Q4 2026 Igo Ltd Earnings Call

Speaker #1: Thank you for standing by, and welcome to the IGO June 2026 Quarterly Activities Report. All participants are on listen-only mode. There will be a presentation followed by a question-and-answer session.

Operator: Thank you for standing by, welcome to the IGO June 2026 Quarterly Activities Report. All participants are in a listen-only mode. There'll be a presentation followed by a question and answer session. If you would like to ask a question, you'll need to press the star key followed by the number 1 on your telephone keypad. I would now like to hand the conference over to Mr. Ivan Vella, Managing Director and CEO. Please go ahead.

Speaker #1: If you would like to ask a question, you'll need to press the star key followed by the number 1 on your telephone keypad. I would now like to hand the conference over to Mr. Ivan Vella, Managing Director and CEO.

Speaker #1: Please go ahead.

Speaker #2: Thanks, Doc. Good morning, everyone, and thanks for joining us for IGO's June quarter and the wrap-up of FY26. I'm joined this morning by Ian Rowe, newly appointed as our interim CFO.

Ivan Vella: Thanks. Good morning, everyone, thanks for joining us for IGO's June quarter and the wrap-up of financial year 2026. I'm joined this morning by Ian Rowe, newly appointed as our interim CFO. He'll be available to cover a few remarks on our finances, also to take some questions at the back end of our opening remarks. Ian's been with IGO for some time, knows the business very well. Over the coming months, he'll join me for some of our engagements with investors and analysts you can get to know him better and have a chance to talk through some of the questions around the business. 30 June is always a good point to reflect back on a financial year, we finished with really strong momentum in safety and performance at Nova and a solid quarter at Greenbushes, all resulting in a strong balance sheet.

Speaker #2: He'll be available to cover a few remarks on our finances, but will also take some questions at the back end about our opening remarks. Ian's been with IGO for some time and knows the business very well, and over the coming months, he'll join me for some of our engagements with investors and analysts. You can get to know him better and have a chance to talk through some of the questions around the business.

Speaker #2: June 30 is always a good point to reflect back on an essential year, and we finished with really strong moments in safety and performance at Nova, and a solid quarter at Greenbushes. All results in a strong balance sheet.

Speaker #2: We recognize there's still important challenges for us to work through at Okinawa, and obviously a continued focus on Greenbushes as we work to drive towards the full potential of that amazing asset.

Ivan Vella: We recognize there's still important challenges for us to work through at Kwinana, obviously a continued focus on Greenbushes as we work to drive towards the full potential of that amazing asset. Obviously, the fire in the quarter at Greenbushes was another key event we had to work through. I'll cover more on that later. It's great to see that that recovery is largely completed, expect the plant to start ramping up soon. Beyond that, I want to also reflect on what we've achieved. We've really tightened up, simplified our business over the last 12 months. There's a key transaction we talked about post-quarter that sets up Nova for a really good finish. The key message for today is IGO is a simpler, more capable, and disciplined business than it was a year ago.

Speaker #2: Obviously, the fire in the quarter at Greenwich's was another key event we had to work through. I'll cover more on that later, but it's great to see that recovery is largely complete, and we expect the plant to restart ramping up soon.

Speaker #2: Beyond that, I want to also reflect on what we've achieved. We've really tightened up and simplified our business over the last 12 months, and the key transactions we talked about post-quarter have set up Nova for a really good finish.

Speaker #2: The key message for today is that IGO is a simpler, more capable, and disciplined business than it was a year ago. We've got some very key areas of strength, and a small number of issues that we're still working through.

Ivan Vella: We've got some very key areas of strength, a small number of issues that we're still working through to position us for the future. On our results summary, there's five key takeaways I wanted to work through from our safe results. Firstly, our safety performance has improved materially. That's supported by our visible leadership and strong discipline. Our group TRIFR reduced to 3.7, as of today, our business is over 200 days recordable injury free. The business has gone nearly a year without a significant potential incident. Thanks to this astonishing achievement, I'm very proud of what the team's been able to deliver. Strong focus since I started in this business on safety, I think the results today as we close FY26 are a credit to them. It's no surprise that safety performance correlates strongly with production performance and cost performance.

Speaker #2: Position us for the future. On our results summary, there are five key takeaways I wanted to work through for today's results. Firstly, our safety performance has improved materially.

Speaker #2: That's supported by our visible leadership and strong discipline. Our group drift rate reduced to 3.7, and as of today, our business is over 200 days recordable injury-free.

Speaker #2: The business has gone nearly a year without a significant potential incident. That's a sign of achievement. I'm very proud of what the teams have been able to deliver.

Speaker #2: There has been a strong focus since I started this business on safety, and I think the results today, as we close out by 2026, are a credit to them.

Speaker #2: It's no surprise that safety performance correlates strongly with production performance and cost performance. And if we look at Nova, if they're now standing finished to the financial year, ahead of our lifeline production guidance and well below cost guidance.

Ivan Vella: If we look at Nova, they are now seeing it finish to the financial year ahead of our life of mine production guidance and well below cost guidance. As we approach end of life and end of mining, it only gets more complicated, and I think that speaks to the performance and discipline of the operations team at Nova. We are also very pleased to announce the divestment to Global Lithium at the end of the quarter, which is us at the end of the quarter. Together, our operating performance and this transaction are great examples of our approach and the track record we want to continue to build on. Third, Greenbushes finished strongly with production at the top end of our revised guidance. Excellent margin, thanks to stronger realized pricing and the recommencement of distributions from Wingfield to TLEA.

Speaker #2: And as we approach end of life and end of mining, it only gets more complicated. I think that speaks to the performance and discipline of the operations team at Nova.

Speaker #2: We're also very pleased to announce the divestment to Global Lithium at the end of the quarter. We'll just ask for the end of the quarter.

Speaker #2: Together, our operating performance in this transaction is a great example of our approach, and the track record we want to continue to build on.

Speaker #2: Third, Greenbushes has finished strongly, with production at the top end of our revised guidance. Excellent margin, thanks to stronger realized pricing and the re-dimensioning of distributions from Windfield to TLEA.

Speaker #2: The fire exceeded 3.1 at this point, and it was a real setback, particularly given the plant was wrapping up extremely well and, in fact, well ahead of our plans before the incident.

Ivan Vella: The fire at Q3 was disappointing and a real setback, particularly given the plant was ramping up extremely well, and in fact, well ahead of our plans before the incident. I will cover more on that in our Greenbushes update further in remarks. Four, Kwinana production was impacted by a major planned shutdown. Lithium hydroxide production volumes reflect this. The refinery remains a challenge more broadly. Addressing the performance and finding a pathway to resolution at Kwinana is and continues to be a key priority for me in the business. Finally, the financial result underpinning all of this was very solid. Our underlying EBITDA was AUD 180 million, taking it to AUD 286 million for the year. Net cash increased 18% to AUD 387 million, leaving us very well positioned for discipline, portfolio optimization, and growth. Couple more remarks on safety.

Speaker #2: I'll cover more on that now. Greenwich's update. Further remarks. Fourth, Okinawa production was impacted by a major planned shutdown. Lithium hydroxide production volumes reflect this.

Speaker #2: The refinery remains a challenge more broadly. Addressing the performance and finding a pathway to resolution at Okinawa is, and continues to be, a key priority for me and the business.

Speaker #2: Finally, the financial result. Depending on what this was, very solid. Our underlying EBITDA was $180 million, taking it to $286 million for the year. Net cash increased 18% to $387 million, leaving us very well positioned.

Speaker #2: The discipline, portfolio optimization, and growth. A couple more remarks on safety—I’m delighted with the improvement that we’ve seen over the last two years, and in particular in the last 12 months.

Ivan Vella: I am delighted with the improvement we have seen over the last two years, and in particular, in the last 12 months. As you know, this has been a strong area of focus for me. Thanks to the sustained effort and visible safety leadership, we have delivered a step change in performance, and I would say we are now in the territory in terms of broader industry performance that everyone should be expecting from us. TRIFR of 3.7, down 24% in the quarter and 63% over the year. Particularly pleased given the number of challenges the Nova team have had to work through as they push towards the end of life for the mine. It is also important to call out and credit our partners, equipment contract partners operating at site. In particular, Barminco, who have helped deliver this outstanding change and improvement in performance.

Speaker #2: As you know, this has been a strong area of focus for me. Thanks to the sustained effort and that visible safety leadership, we’ve delivered a step change in performance. I would say we’re now in the inner territory in terms of broader industry performance, which everyone should be expecting from us.

Speaker #2: Tripper of 3.7 down to 24% in the quarter and 63% over the year. Particularly pleased, given the number of challenges that the Nova team has had to work through as they pushed towards the end of life for the mine.

Speaker #2: And it's also important to call out and credit our partners, the contract partners operating at the site, in particular Bamiko, which has helped deliver this outstanding change and improvement in performance.

Speaker #2: Greenwich's and Okinawa's safety performance remains a serious focus. They are not operating at the same levels, and we continue to work with our safety partners and the businesses to strengthen their safety controls, performance, and leadership routines.

Ivan Vella: Greenbushes and Kwinana safety and performance remain areas of focus. They are not operating at the same levels, and we continue to work with our valued partners and the businesses to strengthen their safety and controls, performance, and leadership routines. At Nova, as I said, we delivered an outstanding operational result, finishing ahead of our life of mine production guidance and below cost guidance. Key point is that Nova continues to deliver reliable production, discipline, cost control, strong cash generation late into its mine life, which is a very unique performance. Something that we are very proud of, really reflects well on the team, their focus all the way to the end. Quarter-on-quarter production is as expected following a planned April shutdown. Unit cash costs increased 29% due to the lower production profile and shutdown related costs.

Speaker #2: At Nova, as I said, we delivered an outstanding operational result, finishing ahead of our lifetime production guidance and below cost guidance. The key point is that Nova continues to deliver reliable production, disciplined cost control, and strong cash generation late into its mining life, which is a very unique performance—something that we're very proud of. It really reflects well on the team and their focus all the way to the end.

Speaker #2: Quarter-on-quarter production is, as expected, following a planned April shutdown, with unit cash costs increasing 29% due to the lower production profile and shutdown-related costs.

Speaker #2: Sales revenue increased 18% on the back of higher copper sales volumes and higher by-product pricing. EBITDA was lower quarter-on-quarter, with the resulting factors being an increase in our rehabilitation provisions and retention and redundancy provisions associated with our upcoming end-of-mine life.

Ivan Vella: Sales revenue increased 18% on the back of higher copper sales volumes and higher by-product pricing. EBITDA was lower quarter-on-quarter with the resulting factors, a decline increase in our rehabilitation provisions and retention and redundancy provisions associated with our coming end of mine life. Naturally, we expect a number of these adjustments to our EBITDA to unwind as we close out the transaction with Global Lithium, and we'll report on those in due course. The production results reflect an exceptional focus and discipline from the Nova team and our contract partners and something that they should be very proud of, what they've achieved as we move towards that final stage of mining closure. We're also very pleased to announce last quarter that we agreed to divest Nova to Global Lithium Resources once our mining operations are complete.

