Krishna McVey Joins Piedmont Lithium as Vice President of Human Resources

October 14, 2021 (Business Wire) – Piedmont Lithium Inc., (“Piedmont” or the “Company”) (NASDAQ: PLL; ASX: PLL), a leading developer of lithium hydroxide production to enable the North American electric vehicle supply chain, today announced that Krishna McVey has joined the Company as Vice President of Human Resources. Reporting to Chief Executive Officer, Keith Phillips, Ms. McVey brings a broad, multi-dimensional background in human resources to Piedmont that includes experience in all aspects of labor and employment law and human capital management. Over her career Ms. McVey has led several complex, transformational organizational initiatives, as well as leading talent acquisition and management, design and implementation of compensation performance systems, and the formulation of a wide range of organizational policies for multinational, multi-business unit companies.

“Kris is a welcome addition to our expanding leadership team, and we feel extremely fortunate to have someone with her background and unique skillset join the Piedmont family,” said CEO, Keith Phillips. “As we evolve from a pre-production, pre-revenue company, to a global, multi-asset organization with a growing workforce that could reach nearly 500 teammates, Kris’ diverse, international leadership experience will be invaluable in helping us build a world-class company, with a world-class culture, and world-class HR systems and practices.”

Ms. McVey joins Piedmont from TC Transcontinental Packaging where she rose from Global Director of Human Resources to Vice President of Human Resources and U.S. Labor Relations. In her most recent role, she oversaw all human resources activities for TC’s largest consumer packaging segment, including cultural change management initiatives, and labor relations strategies in the U.S. and Canada. Prior to her time at TC Transcontinental, she had a 15-year career with Michelin with positions in both France and North America. She began her tenure at Michelin as Associate General Counsel, then progressed through the organization to become Director of Human Resources with the Aircraft Tire Division of Michelin North America where she developed policies and procedures for both the hourly and salaried population of the 500-employee operation. Ms. McVey began her career in private practice with the law firm Edwards Ballard where she represented a variety of private and public employers developing human resources policies and diversity programs, while providing extensive legal training to clients in all areas of human resources and employee relations.

Ms. McVey earned her Juris Doctor in Labor and Employment Law from the University of South Carolina School of Law, her Master of Human Resources from the Darla Moore School of Business at the University of South Carolina, as well as her Bachelor of Arts (French) degree from the University of South Carolina. Over her career, Ms. McVey has served on the Board of several philanthropic and community organizations, including SAFE Homes/Rape Crisis, the United Way of Stanly County, and the Centralina Workforce Development Board.

About Piedmont Lithium

Piedmont Lithium 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. The centerpiece of our operations, located in the renowned Carolina Tin Spodumene Belt of North Carolina, when combined with equally strategic and in-demand mineral resources, and production assets in Quebec, and Ghana, positions us to be one of the largest, lowest cost, most sustainable producers of battery-grade lithium hydroxide in the world. We will also be strategically located to best serve the fast-growing North American electric vehicle supply chain. The unique geology, geography and proximity of our resources, production operations and customer base, will allow us to deliver valuable continuity of supply of a high-quality, sustainably produced lithium hydroxide from spodumene concentrate, preferred by most EV manufacturers. Our planned diversified operations should enable us to play a pivotal role in supporting America’s move toward decarbonization and the electrification of transportation and energy storage. As a member of organizations like the International Responsible Mining Association, and the Zero Emissions Transportation Association, we are committed to protecting and preserving our planet for future generations, and to making economic and social contributions to the communities we serve. For more information, www.piedmontlithium.com.

New Gaston County Ordinances Established Updated Guidelines for Quarries and Mines

Ordinances Align with Operational Plans of Piedmont Lithium’s proposed Carolina Lithium Project

BELMONT, N.C. – Piedmont Lithium Inc. (Nasdaq: PLL; ASX: PLL), a leading developer of lithium hydroxide production to enable the North American electric vehicle supply chain, today responded to new quarry and mining ordinances approved by the Gaston County Board of Commissioners. The ordinances are not specific to Piedmont Lithium’s proposed project but consider all quarry and mining operations in the County as part of a more comprehensive update of Gaston County’s Unified Development Ordinance.

“The new ordinances enacted by Gaston County’s Board of Commissioners are in the best interests of Gaston County’s citizens and its environment, and we appreciate the guidance and clarity the ordinances provide,” said Piedmont President and CEO, Keith Phillips. “We believe the safety and environmental standards currently outlined in our proposed Carolina Lithium Project will meet or exceed the standards set in the newly passed regulations, which align with Piedmont Lithium’s core values and initiatives for sustainable social and environmental practices.”

The Company will continue working with the Gaston County Board of Commissioners for potential future rezoning and with the State of North Carolina regarding Piedmont Lithium’s State Mining Permit application, which was submitted on August 31, 2021.

“We welcome the Commission’s request for a public hearing regarding our State Mining Permit application, and we have also, in fact, formally requested a public hearing ourselves,” said Phillips. “These hearings are common in such permit application proceedings and provide another opportunity for us to receive feedback regarding our Carolina Lithium Project application from the County and members of the community.”

About Piedmont Lithium

Piedmont Lithium is developing a world-class, multi-asset, integrated lithium business focused on enabling the transition to a net zero world and creation of a clean energy economy in North America. The centerpiece of our operations, the Carolina Lithium Project, is located in the renowned Carolina Tin-Spodumene Belt of North Carolina, and when combined with equally strategic and in-demand mineral resources from our long-term supply contracts and equity investments in lithium-based assets in Quebec and Ghana, positions us to be one of the largest, lowest cost, most sustainable producers of battery-grade lithium hydroxide in the world. We will also be strategically located to best serve the fast-growing North American and European electric vehicle and battery storage supply chains. The unique geology, geography and proximity of our resources, future production operations and customer base, will allow us to deliver a valuable continuity of supply of high-quality, sustainably produced lithium hydroxide from spodumene concentrate, preferred by most electric vehicle manufacturers. Our planned diversified operations should enable us to play a pivotal role in supporting America’s move toward decarbonization and the electrification of transportation and energy storage. As a member of the International Responsible Mining Association and the Zero Emissions Transportation Association, we are committed to protecting and preserving our planet for future generations, and to making economic and social contributions to the communities we serve. For more information, www.piedmontlithium.com.

