- Last 2026-11-06
- A$4.96
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- 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
- September 2026 Quarterly PresentationLatest Four Activities Reports
- September 2026 Quarterly Activities ReportLatest Four Activities Reports
Investment view
Rating locked: sign in to viewOur rating, thesis and what the price implies are available to subscribers.
Sign in or enter a guest codeAnnouncements
Latest 12 of 12All sources ▸- FY26 Results PresentationOther
- FY26 Financial ResultsResults
- 2026 Annual ReportResults
- Appendix 4EOther
- June 2026 Quarterly Activities ReportResults
- March 2026 Quarterly PresentationOther
- March 2026 Quarterly Activities ReportOther
- 1H26 Half Year Results PresentationOther
- December 2025 Half Year Financial Report and Appendix 4DOther
- December 2025 Quarterly Activities ReportOther
- 1Q26 Quarterly Results PresentationOther
- 1Q26 Quarterly Activities ReportOther
Event calendar · next 12 months
7 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| 2026-10-13 to 2026-12-31 | Planned Greenbushes reserve revision | Resource Or Reserve | Company Guided | High | Test mine-plan depletion, price and recovery assumptions behind the long-duration model. |
| 2026-10-13 to 2026-12-31 | Nova mining cessation and conditional sale | Transaction | Company Guided | High | Realise remaining operating cash and transfer closure obligations after conditions satisfied. |
| 2026-10-29 | September quarter results and webcast | Results | Confirmed | High | First post-fire and post-dividend cash update; test Greenbushes ramp and Kwinana leakage. |
| 2027-01-28 | December quarter results | Results | Company Guided | High | See Nova closeout and sustainable lithium cash generation after loss of nickel cash engine. |
| 2027-04-22 | March quarter results | Results | Company Guided | High | Second checkpoint for FY27 output guidance and capital discipline. |
| Unscheduled within monitoring horizon | Tropicana claim reserved court decision | Other | Confirmed | High | Adverse ruling and indemnity outcome may materially exceed the expected-value contingency allowance. |
| Unscheduled within monitoring horizon | Kwinana pathway with lithium partner | Economic Arrangement | Company Guided | High | Cash leakage reduction or further support changes the negative refinery allowance. |
Executive roster
As of 2026-10-13Background checks ▸Five annual-report executive leadership members and two company secretaries; latest calendar confirms CEO and Rebecca Gordon; excludes nonexecutive directors.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Ivan Vella | Managing Director and CEO | Executive Director · Chief Executive | 2023-12-01 | 2026 Annual Report |
| Brett Salt | Chief Development Officer | Commercial · Senior Management | — | 2026 Annual Report |
| Suzy Retallack | Chief People and Sustainability Officer | Senior Management | 2025-09-01 | 2026 Annual Report |
| Ian Rowe | Interim Chief Financial Officer | Finance | 2026-06-23 | 2026 Annual Report |
| Marie Bourgoin | Chief Operating Officer | Operations | — | 2026 Annual Report |
| Rebecca Gordon | Company Secretary | Company Secretary | 2024-07-12 | 2026 Annual Report |
| Alastair McDonald | Head of Legal and additional Company Secretary | Company Secretary · Senior Management | 2026-04-24 | 2026 Annual Report |
devCoverage status: Complete As Disclosed
Portfolio detail
Assets
Core asset
Greenbushes Lithium Mine
Australia
Operating; CGP3 resumed early August 2026 after June fire
- Production annualised (attributable)
- —
- Production (last FY, 100%)
- —
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- —
- Head grade
- 1.7%
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | total | 457 Mt | 1.6% Li2O | Lithium | 2025-12-31 |
| Ore Reserve | total | 176 Mt | 1.9% Li2O | Lithium | 2025-12-31 |
Material
Kwinana Lithium Hydroxide Refinery
Australia
Operating with persistent structural cost challenges
- Product and spec
- Lithium hydroxide monohydrate; 99.1% battery-grade FY26 output
- Nameplate capacity
- 24.0k t/yr
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- Greenbushes spodumene concentrate through TLEA
- Offtake contracted
- —
Material
Nova Nickel Operation
Australia
Operating through planned December quarter cessation; conditional sale
- Production annualised (attributable)
- NM
- Production (last FY, 100%)
- 15.3k t
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- 0.5 yrsd
- Head grade
- 1.5%
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | total | 0.5 Mt | 1.62% Ni, 0.65% Cu, 0.054% Co | Nickel · Copper · Cobalt | 2026-06-30 |
| Ore Reserve | total | 0.5 Mt | 1.44% Ni, 0.63% Cu, 0.050% Co | Nickel · Copper · Cobalt | 2026-06-30 |
Other
Cosmos Project
Australia
Preserved minimal-spend state after dewatering ceased
- Nameplate capacity
- —
- Restart capex
- —
- Contained metal (attributable)
- —
- Last production year
- —
- Target restart
- —
Other
Copper Wolf Project
United States
Full ownership acquired June 2026; permitting and access underway
- Ownership
- 100%
- Commodity
- Cur
- Country
- USr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Other
Forrestania retained nickel and lithium rights
Australia
Retained rights after plant sale; withdrawn South Iron Cap target excluded
- Ownership
- 100%r
- Commodity
- Nir
- Country
- AUr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Other
Forrestania contingent gold royalty
Australia
Up to 1.5% future gold NSR; no current forecast receipts
- Royalty type
- net smelter return
- Rate
- 1.5%
- Underlying asset and operator
- Forrestania gold tenements operated by Medallion
- Operator's stage
- Pre production
- Attrib. royalty units per year
- —
- Royalty receipts (12M)
- —
- Our attributable value
- Locked
Other
BioHeap technology
Australia
Proprietary BioHeap technology; unproved copper commercialisation. Broader exploration opportunities remain qualitative in report.
