IGO LIMITED (IGO)
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IGO

IGO - IGO LIMITED

FNArena Sector : Nickel
Year End: June
GICS Industry Group : Materials
Debt/EBITDA: -1.25
Index: ASX100 | ASX200 | ASX300 | ALL-ORDS

IGO Ltd, formerly known as Independence Group, is an Australian exploration and mining company operating in Western Australia and the Northern Territory. It has been a listed company since 2002.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$9.25

17 Apr
2026

0.520

OPEN

$9.02

5.96%

HIGH

$9.43

6,925,106

LOW

$9.00

TARGET
$9.06 -2.1% downside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
ARL . CTM . LEG . NIC . QPM . SRL . WIN .
FNARENA'S MARKET CONSENSUS FORECASTS
IGO: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx - 126.1 19.4 xxx
DPS (cps) xxx 0.0 0.3 xxx
EPS Growth xxx N/A N/A xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 46.1 xxx
Dividend Yield xxx N/A 0.0% xxx
Div Pay Ratio(%) xxx N/A 1.3% xxx

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.00

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 11/09 - ex-div 26c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx-126.1
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx499.9 M
Book Value Per Share xxxxxxxxxxxxxxx276.8
Net Operating Cash Flow xxxxxxxxxxxxxxx37.9 M
Net Profit Margin xxxxxxxxxxxxxxx-190.96 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx-36.01 %
Return on Invested Capital xxxxxxxxxxxxxxx-35.76 %
Return on Assets xxxxxxxxxxxxxxx-32.23 %
Return on Equity xxxxxxxxxxxxxxx-36.01 %
Return on Total Capital xxxxxxxxxxxxxxx-9.50 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-164.2 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx21 M
Long Term Debt xxxxxxxxxxxxxxx11 M
Total Debt xxxxxxxxxxxxxxx31 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx344 M
Price To Book Value xxxxxxxxxxxxxxx1.51

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx5.3 M
Capex % of Sales xxxxxxxxxxxxxxx1.06 %
Cost of Goods Sold xxxxxxxxxxxxxxx676 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx79 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx1,599 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.3

No. Of Recommendations

5
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

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Macquarie

30/03/2026

1

Outperform

$9.75

5.41%

Macquarie has raised its 2026 commodity price forecasts, with the largest increases for thermal coal up 29%, aluminium up 26%, metallurgical coal up 15%, gold up 7%, iron ore up 6% and copper up 3%.

In the near term, the broker is overweight thermal coal, aluminium, metallurgical coal and nickel relative to consensus, while remaining even-weight on copper, iron ore, zinc, lithium, gold, silver and manganese.

Alumina is the only commodity where Macquarie is underweight.

The broker’s Australian dollar forecast is around 6% stronger than consensus. While higher prices support earnings, higher FX and fuel costs offset some of the benefit, the analyst explains.

Macquarie lifts its target for IGO Ltd to $9.75 from $9.25 and retains an Outperform rating, remaining constructive on the lithium market amid continued inventory drawdown.

This is a summary of research produced by Macquarie on March 27.

FORECAST
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of 22.30 cents.
Macquarie forecasts a full year FY27 dividend of 0.00 cents and EPS of 41.50 cents.

Morgan Stanley

xx/xx/xxxx

5

xxxxxxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Canaccord Genuity

26/02/2026

1

Buy

$9.60

3.78%

IGO Ltd's interim earnings (EBITDA) of $49m were pre-reported. Profit of -$39m missed Canaccord Genuity's forecast of -$11m but was broadly in line with consensus at -$31m.

Greenbushes resources rose 17Mt to 457Mt, and the broker notes optimisation reduced the life-of-mine (LOM) strip ratio by -30%. The strip ratio measures how much waste material must be removed to access a tonne of ore.

On the flipside, the analyst notes recoveries of 57-74% sit below industry standards.

Chemical Grade Plant 3 commissioning at at Greenbushes underperformed in January but improved in February, notes the broker. Nameplate capacity is assumed by the June quarter this year.

Canaccord re-iterates a Buy rating on IGO Ltd and lowers its target price to $9.60 from $9.80.
Access Extra Coverage Research History >

IGO STOCK CHART

FNArena News on IGO

1
AI’s Power Demand Is Rewiring Global Markets

Apr 16 2026 - Commodities
2
Australian Broker Call *Extra* Edition – Apr 13, 2026

Apr 13 2026 - Daily Market Reports
3
The Critical State Of Critical Minerals

Apr 07 2026 - Feature Stories
4
Material Matters: Oil, Gold, Lithium & Aluminium

Apr 02 2026 - Commodities
5
Weekly Ratings, Targets, Forecast Changes – 27-03-26

Mar 30 2026 - Weekly Reports

Latest Nickel News

1
Nickel Industries: Potential & Risks

May 18 2023 - Small Caps
2
Investors Remain Attached To IGO’s Lithium Story

Nov 03 2022 - Australia
3
You Go Where IGO

Mar 08 2022 - Technicals
4
Nickel Mines’ Bumper Quarter Well Received

Jan 27 2021 - Australia
5
Odysseus Holds The Key To Western Areas

Nov 02 2020 - Australia
6
Nickel Mines An Emerging Force

Oct 21 2020 - Small Caps
7
Nickel Mines Poised For Price Recovery

Jul 10 2020 - Small Caps
8
SPONSORED: Galileo, Next Fraser Range Nickel Success Story?

Mar 04 2020 - FYI
9
IGO Dependent On Exploration Success

Feb 03 2020 - Australia
10
Independence Day?

Oct 29 2019 - Technicals