Piedmont Lithium Executive Leadership to Share Company Developments at June Industry Conferences

Belmont, North Carolina, June 1, 2023Piedmont Lithium Inc. (“Piedmont” or “Company”) (Nasdaq:PLL; ASX:PLL), a developer of lithium resources critical to the U.S. electric vehicle supply chain, today announced executive participation in the following industry conferences in June:

  • KeyBanc 2023 Industrials & Basic Materials Conference – Boston, MA, June 1
  • TD Cowen Sustainability Week – virtual, June 6
  • Clarksons Battery Value Chain Conference – virtual, June 6
  • Benchmark Battery Gigafactories USA – Washington, D.C., June 8-9
  • Bank of America Virtual Lithium Day – virtual, June 13
  • Evercore ISI Global Clean Energy & Transition Technologies Summit – New York, NY, June 15-16
  • Fastmarkets Lithium Supply and Battery Raw Materials Americas – Las Vegas, NV, June 20-22
  • J.P. Morgan Energy, Power & Renewables Conference – New York, NY, June 21-22
  • TD Cowen NDR – Europe – London, Paris, Switzerland, June 27-29
  • Canaccord Toronto Lithium Day – Toronto, Canada, June 27

“We are advancing across our global portfolio of projects to supply critical lithium resources to the U.S. battery and manufacturing supply chains, and we are looking forward to sharing our progress with the industry and investors this month,” said Piedmont Chief Executive Officer Keith Phillips. “First commercial shipments and revenue generation from North American Lithium are nearing, as is a DFS for the Ewoyaa Lithium Project. Meanwhile, permitting is progressing at both Tennessee Lithium and Carolina Lithium.”

Piedmont’s global portfolio of projects includes the following targets, subject to permitting, approvals, and financing:

  • Quebec: first commercial shipment of spodumene concentrate from Sayona Quebec’s North American Lithium – Q3 2023
  • Ghana: spodumene concentrate production at Atlantic Lithium’s Ewoyaa Lithium Project – 2025
  • Tennessee Lithium: lithium hydroxide production from spodumene concentrate sourced from our international investments – 2026
  • Carolina Lithium: integrated spodumene concentrate and lithium hydroxide production – 2027

About Piedmont Lithium

Piedmont Lithium (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). These geographically diversified operations will enable 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, and construction activities of Sayona Mining, Atlantic Lithium and Piedmont; current plans for Piedmont’s mineral and chemical processing projects; strategy; and strategy. 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 will 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, and (xiv) 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.

Piedmont Lithium’s Power for Life Foundation Selects Three Tennessee Scholarship Recipients

Belmont, North Carolina, May 23, 2023Piedmont Lithium Inc. (“Piedmont” or “Company”) (Nasdaq:PLL; ASX:PLL), a developer of lithium resources critical to the U.S. electric vehicle supply chain, today announced three Tennessee students as scholars of the Piedmont Lithium Foundation – Power for Life, Inc. (“Power for Life”).

Bradley Farmer of Central High School of McMinn County, Wesley (“Alex”) Gaskins of Central High School of McMinn County, and Logan Smith of the University of Tennessee at Chattanooga (“UTC”) were selected to receive up to $20,000 to help further their pursuit of their education related to science, technology, engineering, and mathematics (“STEM”). The recipients are eligible to receive up to $5,000 per year for four consecutive years to assist with tuition, room, and board expenses at an accredited post-secondary institution.

A group of men sitting at a table
Central High School of McMinn County student Bradley Farmer (left), University of Tennessee at Chattanooga student Logan Smith (middle), and Central High School of McMinn County student Alex Gaskins (right) are the 2023 Tennessee Piedmont Lithium Power for Life scholars.
“We couldn’t be more pleased to recognize these outstanding students with scholarships,” said Kris McVey, Executive Vice President and Chief Administrative Officer of Piedmont and President of Power for Life. “We were impressed by Bradley, Alex, and Logan because they have excelled academically while demonstrating a keen commitment to their communities. We believe the future is bright for these students, and we look forward to supporting the next chapters in their academic careers.”

Farmer, who recently graduated as co-valedictorian of Central High School of McMinn County, is planning to attend the University of Tennessee, Knoxville to earn a degree in mechanical engineering. Throughout high school, he worked with his uncle in the automobile industry, which sparked his passion for understanding machines. Farmer enjoys problem-solving and seeks to develop technological advancements to help build a better world.

