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Lithium Firm's Deposits Show High-Purity Spodumene
Research Report

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The implications of the results and the next catalyst are addressed in a ROTH Capital Partners report.

In a June 19 research note, ROTH Capital Partners analyst Joe Reagor reported that mineralogical testing of Piedmont Lithium Ltd.'s (PLL:NASDAQ; PLL:ASX) three North Carolina deposits showed a "relatively pure spodumene," which could benefit metallurgy and future recoveries.

Along with high-purity spodumene, testing also revealed a lack of petalite and lepidolite. This is a significant positive for Piedmont, Reagor pointed out, because the presence of these minerals typically requires extra operating and capital costs to recover the lithium.

Reagor noted the next major catalyst for the stock is an update indicating a significant resource increase, expected in the near future. This should address investors' concerns about the length of the mine life. "If the company is able to demonstrate an initial mine life of 20 or more years, we would anticipate a significant positive reaction by the market," he added.

ROTH has a Buy rating and a US$36 per share price target on Piedmont Lithium, whose stock is currently trading at around US$11.74 per share.


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Disclosures from ROTH Capital Partners, Piedmont Lithium Ltd., Flash Note, June 19, 2019

Regulation Analyst Certification ("Reg AC"): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

ROTH makes a market in shares of Piedmont Lithium Limited and as such, buys and sells from customers on a principal basis.

ROTH Capital Partners, LLC expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months.

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