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Sep 30, 2024
Piedmont Lithium Q3 2024 Earnings Report
Piedmont Lithium reported record production and shipments, along with improved cost management.
Key Takeaways
Piedmont Lithium reported Q3 2024 financial results, highlighting record production at NAL and increased shipments. The company recognized revenue of $27.7 million from spodumene concentrate sales. Cost-saving measures and project advancements were also noted.
NAL achieved record quarterly production of approximately 52,100 dmt.
Piedmont shipped approximately 31,500 dmt of spodumene concentrate, generating $27.7 million in revenue.
The company's realized price per ton was $878, outperforming industry peers.
Ewoyaa Lithium Project received key permits, advancing project development.
Piedmont Lithium
Piedmont Lithium
Forward Guidance
Piedmont Lithium expects to ship between 41,000 and 55,000 dmt of spodumene concentrate in Q4 2024, resulting in total shipments of approximately 102,000 to 116,000 dmt in 2024. Capital expenditures are expected to be less than $1 million, mainly related to Carolina Lithium in Q4’24.
Positive Outlook
- Expected shipment of 41,000 to 55,000 dmt of spodumene concentrate in Q4 2024.
- Prioritizing contract customer shipments and structuring spot shipments to limit downside exposure.
- Capital expenditures expected to be less than $1 million, mainly related to Carolina Lithium in Q4’24.
- Shifted a previously planned cargo from Q4’24 to early Q1’25 and is contemplating shifting a second shipment from December 2024 to January 2025 to realize material transport cost savings by combining this shipment with one from Sayona Quebec.
- Expect these shifts to be accretive to our 2025 shipments totals and not impact Piedmont’s total offtake quantities at NAL.
Challenges Ahead
- Shipments are subject to shipping logistics, port and weather conditions, and customer requirements.
- The Company has made an adjustment from our prior guidance of 126,000 dmt for 2024 as a result of expected amendments to the shipment schedule.
- Investments in and advances to affiliates reflect cash contributions to Sayona Quebec and advances to Atlantic Lithium for the Ewoyaa project.
- Our outlook for forecasted capital expenditures and investments in and advances to affiliates is subject to market conditions.
- The mining lease remains subject to parliamentary ratification as of the date of this Quarterly Report.