Piedmont Lithium Achieves Record Shipments in
Q4’24 and Full Year 2024
- Piedmont had record Q4’24 shipments of approximately 55,700 dmt
of spodumene concentrate at an average realized price of $818 per
dmt and revenue of $45.6 million
- Piedmont had record full year 2024 shipments of approximately
116,700 dmt of spodumene concentrate at an average realized price
of $856 per dmt and revenue of $99.9 million
- NAL continued to operate at a high level with 50,922 dmt
produced, 90% mill utilization, and 68% lithium recovery in
Q4’24
- Piedmont exceeded its target and achieved $14 million in annual
cost savings as part of 2024 Cost Savings Plan
- Piedmont had $87.8 million in cash and cash equivalents as of
December 31, 2024
- Piedmont entered into a definitive merger agreement with joint
venture partner Sayona Mining with an expected closing in
mid-2025
Piedmont Lithium Inc. (“Piedmont,” the “Company,” “we,” “our,”
or “us”) (Nasdaq: PLL; ASX: PLL), a leading North American supplier
of lithium products critical to the U.S. electric vehicle supply
chain, today reported its fourth quarter and full year 2024
financial results.
Piedmont shipped approximately 55,700 dry metric tons (“dmt”) of
spodumene concentrate (~5.4% Li2O) associated with spot shipments
and recognized $45.6 million in revenue in Q4’24. The Company’s
realized price per dmt was $818 in Q4’24, which outperformed
industry peers during the quarter. Piedmont expects to ship
approximately 113,000 to 130,000 dmt of spodumene concentrate in
20251. Our shipments in 2025 are expected to be long-term customer
shipments or spot shipments structured to minimize downside risk.
Production at North American Lithium (“NAL”) supports the Company’s
2025 shipment guidance.
NAL produced 50,922 dmt of spodumene concentrate during the
quarter with recoveries improving to 68%. Mill utilization remained
high at 90%. Unit operating costs continued to decline, and NAL
remains on track to meet production and unit operating cost
guidance for Sayona Mining Limited’s (“Sayona Mining”) fiscal year
ending in June 30, 20252.
Our joint venture Ewoyaa Lithium Project (“Ewoyaa”) received a
Mine Operating Permit from the Minerals Commission of Ghana, an
important regulatory approval required ahead of commencing
construction of the project. This marks a significant milestone
advancing the project towards becoming Ghana’s first
lithium-producing mine. Development of the project remains subject
to the outcome of the mining lease ratification, ongoing design
work, additional regulatory approvals, prevailing market
conditions, and project financing.
The final regulations for the Inflation Reduction Act’s 45X
manufacturing credit issued in October included production costs
related to extraction, a key development which may materially
improve the after-tax economics of the Carolina Lithium Project.
The Company is actively pursuing additional permits and evaluating
the timeline to seek rezoning approvals.
“We ended 2024 with a strong quarter operationally and
commercially driven by strong production at NAL and record
shipments, improved gross profit, and lower operating cost
structure at Piedmont,” said Keith Phillips, President and CEO of
Piedmont Lithium. “Lithium markets remain challenging, but we are
well-positioned to benefit from an eventual price recovery. We are
particularly excited about our upcoming merger with Sayona Mining
as the merged entity will be the leading lithium producer in North
America with a strong portfolio of growth projects and a balance
sheet bolstered by the equity financings announced as part of the
merger transaction,” added Phillips.
1
The timing of shipments is subject to
shipping logistics, port and weather conditions, and customer
requirements.
2
See Sayona Mining Quarterly Activities
Report filed with the ASX on January 30, 2025.
Proposed Merger of Piedmont Lithium and Sayona Mining
Piedmont Lithium and Sayona Mining signed a definitive merger
agreement on November 18, 2024 to combine the two companies (the
“Merger”) to create a leading North American lithium business.
