Image source: shutterstock.com
Highlights
- IGO is focused on exploration, production, and development of nickel, lithium, copper, gold, and other products critical to clean energy
- In FY23, the company achieved 177.1% YoY growth in underlying EBITDA
- Investment Management (Australia) Limited has nearly 8.72% shareholding in IGO, making it the top shareholder of the company
IGO Limited (ASX: IGO) is an ASX-listed materials company engaged in discovering, developing and delivering clean energy materials such as nickel, copper, lithium and cobalt.
The company delivered significant growth in its earnings in the financial year 2023 (FY23), I Its trading revenue increased by 13.4% YoY to AUD 1.024 million, underlying EBITDA grew by 177.1% YoY to AUD 1,987 million, and NPAT surged by 66% YoY to AUD 549 million.
The yearly performance was backed by the investment in Tianqi Lithium Energy Australian Limited (TLEA), a lithium joint venture.

During the reported period, the company declared an interim dividend of AUD 0.74, which is 640% higher than FY22.
Top 10 shareholders of IGO
The top 10 shareholders of IGO have around 38.29% shareholding in the company. Investment Management (Australia) Limited and Yandal Investments Pty. Ltd. have the highest stake in the firm, with a shareholding of ~8.72% and ~8.60%, respectively.

Recent business update
Through an ASX update dated 4 October 2022, the company shared that massive sulphide mineralisation has been intersected at the Dogleg Prospect, which is near the historically discovered Merlin Ni-Cu Prospect.
At the prospect, the company has concluded diamond drilling and plans to complete downhole electromagnetics in the coming days. Moreover, the assay results are anticipated in 4-8 weeks.
Outlook
In FY24, the company expects to report nickel production of 29,000 – 32,500t, copper production of 8,500-10,000t and cobalt production of 700 – 800t. The expected spodumene production is 1,400 – 1,500kt with a production cash cost of AUD280-330/t.
Furthermore, the company expects an improvement in the performance of the Kwinana Lithium Hydroxide Refinery, as IGO has undertaken certain steps to improve operational performance.
Share performance of IGO
IGO shares closed 0.26% up at AUD 11.46 apiece on 11 October 2023. With this, in the past one year, IGO’s share price has dropped by 25.56% and has fallen by 24.74% in the last three months.
The 52-week high of IGO is AUD 17.126 apiece, recorded on 11 November 2022, and the 52-week low is AUD 10.97 apiece, recorded on 9 October 2023.

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.
Note 2: The reference date for all price data, currency, is 11 October 2023. The reference data in this report has been partly sourced from REFINITIV.
Disclaimer:
This article (“Article”) has been prepared by Kalkine Pty Limited (ABN 34 154 808 312) (Australian financial services licence number 425376) (“Kalkine”) and its related bodies corporate who are authorised to provide general financial product advice. Kalkine.com.au and its associated pages are published by Kalkine.
Any information/advice provided in this article is general in nature and does not take into account your objectives, financial situation or needs. You should therefore consider whether the information is appropriate for your objectives, financial situation and needs before acting upon it.
There may be a Product Disclosure Statement, Information Memorandum or other offer document (“Offer Document”) for the securities or other financial products referred to in Kalkine articles. You should obtain a copy of the Offer Document and consider it before making any decision about whether to acquire the security or financial product.
Kalkine strongly recommends that you seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) before acting on any advice/information in this Article or on the Kalkine website. Not all investments are appropriate for all people.
The information in this Article and on Kalkine website has been prepared from a wide variety of sources, which Kalkine, to the best of its knowledge and belief, considers accurate. Kalkine has made every effort to ensure the reliability of the information contained in its articles (including this Article), newsletters and websites. All information represents our views at the date of publication and may change without notice.
The information in this Article does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products.
Kalkine does not issue, sell or deal in any financial products.
This Article may contain information on past performance of particular investments. Please note past performance is neither an indicator nor a guarantee of future performance.
To the extent permitted by law, and excluding any dishonesty or gross negligence by Kalkine, Kalkine disclaims and excludes all liability for any direct, indirect, implied, punitive, special, incidental or other consequential loss or damage arising from the use of or reliance on this Article, the Kalkine website and any information published on the Kalkine website without any warranties or representations by Kalkine to you. To the extent the law prohibits or limits this exclusion, Kalkine limits its liability to the resupply of services.
Please also read our Terms & Conditions and Financial Services Guide for further information.
Employees and/or associates of Kalkine and its related entities may hold interests in the securities or other financial products covered in this Article or on the Kalkine website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.
Some of the images/music that may be used in the Article are copyright to their respective owner(s). Kalkine does not claim ownership of any of the pictures displayed/music used in the Article unless stated otherwise. The images/music that may be used in the Article are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.
Kalkine Media Pty Ltd, an affiliate of Kalkine Pty Ltd, may have received, or be entitled to receive, financial consideration in connection with providing information about certain entity(s) covered on its website.
Copyright 2026 Krish Capital Pty. Ltd. (ABN 61629651510). All Rights Reserved. No part of this Article, or its content, may be reproduced in any form without our prior consent.