Belmont, North Carolina, August 29, 2025 – Piedmont Lithium Inc. (“Piedmont,” the “Company”) (Nasdaq: PLL; ASX: PLL), a leading North American supplier of lithium products critical to the U.S. electric vehicle supply chain, today announced the successful completion of the merger with Sayona Mining Limited (“Sayona”) (Nasdaq: ELVR; ASX: SYA; OTCQB: SYAXF) (the “Merger”) following approval by shareholders of both companies and the satisfaction of all closing conditions.
The combined company, named Elevra Lithium, brings together complementary assets and creates one of the largest hard-rock lithium platforms. As a current supplier of critical lithium resources with a globally significant portfolio of development stage projects, Elevra is well positioned to supply the growing demand from global energy transition.
“This is a transformative milestone for our shareholders, employees, and partners,” said Keith Phillips, President and Chief Executive Officer of Piedmont Lithium. “The combination with Sayona significantly strengthens our global footprint, enhances scale, and positions us to be a leading supplier of lithium resources to the growing EV and stationary storage supply chains. We are excited to move forward as a combined company with Sayona and to build long-term value for all stakeholders.”
In connection with the completion of the Merger, Piedmont’s common stock and Chess Depositary Interests (“CDIs”) will be delisted from the Nasdaq and the Australian Securities Exchange, respectively. Holders of Piedmont Lithium common stock (Nasdaq: PLL) will receive 0.35133 American Depositary Shares (Nasdaq: ELVR), representing 527 Sayona ordinary shares, for each share of Piedmont common stock held. Holders of Piedmont CDIs (ASX: PLL) will receive 5.27 Sayona ordinary shares (ASX: SYA) for each CDI held. Any fractional shares issuable will be rounded up to the nearest whole share.
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.
1 Sayona Closing Share Price and Foreign Exchange Rate Converting AUD to USD sourced from Factset as of August 29, 2025. ↑
Belmont, North Carolina, August 22, 2025 – Piedmont Lithium Inc. (“Piedmont,” the “Company”) (Nasdaq: PLL; ASX: PLL), a leading North American supplier of lithium products critical to the U.S. electric vehicle supply chain,is pleased to announce the results of its Special Meeting of Stockholders held virtually on August 22, 2025 (the “Meeting”), at which the stockholders approved all proposals presented by the Company.
All proposals described in the Company’s proxy statement dated June 20, 2025 (the “Proxy Statement”) were approved by the affirmative vote of at least a majority of the voting power of shares of common stock present or represented at the Meeting and entitled to vote on the proposal.
“This merger marks a defining moment for Piedmont,” said Keith Phillips, President and CEO of Piedmont. “Together, we will create a stronger, simpler company with the scale and resources to become one of the leading lithium suppliers. I am proud of what we’ve built and grateful to our shareholders, employees, and partners for their continued support as we join with Sayona Mining to form Elevra Lithium.”
Voting results are provided in the tables that follow. All resolutions were decided by a poll. The information required by ASX Listing Rule 3.13.2 is contained in the Appendix to this announcement.
1. To adopt the Agreement and Plan of Merger, dated as of November 18, 2024 (as it may be further amended from time to time, the “merger agreement”), by and among Sayona Mining Limited, Shock MergeCo Inc., and Piedmont Lithium Inc. (Proposal 1):
Votes For
Votes Against
Abstentions
Broker Non-Votes
11,550,191
268,133
95,966
0
2. To approve, on a non-binding, advisory basis, the compensation that will or may become payable by Piedmont to its named executive officers in connection with the merger contemplated by the merger agreement (Proposal 2):
Votes For
Votes Against
Abstentions
Broker Non-Votes
10,019,237
1,451,239
443,814
0
3. To postpone or adjourn the Special Meeting, from time to time, to a later date or dates, if necessary or appropriate, including to solicit additional proxies if there are insufficient votes to adopt the merger agreement at the time of the Special Meeting (Proposal 3):
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 Statement Regarding Forward-Looking Information
This communication contains forward-looking statements within the meaning of or as described in securities legislation in the United States and Australia, including statements regarding the proposed merger, and any assumptions underlying the proposed merger, are forward-looking statements. 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.
The accuracy of such statements is subject to a number of risks, uncertainties and assumptions including, but are not limited to, the following factors: the risk that the conditions to the closing of the Company’s proposed merger with Sayona Mining Limited are not satisfied, the risk that required approvals from Piedmont stockholders or from Australian regulators (including from the Australian court hearing) are not obtained; litigation relating to the merger; uncertainties as to the timing of the consummation of the merger and the ability of Piedmont to consummate the merger; risks that the proposed merger disrupts the current plans or operations of Piedmont; the ability of Piedmont to retain and hire key personnel; competitive responses to the proposed merger; unexpected costs, charges or expenses resulting from the merger; potential adverse reactions or changes to relationships with customers, suppliers, distributors and other business partners resulting from the announcement or completion of the merger; Piedmont’s ability to achieve the synergies expected from the merger, as well as delays, challenges and expenses associated with integrating the existing businesses; the impact of overall industry and general economic conditions, including inflation, interest rates and related monetary policy by governments in response to inflation; ability of Piedmont to commercially extract mineral deposits; 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); uncertainty about Piedmont’s ability to obtain required capital to execute its business plan; changes in the market prices of lithium and lithium products; changes in technology or the development of substitute products; geopolitical events, and regulatory, economic and other risks associated therewith, as well as broader macroeconomic conditions. Other factors that might cause such a difference include those discussed in Piedmont’s filings with the Securities and Exchange Commission (the “SEC”), which include its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and in the Proxy Statement filed in connection with the proposed merger. For more information, see the section entitled “Risk Factors” and the forward-looking statements disclosure contained in Piedmont’s Annual Reports on Form 10-K and in other filings. The forward-looking statements included in this communication are made only as of the date hereof and, except as required by the ASX Listing Rules, federal securities laws and rules and regulations of the SEC, Piedmont undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Appendix – Results of Piedmont Lithium Inc.’s 2025 Special Meeting of Stockholders – 22 August 2025
The following information is provided in accordance with ASX Listing Rule 3.13.2:
Resolution
Number of Valid Proxy Votes Received Before the Meeting
Number and Percentage of Votes on the Poll
Result
For
Against
Abstain
Proxy’s Discretion
For
Against
Abstain
1. To adopt the Agreement and Plan of Merger, dated as of November 18, 2024 (as it may be further amended from time to time, the “merger agreement”), by and among Sayona Mining Limited, Shock MergeCo Inc., and Piedmont Lithium Inc.
