Thursday, November 17, 2022
Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.
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Initiating with an Outperform rating. We are initiating coverage of LithiumBank Resources Corp. with an Outperform rating and a price target of US$2.75 or C$3.65 per share. LithiumBank is advancing its flagship Boardwalk lithium brine project and is developing several other projects, notably Park Place and Kindersley, in parallel. The company expects to complete a preliminary economic assessment (PEA) for the Boardwalk Project by year-end 2022 to be published in early 2023. Boardwalk could go into production as early as 2026. We have assumed the company is able to upgrade the resource to support 30,400 tonnes of lithium carbonate equivalent production per day over a 20-year life.
Significant indicated and inferred resources. In November 2022, LithiumBank released results from an updated NI 43-101 mineral resource estimate for the Boardwalk project. Resources include 393,000 tonnes of indicated lithium carbonate equivalent resources grading 71.6 milligrams per liter lithium and 5,808,000 tonnes of inferred lithium carbonate equivalent at a grade of 68.0 milligrams per liter lithium. We think management has a credible path to upgrade additional resources to measured and indicated, along with adding resources.
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