Ewoyaa Lithium Project Receives Mine Operating Permit

Rhea-AI Summary

Piedmont Lithium (Nasdaq: PLL; ASX: PLL), a leading North American supplier of lithium products for the U.S. electric vehicle supply chain, announced that the Minerals Commission of Ghana has issued a Mine Operating Permit for the joint venture Ewoyaa Lithium Project in Ghana. This permit is a crucial milestone in obtaining the necessary regulatory approvals to begin project construction.

The Ewoyaa project is being developed in partnership with Atlantic Lithium (AIM: ALL, ASX: A11). Patrick Brindle, Chief Operating Officer of Piedmont Lithium, expressed satisfaction with the permit issuance and anticipation for the project's future development, subject to mining lease ratification by the Ghanaian Parliament, ongoing design works, and market conditions.

Positive

• Received Mine Operating Permit for Ewoyaa Lithium Project in Ghana
• Significant progress towards regulatory approvals for project construction

Negative

• None.

Insights

Mining Industry Analyst

The issuance of the Mine Operating Permit for the Ewoyaa Lithium Project in Ghana represents a significant milestone in the regulatory approval process. This development is important for Piedmont Lithium and its partner Atlantic Lithium, as it paves the way for potential project construction. However, several key hurdles remain:

• Mining lease ratification by the Ghanaian Parliament
• Ongoing design works
• Market condition considerations

The permit's approval suggests positive progress, but investors should note that the project's future development is still contingent on these factors. The lithium market's volatility and growing global demand for EV battery materials add complexity to the project's outlook. While this news is encouraging, it's important to recognize that significant steps remain before production can commence, impacting the timeline for potential revenue generation.

Lithium Market Specialist

The Ewoyaa project's advancement comes at a critical time in the global lithium market. With lithium prices experiencing significant fluctuations, the timing of new projects entering production can greatly impact their economic viability. Piedmont Lithium's strategy to diversify its lithium assets across different geographies is noteworthy.

The Ewoyaa project in Ghana complements Piedmont's North American operations, potentially strengthening the company's position in the lithium supply chain. However, investors should consider:

• The project's potential production timeline relative to market demand forecasts
• Geopolitical risks associated with mining operations in Ghana
• The project's cost competitiveness in a global market

While the permit is a positive step, the project's ultimate success will depend on efficient execution and favorable market conditions when production begins.

BELMONT, N.C.--(BUSINESS WIRE)-- Piedmont Lithium (“Piedmont” or the “Company”) (Nasdaq: PLL; ASX: PLL), a leading North American supplier of lithium products critical to the U.S. electric vehicle supply chain, today announced that the Minerals Commission of Ghana has issued a Mine Operating Permit to the joint venture Ewoyaa Lithium Project (“Ewoyaa” or “Project”) in Ghana. Ewoyaa is being developed in partnership with Atlantic Lithium Limited (“Atlantic Lithium”) (AIM: ALL, ASX: A11). Receipt of the Mine Operating Permit marks an important milestone in achieving the regulatory approvals required to commence Project construction.

The information presented in this announcement was originally released by Atlantic Lithium and can be found here.

“We are very pleased with the issuance of the Mine Operating Permit for the Ewoyaa project,” said Patrick Brindle, Chief Operating Officer of Piedmont Lithium. “We look forward to the future development of the Ewoyaa project in due course, subject to the outcome of the mining lease ratification by the Ghanaian Parliament, other ongoing design works, and prevailing market conditions.”

The statements in the link above were prepared by, and made by, Atlantic Lithium. The 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.

About Piedmont Lithium

Piedmont Lithium Inc. (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). We believe these geographically diversified operations help 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, production, and ramp up activities or the timing of these activities, of Sayona Mining, Atlantic Lithium and Piedmont, including regarding operating cost improvements, regulatory approvals or permits or the timing thereof, project spend, timing of completion of capital projects and the effects of such projects, timing of planned deliveries and ability to improve productivity; current plans for Piedmont’s mineral and chemical processing projects; Piedmont’s potential acquisition of an ownership interest in Ewoyaa, including financing options, the timing of final investment decisions and project spend; strategy; market cycles; lithium prices; equity values; costs of new project developments; lithium shortages; lithium market recovery; certain Company approvals, permitting, partnering and debt funding discussions; a recently completed workforce reduction; expense management and possible or assumed future financial results or financial condition. 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, (xiv) our ability to deliver on our expense management efforts and other cost improvements expected upon completion of key capital projects as well as our future cash payments associated with these initiatives and potential future impairment charges, and (xv) 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241009809400/en/

Erin Sanders

SVP, Corporate Communications & Investor Relations

T: +1 704 575 2549

E: esanders@piedmontlithium.com

Source: Piedmont Lithium

FAQ

What major permit did Piedmont Lithium (PLL) receive for its Ewoyaa Lithium Project?

Piedmont Lithium announced that the Minerals Commission of Ghana has issued a Mine Operating Permit for the joint venture Ewoyaa Lithium Project in Ghana.

Who is Piedmont Lithium's (PLL) partner in developing the Ewoyaa Lithium Project?

Piedmont Lithium is developing the Ewoyaa Lithium Project in partnership with Atlantic Lithium (AIM: ALL, ASX: A11).

What are the next steps for Piedmont Lithium's (PLL) Ewoyaa project after receiving the Mine Operating Permit?

The next steps include mining lease ratification by the Ghanaian Parliament, completion of ongoing design works, and consideration of prevailing market conditions before commencing project construction.

How significant is the Mine Operating Permit for Piedmont Lithium's (PLL) Ewoyaa project?

The Mine Operating Permit is a important milestone in achieving the regulatory approvals required to commence project construction for the Ewoyaa Lithium Project.