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Month: July 2019

Piedmont Lithium June 2019 Quarterly Report

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NEW YORK – Piedmont Lithium Limited (ASX: PLL; NASDAQ: PLL) (“Piedmont” or “Company”) is pleased to present its June 2019 quarterly report. Highlights during and subsequent to the quarter were:

  • Increased total Mineral Resources for the Piedmont Lithium Project (“Project”) by 72% to 27.9 million tonnes (“Mt”) at a grade of 1.11% Li2O following:

    • anupdated Mineral Resource estimate for the Company’s Core property, increasing the Core property Mineral Resources to 25.1 Mt at a grade of 1.09% Li2O; and
    • an initial Mineral Resource estimate for the Company’s Central property, located approximately one mile south of the Core property, of 2.8 Mt at a grade of 1.34% Li2O.
  • Completed mineralogical analysis on samples of mineralized pegmatites and composite samples from the Project demonstrating that lithium occurs almost exclusively within spodumene in the Project’s ore body.
  • Completed PFS-level metallurgical test work demonstrating high quality spodumene concentrate product with a grade above 6.0% Li2O, iron oxide below 1.0%, and low impurities from representative bulk samples using a combination of Dense Medium Separation (“DMS”) and flotation technology.
  • Continued the 25,000-meter Phase 4 drill program, where a total of 94 holes have been completed to date for a total of 15,738 meters.
  • Substantially completed engineering for the planned Scoping Study update to integrate updated Mineral Resources, latest metallurgical testwork, flowsheet optimization and updated costs.
  • Continued numerous preliminary off-take, financing and strategic conversations, including companies from the lithium, mining, chemicals, battery, automotive and private equity sectors.
  • After quarter end, on July 10th, Piedmont completed an institutional placement of 145 million shares at A$0.145 per share to raise gross proceeds of A$21 million, led by cornerstone investor, Fidelity International (“Fidelity”) and the Company’s largest shareholder, AustralianSuper.

Next steps:

  • Complete an updated Scoping Study based on updated Mineral Resources, latest metallurgical testwork, flowsheet optimization and updated costs.
  • Continue Phase 4 drilling and expansion of the Company’s land position in the Carolina Tin-Spodumene Belt (“TSB”) with a focus on areas of high mineral prospectivity.
  • Complete permit applications and secure the necessary permits and approvals to commence mining and processing operations at the Project.
  • Advance development of the Company’s proposed lithium hydroxide chemical plant including metallurgical testwork for the conversion of spodumene concentrate produced from Piedmont ore.

To view the full ASX Announcement, click here.

Keith D. Phillips

President & CEO
T: +1 973 809 0505

E: keith@piedmontlithium.com

Anastasios (Taso) Arima

Executive Director

T: +1 347 899 1522

E: taso@piedmontlithium.com

Piedmont Lithium Announces Outstanding PFS-level Metallurgical Results

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  • Testwork confirms ability to produce high-grade, low impurity spodumene concentrate
  • Flow sheet adjusted to incorporate a combination of DMS and flotation processing
  • Process simulations based on testwork results support a design basis of 85% lithium recovery
  • Mineralogy shows spodumene as the only lithium bearing mineral in concentrate
  • Optimization to further improve recoveries will be undertaken during Definitive Feasibility Study
  • Updated flow sheet will be reflected in a Scoping Study update expected in the next 30 days

NEW YORK – Piedmont Lithium Limited (“Piedmont” or “Company”) is pleased to announce positive results from pre-feasibility study (“PFS”) level metallurgical test work conducted on composite samples of ore from the Piedmont Lithium Project (“Project”) performed at SGS testing laboratories in Lakefield, Ontario.

Dense Medium Separation (“DMS”) and flotation Locked-Cycle Tests (“LCT”) test work results showed high quality spodumene concentrate product with a grade above 6.0% Li2O, iron oxide below 1.0%, and low impurities from composite samples. Piedmont test results compare favorably in several quality categories with the reported shipments of three emerging Australian spodumene producers.

