Lepidico

Overview
Price performance
Financials
Research
Sector insights
Thematics

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.

Prior to its recent rights/entitlements offer, we conservatively valued Lepidico at 5.39c/share (based on a discounted dividend model), plus a further 0.68–1.66c/share for a significantly risk-adjusted, full-scale, 20,000tpa lithium carbonate equivalent Phase 2 plant. However, if Benchmark Mineral Intelligence’s lithium hydroxide price forecasts were used instead of our own, this valuation would almost double to 10.17c/share. In the meantime, Lepidico is considering its strategic options, including looking at alternative development scenarios (eg a smaller starter mine).

Latest Insights

Metals & Mining |
Update

31.10.23

Lepidico — Development plan evolves

Metals & Mining |
Update

14.02.23

Lepidico — Everything moving all at once

Metals & Mining |
Update

06.10.22

Lepidico — Quantifying exploration’s dividends

Metals & Mining |
Flash note

26.09.22

Lepidico — Materially extended Phase 1 opportunity

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Sector

Metals & Mining

Equity Analyst

Lord Ashbourne

Director of Content, Mining

Key Management

Joe Walsh

CEO
Shontel Norgate

CFO

Balance Sheet

Forecast net debt (A$m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(16.7)	25.0	(70.8)
Relative	(16.4)	17.1	(75.0)
52 week high/low	A$0.0/A$0.0

Financials

Lepidico’s patented technologies produce lithium hydroxide (plus by-products) in an environmentally friendly way, sourced from less contested minerals such as lepidolite. On 30 October 2023, it released updated economics in relation to its 2020 DFS for an integrated mine and lithium hydroxide chemical plant, which indicated an NPV (8%) of US$457m or c A$697m (then A$0.094 per share) and implied a pre-funding valuation for the company of 2.9c/share.

Y/E Jun	Revenue (A$m)	EBITDA (A$m)	PBT (A$m)	EPS (fd) (c)	P/E (x)	P/CF (x)
2023A	6.4	(1.2)	(3.0)	0.0	N/A	N/A
2024A	0.0	(6.4)	(8.2)	0.0	N/A	N/A
2025E	N/A	N/A	N/A	N/A	N/A	N/A
2026E	N/A	N/A	N/A	N/A	N/A	N/A

Research

Update

Metals & Mining

14.02.23

Lepidico — Everything moving all at once

Update

Metals & Mining

06.10.22

Lepidico — Quantifying exploration’s dividends

Metals & Mining

Update

31.10.23

Lepidico — Development plan evolves

Flash note

Metals & Mining

26.09.22

Lepidico — Materially extended Phase 1 opportunity

Update

Metals & Mining

05.08.22

Lepidico — Coming in sight of the Rubicon

Update

Metals & Mining

16.02.22

Lepidico — Big swings and small roundabouts

Update

Metals & Mining

17.12.21

Lepidico — Binding offtake signed with Traxys

edison tv

Metals & Mining

08.09.21

Watch Lepidico ETV: The alternative to a complex portfolio

Update

Metals & Mining

18.06.21

Lepidico — Phase 2 coming into view

Update

Metals & Mining

21.04.21

Lepidico — Fine tuning the mine and chemical plant

Update

Metals & Mining

08.12.20

Lepidico — Convertible bond acquired with DLI fully retired

View All

Further insights

insight

Metals & Mining

14.03.23

Lepidico: A new valuation is revealed

insight

Metals & Mining

05.01.23

Lepidico: Review of the year 2022

insight

Metals & Mining

19.08.22

Lepidico: Developing a leading and unique position in lithium

insight

Metals & Mining

21.06.22

Lepidico: Aiming at the sweet spot of supply

insight

Metals & Mining

27.04.22

Five (more) things every investor should know about lithium and Lepidico

insight

Metals & Mining

29.10.21

Demand for Teslas point to lithium deficit

Thematics

thematic

Metals & Mining

27.04.22

Five (more) things every investor should know about lithium and Lepidico

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Lepidico (ASX: LPD)

Latest Insights

Lepidico — Development plan evolves

Lepidico — Everything moving all at once

Lepidico — Quantifying exploration’s dividends

Lepidico — Materially extended Phase 1 opportunity

Sector

Equity Analyst

Key Management

Balance Sheet

Share Price Performance

Financials

Research

Lepidico — Everything moving all at once

Lepidico — Quantifying exploration’s dividends

Lepidico — Development plan evolves

Lepidico — Materially extended Phase 1 opportunity

Lepidico — Coming in sight of the Rubicon

Lepidico — Big swings and small roundabouts

Lepidico — Binding offtake signed with Traxys

Watch Lepidico ETV: The alternative to a complex portfolio

Lepidico — Phase 2 coming into view

Lepidico — Fine tuning the mine and chemical plant

Lepidico — Convertible bond acquired with DLI fully retired

Further insights

Lepidico: A new valuation is revealed

Lepidico: Review of the year 2022

Lepidico: Developing a leading and unique position in lithium

Lepidico: Aiming at the sweet spot of supply

Five (more) things every investor should know about lithium and Lepidico

Demand for Teslas point to lithium deficit

Thematics

Five (more) things every investor should know about lithium and Lepidico

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