Piedmont Lithium and Sayona Mining announce updated resources in Quebec

Piedmont Lithium’s (PLL) joint venture partner, Sayona Mining (PLL), has released a definitive feasibility study for the jointly-owned North American Lithium project, and increased lithium mineral resources at its 60%-owned Moblan Lithium Project, both in the province of Quebec. Piedmont holds a 25% stake in NAL and an equity interest of approximately 14% in Sayona. The NAL DFS contemplates increased annual spodumene concentrate production averaging 190K metric tons per year over a 20-year mine life, with a target of 226K tpy in years one through four of steady state operations and approximately 186K tpy beginning in year five. The revised production targets resulted in an increase to the net present value for the NAL project compared to the prefeasibility study completed in 2022. The revised block model has resulted in a reduction in ore reserves and certain Indicated Resources have been reclassified as Inferred Resources. The study contemplates a mine life of 20 years, reduced from the prefeasibility study estimate of 27 years. Piedmont holds an offtake agreement with Sayona Quebec to purchase the greater of 113,000 tpy or 50% of the joint venture’s spodumene concentrate production. Sayona Quebec is undertaking a prefeasibility study to explore downstream production at NAL and expects results in Q2. Separately, Sayona has announced a significant increase in mineral resources at its 60%-owned Moblan project in northern Quebec. Measured and Indicated Mineral Resources at Moblan now total 41.1 million metric tons @ 1.32% Li2O using a 0.55% Li2O cut-off grade.