11,550,191
268,133
95,966
Nil
11,550,191
96.94%
268,133
2.25%
95,966
0.81%
Approved
2. To approve, on a non-binding, advisory basis, the compensation that will or may become payable by Piedmont to its named executive officers in connection with the merger contemplated by the merger agreement.
10,019,237
1,451,239
443,814
Nil
10,019,237
84.09%
1,451,239
12.18%
443,814
3.73%
Approved
3. To postpone or adjourn the Special Meeting, from time to time, to a later date or dates, if necessary or appropriate, including to solicit additional proxies if there are insufficient votes to adopt the merger agreement at the time of the Special Meeting.
The Special Meeting of Stockholders has not reached the required quorum; 47.05% of shares outstanding voted in favor of proposed merger
Shareholders are strongly encouraged to vote; merger cannot move forward without shareholder approval
Special Meeting of Stockholders adjourned to Friday, August 22, 2025 to allow shareholders more time to vote
Belmont, North Carolina, August 11, 2025 – Piedmont Lithium Inc. (“Piedmont,” the “Company”) (Nasdaq: PLL; ASX: PLL), a leading North American supplier of lithium products critical to the U.S. electric vehicle supply chain, today announced that after convening the Company’s 2025 Special Meeting of Stockholders (the “Special Meeting”) virtually on Monday, August 11, 2025 at 11 a.m. Eastern Time, the Company adjourned the Special meeting until Friday, August 22, 2025 at 11 a.m. Eastern Time. Piedmont Lithium will be holding its adjourned Special Meeting in virtual-only format, by way of webcast, and no physical or in-person meeting will be held.
“With 47.05% of the shares outstanding and 97.77% of the votes case in favor of the proposed merger with Sayona, we’ve seen meaningful progress and continued strong support for the proposal over the last week,” said Keith Phillips, President and CEO of Piedmont Lithium. “However, the fact remains that we have not received votes from the majority of the shares outstanding needed to approve the transaction. This merger cannot move forward without shareholder approval, and we urge every shareholder that has not yet voted to do so as soon as possible.”
VOTING INSTRUCTIONS FOR COMMON STOCKHOLDERS:
Online – Visit www.proxyvote.com and enter the control number provided with your proxy card.
By Phone – If you do not know your control number, call (855) 206-1066
VOTING INSTRUCTIONS FOR CHESS DEPOSITARY INTERESTS (“CDIs”) HOLDERS:
Provide your SRN/HIN and postcode or country of residence
By Phone – Call 1300-237-569 (within Australia) or +61-2-9066-4055 (outside Australia)
At the time of the Special Meeting on August 11, a total of 10,645,325 shares of the Company’s common stock, or 48.50% of the common stock outstanding and entitled to vote as of June 16, 2025 (including shares of common stock underlying CDIs), the record date for the Special Meeting (the “Record Date”), were present at the Special Meeting, either virtually or represented by proxy, which fell short of the majority of shares of common stock outstanding and entitled to vote required to reach quorum. For the sole reason of the lack of quorum, the Company adjourned the Special Meeting to provide the Company’s stockholders additional time to vote their shares.
The preliminary voting tabulation, as of the time of the August 11 Special Meeting, is set forth below. As a reminder, the polls remain open and we encourage all stockholders to vote their shares if they have not already done so. Details of the final voting results, including votes validly received at the adjourned Special Meeting, will be tabulated and included with the official minutes of the Special Meeting and will be available for all stockholders in our filings with the U.S. Securities and Exchange Commission within four business days.
1. To adopt the Agreement and Plan of Merger, dated as of November 18, 2024 (as it may be further amended from time to time, the “Merger Agreement”), by and among Sayona Mining Limited, Shock MergeCo Inc., and Piedmont Lithium Inc. (Proposal 1):
Votes For
Votes Against
Abstentions
Broker Non-Votes
10,326,253
235,359
83,713
0
2. To approve, on a non-binding, advisory basis, the compensation that will or may become payable by Piedmont to its named executive officers in connection with the merger contemplated by the merger agreement (Proposal 2):
Votes For
Votes Against
Abstentions
Broker Non-Votes
9,063,556
1,238,402
343,367
0
3. To postpone or adjourn the Special Meeting, from time to time, to a later date or dates, if necessary or appropriate, including to solicit additional proxies if there are insufficient votes to adopt the merger agreement at the time of the Special Meeting (Proposal 3):
Votes For
Votes Against
Abstentions
Broker Non-Votes
9,710,806
678,553
255,966
0
We encourage all stockholders to actively take steps to vote their shares. See below under “How do I vote” for instructions on how to vote if you have not already voted.
