Insights

Why the Piedmont Lithium (ASX:PLL) share price is zooming 13% higher

The Piedmont Lithium Ltd (ASX: PLL) share price is zooming higher on Tuesday. Here’s why the lithium miner’s shares are up 13%…
The post Why the Piedmont Lithium (ASX:PLL) share price is zooming 13% higher appeared first on Motley Fool Australia. –

jump in asx share price represented by man jumping in the air in celebration

The Piedmont Lithium Ltd (ASX: PLL) share price has been a very strong performer on Tuesday.

At the time of writing, the lithium-focused mineral exploration company’s shares are up a sizeable 13.5% to 42 cents.

Why is the Piedmont Lithium share price zooming higher?

Investors have been buying the company’s shares after it provided an update on its drilling campaign at the Piedmont Lithium Project in the United States.

According to the release, the company has expanded its current drilling campaign by an additional 25,000 meters. This will see three additional rigs arriving in the field in the coming weeks.

Management notes that the expanded drill program is designed to complete infill drilling on the core property with the objective of upgrading its mineral resource classification category for select areas. This will mean these areas move from inferred category to the measured and indicated categories.

What’s next?

Piedmont intends to publish its mineral resource estimate update for the core property in the second quarter of 2021. After which, it is aiming to complete a definitive feasibility study (DFS) in mid-2021.

The company’s President and CEO, Keith D. Phillips, is optimistic that the company is sitting atop an asset that will benefit greatly from the electric vehicle (EV) revolution.

He said: “We are excited to be aggressively expanding our drill program with five drill rigs soon to be in the field. Our dual objectives are to upgrade the current Inferred Resources within the Core Property to support our upcoming DFS, while also growing the overall scale of our mineral resource tonnage.”

“The Carolina Tin-Spodumene Belt is one of the world’s most prolific lithium belts and we are hopeful that we will ultimately delineate North America’s largest spodumene resource, ideally located in North Carolina to power North America’s clean energy storage and EV revolution,” he concluded.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of June 30th

More reading

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post Why the Piedmont Lithium (ASX:PLL) share price is zooming 13% higher appeared first on Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!