Noram Lithium Campaign – Fundamental Research Corporation

Noram Lithium

TSXV: NRM / OTCQB: NRVTF

The Electric Vehicle (EV) revolution, fueled by the pursuit for a greener planet, is expected to impact the supply chain of multiple commodities. The most sought-after EV-related commodities are nickel, cobalt, lithium, and graphite.

Exposure

Significant milestone for NRM; the PEA indicated robust economics, with NPV and IRR estimates higher than its neighbor, Cypress Development (TSXV: CYP). We will be publishing an update shortly. The project’s AT-NPV8% is US$1.3B vs NRM’s MCAP of just $68M.

Equity Report

We estimate that lithium juniors are currently trading at US$52 per tonne, while Noram is trading at US$12/t. Two direct competitors are trading at US$20 and US$36.

Market Overview

EV sales surged 168% YoY, to 2.65M, in H1-2021. The International Energy Agency (IEA) forecasts 145M EVs on the road by 2030, up from just 11M in 2020.

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