Piedmont Submits Permit Application For Lithium Project At Carolina Tin Spodumene Belt

  • Jan 10, 2019 AEDT
  • Team Kalkine
Piedmont Submits Permit Application For Lithium Project At Carolina Tin Spodumene Belt

Piedmont Lithium Limited (ASX: PLL) operates as a mineral exploration company. The Company is into the business of exploration and development of the lithium project. Piedmont Lithium is also into the management of drill, expansion of land, and various other sampling programs. Piedmont Lithium predominantly operates projects in the United States of America.

The company has briefed in its latest release that it has applied under Section 404 of the Standard Individual Permit application to the US Army Corps of Engineers (USACE). This application is made for the Company’s Piedmont Lithium Project located in the historic Carolina Tin-Spodumene Belt at North Carolina, USA. The USACE is the sole agency that will review the Company’s permit applications at the federal level.

The Company has also concurrently applied for a Section 401, Individual Water Quality Certification to the North Carolina Division of Water Resources (NCDWR). Section 404 and 401 permits are general requirements for the kind of operations which are being proposed by Piedmont Lithium. HDR Engineering’s Charlotte Office is acting as the lead consultant in the preparation of both applications.

These critical applications were completed and had been submitted in accordance with the Company’s previously declared estimated permitting timeline. This will allow Piedmont to maintain its overall project development schedule. The firm expects to submit the balance of permit applications required to commence mining operations to various state and local agencies within the 1H 2019.

Keith D. Phillips, who is also the President and Chief Executive Officer, commented that this application is a bit near towards the realization of the company's goal of producing battery-grade lithium hydroxide in North Carolina. Company's team and the consulting advisors have completed an immense amount of preparatory work, and the management looks forward to a continued constructive engagement with the appropriate regulatory bodies.

For the Financial Year ended June 30, 2018, the company registered a net loss after tax of US$9.96 million vis-à-vis a net loss after tax of US$2.64 million. This loss was partially attributable to the:

  • Exploration and the evaluation expenses amounting to US$6,021,506, this was due to the accounting policy adopted by the company which says that the investigation and the evaluation expenditures which are incurred by the company after the acquisition of the license and the successful completion of the feasibility study are to be expensed. And
  • The non-cash share-based payments which are to be expensed over a period during which the option holder becomes entitled to the options.

As on the 30th of June 2018, the company had cash and cash equivalents of circa US$7.2 million, much higher as compared to previous corresponding period. The company remained unleveraged at the closure of the financial year, with zero debt on its balance sheet. Moreover, the company had net assets of circa US$6.1 million vis-à-vis US$3.3 million last year, thus exhibiting a growth of 86% on a YoY basis. This was mainly on account of the firm’s capital raising program which aided in raising proceeds of US$11.6 million reduced by the cash which was utilized in the operations amounting to US$7.6 million.

In the meantime, the stock price of the company has fallen by 50.53 percent in the past six months. The company’s shares last traded at $0.093, down by 1.1 % with a market capitalization of circa $62.68 Mn as on 10 January 2019.


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