Central High School of McMinn County student Bradley Farmer (left), University of Tennessee at Chattanooga student Logan Smith (middle), and Central High School of McMinn County student Alex Gaskins (right) are the 2023 Tennessee Piedmont Lithium Power for Life scholars.

Gaskins recently graduated as co-valedictorian of Central High School of McMinn County, where he served as captain of the golf team and manager of the varsity boys basketball team. Civically, Gaskins has been actively involved in Zion Hill Baptist Church and Boy Scouts of America. Gaskins plans to attend Tennessee Tech University to earn a degree in chemical engineering and advance research efforts in renewable sources of energy.

Smith, a student at UTC, plans to utilize the scholarship to complete his bachelor’s degree in mechatronics engineering technology, which integrates mechanical, electrical, and electronic engineering. In 2018, Smith earned county wide recognition as the APEX CTE Student of the Year. He subsequently graduated from Central High School of McMinn County with honors of distinction as a Tennessee Ready Graduate and a Work Ethic Diploma recipient. He later earned an associate degree and worked as a DENSO Co-Op for two years, gaining practical experience, while maintaining involvement in his community.

Piedmont launched Power for Life earlier this year to focus on important charitable and educational initiatives to support the communities in which Piedmont expects to operate in North Carolina and Tennessee.  Power for Life supports various philanthropic efforts and organizations in the communities, including sponsoring STEM initiatives within local K-12 and post-secondary educational institutions as well as scholarships for current and future STEM students. In addition to Farmer, Gaskins, and Smith, Power for Life also selected three scholarship recipients from North Carolina as part of its 2023 scholarship program: Michael Jones, Riley Kiser, and Ella Tynan.

For more information on Power for Life, email foundation@piedmontlithium.com or visit us online by clicking here.

About Piedmont Lithium 

Piedmont Lithium (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). These geographically diversified operations will enable 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.

Piedmont Lithium’s Power for Life Foundation Selects Three North Carolina Scholarship Recipients

Power for Life Foundation LogotBelmont, North Carolina, May 23, 2023Piedmont Lithium Inc. (“Piedmont” or “Company”) (Nasdaq:PLL; ASX:PLL), a developer of lithium resources critical to the U.S. electric vehicle supply chain, today announced three North Carolina students as scholarship recipients from the Piedmont Lithium Foundation – Power for Life, Inc. (“Power for Life”).

Michael Jones of Highland School of Technology, Riley Kiser of Cherryville High School, and Ella Tynan of South Point High School were selected to receive up to $20,000 to help further their pursuit of their education related to science, technology, engineering, and mathematics (“STEM”). The recipients are eligible to receive up to $5,000 per year for four consecutive years to assist with tuition, room, and board expenses at an accredited post-secondary institution.

“We are thrilled to recognize these outstanding students with scholarships,” said Kris McVey, Executive Vice President and Chief Administrative Officer of Piedmont and President of Power for Life. “We were impressed by Michael, Riley, and Ella because they have excelled academically while demonstrating a keen commitment to their communities. We believe these students will ultimately make significant contributions in STEM, and we look forward to supporting the next chapter of their academic careers.”

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Michael Jones

Jones is on track to graduate from Highland School of Technology in June and is already certified in AutoCAD and AutoDesk Inventor. He is an active member of the nationally accredited Technology Student Association (TSA) and the school’s Animatronics Team, which placed first in the state’s TSA conference in 2022. In addition to excelling academically, Jones played soccer throughout high school and is currently leading the varsity soccer team as captain. Jones plans to pursue a degree in mechanical engineering at North Carolina State University and, ultimately, a career in manufacturing.

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Riley Kiser

Kiser, a student at Cherryville High School, has a profound interest in supporting ecological conservation and sustainability initiatives. She immersed herself in STEM education beginning in early childhood and continued challenging herself with AP science classes throughout high school. Kiser plans to attend Appalachian State University to study environmental science with a concentration in life sciences. She is passionate about education, exploring environmental stewardship, and advocating for women and girls in STEM.

A person with long hair smiling Description automatically generated with low confidence

Ella Tynan

Tynan currently attends South Point High School and is planning to study chemistry at Appalachian State University. Her interest in STEM began in sixth grade when she joined TSA; it flourished throughout high school in her roles at Eliminate the Digital Divide and the Center for Digital Equity, where she helped bridge gaps between those with and without access to technology. Tynan also has aided local conservation efforts by serving on the board of Keep Belmont Beautiful. In college, she plans to explore environmental research focused on conserving and generating renewable energy.

