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Independence Group (IGO) - March Q - Mixed Results

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Independence Group (IGO) released its March quarterly report with mixed results from the group’s assets. Nova achieved nameplate throughput of 1.5Mt and generated $52m free cashflow (FCF), however it is trending below the lower end of production guidance. Tropicana production was down 23% on planned lower milled grades and lower recoveries. Mining at Jaguar materially impacted mill feed resulting in 28% and 59% respective decreases in Zn and Cu production. Long Ni production was steady Q-on-Q at 1.4kt Ni in ore. Overall group underlying FCF was $56.5m (vs 11.6m in the December Q) and net debt decreased by $47.5m to $72.6m. SELL maintained with a $4.25 target price.

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