Bearing Lithium Corp (BRZ)

[Dr_Vonschellan]

BLILF_(ref LIEG)_was up_only 3%...it should've_been 9%_today and that
got me wondering what is askew or existentially "out of whack" in the overall program today?

The interim financial statement for Bearing was issued last Friday
https://www.sedar.com/GetFile.do?lang=EN&docClass=5&issuerNo=00031749&issuerType=03&projectNo=03362420&docId=5169049
and owing management options/handouts, payments to NewCo in company equity (ie more dilution) rather than cash, horse-trading share payments to vendors/suppliers/zookers/consultants/PR/etc instead of cash along mismanagement/fock-up share dilution it is now obvious that we have also suffered the LPI-ozzie-fockup-disease in that our number of Canadian weighted shares has ballooned from 54,657,131 shares in 2017 (the year we were ask-reamed/reverse-split by Jeremy) up to 92,657,738 shares on April 1, 2022. We have no income so management is forced to pay our debts in new shares causing a drip-drip slow bleed dilution of our equity while they basically sit on their asses doing nothing. To wit, we no longer get any progress updates, happy birthday emails, no guidance, no conference calls, no nothing from Gil and company.

All of our minority group financial possible projections/budgets on this message board have stipulated that BLILF might be forced to mount a class-action lawsuit some day to get our fair share (by brute force) of the eventual profits/proceeds from Maricunga which we would argue that based on the the original deal should have been split as follows regardless of shares distribution (or share "manipulation").
BRZ at 10.48%
BLILF at 7.53%
Total 18.01%

My point here being that if we had a birthday cake to divide between BRZ and BLILF then 58.2% of the cake goes to BRZ and 41.8% of the cake goes to BLILF.
Again, if have a bag full of 1,000 marbles to divide up then 582 marbles goes to BRZ and 418 marbles goes to BLILF.
Again, if the Maricunga project gets sold in early 2023 and the overall Bearing payment is $200,000,000 then $116,400,000 (ie $200,000,000 x 58.2%) goes to BRZ and $83,600,000 (ie $200,000,000 x 41.8%) goes to BLILF.

Owing to current dilution our original 16,000,000 BLILF shares has now ballooned into 27,124,069 BLILF shares.
BLILF original equivalent USA shares = 16,000,000sh which equals 18,635,108sh CANADIAN per Our Original Deal.
Payoffs, equity contributions, horse-trading, rape-job dilution = 11,124,069sh which equals 12,956,140sh CANADIAN April 1, 2022.
BLILF Total equivalent USA shares = 27,124,069sh which equals 31,591,248sh CANADIAN.

Thus, if the BLILF share on a 2023 sale of the entire project (or buyout) is $83,600,000 then after dividing this amount by 27,124,069 BLILF shares the take home on each BLILF share is US$3.08 per BLILF and fock whatever the take home is on a BRZ share up in focking Canada.

It is possible that we didn't rise today the full proper 9% today because some investors recently saw this above-highlighted anomaly and thought the projected BLILF share values were incorrectly warped. Well if you (hopefully including our Uncle Posco) believe BLILF (old LIEG) shareholders are entitled to a full 41.8% "of the pie" in future profit/sales/buyouts then this proposed budget/proforma (following) should be more inclusive/clearer/more-accurate now after adjusting for the newest divulged dilution based on 27,124 weighted BLILF shares in the market.

