IGO (AU:IGO)
ASX:IGO
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IGO
(Sydney:IGO)
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Rating:45Neutral
Price Target:
AU$7.50
▼(-9.42% Downside)
Action:ReiteratedDate:03/26/26
The score is primarily held back by weak financial performance (declining revenue, negative profitability, and pressured cash-flow trends). Technicals are neutral-to-soft, while valuation remains challenged due to losses and no stated dividend support. The latest earnings call adds some offset via better cash flow, liquidity, and operational improvement signals, but material operational and profitability risks persist.
Positive Factors
Conservative leverage
IGO's relatively low debt-to-equity and stable equity base provide financial flexibility across commodity cycles. Conservative leverage reduces refinancing risk and supports disciplined capital allocation, enabling funding of operating needs and JV commitments while navigating cyclical metal markets.
Negative Factors
Declining revenue
A ~31.7% revenue decline and negative margins signal persistent scale and profitability erosion. Lower sales volume and pricing reduce operating leverage, make fixed-cost absorption harder, and mean the company needs structural demand or material operational fixes to restore sustainable profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative leverage
IGO's relatively low debt-to-equity and stable equity base provide financial flexibility across commodity cycles. Conservative leverage reduces refinancing risk and supports disciplined capital allocation, enabling funding of operating needs and JV commitments while navigating cyclical metal markets.
Read all positive factors
IGO (IGO) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$6.21B
Dividend YieldN/A
Average Volume (3M)4.81M
Price to Earnings (P/E)―
Beta (1Y)1.65
Revenue Growth-37.23%
EPS Growth-32433.33%
CountryAU
Employees244
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)-0.05
Shares Outstanding757,267,800
10 Day Avg. Volume4,390,707
30 Day Avg. Volume4,806,635
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)1.51
Price to Sales (P/S)6.32
P/FCF Ratio83.98
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$8.80Price Target Upside6.29% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)0.22
Revenue Forecast (FY)AU$432.02M
IGO Business Overview & Revenue Model
Company Description
IGO Limited operates as an exploration and mining company that engages in discovering, developing, and operating assets focused on metals to enable clean energy in Australia. It owns and operates a 100% interest in the Nova nickel-copper-cobalt op...
How the Company Makes Money
IGO makes money primarily by selling mined and processed mineral products (and/or receiving its share of sales from operations in which it holds an ownership interest). Its key revenue streams come from: (1) sales of battery metals such as nickel,...
IGO Earnings Call Summary
Earnings Call Date:Feb 18, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Aug 27, 2026
Earnings Call Sentiment Neutral
Mixed/Neutral. The call highlighted clear operational and cash-flow improvements (notably at Nova), strong balance sheet liquidity and constructive early signals from CGP3 plus meaningful resource/reserve optimization upside at Greenbushes. However, these positives are offset by a substantial revenue decline (-31.7%), an underlying net loss, the fully impaired and underperforming Kwinana asset, initial CGP3 commissioning delays and ongoing execution/timing risks at Greenbushes. Management tone was constructive and focused on disciplined capital allocation and operational fixes, but material challenges remain.Positive Updates
Improved Operational Performance at Nova
Nova delivered safer, more stable operations with better production and lower costs; management highlighted strong cash generation from the asset as it approaches end-of-life (end of this year).
Negative Updates
Significant Revenue Decline
Revenue was AUD 194 million in H1 FY26 versus AUD 284 million in the corresponding period (a decline of AUD 90 million, approximately -31.7%), driven by lower nickel and copper prices/volumes and no revenue from Forrestania (care & maintenance).
Read all updates
Q2-2026 Updates
Positive
Negative
Improved Operational Performance at Nova
Nova delivered safer, more stable operations with better production and lower costs; management highlighted strong cash generation from the asset as it approaches end-of-life (end of this year).
