Despite being one of the world's most cost-effective producers, IGO's share price has plummeted nearly 45% since early September. This decline is partly attributed to its joint venture partner's decision to reduce its spodumene intake due to unfavourable pricing and demand conditions. Jefferies believes its current valuation does not capture the intrinsic value of its asset suite but uncertainty surrounding sales volumes and pricing will likely weigh on the share price in the medium term.