Atlantic Lithium releases DFS for Ewoyaa
Lithium Project
Sayona Mining publishes preliminary technical
study for carbonate production at NAL
Piedmont Lithium (the “Company,” “Piedmont,” “we”, “our” and
“us”) (Nasdaq: PLL; ASX: PLL), a developer of lithium resources
critical to the U.S. electric vehicle supply chain, today announced
that partners Atlantic Lithium (AIM: ALL; ASX: A11) and Sayona
Mining (ASX: SYA) have released technical studies on the Ewoyaa
Lithium Project (“Ewoyaa”) in Ghana and the producing North
American Lithium project (“NAL”) in Quebec, respectively.
Atlantic Lithium Limited (“Atlantic Lithium”) recently published
a JORC Code-compliant definitive feasibility study (“DFS”) for
Ewoyaa. When implementing a mine plan developed on the basis of
25.6 million metric tons at 1.22% Li2O of probable ore reserves
only and excluding any mineral resources in the inferred category,
the DFS delivers a production target of 340,000 metric tons per
year of spodumene concentrate, half of which is expected to be
delivered to Piedmont Lithium under the Company’s 50% allocation of
production from Atlantic Lithium’s Ghanaian projects. The DFS
projected robust economics for Ewoyaa, demonstrating an estimated
after-tax net present value of US$1.4 billion and an after-tax
internal rate of return of more than 100%. Piedmont Lithium is in
the process of earning a 50% ownership interest in Ewoyaa. Based on
completion of the DFS and Piedmont Lithium’s election to proceed
into project development, the Company expects to earn the first
22.5% ownership interest in Ewoyaa. Atlantic Lithium is progressing
through the mine permitting process, targeting construction at
Ewoyaa to commence in the second half of 2024, with first
production expected in 2025.
Sayona Mining Limited (“Sayona Mining”) released a preliminary
technical study for lithium carbonate production at the operating
NAL mine. NAL is jointly owned by Sayona Mining (75%) and Piedmont
Lithium (25%). The NAL site includes a lithium carbonate facility
that was partially completed by prior owners of the operation.
Sayona Mining and Piedmont Lithium plan to work together with
technical advisors to perform a trade-off study of lithium
carbonate versus lithium hydroxide production at NAL, with a
definitive technical study to follow for publication sometime in
2024. Spodumene concentrate operations at NAL have been ramping up
since first production in March 2023, and first commercial
shipments to customers are expected in Q3 2023.
Keith Phillips, President and CEO of Piedmont Lithium,
commented, “We are grateful for the outstanding work by our
partners at Atlantic Lithium and Sayona Mining in advancing these
projects. We expect Ewoyaa to provide the primary feedstock for
Tennessee Lithium and are in the final stages of securing the
material permits needed to construct and operate the conversion
facility. We look forward to the first spodumene shipments from
NAL, expected in Q3 2023, and to confirming Piedmont’s transition
from lithium developer to lithium producer.”
Atlantic Lithium and Sayona Mining are not subject to U.S.
reporting requirements or obligations, and investors are cautioned
not to put undue reliance on these statements.
