Piedmont Lithium Project Development Update

Piedmont Lithium Project Development Update

 
PRESS RELEASE  |  April 8, 2019  |  NASDAQ:PLL  |  ASX:PLL
  • Land position increased by a further 15% to 2,105 acres
  • Initial Mineral Resource estimate at Central property expected in
    April 2019
  • Updated Mineral Resource estimate for Core property expected in
    June/July 2019
  • Pre-Feasibility Study (“PFS”)-level metallurgical testwork ongoing
    at SGS Lakefield
  • Updated Scoping Study based on updated resource and engineering
    targeted for July 2019
  • Definitive Feasibility Study and permitting approvals both on-track
    for year-end 2019
  • Company currently evaluating a range of offtake, financing and
    strategic alternatives

NEW YORK – Piedmont Lithium Limited (“Piedmont” or “Company”) is pleased to
provide an update on the development of the Company’s 100% owned
Piedmont Lithium Project (“Project”) in the Carolina
Tin-Spodumene Belt (“TSB“) in North Carolina, United States. The
Company remains on schedule to update its Mineral Resource estimate and
Scoping Study near mid-year; to receive required permits and regulatory
approvals by year-end; and to complete a Definitive Feasibility Study (“DFS“)
by the end of 2019.

This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20190408005847/en/

(Graphic: Business Wire)

(Graphic: Business Wire)

Keith D. Phillips, President and Chief Executive Officer, said, “We
continue to make good progress in several areas critical to our
strategy, and remain on-track to begin construction in early-2020,
consistent with the schedule we established in late-2017.
As the
only conventional lithium project in the USA, we have attracted
considerable strategic interest and have engaged in initial
conversations with parties in the lithium, mining, chemicals, battery,
automotive, and private equity sectors.
We plan to appoint
financial and legal advisors in the coming weeks to assist in the
evaluation of strategic and financial plans as we approach a
construction decision.”

Continued Land Acquisition

The Company has recently increased its overall land position by 15% to
2,105 acres. The Company’s Core Property now comprises 1,004 acres,
representing an 86% increase from the Core land position underlying the
maiden Mineral Resource estimate.

PFS-Level Metallurgical Testwork Ongoing

Testwork evaluating Dense Medium Separation (“DMS”) technology
remains ongoing at SGS. Preliminary DMS results indicate the potential
to include DMS circuitry in the Piedmont concentrator’s design. Final
results of DMS testwork are expected in May 2019 and locked-cycle
flotation tests will also be performed. The results of the testwork
program will be used to update the process design from the Scoping Study
and to design a pilot program for later in 2019.

Resource Updates Expected in 2019

Piedmont’s Phase 4 drill campaign continues with three rigs actively
drilling. The Company expects that Phase 4 drilling will result in an
initial Mineral Resource estimate on the Company’s Central Property in
April 2019 and an update to the Mineral Resource estimate on the
Company’s Core Property in June/July 2019.

Technical Studies Underway

Marshall Miller has started mine design, sitewide civil design, and
waste rock stockpile planning for the Project to support permit
activities, Scoping Study update, and future Definitive Feasibility
Study. These studies are expected to continue throughout 2019 with a
planned completion by the end of 2019. Primero Group has commenced
design engineering to a PFS-level of accuracy and is scheduled to
complete a Scoping Study update in July 2019. The Scoping Study update
will integrate updated Mineral Resources, latest metallurgical testwork,
flowsheet optimization and updated costs.

Engineering work is proceeding at the PFS-level, but we are eliminating
the interim Pre-Feasibility Study from our time-line as drilling is
currently focused on resource and mine life expansion rather than the
infill drilling required to declare reserves. Following our current
drill campaign, we will complete additional infill drilling in advance
of an anticipated year-end DFS.

Permitting Activities Proceeding as Anticipated

The public comment period for the Company’s Section 404 Standard
Individual Permit application to the US Army Corps of Engineers (USACE)
concluded in February 2019. Piedmont has received the comments from
USACE and other regulatory agencies and will provide responses by May
31, 2019. Piedmont is also proceeding with state and local permit
applications. The Company will undertake a series of community
engagement meetings in the coming months and anticipates applying for a
North Carolina state mining permit and Gaston County conditional zoning
in Q3 2019.

The federal and state reviews are both proceeding as expected and the
Company remains confident that the permitting processes will be
successfully concluded by year-end 2019.

Strategic Discussions Initiated

Piedmont has been engaged in numerous preliminary off-take, financing
and strategic conversations over the past several months. Interested
parties are of a global nature, and include companies from the lithium,
mining, chemicals, battery, automotive and private equity sectors.
Piedmont expects to appoint financial and legal advisors in the coming
weeks to assist in the evaluation of strategic and financing options,
but we do not plan to report on such matters until there is more clarity
on the ultimate outcome.

About Piedmont Lithium

Piedmont Lithium Limited (ASX: PLL; Nasdaq: PLL) holds a 100% interest
in the Piedmont Lithium Project (“Project”) located within the
world-class Carolina Tin-Spodumene Belt (“TSB”) and along trend to the
Hallman Beam and Kings Mountain mines, historically providing most of
the western world’s lithium between the 1950s and the 1980s. The TSB has
been described as one of the largest lithium provinces in the world and
is located approximately 25 miles west of Charlotte, North Carolina. It
is a premier location for development of an integrated lithium business
based on its favorable geology, proven metallurgy and easy access to
infrastructure, power, R&D centers for lithium and battery storage,
major high-tech population centers and downstream lithium processing
facilities.

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

For further information, contact:

Keith Phillips
President & CEO
T: +1 973 809 0505
E: kphillips@piedmontlithium.com
Brian Risinger
VP – Investor Relations and Corporate Communications
T: +1 704 910 9688
E: brisinger@piedmontlithium.com