In 2021, Piedmont Lithium acquired an equity interest in Atlantic Lithium with the ability to earn a 50% ownership interest in Atlantic Lithium’s Ghanaian lithium portfolio, which includes the flagship Ewoyaa Lithium Project. Ewoyaa is a relatively low-cost spodumene project located in the Cape Coast region of Ghana with an estimated reserves-based production target of 340,000 metric tons of spodumene concentrate annually. Piedmont holds offtake rights for 50% of the annual production at market-based prices on a life-of-mine-basis.

In 2023, the project received the first lithium mining lease from the Government of Ghana, providing rights to mining and commercial production, subject to ratification by the Ghanaian parliament and to securing the remaining environmental permits for the project. In addition to Piedmont’s phased funding agreement to support the development of Ewoyaa, the Minerals Income Investment Fund (“MIIF”) of Ghana also plans to invest $27.9 million in Ewoyaa and an additional $5 million in Atlantic Lithium to help further project costs.

MIIF’s investment in Ewoyaa is expected to equally reduce Piedmont’s and Atlantic Lithium’s funding requirements for Ewoyaa. If MIIF’s non-binding agreement is executed, Piedmont and Atlantic Lithium would each own a 40.5% equity interest in Ewoyaa, inclusive of the government’s free-carried interest.