3. IGO Limited (ASX: IGO)
Market cap: A$4.11 billion10
IGO’s primary lithium operations centre on the Greenbushes lithium mine in Western Australia, operated through a joint venture with Albemarle and Tianqi Lithium. This is one of the world’s largest hard-rock lithium operations.
The company also holds significant nickel assets, including the Nova nickel-copper mine and a stake in the Forrestania nickel operations.
In addition, IGO owns the Cosmos nickel operation and has copper interests through its Silver Knight project.
Its latest quarterly results show an underlying EBITDA of A$62 million and positive cash flow from operating activities of A$4 million.11
Its share price jumped 14.10% in early to mid-August 2025.
Future strategies will focus on optimising existing operations while evaluating new battery metals opportunities.
Highlights:
- In the June 2025 quarter, it showed a strong balance sheet with A$280 million cash on hand12
- Greenbushes operation achieved an EBITDA margin of 60% for the quarter13
- Shipments from the previous quarter at Greenbushes and Nova were delayed, leading to greater sales in the latest quarter14