Lycopodium lifts profit forecast

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ASX-listed Sandfire Resources’ new Motheo copper plant in Botswana marks Lycopodium’s entry into the country.

ASX-listed Lycopodium has lifted its full-year net profit forecast to A$45 million on $320 million revenue with managing director Peter De Leo saying the engineering company continued to see a “high level of activity across all operating sectors”.

Lycopodium previously upgraded its FY23 guidance to $40m NPAT on $320m revenue after reporting record first-half revenue of $160m and NPAT of $20m.

“We are also seeing a strong study pipeline which bodes well for the future,” De Leo said this week.

“This significant level of activity across all sectors of operation continues to translate into healthy financial performance.”

Lycopodium said construction of Liontown Resources and Talison Lithium lithium projects in Western Australia, and Leo Lithium’s Goulamina project in Mali, was progressing well.

Various gold projects in Africa were also on track and Lycopodium’s Toronto office recently won a front end engineering and design (FEED) contract from FG Gold for the process plant and non-process infrastructure at its Baomahun gold project in Sierra Leone.

De Leo said commissioning of Sandfire Resources’ Motheo copper project in Botswana and work on the Batu Hijau expansion project for PT Amman Mineral Nusa Tenggara in Indonesia were progressing according to plan.

“Most recently in resources, we are delighted to announce the award of an organisation-to-organisation contract between Namdeb and our ADP team in Cape Town, which will see us continue to support this client on their diamond related studies and projects in Namibia for the next five years. This further extends a highly successful partnership that spans more than 10 years,” he said.

Lycopodium’s share price is up more than 35% this year at A$9.10, capitalising the company at about $350 million.


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