# LPM: Lei Lithium Project Scoping Study Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/lpm-lei-lithium-project-scoping-study--2edf6e55-2849-4b91-9919-1cd18631cbf2 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03154438 Publisher: asx Original announcement: 2026-10-19T22:08:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-19T23:11:23.016Z Atlas analysis updated: 2026-10-19T23:11:23.016Z - Company: Lithium Plus Minerals Ltd - Ticker: LPM - Exchange: ASX - Region: Northern Territory - Primary commodity: Lithium - Secondary commodities: None reported - Document categories: Other, Resource update, Permitting - Extracted: 2026-10-19 23:11:23 UTC Narrative sentiment: 0.70 · Bullish ## Minestarters Atlas summary Lithium Plus Minerals has announced positive results from a Scoping Study for its Lei Lithium Project, outlining a low-capital Direct Shipping Ore \(DSO\) operation with a post-tax NPV of A$325 million and an IRR of 75.4%. The study projects a six-year mine life, with initial production underpinned by Indicated Mineral Resources, leveraging existing infrastructure to minimize upfront capital. While preliminary, the study supports progression to a Pre-Feasibility Study and maiden Ore Reserve, with environmental approvals and funding identified as critical next steps. Reasoning: The Scoping Study demonstrates robust economics for a low-capital lithium DSO project, supported by a significant Indicated resource for early production and existing infrastructure. However, the study is preliminary, a large portion of the mine plan is Inferred, and key approvals and funding are still pending. - Positive factor: strong\_economics - Positive factor: low\_capital\_intensity - Positive factor: resource\_confidence\_for\_payback - Positive factor: established\_infrastructure - Positive factor: contained\_metal\_growth - Positive factor: category\_upgrade - Negative factor: preliminary\_study\_nature - Negative factor: high\_inferred\_component - Negative factor: market\_volatility\_risk - Negative factor: funding\_not\_secured - Negative factor: environmental\_approvals\_pending Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 9 ## Classification and evidence **Scoping Study** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The document announces the results of a Scoping Study for the Lei Lithium Project. Evidence · text > LEI LITHIUM PROJECT SCOPING STUDY **Low Capital Intensity** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The study highlights a low capital intensity Direct Shipping Ore \(DSO\) operation with initial project capital of A$87.7 million. Evidence · text > low capital intensity Direct Shipping Ore \(DSO\) operation comprising contract underground mining, on-site crushing and screening, road haulage and export of lithium-bearing pegmatite through Darwin Port. **High IRR** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The study reports a post-tax IRR of 75.4%. Evidence · text > IRR of 75.4% **High NPV** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The study reports a post-tax NPV₈% of A$325 million. Evidence · text > Post-tax NPV₈% of A$325 million **Quick Payback** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The study forecasts a capital payback of 1.8 years from first production. Evidence · text > capital payback of 1.8 years from first production **Preliminary Study** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Scoping Study is preliminary in nature and insufficient to support the estimation of Ore Reserves. Evidence · text > This Scoping Study evaluates a potential underground mining and direct shipping ore development at the Lei Lithium Project... It is preliminary in nature and based on low-level technical and economic assessments that are insufficient to support the estimation of Ore Reserves or to provide assurance of an economic development case. **Funding Not Secured** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: Financing for the Project has not yet been secured, with the company in discussions with strategic and commercial parties. Evidence · text > Financing for the Project has not yet been secured. **Market Volatility Risk** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The study identifies market volatility and the absence of a recognized published benchmark price for lithium DSO as key risks. Evidence · text > Lithium DSO demand and pricing are volatile, and DSO has no recognised published benchmark price. **Contractor Dependence** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The development model depends on third-party contractors for mining, crushing and haulage performance and availability. Evidence · text > The development model depends on third-party contractors for mining, crushing and haulage performance and availability. **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Mineral Resources underpinning the Production Target have been prepared by a Competent Person in accordance with the JORC Code \(2012\). Evidence · text > The Mineral