Read all positive updates
Company Guidance
Management reiterated no change to Greenbushes guidance while highlighting a range of metrics: H1 FY26 revenue AUD 194m (vs AUD 284m prior), underlying EBITDA AUD 49m (EBITDA AUD 67m, +15%), exploration spend down to AUD 15m (from AUD 30m), IGO share of TLEA loss improved to AUD 1m (from AUD 20m), Greenbushes 100% EBITDA AUD 464m and Kwinana loss AUD 71m (including AUD 33m capitalised), underlying net loss after tax AUD 39m and statutory net loss AUD 34m (prior statutory loss AUD 782m); cash flow was strong with operating cash inflow AUD 28m (vs AUD 7m outflow prior) and underlying free cash flow AUD 29m, cash at AUD 299m and AUD 300m undrawn facility, Winfield saw ~AUD150m paydown of drawn debt (cash down ~AUD200m) and a shipment timing lag on receivables; operationally Nova remains on track for end‑of‑year closure, Forrestania sale expected end of month, Cosmos dewatering stopped, CGP3 ramp‑up moved from an expected January ~7kt to a February plan of ~11kt (mid‑February already passed), with a 24‑hour high of ~1,000t, ~60% average recoveries and concentrate grades >5.5–6%; optimization work shows ~10% more surface metal and ~30% lower strip ratio, a resource add of ~42Mt at ~0.37% Li2O using a 0.3% cutoff (reserves cutoff 0.5%), CGP4 is being considered toward ~10 Mtpa from ~2032, and the company retained capital discipline (no dividend this half).IGO Financial Statement Overview
Summary
Income Statement
30
Negative
Balance Sheet
45
Neutral
Cash Flow
40
Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 414.90M | 499.90M | 796.40M | 1.05B | 845.20M | 619.86M |
| Gross Profit | -119.80M | -176.50M | -134.60M | 203.20M | 327.30M | 151.74M |
| EBITDA | 1.50M | -811.10M | 148.40M | -592.20M | 468.40M | 358.66M |
| Net Income | -206.60M | -954.60M | 2.80M | 549.10M | 330.90M | 163.84M |
Balance Sheet | ||||||
| Total Assets | 2.30B | 2.36B | 3.57B | 4.74B | 4.86B | 3.61B |
| Cash, Cash Equivalents and Short-Term Investments | 411.00M | 343.50M | 530.40M | 837.60M | 493.90M | 639.46M |
| Total Debt | 21.80M | 31.40M | 48.70M | 432.10M | 959.20M | 25.05M |
| Total Liabilities | 239.10M | 263.90M | 357.50M | 947.70M | 1.43B | 408.86M |
| Stockholders Equity | 2.06B | 2.09B | 3.21B | 3.79B | 3.44B | 3.20B |
Cash Flow | ||||||
| Free Cash Flow | 69.70M | 37.60M | 673.10M | 1.05B | 300.30M | 351.34M |
| Operating Cash Flow | 73.00M | 42.90M | 872.00M | 1.39B | 388.40M | 446.05M |
| Investing Cash Flow | 1.40M | -4.00M | -240.30M | -293.60M | -1.28B | -1.06B |
| Financing Cash Flow | -24.80M | -223.40M | -943.70M | -726.70M | 761.80M | 633.00M |
IGO Technical Analysis
Positive
8.28
Price Trends
8.01
Positive
7.90
Positive
6.47
Positive
Market Momentum
0.11
Negative
56.81
Neutral
71.07
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:IGO, the sentiment is Positive. The current price of 8.28 is above the 20-day moving average (MA) of 7.74, above the 50-day MA of 8.01, and above the 200-day MA of 6.47, indicating a bullish trend. The MACD of 0.11 indicates Negative momentum. The RSI at 56.81 is Neutral, neither overbought nor oversold. The STOCH value of 71.07 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:IGO.
IGO Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
47 Neutral | AU$4.06B | -61.30 | -2.79% | 5.03% | -2.30% | -234.27% | |
46 Neutral | AU$845.77M | -8.93 | -10.17% | ― | -100.00% | 89.10% | |
45 Neutral | AU$6.21B | -45.43 | -9.95% | ― | -37.23% | -32433.33% | |
45 Neutral | AU$265.09M | -2.53 | -30.70% | ― | -62.37% | 23.19% | |
44 Neutral | AU$5.96B | -5.98 | -53.88% | ― | ― | -184.29% | |
43 Neutral | AU$1.63B | -4.01 | -19.36% | ― | 16.06% | -50.94% |
* Basic Materials Sector Average
AU:IGO
IGO
8.28
4.88
143.53%
AU:SYR
Syrah Resources
0.12
-0.08
-40.10%
AU:CXO
Core Lithium Ltd
0.31
0.24
369.23%
AU:LTR
Liontown Resources Limited
1.91
1.39
269.90%
AU:NIC
Nickel Mines Ltd.
