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Next generation lithium battery - Li-Metal impresses with innovative technology and superior management!

Company: Li-Metal Corp.

WKN: A3DAAU

Original Research: Li-Metal Corp. - by Sphene Capital GmbHRating from Sphene Capital GmbH to Li-Metal Corp.Company: Li-Metal Corp.ISIN: CA50203F2052Reason for the study: Update ReportRecommendation: Buy since: December 1st, 2021Price target: CAD 26.10 / EUR 18.20 (unchanged)Price target On view of: 36 monthsLast rating change: -Analyst: Peter Thilo Hasler, CEFAExpansion of anode production capacitiesWe reiterate our Buy rating on Li-Metal Corp. shares. and our 36-month price target of CAD 26.10/EUR 18.20 per share (ideal case scenario). The latter is based on using EV/sales and EV/EBITDA peer group multiples from publicly traded Li-ion battery (75% weight) and fuel cell manufacturers (25% weight). We explicitly point out the wide range of valuation results if the company misses the financial figures we forecast or only achieves them at a later point in time. The currently high valuation ratios of the peer group companies used should also be taken into account. Earlier this week, Li-Metal announced that production capacity at the newly constructed anode demonstration plant in Markham, Ontario, Canada, will be expanded earlier and on a larger scale than we had anticipated . According to the statement, the anode production capacities of the plant will be increased by a factor of ten as early as January 2022e and first-generation anodes will be shipped to North American battery development companies in the near future can produce test. It is a prerequisite for the implementation of the commercialization strategy and the commissioning of a roll-to-roll anode plant in Rochester (New York), which the company forecasts for the year 2025e. At the same time, the company expects an accelerated introduction of solid-state batteries by global OEMs. According to the company, once the commercialization plan has been implemented, the company plans to increase production capacity to more than 50 GWh by 2028e. Based on the current state of technology, this corresponds to the production of batteries for more than 500,000 cars. You can download the complete analysis here:

http://www.more-ir.de/d/23156.pdf

Development of the lithium battery of the future begins - when will a battery manufacturer take action?!

Li-Metal (A3DAAU), recently announced that its advanced anode material development facility (the "Facility") in Markham, Ontario has reached initial operational readiness.

We think a deal with a battery manufacturer or car manufacturer may be on the horizon - the company is moving at great speed.

In our estimation, even a deal with just one battery or automobile manufacturer could lead to sales of more than USD 1 billion in the long term (assuming supply to a gigafactory). Incidentally, the company says it expects sales of more than USD 1.3 billion by 2028 (page 15 of the company presentation).

The facility houses small deposition equipment that can rapidly produce anode materials for evaluation and testing, which is a key element of the strategy to develop Li-Metal's highly scalable, cost-effective and sustainable lithium anode technology. These advanced anode materials will be manufactured at the Evaluation and Optimization Facility, followed by initial industrial scale production at the Roll-to-Roll anode facility in Rochester, New York.

First price target EUR 18.20 - peer group rated significantly higher in some cases!

This is excellent news in our opinion and a big step for the company and we expect the share price to continue to rise. We're not the only ones who think so - a well-known analyst recently published a comprehensive professional analysis of the company, with an initial price target of EUR 18.20 - don't miss out on positioning yourself in good time.

"Our advanced anode materials development facility will greatly enhance our ability to develop our second and third generation products and tailor them to the specific and unique needs of our customers," said Li-Metal co-founder and CEO Maciej Jastrzebski . "This facility increases our capacity to meet our product roadmap and expand our product and IP portfolio.

Management can draw on a wealth of experience in the lithium industry. Because a large part of the management (including CO-founder Tim Johnston) has a gigantic space deal in 2021 with Li-Cycle Holdings (US symbol LICY) New York Stock Exchange completed and thus demonstrated know-how and expertise. Li-Cycle Holdings is currently valued at over $2 billion.

To meet the rapidly growing demand and need for high-quality lithium anode material, Li-Metal expects to reach commercial scale by 2025. As electrification continues to gain momentum, the adoption of next-generation batteries will accelerate and manufacturers of electric vehicles will seek next-generation, high-performance batteries that will power cheaper, longer-range, and safer electric vehicles. Demand for high-performance anodes is expected to skyrocket as total demand for lithium-ion batteries is expected to exceed 2.6 TWh per year and total annual production of electric vehicles is expected to exceed 30 million vehicles per year, according to BloombergNEF. It is expected that the major global EV manufacturers such as BMW, GM and Volkswagen will push the next generation of batteries for product qualification for future electric vehicles in the coming years - sufficient production of lithium metal anodes will be crucial to overcome this hurdle.

