Insights

Why the IGO (ASX:IGO) share price is moving higher today

ASX investors are expecting more mergers and acquisitions in the months ahead.
The post Why the IGO (ASX:IGO) share price is moving higher today appeared first on The Motley Fool Australia. –

The IGO Ltd (ASX: IGO) share price is moving higher in morning trade, up 1.57%.

Below, we take a look at the ASX resource share’s acquisition announcement.

What did IGO announce?

The IGO share price is gaining after the company reported it has entered into a binding agreement to acquire 100% of the Silver Knight nickel-copper-cobalt sulphide deposit from the Creasy Group.

IGO also said it is forming a joint venture (JV) with the Creasy Group across a portfolio of exploration tenements surrounding Silver Knight, in which it will have a 65% stake and Creasy Group will own 35%. Silver Knight is located in Western Australia.

The total cash consideration for both transactions was reported to be $45 million. Completion of the transaction is expected by the first week of October.

Commenting on the acquisitions IGO’s CEO, Peter Bradford said:

We are pleased to have concluded this agreement with Creasy Group to acquire Silver Knight and the additional joint venture tenure. The Silver Knight discovery not only validated the potential for the Fraser Range to host multiple commercial nickel-copper sulphide deposits but also provides a secondary source of feed for the Nova processing plant.

Bradford added that the company aims to “fast track the detailed assessment and permitting of Silver Knight” with an eye to start pre-mining activity by 2023.

IGO plans an infill drilling program at Silver Knight after the transaction is finalised. It will also work on receiving a Native Title mining agreement and the needed regulatory approvals. The company said it will communicate its updated resource and reserve estimates to the market once work is completed.

IGO share price snapshot

Over the past 12 months, IGO’s share price has gained 64%. By comparison the S&P/ASX 200 Index (ASX: XJO) is up 23% over that same time.

Year-to-date the IGO share price has continued to outperform, up 35%.

The post Why the IGO (ASX:IGO) share price is moving higher today appeared first on The Motley Fool Australia.

Should you invest $1,000 in IGO right now?

Before you consider IGO, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and IGO wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of May 24th 2021

More reading

Why the IGO (ASX:IGO) share price is hitting an all time high
Galan Lithium (ASX:GLN) share price surges to record on positive results
The 3 ASX shares that top brokers just upgraded to “buy”

5 things to watch on the ASX 200 on Tuesday

ASX lithium shares could get boost from Macquarie (ASX:MQG) upgrade

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!