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High-Grade Drill Results at North American Lithium
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Piedmont Lithium (Nasdaq: PLL; ASX: PLL), a key North American lithium supplier, announced significant high-grade lithium mineralization at North American Lithium (NAL) in Quebec.
The 2023 drill program revealed thick, high-grade spodumene-bearing pegmatites beyond current pit operations and planned pit shell models. These findings could lead to a substantial resource upgrade and potential mine life extension.
Piedmont owns 25% of NAL, while Sayona Mining holds 75%. NAL, the largest lithium operation in North America, restarted production in March 2023, achieving record production volumes each quarter.
CEO Keith Phillips emphasized the strategic importance of NAL, noting the potential for increased annual production and a longer mine life. Investors are cautioned about differences in public disclosures between Piedmont and Sayona due to varying regulatory frameworks.
Positive
High-grade lithium mineralization zones identified, potentially upgrading resources.
Thick, high-grade spodumene-bearing pegmatites discovered beyond current pit operations.
Potential for mine life extension at NAL.
NAL has consistently achieved record production volumes each quarter since March 2023.
Possibility of converting Inferred Resources to Measured and Indicated Resources.
Negative
Investors cautioned about differences in public disclosures between Piedmont and Sayona due to varying regulatory frameworks.
Reliability of resource estimates may vary due to differences in JORC Code, NI 43-101, and S-K 1300 standards.
Insights
The recent high-grade drill results at North American Lithium (NAL) have substantial implications for Piedmont Lithium and its stakeholders. As the drill program indicates potential for significant resource upgrades and possible mine life extensions, it positions NAL to enhance its role as the largest lithium operation in North America.
From a mining perspective, identifying thick, high-grade spodumene-bearing pegmatites beyond current pit operations suggests potential for increased resource estimates. If these inferred resources can be converted to measured and indicated resources, it will likely bolster the long-term viability of the mine, leading to potentially higher annual production rates. Such outcomes could solidify the mine's strategic importance, especially in the context of the growing demand for EV battery materials.
Additionally, the consistency of record production volumes each quarter since the restart in March 2023 demonstrates operational efficiency and scalability. This operational momentum bodes well for future expansions and supports the possibility of resource definition at even greater depths.
From a financial standpoint, the identification of new high-grade lithium mineralization zones at NAL is a positive development for Piedmont Lithium and Sayona Mining. The potential upgrade in mineral resources and the extension of mine life can significantly enhance the economic value of NAL. This is particularly important as it can lead to increased production volumes, potentially driving higher revenue and profitability for both companies.
Moreover, given the strategic importance of lithium in the electric vehicle supply chain, the operational success and expansion potential of NAL underscore the companies' competitive positioning in the market. Investors should note that the steady production volumes since the restart and the high-grade nature of the new discoveries could result in favorable market sentiment and potentially higher stock valuations.
It's also important to consider that Piedmont's strategic diversification, with assets in the United States, Quebec and Ghana, provides additional stability and growth prospects, making it an attractive investment in the clean energy transition.
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 new and expanded high-grade lithium mineralization zones have been identified at North American Lithium (“NAL”) in Quebec. NAL is jointly owned by Piedmont (25%) and Sayona Mining Limited (75%).
The results of the 2023 NAL drill program indicate the potential for a significant mineral resource upgrade and possible mine life extension. Multiple thick, high-grade spodumene-bearing pegmatites were discovered beyond current NAL pit operations and the planned pit shell model along the northwest, northeast, and southeast margins. The drill results support potential conversion of Inferred Resources to Measured and Indicated Resources within the pit shell model and could lead to additional resource definition below the pit shell model at depth.
“The drill program at North American Lithium demonstrates the potential for near-term upgrades to NAL’s resources and reserves,” said Keith Phillips, President and CEO of Piedmont Lithium. “We believe these results underscore the long-term potential of this important asset. NAL is the largest lithium operation in North America, and ramp-up is nearing completion. As an operating mine producing IRA-compliant spodumene concentrate, NAL is highly strategic and the possibility of an extension to mine life and/or an increase in annual production is very exciting.”
Cautionary Note to U.S. Investors
Piedmont’s public disclosures are governed by the U.S. Exchange Act of 1934, including Regulation S-K 1300 thereunder, whereas Sayona discloses estimates of “measured,” “indicated,” and “inferred” mineral resources as such terms are used in the JORC Code and Canada’s National Instrument 43-101. Although S-K 1300, the JORC Code, and NI 43-101 have similar goals in terms of conveying an appropriate level of confidence in the disclosures being reported, they at times embody different approaches or definitions. Consequently, investors are cautioned that public disclosures by Sayona prepared in accordance with the JORC Code or NI 43-101 may not be comparable to similar information made public by companies, including Piedmont, subject to S-K 1300 and the other reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder.
The statements in the link below were prepared by, and made by, Sayona Mining. Such statements are not statements of Piedmont and have not been independently verified by Piedmont. Sayona Mining is not subject to U.S. reporting requirements or obligations, and investors are cautioned not to put undue reliance on these statements. Sayona Mining’s original announcements can be found here.
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.
