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2026-11-06
◂ Monitor IGO ASX

IGO Limited

Producer · Lithium · Nickel · Copper · Cobalt · Australia · United States Rating locked: sign in to view v8 · igo-20261024t184706-full
Last 2026-11-06
A$4.96
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$3.8B
EV
A$3.3B
Cash
A$386.5M
Debt
A$0
2 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$386.5M Not Meaningful
Debt A$0 Net cash A$386.5M
Basic shares 757.3M 2026-09-07
Runway Not Meaningful Positive latest quarterly operating/investing cash flow; forward TLEA distributions and Kwinana support are uncertain.

Liquidity

Financial position

June reported corporate cash A$386.5m and undrawn A$300m facility; same-date interim bridge and minority JV debt/cash are reconciled in the new valuation.

Inventory composition3

A$68.6m inventory is operating working capital and is not added separately to Nova cash flows.

Stores and spares
A$14.8M carrying
Run of mine ore
A$11.9M carrying
Nickel copper cobalt concentrate
A$41.9M carrying

Capital structure

Ownership and dilution

Ordinary shares
757.3M
Fully diluted
761.5M

757267813 + 3397751 + 842669 = 761508233 fully diluted; rights assumed issued without proceeds. Treasury shares are already inside ordinary shares and are not deducted a second time.

Security classes3
ClassTypeQuantityStrikeExpiry
IGO ordinary fully paidOrdinary Share757.3M——
IGO performance rightsPerformance Right3.4MA$0—
IGO service rightsOther842.7KA$0—

KPI history

Operating metrics · Greenbushes Lithium Mine

Source-native spodumene concentrate production shown
0108,394216,789325,183433,578Q1 FY26: 319,522 t concentrateQ1 FY26Q2 FY26: 352,315 t concentrateQ2 FY26Q3 FY26: 350,575 t concentrateQ3 FY26Q4 FY26: 387,123 t concentrateQ4 FY26
MetricUnitTrendQ1 FY26Q2 FY26Q3 FY26Q4 FY26
Source-native spodumene concentrate productiont concentrateQ1 FY26: 319,522 t concentrateQ2 FY26: 352,315 t concentrateQ3 FY26: 350,575 t concentrateQ4 FY26: 387,123 t concentrate319,522352,315350,575387,123
Cash production cost excludes royalty and offsiteAUD/t concentrateQ1 FY26: 388 AUD/t concentrateQ2 FY26: 373 AUD/t concentrateQ3 FY26: 446 AUD/t concentrateQ4 FY26: 448 AUD/t concentrate388373446448

KPI history

Operating metrics · Kwinana Lithium Hydroxide Refinery

Lithium hydroxide monohydrate production shown
08531,7062,5593,413Q1 FY26: 2,775 t LHMQ1 FY26Q2 FY26: 2,120 t LHMQ2 FY26Q3 FY26: 3,047 t LHMQ3 FY26Q4 FY26: 897 t LHMQ4 FY26
MetricUnitTrendQ1 FY26Q2 FY26Q3 FY26Q4 FY26
Lithium hydroxide monohydrate productiont LHMQ1 FY26: 2,775 t LHMQ2 FY26: 2,120 t LHMQ3 FY26: 3,047 t LHMQ4 FY26: 897 t LHM2,7752,1203,047897

KPI history

Operating metrics · Nova Nickel Operation

Contained nickel output shown
01,1772,3533,5304,706Q1 FY26: 3,429 t Ni in concentrateQ1 FY26Q2 FY26: 3,790 t Ni in concentrateQ2 FY26Q3 FY26: 4,202 t Ni in concentrateQ3 FY26Q4 FY26: 3,882 t Ni in concentrateQ4 FY26
MetricUnitTrendQ1 FY26Q2 FY26Q3 FY26Q4 FY26
Contained nickel outputt Ni in concentrateQ1 FY26: 3,429 t Ni in concentrateQ2 FY26: 3,790 t Ni in concentrateQ3 FY26: 4,202 t Ni in concentrateQ4 FY26: 3,882 t Ni in concentrate3,4293,7904,2023,882
Contained copper outputt Cu in concentrateQ1 FY26: 1,377 t Cu in concentrateQ2 FY26: 1,776 t Cu in concentrateQ3 FY26: 1,907 t Cu in concentrateQ4 FY26: 1,694 t Cu in concentrate1,3771,7761,9071,694

