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Tag: IGO

ESG / Lithium / Markets / Shares

Local Lithium Space Growing Up Oh So Fast

August 5, 2022August 5, 2022 - by Glenn Dyer

Australia’s still rapidly growing lithium industry is also maturing with equal speed as it becomes a major export success and source of growing revenues and earnings for investors. And then there’s Albemarle…

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Markets / Shares

IGOing Along Very Nicely

July 27, 2022July 27, 2022 - by Glenn Dyer

IGO finished the year to June with a wet sail – higher revenue and earnings, the Western Areas takeover completed and good news from its new refinery south of Perth.

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Markets / Shares

Bourse Discourse: IGO, WES, NCZ

June 2, 2022June 2, 2022 - by Glenn Dyer

On the ASX docket Thursday: IGO’s WSA takeover reaches its conclusion; a fairly nondescript investor presentation from Wesfarmers; and an old copper mine gets another life.

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Broker News

IGO – UBS rates the stock as Buy

May 23, 2022 - by Broker News

Upgrade to Buy from Neutral given the recent share-price retreat. Target price dips to $12.15 from $12.40.

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EV Space / Lithium / Markets / Shares

Trafigura Taking Lithium Supply Matters into its Own Hands

May 20, 2022May 20, 2022 - by Glenn Dyer

While Elon Musk continues to whine about the cost and shortage of key renewable minerals such as lithium, one major global player is setting itself up to benefit fully from the evolving boom.

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Markets / Shares

IGO Blinks, Raises WSA Bid Price

April 11, 2022April 11, 2022 - by Glenn Dyer

Sense seems to have prevailed in the end after plenty of chest puffing, with IGO Ltd relenting and upping its offer price for nickel miner Western Areas from $3.36 to $3.87 per share.

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Markets / Shares

Ball in IGO’s Court as Western Areas Halt Extended

April 7, 2022April 7, 2022 - by Glenn Dyer

An extension to the trading halt in Western Areas shares will give suitor IGO Ltd some time to figure out the next move, if any, in its $1.1 billion all cash takeover offer.

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Markets / Shares

Day of Reckoning for IGO on Western Areas Bid

April 6, 2022April 6, 2022 - by Glenn Dyer

A big test for IGO today as it learns if its $1.1 billion takeover offer for nickel rival Western Areas – which resumes trading this morning after a two-day halt – has any future whatsoever.

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Markets / Shares

Corporate Chatter: DGO / GOR, WSA / IGO

April 5, 2022April 5, 2022 - by Glenn Dyer

Plenty of corporate activity in the local mining sector, with developments today on the proposed takeovers of DGO Gold by Gold Road Resources and Western Areas by IGO Ltd.

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Commodities / Markets / Shares

IGO Standing Pat on Western Areas Bid

March 14, 2022March 14, 2022 - by Glenn Dyer

IGO says the surge in nickel prices and subsequent confusion after trading was stopped a week ago will not force his company to lift its offer price of $3.36 for rival miner Western Areas.

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Commodities / Markets

Broken Hill Roars Back to Life

March 11, 2022March 11, 2022 - by Glenn Dyer

After years in the doldrums, exploration activity has stepped up in the most famous of all Australian mining areas, with some interesting discoveries revealed or hinted at. Broken Hill is back!

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Commodities / Markets / Shares

Digging into the Mining Scene

February 4, 2022February 4, 2022 - by Glenn Dyer

The December quarter bought the usual flood of updates from miners on their exploration, development and production operations – here are a few of the key highlights.

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Broker News

IGO – Credit Suisse rates the stock as Outperform

February 1, 2022 - by Broker News

The Outperform rating is retained and the target price decreases to $15.30 from $16.30. 

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Commodities / Markets / Shares

IGO Consummates Western Areas Deal

December 16, 2021December 16, 2021 - by Glenn Dyer

IGO will pay $1.1 billion in cash for nickel miner Western Areas at $A3.36 per share, thereby confirming one of the worst kept secrets in the mining industry this year.

