IGO Ltd (ASX: IGO) shares are pushing higher today after the company released a fresh update to the market.
At the time of writing, the IGO share price is up around 0.29% to $8.70, with investors digesting the latest disclosure.
IGO remains a major player in Australia's battery metals sector, with exposure to lithium and nickel.
Let's take a closer look at what the management updated the market with.
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What was announced?
According to the release, IGO has updated its estimates for the amount of lithium at the Greenbushes mine in Western Australia.
The revised figures are based on new drilling results and updated technical modelling. As a result, some resource and reserve categories have increased, while others have decreased compared with previous estimates.
This type of update is required under Australian mining reporting standards and is a normal part of the annual reporting cycle. Resource and reserve statements are used to support mine planning, production forecasts, and long-term capital decisions.
Greenbushes remains one of the largest and highest-grade hard rock lithium deposits globally and is an important source of lithium supply.
Why Greenbushes is important
IGO holds an effective 24.9% interest in Greenbushes through its 49% stake in the Talison Lithium joint venture. The remaining interest is held by Albemarle.
Greenbushes produces spodumene concentrate, which is processed into lithium chemicals used in electric vehicle batteries and energy storage systems. The mine has been in production for decades and is widely regarded as one of the lowest cost hard rock lithium mines globally.
Greenbushes is central to the company's strategy of focusing on metals linked to clean energy and electrification.
Any changes to resource and reserve estimates are therefore closely watched by investors, including adjustments driven by modelling changes.
Other key assets
Beyond Greenbushes, IGO also owns 100% of the Nova nickel copper cobalt operation in Western Australia. Nova provides exposure to battery-related metals outside of lithium.
The company also holds a 49% stake in the Kwinana lithium hydroxide refinery. That project has faced operational challenges in recent years and remains an area of focus for management.
IGO has experienced share price volatility in recent years as lithium and nickel prices have moved significantly in both directions.
What investors will watch next
The subdued share price reaction suggests the market had largely anticipated the updated numbers.
Looking ahead, investors are likely to focus on production performance at Greenbushes and Nova, as well as lithium and nickel price trends. Further guidance updates from management will also be in focus.
