Via its Karibib project in Namibia and unique IP, Lepidico is a vertically integrated lithium development business that has produced both lithium carbonate and lithium hydroxide from non-traditional hard rock lithium-bearing minerals using its registered L-Max and LOH-Max processes.
More Lepidico content >Investment summary
Lepidico’s patented technologies produce lithium hydroxide (plus by-products) in an eco-friendly fashion from less contested minerals such as lepidolite. In May 2020, it announced the results of a definitive feasibility study on its Namibian project, which showed an NPV(8%) of US$221m (A$0.05/share) and an IRR of 31% from the production of 4,900tpa battery grade lithium hydroxide (7,060tpa lithium carbonate equivalent (LCE) including by-products) over 14 years.
Y/E Jun |
Revenue (A$m) |
EBITDA (A$m) |
PBT (A$m) |
EPS (fd) (c) |
P/E (x) |
P/CF (x) |
---|---|---|---|---|---|---|
2019A | 0.0 | (5.2) | (5.1) | 0.0 | N/A | N/A |
2020A | 0.0 | (7.6) | (10.8) | 0.0 | N/A | N/A |
2021E | 4.1 | 0.4 | (0.3) | 0.0 | N/A | 151.0 |
2022E | 0.0 | (3.1) | (3.8) | 0.0 | N/A | N/A |
Industry outlook
Since then, Lepidico has completed the permitting and approvals processes for construction, awarded an EPCM contract to Lycopodium, converted its pilot plant to a demonstration one to reduce scale-up risk and made key personnel appointments. After increasing our long-term lithium price forecasts, we value Lepidico at 6.64c/share plus 0.73–1.77c/share for a risk-adjusted 20,000tpa LCE Phase 2 plant. In the meantime, the US International Development Finance Corporation is evaluating the project for preferential debt financing.
Last updated on 28/06/2022Content on Lepidico









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Metals & mining
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Forecast net cash (A$m) | 14.7 |
Forecast gearing ratio (%) | N/A |
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Key management |
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Joe Walsh | CEO |
Shontel Norgate | CFO |