Very favorably rated compared to the peer group

Li-Metal (A3DAAU) is currently valued at just $277 million on the stock exchange, in our opinion there is some catch-up potential - see for yourself. Currently Comparable companies are sometimes valued at 20 times the Ebitda (sometimes based on 2030 scenarios) on the stock exchange, in the case of Li-Metal this would theoretically be a valuation of over 2 billion euros. dollars and thus a multiplication of the course by more than 15 times!

We came across the company Li-Metal (A3DAAU), which is not only characterized by the high insider participation of the management of approx. 30% of all outstanding shares and with a small free float (a total of only approx. 28 million shares outstanding - of which another 7 million shares are blocked for the long term), but also knows how to convince with its unique and innovative lithium anode technology for the next generation of more powerful and cheaper lithium batteries. According to the company, sales of 282 million US dollars and an operating profit of 126 million US dollars (EBITDA) should be achieved by 2025 - Li- Metal (A3DAAU) valued at just $277 million on the stock exchange.

Anode production capacities increased tenfold

Key production equipment for the anode manufacturing facility in Rochester, New York has been shipped. These devices play an important role in expanding the company's anode production capacity, which the company says will increase capacity more than tenfold. The plant is expected to be operational in January 2022.

Supply capacity for potential US battery developers

This is a significant milestone for Li-Metal in executing our strategy. The devices shipped today will increase our manufacturing capacity more than tenfold and allow us to ship our first-generation products to battery developers in the United States working on the commercialization of next-generation batteries," said Li-Metal co-founder and CEO, Maciej Jastrzebski: "Having this capacity in the USA is a great advantage because it means we can get the anodes into the hands of the developers more quickly. Now we will be able to respond to requests in days instead of months, giving us more flexibility and drastically reducing the development cycle for us and for the customers."

Analyst with price target of EUR 18.20

A few days ago we drew your attention to a very interesting company that knows how to impress in the booming electromobility sector with its unique and innovative lithium anode technology for the next generation of more powerful and cheaper lithium batteries. We are convinced that Li-Metal (A3DAAU) is drastically undervalued compared to the peer group (peer group partly with 10-15x valuation).

A first well-known and conservative research house has now also come to this conclusion, which sees a catch-up potential of currently 100% and recommended the share to be bought! We expect Li-Metal (A3DAAU) to become more and more popular over the coming days - don't miss out on positioning yourself at these favorable levels in time!

Today we provide you with this extensive external analysis by the German research house Sphene Capital. The analyst gives a buy recommendation with a price target of CAD 26.10, which corresponds to around EUR 18.20 - at the current price that's around 100% upside potential!

Original Research: Li-Metal Corp. - by Sphene Capital GmbHClassification of Sphene Capital GmbH to Li-Metal Corp.Company: Li-Metal Corp.ISIN: CA50203F2052Reason for the study: Start of coverageRecommendation: Buy since: 11/19/2021Price target: CAD 26.10 / EUR 18.20Price target on the view of : 36 monthsLast rating change: -Analyst: Peter Thilo Hasler, CEFAAnodes for the next generation of lithium batteries with a buy rating in the research coverage. With a price target of CAD 26.10/EUR 18.20, we have identified significant long-term upside potential, but this depends to a large extent on the underlying sales and earnings assumptions for the company and the peer groups . In particular, investors should take into account that, according to our estimates, Li-Metal will only generate significant revenues in 2023e and will only be profitable from 2024e. Our price target (ideal case scenario) results from the use of peer group multiples.

You can download the complete analysis here:http://www.more-ir.de/d/22793.pdfSource:

https://www.dgap.de/dgap/Documents/Research/?companyID=398189&documentId=70547911

Lithium anode developer before price increase?! 9 battery manufacturers are testing material for the battery of the future!

Recently, Li-Metal (A3DAAU) published a very interesting company update, which contains explosive details that we think a deal with a battery manufacturer or car manufacturer could possibly be bagged soon.

