AU$104m market cap
AU$0.03 last close
Lepidico provides exposure to a portfolio of lithium assets via its proprietary IP and upstream interests in Australia, Canada and Europe. Uniquely, it has produced lithium carbonate from non-traditional hard rock lithium bearing minerals using its registered L-Max process technology.
Investment summary
Lepidico’s L-Max® technology recovers lithium from less contested minerals including lepidolite (a form of mica) and amblygonite. The process has been shown to work in stable and continuous operation in large-scale lab tests and a 2017 PFS estimated C1 cash costs of lithium carbonate production near zero net of by-products for a 3,000tpa operation. Engineered design for a larger 7tph (or 5,000tpa LCE) plant is underway as part of a feasibility study at the same time that a pilot plant is being constructed to reduce scale-up risk.
Y/E Jun |
Revenue (A$m) |
EBITDA (A$m) |
PBT (A$m) |
EPS (fd) (c) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2017A | 0.1 | (0.8) | (5.4) | 0.0 | N/A | N/A |
| 2018A | 0.2 | (5.1) | (7.2) | 0.0 | N/A | N/A |
| 2019E | 0.0 | (5.9) | (5.9) | 0.0 | N/A | N/A |
| 2020E | 19.9 | 5.6 | 2.5 | 0.0 | N/A | 45.6 |
| Last updated on 20/03/2019 | ||||||
Industry outlook
On 18 February, LPD announced that it had acquired the rights to LOH-Max technology in order to allow it to produce lithium hydroxide (preferred by Li-ion battery manufacturers) as well as lithium carbonate. Prior to that, our valuation of Lepidico was A$0.0398 based on the unit operating costs of the 3.6t/hour plant and an updated estimate of capex for a 7tph plant (excluding any potential value for a Phase 2 plant or other development options).
Last updated on 20/03/2019
Sector |
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| Metals & mining |
Share price graph
Balance sheet |
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| Forecast net cash (A$m) | 24.3 |
| Forecast gearing ratio (%) | N/A |
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Key management |
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| Joe Walsh | CEO |
| Shontel Norgate | CFO |
