In 2021, Piedmont Lithium acquired a 12% equity interest in Sayona Mining and a 25% interest in Sayona Quebec, a joint venture between Piedmont and Sayona Mining. Sayona Quebec owns the producing North American Lithium (NAL), the Authier Lithium Project, and the Tansim Lithium Project. Piedmont holds an offtake agreement to purchase the greater of 113,000 metric tons or 50% of Sayona Quebec’s spodumene concentrate production per year at a ceiling price of $900 per metric ton and a floor price of $500 per metric ton (SC-6.0%) on a life-of-mine basis.

NAL successfully restarted production and began delivering commercial shipments of spodumene concentrate in 2023. It is the largest producing spodumene mine in North America and one of just a handful of producing lithium hard rock mines in the world.

Ramp up continues on target at NAL. Operations achieved records in concentrate production (13,954 dmt), mill availability (80%), and global lithium recovery (66%) in December 2023.

Piedmont is currently working with its NAL joint-venture partner, Sayona Mining, to conduct a strategic review of NAL operations. The objective of the review is to continue improving NAL’s productivity and operating costs, with a view toward positioning NAL to continue to operate throughout the market cycle.

North American Lithium

North American Lithium is located in the Abitibi region of Quebec near the mining service center of Val-d’Or – a favorable mining jurisdiction with a skilled local workforce, sustainable hydropower, and close proximity to rail and the U.S. market. The region provides access to excellent infrastructure and is geopolitically advantageous. North American Lithium also has a partially completed lithium carbonate facility on site, which was developed by a previous operator.