BUY HOLD SELL - IGO
Independence Group (IGO) is engaged in non-operator gold mining from the Company's interests in the Tropicana Gold Mine, nickel mining at the Long Operation, zinc and by-product mining at the Jaguar Operations, development of the Nova Project and ongoing mineral exploration.
Late last month the company reported third-quarter NPAT of $45.1m vs $0.7m in the prior quarter. Revenue increased to $232.8m vs $189m in the prior quarter. Underlying EBITDA increased to $116.6m vs $67.6m in the prior quarter. The company also reiterated that they remain on track for FY19 production guidance.
The Nova operations provided a highlight in the recent period, with the above results driven by higher grades and realised prices at the mine. The expectations are that the higher end...Continue Reading