IGO - IGO Limited

[sptrawler]

I'm humming and hahhing, I'm down a lot from the purchase price, but undecided if you know who, tanking the price of lithium, would be so brazen to send IGO to takeover territory.
That would be pushing the FRIB way too far IMO, so may have a nibble, I think the boot will come off the neck soon.
IGO being a 49% partner, being sent to the wall by the 51% partner wouldnt be a good look.
But I've been wrong before, especially being a buy and hold sort of investor.

 

[divs4ever]

IMPAIRMENT OF EXPLORATION ASSETS

IGO Limited (ASX: IGO) (IGO or the Company) advises that, following a detailed review of the Company’s exploration portfolio, IGO expects to record an impairment against these assets in its FY24 Financial Results.

As announced previously, IGO has been undertaking a comprehensive Exploration Business Review, which has included a detailed examination of its portfolio of exploration tenement holdings and land positions.

The review is focused on rationalising the portfolio and ensuring that the Company’s resources are allocated effectively to the targets which are most prospective for commercial success.

While the determination of the final impairment value is incomplete, and will be subject to audit review, IGO expects the impairment range of exploration assets to be between $275M and $295M for the full year.

The impairment relates to the revaluation of the Silver Knight and Mt Goode nickel exploration assets as well as the broader exploration portfolio rationalisation.

The non-cash impairment will not impact IGO’s FY24 EBITDA and will be recorded in the Company’s FY24 Audited Financial Results due to be released on 29 August 2024.

This announcement is authorised for release to the ASX by Managing Director and CEO, Ivan Vella.

i hold IGO

hmm i wasn't planning to add more this month , but maybe i should keep an eye out for an unplanned opportunity

 

[Dona Ferentes]

IGO has entered into an exclusivity deed with Medallion Metals (MM8) that grants Medallion a period of exclusivity to negotiate a proposed transaction whereby Medallion will acquire the Cosmic Boy processing facility and associated infrastructure at the Forrestania Nickel Project, following the completion of nickel processing at Forrestania.

During the exclusivity period (being 9 months, with the ability to extend for up to a further 3 months), IGO and Medallion’s intent is to conduct due diligence, progress discussions and negotiate binding transaction documentation. IGO and Medallion also intend to negotiate on a non-exclusive basis the grant of gold and silver rights to Medallion across the Forrestania tenement package (subject to any pre-existing third party rights).

During FY25, IGO will transition Forrestania into care and maintenance. After 18 years of commercial nickel production from the Flying Fox and Spotted Quoll mines, Forrestania’s nickel reserves are approaching depletion. The opportunity to divest the valuable assets at Forrestania to another party, such as Medallion, would be a positive outcome for both IGO and Medallion.

Importantly, IGO will retain lithium and nickel rights at Forrestania.

 

[dyna]

For a bit of fun with our Captain Chaza 's wild sea charts , bought ten grand worth of IGO at $ 5.80 today . Missed everything else on his Sunday night list of sails to catch the breeze this morning , so this one will have to do . Took a fair while to fill the order for some unknown reason . Probably being too tight , again !
Fair bit of volume went though in the 10 minutes of after market action , so that's something , I suppose . A couple of million by the look of it . Six for the day . Wait and see now .

 

[qldfrog]

MR MARCELO BASTOS APPOINTED AS NON-EXECUTIVE DIRECTOR

IGO Limited (ASX:IGO) (IGO or the Company) is pleased to announce the appointment of highly experienced company director and mining executive Mr Marcelo Bastos to its Board as an independent Non-executive Director.

Mr Bastos will join the IGO Board from the 1st of July 2024.IGO’s Chair, Mr Michael Nossal, said the Company was very pleased that Mr Bastos had accepted the invitation to join the Board.

“Marcelo is a highly regarded company director with significant international experience, and we were delighted that he has chosen to join the IGO Board.

Marcelo has had a highly successful executive career in the mining industry across a full range of companies, commodities and jurisdictions. He is now an experienced ASX and LSE non-executive director who will bring deep skills and knowledge to IGO.

In particular, we will benefit from Marcelo’s strong safety leadership, large capital project and operating experience, as well as his highly developed sustainability oversight skills.

”Mr Marcelo Bastos commented, “I am excited to join the IGO Board at this pivotal time in the company’s transformation. IGO’s purpose and values closely align with my own and I believe that the company is well positioned to continue to support the global transition to renewable energy.
I look forward to contributing to the ongoing development of IGO over the coming years.”Background on Marcelo Bastos (B Eng (Mechanical Engineering), MBA in Management)Marcelo is an experienced international company director with more than 30 years of operational, logistics,project development and senior leadership experience in most of the major sectors of the mining industry.