0.98
0.47
93.07%
AU:VUL
Vulcan Energy Resources Ltd.
3.56
-0.02
-0.59%
IGO Corporate Events
IGO Director Dean Jenkins Acquires First Indirect Shareholding
Mar 26, 2026
IGO Limited has disclosed a change in director Dean Jenkins’ indirect interests in the company’s shares, as required under Australian Securities Exchange rules. The filing notes that Jenkins holds this interest through Jenkery Pty Ltd ...
IGO updates market on changes to Director Ivan Vella’s equity interests
Mar 12, 2026
IGO Limited has reported changes in the security interests held by director Ivan Vella, detailing movements in his direct holdings of ordinary shares, performance rights and service rights. The notice records the vesting and disposal of certain se...
IGO Issues 117,763 New Shares After Conversion of Unquoted Securities
Mar 12, 2026
IGO Limited has notified the market of the issue of 117,763 ordinary fully paid shares, following the conversion or exercise of previously unquoted options or other unquoted convertible securities. The new shares, issued on 27 February 2026, modes...
IGO completes Forrestania sale to Medallion as it reshapes asset portfolio
Mar 1, 2026
IGO Limited has completed the sale of its Forrestania Nickel Operations assets in Western Australia to Medallion Metals, transferring the Cosmic Boy processing plant, associated infrastructure, inventories and rehabilitation obligations for no cas...
IGO Highlights Lithium-Focused Growth and Strong Margins at BMO Conference
Feb 23, 2026
IGO Limited outlined its value proposition at the BMO Global Metals, Mining and Critical Minerals Conference, emphasizing a clear growth pathway built on a world-class strategic asset base. The company’s portfolio is anchored by a 24.99% sta...
IGO appoints Dean Jenkins to board with no initial shareholding
Feb 20, 2026
IGO Limited has notified the Australian Securities Exchange of the appointment of Dean Jenkins as a director, effective 18 February 2026. The disclosure was made under ASX listing rule 3.19A.1 and relevant Corporations Act provisions governing dir...
IGO to Host Investor Webcast on 1H26 Half-Year Results
Feb 10, 2026
IGO Limited has announced that its Managing Director and CEO, Ivan Vella, and Chief Financial Officer, Kathleen Bozanic, will host an investor webcast to present the company’s half-year results for the first half of the 2026 financial year. ...
IGO posts solid Nova performance and strong Greenbushes margins amid Kwinana ramp-up challenges
Jan 28, 2026
IGO Limited reported its second-quarter 2026 results with a solid operational performance at the Nova nickel operation, continued strong margins at the Greenbushes lithium mine, and early progress at the expanded CGP3 processing plant. Greenbushes...
IGO lifts Greenbushes output and margins as CGP3 starts up, Nova underpins stronger earnings
Jan 28, 2026
IGO reported a strong operational quarter to 31 December 2025, highlighted by improved safety performance, higher spodumene output and stronger margins at Greenbushes, and continued solid performance at its Nova nickel operation. Greenbushes produ...
IGO sets investor webcast for December 2025 quarterly results
Jan 13, 2026
IGO Limited has announced it will host an investor webcast to present its December 2025 quarterly results on 29 January 2026, led by Managing Director and CEO Ivan Vella and Chief Financial Officer Kathleen Bozanic. The webcast, scheduled for midd...
Ausbil Exits Substantial Holder Position in IGO Ltd
Jan 12, 2026
Ausbil Investment Management Limited has notified IGO Ltd that it has ceased to be a substantial holder in the company as of 8 January 2026, following an on‑market disposal of shares. The change reduces Ausbil’s voting power in IGO and...
IGO Announces Departure of Director Michael Nossal and Confirms Final Interest Holdings
Jan 2, 2026
IGO Limited has announced that non-executive director Michael Peter Nossal ceased to be a director of the company effective 1 January 2026. In its final director’s interest notice to the ASX, the company reported that Nossal holds an indirec...
IGO Director Ivan Vella Converts Vested Service Rights Into Ordinary Shares
Dec 31, 2025
IGO Limited has disclosed a change in the securities held by director Ivan Vella, detailing movements in his direct interests in the company’s ordinary shares and related rights. Vella converted 127,691 vested service rights into an equivale...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.