Canaccord Genuity Analyst Report on Critical Elements

Critical Elements (TSXV:CRE,OTCQX:CRECF,FWB:F12): Critical Elements provides the highest projected return to projected target and good lithium pricing leverage (Figure 9). We believe the Rose mineral project in low sovereign risk Quebec offers a reasonable production level of lithium carbonate and spodumene concentrate by 2021 and a solid after-tax IRR. HELM AG, a German chemical distributor, has become a strong partner. The stock trades at a sizeable discount relative to peers on EV/t and P/NAV(5%) bases (Figure 10). Although it suffers from the lowest liquidity in the group, we consider Critical Elements our Top Pick for Canadian-listed lithium exposure.
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