Piedmont Lithium Limited: December 2020 Quarterly Report
January 29 2021 - 6:00AM
Business Wire
Piedmont Lithium Limited (ASX: PLL; NASDAQ: PLL) (“Piedmont”
or “Company”) is pleased to present its December 2020 quarterly
report.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20210129005078/en/
Piedmont Lithium Project Located within
the TSB (Photo: Business Wire)
Highlights during and subsequent to the quarter were:
- Commenced a definitive feasibility study (“DFS”) for Piedmont’s
planned 160,000 t/y spodumene concentrate operation in North
Carolina led by Primero Group and Marshall Miller & Associates
with a planned completion date in mid-2021;
- Expanded drill programs by an additional 25,000 meters using
five drill rigs with the intention of updating the Company’s
Mineral Resource estimates on the Central and Core properties in
the first half of 2021 in advance of completing the DFS for its
planned spodumene concentrate operations;
- Received key permit for Piedmont’s planned 22,700 t/y lithium
hydroxide plant in Kings Mountain, North Carolina, comprising a
Title V Air Permit from the North Carolina Department of
Environmental Quality’s Division of Air Quality authorizing
construction and operations of the planned lithium hydroxide
plant;
- Launched a pilot-scale testwork program at SGS Canada to
produce a bulk sample of spodumene concentrate from a 50t bulk
sample collected from the Company’s Core property in early
2020;
- Substantially increased the Company’s land position within the
Carolina Tin-Spodumene Belt to 2,322 acres including highly
prospective properties contiguous to or in the near vicinity of the
Company’s Core property;
- Commenced process to re-domicile Piedmont from Australia to the
United States via a Scheme of Arrangement subject to shareholder,
regulatory, and court approval. If the Scheme is approved the
Company’s primary listing will move from the Australian Securities
Exchange (“ASX”) to Nasdaq Capital Market and the Company will
retain an ASX listing via Chess Depositary Interests;
- Entered into agreements to acquire a 19.9% interest in Sayona
Mining Limited (“Sayona”) through shares and convertible notes.
Piedmont will also purchase a 25.0% stake in Sayona’s 100% owned
Quebec subsidiary, Sayona Quebec Inc (“Sayona Quebec”). Sayona
Quebec owns the Authier lithium project, the highly prospective
Tansim lithium project, and is pursuing a bid to acquire
Quebec-based North American Lithium’s assets out of
bankruptcy;
- Piedmont and Sayona Quebec have also entered into a binding SC6
supply agreement pursuant to which Sayona Quebec will supply to
Piedmont the greater of 60,000 t/y or 50% of Sayona Quebec’s
spodumene concentrate production at market prices on a life-of-mine
basis;
- Expanded the Company’s senior management team through the
addition of Ms. Malissa Gordon – Community and Government
Relations, Mr. Jim Nottingham – Senior Project Manager Concentrate
Operations, Mr. Pratt Ray – Production Manager – Chemical
Operations, and Mr. Brian Risinger – Vice President Corporate
Communications and Investor Relations;
- Completed of a U.S. public offering of 2,300,000 of Piedmont’s
American Depositary Shares (“ADSs”), with each ADS representing 100
of Piedmont’s ordinary shares, including full exercise of the
underwriters’ option, at an issue price of US$25.00 per ADS, to
raise gross proceeds of US$57.5 million (A$81.2 million); and
- Following successful completion of the U.S. public offering,
the Company repaid 100% of the Paycheck Protection Program funds
received by the Company in May 2020.
Keith D. Phillips, President and CEO of Piedmont, commented:
“It is an exciting time for the battery materials industry in
North America. Our North Carolina location places us in an ideal
position to play a pivotal role in helping power North America’s
electric vehicle and clean energy storage revolutions.
“Recent activity in the US battery materials equity markets
validates our efforts to re-domicile Piedmont, and we look forward
to completing the work moving our primary listing to Nasdaq, while
maintaining a secondary Australian listing.
“Following our highly successful equity offering in October,
Piedmont enters 2021 with a strong balance sheet that will enable
the Company to meet its development objectives for the coming year.
Our expanded team continues to do a great job on the ground in
North Carolina in mineral exploration, metallurgical testwork,
technical studies, and permitting that may make it possible for
Piedmont to begin construction of our project by the end of this
year. We expect 2021 will be a pivotal year for Piedmont Lithium,
and we are excited about the months ahead.”
To view the ASX Release, please click here.
For further information, contact:
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210129005078/en/
Keith Phillips President & CEO T: +1 973 809 0505 E:
kphillips@piedmontlithium.com
Brian Risinger Vice President – Corporate Communications
and Investor Relations T: +1 704 910 9688 E:
brisinger@piedmontlithium.com
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