Piedmont Lithium’s Q2 2024 Financial Overview

Piedmont Lithium Inc. (PLL) has announced its second quarter results for 2024. The company reported revenue of $13.2 million from sales of approximately 14,000 dmt of spodumene concentrate.

Steady-State Production Achieved at NAL

NAL, jointly owned by Piedmont Lithium and Sayona Mining, reached steady-state production in June 2024. In Q2, the mine set new records with a 23% increase in production, lithium recovery at 68%, and mill utilization at 83%.

Plans for H2 2024 Customer Shipments

Piedmont Lithium plans to ship approximately 96,500 dmt of spodumene concentrate in the second half of 2024. Shipments will primarily be directed to long-term customers.

Strategic Developments for Carolina Lithium

After receiving a state mining permit in Q2, Piedmont is shifting its focus to consolidating lithium hydroxide production at Carolina Lithium. The newly planned development will involve two lithium hydroxide trains built in phases.

Exploration and Partnerships at Ewoyaa Project

Piedmont has engaged a financial advisor to explore funding options for its Ewoyaa Lithium Project in Ghana, aiming to secure capital through an offtake-partnering process.

Q2 2024 Financial Highlights

For Q2 2024, Piedmont Lithium reported a net loss of $13.3 million with cash and cash equivalents totaling $59.0 million. Despite market challenges, the company remains optimistic about long-term growth in the lithium market.

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