Speaker #2: Naturally, we expect a number of these adjustments to our EBITDA to unwind as we close out the transaction with Global Lithium, and we'll report on those in due course.

Speaker #2: But the production results reflect an exceptional focus and discipline from the Nova team and our contract partners, and it's something that they should be very proud of—what they've achieved as we move towards that final stage of mining closure.

Speaker #2: We're also very pleased to announce, after the quarter, that we've reached an agreement to divest Nova through Global Lithium Resources. Once our mining operations are complete, this is a very positive outcome for IGO, Global Lithium, the local community, traditional owners, and other stakeholders who have supported Nova over the past decade.

Ivan Vella: This is a very positive outcome for IGO, Global Lithium, the local community, traditional owners, and other stakeholders who have supported Nova over the past decade. We continue to focus on our full closure planning right up to the finalization of that agreement with Global Lithium. That includes extensive stakeholder engagement, covering our traditional owners, local community, and government. Looking forward, we've upgraded our Nova mine life of mine guidance through to the expected end of production in the late December Q4. The guidance is now 19,000 to 20,000 tonnes of nickel production. Cash costs of AUD 4.25, AUD 5 per pound of nickel. Just to be clear, this is guidance for the life of mine across the FY26 and FY27 period. A simple deduction of the FY26 actuals gives you implied production of about 400,000 to 5,000 tonnes of nickel production in the FY27 period.

Speaker #2: We continue to focus on our full closure planning right up to the finalization of that agreement with Global Lithium. That includes the extensive stakeholder engagement covering our Traditional Owners, the local community, and government.

Speaker #2: Looking forward, we've upgraded our Nova lifetime mine guidance through to the expected end of production in the late September quarter. The guidance is now 19,000 to 20,000 tonnes of nickel production.

Speaker #2: Cash costs are $4.25 per pound of nickel. Just to be clear, this is guidance for the life of mine across the FY26 and FY27 period.

Speaker #2: A simple deduction of the FY26 actuals gives you implied production of about 400 to 5,000 tons of nickel in the FY27 period.

Speaker #2: For Greenwich's, we delivered strong finished FY26 with production at the top end of that revised guidance that we introduced last quarter. 80% EBITDA margin for the quarter.

Ivan Vella: For Greenbushes, delivered a strong finish FY26 with production at the top end of that revised guidance that we introduced last quarter. 80% EBITDA margins for the quarter. We saw an uptick in the mine grade last quarter as we move back into the core of the ore body, which is positive, and as something I'd signposted, recoveries and mill uptime meant that some of the benefits of that were not fully reflected in the production. We expect that to flow through and improve in this quarter and beyond. With the strategic options review continuing, Paladin continues to progress those work streams that we've talked through quarter-on-quarter. I think a key area that I was pleased to see good progress was in the mine, taking the design, productivity, a number of changes, to continue to work towards unlocking the full potential and productivity of Greenbushes.

Speaker #2: We saw an uptick in the mine grade last quarter as we moved back into the core of the orebody, which is positive and, as I said, something I'd signposted.

Speaker #2: Recoveries and new lifetime meant that some of the benefits of that were not fully reflected in the production, and we expect that to flow through and improve in this quarter and beyond.

Speaker #2: With the strategic options review continuing, Talyson continues to progress some of the work streams that we've talked through quarter on quarter. And I think a key area that I was pleased to see good progress within is the mine—taking the design, productivity, and a number of changes to continue to work towards unlocking the full potential and productivity of Greenbushes.

Speaker #2: The June quarter shows some really positive trends in mining productivity. I've been down to the site three times over the last quarter. It was good to see that steady improvement.

Ivan Vella: The June Q2 showed some really positive trends in mining productivity. I've been down to site three times over the last quarter, and it was good to see that steady improvement. Mine production was also supported, as I said, by that move into the high-grade area, as we previously signposted. Production increased 10% to 397,000 tonnes, with CGP3 contributing approximately 71,000 tonnes. The plant was ramping up extremely well ahead of the fire in June. Most importantly, no one was hurt in that event. The plant is now expected to restart in the coming days. The investigation has been finalized, and the team will naturally ensure that all of the learnings are embedded in their work going forward. Spodumene sales increased 12%, reflecting delayed shipments from the prior quarter being accounted for in the June Q2, while the average realized spodumene price increased to $2,296 US per tonne.

Speaker #2: Mine production has also been supported, as I said, by moving to the high-grade area. As we previously signposted, production was increased 10% to 397,000 tons, with CGP3 contributing approximately 71,000 tons.

Speaker #2: The plant was ramping up extremely well ahead of the fire in June. Most importantly, no one was hurt in that event, and the plant is now expected to restart in the coming days.

Speaker #2: The investigation is finalized, and the team will naturally ensure that all of the learnings are embedded in their work going forward. It's positive, with sales increasing 12%, reflecting the late shipment from the prior quarter being accounted for in the June quarter.

Speaker #2: While the average realized volume and price increased to $2,286 per ton, the result reinforces the quality cash generation potential of this world-class asset.

Ivan Vella: The result reinforces the quality and cash generation potential of this world-class asset, particularly through a period of stronger realized pricing. Windfield resumed distributions during this quarter with a dividend of AUD 390 million declared on 100% basis. The business also continued to build considerable cash and receivables with these very favorable prices flowing through. At the same time, Greenbushes still has meaningful improvement work ahead across safety, maintenance execution, plant performance, stability and recoveries, and the broader mine-to-mill discipline that we expect to deliver significant uplifts in performance. At the same time, the operational improvement of life of mine optimization also remains critical. While the team did obviously have some focus on recovery of CGP3, which delayed some of that activity, they continue to progress that broader life of mine optimization activity. We look forward to sharing more on that in due course.

Speaker #2: Particularly through periods of stronger realized pricing, Windfield resumed distributions during this quarter, with a dividend of A$390 million declared on a 100% basis. The business also continued to build considerable cash receivables, with these very favorable prices flowing through.

Speaker #2: At the same time, Greenwich still has meaningful improvement work ahead. Across safety, maintenance execution, plant performance, stability and recoveries, and the broader mine-to-mill discipline that we expect to deliver, there are significant uplifts in performance.

Speaker #2: At the same time, the operational improvement of lifetime mine optimization also remains critical. While the team did obviously have some focus on recovery of CGP3, which delayed some of that activity, they continue to progress that broader lifetime mine optimization activity.

Speaker #2: And we look forward to sharing more on that in due course. We continue to work closely with our partners through the joint venture, CLEA and Talyson, to help them as they build out a more stable and consistent link, and a high-performing operation.

Ivan Vella: We continue to work closely with our partners through the joint venture TLEA and Paladin to help them as they build out a more stable and consistently high-performing operation. Looking into FY27, Greenbushes guidance that we've set has been laid out on the slide. Spodumene production between 1,550,000 tonnes to 1,750,000 tonnes of spodumene at an SC6 basis. Cash costs between AUD 380 to 440 per tonne. Our development, sustain and improvement CapEx, including deferred waste, range between AUD 250 to 300 million. Our guidance reflects that ongoing CGP3 ramp-up and improvement work still required across the operation. As we see how CGP3 comes out of the restart, we can obviously refine our expectations. On the lithium downstream, we foreshadowed last quarter that production has been impacted by a major plant shutdown designed to improve plant performance.

Speaker #2: Looking into financial year ’27, Greenwich’s guidance that we've set has been laid out on the slide. It's positive in production, between 1,550,000 tons to 1,750,000 tons.

Speaker #2: It's positive in an SE6 basis. Cash costs between $380 and $440 Australian dollars per ton. And our development sustainability improvement CAPEX, including food and waste, ranges between $250 million Australian dollars.

Speaker #2: Our guidance reflects that ongoing CGP3 ramp-up and improvement work is still required across the operation. And as we see how CGP3 comes out of the restart, we can obviously refine our expectations.

Speaker #2: On the lithium downstream, we've foreshadowed last quarter that production has been impacted by a major plant shutdown designed to improve plant performance. The lithium hydroxide production was 897 tonnes for the quarter.

Ivan Vella: The lithium hydroxide production was 897 tonnes for the quarter. The lower production volumes reflected in significantly higher conversion costs for the quarter. As you would have expected, sales volumes were also lower in line with production. The average realized price has improved considerably to $19,543 per tonne. Production costs are also elevated with the refinery offline for a good part of the quarter. EBITDA loss of $88 million on 100% basis, including the -$37 million inventory adjustment. Further shutdown is underway through July and August, which will reduce our September quarter production. FY27 guidance at Kwinana is set at lithium hydroxide production of 9,000 to 11,000 tonnes, conversion costs ranging from AUD 16,000 to 18,000 per tonne, and a sustainable improvement capital of AUD 75 to 90 million.

Speaker #2: The lower production volumes resulted in significantly higher conversion costs for the quarter, as you would have expected. Sales volumes were also lower, in line with production.

Speaker #2: The average realized price has improved considerably to $19,543 US per ton. Production costs are also elevated, with the refinery offline for a good part of the quarter.

Speaker #2: EBITDA loss of $88 million on a 100% basis, including the negative inventory adjustment of about $37 million. Further shutdowns are underway through July and August, which will reduce our September quarter production.

Speaker #2: FY27 guidance for Kwinana is set at lithium hydroxide production of 9,000 to 11,000 tons, with conversion costs ranging from A$16,000 to A$18,000 per ton.

Speaker #2: And sustainable improvement capital of $75 to $90 million. With that, I'll hand over to Ian to talk through some highlights from our financials, and then pick up other key points.

Ivan Vella: With that, I'll hand over to Ian to talk through some highlights from our financials and then pick up a few points.

Speaker #1: Yeah, thanks. I was going to be speaking with you this morning, and I look forward to meeting many of you over the months ahead.

Ian Rowe: Thanks, Ivan. It's good to be speaking with you all this morning, and I look forward to meeting many of you at MINExpo. The group had a step by 2026 with real financial momentum. Nova initially is strongly and as lithium prices recover, the earnings power of Greenbushes came through clearly. For the quarter, group sales revenue rose 18% to AUD 141 million, driven by higher copper sales volumes and byproduct prices at Nova. Our share of net profit from TLEA increased 38% to AUD 121 million, reflecting the stronger realized spodumene price and an 18% EBITDA margin at Greenbushes. Importantly, Windfield resumed dividend distributions during the quarter, a clear marker of the asset's cash-generating strength as pricing has recovered. Group underlying EBITDA was AUD 118 million for the quarter and AUD 286 million for the full year.

Speaker #1: The big players, FY26, with real financial momentum, know we've finished the year strongly, and as lithium prices recovered, the earnings power of Greenwich obtained very clearly.

