# LPM: Lei Scoping Study Presentation Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/lpm-lei-scoping-study-presentation--6514d8c4-4e2e-4a99-9c96-b644bacbec43 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03154559 Publisher: asx Original announcement: 2026-10-20T00:30:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-20T01:05:03.540Z Atlas analysis updated: 2026-10-20T01:05:03.540Z - Company: Lithium Plus Minerals Ltd - Ticker: LPM - Exchange: ASX - Region: Unavailable - Primary commodity: Lithium - Secondary commodities: None reported - Document categories: Other, Resource update, Metallurgy - Extracted: 2026-10-20 01:05:04 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Lithium Plus Minerals has released a Scoping Study for its Lei DSO Lithium Project, highlighting strong post-tax economics with an IRR of 75.4%, an NPV8% of A$325.0 million, and a rapid payback period of 1.8 years. The study is underpinned by a 2026 Mineral Resource Estimate of 5.22 Mt at 1.50% Li₂O for 78.42 kt contained Li₂O, which represents a 34% increase in contained lithium. Positive metallurgical test work achieved 85.3% recovery to a 6.12% Li₂O concentrate, supporting a low-capital underground development and direct shipping ore \(DSO\) operation. Reasoning: The Scoping Study outlines robust economics for the Lei Lithium Project, supported by a substantial resource base and positive metallurgical test work, indicating a viable development pathway despite the preliminary nature of the study and reliance on previously announced technical results. - Positive factor: Strong project economics \(high IRR, low CAPEX, quick payback\) - Positive factor: Significant increase in contained lithium in the MRE - Positive factor: Positive metallurgical results - Positive factor: High percentage of Indicated resources in early production years - Positive factor: Established infrastructure and commercial pathways \(Darwin Port, Canmax MOU\) - Positive factor: Clear pathway to DSO development - Negative factor: Scoping Study is preliminary in nature - Negative factor: Significant portion of the resource \(43%\) is Inferred - Negative factor: Lithium prices are volatile - Negative factor: Funding for development still needs to be secured - Negative factor: Resource update and metallurgy results are re-stated from prior announcements Facts used in scoring: 4 ## Classification and evidence **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: The document is a Scoping Study Presentation, which is a preliminary economic assessment. Evidence · text > Lei Scoping Study Presentation **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document presents a '2026 updated MRE' for the Lei Deposit. Evidence · text > 2026 updated MRE **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: The updated MRE shows a '34% increase in contained lithium to 78.42kt Li₂O'. Evidence · text > 34% increase in contained lithium to 78.42kt Li₂O **Low Capex** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The study highlights 'Low upfront capital' and a 'Project capital cost estimate' of A$87.7 million. Evidence · text > Low upfront capital **High IRR** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Scoping Study reports an 'IRR \(AFTER TAX\)' of 75.4%. Evidence · text > IRR \(AFTER TAX\) 75.4 **Quick Payback** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Scoping Study reports a 'PAYBACK PERIOD FROM FIRST PRODUCTION' of 1.8 years. Evidence · text > PAYBACK PERIOD FROM FIRST PRODUCTION 1.8 years **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: Of the Mineral Resources scheduled for extraction in the Scoping Study mine plan, 43% are classified as Inferred. Evidence · text > 43% are classified as Inferred **Preliminary Study** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Scoping Study is described as 'preliminary in nature and is based on low-level technical and economic assessments'. Evidence · text > The Study is preliminary in nature and is based on low-level technical and economic assessments **Funding Required** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company states that 'funding in the order of A$87.7 \(US$61\) million of project capital will likely be required'. Evidence · text > funding in the order of A$87.7 \(US$61\) million of project capital will likely be required **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("flotation"\) **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: the document describes a gravity route \("DMS"\) **Single Domain Only** Polarity: negative Definition: Testing limited to one composite or domain — representativeness not established. Why it applies: only one composite was tested ## Extracted facts Stored fact records: 3. 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-scoping-study-presentation--6514d8c4-4e2e-4a99-9c96-b644bacbec43#fact-resource-facts-1) Lei Deposit · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Lei Deposit - Commodity: lithium - Ticker: LPM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:cdade04d92dd091811a8 #### 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-07-15T00:00:00.000Z #### Dates - Event date: 2026-10-20T00:00:00.000Z Reasoning: The indicated resource shows a high-grade lithium deposit, providing a strong foundation for the project, though the figures are not new to this announcement. - Positive factor: High-grade indicated resource - Positive factor: JORC compliant - Positive factor: QP signed - Negative factor: Resource figures are re-stated from a prior announcement Evidence · table > 1.49 Context: 2.85 #### Tags used in scoring **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 in the Scoping Study have been prepared by a competent person in accordance with the requirements of the JORC Code \(2012\). Evidence · text > The Mineral Resources underpinning the production target in the Scoping Study have been prepared by a competent person in accordance with the requirements of the JORC Code \(2012\). **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/lpm-lei-scoping-study-presentation--6514d8c4-4e2e-4a99-9c96-b644bacbec43#fact-resource-facts-2) Lei Deposit · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Lei Deposit - Commodity: lithium - Ticker: LPM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:2479a41ddafa089f41a3 #### 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-07-15T00:00:00.000Z #### Dates - Event date: 2026-10-20T00:00:00.000Z Reasoning: The inferred resource adds to the overall contained lithium but carries lower geological confidence, and these figures are not new to this announcement. - Positive factor: High-grade inferred resource - Positive factor: JORC compliant - Positive factor: QP signed - Negative factor: Inferred classification implies lower geological confidence - Negative factor: Resource figures are re-stated from a prior announcement Evidence · table > 1.51 Context: 2.37 #### Tags used in scoring **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 in the Scoping Study have been prepared by a competent person in accordance with the requirements of the JORC Code \(2012\). Evidence · text > The Mineral Resources underpinning the production target in the Scoping Study have been prepared by a competent person in accordance with the requirements of the JORC Code \(2012\). **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 ## Metallurgical Results (1) ### DMS and flotation [Link to this fact](https://atlas-staging.minestarters.com/news/lpm-lei-scoping-study-presentation--6514d8c4-4e2e-4a99-9c96-b644bacbec43#fact-metallurgical-facts-3) Lei Deposit · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Lei Deposit - Commodity: lithium - Ticker: LPM #### Test Work - Test Type: DMS and flotation - Processing Route: flotation - Sample: high-grade sample #### Recovery - Recovery: 85.3 % - Recovery Basis: actual\_test - Conc. Grade: 6.12 - Conc. Grade Unit: % Li2O #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-10-16T00:00:00.000Z #### Dates - Event date: 2026-10-20T00:00:00.000Z Reasoning: The metallurgical test work shows strong recovery and concentrate grade for lithium, supporting the project's viability, but these results were previously announced. - Positive factor: High recovery for lithium - Positive factor: High concentrate grade - Negative factor: Metallurgical results are re-stated from a prior announcement - Negative factor: Bench Scale Only \(implied by 'sample' and 'achieved'\) Evidence · text > Combined DMS and flotation on high-grade sample achieved 85.3% recovery to a 6.12% Li2O concentrate #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal ## 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.