Lepidico - Valuation update pending feasibility study

In the last two months, Lepidico has announced an updated mineral resource at Karibib and first optimised production schedules for by-products. At nameplate capacity of 5,600tpa of lithium hydroxide monohydrate, Lepidico estimates sulphate of potash (SOP) production in excess of 11,000tpa, amorphous silica production in excess of 30,000tpa, caesium formate brine production of 210tpa and rubidium sulphate production of 1,400tpa. Although in some cases variable, these by-product tonnages are significantly in excess of those estimated in the 2017 pre-feasibility study and, for the first time, include estimates for caesium and rubidium chemicals, which has allowed us to further refine our valuation of Lepidico ahead of the finalisation of its full feasibility study on the integrated Karibib/L-Max Phase 1 plant project due in May.