Speaker #1: For the quarter, growth sales and revenue rose 88% to $141 million, driven by high proper sales volumes and viable prices at note. Our share of net profit from TLEA increased 38% to $121 million, reflecting the stronger realized volume and price, and an 80% EBITDA margin at Greenbushes.

Speaker #1: Importantly, Windfield resumed its dividend distributions during the quarter, a clear marker of the asset's cash-generating strength as pricing has recovered. Group underlying EBITDA was $118 million for the quarter and $286 million for the full year.

Speaker #1: That includes around $31 million of year-end adjustments at Nova, relating to both an increase in year-end rehabilitation provision and the retention and redundancy approvals tied to the end of mine life.

Ian Rowe: That includes around AUD 31 million of year-end adjustments at Nova, relating to both an increase in the year-end rehabilitation provision and the retention and redundancy accruals tied to the end of mine life. The rehab component will transfer on completion of the Nova divestment, so it is largely timing-wise. Adjusting for those, the underlying performance is among our expectations. The one standout area that I'd really like to call out is our cash performance. Underlying free cash flow nearly doubled to AUD 70 million during the quarter, and net cash increased to AUD 387 million. For the full year, we generated AUD 134 million underlying free cash flow. This capital discipline and cash build is deliberate. On the one hand, it reinforces what a wonderful asset Nova has been, generating strong cash flow right to the end.

Speaker #1: The rehab component will transfer on completion of the Nova divestment, so it is largely time and immaterial. Adjusting for those, the underlying results are in line with our expectations.

Speaker #1: The quantum standout area that I'd really like to pull out is our cash performance. Underlying free cash flow nearly doubled to $70 million during the quarter.

Speaker #1: And net cash increased to $387 million Australian dollars. For the full year, we generated $134 million underlying free cash flow. This capital discipline and cash yield is deliberate.

Speaker #1: On the one hand, it reinforces what a wonderful asset Nova has been, generating strong cash flow right to the end. On the other, it reflects the balance sheet flexibility that we are being intentional about as we prepare for life beyond Nova.

Ian Rowe: On the other, it reflects the balance sheet flexibility that we are being intentional about as we prepare for life beyond Nova. Naturally, we'll have more to say on capital management with our full-year results next month. This discipline will honestly be a standard as we look to grow the business. With that, I'll hand back to Ivan to step through our growth priorities in more depth.

Speaker #1: Naturally, we'll have more to say on capital management with our full-year results next month, but this discipline will hold us in good stead as we look to grow the business.

Speaker #1: With that, I'll hand back to Ivan to step through our growth priorities in more detail.

Speaker #2: Thanks, Ian. Yeah, a couple of final remarks and then we can open up some Q&A. Our growth agenda builds on that stronger base that I've talked about—a simpler, tighter business, focused on copper and lithium.

Ivan Vella: Thanks, Ian. A couple of final remarks. Then we can open up for some Q&A. Our growth agenda builds on that strong base that I've talked about, a simpler, tighter business focus on copper and lithium. We are pursuing growth through three paths. Exploration, which is, I guess, a real category in IGO. Bio-heap, which I provided a little bit more detail in our quarterly, and disciplined M&A. On exploration, we've cleaned up our portfolio, reset our focus on where we're operating our tenement package, and ultimately bring a focus on high-quality copper and lithium opportunities. The FY27 exploration budget is AUD 35 to 40 million. Bio-heap is another growth pathway. This was technology, sulfide leach technology, developed more than 25 years ago, presents a very timely opportunity to address some of the structural challenges to the global copper industry.

Speaker #2: We are pursuing growth through three routes: exploration—which is, I guess, a real category in IGO; buyer need, which I've provided a little bit more detail on in our quarterly; and disciplined M&A. On exploration, we've cleaned up our portfolio.

Speaker #2: Reset our focus on where we're operating our tenement package, and ultimately bring a focus on high-quality copper and lithium opportunities. The FY27 exploration budget is $35 to $40 million Australian dollars.

Speaker #2: Buyer need is another growth pathway. This was technology—sulfide leach technology—developed more than 25 years ago. It presents a very timely opportunity to address some of the structural challenges in the global copper industry.

Speaker #2: And we've recently redirected some focus on this technology. It was originally created with a focus on nickel, and it clearly works across a number of different base metals and can be present in sulfides.

Ivan Vella: We've recently redirected some focus on this technology. It was originally created with a focus on nickel, it clearly works across a number of different base metals, anything presenting in sulfides. As we work through proving that out, demonstrating and understanding its economic potential, we'll provide more updates. We believe it's an important area to focus on in looking to unlock low-grade sulfide deposits where the technology might offer a different pathway to value. Very early days. There's plenty of technical and commercial work underway, there'll be some very clear milestones before any material capital commitment. Non-M&A remains, of course, one potential route for growth in critical minerals, aligns with our strategy, we remain highly selective and disciplined.

Speaker #2: And so, as we work through proving that out and demonstrating understanding of its economic potential, we'll provide more updates. But we believe it's an important area to focus on in looking to unlock low-grade sulfide deposits, where the technology might offer a different pathway to value.

Speaker #2: It's very early days—there's plenty of technical and commercial work underway, and there will be some very clear milestones before any material capital commitment. On M&A, it remains, of course, one potential route for growth in critical minerals.

Speaker #2: Aligned to that strategy, we remain highly selective and disciplined. We'll only pursue opportunities where there is a strategic fit, a distinctive IGO advantage, and where we bring real value to the table.

Ivan Vella: We'll only pursue opportunities where the strategic fit is distinctive to IGO advantage, where we can bring real value to the table, as you'd expect, disciplined capital allocation. Nothing's changed in this space since I joined the business two and a half years ago. In summary, FY26 finished strongly and leaves IGO positioned well, stronger, simpler, and in better shape looking forward to the future. Our safety performance continued to improve through the year, of course, correlates or mirrors very well with the kind of production and operating performance that we've demonstrated at Nova. It's delivered ahead of production guidance and below cost guidance for the period where the challenge was only greater as we moved into the final stages of mining for the ore body.

Speaker #2: And as you'd expect, disciplined capital allocation—nothing's changed in this space since I joined the business two and a half years ago. So, in summary, FY26 finished strongly and leaves IGO positioned well.

Speaker #2: Stronger, simpler, and in better shape looking forward to the future. Our safety performance continued to improve through the year, and of course, correlates or mirrors very well with the kind of production and operating performance that we've demonstrated at Nova.

Speaker #2: It’s delivered ahead of production guidance and below cost guidance for the period, where the challenge was only greater as we moved into the final stages of mining.

Speaker #2: For the whole body, and we announced the divestments at Global Lithium. Obviously, with no care or maintenance, no overlap, and no increased costs carried as we look forward.

Ivan Vella: We announced the divestment of Global Lithium, obviously with no share maintenance, no overlap, no increased costs carried as we look forward. Greenbushes has delivered a stronger final quarter, supported by the CGP3 ramp-up, strong pricing, an 18% EBITDA margin. Plenty more to do, as we've talked about, it's nice to see a better quarter and some real improvements starting to flow through the operations. IGO, as Ian called out, has ended the year with net cash AUD 387 million. Plenty of work to continue doing. We've got a very focused business, continuing to look through those few challenges that remain on our list, looking for the best pathways and opportunities for growth. With that, I'll turn it over to some Q&A.

Speaker #2: Greenwich has delivered a stronger final quarter, supported by the GDP3 ramp-up. Strong pricing and an 80% EBITDA margin. There's still plenty more to do, as we've talked about, but it's nice to see a better quarter and some real improvements starting to flow through the operations.

Speaker #2: And IGO, as Ian called out, has ended the year with net cash of $387 million. So, plenty of work to continue doing. We've got a very focused business.

Speaker #2: Continuing to look through those few challenges that are remaining on our list, and then looking for the best pathways and opportunities for growth. With that, I'll turn it over to some Q&A.

Operator: Thank you. If you would like to ask a question via the phone, you'll need to press the star key followed by the number one on your telephone keypad. If you would like to cancel your request, please press star two. Management kindly ask that you please limit your questions to one per person and then rejoin the queue for any follow-up questions. Your first question today comes from Hugo Nicolaci from Goldman Sachs. Please go ahead.

Speaker #3: Thank you. If you would like to ask a question via the phone, you only need to press the star key, followed by the number one on your telephone keypad.

Speaker #3: If you would like to cancel your request, please press star two. Management kindly asks that you please limit your questions to one per person, and then rejoin the queue for any follow-up questions.

Speaker #3: Your first question today comes from Hugo Nicolaki from Goldman Sachs. Please go ahead.

Speaker #4: Hello, morning. Ivan and Ian, thanks for the update this morning. Look, first of all, for me, just on the timing of cash flows between the lithium JVs, you've noted the cash that came out of Winfield in the quarter, also highlighting that CGP3 is restarting.

Hugo Nicolaci: Morning, Ivan and Ian. Thanks for the update this morning. Look, first one for me is on the timing of cash flows between the lithium JVs. You've noted the cash that came out of Windfield in the quarter, also highlighting that CGP3 is restarting. Your 2027 CapEx at Greenbushes is lower, and Kwinana year-on-year guidance is pretty similar. Is there any reason we should be aware of that the cash sweep mechanism from TLEA up to IGO shouldn't see that cash come through ahead of August?

Speaker #4: You're at $27 million capex at Greenbushes—it's lower—and Kwinana, year on year, your guidance is pretty similar. Is there any reason we should be aware of that the cash sweep mechanism from TLA up to IGO shouldn't see that cash come through ahead of August?

Speaker #2: Hugo, yeah, we look at this—great to see, obviously, with the market recovery in lithium and the cash starting to really build up rapidly in Talison and Windfield, for that stuff flowing through to shareholders.

Ivan Vella: Hugo, yeah. Look, it was great to see, obviously, with the market recovery in the end, the cash starting to really build up rapidly in Talison and in Windfield for that to start flowing through to shareholders. That's obviously very recent. Nice to see some cash flowing into TLEA. We'll obviously then take some decisions at the TLEA level. The board will consider that as we start to look forward and see how the market behaves. Yeah, there's nothing beyond that that I can comment on, and there's nothing more to share for other complications that you should consider. It's, I guess, obviously a function of that market recovery that we've all been pleased to see and are now starting to see that cash flow through.

Speaker #2: And that's obviously very recent. Nice to see some cash flowing into TLA. We'll obviously then take some decisions at the TLA level; the portal will consider that as we start to look forward and see how the market behaves.

Speaker #2: So yeah, there's nothing beyond that that I can comment on, and there's nothing more substantial or other complications that you should consider. I guess, obviously, it's a function of that market recovery that we've all been pleased to see.

Speaker #2: And now we're starting to see that cash flow through.

Speaker #4: Got it. Well, I'll wait for August then on that timing. And then just maybe one for Ian—just sort of picking through the Winfield cash flow a little bit more.

