$7B
IGO Limited
IGO.AX
Mining / Nickel
Current Rating: BUY
last updated: 2026-05-29
$0.5B
N/A
N/A
Research Reports
Company Overview
Company Introduction:
Founded in 2000 as Independence Gold NL and listed on the ASX in 2002, the company rebranded to IGO Limited in 2020 to reflect its strategic pivot from gold to battery minerals. IGO generates revenue primarily through its 49% stake in the Tianqi Lithium Energy Australia (TLEA) joint venture, which provides an effective 24.99% interest in the world-class Greenbushes lithium mine, alongside its 100%-owned Nova nickel-copper-cobalt operation. In FY25, IGO reported revenue of $528,000,000 and net assets of $2,092,400,000, though it recorded a net loss of $955,000,000 largely driven by a $605M impairment on its share of the Kwinana lithium hydroxide refinery. This impairment catalyzed a September 2024 strategic reset, exiting downstream processing to focus purely on upstream mining of lithium and copper. Strategically, IGO sits upstream in the battery minerals value chain, leveraging its low-cost Greenbushes interest as a high-margin funding base while pursuing copper-led growth. Supported by a net cash position of $248,300,000 at FY25's end, IGO is well-capitalized for expansion. A significant recent development includes the March 2026 binding agreement to acquire the remaining 49% of the Copper Wolf copper project in Arizona for approximately A$6.15M, consolidating 100% ownership ahead of planned drilling in H1 2027. Additionally, the Nova operation is expected to reach end of mine life in late 2026.
Revenue Streams:
Key Financials
Income Statement (US$M)
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue | 528 | 841 | 1,024 | 903 | 672 |
| Profit Before Tax | -1,047 | -94 | 680 | 464 | 157 |
| Net Income | -955 | 3 | 549 | 331 | 550 |
| Interest Expense | 4 | 4 | 4 | 1 | 1 |
| Depreciation & Amortisation | 758 | 628 | 450 | 352 | 258 |
Balance Sheet (US$M)
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Net Assets | 2,092 | 3,209 | 3,790 | 3,435 | 3,200 |
| Property, Plant & Equipment | 28 | 44 | 58 | 193 | 34 |
| Cash & Equivalents | 280 | 468 | 775 | 367 | 529 |
| Loans & Borrowings | 0 | 0 | 358 | 890 | 0 |
| Total Current Assets | 486 | 759 | 1,139 | 745 | 759 |
| Total Current Liabilities | 88 | 130 | 410 | 452 | 232 |
Cash Flow (US$M)
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Depreciation | 445 | 298 | 287 | 243 | 183 |
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