Investor Presentaiton
HARD ROCK LITHIUM PEER BENCHMARKING
LTH STRONG RE-RATING POTENTIAL WITH SIGMA AS PRIMARY COMPARABLE LOCATED WITHIN SAME LITHIUM BASIN IN BRAZIL
EV/ Resource
(C$/t LCE)
Market Cap (C$M)
Explorers
Developers
Emerging Producers
Lithium Ionic Re-Rating Potential
$1,467
$895
$909
$331
$391
$432
NA
$51
$89
$170
$210
$260
$265
$195
$252
$280
Lithium Ionic Re-Rating Potential
$2,388
$1,328
$404
$430
$220
$201
$318
$270
$602
$764
$896
$122
$362
$664
$5,301
$4,273
Company
Atlas
Patriot
Leo
Frontier
Lithium
Ionic
Project Name
Minas Gerais
CV5
Goulamina
PAK
Bandeira
Global
Lithium
Marble,
Manna
Atlantic
Rock Tech
Latin
Resources
AVZ
Sayona
Piedmont
Critical
Core
Liontown
Sigma
Ewoyaa
Georgia,
Guben
Salinas
Manono
Multiple
Multiple
Rose
Finniss
Kathleen
GDC
Ent. Value (C$M)
$405
$1,271
$365
$193
$170
$265
$256
Location
Brazil
Quebec
Mali
Ontario
Brazil
Australia
Ghana
Туре
SC
SC
SC
SC, Int.
SC
SC
SC
$88
Ontario,
Germany
SC, Conv.
$578
$2,386
$696
$761
$331
$549
$5,129
$4,259
Brazil
DRC (Congo)
Quebec
USA, Ghana
Quebec
Australia
Australia
Brazil
SC
SC
SC
SC, Int.
SC
SC
SC
SC
Resource (LCE Kt)
NA
3,835
7,161
2,165
998
1,258
986
331
1,477
12,265
2,764
2,723
766
613
5,643
2,904
Grade (Li20 %)
NA
1.42%
1.37%
1.50%
1.38%
1.00%
1.24%
0.90%
1.32%
1.65%
1.16%
1.13%
0.91%
1.31%
1.34%
1.43%
Full-Run Annual
NA
NA
123
Production (Ktpa LCE)
23
23
30
33
33
52
15
83
104
38
91
29
24
98
2
37 (Ph1);
104 (Ph1+2+3)
Opex (US$/t SPO)
NA
NA
$213
$399
$349
$638
$622
$669
$379
$211
$304
$421
$484
$352
$319
$290
Post-Tax NPV8%
NA
NA
$2,900
$1,739
$1,600
$1,960
$1,498
$146
$2,520
$1,028
$164
$2,041
$1,915
$119
$3,066
$15,289
(US$M)
Post-Tax IRR (%)
NA
NA
83%
24%
122%
103%
105%
36%
132%
33%
34%
27%
82%
47%
57%
1,273%
Source: Company disclosures, Refinitiv, market data as of Oct 17, 2023
Notes: Project economics based on most recently published technical studies. Global Lithium based on Manna Scoping Study, Piedmont based on Carolina Lithium FS, Sayona based on Authier FS. Opex includes
mining, processing and G&A and excludes royalties and transport costs.
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