- Ownership
- 100%r
- Commodity
- Cur
- Country
- AUr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)
Funding, performance and ownership
Financials & Capital
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
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| IGO ordinary fully paid | Ordinary Share | 757.3M | — | — |
| IGO performance rights | Performance Right | 3.4M | A$0 | — |
| IGO service rights | Other | 842.7K | A$0 | — |
KPI history
Operating metrics · Greenbushes Lithium Mine
| Metric | Unit | Trend | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|
| Source-native spodumene concentrate production | t concentrate | 319,522 | 352,315 | 350,575 | 387,123 | |
| Cash production cost excludes royalty and offsite | AUD/t concentrate | 388 | 373 | 446 | 448 |
KPI history
Operating metrics · Kwinana Lithium Hydroxide Refinery
| Metric | Unit | Trend | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|
| Lithium hydroxide monohydrate production | t LHM | 2,775 | 2,120 | 3,047 | 897 |
KPI history
Operating metrics · Nova Nickel Operation
| Metric | Unit | Trend | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|
| Contained nickel output | t Ni in concentrate | 3,429 | 3,790 | 4,202 | 3,882 | |
| Contained copper output | t Cu in concentrate | 1,377 | 1,776 | 1,907 | 1,694 |
KPI history
Operating metrics · Company
| Metric | Unit | Trend | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|
| Corporate closing cash | AUD | 286,500,000 | 298,900,000 | 327,000,000 | 386,500,000 | |
| Operating cash flow | AUD | 15,700,000 | 12,800,000 | 34,600,000 | 69,200,000 |
Operating metric source table37
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Source-native spodumene concentrate production | Greenbushes | Q1 FY26 | Quarter | 319,522 t concentrate | Reported |
| Source-native spodumene concentrate production | Greenbushes | Q2 FY26 | Quarter | 352,315 t concentrate | Reported |
| Source-native spodumene concentrate production | Greenbushes | Q3 FY26 | Quarter | 350,575 t concentrate | Reported |
| Source-native spodumene concentrate production | Greenbushes | Q4 FY26 | Quarter | 387,123 t concentrate | Reported |
| Cash production cost excludes royalty and offsite | Greenbushes | Q1 FY26 | Quarter | 388 AUD/t concentrate | Reported |
| Cash production cost excludes royalty and offsite | Greenbushes | Q2 FY26 | Quarter | 373 AUD/t concentrate | Reported |
| Cash production cost excludes royalty and offsite | Greenbushes | Q3 FY26 | Quarter | 446 AUD/t concentrate | Reported |
| Cash production cost excludes royalty and offsite | Greenbushes | Q4 FY26 | Quarter | 448 AUD/t concentrate | Reported |
| Lithium hydroxide monohydrate production | Kwinana | Q1 FY26 | Quarter | 2,775 t LHM | Reported |
| Lithium hydroxide monohydrate production | Kwinana | Q2 FY26 | Quarter | 2,120 t LHM | Reported |
| Lithium hydroxide monohydrate production | Kwinana | Q3 FY26 | Quarter | 3,047 t LHM | Reported |
| Lithium hydroxide monohydrate production | Kwinana | Q4 FY26 | Quarter | 897 t LHM | Reported |
| Contained nickel output | Nova | Q1 FY26 | Quarter | 3,429 t Ni in concentrate | Reported |
| Contained nickel output | Nova | Q2 FY26 | Quarter | 3,790 t Ni in concentrate | Reported |
| Contained nickel output | Nova | Q3 FY26 | Quarter | 4,202 t Ni in concentrate | Reported |
| Contained nickel output | Nova | Q4 FY26 | Quarter | 3,882 t Ni in concentrate | Reported |
| Contained copper output | Nova | Q1 FY26 | Quarter | 1,377 t Cu in concentrate | Reported |
| Contained copper output | Nova | Q2 FY26 | Quarter | 1,776 t Cu in concentrate | Reported |
| Contained copper output | Nova | Q3 FY26 | Quarter | 1,907 t Cu in concentrate | Reported |
| Contained copper output | Nova | Q4 FY26 | Quarter | 1,694 t Cu in concentrate | Reported |
| Corporate closing cash | Company | Q1 FY26 | Quarter | 286,500,000 AUD | Reported |
| Corporate closing cash | Company | Q2 FY26 | Quarter | 298,900,000 AUD | Reported |
| Corporate closing cash | Company | Q3 FY26 | Quarter | 327,000,000 AUD | Reported |
| Corporate closing cash | Company | Q4 FY26 | Quarter | 386,500,000 AUD | Reported |
