Piedmont Lithium Inc - PLL STOCK NEWS

Sayona Mining Limited and Piedmont Lithium Inc. have successfully restarted commercial spodumene concentrate production at the North American Lithium (NAL) project in Quebec. The $US80 million project was completed on time and within budget, targeting a production rate of 226,000 metric tons per year. First commercial shipments are expected in Q3 2023, with a focus on supplying key battery manufacturers like Tesla and LG Chem. NAL is projected to be the only major source of new spodumene concentrate in North America in the near term.

Piedmont Lithium Inc. (NASDAQ:PLL) announced the successful initial production of spodumene concentrate (SC6) from its North American Lithium (NAL) project in Quebec, producing approximately 70 metric tons. The company aims for the first shipment of saleable product in Q3 2023, with plans to fully restart the operation. Piedmont holds an offtake agreement to purchase a minimum of 113,000 metric tons per year from NAL and has secured sales agreements with LG Chem and Tesla for H2 2023. Sayona Mining, the joint venture partner, targets four shipments by 2023, totaling 85,000 to 115,000 metric tons.

Piedmont Lithium Inc. (NASDAQ: PLL) acknowledges a report by Blue Orca Capital alleging impropriety regarding Atlantic Lithium Limited’s project in Ghana. Atlantic has denied these allegations. The report claims Atlantic's mining license application excludes certain licenses acquired from Joy Transporters Ltd. Piedmont holds the right to purchase 50% of Atlantic's spodumene concentrate production, which can support its planned Tennessee Lithium hydroxide plant. If this option is not exercised, Piedmont is confident in sourcing alternative spodumene concentrate. The report's publisher has a short interest in Piedmont's shares, potentially profiting from their decline.

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.