IGO Limited (ASX: IGO)Share Price and News
Overview of IGO (ASX:IGO)
IGO (ASX:IGO) is a leading Australian mining company focused on battery metals - particularly nickel and lithium.
The company’s assets include the Nova nickel-copper-cobalt operation in Western Australia, a 25% share in the world-class Greenbushes lithium mine, and a 49% share in Kwinana. Greenbushes lies just 90km from Bunbury and is the world’s largest and highest-grade hard lock lithium operation.
IGO's Company History
IGO was founded in 2000 as a mineral exploration company and it listed in 2002. Over the years, it has grown into a significant player in the Australian mining sector, through acquisitions of projects and developing them. Key to its early years was the Tropicana Gold Mine which it eventually sold to Regis Resources.
One of its most important milestones came in 2015 when IGO acquired the Nova nickel-copper-cobalt mine in Western Australia, following its discovery by Sirius Resources.
In 2020 when IGO bought a 49% stake in the Greenbushes lithium operation, a world-class asset that supplies one of the world’s highest-grade lithium deposits. Then in 2022, it bought Western Areas, a deal that put the Forrestania and Cosmos mines into its lap.
The company rode the waves of the 2020-2022 lithium boom. After its profit peaked at $549m in FY23, it shrank to just $3m a year later. IGO recorded a ~$900m impairment against Western Areas less than a year after buying it for $1.3bn. Making matters worse was the death of long-term boss Peter Braford, which saw the company enter a new era.
The past few years were difficult amidst the poor lithium price market. Greenbushes is nonetheless operating with a 66% EBIT margin and it made 1.48Mt in spodumene production and ~6,782t of lithium hydroxide. The challenge is that investor sentiment in the sector is shot.
Future Outlook of IGO (ASX: IGO)
IGO's H1 FY2026 results, covering the six months to December 31, 2025, capture a business in a genuine transitional phase. Underlying EBITDA for the half came in at A$49 million, with Nova delivering improved EBITDA of A$67 million — up 15% on the prior period — while reduced exploration spend, down from A$30 million to A$15 million, added further support.
The headline numbers are modest, but the more important story is at the JV level. Greenbushes generated EBITDA of A$464 million on a 100% basis which is a demonstration of the mine's extraordinary low-cost position even at suppressed spodumene prices. Meanwhile, IGO's share of the underlying net loss from TLEA improved meaningfully to just A$1 million, compared with A$20 million in the prior half.
The Kwinana refinery remains loss-making, reporting a loss of A$71 million on a 100% basis, and has been fully impaired on IGO's balance sheet. IGO's statutory net loss after tax was A$34 million for the period which is a significant improvement from the A$782 million loss in the prior corresponding period that was inflated by Kwinana impairments and tax derecognition charges.
For the full FY26 , Greenbushes is guided to produce 1,500–1,650 kilotonnes of spodumene at cash costs of A$310–360 per tonne, Nova is expected to produce 15,000–18,000 tonnes of nickel through to its end of mine life in December 2026, and Kwinana is guided to produce 9,000–11,000 tonnes of lithium hydroxide. Greenbushes EBITDA margins of 68% at current spodumene prices underscore why IGO's indirect stake in the mine remains the company's core financial anchor.
Is IGO (ASX: IGO) a Good Stock to Buy?
IGO is one of the most genuinely bifurcated investment cases on the ASX. At its core is a world-class asset - an indirect stake in Greenbushes, the lowest-cost, longest-life hard rock lithium mine on the planet; wrapped in a corporate structure complicated by a loss-making refinery, a nickel operation in its final year of life, and a Chinese joint venture partner that introduces geopolitical considerations most institutional mandates quietly prefer not to navigate.
The stock has rebounded approximately 40% following the extension of the Greenbushes joint venture agreement, which locked in IGO's exposure to the mine's production growth runway through the next decade. That re-rating reflects the market's recognition that whatever else goes wrong, Greenbushes generates cash through the cycle at a cost structure that most global lithium producers simply cannot match.
The structural challenges, however, are real. Nova reaches end of mine life in December 2026, removing a meaningful EBITDA contributor and leaving IGO almost entirely dependent on TLEA distributions. Kwinana continues to burn cash, and while management has flagged that growth investment at Greenbushes should not require retaining large amounts of cash at the JV level, the timing of dividend reinstatement from TLEA remains uncertain. CEO Ivan Vella acknowledged the business would consider scale and timing of dividends as cash builds, while also weighing potential debt paydown.
For investors with a two-to-three year horizon and conviction in a lithium price recovery as EV demand accelerates and supply tightens, IGO offers deeply discounted access to one of the world's best mining assets. For those requiring near-term income or clarity on cash returns, the picture remains frustratingly opaque.
Our Stock Analysis
Are asset impairments really that bad a kick in the guts? Just ask these 4 ASX stocks which recently recorded them!
You may have heard companies announce an impairment of particular assets. This is typically perceived by investors as bad news,…
IGO shares shed 78% in less than 2 years, but are up 40% in 2025! Dead cat bounce or legitimate rebound?
For several years IGO shares reaped the benefits of growing demand for battery metals and the fact it was well…
IGO (ASX: IGO) Plunges—Refinery Writedown Saps Lithium Juice
IGO Ltd’s (ASX: IGO) share price took a heavy hit this week after the company revealed a major writedown on…
Resources stocks for Dummies: Here’s how to get started in the ASX’s most exciting sector in 2025
Over a third of companies listed on the ASX are resources stocks. Resources stocks offer exposure to many different commodities…
Where are they now? Here’s which companies some of the most successful ASX mining executives are at now after hitting the jackpot
When thinking of who are the most successful ASX mining executives, it is those who hit paydirt and have exited…
6 ASX Stocks to watch with an eager eye this FY24 reporting season
6 ASX Stocks to watch this FY24 reporting season Nick Scali (ASX:NCK) Nick Scali has doubled in the last…
Frequently Asked Questions
IGO stands out among its peers due to its strategic focus on high-demand clean energy metals, including lithium and nickel. This positions the company for long-term growth as the world transitions to electric vehicles and renewable energy. While its valuation may be higher, its future growth potential offers significant upside.