The following is a summary of the IGO Limited (IPGDF) Q3 2024 Earnings Call Transcript:

Financial Performance:

• IGO Limited reported a significant EBITDA loss primarily due to weak performance by the lithium business and reduced market prices.

• Despite the downturn, IGO Limited's nickel business remains cash-positive.

• IGO's Nova and Forrestania operations continue generating underlying free cash flow.

• IGO did not disclose specific financial metrics including revenue and earnings per share.

• A quarterly dividend of AUD25 million was announced, resuming after a pause in the previous quarter due to budgeting processes.

• Considerable cash growth has been seen at both Greenbushes and the TLEA, although Kwinana remains a cash draw.

Business Progress:

• IGO Limited confirmed an agreement to sell 200,000 tonnes of spodumene from their Greenbushes' stockpiles to TLC, a move to clear inventories and facilitate full-scale production.

• The company is advancing work on CGP3 on Greenbushes, and studying the feasibility of further expansions.

• IGO is focusing on improving safety and has launched 'safety reset talks' to reduce harm to team members.

• The company is addressing production issues at their Kwinana plant and shared efforts to optimize capacity.

• Positive developments were reported at Greenbushes mine with the site returning to full production.

• Forrestania mine's operation nears its end, with IGO planning for a responsible and orderly transition.

• Since Forrestania mine is nearing its operational end, the company is conducting a comprehensive exploration business review to optimize exposure and capital allocation.

• With their Train 1 initiative making progress, expectations are that its success will play a crucial role in decision-making regarding Train 2.

• The future of their Windfield asset remains uncertain, with no definitive decisions announced.

• Despite operational challenges at the Nova site, improvements have been instituted with mill throughput returning to high levels.

• IGO is implementing a strategy to bring their Greenbushes site back to full production by the end of June '24.

• The budgeting process for TLEA is imminent, whereupon the typical dividend flow is expected to resume.

• IGO's Cosmos site is scheduled to go into care and maintenance mode from June onward, with an expected cost of between AUD12 million and AUD15 million per annum.

More details: IGO LTD IR

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