Hardman & Co Research: International Lithium Corp (ILC): Resource upgrade and happy strategic dilemma
The new resource estimate for the Mariana lithium brine deposit in Argentina transforms its potential into a world-class project in which ILC has a 13.7% share (and a back-in option for a further 10%), with Chinese lithium major, Ganfeng, owning the balance. Our DCF estimate for ILC, currently based solely on Mariana, is C$0.18/share (C$0.23/share with back-in). The company faces a happy strategic dilemma in how to valorise Mariana, as it awaits a maiden resource estimate for its 100%-owned Canadian hard rock lithium project at Raleigh LakeInternational Lithium is engaged in the exploration and development of lithium and rare metals properties located in Argentina, Canada, Ireland and the U.S. Co. has not yet determined whether the properties contain reserves that are economically recoverable. The recoverability of the amounts shown for exploration and evaluation assets are dependent upon the existence of economically recoverable reserves, Co.'s ability to obtain necessary financing to complete the development of those reserves and upon future profitable production.
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