Business Wire | Aug 30, 2021 07:07AM EDT

Piedmont and Sayona Complete Acquisition Of NAL

Aug. 30, 2021

BELMONT, N.C.--(BUSINESS WIRE)--Aug. 30, 2021--Piedmont Lithium Inc. (Nasdaq: PLL, ASX: PLL) is pleased to announce that Sayona Qubec has completed its acquisition of North American Lithium Inc. ("NAL") pursuant to the Share Purchase Agreement previously announced on June 30, 2021. Sayona Quebec is 25% owned by Piedmont Lithium and 75% owned by Sayona Mining. Piedmont Lithium is Sayona Mining's largest shareholder at 18.8%.

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North American Lithium's Spodumene Concentrator (Photo: Business Wire)

Piedmont and Sayona are now advancing technical studies for the future restart of NAL's spodumene concentrate operations, with a Scoping Study expected in H2 2021. Additionally, studies have commenced for the manufacturing of lithium chemicals in the Province of Qubec, which could position the province to become an important lithium hydroxide production center given its abundant mineral resources, low-cost, sustainable hydro-electric power, proximity to major U.S. and European electric vehicle markets, and pro-electrification stance of provincial leaders.

Keith D. Phillips, President and Chief Executive Officer, commented: "We are very pleased to have partnered with Sayona in the consolidation of the spodumene resources in the Abitibi region of Qubec, with Sayona Qubec now comprising a large Canadian lithium resource base. Importantly, North American Lithium is a past-producing business with $400mm of investment over the past decade. NAL's concentrate operations are amenable to a relatively rapid restart and we will work with Sayona to develop suitable plans in that regard. We are also evaluating a variety of options for production of lithium hydroxide in Qubec and will update the market further as our plans crystallize. Piedmont intends to become North America's leading lithium hydroxide producer and our Qubec investments are an ideal complement to our flagship Carolina Lithium Project in Gaston County, North Carolina."

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CONTACT: Keith Phillips President & CEO T: +1 973 809 0505 E: kphillips@piedmontlithium.com

CONTACT: Brian Risinger VP - Investor Relations and Corporate Communications T: +1 704 910 9688 E: brisinger@piedmontlithium.com