What were the key financial results for IGO (ASX:IGO) in Q3 FY26?

IGO reported a robust third quarter with earnings before interest, taxes, depreciation, and amortisation (EBITDA) reaching $151.1 million. This performance was driven by a 45% quarter-on-quarter increase in group sales revenue, which totalled $119.7 million.

Why did IGO’s revenue and earnings surge this quarter?

The earnings growth was primarily driven by a 43% lift in EBITDA from the Nova nickel mine, which contributed $60.5 million. Additionally, IGO’s share of profit from the Tianqi Lithium Energy Australia (TLEA) joint venture swung from a $1 million loss to an $87.4 million profit.

What is the current status of the Greenbushes lithium mine?

Production at the Greenbushes mine, co-owned through the TLEA joint venture, remained flat during the quarter. Management noted that the asset faced difficulties regarding safety metrics, feed grade, ore recoveries, and plant reliability.

How is the Kwinana lithium hydroxide plant performing for IGO (ASX:IGO)?

The Kwinana refinery saw production increase to 51% of its nameplate capacity during the third quarter. While this represents a technical improvement, the plant remains a complex asset for the company, having previously been fully written down in value.

What are the main risks IGO investors should monitor now?

The primary risks include rising fuel costs and operational instability at the Greenbushes and Nova sites. Managing Director Ivan Vella warned that higher energy expenses will likely flow through to future reporting periods, potentially squeezing margins.

What is management's strategy for mitigating supply chain risks?

IGO is currently developing strategies to mitigate risks surrounding supply security and rising input costs, particularly at its Nova and Greenbushes operations.

Is IGO (ASX:IGO) profitable after its recent lithium JV losses?

Yes, IGO has returned to profitability within its lithium segment through the TLEA joint venture, which contributed $87.4 million this quarter. This is a significant improvement from the $1 million loss reported in the previous period.

IGO Q3 EBITDA hits $151M amid revenue surge

Written by Liezl GambePublished Apr. 24 2026Last Updated Apr. 24 2026

Critical minerals miner IGO (ASX:IGO) has delivered a robust third-quarter performance for FY26, reporting an EBITDA of $151.1 million.

The result was underpinned by a 45% rise in group sales revenue, which reached $119.7 million.

Key drivers included a 43% lift in EBITDA from the Nova nickel mine to $60.5 million and a significant turnaround in the Tianqi Lithium Energy Australia joint venture, which contributed $87.4 million in profit.

Despite the financial gains, IGO faced operational headwinds at the Greenbushes lithium mine, where production remained flat.

Managing Director Ivan Vella cited challenges in safety, feed grade, and plant reliability, leading to lowered production guidance for the asset.

While the Kwinana lithium hydroxide plant saw production rise to 51% capacity, Vella warned of rising fuel costs and ongoing mitigation strategies to secure supply chains in future periods.

At the time of reporting, IGO’s share price was $7.57.