Core Insights - Piedmont Lithium Inc. has completed its merger with Sayona Mining Limited, forming a new entity named Elevra Lithium, which aims to enhance operational efficiency and market presence in the lithium sector [1][7] - The merger combines complementary businesses, creating one of the largest hard-rock lithium platforms with three high-quality development projects and potential for expansion at North American Lithium (NAL) [2][4] Company Overview - Elevra Lithium will operate three projects and focus on expanding at NAL, which is North America's largest lithium operation, targeting an annual production of 226,000 metric tons of spodumene concentrate [3][7] - The merger is expected to create a simpler and stronger lithium business with low capital intensity and reduced operating costs through synergies in logistics and procurement [4][5] Market Position - Elevra Lithium is positioned to meet the growing demand for lithium resources driven by the global energy transition, leveraging its established portfolio of development projects [5] - Piedmont Lithium's stock has underperformed, losing 12% over the past year compared to the industry's growth of 15.5% [6]

Group 1 - Piedmont Lithium Inc. - Sponsored ADR (PLL) is part of the Basic Materials sector, which includes 238 individual stocks and holds a Zacks Sector Rank of 12 [2] - The Zacks Rank system focuses on earnings estimates and revisions, with PLL currently holding a Zacks Rank of 2 (Buy) [3] - Over the past 90 days, the Zacks Consensus Estimate for PLL's full-year earnings has increased by 4.6%, indicating improved analyst sentiment and a stronger earnings outlook [4] Group 2 - Year-to-date, PLL has returned 17.5%, outperforming the Basic Materials group average return of approximately 13% [4] - PLL belongs to the Mining - Miscellaneous industry, which consists of 64 stocks and currently ranks 161 in the Zacks Industry Rank; this industry has gained about 17.8% year-to-date, indicating PLL is slightly underperforming its industry [6] - Another stock in the Basic Materials sector, SSR Mining (SSRM), has significantly outperformed with a year-to-date return of 123.6% and a Zacks Rank of 1 (Strong Buy) [5][6]

Market Performance - US stock market showed a calm performance ahead of the July Consumer Price Index (CPI) report, with all three major indices closing slightly lower. The Dow Jones fell by 0.45% to 43975.09 points, the Nasdaq dropped by 0.3% to 21385.4 points, and the S&P 500 decreased by 0.25% to 6373.45 points [10][9][1]. Economic Indicators - The upcoming CPI report is expected to serve as a benchmark for assessing the impact of US trade policies on inflation and will provide guidance for the Federal Reserve's interest rate decisions [10][1]. - A recent Bank of America survey indicated that approximately 91% of respondents believe US stocks are overvalued, marking the highest percentage since the survey began in 2001 [10][1]. Sector Performance - Major technology stocks experienced mixed results, with Apple down 0.83%, Microsoft down 0.05%, Amazon down 0.62%, Nvidia down 0.35%, Google down 0.21%, while Tesla rose by 2.85%, Meta down 0.45%, AMD down 0.28%, and Intel up 3.51% [10][1]. International Market Movements - Japanese and South Korean stock markets showed positive movements, with the Nikkei 225 index rising over 2% to a new historical high of 42681.89 points, and the KOSPI200 index increasing by over 1% to 437.83 points [2][1]. Labor Statistics - President Trump announced the nomination of economist E.J. Antoni as the next director of the Bureau of Labor Statistics, indicating potential reforms in the agency's data reporting methods [14][13]. - The administration is also considering candidates for the upcoming vacancy of the Federal Reserve Chair, including current vice chairs and the Dallas Fed president [16][15].

