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Business Wire
07-08-2025
- Business
- Business Wire
Piedmont Lithium Reports Q2 2025 Results
BELMONT, N.C.--(BUSINESS WIRE)--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 second quarter 2025 financial results. Piedmont shipped approximately 20,200 dry metric tons ('dmt') of spodumene concentrate (~5.3% Li 2 O) and recognized $11.9 million in revenue in Q2'25. The Company's realized price per dmt was $587 in Q2'25. Piedmont expects to ship approximately 113,000 to 125,000 dmt of spodumene concentrate in 2025 1. Planned production at North American Lithium ('NAL') supports the Company's 2025 shipment guidance. NAL achieved a new quarterly production record of 58,533 dmt of spodumene concentrate in Q2'25, with lithium recovery averaging 73% and mill utilization of 93% – both representing new performance records since the restart of operations in 2023. Unit operating costs improved to A$1,232 (US$791) per dmt sold, declining 10% quarter-over-quarter with the increase in production and operating efficiencies. 2 At our joint venture Ewoyaa Lithium Project ('Ewoyaa'), revised terms of the Mining Lease are being negotiated by Ghana's Cabinet ahead of being presented for review by Parliament. Development of the project remains subject to the outcome of the mining lease ratification, additional regulatory approvals, prevailing market conditions, and project financing. As of June 30, 2025, Piedmont reported cash and cash equivalents of $56.1 million. The Company remains focused on disciplined capital allocation in response to current lithium market conditions. At the Carolina Lithium Project, Piedmont adjusted near-term land acquisitions to conserve capital while continuing to advance critical permits, including the project's air permit application and North Carolina General Stormwater permit. With respect to the proposed merger with Sayona Mining, Piedmont adjourned its Special Meeting of Stockholders (the 'Special Meeting') to August 11, 2025 in order to provide shareholders additional time to vote on the transaction. 'NAL continued to demonstrate strong operational performance in the second quarter amidst a challenging lithium market,' said Keith Phillips, President and CEO of Piedmont Lithium. 'NAL achieved record lithium recovery and mill utilization rates, resulting in record quarterly production and sales, which include over 20,000 tons delivered to and sold by Piedmont. As we approach our Special Meeting on August 11, we encourage all shareholders to vote on the proposed merger with Sayona Mining, which we believe is a strategic step toward enhancing long-term value.' 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 July 30, 2025. Expand 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. Piedmont convened a Special Meeting of Stockholders (the 'Special Meeting') on Thursday, July 31, 2025 for shareholders to vote on the Merger. At the time of the Special Meeting, a total of 41.52% of the common stock outstanding and entitled to vote were present at the Special Meeting which fell short of the requirement for a majority of shares of common stock outstanding and entitled to vote to reach a quorum and approve the Merger. At the time of the Special Meeting, 97.86% of the votes cast were in favor of the Merger. The Company adjourned the Special Meeting until Monday, August 11, 2025 to provide additional time for shareholders to participate in the vote. Piedmont remains committed to pursuing the Merger and strongly encourages all shareholders to vote. Sayona also held an Extraordinary General Meeting (the 'Sayona EGM') for Sayona shareholders to vote on the Merger on July 30, 2025. Sayona shareholders voted to approve the Merger at the Sayona EGM with 97.34% of votes cast in favor. Second Quarter 2025 Financial Highlights All references to dmt in this release relate to spodumene concentrate. ____________________________________________ (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. Expand Second Quarter and Recent Business Highlights Piedmont Lithium Shipped approximately 20,200 dmt (~5.3% Li 2 O) of spodumene concentrate from NAL to customers in Q2'25 and recognized $11.9 million in revenue with an average realized sales price of $587 per dmt. On an SC6 equivalent basis, our realized price per metric ton was $668. Piedmont remains committed to pursuing the proposed merger with Sayona Mining and adjourned the Special Meeting on July 31, 2025 to August 11, 2025 to allow stockholders additional time to vote their shares. At the original time of the meeting, 97.86% of the votes cast were in favor of the transaction with 41.52% of the common stock outstanding and entitled to vote represented. For the merger proposal to pass, Piedmont requires a quorum of more than 50% of the shares of common stock outstanding to vote in favor. 