Piedmont Increases Lithium Resources By 40%

Rhea-AI Summary

Piedmont Lithium Limited (Nasdaq:PLL; ASX:PLL) has announced an updated Global Mineral Resource estimate for its Piedmont Lithium Project in North Carolina. The total resource is now 39.2 Mt at 1.09% Li₂O, with 55% of this classified as Indicated. This includes updated estimates from Core and Central properties, along with an initial estimate from the Huffstetler property. The increased resource positions Piedmont as a significant lithium supplier in the U.S., aligning with rising investments in electrification and clean energy.

Positive

• Total Mineral Resource increased to 39.2 Mt at 1.09% Li₂O, positioning it as one of the largest in North America.
• 55% of the resource is classified as Indicated, supporting project viability.
• Strategic location enhances prospects for lithium production amid increasing demand from the EV industry.

Negative

• None.

Piedmont Lithium Limited (“Piedmont” or the “Company”) (Nasdaq:PLL; ASX:PLL) is pleased to announce an updated Global Mineral Resource estimate (“MRE”) (Table 1) for the Company’s flagship Piedmont Lithium Project in North Carolina, USA which includes updated Mineral Resource estimates from the Core and Central properties and an initial Mineral Resource estimate from the Huffstetler property (Table 2). The total MRE for the project is 39.2 Mt at 1.09% Li₂O (Figure 1), with 55% of the MRE currently classified in the Indicated category. The Mineral Resource estimate is reported in accordance with JORC Code (2012 Edition).

Table 1: Piedmont Lithium Global Mineral Resources Estimate (MRE)
Resource Category	Tonnes (Mt)	Grade (Li2O%)	Li2O (t)	LCE (t)
Indicated	21.6	1.12	241,000	597,000
Inferred	17.6	1.03	181,000	449,000
Total	39.2	1.09	422,000	1,046,000

Keith D. Phillips, President and Chief Executive Officer, commented: “Increasing the scale of our North Carolina mineral resource to 39.2 Mt at 1.09% Li₂O establishes our asset as one of the largest spodumene resources in North America – and the only one in the United States. The expanded resource offers the potential for increased annual lithium production, something we will evaluate as we prepare our updated Scoping Study for release next month. All this is coming together at an ideal time, as the public and private sectors dramatically increase their investment in the electrification of America. Given the scope and strategic location of our Piedmont Lithium Project, we believe we are ideally positioned to play a critical role in helping the United States build a clean energy economy and a U.S. based EV supply chain.”

To view the complete ASX Release, click here.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210408005119/en/

FAQ

What is the updated Mineral Resource estimate for Piedmont Lithium Limited (PLL)?

The updated Mineral Resource estimate for Piedmont Lithium Limited is 39.2 Mt at 1.09% Li₂O.

How much of the Mineral Resource is classified as Indicated for PLL?

55% of the total Mineral Resource for PLL is classified as Indicated.

When will Piedmont Lithium release its updated Scoping Study?

Piedmont Lithium plans to release its updated Scoping Study next month.

What strategic advantages does the Piedmont Lithium Project offer?

The strategic location of the Piedmont Lithium Project positions it to play a critical role in building a U.S.-based EV supply chain.