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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________
FORM 8-K
___________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): November 7, 2023
___________________________________
Piedmont_Logo_RGB_300dpi.jpg
Piedmont Lithium Inc.
(Exact name of registrant as specified in its charter)
___________________________________

Delaware
001-38427
36-4996461
(State or other jurisdiction of
incorporation or organization)
(Commission File Number)(I.R.S. Employer Identification Number)
42 E Catawba Street
Belmont, North Carolina 28012
(Address of principal executive offices and zip code)
(704) 641-8000
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common stock $0.0001 par value per sharePLLNasdaq
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.
Emerging growth company    ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.


Item 2.02 - Results of Operations and Financial Condition
On November 7, 2023, Piedmont Lithium Inc. issued a press release announcing its financial results for the quarter ended September 30, 2023. A copy of the press release is attached as Exhibit 99.1 to this current report on Form 8-K and is incorporated by reference herein.
The information in this current report on Form 8-K and the exhibits attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01 - Financial Statements and Exhibits
(d): Exhibits.

Exhibit No.Description
99.1
99.2
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized on this 7th day of November, 2023.


Piedmont Lithium Inc.
(Registrant)
By:
/s/ Michael White
Name:
Michael White
Title:
Executive Vice President and Chief Financial Officer


imagea.jpg                    
PRESS RELEASE | November 7, 2023 | NASDAQ: PLL    


PIEDMONT LITHIUM REPORTS THIRD QUARTER 2023 RESULTS
Inaugural Revenue and Profit Recorded on Commencement of Lithium Concentrate Shipments


•Revenue of $47.1 million on sales of 29,011 dry metric tons (dmt) of lithium concentrate.
•Gross profit of $23.8 million, reflecting a gross profit margin of 50.4%.
•Net income of $22.9 million and adjusted net income(1) of $16.9 million.
•Diluted earnings per share of $1.19 and adjusted diluted earnings per share(1) of $0.88.
•Adjusted EBITDA(1) of $16.2 million, reflecting an adjusted EBITDA margin(1) of 34.3%.
•Cash and cash equivalents of $94.5 million at September 30, 2023.
•On track to deliver full-year shipment guidance of approximately 56,500 dmt of lithium concentrate.

BELMONT, North Carolina, November 7, 2023 – Piedmont Lithium (“Piedmont” or the “Company”) (Nasdaq: PLL; ASX: PLL), a leading global supplier of lithium resources critical to the U.S. electric vehicle supply chain, today announced financial results for third quarter 2023.
“The third quarter was transformational for Piedmont as we made our first customer shipments under our offtake agreement with our joint-venture operation, North American Lithium(2). As a result, Piedmont became a revenue-generating lithium company and recorded adjusted net income of $17 million and adjusted earnings per share of $0.88.
“NAL is the largest operating lithium mine in North America, and production is ramping up well.
“While we are pleased with Piedmont’s operational and financial performances, our results were materially impacted by the 45% decline in spot lithium prices during the quarter. Virtually all of our offtake tonnage will eventually be sold under long-term contracts announced earlier this year, but initial shipments are being made on the spot market. The benchmark spodumene concentrate price fell from more than $3,500/dmt at the start of the quarter to approximately $1,900/dmt today, directly impacting our quarterly results as our spot shipments are settled at the spot price around the time of customer receipt.
“Piedmont expects to have two shipments in the fourth quarter and confirms our previous full year outlook of shipping approximately 56,500 dmt of lithium concentrate.
“EV demand remains strong globally with unit sales growth of 35% year to date and global EV penetration a record high of 18% in 2023. We continue to expect the U.S. electric vehicle market to grow significantly, in part, due to the positive stimulus provided by the Inflation Reduction Act. Further, with battery pack capacity for all EV types increasing and energy storage systems becoming a more substantial factor in the market, the total GWh of new battery capacity deployed has grown by nearly 50% this year. We believe the combination of growth in EV sales and total GWh deployed will drive continued lithium demand growth.
“With NAL in production, we look forward to advancing the rest of our projects, with the assistance of federal government finance agencies and strategic partners where possible, and always with a view to minimizing dilution to existing shareholders.”

Keith Phillips, Piedmont Lithium President and Chief Executive Officer





___________________________________________________________
(1) See end of this release for reconciliation of non-GAAP measures.
(2) North American Lithium (“NAL”).