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 Q2'25, NAL achieved quarterly production of 58,533 dmt and shipped approximately 67,000 dmt, with approximately 20,200 dmt sold to Piedmont. Production increased approximately 35% compared to the prior quarter and saw the benefit from new quarterly records for lithium recoveries (73%) and mill utilization (93%). In April 2025, 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 coming weeks. Concentrate shipped by Piedmont and produced and shipped by NAL: ____________________________________________ (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. Expand Ewoyaa Lithium Project (Ghana) In June 2025, our joint venture partner Atlantic Lithium announced changes to its corporate leadership team and other initiatives focused on cost-cutting. As part of the initiatives, day-to-day management of Atlantic Lithium was consolidated under Chief Executive Officer Keith Mueller. In July 2025, Atlantic Lithium provided an update related to ongoing negotiations related to the Mining Lease for the Ewoyaa Lithium Project. The update noted that Ghana's Minister of Lands and Natural Resources confirmed that revised terms of the Mining Lease were being negotiated in light of the lithium price environment. 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 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 23,000 to 27,000 dmt in Q3'25 and approximately 113,000 to 125,000 dmt in full-year 2025. Piedmont and Sayona Mining are continuing to explore commingling shipments to achieve material transport cost savings and improve profitability. We expect to spend less than $1 million in capital expenditures in Q3'25, the majority of which relate to permitting efforts at Carolina Lithium. Investments in and advances to affiliates reflect cash contributions to Sayona Quebec and advances to Atlantic Lithium for the Ewoyaa Lithium project. Against the backdrop of a challenging lithium price environment, we increased our outlook for full year cash contributions but continue to maintain operational discipline at NAL and progress approvals at Ewoyaa. Despite the increased outlook, 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. 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: 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 BALANCE SHEETS (In thousands, except per share amounts) (Unaudited) June 30, 2025 2024 Assets Cash and cash equivalents $ 56,074 $ 87,840 Accounts receivable 4,100 5,613 Other current assets 5,155 9,186 Total current assets 65,329 102,639 Property, plant and mine development, net 135,722 134,544 Advances to affiliates 41,990 39,548 Other non-current assets 1,392 1,519 Equity method investments 74,113 71,635 Total assets $ 318,546 $ 349,885 Liabilities and Stockholders' Equity Accounts payable $ 1,144 $ 5,239 Accrued expenses 2,670 4,313 Payables to affiliates 5,131 6,719 Current debt obligations 26,337 26,472 Other current liabilities 833 3,363 Total current liabilities 36,115 46,106 Long-term debt, net of current portion 2,959 3,652 Operating lease liabilities, net of current portion 769 863 Other non-current liabilities 1,054 1,017 Total liabilities 40,897 51,638 Stockholders' equity: Common stock; $0.0001 par value, 100,000,000 shares authorized; 21,946,069 and 21,825,465 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 2 2 Additional paid-in capital 499,226 497,878 Accumulated deficit (216,974 ) (191,605 ) Accumulated other comprehensive loss (4,605 ) (8,028 ) Total stockholders' equity 277,649 298,247 Total liabilities and stockholders' equity $ 318,546 $ 349,885 Expand PIEDMONT LITHIUM INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Six Months Ended June 30, Cash flows from operating activities: 2025 2024 Net loss $ (25,369 ) $ (36,943 ) Adjustments to reconcile net loss to net cash used in operating activities: Stock-based compensation expense 1,873 4,640 Loss from equity method investments 6,074 10,350 Loss on sale of equity method investments — 13,886 Loss (gain) on equity securities 3,944 (1,594 ) Deferred taxes — (6,246 ) Depreciation and amortization 119 156 Noncash lease expense 85 532 Loss on sale of assets 212 656 Unrealized foreign currency translation gains (318 ) (36 ) Changes in assets and liabilities: Accounts receivable 1,513 (12,725 ) Other assets 268 1,950 Operating