General Discussion, page-14

Edison's 14 February 2023 update analysis of LPD is available for downloading here.

Edison is valuing the company at $0.0759 on a fully diluted basis, with an additional $0.065 - $0.0159 risk adjusted valuation for a 20 ktpa P2 chemical plant.


The share valuation is just one component of the analysis. Other parts of the report provide a useful summary of progress towards production over the past six months or so.

Mineral reserves have increased, with reduced waste/ore ratio, further improving the Karibib mine's economics.



Capex is lower than Edison's updated estimates. Edison notes that LPD is the first company to update its project's capex to contemporary costs due to inflationary pressure on supplies. Investors will be aware that Hans Daniels (with his considerable UAE operational experience) is working with local suppliers to reduce capital costs.


Edison's valuation for the project is A$907M, more than 20% higher than LPD's own conservative valuation. The valuation is the NPV, and does not include any sentiment component (which often sees the market capitalisation at a premium or discount to the NPV).