Ann: Carolina Lithium State Mining Permit, page-89

Simplifying things greatly, major hurdles in getting a deposit into production include:

1. Finding the resource
2. Proving it has economic potential
3. Obtaining all necessary permits
4. Having commitments from customers to buy the product that will be produced
5. Obtaining the finance to develop the resourceA
6. Assembling a management team that can execute the development.

Typically without all 6, a project will either not progress or not reach its full potential. Piedmont has completed #1 and #2. They have now made robust progress now on #3. They don't have an offtake for the Hydroxide but that appears to be a timing issue. Finance is still to be sorted and some of that may be linked to offtake discussions. There will need to be some recruitment to execute the project.

The American market appears to consider difficulties still exist on one or more of the points above - probably finance but it could be securing all necessary permits.