| Operating cash flow | Company | Q1 FY26 | Quarter | 15,700,000 AUD | Reported |
| Operating cash flow | Company | Q2 FY26 | Quarter | 12,800,000 AUD | Reported |
| Operating cash flow | Company | Q3 FY26 | Quarter | 34,600,000 AUD | Reported |
| Operating cash flow | Company | Q4 FY26 | Quarter | 69,200,000 AUD | Reported |
| FY26 total concentrate | Greenbushes | FY26 | Year | 1,409,537 t concentrate | Reported |
| FY26 cash cost excluding offsite and royalty | Greenbushes | FY26 | Year | 415 AUD/t concentrate | Reported |
| FY26 gross mine revenue | Greenbushes | FY26 | Year | 2,858,400,000 AUD | Reported |
| FY26 gross mine EBITDA | Greenbushes | FY26 | Year | 2,098,800,000 AUD | Reported |
| FY26 monohydrate output | Kwinana | FY26 | Year | 8,839 t LHM | Reported |
| FY26 loss includes expensed capital | Kwinana | FY26 | Year | -167,000,000 AUD | Reported |
| FY26 nickel output | Nova | FY26 | Year | 15,304 t Ni in concentrate | Reported |
| FY26 copper output | Nova | FY26 | Year | 6,754 t Cu in concentrate | Reported |
| FY26 Nova free cash flow | Nova | FY26 | Year | 228,400,000 AUD | Reported |
Company guidance10
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Spodumene Production | greenbushes | FY27 | 1,550,000 | 1,750,000 t concentrate | Current |
| Cash Production Cost | greenbushes | FY27 | 380 | 440 AUD/t concentrate | Current |
| Total Sustaining/Growth/Deferred Waste CAPEX | greenbushes | FY27 | 250,000,000 | 300,000,000 AUD | Current |
| Lithium Hydroxide Production | kwinana | FY27 | 9,000 | 11,000 t LHM | Current |
| Conversion Cost | kwinana | FY27 | 16,000 | 18,000 AUD/t LHM | Current |
| Sustaining And Improvement CAPEX | kwinana | FY27 | 75,000,000 | 90,000,000 AUD | Current |
| Nickel Production | nova | 1 July 2025 to December 2026 cessation | 19,000 | 20,000 t Ni in concentrate | Current |
| Copper Production | nova | 1 July 2025 to December 2026 cessation | 8,500 | 9,500 t Cu in concentrate | Current |
| Cobalt Production | nova | 1 July 2025 to December 2026 cessation | 650 | 750 t Co in concentrate | Current |
| Cash Payable Cost | nova | 1 July 2025 to December 2026 cessation | 4.25 | 5 AUD/lb payable Ni | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-09-30Ann. 2026-08-27 | Dividend | A$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.
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 %
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 %
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
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
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
No valuation treatment is available for this arrangement.
Intrinsic value
Valuation
Bear, base and bull values, investment cases, project valuations and the equity bridge are available to subscribers.
Sign in or enter a guest codeResource-price transmission
Sensitivity lab
How our fair value responds to commodity prices and other drivers is available to subscribers.
Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
IGO’s team combines international operations, joint-venture development and legal/finance expertise. FY2026 results improved after major FY2025 impairment, while material prior governance and safety outcomes and continued Kwinana shortfall warrant attention. This remains a partial screening with person-specific evidence gaps.
Decision-relevant facts
Material summary
Ivan Vella
Managing Director and Chief Executive Officer
Rio Tinto terminated employment after confidentiality policy breach
Rio Tinto reported that Vella’s employment was terminated on 15 November 2023 because actions did not follow its requirements for managing confidential information. IGO said its board reviewed the facts with Rio Tinto, that Vella accepted accountability for a policy breach and, based on what was known, no information was compromised. Vella expressed regret and said there was no ill intent.
Individual involvement documented · The companies explicitly identify Vella and the policy issue; the specific information and internal investigation details are not public.
