Piedmont Lithium Granted Mining Permit for Carolina Lithium Venture

Today, Piedmont Lithium ("Piedmont" or the "Company"), a leading supplier of lithium products essential to the U.S. electric vehicle supply chain, announced that the North Carolina Department of Environmental Quality's (NCDEQ) Division of Energy, Mineral, and Land Resources (DEMLR) has approved its mining permit for the Carolina Lithium project in Gaston County, North Carolina. This permit authorizes the construction, operation, and reclamation of the proposed Project. DEMLR's approval follows a thorough review of Piedmont's application, which was submitted on August 30, 2021. The mining permit is subject to both standard conditions and those specific to the project's characteristics.

"This marks a momentous occasion for everyone involved with Piedmont Lithium. I extend my gratitude to the leadership and staff at NCDEQ and DEMLR for their diligent efforts throughout the process. Additionally, I commend the dedication of our team members who have worked tirelessly for over two and a half years to ensure that every aspect of the Project aligns with the state's stringent standards for approval," stated Keith Phillips, President and CEO of Piedmont Lithium. " We aim to position Carolina Lithium as a globally recognized, sustainable lithium hydroxide facility known for its cost-effectiveness. This project is integral to the American electric vehicle supply chain. It is projected to yield billions of dollars in economic output and create several hundred jobs, contributing significantly to Gaston County and North Carolina's burgeoning electrification sector."

"Carolina Lithium represents a profoundly strategic endeavor," Mr. Phillips elaborated. "Situated within the esteemed Carolina Tin-Spodumene Belt and the U.S. Battery Belt, the Project is being meticulously crafted as a comprehensive mining, spodumene concentrate, and lithium hydroxide manufacturing facility. Presently, there are no comparable integrated sites in operation globally, underscoring the compelling economic and environmental advantages inherent in this innovative approach."

"Through comprehensive technical analyses, it has been established that Carolina Lithium holds the potential to emerge as a cost-effective producer of spodumene concentrate and lithium hydroxide. This potential is bolstered by a range of factors, including robust infrastructure, minimal transportation distances, favorable energy costs, access to a skilled local workforce, and close proximity to cathode and battery customers, as well as local markets for industrial mineral by-products. Moreover, the Project stands to benefit from the competitive corporate tax environment in the United States, the absence of significant royalties, and the advantages outlined in the Inflation Reduction Act of 2022. Ultimately, it is after-tax returns that are paramount, and we believe that Carolina Lithium offers a unique combination of abundant spodumene resources, thriving customer markets, and advantageous royalty and income tax rates unmatched by any other jurisdiction."

" The approval of the mining permit in North Carolina signals a crucial milestone preceding the county rezoning procedure, and we look forward to continued cooperation with the local community and the Gaston County Board of Commissioners. Construction will commence subsequent to the acquisition of all requisite permits, rezoning approvals, and project financing arrangements. "We have engaged in extensive and ongoing discussions with potential funding sources for the Carolina Lithium project, including the U.S. Department of Energy's Loan Programs Office and strategic partners offering various forms of capital, offtake agreements, and technical assistance," Mr. Phillips stated. " The favorable results of these conversations have been promising, and we are dedicated to crafting a strong funding strategy that optimizes value for Piedmont shareholders."