IGO (ASX:IGO) has finalised the sale of its Forrestania Nickel Operations to Medallion Metals (ASX:MM8), marking a strategic pivot in the company's portfolio management.
Under the terms of the transaction, which was initially announced in August 2025, Medallion acquires 100% interest in the operations—including the Cosmic Boy processing plant and infrastructure—for no upfront cash consideration.
In exchange, IGO will retain the rights to explore and develop nickel and lithium minerals within the FNO tenements and receive a 1.5% net smelter return royalty on future gold production.
According to IGO CEO Ivan Vella, the deal aligns with the company's core strategy to rationalise non-core assets, reduce ongoing costs, and sharpen its focus on battery minerals, with IGO confirming it is exploring options for other assets, including the Cosmos site.
At the time of reporting, IGO's share price was $8.40.