Hugo Nicolaci: Got it. I'll wait for August then on that timing then. Just maybe one for Ian, just sort of picking through the Windfield cash flow a little bit more. You made the comment around the receivables build. If we look at the cash balance you've reported the last couple of quarters, it does imply that there's a significant working capital piece or maybe it's tax in terms of that cash flow piece. Be able to just elaborate a bit more on what those moving pieces are and if we should see that working capital headwind unwind in the coming quarters and support, prices being equal, a bigger step-up in cash flow coming out of the Windfield JV?

Speaker #4: You made the comment around the receivables build. If we look at the cash balance you've reported the last couple of quarters, it does imply that there's a significant working capital piece, or maybe it's tax.

Speaker #4: In terms of that cash flow piece, could you elaborate a bit more on what those moving pieces are, and if we should expect that working capital headwind to unwind in the coming quarters, assuming prices remain equal?

Speaker #4: Is there a bigger step up in cash flow coming out of the Winfield JV?

Speaker #2: Yeah, as I said, as Ivan said, Hugo, we can't give you too many specifics, other than the working capital position is really strong. Trade receivables have gone up significantly at the Winfield level.

Ian Rowe: Yeah. As Ivan said, Hugo, we can't give you too many specifics other than the working capital position is really strong. Trade receivables have gone up significantly at the Windfield level, we do expect that cash to convert over the next quarter.

Speaker #2: So we do expect that cash to convert over the next quarter.

Speaker #4: Thanks, guys. I'll pass it on.

Hugo Nicolaci: Thanks. That's all for now.

Speaker #3: Thank you. Your next question comes from Mitch Ryan from Jefferies. Please go ahead.

Operator: Thank you. Your next question comes from Mitch Ryan from Jefferies. Please go ahead.

Speaker #5: Thank you, Ivan and Ian. My question is, how should we be thinking about the ramp-up profile of CGP from here, following the fire?

Mitch Ryan: Thank you, Ivan and Ian. My question is just how should we be thinking about the ramp-up profile of CGP from here following the fire? Maybe from a more granular perspective, what volumes are in the guidance for FY27 from CGP3?

Speaker #5: And maybe from a more granular perspective, what volumes are in the guidance for FY27 from CGP3?

Speaker #2: Thanks, Mitch. We obviously hope that it will ramp up very quickly to where it left off. It was performing extremely well, and there's no reason to expect it won't. Naturally, I can't sit here and make any guarantees until we see it start up.

Ivan Vella: Thanks, Mitch. We hope that it will ramp up very quickly to where it left off. It was performing extremely well, and there's no reason to expect it won't. Naturally, I can't sit here and make any guarantees until we see it start up. The team has done an outstanding job on that ramp-up. We're headed, before the fire or extremely good quarter. It was performing very strongly and well ahead of the plan and ramp-up curves that we would expect. We've indicated to get to 100% by the end of the calendar year. No change to that. There's nothing there that says we should be surprised, but I'm obviously not able to comment until we actually see it start up and how it behaves. One of the things I know the team was very focused on was getting, obviously, the recoveries completed as quickly as possible.

Speaker #2: But the team has done an outstanding job on that ramp-up. We were headed, before the fire, for an extremely good quarter. It was performing very strongly and well ahead of the plan.

Speaker #2: Ramp-up curves that you would expect. We've indicated we expect to get to 100% by the end of the calendar year, so no change to that. There's nothing there that says we should be surprised, but I'm obviously not able to comment until we actually see it start up and how it behaves.

Speaker #2: One of the things I know the team was very focused on was getting, obviously, the recoveries completed as quickly as possible—not just because we want the production, but because the longer the plant stands idle, the more potential for issues to emerge.

Ivan Vella: Not just because we want the production, but because the longer the plant stands idle, the more potential for issues to emerge. At seven weeks, they've obviously kept a close focus on the assets, made sure everything's healthy and ready, doing final checks at the moment. I guess we'll get back to it and hopefully start seeing some very strong production from August onwards.

Speaker #2: And so, with seven weeks, they've obviously kept a close focus on the assets, made sure everything's healthy and ready, and are doing final checks at the moment.

Speaker #2: So, I guess we'll get back to it and hopefully start seeing some very strong production from August onwards.

Speaker #5: Okay. Are you able to provide any of the metrics around what you were seeing before the fire—either volume, recoveries, or throughput?

Mitch Ryan: Okay. Are you able to provide any of the metrics around what you were seeing before the fire? Either volume recoveries, throughput?

Ivan Vella: Yeah. Well, I'm not going to give you specific numbers, but I can tell you, as I said, when I say well ahead of the ramp-up curve, and I think in the last quarter I said, we were in that final part of ramp-up, which always takes a bit longer. Basically, we had seen that plant demonstrate its potential recoveries, throughput, et cetera, very effectively. We're extremely pleased with that.

Speaker #2: Yeah. Well, I'm not going to give you specific numbers, but I can tell you, as I said, when I say we're well ahead of the ramp-up curve. I think in the last quarter I said we're in that final part of ramp-up, which always takes a bit longer, but basically, we have seen that plant demonstrate its potential, recoveries, throughput, etc.

Speaker #2: very effectively. So we're extremely pleased to have the Quick Panel online.

Speaker #5: Okay, thank you for taking my question today.

Mitch Ryan: Yeah. Thanks for taking my question today.

Speaker #2: Thanks, Mitch.

Ivan Vella: Thanks, Mitch.

Speaker #3: Thank you. Your next question comes from Austin Yun from Macquarie. Please go ahead.

Operator: Thank you. Your next question comes from Austin Yun from Macquarie. Please go ahead.

Speaker #6: Ivan and the team, just a question on the production profile. For financial year '27, should we anticipate lower volume in the next quarter given that you're going to restart CGP3?

Austin Yun: Morning, Ivan and the team. Just a question on the production profile for financial year 2027. Should we anticipate lower volume in the next quarter given that you're going to restart CGP3? Also, how are you progressing with the high-grade mining area? Any color would be very helpful. The reason why I'm asking is just because I think the market is going to be fairly tight in August and September. Keen to see if the operation has any plan to take advantage of rebounding lithium prices. Thank you.

Speaker #6: And also, how are you progressing with the hybrid mining area? Adding cattle will be very helpful. The reason why I'm asking is just because I think the market is going to be fairly tight in August and September.

Speaker #6: So, can you see if the operation has any plans to take advantage of the rebound in lithium prices? Thank you.

Speaker #2: Thanks, Austin. Thanks for the market forecast, Dave—it's great to hear. Certainly, we look forward to that. The start of the mine, as I said, I've been down there three times in the quarter.

Ivan Vella: Thanks, Austin. Thanks for the market forecast, too. It's great to hear. Certainly we look forward to that. The start of the mine, as I said, I've been down there three times in the quarter, and getting down there quite frequently, and I'm really pleased with the progress there. They are back into the high-grade core of the mine. They are being disciplined in how they provide feed to the ROM pads and the blending. We're seeing that obviously flow through and improve the performance in the plants. There's still work going on with recoveries. I was sure there'd be a question coming, I guess, without getting into too many specifics. It was great to see post-quarter. I was down there. There's some real improvement in CGP1, where they'd had some challenges that they got on top of and we're back on track, foot on recoveries.

Speaker #2: I'm getting down there quite frequently, and I'm really pleased with the progress there. They are back into the high-grade four of the mine. They are being disciplined in how they provide feed to the ROM pads and the blending.

Speaker #2: We're seeing that obviously flow through and improve the performance in the plants. There's still work going on with recoveries. I'm sure there'll be a question coming, I guess, so I won't get into too many specifics.

Speaker #2: It was great to see post-quarter, when I was down there, some real improvement in CGP1, where they'd had some challenges that they got on top of and were back on foot on recoveries.

Speaker #2: But getting back to your point on the high-grade four—look, they're there now. That pushback's complete, and they're in a good place looking forward.

Ivan Vella: Getting to that key point on the high-grade ore, look, they're there now. That pushback's complete and they're in a different place looking forward. In terms of production performance, the team, they'll produce everything they can and continue to drive that asset to its full potential. Our guidance indicates, based on the plans that we have from Talison, what we expect to be in is an appropriate range. As we see more from that improvement program, we can obviously then tighten or revise that as needed. At this point, that's I guess what we think makes sense for a price point setter.

Speaker #2: In terms of production performance, I mean, the team—they'll produce everything they can and continue to drive that asset to its full potential. Our guidance indicates what, based on the plans that we have from Taliesin, we expect to be in an appropriate range.

Speaker #2: And as we see more from that improvement program, we can obviously then tighten or revise that as needed. But at this point, that's, I guess, what we think makes sense for FY27.

Speaker #3: Thank you. I'll pass it on.

Austin Yun: Thank you. I'll pass now.

Speaker #5: Thank you. Your next question comes from Daniel Morgan from Baron Joey. Please go ahead. Hi, Ivan. Just looking to expand on the shuts and rectifications that I guess the team is planning at Greenbushes.

Operator: Thank you. Your next question comes from Daniel Morgan from Barrenjoey. Please go ahead.

Daniel Morgan: Hi, Ivan. Just looking to expand on the shuts and rectifications that I guess the team is planning at Greenbushes. Are they concentrators non-CGP3? Just what is the timing and what would success look like from those? Thank you.

Speaker #5: Is it the other concentrators, non-CGP3? Just, what is the timing, and what would success look like from those? Thank you.

Speaker #2: Dan, can you just clarify—are you talking about improvements in general, or when you say shutdowns? I mean, they're on a normal shutdown cycle. There's nothing new or special coming up in the plan.

Ivan Vella: Dan, can you just clarify? Are you talking about just improvements in general or when you say shutdowns, they're on a normal shutdown cycle. There's nothing new or special coming up in the plan beyond the normal cycle. I think maybe just if you can clarify your question.

Speaker #2: Beyond the normal cycle, I think maybe just you can clarify your question.

Speaker #5: Yeah, sorry. I think in the release you were referring to taking a lot of the learnings from CGP3 and then applying them to the other concentrators. I mean, obviously CGP3 has ramped up well.

Daniel Morgan: Yeah, sorry. I think in the release, you were referring to taking a lot of the learnings from CGP3 and then applying them to the other concentrators.

Ivan Vella: Oh, okay

Daniel Morgan: CGP3 has ramped up well.

Speaker #2: Yeah, sorry, Dan. That makes sense. Look, I was really referring to the course fire as that investigation's pleaded. There will be a suite of learnings, and they're hard ones.

Ivan Vella: Yeah, sorry, Dan. No, that makes sense. Yeah, look, I was really referring to the cause of the fire. As that investigation's completed, there will be a suite of learnings and they're hard ones. It's really difficult to see that kind of impact on our asset. Ultimately, there'll be a set of learnings that we want to make sure are rolled right back through the entire site. Obviously, in particular, the other plants.

