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IGO
(Sydney:IGO)
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Rating:65Neutral
Price Target:
AU$9.00
â–²(8.56% Upside)
Action:Reiterated
Date:08/28/26
The score is primarily supported by financial resilience (strong balance sheet and improved 2026 cash flow) and a generally constructive earnings update highlighting a turnaround and capital flexibility. These positives are tempered by still-weak and volatile underlying operating profitability, only moderate technical momentum, and limited valuation support due to a negative P/E and no provided dividend yield.
Positive Factors
Strong balance sheet and capital flexibility
Minimal leverage and substantial liquidity provide resilience through commodity downturns and flexibility to fund maintenance, selected growth projects, or shareholder returns without relying heavily on new borrowing.
Negative Factors
Weak and volatile underlying operating profitability
Persistent negative gross and operating earnings indicate that reported net profit is not yet supported by consistently healthy core unit economics. This leaves results vulnerable to commodity prices, costs, recoveries, and one-off investment effects.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong balance sheet and capital flexibility
Minimal leverage and substantial liquidity provide resilience through commodity downturns and flexibility to fund maintenance, selected growth projects, or shareholder returns without relying heavily on new borrowing.
Read all positive factors
IGO (IGO) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$6.27B
Dividend YieldN/A
Average Volume (3M)4.81M
Price to Earnings (P/E)44.0
Beta (1Y)1.80
Revenue Growth-11.58%
EPS GrowthN/A
CountryAU
Employees244
SectorBasic Materials
Sector Strength58
IndustryOther Precious Metals
Share Statistics
EPS (TTM)0.19
Shares Outstanding757,267,800
10 Day Avg. Volume4,390,707
30 Day Avg. Volume4,806,635
Financial Highlights & Ratios
PEG Ratio-0.34
Price to Book (P/B)2.49
Price to Sales (P/S)12.62
P/FCF Ratio42.51
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$7.79Price Target Upside-6.03% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)0.72
Revenue Forecast (FY)AU$124.73M
IGO Business Overview & Revenue Model
Company Description
IGO Limited is an Australian exploration and mining firm dedicated to discovering, developing, and operating mineral assets essential for clean energy technologies. The company holds outright ownership and management of several key Western Austral...
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:Aug 26, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Feb 03, 2027
Earnings Call Sentiment Positive
The call presented a clear improvement in financial performance and cash generation driven largely by Nova and a large turnaround at TLEA, a strengthened balance sheet and reinstatement of a dividend. These positives were tempered by a revenue decline, operational and safety issues at Greenbushes that require remediation, and unresolved strategic/capital questions at Kwinana. Overall, management emphasized disciplined cost and capital allocation, portfolio simplification and continued focus on ramping CGP3 and optimizing Greenbushes.Positive Updates
Strong Profitability Turnaround from TLEA
IGO's share of net profit from TLEA was $207 million in FY'26 versus a loss of $642 million in FY'25 — an improvement of ~$849 million year-on-year, materially driving the statutory result.
Negative Updates
Revenue Decline
Total revenue for FY'26 was $463 million, down 12% versus FY'25, reflecting portfolio transition effects (e.g., Forrestania contribution in prior year).
Read all updates
Q4-2026 Updates
Positive
Negative
Strong Profitability Turnaround from TLEA
IGO's share of net profit from TLEA was $207 million in FY'26 versus a loss of $642 million in FY'25 — an improvement of ~$849 million year-on-year, materially driving the statutory result.