For more information on Power for Life, email foundation@piedmontlithium.com or visit us online by clicking here.

About Piedmont Lithium 

Piedmont Lithium (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). These geographically diversified operations will enable 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.

Piedmont Lithium to Provide Portfolio Update at May Industry Conferences

NAL production restart, first shipments to Tesla and LG Chem, near-term revenue potential among key topics

Belmont, North Carolina, May 2, 2023Piedmont Lithium Inc. (“Piedmont” or the “Company”) (Nasdaq:PLL; ASX:PLL), a leading global developer of lithium resources, announced executive participation in the following industry conferences in May:

  • Macquarie Australia Conference – Sydney Australia, May 2-4
  • Citi Energy & Climate Technology Conference – Boston, Massachusetts, May 9-10
  • Society for Mining, Metallurgy & Exploration – New York, New York, May 9
  • Canaccord Genuity Global Metals & Mining Conference – Palm Desert, California, May 10-12
  • Deutsche Bank NDR – virtual, May 15
  • Evercore Battery Metals Conference – New York, New York, May 17
  • B. Riley 23rd Annual Institutional Investor Conference – Beverly Hills, California, May 24-25
  • KeyBanc 2023 Industrials & Basic Materials Conference – Boston, Massachusetts, May 30-June 1

Piedmont President and Chief Executive Officer Keith Phillips said updating the industry and investors on Piedmont’s global portfolio of lithium projects is particularly timely given the Company’s potential for near-term revenue generation. “We are keenly focused on first commercial shipments from North American Lithium, targeted for Q3, and we look forward to bringing these lithium resources to the market through our offtake agreements with Tesla and LG Chem. We are pleased with the project economics demonstrated by the Tennessee Lithium definitive feasibility study as we advance toward a definitive feasibility study for the Ewoyaa Lithium Project and the permitting and approval process for Carolina Lithium.”

To view Piedmont’s updated corporate presentation, click here.

About Piedmont Lithium 

Piedmont Lithium (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). These geographically diversified operations will enable 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.

Piedmont Lithium 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, and construction activities of Sayona Mining, Atlantic Lithium and Piedmont; current plans for Piedmont’s mineral and chemical processing projects; strategy; and strategy. 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 will 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, and (xiv) 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.

Piedmont Lithium Partner Sayona Announces Positive NAL DFS And Increased Resource at Moblan

  • Definitive Feasibility Study of spodumene concentrate production at North American Lithium increases annual production targets in advance of first shipments to customers
  • JORC and NI 43-101 compliant Measured & Indicated Mineral Resources at Moblan increased to 41.1 million metric tons @ 1.32% Li2O at a cut-off grade of 0.55% Li2O

Belmont, North Carolina, April 18, 2023Piedmont Lithium Inc. (“Piedmont” or the “Company”) (Nasdaq:PLL; ASX:PLL), a leading global developer of lithium resources, today announced that the Company’s joint venture partner, Sayona Mining (“Sayona”) (ASX:SYA), has released a definitive feasibility study (“DFS”) for the jointly-owned North American Lithium (“NAL”) project, and increased lithium mineral resources at its 60%-owned Moblan Lithium Project (“Moblan”), both in the province of Quebec. Piedmont holds a 25% stake in NAL and an equity interest of approximately 14% in Sayona. Sayona completed the technical studies for NAL and Moblan in accordance with both JORC Code and NI 43-101 requirements.

The NAL DFS contemplates increased annual spodumene concentrate production averaging 190,000 metric tons per year (“tpy”) over a 20-year mine life, with a target of 226,000 tpy in years one through four of steady state operations and approximately 186,000 tpy beginning in year five. The revised production targets, combined with higher spodumene concentrate pricing, resulted in an increase to the net present value for the NAL project compared to the prefeasibility study completed in 2022.

As part of the DFS and mine restart efforts, Sayona undertook a strategic review of mineral resources and ore reserves to create opportunities to focus on higher-grade, open-pit material and to improve project net present value. The revised block model has resulted in a reduction in ore reserves and certain Indicated Resources have been reclassified as Inferred Resources based on new model interpretation. The study contemplates a mine life of 20 years, reduced from the prefeasibility study estimate of 27 years, through the elimination of underground mining.

