Piedmont Lithium Releases its Q3 Financial Reports

Earlier this week, Piedmont Lithium Inc. reported its Q3 financial results. The American mining company is the leading supplier of lithium products needed for the country’s electric car supply chain.

The results show that the company shipped roughly 31,500 dry metric tons of spodumene concentrate, which generated $27.7 million in revenue. Spodumene concentrate is a mineral concentrate that contains lithium used to make lithium products like Li-ion batteries. The company expects to ship between 40,000-55,000 dry metric tons of the concentrate in the next quarter, which will bring total shipments for 2024 to 102,000-116,000 dry metric tons.

The report also shows that the biggest operating spodumene mine in North America, North American Lithium (NAL), met its production targets in Q3 after recording steady production in June. Data shows that the mine produced roughly 52,000 dry metric tons of spodumene concentrate in Q3. This represents a 5% increase from the second quarter’s production.

Utilization of the mill also hit 91%, a new record that can be attributed to the recently installed crushed ore dome which has a 6000-ton capacity. The dome was installed in July to boost utilization rates, unit operation costs, and production levels, particularly during the winter.

Sayona Mining Ltd also reported a significant rise in the mine’s mineral resource estimate. NAL is jointly owned by Sayona and Piedmont, holding 75% and 25% stakes respectively.

Piedmont’s CEO, Keith Phillips, stated that production in the third quarter benefited from the investments made at the mine in the previous quarters. He then revealed that the increase in NAL’s resource estimate suggested the potential for an expansion of yearly production at some point in the future.

Piedmont remains centered on its U.S. project development strategy, which focuses on Carolina Lithium. It has already applied for an air permit application that would allow about 60,000 tons of lithium hydroxide to be produced at Carolina Lithium annually.

In July, the company also converted its proposed Tennessee lithium project to an additional lithium hydroxide train. The combined facilities should allow the company to substantially grow the capacity for lithium hydroxide production in America, while deploying technical and capital resources more efficiently.

Additionally, the Treasury Department recently issued final regulations for the manufacturing credit under the Inflation Reduction Act. The adjustments could greatly improve the economics for projects like Carolina Lithium.

During Q3, the company also obtained an environmental permit from the Environmental Protection Agency in Ghana for its Ewoyaa Lithium project.

As other North American companies like Reflex Advanced Materials Corp. (CSE: RFLX) (OTCQB: RFLXF) continue developing properties with lithium and other minerals of strategic importance, the local supply of these vital minerals is likely to increase.

NOTE TO INVESTORS: The latest news and updates relating to Reflex Advanced Materials Corp. (CSE: RFLX) (OTCQB: RFLXF) are available in the company’s newsroom at https://ibn.fm/RFLXF

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