Top News

Piedmont Lithium Announces Strategic Investment in Quebec Hard-Rock Lithium Developer Sayona Mining

US$12 million investment to acquire 19.9% of Sayona Mining Limited and 25.0% of Sayona Quebec Binding supply agreement for 50% of Sayona Quebec’s spodumene concentrate production Geographic diversification into a world-class mining jurisdiction with large resource base Piedmont positioned to become a major producer of lithium hydroxide from internal and 3 rd party spodumene Piedmont Lithium Limited is pleased to …

  • US$12 million investment to acquire 19.9% of Sayona Mining Limited and 25.0% of Sayona Quebec
  • Binding supply agreement for 50% of Sayona Quebec’s spodumene concentrate production
  • Geographic diversification into a world-class mining jurisdiction with large resource base
  • Piedmont positioned to become a major producer of lithium hydroxide from internal and 3 rd party spodumene

Piedmont Lithium Limited (“ Piedmont ” or “ Company ”) is pleased to announce that it has entered into agreements ( “Agreements” ) to establish a strategic partnership with Sayona Mining Limited ( “Sayona” ) ( ASX:SYA ) through the purchase of equity stakes in Sayona and its 100% owned Quebec subsidiary, Sayona Quebec Inc ( “Sayona Quebec” ), as well as a binding supply agreement for at least 50% of Sayona Quebec’s planned spodumene concentrate production.

Piedmont will acquire an initial 9.9% equity interest in Sayona for approximately US$3.1 million (“ Share Placement ”) and two unsecured convertible notes (“ Convertible Notes ”) for approximately US$3.9 million that upon conversion would result in Piedmont acquiring an additional 10.0% equity interest in Sayona. Piedmont will appoint one director to Sayona’s Board of Directors. Piedmont will also purchase a 25.0% stake in Sayona Quebec for approximately US$5.0 million in cash (“ Project Investment ”). Sayona Quebec owns the DFS-level Authier lithium project, the highly prospective Tansim lithium project, and is pursuing a bid to acquire Quebec-based North American Lithium’s (“ NAL ”) assets.

Piedmont and Sayona Quebec have also entered into a binding spodumene concentrate (“ SC6 ”) supply agreement (“ Supply Agreement ”) pursuant to which Sayona Quebec will supply to Piedmont the greater of 60,000 t/y or 50% of Sayona Quebec’s SC6 production at market prices on a life-of-mine basis.

The Share Placement and issue of the Convertible Notes are expected to close the week of January 11, 2021 with the Project Investment expected to close in February 2021. Material terms of the Agreements are included in the Summary of Transaction Terms at the end of this announcement.

Keith D. Phillips, President and Chief Executive Officer, commented: “Piedmont’s partnership with Sayona will provide multiple benefits. Sayona has high quality asset in a favorable location, and the investments are being made at an attractive valuation. The investments are additive to Piedmont from a resources and reserves perspective, and the spodumene supply agreement will offset our Tesla commitments in the near term and position us for longer term growth in lithium hydroxide production. Furthermore, Sayona’s pursuit of the brownfield assets of NAL offers a unique regional consolidation opportunity.

“Quebec is poised to become an important lithium hydroxide production center given its abundant mineral resources, low-cost, sustainable hydro-electric power, proximity to major US and European electric vehicle markets, and pro-electrification stance of provincial leaders. Sayona’s assets are favorably located in the Val-d’Or region of central Quebec, home to major mining concerns and proximate to first-class infrastructure. Sayona’s core Authier project is well-advanced, with reserves declared and DFS complete, the nearby Tansim project offers strong exploration potential, and the regional consolidation opportunities including NAL are intriguing.”

“This is a very exciting step for Piedmont. We look forward to supporting Sayona’s team as they drive day-to-day activities in Quebec, while Piedmont’s team focuses on its core interests in North Carolina. 2021 will be an important year for our Piedmont Lithium Project, as we plan to expand our mineral resources, finalize permitting, execute additional lithium offtake agreements, complete an integrated definitive feasibility study, and secure strategic project financing. We are fortunate to have a strong balance sheet to comfortably fund the Sayona investments without compromising our aggressive plans in North Carolina.”

About Sayona Mining

Sayona Mining Limited (ASX:SYA; OTC:DMNXF) is an emerging lithium miner, with projects in Québec, Canada and Western Australia. In Québec, Sayona is progressing a bid for the North American Lithium mine with the backing of a world-class advisory team, while advancing its flagship Authier Lithium Project and its emerging Tansim Project. In Western Australia, the Company holds a large tenement portfolio in the Pilbara region prospective for gold and lithium. For more information, please visit www.sayonamining.com.au .

