LPD Valuation, page-30

Thanks PJ ... and thanks to all ... we should challenge one another's views and interpretations and test them against known data points and how you view them.

I prefer to do my own numerical and strategic analysis .. but that doesn't mean I wont read another's. Case in point would be Edison Research. I read the Feb'22 report (in Feb'22) as well as Jun'21 and a few more plus the research by Breakaway.

I would encourage you to read Edison's Jun'21 research report .... because it also picks apart the DFS.
https://www.edisongroup.com/wp-content/uploads/2021/06/Lepidico-Phase-2-coming-into-view.pdf



That is reinforcing what I put into the Spod v Lepi post overlay and compared that to expectations going into the DFS.

Now Edison is also telling you






Things can and do change.

Nothing dramatic or controversial right?

Now if you want "homework" read pg 6 "Method 2 - Resource Risk" closely ... the teaser being
" In this case, the appropriately risked valuation of US$28.5m equates to 0.46 US cents per share (post-FY21 equity funding) or 0.61 Australian cents per share (post-FY21 equity funding)."

I could say how do you like Edison Research now with a risked valuation at under 1 cent!




In summary ... there is no such thing as a free lunch. IMO, the MRE quality (no not Meals Ready to Eat but Mineral Resource Estimate) of a resource company is vital to their success (not the only thing but bloody important IMO).