lease liabilities (82 ) (472 ) Accounts payable (3,948 ) (25 ) Payables to affiliates (1,588 ) (93 ) Deferred revenue — 24,347 Other liabilities and accrued expenses (4,111 ) (27,164 ) Net cash used in operating activities (21,328 ) (28,781 ) Cash flows from investing activities: Capital expenditures (1,646 ) (8,622 ) Advances to affiliates (2,310 ) (8,226 ) Proceeds from sale of marketable securities — 45 Proceeds from sale of shares in equity method investments — 49,103 Additions to equity method investments (5,129 ) (14,966 ) Net cash (used in) provided by investing activities (9,085 ) 17,334 Cash flows from financing activities: Proceeds from Credit Facility 14,116 — Settlements of Credit Facility (14,116 ) — Payments of debt obligations and insurance premiums financed (828 ) (651 ) Payments to tax authorities for employee stock-based compensation (525 ) (654 ) Net cash used in financing activities (1,353 ) (1,305 ) Net decrease in cash (31,766 ) (12,752 ) Cash and cash equivalents at beginning of period 87,840 71,730 Cash and cash equivalents at end of period $ 56,074 $ 58,978 Expand 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 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 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 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. ______________________________________________________ (1) Loss (gain) on equity securities represents realized and unrealized gains on our equity security holdings in Atlantic Lithium and Ricca Resources. (2) 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. (3) Restructuring charges relate to severance and reorganization related costs and exit costs related to our 2024 Cost Savings Plan. (4) Other costs include legal and transactional costs related to certain strategic transactions and shelf registration costs. (5) No income tax impacts have been given to any items that were recorded in jurisdictions with full valuation allowances. Expand EBITDA and Adjusted EBITDA Three Months Ended (in thousands) June 30, 2025 March 31, 2025 June 30, 2024 Net loss $ (9,738 ) $ (15,631 ) $ (13,332 ) Interest income, net (5 ) (139 ) (577 ) Income tax benefit — — (2 ) Depreciation and amortization 56 — 75 EBITDA (9,687 ) (15,707 ) (13,836 ) Loss on sale of assets 132 80 656 Loss (gain) on equity securities (1) 304 3,640 (210 ) Loss from foreign currency exchange (2) (290 ) 195 (158 ) Restructuring charges (3) 401 283 314 Other costs (4) 1,459 1,369 81 Adjusted EBITDA $ (7,681 ) $ (10,140 ) $ (13,153 ) Expand ______________________________________________________ (1) Loss (gain) on equity securities represents realized and unrealized gains on our equity security holdings in Atlantic Lithium and Ricca Resources. (2) 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. (3) Restructuring charges relate to severance and reorganization related costs and exit costs related to our 2024 Cost Savings Plan. (4) Other costs include legal and transactional costs related to certain strategic transactions and shelf registration costs. Expand
National Post
07-08-2025
- Business
- National Post
Piedmont Lithium Reports Q2 2025 Results
Article content Piedmont recorded shipments of approximately 20,200 dmt of spodumene concentrate and recorded revenue of $11.9 million in Q2'25 NAL produced 58,533 dmt and recorded 93% mill utilization and 73% lithium recovery in Q2'25 Piedmont had $56.1 million in cash and cash equivalents as of June 30, 2025 Piedmont adjourned its Special Meeting of Stockholders related to the proposed merger with Sayona Mining to August 11, 2025 to allow additional time for shareholders to vote Article content BELMONT, N.C. — 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 second quarter 2025 financial results. Article content Piedmont shipped approximately 20,200 dry metric tons ('dmt') of spodumene concentrate (~5.3% Li 2 O) and recognized $11.9 million in revenue in Q2'25. The Company's realized price per dmt was $587 in Q2'25. Piedmont expects to ship approximately 113,000 to 125,000 dmt of spodumene concentrate in 2025 1. Planned production at North American Lithium ('NAL') supports the Company's 2025 shipment guidance. Article content NAL achieved a new quarterly production record of 58,533 dmt of spodumene concentrate in Q2'25, with lithium recovery averaging 73% and mill utilization of 93% – both representing new performance records since the restart of operations in 2023. Unit operating costs improved to A$1,232 (US$791) per dmt sold, declining 10% quarter-over-quarter with the increase in production and operating efficiencies. 