                    
Third Quarter 2023 Financial Highlights
All references to dry metric tons (“dmt”) in this release relate to lithium (spodumene) concentrate.
UnitsQ3’23Q3’22
SalesConcentrate shippeddmt29,011 —
Revenue$ millions47.1 —
Realized price (~5.3% Li2O)(1)
$/dmt1,624 —
Realized cost of sales(2)
$/dmt805 —
ProfitabilityGross profit$ millions23.8 —
Gross profit margin%50.4 —
Net income(3)
$ millions22.9 16.7 
Adjusted net income(4)
$ millions16.9 (8.9)
Adjusted diluted EPS(4)
$0.88 (0.49)
Adjusted EBITDA(4)
$ millions16.2 (9.3)
Adjusted EBITDA margin(4)
%34.3 — 
Cash
Cash and cash equivalents(5)
$ millions94.5 117.6 
___________________________________________________________
(1) Realized price is the average estimated price, net of certain distribution and other fees, for ~5.3% Li2O grade, which includes referenced pricing data up to September 30, 2023, and is subject to final adjustment. The final adjusted price may be higher or lower than the estimated average realized price based on future price movements.
(2) Realized cost of sales is the average cost of sales including Piedmont’s offtake pricing agreement with Sayona Quebec for the purchase of lithium concentrate at a market price subject to a floor of $500 per metric ton and a ceiling of $900 per metric ton, adjustments for product grade, freight, and insurance.
(3) Net income includes gain on dilution from equity method investments, which is reported on a one-quarter lag, of $8.0 million and $29.4 million, for the three months ended September 30, 2023 and 2022, respectively.
(4) See end of this release for reconciliation of non-GAAP measures.
(5) Cash and cash equivalents are reported as of the end of the period.

Third Quarter 2023 and Recent Business Highlights

Piedmont Lithium
•Purchased 29,011 dmt from NAL in Q3’23.
•Shipped 29,011 dmt (~5.3% Li2O) in Q3’23 to two customers.
•Our first shipment included a $31.6 million provisional prepayment received in Q3’23 based on indicative market pricing of $3,350/dmt at the time of contract execution. With the recent decline in lithium prices, current market pricing is now approximately $1,900/dmt. We have accrued $7.8 million associated with the final settlement, which will occur in Q1’24.
North American Lithium (Quebec, Canada)
•In Q3’23, NAL produced 31,486 dmt and shipped 48,211 dmt, of which 29,011 dmt were sold to Piedmont.
•In October 2023, Sayona Mining provided a forecast for the one-year period July 1, 2023 through June 30, 2024 projecting production of 140,000 to 160,000 dmt and shipments of 160,000 to 180,000 dmt.
•NAL has substantially progressed ongoing capital improvement projects, including a capacity increase for its tailings storage facility and a new crushed-ore dome.



