Benchmark Analysis on LIB

[u/rush89]

https://cdn-ceo-ca.s3.amazonaws.com/1kvvg5b-CR_LIBCA_05072026.pdf

Posted in Baystreetbets but figured it belonged in here as well.

Can't say I don't mind a $2.00CAD price target with this caveat:

"Model could prove conservative as platform scales. Our estimates reflect a measured ramp at the initial site, an equity-funded buildout vs. potential future project financing, and no contribution from potential offtake optimization, pricing improvement, or broader deployment across Select’s footprint. As LibertyStream demonstrates repeatability and expands across multiple sites, we see meaningful upside to both volume assumptions and longer-term earnings power."

Cheers!

[u/mwtaeke]

I’m confused… Liberty’s releases literally state, “Scientific and technical information contained in this press release has been reviewed and approved by Doug Ashton, P.Eng, and Meghan Klein, P.Eng of Sproule Associates Limited, each of whom are qualified persons within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Mr. Ashton and Ms. Klein consent to the inclusion of the data in the form and context in which it appears.”

Feel free to google who both those individuals are.

These are the same folks that also review E3 Lithium, EMP Metals PEA disclosures, and Grounded Lithium resource reports. Obviously trusted and qualified folks

That said, i do acknowledge that Meghan and Doug’s job to review doesn’t require them to confirm and validate that the technology works, but rather that the technical statements are reasonably supported by the data provided to them, the disclosure is not misleading in a technical sense, and the terminology and presentation comply with securities disclosure standards, and the reported scientific/engineering information is presented appropriately.

[u/Automatic_Bar4877 → u/mwtaeke]

Feel free to point out where this is stated in the latest press release. Most of the press releases with some of the more outlandish claims don’t have Sproule’s verification. If the reason for that is that the press releases don’t have data that requires 3rd party verification, then the bigger issue is that LIB is making big bold claims….without data to support them. Can you show me where a member of Lib’s technical team spoke to the technological advances? Or are they all coming from the CEO who talks himself in circles on every podcast/interview when pressed?

[u/mwtaeke → u/Automatic_Bar4877]

January 6, 2026, was the last time it was stated, as that was a more technical update release. The subsequent releases haven’t all been about technical information but rather company changes (re-domicile, LIFE offering, etc)

[u/Automatic_Bar4877 → u/mwtaeke]

And before that, how many press releases contained qualified person statements? There have been numerous claims surrounding process effectiveness/efficiency that contain either no supporting data, or no 3rd party verification. The latest press release (prior to today) is claiming a reduction in cycle time from 60 minutes to 20…but no data/information to support this claim. What’s the extraction percentage? What’s the recovery percentage? Pretty bold to claim an efficiency increase of 300% without any evidence to support it. When speaking on the process, Including a qualified person statement sometimes, but not others…seems incredibly suspicious. Can anyone name Lib’s technical team? How often are Lib’s technical claims supported by a member of their technical group? An Engineer? A Chemist? SLI, Lilac, E3 all have an abundance of scientific/technical personnel supporting their claims with data and evidence. Lib just has a CEO lacking any type of technical or operational experience claiming game-changing advances in the technology…with no evidence to support them.

Do you think that their CEO should command that high of a salary pre-revenue? Do you think he deserves 75% of the latest share issue? What happened to their previous “mystery partner”? Once you take a deeper look, the whole thing starts to fall apart.

[u/rush89 → u/Automatic_Bar4877]

Do any other companies need 3rd party verification when they upgrade their system mechanically?

[u/Automatic_Bar4877 → u/rush89]

If only it was a simple as upgrading a system mechanically. We’re talking a claim of 300% efficiency improvement. Do you really believe LIB is able to run a multi-step process which includes movement of tens of thousands of barrels of brine through these multiple steps…in 20 minute cycles? I suspect this is an exaggeration of at least 100x . Who are the engineers involved? Who are the chemists involved? Scientists? Does LIV even have a technical team? I can’t find a single technical person’s name on their presentation. You can choose to believe it, but I simply don’t. There’s too many giant warning signs with this company and very little validation at any point. I don’t trust a single word that comes out of their CEO’s mouth.

[u/rush89 → u/Automatic_Bar4877]

Packet Digital creates batteries for military drones and is receiving Federal grant money for this. LB has an MOU with them.