We encourage all stockholders and interested parties to refer to the Proxy Statement which can be found on our website at www.piedmontlithium.com. You can also find our proxy materials, including our proxy statement dated June 20, 2025 (the “Proxy Statement”) on our website in the “Investors” section under “Financials and Reports.” The Proxy Statement is also available at www.proxyvote.com.
How can I participate in the adjourned virtual Special Meeting?
Stockholders of record as of the close of business on the Record Date are entitled to participate in and vote at the adjourned virtual Special Meeting on August 22, 2025 at 11 a.m. Eastern Time. To participate in the adjourned Special Meeting, including to vote, ask questions and view the list of registered stockholders as of the Record Date during the meeting, stockholders of record should go to the same meeting website at www.virtualshareholdermeeting.com/PLL2025, enter the 16-digit control number found on your proxy card or Notice of Internet Availability of Proxy Materials (the “Notice”) and follow the instructions on the website. If your shares are held in street name and your voting instruction form or Notice indicates that you may vote those shares through www.proxyvote.com, then you may access, participate in and vote at the adjourned Special Meeting with the 16-digit access code indicated on that voting instruction form or Notice. Otherwise, stockholders who hold their shares in street name should contact their bank, broker or other nominee (preferably at least five days before the adjourned Special Meeting) and obtain a “legal proxy” in order to be able to attend, participate in or vote at the adjourned Special Meeting.
The meeting webcast will begin promptly at 11 a.m. Eastern Time. Online check-in will begin approximately 15 minutes before then, and we encourage you to allow ample time for check-in procedures. If you experience technical difficulties during the check-in process or during the meeting, please call the number listed on the meeting website for technical support. Additional information regarding the rules and procedures for participating in the adjourned Special Meeting will be set forth in our meeting rules of conduct, which stockholders can view during the meeting at the meeting website. Regardless of whether you plan to participate in the adjourned Special Meeting, it is important that your shares be represented and voted. Accordingly, we encourage you to vote in advance of the adjourned Special Meeting.
How do I vote?
Full details on how to vote, change or revoke a vote, appoint a proxyholder, attend the adjourned virtual Special Meeting, ask questions and other general proxy matters are available in the Proxy Statement, available on the Company’s website or the sec.gov website.
The record date for determining stockholders and CDI holders eligible to vote at the Special Meeting will remain the close of business on June 16, 2025. Stockholders and CDI holders who have already submitted a valid proxy or in the case of CDI holders, a CDI voting instruction form, do not need to vote again for the adjourned Special Meeting, as the proxies and CDI voting instructions submitted will remain valid. Stockholders and CDI holders who have already submitted a proxy or CDI voting instruction form and want to change their vote, can update their vote in the manner set forth in the Proxy Statement. CDI holders can either lodge a new CDI voting instruction form provided by the Company’s share registry or by using the original CDI voting instruction form which was sent to CDI holders with the Proxy Statement.
Your vote will be recorded at the adjourned Special Meeting in accordance with your most recently submitted proxy or CDI voting instruction form. Stockholders and CDI holders who have already submitted a proxy or CDI voting instruction form and do not wish to change their voting instruction do not need to take any action.
Piedmont Lithium stockholders and CDI holders as of close of business on the Record Date who have not voted are encouraged to vote by following the instructions in the Proxy Statement. Stockholders that need assistance voting or have questions may contact the Company’s proxy solicitation firm, Morrow Sodali, at PLL@investor.sodali.com.
Previously, the voting cut-off date for CDI holders was 7 a.m. Australian Eastern Standard Time, Thursday, August 7, 2025. Due to the adjournment of the Special Meeting, the voting cut-off time for CDI holders has now been extended to Wednesday, August 20, 2025 at 7 a.m. Australian Eastern Standard Time. CDI voting instruction forms received later than this time will be invalid.
Whether or not you plan to attend the adjourned virtual Special Meeting, we urge you to vote and submit your proxy or CDI voting instruction form in advance of the Special Meeting by one of the methods described in the Proxy Statement found on our corporate website.
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.
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
Belmont, North Carolina, August 7, 2025 – 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% Li2O) 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 20251. 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.
Proposed Merger of Piedmont Lithium and Sayona Mining
Piedmont Lithium and Sayona signed a definitive merger agreement on November 18, 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 Li2O 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.
Second Quarter and Recent Business Highlights
Piedmont Lithium
Shipped approximately 20,200 dmt (~5.3% Li2O) 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.
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: https://www.asx.com.au/markets/company/sya
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 STATEMENTS OF OPERATIONS
(In thousands, except per share amounts) (Unaudited)
PIEDMONT LITHIUM INC. CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts) (Unaudited)
PIEDMONT LITHIUM INC. CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) (Unaudited)
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.
Adjusted Net Loss and Adjusted Diluted EPS
(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.
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.