The passage from the press release - we expect prices to rise significantly!

"Currently, Li-Metal is providing lithium metal anode material samples for testing to customers driving the development of their next-generation batteries. A total of 1,015m of anode material samples were shipped to nine customers in 2021."

In our estimation, even a deal with just one battery or automobile manufacturer could lead to sales of more than USD 1 billion in the long term (assuming supply to a gigafactory). Incidentally, the company says it expects sales of more than USD 1.3 billion by 2028 (page 15 of the company presentation).

Li-Metal (A3DAAU) is currently valued at just $277 million on the stock exchange, in our opinion there is some catch-up potential - see for yourself. Currently Comparable companies are sometimes valued at 20 times the Ebitda (sometimes based on 2030 scenarios) on the stock exchange, in the case of Li-Metal this would theoretically be a valuation of over 2 billion euros. dollars and thus a multiplication of the course by more than 15 times!

Management can draw on a wealth of experience in the lithium industry. Because a large part of the management (including CO-founder Tim Johnston) has a gigantic space deal in 2021 with Li-Cycle Holdings (US symbol LICY) New York Stock Exchange completed and thus demonstrated know-how and expertise. Li-Cycle Holdings is currently valued at over $2 billion.

More details from today's corporate update

With increasing electrification, the adoption of next-generation batteries will accelerate as electric vehicle (EV) manufacturers seek high-performance batteries that will power lower-cost, longer-range, and safer EVs. Demand for high-quality anodes will increase sharply as demand for lithium-ion batteries is expected to exceed 2,000 GWh per year, according to BloombergNEF, and total annual production of electric vehicles according to LMC Automotive Ltd. expected to reach 25 million vehicles. Additionally, major global EV manufacturers such as BMW, GM and Volkswagen are expected to develop next-generation batteries for product qualification for future EVs in the coming years. To meet the rapidly growing demand and need for high quality lithium anode material, Li-Metal expects to reach commercial scale by 2025.

"There are tremendous opportunities for mid-market suppliers that are the foundation of the next-generation battery supply chain," said Li-Metal co-founder and CEO Maciej Jastrzebski. "Li-Metal plans to become the pre-eminent supplier of lithium metal and lithium metal anodes, and we are confident that we can quickly move to commercial production as we address an emerging and urgent fundamental trend in global electrification."

Commercialization strategy - first establish, then grow

As Li-Metal develops and scales its technologies to follow the industry's transition from conventional lithium-ion batteries to next-generation batteries, the company is targeting the implementation of a three-pronged strategy to reach full commercial scale :

The Company's Markham facility will house Li-Metal's advanced anode materials laboratory and lithium metal pilot plant. In addition, the Company plans to install a pilot roll-to-roll anode facility in Rochester, New York to bring qualification samples to market and advance the development of its anode production technology, which is expected to be operational in early 2022. Production of lithium metal from the Markham pilot plant is expected in 2022. Development of commercial scale anode production facilities is underway and the first commercial anode production capacity is expected to be available in 2023.

Next generation lithium battery - Li-Metal impresses with innovative technology and superior management!

Lithium-ion batteries is the technology that is being prioritized to create the "green revolution" in mobility. Accordingly, the electromobility sector is booming across the board, and the demand for electric vehicles such as those manufactured by the US company Tesla is skyrocketing, as is the demand for lithium-ion batteries. A trend that is unlikely to weaken in the coming years - on the contrary, we expect a real bull market for the entire electromobility sector in the coming years.

Therefore, we believe that now is the right time to invest in promising and still undervalued companies - we have placed our main focus on the next generation of lithium batteries, because only with more powerful and cheaper lithium batteries, electromobility will be a success for all of humanity!

We have put out feelers for promising companies in this currently massively up-and-coming sector. Here we have attached great importance to the quality and the track record of the management.

We came across the company Li-Metal (A3DAAU), which is not only characterized by the high insider participation of the management of approx. 30% of all outstanding shares and with a small free float (a total of only approx. 28 million shares outstanding - of which another 7 million shares are blocked for the long term), but also knows how to convince with its unique and innovative lithium anode technology for the next generation of more powerful and cheaper lithium batteries. According to the company, sales of 282 million US dollars and an operating profit of 126 million US dollars (EBITDA) should be achieved by 2025 - Li- Metal (A3DAAU) valued at just $277 million on the stock exchange.