FY2026 recovery followed major FY2025 loss
IGO reported a FY2025 net loss of A$954.6m including A$605.1m Kwinana impairment on its 49% basis. FY2026 net profit was A$145.3m; the company cited stronger commodity prices and reported Nova production above guidance, while Kwinana remained below guidance.
Role overlaps event; causation unproven · Vella was CEO; commodity prices, joint-venture operators and teams also affected outcomes, and his personal causal contribution is not established.
Rio post-Juukan relationship repair and communication
Rio appointed Vella interim iron-ore chief after Juukan Gorge’s destruction. In February 2021 traditional owners said they had not been adequately consulted over his replacement, and Rio acknowledged communication mistakes; the joint response said there had been no intention to mislead.
Role overlaps event; causation unproven · He held the interim role after the destruction; the record does not attribute the destruction or communication decision to him.
Evidence gaps · 5
- Exact historical responsibilities and financial contribution at Rio Tinto are not independently quantified.
- Detailed original Rio Tinto investigation and any later internal review were not accessible.
- Degrees and memberships were not independently verified.
- Court and regulatory searches are not exhaustive.
- A single combined broad name-and-employer query was reused across nine topics; independent topic-specific and complete regulator/court searches remain incomplete.
Brett Salt
Chief Development Officer
Redivium loss and financing pressure during leadership
Redivium reported a A$2.45m loss for FY2024 and its auditor identified material going-concern uncertainty. Salt was CEO from October 2023 and managing director from January to July 2024. After his departure the FY2025 report recorded A$15.59m loss including A$12.95m intangible impairment, and ASX removed the company in August 2026 for unpaid annual listing fees.
Role overlaps event; causation unproven · FY2024 overlapped his role; later impairment and listing removal occurred after he left. Personal causation or responsibility for later events is not established.
Greenbushes expansion and operating results
IGO reports the joint-venture-operated Greenbushes mine produced 1.41Mt concentrate in FY2026, with chemical plant 3 commissioning contributing 104kt; a June fire interrupted ramp-up. The September quarter recorded 435kt concentrate at the mine on a 100% basis, with the plant reaching nameplate in September.
Role overlaps event; causation unproven · Salt led IGO development and commercial functions; Talison operates the mine and personal contribution is not independently quantified.
Evidence gaps · 6
- Independent degrees and complete prior-role dates were not established.
- Specific contribution to Redivium’s financial result is not established.
- Later delisting followed his departure and does not itself establish responsibility.
- Court and regulatory searches are not exhaustive.
- Redivium’s FY2024 annual report gives resignation on 22 July 2024 whereas its FY2025 half-year report says 26 July; the earlier report is used pending reconciliation.
- A single combined broad name-and-employer query was reused across nine topics; independent topic-specific and complete regulator/court searches remain incomplete.
Suzy Retallack
Chief People and Sustainability Officer
Five Newmont workplace fatalities during safety leadership
Newmont recorded one worker death at Brucejack in December 2023 and four deaths at Ahafo North, Cerro Negro and Éléonore in 2024. Its report says each was investigated and learnings shared; the Santa Cruz government confirmed a separate judicial investigation for the two Cerro Negro deaths. Newmont reported zero fatalities in calendar 2025.
Role overlaps event; causation unproven · Retallack was Newmont’s global chief safety and sustainability officer in 2023–2024. Site-level personal responsibility is not established; 2025 is a later company-wide result and her exact 2025 departure date is unconfirmed.
IGO safety frequency improved then rose in September quarter
IGO reported a 12-month group TRIFR of 3.7 at June 2026 and 4.0 at September 2026; its September report identifies two recordable injuries and reduced exposure hours. Greenbushes and Kwinana are non-operated sites and reported 9.7 and 12.7 respectively.
Role overlaps event; causation unproven · Retallack was Chief People and Sustainability Officer. Rates reflect different sites and exposure; personal causation is not established.
Evidence gaps · 5
- Original investigations and final regulatory/court outcomes for the five fatalities were not all located.
- Exact departure date from Newmont is not established by the reviewed primary sources.
- Credentials not independently verified with universities.
- Personal involvement in site-level incidents is not established.
- A single combined broad name-and-employer query was reused across nine topics; independent topic-specific and complete regulator/court searches remain incomplete.
Ian Rowe
Interim Chief Financial Officer
Interim CFO provides continuity after two departures
IGO disclosed Kathleen Bozanic’s departure in February 2026 and Johan van Vuuren’s resignation effective 29 April; Rowe was appointed interim CFO on 23 June. IGO said a permanent succession process was ongoing.
Individual involvement documented · Rowe’s interim appointment and prior finance role are issuer-documented; no reason for other executives’ departures is inferred beyond issuer disclosures.
