Piedmont receives repayment for NAL shipment
Emerging lithium miner Piedmont Lithium has received a $31.6-million partial prepayment for the sale of lithium concentrate from North American Lithium (NAL), bolstering its cash position to $100-million.
The Nasdaq- and ASX-listed company received a $31.6-million partial prepayment for the sale of 15 000 dry metric tons (dmt) of 5.4% Li2O lithium concentrate on a free-on-board vessel basis, to a major international trading company.
NAL started commercial production in March and delivered its first joint venture (JV) shipment of 20 500 dmt to a third party in early August. Production ramp-up continues and Piedmont expects to receive its full 2023 offtake allocation of 56 500 dmt of lithium concentrate, with the balance to be sold by the JV.
“This is a significant day for Piedmont Lithium as we announce the first shipment of lithium concentrate under our offtake agreement with NAL and the receipt of a prepayment, which significantly increases our cash position,” said president and CEO Keith Phillips.
“We look forward to the additional Piedmont shipments and JV shipments planned for 2023, and we expect sales from Piedmont shipments to help fund our strategic initiatives while reducing our need to raise equity in the market.”
Further, Phillips acknowledged the board-level changes of its partner, Sayona Mining.
“We would like to thank Brett Lynch for his vision, which enabled Piedmont and Sayona Mining to successfully acquire and restart the NAL operations, and we look forward to continued success as we welcome James Brown as the interim CEO of Sayona Mining.”
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