ASX Lithium Miners: Monthly mark to market

Research evidence excerpt

ASX Lithium Miners: Monthly mark to market

l risk to our

medium-term earnings forecasts for ELV.

• Patriot Battery Metals (PMT AU, PMET CN): Downward movements in spodumene

prices present risk to our base-case valuation for PMT. We make assumptions within our

forecasts for production, capex, and opex, in addition to exchange rates. Variances in these

assumptions versus our base case could present downside risks to our earnings forecasts

and valuation for PMT. Permitting approvals represent a risk to our forecasts and valuation

for PMT. Before mining activity can begin, relevant permitting approvals need to be in place

before construction can begin, and a delay to these approvals could have an impact to our

valuation.

• Atlantic Lithium (A11 AU, ALL LN): Variances in our development assumptions vs actual

outcomes and movements in spodumene prices present key risks to our base case for A11.

Our development scenario for Ewoyaa is underpinned by our mining inventory assumptions.

• Global Lithium Resources (GL1): Movements in spodumene prices and the A$/US present

the most material risks to our earnings forecasts and valuation for GL1.

• Wildcat Resources (WC8): Operating costs remain the key risk to our earnings forecasts

and valuation. The Tabba Tabba Feasibility Study is underpinned by long term spodumene

price and FX assumptions, while A$/US$ movements remain an important sensitivity given

US dollar denominated revenues and partially AUD denominated costs. Resource conversion

and mining performance also present risk, as outcomes may differ from the current 74.1Mt

resource and 46.3Mt reserve base, potentially affecting production and margins. Permitting

remains a timing risk, with development subject to Western Australian approvals that could

delay project cash flows.