Evidence gaps · 5
- Names and exact dates of earlier employers were not established.
- Professional membership and qualifications not independently checked.
- Individual contribution to group financial outcomes is not quantified.
- Permanent CFO succession remains unconfirmed.
- A single combined broad name-and-employer query was reused across nine topics; independent topic-specific and complete regulator/court searches remain incomplete.
Marie Bourgoin
Chief Operating Officer
Nova exceeded guidance; Kwinana continued below plan
IGO reported FY2026 Nova nickel production of 15,304t, above guidance, and Kwinana hydroxide production of 8,839t against 9,000–11,000t guidance. It reported a fire at Greenbushes CGP3 in June 2026 and restart in August; Talison is the operator.
Role overlaps event; causation unproven · Bourgoin became COO on 1 January 2026. Site teams and partners control operations; personal causation is not established.
Former BHP Newman management role
A 2019 BHP profile identifies Bourgoin as Newman Operations general manager and describes responsibilities for team safety, working environment and productivity.
Individual involvement documented · Contemporaneous employer profile identifies her own role and stated responsibilities; outcomes are not independently measured.
Evidence gaps · 4
- Original investigations of relevant mining incidents and specific BHP tenure end dates are not fully established.
- Reported education and memberships were not independently checked.
- Personal contribution to joint venture and mining outcomes is not independently quantified.
- A single combined broad name-and-employer query was reused across nine topics; independent topic-specific and complete regulator/court searches remain incomplete.
Rebecca Gordon
Principal Company Secretary
Governance and legal role
IGO reported Gordon’s appointment as principal company secretary in July 2024, her legal and company-secretariat experience, and reported law, commerce and MBA qualifications. Her employer names before IGO were not established.
Responsibility not applicable · The issuer establishes role and reports qualifications; the role-fit conclusion is an inference and credentials remain unverified.
Evidence gaps · 4
- Prior employers, exact previous roles, and measurable individual outcomes were not established.
- Degrees and memberships were not independently verified.
- Common name limits reliable attribution of external records.
- A single combined broad name-and-employer query was reused across nine topics; independent topic-specific and complete regulator/court searches remain incomplete.
Alastair McDonald
Head of Legal and Company Secretary
Corporate legal and secretarial experience
IGO appointed McDonald as additional company secretary in April 2026 and reported over 20 years’ corporate-law experience. A secondary profile identifies previous roles at law firms and Tata Steel Europe; its full history is paywalled and dates remain unverified.
Responsibility not applicable · The IGO role is issuer-documented; the applicability of reported prior experience to current legal oversight is an inference.
Evidence gaps · 4
- The full Business News profile was subscription restricted.
- Degree and law-practice history were not independently verified with institutions or employers.
- Specific individual results and complete career chronology remain unestablished.
- A single combined broad name-and-employer query was reused across nine topics; independent topic-specific and complete regulator/court searches remain incomplete.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-08-12 · 757,267,813 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 29.84% | 225,991,960 | |
| 2 | 20.88% | 158,114,309 | |
| 3 | 17.86% | 135,217,185 | |
| 4 | Mark Creasy | 8.60% | 65,103,153 |
| 5 | 4.27% | 32,371,012 | |
| 6 | 2.66% | 20,158,484 | |
| 7 | 1.77% | 13,415,188 | |
| 8 | 0.85% | 6,434,021 | |
| 9 | 0.47% | 3,580,970 | |
| 10 | 0.46% | 3,493,330 | |
| 11 | 0.38% | 2,886,564 | |
| 12 | 0.32% | 2,438,983 | |
| 13 | 0.26% | 1,937,884 | |
| 14 | 0.24% | 1,807,335 | |
| 15 | 0.24% | 1,792,785 | |
| 16 | 0.21% | 1,573,918 | |
| 17 | 0.18% | 1,382,524 | |
| 18 | 0.16% | 1,181,727 | |
| 19 | 0.16% | 1,176,472 | |
| 20 | 0.14% | 1,092,292 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 6.77%Voting power | 2026-10-26 | |
| 5.69%Voting power | 2026-10-23 |
Sources & review notesEvidence checked through 2026-10-31
Coverage and limitations
- Register is historical and shows nominees and registered accounts, not underlying beneficial holders. It overlaps with disclosed group interests.
- The annual report identifies other substantial holders but does not specify their respective notice measurement dates; these have not yet been independently reconciled and are omitted from this partial view.
- Norges Bank became substantial on 25 September and ceased on 28 September 2026; cessation does not imply zero shares.
- Two identically named HSBC accounts are distinguished using entry numbers; the source does not provide further account descriptors.
