IGO (AU:IGO)
ASX:IGO
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IGO
(Sydney:IGO)
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Rating:49Neutral
Price Target:
AU$9.00
▼(-2.70% Downside)
Action:Reiterated
Date:05/23/26
Overall score is held back primarily by weak financial performance (declining revenue, negative profitability, and cash-flow concerns). Technicals are a notable offset with price trading above key moving averages and positive momentum indicators. Valuation is constrained by losses (negative P/E) and no dividend data, while the latest earnings call was mixed with liquidity/cash-flow improvements but continued revenue and asset-performance challenges.
Positive Factors
Strong liquidity and cash generation
IGO's material cash balance, undrawn facility and a swing to positive operating and free cash flow provide durable financial flexibility. This buffer supports working capital, disciplined capex and JV obligations through commodity cycles, reducing refinancing and liquidity risk over the next 2–6 months.
Negative Factors
Significant revenue decline
A >30% revenue drop materially reduces scale and operational leverage, weakening margin sustainability and the firm's ability to cover fixed costs. Persistent lower top-line pressures constrain reinvestment, increase reliance on asset sales or JV payouts, and raise medium-term execution demands to restore growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong liquidity and cash generation
IGO's material cash balance, undrawn facility and a swing to positive operating and free cash flow provide durable financial flexibility. This buffer supports working capital, disciplined capex and JV obligations through commodity cycles, reducing refinancing and liquidity risk over the next 2–6 months.
Read all positive factors
IGO (IGO) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$6.99B
Dividend YieldN/A
Average Volume (3M)4.81M
Price to Earnings (P/E)―
Beta (1Y)1.73
Revenue Growth-36.60%
EPS Growth80.62%
CountryAU
Employees244
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)-0.28
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$8.33Price Target Upside-9.97% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)0.19
Revenue Forecast (FY)AU$416.19M
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 through selling its share of produced commodities (historically including spodumene concentrate and nickel products) and through earnings from equity-accounted investments in mining and processing ventures. Key revenue st...
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
9.25
Price Trends
8.21
Positive
8.32
Positive
7.07
Positive
Market Momentum
0.31
Negative
61.47
Neutral
80.35
Negative
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 9.25 is above the 20-day moving average (MA) of 8.59, above the 50-day MA of 8.21, and above the 200-day MA of 7.07, indicating a bullish trend. The MACD of 0.31 indicates Negative momentum. The RSI at 61.47 is Neutral, neither overbought nor oversold. The STOCH value of 80.35 is Negative, 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% | |
55 Neutral | AU$7.22B | -18.40 | -53.88% | ― | 303.04% | -586.21% | |
49 Neutral | AU$6.99B | -34.42 | -9.95% | ― | -36.60% | 80.62% | |
47 Neutral | AU$906.30M | -27.94 | -10.17% | ― | -100.00% | 59.85% | |
47 Neutral | AU$4.47B | -57.81 | -2.79% | 5.03% | -3.26% | 66.55% | |
43 Neutral | AU$227.55M | -0.72 | -31.98% | ― | 6.78% | 32.51% | |
43 Neutral | AU$1.57B | -6.64 | -12.79% | ― | -3.54% | -49.86% |
* Basic Materials Sector Average
AU:IGO
IGO
9.25
5.37
138.40%
AU:SYR
Syrah Resources
0.10
-0.16
-60.78%
AU:CXO
Core Lithium Ltd
0.28
0.19
205.56%
AU:LTR
Liontown Resources Limited
2.33
1.73
285.12%
AU:NIC
Nickel Mines Ltd.
1.05
0.37
53.28%
AU:VUL
Vulcan Energy Resources Ltd.
3.64
0.39
12.14%
IGO Corporate Events
IGO CFO Resigns as Company Moves to Secure Interim and Permanent Successor
Apr 29, 2026
IGO Limited has announced the resignation of its Chief Financial Officer, Johan van Vuuren, effective 29 April 2026, after both parties agreed the role was not the right fit for his career aspirations. The company has begun arranging interim CFO c...
IGO Strengthens Governance Team With New Company Secretary Appointment
Apr 24, 2026
IGO Limited has appointed Alastair McDonald, its Head of Legal with more than 20 years of corporate law experience, as a Company Secretary following the resignation of Cameron Wilson from the role. Rebecca Gordon will continue as the principal Com...
IGO sets investor webcast to present March Quarter 2026 activities report
Apr 16, 2026
IGO Limited will hold an investor webcast to present its March Quarter 2026 Activities Report, to be hosted by Managing Director and CEO Ivan Vella on Friday, 24 April 2026, at 11:00am AEST. The company has provided a webcast link and timing guida...
IGO Moves to Full Ownership of Arizona Copper Wolf Project
Mar 29, 2026
IGO Limited has moved to consolidate ownership of its Copper Wolf project in Arizona, agreeing to acquire the remaining 49% joint venture interest from Buxton Resources’ subsidiary for about A$6.15 million in cash, pending Buxton shareholder...
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...
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.