Piedmont Lithium, a key player in the global lithium resource sector, vital to the United States' electric vehicle supply chain, has recently unveiled a strategic investment in a promising lithium venture situated in Newfoundland, Canada. This significant development involves Piedmont's commitment to invest C$2 million for a 19.9% equity stake in a freshly established entity known as Vinland Lithium Inc. (Vinland Lithium), which is a collaborative effort between Sokoman Minerals Corp. (Sokoman Minerals) (40.1%) and Benton Resources Inc. (Benton Resources) (40.1%).

As part of this strategic alignment, Piedmont will secure exclusive marketing rights encompassing 100% of the lithium concentrate generated by the Project throughout its operational life, with the added privilege of a right of first refusal on the offtake rights, ensuring a competitive commercial rate.

The Killick Lithium property, from a geological perspective, exhibits similarities to the Carolina Tin-Spodumene Belt, which is renowned for hosting Piedmont's Carolina Lithium project. The property boasts a total expanse of 950 square kilometers, encompassing around 60 kilometers of prospective strike length. Initial prospecting efforts conducted on the property by Benton Resources and Sokoman Minerals in 2021 led to a groundbreaking discovery: the first identification of spodumene-bearing pegmatite in Newfoundland.

The preliminary findings from Benton Resources and Sokoman Minerals' exploratory work encompass 61 drill holes, of which 50 have encountered spodumene-bearing pegmatites. Furthermore, mineralization has been identified through surface trenching and drilling over a stretch of 2.5 kilometers. Noteworthy among the early drilling outcomes are multiple intercepts with lithium oxide (Li2O) content exceeding 1.0%, indicating significant potential for further discoveries within the property. Ongoing exploration activities in 2023 have unearthed a plethora of soil and geophysical anomalies, highlighting high-priority drilling targets. It is also important to note that the Killick Lithium property boasts excellent infrastructure, given its proximity to paved roadways, an electrical substation, and an ice-free, deepwater port.

Patrick Brindle, the Chief Operating Officer for Piedmont Lithium, has emphasized that this partnership is a testament to the company's commitment to expanding its hard rock lithium resource base, focusing on substantial prospects situated in appealing locations. Additionally, this initiative further advances Piedmont's ambitions of becoming a major producer of lithium hydroxide to meet the demands of the North American market.

This strategic investment signifies a significant step forward for Piedmont Lithium as it diversifies its holdings and actively engages in promising ventures that align with the growing demand for lithium resources in the electric vehicle industry. The Killick Lithium Project, characterized by its geological promise and robust infrastructure, holds substantial potential in contributing to the company's continued growth and its critical role in the electric vehicle supply chain in the United States. Piedmont's strategic approach underscores the company's commitment to sustainable and responsible resource development while actively participating in the shift towards cleaner energy solutions.