IGO Ltd is a diversified metals miner based in Western Australia. Key exposures are to nickel and gold, with minor copper and cobalt revenue from Nova. Nova-Bollinger is the key asset and nickel is the major source of earnings from 2018, taking over from gold from the firms 30% share of the Tropicana mine. Both mines have relatively low operating costs but reserve life is less than 10 years. IGO has a bias towards growth through exploration. With the balance sheet in good shape and cash flow expected to be strong in the medium-term, we expect exploration expenditure and activity to be elevated. IGO is well placed to fund the development of any discoveries.