Concurrent with the Merger announcement, Piedmont successfully
completed a capital raise and received gross proceeds of $26
million. Upon closing, the combined company expects to raise an
additional A$69 million through a conditional placement to Resource
Capital Fund VIII L.P., which will position the combined company to
accelerate growth within its enlarged portfolio.
Completion of the Merger is expected to close mid-2025 subject
to stockholder approval for both companies. A proxy statement
containing important information about the Merger will be sent to
Piedmont stockholders and filed with the U.S. Securities and
Exchange Commission.
Fourth Quarter and Full Year 2024 Financial
Highlights
All references to dmt in this release relate to spodumene
concentrate.
Units
Q4’24
Q4’23
FY24
FY23
Sales
Concentrate shipped
dmt thousands
55.7
14.3
116.7
43.3
Revenue
$ millions
45.6
(7.3
)
99.9
39.8
Realized price(1)
$/dmt
818
(513
)
856
920
Li2O content(2)
%
5.4
5.7
5.4
5.5
Realized cost of sales(3)
$/dmt
696
756
763
789
Profitability
Gross profit
$ millions
6.8
(18.1
)
10.8
5.7
Gross profit margin
%
15.0
NM
10.8
14.3
Net loss
$ millions
(11.1
)
(25.4
)
(64.8
)
(21.8
)
Diluted EPS
$
(0.55
)
(1.32
)
(3.30
)
(1.14
)
Adjusted net loss(4)
$ millions
(3.6
)
(23.7
)
(36.2
)
(31.3
)
Adjusted diluted EPS(4)
$
(0.17
)
(1.23
)
(1.85
)
(1.64
)
Adjusted EBITDA(4)
$ millions
(3.7
)
(24.4
)
(37.9
)
(35.1
)
Cash
Cash and cash equivalents(5)
$ millions
87.8
71.7
87.8
71.7
________________________________________
(1)
Realized price is the average estimated
price, net of certain distribution and other fees, which includes
reference pricing data up to the respective period end 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)
Weighted average Li2O content for
shipments made during the respective period.
(3)
Realized cost of sales is the average cost
of sales including Piedmont’s offtake pricing agreement with Sayona
Quebec Inc. (“Sayona Quebec”) for the purchase of spodumene
concentrate at a market price subject to a floor of $500 per dmt
and a ceiling of $900 per dmt, adjusted for product grade, freight,
and insurance.
(4)
See non-GAAP Financial Measures at the end
of this release for a reconciliation of non-GAAP measures.
(5)
Cash and cash equivalents are reported as
of the end of the period.
Fourth Quarter and Recent Business Highlights
Piedmont Lithium
- Shipped approximately 55,700 dmt (~5.4% Li2O) of spodumene
concentrate from NAL to customers in Q4’24 and recognized $45.6
million in revenue with an average realized sales price of $818 per
dmt. On an SC6 equivalent basis, our realized price per metric ton
was $909.
- In Q4’24, we completed our 2024 Cost Savings Plan and achieved
$14 million in annual cost savings, which exceeded our target of
$10 million. To achieve these savings, we reduced our workforce by
62% and lowered third-party spending consisting primarily of
professional fees and other operating costs. We recorded $6 million
in severance and restructuring related costs in 2024 associated
with our Cost Savings Plan. Included in severance and restructuring
costs were cash charges of $4 million primarily related to employee
severance and benefits costs, the majority of which was paid in
2024. We also achieved significant reductions in capital
expenditures and investments in and advances to affiliates in 2024
as part of our cost savings efforts. We are carrying our cost and
investment discipline into 2025 as we manage through the current
lithium market downcycle.
- In November 2024, Piedmont and Sayona Mining agreed to combine
in an all-stock merger with an ownership split of approximately 50%
/ 50% on a fully diluted basis immediately post-merger, with Sayona
Mining becoming the ultimate parent company. Following the
announcement, Piedmont successfully completed a capital raise and
received gross proceeds of $26 million.
North American Lithium (Quebec, Canada)
- In Q4’24, NAL achieved quarterly production of 50,922 dmt and
shipped approximately 66,000 dmt, of which approximately 55,700 dmt
were sold to Piedmont.
