Piedmont Lithium to increase stake in Atlantic Lithium’s Ewoyaa Project

Piedmont Lithium announced the company will increase its stake in Atlantic Lithium Limited’s Ewoyaa Lithium Project as part of a staged investment agreement to earn a 50% equity interest in Atlantic Lithium’s Ghanaian lithium portfolio. Under the terms of the project agreement with Atlantic Lithium, Piedmont has exercised its option to acquire a 22.5% interest in Ewoyaa, having funded the completion of the Project’s definitive feasibility study. Piedmont also plans to provide a further $70M toward Ewoyaa development capital to acquire an additional 27.5% interest in the Project. Piedmont expects to share the remaining Project capital costs equally with Atlantic Lithium for a total Piedmont commitment of approximately $128M toward the total estimated $185M Project capital costs. The company’s additional funding remains subject to the receipt of final government and regulatory approvals for the Project. Piedmont expects to be able to fund its contributions toward Project development through proceeds from the sale of lithium concentrate from its offtake agreement with North American Lithium. The company is entitled to purchase 50% of lithium concentrate production at Ewoyaa on a market-based pricing mechanism for the life of the mine. This offtake is being planned as feedstock for the company’s proposed, 30,000-metric-ton-per-year lithium hydroxide conversion facility in Tennessee.