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

$6.98

11 Dec
2025

-0.120

OPEN

$6.96

-1.69%

HIGH

$7.10

4,900,479

LOW

$6.86

TARGET
$6.61

+0.15 change from previous day

 -5.3% 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 - 1.7 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 N/A xxx
Dividend Yield xxx N/A 0.0% xxx
Div Pay Ratio(%) xxx N/A N/A 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 © 2025 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

0.2

No. Of Recommendations

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

UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Citi

25/11/2025

3

Neutral

$5.60

-19.77%

Citi revised its model for IGO Ltd to factor in a delay to the CGP4 growth project, with first production now expected in June 2028.

Separately, the broker undertook sensitivities across IGO, Pilbara Minerals and Liontown Resources, given recent volatile but rising SC6 prices.

In the broker's view, IGO screens cheapest and most defensive, with the lowest implied breakeven SC6 price of US$1,340/t vs Pilbara's  US$1,400 and Liontown's US$1,540, and the lowest cash costs at Greenbushes.

Liontown offers the most leverage to modest SC6 upside because it’s the highest-cost producer. In a stronger bull case (SC6 of around US$1,600/t and growth projects delivered), Pilbara shows the greatest upside via the P2000 Project, trading on the lowest P/NAV at 0.70x.

The broker's order of preference is IGO and Pilbara over Liontown.

Neutral retained for IGO with unchanged target of $5.60.

FORECAST
Citi forecasts a full year FY26 dividend of 1.00 cents and EPS of minus -10.80 cents.
Citi forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -4.20 cents.

Morgan Stanley

xx/xx/xxxx

5

xxxxxxxxxxx

$xx.xx

xx.xx%

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Bell Potter

xx/xx/xxxx

-1

xx xxxxxx

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

xxxxxxxxx xx xxxxxxx xxxx xxxxxxxxxx

$xx.xx

xx.xx%

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Canaccord Genuity

30/10/2025

3

Hold

$5.40

-22.64%

IGO Ltd's September quarter missed Canaccord Genuity's expectations across Greenbushes and Nova, while Kwinana outperformed but still posted an earnings (EBITDA) loss of -$19.6m.

Heavy rainfall, lower grades, and reduced recoveries drove Greenbushes SC6 output down -6% quarter-on-quarter to 320kt, increasing costs to -$388/t, explain the analysts.

The broker highlights weaker Tianqi Lithium Energy Australia (TLEA) joint venture and Nova results, with nickel and copper production down -33% and -41%, respectively. It's noted the delayed Greenbushes optimisation study continues to test investor patience.

Canaccord Genuity retains a Hold rating and $5.40 target.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 5.00 cents and EPS of 2.00 cents.
Canaccord Genuity forecasts a full year FY27 dividend of 10.00 cents and EPS of 26.00 cents.
Access Extra Coverage Research History >

IGO STOCK CHART

FNArena News on IGO

1
Rudi’s View: Copper, Aluminium & Technology (!)

Dec 11 2025 - Rudi's View
2
November In Review: November’s Nasty Nexus

Dec 03 2025 - Australia
3
Material Matters: Lithium, Rare Earths & Gold

Nov 27 2025 - Commodities
4
Are Markets Ready For Today’s Model-T Moment?

Nov 24 2025 - Australia
5
Weekly Ratings, Targets, Forecast Changes – 14-11-25

Nov 17 2025 - 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