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Wednesday, 15 May 2019
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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

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