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Currency in AUD
Last close As at 25/03/2023
AUD0.01
▲ −0.01 (−50.00%)
Market capitalisation
AUD99m
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 addition, in recent months, LPD has successfully completed extensive further pilot plant trials, raised over A$19m in equity and updated and upgraded its mineral resources (and reserves) at Helikon 4 and on surface (in the form of dumps etc) at both Rubicon and Helikon. In the light of these developments we have increased our valuation of LPD by approximately a third to 8.61c/share plus a further 0.65–1.59c/share for a risk-adjusted 20,000tpa LCE Phase 2 plant.
Metals & Mining
Metals & Mining
Metals & Mining
Metals & Mining
Director, Energy & Resources
Joe Walsh
CEO
Shontel Norgate
CFO
Forecast net debt (A$m)
121.8
Forecast gearing ratio (%)
99
| % | 1M | 3M | 12M |
|---|---|---|---|
| Actual | (13.3) | (13.3) | (59.2) |
| Relative | (10.0) | (12.6) | (58.8) |
| 52 week high/low | A$0.0/A$0.0 |
Lepidico’s (LPD’s) patented technologies produce lithium hydroxide (plus by-products) in an eco-friendly way from less contested minerals such as lepidolite. In May 2020, it announced a definitive feasibility study on its Karibib project, which was updated in November 2022 to show an NPV(8%) of US$530m (cf US$221m previously) and an IRR of 42% (cf 31%) from the production of c 4,900tpa battery grade lithium hydroxide (7,060tpa lithium carbonate equivalent, LCE, including by-products) over 14 years.
| Y/E Jun | Revenue (A$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 | 50.3 |
| 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 | (3.1) | (14.7) | 0.0 | N/A | N/A |
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