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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Piedmont Lithium Limited | ASX:PLL | Australian Stock Exchange | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.0025 | 1.41% | 0.18 | 0.18 | 0.185 | 0.185 | 0.1775 | 0.18 | 1,761,543 | 07:10:41 |
Piedmont Lithium Limited (ASX: PLL; Nasdaq: PLL):
March 18, 2020
Dear Shareholders and Friends,
In this time of market volatility surrounding the coronavirus pandemic, I wanted to provide a brief update on current activities at Piedmont Lithium Limited (“Piedmont”) as well as our plans going forward.
First and foremost, we are focused on the safety of our employees, consultants and advisors. Non-essential travel has been eliminated and in-person meetings have been curtailed given the social distancing that most groups are observing. As a development stage company, we often work remotely in the normal course, and we have formalized that approach for the time being with little impact on productivity.
Our current focus is on three areas, each of which is progressing well:
Each of these three activities is of critical importance, and each is well advanced. Our plan remains to complete these three significant de-risking steps and then evaluate market conditions before accelerating toward completion of a definitive feasibility study.
We take great comfort in our strong financial position and will be prudent in maintaining that through this market dislocation. We completed a large equity financing in July 2019 with strong institutional support and have a very strong cash position (US$11.4 million / A$18.4 million at December 31, 2019), as well as a modest monthly cash burn rate.
I would like to make a final comment on lithium market dynamics. While uncertainly exists with respect to the duration of the current economic slowdown, it is increasingly clear that the future is bright for the lithium business, particularly in the United States. Some recent market developments are worth highlighting:
In short, the future of Piedmont is bright and we anticipate positive developments in coming weeks and months. Please don’t hesitate to reach out to me at kphillips@piedmontlithium.com if you would like to learn more. In the interim, stay safe!
Yours sincerely,
Keith D. Phillips President & CEO
About Piedmont Lithium
Piedmont Lithium Limited (ASX: PLL; Nasdaq: PLL) holds a 100% interest in the Piedmont Lithium Project (“Project”) located within the world-class Carolina Tin-Spodumene Belt (“TSB”) and along trend to the Hallman Beam and Kings Mountain mines, historically providing most of the western world’s lithium between the 1950s and the 1980s. The TSB has been described as one of the largest lithium provinces in the world and is located approximately 25 miles west of Charlotte, North Carolina. It is a premier location for development of an integrated lithium business based on its favorable geology, spodumene-only mineralogy, proven metallurgy and easy access to infrastructure, power, R&D centers for lithium and battery storage, major high-tech population centers and downstream lithium processing facilities.
Forward Looking Statements
This announcement may include forward-looking statements. These forward-looking statements are based on Piedmont’s expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Piedmont, which could cause actual results to differ materially from such statements. Piedmont makes no undertaking to subsequently update or revise the forward-looking statements made in this announcement, to reflect the circumstances or events after the date of that announcement.
This announcement has been authorized for release by Piedmont’s President & CEO, Keith D. Phillips.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200318005105/en/
For further information:
Keith D. Phillips President & CEO T: +1 973 809 0505 E: kphillips@piedmontlithium.com
Timothy McKenna Investor and Government Relations T: +1 732 331 6457 E: tmckenna@piedmontlithium.com
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