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CBA analyst says electric vehicle supply chain still screaming...

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telamelo

11,019 Posts.

298

21/06/22

20:52

Post #: 62122901

Originally posted by WowVeryJosh: ↑
Tulla Resources: Australia's Next Major Lithium Project On The Cusp of Discovery In The Buldania Region Next Door to Liontown's (ASX:LTR) Buldania

Resources and Links1. https://hotcopper.com.au/threads/ann-lithium-development-partnership-with-mineral-resources-ltd.6484904

2. Tulla Resources (ASX:TUL) - Broker Briefing Mining & Resources Investor Webinar - April 2022 (Lithium is 8:50 onwards)
https://www.youtube.com/watch?v=QDu-NpOxJEI

3. MIN’s Q2 FY22 Activities Report

4. MIN’s Q3 FY22 Activities Report

Summary: Tulla Resources
Joint Venture with Pantoro for Norseman Gold Company tenements – first gold in August 2021; 43.5Mt @ 3.4g/t for 4.69Moz
Also Iron Ore JV with Koch Metals (does not include PNR)
Nickel exploration JV with PNR
TUL/PNR Joint Venture with ASX: MIN for lithium rights at Norseman Lithium (next to LTR’s Buldania)
TUL enterprise value is ~$110M at $0.62c, after accounting for cash and $30M in PNR shares
TUL/PNR ran some “process” of identifying potential JV partners. MIN obviously had the best terms

TUL own 50% oflithium currently; 37.5% after MIN establish JORC resource and DFS; 17.5% onceMIN commit to FID and funding to production
Timeline: 3 yearstil production
MIN initial planwas for 5000m RC drilling. Drilling began on the 9^th March; theyhave drilled at least 6026m of RC. (Anna pegmatites go til 300m depth)
Spodumene rocksamples from 0.96% - 3.96% Li2O and 12 – 240ppm Ta2O5
Initial results expected in lateApril/Early May
Brokers have a $1price target (Bell Potters, Canaccord Genuity)
Mapping from 1985shows pegmatites in TUL land

Norseman Lithium vs Anna Deposit
Brokers have placed a $400-500M value on Liontown’s (ASX: LTR) Anna Deposit. Anna Deposit is 14.9Mt @ 0.97% Li. This table examines what MIN need to find to justify lithium value: current TUL enterprise value 1:1 (therefore a deposit of this size means a free operating gold mine JV). It estimates the Norseman lithium project on $100M intervals. Estimated tonnage required @ 1% Li2O based on Anna’s 0.0375Mt: $1M. This does not account for any future upside at LTR’s Anna deposit, which I strongly think will push 20Mt+.
For the 50% earn in stage, MIN would need to find a deposit of approximately $200M in value or 7.45Mt @ 1% Li2O
For the 37.5% earn-in stage, MIN would need to find a deposit of approximately $300M in value or 11.175Mt @ 1% Li2O
For the 17.5% earn-in stage, MIN would need to find a deposit of approximately $600M in value – or something larger than Anna at Buldania, approximately 22Mt @ 1% Li2O
For TUL/PNR to buy back 49.9% of the project, each earning 24.95%, MIN would need to find approximately $400M in value or 15Mt @ 1% Li2O, a second Anna at Buldania.

Norseman Deposit TUL EV Initial 50% 50% Lithium Value / EV After MIN 25% Earn In (37.5%) 37.5% Lithium Value / EV After MIN 65% Earn In (17.5%) 17.5% Lithium Value / EV TUL Buy-in 24.95% 24.95% Lithium Value / EV
1 $100,000,000 $107,304,000 $50,000,000 0.466 $37,500,000 0.349 $17,500,000 0.163 $24.95 0.229
2 $200,000,000 $107,304,000 $100,000,000 0.932 $75,000,000 0.699 $35,000,000 0.326 $49.90 0.457
3 $300,000,000 $107,304,000 $150,000,000 1.398 $112,500,000 1.048 $52,500,000 0.489 $74.85 0.686
4 $400,000,000 $107,304,000 $200,000,000 1.864 $150,000,000 1.398 $70,000,000 0.652 $99.80 0.915
5 $500,000,000 $107,304,000 $250,000,000 2.33 $187,500,000 1.747 $87,500,000 0.815 $124.75 1.143
6 $600,000,000 $107,304,000 $300,000,000 2.796 $225,000,000 2.097 $105,000,000 0.979 $149.70 1.372

Further Research Reports
Can be found on the Tulla resources company webpage:
https://tullaresources.com/research-reports/

Expectations
Look at the lithium grades that Liontown is finding between their Anna deposit and their North-West project - this is directly along strike through TUL land
DYOR. GLTAH. #LIFECHANGINGSTOCK #LITHIUM
I have emailed the company for further responses.
Expand
CBA analyst says electric vehicle supply chain still screaming for more lithium

https://unauthorised investment advice/resources/eye-on-lithium-cba-analyst-says-ev-supply-chain-is-screaming-for-more-materials/

*** s t o c k h e a d

Last edited by telamelo: 21/06/22

TUL Price at posting: 49.0¢ Sentiment: Buy Disclosure: Held

0 Great analysis

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