Last month’s 4Q results were mixed, with strong performance from Nova Nickel project more than offset by weaker lithium production and softer cash flow. Disappointingly FY26 guidance points to a slower ramp-up at Greenbushes and elevated costs at Nova with the weaker-than-expected production guidance reflecting delays and ongoing ramp-up issues. The stock fell 7% from its intra-day high yesterday while sector peers closed near their highs, indicating this is one lithium miner that investors are comfortable selling into strength.
- We have no interest in IGO at this stage and see better ways to play any extension of the lithium recovery.
MM remains neutral towards IGO
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