Comparable companies are currently being valued at 20 times the Ebitda (sometimes based on 2030 scenarios) on the stock exchange, in the case of Li-Metal this would theoretically be a valuation of mean over 2 billion dollars and thus a price multiplication by more than 15 times!

Management can draw on a wealth of experience in the lithium industry. Because a large part of the management (including CO-founder Tim Johnston) has a gigantic space deal in 2021 with Li-Cycle Holdings (US symbol LICY) New York Stock Exchange completed and thus demonstrated know-how and expertise. Li-Cycle Holdings is currently valued at over 2 billion US dollars. The quality of the company was recently underlined by a 100 million US dollar investment by the Koch Group. So the leadership team should know what they're doing and how they're adding value to shareholders - with LI-Metal, management's potential next winning deal is just around the corner. Anthony Tse, the former CEO of lithium giant Galaxy Resources, is another heavyweight in the lithium industry on board - Galaxy Resources and Orocobre (WKN A0LF83) have joined forces recently merged into a new lithium giant in a $4 billion merger.

As already mentioned, in our opinion, Li-Metal (A3DAAU) is still on the lower end of the valuation scale with a market capitalization of 277 million USD. In our opinion, the company is still a long way from a fair valuation - see also comparison of companies in the peer group on the following pages (between 1.8 billion and 13.3 billion dollars).

The company itself expects a valuation (in our opinion, a conservative valuation range - see slide 16 - presentation - LINK) in the range of the companies< /b>Nano One Materials (WKN A14QDY) and Standard Lithium (WKN A2DJQP). The two companies are currently valued at $348 million and $1.7 billion in the stock market, respectively. In our opinion, Li-Metal (A3DAAU) still has some catching up potential in the coming weeks and months.

Li-Metal and the lithium battery generation of the future

Lithium anodes are a key cost factor in battery manufacturing Li-Metal (A3DAAU) is already working closely with developers of next-generation batteries to deliver novel, low-cost anodes that are expected to increase the energy density compared to today commercially available state-of-the-art lithium-ion batteries by 50 to 100%. And that means, for example, a longer range and/or smaller batteries are possible. In any case, the company has already started producing samples this year, which companies working on next-gen lithium batteries can use in their research. We therefore expect potential partnerships with automobile and/or battery manufacturers in the near future.

Importantly, the flexible Li-Metal technology makes it possible to tailor anode products to the unique needs of different battery technologies, allowing a broad cross-section of next-generation batteries to leverage Li-Metal's technologies . Conventional anodes are made of lithium foil. To maximize next-generation batteries, Li-Metal is working on low-cost anodes, with underlying technology patent pending.

In addition to the higher energy density, the anodes developed by Li-Metal also have a much higher specific energy, a criterion that has an effect on electric cars over a much longer range. Finally, the anodes developed by Li-Metal are significantly thinner than the models currently in use, which helps to save raw materials.

An even more scalable one-machine process guarantees high-quality production and large quantities. This new type of anode is vastly superior to foil anodes in terms of energy density, less material is used and high-performance batteries are the result.

As Li-Metal (A3DAAU) adds on their homepage, there is a chance of a market volume of 275 GWh per year in the field of lithium metal batteries by 2030! A huge market that Li-Metal hopes to carve out a piece of by commercializing novel, improved lithium metal and lithium anode manufacturing technologies that have the potential to dramatically reduce the production costs of next-generation batteries. This, in turn, could help accelerate market acceptance of these new types of batteries.

In addition, the Company plans to produce lithium metal directly from lithium carbonate using a proprietary process. According to Li-Metal, this not only makes you less dependent on unreliable foreign sources - including the use of recycled material - but also eliminates many of the harmful emissions associated with traditional lithium metal production from lithium chloride! According to Li-Metal, this process has already been used successfully.

So the next 12 months could be extremely exciting and eventful for Li-Metal. The plan is to start up an anode production facility and expand the lithium-metal demonstration plant. The anode development team is also to be expanded. The company has currently registered four process patents. Approval is currently pending.

We are firmly convinced that a battery or car manufacturer will take notice of Li-Metal's technology very soon - various battery developers are already testing samples, so there may well be one or the other in the near future other significant company announcements.

