Piedmont Lithium Announces High-Grade Drill Results at North American Lithium in Quebec

Piedmont Lithium, a prominent North American supplier of lithium products crucial to the U.S. electric vehicle supply chain, revealed on May 15, 2024, the discovery of new and expanded high-grade lithium mineralization zones at North American Lithium (“NAL”) in Quebec. NAL is jointly owned by Piedmont (25%) and Sayona Mining Limited (75%).

The findings from the 2023 NAL drill program suggest the likelihood of a substantial upgrade in mineral resources and the potential extension of the mine's lifespan. Numerous thick, high-grade spodumene-bearing pegmatites were found outside of the existing NAL pit operations and the projected pit shell model along the northwest, northeast, and southeast boundaries. These drill results offer support for the possible conversion of Inferred Resources into Measured and Indicated Resources within the pit shell model and may also facilitate further resource delineation below the pit shell model at deeper levels.

NAL resumed production in March 2023 and has continuously sustained record-breaking production volumes each quarter thereafter.

Keith Phillips, President and CEO of Piedmont Lithium, stated, “The drill program at North American Lithium indicates the possibility of near-term enhancements to NAL’s resources and reserves. We are confident that these findings highlight the enduring potential of this significant asset. NAL stands as the largest lithium operation in North America, with ramp-up nearing conclusion. Operating as a mine that produces IRA-compliant spodumene concentrate, NAL holds immense strategic value, and the prospect of extending mine life or boosting annual production is particularly promising.”

Piedmont adheres to the U.S. Exchange Act of 1934 and its associated Regulation S-K 1300 for its public disclosures. Conversely, Sayona discloses estimates of mineral resources categorized as “measured,” “indicated,” and “inferred,” following the definitions provided in the JORC Code and Canada’s National Instrument 43-101.

Piedmont Lithium Inc. is advancing a top-tier, multi-faceted lithium enterprise aimed at facilitating the transition to a net-zero world and fostering a clean energy economy throughout North America. Company’s objective is to emerge as a leading producer of lithium hydroxide in North America, achieved through the processing of spodumene concentrate sourced from assets where company hold a vested interest. Piedmont Lithium's portfolio includes the Carolina Lithium and Tennessee Lithium projects in the United States, as well as collaborative ventures in Quebec with Sayona Mining and in Ghana with Atlantic Lithium. Piedmont Lithium believe that this diverse geographical footprint positions to play a crucial role in bolstering America’s pursuit of energy independence and the widespread adoption of electric transportation and energy storage solutions.