PERTH, April 26, 2026, 22:03 (AWST)
Shares of IGO Limited tumbled 17.92% on Friday, ending at A$7.010, after the company slashed its full-year outlook for the Greenbushes lithium mine. That left the Australian market heading into the weekend with attention squarely on IGO’s expensive operational overhaul. MarketIndex flagged IGO as one of the session’s steepest decliners following the miner’s March-quarter results and presentation.
The timing was rough. IGO reported that Greenbushes saw its average realised spodumene price jump almost twofold to US$1,668 per tonne in the March quarter. Production, though, stayed level, and costs climbed. Spodumene, for reference, is the lithium-rich concentrate needed for battery chemical production.
This is significant for IGO: the company holds a 49% stake in Tianqi Lithium Energy Australia, which itself controls 51% of Greenbushes. Albemarle holds the remaining 49%. IGO touts Greenbushes as the world’s highest-grade hard-rock lithium ore reserve.
IGO cut its Greenbushes production outlook for fiscal 2026: now 1.375 million to 1.425 million tonnes of spodumene, lower than the earlier 1.5 million to 1.65 million tonne range. The company bumped up its unit cash cost guidance to A$380–A$420 per tonne, above the previous A$310–A$360. It also trimmed capex guidance, now at A$400 million to A$450 million, down from A$575 million to A$675 million.
March-quarter production at Greenbushes landed at 351,000 tonnes, the filing showed, barely moving from 352,000 tonnes in the previous quarter. That total includes roughly 33,000 tonnes from CGP3, the new chemical-grade processing facility. IGO pointed to a lower feed grade, softer recoveries at the plant, and increased maintenance downtime. The company also flagged two safety stops during the period.
Ivan Vella, the chief executive, didn’t mince words—he called the Greenbushes result “disappointing,” and pointed to “systemic” issues behind it. Improvements, he added, are “not linear.” Yet he still described Greenbushes as a “world-class asset”.
Not everything in the quarter spelled trouble. IGO posted a 45% jump in sales revenue, reaching A$119.7 million, while underlying EBITDA climbed to A$118.9 million, up sharply from A$29.9 million. Net cash stood at A$327 million, propped up by cash from Nova nickel production.
Nova pulled its weight this time. Nickel output jumped 11% to 4,202 tonnes, and the mine tossed off A$52 million in free cash flow—what’s left after covering operations and investments. IGO noted Nova is still nearing the end of its mine life, keeping long-term production guidance as is.
IGO’s Kwinana lithium hydroxide refinery turned out 3,047 tonnes—51% of its designed capacity—but still booked an EBITDA loss of A$7.7 million on a 100% basis. According to the company, output for the June quarter will be hit by a major April-May shutdown.
PLS Group’s numbers told a sharply different story. Reuters said Friday the company almost doubled its spodumene concentrate output for the third quarter, held firm on its 2026 guidance, and watched shares climb as much as 6.2%. CEO Dale Henderson pointed to lithium demand “deepening and broadening”. RBC Capital’s Kaan Peker? He described PLS’s quarter as “a clear beat”. Reuters
IGO’s gamble: if lithium prices bounce, but not enough to offset hiccups in execution, there’s trouble. Any drag on the CGP3 ramp-up, extra outages, even a safety pause or pricier fuel, or a Kwinana halt—all of these could chew up gains from firmer pricing. The company’s own filing flagged that its outlook hangs on operational swings, commodity prices, and project risks.
All eyes turn to Greenbushes now, as investors look for cleaner operating figures ahead of IGO’s June-quarter report, set for July 28. The focus: grade, recoveries, maintenance downtime, and signs the new processing plant is starting to shoulder a greater share.