About Piedmont Lithium

Piedmont Lithium Limited (ASX:PLL; Nasdaq:PLL) holds a 100% interest in the Piedmont Lithium Project, a pre-production business targeting the production of 160,000 t/y of spodumene concentrate and the manufacture of 22,700 t/y of battery quality lithium hydroxide in North Carolina, USA to support electric vehicle and battery supply chains in the United States and globally. Piedmont’s premier southeastern USA location is advantaged by favorable geology, 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. Piedmont has reported 27.9Mt of Mineral Resources grading at 1.11% Li2O located within the world-class Carolina Tin-Spodumene Belt (“TSB”) and along trend to the Hallman Beam and Kings Mountain mines, which historically provided 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.

Summary of Transaction Terms

Share Placement

Subscriber

Piedmont Lithium Limited (ASX:PLL)

Issuer

Sayona Mining Limited (ASX:SYA)

No. of Securities

336,207,043 shares

Subscription Price

US$0.0092 per share (aggregate of US$3,093,104.80)

Board Representation

For so long as the Subscriber holds voting power of at least 9% in the Issuer, the Subscriber will have the right to appoint one person as a non-executive director of the Issuer

Other

For so long as the Subscriber holds voting power of at least 9% the Issuer must not issue shares (other than a pro-rata offer of shares to all shareholders on the same terms in which the Subscriber is entitled to participate) without the Subscriber’s prior written consent

Convertible Notes

Subscriber

Piedmont Lithium Limited (ASX:PLL)

Issuer

Sayona Mining Limited (ASX:SYA)

No. of Securities

  • One Tranche A convertible note (convertible into 342,873,866 shares)
  • One Tranche B convertible note (convertible into 81,100,000 shares, subject to Issuer shareholder approval)

Term

5 years

Subscription Price and Face Value

  • Tranche A convertible note – US$3,154,439.57
  • Tranche B convertible note – US$746,120.00

Interest

No interest is payable on convertible notes if completion of the Project Investment occurs

Security

Unsecured

Conversion Price

US$0.0092 per share

Conversion

The Subscriber can convert the convertible notes at any time during the Term, provided that the Subscriber must immediately convert the convertible notes if completion of the Project Investment occurs (and Issuer shareholder approval has been obtained in relation to the conversion of the Tranche B convertible note).

Project Investment

Buyer

Piedmont Lithium Limited (or its nominee)

Seller

Sayona Mining Limited (ASX:SYA)

Sale and Purchase

The Seller agrees to sell, and the Buyer agrees to buy, 25% of the Seller’s 100% interest in Sayona Quebec Inc. which holds the rights to the Authier and Tansim lithium projects

Consideration

US$5,006,335.64

Conditions

Completion is conditional on the following conditions precedent which are for the benefit of the Buyer and can only be waived by the Buyer:

(a) Seller shareholder approval being obtained for the conversion of Tranche B convertible note;

(b) completion of due diligence to the satisfaction of the Buyer;

(c) execution of a shareholders agreement in relation to the Seller;

(d) no material adverse change; and

(e) other customary conditions.

Other

Customary representations, warranties and pre-completion obligations

Supply Agreement

Buyer

Piedmont Lithium Carolinas, Inc., a wholly-owned subsidiary of Piedmont

Seller

Sayona Quebec Inc.

Product

Spodumene concentrate containing 6.0% Li 2 O grade (dry basis)

Quantity

60,000 dry metric tonnes (“ dmt ”) per year or 50% of Seller’s production, whichever is greater

Term

Life-of-mine

Price

Market pricing (based on an average price for CIF China Price (US$) for 6.0% SC6 dry basis) with a minimum price of US$500/t and a maximum price of US$900/t on a delivered basis to the Buyer’s planned lithium hydroxide plant in North Carolina

Conditions

Buyer and Seller agreeing to a start date for Product deliveries between July 2023 and July 2024 based on the development schedules of both parties

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.

Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources

The Project’s Core property Mineral Resource of 25.1Mt @ 1.13% Li 2 O comprises Indicated Mineral Resources of 12.5Mt @ 1.13% Li 2 O and Inferred Mineral Resources of 12.6Mt @ 1.04% Li 2 O. The Central property Mineral Resource of 2.80Mt @ 1.34% Li 2 O comprises Indicated Mineral Resources of 1.41Mt @ 1.38% Li 2 O and 1.39Mt @ 1.29% Li 2 O. The information contained in this announcement has been prepared in accordance with the requirements of the securities laws in effect in Australia, which differ from the requirements of U.S. securities laws. The terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are Australian terms defined in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”). However, these terms are not defined in Industry Guide 7 (“SEC Industry Guide 7”) under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), and are normally not permitted to be used in reports and filings with the U.S. Securities and Exchange Commission (“SEC”). Effective January 1, 2021, the SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the Exchange Act and as a result, the SEC now recognizes estimates of “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources”. In addition, the SEC has amended its definitions of “proven mineral reserves” and “probable mineral reserves” to be “substantially similar” to the corresponding definitions under the JORC Code. However, information contained herein that describes Piedmont’s mineral deposits may not be comparable to similar information made public by U.S. companies subject to reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder. U.S. investors are urged to consider closely the disclosure in Piedmont’s Form 20-F, a copy of which may be obtained from Piedmont or from the EDGAR system on the SEC’s website at http://www.sec.gov/ .

Competent Persons Statement

The information in this announcement that relates to Exploration Results, Metallurgical Testwork Results, Exploration Targets, Mineral Resources, Concentrator Process Design, Concentrator Capital Costs, Concentrator Operating Costs, Mining Engineering and Mining Schedule is extracted from the Company’s ASX announcements dated July 23, 2020, May 26, 2020, June 25, 2019, April 24, 2019, and September 6, 2018 which are available to view on the Company’s website at www.piedmontlithium.com . Piedmont confirms that: a) it is not aware of any new information or data that materially affects the information included in the original ASX announcements; b) all material assumptions and technical parameters underpinning Mineral Resources, Exploration Targets, Production Targets, and related forecast financial information derived from Production Targets included in the original ASX announcements continue to apply and have not materially changed; and c) the form and context in which the relevant Competent Persons’ findings are presented in this report have not been materially modified from the original ASX announcements.

This announcement has been authorized for release by the Company’s Board of Directors.

Keith Phillips
President & CEO
T: +1 973 809 0505
E: kphillips@piedmontlithium.com

Brian Risinger
VP – Investor Relations and Corporate Communications
T: +1 704 910 9688
E: brisinger@piedmontlithium.com

News Provided by Business Wire via QuoteMedia

Featured
Lake Resources CEO Stephen Promnitz: Scaling Lithium Supply with $150 Million Series B Funding

Lake Resources Managing Director Stephen Promnitz

Lake Resources (ASX:LKE,OTCQB:LLKKF) Managing Director Stephen Promnitz says Lake Resources has secured robust financing to scale up lithium production in preparation for the electric vehicle revolution.

Lake Resources has recently established a technology and funding partnership with Lilac Solutions, and the latter has announced $150 Million Series B to scale lithium supply for the electric vehicle era.

Lake Resources: Scaling Lithium Supply with $150 Million Series B Funding www.youtube.com

"Lilac Solutions are actually going to work with us and progressively earn into our flagship Kachi project, and then provide $50 million towards the development of that project. So come the end of October, we should have somewhere around $70 to $80 million in the bank, plus this $50 million commitment from Lilac going forward. And then if we have some additional $75 million options in June next year. Essentially, we can now see a pathway to the entire project being financed," Promnitz said.

Lake Resources and Lilac Solutions signed a partnership agreement wherein Lilac is able to achieve an equity stake in the Kachi project with project funding obligations while providing its leading technology to advance the project.

"There's a real deal here, and now value opportunity. But on top of that, we've de-risked it from the debt side and from the equity side. This project is going to happen, and not only that, we're going to be scaling it up to 50,000 tonnes per annum soon after we get into production. That will make us one of the top five producers in the lithium space."

Watch the full interview of Lake Resources Managing Director Stephen Promnitz above.

read more Show less

Ioneer Ltd is pleased to announce that the Company has reached an agreement to establish a joint venture with Sibanye Stillwater Limited to develop the flagship Rhyolite Ridge Lithium-Boron Project located in Nevada, USA . Under the terms of the agreement, Sibanye-Stillwater will contribute US$490 million for a 50% interest in the Joint Venture, with ioneer to maintain a 50% interest and retain operatorship. ioneer …