BELMONT, North Carolina, July 31, 2025 (BUSINESS WIRE) – Piedmont Lithium Inc. (“Piedmont Lithium” or the “Company”) (NASDAQ: PLL) (ASX: PLL) today announced that after convening the Company’s 2025 Special Meeting of Stockholders (the “Special Meeting”) virtually on Thursday, July 31, 2025, at 11 a.m. Eastern Time, the Company adjourned the Special Meeting until Monday, August 11, 2025 at 11 a.m. Eastern Time. Piedmont Lithium will also be holding its adjourned Special Meeting in a virtual-only format, by way of webcast, and no physical or in-person meeting will be held.
“Piedmont requires that a majority of the shares outstanding vote in favor of the merger in order to proceed with the proposed combination with Sayona Mining, so we strongly encourage all shareholders to vote regardless of the number of shares you own,” said Keith Phillips, President and CEO of Piedmont Lithium. “We appreciate the strong support shareholders have shown for the merger with 97.86% of the votes cast in favor of the transaction, which speaks to the merits of the transformational deal that strengthens our position in the lithium supply chain and creates long-term value for all shareholders.”
At the original scheduled time of the Special Meeting, a total of 9,113,332 shares of the Company’s common stock, or 41.52% of the common stock outstanding and entitled to vote as of June 16, 2025 (including shares of common stock underlying CHESS Depositary Interests (“CDIs”)), the record date for the Special Meeting (the “Record Date”), were present at the Special Meeting, either virtually or represented by proxy, which fell short of the majority of shares of common stock outstanding and entitled to vote required to reach quorum as greater than 50% of the outstanding shares are needed for the proposals to pass. For the sole reason of the lack of quorum, the Company adjourned the Special Meeting to provide the Company’s stockholders additional time to vote their shares.
The preliminary voting tabulation, as of the original scheduled time of the Special Meeting, is set forth below. As a reminder, the polls remain open and we encourage all stockholders to vote their shares if they have not already done so. Details of the final voting results, including votes validly received at the adjourned Special Meeting, will be tabulated and included with the official minutes of the Special Meeting and will be available for all stockholders in our filings with the U.S. Securities and Exchange Commission within four business days.
1. To adopt the Agreement and Plan of Merger, dated as of November 18, 2024 (as it may be further amended from time to time, the “Merger Agreement”), by and among Sayona Mining Limited, Shock MergeCo Inc., and Piedmont Lithium Inc. (Proposal 1):
Votes For
Votes Against
Abstentions
Broker Non-Votes
8,846,660
192,655
74,017
0
2. To approve, on a non-binding, advisory basis, the compensation that will or may become payable by Piedmont to its named executive officers in connection with the merger contemplated by the merger agreement. (Proposal 2):
Votes For
Votes Against
Abstentions
Broker Non-Votes
7,618,002
1,270,705
224,625
0
3. To postpone or adjourn the Special Meeting, from time to time, to a later date or dates, if necessary or appropriate, including to solicit additional proxies if there are insufficient votes to adopt the merger agreement at the time of the Special Meeting (Proposal 3):
Votes For
Votes Against
Abstentions
Broker Non-Votes
8,320,364
580,557
212,411
0
We encourage all stockholders to actively take steps to vote their shares. See below under “How do I vote?” for instructions on how to vote if you have not already voted.
We also encourage all stockholders and interested parties to refer to the Proxy Statement which can be found on our website at www.piedmontlithium.com. You can also find our proxy materials, including our proxy statement dated June 20, 2025 (the “Proxy Statement”) on our website in the “Investors” section under “Financials and Reports.” The Proxy Statement is also available at www.proxyvote.com.
How can I participate in the adjourned virtual Special Meeting?
Stockholders of record as of the close of business on the Record Date are entitled to participate in and vote at the adjourned virtual Special Meeting. To participate in the adjourned Special Meeting, including to vote, ask questions and view the list of registered stockholders as of the Record Date during the meeting, stockholders of record should go to the same meeting website at www.virtualshareholdermeeting.com/PLL2025, enter the 16-digit control number found on your proxy card or Notice of Internet Availability of Proxy Materials (the “Notice”) and follow the instructions on the website. If your shares are held in street name and your voting instruction form or Notice indicates that you may vote those shares through www.proxyvote.com, then you may access, participate in and vote at the adjourned Special Meeting with the 16-digit access code indicated on that voting instruction form or Notice. Otherwise, stockholders who hold their shares in street name should contact their bank, broker or other nominee (preferably at least five days before the adjourned Special Meeting) and obtain a “legal proxy” in order to be able to attend, participate in or vote at the adjourned Special Meeting.
The meeting webcast will begin promptly at 11 a.m. Eastern Time. Online check-in will begin approximately 15 minutes before then, and we encourage you to allow ample time for check-in procedures. If you experience technical difficulties during the check-in process or during the meeting, please call the number listed on the meeting website for technical support. Additional information regarding the rules and procedures for participating in the adjourned Special Meeting will be set forth in our meeting rules of conduct, which stockholders can view during the meeting at the meeting website. Regardless of whether you plan to participate in the adjourned Special Meeting, it is important that your shares be represented and voted. Accordingly, we encourage you to vote in advance of the adjourned Special Meeting.
How do I vote?
Full details on how to vote, change or revoke a vote, appoint a proxyholder, attend the adjourned virtual Special Meeting, ask questions and other general proxy matters are available in the Proxy Statement, available on the Company’s website or the sec.gov website.
