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IGO
(Sydney:IGO)
IGO (IGO) vs. iShares MSCI Australia ETF (EWA)
IGO Business Overview & Revenue Model
IGO Earnings Call Summary
IGO Financial Statement Overview
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 517.30M | 499.90M | 796.40M | 1.05B | 845.20M | 619.86M |
| Gross Profit | 36.30M | -176.50M | -134.60M | 203.20M | 327.30M | 151.74M |
| EBITDA | -36.10M | -811.10M | 148.40M | -592.20M | 468.40M | 358.66M |
| Net Income | -954.60M | -954.60M | 2.80M | 549.10M | 330.90M | 163.84M |
Balance Sheet | ||||||
| Total Assets | 2.36B | 2.36B | 3.57B | 4.74B | 4.86B | 3.61B |
| Cash, Cash Equivalents and Short-Term Investments | 343.50M | 343.50M | 530.40M | 837.60M | 493.90M | 639.46M |
| Total Debt | 31.40M | 31.40M | 48.70M | 432.10M | 959.20M | 25.05M |
| Total Liabilities | 263.90M | 263.90M | 357.50M | 947.70M | 1.43B | 408.86M |
| Stockholders Equity | 2.09B | 2.09B | 3.21B | 3.79B | 3.44B | 3.20B |
Cash Flow | ||||||
| Free Cash Flow | 32.70M | 37.60M | 673.10M | 1.05B | 300.30M | 351.34M |
| Operating Cash Flow | 37.90M | 42.90M | 872.00M | 1.39B | 388.40M | 446.05M |
| Investing Cash Flow | -4.00M | -4.00M | -240.30M | -293.60M | -1.28B | -1.06B |
| Financing Cash Flow | -223.40M | -223.40M | -943.70M | -726.70M | 761.80M | 633.00M |
IGO Technical Analysis
IGO Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | AU$2.23B | 14.67 | 151.89% | 5.18% | 6.54% | 0.48% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
59 Neutral | AU$15.56B | -75.83 | -5.63% | ― | -38.69% | -174.12% | |
58 Neutral | AU$11.23B | -12.21 | -26.55% | ― | -15.27% | -817.26% | |
55 Neutral | AU$4.38B | -16.78 | -7.26% | 5.03% | -2.30% | -234.27% | |
49 Neutral | AU$6.64B | -6.94 | -35.65% | ― | -37.23% | -32433.33% |
IGO Corporate Events
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 indirect interest of 110,000 fully paid ordinary shares in IGO through MPJN Nominees Pty Ltd as trustee for the Michael Nossal Superannuation Fund, and confirmed he holds no relevant interests as a registered holder and has no interests in contracts, formalising the conclusion of his board tenure under ASX disclosure rules.
The most recent analyst rating on (AU:IGO) stock is a Hold with a A$7.20 price target. To see the full list of analyst forecasts on IGO stock, see the AU:IGO Stock Forecast page.
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 equivalent number of fully paid ordinary shares, with his performance rights and unvested service rights remaining subject to existing performance and service conditions, signaling a routine adjustment in equity-based remuneration rather than a change in overall executive incentives.
The most recent analyst rating on (AU:IGO) stock is a Hold with a A$7.20 price target. To see the full list of analyst forecasts on IGO stock, see the AU:IGO Stock Forecast page.
IGO Limited has commenced commissioning of its Chemical Grade Plant 3 (CGP3) at the Greenbushes lithium operation in Western Australia, with first ore fed through the plant on 18 December 2025. The new plant adds approximately 500,000 tonnes per annum of spodumene concentrate capacity, lifting Greenbushes’ total capacity to about 2.1 million tonnes a year, marking a significant expansion in output potential for one of the world’s key lithium assets and reinforcing IGO’s growth trajectory in the battery materials sector.
The most recent analyst rating on (AU:IGO) stock is a Hold with a A$7.20 price target. To see the full list of analyst forecasts on IGO stock, see the AU:IGO Stock Forecast page.
IGO Limited has announced a change in the director’s interest, specifically concerning Ivan Vella, who has acquired additional vested service rights, service rights, and performance rights. This update reflects the company’s ongoing commitment to aligning its leadership’s interests with its strategic goals, potentially impacting its operational focus and stakeholder confidence.
The most recent analyst rating on (AU:IGO) stock is a Buy with a A$7.50 price target. To see the full list of analyst forecasts on IGO stock, see the AU:IGO Stock Forecast page.
IGO Limited has announced the issuance of new unquoted securities, including 2,423,704 performance rights and 1,080,284 service rights, as part of its employee incentive scheme. This move is likely aimed at enhancing employee engagement and aligning their interests with company performance, potentially strengthening IGO’s operational capabilities and market position.
The most recent analyst rating on (AU:IGO) stock is a Buy with a A$7.50 price target. To see the full list of analyst forecasts on IGO stock, see the AU:IGO Stock Forecast page.