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•Concentrate produced and shipped by NAL and concentrate shipped by Piedmont:
ShareUnitsQ3’23 YTDQ3’23Q2’23
North American Lithium
Concentrate produced
100%(1)
dmt64,60631,48629,610
Concentrate shipped
100%(2)
dmt48,21148,211—
Piedmont Lithium
Concentrate shipped100%dmt29,01129,011—
___________________________________________________________
(1) Concentrate produced represents 100% of NAL’s production.
(2) Concentrate shipped represents 100% of NAL’s shipments, inclusive of shipments to Piedmont totaling 29,011 dmt in Q3’23.
Note: The table above reports quarterly and year-to-date information in accordance with Piedmont’s fiscal year reporting, which is on a calendar-year basis. Concentrate produced and concentrate shipped (above) are reported in the periods in which activities actually occurred. For financial statement purposes, Piedmont reports income (loss) from its 25% ownership in Sayona Quebec, which includes NAL, on a one-quarter lag.
Ewoyaa Project (Ghana)
•Piedmont exercised its option to acquire an initial 22.5% equity interest, subject to Ghanaian governmental approval, in Atlantic Lithium’s Ghanaian lithium portfolio, which includes Ewoyaa.
•Piedmont expects to earn an additional 27.5% equity interest, subject to funding the first $70.0 million of capital expenditures for Ewoyaa, which would result in Piedmont and Atlantic Lithium each owning 50% of the Ewoyaa project.
•In Q3’23, the Minerals Income Investment Fund of Ghana (“MIIF”) entered into a non-binding agreement with Atlantic Lithium to invest $27.9 million to acquire a 6% equity interest in Ewoyaa, with the investment earmarked for Ewoyaa’s project development costs, and to fund 6% of all future exploration and development costs within Atlantic Lithium’s Ghanaian portfolio. These funds are expected to equally reduce Piedmont and Atlantic Lithium’s capital expenditure contribution to Ewoyaa.
•In Q4’23, Ghana’s Ministry of Lands and Natural Resources granted a mining lease for Ewoyaa, subject to ratification by the Ghanaian Parliament. The mining lease includes a 13% free-carried interest in Ewoyaa for the Government of Ghana and a 10% royalty. If both the mining lease is ratified and the agreement with MIIF is executed, Piedmont and Atlantic Lithium would each own 40.5% equity interest in Ewoyaa. Piedmont would continue to maintain a 50% life-of-mine offtake right to future lithium concentrate production from Atlantic Lithium Ghana under these agreements.
•Prior to starting construction, an approval by the Environmental Protection Agency of Ghana will be required. Atlantic Lithium expects the permitting process to be finalized in H2’24.
Tennessee Lithium (Tennessee)
•In Q3’23, Piedmont received the final material permits required to proceed with construction of the 30,000 metric ton per year lithium hydroxide conversion facility.
•Piedmont exercised its option to purchase land for the plant site and is working on closing with local economic development.
•In Q3’23, Piedmont engaged advisors to support its funding strategy for the construction of Tennessee Lithium. In consultation with the U.S. Department of Energy (“DOE”), Piedmont has decided to pursue an Advanced Technology Vehicle Manufacturing (“ATVM”) loan with the DOE’s Loan Programs Office, rather than complete the previously announced $141.7 million grant under the Bipartisan Infrastructure Law. The ATVM loan, if awarded, would be expected to cover a significantly larger share of the capital required for the project, strengthening the opportunity for strategic parties to partner with Piedmont on the project. Piedmont expects the DOE and strategic funding processes to take several months to complete.
•In Q4’23, Piedmont purchased a tailings storage facility adjacent to the Tennessee Lithium plant site for the placement of inert tailings to be produced as part of the alkaline pressure leach process. Also in Q4’23, Piedmont agreed to acquire a large industrial complex in close proximity to the Tennessee Lithium plant site. These two acquisitions should result in significant net economic benefits to the project.

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Carolina Lithium (North Carolina)
•Piedmont continues to advance the state mining permit process. In Q3’23, Piedmont submitted a partial draft response to the North Carolina Department of Environment, Minerals and Land Resources’ most recent additional information request.
•Piedmont continues to engage with community stakeholders, including the Gaston County Board of Commissioners, in advance of anticipated rezoning efforts.
Exploration
•In Q4’23, Piedmont paid $1.5 million to acquire a 19.9% equity interest in Vinland Lithium, which owns the Killick Lithium Project in southern Newfoundland, Canada. Piedmont has the right to earn up to a 62.5% equity interest through staged investments in Killick Lithium. Piedmont will be entitled to 100% marketing rights and a right of first refusal on 100% offtake rights to any lithium concentrate produced on a life-of-mine basis from Killick Lithium at competitive commercial rates.
•The Vinland investment is consistent with Piedmont’s strategy to build a world-class spodumene resource base by investing in projects with large-scale potential, in attractive jurisdictions, and managed by strong exploration teams.
Fourth Quarter 2023 Outlook
Q4’23FY 2023
Concentrate shipped (dmt)
~ 27,500~ 56,500
Capital expenditures$18 million — $22 million$63 million — $67 million
Investments in and advances to affiliates(1)
$10 million — $14 million
$46 million — $50 million
___________________________________________________________
(1) Investments in and advances to affiliates includes contributions to our equity method investees (Sayona Quebec, Sayona Mining, and Atlantic Lithium) and advances to affiliates for lithium projects, specifically Ewoyaa.
Piedmont expects to ship approximately 27,500 dmt in Q4’23, confirming the full-year guidance of approximately 56,500 dmt for the start-up year, 2023. The vast majority of forecasted capital expenditures relate to Tennessee Lithium and Carolina Lithium. Investments in and advances to affiliates reflect cash contributions to our equity method investees (Atlantic Lithium, Sayona Quebec and Sayona Mining) and advances to Atlantic Lithium for the Ewoyaa Project.
Safety and Sustainability
Piedmont is strongly committed to building safety into the foundation of all aspects of our company, operations, and culture. During Q3’23, members of management participated in an intensive safety leadership training program to help ensure a collaborative and uniform commitment to safety across the organization, particularly as we advance toward operations. Also in Q3’23, Piedmont hired an additional safety professional in Tennessee to manage operations of our recently acquired landfill, support the corporate team, and prepare safety initiatives related to our Tennessee Lithium project.
Piedmont issued its inaugural sustainability report, Progressing with Purpose, in June 2023, which governs our ESG efforts as we develop our operations and advance our equity interests. The report affirms the Company’s commitment to being a responsible, respectful steward of the planet, people, and the communities where Piedmont plans to operate its wholly-owned projects, Tennessee Lithium and Carolina Lithium. The aspirations reflected in the report are intended to guide the Company’s ESG strategy and are centered on the four pillars of planet, people, communities, and governance.