The record date for determining stockholders and CDI holders eligible to vote at the Special Meeting will remain the close of business on June 16, 2025. Stockholders and CDI holders who have already submitted a valid proxy or in the case of CDI holders, a CDI voting instruction form, do not need to vote again for the adjourned Special Meeting, as the proxies and CDI voting instructions submitted will remain valid. Stockholders and CDI holders who have already submitted a proxy or CDI voting instruction form and want to change their vote, can update their vote in the manner set forth in the Proxy Statement. CDI holders can either lodge a new CDI voting instruction form provided by the Company’s share registry or by using the original CDI voting instruction form which was sent to CDI holders with the Proxy Statement.
Your vote will be recorded at the adjourned Special Meeting in accordance with your most recently submitted proxy or CDI voting instruction form. Stockholders and CDI holders who have already submitted a proxy or CDI voting instruction form and do not wish to change their voting instruction do not need to take any action.
Piedmont Lithium stockholders and CDI holders as of close of business on the Record Date who have not voted are encouraged to vote by following the instructions in the Proxy Statement. Stockholders that need assistance voting or have questions may contact the Company’s proxy solicitation firm, Morrow Sodali, at PLL@investor.sodali.com.
Previously, the voting cut-off date for CDI holders was 7 a.m. Australian Eastern Standard Time, Friday, July 25, 2025. Due to the adjournment of the Special Meeting, the voting cut-off time for CDI holders has now been extended to Thursday, August 7, 2025 at 7 a.m. Australian Eastern Standard Time. CDI voting instruction forms received later than this time will be invalid.
Whether or not you plan to attend the adjourned virtual Special Meeting, we urge you to vote and submit your proxy or CDI voting instruction form in advance of the Special Meeting by one of the methods described in the Proxy Statement found on our corporate website.
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.
Belmont, North Carolina, July 28, 2025 – Piedmont Lithium Inc. (“Piedmont,” the “Company”) (Nasdaq: PLL; ASX: PLL), a leading North American supplier of lithium products critical to the U.S. electric vehicle supply chain, today reaffirmed its strong support for the proposed merger with Sayona Mining Limited (ASX: SYA) and reminds shareholders to vote on the proposed merger prior to the deadline of 11:59 p.m. ET on Wednesday, July 30.
The Company is pleased to report that the votes received to date have been overwhelmingly in favor of the merger. In addition, the leading U.S. and Australian independent proxy advisory firms have recommended that shareholders support all three proposals to be considered at the upcoming special meeting. For the transaction to proceed, the Company requires a majority of shares outstanding are voted in favor of the merger, so it is critical to maximize shareholder vote turnout to achieve the quorum for the upcoming meeting.
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.
Additional Information and Where to Find It
In connection with the proposed merger, Piedmont has filed with the SEC and has mailed or otherwise provided its stockholders with a proxy statement regarding the proposed merger. BEFORE MAKING ANY VOTING DECISION, PIEDMONT’S STOCKHOLDERS ARE URGED TO CAREFULLY READ THE PROXY STATEMENT IN ITS ENTIRETY AND ANY OTHER DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED MERGER OR INCORPORATED BY REFERENCE THEREIN BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER AND THE PARTIES TO THE PROPOSED MERGER. Investors and stockholders will be able to obtain free copies of these documents, and other documents containing important information about Piedmont and the proposed merger through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by Piedmont will be available free of charge on our website at www.piedmontlithium.com or by contacting our Investor Relations Department by email at info@piedmontlithium.com or by phone at +1 (704) 461-8000.
Participants in the Solicitation
Piedmont and certain of its directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed merger. Information about the directors and executive officers of the company is set forth in the company’s proxy statement for its 2024 annual meeting of stockholders, which was filed with the SEC on April 28, 2023, and the company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the SEC on February 26, 2025. You can obtain a free copy of these documents from the company using the contact information above. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, are contained in the proxy statement and other relevant materials filed with the SEC regarding the proposed merger. Investors should read the proxy statement carefully before making any voting decisions. You may obtain free copies of these documents from the company using the contact information indicated above.
No Offer or Solicitation
This communication is for information purposes only and is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the proposed merger or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. The proposed merger will be implemented solely pursuant to the terms and conditions of the merger agreement, as amended, which contain the full terms and conditions of the proposed merger.
Belmont, North Carolina, May 28, 2025 – Piedmont Lithium Inc. (“Piedmont,” the “Company”) (Nasdaq: PLL; ASX: PLL), a leading North American supplier of lithium products critical to the U.S. electric vehicle supply chain, today announced that shares of Vinland Lithium Inc. (“Vinland”) (TSX Venture: VLD) began trading on the TSX Venture Exchange (“TSXV”). Piedmont beneficially owns or exercises control or direction over 2,000,000 shares of Vinland through the wholly owned subsidiary Piedmont Lithium Newfoundland Holdings LLC (“Piedmont Newfoundland”), which represents 19.90% of the 10,050,252 shares issued and outstanding.
The following disclosure is being provided under the early warning provisions of Canadian securities legislation.
Following the completion of a qualifying transaction by way of a plan of arrangement transaction whereby each of Benton Resources Inc. (“Benton”) and Sokoman Minerals Corp. (“Sokoman”) spun off 2,000,000 common shares of Vinland to their respective shareholders, Vinland became a reporting issuer in the provinces of Alberta and British Columbia.
Piedmont, through Piedmont Newfoundland, subscribed for 2,000,000 Class B shares of Vinland at a price of C$1 per share through a private placement on October 11, 2023 and exchanged its Class B shares for common shares on a one-for-one basis as of June 30, 2024. The aggregate consideration for the 2,000,000 common shares was C$2,000,000.