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Commodities / Markets / Shares

IGO Confirms Talks, Mincor Strikes Nickel

September 21, 2021September 21, 2021 - by Glenn Dyer

IGO has confirmed media reports that takeover talks with nickel miner Western Areas are moving closer towards a decision, while Mincor has struck nickel at its Hartley prospect in Western Australia.

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Commodities / EV Space / Lithium / Markets / Shares

Lithium Deals Show Aussie-China Ties Not Totally Cut

September 17, 2021September 17, 2021 - by Glenn Dyer

Despite China having spent the past year or more monstering Australia and Australian companies, the ties between both countries continue, especially in the strategically important areas of lithium mining and processing.

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Markets / Shares

Hectic Year for IGO Looks to Have Been Worth It

August 31, 2021August 31, 2021 - by Glenn Dyer

IGO Limited has more than tripled post-tax profit thanks to the sale of its 30% stake in the Tropicana gold mine to Regis Resources, just one deal in an eventful year for the company.

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Commodities / Markets / Shares

Three Nuggets from the Mining Sector

July 29, 2021July 29, 2021 - by Glenn Dyer

Contrasting fortunes this week for three of the country’s mid-range miners who released quarterly reports – IGO in nickel, as well as gold producers St Barbara and Gold Road.

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Markets / Shares

IGO Spikes on Lithium Project News

June 22, 2021June 22, 2021 - by Glenn Dyer

Shares in mining company IGO jumped nearly 10% at one stage yesterday after it told the market that its $2 billion plunge into lithium was nearing completion.

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Broker News

IGO – Macquarie rates the stock as Outperform

June 8, 2021 - by Broker News

Macquarie prefers Nickel Mines, IGO Ltd and Western Areas for nickel production. The Lighten rating and $8.50 target are retained.

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Broker News

IGO – Credit Suisse rates the stock as Neutral

April 29, 2021 - by Broker News

Neutral maintained. Target rises to $6.90 from $6.40.

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Markets / Shares

IGO Quarterly Saved by Currency Windfall

April 28, 2021April 28, 2021 - by Glenn Dyer

Shares in explorer and miner IGO hit a two-month high on Wednesday after a weak underlying quarterly update that was rescued by a huge windfall in currency gains.

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Broker News

IGO – Macquarie rates the stock as Outperform

April 27, 2021 - by Broker News

Macquarie resumes coverage with an Outperform rating and $8 target.

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Broker News

IGO – UBS rates the stock as Buy

March 5, 2021March 6, 2021 - by Broker News

UBS thinks IGO has made a “shrewd” acquisition of an interest in Tianqi’s lithium assets. Buy retained. Target rises to $8 from $7.50.

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Broker News

IGO – Credit Suisse rates the stock as Downgrade to Neutral

January 29, 2021 - by Broker News

IGO’s first half beat expectations in terms of operating income with earnings from the Nova project forming 70% of the total earnings. Rating is downgraded to Neutral from Outperform with the target rising to $6.40 from $6.

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Broker News

IGO – UBS rates the stock as Buy

July 9, 2020 - by Broker News

Nova nickel production in the June quarter was -8% below UBS estimates. Copper and cobalt were better-than-expected.

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Commodities / Shares

Material Matters: Indonesia, Australia & Zinc

April 2, 2020 - by Eva Brocklehurst

A glance through the latest expert views and predictions about commodities. Indonesia; Australia; and zinc.

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Commodities / Markets / Shares

Material Matters: Copper, Lithium & Closures

March 27, 2020March 27, 2020 - by Eva Brocklehurst

A glance through the latest expert views and predictions about commodities. Base metals; cost curves; lithium; and mine closures.

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Commodities / Shares

IGO Dependent On Exploration Success

February 3, 2020February 3, 2020 - by Eva Brocklehurst

The medium-term production outlook for nickel and gold producer IGO Ltd remains heavily dependent on exploration success.