NAL is one of the projects of Sayona Quebec, a joint venture between Sayona (75%) and Piedmont (25%). Piedmont holds an offtake agreement with Sayona Quebec to purchase the greater of 113,000 tpy or 50% of the joint venture’s spodumene concentrate production. Piedmont subsequently has agreements with LG Chem and Tesla to provide spodumene concentrate from NAL beginning in H2 2023. Sayona Quebec is undertaking a prefeasibility study to explore downstream production at NAL and expects results in Q2 2023.

Separately, Sayona has announced a significant increase in mineral resources at its 60%-owned Moblan project in northern Quebec. Measured and Indicated Mineral Resources at Moblan now total 41.1 million metric tons @ 1.32% Li2O using a 0.55% Li2O cut-off grade, making Moblan one of North America’s most significant spodumene ore bodies.

Piedmont’s Chief Operating Officer Patrick Brindle said, “The results of the DFS underscore NAL’s role as a significant lithium producer positioned to meet the requirements of the Inflation Reduction Act of 2022. Production is ramping up at NAL, and we look forward to making initial shipments to our customers LG Chem and Tesla later in 2023. Further, we congratulate our partners at Sayona on the significant mineral resource expansion at their 60%-owned Moblan project. We are very pleased with our positions as Sayona’s joint venture partner in the Abitibi Hub lithium projects and as Sayona Mining’s largest shareholder. Quebec is an ideal location for lithium chemicals in the future, given the province’s abundant mineral resources, low-cost hydroelectricity, proximity to U.S. markets, and supportive provincial government.”

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. The following disclosures 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’s original announcements can be found here and here.

About Piedmont Lithium 

Piedmont Lithium (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). These geographically diversified operations will enable 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.

Piedmont Lithium 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, and construction activities of Sayona Mining and Piedmont; current plans for Piedmont’s mineral and chemical processing projects; and strategy. 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 or Sayona Mining will be unable to commercially extract mineral deposits or may experience delays in delivering any minerals extracted, (ii) that Piedmont’s or Sayona Mining’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 Piedmont’s projects as well as the projects of Piedmont’s 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, (xii) occurrences and outcomes of claims, litigation and regulatory actions, investigations and proceedings, (xiii) risks regarding Piedmont’s ability to achieve profitability, enter into and deliver product under supply agreements on favorable terms, Piedmont’s ability to obtain sufficient financing to develop and construct Piedmont’s projects, its ability to comply with governmental regulations and our ability to obtain necessary permits, and (xiv) 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.

Sayona Mining and Piedmont Lithium Announce Successful Restart of North American Lithium

  • Commissioning of Quebec project was completed on time and on budget
  • Commercial operations commenced with deliveries to Port of Quebec City ongoing
  • First commercial shipments to customers targeted for Q3 2023
  • Only major source of new spodumene concentrate expected in North America in the near term
Sayona Mining Logo
Piedmont Logo

Quebec, Canada, March 30, 2023 – North American lithium producer Sayona Mining Limited (“Sayona”) (ASX:SYA; OTCQB:SYAXF) and Piedmont Lithium Inc. (“Piedmont” or the “Company”) (Nasdaq:PLL; ASX:PLL), a leading global developer of lithium resources, today announced the successful restart of commercial spodumene concentrate production at the jointly-owned North American Lithium (“NAL”) project in Quebec. The $US80 million restart of NAL was completed on time and on budget and is the only major source of new spodumene production expected in North America in the next two years. Sayona is targeting 226,000 metric tons per year of annual production with first commercial shipments expected in Q3 2023.

Sayona’s Managing Director Brett Lynch commented on the efficient recommencement of NAL. “Since announcing our restart intentions in 2021, our project team has maintained a forward-looking focus to improve lithium capture, achieve more consistent runtimes, and streamline operating costs from the past-producing operation. Improvements were made as planned in our timeline and budget, and we are eager to see the impact the upgrades bring to both product quality and operational efficiency as we prepare for our first commercial shipments of spodumene concentrate expected in July of this year.”

Piedmont’s President and Chief Executive Officer Keith Phillips added, “We applaud the work of the operating team in bringing the restart of NAL to fruition. This marks an exciting milestone not only for Piedmont Lithium and Sayona Mining, but the North American market for which we are working to supply critical lithium resources. NAL is positioned to be a key contributor to the electric vehicle and battery supply chains as demand for lithium continues to rapidly expand along with the electrification economies in both Canada and the U.S.”