The common shares of Vinland were acquired by Piedmont for general investment purposes. Depending on various factors, including, without limitation, market conditions, general economic and industry conditions, and/or any other factors that Piedmont may deem relevant, Piedmont may take such actions with respect to their investment in Vinland as it deems appropriate. This includes, without limitation, acquiring additional common shares, exchanging, selling, distributing the common shares of Vinland to shareholders of Piedmont or otherwise disposing of securities in Vinland, subject to applicable laws, the TSXV escrow policies and the contractual resale restrictions described below.
An aggregate of 6,128,985 common shares of Vinland (the “Escrow Securities”) held by Benton, Sokoman, Piedmont and the directors and officers of Vinland were deposited in escrow with Computershare Investor Services Inc., including the 2,000,000 common shares of Vinland held by Piedmont, pursuant to a 36-month value security escrow agreement. The Escrow Securities will be released as follows: 10% of the Escrow Securities upon the date of issuance of the final TSXV bulletin and an additional 15% of the Escrow Securities every 6 months thereafter until all Escrow Securities have been released (36 months following the date of issuance of the final TSXV bulletin).
Vinland is located at 2110, 650 West Georgia Street, Vancouver, British Colombia, V6B 4N8, Canada. Piedmont and Piedmont Newfoundland are located at 42 E Catawba Street, Belmont, North Carolina, 28012, United States of America. A copy of the early warning report will be made available on Piedmont’s SEDAR+ profile at www.sedarplus.ca and may also be obtained by contacting:
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.
PIEDMONT LITHIUM INC. “signed” Bruce Czachor, Executive Vice President and Chief Legal Officer
This press release contained “forward-looking information” and “forward-looking statements” under applicable Canadian and U.S. securities laws (collectively, “forward-looking statements”). These statements related to future events of the Company’s future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management’s experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to its intentions with regards to the securities of Vinland. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “forecast”, “potential”, “target”, “intend”, “could”, “might”, “should”, “believe” and similar expressions) are not statements of historical fact and may be “forward-looking statements”. Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward-looking statements, including but not limited to, general economic conditions; actual results of exploration activities; conditions in the market for Vinland’s common shares and the equity markets in general. Although Piedmont has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company believes that the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.
Piedmont recorded Q1’25 shipments of approximately 27,000 dmt of spodumene concentrate at an average realized price of $741per dmt and revenue of $20.0 million
NAL produced 43,621 dmt in Q1’25, 80% mill utilization, and 69% lithium recovery
Piedmont had $65.4 million in cash and cash equivalents as of March 31, 2025
Merger with Sayona Mining to form Elevra Lithium advancing with an expected closing in mid-2025
Belmont, North Carolina, May 7, 2025 – 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 first quarter 2025 financial results.
Piedmont shipped approximately 27,000 dry metric tons (“dmt”) of spodumene concentrate (~5.4%> Li2>O) and recognized $20.0 million in revenue in Q1’25. The Company’s realized price per dmt was $741> in Q1’25. Piedmont expects to ship approximately 113,000 to 130,000 dmt of spodumene concentrate in 20251. Planned production at North American Lithium (“NAL”) supports the Company’s 2025 shipment guidance.
NAL produced 43,621 dmt of spodumene concentrate in Q1’25. Lithium recovery improved to 69% for the quarter, which was a new quarterly record since the restart of production in 2023, and achieved a monthly lithium recovery record of 72% in March. Mill utilization was challenged by weather-related factors and declined to 80% for the quarter. Despite the decline in quarterly production and increase in unit operating costs, NAL remains on track to meet production and unit operating cost guidance for Sayona Mining Limited’s (“Sayona”) fiscal year ending June 30, 20252.
Our joint venture Ewoyaa Lithium Project (“Ewoyaa”) in Ghana received a Water Use Permit from the Ghanaian Water Resources Commission which allows for water extraction for use at Ewoyaa. Development of the project remains subject to the outcome of the mining lease ratification, additional regulatory approvals, prevailing market conditions, and project financing.
The Company continued to execute against its plan to delay capital expenditures given current lithium market conditions. As it relates to the Carolina Lithium Project, the Company evaluated its strategic land position within the Carolina Tin-Spodumene Belt and adjusted scheduled land purchases to minimize near-term capital expenditures. In addition, Piedmont continued to advance Carolina Lithium’s air permit application and North Carolina General Stormwater permit.
“Our first quarter results reflect continued operational progress and the resilience of our team” said Keith Phillips, President and CEO of Piedmont Lithium. “We achieved record lithium recoveries at North American Lithium and the operation remains on track to meet shipment and cost guidance, despite weather-related impacts to mill utilization. In addition, we continued to take a disciplined approach to capital spending while making strong progress toward our planned merger with Sayona. We believe the proposed combination will enhance value for shareholders and position Elevra Lithium as a leading supplier to the North American battery supply chain,” added Phillips.
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 April 29, 2025.
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.
The Merger is expected to close in mid-2025, subject to stockholder approval for both companies. A proxy statement containing important information about the Merger will be sent to Piedmont stockholders and filed with the U.S. Securities and Exchange Commission.