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Commodities / Shares

Panoramic Goes On The Attack Knocking Back “Opportunistic” Independence Bid

December 6, 2019December 5, 2019 - by Glenn Dyer

Now there’s one way of seeing off an unwanted takeover offer – do what the putative bidder doesn’t want to do, such as announce a capital raising when the bidder, Independence Group made such a move a condition of the offer failing.

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Commodities / Shares

Independence Group Muscles In On Panoramic Resources

November 5, 2019 - by Glenn Dyer

Panoramic Resources shares jumped more than 34% at one stage yesterday after it revealed a $312 million all paper takeover offer from Independence Group.

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Broker News

IGO – Credit Suisse rates the stock as Underperform

September 10, 2019 - by Broker News

Credit Suisse upgrades FY20 and FY21 estimates for earnings per share by 20% and 10%, respectively, on the implementation of higher nickel pricing.

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Commodities / Shares

Nickel Takes The Limelight, But Will It Last?

July 19, 2019July 19, 2019 - by Eva Brocklehurst

Nickel prices have surged recently but as some brokers assess, fundamentals do not appear to be supporting the rally. Hence, a retracement is considered highly likely.

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Broker News

IGO – Credit Suisse rates the stock as Neutral

April 3, 2019 - by Broker News

The pre-feasibility study on the nickel sulphate option has been extended to the December quarter in order to “optimise the study”. Credit Suisse suspects the company is likely buying time for nickel sulphide concentrate offtake agreements to be negotiated and replace expiring contracts.

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Broker News

IGO – Macquarie rates the stock as Underperform

March 29, 2019 - by Broker News

Independence Group and AngloGold Ashanti will proceed with the development of the Boston Shaker underground project at Tropicana, despite the feasibility study falling short of forecasts.

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Shares

Nova Nickel Lifts Independence Group To Record Result

August 30, 2018September 6, 2018 - by Glenn Dyer

Nickel, copper and cobalt had a golden tinge for Perth-based Independence Group yesterday which reported record revenues and profits from the first full-year of operation at its Nova mine in WA and improved operating performance at its Tropicana joint venture.

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Commodities

Satellite Photo Shows Independence’s Real Deal With Creasy Is Still In The Making

July 6, 2018September 14, 2018 - by Barry Fitzgerald

Independence Group’s (IGO) recasting of itself as a battery materials specialist following the recent sale of its second-rate zinc/copper assets for $120 million requires the establishment of a supporting multi-decade nickel, copper and cobalt resource base.

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Shares

Creasy Seals New JV Agreement Near Nova Mine

July 5, 2018 - by Glenn Dyer

There’s nothing like success to breed success and WA prospector Mark Creasy is a perfect example of that.

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Commodities

Independence Circling Creasy’s Fraser Range Discovery

June 29, 2018September 14, 2018 - by Barry Fitzgerald

Our most successful “prospector”, Mark Creasy, has just notched up 50 years in the game and he is in a reflective mood.

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Shares

Independence Chases $250m In New Placement

July 28, 2016 - by Glenn Dyer

Nickel and gold miner, Independence Group (IGO) yesterday kicked off a $250 million raising from institutional investors to strengthen its balance sheet and provide another $150 million for its Nova project in WA.

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Paxalisib Misses AGILE Hurdle, but Very Significant Value Remains

Investors Over-React, Smart Ones Will Profit

Kazia Therapeutics (KZA) announced yesterday morning that paxalisib did not meet the threshold to move into stage 2 of the GBM AGILE clinical trial (NCT03970447). The study was an adaptive trial designed to assess the potential of new therapeutics to treat the highly aggressive brain cancer glioblastoma (GBM) in a cost-effective manner. Demonstrating efficacy in GBM is an extremely high hurdle as shown by the fact that there is only one approved drug for the disease, temozolomide, and it is only effective in 1/3 of patients.

