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High-Grade Drill Results Continue at North American Lithium
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Piedmont Lithium (Nasdaq: PLL; ASX: PLL) has reported continued high-grade drill results at its North American Lithium (NAL) project in Quebec. The 2023-2024 drill program has discovered new, high-grade lithium zones, with consistent mineralization within the planned pit shell model. These results suggest a potential upgrade to the mineral resource estimate. A further 30,000 meters of exploration drilling is set for 2024. The NAL project, jointly owned by Piedmont (25%) and Sayona Mining (75%), has been achieving record spodumene concentrate volumes since March 2023, targeting steady-state production in the second half of 2024.
Keith Phillips, CEO of Piedmont, emphasized the strategic importance of NAL, highlighting its status as the only North American lithium mine producing IRA-compliant spodumene concentrate. Phillips anticipates an update on the mineral resource estimate soon.
Investors are cautioned about differences in mineral resource reporting standards between Piedmont and Sayona Mining.
Positive
Continued high-grade drill results at North American Lithium project.
2023-2024 drill program identifies new high-grade lithium zones.
Mineralization shows consistency in grade and thickness within the pit shell model.
Planned 30,000 meters of exploration drilling in 2024.
Joint NAL project achieving record spodumene concentrate volumes since March 2023.
Targeting steady-state production in H2 2024.
Strategic importance highlighted as the only North American lithium mine producing IRA-compliant spodumene concentrate.
Negative
Investors cautioned about differences in mineral resource reporting standards between Piedmont and Sayona Mining.
Insights
The recent high-grade drill results at North American Lithium (NAL) indicate a potentially significant upgrade to the mineral resource estimate, thereby enhancing the long-term value of the asset. The identification of new, thicker and higher-grade lithium zones beyond the planned pit shell model suggests that the existing operations could be expanded, increasing the life of the mine and potentially reducing operational costs through economies of scale. The consistency in grade and thickness within the pit shell is particularly promising, as it implies stable and predictable production rates, which is important for long-term operational planning and investor confidence.
This news is timely given the ongoing demand for lithium driven by the electric vehicle (EV) market. The strategic importance of having a high-grade, IRA-compliant lithium source in North America cannot be understated, as it aligns well with the growing geopolitical emphasis on localizing supply chains for critical minerals.
However, investors should keep in mind that these are preliminary results and the actual upgrade in resource estimates will depend on further drilling and subsequent studies. The planned 30,000 meters of exploration drilling in 2024 will be critical in confirming these initial findings and could either substantiate or temper the current excitement.
Rating: 1
The new drill results at NAL are a positive development for Piedmont Lithium from a market perspective. High-grade lithium deposits translate into lower extraction and processing costs, which can improve the company's profit margins significantly. The announcement also positions Piedmont and its partner, Sayona Mining, as key players in the North American lithium market, leveraging their strategic location to address the increasing demand for EV batteries.
From a market sentiment angle, the continuous updates on drilling results help maintain investor interest and confidence. The market generally reacts positively to such updates, especially when they indicate potential resource upgrades. The continuity in mineralization and the discovery of high-grade zones enhance the attractiveness of Piedmont's stock, making it an appealing option for both current and prospective investors.
However, investors should remain cautious about the dependency on future drilling and resource estimate updates. Market sentiment can shift quickly if future results do not meet the optimistic projections set by these initial findings.
Rating: 1
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 additional high-grade drill results at North American Lithium (“NAL”) in Quebec continue to demonstrate the potential for a significant upgrade to the mineral resource estimate. These new drill results follow similar assay results released in May 2024.
The 2023-2024 drill program has identified multiple, new, high-grade lithium zones beyond the planned pit shell model, with intercepts at thicker and higher grades than previously encountered. Mineralization within the pit shell model has shown continuity and consistency in grade and thickness. An additional 30,000 meters of exploration drilling at NAL is planned for 2024.
NAL is the largest lithium operation in North America and is jointly owned by Piedmont (25%) and Sayona Mining Limited (75%). The operation has continued to achieve quarterly record spodumene concentrate volumes since restarting production in March 2023 and is targeting steady-state production in H2 2024.
“The latest drill results underscore the importance of North American Lithium as the only lithium mine in North America producing IRA-compliant spodumene concentrate,” said Keith Phillips, President and Chief Executive Officer of Piedmont Lithium. “The continued positive results of the NAL drill program demonstrate the potential of this highly strategic asset, and we look forward to a future update to the mineral resource estimate both in terms of mineral resource quantity and classification.”
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.
What recent drill results did Piedmont Lithium report?
Piedmont Lithium reported continued high-grade drill results at its North American Lithium project in Quebec, indicating potential for a significant upgrade to the mineral resource estimate.
What is the significance of the North American Lithium project for Piedmont Lithium?
The North American Lithium project is significant for Piedmont Lithium as it is the only lithium mine in North America producing IRA-compliant spodumene concentrate and has been achieving record production volumes.
What are the 2024 plans for Piedmont Lithium's NAL project?
Piedmont Lithium plans an additional 30,000 meters of exploration drilling at the NAL project in 2024.
Who owns the North American Lithium project?
The North American Lithium project is jointly owned by Piedmont Lithium (25%) and Sayona Mining (75%).
When did the NAL project restart production?
The NAL project restarted production in March 2023.
What production target is set for NAL in H2 2024?
The NAL project is targeting steady-state production in the second half of 2024.