Piedmont Lithium to Participate in Range of Virtual Industry Investor Conferences in September

Will provide updates on recent corporate initiatives and investments driving resource and asset diversification

BELMONT, N.C. – Piedmont Lithium Inc., (“Piedmont” or the “Company”) (NASDAQ: PLL; ASX: PLL), a multi-asset company focused on the integrated production of lithium hydroxide to support the North American electric vehicle supply chain, today announced participation in three major industry investor conferences occurring in September:

  • H.C. Wainwright 23rd Annual Global Investment Conference, September 13-15, 2021
  • Evercore ISI Autotech & AI Forum, September 21-22, 2021
  • D.A. Davidson 20th Annual Diversified Industrials & Services Conference, September 22-23, 2021

We’ve been very active lately as an organization working on a number of different strategic initiatives,” said Piedmont Lithium President and CEO, Keith Phillips. “I’m especially looking forward to speaking with the investor community about our recent participation in the acquisition of North American Lithium in Quebec, as well as our investment in Iron Ridge Resources in Ghana. My goal is to communicate the significance of these two initiatives as they relate to the continued growth of our company, and the value of our diversification from a resource standpoint. This will place us in a strong position to support the North American EV supply chain,added Phillips.

About Piedmont Lithium

Piedmont Lithium 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. The centerpiece of our operations, located in the renowned Carolina Tin Spodumene Belt of North Carolina, when combined with equally strategic and in-demand mineral resources, and production assets in Quebec, and Ghana, positions us to be one of the largest, lowest cost, most sustainable producers of battery-grade lithium hydroxide in the world. We will also be strategically located to best serve the fast-growing North American electric vehicle supply chain. The unique geology, geography and proximity of our resources, production operations and customer base, will allow us to deliver valuable continuity of supply of a high-quality, sustainably produced lithium hydroxide from spodumene concentrate, preferred by most EV manufacturers.  Our planned diversified operations should enable us to play a pivotal role in supporting America’s move toward decarbonization and the electrification of transportation and energy storage. As a member of organizations like the International Responsible Mining Association, and the Zero Emissions Transportation Association, we are committed to protecting and preserving our planet for future generations, and to making economic and social contributions to the communities we serve. For more information, piedmontlithium.com.

Piedmont Submits North Carolina Mine Permit and Draft U.S. Department of Energy Loan Applications

BELMONT, N.C. – Piedmont Lithium Inc., (“Piedmont” or the “Company”) (Nasdaq: PLL), a multi-asset company focused on the integrated production of lithium hydroxide to support the North American electric vehicle supply chain, today announced it has submitted two applications related to the Company’s Carolina Lithium Project.

On August 30, 2021, the Company filed its application for a North Carolina State Mining Permit with the N.C. Department of Environmental Quality’s Division of Energy, Mineral and Land Resources.

Additionally, on August 31, 2021, the Company submitted a draft loan application to the U.S. Department of Energy’s Loans Program Office for loan funding via the Advanced Technologies Vehicle Manufacturing (“ATVM”) Loan Program. The ATVM has $17.7 billion in direct loan authority to provide funding to U.S. companies engaged in the manufacturing of fuel efficient, advanced technology vehicles and qualifying components supporting the automotive supply chain.

The timeline for the review and response with respect to each application is subject to the established processes and procedures of the respective responsible agency.

Submitting our mine permit application with the State of North Carolina is an important and necessary step in advancing our Carolina Lithium Project in Gaston County, North Carolina,” said President and CEO of Piedmont Lithium, Keith Phillips. “We have been extremely rigorous in planning our operations, with an intense focus on safety, sustainability, and environmental protections within the communities where we plan to operate. We welcome the review by the State and look forward to their response. And as we consider a variety of funding sources for our Carolina Lithium Project, we’re excited about the possibility of participating in the ATVM Loan Program. This program was specifically designed to assist companies like ours that are working to help build a domestic source of components and materials to support the electric vehicle supply chain in the U.S.,” added Phillips.

To learn more about mining permits in North Carolina, visit: NC DEQ: Mining Program. To learn more about the ATVM Loan Program, visit: Advanced Technology Vehicles Manufacturing Loan Program | U.S. Department of Energy.

About Piedmont Lithium

Piedmont Lithium 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. The centerpiece of our operations, located in the renowned Carolina Tin Spodumene Belt of North Carolina, when combined with equally strategic and in-demand mineral resources, and production assets in Quebec, and Ghana, we believe positions us to be one of the largest, lowest cost, most sustainable producers of battery-grade lithium hydroxide in the world. Our diverse asset base is strategically located to serve the fast-growing North American electric vehicle supply chain. The unique geology, geography and proximity of our resources, production operations and customer base, will allow us to deliver valuable continuity of supply of a high-quality, sustainably produced lithium hydroxide from spodumene concentrate, preferred by most EV manufacturers. We believe that our diversified operations will enable us to play a pivotal role in supporting America’s move toward decarbonization and the electrification of transportation and energy storage. As a member of organizations like the International Responsible Mining Association, and the Zero Emissions Transportation Association, we are committed to protecting and preserving our planet for future generations, and to making economic and social contributions to the communities we serve. For more information, see 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; current plans for Piedmont’s mineral and chemical processing projects; strategy; and expectations regarding permitting. 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 will be unable to commercially extract mineral deposits, (ii) that Piedmont’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 and approvals, (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 Quebec and IronRidge Resources, (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 presentation and actual events, results, performance and achievements could vary significantly from the forward-looking statements, projections and estimates presented in this presentation. 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 Completes Initial Investment in Ironridge

Strategic Investment in Ghana Lithium Portfolio Supports Growth Plans

  1. Piedmont Lithium has completed a 9.9% investment in IronRidge Resources
  2. Earn-in agreement via staged investments to acquire a 50% stake in IronRidge’s Ghana lithium portfolio
  3. Supply agreement gives Piedmont rights to 50% of Ghanaian spodumene concentrate (“SC6”) production
  4. SC6 supply provides options for staged lithium hydroxide production expansion in North Carolina or Quebec

BELMONT, N.C. – Piedmont Lithium Inc. (Nasdaq: PLL) (“PLL”) is pleased to announce that the Company has completed a 9.9% investment in IronRidge Resources (AIM: IRR) (“IRR”) following satisfaction of conditions pursuant to the Subscription Agreement between PLL and IRR announced July 1, 2021.

Piedmont previously entered into a Project Agreement with IRR to acquire up to 50% of IRR’s lithium portfolio in Ghana via staged investments over 3-4 years supporting exploration, definitive feasibility study, and initial capital costs for IRR’s Ewoyaa Project. The Ewoyaa Project has an initial Mineral Resource estimate of 14.5Mt at 1.31% Li2O[1].

An SC6 supply agreement signed between PLL and IRR in June 2021 gives Piedmont the right to purchase 50% of the production from the Ewoyaa Project at market pricing terms for life-of-mine. A scoping study announced by IRR in January 2021 outlined a business case for 295,000 tons per year (“t/y”) of SC6 production from the Ewoyaa Project. Ewoyaa is approximately 70 miles from the port of Takoradi with favorable logistics to ports in North America[2].

