Source: Streetwise Reports 06/24/2019
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
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