FY21 Result: A busy but successful FY21 for IGO with today’s results in line with pre guidance delivered at their most recent set of production numbers in July. They have completed a major transformation into future facing industries (before BHP coined the term), divesting their Gold asset with the capital recycled into a new lithium venture. Nova finished above guidance and costs at lower end of improved guidance. We expect that the earnings and valuation trajectory will trend higher over time as the market fully digests, understands and appreciates the future potential in each of the portfolio pillar assets.
MM are bullish & long IGO
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