NAL is one of three projects of Sayona Quebec, a joint venture between Sayona (75%) and Piedmont (25%). Sayona is targeting four shipments from NAL totaling up to 120,000 metric tons by the end of 2023, which are expected to supply key battery and electric vehicle manufacturers, including LG Chem and Tesla.

Powered by renewable hydroelectricity, NAL is ideally located in the Abitibi region of Quebec with convenient access to rail, highway, and port infrastructure to bring lithium concentrate to the market.

Production at NAL is expected to be supported by the mineral resources of Sayona Quebec’s Abitibi Hub projects. Mineral resource estimates have been determined by Sayona and reported in accordance with JORC Code (2012) and NI 43-101 standards. Sayona Quebec is expected to provide an updated Definitive Feasibility Study for both NAL and its Authier Lithium Project. Additionally, a new, large-scale, extensive drill program is planned for 2023 by NAL and Jourdan Resources Inc. related to both NAL and the adjacent Vallée Lithium Project. The intent of the program is to define a mineral resource base capable of supplying more tons and enhanced material quality to the NAL concentrator.

A prefeasibility study (“PFS”) is currently underway to evaluate downstream production at NAL through the completion of the project’s lithium carbonate plant, which was partially constructed by prior owners of the operation. Results of the PFS are expected in H1 2023. Further evaluation of downstream production of lithium carbonate or lithium hydroxide in Quebec may follow the PFS study.



(Above) Spodumene concentrate housed in the newly constructed containment facility at NAL.
(Below) NAL site with quarry visible in background and operations in foreground.

About Sayona Mining

Sayona Mining Limited is an emerging lithium producer (ASX:SYA; OTCQB:SYAXF), with projects in Québec, Canada and Western Australia. In Québec, Sayona’s assets comprise North American Lithium together with the Authier Lithium Project and its emerging Tansim Lithium Project, supported by a strategic partnership with American lithium developer Piedmont Lithium Inc. (Nasdaq:PLL; ASX:PLL). Sayona also holds a 60% stake in the Moblan Lithium Project in northern Québec. In Western Australia, the Company holds a large tenement portfolio in the Pilbara region prospective for gold and lithium. Sayona is exploring for Hemi‐style gold targets in the world‐class Pilbara region, while its lithium projects are subject to an earn‐in agreement with Morella Corporation (ASX:1MC). For more information, please visit us at www.sayonamining.com.au.

For further information, contact:
Brett Lynch
Managing Director
info@sayonamining.com.au

For media inquiries, contact:
Anthony Fensom
Republic PR
+61 (0)407 112 623
anthony@republicpr.com.au

About Piedmont Lithium 

Piedmont Lithium (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). These geographically diversified operations will enable 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.

Piedmont Lithium 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, and construction activities of Sayona Mining and Piedmont; current plans for Piedmont’s mineral and chemical processing projects; and strategy. 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 or Sayona Mining will be unable to commercially extract mineral deposits or may experience delays in delivering any minerals extracted, (ii) that Piedmont’s or Sayona Mining’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 Piedmont’s projects as well as the projects of Piedmont’s 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, (xii) occurrences and outcomes of claims, litigation and regulatory actions, investigations and proceedings, (xiii) risks regarding Piedmont’s ability to achieve profitability, enter into and deliver product under supply agreements on favorable terms, Piedmont’s ability to obtain sufficient financing to develop and construct Piedmont’s projects, its ability to comply with governmental regulations and our ability to obtain necessary permits, and (xiv) 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.

North American Lithium Produces First Spodumene Concentrate as Restart Plans Advance

BELMONT, NC, March 9, 2023Piedmont Lithium Inc. (“Piedmont” or the “Company”) (Nasdaq:PLL; ASX:PLL), a leading global developer of lithium resources critical to the U.S. electric vehicle (“EV”) supply chain, today announced that its jointly-owned North American Lithium (“NAL”) project has successfully produced initial spodumene concentrate (“SC6”) as plans advance to fully restart the Quebec operation. Approximately 70 metric tons of spodumene concentrate were produced as part of commissioning with first shipment of saleable product targeted for Q3 2023.

Patrick Brindle, Executive Vice President and Chief Operating Officer of Piedmont Lithium, applauded the progress toward full-scale production. “This initial production from NAL underscores the diligence and dedication of the management team to restart the mine and concentrator both on time and on budget. NAL is the most advanced lithium project in terms of development in the U.S. and Canada, and we expect the operation to provide the only major source of new SC6 production in North America in the near term.”

