Piedmont Lithium Q1 2024 Financial Results

Piedmont Lithium Inc. (ASX: $PLL) reported its first quarter 2024 financial results, achieving record quarterly production at North American Lithium (NAL) and receiving a mining permit for Carolina Lithium in May 2024. The company also disclosed a revenue of US$13.4 million on sales of approximately 15,500 dry metric tons of spodumene concentrate, with a significant increase in cash and working capital from the previous year.

Executive Commentary on Q1 2024 Results

Keith Phillips, President and Chief Executive Officer of Piedmont, expressed satisfaction with the first quarter's milestones, highlighting NAL's record safety performance and production. He emphasized the promising outlook for 2024, with expectations of doubling Piedmont shipments and reducing capital expenditures and investments by over 50% in the second half of the year. Phillips also underscored the significance of receiving the mining permit for Carolina Lithium, positioning it as a critical step in the project's development and the company's efforts to secure strategic partnerships and funding.

Summary of Q1 2024 Results and Outlook

Piedmont Lithium's Q1 2024 results showcased exceptional achievements, including record production at NAL and the issuance of the mining permit for Carolina Lithium. The company anticipates a strong second half of 2024, with plans to more than double shipments and reduce investments significantly. Additionally, Piedmont aims to accelerate discussions with potential funding parties for the Carolina Lithium project. The outlook for 2024 includes the forecasted achievement of full run-rate production at NAL in the second half of the year, prioritizing contract customer shipments, and engaging in sustainability efforts. The company's diversified operations position it to play a pivotal role in supporting America's move toward energy independence and the electrification of transportation and energy storage.