- Q4’24 marked the second consecutive quarter whereby NAL
produced more than 50,000 dmt. NAL shipments totaling 66,000 dmt
was a quarterly record for the operation. High mill utilization of
90% and an improved recovery rate of 68% allowed production to
remain steady despite a maintenance shutdown during the
quarter.
- In January 2025, NAL released additional results from its 2024
drill campaign. The 2024 campaign focused on infill drilling to
convert resources within the mineral resource and identified new
high-grade lithium mineralization zones which indicate potential
for a significant mineral resource upgrade.
- Concentrate shipped by Piedmont and produced and shipped by
NAL:
Share
Units
Q4’24
Q4’23
FY24
FY23
Piedmont Lithium
Concentrate shipped
100%
dmt thousands
55.7
14.3
116.7
43.3
North American Lithium
Concentrate produced
100%(1)
dmt thousands
50.9
34.2
193.2
98.8
Concentrate shipped
100%(2)
dmt thousands
66.0
23.9
200.8
72.2
_______________________________________
(1)
Concentrate produced represents 100% of
NAL’s production.
(2)
Concentrate shipped represents 100% of
NAL’s shipments, inclusive of shipments to Piedmont.
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 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 Lithium Project (Ghana)
- In October 2024, the Minerals Commission of Ghana issued a Mine
Operating Permit in respect of the Ewoyaa Lithium Project
(“Ewoyaa”). The receipt of the permit marked an important milestone
in achieving the regulatory approvals required to commence
construction. The project, however, remains subject to ratification
of the Mining Lease by the Ghanaian Parliament.
- In January 2025, the Ewoyaa project was granted a Water Use
Permit by the Water Resources Commission in Ghana and Atlantic
Lithium announced a JORC compliant Mineral Resource Estimate of
feldspar, which is intended to supply the Ghanaian ceramics
market.
Carolina Lithium (North Carolina)
- Piedmont continues to pursue an air permit application
currently under review by North Carolina’s Division of Air Quality,
which would allow for up to 60,000 tons per year of lithium
hydroxide production at Carolina Lithium, and a North Carolina
General Stormwater permit.
- In October 2024, the U.S. Department of the Treasury issued
final guidance for the Inflation Reduction Act’s rules regarding
the manufacturing credit (45X) with the modifications intended to
drive critical mineral processing in the U.S. The new guidance
supports the application of the 10% manufacturing credit to direct
and indirect material costs, which could materially improve the
after-tax economics of U.S. projects like Carolina Lithium.
2025 Outlook
Units
Q1’25
Full Year 2025
Full Year 2024
Shipments
dmt thousands
25 — 30
113 — 130
117
Capital expenditures
$ millions
1 — 2
6 — 9
11
Investments in and advances to
affiliates
$ millions
1 — 2
7 — 13
26
Under our offtake agreement with Sayona Quebec, Piedmont has the
right to purchase the greater of 50% of production or 113,000 dmt
per year. Based on the production projection, customer
requirements, and per the Company’s offtake agreement, Piedmont
currently expects to ship 25,000 to 30,000 dmt in Q1’25 and
approximately 113,000 to 130,000 dmt in 2025. Piedmont and Sayona
Mining are continuing to explore commingling shipments to achieve
material transport cost savings and improve profitability. We are
prioritizing contract customer shipments and structuring spot
shipments to limit downside exposure.
We expect less than $2 million in capital expenditures in Q1’25,
the majority of which relate to Carolina Lithium. Investments in
and advances to affiliates reflect cash contributions to Sayona
Quebec and advances to Atlantic Lithium for the Ewoyaa Lithium
project. With continued operational discipline at NAL and approvals
at Ewoyaa ongoing, we expect payments to affiliates to
substantially reduce in 2025. Our outlook for forecasted capital
expenditures and investments in and advances to affiliates is
subject to market conditions.