2 At our joint venture Ewoyaa Lithium Project ('Ewoyaa'), revised terms of the Mining Lease are being negotiated by Ghana's Cabinet ahead of being presented for review by Parliament. Development of the project remains subject to the outcome of the mining lease ratification, additional regulatory approvals, prevailing market conditions, and project financing. Article content As of June 30, 2025, Piedmont reported cash and cash equivalents of $56.1 million. The Company remains focused on disciplined capital allocation in response to current lithium market conditions. At the Carolina Lithium Project, Piedmont adjusted near-term land acquisitions to conserve capital while continuing to advance critical permits, including the project's air permit application and North Carolina General Stormwater permit. With respect to the proposed merger with Sayona Mining, Piedmont adjourned its Special Meeting of Stockholders (the 'Special Meeting') to August 11, 2025 in order to provide shareholders additional time to vote on the transaction. Article content 'NAL continued to demonstrate strong operational performance in the second quarter amidst a challenging lithium market,' said Keith Phillips, President and CEO of Piedmont Lithium. 'NAL achieved record lithium recovery and mill utilization rates, resulting in record quarterly production and sales, which include over 20,000 tons delivered to and sold by Piedmont. As we approach our Special Meeting on August 11, we encourage all shareholders to vote on the proposed merger with Sayona Mining, which we believe is a strategic step toward enhancing long-term value.' Article content Proposed Merger of Piedmont Lithium and Sayona Mining Article content 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. Article content Piedmont convened a Special Meeting of Stockholders (the 'Special Meeting') on Thursday, July 31, 2025 for shareholders to vote on the Merger. At the time of the Special Meeting, a total of 41.52% of the common stock outstanding and entitled to vote were present at the Special Meeting which fell short of the requirement for a majority of shares of common stock outstanding and entitled to vote to reach a quorum and approve the Merger. At the time of the Special Meeting, 97.86% of the votes cast were in favor of the Merger. Article content The Company adjourned the Special Meeting until Monday, August 11, 2025 to provide additional time for shareholders to participate in the vote. Piedmont remains committed to pursuing the Merger and strongly encourages all shareholders to vote. Article content Sayona also held an Extraordinary General Meeting (the 'Sayona EGM') for Sayona shareholders to vote on the Merger on July 30, 2025. Sayona shareholders voted to approve the Merger at the Sayona EGM with 97.34% of votes cast in favor. Article content Units Q2'25 Q1'25 Q2'24 Sales Concentrate shipped dmt thousands 20.2 27.0 14.0 Revenue $ millions 11.9 20.0 13.2 Realized price (1) $/dmt 587 741 945 Li 2 O content (2) % 5.3 5.4 5.5 Realized cost of sales (3) $/dmt 668 736 900 Profitability Gross profit $ millions (1.6 ) 0.1 0.6 Gross profit margin % (13.8 ) 0.7 4.7 Net loss $ millions (9.7 ) (15.6 ) (13.3 ) Diluted EPS $ (0.44 ) (0.71 ) (0.69 ) Adjusted net loss (4) $ millions (7.7 ) (10.1 ) (12.7 ) Adjusted diluted EPS (4) $ (0.35 ) (0.46 ) (0.65 ) Adjusted EBITDA (4) $ millions (7.7 ) (10.1 ) (13.2 ) Cash Cash and cash equivalents (5) $ millions 56.1 65.4 59.0 Article content ____________________________________________ (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. Article content Second Quarter and Recent Business Highlights Article content Shipped approximately 20,200 dmt (~5.3% Li 2 O) of spodumene concentrate from NAL to customers in Q2'25 and recognized $11.9 million in revenue with an average realized sales price of $587 per dmt. On an SC6 equivalent basis, our realized price per metric ton was $668. Piedmont remains committed to pursuing the proposed merger with Sayona Mining and adjourned the Special Meeting on July 31, 2025 to August 11, 2025 to allow stockholders additional time to vote their shares. At the original time of the meeting, 97.86% of the votes cast were in favor of the transaction with 41.52% of the common stock outstanding and entitled to vote represented. For the merger proposal to pass, Piedmont requires a quorum of more than 50% of the shares of common stock outstanding to vote in favor. 