Piedmont Lithium Inc. (“Piedmont” or the “Company”) (NASDAQ:
PLL; ASX: PLL), a leading, diversified developer of lithium
resources required to enable the U.S. electric vehicle supply
chain, today announced that Piedmont’s partner, Sayona Mining
(ASX:SYA), recently published a prefeasibility study (“NAL PFS” or
the “NAL Study”) for the restart of spodumene concentrate
operations at the North American Lithium Project in Quebec (“NAL”).
The NAL PFS contemplates average annual production of approximately
168,000 tonnes per year of 6% spodumene concentrate over a mine
life of 27 years. The NAL Study highlights estimated competitive
cash operating costs and an estimated capital cost for the mine and
concentrator restart of approximately US$80 million.
Piedmont and Sayona acquired the previously-producing NAL
operations in August 2021. Following the positive results of the
NAL Study, the partners expect to proceed with full capital
expenditure authorization. According to Sayona’s study results,
operations could recommence in the first half of 2023.
Importantly, the NAL Study has identified a number of
de-bottlenecking and process improvements within the spodumene
concentrator which will improve operational availability, lithium
recovery, and product quality. Process improvements include
equipment upgrades in the crushing plant, additional crushed ore
storage, expanded ore sorting, iron removal processing equipment,
and upgrades to the flotation circuit and product dewatering
processes. Operations are expected to be converted to dry-stacked
tailings over time.
Piedmont owns a 25% project interest in the NAL and Authier
Projects via its equity stake in Sayona Quebec as well as its
equity interest of approximately 16.5% in Sayona Mining. With the
publication of the NAL PFS, Piedmont will now begin to explore
marketing options for its share of spodumene concentrate production
contemplated in its offtake agreement with Sayona, which provides
Piedmont with the right to purchase the greater of 50% of
production or 113,000 metric tonnes per year from the NAL
Project.
“The proposed restart of production at North American Lithium in
the first half of 2023 represents the next step in helping Piedmont
achieve its vision of becoming the leading lithium hydroxide
producer in North America,” said Piedmont COO, Patrick Brindle. Mr.
Brindle added, “We are happy and excited for our partners. Sayona
Quebec is one of the largest and best-located spodumene businesses
in Canada and, as a past-producer with the bulk of plant and
equipment in place, we believe is also the most advanced. Piedmont
is committed to funding our share of the NAL restart capital, and
we look forward to working with Sayona to formalize the full
authorization of the NAL restart project in the coming weeks in
order to achieve first production in the first half of 2023.”
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 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 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 wholly-owned
Carolina Lithium and LHP-2 Projects in the United States and
partnerships in the Abitibi Hub in Quebec with Sayona Mining
(ASX:SYA) and in Ghana together with Atlantic Lithium (AIM:ALL).
These geographically 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 of Sayona 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 or Sayona will be unable to commercially extract mineral
deposits, (ii) that Piedmont’s or Sayona’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 Quebec and 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 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 Resources
The terms "mineral resource", "measured mineral resource",
"indicated mineral resource" and "inferred mineral resource" are
terms defined by the U.S. Securities and Exchange Commission
(“SEC”) in Regulation S-K, Item 1300 (“S-K 1300”) as well as the
2012 Edition of the Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves (the “JORC Code”) and
the Canada Securities Administrators National Instrument 43-101
Standards for Disclosure for Mineral Projects (“NI 43-101”). In
Sayona’s announcement, it indicates that it has prepared resources
information in accordance with the standards set forth in the 2012
Edition of the JORC Code and NI 43-101. Such standards differ from
the requirements of U.S. securities laws that would apply if Sayona
were a reporting company in the United States. Therefore, the
mineral resources reported by Sayona Mining are 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 context and nature of
Sayona’s disclosures in its public communications, as well as the
disclosure in Piedmont’s Form 10-KT, a copy of which may be
obtained from Piedmont or from the EDGAR system on the SEC’s
website at http://www.sec.gov/.
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version on businesswire.com: https://www.businesswire.com/news/home/20220524005393/en/
Keith Phillips President & CEO T: +1 973 809 0505 T:
+1 412 818 0376 E: kphillips@piedmontlithium.com
Patrick Brindle Executive Vice President & COO E:
pbrindle@piedmontlithium.com
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