Safety and Sustainability
The Company continued policy development and training to support
the long-term objective of establishing a robust safety and health
management system. Employee engagement in safety events remained
strong and identification and reporting of hazards, unsafe acts,
conditions, and safety observations, and near misses continued to
improve.
Piedmont Lithium Earnings Call Information
Date:
Thursday, February 20, 2025
Time:
8:30 a.m. Eastern Standard Time
Dial-in (Toll Free):
1 (800) 715-9871
Dial-in (Toll):
1 (646) 307-1963
Conference ID:
1000896
Participant URL:
https://events.q4inc.com/attendee/577371874
Piedmont’s earnings presentation and supporting material are
available at: https://piedmontlithium.com/investors-overview.
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 spodumene concentrate produced from assets where we hold
an economic interest. Our projects include our Carolina Lithium
project 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
will enable us to play a pivotal role in supporting America’s move
toward energy independence and the electrification of
transportation and energy storage.
Cautionary Note to U.S. Investors
Piedmont’s public disclosures are governed by the U.S. Exchange
Act of 1934, as amended, 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:
https://www.asx.com.au/markets/company/sya
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, (xiv) risks related to the completion of our
proposed merger with Sayona Mining and related capital raises, 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.
PIEDMONT LITHIUM INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(In thousands, except per share
amounts) (Unaudited)
Three Months Ended
December 31,
Years Ended
December 31,
2024
2023
2024
2023
Revenue
$
45,586
$
(7,310
)
$
99,877
$
39,817
Costs of sales
38,761
10,775
89,082
34,138
Gross profit
6,825
(18,085
)
10,795
5,679
Exploration costs
—
261
97
1,929
Selling, general and administrative
expenses
12,127
11,526
38,703
43,319
Total operating expenses
12,127
11,787
38,800
45,248
(Loss) income from equity method
investments
(3,956
)
1,759
(17,820
)
194
Restructuring and impairment charges
(3,194
)
—
(9,851
)
—
Loss from operations
(12,452
)
(28,113
)
(55,676
)
(39,375
)
Interest income
726
900
3,012
3,859
Interest expense
(537
)
(5
)
(1,004
)
(39
)
Gain (loss) on sale of equity method
investments
—
1,767
(13,886
)
16,975
Other income (loss)
1,095
(3
)
(339
)
(91
)
Total other income (expense)
1,284
2,659
(12,217
)
20,704
Loss before taxes
(11,168
)
(25,454
)
(67,893
)
(18,671
)
Income tax (benefit) expense
(37
)
(64
)
(3,132
)
3,106
Net loss
$
(11,131
)
$
(25,390
)
$
(64,761
)
$
(21,777
)
Basic and diluted:
Loss per share
$
(0.55
)
$
(1.32
)
$
(3.30
)
$
(1.14
)
Weighted-average shares outstanding
20,369
19,209
19,618
19,033
PIEDMONT LITHIUM INC.