Li-Metal expects sales to exceed $1 billion by 2028

According to the company, sales at Li-Metal (A3DAAU) should really take off from 2023. By 2025 it should already be $282 million in sales. According to a presentation by Li-Metal, operating profit should reach 126 million US dollars. The plan envisages that Li-Metal could bring in around 1.375 billion in sales and a good 800 million US dollars in operating profit (Ebitda) in 2028. These figures compared to the current market value of around 277 million dollars mean one very moderate rating.

Other companies that Li-Metal could compare itself to are listed at 20x Ebitda on the stock exchanges. Based on the expected 2025 Ebitda, this would represent a multiple of Assume stock market value. Currently, Li-Metal is mathematically valued at just 2x 2025 Ebidta ($277m), do the math for yourself what that could mean for tremendous upside potential.

Favourably rated compared to the peer group

According to the company, almost all companies in the peer group committed to the next generation of batteries are valued at more than $1 billion on the stock exchange.

Interestingly, a company is said to be using a roughly comparable anode technology called SES, which is admitted to have been developed by resource legend and billionaire Robert Friedland and his SPAC Ivanhoe Capital Acquisition Corp. backed by contacts and relationships with some of the big names in the industry, coming public via a SPAC deal announced in July - and this is already valued at $3.6 billion! We believe that Li-Metal's plans could attract the attention of a wide range of investors and play a significant role in the current environment. However, it is a technology / cleantech company in an early stage of development, so the risks are also high. In our opinion, Li-Metal (A3DAAU) has anything but to hide with its technology and, in our opinion, is still extremely moderately valued at 277 million dollars compared to the peer group!

The entire sector is in an absolute gold rush mood, the companies can currently exaggeratedly hardly save themselves from financing offers from banks or institutional investors. This list impressively shows the gigantic potential of the battery technology trend market. The company Quantum Scape (partner of Volkswagen) even has a market capitalization of over 10 billion dollars.

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Current acquisitions in the lithium sector

The fact that lithium projects are being looked for worldwide is now shown by two takeovers in the industry. The mega deal of the Chinese Zijin Mining Group, which will take over the Canadian Neo Lithium (WKN A2AP37), attracted particular attention. Zijin Mining will shell out a good 919 million Canadian dollars in cash for this. Neo Lithium's Q3 project is located in Argentina, in the oldest and largest lithium producing province (Catamarca).

CATL and Lithium Americas (WKN A2H65X) are currently even bidding for the lithium company Millennial Lithium (WKN A2AMUE). As you can see, the industry is currently offering excellent opportunities and some rapid price increases that investors have been able to take advantage of.

Why Lithium

The e-mobility supply chain is struggling for lithium. Higher investments in lithium production are therefore necessary. Should there be a serious shortage of lithium, the production of new electric vehicles would be limited by a lack of the raw material lithium. In principle, the lithium-ion batteries used in electric vehicles can use both lithium carbonate and lithium hydroxide. The price of lithium carbonate in China has already risen by around 170 percent, the highest since April 2018. Investors should therefore not forget the topic of lithium. Looking at China, for example, lithium carbonate output increased by around 19 percent in August compared to the same month last year. However, demand increased to a good 26 percent.

A deficit is approaching or already exists. And the demand for electric vehicles in China is great. From January to July 2021, around 150 percent more electric vehicles were registered than in the same period last year. And the entire market is dependent on batteries. If around 82,000 tons of lithium were mined worldwide last year, this was a sizeable market in the year of the pandemic. As lithium demand continues to grow, higher lithium prices are inevitable. Although there is basically enough lithium on earth, it has to be mined and found its way into batteries. The demands in terms of performance are increasing here, which explains how important the Li-Metal (A3DAAU) anodes are.

Market Outlook

Now it is crucial to actually get these potentially extremely promising technologies onto the market. Since the company assumes that a variant of the next generation of batteries, the so-called solid-state battery, will be increasingly used by major manufacturers such as Volkswagen, General Motors, Ford and BMW from around the middle of this decade, the aim is to be ready by 2025 Initiate commercial scale production of lithium metal.

