Lepidico (ASX: LPD)

Currency in AUD

Last close As at 24/03/2023

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.

Latest Insights

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Metals & Mining

Lepidico — Everything moving all at once

Metals & Mining

Lepidico — Quantifying exploration’s dividends

Metals & Mining

Lepidico — Materially extended Phase 1 opportunity

Metals & Mining

Lepidico — Coming in sight of the Rubicon

Equity Analyst

Lord Ashbourne

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 (%)

99

Share Price Performance

Price Performance
% 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

Financials

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

Research

Metals & Mining

Lepidico — Everything moving all at once

Metals & Mining

Lepidico — Quantifying exploration’s dividends

Metals & Mining

Lepidico — Materially extended Phase 1 opportunity

Metals & Mining

Lepidico — Coming in sight of the Rubicon

Metals & Mining

Lepidico — Big swings and small roundabouts

Metals & Mining

Lepidico — Binding offtake signed with Traxys

Metals & Mining

Lepidico — Phase 2 coming into view

Further insights

Metals & Mining

Lepidico: A new valuation is revealed

Metals & Mining

Lepidico: Review of the year 2022

Metals & Mining

Lepidico: Aiming at the sweet spot of supply

Metals & Mining

Demand for Teslas point to lithium deficit

Analyst of the week

Thematics

samuel-scrimshaw-kp_87tExCwI-unsplash

Metals & Mining

Lithium’s adolescence

Metals & Mining

Lepidico: Offer closes, oversubscribed

Consumer

IPO apocalypse

TMT

ESG, moving beyond the box tick

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