Financial Data and Key Metrics Changes - The company reported a total of 10,645,325 shares present at the annual meeting, representing 48.5% of the common stock outstanding as of June 16, 2025, which is below the required quorum for conducting business [3][4] - 97.77% of the votes cast were in favor of the merger proposal, indicating strong shareholder support [4] Business Line Data and Key Metrics Changes - No specific business line data or key metrics were provided in the meeting notes Market Data and Key Metrics Changes - No specific market data or key metrics were provided in the meeting notes Company Strategy and Development Direction and Industry Competition - The company emphasized the importance of shareholder participation in the voting process for the merger, indicating a strategic focus on completing this transaction [5][7] Management's Comments on Operating Environment and Future Outlook - Management highlighted the critical need for all shareholders to vote to achieve the necessary quorum of 50.1% for the merger to proceed, reflecting the urgency of the situation [5][6][7] Other Important Information - The meeting was adjourned due to insufficient quorum and will reconvene on August 22, 2025, at 11 AM Eastern Time [3][4] Q&A Session All Questions and Answers - No Q&A session was recorded in the meeting notes

Core Viewpoint - Piedmont Lithium Inc. reported a quarterly loss of $0.44 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.36, indicating a negative earnings surprise of -22.22% [1] - The company has not surpassed consensus EPS estimates over the last four quarters, with revenues of $11.86 million for the quarter ended June 2025, which was 4.93% above the consensus estimate but down from $13.23 million a year ago [2] Group 1: Financial Performance - The quarterly loss of $0.44 per share compares to a loss of $0.69 per share a year ago, showing some improvement year-over-year [1] - Piedmont Lithium's revenues of $11.86 million for the recent quarter exceeded the Zacks Consensus Estimate, but were lower than the previous year's revenues of $13.23 million [2] - The company has topped consensus revenue estimates two times in the last four quarters [2] Group 2: Market Performance - Piedmont Lithium shares have declined approximately 4% since the beginning of the year, contrasting with the S&P 500's gain of 7.9% [3] - The company's stock performance and future earnings expectations will largely depend on management's commentary during the earnings call [3][4] Group 3: Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.38 on revenues of $34 million, and for the current fiscal year, it is -$1.68 on revenues of $103.2 million [7] - The estimate revisions trend for Piedmont Lithium was favorable prior to the earnings release, resulting in a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Group 4: Industry Context - The Mining - Miscellaneous industry, to which Piedmont Lithium belongs, is currently ranked in the bottom 29% of over 250 Zacks industries, which may impact the stock's performance [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which investors can track [5]

[Glossary of Terms and Definitions](index=4&type=section&id=Glossary%20of%20Terms%20and%20Definitions) Provides definitions for key terms used throughout the financial report [PART I - Financial Information](index=6&type=section&id=PART%20I%20-%20Financial%20Information) Presents the company's consolidated financial statements, notes, and management's discussion and analysis of financial performance and condition [Item 1. Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) The company experienced a significant decline in gross profit and an increase in net loss for both the three and six months ended June 30, 2025, primarily due to lower lithium prices, despite increased sales volume for the six-month period. Operating expenses decreased due to cost savings, and losses from equity method investments also decreased. The balance sheet shows a decrease in cash and total assets, while cash flow analysis indicates a shift from cash provided by investing activities to cash used, largely due to the absence of major asset sales seen in the prior year [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) Details the company's revenues, gross profit, operating loss, and net loss over specified periods | Metric (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | Change ($) | Change (%) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change ($) | Change (%) | | :-------------------- | :----------------------------- | :----------------------------- | :--------- | :--------- | :----------------------------- | :----------------------------- | :--------- | :--------- | | Revenue | $11,857 | $13,227 | $(1,370) | (10.4)% | $31,853 | $26,628 | $5,225 | 19.6% | | Gross profit (loss) | $(1,632) | $626 | $(2,258) | (360.7)% | $(1,498) | $1,317 | $(2,815) | (213.7)% | | Loss from operations | $(9,597) | $(13,623) | $4,026 | (29.6)% | $(21,452) | $(28,299) | $6,847 | (24.2)% | | Net loss | $(9,738) | $(13,332) | $3,594 | (27.0)% | $(25,369) | $(36,943) | $11,574 | (31.3)% | | Net loss per share | $(0.44) | $(0.69) | $0.25 | (36.2)% | $(1.16) | $(1.91) | $0.75 | (39.3)% | [Consolidated Statements of Comprehensive Loss](index=7&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Loss) Reports the net loss and other comprehensive income/loss components, leading to total comprehensive loss | Metric (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------- | :----------------------------- | :----------------------------- | :----------------------------- | :----------------------------- | | Net loss | $(9,738) | $(13,332) | $(25,369) | $(36,943) | | Foreign currency translation adjustment of equity method investments | $3,215 | $(758) | $3,423 | $(671) | | Comprehensive loss | $(6,523) | $(14,090) | $(21,946) | $(37,614) | [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) Provides a snapshot of the company's assets, liabilities, and equity at specific points in time | Metric (in thousands) | June 30, 2025 | December 31, 2024 | Change ($) | Change (%) | | :-------------------- | :------------ | :---------------- | :--------- | :--------- | | Cash and cash equivalents | $56,074 | $87,840 | $(31,766) | (36.2)% | | Total current assets | $65,329 | $102,639 | $(37,310) | (36.4)% | | Total assets | $318,546 | $349,885 | $(31,339) | (9.0)% | | Total current liabilities | $36,115 | $46,106 | $(9,991) | (21.7)% | | Total liabilities | $40,897 | $51,638 | $(10,741) | (20.8)% | | Total stockholders' equity | $277,649 | $298,247 | $(20,598) | (6.9)% | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Summarizes the cash inflows and outflows from operating, investing, and financing activities | Metric (in thousands) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change ($) | | :-------------------- | :----------------------------- | :----------------------------- | :--------- | | Net cash used in operating activities | $(21,328) | $(28,781) | $7,453 | | Net cash (used in) provided by investing activities | $(9,085) | $17,334 | $(26,419) | | Net cash used in financing activities | $(1,353) | $(1,305) | $(48) | | Net decrease in cash | $(31,766) | $(12,752) | $(19,014) | | Cash and cash equivalents at end of period | $56,074 | $58,978 | $(2,904) | [Consolidated Statements of Changes in Equity](index=10&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Equity) Outlines the changes in the company's equity accounts over a period, including net loss and other comprehensive income | Metric (in thousands) | December 31, 2024 | June 30, 2025 | Change ($) | | :-------------------- | :---------------- | :------------ | :--------- | | Additional Paid-In Capital | $497,878 | $499,226 | $1,348 | | Accumulated Deficit | $(191,605) | $(216,974) | $(25,369) | | Accumulated Other Comprehensive Loss | $(8,028) | $(4,605) | $3,423 | | Total Stockholders' Equity | $298,247 | $277,649 | $(20,598) | [Notes to the Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes provide detailed information on the company's business, accounting policies, financial performance components, and specific financial instruments and commitments. Key updates include the proposed merger with Sayona Mining, the 2024 Cost Savings Plan, and details on revenue recognition, stock-based compensation, and equity method investments [1. DESCRIPTION OF COMPANY](index=12&type=section&id=1.%20DESCRIPTION%20OF%20COMPANY) Provides an overview of the company's business, strategic objectives, and financial position - Piedmont Lithium is a U.S.-based, development-stage, multi-asset integrated lithium business aiming to supply lithium hydroxide to the North American EV and battery manufacturing supply chains[31](index=31&type=chunk)[123](index=123&type=chunk) - The company's project portfolio includes the wholly-owned Carolina Lithium project, strategic investments in Quebec (NAL), Ghana (Ewoyaa), and Newfoundland (Vinland Lithium/Killick Lithium)[32](index=32&type=chunk)[125](index=125&type=chunk) - Piedmont Lithium incurred net losses of **$25.4 million** and **$36.9 million** for the six months ended June 30, 2025 and 2024, respectively, and accumulated deficits of **$217.0 million** as of June 30, 2025[38](index=38&type=chunk) - The **2024 Cost Savings Plan** was implemented to reduce operating expenses, defer capital spending, and limit investments in response to the lithium market decline[39](index=39&type=chunk)[184](index=184&type=chunk) - A proposed stock-for-stock merger with Sayona Mining is expected to be consummated in August 2025, subject to shareholder approvals[42](index=42&type=chunk)[133](index=133&type=chunk) [2. REVENUE](index=14&type=section&id=2.