Since the announcement, significant progress has been made in preparing for shareholder votes for Piedmont and Sayona. Recently, the companies announced:
Subject to Sayona shareholder approval, the combined company will be renamed Elevra Lithium Limited (“Elevra”) and will trade under the ticker symbol “ELV” on the ASX and ticker symbol for the American Depositary Shares (“ADS”) traded on the Nasdaq will be “ELVR”;
The nominees for the Board of Elevra, which will be constituted of 4 members from the existing Piedmont Board and 4 members of the existing Sayona Board;
Regulatory approval for the Investment Canada Act and the Hart-Scott-Rodino Act, and completion of review by the Committee on Foreign Investment in the United States;
Subject to Sayona shareholder approval, a reverse stock split to consolidate Sayona’s shares at a ratio of 1-for-150 prior to the completion of the Merger, which will update the exchange ratio to 3.5133 Sayona shares for each Piedmont Lithium share compared to the previously announced 527 Sayona shares for each Piedmont Lithium share; and
Each Sayona ADS issued in the Merger will represent 1,500 Sayona shares prior to the effect of the reverse stock split or 10 Sayona shares after the reverse stock split.
First 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 Li2O 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.
First Quarter and Recent Business Highlights
Piedmont Lithium
Shipped approximately 27,000 dmt (~5.4% Li2O) of spodumene concentrate from NAL to customers in Q1’25 and recognized >$20.0 million in revenue with an average realized sales price of $741> per dmt. On an SC6 equivalent basis, our realized price per metric ton was $823.
Piedmont continued to advance the proposed merger with Sayona and reached several milestones in preparation for the shareholder vote. In April, the companies jointly announced the combined company would be renamed Elevra and disclosed the slate of nominees for the Board of Directors which includes 4 members of Piedmont’s existing Board, including Dawne Hickton who has been nominated as the Chair Designate of Elevra.
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 Q1’25, NAL achieved quarterly production of 43,261 dmt and shipped approximately 27,000 dmt, all of which were sold to Piedmont.
Production declined approximately 15% compared to the prior quarter. The decline was primarily related to a reduction in mill utilization for the quarter, which was 80%, due to a combination of weather-related unplanned downtime and a scheduled maintenance shutdown. Lithium recovery improved modestly to 69% during the quarter and set a new monthly record of 72% in March.
In April, 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 middle of 2025.
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.
Ewoyaa Lithium Project (Ghana)
In January 2025, the Ewoyaa project was granted a Water Use Permit by the Ghanaian Water Resources Commission and Atlantic Lithium announced a JORC compliant Mineral Resource Estimate of feldspar, which is intended to supply the Ghanaian ceramics market.
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
Units
Q1’25
Q2’25
FY25
Shipments
dmt thousands
27
8 — 20
113 — 130
Capital expenditures
$ millions
1
1 — 2
4 — 6
Investments in and advances to affiliates
$ millions
1
2 — 4
7 — 13
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 8,000 to 20,000 dmt in Q2’25 and approximately 113,000 to 130,000 dmt in 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 $2 million in> capital expenditures in Q2’25, the majority of which relate to Carolina Lithium. Investments in and advances to affiliates reflect cash contributions to Sayona Quebec and advances to Atlantic Lithium for the Ewoyaa Lithium project. With continued operational discipline at NAL >and approvals at Ewoyaa ongoing, 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.
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: https://www.asx.com.au/markets/company/sya
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 STATEMENTS OF CASH FLOWS (In thousands) (Unaudited)
Three Months Ended
March 31,
2025
2024
Revenue
$ 19,996
$ 13,401
Costs of sales
19,862
12,710
Gross profit
134
691
Exploration costs
—
53
Selling, general and administrative expenses
6,771
8,094
Total operating expenses
6,771
8,147
Loss from equity method investments
(4,935)
(5,440)
Restructuring charges
(283)
(1,780)
Loss from operations
(11,855)
(14,676)
Interest income
699
827
Interest expense
(560)
(222)
Loss on sale of equity method investments
—
(13,886)
Other (loss) income
(3,915)
1,253
Total other expense
(3,776)
(12,028)
Loss before income taxes
(15,631)
(26,704)
Income tax benefit
—
(3,093)
Net loss
$ (15,631)
$ (23,611)
Basic and diluted:
Net loss per share
$ (0.71)
$ (1.22)
Weighted-average shares outstanding
21,939
19,326
March 31, 2025
December 31, 2024
Assets
Cash and cash equivalents
$ 65,390
$ 87,840
Accounts receivable
11,861
5,613
Other current assets
5,229
9,186
Total current assets
82,480
102,639
Property, plant and mine development, net
135,649
134,544
Advances to affiliates
40,498
39,548
Other non-current assets
1,454
1,519
Equity method investments
66,908
71,635
Total assets
$ 326,989
$ 349,885
Liabilities and Stockholders’ Equity
Accounts payable
$ 1,411
$ 5,239
Accrued expenses
1,878
4,313
Payables to affiliates
5,240
6,719
Current debt obligations
26,237
26,472
Other current liabilities
3,661
3,363
Total current liabilities
38,427
46,106
Long-term debt, net of current portion
3,418
3,652
Operating lease liabilities, net of current portion
817
863
Other non-current liabilities
1,036
1,017
Total liabilities
43,698
51,638
Stockholders’ equity:
Common stock; $0.0001 par value, 100,000,000 shares authorized; 21,943,521 and 21,825,465 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively
2
2
Additional paid-in capital
498,345
497,878
Accumulated deficit
(207,236)
(191,605)
Accumulated other comprehensive loss
(7,820)
(8,028)
Total stockholders’ equity
283,291
298,247
Total liabilities and stockholders’ equity
$ 326,989
