Piedmont Lithium Reports Q1 2025 Results

   -- Piedmont recorded Q1'25 shipments of approximately 27,000 dmt of 
      spodumene concentrate at an average realized price of $741 per dmt and 
      revenue of $20.0 million 
 
   -- NAL produced 43,621 dmt in Q1'25, 80% mill utilization, and 69% lithium 
      recovery 
 
   -- Piedmont had $65.4 million in cash and cash equivalents as of March 31, 
      2025 
 
   -- Merger with Sayona Mining to form Elevra Lithium advancing with an 
      expected closing in mid-2025 
BELMONT, N.C.--(BUSINESS WIRE)--May 07, 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 first quarter 2025 financial results.

Piedmont shipped approximately 27,000 dry metric tons ("dmt") of spodumene concentrate (5.4% Li(2) O) and recognized $20.0 million in revenue in Q1'25. The Company's realized price per dmt was $741 in Q1'25. Piedmont expects to ship approximately 113,000 to 130,000 dmt of spodumene concentrate in 2025(1) . Production at North American Lithium ("NAL") supports the Company's 2025 shipment guidance.

NAL produced 43,621 dmt of spodumene concentrate during the quarter. Lithium recovery improved to 69% for the quarter, which was a new quarterly record since the restart of production in 2023, and achieved a monthly lithium recovery record of 72% in March. Mill utilization was challenged by weather-related factors and declined to 80% for the three months ended in March. Despite the decline in quarterly production and increase in unit operating costs, NAL remains on track to meet production and unit operating cost guidance for Sayona Mining Limited's ("Sayona") fiscal year ending June 30, 2025(2) .

Our joint venture Ewoyaa Lithium Project ("Ewoyaa") in Ghana received a Water Use Permit from the Ghanaian Water Resources Commission which allows for water extraction for use at Ewoyaa. Development of the project remains subject to the outcome of the mining lease ratification, additional regulatory approvals, prevailing market conditions, and project financing.

The Company continued to execute against its plan to delay capital expenditures into 2025 and beyond. As it relates to the Carolina Lithium Project, the Company evaluated its strategic land position within the Carolina Tin-Spodumene Belt and adjusted scheduled land purchases to minimize near-term capital expenditures. In addition, Piedmont continued to advance Carolina Lithium's air permit application and North Carolina General Stormwater permit.

"Our first quarter results reflect continued operational progress and the resilience of our team" said Keith Phillips, President and CEO of Piedmont Lithium. "We achieved record lithium recoveries at North American Lithium and the operation remains on track to meet shipment and cost guidance, despite weather-related impacts to mill utilization. In addition, we continued to take a disciplined approach to capital spending while making strong progress toward our planned merger with Sayona. We believe the proposed combination will enhance value for shareholders and position Elevra Lithium as a leading supplier to the North American battery supply chain," 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 April 
29, 2025. 
 

Proposed Merger of Piedmont Lithium and Sayona Mining

Piedmont Lithium and Sayona signed a definitive merger agreement on November 19, 2024 to combine the two companies (the "Merger") to create a leading North American lithium business.

The Merger is expected to close in 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.

Since the announcement, significant progress has been made in preparing for shareholder votes for Piedmont and Sayona. Recently, the companies announced:

   -- Subject to Sayona shareholder approval, the combined company will be 
      renamed Elevra Lithium Limited ("Elevra") and will trade under the ticker 
      symbol "ELV" on the ASX and ticker symbol for the American Depositary 
      Shares ("ADS") traded on the Nasdaq will be "ELVR"; 
 
   -- The nominees for the Board of Elevra, which will be constituted of 4 
      members from the existing Piedmont Board and 4 members of the existing 
      Sayona Board; 
 
   -- Regulatory approval for the Investment Canada Act and the 
      Hart-Scott-Rodino Act, and completion of review by the Committee on 
      Foreign Investment in the United States; 
 
   -- Subject to Sayona shareholder approval, a reverse stock split to 
      consolidate Sayona's shares at a ratio of 1-for-150 prior to the 
      completion of the Merger, which will update the exchange ratio to 3.5133 
      Sayona shares for each Piedmont Lithium share compared to the previously 
      announced 527 Sayona shares for each Piedmont Lithium share; and 
 
   -- Each Sayona ADS issued in the Merger will represent 1,500 Sayona shares 
      prior to the effect of the reverse stock split or 10 Sayona shares after 
      the reverse stock split. 

