Edison valuation update 16 Dec -- Up to 5.70c/share; potentially 8.48c/share

...on 18 June 2021), we valued Lepidico at 4.96c/share and this has now risen by 14.9% (plus with greater confidence now that offtake negotiations have concluded) to 5.70c plus a potential risk-adjusted 0.64–1.53 cents (post-FY22 equity funding) for a conceptual 20,000tpa LCE Phase 2 plant.

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However, both the lithium carbonate and lithium hydroxide prices have been rising strongly since their troughs in Q420 and, at a recent LiOH price of US$19,500/t, for example, our valuation rises by a further 48.8%, to 8.48c/share. Note that this valuation still does not attribute any value to Lepidico from either the supply of concentrate from third-party sources or any other development options (eg third-party, technology licensing).

Lepidico - Binding offtake signed with Traxys | Edison (edisongroup.com)