Lithium Power International (ASX: LPI)

Currency in AUD

Last close As at 07/06/2023


0.02 (6.06%)

Market capitalisation


Lithium Power International’s (LPI’s) main asset is its 100% interest in the Maricunga lithium brine project in Chile. Subject to funding, the first stage is expected to produce 15.2ktpa of high-grade lithium carbonate, from 2026. It plans to demerge its early-stage exploration lithium projects in Western Australia in Q1 CY23.

We have raised our near-term lithium prices expectations to reflect the current supply/demand cycle and upgraded our long-run (post 2031) price forecasts (from US$17,000/t to US$22,500/t LCE) to reflect lithium’s high demand growth and highly concentrated supply fundamentals. As a result, our valuation of LPI has increased from A$1.24/share to A$1.42/share assuming the full project equity dilution.

Mining Exploration

Equity Analyst

Andrey Litvin

Mining Analyst

Key Management

  • Andrew Phillips


  • Cristobal Garcia-Huidobro


Balance Sheet

Forecast net cash (A$m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 11.3 (2.8) (23.3)
Relative 12.9 0.5 (23.2)
52 week high/low A$0.7/A$0.3


LPI has recently completed an acquisition of the water rights for the Maricunga project. This replaces a long-term lease that the company held for part of its water requirements and will secure water supply for both Stage 1 (15.2ktpa lithium carbonate) and any future expansions. LPI estimates the initial stage of the project will only require eight litres/second of water compared to the 62 litres/second rights acquired by the company. At end December 2022, the company had A$20m in cash and no debt.

Y/E Jun Revenue (A$m) EBITDA (A$m) PBT (A$m) EPS (c) P/E (x) P/CF (x)
2021A 0.0 N/A (6.0) (2.16) N/A N/A
2022A 0.0 N/A (12.6) (3.77) N/A N/A
2023E 0.0 N/A (2.7) (0.55) N/A N/A
2024E N/A N/A N/A N/A N/A N/A


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