AI assistant
IGO LIMITED — Capital/Financing Update 2020
Jul 7, 2020
65111_rns_2020-07-07_677e5db0-d605-4717-a513-738e93e090b7.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
==> picture [596 x 97] intentionally omitted <==
----- Start of picture text -----
ASX RELEASE
8 JULY 2020
----- End of picture text -----
NOVA OPERATION DELIVERS METAL PRODUCTION ABOVE FY20 GUIDANCE
IGO Limited (‘ IGO ’ or ‘ the Company ’) ( ASX: IGO ) is pleased to report preliminary metal production for the June 2020 Quarter ( 4Q20 ) and the 2020 Financial Year ( FY20) for the Nova and Tropicana operations. Fullyear production for FY20 from Nova exceeded guidance[1] for all metals, while Tropicana FY20 gold production was within the guidance range.
| Operation | Metric Units |
Preliminary Production Estimate |
FY20 Guidance Range |
|---|---|---|---|
| 4Q20 FY20 |
|||
| Nova | Nickel (contained metal) t |
7,181 30,436 27,000 to 30,000 |
|
| Copper (contained metal) t |
3,210 13,772 11,000 to 12,500 |
||
| Cobalt (contained metal) t |
277 1,142 850 to 950 |
||
| Tropicana2 | Gold produced (100% basis) oz |
102,007 463,118 450,000 to 500,000 |
|
| Gold sold (IGO’s 30% share) oz |
30,617 141,169 135,000 to 150,000 |
IGO’s Managing Director & CEO Peter Bradford said: “FY20 was a year of unique challenges including devastating bushfires and the COVID-19 pandemic. Throughout, the Company has demonstrated outstanding resilience and adaptability while achieving excellent operational performance. I am incredibly proud of this performance and our teams.”
“At Nova, production of all metals exceeded guidance, with nickel production slightly higher than the top end of guidance, while copper and cobalt production were ~10% and ~20% higher, respectively.
“Tropicana production ended the year below the mid-point of guidance as we transitioned into the treatment of stockpiled ore with consequential lower milled grades. Stockpiled ore will continue to be a significant source of ore through FY21, supplementing run of mine ore from the Boston Shaker open pit and the new underground mine (which remains on schedule to reach commercial production during the September 2020 quarter) along with the Havana open pit as the Stage 2 cutback is developed.”
“Our consistent operational performance is a credit to the quality of our assets and competence of our operational teams. This forms an outstanding platform from which IGO can pursue growth opportunities through both exploration and disciplined M&A.”
Detailed operational and financial results for these periods, as well as production and cost guidance for the 2021 financial year, will be reported as part of the June 2020 Quarterly Report scheduled to be released on 29 July 2020.
Name of Director or Secretary authorising lodgement: Peter Bradford
Managing Director and CEO
1 See ASX Announcement released on 31 July 2019 titled “June 2019 Quarterly Activities Report”
2 4Q20 and FY20 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 T. +61 8 9238 8300 igo.com.au South Perth WA 6951 F. +61 8 9238 8399 IGO Limited Western Australia E. [email protected] ABN 46 092 786 304
ASX RELEASE
==> picture [52 x 50] intentionally omitted <==
INVESTOR AND MEDIA QUERIES
Richard Glass Investor Relations and Communications Manager Tel: +61 8 9238 8300 Mobile: +61 (0) 419 668 314 Email: [email protected]
Joanne McDonald Company Secretary & Head of Corporate Affairs Tel: +61 8 9238 8300 Mobile: +61 (0) 417 940 053 Email: [email protected]
Page 2