IGO Logs Steady Greenbushes Reserves as Nova Nears Handover to Global Lithium
Key Takeaways
- IGO's Greenbushes interest holds 176Mt of ore reserves at 1.9% Li₂O on a 100% basis, with SC6 production projected to remain above 1.6Mt per annum through to approximately 2048.
- Nova's ore reserves fell approximately 72% year-on-year to 0.5Mt total, with full extraction expected in Q2 FY27 before ownership transfers to Global Lithium Resources under the 15 July 2026 divestment.
- Greenbushes estimates are re-reported unchanged from end of CY2025, with the next substantive update from Talison's Competent Persons expected in late CY2026 or February 2027.
- Kapanga mining at Greenbushes is scheduled to commence Q1 2028, supporting a plant capacity lift to approximately 7Mt per annum and an SC6 output peak above 2Mt per annum in 2029.
- Post-Nova, IGO's entire producing exposure concentrates into its 24.99% minority stake in Greenbushes, making the company a pure-play lithium royalty-style interest in the world's largest hard-rock lithium operation.
IGO confirms EoFY26 resource position across Greenbushes and Nova
IGO Limited released its FY26 Mineral Resources and Ore Reserves report on 27 August 2026, effective 30 June 2026, covering the company’s two producing interests: a 24.99% stake in the Greenbushes lithium operation and 100% ownership of the Nova nickel-copper-cobalt operation. The headline takeaway is strategic clarity. Greenbushes estimates are re-reported unchanged from end of calendar year 2025, while Nova’s reserves will be fully mined out in Q2 FY27, after which ownership transfers to Global Lithium Resources under a divestment announced in July 2026. This is a routine ASX Chapter 5 Listing Rule 5.21 compliance report, not an upgrade or discovery story.
Greenbushes: world-class lithium position held steady
IGO is re-reporting Greenbushes’ end of calendar year 2025 estimates as they have not been revised or depleted to EoFY26 by Talison’s Competent Persons. The company holds an effective 24.99% interest via its joint venture with Tianqi — 49% of TLEA, which holds 51% of the Talison JV. Albemarle holds the residual 49%.
To satisfy ASX Listing Rule 5.21.3, IGO reported ore processed during the second half of FY26 — 3.9Mt grading 1.8% Li₂O — as a reasonable proxy for six months of mining depletion. This is the only non-material change to the EoCY25 figures.
Greenbushes Ore Reserves at a glance (100% basis)
| Deposit | Mass (Mt) | Li₂O (%) | SC6 (Mt) |
|---|---|---|---|
| Central Lode | 138 | 1.9 | 44 |
| Kapanga | 32 | 1.9 | 10 |
| Total Greenbushes ORE | 176 | 1.9 | 55 |
IGO’s attributable share is 24.99%. Plant debottlenecking is expected to lift combined capacity to approximately 7Mt/a by 2028, with SC6 production peaking just over 2Mt/a in 2029 and remaining above 1.6Mt/a through to approximately 2048. Kapanga mining is scheduled to commence Q1 2028.
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Nova: reserves defined through to end of mine life
The EoFY26 Mineral Resource Estimate model is unchanged from EoFY25 apart from mining depletion and equivalising the MRE and ORE to the same spatial area. Nova has produced 14.0Mt grading 1.82% Ni, 0.77% Cu, 0.065% Co over its 122-month life to EoFY26.
Nova-Bollinger Ore Reserves (EoFY26, 100% basis)
| Classification | Mass (Mt) | Ni (%) | Cu (%) | Co (%) |
|---|---|---|---|---|
| Proved | 0.5 | 1.46 | 0.65 | 0.051 |
| Probable | 0.04 | 1.17 | 0.47 | 0.039 |
| Total ORE | 0.5 | 1.44 | 0.63 | 0.050 |
Contained metal is approximately 7.4kt Ni, 3.3kt Cu, 0.3kt Co. Total ORE fell approximately 72% year-on-year as the deposit is mined out.
The end game: divestment to Global Lithium Resources
The Competent Person considers Nova fully defined and delimited, with no untested search spaces to extend mine life. The EoFY26 ORE will be fully extracted in Q2 FY27, after which ownership of Nova transfers to Global Lithium Resources under IGO’s 15 July 2026 divestment announcement. IGO will report zero residual MRE upon completion of mining, as remaining mineralisation will no longer have Reasonable Prospects for Eventual Economic Extraction. This reflects a fully-extracted, economically-optimised orebody and a planned strategic exit, not a failure to find additional resources.
What Mineral Resources and Ore Reserves actually mean
The JORC framework distinguishes between two categories. A Mineral Resource is mineralisation with reasonable prospects for eventual economic extraction, classified by confidence level as Measured, Indicated, or Inferred. An Ore Reserve is the economically mineable portion of the resource after applying mining, metallurgical, and cost modifying factors, classified as Proved or Probable.
Reasonable Prospects for Eventual Economic Extraction (RP3E) is the threshold test. A deposit must demonstrate it could be mined economically under foreseeable conditions. Once mining is complete — as will be the case at Nova — remaining mineralisation loses RP3E status and is no longer reportable as a resource.
Annual JORC reporting gives investors an audited view of the asset base backing the company. Reserves underpin future revenue and mine life. Resources indicate potential that may convert to reserves through further study and capital investment.
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The investment picture: a lithium-focused future
IGO’s stated strategy is producing metals for electrification — lithia, nickel, copper, cobalt. With Nova exiting, IGO’s forward exposure is anchored to its 24.99% stake in the long-life Greenbushes lithium operation, with production visibility to approximately 2048.
The announcement was authorised for release by Ivan Vella, Managing Director and Chief Executive Officer.
Key dates to watch
- Q2 FY27 — Nova ORE fully extracted; ownership transfers to Global Lithium Resources.
- Late CY2026 / February 2027 — Talison to report revised Greenbushes estimates; IGO to release EoCY26 figures.
- Q1 2028 — Kapanga deposit mining scheduled to commence at Greenbushes.
- 2028–2029 — Greenbushes plant capacity lift to approximately 7Mt/a; SC6 output peaking above 2Mt/a.
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