We are currently in the permitting and approvals phase of the Carolina Lithium project as we work toward construction and production.¹ Piedmont Lithium applied for our state mining permit with the North Carolina Department of Environmental Quality, Division on Energy, Minerals, and Land Resources (DEMLR) in August 2021, and after more than two and a half years of numerous studies, testing, planning, and discussion, we were issued an approval of our mining permit for the construction, operation, and reclamation of Carolina Lithium in April 2024. In May 2024, we received the finalized mining permit following the posting of a $1 million reclamation bond to the state of North Carolina.

The U.S. is among the world’s strictest regulators of industrial and mining activities. Organizations like DEMLR – and many others – have an important responsibility to make sure operations meet standards and regulations to protect environmental resources and the safety of communities. We appreciate the leadership and staff at NCDEQ and DEMLR for their diligence throughout the process as well as the members of our team who worked rigorously to ensure that every aspect of the project met the state’s high standards for approval.

The mining permit is the precursor for the county rezoning process and a significant milestone that allows us to accelerate discussions with potential funding parties, including strategic partners and supportive government programs, such as the Department of Energy’s Advanced Technology Vehicles Manufacturing (ATVM) loan program. We expect the strategic partnering and ATVM loan process will each take some time to complete. We are contemplating the timing of the local rezoning process, which is dependent upon the project funding strategy, potential partnerships, and lithium market dynamics. Construction would follow, subject to obtaining the remaining necessary material permits, including our air and wastewater permits, as well as rezoning approvals and project financing activities.

Copies of various testing results and studies related to our permits are available at the main branch of the Gaston County Public Library for review.

¹ Subject to approvals, zoning, and funding, among other variables