KPI history

Operating metrics · Company

Corporate closing cash shown
0108,220,000216,440,000324,660,000432,880,000Q1 FY26: 286,500,000 AUDQ1 FY26Q2 FY26: 298,900,000 AUDQ2 FY26Q3 FY26: 327,000,000 AUDQ3 FY26Q4 FY26: 386,500,000 AUDQ4 FY26
MetricUnitTrendQ1 FY26Q2 FY26Q3 FY26Q4 FY26
Corporate closing cashAUDQ1 FY26: 286,500,000 AUDQ2 FY26: 298,900,000 AUDQ3 FY26: 327,000,000 AUDQ4 FY26: 386,500,000 AUD286,500,000298,900,000327,000,000386,500,000
Operating cash flowAUDQ1 FY26: 15,700,000 AUDQ2 FY26: 12,800,000 AUDQ3 FY26: 34,600,000 AUDQ4 FY26: 69,200,000 AUD15,700,00012,800,00034,600,00069,200,000
Operating metric source table37
MetricProjectPeriodPeriod typeValueStatus
Source-native spodumene concentrate productionGreenbushesQ1 FY26Quarter319,522 t concentrateReported
Source-native spodumene concentrate productionGreenbushesQ2 FY26Quarter352,315 t concentrateReported
Source-native spodumene concentrate productionGreenbushesQ3 FY26Quarter350,575 t concentrateReported
Source-native spodumene concentrate productionGreenbushesQ4 FY26Quarter387,123 t concentrateReported
Cash production cost excludes royalty and offsiteGreenbushesQ1 FY26Quarter388 AUD/t concentrateReported
Cash production cost excludes royalty and offsiteGreenbushesQ2 FY26Quarter373 AUD/t concentrateReported
Cash production cost excludes royalty and offsiteGreenbushesQ3 FY26Quarter446 AUD/t concentrateReported
Cash production cost excludes royalty and offsiteGreenbushesQ4 FY26Quarter448 AUD/t concentrateReported
Lithium hydroxide monohydrate productionKwinanaQ1 FY26Quarter2,775 t LHMReported
Lithium hydroxide monohydrate productionKwinanaQ2 FY26Quarter2,120 t LHMReported
Lithium hydroxide monohydrate productionKwinanaQ3 FY26Quarter3,047 t LHMReported
Lithium hydroxide monohydrate productionKwinanaQ4 FY26Quarter897 t LHMReported
Contained nickel outputNovaQ1 FY26Quarter3,429 t Ni in concentrateReported
Contained nickel outputNovaQ2 FY26Quarter3,790 t Ni in concentrateReported
Contained nickel outputNovaQ3 FY26Quarter4,202 t Ni in concentrateReported
Contained nickel outputNovaQ4 FY26Quarter3,882 t Ni in concentrateReported
Contained copper outputNovaQ1 FY26Quarter1,377 t Cu in concentrateReported
Contained copper outputNovaQ2 FY26Quarter1,776 t Cu in concentrateReported
Contained copper outputNovaQ3 FY26Quarter1,907 t Cu in concentrateReported
Contained copper outputNovaQ4 FY26Quarter1,694 t Cu in concentrateReported
Corporate closing cashCompanyQ1 FY26Quarter286,500,000 AUDReported
Corporate closing cashCompanyQ2 FY26Quarter298,900,000 AUDReported
Corporate closing cashCompanyQ3 FY26Quarter327,000,000 AUDReported
Corporate closing cashCompanyQ4 FY26Quarter386,500,000 AUDReported
Operating cash flowCompanyQ1 FY26Quarter15,700,000 AUDReported
Operating cash flowCompanyQ2 FY26Quarter12,800,000 AUDReported
Operating cash flowCompanyQ3 FY26Quarter34,600,000 AUDReported
Operating cash flowCompanyQ4 FY26Quarter69,200,000 AUDReported
FY26 total concentrateGreenbushesFY26Year1,409,537 t concentrateReported
FY26 cash cost excluding offsite and royaltyGreenbushesFY26Year415 AUD/t concentrateReported
FY26 gross mine revenueGreenbushesFY26Year2,858,400,000 AUDReported
FY26 gross mine EBITDAGreenbushesFY26Year2,098,800,000 AUDReported
FY26 monohydrate outputKwinanaFY26Year8,839 t LHMReported
FY26 loss includes expensed capitalKwinanaFY26Year-167,000,000 AUDReported
FY26 nickel outputNovaFY26Year15,304 t Ni in concentrateReported
FY26 copper outputNovaFY26Year6,754 t Cu in concentrateReported
FY26 Nova free cash flowNovaFY26Year228,400,000 AUDReported
Company guidance10
MetricProjectPeriodLowHighStatus
Spodumene ProductiongreenbushesFY271,550,0001,750,000 t concentrateCurrent
Cash Production CostgreenbushesFY27380440 AUD/t concentrateCurrent
Total Sustaining/Growth/Deferred Waste CAPEXgreenbushesFY27250,000,000300,000,000 AUDCurrent
Lithium Hydroxide ProductionkwinanaFY279,00011,000 t LHMCurrent
Conversion CostkwinanaFY2716,00018,000 AUD/t LHMCurrent
Sustaining And Improvement CAPEXkwinanaFY2775,000,00090,000,000 AUDCurrent
Nickel Productionnova1 July 2025 to December 2026 cessation19,00020,000 t Ni in concentrateCurrent
Copper Productionnova1 July 2025 to December 2026 cessation8,5009,500 t Cu in concentrateCurrent
Cobalt Productionnova1 July 2025 to December 2026 cessation650750 t Co in concentrateCurrent
Cash Payable Costnova1 July 2025 to December 2026 cessation4.255 AUD/lb payable NiCurrent