Proposed Terms:
1. All partners including Codelco will agree that there is no MOU or pending CEOL in effect between NewCo/MSB-SpA and Codelco AND NewCo/MSB-SpA is free to mine Phase 2 of their Maricunga property for an additional 4,800mtpa of LCE export quota.
2. NewCo/MSB-SpA will immediately terminate the MOU with Mitsui.
3. BYD(2) will assign their 16,250mtpa LCE export quota license (formerly held by Codelco) for 20 years to the Maricunga project. BYD(2) will command a 29.64% JV ownership in the entire project as each of the current 3 partners' share is reduced accordingly to achieve this 29.64% share.
4. BYD(1&2) obtains a 16.1% discount off the LME Index London wholesale 1-year_futures price_across the board on every tonne of LCE that BYD wants to buy/lock-up.
5. Errázuriz will assign 4,000mtpa LCE export quota license for 20 years to the Maricunga project and assign additional brine from its neighboring Maricunga SIMCO holdings to the new overall consolidated JV as may be required to "top off" intermittent/seasonal pre-pond brine shortages.
6. BYD(1) will assign 4,000mtpa LCE export quota license for 20 years to the Maricunga project.
7. BYD(1&2) will obtain, underwrite and distribute 100% of CAPEX the construction financing. The entire project (ie each of 6 partners) will pay BYD back each year after production starts over the 20 year life.
8. Errázuriz will command a 14.82% JV ownership in the entire project as each of the current 3 partners' share is reduced accordingly to achieve this 14.82% share.
9. BYD(1) will command a 14.82% JV ownership in the entire project as each of the current 3 partners' share is reduced accordingly to achieve this 14.82% share.
Income:
Resource (measured + indicated) _______________________ = 6,855,000 MT (ie 1,905,000mt LI+ 4,950,000mt KCL)
Convert from M&I to brine feed and lose 25% _____________ = (1,713,750) mt
20-year life span of mine LOM _________________________ = 20 Years
Brine sent into ponds each Year over 20 yrs _______________ = 257,063 mtpa. Note: could max out at 311,000mtpa
Old fashion Brine evaporation efficiency _________________ = 65% Ref. See P-13
Lithium extracted from ponds __________________________ = 167,091 mtpa
Post mechanical/chemical/treatment efficiency ____________ = 26% Text book engineers wanted 16% but too bad, it is going to be 26% now
Gross bagged lithium FOB Maricunga site ________________ = 44,250 mtpa
Processor's Spot Market LCE Price (Li2CO3) to Battery maker _ = $78,108 /MT As of March 22, 2022
Wholesale LC Battery Grade Price to Processor ____________ = $39,054 /MT wholesale. See P-21 then click here
16.1% discount to BYD. Was 10.2% in last budget ___________ = ($6,300) /MT wholesale
MSB-SpA wholesale price to BYD _______________________ = $32,754 /MT wholesale
__Tonnes LCE production_________= 39,450 mtpa
__MSB-SpA Stage 2 if Codelco signs off =_ 4,800 mtpa Click for refresher
Tonnes LCE production combined ______________________ = 44,250 mtpa (15,200mtpa-PH1 + 4800mtpa-PH2 + 80,000mt/20years + 80,000mt/20yrs + 325,000mt/20yrs)
Specialty plant nutrition, Nil first 3 years production ________ = $0.00 Through Month 48 then assume revenue 49 to 240 at US$80,990,821/month
Iodine production, Nil first 3 years production ______________ = $0.00 Through Month 48 then assume revenue 49 to 240 at US$38,627,061/month
Industrial chemicals, Nil first 3 years production ____________ = $0.00 Through Month 48 then assume revenue 49 to 240 at US$18,537,831/month
KCL (potassium chloride), Nil first 3 years production _______ = $0.00 Through Month 48 then assume revenue 49 to 240 at US$24,157,308/month
Gross Revenue for 20 years (Lithium only) _______________ = $28,987,068,750
Mine gross revenue PER YEAR (Lithium only) _____________ = $1,449,353,438 (44,250mtpa X US$32,754/mt)

Gross Revenue for 20 years (Lithium only) _______________ = $28,987,068,750
Gross Revenue for last 16 years (KCL, iodine, chemicals) ____ = $31,164,100,007
Gross Revenue LOM all minerals over 20 years ____________ = $60,151,168,757

Operating Expenses per Tonne itemized
Chemicals & reagents______ $1,099 /MT
Salt Removal______________ $266 /MT
(Electrical ST $342/MT)
(Thermal ST $821/MT)
Energy__________________ $1,164 /MT
Manpower_________________ $518 /MT
Employee services__________ $132 /MT
Maintenance_______________ $358 /MT
Transport & sales___________ $181 /MT
G&A_____________________ $146 /MT
Operating Expense Li2O LCE $3,864 /MT = ($170,982,000) *based on 44,250mtpa*
Operating Expense KCl/mt____ $145 /MT = ($23,740,125) *based on 163,725 mtpa*

Capital Costs
1000 Brine Extraction Wells______________ $61,070,000
2000 Evaporation Ponds________________ $178,715,000
2500 Massive Soil Movement_____________ $0 ____was $6.25M
3000 KCL Plant________________________ $0 ____was $23.4M Note: NO Potash sales first 3 yrs (163,725mtpa after 3 yrs)
5000 Salt Removal_____________________ $102,920,000
6000 Lithium Carbonate Plant____________ $110,980,000
8000 General Services__________________ $160,115,000 Includes 443 staff/workers
9000 Infrastructure_____________________ $93,000,000
Total Direct Costs______________________ $706,800,000
Total Indirect Costs 9.82% _______________ $69,408,000
Contingency 12.50% ___________________ $97,026,000
Total Capital Cost______________________ $873,233,000
CAPEX from BYD(1) US$172,490,000 = 19.75% _______ BYD(1)
CAPEX from BYD(2) US$700,743,000 = 80.25% ______ BYD(2)
Depreciate CAPEX of $873M over 20 years = ($43,662,000) *___ Payback to BYD from “Revenue off the top”
Gross INCOME after expenses ST________ = $1,210,969,313 *
National Royalty (1932 Law+Pinera 2014) 3.00% = ($36,329,000) (3.00% x $1,210,969,313) click here for explanation
Local royalties/community payment /Tax 7.50% = ($90,823,000) (7.50% x $1,210,969,313) see page 9 of PEA
EBITA_______________________________ = $1,083,817,313
(Ref MSB corporate tax rate is 27% see page 12 of 43)
Estimated Income 60% of EBITA 60% = $650,290,000 (was 55% in 2017 - 2020)