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. Article content In Q2'25, NAL achieved quarterly production of 58,533 dmt and shipped approximately 67,000 dmt, with approximately 20,200 dmt sold to Piedmont. Production increased approximately 35% compared to the prior quarter and saw the benefit from new quarterly records for lithium recoveries (73%) and mill utilization (93%). In April 2025, 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 coming weeks. Concentrate shipped by Piedmont and produced and shipped by NAL: Article content ____________________________________________ (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. Article content Ewoyaa Lithium Project (Ghana) Article content In June 2025, our joint venture partner Atlantic Lithium announced changes to its corporate leadership team and other initiatives focused on cost-cutting. As part of the initiatives, day-to-day management of Atlantic Lithium was consolidated under Chief Executive Officer Keith Mueller. In July 2025, Atlantic Lithium provided an update related to ongoing negotiations related to the Mining Lease for the Ewoyaa Lithium Project. The update noted that Ghana's Minister of Lands and Natural Resources confirmed that revised terms of the Mining Lease were being negotiated in light of the lithium price environment. Article content Carolina Lithium (North Carolina) Article content 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. Article content 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 23,000 to 27,000 dmt in Q3'25 and approximately 113,000 to 125,000 dmt in full-year 2025. Piedmont and Sayona Mining are continuing to explore commingling shipments to achieve material transport cost savings and improve profitability. Article content We expect to spend less than $1 million in capital expenditures in Q3'25, the majority of which relate to permitting efforts at Carolina Lithium. Investments in and advances to affiliates reflect cash contributions to Sayona Quebec and advances to Atlantic Lithium for the Ewoyaa Lithium project. Against the backdrop of a challenging lithium price environment, we increased our outlook for full year cash contributions but continue to maintain operational discipline at NAL and progress approvals at Ewoyaa. Despite the increased outlook, 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. Article content Safety and Sustainability Article content 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. Article content About Piedmont Article content 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. Article content Cautionary Note to U.S. Investors Article content 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. Article content 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: 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. Article content Six Months Ended June 30, Cash flows from operating activities: 2025 2024 Net loss $ (25,369 ) $ (36,943 ) Adjustments to reconcile net loss to net cash used in operating activities: Stock-based compensation expense 1,873 4,640 Loss from equity method investments 6,074 10,350 Loss on sale of equity method investments — 13,886 Loss (gain) on equity securities 3,944 (1,594 ) Deferred taxes — (6,246 ) Depreciation and amortization 119 156 Noncash lease expense 85 532 Loss on sale of assets 212 656 Unrealized foreign currency translation gains (318 ) (36 ) Changes in assets and liabilities: Accounts receivable 1,513 (12,725 ) Other assets 268 1,950 Operating lease liabilities (82 ) (472 ) Accounts payable (3,948 ) (25 ) Payables to affiliates (1,588 ) (93 ) Deferred revenue — 24,347 Other liabilities and accrued expenses (4,111 ) (27,164 ) Net cash used in operating activities (21,328 ) (28,781 ) Cash flows from investing activities: Capital expenditures (1,646 ) (8,622 ) Advances to affiliates (2,310 ) (8,226 ) Proceeds from sale of marketable securities — 45 Proceeds from sale of shares in equity method investments — 49,103 Additions to equity method investments (5,129 ) (14,966 ) Net cash (used in) provided by investing activities (9,085 ) 17,334 Cash flows from financing activities: Proceeds from Credit Facility 14,116 — Settlements of Credit Facility (14,116 ) — Payments of debt obligations and insurance premiums financed (828 ) (651 ) Payments to tax authorities for employee stock-based compensation (525 ) (654 ) Net cash used in financing activities (1,353 ) (1,305 ) Net decrease in cash (31,766 ) (12,752 ) Cash and cash equivalents at beginning of period 87,840 71,730 Cash and cash equivalents at end of period $ 56,074 $ 58,978 Article content Non-GAAP Financial Measures Article content 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. Article content The following are non-GAAP financial measures for