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Original-Research: Rock Tech Lithium Inc - von GBC AG

Einstufung von GBC AG zu Rock Tech Lithium Inc

Unternehmen: Rock Tech Lithium Inc
ISIN: CA77273P2017

Anlass der Studie: Research Note
Empfehlung: Buy
Kursziel: 4.00 CAD
Letzte Ratingänderung: 
Analyst: Marcel Goldmann, Cosmin Filker

Updated resource estimate for the core asset Georgia Lake - significant
increase in the lithium-bearing resource deposit and improved resource
categories; target price hugely increased after revaluation; Buy rating
confirmed
 
Rock Tech Lithium Inc. (Rock Tech) announced on 20 March 2018 that the
company has entrusted DMT GmbH & Co. KG ('DMT'), a division of German
certification body TÜV NORD GROUP, with the next steps (valuation of
resources, PEA, etc.) in the development of their Georgia Lake lithium
project. According to company information, DMT provides a comprehensive
range of services in areas such as resource definition, mining, processing,
engineering and geotechnical expertise. In addition, this renowned mining
service provider has competent staff with global project experience and in-
depth knowledge of international environmental, technical and financial
requirements for the evaluation of mineral projects.
 
As part of the project development plan, DMT is expected to support the
further expansion of the core asset Georgia Lake. Over the past few months,
this partner has undertaken a revision of the existing NI-43-101-compliant
resource estimate published in 2012, and, in doing so, has also taken into
account all the work that Rock Tech has undertaken in the past 18 months.
On 27/06/2018, Rock Tech published the result of this resource check. The
new NI-43-101-compliant report, which estimated 13.29 million tonnes of
lithium-bearing rock, therefore revealed a significant increase in the
previously estimated deposit (previously: 9.50 million tonnes) and an
adjustment of the resource categories.
 
According to the new resource update by DMT, the company has a measured
resource for the first time. Experts now make the following estimates on
the basis of their extensive examinations: 1.89 million tonnes (1.04%) for
'measured resource', 4.68 million tonnes (1.00%) for 'indicated resource'
and 6.72 million tonnes (1.16%) for 'inferred resource'. This corresponds
to an equivalent of around 145,000 tonnes of lithium oxide (previously:
approx. 98,000 tonnes Li2O) or 360,000 tonnes of lithium carbonate
equivalent (LCE). For classification: over 7.0 million Tesla Model S
batteries can be manufactured with this.
 
In addition, Rock Tech announced on 4 June 2018 that the company has
commissioned DMT to carry out a Preliminary Economic Assessment (PEA) on
the Georgia Lake lithium concession area. The revaluation of resources by
DMT forms a good basis for the preliminary economic assessment that Rock
Tech have already started.
 
Against the backdrop of the new NI-compliant report by DMT, we have also
adjusted our assumptions and estimates for our DCF valuation model. On the
basis of the now larger total lithium deposit and the improved resource
categories, the fair value is currently CAD 4.00 or EUR 2.56 per share, in
accordance with our valuation model. In comparison to our previous estimate
(previously: CAD 2.15 or EUR 1.47 per share), the fair value per share has
seen a huge increase. Possible dilutive effects from warrants and options
are also taken into consideration in our new valuation. Against the
backdrop of the current price level, we continue to see a very high price
potential and confirm our BUY rating.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/16685.pdf

Kontakt für Rückfragen
Jörg Grunwald
Vorstand
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Katalog möglicher Interessenkonflikte finden Sie unter:
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