CONSOLIDATED BALANCE
SHEETS
(In thousands, except per share
amounts) (Unaudited)
December 31,
2024
December 31,
2023
Assets
Cash and cash equivalents
$
87,840
$
71,730
Accounts receivable
5,613
595
Other current assets
9,186
3,829
Total current assets
102,639
76,154
Property, plant and mine development,
net
134,544
127,086
Advances to affiliates
39,548
28,189
Other non-current assets
1,519
2,164
Equity method investments
71,635
147,662
Total assets
$
349,885
$
381,255
Liabilities and Stockholders’
Equity
Accounts payable
$
5,239
$
3,982
Accrued expenses
4,313
7,598
Payables to affiliates
6,719
174
Current debt obligations
26,472
149
Other current liabilities
3,363
29,463
Total current liabilities
46,106
41,366
Long-term debt, net of current portion
3,652
14
Operating lease liabilities, net of
current portion
863
1,091
Other non-current liabilities
1,017
431
Deferred tax liabilities
—
6,023
Total liabilities
51,638
48,925
Stockholders’ equity:
Common stock; $0.0001 par value, 100,000
shares authorized; 21,825 and 19,272 shares issued and outstanding
as of December 31, 2024 and 2023, respectively
2
2
Additional paid-in capital
497,878
462,899
Accumulated deficit
(191,605
)
(126,844
)
Accumulated other comprehensive loss
(8,028
)
(3,727
)
Total stockholders’ equity
298,247
332,330
Total liabilities and stockholders’
equity
$
349,885
$
381,255
PIEDMONT LITHIUM INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In thousands) (Unaudited)
Years Ended
December 31,
2024
2023
Cash flows from operating
activities:
Net loss
$
(64,761
)
$
(21,777
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Stock-based compensation expense
10,152
9,516
Loss (gain) from equity method
investments
17,820
(194
)
Loss (gain) on sale of equity method
investments
13,886
(16,975
)
Gain on equity securities
(755
)
—
Deferred taxes
(6,247
)
3,106
Depreciation and amortization
284
272
Noncash lease expense
321
245
Loss on sale of assets
791
—
Noncash impairment charges
4,070
—
Unrealized foreign currency translation
(gains) losses
288
—
Changes in assets and liabilities:
Accounts receivable
(5,018
)
(595
)
Other assets
3,281
(1,021
)
Operating lease liabilities
(254
)
(220
)
Accounts payable
3,814
—
Accrued provisional revenue adjustment
(29,151
)
29,151
Payables to affiliates
6,545
174
Other liabilities and accrued expenses
2,027
(112
)
Net cash (used in) provided by operating
activities
(42,907
)
1,570
Cash flows from investing
activities:
Capital expenditures
(10,677
)
(56,723
)
Advances to affiliates
(10,814
)
(9,361
)
Proceeds from sale of marketable
securities
45
—
Proceeds from sale of shares in equity
method investments
49,103
—
Additions to equity method investments
(14,982
)
(33,239
)
Net cash provided by (used in) investing
activities
12,675
(99,323
)
Cash flows from financing
activities:
Proceeds from issuances of common stock,
net of issuance costs
24,554
71,084
Proceeds from Credit Facility
24,996
—
Payments of debt obligations and insurance
premiums financed
(2,429
)
(426
)
Payments to tax authorities for employee
stock-based compensation
(779
)
(422
)
Net cash provided by financing
activities
46,342
70,236
Net increase (decrease) in cash
16,110
(27,517
)
Cash and cash equivalents at beginning of
period
71,730
99,247
Cash and cash equivalents at end of
period
$
87,840
$
71,730
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. We believe
that these adjusted measures provide meaningful information to
assist management, investors, and analysts in understanding our
financial condition and the results of operations. We believe these
adjusted financial measures are important indicators of our
recurring operations because they exclude items that may not be
indicative of, or are unrelated to, our core operating results, and
provide a better baseline for analyzing trends in our underlying
businesses.
The following are non-GAAP financial measures for Piedmont:
Adjusted net (loss) income is defined as net (loss)
income, as calculated under GAAP, plus or minus the gain or loss
from sale of equity method investments, gain or loss on sale of
assets, gain or loss from equity securities, gain or loss from
foreign currency exchange, restructuring and impairment charges
including severance and severance related costs and exit costs, and
certain other adjustments we believe are not reflective of our
ongoing operations and performance. These items include acquisition
costs and other fees, and shelf registration costs.
Adjusted diluted earnings per share (or adjusted diluted
EPS) is defined as diluted EPS, as calculated under GAAP,
before gain or loss on sale of equity method investments, gain or
loss on sale of assets, gain or loss from equity securities, gain
or loss from foreign currency exchange, restructuring and
impairment charges including severance and severance related costs
and exit costs, and certain other costs we believe are not
reflective of our ongoing operations and performance.
EBITDA is defined as net income (loss) before interest
expenses, income tax expense, and depreciation.
