The result included a $13 million NPAT from the company's lithium joint venture with Tianqi Lithium, which includes a 49% stake in the Kwinana refinery and 24.9% indirect stake in the Greenbushes mine.

The company contributed $16 million in capital to the JV, but said it did not expect to make any further contributions this financial year, which would bring it well below guidance of $50 million.

Group sales revenue was $189 million with EBITDA of $97 million for a margin of 51%.

Cashflow from operating activities was $131 million, generating underlying free cashflow of $111 million.

The Nova nickel-copper mine in Western Australia produced 6889 tonnes of nickel, beating pro-rata quarterly guidance of 6250-6750t, and copper of 3023t, within guidance.

Cash costs were $1.99 per pound, below guidance of $2-2.40/lb.

Nickel production was 13% lower and cash costs were 56% higher, in line with plan.

Greenbushes produced 39,130t of technical grade concentrate and 228,548t of chemical grade concentrate on a 100% basis.

No guidance was provided for FY22.

Bradford noted the disappointment on the lack of guidance, but said IGO wanted to do further due diligence on the forward plans.

He added that since the transaction was announced in December, much had changed in the lithium market, with prices more than doubling.

"It means that plans that were in place at the start of 2021 have been thrown out the window and updated," he told analysts this morning.

Chemical Grade Plant 2 has been commissioned and the engineering, procurement and construction management contract for Chemical Grade Plant 3 was awarded to Lycopodium.

The first hydroxide was produced at Kwinana, though the plant is not expected to reach commercial production until the June quarter of next year.

IGO will spend $65 million on exploration this financial year.

The company reported sulphide hits at four separate targets in the Fraser Range, with the most encouraging results encountered at the Chimera deposit.

Two diamond holes at Chimera intersected mafic and ultramafic intrusions exhibiting textural and lithological features the company considers indicative of productive nickel-copper sulphide-bearing intrusions.

"I understand that's geological speak for good-quality rocks," Bradford said.

IGO shares were up 2% to $9.83, not far off the stock's all-time high of $10.03.