Hardman & Co Research: 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 Lake.

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