SC6 production from Ewoyaa is expected to support Piedmont’s future lithium hydroxide production plans in North America. Offtake rights from Ewoyaa could support a phased expansion of the Carolina Lithium Project in North Carolina or provide optionality for lithium hydroxide production in Quebec in combination with SC6 offtake from Sayona Quebec and North American Lithium.

Keith D. Phillips, President and Chief Executive Officer, commented: “We are pleased to have concluded this investment in IronRidge and look forward to partnering with IRR to maximize the potential of the Ghana Lithium Portfolio. Ewoyaa is a high-quality asset with the potential for low capital and operating costs, and the broader portfolio offers tremendous exploration upside. We are currently evaluating options for production of lithium hydroxide from Ewoyaa’s SC6 supply and will provide updates as these studies progress. Our Ghanaian investments complement our existing investments in Quebec, and our wholly owned flagship Carolina Lithium Project in Gaston County, North Carolina, as we further execute on our strategy to become North America’s leading lithium hydroxide producer.”

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. The centerpiece of our operations, Carolina Lithium, is located in the renowned Carolina Tin Spodumene Belt of North Carolina. Combining our U.S. assets with equally strategic and in-demand mineral resources, and production assets in Quebec and Ghana, positions us to be one of the largest, lowest cost, most sustainable producers of battery-grade lithium hydroxide in the world. We will also be the most strategically located to best serve the fast-growing North American electric vehicle supply chain. The unique geology, geography and proximity of our resources, production operations and customer base, will allow us to deliver valuable continuity of supply of a high-quality, sustainably produced lithium hydroxide from spodumene concentrate, preferred by most EV manufacturers. Our diversified operations will enable us to play a pivotal role in supporting America’s move toward decarbonization and the electrification of transportation and energy storage. For more information, 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; current plans for Piedmont’s mineral and chemical processing projects; strategy; and expectations regarding permitting. 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 will be unable to commercially extract mineral deposits, (ii) that Piedmont’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, (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 Quebec and IronRidge Resources, (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 presentation and actual events, results, performance and achievements could vary significantly from the forward-looking statements, projections and estimates presented in this presentation. 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.

Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Mineral Resources

The information contained herein and previously reported by IronRidge Resources has been prepared in accordance with the requirements of the securities laws in effect in Australia, which differ from the requirements of United States securities laws. The terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are Australian mining terms defined in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”). Comparable terms are now also defined by the U.S. Securities and Exchange Commission (“SEC”) in its newly adopted Modernization of Property Disclosures for Mining Registrants as promogulated in its S-K 1300 standards.  While the guidelines for reporting mineral resources, including subcategories of measured, indicated, and inferred resources, are largely similar for JORC and S-K 1300 standards, information contained herein that describes IronRidge Resources’ mineral deposits is not fully comparable to similar information made public by U.S. companies subject to reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder Piedmont does not guaranty or verify the accuracy of any disclosure made by IronRidge Resources.

1 Refer to IRR announcement dated January 28, 2020.

2 Refer to IRR announcement dated January 19, 2021.

Piedmont and Sayona Complete Acquisition of NAL

Creation of Abitibi Hub in Québec for Lithium Projects

  1. Piedmont Lithium and Sayona Mining (ASX:SYA) complete acquisition of North American Lithium
  2. Combining Authier and NAL creates a potential lithium production hub in the Abitibi region of Québec
  3. Studies underway for future restart of lithium production in Québec
  4. Evaluation of alternatives for Québec-based lithium hydroxide manufacturing commencing

BELMONT, N.C. – Piedmont Lithium Inc. (Nasdaq: PLL) is pleased to announce that Sayona Québec has completed its acquisition of North American Lithium Inc. (“NAL”) pursuant to the Share Purchase Agreement previously announced on June 30, 2021. Sayona Quebec is 25% owned by Piedmont Lithium and 75% owned by Sayona Mining. Piedmont Lithium is Sayona Mining’s largest shareholder at 18.8%.

Piedmont and Sayona are now advancing technical studies for the future restart of NAL’s spodumene concentrate operations, with a Scoping Study expected in H2 2021. Additionally, studies have commenced for the manufacturing of lithium chemicals in the Province of Québec, which could position the province to become an important lithium hydroxide production center given its abundant mineral resources, low-cost, sustainable hydro-electric power, proximity to major U.S. and European electric vehicle markets, and pro-electrification stance of provincial leaders.

North American Lithium’s Spodumene Concentrator

Keith D. Phillips, President and Chief Executive Officer, commented: “We are very pleased to have partnered with Sayona in the consolidation of the spodumene resources in the Abitibi region of Québec, with Sayona Québec now comprising a large Canadian lithium resource base. Importantly, North American Lithium is a past-producing business with $400mm of investment over the past decade. NAL’s concentrate operations are amenable to a relatively rapid restart and we will work with Sayona to develop suitable plans in that regard. We are also evaluating a variety of options for production of lithium hydroxide in Québec and will update the market further as our plans crystallize. Piedmont intends to become North America’s leading lithium hydroxide producer and our Québec investments are an ideal complement to our flagship Carolina Lithium Project in Gaston County, North Carolina.”

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. The centerpiece of our operations, Carolina Lithium, is located in the renowned Carolina Tin Spodumene Belt of North Carolina. Combining our U.S. assets with equally strategic and in-demand mineral resources, and production assets in Quebec and Ghana, positions us to be one of the largest, lowest cost, most sustainable producers of battery-grade lithium hydroxide in the world. We will also be the most strategically located to best serve the fast-growing North American electric vehicle supply chain. The unique geology, geography and proximity of our resources, production operations and customer base, will allow us to deliver valuable continuity of supply of a high-quality, sustainably produced lithium hydroxide from spodumene concentrate, preferred by most EV manufacturers. Our diversified operations will enable us to play a pivotal role in supporting America’s move toward decarbonization and the electrification of transportation and energy storage. For more information, 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; current plans for Piedmont’s mineral and chemical processing projects; strategy; and expectations regarding permitting. 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 will be unable to commercially extract mineral deposits, (ii) that Piedmont’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, (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 Quebec and IronRidge Resources, (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 presentation and actual events, results, performance and achievements could vary significantly from the forward-looking statements, projections and estimates presented in this presentation. 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.

Carolina Lithium Permitting Update

Gaston County review will allow time for constructive engagement

BELMONT, N.C. –
Piedmont Lithium Inc. (Nasdaq: PLL) (ASX: PLL) (“Piedmont” or the “Company”) is providing the following update as to the county rezoning process for its Carolina Lithium Project.

On August 6, 2021, during a special meeting of the Gaston County Board of Commissioners, the commissioners voted to approve a 60-day temporary development moratorium in new approvals for mining and quarrying activities in order to review the county’s current industry regulations and their potential impact on future operations. The Company looks forward to constructive engagement with the county commissioners and staff on the many important matters subject to their review.