Adjusted EBITDA is defined as EBITDA plus or minus the
gain or loss on sale of equity method investments, gain or loss on
sale of assets, gain or loss from equity securities, gain or loss
from foreign currency exchange, restructuring and impairment
charges including severance and severance related costs and exit
costs, and certain other adjustments we believe are not reflective
of our ongoing operations and performance.
Below are reconciliations of non-GAAP financial measures on a
consolidated basis for adjusted net (loss) income, adjusted diluted
EPS, EBITDA, and adjusted EBITDA.
Adjusted Net (Loss) Income and Adjusted Diluted EPS
Three Months Ended December
31,
2024
2023
(in thousands, except per share
amounts)
Diluted EPS
Diluted EPS
Net loss
$
(11,131
)
$
(0.55
)
$
(25,390
)
$
(1.32
)
Gain on sale of equity method
investments(1)
—
—
(1,767
)
(0.09
)
Impairment of equity method
investment(2)
—
—
2,242
0.12
Loss on sale of assets
100
—
—
—
Gain on equity securities(3)
(1,791
)
(0.09
)
—
—
Loss from foreign currency exchange(4)
596
0.03
3
—
Restructuring and impairment
charges(5)
3,194
0.16
—
—
Other costs(6)
5,518
0.27
1,359
0.07
Tax effect of adjustments(7)
(37
)
—
(109
)
(0.01
)
Adjusted net loss
$
(3,551
)
$
(0.17
)
$
(23,662
)
$
(1.23
)
_______________________________________________________
(1)
Gain on sale of equity method investments
in the three months ended December 31, 2023 represents a noncash
gain on dilution recognized primarily due to Piedmont electing not
to participate in Sayona Mining’s share issuances. 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)
Impairment of equity method investment
represents the difference between the carrying value, which
includes $46.3 million in accumulated gains on dilution, and fair
value of Sayona Mining as of December 31, 2023.
(3)
Gain on equity securities represents
realized and unrealized gains on our equity security holdings in
Atlantic Lithium and Ricca Resources.
(4)
Loss from foreign currency exchange
primarily relates to currency fluctuations in our foreign bank
accounts denominated in Canadian dollars and Australian dollars and
marketable securities denominated in Australian dollars.
(5)
Restructuring and impairment charges
relates to severance and reorganization related costs and exit
costs related to our 2024 Cost Savings Plan and impairment charges
for land, capitalized construction and development costs, and other
fixed assets associated with Tennessee Lithium.
(6)
Other costs include legal and
transactional costs associated with the Department of Energy loan
and grant initiatives, shelf registration costs, and costs related
to certain strategic transactions.
(7)
No income tax impacts have been given to
any items that were recorded in jurisdictions with full valuation
allowances.
Year Ended
December 31, 2024
Year Ended
December 31, 2023
(in thousands, except per share
amounts)
Diluted EPS
Diluted EPS
Net loss
$
(64,761
)
$
(3.30
)
$
(21,777
)
$
(1.14
)
Loss (gain) on sales of equity method
investments(1)
13,886
0.71
(16,975
)
(0.89
)
Impairment of equity method
investment(2)
—
—
2,242
0.12
Loss on sale of assets
791
0.04
—
—
Gain on equity securities(3)
(755
)
(0.04
)
—
—
Loss from foreign currency exchange(4)
303
0.02
91
—
Restructuring and impairment
charges(5)
9,851
0.50
—
—
Other costs(6)
7,622
0.39
1,800
0.09
Tax effect of adjustments(7)
(3,132
)
(0.16
)
3,340
0.18
Adjusted net loss
$
(36,195
)
$
(1.85
)
$
(31,279
)
$
(1.64
)
________________________________________________________
(1)
Gain on sale of equity method investments
in the year ended December 31, 2023 represents a noncash gain on
dilution recognized primarily due to Piedmont electing not to
participate in Sayona Mining’s share issuances. 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. Loss on sale of equity method investments in the year
ended December 31, 2024 primarily relates to the loss on sale of
equity method investments related to Sayona Mining of $17.2
million, partially offset by a gain on sale of our shares of
Atlantic Lithium of $3.1 million.
