IGO has just wrapped up a big chapter in Western Australia. The Nova nickel mine closure is now well underway. The company confirmed this in its 1Q27 results presentation, released on 29 October 2026. Teams are finishing ramp-down and demobilising from site. Yet the final full quarter was anything but quiet.
Nickel production rose 19% to 4,635t. Copper production climbed 27% to 2,144t. Both figures are measured against the prior quarter. Management credits stronger mining and higher mill runtime. That’s a proper send-off for an operation that has run for a decade.
Why the Nova Nickel Mine Closure Matters
Because Nova is going out on a high. Cash cost fell 55% to A$2.00/lb, down from A$4.49/lb in the prior quarter. Higher production, better by-product prices and lower costs all helped. Nova EBITDA hit $56M, up 83%, while free cash flow reached $67M.
The IGO Nova nickel mine leaves a long record behind it. Over its life, it mined 14Mt of ore. It produced 221kt of nickel and 99kt of copper. Cumulative revenue reached $5.4B, and free cash flow totalled $2.9B. IGO also paid $242M in royalties. The IGO website has more on that history.
Production ran at the top end of life-of-mine guidance. Cash costs landed below the bottom end of cost guidance. IGO says Nova is on track to beat both. That held true even through the nickel price downturn of 2023/24. Realised prices this quarter were A$22,961/t for nickel and A$22,494/t for copper.
People mattered here too. Nova created over 480 direct jobs. IGO developed and ran it in partnership with the Ngadju Traditional Owners. Safety stays front of mind during demobilisation. Two recordable injuries lifted TRIFR to 4.0 in the quarter. Even so, the group’s 12-month TRIFR is still 50% lower year on year.
Strong output and low costs let Nova finish ahead of life-of-mine guidance. [IGO]
Nova Nickel Mine Closure: Key Figures From the Final Full Quarter
Here’s a quick look at how strongly Nova finished its operating life.
- Nickel Production: 4,635t, up 19% on 4Q26.
- Nickel Sales: 4,576t, up 36% on the prior quarter.
- Copper Sales: 1,845t, down 30% on 4Q26.
- Sales Revenue: $158M, up 12% on higher Nova nickel sales and the copper price.
- Group Underlying EBITDA: $176M, up 49%, helped by Nova and positive investment revaluations.
- Net Cash: A$376M, which funds the next phase of growth.
Where Greenbushes and Kwinana Fit After Nova
Lithium now carries much of the earnings load, and the numbers show why.
- Record Output: Greenbushes produced 435kt of spodumene concentrate, up 12%.
- CGP3 Milestone: The plant reached nameplate production in September.
- Lower Costs: Cash cost fell 7% to A$418/t, lifting EBITDA margin to 83%.
- Shareholder Returns: A quarterly dividend of A$680M was declared on a 100% basis.
- TLEA Earnings: IGO’s 49% joint venture share of net profit was A$114M.
- Kwinana Recovery: Lithium hydroxide production reached 918t after the major shutdown.
- Kwinana Costs: Conversion cost fell 17% to an A$ 65 M loss.
IGO Nickel Production Outlook: How Growth Continues
The IGO nickel production outlook narrows as Nova closes. Growth now rests on copper and lithium, with these steps lined up.
- Nova Handover: IGO has secured a divestment of Nova to Global Lithium Resources after closure. This enables future lithium production.
- Cosmos Review: The company will assess value realisation opportunities from Cosmos.
- Portfolio Tidy-Up: It will keep rationalising non-core exploration assets.
- Kwinana Pathway: IGO wants to agree a way forward with Tianqi Lithium Corporation.
- Exploration Pipeline: It is building a pipeline of advanced copper and lithium projects.
- BioHeap™ Technology: Testing continues towards a trial heap for its copper leach technology.
- Disciplined M&A: IGO will weigh selective copper and lithium deals with care.
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Frequently Asked Questions
Q1: When did IGO release its Nova results?
A1: IGO released its 1Q27 results on 29 October 2026. They cover the quarter to 30 September 2026.
Q2: Who will own Nova after the closure?
A2: IGO has secured a divestment of Nova to Global Lithium Resources. This enables future lithium production.
Q3: How strong was IGO’s group result?
A3: Underlying EBITDA was 176M,up49%.NetcashstoodatA376M.
Disclaimer:
This article summarises IGO Limited’s unaudited 1Q27 results presentation dated 29 October 2026. It is general information only, not financial advice or an offer of securities. Forward-looking statements, including Nova’s divestment and growth plans, carry risks and may change. Underlying EBITDA and free cash flow are non-IFRS measures. Readers should check IGO’s ASX announcements and speak with a licensed adviser.
Luke Carlino is a seasoned Copywriter, Content Strategist, and Social Media Manager specialising in Mining, Finance, and Business journalism. With more than a decade of industry experience, he brings rigorous editorial standards and commercial acuity to every project.
