The following is a summary of the IGO Limited (IPGDF) Q2 2024 Earnings Call Transcript:

Financial Performance:

• IGO Limited reported a decrease in Q2 revenue to $179 million, impacted by a fall in nickel prices and lower sales volumes.

• The realized spodumene price for the quarter significantly lowered to US$3,016 FOB per ton.

• The company's share of TLEA net profit dropped to $167 million and reported an underlying EBITDA of $153 million.

• The company experienced an increased cash cost of $357 per ton and ended the quarter with $276 million cash, despite a $360 million accelerated repayment of outstanding debt.

• IGO recorded an additional impairment against the Cosmos and Forrestania assets estimated between $160 million to $190 million.

• The Nova operation's financial results were affected by lower nickel pricing, leading to a decrease in production by 15% QoQ.

Business Progress:

• IGO is undergoing significant strategic changes with its Greenbushes asset by amending the pricing mechanism and adjusting projections for spodumene sales volumes.

• The company remains committed to growth projects at Greenbushes such as the construction of CGP3.

• The Kwinana Lithium Hydroxide Refinery performance was challenged, but efforts are being made to improve operations.

• IGO transitioned Cosmos into care and maintenance following a reduction in expected mine-life and increased costs.

• The company continues active exploration activities with promising results reported at Dogleg and the Copper Wolf project.

• IGO is in the early stages of evolving their lithium business with the Greenbushes asset as a focal point of their growth strategy.

• Despite current market conditions, they continue to explore ways to further engage with the market and secure long-term customers.

• Amidst challenges, the company remains focused on cost control, and maintaining positive cash flows with the Nova and Forrestania nickel businesses.

• IGO has also stepped up its focus on health and safety, with several improvement plans across the business.

More details: IGO LTD IR

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