Piedmont Lithium Ltd’s (ASX:PLL) (NASDAQ:PLL) (OTCMKTS:PDDTF) had an ‘eventful’ March quarter, according to president and CEO Keith Phillips who said the company was positioning itself to be the United States’ first greenfield lithium project in more than 50 years and moving closer becoming a US company.
After shareholders approved the company’s proposed re-domicile from Australia to the United States on April 29 through a Scheme of Arrangement, PLL has committed to making the move from the Australian Stock Exchange to the Nasdaq Capital Market.
The company will retain an ASX listing through chess depository interests (CDIs).
Advancing business with the right assets
Phillips said: “This was an eventful quarter, as we positioned Piedmont to be the United States’ first greenfield lithium project in over 50 years.
“Most importantly, we enhanced our management team substantially with the addition of David Klanecky as chief operating officer along with several other notable appointments.
“Piedmont is at the nexus two important megatrends – the electrification and decarbonisation of the economy and the regionalisation of supply chains.
“We are advancing our business with the right assets, in the right location, with the right people, all at the right time.”
DFS kicked-off during quarter
The Piedmont Lithium Project is in the renowned Carolina Tin Spodumene Belt of North Carolina, the cradle of the lithium industry, positioning the company to be one of the world’s lowest-cost producers of lithium hydroxide and the most strategically located to serve the fast-growing US electric vehicle supply chain.
During the quarter, Piedmont started a definitive feasibility study (DFS) for the integrated North Carolina lithium hydroxide operations featuring Metso Outotec’s innovative alkaline pressure leach technology.
Using Metso Outotec’s technology, which omits the acid roasting step of conventional spodumene conversion is expected to reduce air emissions from the chemical operations compared with prior studies.
The DFS will also evaluate enhancements to the company’s North Carolina operations including installation of solar generating capacity, in-pit crushing systems, and elimination of haul trucks from PLL’s operations plan.
All the above are expected to improve both carbon emissions and project economics.
Resource increase by 40%
An increase to the global mineral resource was announced on April 8.
The resource increased by around 40% to 39.2 million tonnes at a grade of 1.09% lithium.
This updated resource is set to underpin the scoping study update targeted for completion in May 2021.
Mining properties
Piedmont purchased around 297 acres of surface property (and associated mineral rights) upon exercising existing option agreements during the quarter.
The company also entered into additional option agreements covering 345 acres with local landowners.
Piedmont also owns a 61-acre property in Kings Mountain, North Carolina which will be the site for the company’s proposed lithium chemical plant.
The site is 20 miles from Piedmont’s proposed mine and concentrator in Gaston County, North Carolina.