$ 349,885
Three Months Ended
March 31,
Cash flows from operating activities:
2025
2024
Net loss
$ (15,631)
$ (23,611)
Adjustments to reconcile net loss to net cash used in operating activities:
Proceeds from sale of shares in equity method investments
—
49,103
Additions to equity method investments
—
(10,048)
Net cash (used in) provided by investing activities
(2,311)
28,695
Cash flows from financing activities:
Proceeds from Credit Facility
10,767
—
Settlements of Credit Facility
(10,777)
—
Payments of debt obligations and insurance premiums financed
(459)
(68)
Payments to tax authorities for employee stock-based compensation
(515)
(591)
Net cash used in financing activities
(984)
(659)
Net decrease in cash
(22,450)
(286)
Cash and cash equivalents at beginning of period
87,840
71,730
Cash and cash equivalents at end of period
$ 65,390
$ 71,444
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 on sale of equity method investments includes a loss on the sale of shares in Sayona Mining of $17,215, partially offset by a gain on the sale of shares in Atlantic Lithium of $3,143 and a gain on dilution related to the issuance of additional shares of Atlantic Lithium of $186 for the three months endedMarch 31, 2024. (2) Loss (gain) on equity securities represents realized and unrealized gains on our equity security holdings in Atlantic Lithium and Ricca Resources. (3) 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. (4) Restructuring charges relate to severance and reorganization related costs and exit costs related to our 2024 Cost Savings Plan. (5) Other costs include legal and transactional costs related to certain strategic transactions and shelf registration costs. (6) No income tax impacts have been given to any items that were recorded in jurisdictions with full valuation allowances.
1) Loss on sale of equity method investments includes a loss on the sale of shares in Sayona Mining of $17,215, partially offset by a gain on the sale of shares in Atlantic Lithium of $3,143 and a gain on dilution related to the issuance of additional shares of Atlantic Lithium of $186 for the three months endedMarch 31, 2024. (2) Loss (gain) on equity securities represents realized and unrealized gains on our equity security holdings in Atlantic Lithium and Ricca Resources. (3) 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. (4) Restructuring charges relate to severance and reorganization related costs and exit costs related to our 2024 Cost Savings Plan. (5) Other costs include legal and transactional costs related to certain strategic transactions and shelf registration costs.
Belmont, North Carolina, April 30, 2025 – Piedmont Lithium Inc. (“Piedmont,” the “Company”) (Nasdaq: PLL; ASX: PLL), a leading North American supplier of lithium products critical to the U.S. electric vehicle supply chain, today announced that it will release its first quarter 2025 results after the Nasdaq close on Wednesday, May 7, 2025.
The Company will hold a conference call to discuss the results on Wednesday, May 7, 2025 at 4:30 p.m. Eastern Time (U.S. and Canada). Access to the call is available via webcast or direct dial. A link to the webcast and direct dial numbers are provided below.
Event Title: Q1 2025 Piedmont Lithium Earnings Call Event Date: May 7, 2025 Start Time: 4:30 p.m. Eastern Time (U.S. and Canada)
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.
Piedmont shipped approximately 27,000 dmt of spodumene concentrate in Q1’25
Piedmont is targeting shipments of 113,000 dmt to 130,000 dmt for 2025
NAL achieved quarterly production of 43,261 dmt
Recoveries remain high and set new record in March; mill utilization impacted by weather-related downtime
Belmont, North Carolina, April 30, 2025 – Piedmont Lithium Inc. (“Piedmont,” the “Company”) (Nasdaq: PLL; ASX: PLL), a leading North American supplier of lithium products critical to the U.S. electric vehicle supply chain, today announced that it shipped approximately 27,000 dry metric tons (“dmt”) of spodumene concentrate in Q1’25. NAL, North America’s largest producing spodumene mine, is jointly owned by Piedmont (25%) and Sayona Mining Limited (75%) (ASX: SYA).
In Q1’25, NAL produced 43,261 dmt and sold approximately 27,000 dmt. All tons sold by NAL were sold to Piedmont under the Company’s offtake agreement and then shipped to Piedmont’s customers.
Quarterly production at NAL declined by 15% in Q1’25 compared to the prior quarter but production remains on track to achieve Sayona Mining’s fiscal year 2025 production guidance of 190,000 – 210,000 dmt[2]. Lithium recovery remained high at 69% and set a new record of 72% in March, while mill utilization declined due the combination of unplanned, weather-related downtime and a 5-day scheduled shutdown. The crushed ore dome mitigated the impact of the weather-related downtime and additional mobile crushing capacity has been brought on site to lessen the impact of weather on a go-forward basis.
“While NAL operated under challenging conditions to begin 2025 and produced fewer tons than anticipated, adjustments implemented since the restart of production have improved operational resilience. These steps give us confidence in our ability to improve performance and reduce weather-related disruptions in the future,” said Keith Phillips, President and CEO of Piedmont Lithium.
NAL CONCENTRATE PRODUCTION
1. All references to information about or related to NAL are from the March 2025 Quarterly Activities Report filed with the ASX by Sayona Mining Limited on April 28, 2025. 2. See FY24 Full Year Results Announcement filed with the ASX by Sayona Mining on August 30, 2024.
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, Sayona Mining. 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. Sayona Mining’s original announcements can be found here: https://www.asx.com.au/markets/company/sya
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.
This announcement has been authorized for release by the Company’s CEO, Keith Phillips.
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