“We would like to thank the Gaston County Board of Commissioners for their leadership in creating this framework and review structure where the County and Company can move forward together. We wholeheartedly agree that it’s important for the commissioners to have the time to review existing state and county regulations and how they may apply to plans for the Carolina Lithium Project,” said Piedmont Lithium CEO Keith Phillips.

“We note that counsel representing the county made clear in a statement during the special meeting that Gaston County supports economic growth and development, and that the resolution is not intended to stop mining but rather to give the county time to perform their due diligence. We look forward to engaging with the commissioners and the broader community regarding our commitment to environmental stewardship and economic prosperity for the county as we work to advance the United States supply chain for a low-carbon economy.”

Piedmont also confirmed that the Company is on track to publish its upcoming Definitive Feasibility Study in 2H 2021 and the Company will continue to work on the state and county level permits that are required for the Project.

About Piedmont Lithium

Piedmont Lithium (Nasdaq:PLL, ASX:PLL) is developing a world-class integrated lithium business in the United States, enabling the transition to a net zero world and the creation of a clean energy economy in America. Our location in the renowned Carolina Tin Spodumene Belt of North Carolina, the cradle of the lithium industry, positions us to be one of the world’s lowest cost producers of lithium hydroxide, and the most strategically located to serve the fast-growing U.S. electric vehicle supply chain. The unique geographic proximity of our resources, production operations and prospective customers places us on the path to be the most sustainable producer of lithium hydroxide in the world and should allow Piedmont to play a pivotal role in supporting America’s move to the electrification of transportation and energy storage. For more information, please 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; current plans for Piedmont’s mineral and chemical processing projects; strategy; and expectations regarding permitting. 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 will be unable to commercially extract mineral deposits, (ii) that Piedmont’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, (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 Quebec and IronRidge Resources, (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 presentation and actual events, results, performance and achievements could vary significantly from the forward-looking statements, projections and estimates presented in this presentation. 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.

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

For further information, contact:

Keith D. Phillips

President & CEO

T: +1 973 809 0505

E: kphillips@piedmontlithium.com

Brian Risinger

Vice President – Corporate Communications

T: +1 704 910 9688

E: brisinger@piedmontlithium.com

Piedmont Lithium Corporate Update

BELMONT, N.C. – Piedmont Lithium Inc. (Nasdaq: PLL) (ASX: PLL) (“Piedmont” or the “Company”) is pleased to provide an update on our recent accomplishments and development plans:

  • Carolina Lithium Project

    • 
      Scoping update published in June 2021 contemplating 30,000 tonnes per year (“tpy”) lithium hydroxide production on a single integrated site in Gaston County, North Carolina

      • Superior sustainability profile vs. current producers in China and South America
      • Strong projected economics – ~$1.9bb NPV and ~$400mm steady-state EBITDA
    • Expected to employ ~500 people in well-paying jobs while making Gaston County a magnet for other businesses in the EV supply chain, and driving opportunities for a broad array of local small businesses
    • Definitive feasibility study expected in the second half of 2021
    • Permitting and approval process advancing

      • Clean Water Act Section 404 Standard Individual Permit received in 2019
      • Will apply for new air permit given the shift to a single site and the Metso Outotec process
      • Local approval process commenced in July 2021
      • North Carolina state mining permit application to be submitted in August 2021
  • Strategic Initiatives

    • Canada – Sayona Quebec and North American Lithium (“NAL”)
      • Piedmont owns a 39.6% effective economic interest in Sayona Quebec
      • Sayona Quebec is poised to become Canada’s largest lithium project by resource tonnage with the completion of the acquisition of North American Lithium expected in August 2021
    • Ghana – IronRidge Resources (“IRR”)
      • Piedmont is acquiring a 9.5% stake in IronRidge Resources (AIM: IRR) and may earn up to a 50% interest in IRR’s Ghanaian lithium portfolio
      • The Ewoyaa project is expected to have strong economics given its high-grade mineral resource, DMS-only process, low-cost hydro power, and close proximity to an international port
    • Piedmont has offtake agreements in place for 50% of spodumene concentrate production from Sayona/NAL and IRR Ghana, underpinning potential future growth in lithium hydroxide production
  • Corporate Matters

    • Piedmont redomiciled to become a US corporation in May 2021
    • Executive team bolstered with senior appointments including COO and CFO
    • Lithium offtake discussions ongoing with leading participants in the EV supply chain
    • Strategic partnering process underway and DOE ATVM loan application to be submitted in H2 2021
    • Cash balance of approximately $143 million as of June 30, 2021

Keith D. Phillips, President and Chief Executive Officer, said, “Piedmont is positioned to become a leading producer of lithium hydroxide while positively impacting the communities in which we operate by creating jobs, attracting other EV supply chain participants, increasing the tax base, and broadly supporting other local small businesses. Through direct investment and contracted offtake, we control a significant quantity of potential spodumene concentrate production in three critical locations. We believe spodumene is the preferred feedstock for the EV supply chain and that ‘owning the resource’ is the key to value creation in the lithium industry. We look forward to constructively engaging in the permitting and approval process for Carolina Lithium and driving further value for our shareholders by advancing the Quebec and Ghana projects toward development decisions.”

Carolina Lithium Project

On June 9, 2021, Piedmont Lithium published a Scoping Study Update which featured plans to construct a 30,000 tpy lithium hydroxide manufacturing business on a single campus in Gaston County, North Carolina.

The proposed Carolina Lithium Project has the potential for exceptional project economics. There are currently no such integrated sites operating anywhere in the world, and the economic and environmental advantages of this strategy are compelling:

  • Premier location in Gaston County, North Carolina – “the cradle of the lithium business”
  • Reduction of spodumene concentrate transportation costs and related noise and emissions
  • On-site solar power to lower costs and reduce reliance on diesel fueled equipment
  • Potential to co-locate other downstream battery materials / Li-ion battery manufacturing
  • Creation of approximately 500 manufacturing, engineering, and management jobs


Figure 1 – Lithium hydroxide 2028 AISC cost curve (real basis) (Roskill)

AISC includes all direct and indirect operating costs including feedstock costs (internal AISC), refining, corporate G&A and selling expenses.

Community Impact

Piedmont Lithium expects to employ approximately 500 skilled local workers at an average $90,000 per year in salary and benefits, all in a safe, modern, state-of-the-art work environment.

Our Carolina Lithium Project will make Gaston County a North American leader in the electric vehicle supply chain and attract other supporting businesses that will generate quality jobs and increase tax revenue. Our operation will rely on the support of many small businesses in the area, including maintenance contractors, delivery drivers, caterers, machine shops, fabricators, uniform services, and many more. It will also enable and enrich the base of skilled manufacturing jobs and expand training programs in Gaston County.