NAL is one of the projects in the portfolio of Sayona Quebec, a joint venture between Piedmont and Sayona Mining Limited (ASX:SYA). In addition to Piedmont’s economic interest in the joint venture, the Company holds an offtake agreement with Sayona Quebec to purchase the greater of 113,000 metric tons per year or 50% of the joint venture’s SC6 production. Piedmont subsequently has agreements with LG Chem and Tesla to provide spodumene concentrate from NAL beginning in H2 2023. Sayona Mining has indicated a target of four shipments from NAL by the end of 2023 totalling 85,000 to 115,000 metric tons.

The statements in the link below were prepared by, and made by, Sayona Mining. The following disclosures 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 announcement can be found here.

About Piedmont Lithium 

Piedmont Lithium (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). These geographically diversified operations will enable 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, and construction activities of Sayona Mining and Piedmont; current plans for Piedmont’s mineral and chemical processing projects; and strategy. 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 or Sayona Mining will be unable to commercially extract mineral deposits, (ii) that Piedmont’s or Sayona Mining’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, (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, and (xiv) 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.

Piedmont Lithium Responds to Short Report

BELMONT, NC, March 9, 2023Piedmont Lithium Inc. (“Piedmont” or “Company”) (Nasdaq:PLL; ASX:PLL), a leading global developer of lithium resources critical to the U.S. electric vehicle (“EV”) supply chain, is aware of a recent report published by Blue Orca Capital (“Short Report”), which contains allegations in relation to Atlantic Lithium Limited’s (“Atlantic”) lithium project in Ghana.

Piedmont notes that Atlantic has denied the allegations contained in the Short Report and outrightly refutes the allegations of impropriety made by the Short Report. Atlantic’s response to the Short Report has now been released and is available on the AIM market of the London Stock Exchange.

Piedmont notes that Atlantic’s recent application for a Mining License for its lithium project in Ghana excludes the two licenses purchased as part of its acquisition of Joy Transporters Ltd referred to in the Short Report, which do not form part of Atlantic’s defined resources for its Ghana lithium project.

Piedmont has the right to purchase 50% of Atlantic’s production of spodumene concentrate from its Ghana lithium project, at market prices on a life-of-mine basis, and to earn a 50% interest in the Ghanaian projects. Piedmont currently contemplates utilizing spodumene concentrate from this offtake agreement as partial feed for its proposed Tennessee Lithium hydroxide plant. However, if for any reason Piedmont does not exercise its right to this offtake supply, the Company is confident that alternative sources of spodumene concentrate would be available to feed the Tennessee facility, as current and future spodumene producers seek to feed the growing U.S. electric vehicle market and qualify for the benefits available under the Inflation Reduction Act of 2022.

Piedmont also notes that the publisher of the Short Report discloses that it has a short interest in Piedmont’s shares and therefore stands to realize significant gains from a decline in Piedmont’s share price.

Atlantic and Piedmont will seek legal advice to address the claims made by the Report.

This announcement has been authorized for release by the Company’s CEO, Keith Phillips.

About Piedmont Lithium 

Piedmont Lithium (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). These geographically diversified operations will enable 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 and sales activities of Sayona Mining, Atlantic Lithium and Piedmont; current plans for Piedmont’s mineral and chemical processing projects; and strategy. 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 will be unable to commercially extract or deliver mineral deposits to Tesla, LG Chem or otherwise, (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, and our investments in minority interests in, 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, and (xiv) 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.

Piedmont Lithium to Participate in Upcoming Industry Conferences

Company to discuss first production at North American Lithium, offtake updates,
near-term cash flow, and key project advancements

BELMONT, NC, February 23, 2023Piedmont Lithium (“Piedmont” or the “Company”) (Nasdaq:PLL; ASX:PLL), a leading global developer of lithium resources critical to the U.S. electric vehicle (“EV”) supply chain, today announced senior leadership participation in the following upcoming industry conferences:

  • BMO 32nd Annual Global Metals, Mining, and Critical Minerals Conference in Miami, Florida; Feb. 26 – March 1
  • Red Cloud Financial Services Pre-PDAC Mining Showcase in Toronto, Canada; March 2 – 3
  • 35th Annual ROTH Conference in Dana Point, California; March 12 – 14
  • Loop Capital Markets Annual Investor Conference in New York City, New York; March 14
  • Gabelli’s 14th Annual Specialty Chemicals Symposium in New York City, New York; March 16

Keith Phillips, CEO of Piedmont, said he is looking forward to updating industry leaders and investors on the Company’s advancing plans to provide North American lithium resources to EV automakers and battery manufacturers. “The restart of spodumene concentrate production from North American Lithium is on target for H1 2023, and we’re poised to deliver first commercial shipments in Q3. We’re pleased to share offtake updates, our anticipation of revenue generation, and progress across our portfolio of projects.”

