OTHER ASSETS

3 Months Ended

Mar. 31, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

OTHER ASSETS

OTHER ASSETS

Other current assets consisted of the following:

	March 31, 2022		December 31, 2021
Investments in equity securities	$	534,281	$	513,511
Prepaid assets and other receivables	1,083,276		2,001,091
Total other current assets	$	1,617,557	$	2,514,602

As of March 31, 2022, our investments in equity securities consisted of common shares in Ricca Resources Limited (“Ricca”), a private company, which we acquired as part of a spin-out of Ricca from Atlantic Lithium, focused on gold exploration in Africa. The increase in fair value of our investment in equity securities during the three months ended March 31, 2022 was due to currency revaluation of our common stock held in Ricca and is recorded in “Gain from foreign currency exchange” in our consolidated statements of operations.

Other non-current assets consisted of the following:

	March 31, 2022		December 31, 2021
Advances on the Ewoyaa Project	$	7,942,656	$	4,310,173
Non-current prepaid assets	188,482		190,030
Total other assets	$	8,131,138	$	4,500,203

The Ewoyaa Project is part of the strategic partnership between Piedmont Lithium and Atlantic Lithium that includes Atlantic Lithium Ghana. Under our partnership, we entered into a project agreement to acquire a 50% equity interest in Atlantic Lithium Ghana as part

of two phases of future staged investments by Piedmont Lithium in the Ewoyaa Project over an approximate period of three to four years.

We are currently in phase one, which allows us to acquire a 22.5% equity interest in Atlantic Lithium Ghana by funding approximately $17.0 million for exploration and definitive feasibility study expenses. Our future equity interest ownership related to phase one is contingent upon completing a definitive feasibility study and making an election to proceed with phase two. Phase two allows us to acquire a 27.5% equity interest in Atlantic Lithium Ghana upon completion of funding approximately $70.0 million for capital costs associated with the construction of the Ewoyaa Project. Any cost underruns or overruns beyond the initial commitment for each phase will be shared equally between Piedmont Lithium and Atlantic Lithium. Upon completion of phase one and phase two, we will have a total equity interest of 50.0% in Atlantic Lithium Ghana. Phase one funding costs are included in other non-current assets as an advance on our expected future investments into the Ewoyaa Project.

Our maximum exposure to a loss as a result of our involvement in the Ewoyaa Project is limited to the total funding paid by Piedmont Lithium to Atlantic Lithium. As of March 31, 2022, we did not own an equity interest in Atlantic Lithium Ghana. We have made advanced payments totaling $3.6 million during the three months ended March 31, 2022 and additional advance payments totaling $1.7 million beginning April 1, 2022 through the date of this filing.