Albemarle Corporation (NYSE: ALB), renowned for supplying essential elements across mobility, energy, connectivity, and health sectors, has unveiled its project blueprint for the Kings Mountain Mine, a significant hard-rock lithium deposit in the U.S. The plan outlines the proposed site layout, key physical features, and specifics of mining operations. Pending regulatory approval and a final investment decision, the mine aims to annually produce about 420,000 tons of lithium-bearing spodumene concentrate, crucial for advancing sustainable transportation and supporting critical defense applications.

Albemarle Energy Storage President Eric Norris commented, "The Kings Mountain Mine represents a globally significant resource that can fuel our future. We are delighted to present our strategy to the community and seek their involvement in responsibly revitalizing this abundant domestic resource."

The project plan presented today at a community open house and accessible online incorporates various environmentally and socially responsible mining features and practices:

• Minimized land disturbance: The project incorporates the reuse of the former Kings Mountain Mine site for mining operations and repurposes a former mica mine for tailings storage, aiming to reduce overall land disturbance.

• Resource-efficient materials handling: Non-ore-bearing material from mining activities will be transported to the nearby Martin Marietta Kings Mountain Quarry for processing and sale as construction aggregate. This initiative aims to promote sustainable resource management, with proceeds earmarked to benefit Kings Mountain and surrounding communities. Additionally, Albemarle is exploring secondary markets for processed ore tailings, potentially for use in ceramics or construction materials.

• Adherence to rigorous standards and transparency: The project has been planned with stringent environmental protection measures and community engagement efforts aligned with the Initiative for Responsible Mining Assurance's (IRMA) Standard for Responsible Mining. This framework aims to mitigate environmental and social impacts while fostering local community benefits. Following operational launch, the mine will undergo thorough third-party verification by an IRMA-accredited certification body.

• Responsible water use: The mine's operations are designed to primarily rely on collected precipitation for operational needs, reserving external water sources solely for drinking, fire protection, and sanitary purposes.

With the United States currently contributing less than 2% of the global lithium supply, the Kings Mountain Mine is poised to significantly bolster the country's supply chain. In 2023, Albemarle secured a $90 million grant from the U.S. Department of Defense to support the acquisition of a fleet of mining equipment crucial for the mine's redevelopment. Lithium serves as a vital component in various defense applications, including batteries for communication devices, remote and deep-sea sensors, as well as for carbon dioxide adsorption in submarines, gas masks, and space exploration. Furthermore, in 2022, Albemarle received a $150 million grant from the U.S. Department of Energy under President Biden's Bipartisan Infrastructure Law to expand domestic battery manufacturing for electric vehicles.

In addition to unveiling the project plan, Albemarle has initiated the public engagement phase of a voluntary Environmental and Social Impact Assessment (ESIA). Aligned with IRMA's Standard for Responsible Mining, this assessment aims to comprehensively evaluate and mitigate potential effects of the proposed mine on the local environment, economy, and community well-being. Albemarle intends to utilize the findings from the assessment to formulate robust environmental and social management strategies aimed at mitigating negative impacts and maximizing positive outcomes.

Active involvement of stakeholders is crucial in shaping the ESIA's framework, and Albemarle is urging the community to participate through scheduled meetings and by providing feedback. Throughout 2024 and 2025, Albemarle intends to publicly disclose and disseminate the assessment's results and projected management strategies to engage with community stakeholders.