Permitting Update

To date, Piedmont Lithium has obtained three important permits required to commence construction of our Carolina Lithium Project, including:

  • A Section 404 Standard Individual Permit issued by the US Army Corps of Engineers under the Clean Water Act, which included an Environmental Assessment resulting in a Finding of No Significant Impact
  • An Individual 401 Water Quality Certificate issued by North Carolina Division of Water Resources under the Clean Water Act
  • A Synthetic Minor Title V Air Permit issued by North Carolina Department of Environmental Quality (“NCDEQ”) – Division of Air Quality under the Clean Air Act

Additional permits or permit amendments will be required before construction can begin on the planned integrated Carolina Lithium operations. Remaining key permits include:

  • NC State Mining Permit issued by NCDEQ’s Division of Energy, Mineral and Land Resources (“DEMLR”)
  • Application for a new air permit due to the relocation of Piedmont Lithium’s planned lithium hydroxide manufacturing plant to Gaston County and the switch to the Metso Outotec process
  • A Conditional District rezoning approval from Gaston County approved by the Gaston County Board of Commissioners

The Company plans to submit its mine permit application to DEMLR in August 2021. After we submit the mine permit application and adjacent property owner notifications have been confirmed, then permit review will proceed through a structured process. This structured process includes a public comment period, review by DEMLR and other state agencies and divisions within NCDEQ, a potential public hearing, possible requests for additional information made by DEMLR, responses by Piedmont Lithium, and issuance of a draft permit.

Conditional district rezoning will require a recommendation by the Gaston County Planning Board and majority approval by the Gaston County Board of Commissioners. Piedmont Lithium expects to conduct multiple public information meetings as part of the rezoning process. The Company made an initial presentation of its integrated project plans to the Gaston County Board of Commissioners on July 20, 2021. The Company is in pre-application consultation with Gaston County at this time and coordinating with county officials with respect to future additional presentation dates.

Each of the DEMLR mine permit and county rezoning approvals will be mutually conditioned upon each other.

Definitive Feasibility Study and Project Timeline

Our Definitive Feasibility Study (“DFS”) of the 30,000 tpy integrated Carolina Lithium Project should be completed within the second half of 2021. The Company currently contemplates a start of construction in Q2 2022 subject to market conditions, project financing, and the successful conclusion of the permitting and approval processes, among other factors.

Canada – Sayona Quebec and North American Lithium

In January 2021, Piedmont Lithium entered into a strategic partnership with Sayona Mining Limited (“Sayona”) (ASX: SYA) through the purchase of an equity stake in Sayona and a 25% interest in its 100%-owned Quebec subsidiary, Sayona Quebec Inc (“Sayona Quebec”). Sayona Quebec owns the DFS-level Authier lithium project and the highly prospective Tansim exploration property, both located near the mining center of Val-d’Or, Quebec.

On June 30, 2021, the Superior Court of Quebec (Commercial Division) granted an approval and vesting order regarding the Company’s joint bid with Sayona for the acquisition of NAL, paving the way for Sayona Quebec to acquire all the shares and substantially all the assets of NAL. The transaction is expected to close in August 2021. NAL owns La Corne, a permitted, brownfield spodumene project located approximately 20 miles from Sayona’s core Authier project. La Corne has a Mineral Resource of 47.0Mt @ 1.19% Li2O[1] and has had over $400 million invested in mining, concentrate and refining capacity. The project was operational and ramping toward nameplate production in 2018, when it was placed on care and maintenance due to weak lithium markets.

The combination of Authier and La Corne will create one of Canada’s largest lithium projects, all strategically located near the mining center of Val-d’Or in the Abitibi region of Quebec, with good proximity to rail and highway transportation networks as well as experienced mining and contracting talent. Piedmont will work closely with Sayona to upgrade the existing spodumene concentrate (“SC6”) plant and integrate the Authier ore body with La Corne. Piedmont has offtake agreements in place allowing the Company to purchase the greater of 113,000 tpy or 50% of annual SC6 production from the merged operation. We are evaluating options to build a conversion operation that could process Sayona SC6 as well as third-party SC6 into lithium hydroxide in Quebec, capitalizing on Quebec’s access to zero-carbon, low-cost hydropower, world-class infrastructure, and the initiative of the Quebec and Canadian governments to develop a local battery materials supply chain.

Mr. Phillips added, “Quebec is poised to become an important lithium production center and Piedmont Lithium is acquiring a significant stake in the province’s largest and best-located spodumene resource. We are developing plans for what could be a world-class Quebec-based lithium hydroxide business to complement our Carolina Lithium strategy.”

Ghana – IronRidge Resources

On July 1, 2021, Piedmont Lithium announced a strategic partnership with IronRidge Resources (AIM: IRR) through the purchase of an equity stake in IRR, staged project investments to earn a 50% interest in IRR’s Ghana-based lithium portfolio (“IRR Ghana”), and a binding supply agreement to purchase 50% of IRR Ghana’s planned SC6 production. IRR Ghana has an impressive portfolio of spodumene prospects, anchored by the highly promising Ewoyaa Project (“Ewoyaa”).

Ewoyaa has a current Mineral Resource of 14.5Mt @ 1.31% Li2O with substantial exploration upside,[2] and we believe it has the potential to be a large, low-cost spodumene concentrate producer. In January 2021, IRR published a scoping study for Ewoyaa forecasting an average of 295,000 tpy of planned SC6 production, a $345 million after-tax net present value and an after-tax internal rate of return of 125%, for initial capital investment of $68 million.[3] These anticipated project economics, if realized, would result in part from Ewoyaa’s location only 70 miles to the major port of Takoradi, direct access to clean solar and hydroelectric power, as well as the DMS-only process which is suitable for Ewoyaa’s coarse-grained spodumene.

Piedmont Lithium hopes to complete a definitive feasibility study for Ewoyaa by mid-2023 and to be producing spodumene concentrate by 2025. Piedmont Lithium believes its Ewoyaa offtake rights can underpin significant growth in its lithium hydroxide position and is currently evaluating possible conversion sites in North America.

“We believe Ewoyaa is an exceptional project with great upside. We believe it is Africa’s best-located lithium project and we look forward to working with our partners at IRR to update the mineral resources and economics at Ewoyaa and incorporate those into our future lithium hydroxide conversion plans in North America,” commented Mr. Phillips.

