Piedmont (ASX:PLL) shares gain on positive results from Ewoyaa Project

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Highlights

  • PLL shares are rising today following positive results from a Ghana-based project.
  • The lithium developer's partner Atlantic has announced a significant increase in its mineral resources.
  • PLL shares have gained over 15% over the last 12 months.

Shares of diversified lithium resources developer Piedmont Lithium Inc. (ASX:PLL)  are rising today.

Investors are keeping the stock on their radar as the lithium developer shared positive results from a Ghana-based Project.

The scrip traded 2.105% higher at AU$0.970 at 1:00 PM AEDT.

More details on the Project

PLL's partner in Africa - Atlantic Lithium, announced the completion of a mineral resource estimate for Ghana-based Ewoyaa Project.

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As per the release, the new mineral resource estimate totals 30.1 million metric tonnes @1.26% Li2O, representing a 42% increase from the previous estimate.

The company reported the updated mineral resource estimate, including 20.5Mt@1.26% Li2O of Indicated Resources, in accordance with JORC Code (2012) standards.

Related read - Piedmont (ASX:PLL) closes public offering, shares zoom over 9%

It is also worth mentioning that PLL has earn in right to a 50% interest in Atlantic's Ghana-based projects, including Ewoyaa. Moreover, PLL also holds around a 10% stake in its partner company – Atlantic Lithium.

Management comments

Pleased with the positive results, PLL's chief operating officer Patrick Brindle said that the Ewoyaa project is one of Africa's best-located spodumene projects.

This Project is crucial to PLL's growth strategy as a significant source of spodumene concentrate for its LHP-2 Project.

The company is eagerly waiting for Atlantic's completion of the pre-feasibility study for the Ewoyaa project.

Moreover, the completion of the study will increase the engineering definition of the Project and provide essential data regarding advanced regulatory approvals for it, he said.

PLL share price movement

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PLL share price is up 24% on YTD this year. The stock has delivered over 15% return to its shareholders and has gained 32% over the last three months. 


 


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