Head of Australia Metals & Mining J P M O R G A N Asia Pacific Equity Research 28 July 2026 IGO Ltd. 4Q26 First Take: EBITDA/Net cash below JPMe despite solid Greenbushes earnings; FY27 production/cost guidance in line, capex lower Key takeaways: (1) Greenbushes spodumene production of 387kt was 5% above JPMe, with CGP3 contributing 71kt and realised pricing of US$2,286/t coming 3% above JPMe; cash costs were 5% higher than forecast. (2) Nova nickel production of 3.88kt was 5% higher than JPMe, finishing FY ...