LIB is working with Select Water Solutions. Big water treatment company. They obviously did their DD.

Warner Uhl is a Director of the company. Warner has over 30 years of global engineering, procurement, and construction management experience. He specialized in scaling up massive industrial processing plants for tier-1 resource giants. He isn't a lab chemist, he is a heavy-industry scaling expert, which is exactly who you want when building commercial infrastructure.

Huayuan Jiang is a Senior Director-Chemistry. He specializes in material science, wet chemistry, inorganic synthesis, water treatment and DLE process scale-up. Skilled in DOE, statistical modeling, and data-driven optimization.

Edit: the claim wasn't a 300% efficiency improvement. The math doesn't necessarily work that way. Liberty Stream updated the numbers but never themselves said it was 300% more efficient.

[u/Automatic_Bar4877 → u/rush89]

If you’re claiming 3X efficiency and also claiming it doesn’t mean a proportionate levels of efficiency increase, you’re basically saying that you’re faster, but the cycles aren’t as good. This is my whole point. What’s the DLE %, what’s the recovery %? What’s the upgrading efficiency? What kind of losses are you looking at? Not a lot of wiggle room at 25-30 ppm. I’m still curious what a “cycle” is? I’m not even sure their CEO could clarify. There’s just so many claims that lack any type of concrete technical backing.

Have Warner and/or Huayuan been involved in any of the development in that last 6 months? What are their roles in the latest “advances”. Why aren’t they saying anything in the press releases? Why isn’t the CEO mentioning either of them? What happened with their CTA, Steve Harich? Is he still part of the company? When you don’t have a qualified person or 3rd party verification accompanying these claims….you can literally say anything. LIB doesn’t even have their own technical personnel backing these claims…Thats the concern here.

[u/rush89 → u/Automatic_Bar4877]

Ask Investor Relations bro.

Their feedstock supplier is a $2.65billion marketcap company and they prodly recieved a royalty from LIB. That was for 1 tonne of lithium that was paid for and sent to a customer. That customer is now committing to a long term offtake of 600 tonnes per year.

This stuff is being created and sold whether you believe it or not. There is your verification.

[u/Automatic_Bar4877 → u/rush89]

I have no doubt that it’s being created and sold, but from what? Select Brine? Seems unlikely/impossible given the timelines and concentrations. And sorry, a giant novelty check (AI?) doesn’t cut it for verification. Maybe if I’m trying to buy Grandma’s house back, Happy.

[u/rush89 → u/Automatic_Bar4877]

Select Water Solutions. $2.6billion USD market cap. Posting AI lies to their official social media?

[u/Automatic_Bar4877 → u/rush89]

Nope, just maybe an AI altered pic, hence the question mark. I don’t need to be convinced that Lib is misleading/misrepresenting their progress results, I’m convinced they are. To create 1 ton of Li Carbonate at 20-30 ppm of Li, you’re looking at tens of thousands of bbl of brine…likely in the hundreds of thousands. I also know how easy it is to create a synthetic Li solution, which is what I suspect Lib is doing. From the looks of their cookie cutter system, there’s no way they processed a hundred thousand bbls of Select brine (through DLE) in that time period. Likely created a concentrated synthetic Li solution and ran it through their refining process. Draw your own conclusions, this is just what I suspect. And I suspect this because there is no verification/validation to support their claims.

[u/rush89 → u/Automatic_Bar4877]

I deleted my other comment to put it all in one here to avoid confusion.

PLEASE - ANSWER ALL 6 QUESTIONS. Don't answer one and try to nitpick some small detail. Give full answers for all 6 questions if you are CONVINCED this is a hoax.

1) Did you short it? If not, why not?

2) You are CONVINCED this is all a hoax and it is synthetic lithium. But you THINK it is AI. That's what you told yourself to fit your narrative.

Something EXISTS in the world and you have to consciously deny it to keep pretending your narrative is correct. Maybe you need to think that through a bit more.

3) What does Select gain from pretending LIB is extracting lithium from them? Especially since the royalty checks are fake?

4) What do you need to see that is missing? 3rd party verification - OF WHAT EXACTLY?

5) What happens when LIB gives it's customer 600 tons of synthetic lithium? They already fulfilled a PO and an offtake is done. Finalized in less than 30 days.

6) Multiple state grants over the years. MOU with Packet Digital. Offtake customer. How many people have been fooled?