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Conference Call Information

Date:Tuesday, November 7, 2023
Time:8:30 am Eastern Standard Time
Dial-in (Toll Free):1 (888) 510-2296
Dial-in (International):1 (646) 960-0479
Conference ID: 4530245
Participant URL:https://events.q4inc.com/attendee/951511499

Piedmont’s earnings presentation and supporting material are available at:
https://piedmontlithium.com/investors.

About Piedmont

Piedmont Lithium Inc. (Nasdaq: PLL; ASX: PLL) is developing a world-class, multi-asset, integrated lithium business focused on enabling the transition to a net zero world and the creation of a clean energy economy in North America. Our goal is to become one of the largest lithium hydroxide producers in North America by processing lithium concentrate produced from assets where we hold an economic interest. Our projects include our Carolina Lithium and Tennessee Lithium projects in the United States and partnerships in Quebec with Sayona Mining (ASX: SYA) and in Ghana with Atlantic Lithium (AIM: ALL; ASX: A11). These geographically diversified operations will enable us to play a pivotal role in supporting America’s move toward energy independence and the electrification of transportation and energy storage.

For further information, contact:
Erin SandersChristian Healy/ Jeff Siegel
SVP, Corporate Communications &Media Inquiries
Investor Relations
E: Christian@dlpr.com
T: +1 704 575 2549
E: Jeff@dlpr.com
E: esanders@piedmontlithium.com

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Forward-Looking Statements

This press release contains forward-looking statements within the meaning of or as described in securities legislation in the United States and Australia, including statements regarding exploration, development, construction and production activities of Sayona Mining, Atlantic Lithium, and Piedmont; current plans for Piedmont’s mineral and chemical processing projects; Piedmont’s potential acquisition of an ownership interest in Ewoyaa; and strategy. Such forward-looking statements involve substantial and known and unknown risks, uncertainties, and other risk factors, many of which are beyond our control, and which may cause actual timing of events, results, performance or achievements and other factors to be materially different from the future timing of events, results, performance, or achievements expressed or implied by the forward-looking statements. Such risk factors include, among others: (i) that Piedmont, Sayona Mining, or Atlantic Lithium may be unable to commercially extract mineral deposits, (ii) that Piedmont’s, Sayona Mining’s or Atlantic Lithium’s properties may not contain expected reserves, (iii) risks and hazards inherent in the mining business (including risks inherent in exploring, developing, constructing and operating mining projects, environmental hazards, industrial accidents, weather or geologically related conditions), (iv) uncertainty about Piedmont’s ability to obtain required capital to execute its business plan, (v) Piedmont’s ability to hire and retain required personnel, (vi) changes in the market prices of lithium and lithium products, (vii) changes in technology or the development of substitute products, (viii) the uncertainties inherent in exploratory, developmental and production activities, including risks relating to permitting, zoning and regulatory delays related to our projects as well as the projects of our partners in Quebec and Ghana, (ix) uncertainties inherent in the estimation of lithium resources, (x) risks related to competition, (xi) risks related to the information, data and projections related to Sayona Mining or Atlantic Lithium, (xii) occurrences and outcomes of claims, litigation and regulatory actions, investigations and proceedings, (xiii) risks regarding our ability to achieve profitability, enter into and deliver product under supply agreements on favorable terms, our ability to obtain sufficient financing to develop and construct our projects, our ability to comply with governmental regulations and our ability to obtain necessary permits, and (xiv) other uncertainties and risk factors set out in filings made from time to time with the U.S. Securities and Exchange Commission (“SEC”) and the Australian Securities Exchange, including Piedmont’s most recent filings with the SEC. The forward-looking statements, projections and estimates are given only as of the date of this press release and actual events, results, performance and achievements could vary significantly from the forward-looking statements, projections and estimates presented in this press release. Readers are cautioned not to put undue reliance on forward-looking statements. Piedmont disclaims any intent or obligation to update publicly such forward-looking statements, projections, and estimates, whether as a result of new information, future events or otherwise. Additionally, Piedmont, except as required by applicable law, undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Piedmont, its financial or operating results or its securities.