Corporate Matters

  • Redomicile – In May 2021, Piedmont successfully completed a redomiciling process to become an American (Delaware) corporation headquartered in Gaston County, North Carolina, with a primary listing on Nasdaq and a secondary listing on the Australian Securities Exchange. The redomiciling process has helped attract U.S. institutional investor and analyst following of the Company, which we believe will drive higher shareholder value over time.
  • Director and Officer Appointments – As part of our transition to becoming an American company we appointed Claude Demby and Susan Jones to our Board of Directors in May 2021, bringing two seasoned executives with substantial governance experience to help guide our Company. We have added several important members to our team over the past several months, highlighted by the appointments of David Klanecky, former head of Albemarle’s hard rock lithium business, as Chief Operating Officer, and Michael White as our Chief Financial Officer. Piedmont’s employee base is now 24 strong, including a talented technical team with deep experience in the lithium and mining industries.
  • Financial Position – In March 2021 the Company completed a successful U.S. equity placement and our cash balance was approximately $143 million on June 30, 2021, our fiscal year end. We believe our cash position is sufficient to fund our global pre-construction activities at least through the end of 2022.
  • Project Financing – In June 2021, we commenced a process to engage with potential strategic partners for the equity funding of the Carolina Lithium Project, and in September 2021 we plan to apply for project debt financing from the U.S. Department of Energy’s Advanced Technology Vehicle Manufacturing Loan program. These funding processes are expected to run in parallel with our permitting/approval process.
  • Customer Relationships / Lithium Offtake – Piedmont maintains strong relationships with many of the leading participants in the electric vehicle supply chain, including cathode and battery manufacturers as well as automotive OEMs. The initial delivery dates contemplated in our existing spodumene concentrate sales agreement have been extended by mutual agreement.
  • Legal – With respect to the recent class action lawsuit filed by a Piedmont Lithium shareholder, Piedmont believes this action to be entirely without merit and we will defend ourselves vigorously.

About Piedmont Lithium

Piedmont Lithium (Nasdaq: PLL; ASX: PLL) is developing a world-class integrated lithium business in the United States, enabling the transition to a net zero world and the creation of a clean energy economy in America. Our location in the renowned Carolina Tin Spodumene Belt of North Carolina, the cradle of the lithium industry, positions us to be one of the world’s lowest cost producers of lithium hydroxide, and the most strategically located to serve the fast-growing US electric vehicle supply chain. The unique geographic proximity of our resources, production operations and prospective customers places us on the path to be the most sustainable producer of lithium hydroxide in the world and should allow Piedmont to play a pivotal role in supporting America’s move to the electrification of transportation and energy storage. For more information, please visit www.piedmontlithium.com.

Forward Looking Statements

This announcement may include forward-looking statements within the meaning of securities legislation in the United States and Australia, including statements regarding current and future plans of Piedmont and its strategic partners; strategy; value; returns; capital allocation and investment; exploration, development and construction efforts and plans; and expectations regarding permitting, production, costs and expenses. These forward-looking statements are based on Piedmont’s expectations and beliefs of Piedmont and its strategic partners concerning future events. Forward looking statements are necessarily subject to known and unknown risks, uncertainties, and other factors, many of which are outside the control of Piedmont, which could cause actual timing, achievements, results and performance to differ materially from the future timing, achievements, results and performance implied by such statements. Such factors include, among others, hazards inherent in the mining business (including risks inherent to exploring, developing, constructing and operating mining projects), 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 approvals, as well as other uncertainties and risk factors set out in filings made from time to time with the U.S. Securities and Exchange Commission and the Australian securities regulators, including, without limitation, our most recent reports on Form 10-K and Form 10-Q. Readers are cautioned not to put undue reliance on forward-looking statements. Piedmont makes no undertaking to subsequently update or revise the forward-looking statements made in this announcement, to reflect new information or the circumstances or events after the date of that this announcement.

Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources

The Project’s Core Property Mineral Resource of 25.1Mt @ 1.13% Li2O comprises Indicated Mineral Resources of 12.5Mt @ 1.13% Li2O and Inferred Mineral Resources of 12.6Mt @ 1.04% Li2O. The Central property Mineral Resource of 2.80Mt @ 1.34% Li2O comprises Indicated Mineral Resources of 1.41Mt @ 1.38% Li2O and 1.39Mt @ 1.29% Li2O. The information contained in this announcement has been prepared in accordance with the requirements of the securities laws in effect in Australia, which differ from the requirements of U.S. securities laws. The terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are Australian terms defined in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”). However, these terms are not defined in Industry Guide 7 under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), and are normally not permitted to be used in reports and filings with the U.S. Securities and Exchange Commission (“SEC”). Effective January 1, 2021, the SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S. Securities Exchange Act of 1934, as amended, and as a result, the SEC now recognizes estimates of “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources”. In addition, the SEC has amended its definitions of “proven mineral reserves” and “probable mineral reserves” to be “substantially similar” to the corresponding definitions under the JORC Code. However, information contained herein that describes Piedmont’s mineral deposits may not be comparable to similar information made public by U.S. companies subject to reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder. U.S. investors are urged to consider closely the disclosure in Piedmont’s Form 20-F for the fiscal year ended June 30, 2020, a copy of which may be obtained from Piedmont or from the EDGAR system on the SEC’s website at http://www.sec.gov/.

Competent Persons Statement

The information in this announcement that relates to Exploration Results, Metallurgical Testwork Results, Exploration Targets, Mineral Resources, Concentrator Process Design, Concentrator Capital Costs, Concentrator Operating Costs, Mining Engineering and Mining Schedule is extracted from the Company’s ASX announcements dated July 23, 2020, May 26, 2020, June 25, 2019, April 24, 2019, and September 6, 2018, which are available to view on the Company’s website at www.piedmontlithium.com. Piedmont confirms that: a) it is not aware of any new information or data that materially affects the information included in the original ASX announcements; b) all material assumptions and technical parameters underpinning Mineral Resources, Exploration Targets, Production Targets, and related forecast financial information derived from Production Targets included in the original ASX announcements continue to apply and have not materially changed; and c) the form and context in which the relevant Competent Persons’ findings are presented in this report have not been materially modified from the original ASX announcements.

  1. 47.0Mt @ 1.19% Li2O announced by Canada Lithium Corp. effective 12 October 2012 and available at www.sedar.com
  2. Refer to IRR’s AIM announcement dated January 28, 2020, available at www.ironridgeresources.com.au.
  3. Refer to IRR’s AIM announcement dated January 19, 2021, available at www.ironridgeresources.com.au.

For further information, contact:

Piedmont Lithium Makes Presentation to Gaston County Commissioners and Community

Reviews Project Scope and Commitment to Safety, Sustainability and Environmental Stewardship

BELMONT, N.C. – Piedmont Lithium Inc. (Nasdaq: PLL, ASX: PLL), a pre-production business targeting the integrated production of battery quality lithium hydroxide to support a US and global electric vehicle supply chain, completed its initial public presentation to the community and Board of Commissioners of Gaston County, North Carolina on July 20, 2021. The presentation addressed how the Carolina Lithium Project could position Gaston County to be a significant part of the new U.S. electric vehicle supply chain, the bipartisan support for the development of critical minerals in the United States, and Piedmont’s commitment to protect the environment and community.