Given the high nature of the hurdle, in our original initiating coverage report on KZA, we only gave paxalisib a small chance of returning a positive result from the overall study. That is the nature of drug development with one group estimating only 6% to 7% of new chemical entities that commence clinical trials reach launch (Dowden & Munro (2019) Nat Rev Drug Discov). The small percentage that do make it to launch, however, more than make up for the cash spent on those that don’t.

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    The Cash keeps coming

    Terracom will report their FY2022 results in September 2022. In the last two months there have been a number of company announcements that have given us improved visibility on our earnings forecasts and valuation metrics so we have taken this opportunity to update our numbers.

    With the combination of geopolitical factors in the northern hemisphere as well as disruption from other supply regions, we believe the visibility on export coal prices over the next 12 months has also improved since our March note.

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      Acquisitions underpin strong near term growth opportunities not reflected in share price

      Stealth Global Holdings (SGI) provides direct exposure to the growing industrial consumables market, driven by favourable conditions across key industries, expanding industrialisation and improving workplace safety regulations. Around 95% of revenue is attributable to non-discretionary items.

      Based on our current forecasts, we derive a DCF equity value for SGI of $0.33 per share, with potential upside if full synergies can be extracted. We note SGI is currently trading on very undemanding forward multiples.

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        4Q reveals more focus on profit and cash flow

        • LBY’s 4Q FY22 quarterly activities update showed continued solid growth in top line metrics, albeit slowing, with GMV of NZ$203m (+26% on pcp) and income of NZ$12.1m (+23% on pcp).
        • Net Transaction Margin (NTM) disappointed at -0.5%, due to further increase in credit losses from 4.0% to 4.9% of GMV. However, new fraud and credit risk management tools have seen losses recover materially with NTM back to 1.2% in March and LBY is confident of further recovery in coming months.

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          Signs MOU with Ford Company – Kachi is now sold out!

          Lake Resources (LKE. ASX) – LKE has signed two non-binding MOU’s in the space of 10 days. Ford Company (Ford) has signed an MOU for ~25,000t/year and last week Hanwa, a Japanese commodity trader signed a MOU for up to 25,000t/year. Subject to execution, this is an amazing feat as Ford and Hanwa are prepared to enter into longer-term strategic partnerships with LKE. Commercial negotiations are still ongoing but are expected, especially if Ford & Hanwa inject new equity into LKE, to further de-risk the project financing & thus ensure LKE and Kachi are fully funded.

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            Strategic Vanadium-battery growth with Titanium & Iron earnings resiliency

            TNG Ltd is an ASX-listed technology owner and developer of the world-class Mount Peake near-surface vanadiferous titanomagnetite deposit. To unlock value, TNG will concentrate ore from its central Northern Territory mine for processing through its patented TIVAN® process produce three premium quality revenue streams: hi-purity vanadium pentoxide (V2O5) for steel alloys and Vanadium Redox Flow batteries, a quality titanium pigment for paints and a premium steel input with >64%Fe iron ore fines.

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              Promising exploration and development update while SOP prices continue to rise

              Two recent gravity surveys have considerably exceeded expectations and revealed potential for extensions to the existing MRE at Lake Throssell, plus a material growth opportunity at Lake Yeo. This reinforces the potential for a multi-decade, Tier-1 SOP production hub based around Lake Throssell.

              TMG is currently completing work towards the PFS due early 2023, including drilling to start in Q3 2022, evaporation trials and permitting activities. Results from these programs will support the PFS and any future resource upgrade.

              Benchmark SOP prices have risen to ~US$940/t due to recent geopolitical developments. The Oct 2021 Scoping Study assumed a SOP price of US$550/t and contained a sensitivity analysis showing every 10% increase in price drives a +$144m increase in the project NPV of $364m. The c.70% increase above the Scoping Study thus implies a project NPV of ~$1.4bn.

