IGO reported December Q activities and first half FY20 financial results. Both Tropicana gold and Nova nickel/copper are tracking ahead of full year guidance. In H1, Nova produced 15.2kt Ni and 6.8kt Cu at A$2.51/lb cash costs (vs guidance: 13.5-15.0kt Ni, 5.5-6.25kt Cu @ A$2.00-2.50/lb) and Tropicana produced 257.3koz Au at A$1,007/oz AISC (vs guidance: 225-250koz @ A$1,090-1,210/oz, 100% basis). Financial metrics for the half included; revenue of $475m, EBITDA of $271m and NPAT of $100m (up 33%, 107% and >1000% respectively HoH). Both assets benefited from higher commodity prices HoH. Net cash at 31 December was $396m. Argonaut upgrades IGO to BUY (from HOLD).
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