Capital history

Capital events

1 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-30Ann. 2026-08-27DividendA$37.9M——Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-13

Material JV, conditional disposal, royalty and contingent indemnities identified; detailed offtake formulas and customer volumes are not disclosed in bounded reviewed issuer sources.

IGO has significant influence, not control or joint control; lithium cash distribution and capital allocation depend on partners.

Joint Venture · Active
Counterparties
Tianqi Lithium Corporation · TLEA · Albemarle
Applies to
Greenbushes Lithium Mine · Kwinana Lithium Hydroxide Refinery · Lithium
Economic direction
Mixed
Period
Dates not stated
Key terms
IGO interest: 49 %
Greenbushes effective interest: 24.99 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Up to 1.5% future gold NSR retained following the Forrestania asset sale; no operator production forecast in the source package.

Royalty · Active
Counterparties
Medallion Metals
Applies to
Forrestania contingent gold royalty · Gold
Economic direction
Benefit
Period
Dates not stated
Key terms
Maximum future gold NSR: 1.5 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Conditional Nova disposal includes rehabilitation; expected after cessation, ACCC required, no double charge of transferred obligations.

Other · Conditional
Counterparties
Global Lithium Resources
Applies to
Nova Nickel Operation · Nickel · Copper · Cobalt
Economic direction
Mixed
Period
Dates not stated
Key terms
Cash at completion: 3,000,000 AUD
Shares at completion: 2,000,000 AUD
Deferred cash: 2,000,000 AUD
Rehabilitation provision transferring: 67,900,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Contingent acquisition tax indemnity capped at A$96.7m; issuer assessed liability as not probable at 30 June 2026.

Other · Active
Counterparties
Tianqi · TLEA · Australian Taxation Office
Applies to
Greenbushes Lithium Mine · Kwinana Lithium Hydroxide Refinery · Lithium
Economic direction
Burden
Period
Dates not stated
Key terms
IGO maximum acquisition tax liability: 96,700,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

IGO denies claim; Regis indemnity applies from 31 May 2021. Court decision remains reserved; valuation allowance not reported liability.

Other · Active
Counterparties
South32 · Regis Resources
Applies to
Company-wide · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
South32 claim: 174,700,000 AUD
Approximate pre-sale liability claimed: 86,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.