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PIEDMONT LITHIUM INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts) (Unaudited)

Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Revenue$47,127 $— $47,127 $— 
Costs of sales23,363 — 23,363 — 
Gross profit23,764 — 23,764 — 
Exploration and mine development costs471 434 1,668 1,485 
Selling, general and administrative expenses11,185 7,160 31,793 20,200 
Total operating expenses11,656 7,594 33,461 21,685 
Income (loss) from equity method investments(1)
3,852 (2,003)(1,565)(6,547)
Income (loss) from operations15,960 (9,597)(11,262)(28,232)
Interest income1,031 373 2,959 373 
Interest expense(8)(21)(34)(97)
Loss from foreign currency exchange(22)(35)(88)(60)
Gain on dilution of equity method investments(1)
7,958 29,367 15,208 29,367 
Total other income 8,959 29,684 18,045 29,583 
Income before taxes24,919 20,087 6,783 1,351 
Income tax expense2,028 3,422 3,170 3,422 
Net income (loss)$22,891 $16,665 $3,613 $(2,071)
Earnings (loss) per share:
Basic$1.19 $0.93 $0.19 $(0.12)
Diluted$1.19 $0.92 $0.19 $(0.12)
Weighted-average shares outstanding:
Basic19,203 17,966 18,974 17,343 
Diluted19,239 18,081 19,011 17,343 

___________________________________________________________
(1) Income (loss) from equity method investments and Gain on dilution of equity method investments are reported on a one-quarter lag.







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PIEDMONT LITHIUM INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts) (Unaudited)

September 30,
2023		December 31,
2022
Assets
Cash and cash equivalents$94,495 $99,247 
Accounts receivable23,281 — 
Other current assets 4,374 2,612 
Total current assets122,150 101,859 
Property, plant and mine development, net 116,422 71,541 
Other non-current assets 25,734 18,873 
Equity method investments133,044 95,648 
Total assets$397,350 $287,921 
Liabilities and Stockholders’ Equity
Accounts payable and accrued expenses$34,607 $12,862 
Current portion of long-term debt 201 425 
Other current liabilities8,052 124 
Total current liabilities42,860 13,411 
Long-term debt, net of current portion 44 163 
Operating lease liabilities, net of current portion1,174 1,177 
Deferred tax liabilities5,221 2,881 
Total liabilities49,299 17,632 
Commitments and contingencies
Stockholders’ equity:
Common stock; $0.0001 par value, 100,000 shares authorized; 19,209 and 18,073 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively2 2 
Additional paid-in capital459,475 381,242 
Accumulated deficit(102,045)(105,658)
Accumulated other comprehensive loss(9,381)(5,297)
Total stockholders’ equity348,051 270,289 
Total liabilities and stockholders’ equity$397,350 $287,921 





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PIEDMONT LITHIUM INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) (Unaudited)

Nine Months Ended
September 30,
20232022
Cash flows from operating activities:
Net Income (loss)$3,613 $(2,071)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense7,378 2,643 
Loss from equity method investments1,565 6,547 
Gain on dilution of equity method investments(15,208)(29,367)
Deferred taxes3,170 3,422 
Depreciation174 32 
Noncash lease expense169 72 
Loss on sale of property, plant and mine development— 12 
Unrealized loss on investment27 54 
Changes in operating assets and liabilities:
Accounts receivable(23,281)— 
Other assets(1,633)(959)
Operating lease liabilities(148)(69)
Accounts payable21,865 270 
Accrued other current liabilities7,712 (2,627)
Net cash provided by (used in) operating activities5,403 (22,041)
Cash flows from investing activities:
Capital expenditures(44,978)(21,892)
Advances to affiliates(6,828)(9,815)
Investments in equity method investments(28,667)(14,087)
Net cash used in investing activities(80,473)(45,794)
Cash flows from financing activities:
Proceeds from issuances of common stock, net of issuance costs71,084 122,059 
Proceeds from exercise of stock options— 93 
Principal payments on long-term debt(344)(973)
Payments to tax authorities for employee share-based compensation(422)— 
Net cash provided by financing activities70,318 121,179 
Net (decrease) increase in cash(4,752)53,344 
Cash and cash equivalents at beginning of period99,247 64,245 
Cash and cash equivalents at end of period$94,495 $117,589 