Sources
- 2026 annual report
IGO Limited via ASX · Published 2026-08-27 · Accessed 2026-10-31
Top 20 registered accounts as at 12 August 2026.
downloads/IGO/2026/2026-08-27_2026 Annual Report_83f1368b50459c55.pdf, PDF pages 178–179
- Change in substantial holding
IGO Limited via ASX · Published 2026-10-29 · Accessed 2026-10-31
Schroder/TIAA group relevant interest at 26 October 2026.
downloads/IGO/2026/2026-10-29_Change in substantial holding_9f5fa90919cfb463.pdf, page 1
- Change in substantial holding
IGO Limited via ASX · Published 2026-10-27 · Accessed 2026-10-31
FIL group relevant interest at 23 October 2026.
downloads/IGO/2026/2026-10-27_Change in substantial holding_d582b721931ae219.pdf, page 1
- Annual report retraction
IGO Limited via ASX · Published 2026-09-23 · Accessed 2026-10-31
Withdraws only a South Iron Cap exploration-target statement; other annual-report statements are not affected.
downloads/IGO/2026/2026-09-23_Annual Report Retraction_6afd196b299dad3f.pdf, page 1
Disclosed activity
Insider transactions
Trading activity3 buys · 0 sells shownNet cash last 12 months no tradesShow chartHide chart
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2026-10-26 | Schroder Investment Management Australia, TIAA and related reporting groupSchroder Investment Management Australia Limited
Details & evidence for Schroder Investment Management Australia, TIAA and related reporting group on 2026-10-26Annexure A purchase; consideration currency and unit are not specified. As disclosed: Purchase; consideration 42,000,620.72.
Schroder Investment Management Australia Limited · SIMAL reporting group member Change in substantial holding ↗ | PurchaseOrdinary shares | 8,635,815 | —Not Disclosed | — | — |
| 2026-10-23 | Schroder Investment Management Australia, TIAA and related reporting groupSchroder Investment Management Australia Limited
Details & evidence for Schroder Investment Management Australia, TIAA and related reporting group on 2026-10-23Annexure A purchase; consideration currency and unit are not specified. As disclosed: Purchase; consideration 7,390,110.00.
Schroder Investment Management Australia Limited · SIMAL reporting group member Change in substantial holding ↗ | PurchaseOrdinary shares | 1,500,000 | —Not Disclosed | — | — |
| 2026-10-22 | Schroder Investment Management Australia, TIAA and related reporting groupSchroder Investment Management Australia Limited
Details & evidence for Schroder Investment Management Australia, TIAA and related reporting group on 2026-10-22Annexure A purchase; consideration currency and unit are not specified. As disclosed: Purchase; consideration 13,563,966.00.
Schroder Investment Management Australia Limited · SIMAL reporting group member Change in substantial holding ↗ | PurchaseOrdinary shares | 2,600,000 | —Not Disclosed | — | — |
Disclosed holding observations1 dated positions
Initial, final and threshold notices describe positions; these are not counted as purchases or sales.
| Holding at | Person / group | Type / security | Quantity | Percentage |
|---|---|---|---|---|
| 2026-10-26 | Schroder Investment Management Australia, TIAA and related reporting group
Details & evidence for Schroder Investment Management Australia, TIAA and related reporting group on 2026-10-26Reported aggregate voting interest; underlying custodian positions are not added separately.
Schroder Investment Management Australia Limited · SIMAL reporting group member Change in substantial holding ↗ Change in substantial holding ↗ | PositionOrdinary fully paid shares | 51,156,365 | 6.77%Voting Power |
The closest covered peers
Peer comparison
Peer comparison pending
An on-demand analysis selects up to five closest peers and checks what their differences mean for independent fair value.
Narrative and provenance
Research & Sources
The full analyst report, its figures and the broker-style PDF are available to subscribers and invited guests.
Sign in or enter a guest codeChronological evidenceSource-document inventory22 documents
IGO local eligible closing-price observationMarket Data · HighExtracted
Verified current-cutoff local ordinary-share close A$5.51; price is not a 24 October live quote.
- Document ID
- doc-igo-price-20261013
- Published UTC
- 2026-10-13T05:00:00Z
- Projects
- —
- Commodities
- —
10-05-calendarOther · HighExtracted
Material issuer source reviewed on the specified physical pages; financial and physical values retain native scope. Issuer gives the publication date only; midnight is a date-precision timestamp placeholder, and next business day is used conservatively for chart timing.
- Document ID
- doc-igo-2026-10-05-calendar
- Published UTC
- 2026-10-04T14:00:00+00:00
- Projects
- —
- Commodities
- lithium · nickel · copper · cobalt
Resources and Energy Quarterly September 2026Other · HighPartial
Official nominal and real SC6/LHM outlook on physical page 126, with battery demand and competing supply discussion pages 122–125. Nominal forecast rows are used with nominal discount rates.
