Piedmont Resumes Drilling to Further Increase Mineral Resources in the Carolina Tin-Spodumene Belt

  • Drilling has commenced testing new target areas on the Company’s Core and Central properties
  • Drilling will also test previously identified regional drill targets in the prolific Tin-Spodumene Belt
  • Piedmont is focused on increasing its Mineral Resources and potential increased production of American sourced lithium

NEW YORK – Piedmont Lithium Limited (“Piedmont” or “Company”) is pleased to announce the Company has resumed drilling on its properties located within the world-class Carolina Tin-Spodumene Belt (“TSB”) in North Carolina, USA. The drill program will consist of approximately 5,600 meters. The program’s primary objectives are to drill Exploration Target areas on the Core and Central properties, as well as previously untested occurrences of spodumene bearing pegmatite on regional properties (Figure 1).

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Figure 1 - Piedmont Lithium Project Property Map Showing Mineral Resources, Exploration Targets and Proposed Drillholes (Photo: Business Wire)

Figure 1 – Piedmont Lithium Project Property Map Showing Mineral Resources, Exploration Targets and Proposed Drillholes (Photo: Business Wire)

Core Property

Approximately 50% of the total drill holes are allocated for the eastern portion of the Core property. These drill holes will test two Exploration Target areas previously identified (refer announcement dated June 24, 2019). The Company will additionally explore Area 5 (Figure 1), which is outcropping mineralization with assays up to 2.10% Li2O (refer announcement dated January 27, 2020). Several areas of low mineralization potential will also be tested to determine whether these areas offer additional Resource potential or are better suited for waste rock storage and or mine infrastructure.

Central Property

At the Central property, 5 drill holes are proposed to test the previous Exploration Target (refer announcement dated April 23, 2019), and will build on the Phase 4 drilling results reported in our announcement dated January 27, 2020. Two holes are designed to test to the south and downdip of the intercepts reported in Hole 19-CT-019 (36.0 meters @ 1.11% Li2O and 44.9 meters @ 1.30% Li2O).

Regional Properties

The remainder of the proposed drilling will be distributed on Piedmont’s regional properties. Drilling at Area 1 (Figure 1) will target a large robust soil anomaly along with outcrops of spodumene bearing pegmatite that range up to 2.37% Li2O. Initially, Area 2 and 3 (Figure 1) will receive limited drilling that will target significant soil anomalies and spodumene in outcrop. At Sunnyside, soil anomalies and newly identified spodumene pegmatite occurrences will be targeted as well as potential follow up drilling from the 2018 drilling reported in our announcement dated October 16, 2018 (20.1 meters @1.42% Li2O). Prioritization of drilling will be results based, not all the regional targets may get drilled.

Keith D. Phillips, President and Chief Executive Officer, commented: “We are excited to once again have drill rigs in the field. The Carolina Tin-Spodumene Belt is one of the world’s most significant spodumene occurrences, and there are many high-priority targets remaining on our properties. Spodumene is the dominant feedstock for the fast-growing lithium hydroxide market, and with over 80% of the world’s hydroxide currently being produced in China, this is an opportune time for Piedmont to grow its mineral resources in the United States.

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Keith Phillips

President & CEO
T: +1 973 809 0505

E: kphillips@piedmontlithium.com

Tim McKenna

Investor and Government Relations

T: +1 732 331 6457

E: tmckenna@piedmontlithium.com

Piedmont Completes Capital Raisings

Piedmont Lithium Limited (“Piedmont” or “Company”) is pleased to announce that it has completed its previously announced placement of 120,000,000 fully paid ordinary shares to non-U.S. institutional and sophisticated shareholders to raise gross proceeds of A$10.8 million (“Private Placement”), following shareholder approval received at a general meeting held on July 31, 2020.

The Private Placement follows the Company’s recent U.S. public offering of 2,065,000 of its American Depositary Shares (“ADSs”), each representing 100 of its ordinary shares to raise gross proceeds of US$13.0 million (“Public Offering”), which was completed on June 12, 2020.

Proceeds from the capital raisings will be used to continue development of the Company’s Piedmont Lithium Project, including a definitive feasibility study, testwork, permitting, and ongoing land consolidation, and for general corporate purposes.

This press release is not an offer or sale of the securities in the United States or in any other jurisdiction where such offer or sale is prohibited, and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act of 1933, as amended.

About Piedmont

Piedmont holds a 100% interest in the Piedmont Lithium Project (“Project”) located within the Carolina Tin-Spodumene Belt (“TSB”) and along trend to the Hallman Beam and Kings Mountain mines, historically providing most of the western world’s lithium between the 1950s and the 1980s. The TSB has been described as one of the largest lithium provinces in the world and is located approximately 25 miles west of Charlotte, North Carolina. It is a premier location for development of an integrated lithium business based on its favorable geology, spodumene-only mineralogy, proven metallurgy and easy access to infrastructure, power, R&D centers for lithium and battery storage, major high-tech population centers and downstream lithium processing facilities.

This announcement has been authorized for release by the Company’s President & CEO, Keith D. Phillips.