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Non-GAAP Financial Measures
The following information provides definitions and reconciliations of certain non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP. The non-GAAP financial measures presented do not have any standard meaning prescribed by GAAP and may differ from similarly-titled measures used by other companies. However, we present these measures in this press release because we believe these non-GAAP financial measures provide useful means of evaluating and understanding how our management evaluates our financial condition and results of operations.

The following are non-GAAP financial measures for Piedmont Lithium:

Adjusted net income (loss) is defined as net income (loss) plus or minus the gain or loss from gain on dilution of equity method investments, gain or loss from foreign currency exchange and certain other adjustments we believe are not reflective of our ongoing operations and performance.

Adjusted diluted earnings per share (or adjusted diluted EPS) is defined as diluted EPS before gain on dilution of equity method investments, gain or loss from foreign currency exchange and certain other costs we believe are not reflective of our ongoing operations and performance. Any references to adjusted EPS are to adjusted diluted EPS.

EBITDA is defined as net income before interest expenses, income tax expense, and depreciation.

Adjusted EBITDA is defined as EBITDA plus or minus the gain or loss from gain on dilution of equity method investments, gain or loss from foreign currency exchange and certain other adjustments we believe are not reflective of our ongoing operations and performance.

Adjusted EBITDA margin is adjusted EBITDA as a percentage of revenue.

Below are reconciliations of non-GAAP financial measures on a consolidated basis for adjusted net income (loss), adjusted diluted EPS, EBITDA, and adjusted EBITDA.

Adjusted Net Income and Adjusted Diluted EPS
Three Months Ended
September 30, 2023		Nine Months Ended
September 30, 2023
(in thousands, except per share amounts)
Diluted EPSDiluted EPS
Net income
$22,891 $1.19 $3,613 $0.19 
Gain on dilution of equity method investments(1)
(7,958)(0.41)(15,208)(0.80)
Loss from foreign currency exchange(2)
22 — 88 — 
Other costs(3)
152 0.01 441 0.02 
Tax effect of adjustments(4)
1,794 0.09 3,447 0.19 
Adjusted net income (loss)$16,901 $0.88 $(7,619)$(0.40)
______________________________________________________
(1) Gain on dilution of equity method investments represents a noncash gain recognized due to Piedmont electing not to participate in Sayona Mining’s share issuances and is reported on a one-quarter lag. These shares were issued at a greater value than the carrying value of our ownership interest and as a result our interest in Sayona Mining was diluted and reduced.
(2) Loss from foreign currency exchange relates to currency fluctuations in our foreign bank accounts denominated in Canadian dollars and Australian dollars and marketable securities denominated in Australian dollars.
(3) Other costs include severance costs, legal and transactional costs associated with the DOE loan and grant initiatives, and costs related to certain significant strategic transactions.
(4) No income tax impacts have been given to any items that were recorded in jurisdictions with full valuation allowances.


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Three Months Ended
September 30, 2022		Nine Months Ended
September 30, 2022
(in thousands, except per share amounts)
Diluted EPSDiluted EPS
Net income (loss)
$16,665 $0.92 $(2,071)$(0.12)
Gain on dilution of equity method investments(1)
(29,367)(1.62)(29,367)(1.69)
Loss from foreign currency exchange(2)
35 — 60 — 
Other costs(3)
296 0.02 541 0.03 
Tax effect of adjustments(4)
3,422 0.19 3,422 0.20 
Adjusted net loss$(8,949)$(0.49)$(27,415)$(1.58)
______________________________________________________
(1) Gain on dilution of equity method investments represents a noncash gain recognized due to Piedmont electing not to participate in Sayona Mining’s share issuances and is reported on a one-quarter lag. These shares were issued at a greater value than the carrying value of our ownership interest and as a result our interest in Sayona Mining was diluted and reduced.
(2) Loss from foreign currency exchange relates to currency fluctuations in our foreign bank accounts denominated in Canadian dollars and Australian dollars and marketable securities denominated in Australian dollars.
(3) Other costs include severance costs, legal and transactional costs associated with the DOE loan and grant initiatives, and costs related to certain significant strategic transactions.
(4) No income tax impacts have been given to any items that were recorded in jurisdictions with full valuation allowances.

EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in thousands)2023202220232022
Net income (loss)$22,891 $16,665 $3,613 $(2,071)
 Interest income, net(1,023)(352)(2,925)(276)
 Income tax expense2,028 3,422 3,170 3,422 
 Depreciation 68 21 174 32 
EBITDA23,964 19,756 4,032 1,107 
Gain on dilution of equity method investments(1)
(7,958)(29,367)(15,208)(29,367)
Loss from foreign currency exchange(2)
22 35 88 60 
Other costs(3)
152 296 441 541 
Adjusted EBITDA$16,180 $(9,280)$(10,647)$(27,659)
Adjusted EBITDA margin(4)
34.3%— (22.6)%$— 
______________________________________________________
(1) Gain on dilution of equity method investments represents a noncash gain recognized due to Piedmont electing not to participate in Sayona Mining’s share issuances and is reported on a one-quarter lag. These shares were issued at a greater value than the carrying value of our ownership interest and as a result our interest in Sayona Mining was diluted and reduced.
(2) Loss from foreign currency exchange relates to currency fluctuations in our foreign bank accounts denominated in Canadian dollars and Australian dollars and marketable securities denominated in Australian dollars.
(3) Other costs include severance costs, legal and transactional costs associated with the DOE loan and grant initiatives, and costs related to certain significant strategic transactions.
(4) Adjusted EBITDA margin is defined as adjusted EBITDA divided by revenue.

Page 11

:PLL ARBN 647 286 360 :PLL November 7, 2023 EARNINGS PRESENTATION THIRD QUARTER 2023

 
: PLL : PLL DISCLAIMERS

 
: PLL : PLL CORPORATE SNAPSHOT KEITH PHILLIPS MICHAEL WHITE PATRICK BRINDLE ▪ ▪ ▪ ▪ ▪ ▪

 
: PLL : PLL PIEDMONT DEVELOPMENT PIPELINE

 
: PLL : PLL BECOMING A CONCENTRATE SUPPLIER BECOMING A CONCENTRATE SUPPLIER Many exploration and development stage projects but limited projects in production

 
: PLL : PLL Contract prices traditionally backward looking; spot prices increasingly forward looking $20,000 $25,000 $30,000 $35,000 $40,000 $45,000 $50,000 Fastmarkets Platts SMM $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 Fastmarkets Platts SMM LITHIUM MARKETS

 
MICHAEL WHITE EXECUTIVE VICE PRESIDENT & CHIEF FINANCIAL OFFICER FINANCIALS

 
: PLL : PLL $47.1 $16.2 $1.1929,011 $94.5 $0.88 Q3 2023 FINANCIAL HIGHLIGHTS $1,624 $805

 
: PLL : PLL SOURCES AND USES OF CASH

 
: PLL : PLL Q4 2023 OUTLOOK

 
: PLL : PLL ▪ ▪ ▪ • • • ▪ ▪ ▪ ▪ Piedmont is an owner and the largest customer of Sayona Quebec QUEBEC STRUCTURE

 
OPERATIONS AND PROJECTS UPDATE PATRICK BRINDLE EXECUTIVE VICE PRESIDENT & CHIEF OPERATING OFFICER

 
: PLL : PLL Illustrative plan to become a leading North American lithium producer DEVELOPMENT STRATEGY

 
: PLL : PLL Q3 2023 OPERATIONAL RESULTS SUMMARY

 
: PLL : PLL NORTH AMERICAN LITHIUM RESTART ▪ ▪ ▪ ▪ ▪ ▪ ▪ Ramp continues to progress; 6% quarter-over-quarter increase in production

 
: PLL : PLL NAL – OPTIMIZATION EFFORTS Completing final restart construction activities and implementing controls upgrades ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪

 
: PLL : PLL NAL – NEW DRILLING RESULTS Discoveries of thick, high-grade, lithium bearing pegmatites may lead to resource expansion, longer mine life ▪ ▪ ▪ ▪

 
: PLL : PLL GHANA Ewoyaa Project advances in Q3 2023 with receipt of Mining Lease ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪

 
: PLL : PLL TENNESSEE LITHIUM 100% owned by Piedmont Lithium ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪

 
: PLL : PLL TENNESSEE LITHIUM Acquisition of foundry provides opportunities for capex improvements ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪

 
: PLL : PLL CAROLINA LITHIUM Planned fully-integrated 30,000 tpy LiOH operation 100% owned by Piedmont Lithium ▪ ▪ ▪ ▪ ▪

 
MARKETS AND FUNDING KEITH PHILLIPS PRESIDENT & CHIEF EXECUTIVE OFFICER

 
: PLL : PLL MARKET GROWTH

 
: PLL : PLL SUPPLY CHAIN DEVELOPMENTSUPPLY CHAIN DEVELOPMENT U.S. battery plants expected to require ~40x1 current U.S. lithium hydroxide capacity

 
: PLL : PLL HISTORICAL SUPPLY CHAIN DEVELOPMENT 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Company Project Development Type 1H'14 2H'14 1H'15 2H'15 1H'16 2H'16 1H'17 2H'17 1H'18 2H'18 1H'19 2H'19 1H'20 2H'20 1H'21 2H'21 1H'22 2H'22 1H'23 2H'23 Allkem Olaroz Stage I Greenfield Brine Albemarle La Negra II+ Brownfield Brine Altura Mining Pilgangoora Greenfield Hard Rock AMG Mibra Greenfield Hard Rock Pilbara Minerals Pilgangoora Stage I Greenfield Hard Rock Mineral Resources Wodgina Brownfield Hard Rock Albemarle / IGO Greenbushes Expansion Brownfield Hard Rock SQM Atacama Expansion Brownfield Brine Sigma Lithium Grota do Cirilo Stage I Greenfield Hard Rock Core Lithium Finniss Greenfield Hard Rock LAC / Ganfeng Cauchari-Olaroz Greenfield Brine Nemaska Whabouchi Greenfield Hard Rock Allkem Olaroz Stage II Brownfield Brine Livent Hombre Muerto Expansion Brownfield Brine Critical Elements Rose Greenfield Hard Rock Pilbara Minerals Pilgangoora Stage II Brownfield Hard Rock SQM Atacama Expansion II Brownfield Brine Allkem Sal de Vida Greenfield Brine ioneer Rhyolite Ridge Greenfield Hard Rock Piedmont Lithium Carolina Lithium Greenfield Hard Rock Tianqi / IGO Kwinana Greenfield Converter Lithium Power Intl Maricunga Greenfield Brine Wesfarmers / SQM Mt Holland Greenfield Hard Rock Albemarle Kemerton I/II Greenfield Converter LAC Thacker Pass Greenfield Clay Leo Lithium Goulamina Greenfield Hard Rock Liontown Resources Kathleen Valley Greenfield Hard Rock = PFS / DFS Complete > Planned Start Date = Planned start date > Actual Start Date = Ramp Up = Steady State

 
: PLL : PLL ACTIVE M&A MARKET Strategic investors accumulating spodumene assets in Tier 1 locations ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪

 
: PLL : PLL ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ Disciplined Growth – low capex / high return upstream projects first; downstream when ready FUNDING OUR GROWTH

 
Q&A

 
: PLL : PLL Q4 2023 INVESTOR RELATIONS EVENTS

 
NON-GAAP RECONCILIATIONS

 
: PLL : PLL DEFINITIONS OF NON-GAAP MEASURES NON-GAAP MEASURES DESCRIPTION

 
: PLL : PLL ADJUSTED NET INCOME (LOSS) Net income (loss) attributable to Piedmont stockholders is reconciled to adjusted net income (loss)

 
: PLL : PLL ADJUSTED NET INCOME (LOSS) Net income (loss) attributable to Piedmont stockholders is reconciled to adjusted net income (loss)

 
: PLL : PLL EBITDA AND ADJUSTED EBITDA Net income (loss) attributable to Piedmont stockholders is reconciled to EBITDA and adjusted EBITDA

 
:PLL ARBN 647 286 360 :PLL THIRD QUARTER 2023 EARNINGS PRESENTATION

 
v3.23.3
Cover
Nov. 07, 2023
Cover [Abstract]  
Document Type 8-K
Document Period End Date Nov. 07, 2023
Entity Registrant Name Piedmont Lithium Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-38427
Entity Tax Identification Number 36-4996461
Entity Address, Address Line One 42 E Catawba Street
Entity Address, City or Town Belmont
Entity Address, State or Province NC
Entity Address, Postal Zip Code 28012
City Area Code 704
Local Phone Number 641-8000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock $0.0001 par value per share
Trading Symbol PLL
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0001728205
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