Lepidico (LPD)

Business description

Lepidico provides exposure to a portfolio of lithium assets via its wholly owned properties, JVs and IP in Australia, Canada and Europe. Uniquely, it has successfully produced lithium carbonate from non-traditional hard rock lithium bearing minerals using its registered L-Max® process technology.

Stock data

Market cap.A$25.7m
Last closeA$0.01
High / Low (52 weeks)A$0.0 / A$0.0
Stock market listingAU
Forecast net cash (A$m)0.7
Forecast gearing ratio (%)N/A
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual0.0(14.3)(5.2)
Relative *1.1(14.5)(9.9)

* % Relative to local index

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Y/E Jun Revenue (A$m) EBITDA (A$m) PBT (A$m) EPS (c) P/E (x) P/CF (x)
2015A 0.0 (0.4) (1.0) N/A N/A N/A
2016A 0.1 (0.5) (2.3) N/A N/A N/A
2017E 0.0 (0.6) (1.1) N/A N/A N/A
2018E 0.0 (0.6) (2.8) N/A N/A N/A

Last updated on 11/09/2017

Latest research

Investment summary

In a busy Q3, Lepidico (LPD) has announced two sets of drilling results from Alvarrões in Portugal, one set from Lemare in Quebec and the conclusion of a farm-in deal in Western Australia. Edison estimates that the Alvarrões drilling results are indicative of a resource in the order of 0.7-2.3Mt of mineralised material at a grade of 1.10-1.13% Li2O, with an in-situ value (upon achieving JORC-compliance) of US$0.5-1.6m. Note that formal mineral resource estimates are expected from both Alvarrões and Separation Rapids in September or October 2017.

Last updated on 11/09/2017

Industry outlook

Having completed the PFS, Lepidico’s strategic imperative is now the development of the Phase 1 plant as well as the completion of a feasibility study on an industrial-scale operation. In the meantime, exploration continues apace on a suite of exploration assets. Based solely on the Phase 1 PFS, we estimate a value for Lepidico of A$0.0202/sh. However, conceptual estimates for a Phase 2 plant envisage producing c 7x as much lithium carbonate, for 3.4x as much capex to generate 8x as much NPV.

Last updated on 06/09/2017

Key management

Joe Walsh, MD
Shontel Norgate, CFO

Company address

Level 1, 254 Railway Pde
West Leederville
WA 6007
Australia
+61 (08) 9363 7800
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