuring there's new technical management processes and activities. They're doing all the right work to make sure that we control those risks but ultimately unlock a lot of value. And if you look through this chart, you'll see Some little dotted lines have run out into the grey patch on the right-hand side. And so that sort of pitch shell, the 2023 resource shell and the 2021 resource shell, shows what the overall resource would be. And you can imagine if you actually did all that strip, it's a huge amount of work and cost. The other point to note, though, is on top of that grey shaded area there on the left side of that slide, tips are pumped. So it would require us moving a lot of these. But that's not very desirable. So the other way to tackle this is if you take those little dotted lines that run into the grave and if you draw them straight up to the edge of the grave and you steepen that wall significantly, you can start to access that high-grade floor. You can loggage to a grade step significantly, so you can expose more metal, lower the strip, much lower cost, and ultimately drive a large amount of extra value out of the mine. That's the kind of example of work that's happening at the moment. And I wanted to do this to try and just illustrate it so when you start to see more of these results and the information coming through, as we get through the decision, finalise our plans, and we can present that back to the market, you'll understand where that's come from. It just helps to give you a sense of the work that's happening. Equally, the care that we're facing to make sure that this is done properly. As many of you know, this mine is 135 years old. The last slide on Greenbush is to speak to the productivity strain that I mentioned earlier. We put in the sort of major areas of focus, mining being naturally a big one early and I put a couple of little charts in there to illustrate the list in productivity from the mining fleet. And that takes us to what we believe is industry average. So we're not outperforming yet, but I want to give credit to the team to Rob Adam and his mining team. They've made a lot of focus on this. They have a lot of issues and barriers at working through different challenges, but I think we're starting to see some results come through now, and that will play out in our costs, obviously our waste movement, and... The second area I want to talk about is in production and plant performance and that's a mix of utilisation through better asset management and reliability so we get that throughput but also recovery so more stability will drive recovery and then work on to optimise recovery. As part of that we're also looking at value and use which means what is the grade that we're selling to our customers? Is that optimum for them? What level of impurities? How much are we throttling the assets, the processing allowance to achieve that? And what's the cost of adding trailers? So we're asking those kind of questions as part of this to make sure that we've really optimised this, recognising the customer's interest and their costs, but equally what's the best we can do with the plant. The business has run on producing SC6 and I think it's great on impurities for a very long time We haven't really asked the question and so we are, we're at least testing it and we'll see what makes sense. No decisions yet, but again, it shows you the kind of work that's happening and the impact on productivity from these different streams is quite significant. So that's a quick round up on the operations, a bit more on rain bushes. We'll turn it over to Kat and sort of highlight some of the financials and then we can get into some Q&A.

Thanks, Arden. We'll turn it over to everybody. Sales revenue, excuse me, sales revenue of 82 million, and as I've indicated, it was lower due to the shipment timing for NOVA. NOVA's EBITDA was up 42 mil, which included some value adjustments with the increasing price in the month of September. The share of net profits from KLA rounded to zero. Positive profit at Greenbush has been offset by losses at Tanana, and this includes our share of cash I also wanted to call out again that we're in on one from slag, big pricing or sludging, the next quarter we'll see the benefit of the higher pricing. Underlying any that are in approved 30mm, and supported by NOVA and some mark to mark investments that we have. We remain on a base that's focused on cost control, but you'll note or I'd like to note to have a one-off payment for our insurance in there as well, so that's inflated in the quarter. Free of cash flow was positive at $13,000 and our balance sheet continues to script them with our net cash increasing to $299 million, so that's a really good place to be. I think that summarises that.