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Piedmont Lithium Partners Release Technical Studies

Piedmont Lithium (the “Company,” “Piedmont,” “we”, “our” and “us”), a developer of lithium resources critical to the U.S. electric vehicle supply chain, today announced that partners Atlantic Lithium and Sayona Mining 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.”

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