Lepidico Ltd
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Lepidico Material Project Assumptions Remain Unchanged, Karibib Ore Reserve Estimate Expanded
Lepidico Ltd (ASX: LPD) has confirmed that all material assumptions related to the Phase 1 Project production target and forecast financial information remain unchanged. The announcement comes pursuant to ASX Listing Rule 5. 19. 2 and refers to the company's ASX Announcement, Phase 1 Economics Updated and Improved dated 22 November 2022, and the Company's recent ASX Announcement, Detailed Planning Approval Granted dated 18 July 2023.
Record Expansion in Ore Reserve Estimate
The Karibib Ore Reserve estimate for the company was expanded since the 22 November 2022 Phase 1 Economics update. The expansion came with the inaugural estimates for Helikon 4 and lepidolite-rich Rubicon surface stockpiles, adding 1. 16M t at 0.
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62% Li2O, which is 56% higher grade compared to the current Phase 1 estimate. Total Karibib Ore Reserve tonnes increased by 14%, which implies an operating life of 19 years.
Limitations in Economics Update
Further drilling is planned for the Helikon 2-4 for strike and down-dip extensions. These new Ore Reserves have yet to be included in the Phase 1 economics. Once this next phase of Mineral Resource development work concludes, a comprehensive revision of economics will be undertaken for the integrated project.
Lithium Hydroxide Price Forecast Update
It was stated in the March 7, 2023 ASX announcement that the "Helikon 4 Pit and the Rubicon tailings and stockpiles were not included in the financial model viewed by the Competent Person, Mr. John Wyche, for this Ore Reserve Estimate. However, ore from each of them is well above the economic cut-off grade, Helikon 4 Pit is based on a pit optimisation, and the tailings and stockpiles have no waste and are close to the concentrator. There is no reason to believe that they will not add further value to the 2022 financial model. "
Future Plans
Drilling for Helikon 2-4 is scheduled to recommence this quarter. The Managing Director of Lepidico Ltd has authorised this announcement for release to the market, and the company remains committed to providing future updates regarding the expansion project.
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