Lepidico

Lepidico (ASX: LPD)

Currency in AUD

Last close As at 22/09/2023

AUD0.01

— 0.00 (0.00%)

Market capitalisation

AUD99m

Overview
Price performance
Financials
Research
Sector insights
Thematics

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.

In 2022, Lepidico completed extensive pilot plant trials that should mitigate scale-up risk and this year has substantially upgraded its mineral resources (and ore reserves) at Karibib. In the light of these developments, we have increased our valuation of the company by approximately a third to 8.61c/share plus a further 0.65–1.59c/share for a significantly risk-adjusted 20,000tpa lithium carbonate equivalent Phase 2 plant.

Latest Insights

Metals & Mining |
Update

14.02.23

Lepidico — Everything moving all at once

Metals & Mining |
Update

06.10.22

Lepidico — Quantifying exploration’s dividends

Metals & Mining |
Flash note

26.09.22

Lepidico — Materially extended Phase 1 opportunity

Metals & Mining |
Update

05.08.22

Lepidico — Coming in sight of the Rubicon

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Sector

Metals & Mining

Equity Analyst

Lord Ashbourne

Director, Energy & Resources

Key Management

Joe Walsh

CEO
Shontel Norgate

CFO

Balance Sheet

Forecast net debt (A$m)

121.8

Forecast gearing ratio (%)

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	8.3	30.0	(53.3)
Relative	7.5	27.5	(55.4)
52 week high/low	A$0.0/A$0.0

Financials

Lepidico’s patented technologies produce lithium hydroxide (plus by-products) in an eco-friendly way, sourced from less contested minerals such as lepidolite. Recent updates indicate that material project assumptions remain consistent with an NPV (8%) of US$530m or c A$749m (9.8 Australian cents per share) on a pre-funding basis with the Phase 1 chemical plant having now gained detailed planning approval in July. By contrast, at our updated lithium prices, we value the project at US$641.4m (8.4 US cents per share, undiluted), or A$906.6m.