I just watched a 44 minute webinar that was held two days ago.
Here are my notes.
Webinar 20 December 2022Permits expected early next year.JORC to follow. Initially looking at 3,000 acres. Now 10,000 acres under contract, 15,000 under agreement, around 20,000acres by mid next year. 35,000 acres of geophysical across Salton Sea. Will be largest holder in Imperial Valley. CTR 3,000acres. East Sprawley will be viable without doubt. CTR raised money last year valuing them at US$500mill. No power plants operational and only 3,000 acres. CTR signed with Goldman Sachs to handle capital raisins going forward. By comparison, Phoenix has 8 geothermal wells and 15,000 acres. Liquidity event expected potentially around April-May, mid June or certainly in the 2nd half next year - e.g. maybe IPO. 2025, 1,400tonne (small scale) commercial Lithium Hydroxide plant from IPO funds. Detailed Design & Engineering on full scale plant. 3 years later (2028) targeting XXXtpa (they said they didn't want to release number publicly but it was big!), with potential for further upside from all areas. Would be the largest LI H in the US and one of the largest globally.Liquidity event will be very profitable for existing holders. DLE will not work. Too salty. Berkshire hired a company to investigate but that company dropped the project after looking at the brine. Potential eventual value around $XXbillion (again they didn't want to release this number publicly but big again!), if they achieve 75,000tpa based on $50,000 Li Hydroxide price. Current value is probably "many, many multiples" above where it was at last raising.
Looking very good and they sound very confident of a very high valuation. Big upside for us existing holders especially.
