How did IGO perform in FY25?

Despite a challenging 2024–25 financial year (FY25), IGO is confident its underlying business remains profitable, and that it is entering FY26 with a renewed focus on value and strategy.

The company, which owns and operates the Nova nickel-copper-cobalt mine, has made significant progress in executing a refreshed strategy over the last year. This included a new exploration business model, an optimisation program at its 51-per-cent-owned Greenbushes lithium project, and a restructure of its organisation.

IGO managing director and chief executive officer Ivan Vella said the company had clear priorities for the anniversary year ahead.

“These include our safety improvement program, generating cashflow to the end of mine life at Nova, and supporting activities at Greenbushes as the team optimise this amazing asset,” he said.

“We will also progress our growth pathway, via exploration, technology and strategic partnerships, as we write the next chapter in our story and celebrate the 25 years of IGO.”

The company’s FY25 results show a net loss after tax of $955 million. This includes IGO’s share of net loss in the Tianqi Lithium Energy Australia joint venture ($642 million), impairment of exploration assets ($115 million), and increased rehabilitation provisions ($58 million).

The underlying earnings before interest, taxation, depreciation and amortisation (EBITDA) was also in the red, but not as dramatic, at negative $43 million.

Vella noted that the global lithium market was weak throughout FY25.

“Nevertheless, Greenbushes demonstrated it is a world-class asset with an EBITDA margin of 66 per cent and strong cash conversion,” he said. “We believe market fundamentals for lithium are positive and Greenbushes is well placed to capitalise.”

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