Read all positive updates
Company Guidance
Management kept FY‑27 guidance framework unchanged but emphasised the operational priorities and timing assumptions: CGP3 has recovered from the fire and is ramping toward nameplate ~2.4 Mtpa (potentially by year‑end), Greenbushes upside should drive strong cash flow as spodumene prices flow through, and Kwinana remains under strategic review with continued capital discipline. Key FY‑26 metrics cited were: revenue $463m (–12% YoY), underlying EBITDA $286m, statutory NPAT $145m, underlying free cash flow $134m (+176% YoY) with Nova contributing $128m (Nova free cash flow +63% YoY), IGO’s share of TLEA net profit $207m (vs a $642m loss in FY‑25), exploration spend $28m, Cosmos care & maintenance $13m (down from $16m), closing net cash $387m, no drawn debt and a $300m undrawn facility; the Board declared a final fully‑franked dividend of $0.05/share (~$38m), ~30% of underlying free cash flow (midpoint of a 20–40% payout range).IGO Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
82
Very Positive
Cash Flow
74
Positive
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 442.30M | 499.90M | 796.40M | 1.05B | 845.20M |
| Gross Profit | -79.70M | -176.50M | -134.60M | 203.20M | 327.30M |
| EBITDA | 51.70M | -811.10M | 148.40M | -592.20M | 468.40M |
| Net Income | 145.30M | -954.60M | 2.80M | 549.10M | 330.90M |
Balance Sheet | |||||
| Total Assets | 2.45B | 2.36B | 3.57B | 4.74B | 4.86B |
| Cash, Cash Equivalents and Short-Term Investments | 485.60M | 343.50M | 530.40M | 837.60M | 493.90M |
| Total Debt | 16.80M | 31.40M | 48.70M | 432.10M | 959.20M |
| Total Liabilities | 206.50M | 263.90M | 357.50M | 947.70M | 1.43B |
| Stockholders Equity | 2.24B | 2.09B | 3.21B | 3.79B | 3.44B |
Cash Flow | |||||
| Free Cash Flow | 131.30M | 37.60M | 673.10M | 1.05B | 300.30M |
| Operating Cash Flow | 132.40M | 42.90M | 872.00M | 1.39B | 388.40M |
| Investing Cash Flow | -1.30M | -4.00M | -240.30M | -293.60M | -1.28B |
| Financing Cash Flow | -23.90M | -223.40M | -943.70M | -726.70M | 761.80M |
IGO Technical Analysis
Positive
8.29
Price Trends
7.39
Positive
8.00
Positive
7.91
Positive
Market Momentum
0.30
Negative
59.86
Neutral
52.80
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 8.29 is above the 20-day moving average (MA) of 7.81, above the 50-day MA of 7.39, and above the 200-day MA of 7.91, indicating a bullish trend. The MACD of 0.30 indicates Negative momentum. The RSI at 59.86 is Neutral, neither overbought nor oversold. The STOCH value of 52.80 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 |
|---|---|---|---|---|---|---|---|
65 Neutral | AU$6.27B | 44.02 | 6.76% | ― | -11.58% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
55 Neutral | AU$3.69B | -150.17 | -0.86% | ― | -3.18% | 88.11% | |
46 Neutral | AU$267.02M | -0.91 | -30.65% | ― | 6.78% | 32.51% | |
45 Neutral | AU$1.23B | -5.58 | -8.07% | ― | -3.54% | -49.86% | |
43 Neutral | AU$3.64B | -8.36 | -53.88% | ― | 303.04% | -586.21% | |
42 Neutral | AU$1.18B | -34.76 | -10.17% | ― | -100.00% | 59.85% |
* Basic Materials Sector Average
AU:IGO
IGO
8.58
3.36
64.37%
AU:SYR
Syrah Resources
0.12
-0.15
-56.44%
AU:CXO
Core Lithium Ltd
0.37
0.26
231.82%
AU:LTR
Liontown Resources Limited
1.20
0.26
27.13%
AU:NIC
Nickel Mines Ltd.
0.86
0.16
22.86%
AU:VUL
Vulcan Energy Resources Ltd.
2.71
-0.75
-21.77%
IGO Corporate Events
IGO Updates FY26 Mineral Resources and Ore Reserves for Key Operations
Aug 26, 2026
IGO Limited has released its Mineral Resources and Ore Reserves report as at 30 June 2026, detailing JORC-compliant estimates for its 24.99% stake in the Greenbushes lithium operation and its wholly owned Nova nickel operation. The update fulfils ...
