Relative valuations, page-40

Regarding number 3:

We have done trials for GXY with the results of 99.8%. One would expect they independently verified this, particularly given the millions they spent on purchasing a stake in LPD. https://*********.com.au/lepidico-l-max-technology-pure-battery-grade-lithium-galaxy-mt-cattlin/

We have done trials on PEG009 mica for PIO three times and had results of 99.7% purity. PIO seemed satisfied to publish this. http://www.pioneerresources.com.au/downloads/asx/pio2017032001.pdf

The PFS showed results of 99.88% using AVL separation rapids mica. One would think they would confirm this result. http://www.lepidico.com/wp-content/...Phase-1-L-Max-Plant-Pre-Feasibility-Study.pdf

The mini plant trial had data from the company and Roskill. And this trial had grades of 99.9%! The table in this link shows that L-Max exceeds the specifications of producers.
http://www.lepidico.com/wp-content/...arbonate-Produced-from-Mini-Plant-Trial-1.pdf

Of course the upcoming DFS provide further verification of the tech.

Strategic Metallurgy have also worked with the L-Max flowsheet, however it would be a stretch to call this 'independent' given the number of shared staff.

If LIT actually had a technical team that we knew of I would dare suggest they might have done their due diligence too but...

It's understandable if you're skeptical, because i don't think they've done a lot of independent verification. However, they are involved with a number of companies and investors that i believe would do their due diligence, and they are professionals in their field with a proven history of hydro-metalurgical work. While the company claims battery grade results (and some basic research indicates 99.5% is acceptable if the 0.5% isn't problematic), and low levels of impurities, i don't know that this has ever been concretely verified by a battery producer or trial batch. However, it is important to note also that it is possible to further refine 'finished' product, as other companies have (ORE for example).