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Piedmont Lithium Inc. (PLL) has announced a strategic investment in Newfoundland’s large prospective lithium project. The company has agreed to pay C$2 million for a 19.9% equity interest in the newly-formed Vinland Lithium Inc. Through staged investments, Piedmont may earn up to a 62.5% equity interest in Vinland’s Killick Lithium Project.
Project Details
The Killick Lithium Project, managed by Vinland Lithium, is logistically advantaged in southern Newfoundland, Canada. The project hosts approximately 60 kilometers of highly prospective strike length. Piedmont will have a right of first refusal on offtake rights to future concentrate production.
Geological Similarities
The Killick Lithium property is similar to the Carolina Tin-Spodumene Belt, which hosts Piedmont’s Carolina Lithium project. Initial prospecting led to the discovery of the first occurrence of spodumene-bearing pegmatite in Newfoundland.
Company Strategy
Patrick Brindle, Chief Operating Officer for Piedmont Lithium, stated that the partnership supports the company’s strategy to grow its hard rock lithium resource base. The Killick Lithium Project comprises a vast land package in an attractive jurisdiction. The Vinland Lithium exploration team will manage all aspects of the exploration program.
About Piedmont Lithium
Piedmont Lithium Inc. is developing a world-class, multi-asset, integrated lithium business focused on enabling the transition to a net zero world. The company aims to become one of the largest lithium hydroxide producers in North America.
Company Website: https://www.piedmontlithium.com
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