Actually, I lied. A11 Atlantic Lithium is worth looking at as a comparison for LRS. LRS trades lower than A11 - LRS is currently capped $490m and A11 capped at $641m (on a 100% equivalent ownership basis) - (A11 only owns 40% of the project so the $256m market cap needs to be adjusted to compare on a 100% ownership basis). A11 already trades at 43% of it's DFS NPV while LRS only trades at a very small 14% of it's PEA NPV.
In LRS' favour
LRS has double A11's JORC + Has a $3.6bn NPV versus $1.5bn NPV for A11 + lower indicated AISC + has 100% of it's product uncommitted + owns 100% of its project (A11 owns 40%), Minas Gerais Royalty = 2% versus Ghana Royalty = 10%, Brazil > Ghana as a mining jurisdiction
In A11's favour
A11 has PLL as a strategic partner (LRS doesn't have any partners as yet), has already partially funded it's Capex, has already published a DFS, and from memory they are planning first production in the back half of 2025,(before LRS)
ComparableBoth waiting on permits (due late 2024 for both) + Both are at the pointy end of an offtake process where both companies have suggested they're looking for up $100m prepayment + Both appear to be lower future low cost producers, both are not in 'conventional' jurisdictions,
Company LRS A11 1 Country Brazil Ghana 2 Status Study & Permit Study & Permit 3 Mine/Deposit Colina Ewoyaa 4 Mine Type Open pit Open pit 5 Type Hard Rock Hard Rock 6 Funded? No Partial 7 Licences, Permits, Approvals No
Enviro Approval Q3
Development Approval Q3 2024No
Enviro and ML due Q4 2024
24th March - 'Enviro permitting mid 2024'8 FID Dec-24 "Investment decision in 2025" - PLL 9 DMS and/or Float? DMS Only DMS Only - First stage
Flotation proposal - Second stage10 Offtake Details 100% uncommitted Offtake # 1 - PLL
50% of annual SC6 production to PLL (182,500tpa)
PLL to provide a total of $128m
Offtake # 2 - TBC May 2024 (details below from webinar)
Offtake for remaining 50% 182,500tpa
looking for $70-$100m prepayment
Stage 1 complete
Stage 2 underway (Feb 24) ETA March
Final negotiations March/April
Finalisation by end of April11 Developer output guidance (t) 405,000 365,000 12 Project Ownership (%) 100% 40.5% (A11)
(40.5% PLL)
(13% Govt)
6% MIIF13 Royalty 2% 10% 14 SOI 2,796,369,463 649,669,053 15 Market Cap (Undilluted) AUD $ 490,598,000 256,619,000 16 Valuation @ 100% project ownership - 641,547,500 17 JORC (MT) 77 35.3 18 Grade (%) 1.27% 1.25% 19 Market Cap / JORC Tonnage ($ per MT) 6,371,403 18,174,150 20 Market Cap / Project NPV (% of NPV) 14% 43% 21 Market Cap / Annual output ($ of market cap per tonne of output) 1211 1758 22 After tax NPV ($) 3,600,000,000 1,500,000,000 23 IRR 132% 105% 24 Mostrecent study C1 USD ($/t) 506 377 25 Most recent study AISC ($/t) 560 610 26 CAPEX to First Prod ($) 250,000,000 185,000,000 27 Unfunded Capex ($) 250,000,000 TBC 28 Producer Guidance (t) Not Applicable - developer Not Applicable 29 JORC Dec-23 Jan-20 30 PEA Jun-24 Jan-21 31 DFS û Aug-23 32 Permit û û 33 Construction û û 34 Time to Produce 24 nonths 15 months 35 Produce Jul-26 Oct-25
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Actually, I lied. A11 Atlantic Lithium is worth looking at as a...
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Last
14.0¢ |
Change
-0.005(3.45%) |
Mkt cap ! $391.9M |
Open | High | Low | Value | Volume |
14.5¢ | 14.5¢ | 13.5¢ | $1.358M | 9.893M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
14 | 1825352 | 13.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
14.0¢ | 798256 | 10 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
14 | 1825352 | 0.135 |
32 | 3229745 | 0.130 |
16 | 553548 | 0.125 |
12 | 1159182 | 0.120 |
3 | 456350 | 0.115 |
Price($) | Vol. | No. |
---|---|---|
0.140 | 798256 | 10 |
0.145 | 293078 | 5 |
0.150 | 1019589 | 14 |
0.155 | 985333 | 9 |
0.160 | 1435836 | 14 |
Last trade - 16.10pm 30/07/2024 (20 minute delay) ? |
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