- Document ID
- doc-igo-2026-10-02-req
- Published UTC
- 2026-10-02T00:00:00Z
- Projects
- —
- Commodities
- lithium
09-29-holder-ceaseOther · HighExtracted
Material issuer source reviewed on the specified physical pages; financial and physical values retain native scope. Issuer gives the publication date only; midnight is a date-precision timestamp placeholder, and next business day is used conservatively for chart timing.
- Document ID
- doc-igo-2026-09-29-holder-cease
- Published UTC
- 2026-09-28T14:00:00+00:00
- Projects
- —
- Commodities
- lithium · nickel · copper · cobalt
09-29-holder-becomeOther · HighPartial
Material issuer source reviewed on the specified physical pages; financial and physical values retain native scope. Issuer gives the publication date only; midnight is a date-precision timestamp placeholder, and next business day is used conservatively for chart timing.
- Document ID
- doc-igo-2026-09-29-holder-become
- Published UTC
- 2026-09-28T14:00:00+00:00
- Projects
- —
- Commodities
- lithium · nickel · copper · cobalt
09-23-retractionOther · HighExtracted
Material issuer source reviewed on the specified physical pages; financial and physical values retain native scope. Issuer gives the publication date only; midnight is a date-precision timestamp placeholder, and next business day is used conservatively for chart timing.
- Document ID
- doc-igo-2026-09-23-retraction
- Published UTC
- 2026-09-22T14:00:00+00:00
- Projects
- —
- Commodities
- lithium · nickel · copper · cobalt
09-07-capitalCorporate Action · HighExtracted
Material issuer source reviewed on the specified physical pages; financial and physical values retain native scope. Issuer gives the publication date only; midnight is a date-precision timestamp placeholder, and next business day is used conservatively for chart timing.
- Document ID
- doc-igo-2026-09-07-capital
- Published UTC
- 2026-09-06T14:00:00+00:00
- Projects
- —
- Commodities
- lithium · nickel · copper · cobalt
08-27-resourcesResource Update · HighPartial
Material issuer source reviewed on the specified physical pages; financial and physical values retain native scope. Issuer gives the publication date only; midnight is a date-precision timestamp placeholder, and next business day is used conservatively for chart timing.
- Document ID
- doc-igo-2026-08-27-resources
- Published UTC
- 2026-08-26T14:00:00+00:00
- Projects
- —
- Commodities
- lithium · nickel · copper · cobalt
FY26 Results PresentationOther · LowMetadata Only
Prepared supporting source inventoried; superseded historical detail was not needed after reviewing annual and June tables.
- Document ID
- doc-igo-2026-08-27-results-presentation
- Published UTC
- 2026-08-26T21:33:49Z
- Projects
- —
- Commodities
- lithium · nickel · copper · cobalt
FY26 Financial ResultsResults · HighExtracted
Material issuer source reviewed on the specified physical pages; financial and physical values retain native scope.
- Document ID
- doc-igo-2026-08-27-financial-results
- Published UTC
- 2026-08-26T21:33:29Z
- Projects
- —
- Commodities
- lithium · nickel · copper · cobalt
2026 Annual ReportResults · HighPartial
Material issuer source reviewed on the specified physical pages; financial and physical values retain native scope.
- Document ID
- doc-igo-2026-08-27-annual
- Published UTC
- 2026-08-26T21:32:59Z
- Projects
- —
- Commodities
- lithium · nickel · copper · cobalt
Appendix 4EOther · LowMetadata Only
Prepared supporting source inventoried; superseded historical detail was not needed after reviewing annual and June tables.
- Document ID
- doc-igo-2026-08-27-appendix4e
- Published UTC
- 2026-08-26T21:32:39Z
- Projects
- —
- Commodities
- lithium · nickel · copper · cobalt
June 2026 Quarterly Activities ReportResults · HighExtracted
Material issuer source reviewed on the specified physical pages; financial and physical values retain native scope.
- Document ID
- doc-igo-2026-07-28-june-quarter
- Published UTC
- 2026-07-27T22:24:44Z
- Projects
- —
- Commodities
- lithium · nickel · copper · cobalt
07-15-nova-saleTransaction · HighExtracted
Material issuer source reviewed on the specified physical pages; financial and physical values retain native scope. Issuer gives the publication date only; midnight is a date-precision timestamp placeholder, and next business day is used conservatively for chart timing.
- Document ID
- doc-igo-2026-07-15-nova-sale
- Published UTC
- 2026-07-14T14:00:00+00:00
- Projects
- —
- Commodities
- lithium · nickel · copper · cobalt
March 2026 Quarterly PresentationOther · LowMetadata Only
Prepared supporting source inventoried; superseded historical detail was not needed after reviewing annual and June tables.