Ioneer Ltd (“ioneer” or the “Company”) (ASX: INR) is pleased to announce that the Company has reached an agreement to establish a joint venture (the ” Joint Venture “) with Sibanye Stillwater Limited ( “Sibanye-Stillwater” ) to develop the flagship Rhyolite Ridge Lithium-Boron Project located in Nevada, USA (the “Project” ). Under the terms of the agreement, Sibanye-Stillwater will contribute US$490 million for a 50% interest in the Joint Venture, with ioneer to maintain a 50% interest and retain operatorship. ioneer has also agreed to provide Sibanye-Stillwater with an option to participate in 50% of the North Basin 1 upon the election of Sibanye-Stillwater to contribute up to an additional US$50 million subject to certain terms and conditions.

read more Show less

Galaxy Resources Limited advises that the following announcement has been made to the Australian Securities Exchange which appears on the Company’s platform : Merger of Galaxy and Orocobre Implemented The announcement can be viewed at: SOURCE Galaxy Resources Limited View original content

Galaxy Resources Limited (ASX: GXY) ( Company ) advises that the following announcement has been made to the Australian Securities Exchange which appears on the Company’s platform (ASX):

  • Merger of Galaxy and Orocobre Implemented

The announcement can be viewed at:

read more Show less

There are many big Australian gold stocks, but these are the five top companies in the sector by market cap.

Australia is the fourth largest producer of gold worldwide, and this past year has brought ups and downs for the commodity. The precious metal hit its 2021 high point early on and fell soon after.

Lately, gold has been resting at a strong price of around US$1,800 per ounce, and it seems like it will exit the year that way. It may even be in for a serious price hike if inflationary pressures continue on their current trajectory.

Read on to learn more about Australia’s five top gold companies by market cap. All market cap and share price information was obtained on November 25, 2021, using TradingView's stock screener.


1. Newcrest Mining

Market cap: AU$19.54 billion; current share price: AU$24.14

Newcrest Mining (ASX:NCM) operates a portfolio of gold mines across Australia, Canada and Papua New Guinea. These include its New South Wales-based Cadia mine and its Western Australia-based Telfer and Havieron mines.

In November 2021, Newcrest agreed to purchase British Columbia-based Pretium Resources (TSX:PVG,NYSE:PVG) for C$3.5 billion, marking the company’s expansion into Western Canada.

2. Kirkland Lake Gold

Market cap: AU$14.57 billion; current share price: AU$54.99

Kirkland Lake Gold (ASX:KLA) has mining operations in Australia and Canada, both of which are low-risk, gold-rich countries. The company’s Fosterville mine is based in Victoria, Australia, and as of December 31, 2018, its mineral reserves stood at 2.7 million ounces. It produced 640,467 ounces in 2020.

In September 2021, Kirkland Lake Gold and Agnico Eagle Mines (TSX:AEM,NYSE:AEM), a Canadian gold miner, announced a “merger of equals." The new company will go by the name Agnico Eagle Mines, and the companies expect the transaction to close in late 2021 or early 2022.

3. AngloGold Ashanti

Market cap: AU$12.43 billion; current share price: AU$5.83

AngloGold Ashanti (ASX:AGG) is a global gold miner formed in 2004. It has two Australia-based operations, both of which are based in Western Australia’s northeastern goldfields: Sunrise Dam and Tropicana. Sunrise Dam is 100 percent owned, while Tropicana is 70 percent owned, with the remaining 30 percent owned by Regis Resources (ASX:RRL,OTC Pink:RGRNF). In 2020, these operations produced 554,000 ounces of gold.

In Q3 2021, AngloGold Ashanti reported total gold production of 613,000 ounces at a total cash cost of US$927 per ounce. This represents a 5 percent quarter-over-quarter increase in production, though a year-to-date decrease.

4. Northern Star Resources

Market cap: AU$11.39 billion; current share price: AU$9.66

Northern Star Resources (ASX:NST) is an Australian gold-mining company with projects throughout Western Australia and North America at its Kalgoorlie, Yandal and Pogo production centres. In the 2021 fiscal year, Northern Star experienced a 40 percent revenue increase and a 10 percent cash earnings hike.

In late November 2021, Northern Star announced an agreement to buy Newmont Australia’s power business for US$95 million. The company paid US$25 million for the option to purchase this business, an opportunity it was given through its recent 50 percent acquisition of Kalgoorlie Consolidated Gold Mines.

5. Evolution Mining

Market cap: AU$7.53 billion; current share price: AU$4.12

Australian gold miner Evolution Mining (ASX:EVN) has projects throughout New South Wales, Queensland and Western Australia, as well as in Ontario, Canada. Evolution Mining produced 680,788 ounces of gold in the 2021 fiscal year at an all-in sustaining cost of AU$1,215 per ounce.

