Canaccord Genuity Analyst Report on Nemaska Lithium

Nemaska Lithium Inc. (TSX:NMX,OTCQX:NMKEF): The liquidity and lithium leverage leader in this peer group is Nemaska Lithium. The company has captured the market’s attention with its Whabouchi mineral project in Québec, planning to produce a concentrate at minesite and trucking it to a hydromet facility in Shawinigan for conversion to lithium hydroxide and lithium carbonate. The higher capex is borne by higher value products, generating a respectable 34% after-tax IRR. The presence of Johnson Matthey, Chinese lithium producer Tianqi and the Québec government in the background should provide comfort but the 0.14x P/NAV(5%) and 51% projected return to our target suggest opportunity.
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