- Document ID
- doc-igo-2026-04-24-march-presentation
- Published UTC
- 2026-04-23T22:14:35Z
- Projects
- —
- Commodities
- lithium · nickel · copper · cobalt
March 2026 Quarterly Activities ReportOther · LowMetadata Only
Prepared supporting source inventoried; superseded historical detail was not needed after reviewing annual and June tables.
- Document ID
- doc-igo-2026-04-24-march-quarter
- Published UTC
- 2026-04-23T22:14:00Z
- Projects
- —
- Commodities
- lithium · nickel · copper · cobalt
1H26 Half Year Results PresentationOther · LowMetadata Only
Prepared supporting source inventoried; superseded historical detail was not needed after reviewing annual and June tables.
- Document ID
- doc-igo-2026-02-19-half-financial
- Published UTC
- 2026-02-18T21:10:06Z
- Projects
- —
- Commodities
- lithium · nickel · copper · cobalt
December 2025 Half Year Financial Report and Appendix 4DOther · LowMetadata Only
Prepared supporting source inventoried; superseded historical detail was not needed after reviewing annual and June tables.
- Document ID
- doc-igo-2026-02-19-half-presentation
- Published UTC
- 2026-02-18T21:09:27Z
- Projects
- —
- Commodities
- lithium · nickel · copper · cobalt
December 2025 Quarterly Activities ReportOther · LowMetadata Only
Prepared supporting source inventoried; superseded historical detail was not needed after reviewing annual and June tables.
- Document ID
- doc-igo-2026-01-29-december-quarter
- Published UTC
- 2026-01-28T21:13:25Z
- Projects
- —
- Commodities
- lithium · nickel · copper · cobalt
1Q26 Quarterly Results PresentationOther · LowMetadata Only
Prepared supporting source inventoried; superseded historical detail was not needed after reviewing annual and June tables.
- Document ID
- doc-igo-2025-10-30-september-presentation
- Published UTC
- 2025-10-29T21:14:33Z
- Projects
- —
- Commodities
- lithium · nickel · copper · cobalt
1Q26 Quarterly Activities ReportOther · HighPartial
Material issuer source reviewed on the specified physical pages; financial and physical values retain native scope.
- Document ID
- doc-igo-2025-10-30-september-quarter
- Published UTC
- 2025-10-29T21:14:13Z
- Projects
- —
- Commodities
- lithium · nickel · copper · cobalt
Original Tianqi lithium JV presentation: operating designOther · HighPartial
Publication time unavailable; timestamp normalized to00:00UTC and effective date conservatively next session. Only cover and physical29 operating design read: Train1 nominal24ktpa, historical6.3 SC6 units/t hydroxide recovery design. Original timeline, prices and cost forecasts are not used as current guidance.
- Document ID
- doc-igo-2020-12-09-jv-design
- Published UTC
- 2020-12-09T00:00:00Z
- Projects
- —
- Commodities
- lithium
Evidence facts46
386500000 AUD
2026-06-302240200000 AUD
2026-06-300 AUD
2026-06-3016800000 AUD
2026-06-30300000000 AUD
2026-06-30462900000 AUD
2026-06-30145300000 AUD
2026-06-30132400000 AUD
2026-06-301100000 AUD
2026-06-3024.99 %
2026-10-1349 %
2026-10-13457000000 t
2025-12-311.6 %
2025-12-317000000 t
2025-12-31176000000 t
2025-12-311.9 %
2025-12-313300000 t
2025-12-31Lithium hydroxide monohydrate; 99.1% battery-grade FY26 output text
2026-06-30Greenbushes spodumene concentrate through TLEA text
2026-10-13net smelter return text
2026-10-131.5 %
2026-10-13Forrestania gold tenements operated by Medallion text
2026-10-13pre_production text
2026-10-13285900000 AUD
2026-06-30-64000000 AUD
2026-06-30100 %
2026-10-131.73 %
2026-06-3015304 t
2026-06-301.52 %
2026-06-3081 %
2026-06-301236984 t
2026-06-304.74 AUD/lb
2026-06-3018379 AUD/t
2026-06-3079500000 AUD
2026-06-30operating text
2026-10-13757267813 shares
2026-09-07761508233 shares
2026-09-07100 %
2026-10-13500000 t
2026-06-301.44 %
2026-06-307400 t
2026-06-307600 t
2026-06-305.51 AUD/share
2026-10-131652 USD/t SC6
2026-10-0224000 t LHM/year
2020-12-096.3 t SC6/t LHM
2020-12-09Conflicts requiring judgment3
- South Iron Cap exploration target
Later issuer retraction overrides annual target statement only; no target value credited. Financial and reserve/resource statements remain valid.
- Outstanding incentive rights
Latest September capital statement supersedes August share registry snapshot; ordinary shares unchanged and rights reconciled.
- September quarterly release date
5 October announcement gives 29 October results webcast, replacing prior indicative calendar.