Piedmont Lithium Reports Record Shipments for Q4 and Full Year 2024

Piedmont Lithium recorded its highest-ever quarterly and annual shipments in 2024, with approximately 55,700 dry metric tons (dmt) of spodumene concentrate shipped in Q4 at an average price of $818 per dmt, generating $45.6 million in revenue. For the full year, shipments reached 116,700 dmt at an average price of $856 per dmt, resulting in total revenue of $99.9 million. Production at North American Lithium (NAL) remained strong, with Q4 output totaling 50,922 dmt at 90% mill utilization and a lithium recovery rate of 68%. The company also exceeded its 2024 cost savings target, achieving $14 million in annual savings. As of December 31, 2024, Piedmont held $87.8 million in cash and cash equivalents. Additionally, Piedmont entered a definitive merger agreement with joint venture partner Sayona Mining, with the transaction expected to close by mid-2025.

Piedmont’s realized price per dmt of spodumene concentrate in Q4 was $818, outperforming industry peers. The company expects shipments between 113,000 and 130,000 dmt in 2025, supported by steady production at NAL. The Ewoyaa Lithium Project in Ghana received a Mine Operating Permit, marking a key step toward construction, pending additional approvals and financing. The U.S. Inflation Reduction Act’s 45X manufacturing credit, finalized in October 2024, is expected to enhance the after-tax economics of the Carolina Lithium Project. Piedmont is pursuing additional permits and evaluating rezoning timelines for Carolina Lithium.

Piedmont shipped 55,700 dmt in Q4, generating $45.6 million in revenue, while full-year shipments totaled 116,700 dmt, earning $99.9 million. Q4 gross profit reached $6.8 million with a 15% margin, but the company reported a full-year net loss of $64.8 million. Cash and cash equivalents stood at $87.8 million at year-end.

Piedmont and Sayona Mining announced a merger agreement in November 2024 to create a leading North American lithium producer. Piedmont raised $26 million in capital following the announcement, with an additional A$69 million expected post-closing. The transaction remains subject to shareholder approval and regulatory clearance.North American Lithium Operations

NAL achieved record Q4 shipments of 66,000 dmt and maintained consistent production. The 2024 drill campaign identified new high-grade lithium zones, with further updates anticipated in 2025.

Piedmont projects shipments between 113,000 and 130,000 dmt, capital expenditures of $6 - $9 million, and investments in affiliates of $7 - $13 million. The company remains focused on cost discipline and operational efficiency as it navigates the current lithium market conditions. Piedmont is also exploring commingled shipments with Sayona Mining to optimize transport costs and improve profitability.