First Quarter 2025 Financial Highlights

All references to dmt in this release relate to spodumene concentrate.

 
                             Units        Q1'25   Q4'24    Q1'24 
Sales 
-----------------------  --------------   ------  ------  ------ 
 Concentrate shipped      dmt thousands     27.0    55.7    15.5 
 ----------------------  ---------------  ------  ------  ------ 
 Revenue                   $ millions       20.0    45.6    13.4 
 ----------------------  ---------------  ------  ------  ------ 
 Realized price(1)            $/dmt          741     818     865 
 ----------------------  ---------------  ------  ------  ------ 
 Li(2) O content(2)             %            5.4     5.4     5.5 
 ----------------------  ---------------  ------  ------  ------ 
 Realized cost of 
  sales(3)                    $/dmt          736     696     799 
 
Profitability 
-----------------------  --------------   ------  ------  ------ 
 Gross profit              $ millions        0.1     6.8     0.7 
 ----------------------  ---------------  ------  ------  ------ 
 Gross profit margin            %            0.7    15.0     5.2 
 ----------------------  ---------------  ------  ------  ------ 
 Net loss                  $ millions     (15.6)  (11.1)  (23.6) 
 ----------------------  ---------------  ------  ------  ------ 
 Diluted EPS                    $         (0.71)  (0.55)  (1.22) 
 ----------------------  ---------------  ------  ------  ------ 
 Adjusted net loss(4)      $ millions     (10.1)   (3.6)  (11.9) 
 ----------------------  ---------------  ------  ------  ------ 
 Adjusted diluted 
  EPS(4)                        $         (0.46)  (0.17)  (0.61) 
 ----------------------  ---------------  ------  ------  ------ 
 Adjusted EBITDA(4)        $ millions     (10.1)   (3.7)  (12.4) 
 
Cash 
-----------------------  --------------   ------  ------  ------ 
 Cash and cash 
  equivalents(5)           $ millions       65.4    87.8    71.4 
 
 
(___________________________________________________________) 
(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 Li(2) O 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. 
 

First Quarter and Recent Business Highlights

Piedmont Lithium

   -- Shipped approximately 27,000 dmt (5.4% Li2O) of spodumene concentrate 
      from NAL to customers in Q1'25 and recognized $20.0 million in revenue 
      with an average realized sales price of $741 per dmt. On an SC6 
      equivalent basis, our realized price per metric ton was $823. 
 
   -- Piedmont continued to advance the proposed merger with Sayona and reached 
      several milestones in preparation for the shareholder vote. In April, the 
      companies jointly announced the combined company would be renamed Elevra 
      and disclosed the slate of nominees for the Board of Directors which 
      includes 4 members of Piedmont's existing Board, including Dawne Hickton 
      who has been nominated as the Chair Designate of Elevra. 
 
   -- In April 2025, Piedmont announced key regulatory approvals for the merger 
      were received in the United States and Canada. 
 
   -- In April 2025, Piedmont announced the signing of a revised merger 
      agreement with Sayona which incorporated, among other things, an updated 
      exchange ratio to incorporate the terms of a proposed reverse stock split 
      to be undertaken by Sayona as part of the merger, subject to Sayona 
      shareholder approval. 

North American Lithium (Quebec, Canada)

   -- In Q1'25, NAL achieved quarterly production of 43,261 dmt and shipped 
      approximately 27,000 dmt, all of which were sold to Piedmont. 
 
   -- Production declined by approximately 15% compared to the prior quarter. 
      The decline was primarily related to a reduction in mill utilization for 
      the quarter, which was 80%, due to a combination of weather-related 
      unplanned downtime and a scheduled maintenance shutdown. Lithium recovery 
      improved modestly to 69% during the quarter and set a new monthly record 
      of 72% in March. 
 
