Australia-based IGO reported a net loss of A$955m for FY25, down from a profit of A$3m in FY24. Revenue declined to A$528m, with an underlying EBITDA loss of A$43m. Tough market conditions impacted the nickel and lithium sectors, resulting in a share of net loss of A$642m from Tianqi Lithium Energy Australia.

Despite challenges, Greenbushes operation maintained a 66% EBITDA margin. The Kwinana refinery faced a tough year with a loss of A$210m. IGO’s nickel business revenue fell to A$512m, with underlying EBITDA dropping to A$59m. Non-cash impairments of A$115m were recognized against exploration assets.

As of June 30, 2025, IGO’s cash and cash equivalents stood at A$280m, down from A$468m due to a dividend payout. Managing director Ivan Vella described FY25 results as disappointing but highlighted a solid underlying business. Revised credit facilities and liquidity targets aim for shareholder returns and value growth.

IGO has entered into an asset sale agreement with Medallion Metals for the acquisition of the Forrestania Nickel Operation. Medallion will take over ownership of the Cosmic Boy facility and related infrastructure, with the transaction expected to be completed by late 2025.

Read more at Yahoo Finance: IGO reports $619m net loss and lower revenue in FY25