About Piedmont Lithium
Piedmont Lithium (Nasdaq: PLL; ASX: PLL) is developing a
world-class, multi-asset, integrated lithium business focused on
enabling the transition to a net zero world and the creation of a
clean energy economy in North America. Our goal is to become one of
the largest lithium hydroxide producers in North America by
processing spodumene concentrate produced from assets where we hold
an economic interest. Our projects include our Carolina Lithium and
Tennessee Lithium projects in the United States and partnerships in
Quebec with Sayona Mining (ASX: SYA) and in Ghana with Atlantic
Lithium (AIM: ALL; ASX: A11). These geographically diversified
operations will enable us to play a pivotal role in supporting
America’s move toward energy independence and the electrification
of transportation and energy storage. For more information, follow
us on Twitter @PiedmontLithium and visit
www.piedmontlithium.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of or as described in securities legislation in the
United States and Australia, including statements regarding
exploration, development construction and production activities of
Sayona Mining, Atlantic Lithium and Piedmont; current plans for
Piedmont’s mineral and chemical processing projects; Piedmont’s
potential acquisition of an ownership interest in Ewoyaa; and
strategy. Such forward-looking statements involve substantial and
known and unknown risks, uncertainties, and other risk factors,
many of which are beyond our control, and which may cause actual
timing of events, results, performance or achievements and other
factors to be materially different from the future timing of
events, results, performance, or achievements expressed or implied
by the forward-looking statements. Such risk factors include, among
others: (i) that Piedmont, Sayona Mining or Atlantic Lithium may be
unable to commercially extract mineral deposits, (ii) that
Piedmont’s, Sayona Mining’s or Atlantic Lithium’s properties may
not contain expected reserves, (iii) risks and hazards inherent in
the mining business (including risks inherent in exploring,
developing, constructing and operating mining projects,
environmental hazards, industrial accidents, weather or
geologically related conditions), (iv) uncertainty about Piedmont’s
ability to obtain required capital to execute its business plan,
(v) Piedmont’s ability to hire and retain required personnel, (vi)
changes in the market prices of lithium and lithium products, (vii)
changes in technology or the development of substitute products,
(viii) the uncertainties inherent in exploratory, developmental and
production activities, including risks relating to permitting,
zoning and regulatory delays related to our projects as well as the
projects of our partners in Quebec and Ghana, (ix) uncertainties
inherent in the estimation of lithium resources, (x) risks related
to competition, (xi) risks related to the information, data and
projections related to Sayona Mining or Atlantic Lithium, (xii)
occurrences and outcomes of claims, litigation and regulatory
actions, investigations and proceedings, (xiii) risks regarding our
ability to achieve profitability, enter into and deliver product
under supply agreements on favorable terms, our ability to obtain
sufficient financing to develop and construct our projects, our
ability to comply with governmental regulations and our ability to
obtain necessary permits, and (xiv) other uncertainties and risk
factors set out in filings made from time to time with the U.S.
Securities and Exchange Commission (“SEC”) and the Australian
Securities Exchange, including Piedmont’s most recent filings with
the SEC. The forward-looking statements, projections and estimates
are given only as of the date of this press release and actual
events, results, performance and achievements could vary
significantly from the forward-looking statements, projections and
estimates presented in this press release. Readers are cautioned
not to put undue reliance on forward-looking statements. Piedmont
disclaims any intent or obligation to update publicly such
forward-looking statements, projections, and estimates, whether as
a result of new information, future events or otherwise.
Additionally, Piedmont, except as required by applicable law,
undertakes no obligation to comment on analyses, expectations or
statements made by third parties in respect of Piedmont, its
financial or operating results or its securities.
Cautionary Note to United States Investors Concerning Estimates
of Measured, Indicated and Inferred Mineral Resources
Information presented herein related to the mineral resources
and mineral reserves of Ewoyaa have been prepared in accordance
with the requirements of 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 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
mineral resources, are largely similar for JORC and S-K 1300
standards, information contained herein that describes Atlantic
Lithium’s mineral deposits are 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. 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 www.sec.gov.
In June 2023, Atlantic Lithium announced the successful
completion of a definitive feasibility study for Ewoyaa in
accordance with the JORC Code, demonstrating the potential of
Ewoyaa to produce low-cost spodumene concentrate using a dense
medium only processing technique. In the Atlantic Lithium
definitive feasibility study, 6% of the mined tons in the
production target are based on the inclusion of inferred resources.
Piedmont has disclosed the production target and estimated project
economics of Ewoyaa on the basis of mining and processing of
probable ore reserves only according to information provided by
Atlantic Lithium in [Table 1 Section 4][[“‘JORC Code 2012 Table 1’
Section 4 Estimation and Reporting of Ore Reserves”?] of Atlantic’s
DFS announcement released to the ASX on June 29, 2023. We consider
the production target and its associated economics as a definitive
feasibility study on the basis of processing ore reserves only.
Investors are cautioned that there is a low level of geological
confidence associated with inferred mineral resources, and there is
no certainty that further exploration work would result in a
determination of measured or indicated mineral resources resulting
from the inferred resources, that the inferred resources would be
converted to mineral reserves or that the production target itself
would be realized.
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version on businesswire.com: https://www.businesswire.com/news/home/20230630919516/en/
Erin Sanders SVP, Corporate Communications & Investor
Relations T: +1 704 575 2549 E: esanders@piedmontlithium.com
Christian Healy/Jeff Siegel Media Inquiries E:
Christian@dlpr.com E: Jeff@dlpr.com
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