Partners Yearly Income
LPI income per year 20.93% ___________= $136,118,000
SB (Borda) income per year 12.72% _____= $82,738,000
BYD(1) Income per year 14.82% __________= $96,373,000
________Metric Tonnes per year = 44,250 _____ NA
_______X 16.1% BYD discount/mt = $6,300 ____ NA
Total BYD Discount for year = $278,775,000 ____ NA
Errázuriz income 14.82% _____________= $96,373,000
BYD(2) Income 29.64% ________________= $192,746,000 note 325,000mt CEOL
BRZ income per year 4.11% ___________= $26,734,000
BLILF income per year (Study) 2.95% _____= $19,209,000
_______________ 100.0% ____________ $650,291,000

Value of Entire Project at Cap Rate 8.0% = $8,129,000,000 Through Month 48

Value of BLILF at Cap Rate 8.0% = $240,000,000 Through Month 48

BLILF original equivalent USA shares = 16,000,000 = 18,635,108 sh CAN per Our Original Deal, LIEG may need to file class-action lawsuit here
Payoffs, equity contrib, horse-trading, rape-job dilution = 11,124,069 = 12,956,140 shares CANADIAN April 1, 2022
BLILF Total equilavalent USA shares = 27,124,069 = 31,591,248 shares CANADIAN
Projected value of BLILF share February 2026 = $8.85 PPS in USD

Interest Rate = 5.85% Was 5.00% Chile analysts see interest rate hiked to 5% this month - Cenbank poll
NPER. Number of months in study = 48
Minimum appreciation per month per share 1.67% = $0.147 /mon/share
BLILF Future Value April 2026 = $8.85 PPS
Type (payment at beginning, mode) = 1
Value of BLILF share May 2022 USD = $1.91 PPS (attributable to Maricunga)

Value of BLILF share May 2022 = $1.91 PPS
Value of BLILF share June 2022 = $2.06 PPS
Value of BLILF share July 2022 = $2.21 PPS
Value of BLILF share August 2022 = $2.36 PPS
Value of BLILF share September 2022 = $2.50 PPS
Value of BLILF share October 2022 = $2.65 PPS
Value of BLILF share November 2022 = $2.80 PPS
Value of BLILF share December 2022 = $2.95 PPS
Value of BLILF share January 2023 = $3.09 PPS
Value of BLILF share February 2023 = $3.24 PPS
Value of BLILF share March 2023 = $3.39 PPS
Value of BLILF share April 2023 = $3.53 PPS
Value of BLILF share May 2023 = $3.68 PPS
Value of BLILF share June 2023 = $3.83 PPS
Value of BLILF share July 2023 = $3.98 PPS
Value of BLILF share August 2023 = $4.12 PPS
Value of BLILF share September 2023 = $4.27 PPS
Value of BLILF share October 2023 = $4.42 PPS
Value of BLILF share November 2023 = $4.57 PPS
Value of BLILF share December 2023 = $4.71 PPS
Value of BLILF share January 2024 = $4.86 PPS
Value of BLILF share February 2024 = $5.01 PPS
Value of BLILF share March 2024 = $5.16 PPS
Value of BLILF share April 2024 = $5.30 PPS
Value of BLILF share May 2024 = $5.45 PPS
Value of BLILF share June 2024 = $5.60 PPS
Value of BLILF share July 2024 = $5.74 PPS
Value of BLILF share August 2024 = $5.89 PPS
Value of BLILF share September 2024 = $6.04 PPS
Value of BLILF share October 2024 = $6.19 PPS
Value of BLILF share November 2024 = $6.33 PPS
Value of BLILF share December 2024 = $6.48 PPS
Value of BLILF share January 2025 = $6.63 PPS
Value of BLILF share February 2025 = $6.78 PPS
Value of BLILF share March 2025 = $6.92 PPS
Value of BLILF share April 2025 = $7.07 PPS
Value of BLILF share May 2025 = $7.22 PPS
Value of BLILF share June 2025 = $7.36 PPS
Value of BLILF share July 2025 = $7.51 PPS
Value of BLILF share August 2025 = $7.66 PPS
Value of BLILF share September 2025 = $7.81 PPS
Value of BLILF share October 2025 = $7.95 PPS
Value of BLILF share November 2025 = $8.10 PPS
Value of BLILF share December 2025 = $8.25 PPS
Value of BLILF share January 2026 = $8.40 PPS
Value of BLILF share February 2026 = $8.54 PPS
Value of BLILF share March 2026 = $8.69 PPS
Value of BLILF share April 2026 = $8.84 PPS
Month 49 Value of BLILF share May 2026 = $18.34 PPS now includes lithium, KCL, iodine, specialty chemicals, potash

The Doctor