Piedmont Lithium Partner Atlantic Lithium Announces a 42% Increase in Mineral Resources at the Ewoyaa Project
29 March 2022 - 9:50PM
Business Wire
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, Atlantic Lithium
(AIM: ALL), recently announced completion of a Mineral Resource
estimate update for the Ewoyaa Project in Cape Coast, Ghana
totaling 30.1 million metric tonnes @ 1.26% Li2O. Piedmont has an
earn-in right to a 50% interest in Atlantic Lithium’s Ghanaian
projects including Ewoyaa and the Company holds an equity interest
of approximately 10% in Atlantic Lithium. The updated Mineral
Resource estimate, including 20.5 Mt @ 1.29% Li2O of Indicated
Resources, was reported in accordance with JORC Code (2012)
standards.
“We’re very pleased with the reported increase in Mineral
Resources for the Ewoyaa Project, notably the increase in Mineral
Resources in the Indicated category” said Piedmont’s Chief
Operating Officer, Patrick Brindle. Mr. Brindle added, “The Ewoyaa
Project is one of the best located spodumene project in Africa, and
its development is fundamental to our growth strategy as an
important source of spodumene concentrate for our LHP-2 Project. We
look forward to Atlantic Lithium’s completion of a prefeasibility
study for the Ewoyaa Project, which will both increase the level of
engineering definition for the Project as well as provide important
data needed to advance regulatory approvals for the Project.”
The statements below were prepared by, and made by, Atlantic
Lithium. The following disclosures are not statements of Piedmont
and have not been independently verified by Piedmont. Atlantic
Lithium is not subject to U.S. reporting requirements or
obligations, and investors are cautioned not to put undue reliance
on these statements.
Atlantic Lithium’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. 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
minority equity investments in companies that own 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 of Atlantic
Lithium 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 Atlantic Lithium will be unable to
commercially extract mineral deposits, (ii) that Piedmont’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 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
Atlantic Lithium’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. Such standards differ from the
requirements of U.S. securities laws that would apply if Atlantic
Lithium were a reporting company in the United States. Therefore,
the mineral resources reported by Atlantic Lithium 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 Atlantic Lithium’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/.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220329005348/en/
Keith Phillips President & CEO T: +1 973 809 0505 E: kphillips@piedmontlithium.com
Patrick Brindle EVP and Chief Operating Officer
T: +1 412 818 0376
E:
pbrindle@piedmontlithium.com
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