Table 1: Results of Dense Medium Separation + Locked Cycle Flotation Test Results (Composite Sample 1)

Sample

Feed

Grade

Li2O (%)

Concentrate

Grade Li2O

(%)

Fe2O3 (%)

Na2O (%)

K2O (%)

CaO+

MgO +

MnO (%)

P2O5 (%)

Piedmont Composite Sample 1

1.11

6.35

0.93

0.63

0.49

0.96

0.32

Australian Producer 1

NR

6.00

1.20

NR

NR

NR

NR

Australian Producer 2

NR

5.90

1.50

NR

NR

NR

NR

Australian Producer 3

NR

6.10

0.61

0.80

0.76

0.79

0.30

NR: Not Reported

The composite samples were prepared to approximate the average grade of the Project’s ore body. Overall lithium recovery during testwork for the preferred flowsheet was 77% at a grade of 6.35% Li2O. Simulations based on the testwork results support an overall plant design recovery of 85% when targeting a 6.0% Li2O spodumene concentrate product. Further optimization will be undertaken in a future feasibility level pilot testwork program.

The Company’s forthcoming Scoping Study update will incorporate the updated flow sheet developed during this test work program. The benefit of incorporating DMS technology into the flow sheet will be reduced operating costs and accelerated ramp-up.

Keith D. Phillips, President and Chief Executive Officer, commented: “We are very pleased with the results of this PFS-level testwork program, which confirms the outstanding mineralogy and metallurgy of the Piedmont Lithium Project. We look forward to reflecting these strong results in our forthcoming Scoping Study update, which will also incorporate the substantially larger mineral resource announced in June as well as several other constructive refinements.”

Click here to view the full ASX Announcement.

Keith D. Phillips

President & CEO

T: +1 973 809 0505

E: kphillips@piedmontlithium.com

Anastasios (Taso) Arima

Executive Director

T: +1 347 899 1522

E: tarima@piedmontlithium.com

Completion of Institutional Placement

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Piedmont Lithium Limited (ASX: PLL; Nasdaq: PLL) (“Piedmont” or “Company”) is pleased to announce that it has completed its previously announced placement of 145 million shares at an issue price of A$0.145 per share to institutional investors to raise gross proceeds of A$21 million (“Placement”).

Proceeds from the Placement will be used to complete a definitive feasibility study (“DFS”) and provide funding for the Company to continue development of its 100% owned Piedmont Lithium Project (“Project”) located in the world-class Carolina Tin-Spodumene Belt (“TSB”) in the United States, including additional drilling to upgrade the Project’s Inferred resources to Indicated resources, additional metallurgical testwork and engineering studies, ongoing land consolidation, and general working capital.

The Company expects to complete a detailed metallurgical testwork program followed by an updated Scoping Study in the coming weeks.

An Appendix 3B and Section 708A Notice is attached.

Institutional Placement to Raise A$21 Million

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Piedmont Lithium Limited (ASX: PLL; Nasdaq: PLL) (“Piedmont” or “Company”) is pleased to announce that it has received commitments to place 145 million shares at an issue price of A$0.145 per share to institutional investors to raise gross proceeds of A$21 million (“Placement”).

The Placement was led by cornerstone investor, Fidelity International (“Fidelity”), a global asset manager. Fidelity will subscribe for 74 million shares and will become a substantial shareholder of the Company.

The Company is also pleased that its largest shareholder, AustralianSuper, the largest industry super fund in Australia, has agreed to subscribe for 19 million shares to maintain its pro-rata 13% position,
further confirming its continued support for the Company and its Piedmont Lithium Project.

The order book was rounded out with a number of high-quality Australian and Asian institutions, including some existing shareholders and others new to the Piedmont story.

Mr. Keith Phillips, President and CEO, said: “We are extremely pleased to welcome Fidelity to our register as a substantial shareholder, and for the continued support of AustralianSuper and several other quality institutional investors in our Company participating based on their strong confidence in the quality of our Piedmont Lithium Project and the prospects for our Company. Securing these funds
will allow us to maintain our ambitious development timetable for what we believe to be the world’s most strategically located lithium project.”

Proceeds from the Placement will be used to complete a definitive feasibility study (“DFS”) and provide funding for the Company to continue development of its 100% owned Piedmont Lithium Project
(“Project”) located in the world-class Carolina Tin-Spodumene Belt (“TSB”) in the United States, including additional drilling to upgrade the Project’s Inferred resources to Indicated resources, additional metallurgical testwork and engineering studies, ongoing land consolidation, and general working capital.

The issue price of A$0.145 represents a 9% discount to the last closing price of A$0.16 and an 11% discount to the 20-day VWAP of A$0.163. The Company expects to issue the Placement shares on or
about 10 July 2019 and will issue the shares under Listing Rules 7.1 and 7.1A.

Shaw and Partners Limited and Aitken Murray Capital Partners acted as Joint Lead Managers to the Placement and Taylor Collison Limited and Foster Stockbroking acted as co-managers.