Speaker #2: It's really difficult to see that kind of impact on our asset. But ultimately, there will be a set of learnings that we want to make sure are rolled right back through the entire site.

Speaker #2: Obviously, in particular, the other plants.

Speaker #5: And just on the dividend decision made at the windfield level, can you provide any insight into what was factoring into the magnitude of that dividend and what the right should we take this as a proportion of free cash flow is sort of a go forward rate from windfield or is there what other considerations were made in the windfield dividend decision?

Daniel Morgan: Just on the dividend decision made at the Winfield level. Can you provide any insight into what was factoring into the magnitude of that dividend? Should we take this as a proportion of free cash flow as sort of a go forward rate from Winfield or what other considerations were made in the Winfield dividend decision? Thank you.

Speaker #5: Thank you.

Speaker #2: Okay. There's a very structured capital framework that we apply at Windfield. The board receives a recommendation from Taliesin based on their debt. I won't go through the list.

Ivan Vella: Okay. There's a very structured capital framework that we apply at Winfield. The board receives a recommendation from Talison based on their debt. Well, I won't go through the list. You guys know the kind of pieces we take into account, and that recommendation was accepted by the board. We'll obviously continue to see that quarter on quarter. With the kind of price environment, we expect to see very strong cash generation and flow from the asset. That was basically the first big check that Winfield's cut for a while. It was great to see that as highlighted by the 15 on CCB build in receivables, working capital position, which is no surprise as the price rolls through. Of course, that hits the point where that just turns into cash and starts to flow quarter on quarter.

Speaker #2: You guys know the kind of pieces we take into account, and that recommendation was accepted by the Board. We'll obviously continue to see those quarter-on-quarter.

Speaker #2: It's the kind of price environment where we expect to see very strong cash generation and flow from the asset. So that was basically the first big check that Windfield's cut for a while.

Speaker #2: It was great to see that. As the inside post, we've seen, obviously, significant building of receivables in the working capital position, which is no surprise, just as the price rolls through. And, of course, that gets to a point where that turns— it just turns into cash and then starts to flow quarter on quarter.

Speaker #2: The and I'm preempting the other question you might be contemplating or someone else is and that's around the debt windfield. And that's something that the board will always consider and look at swap to mines at this point.

Ivan Vella: I'm preempting the other question you might be contemplating or someone else is, and that's around the debt at Winfield, and that's something that the board will always consider and look at to optimize. At this point, we feel pretty comfortable with the level, but that's something we'll consider as things progress and we see how the market evolves.

Speaker #2: We feel pretty comfortable with the level, but that's something we'll consider as things progress and as we see how the market evolves.

Speaker #5: Okay. Thank you, Ivan, for your perspectives.

Daniel Morgan: Okay. Thank you, Ivan, for your perspectives.

Speaker #2: Thanks, Dan.

Ivan Vella: Thanks, Dan.

Speaker #5: Thank you. Once again, if you would like to ask a question, please press star one on your telephone and wait for your name to be announced.

Operator: Thank you. Once again, if you would like to ask a question, please press star one on your telephone and wait for your name to be announced. Your next question comes from Ben Lyons from Jarden Securities Limited. Please go ahead.

Speaker #5: Your next question comes from Ben Lyons from JARDA Securities Limited. Please go ahead.

Ben Lyons: Thank you. G'day, Ivan. Just like to press a little bit further on Hugo's initial question, please, just noting that about AUD 200 million is going to drop in the TLEA tin this time around. I'm just really interested in what the IGO position is as you head into that TLEA board meeting. You've essentially flagged flat CapEx guidance at Kwinana clearly we're not facing into a massive capital-intensive rebuild of the refinery. Those operating guidance metrics that you've provided also imply reduced cash burn at Kwinana as well. I would have thought there's a very high probability that TLEA distributes to the IGO bank account this time around. Just interested in your perspectives as you head into that meeting. Thank you.

Speaker #6: Thank you, Ivan. I’d just like to press a little bit further on your initial question, please. And just noting that about $200 million is going to drop in the TLEA 10 this time around.

Speaker #6: I'm just really interested in what the IGO position is. Is it heading to that TLEA board meeting? You've essentially flagged flat capex guidance at Kwinana and, yeah, so clearly we're not facing into a massive capital-intensive rebuild of the refinery.

Speaker #6: And those operating guidance metrics that you've provided also imply reduced cash burn at Kwinana as well. So I would have thought there's a very high probability that TLEA distributes to the IGO bank account this time around.

Speaker #6: Just interested in your perspectives as you head into that meeting. Thank you.

Speaker #5: Yeah, thanks, Ben.

Ivan Vella: Yeah. Thanks, Ben. They're all valid observations as you look through the accounts and the performance. Then, we'll take that through some close consideration with the board. I can't, at this point, signpost our dividend position from TLEA. Got to step through and consider. The one piece that you probably didn't mention, which we've always got to contemplate, is what the forward market looks like as well and our confidence in that. There's a lot of volatility in lithium. We've seen probably even more so in the equities than the actual underlying market. Plenty to take into account and at that next board meeting, no doubt that'll be a topic of discussion.

Speaker #2: Look, all valid observations as you look through the accounts and the performance. And then we'll take that through some close consideration with the Board.

Speaker #2: I can't, at this point, signpost our dividend position from TLEA. If I step through and consider—and the one piece that you probably didn't mention, which we've always got to contemplate—is what the broader market looks like as well.

Speaker #2: And I'm confident in that. There's a lot of volatility in lithium. We've seen probably even more so in the equities than in the actual underlying market.

Speaker #2: But plenty to take into account, and at that next board meeting, no doubt that'll be a topic of discussion.

Speaker #6: Cool. Thank you. And maybe just flipping back to the Taliesin level. Still waiting for an unwind of the concentrate inventories from Greenbushes and sort of keep pushing it out, quarter on quarter.

Ben Lyons: Well, thank you. Maybe just looping back to the Talison level. Still waiting for an unwind of the concentrate inventories from Greenbushes and sort of keep pushing it out quarter-on-quarter. This question gets asked every quarter, I guess. Is there any reason why there's a surplus of concentrate being held at site or at the port? Is there ongoing port congestion or should we just eventually expect those concentrate inventories to unwind? Thanks, mate.

Speaker #6: This question gets asked every quarter, I guess. But should we just explain—is there any reason why there's a surplus of concentrate being held at site or at the port?

Speaker #6: Is there ongoing port congestion, or should we just eventually expect those concentrate inventories to unwind? Thanks, mate.

Speaker #2: Yeah, it's more just the flow of production than, for the port, does present challenges for the team time and time again. It is congested, there are challenges there, and they continue to work to optimize that.

Ivan Vella: Yeah, I think it's more just the flow of production, Ben. The port does present a challenge for the team time and time. It is congested. There are challenges there and the continual work to optimize that as we ramp up production further, not just CGP3, the other productivity initiatives, that's only going to get harder. There is a stream of work focused on that as part of the broader SoR. There's no intention to hold inventory, of course. Every ton we can get out shipped, we see to it. Given the overall FY26 performance was below the production plan and the guidance, you can imagine our customers, CLC and other miners, are feeling that. They're calling for that production. There's no sort of hold back. Question of just getting logistics to work and get as much out as possible.

Speaker #2: And as we ramp up production further—not just for CGP3, but also the other productivity initiatives—that's only going to get harder. So there is a stream of work focused on that as part of the broader SOR.

Speaker #2: There's no intention to hold inventory, of course. Every tonne we can get out on ship, we see to it, given the overall FY26 performance was below the production plan and the guidance. You can imagine our customers are still seeing, or at least feeling, that.

Speaker #2: So, they're calling for that production—there is no sort of holdback. It's a question of just getting logistics to work and getting as much of that as possible.

Speaker #6: Okay, that's clear. Thanks very much for taking my questions. Thanks, Ivan.

Ben Lyons: Okay. That's loud and clear. Thanks very much for taking my questions. Thanks, Simon.

Speaker #2: Thanks, Ben.

Ivan Vella: Thanks, Ben.

Speaker #5: Thank you. Your next question comes from Levi Spry from UBS. Please go ahead.

Operator: Thank you. Your next question comes from Levi Spry from UBS. Please go ahead.

Speaker #7: Good day, Ivan. Just wondering about some of the longer-term plans. Is Greenbushes, including you, sort of planning on releasing the optimized long plan in September?

Levi Spry: G'day, Owen. Just wondering about some of the longer-term plans at Greenbushes, including are you still sort of planning on releasing the optimized long plan in September?

Speaker #2: You just broke up a little bit there, Levi, talking about the lifeline optimization SOR work.

Levi Spry: You just broke up a little bit there, Levi, talking about sort of the life of mine optimization, SoR work.

Levi Spry: Yeah, just wondering if you're still planning on releasing some of the longer-term metrics and some of the optimized life plan, as per earlier guided to in September.

Speaker #7: Yeah, just wondering if you're still planning on releasing some of the longer-term metrics and some of the optimized life plan, as per the earlier guide to in September.

Speaker #2: Yeah. Look, we continue to be eager to do that. I want to be in a position, and I think, ideally, have Rob—obviously, as the CEO of Taliesin—standing up and sharing more about the business.

Ivan Vella: Yeah, look, we continue to be eager to do that. I want to be in a position and I think ideally have Rob, obviously, as the CEO of Talison, standing up and sharing more about the business. I think that's something that's getting welcomed and valued by our investors and analysts. The work's continuing. As I said, they did make very good progress on the mine in the quarter. Some of the other work is slow a bit due to the fire and other issues they're working through. Look, as soon as we've got something finalized through the board in a position, packing staff, we'll be looking to find a way to get that out to the market. I know how valuable that will be, so you can get a longer-term view of what's coming in the asset. Yeah.

Speaker #2: I think that's something that's going to be welcomed and valued by our investors and analysts. The work's continuing, as I said. They did make very good progress on the mine in the quarter.

Speaker #2: Some of the other work did slow a bit during the fire and other issues they're working through. But look, as soon as we've got something finalized through the Board in a position, package stuff, we’ll be looking to find a way to get that out to the market.

Speaker #2: I know how valuable that will be, so you can get a longer-term view of what's coming in the asset. So, yeah, no, I guess to be really clear, there's no pullback sign or pulling away.

Ivan Vella: I guess to be really clear, there's no pullback, slowing away. That's a critical stream of work. It's got significant resource and focus on it, and I think very important for us to finalize and get out for you so that you can build out a fuller view of the potential of Greenbushes.

Speaker #2: That's a critical stream of work. It's got significant resources focused on it, and I think it's very important for us to finalize and get out to you, so that you can build out a fuller view of the potential of Greenbushes.

Speaker #7: Thanks, Ivan.

Levi Spry: Thanks, Owen.

Speaker #5: Thank you. Your next question is a follow-up from Hugo Nicolaki from Goldman Sachs. Please go ahead.

Operator: Thank you. Your next question is a follow-up from Hugo Nicolaci from Goldman Sachs. Please go ahead.

