This is Why Piedmont Lithium is Rocketing Higher

FILE PHOTO: Piedmont Lithium's headquarters is seen in Belmont

Investors may want to pay close attention to Piedmont Lithium (PLL).

For one, the lithium story is still red-hot.

Unfortunately, for quite some time, there’s more demand than there is supply.  That’s why lithium prices have been so explosive.

The International Energy Agency has even warned that, “The supply of critical minerals crucial for technologies such as wind turbines and electric vehicles will have to be ramped up over the next decades if the planet’s climate targets are to be met.”

Two, Piedmont was just added to the Russell 2000 Index.

Three, as noted by Cowen analyst David Deckelbaum, Piedmont is a catalyst rich name and a North Americans lithium growth story, as noted by  “The analyst said it is an under-appreciated vertical integration lithium story that has significant potential to grow a presence in the U.S. as a leading battery grade hydroxide converter, fed through advantaged spodumene contracts. Deckelbaum reiterated his Outperform rating and $90 price target on Piedmont Lithium shares.”

In addition, according to a recent press release:

The board of directors of Sayona Quebec Inc. authorized the restart of spodumene concentrate production at its North American Lithium project located near Val-d’Or, Quebec. The NAL restart will feature significant operational upgrades totaling approximately $80 million aimed at improving product quality and plant utilization. The NAL restart project will be entirely funded from pro-rata cash contributions by Sayona and Piedmont, with each party having completed significant capital raises in the first half of 2022.

Since bottoming out around $33 in July 2022, the PLL stock is now up to $52.20.  From here, it could potentially test $67.50, as lithium demand explodes.