IGO to Sell Forrestania Project While Retaining Nickel and Lithium Rights

IGO

IGO restructures Forrestania project with Medallion Metals acquisition deal

Australian critical minerals producer IGO plans to sell its Forrestania project to Medallion Metals while retaining key resource rights. The deal, expected to finalize by late 2025, gives Medallion 100% ownership of the Forrestania site. However, IGO will continue holding exclusive nickel and lithium rights for future exploration and mining at the location.

Medallion secures gold and copper rights with added royalty commitment

Medallion Metals announced the agreement today, confirming it will manage copper and gold operations at Forrestania. The company will pay IGO a 1.5% royalty on gold production and assume full site rehabilitation obligations. The non-binding deal, first negotiated in August 2024, is expected to become binding by this August. Forrestania’s gold and copper assets provide strong upside potential for Medallion’s growing metals portfolio.

IGO transitions amid low nickel prices and depleted ore reserves

IGO ceased nickel production at Forrestania in September 2024 due to falling nickel prices and ore depletion. The company shipped its last nickel concentrate in the December quarter, closing with a total of 7,571 tonnes produced for FY 2023–2024. Despite the sale, IGO’s decision to retain nickel and lithium rights at the Forrestania project underscores its long-term focus on strategic battery metals.

The Metalnomist Commentary

IGO’s decision to divest Forrestania’s base-metal operations while keeping nickel and lithium rights reflects a targeted pivot toward future-facing battery minerals. Medallion’s takeover aligns with rising interest in copper and gold amid global energy transitions and investor demand for diversified metals exposure.