(2)
Impairment of equity method investment
represents the difference between the carrying value, which
includes $46.3 million in accumulated gains on dilution, and fair
value of Sayona Mining as of December 31, 2023.
(3)
Gain on equity securities represents
realized and unrealized gains on our equity security holdings in
Atlantic Lithium and Ricca Resources.
(4)
Loss from foreign currency exchange
primarily relates to currency fluctuations in our foreign bank
accounts denominated in Canadian dollars and Australian dollars and
marketable securities denominated in Australian dollars.
(5)
Restructuring and impairment charges
relates to severance and reorganization related costs and exit
costs related to our 2024 Cost Savings Plan and impairment charges
for land, capitalized construction and development costs, and other
fixed assets associated with Tennessee Lithium.
(6)
Other costs include legal and
transactional costs associated with the Department of Energy loan
and grant initiatives, shelf registration costs, and costs related
to certain strategic transactions.
(7)
No income tax impacts have been given to
any items that were recorded in jurisdictions with full valuation
allowances.
EBITDA and Adjusted EBITDA
Three Months Ended
December 31,
Years Ended
December 31,
(in thousands)
2024
2023
2024
2023
Net loss
$
(11,131
)
$
(25,390
)
$
(64,761
)
$
(21,777
)
Interest income, net
(189
)
(895
)
(2,008
)
(3,820
)
Income tax (benefit) expense
(37
)
(64
)
(3,132
)
3,106
Depreciation and amortization
63
67
283
241
EBITDA
(11,294
)
(26,282
)
(69,618
)
(22,250
)
(Gain) loss on sale of equity method
investments(1)
—
(1,767
)
13,886
(16,975
)
Impairment of equity method
investment(2)
—
2,242
—
2,242
Loss on sale of assets
100
—
791
—
Gain on equity securities(3)
(1,791
)
—
(755
)
—
Loss from foreign currency exchange(4)
596
3
303
91
Restructuring and impairment
charges(5)
3,194
—
9,851
—
Other costs(6)
5,518
1,359
7,622
1,800
Adjusted EBITDA
$
(3,677
)
$
(24,445
)
$
(37,920
)
$
(35,092
)
________________________________________________________
(1)
(Gain) loss on sale of equity method
investments in the three months and year ended December 31, 2023
represents a noncash gain on dilution recognized primarily due to
Piedmont electing not to participate in Sayona Mining’s share
issuances. 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. Loss on sale of
equity method investments in the year ended December 31, 2024
primarily relates to the loss on sale of equity method investments
related to Sayona Mining of $17.2 million, partially offset by a
gain on sale of our shares of Atlantic Lithium of $3.1 million.
(2)
Impairment of equity method investment
represents the difference between the carrying value, which
includes $46.3 million in accumulated gains on dilution, and fair
value of Sayona Mining as of December 31, 2023.
(3)
Gain on equity securities represents
realized and unrealized gains on our equity security holdings in
Atlantic Lithium and Ricca Resources.
(4)
Loss from foreign currency exchange
primarily relates to currency fluctuations in our foreign bank
accounts denominated in Canadian dollars and Australian dollars and
marketable securities denominated in Australian dollars.
(5)
Restructuring and impairment charges
relates to severance and reorganization related costs and exit
costs related to our 2024 Cost Savings Plan and impairment charges
for land, capitalized construction and development costs, and other
fixed assets associated with Tennessee Lithium.
(6)
Other costs include legal and
transactional costs associated with the Department of Energy loan
and grant initiatives, shelf registration costs, and costs related
to certain strategic transactions.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250220124515/en/
For further information: Michael White Chief Financial
Officer T: +1 713 878 9049 E: mwhite@piedmontlithium.com
John Koslow Investor Relations T: +1 908 701 9928 E:
jkoslow@piedmontlithium.com
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