IGO Limited has announced that it has ceased to be a substantial holder in Boa Resources Limited as of November 25, 2025. This change in holding is due to a dilution of interest following a share issue by Boa Resources. The announcement may impact IGO’s strategic positioning and influence within Boa Resources, potentially affecting its stakeholders and market dynamics.
The most recent analyst rating on (AU:IGO) stock is a Buy with a A$5.75 price target. To see the full list of analyst forecasts on IGO stock, see the AU:IGO Stock Forecast page.
IGO Limited has announced the appointment of Johan van Vuuren as its new Chief Financial Officer, effective April 1, 2026. Van Vuuren brings over 20 years of experience in finance and commercial roles across various industries and regions, including mining, energy, and petrochemicals. His expertise in digital transformation and corporate strategy is expected to support IGO’s refreshed strategy and enhance its governance and financial transparency. The transition follows the tenure of Kathleen Bozanic, who significantly contributed to the company’s governance and strategic positioning.
The most recent analyst rating on (AU:IGO) stock is a Buy with a A$5.75 price target. To see the full list of analyst forecasts on IGO stock, see the AU:IGO Stock Forecast page.
IGO Limited has announced the appointment of Vanessa Guthrie as a director, effective December 1, 2025. Guthrie holds 9,523 ordinary shares through Xenolith Holdings Pty Ltd ATF Stolz-Guthrie Family Trust, indicating her vested interest in the company’s future. This appointment is part of IGO’s strategic efforts to strengthen its leadership team, potentially impacting its market positioning and stakeholder relations.
The most recent analyst rating on (AU:IGO) stock is a Hold with a A$5.30 price target. To see the full list of analyst forecasts on IGO stock, see the AU:IGO Stock Forecast page.
Schroder Investment Management Australia Ltd has ceased to be a substantial holder in IGO Ltd as of November 20, 2025. This change in holding reflects a series of transactions involving both purchases and sales of IGO’s ordinary shares, impacting the company’s shareholder structure and potentially influencing its market dynamics.
The most recent analyst rating on (AU:IGO) stock is a Hold with a A$7.00 price target. To see the full list of analyst forecasts on IGO stock, see the AU:IGO Stock Forecast page.
IGO Limited has announced the cessation of Xiaoping Yang as a director, effective November 14, 2025. This change in the board may influence the company’s strategic direction and stakeholder relationships, given Yang’s previous holdings of 14,000 ordinary shares through Fidelity
The most recent analyst rating on (AU:IGO) stock is a Hold with a A$7.00 price target. To see the full list of analyst forecasts on IGO stock, see the AU:IGO Stock Forecast page.
IGO Limited has announced a change in its external auditor, transitioning from BDO Audit Pty Ltd to Ernst & Young. This change, effective after the 2025 Annual General Meeting, follows a tender process and reflects the company’s decision to update its auditing practices after BDO’s long tenure since 2002. The shift is expected to bring fresh perspectives to IGO’s auditing processes, potentially impacting its financial reporting and stakeholder confidence.
The most recent analyst rating on (AU:IGO) stock is a Hold with a A$7.00 price target. To see the full list of analyst forecasts on IGO stock, see the AU:IGO Stock Forecast page.
IGO Limited, a company listed on the Australian Securities Exchange, held its Annual General Meeting on November 19, 2025, in Perth, Western Australia. During the meeting, all seven resolutions proposed were passed by a poll, demonstrating strong shareholder support. The results will be available via a webcast on the company’s website, providing transparency and accessibility for those unable to attend. This outcome reflects positively on IGO’s governance and may bolster stakeholder confidence.
The most recent analyst rating on (AU:IGO) stock is a Hold with a A$7.00 price target. To see the full list of analyst forecasts on IGO stock, see the AU:IGO Stock Forecast page.
IGO Limited’s 2025 Annual General Meeting highlighted a year of significant change and strategic realignment, despite reporting a net loss of $955 million due to subdued markets and necessary restructuring. The company remains focused on its strategy to 2035, emphasizing quality assets in lithium, copper, and nickel to support a clean energy future. The Greenbushes lithium operation maintained strong performance, illustrating its status as a premier asset. IGO is committed to safety improvements, environmental stewardship, and board renewal, with the appointment of Dr. Vanessa Guthrie AO as Chair-elect, signaling a new chapter of growth and transformation.
The most recent analyst rating on (AU:IGO) stock is a Hold with a A$7.00 price target. To see the full list of analyst forecasts on IGO stock, see the AU:IGO Stock Forecast page.
IGO Limited has announced the appointment of Dr. Vanessa Guthrie AO as the Non-Executive Director and incoming Chair of the Board, effective December 1, 2025. Dr. Guthrie, who succeeds Michael Nossal, brings over forty years of experience in the resource sector and is recognized for her contributions to sustainability and leadership in the industry. Her appointment is part of IGO’s board renewal and succession process, aligning with the company’s strategic refresh and transformation under the leadership of CEO Ivan Vella. This leadership transition aims to guide IGO through its next phase of growth while maintaining high standards of governance.
