Piedmont Lithium Limited released an updated Global Mineral Resource estimate (MRE) for its flagship Piedmont Lithium Project in North Carolina. The total MRE for the project is 39.2 Mt at 1.09% Li₂O (Figure 1), with 55% of the MRE currently classified in the Indicated category. The Mineral Resource estimate is reported in accordance with JORC Code.

Increasing the scale of our North Carolina mineral resource to 39.2 Mt at 1.09% Li₂O establishes our asset as one of the largest spodumene resources in North America—and the only one in the United States. The expanded resource offers the potential for increased annual lithium production, something we will evaluate as we prepare our updated Scoping Study for release next month. All this is coming together at an ideal time, as the public and private sectors dramatically increase their investment in the electrification of America.

Given the scope and strategic location of our Piedmont Lithium Project, we believe we are ideally positioned to play a critical role in helping the United States build a clean energy economy and a US-based EV supply chain.

—Keith D. Phillips, President and CEO

The MRE update increased the Core property MRE by 26%, from 25.1 Mt @ 1.09% Li₂O, reported in June 2019, to 31.69 Mt @ 1.07% Li₂O. In addition to the increase in size, the resource classification for the east pit area was upgraded, and is now approximately 75% indicated.

The increase in MRE size came from several areas, the most significant being in the east pit extension area where a new vertically-oriented dike was discovered. The dike ranges up to 16m in ture thickness and has been traced for 750 meters along strike.

Isometric view of the eastern portion of the Core property block model.

More than 95% of the Core mineral resource is within 150m of the topography surface. Drilling continues at the Core property with the primary objective of converting areas within the MRE from Inferred to Indicated.

The updated MRE of 5.16 Mt @ 1.20% Li₂O for the Central Property reflects an 84% increase to the initial MRE. The majority of the resource comprises two sub parallel spodumene-bearing pegmatite dikes.

The Huffstetler Property has an initial resource of 2.31 Mt @ 0.91% Li₂O.