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Piedmont hits record lithium production in Quebec in Q1

ASX News, Materials
ASX:PLL      MCAP $92.88M
10 May 2024 10:18 (AEDT)

Piedmont Lithium headquarters in the US. Source: Piedmont Lithium

US supplier Piedmont Lithium Inc (ASX:PLL) has ended the first quarter of 2024 with several milestones under its belt, including record quarterly production from its North American Lithium (NAL) operation in Quebec, almost doubling its working capital compared to the end of 2023, and the issuing of a mining permit for Carolina Lithium.

NAL – which is the largest spodumene operation in North America – produced 40,439 dry metric tons of spodumene concentrate in the first quarter of 2024, with lithium recoveries reaching 69 percent in March, which exceeded plans and set a new monthly record.

Also completed at the operation – which Piedmont owns jointly with Sayonara Mining Ltd- was the construction of a storage dome for crushed ore, with commissioning to be advanced during the second quarter of this year.

This is expected to support an increase in production and reduction in NAL’s
unit operating costs, with full run-rate production to be achieved in the second half of 2024.

The securing of a mining permit for Carolina Lithium – a strategic project located in North Carolina, along the country’s ‘battery belt’ – was also an important achievement for the company, which is now looking ahead to engagement with interested parties in relation to funding, with these including government loan agencies and other strategic partners.

Working capital at the end of March was US$71.4 million,, a number which had doubled since the end of 2024.

Piedmont President and CEO Keith Phillips said he was pleased with the achievements in both the US and Canada.

“NAL achieved records in both safety performance and production in Q1’24, and the outlook is promising with the commissioning of the crushed ore dome currently underway,” he said.

“2024 will be a year of two halves, with Piedmont shipments expected to more than double from H1’24 to H2’24 as we begin to emphasize shipments to core customers under long-term agreements, and Piedmont capital expenditures and investment in affiliates to fall by over 50% in H2’24 vs H1’24.

“We will now focus our efforts on aggressively pursuing strategic partnering and other funding conversations for our foundational asset.”

Piedmont Lithium has been trading at 20.5c.

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