In 2019, Evolution Mining became one of only two Australian gold companies to be included in the Dow Jones Sustainability Index (INDEXDJX:W1SGI). In 2020 and 2021, the company made several strategic acquisitions and divestments, including its high-value purchases of the Red Lake and the Kundana operations.

This is an updated version of an article originally published by the Investing News Network in 2018.

Don’t forget to follow us @INN_Australia for real-time updates!

Securities Disclosure: I, Isabel Armiento, hold no direct investment interest in any company mentioned in this article.

What are the largest Australian copper companies? These five ASX copper stocks are the biggest on the exchange by market cap.

Last year, pandemic restrictions forced copper mines to shut down across the world, driving down global production and causing the 10 largest copper-mining companies to suffer dramatic losses.

But in 2021, copper hit an all-time high of US$10,700 per tonne, and stayed over US$9,000 for much of the year.

The three top copper-producing countries globally are Chile, Peru and China, with Australia coming in at number six. Still, there are plenty of untapped resources in the land down under, and Australia is making a name for itself as an up-and-coming producer of this important base metal.


Read on to learn more about the top five Australian copper companies on the ASX, ranked by market cap. All market cap and share price information was obtained on November 26, 2021, from TradingView.

1. BHP

Market cap: AU$192.56 billion; current share price: AU$38.03

BHP (ASX:BHP) is a top global producer of copper, nickel, potash, iron ore and metallurgical coal, with copper production centralised at its South Australia-based Olympic Dam mine.

The company, whose headquarters are in Melbourne, Australia, emphasises copper’s function in renewable energy systems and the metal’s critical role in reducing carbon dioxide emissions.

Recently, BHP has focused its attention on its energy assets. In late November, the company merged its oil and gas portfolio with Woodside Petroleum, a deal that was originally struck in August of the same year. On the mineral side of its operations, BHP was looking to acquire Noront Resources (TSXV:NOT,OTC Pink:NOSOF), a Canada-based nickel, copper, chrome and platinum company, but decided not to match a superior offer.

2. OZ Minerals 

Market cap: AU$8.77 billion; current share price: AU$25.70

OZ Minerals (ASX:OZL) is a South Australia-based copper-mining company founded in 2008. Its operations include the Carrapateena project, where construction was completed in 2019, and the upcoming Malu underground mine, which was commissioned in 2015.

In a November press release, OZ Minerals reported a year-to-date 5 percent increase in group ore reserve copper metal tonnes. In its third quarter results, the company reported guidance of between 120,000 and 145,000 tonnes of copper for the year.

3. Sandfire Resources

Market cap: AU$2.59 billion; current share price: AU$6.11

Sandfire Resources (ASX:SFR) owns 7,189 square kilometres in the Bryah Basin region of Western Australia, including its DeGrussa and Monty operations. Both of these are 100 percent owned and produce copper and gold.

The company released its third quarter results in October, reporting total copper production of 15,946 tonnes. Sandfire expects output of between 64,000 and 68,000 tonnes of copper in 2022.

4. 29Metals

Market cap: AU$1.29 billion; current share price: AU$2.63

Australia-based mining company 29Metals (ASX:29M) has the Golden Grove mine in Western Australia and the Capricorn copper mine in Queensland, along with several promising new growth opportunities lined up. 29Metals focuses on copper production, though it also mines for zinc, gold and silver.

According to an October release from the company, production was weaker than expected at Golden Grove during the September quarter. However, the asset's quarter-on-quarter decline of about 10 percent was largely offset by a strong performance at Capricorn.

5. Copper Mountain Mining

Market cap: AU$804.96 million; current share price: AU$3.81

Copper Mountain Mining (ASX:C6C) is a Canadian and Australian copper miner, with its flagship Copper Mountain operation in British Columbia, Canada, and its Eva and Cameron copper projects in Queensland, Australia.

In the third quarter, Copper Mountain Mining reported total output of 22.4 million pounds of copper at its Copper Mountain mine, representing a 12.1 percent quarter-over-quarter decline in production. The company still reported positive cash flow, with strong construction and exploration gains made at its Eva and Cameron projects.

This is an updated version of an article first published by the Investing News Network in 2018.

Don’t forget to follow us @INN_Australia for real-time updates!

Securities Disclosure: I, Isabel Armiento, hold no direct investment interest in any company mentioned in this article.