Piedmont buys 19.9% equity stake in newly-formed Vinland Lithium for C$2M cash

Piedmont Lithium announced a strategic investment in a large prospective lithium project in Newfoundland, Canada. Piedmont has agreed to pay C$2M for a 19.9% equity interest in Vinland Lithium a new entity established with Sokoman Minerals and Benton Resources . The Company also may earn up to a 62.5% equity interest in Killick Lithium a wholly-owned subsidiary of Vinland Lithium holding a 100% interest in the Killick Lithium Project through a staged investment agreement. Piedmont will be entitled to 100% marketing rights and a right of first refusal on 100% offtake rights to any lithium concentrate produced by the Project on a life-of-mine basis at competitive commercial rates. Killick Lithium Project relative to Piedmont Lithium’s asset portfolioGeologically, the Killick Lithium property is analogous to the Carolina Tin-Spodumene Belt, which hosts Piedmont’s Carolina Lithium project. The property totals 950 square kilometers and hosts approximately 60 kilometers of prospective strike length. Initial prospecting on the property by Benton Resources and Sokoman Minerals in 2021 led to the discovery of the first occurrence of spodumene-bearing pegmatite in Newfoundland.