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                Biopharmas Hit, but Buying Opportunities Created

                The news being reported about the performance of biotechnology has been dour, to say the least, for some time now. Those dour articles have been deserved with the iShares Biotechnology Exchange-Traded Fund down 25% and the SPDR® S&P® Biotech ETF is down 45% from their highs. However, those articles are backward-looking, and successful investors need to be looking forward.

                Recently, however, an article in Nature Reviews Drug Discovery caught our eye which we believe should point the way forward for the vast majority of Australian biotechnology investors. This article indicates that, at least, two companies, Antisense Therapeutics (ANP) and Kazia Therapeutics (KZA), are right in the sweet spot in terms of the future of drug development.

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                  Hitting goals – Making four material announcements

                  We initiated on Magnis Energy Technologies (MNS.ASX) in December 2021 and since then, MNS has made four material announcements. Firstly; a conditional offtake contract for 600,000t of graphite concentrate from the Tanzanian Nachu Project (net 100%) was signed with Traxys, a global
                  commodities merchant with annual revenue of ~US$6Bn; secondly; semi autonomous production has started at battery gigafactory iM3NY, thirdly;
                  exciting Extra Fast Charge battery tests were reported and most recently, the game changing launch of the Lithium Slim Energy Reserve battery platform, which supports C4V’s growing EFC capability.

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                    Increasing our Target

                    Despite the lower realised oil and gas price, which fell by 5.4% and 19.7% respectively in August, Calima managed to show improvement in its key business metrics.

                    We expect higher production in November due to the contribution by the new Thorsby wells which will be drilled in August/September which will see Calima meet its 2021 production guidance of 4,500 boe/d.

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                      Emerging Financial Wealth Advisory Group

                      WT Financial Group Limited (WTL) is a growing diversified financial services company, founded in 2010 and listed on the Australian Stock Exchange (ASX) in 2015. Its advice and product offerings are delivered primarily through a group of independent financial advisers operating as authorised representatives of WTL under its Wealth Today Pty Ltd (Wealth Today) and Sentry Group Pty Ltd (Sentry Group) dealer group operations. It has around 275 advisers across more than 200 financial advice practices Australia-wide. It also operates a direct-to-consumer operation under its Spring Financial Group brand.

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                        Immutep Taking the Fight to Cancer

                        In May 2021, Corporate Connect analyst Marc Sinatra published a comprehensive research report on ASX-listed biotech Immutep Ltd (ASX: IMM). So impressed was he with IMM that Corporate Connect felt it imperative that a follow-up report be released placing a valuation on the company, because the market was not seeing the vast potential of eftilagimod alpha (efti).

                        This follow-up report has been released today. Using comparables, after adding cash back to their EV estimate and dividing by the total number of issued shares, Corporate Connect now places the fair value of an Immutep share at $A2.20.

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                          Phillips 66 to acquire 16% in NVX – 12-month target price rises 7% through project de-risking

                          Phillips 66 (PSX) has entered into an agreement with NVX to acquire 77.9m new shares for US$150m (A$203m). PSX is the worlds largest producer of speciality petroleum coke a precursor for battery grade synthetic graphite anode materials found with an Enterprise Value of US$47.5Bn and assets of US$57Bn.

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                            Market leading lifelong learning platform technology company in Australia and SE Asia

                            PayGroup (PYG) delivers multi-country BPO services and cloud SaaS HCM solutions, assisting companies to manage employees in multiple, complex jurisdictions. The company has many growth opportunities, including new clients, new jurisdictions, new products, partner expansion, and new revenue sources. PYG’s scalable business model allows operating leverage and with savings from in-housing third party technology, support margin expansion.

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                              Market leading lifelong learning platform technology company in Australia and SE Asia

                              OpenLearning (OLL) is a higher education technology company that operates a scalable online learning platform through a software-as-a-service (SaaS) business model and provides a global marketplace of high quality courses for learners of all levels. Its primary customers are education providers based in Australia and South-East Asia (primarily Malaysia). OLL started operations in Australia in 2012 and expanded to Malaysia in 2015, Singapore in 2018, and recently also Indonesia.

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