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Piedmont Lithium Signs Agreement with LG Chem

Piedmont Lithium Signs

On February 16, 2023, Piedmont Lithium Inc., a leading global developer of lithium resources essential to the U.S. electric vehicle supply chain, announced that it has signed agreement with LG Chem, Ltd., whereby LG Chem will invest a $75 million equity in Piedmont and dedicate to the offtake of 200,000 metric tonnes of SC6 from Piedmont's jointly-owned North American Lithium (NAL) over a four-year.

LG Chem will acquire 1,096,535 freshly issued shares of Piedmont common stock for $75 million, or about $68.40 per share. As a result, LG Chem will control approximately 5.7% of Piedmont's common shares after the scheduled closing of the subscription agreement on or around February 24, 2023. Detailed transaction information is included in the table after this release.

Piedmont has committed to providing LG Chem with 50,000 metric tons of SC6 per year for four years, with shipments scheduled to begin in the third quarter of 2023. The pricing of SC6 will be determined by a formula connected to SC6 market prices at the time of shipping. LG Chem will use the material to assist its aims to create cathode materials for important North American clients and the Inflation Reduction Act of 2022 (IRA) goals. In addition, Piedmont has committed to giving LG Chem priority negotiating rights for 10,000 metric tons per year of lithium hydroxide generated by the company at one of its prospective sites in Tennessee or North Carolina.

Piedmont plans to use the funding from LG Chem to advance its portfolio of projects, including the 30,000 metric ton per-year lithium hydroxide project at Tennessee Lithium, the fully integrated Carolina Lithium project in development in North Carolina, and the Ewoyaa Lithium Project in Ghana in partnership with Atlantic Lithium, as well as for general corporate purposes.

About Piedmont Lithium

Piedmont Lithium is creating a world-class, multi-asset, integrated lithium business that focuses on facilitating the transition to a net-zero society and developing a sustainable energy economy in North America. Its objective is to become one of the most significant manufacturers of lithium hydroxide in North America by refining spodumene concentrate extracted from properties in which we have a financial stake. Its projects include Carolina Lithium and Tennessee Lithium in the United States, as well as agreements with Sayona Mining in Quebec and Atlantic Lithium in Ghana. These geographically diverse businesses will allow it to play a crucial role in assisting the United States' path towards energy independence, the electrification of transportation, and energy storage.

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