During a 19 year career with Vale, he held various senior executive in Iron Ore, Gold and as Director of Copper. Marcelo joined BHP in 2004, where he served in roles including President Nickel Americas,President Nickel West, and President Steel Making Coal.

He then joined MMG, where he held the role of Chief Operating Officer from 2011 to 2017, responsible for the group’s global operations, sales and marketing across copper, zinc and gold.

In this role, he also led the planning, development and ramp up of the Las Bambas copper mine in Peru.Marcelo is also a non-executive director of Anglo American PLC, Aurizon Holdings Ltd and Iluka Resources,and has previously held non-executive directorships with OZ Minerals, Golder Associates, AMIRA and Golding Contractors.
Following the appointment of Mr Bastos on 1 July 2024, the Board of IGO will be constituted as follows:
• Michael Nossal, Non-executive Chair
• Samantha Hogg, Non-executive Director
• Ivan Vella, Managing Director and CEO
• Justin Osborne, Non-executive Director
• Trace Arlaud, Non-executive Director
• Keith Spence, Non-executive Director
• Debra Bakker, Non-executive Director
• Xiaoping Yang, Non-executive Director
• Marcelo Bastos, Non-executive Director

This announcement is authorised for release to the ASX by Michael Nossal, Non-executive Chair.

i hold IGO

hmmm being slotted in to replace a director ( and some management ) further down the track

( say some sort of demeger/divestment ) just wondering , because this new guy seems to be super-qualified

Just noted that, worked for a short while with him when working for bhp.
He has my tick of approval.

 

[qldfrog]

For a bit of fun with our Captain Chaza 's wild sea charts , bought ten grand worth of IGO at $ 5.80 today . Missed everything else on his Sunday night list of sails to catch the breeze this morning , so this one will have to do . Took a fair while to fill the order for some unknown reason . Probably being too tight , again !
Fair bit of volume went though in the 10 minutes of after market action , so that's something , I suppose . A couple of million by the look of it . Six for the day . Wait and see now .

Did same and entered a minute amount..1k @5.81
Every dog and its fleas in mining seems to go up, and this stock has been hammered , so why not

 

[Captain_Chaza]

So far , So Good ------Hold onto your hats
Sailing the IGO Heavyweight ----------One WEEK at a Time------------&-------------------One DAY at a Time

 

[dyna]

Those short term moving average lines seem promising , Skipper .
It's a large ( er ? ) cap stock and the insto's like it .
Could be a goer . Somebody's buying this thing if you agree the volumes look alright .

 

[Captain_Chaza]

Those short term moving average lines seem promising , Skipper .
It's a large ( er ? ) cap stock and the insto's like it .
Could be a goer . Somebody's buying this thing if you agree the volumes look alright .

Fear not Brave Dyna
There will be lots of Volume at the Top

 

[Sean K]

Anyone else think this looks like a bottom?

5 yr and 6 mth.

 

[finicky]

@Sean K yes looks fairly promising. Has moved outside downtrend resistance and recent positive divergence from my chosen indicators.

Not Held
Not buying

 

[Sean K]

@Sean K yes looks fairly promising. Has moved outside downtrend resistance and recent positive divergence from my chosen indicators.

Not Held
Not buying

Getting above the 50 dma is a good start. Watching for a golden cross, but by then the easy money may have been made.

 

[dyna]

Bit of volume in the trades after 4 PM , too . I noticed " they " were still hard at it , 49 minutes after closing. Don't see that sort of lateness too often .
Ausbil Investment announced today , they got to 5 % with their 38 million shareholding a couple of days ago .

 

[divs4ever]

i was kind of hoping it would drift lower so i could add more

oh well i have some so can't grumble

 

[bk1]

It didn't enjoy a V shaped bounce like some of the other names in the materials sector around or on 10 Sept.
There could be trapped money on LHS thats waiting to get out.

 

[sptrawler]

Depends if the Govt puts the acid on foriegn takeovers, IGO are a minority owner of the worlds biggest lithium mine, that's located in Australia.
What a hoot.

 

[dyna]

A couple of lines for more than $ 300,000 worth of IGO crossed after the 4 pm close . So , some insto seems to be interested at the weeks closing SP of $5.43 .
Not much volume for the day . Hard to read much into it . Sort of tempted to have another go at it , but I'll wait a bit .

 

[Dona Ferentes]

• IGO downgraded to Hold from Outperform; target cut to $5.75 from $6 (CLSA)
• IGO downgraded to Neutral from Outperform; target remains $5.60 (MQG)