Resources underpinning the Production Target have been prepared by a Competent Person in accordance with the JORC Code \(2012\) **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Dr Michael Cunningham, a Competent Person, has reviewed the Mineral Resource Estimate and consents to its inclusion. Evidence · text > Dr Michael Cunningham, a Competent Person, Chartered Professional \(Geology\) and Fellow of the Australasian Institute of Mining and Metallurgy \(AusIMM\). Dr Cunningham is a full-time employee of Geosyntec Consultants Pty Ltd and has sufficient experience relevant to the style of mineralisation, type of deposit under consideration, and the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” \(JORC Code\). Dr Cunningham consents to the inclusion of the information in this release in the form and context in which it appears. **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: 57% of the Production Target is classified as Indicated Mineral Resources. Evidence · text > Of the Mineral Resources scheduled in the mine plan, 57% are classified as Indicated **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: 43% of the Production Target is classified as Inferred Mineral Resources. Evidence · text > Of the Mineral Resources scheduled in the mine plan, 57% are classified as Indicated and 43% as Inferred **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: The upgraded estimate increases the Indicated proportion of the MRE to 54%. Evidence · text > increases the Indicated proportion of the MRE to 54%. **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: The upgraded estimate represents a 34% increase in contained lithium over the previous December 2023 maiden estimate. Evidence · text > represents a 34% increase in contained lithium over the 19 December 2023 maiden estimate **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The Mineral Resource Estimate is reported above a 0.5% Li₂O cut-off. Evidence · text > reported above a 0.5% Li₂O cut-off **Permit Granted** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: Mining Lease ML33874 has been granted for a term of 20 years. Evidence · text > Project is secured under Mining Lease ML33874, issued under the Northern Territory Mineral Titles Act 2010 for a term of 20 years **Environmental Approval Pending** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: Environmental approval under the Environment Protection Act 2019 \(NT\) is targeted for Q1 2027 and is on the critical path. Evidence · text > environmental approval targeted for Q1 CY2027, completing the principal assessment and enabling the environmental \(mining\) license application ## Extracted facts Stored fact records: 2. Some facts used in scoring do not have a stored record. ## Resource Estimates (2) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/lpm-lei-lithium-project-scoping-study--2edf6e55-2849-4b91-9919-1cd18631cbf2#fact-resource-facts-1) Lei Lithium Project · lithium #### Identity - Project: Lei Lithium Project - Commodity: lithium - Region: australia\_nt - Reported Region: Northern Territory - Ticker: LPM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Dr Michael Cunningham - Resource group id: resource:9648fbd1751fa459b6cc - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 2850000 - Grade: 1.49 - Grade Unit: % Li₂O - Contained Metal: 42.55 - Contained Unit: kt - Cutoff Grade: 0.5 - Cutoff Unit: % Li₂O #### Prior Estimate - Resource Date: 2026-07-15 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Indicated resource shows a strong grade and contributes to the overall contained metal growth and category upgrade, providing high confidence for early production. - Positive factor: category\_upgrade - Positive factor: contained\_metal\_growth - Positive factor: jorc\_compliant - Positive factor: qp\_signed Evidence · table > 1.49 Context: 2.85 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/lpm-lei-lithium-project-scoping-study--2edf6e55-2849-4b91-9919-1cd18631cbf2#fact-resource-facts-2) Lei Lithium Project · lithium #### Identity - Project: Lei Lithium Project - Commodity: lithium - Region: australia\_nt - Reported Region: Northern Territory - Ticker: LPM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Dr Michael Cunningham - Resource group id: resource:0da708cf889bb912bc01 - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 2370000 - Grade: 1.51 - Grade Unit: % Li₂O - Contained Metal: 35.88 - Contained Unit: kt - Cutoff Grade: 0.5 - Cutoff Unit: % Li₂O #### Prior Estimate - Resource Date: 2026-07-15 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Inferred resource, while contributing to overall contained metal, represents a lower confidence category and requires further drilling for conversion, posing a risk to the long-term mine plan. - Positive factor: contained\_metal\_growth - Positive factor: jorc\_compliant - Positive factor: qp\_signed - Negative factor: inferred\_resource Evidence · table > 1.51 Context: 2.37 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.