%20REVENUE) Details the company's revenue recognition policies and performance from product sales | Metric (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------- | :----------------------------- | :----------------------------- | :----------------------------- | :----------------------------- | | Spodumene concentrate sales | $13,865 | $13,320 | $34,289 | $26,390 | | Provisional revenue adjustments | $(2,008) | $(93) | $(2,436) | $238 | | Revenue | $11,857 | $13,227 | $31,853 | $26,628 | - Revenue for the six months ended June 30, 2025, increased by **19.6% to $31.9 million**, driven by a **60.0% increase in sales volume (47,200 dmt)** but partially offset by a **25.2% decline in realized prices ($675 per dmt vs. $903 per dmt in 2024)**[170](index=170&type=chunk)[171](index=171&type=chunk) - As of June 30, 2025, approximately **7,900 dmt** with an average provisional price of **$660 per dmt** were subject to final pricing over the next several months[51](index=51&type=chunk) [3. STOCK-BASED COMPENSATION](index=15&type=section&id=3.%20STOCK-BASED%20COMPENSATION) Explains the accounting for stock-based compensation and its impact on financial statements | Metric (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------- | :----------------------------- | :----------------------------- | :----------------------------- | :----------------------------- | | Stock-based compensation, net of forfeitures | $891 | $2,710 | $1,873 | $4,816 | - As of June 30, 2025, **1,477,827 shares** of common stock were available for issuance under the Stock Incentive Plan[54](index=54&type=chunk) - Remaining unvested stock-based compensation expense was **$3.0 million** to be recognized through December 31, 2026[55](index=55&type=chunk) [4. RESTRUCTURING](index=17&type=section&id=4.%20RESTRUCTURING) Describes the company's restructuring activities, including workforce reductions and associated charges | Metric (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------- | :----------------------------- | :----------------------------- | :----------------------------- | :----------------------------- | | Severance and employee benefits costs | $109 | $58 | $109 | $1,284 | | Stock compensation expense | — | — | — | $554 | | Exit costs | $292 | $148 | $535 | $148 | | Other restructuring related expenses | — | $108 | $40 | $108 | | Total restructuring charges | $401 | $314 | $684 | $2,094 | - The **2024 Cost Savings Plan**, approved in Q1 2024, included a **28% workforce reduction** and deferral of capital spending[64](index=64&type=chunk) - Plans to streamline U.S. lithium hydroxide production shifted Tennessee Lithium's capacity to Carolina Lithium, incurring restructuring charges for monofill operations[65](index=65&type=chunk) [5. OTHER (LOSS) INCOME](index=18&type=section&id=5.%20OTHER%20(LOSS)%20INCOME) Details non-operating income and expenses, including gains or losses from equity securities and asset sales | Metric (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------- | :----------------------------- | :----------------------------- | :----------------------------- | :----------------------------- | | (Loss) gain on equity securities | $(304) | $210 | $(3,944) | $1,594 | | Loss on sale of assets | $(132) | $(656) | $(212) | $(656) | | Other gain | $290 | $158 | $95 | $27 | | Other (loss) income | $(146) | $(288) | $(4,061) | $965 | [6. EARNINGS PER SHARE](index=19&type=section&id=6.%20EARNINGS%20PER%20SHARE) Presents the calculation of basic and diluted earnings per share, considering net loss and outstanding shares | Metric (in thousands, except per share amounts) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------------------------- | :----------------------------- | :----------------------------- | :----------------------------- | :----------------------------- | | Net loss | $(9,738) | $(13,332) | $(25,369) | $(36,943) | | Weighted-average shares outstanding | 21,945 | 19,370 | 21,942 | 19,348 | | Basic and diluted net loss per share | $(0.44) | $(0.69) | $(1.16) | $(1.91) | - Potentially dilutive shares (stock options, RSUs, PRAs) totaling **930,000** as of June 30, 2025, were excluded from diluted EPS calculation due to their anti-dilutive effect[72](index=72&type=chunk) [7. INCOME TAXES](index=19&type=section&id=7.