Piedmont and Sayona Complete Acquisition Of NAL

Rhea-AI Summary

Piedmont Lithium and Sayona Mining have completed the acquisition of North American Lithium, creating a potential lithium production hub in Québec's Abitibi region. This consolidation combines Authier and NAL to enhance lithium resource availability. Technical studies for restarting NAL’s spodumene operations and evaluating lithium hydroxide manufacturing in Québec are underway. Piedmont aims to position itself as North America's leading lithium hydroxide producer, further complementing its operations in North Carolina.

Positive

• Completion of acquisition enhances lithium production capability.
• Potential for rapid restart of NAL’s spodumene operations.
• Strategic location in Québec for lithium hydroxide manufacturing.

Negative

• None.

Creation of Abitibi Hub in Québec for Lithium Projects

• Piedmont Lithium and Sayona Mining (ASX:SYA) complete acquisition of North American Lithium
• Combining Authier and NAL creates a potential lithium production hub in the Abitibi region of Québec
• Studies underway for future restart of lithium production in Québec
• Evaluation of alternatives for Québec-based lithium hydroxide manufacturing commencing

BELMONT, N.C.--(BUSINESS WIRE)-- Piedmont Lithium Inc. (Nasdaq: PLL, ASX: PLL) is pleased to announce that Sayona Québec has completed its acquisition of North American Lithium Inc. (“NAL”) pursuant to the Share Purchase Agreement previously announced on June 30, 2021. Sayona Quebec is 25% owned by Piedmont Lithium and 75% owned by Sayona Mining. Piedmont Lithium is Sayona Mining’s largest shareholder at 18.8%.

North American Lithium's Spodumene Concentrator (Photo: Business Wire)

Piedmont and Sayona are now advancing technical studies for the future restart of NAL’s spodumene concentrate operations, with a Scoping Study expected in H2 2021. Additionally, studies have commenced for the manufacturing of lithium chemicals in the Province of Québec, which could position the province to become an important lithium hydroxide production center given its abundant mineral resources, low-cost, sustainable hydro-electric power, proximity to major U.S. and European electric vehicle markets, and pro-electrification stance of provincial leaders.

Keith D. Phillips, President and Chief Executive Officer, commented: “We are very pleased to have partnered with Sayona in the consolidation of the spodumene resources in the Abitibi region of Québec, with Sayona Québec now comprising a large Canadian lithium resource base. Importantly, North American Lithium is a past-producing business with $400mm of investment over the past decade. NAL’s concentrate operations are amenable to a relatively rapid restart and we will work with Sayona to develop suitable plans in that regard. We are also evaluating a variety of options for production of lithium hydroxide in Québec and will update the market further as our plans crystallize. Piedmont intends to become North America’s leading lithium hydroxide producer and our Québec investments are an ideal complement to our flagship Carolina Lithium Project in Gaston County, North Carolina.”

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View source version on businesswire.com: https://www.businesswire.com/news/home/20210830005297/en/

Keith Phillips

President & CEO

T: +1 973 809 0505

E: kphillips@piedmontlithium.com

Brian Risinger

VP - Investor Relations and Corporate Communications

T: +1 704 910 9688

E: brisinger@piedmontlithium.com

Source: Piedmont Lithium Inc.

FAQ

What recent acquisition did Piedmont Lithium complete?

Piedmont Lithium completed the acquisition of North American Lithium in partnership with Sayona Mining.

What is the significance of the Abitibi Hub for Piedmont Lithium?

The Abitibi Hub will serve as a potential lithium production center, combining resources from Authier and NAL.

What studies are underway following the acquisition of North American Lithium?

Technical studies for restarting spodumene production and evaluating lithium hydroxide manufacturing in Québec are ongoing.

How does this acquisition impact Piedmont Lithium's strategic goals?

This acquisition aims to establish Piedmont as North America's leading lithium hydroxide producer.

What is the expected timeline for the restart of production at NAL?

The Scoping Study for restarting NAL’s operations is expected in the second half of 2021.