“We were honored to present at last night’s meeting, and we welcomed the opportunity to provide an update on our company, our values and our proposed project to the Gaston County commissioners and our community. We confirmed last night that we would submit our North Carolina state mining permit application in August 2021 as planned, and we look forward to addressing all of the questions that arise during the permitting and rezoning process. We are committed to building the safest, most sustainable, and environmentally responsible project of this kind in the world,” said Keith Phillips, Piedmont Lithium President and CEO.

Piedmont also addressed misunderstandings in recent media reports regarding Piedmont’s development timeline, permit applications, and commitment to the environment. “Although we received important federal permits for our project in 2019, Piedmont’s upcoming state mining permit and county rezoning applications could only advance once our definitive plans were established. Our project has evolved significantly over the past four years – we have selected more efficient and environmentally friendly technology, and fully-integrated our business plan into a single campus in Gaston County, North Carolina. These project improvements have resulted in adjustments to our plans and, with the results of our recent studies and improved lithium markets, we’re excited to move forward with the state and local approval processes,” added Phillips.

About Piedmont Lithium

Piedmont is developing a world-class integrated lithium business in the United States, enabling the transition to a net zero world and the creation of a clean energy economy in America. Our location in the renowned Carolina Tin Spodumene Belt of North Carolina, positions us to be one of the world’s lowest cost producers of lithium hydroxide and the most strategically located to serve the fast-growing U.S. electric vehicle supply chain. The unique geographic proximity of our resources, production operations and prospective customers, places Piedmont on the path to be the most sustainable producer of lithium hydroxide in the world and allow Piedmont to play a pivotal role in supporting America’s move to the electrification of transportation and energy storage. Additional information is available at www.piedmontlithium.com.

Brian Risinger, 1-704-910-9688

brisinger@piedmontlithium.com

Piedmont Expands Spodumene Resources Through Investments In IronRidge Resources

Supports Piedmont’s Plan to Become America’s #1 Producer of Lithium Hydroxide

  • PLL to acquire 9.47% of IronRidge Resources (“IRR”) and a 50% interest in IRR’s Ghana-based lithium portfolio
  • $15mm equity placement and 50% project interest to be earned through staged investments over 3-4 years
  • 
    Binding supply agreement for 50% of IRR’s planned Ghanaian spodumene concentrate (“SC6”) production
  • The IRR Ghana SC6 supply will support staged growth in Piedmont’s lithium hydroxide production

    • Feasibility Study of Carolina Lithium’s integrated 30,000 t/y LiOH on track for September 2021
    • 30,000 t/y integrated LiOH project in Quebec to be evaluated jointly with Sayona Mining
    • IRR SC6 supply provides optionality for incremental 30,000 t/y LiOH capacity at a site to be determined
    • Hydroxide capacity to be developed in stages to minimize execution and funding risks

BELMONT, N.C. – Piedmont Lithium Inc. (Nasdaq: PLL) is pleased to announce that it has entered into definitive agreements (the “Agreements”) to establish a strategic partnership with IronRidge Resources (“IRR”) (AIM: IRR) through the purchase of an equity stake in IRR, staged project investments to earn a 50% interest in IRR’s Ghana-based lithium portfolio (“IRR Ghana”), and a binding supply agreement for 50% of IRR Ghana’s planned spodumene concentrate (“SC6”) production.

IRR Ghana has an impressive portfolio of spodumene prospects, anchored by the highly promising Ewoyaa Project (the “Ewoyaa Project”). The Ewoyaa Project has a current Mineral Resource of 14.5Mt @ 1.31% Li2O with vast exploration potential.[1] The Ewoyaa Project has the potential to be a large, low-cost spodumene concentrate (“SC6”) producer.

In January 2021, IRR published a scoping study for the Ewoyaa Project forecasting an average of 295,000 t/y of planned SC6 production, a $345 million after-tax net present value and an after-tax internal rate of return of 125%, for initial capital investment of $70 million.[2] The Ewoyaa Project capitalizes on its excellent location less than one mile from a major national highway and only 70 miles to the major port of Takoradi. The site is also directly adjacent to high voltage power and is expected to have a low environmental impact due to reliance on solar and hydroelectric generating capacity to power the facility. Piedmont conducted extensive due diligence over the past several months, including through site visits to Ghana, and believes that IRR Ghana has significant upside potential.

Piedmont will invest approximately $15 million (£10.8mm) to acquire a 9.47% equity interest in IRR (the “Subscription”) and will appoint one director to IRR’s Board of Directors. Piedmont will also have the opportunity to earn a 50% stake in IRR Ghana by investing (i) $17 million to fund ongoing exploration and a definitive feasibility study over the next 24 months to earn an initial 22.5% project interest, and (ii) a further $70 million in 2023-2025 to fund the construction of the Ewoyaa Project to earn an additional 27.5% project interest, which would bring the total to 50% ownership in IRR Ghana (together, the “Project Investment”). Piedmont and IRR have also entered into a binding SC6 supply agreement (the “Supply Agreement”), conditioned on Piedmont completing its earn-in obligations, pursuant to which IRR will supply Piedmont 50% of IRR Ghana’s planned SC6 production (currently estimated to be 147,500 t/y) at market prices on a life-of-mine basis.

The Subscription is expected to close in August 2021 subject to satisfaction of conditions precedent with the Project Investment expected to be staged over a three-to-four-year period leading to initial production in 2025. Material terms of the Agreements are included in the Summary of Transaction Terms at the end of this announcement.

Keith D. Phillips, President and Chief Executive Officer, commented: “We are very pleased to announce a partnership with IronRidge Resources to jointly develop their outstanding spodumene project portfolio in Ghana. We consider IRR’s Ewoyaa Project to be among the world’s most promising spodumene projects. The high-grade mineral resource is currently modest in scale but offers substantial exploration potential, and the project is very well-located, being only 70 miles from a major port. Ewoyaa builds on Piedmont’s strategic commitment to be a large-scale and low-cost producer of lithium hydroxide from spodumene concentrate sourced from diverse sustainable resources in favorable jurisdictions.

“Ghana is one of Africa’s most successful nations, with a strong mining tradition and an increasingly diverse economic base. In naming Ghana as the headquarters for its entire African business earlier this year, Twitter described Ghana as a ‘Champion for Democracy’. Euler-Hermes regularly rates Ghana among the lowest-risk jurisdictions in the region, and Transparency International rates Ghana ahead of other lithium-rich countries such as Argentina, China, Brazil, Mexico, Bolivia, Mali, and the DRC in its annual corruption perception rankings.

