Imerys lithium mine valuation vs Pilgangoora

Conviction: 55% · Horizon: 2Y · 2026-08-12
Imerys lithium in-ground valuation is inconsistent with Pilgangoora price-per-ton benchmarks and cost structure.

Benchmarking the implied price per ton of mineral in the ground at Pilgangoora against Imerys costs shows the lithium mine valuation does not hold up. Even allowing for logistics and cost differentials, the gap is large enough that the current valuation looks anomalous and likely too rich relative to a proven peer asset.

Instrument Side Target Reason
NK.PA Short We believe the implied in-ground lithium value embedded in Imerys does not reconcile with Pilgangoora's price-per-ton benchmark once realistic development and logistics costs are applied, so the equity is vulnerable to a re-rating as the market prices the project closer to peer economics.

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