%20INCOME%20TAXES) Discusses the company's income tax expense, benefits, and the impact of tax-related events - Zero tax expense recorded for the three and six months ended June 30, 2025, on losses of **$9.7 million** and **$25.4 million**, respectively[73](index=73&type=chunk) - Income tax benefit decreased from **$3.1 million** in the six months ended June 30, 2024, primarily due to the non-recurring tax benefit from the sale of Sayona Mining shares in the prior year[74](index=74&type=chunk) - The OBBBA, signed July 4, 2025, is not expected to have a material impact on the company's income taxes[75](index=75&type=chunk) [8. EQUITY METHOD INVESTMENTS](index=19&type=section&id=8.%20EQUITY%20METHOD%20INVESTMENTS) Provides details on the company's investments accounted for under the equity method and their financial impact | Metric (in thousands) | December 31, 2024 | June 30, 2025 | | :-------------------- | :---------------- | :------------ | | Sayona Quebec | $70,172 | $72,599 | | Vinland Lithium | $1,463 | $1,514 | | Total | $71,635 | $74,113 | - Loss from equity method investments decreased by **76.8% to $1.1 million** for the three months ended June 30, 2025, and by **41.3% to $6.1 million** for the six months ended June 30, 2025[163](index=163&type=chunk)[177](index=177&type=chunk) - The decrease in loss was primarily due to the sale of Sayona Mining and Atlantic Lithium shares in Q1 2024, which are no longer accounted for under the equity method[78](index=78&type=chunk)[80](index=80&type=chunk)[163](index=163&type=chunk) - NAL produced approximately **101,794 dmt** of spodumene concentrate and shipped approximately **94,000 dmt** in the six months ended June 30, 2025, with Piedmont purchasing approximately **47,200 dmt**[84](index=84&type=chunk) [9. ADVANCES TO AFFILIATES](index=22&type=section&id=9.%20ADVANCES%20TO%20AFFILIATES) Outlines financial advances made to affiliated entities and the nature of these relationships | Metric (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | Ewoyaa | $39,239 | $36,929 | | Killick Lithium | $2,751 | $2,619 | | Total advances to affiliates | $41,990 | $39,548 | - Piedmont has an earn-in agreement to acquire up to a **50% equity interest** in Atlantic Lithium Ghana (Ewoyaa project) and up to a **62.5% equity interest** in Killick Lithium[90](index=90&type=chunk)[92](index=92&type=chunk)[93](index=93&type=chunk) [10. OTHER ASSETS AND LIABILITIES](index=22&type=section&id=10.%20OTHER%20ASSETS%20AND%20LIABILITIES) Details other significant assets and liabilities, including marketable securities and asset retirement obligations | Metric (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | Marketable securities | $3,077 | $6,870 | | Total other current assets | $5,155 | $9,186 | | Current tax payable | $— | $3,114 | | Total other current liabilities | $833 | $3,363 | - A loss of **$3.9 million** was recognized on marketable securities (Atlantic Lithium shares) for the six months ended June 30, 2025, due to fair value changes[94](index=94&type=chunk) - The asset retirement obligation for the Tennessee monofill facility was **$0.4 million**, secured by **$3.3 million** in surety bonds[99](index=99&type=chunk) [11. DEBT OBLIGATIONS](index=25&type=section&id=11.%20DEBT%20OBLIGATIONS) Describes the company's debt instruments, terms, and outstanding balances | Metric (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | Total debt obligations | $29,296 | $30,124 | | Current debt obligations | $26,337 | $26,472 | | Long-term debt, net of current portion | $2,959 | $3,652 | - The **$25.0 million Credit Facility**, entered into on September 11, 2024, has an interest rate of SOFR plus **2.4%** and expires on December 31, 2028[101](index=101&type=chunk) - The insurance premium financing loan of **$2.1 million** was paid in full by March 31, 2025[104](index=104&type=chunk) [12. EQUITY](index=26&type=section&id=12.%20EQUITY) Provides information on the company's capital structure, common stock, and equity-related transactions - As of June 30, 2025, there were **21,946,069 shares** of common stock outstanding[6](index=6&type=chunk)[24](index=24&type=chunk) - A universal shelf registration statement allows for the issuance of up to **$500 million** of securities, expiring September 26, 2027[107](index=107&type=chunk)[181](index=181&type=chunk) - An ATM Program for up to **$50 million** of common stock was established in May 2024, but no shares have been issued under it as of June 30, 2025[107](index=107&type=chunk)[108](index=108&type=chunk) [13. SEGMENT REPORTING](index=26&type=section&id=13.