A 2017 Definitive Feasibility Study (“DFS”) released by Vango highlighted the potential of K2 to throw out ~A$23 million of free cash (on a 100%, pre-tax basis) using a gold price of A$1,579/ ounce, with treatment through an ore sales agreement with the Plutonic Mine. All of the company’s projects are located in Western Australia, a mining powerhouse with well developed and tested legislation

Any valuation is contingent on the outcome of value adding activity. From a review of comparable ASX listed lithium project developers, the median market capitalization per tonne of lithium carbonate equivalent resource is around A$80/t LCE, and if Jindalee can convert all its current 1.6 Mt LCE resource into a competitive project, with similar capex and opex metrics to comparable companies, then it should trade at over A$3/sh.

The success of the lithium strategy, and the concomitant results from Kathleen Valley has seen Liontown’s market capitalisation increase ~14-fold from ~A$14 million in early 2017 to A$194 million

IIR believes DEM is strongly positioned for growth based on its unique and proprietary portfolio of membrane technologies, its specialist engineering skills and its growth strategy, with the practical foundations of the latter now firmly in place. Its technology portfolio of different membrane technologies combined with the Company’s engineering solutions enables the Company to position itself as a ‘one-stop-shop’ water treatment solutions provider in its target markets

Through the JV with GMC, Abenab is fully funded through development and operations, and in our view should be low cost by virtue of the style of mineralisation. One key benefit is that the Project should be relatively insulated from the vagaries of vanadium pricing; in addition it is planned to produce lead and zinc which provide a revenue hedge