Post by
ndiamond on Jul 14, 2022 6:31pm
Red Cloud Securities - price target on ETL - $8.20 / share
From Red Cloud Securities :
Yesterday, E3 Lithium increased its LCE resources by 243%.
E3 Lithium (ETL-CN; BUY – C$8.20 target) – July 13:
Last $2.50/sh, C$148M mkt cap
· E3 Lithium is developing its 100%-owned Alberta Li-brine project, located near Calgary, AB. Yesterday, the company provided an updated inferred resource estimate, increasing resources from 7.0Mt LCE to 24.3Mt LCE (+243%). We view this update favourably as the project now ranks as the largest lithium brine deposit in Canada, and amongst some of the largest globally. Recall, the project recently caught the eye of Imperial Oil (IMO:CN, not rated; C$35B mkt cap) where Imperial will help advance the project by providing technical support, access to its freehold lands and an investment of $6.35M into E3. This is the first time we have seen an oil company of Imperial’s size venture into lithium, which marks a historic event for the Canadian resource sector.
Comment by
Yajne on Jul 14, 2022 10:39pm
Amen ndiamond. Thanks for posting this. Red Cloud describes the benefits nicely, with one exception...the publicity that a deal with Imperial Oil brings also contributes greatly to E3 exposure and investor awareness. Can't really put numbers on that but it is definitely valuable with new investors coming in and the investor base broadening. Great times ahead!!
Comment by
ibaru55 on Jul 15, 2022 1:40am
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