%20SEGMENT%20REPORTING) Explains the company's operating segments and how performance is evaluated by management - The company operates as a single reportable operating segment, with the CEO as the Chief Operating Decision Maker (CODM)[110](index=110&type=chunk) - Performance is evaluated at the consolidated level using both GAAP net income/loss and adjusted net income/loss, which excludes non-recurring items[112](index=112&type=chunk)[113](index=113&type=chunk)[115](index=115&type=chunk) [14. FAIR VALUE OF FINANCIAL INSTRUMENTS](index=28&type=section&id=14.%20FAIR%20VALUE%20OF%20FINANCIAL%20INSTRUMENTS) Details the valuation methodologies and hierarchy used for financial instruments measured at fair value - The company uses a three-level valuation hierarchy for fair value measurements, with Level 1 for quoted prices in active markets and Level 2 for observable inputs other than quoted prices[117](index=117&type=chunk)[119](index=119&type=chunk) - Trade receivables, debt obligations, marketable securities (Atlantic Lithium), and equity securities (Ricca) are valued using Level 1 or Level 2 inputs[119](index=119&type=chunk) [15. COMMITMENTS AND CONTINGENCIES](index=29&type=section&id=15.%20COMMITMENTS%20AND%20CONTINGENCIES) Discloses the company's material contractual commitments and potential contingent liabilities - The Company is not currently a party to any material legal proceedings[120](index=120&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's financial condition, operational results, and strategic direction. It highlights the company's role in the U.S. lithium supply chain, the progress of its key projects (Carolina Lithium, NAL, Ewoyaa, Killick Lithium), the proposed merger with Sayona Mining, and the impact of the 2024 Cost Savings Plan on financial performance and liquidity [Executive Overview & Strategy](index=30&type=section&id=Executive%20Overview%20%26%20Strategy) Outlines the company's business model, strategic objectives, and key project developments in the lithium industry - Piedmont Lithium is a U.S.-based, development-stage company focused on supplying lithium hydroxide to the North American electric vehicle and battery manufacturing supply chains[123](index=123&type=chunk) - The company's portfolio includes the wholly-owned Carolina Lithium project, and strategic investments in Quebec (Sayona Quebec's NAL) and Ghana (Atlantic Lithium's Ewoyaa project)[125](index=125&type=chunk) - Carolina Lithium is being developed as a fully integrated spodumene ore-to-lithium hydroxide project, with plans to produce up to **60,000 metric tons** of lithium hydroxide annually[125](index=125&type=chunk)[126](index=126&type=chunk) - The company's lithium hydroxide capacity is expected to be supported by production of, or offtake rights to, approximately **525,000 metric tons** of spodumene concentrate annually[126](index=126&type=chunk) [Proposed Merger with Sayona Mining](index=30&type=section&id=Proposed%20Merger%20with%20Sayona%20Mining) Describes the terms, timeline, and strategic implications of the proposed stock-for-stock merger with Sayona Mining - Piedmont Lithium entered into a Merger Agreement with Sayona Mining on November 18, 2024 (amended April 22, 2025), for a stock-for-stock combination[129](index=129&type=chunk) - Upon consummation, Piedmont shareholders will receive **527 Sayona Mining ordinary shares** per Piedmont common stock, which will become **3.5133 shares** after a **1-for-150 reverse stock split** expected in September 2025[131](index=131&type=chunk) - The merger is expected to close in August 2025, contingent on shareholder approvals from both companies[133](index=133&type=chunk) - Key regulatory approvals for the merger have been received in the United States and Canada, and the combined business will be renamed Elevra Lithium Limited[137](index=137&type=chunk) [Highlights of Corporate and Project Advancements](index=32&type=section&id=Highlights%20of%20Corporate%20and%20Project%20Advancements) Summarizes recent operational achievements, project milestones, and strategic initiatives across the company's portfolio - Piedmont sold approximately **20,200 dmt** of spodumene concentrate from NAL in Q2 2025, recognizing **$11.9 million** in revenue at a realized price of **$587 per dmt**[137](index=137&type=chunk) - NAL production increased by approximately **35%** in Q2 2025 compared to the prior quarter, reaching **58,533 dmt** of spodumene concentrate, with mill utilization at **93%**[145](index=145&type=chunk) - Atlantic Lithium is negotiating revised terms for the Ewoyaa Lithium Project's Mining Lease with Ghana's Cabinet[140](index=140&type=chunk) - Piedmont is delaying capital expenditures