"30 Oct 2023 — IGO Cash on hand at the end of the Quarter...

"30 Oct 2023 — IGO Cash on hand at the end of the Quarter totalled $804.5M (4Q23: $775.2M) with the Company in a net cash position of $444.5M (4Q23: $415.2M) ...

Appendix 4D IGO Limited


22 Feb 2024 — IGO repaid the $360.0M of outstanding debt during the period and executed amendments to its syndicated facility agreement to increase the amount ..."

IGO has $800M cash at bank
Debt from the WSA purchase of $1,260M is only $360M left ex fees
QoQ FCF & net cash increased by $29M
net debt retired since WSA purchase is $440M

The debt is manageable and being retired at $360Mpa using cashflows.
If they didnt repay debt the cashflows would be $400Mpa

By 31 Dec IGO should have $1,100M cash at bank with $300M debt
a whopping net cash position of $700M.
And this is conservative & projected to escalate and increase as NP is now up 37% from July 2023
and LiP is up 25% from same period
higher revenues
higher FCF & Net cash
lower debt levels

Around August - December, I expect IGO with its cash warchest to start hunting for more dirt cheap LI Ni projects to sweep up, if they arent already.

The obvious one is PAN
IGO bid for PAN in 2019 at 47c now 3.5c at last close of which they own 18% of equity costing them $45M cash & large MILL plus $40M cash at bank with profitable production and a new Ni HUB near their own Kimberley tenements.
They could take that easy for $200M & rollover the offtake debt easy,
forget $1,260M for WSA of $760M for MCR.

The next one is buying out a larger stake in the Li JV or drilling around it themselves
or 3rd option is to buy a Li HUB and MILL ready to go turnkey,

MINRES just withdrew from a ready to go LI HUB project for $15M from POS at LJ (near Nova)
This is also an option for $150M plus 3% royalties or a 50-50 JV like with Li or a $40M deposit & 100% capex
Its still way cheaper than spending $800M on a new mill and mine like they did at Nova nearby.
They could then use LJ and Nova for cross synergy staffing and camps for both Li & Ni,

This would set up IGO as a major Norseman area Li Ni producer with 2 large 1.5MTpa MILLS and massive tenement area with many major discoveries already.
But will POS sell all of LJ or go a JV now after being burnt by MINRES, the latter I think now.

Or they could go for both for under $300M cash, easy done using only 9 months cashflow & no debt.
Plus gain $40M cash from PAN and save $45M loss of cash on PAN scrip also.
Plus gain major Norseman area mill and mines at LJ.

WIN WIN WIN.

With NP now hitting 38% UP from last Sept lows, the time is SPOT ON for IGO & Creasy to move soon & sweep the floor from under AF BHP & MINRES imho.