Positive production results for Independence

Canaccord Genuity

Production results generally beat our expectations across the asset suite, with the company reporting group EBITDA for the quarter of A$38m. Operating cashflow of A$6.8m was significantly lower than our expectations, however, when normalised for high gold inventory at Tropicana, a late provisional payment for a 10kt copper concentration shipment and a delayed zinc concentrate shipment, the result was in line with our estimate of A$39m. The Nova nickel project continues to ramp up ahead of schedule, and first concentrate sales are expected in December 2016. Our target price of A$3.95/sh (previously A$3.75/sh), has increased modestly on account of a model roll forward and is underpinned by Tropicana, Jaguar, Long, Nova plus nominal exploration value net of corporate adjustments. Report available here: (VIEW LINK)


Canaccord Genuity

Canaccord Genuity Group is a leading independent, full-service financial services firm. Canaccord Genuity has been driven by an unwavering commitment to building lasting client relationships. We achieve this by generating value for our individual,...

gold copper nickel ASX:IGO INDEPENDENCE GROUP

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