IGO Limited has reported a net loss after tax of $955 million for the 2025 financial year, a stark contrast to the $3 million profit recorded in the previous year. The company, which explores for, develops, and operates mineral deposits, faced significant headwinds from impairments and challenging commodity market conditions. Group revenue also experienced a substantial decline, falling 37 per cent to $528 million. This decrease was attributed to reduced sales from the Nova mine and the closure of Forrestania in September 2024.
Underlying EBITDA swung to a loss of $43 million, a considerable downturn compared to the $581 million in earnings reported for FY24. These results were heavily impacted by IGO’s share of a $642 million net loss in Tianqi Lithium Energy Australia (TLEA). A full $605 million impairment of the Kwinana refinery and the derecognition of $58 million in deferred tax assets significantly contributed to this loss. IGO is a company focused on discovering, developing and delivering clean energy metals required for future clean energy.
Additional factors impacting IGO’s financial performance included a $115 million impairment of exploration assets and a $58 million increase in rehabilitation provisions. Nickel production also experienced a downturn, with Nova output falling 19 per cent to 13,503 tonnes of nickel and 7109 tonnes of copper. Furthermore, cash costs rose to $5.53 per pound. The Forrestania operation ceased mining activities in September following a seismic event and has since transitioned to care and maintenance.
Given the reported loss, no dividend was declared for the period.
