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Lithium Power International, Initiation of Coverage - Hallgarten & Company

The Rising Lithium Power in Chile

- The Salar de Maricunga project looks certain to be the “next cab off the rank” in the Chilean Lithium space

- First mover advantage at Maricunga goes to Lithium Power as the other two stakeholders in the salar are essentially inactive

- Infrastructure is exceptional for such an “isolated” location with power to site (courtesy of Kinross) and road access to ports being upgraded at government expense

- Recently released PEA reveals an NPV of USD$1.05bn

- LPI’s share of CapEx is estimated at USD$183mn

- Projected production of 20,000 tpa of Lithium carbonate (LCE) and 74,000 tpa Potassium Chloride (KCl) makes the project a Lithium major and a mid-sized fertilizer producer

- Recent financing takes project through to development decision and ensures LPI rises to its 50% share in the Maricunga JV

- Peace has broken out between the Chilean government and SQM, with the likelihood of Chile once again being perceived as the leader in the Lithium space

- Financing is subject to the offtakers more than the equities market these days

- A number of overblown stories exist in the markets that, currently correcting, are pulling down temporarily the value of the serious players.


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