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Forges Galaxy relationship

Update | Mining | 13 Oct 2017

On 10 October, Lepidico (LPD) announced that Galaxy Resources had agreed to subscribe for a 12% strategic shareholding in Lepidico via a private placement of 291.8m shares at a price of A$0.01/share to raise A$2.9m. At the same time, LPD is also offering existing shareholders the opportunity to invest alongside Galaxy on the same financial terms, via a 1-for-6 partially underwritten renounceable entitlement offer (effectively a rights issue) at A$0.01/share to raise up to an additional c A$4m. Total gross proceeds of up to A$7.0m will be used to fund LPD's Phase 1 L-Max full feasibility study through to final investment decision as well as advancing Lepidico's resource development and exploration activities.


Alvarrões continues to deliver

Update | Mining | 04 Oct 2017

Since Edison’s last note, Lepidico (LPD) has announced the assay results of an additional six exploration holes at Alvarrões in Portugal. The holes confirm lepidolite mineralisation over 900m along strike and 500m down-dip. Significantly, in our opinion, hole ALVD018 extends the known mineralisation by more than 200m down-dip from the current mining face in Block 3 and is indicative of continuity between Blocks 1 and 3. As a result, whereas we had previously estimated a resource at Alvarrões in the order of 0.7-2.3Mt of mineralised material at a grade of 1.10-1.13% Li2O, with an in-situ value (on achieving JORC-compliance) of US$0.5-1.6m (see our note, Drilling tees up Q3/Q4 mineral resource estimate, published on 11 September), this has now increased to 0.7-4.4Mt at 1.13%, with an in-situ value of US$0.5-3.1m, with increased confidence in the higher number. Note that a formal mineral resource estimate for Block 1 is expected from Alvarrões later this month.


Drilling tees up Q3/Q4 mineral resource estimates

Update | Mining | 11 Sep 2017

In a busy Q3, Lepidico (LPD) has announced two sets of drilling results from Alvarrões in Portugal, one set from Lemare in Quebec and the conclusion of a farm-in deal in Western Australia. Edison estimates that the Alvarrões drilling results are indicative of a resource in the order of 0.7-2.3Mt of mineralised material at a grade of 1.10-1.13% Li2O, with an in-situ value (upon achieving JORC-compliance) of US$0.5-1.6m. Note that formal mineral resource estimates are expected from both Alvarrões and Separation Rapids in September or October 2017.


Masterful metallurgy

Initiation | Mining | 04 Jul 2017

Central to Lepidico is its disruptive (patent-pending) L-Max® (hereafter L-Max) metallurgical technology that recovers lithium from micas (eg lepidolite), and therefore holds out the prospect of creating a new source of lithium supply. Despite being an abundant lithium-bearing mineral, lepidolite has hitherto been overlooked as there has been no commercial process by which to process it economically. This report necessarily values Lepidico on the basis of the pre-feasibility study (PFS) performed on a proposed Phase 1 L-Max plant at Kenora, Canada. Beyond that however, there are a number of development options including 1) scaling up the process to full industrial scale (Phase 2); 2) securing lepidolite resources cheaply and developing them into multiple dedicated mines; and 3) developing relationships with third-party mining companies to provide further feed sources to its plant(s).