This means that it is now - parallel to the production of samples and further work with potential customers and developers - to gradually expand capacities. As the next step, Li-Metal sees the construction and commissioning of a demonstration plant for lithium metal production in 2024, which is then to be supplemented by a commercial production plant from 2025. At the same time, work is being done on commissioning a plant for the production of the new type of anodes. And the company has big plans - by 2028 the plant should already have a capacity of more than 50 GWh per year. That, according to Li-Metal, would be enough to produce material for about 500,000 mobility scooters a year! It would be a worthwhile business, as the company expects an EBITDA margin of around 50% for lithium anodes in the long term and another 10% EBITDA margin for lithium metal production.

Electromobility with gigantic growth prospects

Automobile manufacturers rely heavily on electromobility. For example, Ford is planning four new plants in the USA. Together with the partner SK Innovation, eleven billion US dollars will flow into the planned plants. According to forecasts, around 40 to 50 percent of the vehicles on American roads will be electric. General Motors is among the many major automakers transitioning to electric vehicles. A billion US dollars are to be invested in the production of electric cars in Mexico. Toyota plans to spend nearly $14 billion developing batteries for electric cars by 2030. And VW wants to use around 80 billion US dollars, also by 2030, for the development of autonomous driving and electromobility.

And car manufacturers are also finding more and more customers for their electric vehicles. Most e-vehicles are bought in China, but sales are also increasing rapidly in Europe. The second quarter brought a sales increase of 234 percent. In Germany alone, 17.1 percent of the vehicles sold in September 2021 were battery-powered. The variety of models is also increasing, with 500 models expected for next year. State subsidies ensure more sales. And the achievement of climate goals also favors the purchase of electric cars, and not just temporarily.

Conclusion:

As already explained in detail, it is often advisable to follow an experienced and successful management on the capital market, which has already been able to bag important deals in the past. In our opinion, Li-Metal is well positioned to play an important role in the absolute future and growth market of next-generation lithium batteries, which is currently in the public eye like hardly any other sector. We believe that Li-Metal's plans could attract the attention of a wide range of investors.

As previously stated, Li-Metal (A3DAAU) is still on the lower end of the valuation scale so far in our opinion, with a market cap of $277 million, we believe the company is still far from a fair valuation - see also comparison of companies in the peer group (between 1.8 billion and 13.3 billion dollars).

The company itself, according to its own statements, expects a valuation (conservative valuation range in our opinion - see Slide 16 - Presentation - LINK) in the range of the companies< /b>Nano One Materials (WKN A14QDY) and Standard Lithium (WKN A2DJQP). The two companies are currently valued at $348 million and $1.7 billion in the stock market, respectively. In our opinion, LI-Metal (A3DAAU) still has some catching up potential in the coming weeks and months.

To date, more than 1,000 meters of anode material have been delivered to customers and development partners. Li-Metal aims to begin lithium metal production in 2023 with a demonstration plant and at commercial scale in 2025, consistent with accelerated adoption of solid state batteries by major OEMs.

We are firmly convinced that a battery or car manufacturer will take notice of Li-Metal's technology very soon - various battery developers are already testing samples, so there may well be one or the other in the near future other significant company announcements.

For more information

Presentation - LINK

Homepage - LINK

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Lithiumaktien.net (a brand of First Marketing GmbH)Daniel Mußler- Chief AnalystForum 7 • 69126 Heidelberg • GermanyWebsite: www.lithiumaktien.net

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Overview of previous investment recommendations (12 months):

Date: 11/16/2021

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When compiling the information, First Marketing uses different sources, in particular information from the companies, other publicly accessible information (domestic and foreign media, newspapers, financial reports, etc.) but also other sources. First Marketing uses only sources believed to be reliable and trustworthy at the time of writing. First Marketing and the people it employs to create the publication take the greatest possible care to ensure that the information used and on which it is based is as complete and factually correct as possible. Forecasts and estimates are marked and formulated accordingly. In the case of forecasts and assessments, care is also taken to ensure that these are based on factual foundations and are realistic. Nevertheless, First Marketing assumes no liability for the correctness, accuracy, completeness and adequacy of the facts presented.

1. Summary of the valuation bases and valuation methods

4.1. principle

The evaluation of the companies is essentially based on a quantitative evaluation of company reports and publications on the company as well as qualitative information that can be considered relevant for an assessment. Factors such as business profile, debt, credit, liquidity, earning power, business models, course of business and similar factors are taken into account.

In the case of listed companies, the so-called technical analysis is also taken into account in the assessment.