Piedmont Increases Mineral Resources With Completion of Phase 5 Infill Drilling

Rhea-AI Summary

Piedmont Lithium Inc. has announced a significant increase in the total Mineral Resources for its Carolina Lithium Project to 44.2 million tonnes at 1.08% Li₂O, compliant with U.S. S-K 1300 standards. The Indicated Mineral Resources rose by 101% to 28.2 million tonnes at 1.11% Li₂O. The company is set to complete its Definitive Feasibility Study (DFS) for the project, which aims to enhance America’s lithium supply chain for electric vehicles, by Q4 2021.

Positive

• Mineral Resources increased to 44.2 Mt @ 1.08% Li₂O.
• Indicated Mineral Resources rose by 101% to 28.2 Mt @ 1.11% Li₂O.
• Completion of DFS expected in Q4 2021.

Negative

• None.

Inaugural Mineral Resources reported under new U.S. S-K 1300 Standards

• Carolina Lithium Project total Mineral Resources increase to 44.2 Mt @ 1.08% Li₂O
• Indicated Mineral Resources increased 101% to 28.2 Mt @ 1.11% Li₂O for the Project
• DFS completion for the integrated 30,000 t/y LiOH Carolina Lithium Project expected within Q4 2021

BELMONT, N.C.--(BUSINESS WIRE)-- Piedmont Lithium Inc. (Nasdaq: PLL) (“Piedmont” or “Company”) is pleased to announce an updated global Mineral Resource estimate (“MRE”) (Table 1 attached) for the Company’s flagship Carolina Lithium Project in North Carolina, USA. The MRE includes updates for lithium and industrial mineral products. The total MRE for the project is 44.2 Mt @ 1.08% Li₂O, with 64% of the total MRE classified in the Indicated category. The Mineral Resource estimate reported in accordance with the U.S. Securities and Exchange Commission S-K 1300 standards and the Australasian JORC Code (2012 Edition).

Piedmont Increases Mineral Resources With Completion of Phase 5 Infill Drilling (Photo: Business Wire)

Keith D. Phillips, President and Chief Executive Officer, commented: “We are very pleased to have concluded our Phase 5 drill campaign and to further expand our world-class resource base. Carolina Lithium has one of the largest spodumene resources in North America, and the only one located in the United States. The increase in ‘Indicated’ resources of over 100% relative to resources previously reported under Australian standards, will underpin the definitive feasibility study for Carolina Lithium that we plan to publish later in 2021. The DFS will be another important step along the path to building America’s leading lithium business to support and enable the rapidly-growing electric vehicle supply chain in the United States.”

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View source version on businesswire.com: https://www.businesswire.com/news/home/20211021005185/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 is the updated Mineral Resource estimate for Piedmont Lithium's Carolina Lithium Project?

The updated Mineral Resource estimate for the Carolina Lithium Project is 44.2 million tonnes at 1.08% Li₂O.

When is the completion date for the Definitive Feasibility Study for the Carolina Lithium Project?

The completion date for the Definitive Feasibility Study is expected in Q4 2021.

How much did the Indicated Mineral Resources increase for Piedmont Lithium?

Indicated Mineral Resources increased by 101% to 28.2 million tonnes at 1.11% Li₂O.

What standards were used to report the Mineral Resource estimate for PLL?

The Mineral Resource estimate was reported under U.S. Securities and Exchange Commission S-K 1300 standards.