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$116.1m
Last closeA$0.04
High / Low (52 weeks)A$0.1 / A$0.0
Stock market listingAU
Forecast net cash (A$m)14
Forecast gearing ratio (%)N/A
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual2.6(24.5)220.8
Relative *0.3(25)203.4

* % Relative to local index

Other companies in sector Show

Afferro Mining Afri-Can Marine Minerals
African Barrick Gold African Eagle Resources
African Minerals Alabama Graphite
Alderon Iron Ore Aldridge Minerals
Alkane Resources All Star Minerals
Allied Gold Mining Almonty Industries
Altius Minerals Altona Energy
Amara Mining Amerigo Resources
Amur Minerals Angel Mining
Anglesey Mining Anglo Pacific Group
Antofagasta Aquarius Platinum
Arian Silver Ariana Resources
Asa Resource Aspire Mining
Atalaya Mining Atlantic Gold NL
Aurcana Corporation Aureus Mining
Auriant Mining Aurizon Mines
Avalon Rare Metals Avnel Gold Mining
Baobab Resources BCI Minerals
Bear Creek Mining Bellzone Mining
Bezant Resources Blackthorn Resources
Bushveld Minerals Cabral Resources
Cadence Minerals Caledon Resources
Caledonia Mining Cameco
Canada Lithium Corporation Carpathian Gold
Celamin Holdings Central Asia Metals
Centrex Metals Champion Iron
Chatham Rock Phosphate Chieftain Metals
Coal of Africa Condor Gold
Continental Coal Cradle Resources
Dalradian Resources Danakali
Denison Mines Discovery Metals
Doray Minerals DRDGOLD
Duluth Metals Eastern Platinum
ECR Minerals Edgewater Exploration
Energy Fuels Entree Resources
Equatorial Resources Euromax Resources
European Goldfields Forsys Metals Corp
Freegold Ventures Fronteer Gold
Frontier Mining Frontline Gold
Galaxy Resources Gascoyne Resources
Gemfields GMA Resources
Gold One Gold Road Resources
Gold Sector Report Goldcrest Resources
Golden Minerals Company Goldplat
Graphite Sector Report Gunson Resources
Hambledon Mining Hecla
Highland Gold Highlands Pacific
Hummingbird Resources Ichor Coal
International Mining & Infrastructure Corp Iron Road
Ironwood Gold Jameson Resources
KEFI Minerals Kenmare Resources
Kingsgate Kinross Gold Corporation
Kopy Goldfields Lemur Resources
Lithium Americas Corp Lithium X Energy
London Mining MacPhersons Resources
Majestic Gold Mandalay Resources Corp
Mariana Resources Matamec Explorations
MDM Engineering Group Medusa Mining
Metallica Minerals Metals Exploration
Minera IRL Mineral Commodities
Minotaur Exploration Mkango Resources
MMG Mustang Resources
Natural Resource Partners Ncondezi Energy
Nevsun Resources New Talisman Gold Mines
Nkwe Platinum Nordgold
Northern Dynasty Minerals Norton Gold Fields
NovaCopper OceanaGold
Oracle Coalfields Orbis Gold
Ormonde Mining Orosur Mining
Orpheus Energy Pan African Resources
Pan American Goldfields Papillon Resources
Pasinex Resources Petropavlovsk
Pilot Gold Platmin
PolyMet Mining Polymetals Mining
Randgold Resources Rare Element Resources
Red Rock Resources Regency Mines
Richmont Mines Rio Tinto
Robust Resources Rock Tech Lithium
Rutila Resources Sable Mining
Seabridge Gold Shore Gold
Sirius Minerals South American Silver Corp
St George Mining Sumatra Copper & Gold
Syndicated Metals Teck Resources
Tiger Resources Titanium Resources Group
Torex Gold Triton Minerals
True North Gems U3O8 Holdings
Universal Coal Vatukoula Gold Mines
Veris Gold Corp Victoria Gold
Volt Resources W Resources
Western Areas Wheaton Precious Metals
Wits Gold Wolf Minerals
Woulfe Mining Zanaga Iron Ore Company
Zazu Metals Corporation

Company news

Y/E Jun Revenue (A$m) EBITDA (A$m) PBT (A$m) EPS (fd) (c) P/E (x) P/CF (x)
2016A 0.1 (0.5) (2.3) 0.0 N/A N/A
2017A 0.1 (0.8) (5.4) 0.0 N/A N/A
2018E 0.0 (0.9) (3.4) 0.0 N/A N/A
2019E 0.0 (0.9) (5.4) 0.0 N/A N/A

Last updated on 23/04/2018

Latest research

Investment summary

Lepidico's disruptive (patent-pending) L-Max metallurgical technology recovers lithium from overlooked minerals such as lepidolite (a form of mica). The process uses readily available chemicals and large-scale tests have demonstrated stable and continuous operation. A recent PFS estimated C1 cash costs of lithium carbonate production at near zero net of by-products for a 3,000tpa operation (Phase 1). Engineered design for such a plant has now been completed and a 67-100% capacity expansion is being evaluated. A full feasibility study is scheduled for Q318.

Last updated on 27/04/2018

Industry outlook

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. At steady-state, we estimate that the Phase 1 plant is capable of generating A$28.1m per annum, which we value at A$66.6m after capex. 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 27/04/2018

Key management

Joe Walsh, MD
Shontel Norgate, CFO

Company address

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