Lithium Plus Minerals (ASX: LPM) is fast-tracking a high-margin lithium mine about 80km by road from Darwin Port. Its Lei Deposit scoping study outlines a direct shipping ore operation with a A$325m post-tax NPV8, a 75.4% IRR and a 1.8-year payback on A$87.7m of project capital. The Mining Lease is granted. A Pre-Feasibility Study is due by the end of Q1 2027. Drilling is underway to grow the 5.22Mt resource.
Lithium Plus Minerals Limited (ASX:LPM)
LPM1
Lead Manager
Contact - Kirwan Mactaggart
0448 237 054
kirwan@liquidity.com.au
Offer Price
A$0.100
per share
Offer Size
A$1,500,000
Offer Details
Issue Price (Per Share)
A$0.100
Discount
9.09%
Offer Size
A$1,500,000
Shares Available
15,000,000
- Placement of a minimum 15 million new shares at A$0.10 to raise a minimum A$1.5 million. The Company may accept oversubscriptions.
- Unconditional tranche under ASX Listing Rules 7.1 and 7.1A. Bids are sought for this tranche only.
- Directors intend to subscribe A$60,000, subject to shareholder approval.
- Largest shareholder Suzhou CATH Energy Technologies has committed at least A$230,000, subject to Chinese ODI approval.
- Not underwritten. A separate SPP of up to A$1.0 million is planned for eligible shareholders.
- Joint Lead Managers: Canaccord Genuity and Blue Ocean Equities.
- Open to sophisticated and professional investors under s708 of the Corporations Act.
Discount
- 9.1% to the last close of A$0.11 (28 October 2026)
- 10.5% to the 10-day VWAP
- 16.6% to the 20-day VWAP
Documents & Downloads
Company Overview
Lithium Plus Minerals (ASX: LPM) explores and develops hard-rock lithium, gold and critical mineral projects in the Northern Territory.
Its flagship is the 100%-owned Bynoe Lithium Project, 45km from the port of Darwin. Bynoe shares a tenement boundary with Core Lithium's (ASX: CXO) Finniss Project. It hosts the Lei Deposit, where a scoping study outlines an underground direct shipping ore (DSO) mine at 750ktpa over a 6-year life.
The portfolio also includes:
- Wingate Project (100%): pegmatites plus gold and copper prospectivity, including the historic Fletcher's Gully Gold Prospect
- Spotted Wonder Project (100%): lithium, beryllium and rubidium mineralisation, about 200km north-north-east of Alice Springs
- Barrow Creek Project (100%): about 300km north of Alice Springs in a historic tin and tantalum district
- Moonlight Resources (ASX: ML8): an approximately 10% stake in a gold explorer
Cash was about A$2.4 million at 30 June 2026.
Investment Highlights
- Strong study economics: The Lei scoping study shows a post-tax NPV8 of A$325m and a post-tax IRR of 75.4%. Payback is 1.8 years from first production on A$87.7m of project capital.
- Large gap to study value: LPM's market capitalisation is A$17.0m at the 11c last close, against the study's A$325m post-tax NPV8.
- Simple, low-cost DSO route: No beneficiation is needed. Ore is crushed and screened on site, then trucked about 80km by sealed road to Darwin Port. AISC is A$238/t delivered CIF China.
- High-grade resource with room to grow: The Lei Mineral Resource is 5.22Mt at 1.50% Li2O for 78.4kt contained Li2O, a 34% lift in the 2026 upgrade. Both pegmatites remain open at depth. Exploration Targets total 7.6Mt to 19.4Mt at 1.2% to 1.6% Li2O (conceptual in nature).
- Permitting well advanced: A 20-year Mining Lease is granted. Cultural heritage surveys are complete. The Supplementary Environmental Report is under assessment.
- Offtake and port access in progress: A non-binding MoU with Canmax covers 50% of production. A non-binding Heads of Agreement is signed with Darwin Port Operations.
