Piedmont Lithium Inc. - PLL STOCK NEWS

Piedmont Lithium (NASDAQ:PLL) announced its participation in industry conferences, focusing on lithium production crucial for the U.S. electric vehicle (EV) supply chain. Key events include the BMO Annual Global Metals, Mining, and Critical Minerals Conference in Miami (Feb 26 - Mar 1), and others in Toronto, Dana Point, and New York City.

CEO Keith Phillips disclosed plans for the restart of spodumene concentrate production at North American Lithium in H1 2023, with first commercial shipments expected in Q3. The company aims to enhance its position as a leading lithium hydroxide producer in North America, driving towards energy independence and the electrification of transportation.

Piedmont Lithium (NASDAQ:PLL) has entered into significant agreements with LG Chem, committing $75 million for equity investment and securing offtake for 200,000 metric tons of spodumene concentrate over four years. LG Chem will acquire 1,096,535 shares at approximately $68.40 each, resulting in a 5.7% ownership stake. The agreements align with the Inflation Reduction Act's goals in establishing a U.S. battery supply chain. Initially, shipments will begin in Q3 2023, with a pricing mechanism linked to market rates. The funds will be utilized for advancing key projects, including lithium hydroxide production in Tennessee and North Carolina.

Piedmont Lithium (Nasdaq: PLL) has expanded its Board of Directors by appointing Christina Alvord and Michael Bless to new directorships effective January 3, 2023. This decision increases the Board size from five to seven members, aimed at enhancing executive and strategic guidance for the company's lithium hydroxide production initiatives. Both Alvord and Bless bring extensive leadership experience from successful mining and industrial backgrounds, which is expected to support Piedmont's mission towards becoming a major contributor to the U.S. EV supply chain.

Piedmont Lithium has amended its offtake agreement with Tesla to supply approximately 125,000 metric tons of spodumene concentrate (SC6) from North American Lithium over a three-year term, with an option to renew. Deliveries are set to commence in H2 2023 and continue through the end of 2025. Pricing will be based on market rates for lithium hydroxide. This agreement aligns with the push for a robust North American lithium supply chain and supports clean energy initiatives under the Inflation Reduction Act.

Piedmont Lithium has announced the issuance of the final permit needed to restart operations at its Quebec-based North American Lithium (NAL) site. Production of spodumene concentrate is anticipated to begin in H1 2023, with commercial shipments potentially commencing in Q3 2023. The company holds an offtake agreement for 113,000 tons per year or 50% of production at a ceiling price of US$900 per metric ton. Piedmont aims to become a leading lithium hydroxide producer in North America, supporting the electric vehicle supply chain.

Piedmont Lithium (Nasdaq:PLL; ASX:PLL) announced that Sayona Quebec, a joint venture where it holds a 25% stake, has entered an agreement with Jourdan Resources (TSXV:JOR) for the acquisition of 48 claims of the Vallée Lithium Project. The deal allows Sayona Quebec to acquire 20 claims immediately and earn up to 51% in the remaining 28 claims through staged investments totaling C$10 million. The agreement also includes a 9.99% equity interest in Jourdan. This acquisition supports the expansion of the adjacent North American Lithium project and is subject to regulatory approvals.

Piedmont Lithium (Nasdaq:PLL) announced key updates on its projects and upcoming industry conferences. The company is on track for first production at North American Lithium in early 2023 and has secured a grant from the United States Department of Energy for the Tennessee Lithium project. Major conferences include the ThinkEquity Investor Conference on October 26 in New York City and the Citi Basic Materials Conference on November 29-30. Anticipated production milestones include spodumene concentrate in Quebec in 2023 and at other locations through 2026.

Piedmont Lithium (Nasdaq:PLL) reported progress on Atlantic Lithium's Ewoyaa project in Ghana, confirming high-grade mineralization from recent drilling. This is expected to enhance resource conversion and potentially extend the mine life. Piedmont is acquiring a 50% interest in Atlantic's spodumene projects and holds a 9.4% equity stake. A definitive feasibility study is anticipated in H1 2023, forecasting robust economics for the Ewoyaa project, which will be a key supplier for Piedmont's Tennessee Lithium project.

Piedmont Lithium has been awarded a $141.7 million grant from the U.S. Department of Energy to develop its Tennessee Lithium project. This funding aims to bolster domestic production of lithium hydroxide, critical for electric vehicle batteries, increasing output by 30,000 metric tons per year. The project, with a total cost of $600 million, is designed to begin construction in 2023 and commence production in 2025. Once operational, it expects to produce 60,000 tpy of lithium hydroxide, significantly contributing to the U.S. battery manufacturing sector.