Piedmont: Article content Adjusted net (loss) income Article content 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 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. Article content Adjusted diluted earnings per share (or adjusted diluted EPS) Article content 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 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. Article content EBITDA Article content is defined as net income (loss) before interest expenses, income tax expense, and depreciation. Article content Adjusted EBITDA Article content 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 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. Article content Below are reconciliations of non-GAAP financial measures on a consolidated basis for adjusted net (loss) income, adjusted diluted EPS, EBITDA, and adjusted EBITDA. Article content ______________________________________________________ (1) Loss (gain) on equity securities represents realized and unrealized gains on our equity security holdings in Atlantic Lithium and Ricca Resources. (2) 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. (3) Restructuring charges relate to severance and reorganization related costs and exit costs related to our 2024 Cost Savings Plan. (4) Other costs include legal and transactional costs related to certain strategic transactions and shelf registration costs. (5) No income tax impacts have been given to any items that were recorded in jurisdictions with full valuation allowances. Article content Three Months Ended (in thousands) June 30, 2025 March 31, 2025 June 30, 2024 Net loss $ (9,738 ) $ (15,631 ) $ (13,332 ) Interest income, net (5 ) (139 ) (577 ) Income tax benefit — — (2 ) Depreciation and amortization 56 — 75 EBITDA (9,687 ) (15,707 ) (13,836 ) Loss on sale of assets 132 80 656 Loss (gain) on equity securities (1) 304 3,640 (210 ) Loss from foreign currency exchange (2) (290 ) 195 (158 ) Restructuring charges (3) 401 283 314 Other costs (4) 1,459 1,369 81 Adjusted EBITDA $ (7,681 ) $ (10,140 ) $ (13,153 ) Article content ______________________________________________________ (1) Loss (gain) on equity securities represents realized and unrealized gains on our equity security holdings in Atlantic Lithium and Ricca Resources. (2) 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. Article content Article content Article content Article content Article content Contacts Article content Michael White Article content Article content Chief Financial Officer Article content Article content Article content E: Article content mwhite@ Article content John Koslow Article content Article content Investor Relations Article content Article content Article content Article content
The Hindu
24-06-2025
- Business
- The Hindu
NAL transfers environment-friendly solar absorber coating technology to Mysuru startup
National Aerospace Laboratories (CSIR-NAL) announced the successful technology transfer of its next-generation solar absorber coating, NALSUN-NG, to Helix Solar Private Limited, an emerging clean-tech startup based in Mysuru. On June 23, NAL said the technology enables domestic manufacturing of flat plate solar water heaters, potentially reducing monthly imports of five to six lakh evacuated tube collectors. NALSUN-NG is a breakthrough graphene oxide-based solar selective coating, specifically engineered for photothermal applications, such as solar water heaters. Developed entirely in-house by NAL, it is the first eco-friendly, water-based coating of its kind in India. Unlike traditional coatings that rely on volatile organic compounds (VOCs) and flammable solvents, NALSUN-NG uses only non-toxic, RoHS- and REACH-compliant inorganic materials. Most current commercial coatings use capital-intensive physical vapor deposition (PVD) techniques, or contain harmful VOCs. In contrast, NALSUN-NG requires minimal investment in infrastructure, has no flammable components, and poses no effluent treatment challenges making it ideal for local manufacturing and rural deployment. The coating has undergone rigorous testing aligned with ASTM and International Energy Agency (IEA) standards. It is certified by NABL-accredited laboratories, and its intellectual property is protected under Indian and international patents. With a lifespan exceeding 20 years, NALSUN-NG is trademarked and has already been successfully commercialised. This transfer marks the second successful licensing of the NALSUN-NG technology, following its earlier adoption by an industry partner where it has already been commercialised and integrated into solar thermal systems.