Speaker #7: Oh, thanks. I was taking the follow-up. Just firstly, Greenbushes capex into FY27—obviously, a bit of a step down. Appreciate things like water and tailings are going to be lumpy, but can you maybe step us through a little bit more what is in that guidance for '27? And should we expect a step up in that tailings and water work then in FY28?

Hugo Nicolaci: Thanks for taking the follow-up. Just firstly, Greenbushes CapEx into FY2027, obviously there's a step down. Appreciate things like water and tailings are going to be lumpy, can you just maybe step us through a little bit more what is in that guidance for 2027? Should we expect a step up in that tailings and water work then in FY2028?

Speaker #5: Yeah, Hugo, can't give you a detailed breakdown, but look, a lot of it is just the normal front-of-mill sustaining and improvement capex, tailings continuing.

Ivan Vella: Yeah, Hugo. I can't give you a detailed breakdown. Look, a lot of it is just the normal run of mill sustaining and improvement CapEx. Tailings is continuing. I was walking out on TSF four weeks ago when I was down there. That work will continue through this quarter. As an example, there's some work on some of the water dams as well for storage. I think one of the key things, though, profile will move period to period. As we signpost with the significant update to the life of mine, ORE, MRE in January, February this year, the steeping of the pit wall, the reducing of strip costs is going to start to flow through. If you look under the covers in the FY2027 period, you see a big step down in the deferred waste.

Speaker #5: I was walking out on TSF4 two weeks ago when I was down there. That work will continue through this quarter. As an example, there's some work on some of the water tanks as well for storage.

Speaker #5: I think one of the key things though that we'll and we'll profile will move period to period, but as we sign post with the significant update to the life of mine, ORE, MRE in January, February this year, the steepening of the pit walls, the reducing of strip, of course, is going to start to flow through and if you look under the covers in the FY27 period, you see a big set down in the deferred waste.

Speaker #5: Now, ultimately, what I'm focused on is seeing that mine productivity coming. I want to see them getting the very best out of the assets—top performance, very, very strong controls around drilling, glass, geotech, disciplines, etc.

Ivan Vella: Now, ultimately, what I'm focused on is seeing that mine productivity coming. I want to see them getting the very best out of the asset. Top performance. Very, very strong control around drill and blast, geotech disciplines, et cetera. Where that's accounted for between OpEx and CapEx, I'm probably a little less focused. What we want to see is great outputs and performance. With that strip coming off, you can imagine that our deferred waste allocation is coming off significantly. We're starting to see that flow through. Then, you stand back and start looking at the all-in sustaining costs of Greenbushes. It's phenomenal. It really is. This is where the strength of this asset shines out in comparison to all of its peers in the hard rock world. There's just no other close.

Speaker #5: And where that's accounted for between opex and capex, I'm probably a little less focused. What we want to see is great outputs and performance, but with that strip coming off, you can imagine that our deferred waste allocation is coming off significantly.

Speaker #5: We're starting to see that flow through. And then I think you stand back and start looking at the all-in sustaining costs of Greenbushes. It's anonymous.

Speaker #5: It really is. And this is where the strength of this asset shines out in comparison to all of its peers in the hard rock world.

Speaker #5: There's just no one close, and I think that's only going to get better with the improvements in productivity uplift that's coming. It continues to push Greenbushes.

Ivan Vella: I think that's only going to get better with the improvements for activity uplift that's coming. It continues to push Greenbushes. Yes, they've had some setbacks. Yes, as I've said, tough quarter last quarter with delivery downgrade and guidance. This is the sort of worth improvement in performance there is no back off on that. As they deliver that, I think continues to position Greenbushes as one of the most competitive sources of lithium units in the world, regardless of the nature of production, be it brine or other ones.

Speaker #5: Yes, they've had some setbacks. Yes, as I've said, it was a tough quarter last quarter to deliver a downgrade on guidance. But this is the sore tooth of improvement and performance.

Speaker #5: There is no back-off on that. And as they deliver that, I think it continues to position Greenbushes as one of the most competitive sources of receiving units in the world, regardless of the nature of production—be it brines, sub-rock, or otherwise.

Speaker #7: Got it. Thanks for that, Ivan. And then just maybe one on the sale of Nova. Just sort of working through that one for my benefit a little bit—look, I appreciate, obviously, there are a lot of provisions there.

Hugo Nicolaci: Got it. Thanks for that, Ivan. Just maybe one on the sale of Nova, and just sort of working through that one for my benefit a little bit. I appreciate obviously a lot of provisions there. I think, your December half year, you had about AUD 120 million of provisions on the balance sheet. You've added a little bit to that today, selling it for AUD 7 million, so call it sort of AUD 130 million of sort of enterprise value there. It seems like a lot of infrastructure that, the replacement value of a number of just those components would be considerably higher than that. Appreciate, it's only worth what someone's prepared to pay for it seems like, a relatively low value to realize.

Speaker #7: I think your December half-year, you had about $120 million of provisions on the balance sheet. You've added a little bit to that today.

Speaker #7: But selling it for $7 million, so call it sort of $130 million of enterprise value there. It seems like a lot of infrastructure, and the replacement value of a number of just those components would be considerably higher than that.

Speaker #7: I appreciate it’s only worth what someone’s prepared to pay for it, but it seems like a relatively low value to realize. Are you able to just comment on maybe some of the other liabilities there, or why sell it for what I perceive to be a relatively low value versus the installed asset base?

Hugo Nicolaci: Yeah, just comment on maybe some of the other liabilities there or sort of why sell it for what I perceive to be a relatively low value versus the installed asset base.

Speaker #5: Let me throw that one to Ian. He actually ran that transaction, which is great. He did that in his spare time, and he can talk you through the background and logic there. So you guys have a great question.

Ivan Vella: Let me throw that one to Ian. He actually ran that transaction, which is great. Sort of, did that in his spare time, and he can talk you through background and logic there, Hugo. It's a great question.

Speaker #2: Yeah, thanks, Hugo. Obviously, you called out the headline consideration, which is $7 million for us. It's a share transaction, so we're selling the Nova NC, including all the representation obligations that go with that.

Ian Rowe: Yeah. Thanks, Hugo. Obviously, you called out the headline consideration, which was AUD 7 million. For us, it's a share transaction, so we're selling the Nova entity, including all of the representation and obligations that go with that. I think we noted in the quarterly that the balance attributable to Nova at 30 June is roughly AUD 17 million. For us, we obviously explored a number of opportunities, options for that asset, including moving the plant, which you pointed to. Frankly, this is the best overall value from this ratio, by the time new customers dismantle the plant and move it elsewhere. It sort of cents in the dollar, so I think it's a great outcome for IGO and for our people.

Speaker #2: I think we've managed quarterly that the balance attributed to Nova 30 juniors is roughly $70 million. For us, we obviously explored a number of opportunity options for that asset, including moving the plants which you pointed to.

Speaker #2: And frankly, this is the best overall value from this ratio by the time your customers dismount to the plant and move it elsewhere. It sort of sets in the dollar shape.

Speaker #2: Look, it's a great outcome for IGO, for our people. And the fact that we'll be able to complete that transaction as soon as possible after the completion of mining operations means that we can, I guess, reduce the ongoing cost base there and focus on growth.

Ian Rowe: The fact that we'll be able to complete that transaction as soon as possible after the completion of mining operations, means that we can, I guess, reduce the ongoing cost base there and focus on growth.

Speaker #5: I'd just add a couple of additional points. I mean, part of it is also ensuring we've got a very credible counterparty to take on those obligations.

Ivan Vella: I'd just add a couple of additional points. Part of it is also ensuring we've got a very credible counterparty to take on those obligations. That's something we looked at carefully and I'm glad with Lithium we'll get full value from the assets. To your point, they are only 10 years old, they're a fantastic asset, and I'm sure they will serve them very well. That closed up liability and requirement, that future work, we want to ensure that dealt with professionally. We did a lot of work on the closure planning, so that's an important part of the decision. I think the other factor to take into account, Hugo, is the location of Nova. It is very remote from a lot of our mines, WA and Resources, which makes it more challenging.

Speaker #5: That's something we looked at carefully, and I think Global Lithium will get full value from the assets. To your point, they are only 10 years old.

Speaker #5: They're fantastic assets, and I'm sure all that will serve them very well. But that closure liability and requirement for future work—we want to ensure that that's dealt with professionally.

Speaker #5: We did a lot of work on the closure planning, and so that's an important part of the decision. I think the other factor to take into account, Hugo, is the location of Nova.

Speaker #5: It is very remote from a lot of other mines in WA—resources—which makes it more challenging. If you had transplanted that into the middle of the Goldfields or in the Pilbara, then yeah, sure, it could be a very different story.

Ivan Vella: If you had transplanted that into the middle of the Goldfields or Pilbara, yeah, sure, it could be a very different story. Given where it was, I think this is an outstanding outcome for IGO. We've avoided any terminations, any holding costs. We literally wrap up production, take the concentrate, and then finalize the transaction, within days. It's about as optimized as I think we could ever expect. I was really pleased, what Ian and the team achieved there. Something to be very proud of.

Speaker #5: But given where it was, I think this is an outstanding outcome for IGO. We've avoided any care and maintenance; that's any holding cost. We literally wrap up production and take the concentrate and then finalize the transaction within days.

Speaker #5: So it's about as optimized as I think we could ever expect. I was really pleased with what Ian and the team have achieved there. It's something to be proud of.

Speaker #7: Yep, got it. That's clear. Obviously, the remoteness is having a big impact there. And then just lastly, if I can here, could you give a sense of the timeline for when we should maybe start to see some of the drilling and exploration activities come through at Cosmos and some of these other assets over the rest of FY27?

Hugo Nicolaci: Yep. Got it. That's clear. Obviously, the remoteness making a big impact there. Just lastly, if I can here, just give a sense of the timeline where we should maybe start to see some of the drilling and exploration pieces come through at Cosmos and some of these other assets over the rest of FY27.

Speaker #2: Sure. Yeah, great question. There's drilling happening right now at Cosmos, which is good. So they've been in there for a couple of weeks. Assays are due in soon, which will be interesting.

Ivan Vella: Sure. Yeah, great question. There's drilling happening right now at Cosmos, which is good. They've been in there for a couple of weeks. Assays are due in soon, which will be interesting. There's some drilling up in the Kimberley, which will start as soon as final heritage clearances. There's a number of projects internationally that we're working through, and I'd expect those to all start to see exploration standing the ground through FY27. As I said, predominantly focused on copper for that work. Quite a big shift in approach for exploration. We have a deep capability in our organization. I mean, absolutely outstanding technical capability. We have really reset the whole strategy and approach, and we are pursuing areas where there is basically no mineralization or very, very high prospectivity.

Speaker #2: There's some drilling up in the Kimberleys, which will start with finalizing heritage clearances. And there are a number of projects internationally that we're working through.

