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IGO LIMITED — Capital/Financing Update 2019
Jul 3, 2019
65111_rns_2019-07-03_8db09865-2d90-4a9d-8e8e-9d38e3200306.pdf
Capital/Financing Update
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----- Start of picture text ----- ASX RELEASE4 JULY 2019----- End of picture text -----
NOVA OPERATION EXCEEDS FY19 METAL PRODUCTION GUIDANCE
Independence Group NL (‘ IGO ’ or ‘ the Company ’) ( ASX: IGO ) is pleased to report preliminary metal production for the June 2019 Quarter ( 4Q19 ) and the 2019 Financial Year ( FY19) for the Nova and Tropicana operations. As guided in the March 2019 quarter results, full year metal production for FY19 from Nova exceeded guidance[1] , while Tropicana FY19 production was within guidance range.
| Preliminary | Preliminary | ||||
|---|---|---|---|---|---|
| Operation | Metric | Units | Production Estimate | FY19 GuidanceRange | |
| 4Q19 | FY19 | ||||
| Nickel(contained metal) | t | 7,906 | 30,708 | 27,000 to 30,000 | |
| Nova | Copper(contained metal) | t | 3,462 | 13,693 | 11,000 to 12,500 |
| Cobalt (contained metal) | t | 280 | 1,090 | 850 to 950 | |
| Goldproduced(100% basis) | oz | 132,945 | 518,172 | 500,000 to 550,000 | |
| Tropicana2 | |||||
| Gold sold (IGO’s 30% share) | oz | 40,463 | 154,402 | 150,000 to 165,000 |
IGO’s Managing Director & CEO Peter Bradford said: “The better than guidance production performance at Nova and on guidance production from Tropicana for FY19 reflects the quality of our assets, and, more importantly, the consistent high performance by our world class operating team at Nova and the Joint Venture team at Tropicana.
“Strong operating discipline and ongoing optimisation at Nova has delivered nickel production rates which have exceeded the average production rate determined in the Feasibility Study for each of the last five quarters. With capital development and grade control drilling substantially completed during FY19, Nova is positioned to continue to deliver strong results into FY20.
“At Tropicana, our joint venture partners AngloGold Ashanti delivered another solid year of production achieving an annualised processing rate in excess of 8Mtpa, while also commencing development of the Boston Shaker underground mine, which is due to produce first gold in the September 2020 quarter.
“The impressive operational performance from both Nova and Tropicana is underpinning our growth strategy which remains focused on exploration and discovery as well as the potential downstream processing opportunity to produce battery grade nickel sulphate from Nova concentrate. These are exciting times at IGO and we look forward to these work programs producing further value creation for all stakeholders into the future.”
1 See ASX Announcement released on 27 July 2018 titled “June 2018 Quarterly Activities Report”
2 4Q19 and FY19 production results from Tropicana are preliminary and subject to final reconciliation
Suite 4, Level 5 85 South Perth Esplanade South Perth WA 6151
PO Box 496 South Perth WA 6951 Western Australia
T. +61 8 9238 8300 igo.com.au F. +61 8 9238 8399 Independence Group NL E. [email protected] ABN 46 092 786 304
ASX RELEASE
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Detailed operational and financial results for these periods, as well as production and cost guidance for the 2020 financial year, will be reported as part of the June 2019 Quarterly Report scheduled to be released on 31 July 2019.
Peter Bradford Managing Director Independence Group NL
Investors:
Andrew Eddowes Head of Corporate Development Tel: +61 8 9238 8300 Mobile: +61 (0) 429 920 006 Email: [email protected]
Media:
Jill Thomas Communications Manager Tel: +61 8 9238 8373 Mobile: +61 (0) 423 259 190 Email: [email protected]
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