Piedmont is working to become one of the leading producers of lithium hydroxide in North America and a key contributor to the EV industry and American energy security. To help achieve that goal, the Company is developing a portfolio of four key projects located in:

  • Quebec: Spodumene concentrate production at Sayona Quebec’s North American Lithium
  • Ghana: Spodumene concentrate production at Atlantic Lithium’s Ewoyaa Lithium Project
  • Tennessee: Lithium hydroxide production at Piedmont’s Tennessee Lithium from spodumene concentrate sourced primarily from the Ewoyaa Lithium Project
  • North Carolina: Integrated mining to spodumene concentrate to lithium hydroxide production operation at Piedmont’s Carolina Lithium project

About Piedmont Lithium 

Piedmont Lithium (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). These geographically diversified operations will enable 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 and sales activities of Sayona Mining, Atlantic Lithium and Piedmont; current plans for Piedmont’s mineral and chemical processing projects; and strategy. 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 will be unable to commercially extract or deliver mineral deposits to Tesla or otherwise, (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, and (xiv) 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.

Piedmont Lithium and LG Chem Sign Equity Investment and Binding Offtake Agreements

  • LG Chem investing $75 million to acquire Piedmont Lithium common shares
  • Piedmont to supply LG Chem with 200,000 metric tons of spodumene concentrate over four years
  • Agreements illustrate the benefits of the Inflation Reduction Act of 2022, with North American critical minerals supporting the development of a U.S. battery supply chain

BELMONT, NC, February 16, 2023Piedmont Lithium Inc. (“Piedmont” or the “Company”) (Nasdaq:PLL; ASX:PLL), a leading global developer of lithium resources critical to the U.S. electric vehicle (“EV”) supply chain, today announced that it has signed agreements with LG Chem, Ltd. (“LG Chem”), under which LG Chem will make a $75 million equity investment in Piedmont (“Subscription Agreement”) and commit to the offtake of 200,000 metric tons of spodumene concentrate (“SC6”) from Piedmont’s jointly-owned North American Lithium (“NAL”) over a four-year term (“Offtake Agreement”).

LG Chem will purchase 1,096,535 newly-issued shares of Piedmont common stock at an approximate price of $68.40 per share for a total consideration of $75 million. Closing of the Subscription Agreement is expected on or around February 24, 2023, and will result in LG Chem holding approximately 5.7% of Piedmont common shares. Transaction details are described in the table at the end of this announcement.

Piedmont has agreed to supply LG Chem with 50,000 metric tons per year of SC6 for four years with planned shipments beginning in Q3 2023. SC6 pricing will be determined by a formula-based mechanism linked to SC6 market prices at the time of each shipment. LG Chem will utilize the material to support its plans to produce cathode materials for key North American customers as well as the intentions of the Inflation Reduction Act of 2022 (“IRA”). Piedmont has also agreed to provide LG Chem priority negotiation rights for 10,000 metric tons per year of lithium hydroxide produced by the Company at either of its proposed facilities in Tennessee or North Carolina.

“We welcome LG Chem as a shareholder in Piedmont and are excited to partner with them to supply North American lithium that will meet the requirements of the IRA and support the development of the U.S. battery supply chain,” said Piedmont President and CEO Keith Phillips. “LG Chem is a global leader with a commitment to U.S. EV battery manufacturing and plans to build one of the world’s largest cathode plants in Clarksville, Tennessee. We look forward to working with LG Chem as NAL comes online as an important source of lithium in North America.”

“This agreement allows LG Chem to provide differentiated values to North American customers with products that satisfy IRA standards by preemptively securing raw materials in the U.S., our key market,” said Mr. Hak-Cheol Shin, Vice Chairman and CEO of LG Chem. “As we work to build various partnerships, including joint metal investments with automotive OEMs and battery makers, we’re pleased that our partnership with and commitment of funds to Piedmont will help support its development of U.S. lithium projects.”

