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IGO Pumps on Quarterly Update

Lithium Hydroxide favourite IGO Ltd has satisfied the market after announcing today their final quarter results for FY22 which has seen a share price uplift.

There were a lot of great things to see in the final quarterly, but the highlights of which included the following:

  • Sales revenue of $278 million, up 13% from the prior quarter

  • Profit after tax of $107 million, down 19% from Q3

  • EBITDA increased 11% pcp to $258 million

The company also finalised their acquisition of Western Areas Limited for a final payment of $1.26 billion in cash.

IGO’s net debt position as at 30 June was $533 million, compared to a net cash position of $440 million at the end of Q3. As mentioned previously the major reason for this debt is due to the acquisition of nickel miner Western Areas. The company ended the quarter with $367 million of cash on its balance sheet and $900 million in new debt facilities. The acquisition was completed on 20 June.

IGO reported that its full FY22 nickel production came in at 26,675 tonnes, within guidance. Copper production of 11,483 tonnes came in at the lower end of guidance, while cash costs were better than guidance at $1.95 per payable pound.

On the lithium side of the business, IGO produced its first battery grade lithium hydroxide at Kwinana. IGO said this milestone opened the door for qualification processes to commence with respective offtake customers.

IGO’s CEO, Peter Bradford stated;

“Nova and Greenbushes delivered production and cash costs within or better than guidance, first battery grade lithium hydroxide was produced at Kwinana, we received a first dividend distribution from the lithium joint venture and we progressed many organic growth opportunities across the business.”

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