   -- In April, the final results from the 2024 NAL drilling program were 
      released. The results reinforce the potential for a future expansion at 
      NAL and will be incorporated into an updated Mineral Resource Estimate, 
      which is expected to be released in the middle of 2025. 
 
   -- Concentrate shipped by Piedmont and produced and shipped by NAL: 
 
                          Share       Units      Q1'25  Q4'24  Q1'24 
Piedmont Lithium 
-----------------------  -------  -------------  -----  -----  ----- 
 Concentrate shipped        100%  dmt thousands  27.0   55.7   15.5 
 
North American Lithium 
-----------------------  -------  -------------  -----  -----  ----- 
 Concentrate produced    100%(1)  dmt thousands  43.3   50.9   40.4 
 ----------------------  -------  -------------  -----  -----  ----- 
 Concentrate shipped     100%(2)  dmt thousands  27.0   66.0   58.0 
 
 
(___________________________________________________________) 
(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 January 2025, the Ewoyaa project was granted a Water Use Permit by the 
      Ghanaian Water Resources Commission 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. 

2025 Outlook

 
                                 Units        Q1'25   Q2'25      FY25 
Shipments                     dmt thousands    27    8 -- 20  113 -- 130 
---------------------------  ---------------  -----  -------  ---------- 
Capital expenditures           $ millions       1    1 -- 2     4 -- 6 
---------------------------  ---------------  -----  -------  ---------- 
Investments in and advances 
 to affiliates                 $ millions       1    2 -- 4    7 -- 13 
 

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 8,000 to 20,000 dmt in Q2'25 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 expect less than $2 million in capital expenditures in Q2'25, 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 compared to 2024. 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:                   Wednesday, May 7, 2025 
Time:                   4:30 p.m. Eastern Standard Time 
Dial-in (Toll Free):    1 (800) 715-9871 
Dial-in (Toll):         1 (646) 307-1963 
Conference ID:          9176321 
Participant URL:        https://events.q4inc.com/attendee/876851290 
 

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 
                                                     March 31, 
                                              ---------------------- 
                                                2025       2024 
                                               -------    ------- 
Revenue                                       $ 19,996   $ 13,401 
Costs of sales                                  19,862     12,710 
                                               -------    ------- 
    Gross profit                                   134        691 
Exploration costs                                   --         53 
Selling, general and administrative expenses     6,771      8,094 
                                               -------    ------- 
    Total operating expenses                     6,771      8,147 
Loss from equity method investments             (4,935)    (5,440) 
Restructuring charges                             (283)    (1,780) 
                                               -------    ------- 
Loss from operations                           (11,855)   (14,676) 
Interest income                                    699        827 
Interest expense                                  (560)      (222) 
Loss on sale of equity method investments           --    (13,886) 
Other (loss) income                             (3,915)     1,253 
                                               -------    ------- 
    Total other expense                         (3,776)   (12,028) 
                                               -------    ------- 
Loss before income taxes                       (15,631)   (26,704) 
Income tax benefit                                  --     (3,093) 
                                               -------    ------- 
Net loss                                      $(15,631)  $(23,611) 
                                               =======    ======= 
 
Basic and diluted: 
    Net loss per share                        $  (0.71)  $  (1.22) 
    Weighted-average shares outstanding         21,939     19,326 
 
 
                         PIEDMONT LITHIUM INC. 
                      CONSOLIDATED BALANCE SHEETS 
          (In thousands, except per share amounts) (Unaudited) 
 
                                            March 31,     December 31, 
                                               2025           2024 
                                            ----------  ---------------- 
Assets 
Cash and cash equivalents                   $  65,390    $     87,840 
Accounts receivable                            11,861           5,613 
Other current assets                            5,229           9,186 
                                             --------       --------- 
   Total current assets                        82,480         102,639 
Property, plant and mine development, net     135,649         134,544 
Advances to affiliates                         40,498          39,548 
Other non-current assets                        1,454           1,519 
Equity method investments                      66,908          71,635 
                                             --------       --------- 
Total assets                                $ 326,989    $    349,885 
                                             ========       ========= 
 