The most recent analyst rating on (AU:IGO) stock is a Hold with a A$5.00 price target. To see the full list of analyst forecasts on IGO stock, see the AU:IGO Stock Forecast page.
Medallion Metals Limited, a company focused on sulphide production and gold exploration, has reached a significant milestone in its acquisition of the Forrestania Nickel Operation from IGO Ltd. The company has finalized the Ancillary Agreements, which include mineral rights deeds, a royalty deed, and an option deed, marking a key step towards completing the acquisition. This development is expected to enhance Medallion’s strategic positioning in the region, supporting its production strategy and exploration efforts in the Forrestania greenstone belt.
The most recent analyst rating on (AU:IGO) stock is a Hold with a A$5.00 price target. To see the full list of analyst forecasts on IGO stock, see the AU:IGO Stock Forecast page.
IGO Limited has reported its first quarter results for 2026, highlighting a focus on safety and operational efficiency across its operations. The company achieved over 90 days injury-free and reduced its 12-month Total Recordable Injury Frequency Rate (TRIFR) to 8.0. At Greenbushes, the EBITDA margin was 57% with stable spodumene prices, though production was affected by lower mined grades and heavy rain. Kwinana saw production at 46% of nameplate capacity, with lower conversion costs due to increased production. Nova’s production and costs aligned with the life of mine plan, despite a stope misfire impacting short-term production. Financially, IGO maintained a strong balance sheet with a group underlying EBITDA of $19M, positive free cash flow of $15M, and a net cash increase to $287M.
The most recent analyst rating on (AU:IGO) stock is a Hold with a A$5.50 price target. To see the full list of analyst forecasts on IGO stock, see the AU:IGO Stock Forecast page.
IGO Limited reported a steady performance for the quarter ending September 30, 2025, with production aligning with expectations despite challenges such as lower ore grades and market volatility. The company’s focus on safety has led to improved safety metrics, and financial results show a strong balance sheet with positive cash flow and increased production at the Kwinana refinery. The company is actively working on optimizing its operations and exploring growth opportunities to deliver future value.
The most recent analyst rating on (AU:IGO) stock is a Hold with a A$5.50 price target. To see the full list of analyst forecasts on IGO stock, see the AU:IGO Stock Forecast page.
IGO Limited has announced that its Managing Director and CEO, Ivan Vella, along with Chief Financial Officer, Kathleen Bozanic, will host an investor webcast to present the company’s September 2025 Quarterly Results. The webcast is scheduled for October 30, 2025, and aims to provide insights into the company’s financial performance and strategic direction. The release of the quarterly report is anticipated to impact stakeholders by offering transparency into IGO’s operational outcomes and future prospects.
The most recent analyst rating on (AU:IGO) stock is a Hold with a A$5.50 price target. To see the full list of analyst forecasts on IGO stock, see the AU:IGO Stock Forecast page.
Venus Metals Corporation Limited has announced the formation of an unincorporated joint venture with IGO Limited’s subsidiary for the Bridgetown Greenbushes Exploration Project. IGO has met the Stage 1 requirements to acquire a 51% interest in the project by investing $3 million in exploration. The joint venture allows IGO to earn an additional 19% interest by spending another $3 million. The project has identified a significant Li-Ta-Nb-Cs anomaly at Ti Tree, with further exploration and analysis ongoing. This joint venture strengthens Venus Metals’ position in the exploration sector and could lead to significant developments in the project area.
The most recent analyst rating on (AU:IGO) stock is a Hold with a A$5.50 price target. To see the full list of analyst forecasts on IGO stock, see the AU:IGO Stock Forecast page.
IGO Limited has announced its upcoming Annual General Meeting (AGM) for shareholders, scheduled for November 19, 2025, at the Perth Convention and Exhibition Centre and online. The company emphasizes the importance of the Notice of Meeting, which will be available online, and outlines procedures for attending and voting both in person and virtually. This AGM is a significant event for stakeholders, providing an opportunity for shareholder engagement and decision-making on company matters.
The most recent analyst rating on (AU:IGO) stock is a Buy with a A$5.75 price target. To see the full list of analyst forecasts on IGO stock, see the AU:IGO Stock Forecast page.
IGO Limited has announced the resignation of two of its directors, Keith Spence and Xiaoping Yang, as part of its ongoing board renewal and succession strategy. Keith Spence, who has been with the board for ten years, played a crucial role in enhancing the company’s performance in safety, operations, and environmental management. Xiaoping Yang, who joined in 2020, contributed significantly to the company’s strategic oversight, particularly in downstream processing and international relations. Their departures mark a significant transition for IGO, with the board expressing gratitude for their invaluable contributions.
The most recent analyst rating on (AU:IGO) stock is a Sell with a A$4.60 price target. To see the full list of analyst forecasts on IGO stock, see the AU:IGO Stock Forecast page.