Group revenue and other income of A$186M and underlying EBITDA of A$93M with EBITDA margin strong at 50% for the Quarter and 52% year to date.
Cash flow from Operations of A$71M and underlying free cash flow of A$51M.
Nova underlying EBITDA of A$93M and underlying free cash flow of A$69M.
Lithium Transaction progressing as expected, with regulatory approvals and assessments well underway with completion on track for June 2021 quarter.
IGO admitted into the S&P/ASX 100 Index and S&P Sustainability Yearbook.
IGO Limited (ASX: IGO) (“IGO” or “the Company”) is pleased to announce that it has entered into a binding agreement with Regis Resources Limited (ASX: RRL) (“Regis”) for the sale of IGO’s 30% interest in the Tropicana Gold Mine (“Tropicana”) for A$903M in cash consideration payable upon completion.
The divestment to Regis for cash maximises the value of Tropicana for IGO’s shareholders and allows IGO to concentrate on its strategic focus on commodities critical to enabling clean energy.
The Orion chonolith (‘worm-like intrusion’) has been intercepted by multiple drill holes on IGO’s Nova Mining Lease, less than 1km from BOA’s Symons Hill licence 250m.
Orion is interpreted to have a strike length of >1,000m and a diameter of 80-250m.
Drilling results suggest the Orion chonolith is more prospective for nickel-copper mineralisation towards the northeast and therefore towards Boadicea’s Symons Hill licence.
Exploration on the potential Orion extension within the Symons Hill licence is currently being advanced by the IGO exploration team, with drilling on Symons Hill expected in Q1/Q2 2021.
Of the more than 600 IGO Fraser Range mafic-ultramafic intrusions, Orion is ranked in the top three for prospectivity.
Further details on the Orion, Hercules and Elara prospects, which are interpreted to potentially extend into Boadicea’s Symons Hill Licence (E28/1932) can be found on the IGO website.
Nova production and cash costs in line and better than guidance respectively.
Tropicana gold production, cash costs and All-in Sustaining Costs better than guidance.
Nova and Tropicana underlying free cash flow of A$103M and A$32M respectively.
Revenue and other income for the Group of A$236M and underlying EBITDA of A$121M, generating an EBITDA margin of 51%.
Cash flow from Operations of A$132M and underlying free cash flow of A$113M.
Binding agreement with Tianqi Lithium Corporation providing IGO with a 24.99% indirect interest in the world-class Greenbushes Lithium Mining and Processing Operation and a 49% interest in the Kwinana Lithium Hydroxide Plant.
Tianqi received approval for the Transaction with IGO from its shareholders on 5 January 2021, with 99.97% voting in favour of the transaction.
Funding of the Lithium Transaction successfully completed through a A$766M equity raise and new A$1,100M debt facility.
Tropicana strategic review progressed.
Dr Xiaoping Yang and Mr Michael Nossal appointed as non-executive directors.
IGO maintained inclusion in the 2020 Dow Jones Sustainability Index (DJSI) Australia, ranking the Company amongst the top performing companies for ESG reporting.
Further to the Company‘s announcement of 9 December 2020 regarding the acquisition by IGO of an interest in a global lithium joint venture with Tianqi, the Company is pleased to confirm that Tianqi received approval for the transaction with IGO from its shareholders on 5 January 2021. Of the shareholders present and entitled to vote at the Tianqi shareholder meeting 99.97% voted in favour of the transaction between Tianqi and IGO, a strong validation of the “win-win” the transaction has created for the shareholders of both companies.
IGO Limited is pleased to announce the successful completion of its placement to institutional investors and the institutional component of its 1 for 8.5 accelerated pro-rata non-renounceable entitlement offer of new fully paid ordinary IGO shares (New Shares).
As a result, the combined proceeds of the Equity Raising are expected to total A$766 million and will be part of a broader funding package including A$1,100 million of new debt facilities and approximately A$86 million from existing cash reserves to acquire a 49% non-controlling interest in Tianqi Lithium Energy Australia Pty Ltd (Lithium HoIdCo) through a subscription for new shares in Lithium HoldCo.
This will provide IGO with a 24.99% indirect interest in the world-class Greenbushes Lithium Mining and Processing Operation and a 49% indirect interest in the Kwinana Lithium Hydroxide Plant, both located in Western Australia, for a total consideration of US$1.4 billion (A$1.9 billion).
IGO Limited is pleased to announce that it has entered into a binding agreement with Tianqi Lithium Corporation to acquire a 49% non- controlling interest in Tianqi Lithium Energy Australia Pty Ltd (Lithium HoIdCo) through a subscription for new shares in Lithium HoldCo. This will provide IGO with a 24.99% indirect interest in the world-class Greenbushes Lithium Mining and Processing Operation and a 49% indirect interest in the Kwinana Lithium Hydroxide Plant, both located in Western Australia, for a total consideration of US$1.4 billion (A$1.9 billionl). Lithium HoldCo will become the exclusive vehicle for all lithium related investments for IGO and Tianqi outside of China.