IGO details FY26 sustainability performance under new reporting standards
Aug 26, 2026
IGO Limited has released its twelfth Sustainability Report, covering the 2026 financial year and detailing how it manages key sustainability topics across exploration, development projects, managed operations and joint ventures. The report is prep...
IGO Files FY26 Corporate Governance Statement and Appendix 4G with ASX
Aug 26, 2026
IGO Limited has confirmed the release of its corporate governance statement for the financial year ended 30 June 2026, incorporated in its FY26 annual report from page 78 and current as at 27 August 2026. The board-approved statement details how t...
IGO Posts Strong FY26 Performance and Accelerates Portfolio Optimisation
Aug 26, 2026
IGO Limited reported a strong FY26 performance, highlighting transformational improvements in safety alongside solid operational and financial results across its portfolio. Nova exceeded production and cost guidance, generating $228 million in fre...
IGO Releases 2026 Annual Report and Expanded ESG Reporting Suite
Aug 26, 2026
IGO has released its 2026 Annual Report, providing a consolidated view of the company’s operations, activities and financial position as at 30 June 2026, expressed in Australian dollars. The reporting suite is accompanied by dedicated Sustai...
IGO Posts $145m Profit Despite Revenue Dip, Lifts Asset Backing
Aug 26, 2026
IGO Limited reported revenue of $462.9 million for the year ended 30 June 2026, a 12% decline from the prior period, but delivered net profit attributable to members of $145.3 million. The company declared a fully franked final dividend of 5 cents...
IGO Sets Investor Webcast for FY26 Full-Year Results Release
Aug 19, 2026
IGO Limited will host an investor webcast of its FY26 full-year financial results on Thursday, 27 August 2026, at 12:00 p.m. AEST, led by Managing Director and CEO Ivan Vella. The event is aimed at providing investors and analysts with direct insi...
IGO ends FY26 with strong lithium and Nova performance, cash builds despite Kwinana disruption
Jul 27, 2026
IGO reported a strong operational and financial finish to FY26, with Nova and Greenbushes outperforming production and cost guidance while safety metrics improved markedly, including 200 days recordable injury free and a 63% reduction in TRIFR to ...
IGO to Divest Nova Nickel Operation to Global Lithium for A$7m
Jul 15, 2026
IGO Limited has agreed to sell its Nova Nickel Operation in Western Australia to Global Lithium Resources for total consideration of A$7 million, comprising cash, shares and deferred payment. The deal includes the Nova processing plant, associated...
IGO Secures Full Ownership of Copper Wolf Copper Project in Arizona
Jun 29, 2026
IGO Limited has completed the acquisition of the remaining 49% interest in the Copper Wolf Project in Arizona from Buxton Resources for approximately A$6.15 million, giving it full ownership of the project. Copper Wolf is located within a highly p...
IGO reports lapse of performance and service rights
Jun 24, 2026
IGO Limited has notified the market of changes to its issued capital following the lapse of certain conditional securities. The company reported that 599,767 performance rights and 117,924 service rights, trading under ASX codes IGOAK and IGOAL re...
IGO Names Ian Rowe as Interim Chief Financial Officer
Jun 23, 2026
IGO Limited has appointed Ian Rowe as Interim Chief Financial Officer, effective immediately, following a planned succession process led by the Board and executive leadership. Rowe, a Chartered Accountant with extensive ASX-listed and resource sec...
IGO issues additional unquoted service rights under employee incentive scheme
Jun 18, 2026
IGO Limited has notified the market of a new issue of unquoted equity securities under its employee incentive arrangements, reflecting ongoing use of service rights as a component of staff remuneration. The company will issue 19,222 service rights...
IGO Reports Fire at Greenbushes Plant but Maintains Lithium Output Guidance
Jun 9, 2026
IGO Limited reported a fire at the Chemical Grade Plant 3 facility at the Greenbushes lithium operation on 9 June 2026, which was extinguished without injuries. Talison Lithium has initiated a full investigation into the cause and damage, while Ch...
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.