Lepidico (AU: LPD)

Currency in AUD

Last close As at 26/01/2023

AUD0.02

0.01 (100.00%)

Market capitalisation

AUD107m

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.

Since then, LPD has completed the permitting and approvals processes for construction, awarded two EPCM contracts to Lycopodium, received great results from its resource expansion programme aimed at extending the mine life to >20 years, completed pilot plant trials and made key personnel appointments ahead of a final investment decision in Q1 CY23. In August we valued LPD at A$0.0666/share plus a further 0.63–1.55c/share for a risk-adjusted 20,000tpa LCE Phase 2 plant. This month, an entitlement offer was issued to raise up to A$11.7m.

Latest Insights

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Metals & Mining

Lepidico — Quantifying exploration’s dividends

Metals & Mining

Lepidico — Materially extended Phase 1 opportunity

Metals & Mining

Lepidico — Coming in sight of the Rubicon

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Lepidico — Big swings and small roundabouts

Equity Analyst

Lord Ashbourne

Lord Ashbourne

Director, Energy & Resources

Key Management

  • Joe Walsh

    CEO

  • Shontel Norgate

    CFO

Balance Sheet

Forecast net debt (A$m)

112.8

Forecast gearing ratio (%)

89

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (11.8) (31.5) (62.3)
Relative (8.5) (33.6) (59.0)
52 week high/low A$0.0/A$0.0

Financials

Lepidico’s (LPD’s) patented technologies produce lithium hydroxide (plus by-products) in an eco-friendly way from less contested minerals (eg lepidolite). In May 2020 LPD announced a definitive feasibility study on its Karibib project showing an NPV(8%) of US$221m (A$0.049/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)
2021A 4.1 0.7 (0.3) 0.0 N/A 100.6
2022A 0.0 (4.8) (7.9) 0.0 N/A N/A
2023E 0.0 (3.1) (3.6) 0.0 N/A N/A
2024E 0.0 (6.8) (17.5) 0.0 N/A N/A

Research

Metals & Mining

Lepidico — Enter the US government

Metals & Mining

Lepidico — Valuation update post-feasibility study

Metals & Mining

Lepidico – executive interview

Metals & Mining

Lepidico — Developing to the (L-)Max

Metals & Mining

Lepidico — Caesing the opportunity

Metals & Mining

Lepidico — Valuation update

Metals & Mining

Executive interview – Lepidico

Metals & Mining

Lepidico — Alvarrões resource increases 290%

Metals & Mining

Lepidico — LiOH production beckons

Metals & Mining

Lepidico — Piloting its way through

Metals & Mining

Lepidico — Forges Galaxy relationship

Metals & Mining

Lepidico — Alvarrões continues to deliver

Metals & Mining

Lepidico — Masterful metallurgy

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