- Piedmont shipped approximately 15,500 dmt of spodumene
concentrate in Q1’24
- Record quarterly production of 40,439 dmt achieved at NAL in
Q1’24; steady-state operations targeted in H2’24
- March production of 15,699 dmt, a new monthly record, with
recoveries of 69%
- Piedmont is targeting full-year shipments totaling
approximately 126,000 dmt, weighted to H2’24
Piedmont Lithium (“Piedmont” or the “Company”) (Nasdaq: PLL;
ASX: PLL), a leading North American supplier of lithium
products critical to the U.S. electric vehicle supply chain, today
announced that it shipped approximately 15,500 dry metric tons
(“dmt”) of spodumene concentrate in Q1’24 as North American Lithium
(“NAL”) achieved new quarterly and monthly production records in
its ongoing ramp up to steady-state operations. NAL is forecasted
to achieve full run-rate production by H2’24.1 Based on this
projection and per its offtake agreement, Piedmont expects to ship
approximately 126,000 dmt of spodumene concentrate in 2024,
weighted toward the second half of the year and with quarterly
variations due to shipping logistics and customer requirements. The
Company is prioritizing contract customer shipments to reduce
reliance on volatile spot markets.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240430552434/en/
(Graphic: Business Wire)
Q1’24 Operational Results Summary
Piedmont Lithium
Unit
Q1’24
QoQ Variance
Q4’23
Q3’23
Concentrate Shipped
kt dmt
15.5
7%
14.2
29.0
Average Grade
% Li2O
~5.5%
-
~5.5%
~5.3%
North American
Lithium1
Unit
Q1’24
QoQ Variance
Q4’23
Q3’23
Ore Mined
kt wmt
351.1
9%
322.4
224.4
Concentrate Produced
kt dmt
40.4
18%
34.2
31.5
Plant (Mill) Utilization
%
73%
(2%)
75%
72%
Lithium Recovery
%
67%
5%
62%
58%
Concentrate Shipped
kt dmt
58.1
142%
23.9
48.2
In Q1’24, NAL produced 40,439 dmt and shipped 58,055 dmt, of
which approximately 15,500 dmt of spodumene concentrate were sold
to Piedmont via the Company’s offtake agreement and shipped to
Piedmont customers. An approximately 13,200 dmt shipment held over
from 2023, combined with our contracted 113,000 dmt annual offtake
from NAL, underpins Piedmont’s plan for full-year shipments of
approximately 126,000 dmt of spodumene concentrate in 2024.
NAL increased quarterly production by 18% in Q1’24 compared to
the prior quarter. Safety performance also improved as NAL achieved
its lowest quarterly recordable incident rate since the start of
operations in March 2023.
Notably, March 2024 was a record production month at NAL with
15,699 dmt of spodumene concentrate produced and three daily
production records set between 710 dmt and 750 dmt. Lithium
recoveries also reached a record 69% during March 2024.
Construction of the crushed ore dome is materially completed
with commissioning underway and expected to conclude in Q2’24. This
capital project is expected to result in continued improvements in
mill utilization and further increases in quarterly production
levels.
“NAL is the largest producing spodumene operation in North
America, and as such, is a tremendously strategic asset. We are
pleased to see production continue to set quarterly records and
hopeful that NAL will hit steady-state production targets with the
commissioning of the crushed ore dome,” said Keith Phillips,
President and CEO of Piedmont Lithium. “We are optimistic about the
recent upturn in lithium prices, and we look forward to commencing
regular shipments to our contract customers as the year
progresses.”
About Piedmont Lithium
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 spodumene 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). We believe these geographically
diversified operations help us to play a pivotal role in supporting
America’s move toward energy independence and the electrification
of transportation and energy storage. For more information, follow
us on Twitter @PiedmontLithium and visit
www.piedmontlithium.com.
____________________
1 All references to information about or
related to NAL are from the March 2024 Quarterly Activities Report,
26 April 2024, filed with the ASX by Sayona Mining Limited.
Cautionary Note to U.S. Investors
Piedmont’s public disclosures are governed by the U.S. Exchange
Act of 1934, including Regulation S-K 1300 thereunder, whereas NAL
discloses estimates of “measured,” “indicated,” and “inferred”
mineral resources as such terms are used in the JORC Code and
Canada’s National Instrument 43-101. Although S-K 1300, the JORC
Code, and NI 43-101 have similar goals in terms of conveying an
appropriate level of confidence in the disclosures being reported,
they at times embody different approaches or definitions.
Consequently, investors are cautioned that public disclosures by
NAL prepared in accordance with the JORC Code or NI 43-101 may not
be comparable to similar information made public by companies,
including Piedmont, subject to S-K 1300 and the other reporting and
disclosure requirements under the U.S. federal securities laws and
the rules and regulations thereunder.
The statements in the link below were prepared by, and made by,
NAL. The following disclosures are not statements of Piedmont and
have not been independently verified by Piedmont. NAL is not
subject to U.S. reporting requirements or obligations, and
investors are cautioned not to put undue reliance on these
statements. NAL’s original announcements can be found here.
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, production, and ramp up
activities or the timing of these activities, of Sayona Mining,
Atlantic Lithium and Piedmont, including regarding operating cost
improvements, regulatory approvals or permits or the timing
thereof, project spend, timing of completion of capital projects
and the effects of such projects, timing of planned deliveries and
ability to improve productivity; current plans for Piedmont’s
mineral and chemical processing projects; Piedmont’s potential
acquisition of an ownership interest in Ewoyaa, including financing
options, the timing of final investment decisions and project
spend; strategy; market cycles; lithium prices; equity values;
costs of new project developments; lithium shortages; lithium
market recovery; certain Company approvals, permitting, partnering
and debt funding discussions; a recently completed workforce
reduction; expense management and possible or assumed future
financial results or financial condition. 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, (xiv) our ability to deliver on our
expense management efforts and other cost improvements expected
upon completion of key capital projects as well as our future cash
payments associated with these initiatives and potential future
impairment charges, and (xv) 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240430552434/en/
For further information: Erin Sanders SVP, Corporate
Communications & Investor Relations T: +1 704 575 2549 E:
esanders@piedmontlithium.com
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