Piedmont Lithium (“Piedmont” or the “Company”) (Nasdaq: PLL;
ASX: PLL), a leading North American supplier of lithium
products critical to the U.S. electric vehicle supply chain, today
announced that new and expanded high-grade lithium mineralization
zones have been identified at North American Lithium (“NAL”) in
Quebec. NAL is jointly owned by Piedmont (25%) and Sayona Mining
Limited (75%).
The results of the 2023 NAL drill program indicate the potential
for a significant mineral resource upgrade and possible mine life
extension. Multiple thick, high-grade spodumene-bearing pegmatites
were discovered beyond current NAL pit operations and the planned
pit shell model along the northwest, northeast, and southeast
margins. The drill results support potential conversion of Inferred
Resources to Measured and Indicated Resources within the pit shell
model and could lead to additional resource definition below the
pit shell model at depth.
NAL restarted production in March 2023 and has consistently
achieved record production volumes each quarter.
“The drill program at North American Lithium demonstrates the
potential for near-term upgrades to NAL’s resources and reserves,”
said Keith Phillips, President and CEO of Piedmont Lithium. “We
believe these results underscore the long-term potential of this
important asset. NAL is the largest lithium operation in North
America, and ramp-up is nearing completion. As an operating mine
producing IRA-compliant spodumene concentrate, NAL is highly
strategic and the possibility of an extension to mine life and/or
an increase in annual production is very exciting.”
Cautionary Note to U.S. Investors Piedmont’s public disclosures
are governed by the U.S. Exchange Act of 1934, including Regulation
S-K 1300 thereunder, whereas Sayona discloses estimates of
“measured,” “indicated,” and “inferred” mineral resources as such
terms are used in the JORC Code and Canada’s National Instrument
43-101. Although S-K 1300, the JORC Code, and NI 43-101 have
similar goals in terms of conveying an appropriate level of
confidence in the disclosures being reported, they at times embody
different approaches or definitions. Consequently, investors are
cautioned that public disclosures by Sayona prepared in accordance
with the JORC Code or NI 43-101 may not be comparable to similar
information made public by companies, including Piedmont, subject
to S-K 1300 and the other reporting and disclosure requirements
under the U.S. federal securities laws and the rules and
regulations thereunder.
The statements in the link below were prepared by, and made by,
Sayona Mining. Such statements are not statements of Piedmont and
have not been independently verified by Piedmont. Sayona Mining is
not subject to U.S. reporting requirements or obligations, and
investors are cautioned not to put undue reliance on these
statements. Sayona Mining’s original announcements can be found
here.
About Piedmont Lithium Piedmont Lithium Inc. (Nasdaq: PLL; ASX:
PLL) is developing a world-class, multi-asset, integrated lithium
business focused on enabling the transition to a net zero world and
the creation of a clean energy economy in North America. Our goal
is to become one of the largest lithium hydroxide producers in
North America by processing spodumene concentrate produced from
assets where we hold an economic interest. Our projects include our
Carolina Lithium and Tennessee Lithium projects in the United
States and partnerships in Quebec with Sayona Mining (ASX: SYA) and
in Ghana with Atlantic Lithium (AIM: ALL; ASX: A11). We believe
these geographically diversified operations help us to play a
pivotal role in supporting America’s move toward energy
independence and the electrification of transportation and energy
storage. For more information, follow us on Twitter
@PiedmontLithium and visit www.piedmontlithium.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of or as described in securities legislation in the
United States and Australia, including statements regarding
exploration, development construction, production, and ramp up
activities or the timing of these activities, of Sayona Mining,
Atlantic Lithium and Piedmont, including regarding operating cost
improvements, regulatory approvals or permits or the timing
thereof, project spend, timing of completion of capital projects
and the effects of such projects, timing of planned deliveries and
ability to improve productivity; current plans for Piedmont’s
mineral and chemical processing projects; Piedmont’s potential
acquisition of an ownership interest in Ewoyaa, including financing
options, the timing of final investment decisions and project
spend; strategy; market cycles; lithium prices; equity values;
costs of new project developments; lithium shortages; lithium
market recovery; certain Company approvals, permitting, partnering
and debt funding discussions; a recently completed workforce
reduction; expense management and possible or assumed future
financial results or financial condition. Such forward-looking
statements involve substantial and known and unknown risks,
uncertainties, and other risk factors, many of which are beyond our
control, and which may cause actual timing of events, results,
performance or achievements and other factors to be materially
different from the future timing of events, results, performance,
or achievements expressed or implied by the forward-looking
statements. Such risk factors include, among others: (i) that
Piedmont, Sayona Mining or Atlantic Lithium may be unable to
commercially extract mineral deposits, (ii) that Piedmont’s, Sayona
Mining’s or Atlantic Lithium’s properties may not contain expected
reserves, (iii) risks and hazards inherent in the mining business
(including risks inherent in exploring, developing, constructing
and operating mining projects, environmental hazards, industrial
accidents, weather or geologically related conditions), (iv)
uncertainty about Piedmont’s ability to obtain required capital to
execute its business plan, (v) Piedmont’s ability to hire and
retain required personnel, (vi) changes in the market prices of
lithium and lithium products, (vii) changes in technology or the
development of substitute products, (viii) the uncertainties
inherent in exploratory, developmental and production activities,
including risks relating to permitting, zoning and regulatory
delays related to our projects as well as the projects of our
partners in Quebec and Ghana, (ix) uncertainties inherent in the
estimation of lithium resources, (x) risks related to competition,
(xi) risks related to the information, data and projections related
to Sayona Mining or Atlantic Lithium, (xii) occurrences and
outcomes of claims, litigation and regulatory actions,
investigations and proceedings, (xiii) risks regarding our ability
to achieve profitability, enter into and deliver product under
supply agreements on favorable terms, our ability to obtain
sufficient financing to develop and construct our projects, our
ability to comply with governmental regulations and our ability to
obtain necessary permits, (xiv) our ability to deliver on our
expense management efforts and other cost improvements expected
upon completion of key capital projects as well as our future cash
payments associated with these initiatives and potential future
impairment charges and (xv) other uncertainties and risk factors
set out in filings made from time to time with the U.S. Securities
and Exchange Commission (“SEC”) and the Australian Securities
Exchange, including Piedmont’s most recent filings with the SEC.
The forward-looking statements, projections and estimates are given
only as of the date of this press release and actual events,
results, performance, and achievements could vary significantly
from the forward-looking statements, projections and estimates
presented in this press release. Readers are cautioned not to put
undue reliance on forward-looking statements. Piedmont disclaims
any intent or obligation to update publicly such forward-looking
statements, projections, and estimates, whether as a result of new
information, future events or otherwise. Additionally, Piedmont,
except as required by applicable law, undertakes no obligation to
comment on analyses, expectations or statements made by third
parties in respect of Piedmont, its financial or operating results
or its securities.
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version on businesswire.com: https://www.businesswire.com/news/home/20240515693024/en/
Erin Sanders SVP, Corporate Communications & Investor
Relations T: +1 704 575 2549 E: esanders@piedmontlithium.com
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