for Carolina Lithium, evaluating its land position, and engaging with potential strategic partners and government financing options to advance the project[143](index=143&type=chunk)[144](index=144&type=chunk) - Piedmont holds an approximately **20% equity interest** in Vinland Lithium (Killick Lithium project) and has invested **$2.8 million**, with earn-in rights up to **62.5%** and **100% marketing/offtake rights**[146](index=146&type=chunk)[147](index=147&type=chunk) [Critical Accounting Polices and Estimates](index=35&type=section&id=Critical%20Accounting%20Polices%20and%20Estimates) Discusses the significant accounting policies and estimates that are crucial to understanding the company's financial reporting - No significant changes in critical accounting policies during the six months ended June 30, 2025, from those disclosed in the Annual Report for the year ended December 31, 2024[149](index=149&type=chunk) [Components of our Results of Operations](index=35&type=section&id=Components%20of%20our%20Results%20of%20Operations) Explains the key revenue and expense categories that contribute to the company's overall financial performance - Revenue is recognized from product sales when control is transferred to the customer, typically upon delivery to the shipping carrier, with pricing subject to provisional adjustments[150](index=150&type=chunk) - Exploration costs are expensed as incurred until proven and probable mineral reserves are declared, after which development costs are capitalized[151](index=151&type=chunk) - Loss from equity method investments reflects the proportionate share of investee's net income (loss), recorded on a one-quarter lag[154](index=154&type=chunk) [Results of Operations](index=37&type=section&id=Results%20of%20Operations) Analyzes the company's financial performance over the reporting periods, detailing revenue, expenses, and net loss [Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024](index=37&type=section&id=Three%20Months%20Ended%20June%2030%2C%202025%20Compared%20to%20Three%20Months%20Ended%20June%2030%2C%202024) Compares the company's financial performance for the three-month periods, highlighting changes in revenue, gross profit, and net loss | Metric (in thousands) | 2025 | 2024 | $ Change | % Change | | :-------------------- | :--- | :--- | :------- | :------- | | Revenue | $11,857 | $13,227 | $(1,370) | (10.4)% | | Gross (loss) profit | $(1,632) | $626 | $(2,258) | (360.7)% | | Selling, general and administrative expenses | $6,425 | $9,016 | $(2,591) | (28.7)% | | Loss from equity method investments | $(1,139) | $(4,910) | $3,771 | (76.8)% | | Net loss | $(9,738) | $(13,332) | $3,594 | (27.0)% | - Realized spodumene concentrate prices declined by **37.9% to $587 per dmt** in Q2 2025, compared to **$945 per dmt** in Q2 2024, due to a prolonged decline in lithium prices[158](index=158&type=chunk) - Sales volume of spodumene concentrate increased by **44.3% to approximately 20,200 dmt** in Q2 2025[157](index=157&type=chunk) [Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024](index=39&type=section&id=Six%20Months%20Ended%20June%2030%2C%202025%20Compared%20to%20Six%20Months%20Ended%20June%2030%2C%202024) Compares the company's financial performance for the six-month periods, detailing changes in revenue, gross profit, and net loss | Metric (in thousands) | 2025 | 2024 | $ Change | % Change | | :-------------------- | :--- | :--- | :------- | :------- | | Revenue | $31,853 | $26,628 | $5,225 | 19.6% | | Gross (loss) profit | $(1,498) | $1,317 | $(2,815) | (213.7)% | | Selling, general and administrative expenses | $13,196 | $17,110 | $(3,914) | (22.9)% | | Loss from equity method investments | $(6,074) | $(10,350) | $4,276 | (41.3)% | | Net loss | $(25,369) | $(36,943) | $11,574 | (31.3)% | - Sales volume of spodumene concentrate increased by **60.0% to approximately 47,200 dmt** in the six months ended June 30, 2025[170](index=170&type=chunk) - Realized spodumene concentrate prices declined by **25.2% to $675 per dmt** in the six months ended June 30, 2025, compared to **$903 per dmt** in the prior year[171](index=171&type=chunk) - Other expense decreased by **66.6% to $3.9 million**, primarily due to the absence of a **$17.2 million loss** on sale of Sayona Mining shares in the prior year[179](index=179&type=chunk) [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) Assesses the company's ability to generate and manage cash, including its sources of funds and capital allocation strategies [Overview](index=43&type=section&id=Overview) Provides a summary of the company's current liquidity position and capital resources - As of June 30, 