“2021 has been a transformative year for Piedmont. We have built the world’s premier lithium development leadership team, significantly expanded our world-class Carolina Lithium Project, and become a multi-asset company through strategic investments in Quebec and in Ghana. We raised sufficient capital in March 2021 to comfortably fund these strategic initiatives as well as our definitive feasibility study in North Carolina and should end 2021 with a robust cash balance. We will now evaluate plans to capitalize on our expanded spodumene resource base to become a larger producer of the battery-quality lithium hydroxide that America will require to power the ongoing transition to electric vehicles. Lithium has been called ‘the irreplaceable element of the electric era,’ and we will bring large-scale production of lithium hydroxide to America.”

Summary of Transaction Terms

Subscription
Subscriber Piedmont Lithium Inc. (Nasdaq:PLL)
Issuer IronRidge Resources (AIM:IRR)
No. of Securities 54,000,000 shares
Subscription Price 20p per share
Total Investment £10,800,000 (approximately $15 million)
Board Representation For so long as the Subscriber holds voting power of at least 9% in the Issuer, the Subscriber will have the right to appoint one person as a non-executive director of the Issuer
Conditions Precedent Completion of the subscription for shares is subject to the following conditions precedent:

  • The Issuer obtaining shareholder approval for the issue of the shares to the Subscriber;
  • The Issuer and the Subscriber obtaining all necessary regulatory approvals for the subscription for shares; and
  • No material adverse effect on the Issuer having occurred prior to the date the other conditions precedent are satisfied.
Project Investment
Project IronRidge Resources Ghana and its Affiliates (“IRR Ghana”)
Initial Interest 22.5% of IRR Ghana
Initial Interest Consideration Piedmont will solely fund:

  • $5 million of exploration expenses
  • $12 million of definitive feasibility expenses
Initial Interest Condition Piedmont’s Initial Interest will be issued upon:

  • Completion of definitive feasibility study
  • Piedmont’s election to proceed with further interest investment
  • Piedmont will be entitled to appoint 50% of the Board of Directors of IRR Ghana upon satisfaction of the Initial Interest Conditions
Further Interest 27.5% of IronRidge Resources Ghana and its Affiliates
Further Interest Consideration Piedmont will solely fund the first $70 million of capital costs for the Ewoyaa Project
Further Interest Conditions Commencement of funding of the Further Interest Consideration will occur upon:

  • A Decision to Mine undertaken by the Board of IRR Ghana
  • Customary Authorizations required for construction of the Ewoyaa Project
Other The Parties will equally share any cost savings or overruns in the Initial or Further Interests

Customary representations, warranties, and pre-completion obligations

Conditions Precedent The Initial and Further Interest are subject to the following Conditions Precedent

  • Completion of due diligence by both parties
  • Completion of the Share Subscription Agreement
  • Obtainment of all Authorizations, if any, including approval of FIRB of Australia
Supply Agreement
Buyer Piedmont Lithium Inc. (or its nominee)
Seller IronRidge Resources and its Affiliates
Product Spodumene concentrate containing 6.0% Li2O grade (dry basis)
Quantity 50% of Seller’s planned production
Term Life-of-mine
Price Market pricing (based on an average price for CIF China Price (US$) for 6.0% SC6 dry basis)
Conditions
  • Buyer and Seller agreeing to a start date for Product deliveries between July 2025 and July 2026 based on the development schedules of both parties
  • Supply Agreement is conditioned upon Piedmont’s satisfaction of earn-in obligations to acquire the Initial Interest and Further Interest of IRR Ghana

About IronRidge Resources

IronRidge Resources is an AIM-listed, Africa focused minerals exploration company with a lithium pegmatite discovery in Ghana, extensive grassroots gold portfolio in Côte d’Ivoire and a potential new gold province discovery in Chad. The Company holds legacy iron ore assets in Gabon and a bauxite resource in Australia. IronRidge’s strategy is to create and sustain shareholder value through the discovery and development of significant and globally demanded commodities. For more information, please visit www.ironridgeresources.com.au.

About Piedmont Lithium


Piedmont Lithium (Nasdaq:PLL; ASX:PLL) is developing a world-class integrated lithium business in the United States, enabling the transition to a net zero world and the creation of a clean energy economy in America. Our location in the renowned Carolina Tin Spodumene Belt of North Carolina, the cradle of the lithium industry, positions us to be one of the world’s lowest cost producers of lithium hydroxide, and the most strategically located to serve the fast-growing US electric vehicle supply chain. The unique geographic proximity of our resources, production operations and prospective customers places us on the path to be among the most sustainable producers of lithium hydroxide in the world and should allow Piedmont to play a pivotal role in supporting America’s move to the electrification of transportation and energy storage. For more information, visit www.piedmontlithium.com.

Forward Looking Statements

This announcement may include forward-looking statements. These forward-looking statements are based on Piedmont’s expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Piedmont, which could cause actual results to differ materially from such statements. Piedmont makes no undertaking to subsequently update or revise the forward-looking statements made in this announcement, to reflect the circumstances or events after the date of that announcement. U.S. investors are urged to consider Piedmont’s disclosure in its SEC filings, copies of which may be obtained from Piedmont or from the EDGAR system on the SEC’s website at http://www.sec.gov/.

Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Mineral Resources

The information contained herein and previously reported by IronRidge Resources has been prepared in accordance with the requirements of the securities laws in effect in Australia, which differ from the requirements of United States securities laws. The terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are Australian mining terms defined in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”). Comparable terms are now also defined by the U.S. Securities and Exchange Commission (“SEC”) in its newly adopted Modernization of Property Disclosures for Mining Registrants as promogulated in its S-K 1300 standards.  While the guidelines for reporting mineral resources, including subcategories of measured, indicated, and inferred resources, are largely similar for JORC and S-K 1300 standards, information contained herein that describes IronRidge Resources’ mineral deposits is not fully comparable to similar information made public by U.S. companies subject to reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder Piedmont does not guaranty or verify the accuracy of any disclosure made by IronRidge Resources.

Competent Persons Statements

The information in this announcement that relates to Exploration Results, Metallurgical Testwork Results, Mineral Resources, Process Design, Capital Costs, Operating Costs, Mining Engineering and Mining Schedule for Piedmont’s Carolina Lithium Project is extracted from the Company’s ASX announcements dated June 10, 2021, June 9, 2021, and April 8, 2021 which are available to view on the Company’s website at www.piedmontlithium.com. Piedmont confirms that: a) it is not aware of any new information or data that materially affects the information included in the original ASX announcements; b) all material assumptions and technical parameters underpinning Mineral Resources, Exploration Targets, Production Targets, and related forecast financial information derived from Production Targets included in the original ASX announcements continue to apply and have not materially changed; and c) the form and context in which the relevant Competent Persons’ findings are presented in this report have not been materially modified from the original ASX announcements.

  1. Refer to IRR announcement dated January 28, 2020.
  2. Refer to IRR announcement dated January 19, 2021.