Liabilities and Stockholders' Equity 
Accounts payable                            $   1,411    $      5,239 
Accrued expenses                                1,878           4,313 
Payables to affiliates                          5,240           6,719 
Current debt obligations                       26,237          26,472 
Other current liabilities                       3,661           3,363 
                                             --------       --------- 
   Total current liabilities                   38,427          46,106 
Long-term debt, net of current portion          3,418           3,652 
Operating lease liabilities, net of 
 current portion                                  817             863 
Other non-current liabilities                   1,036           1,017 
                                             --------       --------- 
Total liabilities                              43,698          51,638 
 
Stockholders' equity: 
Common stock; $0.0001 par value, 
 100,000,000 shares authorized; 21,943,521 
 and 21,825,465 shares issued and 
 outstanding as of March 31, 2025 and 
 December 31, 2024, respectively                    2               2 
Additional paid-in capital                    498,345         497,878 
Accumulated deficit                          (207,236)       (191,605) 
Accumulated other comprehensive loss           (7,820)         (8,028) 
                                             --------       --------- 
   Total stockholders' equity                 283,291         298,247 
                                             --------       --------- 
Total liabilities and stockholders' equity  $ 326,989    $    349,885 
                                             ========       ========= 
 
 
                        PIEDMONT LITHIUM INC. 
                CONSOLIDATED STATEMENTS OF CASH FLOWS 
                      (In thousands) (Unaudited) 
 
                                                  Three Months Ended 
                                                       March 31, 
                                                ---------------------- 
Cash flows from operating activities:             2025       2024 
                                                 -------    ------- 
   Net loss                                     $(15,631)  $(23,611) 
   Adjustments to reconcile net loss to net 
   cash used in operating activities: 
      Stock-based compensation expense               982      2,067 
      Loss from equity method investments          4,935      5,440 
      Loss on sale of equity method 
       investments                                    --     13,886 
      Loss (gain) on equity securities             3,640     (1,384) 
      Deferred taxes                                  --     (6,246) 
      Depreciation and amortization                   63         81 
      Noncash lease expense                           42        401 
      Loss on sale of assets                          80         -- 
      Unrealized foreign currency translation 
       (gains) losses                                (24)       128 
   Changes in assets and liabilities: 
      Accounts receivable                         (6,248)    (3,652) 
      Other assets                                   350        887 
      Operating lease liabilities                    (40)      (396) 
      Accounts payable                            (3,708)        54 
      Payables to affiliates                      (1,479)     1,587 
      Other liabilities and accrued expenses      (2,117)   (17,564) 
                                                 -------    ------- 
         Net cash used in operating activities   (19,155)   (28,322) 
Cash flows from investing activities: 
   Capital expenditures                           (1,366)    (5,428) 
   Advances to affiliates                           (945)    (4,977) 
   Proceeds from sale of marketable securities        --         45 
   Proceeds from sale of shares in equity 
    method investments                                --     49,103 
   Additions to equity method investments             --    (10,048) 
                                                 -------    ------- 
         Net cash (used in) provided by 
          investing activities                    (2,311)    28,695 
Cash flows from financing activities: 
   Proceeds from Credit Facility                  10,767         -- 
   Settlements of Credit Facility                (10,777)        -- 
   Payments of debt obligations and insurance 
    premiums financed                               (459)       (68) 
   Payments to tax authorities for employee 
    stock-based compensation                        (515)      (591) 
                                                 -------    ------- 
         Net cash used in financing activities      (984)      (659) 
                                                 -------    ------- 
Net decrease in cash                             (22,450)      (286) 
Cash and cash equivalents at beginning of 
 period                                           87,840     71,730 
                                                 -------    ------- 
Cash and cash equivalents at end of period      $ 65,390   $ 71,444 
                                                 =======    ======= 
 

Non-GAAP Financial Measures

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