Speaker #2: And I'd expect those to all start to see exploration spend in the ground through FY27. As I said, predominant focus on copper for that work.

Speaker #2: And quite a big shift in approach for exploration. We have a big capability in our organization, I mean absolutely outstanding technical capability, but we have really reset the whole strategy and approach.

Speaker #2: And we are pursuing areas where there is basically no mineralization or very, very high-cost activity. As I said, strong focus on copper. And of course, some jurisdictions where we expect that we can turn that into a mine, which is about just trying to find a resource and then figure it out later.

Ivan Vella: As I said, strong focus on copper and, of course, some jurisdictions where we accept that we can turn that into a mine. This isn't about trying to find a resource and then figure it out later. We're thinking through these projects from start to finish before we start committing any capital towards them. As we get further into that program, I'll definitely report more and maybe get John or Pilbara to do exploration coming and provide a deeper dive on them. Be nice to not just talk about Kwinana and, as much as I love Greenbushes and all its improvements, it'd be good to pick up another key thread as part of our business and our growth agenda.

Speaker #2: So we're thinking through these projects from start to finish before we start committing any capital towards them. And as we get further into that program, I'll definitely report more and maybe get John and Gilroy to explore and come in and provide a deeper dive on them.

Speaker #2: It'd be nice to not just talk about canon, and as much as I love green juices, I want to see improvement. But it'd be good to pick up another gift thread as part of our business and our growth agenda.

Speaker #7: Got it. So this is a high level, then. Should we expect exploration to step up in FY27 versus the, I think, $33 million spent in '26?

Hugo Nicolaci: Got it. This is a high level then. Should we expect exploration to step up in FY27 versus the, I think, AUD 33 million spent in 2026?

Speaker #2: No, look, our guidance remains 35 to 40. We think that's an appropriate amount of allocation. From our balance sheet, actually, we will continue to try and turn phenomena over and draw value from it.

Ivan Vella: No, look, our guidance remains 35 to 40. We think that's an appropriate amount of allocation from our balance sheet. Naturally, we will continue to try and turn the tenement over and draw value from it. In other words, we're not saying that we should draw that much off the balance sheet, but that's the envelope that we've allocated. We think that's appropriate for our business, for the targets, the direction we're taking. Naturally, if we do hit significant mineralization, then we might take the decision to allocate more. That's something we go through with the board carefully. At this point, yeah, just roll forward that 35 to 40. We think that's the right envelope.

Speaker #2: So, in other words, we're not saying that we always should draw that much off the balance sheet, but that's the envelope that we've allocated.

Speaker #2: We think that's appropriate for our business, for the targets, the direction we're taking. Naturally, if we do hit significant mineralization, then we might take the decision to allocate more.

Speaker #2: And that's something we go through with the Board carefully. But at this point, yeah, just roll forward that 35 to 40. We think that's the right envelope.

Speaker #7: Cool. Thanks, guys. I appreciate the follow-ups.

Hugo Nicolaci: Cool. Thanks, guys. Appreciate the follow-up.

Speaker #2: Thanks, Hugo.

Ivan Vella: Thanks, Hugo.

Speaker #1: Thank you. Your next question comes from Andrew Harrington from Petra Capital. Please go ahead.

Operator: Thank you. Your next question comes from Andrew Harrington from Petra Capital. Please go ahead.

Speaker #5: Thank you. Modern Dents. My questions were all around the exploration work and the spend, so I've answered most of those. I have two—can you add more color into the projects and locations that you will be focusing on?

Andrew Harrington: Thank you. Morning, gents. My questions were all around the exploration work and the spend, so you've answered most of those. Perhaps you can add more color into the projects or locations that you can be focusing on other than Cosmos?

Speaker #5: Other than Cosmos, yeah, I'd love to. I won't yet because we're not quite there to announce all of those things. They are exciting, and if you start to think about major copper belts where we could expect to be targeting considerable copper mineralization, it's most likely not Australia.

Ivan Vella: Yeah, I'd love to. I won't yet because we're not quite there to announce all of those things. They are exciting and if you start to think about major copper belts, where we could expect to be targeting considerable copper mineralization, it's most likely not Australia. That's the hard news, I guess. There isn't a lot of ground in this country. Where there is good, it's generally held very tightly by other players. I'm not trying to avoid the question, I just can't be too specific yet. There's one area that we're focusing on in Australia that we think offers some opportunity, and the rest is international. The one that we have announced so far is Forest Hills in Arizona, and we expect drilling to start this year on that. We have a number of very interesting targets there that the team has worked through.

Speaker #5: And then it's the hard news, I guess. There isn't a lot of ground in this country where there is good. It's certainly held very tightly by other players.

Speaker #5: I'm not trying to avoid the question. I just can't be too specific yet. There's one area that we're focusing on in Australia that we think offers opportunity.

Speaker #5: And the rest is international. The one that we have announced so far is, of course, Copper Wolf in Arizona. And we expect drilling to start later this year on that.

Speaker #5: We have a number of very interesting targets there that the teams are working through. We completed the transaction recently to take 100% of that tenement package.

Ivan Vella: We completed a transaction recently to take 100% of that tenement package and I really look forward to seeing the results there.

Speaker #5: And I really look forward to seeing the results there.

Andrew Harrington: Will anything be spent on lithium exploration?

Speaker #3: And Rube, has anything been spent on lithium exploration?

Speaker #5: Yeah, possibly. I mean, we've continued to work through some clearances and some targets in the Cosmos tenement package, and also foresting. There are clear indications of pigment sites in the area.

Ivan Vella: Yeah. Possibly. We've continued to work through some clearances and some targets in the Cosmos tenement package and also Forrestania. There are clear indications of pegmatites in that area and obviously with Cosmos, you've got Kathleen Valley, which is an amazing body just to the north of it. We're just stepping through the process to get clearances and then prioritize our drilling accordingly, as we go.

Speaker #5: And if you look at Cosmos, you've got Kathleen Valley, which is an amazing oddity just to the north of it. But we're just going through the process to get clearances and then prioritize our drilling accordingly.

Speaker #5: As we go.

Speaker #3: Okay.

Speaker #5: There are also some tenements in the Northern Territory, which have also had some focus. The team's continuing to work through their data and look to see if there are any further targets they want to put drilling into through FY27.

Andrew Harrington: Okay.

Ivan Vella: There's also some tenements in the Northern Territory which have also had some focus, and the team's continuing to work through their data and look to see if there's any further targets they want to put drilling into through FY27. Lithium's far from off the agenda. It's just continuing to be very surgical where we place the money in exploration.

Speaker #5: So look, lithium's far from off the agenda. It's just continuing to be very surgical where we place the money in exploration.

Speaker #3: Cheers. Thank you.

Andrew Harrington: Cheers. Thank you.

Speaker #1: Thank you. Your next question is a follow-up from Austin Young from Macquarie. Please go ahead.

Operator: Thank you. Your next question is a follow-up from Austin Yun from Macquarie. Please go ahead.

Speaker #5: Thank you. Ivan, just a quick one on the downstream. So, in the last 12 months, we can all see the value is accruing at the upstream.

Austin Yun: Thank you, Ivan. Just a quick one on the downstream. In the last 12 months, we can all see the value is accruing at the upstream. Seem to understand, given you have additional work planned for Kwinana, have there been any progress on how to approach this project, given your discussion and meeting with your joint partners? Thank you.

Speaker #5: Keen to understand, given you have additional work planned for Quintana, has there been any progress on how to approach this project, given your discussion and meeting with your chief partners?

Speaker #5: Thank you.

Speaker #7: Yeah. You're really quiet there, Austin. I think, talking to projects folks for Quintana, the shutdown that we saw in the June quarter, and then work continuing now, was focused on three areas.

Ivan Vella: Yeah, you were a little bit quiet there, Austin. I think talking to projects and focus for Kwinana, the shutdown that we saw in the Q2 and then we're continuing now, was focused on three areas. Normal shutdown maintenance, routine maintenance. Secondly, improvements to lift the nameplate or lift the performance or approach to nameplate in the assets. Third, as we mentioned in the quarterly, was the gas treatment facility, which is an important requirement to make sure that we meet all of the environmental conditions in the operations of the future. That work will obviously close out with this current shutdown, and then we'll see how the assets are performing. The team at TLEA at Kwinana are naturally dedicated very heavily to deliver the best production performance that they can and are doing a great job stepping through those projects.

Speaker #7: Normal shutdown maintenance, routine maintenance. Secondly, improvements to lift the nameplate, or lift the performance or approach to nameplate, in the asset. And third—which we mentioned in the quarterly—was the gas treatment facility, which is an important requirement to make sure that we meet all of the environmental conditions.

Speaker #7: And the operations of the future, so that work will obviously close out with this current shutdown. Then we'll see how the asset is performing. The team at TLEA, at Quintana, are naturally dedicated—very heavily—to deliver the best production performance that they can.

Speaker #7: And doing a great job, seeing through those projects. Ultimately, that unfortunately does change the challenging economics for lithium refining in Australia. And that's not just a function of Quintana.

Ivan Vella: Ultimately, that unfortunately doesn't change the challenged economics for lithium refining in Australia. That's not a function of Kwinana. It's something that we all have to recognize. It's obviously been compounded recently with the increase in sulfur prices, other input costs. Ultimately, that's a broader piece of work for us to sort through.

Speaker #7: That's something we all have to recognize. It's obviously been compounded recently with the increase in sulfuric prices and other input costs. But ultimately, that's a broader piece of work for us to talk through.

Speaker #4: Yes, just on that point, I was keen to understand whether any progress has been made in terms of how you are approaching this project at the joint invention level.

Austin Yun: Yes. Just on that point, I was trying to understand any progress in terms of how you approach this project at the joint venture level has happened. Would you share it or any opportunity to hand it over? Have any of those been explored? Thanks.

Speaker #4: Would you share it, or is there any opportunity to hand it over? Have any of those been explored? Thanks.

Speaker #5: Austin, we continue to work through those questions and concerns with TLC, and nothing's changed from an IGO point of view. Our position remains consistent.

Ivan Vella: Austin, we continue to work through those questions and concerns with TLC. Nothing's changed from IGO's point of view. Our position remains consistent. We're just working through that respectfully with TLC to see what pathway can be achieved. We'll update you further once that work's complete.

Speaker #5: We're just working through that respectfully with TLC to see what pathway can be achieved, and we'll update you further once that work's complete.

Speaker #4: Thank you for that stuff.

Austin Yun: Thank you. Over, Oscar.

Speaker #5: Thanks, Austin.

Ivan Vella: Thanks, Oscar.

Speaker #1: Thank you. Your next question comes from Lyndon Fagan from JP Morgan. Please go ahead.

Operator: Thank you. Your next question comes from Lyndon Fagan from J.P. Morgan. Please go ahead.