United News of India
16-06-2025
- General
- United News of India
Seat malfunction may have caused AI crash: Expert
Bengaluru, June 16 (UNI) Aviation expert Shaligram Muralidhar, who is a retired deputy director of the National Aerospace Laboratories (NAL), said on Monday a possible mechanical failure in the pilot's seat might have contributed to the recent plane crash in Ahmedabad, calling it an emerging theory in addition to the earlier suspicion of fuel contamination. In an interview with UNI, Muralidhar explained that aircraft pilot seats are designed to move both forward-backward and side-to-side to ensure proper access to flight controls. These seats are held in place by a latching mechanism, typically secured by a pin. 'It is suspected that the locking pin may have been broken or defective. During takeoff, when the pilot applied full power, the seat might have slid backward due to acceleration. As a result, the pilot's hand, which was on the throttle lever, could have unintentionally pulled it back to idle,' he said. This sudden reduction in power during the rotation phase of takeoff could have led to a catastrophic loss of thrust, preventing the aircraft from gaining the necessary lift, Muralidhar added. He also recalled a similar incident involving a Boeing 737, where a seat malfunction during takeoff led to a throttle rollback. In that case, the aircraft sustained damage and had to be called back mid-air. Emphasising that this remains a probable cause and not a confirmed one, Muralidhar said the actual sequence of events can only be established after analysing the Digital Flight Data Recorder (DFDR). 'Only the DFDR data can confirm if the throttle lever was pulled back due to the seat movement. Until then, this remains one of the possible scenarios under technical scrutiny,' he said. The investigation into the crash is ongoing. UNI BDN PRS
Canada Standard
14-06-2025
- General
- Canada Standard
Expert discusses possibility of
Chennai (Tamil Nadu) [India], June 14 (ANI): Former Deputy Director of the National Aerospace Laboratories (NAL), Saligram J. Murlidhar, called the Ahmedabad plane crash one of the most unfortunate incidents in India's recent history, and raised the possibility of fuel contamination as a major factor behind the tragic incident. Speaking to ANI, Saligram J. Murlidhar said, 'The Ahmedabad plane crash was one of the most unfortunate incidents in Indian recent history. The aircraft is a Boeing Dreamliner. It is one of the most ultramodern aircraft with all the safety precautions, navigation, and it is almost foolproof.' According to Murlidhar, the aircraft carried more than 35 tons of fuel, and its inability to gain altitude suggested a major technical failure. He explained that authorities were trying to locate the Flight Data Recorder (FDR) and the Cockpit Voice Recorder (CVR) to analyse the final moments of the flight. 'The first thing they have to do is to locate the Flight Data Recorder (FDR). They have to pull out the memory card from the FDR, mount it on a healthy unit, which can be replayed, and then download the data to a computer to start your analysis. Similarly, you get the data from the Cockpit Voice Recorder (CVR) and you try to synchronise those two to see what the conversation that has taken place, and then you try to correlate the root cause of this crash,' Murlidhar explained. Murlidhar ruled out a bird strike as a possibility for both engines failing simultaneously, stating that such an event would not have affected both engines at once. 'If we look into the possibility of both the engines malfunctioning, it cannot be due to a bird strike because if it is due to a bird strike, then you will get some arcing sparking and smoke and both the engines will not encounter the bird strike at the same time,' he noted. The expert suggested that fuel contamination may have been the cause of the crash, as it could lead to a thrust loss or power failure in both engines. 'One of the reasons that can cause thrust loss, power loss, which prevented the aircraft from climbing, is fuel contamination. So if the fuel is contaminated, both engines will behave the same way, and the thrust generated is less, and the aircraft could not sustain the climb rate. It descended and it fell because it contained more than 35 tons of fuel to reach London. The moment it crashed, there was a big, huge fireball,' he added. On Thursday, the Al-171 Boeing Dreamliner 787-8 aeroplane bound for London's Gatwick had crashed shortly after it took off from the Ahmedabad International Airport. The airlines said only one out of the 242 people on board the aircraft survived the crash. The aircraft was piloted by Captain Sumeet Sabharwal, a Line Training Captain with 8,200 hours of flying experience, assisted by First Officer Clive Kundar, who had logged 1,100 flying hours. According to Air Traffic Control (ATC), the aircraft departed from Ahmedabad at 1339 IST (0809 UTC) from runway 23. It made a Mayday call to ATC, but thereafter, the aircraft did not respond to the calls. Immediately after departing Runway 23, the aircraft crashed outside the airport perimeter, and heavy black smoke began emanating from the accident site. There were 169 Indian nationals, 53 British nationals, seven Portuguese nationals, and one Canadian national on board the crashed plane, airline authorities said. (ANI)
