IGO LTD's stock price soared 6.37% during intraday trading on Tuesday, marking a significant upward movement for the lithium producer.

The surge follows the signing of a trade deal between Australia and the European Union, which removes tariffs for almost all exports of Australian critical minerals into the EU. Australian Prime Minister Anthony Albanese stated that the removal of these tariffs will help stabilize global supply chains.

IGO was among several Australian lithium producers that saw substantial gains following the announcement, which is expected to benefit companies involved in the critical minerals sector by improving market access and reducing trade barriers.