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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$73.1m
Last closeA$0.03
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
Actual(30.6)(40.5)100.5
Relative *(31.5)(42.4)82.3

* % Relative to local index

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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 20/07/2018

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 27/07/2018

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 pa, 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 27/07/2018

Key management

Joe Walsh, CEO
Shontel Norgate, CFO

Company address

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