Shares in mineral exploration company Independence Group NL (ASX: IGO) were down more than 1% at market open today with the share price at $4.74 at the time of writing, after tracking upwards in the last 12-months.
Independence Group focuses on nickel, copper and zinc mining in Australia, with two key operations in Western Australia and a 30% interest in the Tropicana Gold Project.
Wealth Within analyst Janine Cox has placed a buy rating on Independence Group for investors seeking a smaller stock in the material sector off the back of Independence Group's recent share price pull back after a solid share price rise through January.
Cox said any rise over $5.20 would indicate Independence is back on track to generate good gains and investors seeking an in should adhere to "solid buying rules".
Independence Group reported its half-year results on February 20 with underlying EBITDA of $133 million and the repayment of $29 million in debt to reduce net debt to $120 million.