Takeaways

• Lithium prices remain under pressure and the rebound we saw at the beginning of the year seems to be running out of steam.

• This does not work in favour of lithium assets, particularly at Imerys.

• However, the key results presented by E3 Lithium in a PFS on the Clearwater project show some very interesting elements that we wanted to highlight.

• The geographical locations are different, and the operating methods will also be different, but we see some pretty striking similarities in many parameters and working assumptions between the two projects.

• We have worked on both the PFS of E3 Lithium and the assumptions published by Laurent Runacher in an in-depth report on Imerys released on 12 April 2024.

• We can conclude that the valuation of Eur 2.8 billion (about USD 3bn) in the central scenario for EMILI (excluding the British Lithium project) within Imerys is not extravagant compared to that of Clearwater, i.e. USD 3.7 billion.