Speaker #6: Good morning, Ivan. First question I had was just on Greenbushes grades. Why weren't they up more in the quarter? I thought we were expected to get a bit more of a recovery.

Lyndon Fagan: Good morning, Ivan. First question I had was just on Greenbushes grades. Why weren't they up more in the quarter? I thought we were expected to get a bit more of a recovery. The second one I had was just in terms of the tailings retreatment plant, in which year does it actually run out of tailings to treat and need to, I guess, have an investment to take ore?

Speaker #6: And then the second one I had was just in terms of the tailings retreatment plant. In which year does it actually run out of tailings to treat and need to, I guess, have an investment to take over?

Speaker #7: Okay. Thanks, Lyndon. On grades, first of all, we're back into that high-grade four. And what we're seeing is, I think, disciplined mining, disciplined management of the ore and feeds for each of the plants.

Ivan Vella: Okay. Thanks, Lyndon. On grades, first of all, we're back into that high grade 4 and what we're seeing is, I think, disciplined mining, disciplined management of the ROM feeds for each of the plants. We're now targeting the right grade for the right plant. You see a higher grade into CGP1. That's how it's designed and, still by industry standards, a very high grade into 2 and 3, but quite a step down. What we want to do is manage that feed and control that in a very disciplined manner. As you know, the reserve grade for life of mine, something we need to be conscious of. If we were to just continue to mine above that consistently, you can imagine that we grade 4 or later.

Speaker #7: And so we're now targeting the right grade for the right plant. You see a higher grade going into TGP1—that's how it's designed—and still, by industry standards, a very high grade going into TGP2 and TGP3.

Speaker #7: But quite a step down. What we want to do is manage that feed and control it in a very disciplined manner. As you know, the reserve grade for the life of mine is something we need to be conscious of.

Speaker #7: And if we were to just continue to mine above that consistently, you can imagine that you'd create a shortfall later. By starting to get this disciplined control into the mining sequence and the way that we create those ROM feeds, stockpiles, it allows us to balance and smooth out that performance through the operation.

Ivan Vella: By starting to get this discipline of control into the mining sequence and the way that we create those ROM feed stockpiles, allow us to balance and smooth out that performance through the operation. We're not looking to just throw the best high-grade material into plants just to try and hit a quarterly number, for example. Ultimately, I'm really pleased we're back in that high grade. We're managing it in a disciplined manner, and you should continue to see that run through the other production results looking forward. On tailings treatment facility, you probably can imagine that the grade has dropped off through, in, well, FY25 into FY26. It was really significant in the early days, above 1.4% lithium and it's down lower than that now.

Speaker #7: And we're not looking to just throw the best high-grade material in these plants just to try and hit a quarterly number, for example. So, ultimately, I'm really pleased we're back in that high grade.

Speaker #7: We're managing it in a disciplined manner, and you should continue to see that run through the production results looking forward. On the tailings retreatment facility, you probably can imagine that the grade has dropped off through FY25 into FY26.

Speaker #7: It was really significant in the early days. I think it was above 1.4% lithium, and it's down lower than that now. The team's still producing well from that asset.

Ivan Vella: The team is still producing well from that asset and they're continuing to study and assess the potential resource and how far we can extend that with the old tailings facilities at Greenbushes. At this stage, I think that will take us well into 2028. Until that work's finished, I can't give you a definitive answer. In parallel, the study work is then continuing to say what kind of crushing grinding capacity would you put in front of that facility to continue to leverage the flotation circuits and the production volume capacity that's there. Again, once that work's further progressed, I can give you an update. I think the takeaway is we're not expecting any dial back of those tonnes. I mean, it's a great facility.

Speaker #7: And there's continuing work to study and assess the potential resource and how far we can extend that with the old tailings facilities at Greenbushes.

Speaker #7: At this stage, I think that would take us well into '28. But until that work's finished, I can't give you a definitive answer. And in parallel, the study work is then continuing to say what kind of crushing and grinding capacity would you put in front of that facility to continue to leverage the flotation circuits and the production volume capacity that's there.

Speaker #7: Again, once that work's further progressed, I can give you an update. But I think the takeaway is we're not expecting any jobs out of those sums.

Speaker #7: I mean, it's a great facility. Maybe not as substantial as Chem 1, 2, and 3, but it still offers considerable production—valuable production capacity at the site.

Ivan Vella: Maybe not as substantial as chem 1, 2, and 3, but still offers considerable production, valuable production capacity at the site, and that will take us well through the back end of this decade.

Speaker #7: And that will take us well through the back end of this decade.

Speaker #6: Thanks. And just a quick follow-up, if I may, on the CAPEX. So it seems like in FY27 at Greenbushes, it's more or less just a 'stay-in-business' type number.

Lyndon Fagan: Thanks. Just a quick follow-up, if I may, on the CapEx. It seems like FY27 at Greenbushes is more or less just a stay in business type number. Do we read into that there's a lack of desire from all of the partners at this stage to spend on growth? I realize you haven't come out yet with the life of mine optimization study, but there doesn't appear to be anything in there for early works. Is that the right interpretation?

Speaker #6: Do we read into that, that there's a lack of desire from all of the partners at this stage to spend on growth? I mean, I realize you haven't come out yet with the Life of Mine Optimization Study.

Speaker #6: But I mean, there doesn't appear to be anything in there for early works, or—yeah, I mean, is that the right interpretation?

Speaker #5: Yeah, it's a great question. And you commented on the SOR or that 'Life of Mine' optimization. That is a place where we stand back and look at the big picture and say, what's the right sweet spot for production volumes and therefore the capital allocation across the site.

Ivan Vella: Yeah. Look, I think it's a great question. You commented on that SOR, that life of mine optimization. That is the place where we stand back and look at the big picture and say, what's the right sweet spot for production volumes and therefore the capital allocation across the site. There's no question that more ton equals more money. We know that ton volume equals value in one sense. Doing this in a really thoughtful, planned, and disciplined manner with the long-term plan, I think is what we should expect from Greenbushes, from the owners of that asset, and I'm really pleased that the board's obviously working through that and with that mindset. Clearly there is potential for more production growth. We've all talked about M grade, CGP4. It sits out there. That asset, the broader mine, has got enormous potential.

Speaker #5: There's no question that more tonnes equals more money. I mean, we know that volume equals value in one sense. But doing this in a really thoughtful, planned, and disciplined manner with a long-term plan, I think, is what we should expect from Greenbushes, from the owners of that asset.

Speaker #5: And I'm really pleased that the board's obviously working through that in that mindset. Clearly, there is potential for more production growth. We've all talked about chem grade before.

Speaker #5: And it sits out there. That asset—the broader mine—has got enormous potential. But I think showing that we've got existing assets running extremely well, meaningful potential, running above nameplate, really delivering on costs, and structured and disciplined maintenance, very high recoveries—all of these foundations, I think, then earn the right to grow.

Ivan Vella: I think showing that we've got existing assets running extremely well, meaningful potential, running above plan, really delivering on costs and structured and disciplined maintenance, and very high recoveries. All of these foundations, I think, then earn the right to grow rather than just saying, Well, because the market needs more, it's a good plan to just throw the capital at it. Rob's taking, I think, a very thoughtful approach to those improvements and then broader SOR will be in a position to say where does that next major step of growth sit.

Speaker #5: Rather than just saying, well, because the market needs more, it's a good plan to just throw the capital at it. And Rob's taking, I think, a very thoughtful approach to those improvements.

Speaker #5: And then, broader SOR will be in a position to say, where does that next major step of growth fit.

Speaker #6: So just to pick up on that, do you think it hasn't earned the right to grow at this stage?

Lyndon Fagan: Just to pick up on that, you reckon it hasn't earned the right to grow at this stage?

Ivan Vella: Yeah, I don't think we've reached full potential. Obviously this financial year or FY26 was a tough year for Greenbushes. It finished well last quarter, but it had some difficult periods and there's still plenty of improvement going on, and I think the ability to translate that capability back into a new asset means that we're going to squeeze every last drip of return from new capital that we allocate across the business. Whether that's for a Gen 8 farm or new assets in the mine, it doesn't really matter. I think that's good discipline in any mining operation.

Speaker #5: Yeah, I don't think we've reached full potential. So, obviously, this financial year or FY26 was a tough year for Greenbushes. It finished well in the last quarter, but it had some difficult periods.

Speaker #5: And there's still plenty of improvement going on. I think the ability to translate that capability back into a new asset means that we're going to squeeze every last bit of return from new capital that we allocate across the business.

Speaker #5: And whether that’s for a chem-grade plant or new assets in the mine, it doesn’t really matter. I think that’s good discipline in any mining operation.

Speaker #6: Great. Thanks for all of that, Ivan.

Lyndon Fagan: Great. Thanks for all of that, Ivan.

Speaker #5: Thanks, Linda.

Ivan Vella: Thanks, Brendan.

Speaker #6: Thank you. There are no further questions at this time. I'll now hand the conference back to Mr. Vella for any closing remarks.

Operator: Thank you. There are no further questions at this time. I'll now hand the conference back to Mr. Vella for any closing remarks.

Speaker #5: Thank you, Darcy. Thanks for the questions. We've covered lots of ground there, and we're right on time. So, just as a quick wrap-up: a very strong finish to FY26, leaving IGO in a great position as we look forward to the next stage of this business.

Ivan Vella: Thank you, Darcy. Thanks for the questions. We covered lots of ground there, and we're right on time. Just as a quick wrap up, a very strong finish to FY26, leaving IGO in a great position as we look forward to the next stage of this business. A transformational lift in safety performance and a strong correlation, obviously, with the operating and production disciplines and the performance and outcomes. Over the transaction with Global Lithium, I think positions extremely well and simplifies our portfolio further. Greenbushes, strong quarter and a good finish to the financial year, 80% EBITDA margins and an imminent restart of CGP3 sets us up for a great start to this financial year. IGO ended the year with net cash of AUD 387 million. A strong balance sheet, a strong cash position.

Speaker #5: Transformational lift in safety performance, and a strong correlation, obviously, with the operating production disciplines and performance and outcomes at Nova. The transaction with Global Lithium, I think, positions us extremely well and simplifies our portfolio further.

Speaker #5: Green bushes, strong quarter, and a good finish to the financial year. 80%, even down margins. And an imminent restart of CTB3 sets us up for a great start to this financial year.

Speaker #5: IGO enters the year with net cash of $397 million. So, strong balance sheet, strong cash position. All in all, there's still work to do and some key issues that we're working through.

Ivan Vella: All in all, there's still work to do and some key issues that we're working through. I think a lot of that's been covered well on the call. Thanks for everyone's time and attention. We look forward to updating you further after our year-end results are announced in August. Bye for now.

Speaker #5: I think a lot of that has been covered well on the call. Thanks for everyone’s time and attention. We look forward to updating you further after our year-end results are announced in August.

Speaker #5: Bye for now.

Operator: That does conclude our conference for today. Thank you for participating. You may now disconnect.