NAL is a project of Sayona Quebec, a joint venture between Piedmont and Sayona Mining Limited (ASX:SYA). SC6 production at NAL is expected to restart in H1 2023, with commercial shipments expected to begin in Q3 2023. Piedmont’s offtake agreement with Sayona Quebec entitles Piedmont to purchase the greater of 113,000 metric tons per year or 50% of the joint venture’s SC6 production. The Company’s purchases of SC6 from Sayona Quebec are subject to a floor price of $500/ton and a ceiling price of $900/ton for the life-of-mine term.

Piedmont intends to utilize the funding from LG Chem to advance its portfolio of projects, including its planned 30,000 metric-tons-per-year lithium hydroxide project at Tennessee Lithium, the Ewoyaa Lithium Project in Ghana in partnership with Atlantic Lithium, and the fully integrated Carolina Lithium project in development in North Carolina, as well as for general corporate purposes.

JPMorgan and Evercore acted as financial advisors, and Gibson Dunn and Thomson Geer served as legal counsel to Piedmont. Allen & Overy acted as legal counsel to LG Chem.

Key terms of Subscription Agreement between LG Chem and Piedmont

Item

Details

Date of Agreement

  • February 16, 2023

Subscription and Pricing

  • LG Chem will subscribe for an amount equal to the lesser of (i) $75 million; or (ii) 99.9 billion Korean Won (converted from Korean Won to US$ on the business day prior to closing) of Piedmont common shares listed on the Nasdaq.
  • The purchase price per share of $68.3973 is based on the 10-day volume-weighted average price (“VWAP”) as of the Nasdaq market close on February 15, 2023.
  • The subscription is expected to close on or around February 24, 2023, and is subject to customary closing conditions, including no material adverse effect having occurred with respect to Piedmont.
  • The agreement contains standard termination rights for an agreement of this nature.

Lock-up and Voting Arrangements

  • The shares will be subject to a 6-month lock-up period and customary standstill provisions for 2 years from the date of the agreement.
  • LG Chem agrees to vote its subscription shares in accordance with the recommendations of the Piedmont board at any meeting of stockholders until the earlier of:
  1. 4 years from the date of the agreement; or
  2. the date the subscriber and its affiliates cease to beneficially own 5% or more of the common stock of the subscriber.

Key terms of Offtake Agreement between LG Chem and Piedmont

Item

Details

Date of Agreement

  • February 16, 2023

Product and Term

  • Piedmont has agreed to supply LG Chem and LG Chem has agreed to take delivery of a minimum volume of 50,000 metric tons per year of SC6 from NAL, under the Company’s offtake agreement with Sayona Quebec.
  • Piedmont plans to supply a target volume of 10,000-15,000 metric tons of SC6 on a quarterly basis.
  • The term of the agreement will be four years, beginning at the date of loading the first shipment.
  • Piedmont and LG Chem may extend the term of the agreement for any number of additional years by mutual agreement.
  • The agreement contains standard termination rights for an agreement of this nature.

Pricing, Specifications, and Adjustments

  • The pricing for each shipment will be determined by a market-based formula linked to the published Fastmarkets Index Prices for spodumene concentrate on a trailing basis.
  • In consideration of LG Chem’s substantial investment, the price is subject to a discount based on the prevailing market price at a given time.

About Piedmont Lithium 

Piedmont Lithium (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). These geographically diversified operations will enable 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.

About LG Chem

LG Chem is a leading global chemical company with a diversified business portfolio in the key areas of petrochemicals, advanced materials, and life sciences. The company manufactures a wide range of products from high-value added petrochemicals to renewable plastics, specializing in cutting-edge electronic and battery materials, as well as drugs and vaccines to deliver differentiated solutions for its customers. LG Chem is committed to reaching carbon-neutral growth by 2030 and net-zero emissions by 2050 by managing the impacts of climate change and making positive contributions to society through renewable energy and responsible supply chains. Headquartered in Seoul, Korea, LG Chem has multiple operation sites worldwide and generated consolidated revenue of KRW 51.9 trillion (USD 42.1 billion) in 2022. For more information, please visit www.lgchem.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 and sales activities of Sayona Mining, Atlantic Lithium and Piedmont; current plans for Piedmont’s mineral and chemical processing projects; and strategy. 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 will be unable to commercially extract or deliver mineral deposits to LG Chem or otherwise, (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, and (xiv) 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.

1 Via its wholly owned subsidiary Piedmont Lithium International US, LLC