- Backed by its largest shareholder: Suzhou CATH Energy Technologies has committed at least A$230,000. Directors intend to subscribe A$60,000, subject to shareholder approval.
- Clear news flow: The Company targets a Pre-Feasibility Study by the end of Q1 2027, a Final Investment Decision in Q2 2027 and first production in Q3 2028.
Use of Funds
Funds from the Placement and SPP will be applied to:
- Advancing the Lei Pre-Feasibility Study, targeted for completion by the end of Q1 2027
- Targeted drilling to upgrade Inferred material and grow the Lei resource. Drilling will test the primary Lei pegmatite at depth plus the sub-parallel secondary pegmatite
- Company funding while LPM advances talks with offtake partners and funders, alongside the current Canmax offtake MoU
- General working capital
Capital Structure
Assumes A$1.5 million is raised
- Shares on issue now: 154,670,000
- New shares under the Placement: 15,000,000
- Shares on issue after the Placement: 169,670,000
- Market capitalisation at the A$0.10 offer price: A$16,967,000
- About 12.5 million unlisted options and performance rights are also on issue
The Company may accept oversubscriptions.
Board & Management
Dr Bin Guo
Executive Chairman
Dr Guo is the founder and Executive Chairman of Lithium Plus. He has more than 20 years of experience across mining and finance, with technical and commercial roles at SRK Consulting, CITIC Securities and Mining One Consultants. He is Non-Executive Chair of Moonlight Resources and a former Non-Executive Director of North American Lithium. Dr Guo holds a PhD in Geophysics.
Andrew Haythorpe
Chief Executive Officer
Mr Haythorpe was appointed Chief Executive Officer in April 2026. He is a geologist with more than 40 years of experience in exploration, project development, capital markets and corporate leadership. As Managing Director of Crescent Gold, he led its growth from junior explorer to mid tier producer within four years. He was also Managing Director of Michelago Resources, which became one of the top performing ASX listed companies as it moved into gold production in China.
Mr Kidston is a company director and former investment banker with more than 30 years of global experience at Macquarie Bank, HSBC and Helmsec Global Capital. He was the founding director of renewable energy company Genex Power, which was sold to J-Power in July 2024 at an enterprise value of about $1.2 billion. He chairs GreenTech Metals, Energy Transition Minerals and Sparc Technologies. He is also a Non-Executive Director of Moonlight Resources. Mr Kidston holds a Bachelor of Commerce from Griffith University.
Dr Berton is a structural geologist with more than 20 years of mining and exploration experience, including roles at Homestake, Barrick, BHP Billiton and SRK Consulting. He is Managing Director of PolarX Limited (ASX: PXX) and a former Managing Director of Estrella Resources. He has also worked in private equity investment. Dr Berton holds a Bachelor of Economics, a Bachelor of Science (Hons) and a PhD in Structural Geology from Macquarie University. He is a member of the AusIMM.
Mr Su has more than 35 years of business experience in the Asia Pacific region. He is CEO and Managing Director of Richlink Capital, which serves ultra high net worth Chinese investors. He previously headed the Australian operations of CITIC Securities, China's largest investment bank. He also served as an independent director of Macquarie Bank's China property fund for 8 years. Mr Su holds a BA in Business Administration from Hamline University in the United States.
Robert Lees
CFO & Company Secretary
Mr Lees is a Chartered Accountant with more than 25 years of experience working with listed companies. He is Company Secretary of AXP Energy, Oliver's Real Food and Air Change International. He is also CFO and Company Secretary of Moonlight Resources. Mr Lees is a member of CA ANZ, the AICD and the Governance Institute of Australia.
Dr Bryce Healy
GM Exploration & Development
Dr Healy is an exploration geologist with more than 20 years of industry experience in exploration management and technical director roles, including 13 years with SRK Consulting. He holds a PhD in Geology specialising in granite petrology. He is a member of the AIG. Dr Healy is also a director of exploration consultancy Noventum Group, COO of Revolver Resources and Chief Geologist of Moonlight Resources.
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