Piedmont Lithium (“Piedmont” or the “Company”) (Nasdaq: PLL; ASX: PLL), a leading North American supplier of lithium essential for the U.S. electric vehicle supply chain, has announced its operational results for Q2 2024. During this period, the Company shipped approximately 14,000 dry metric tons (dmt) of spodumene concentrate as part of its joint venture, North American Lithium (“NAL”), which set new quarterly production and operational records. NAL, the largest spodumene mine in North America, is co-owned by Piedmont (25%) and Sayona Mining Limited (75%) (ASX: SYA).
Piedmont’s NAL offtake agreement targets shipments of around 96,500 dmt of spodumene concentrate in the second half of 2024 to meet a full-year goal of approximately 126,000 dmt, depending on shipping logistics, port conditions, and customer needs. As NAL approaches its full production run rate for the second half of the year, Piedmont is focusing on fulfilling contract customer shipments. In Q2 2024, NAL produced 49,660 dmt and shipped 27,729 dmt, with approximately 14,000 dmt sold to Piedmont and dispatched to customers. An additional shipment of 14,000 dmt was delayed from late Q2 to early Q3 2024 due to port logistical issues.
NAL’s quarterly production increased by nearly 23% compared to the previous quarter. Recovery rates improved to 68% during Q2, and mill utilization rose to 83%, a 10% increase despite planned downtime in April for the crushed ore dome tie-in. In June, mill utilization hit a record 91%, and operations set a single-day production record of 919 dmt of spodumene concentrate. Unit operating costs decreased by 2% quarter-over-quarter based on tons sold. The commissioning of the crushed ore dome, completed in Q2, is expected to further enhance production and utilization rates.
Keith Phillips, President and CEO of Piedmont Lithium, commented, “NAL is a strategic asset with outstanding operational performance as it ramps up to steady-state production. With ongoing production records and recent high-grade drill results from the 2023-2024 campaign, NAL shows significant progress and future potential.” He also expressed enthusiasm about increasing shipments to contract customers in the second half of the year and welcomed Mr. Lucas Dow as the new Managing Director and CEO of Sayona Mining, thanking Mr. James Brown for his prior leadership.