2025, principal sources of liquidity included **$56.1 million** in cash and cash equivalents and a fully-utilized **$25.0 million Credit Facility** totaling **$25.0 million**[181](index=181&type=chunk) - The **2024 Cost Savings Plan**, completed in Q4 2024, aimed to reduce annual operating spend by **$10.0 million**, defer capital spending, and limit investments in affiliates[184](index=184&type=chunk) [Liquidity Outlook](index=43&type=section&id=Liquidity%20Outlook) Discusses the company's projected cash needs, funding strategies, and ability to meet its financial obligations in the near future - The company believes cash on hand and the Credit Facility will be sufficient to fund operations for the next twelve months, based on the operating plan and **2024 Cost Savings Plan**[188](index=188&type=chunk) - Planned customer shipments of spodumene concentrate for 2025 are **113,000 dmt to 125,000 dmt**[186](index=186&type=chunk) - Full-year 2025 capital expenditures are projected at **$3.0 million to $5.0 million**, and investments in and advances to affiliates at **$13.0 million to $18.0 million**, representing substantial decreases from 2024[186](index=186&type=chunk) - Funding strategies for Carolina Lithium include an ATVM loan from the DOE and a strategic partnering process, with construction not planned until financing is finalized[191](index=191&type=chunk) - Land option agreements for Carolina Lithium totaling **$8.0 million** are being evaluated for deferral or cancellation due to current market conditions[187](index=187&type=chunk) [Cash Flows](index=45&type=section&id=Cash%20Flows) Analyzes the sources and uses of cash from operating, investing, and financing activities over the reporting period | Metric (in thousands) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change ($) | | :-------------------- | :----------------------------- | :----------------------------- | :--------- | | Net cash used in operating activities | $(21,328) | $(28,781) | $7,453 | | Net cash (used in) provided by investing activities | $(9,085) | $17,334 | $(26,419) | | Net cash used in financing activities | $(1,353) | $(1,305) | $(48) | - The increase in cash used by investing activities was driven by the absence of **$49.1 million** in net proceeds from the sale of equity interests in Sayona Mining and Atlantic Lithium in the prior year[198](index=198&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=46&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) There have been no material changes in the company's market risk factors from those disclosed in its Annual Report for the year ended December 31, 2024 [Item 4. Controls and Procedures](index=46&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes in internal control over financial reporting identified for the quarter - Disclosure controls and procedures were effective as of June 30, 2025[202](index=202&type=chunk) - No material changes in internal control over financial reporting were identified for the quarter ended June 30, 2025[203](index=203&type=chunk) [PART II - Other Information](index=47&type=section&id=PART%20II%20-%20Other%20Information) Presents additional information not covered in Part I, including legal proceedings, risk factors, and other disclosures [Item 1. Legal Proceedings](index=47&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any material legal proceedings - The Company is not currently a party to any material legal proceedings[120](index=120&type=chunk) [Item 1A. Risk Factors](index=47&type=section&id=Item%201A.%20Risk%20Factors) A new risk factor has been identified regarding tariffs and changes in international trade policy, particularly concerning Canadian goods and critical minerals like lithium, which could adversely affect the business. No other material changes in risk factors were reported from the Annual Report - New risk factor identified regarding tariffs and other changes in international trade policy, specifically mentioning a **25% tariff** on Canadian goods (**10% for critical minerals like lithium**) and potential Canadian countermeasures[206](index=206&type=chunk) - No other material changes in risk factors from the Annual Report for the year ended December 31, 2024[207](index=207&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=47&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of equity securities or use of proceeds to report during the period - No unregistered sales of equity securities and use of proceeds[208](index=208&type=chunk) [Item 3. Defaults Upon Senior Securities](index=47&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) There were no defaults upon senior securities to report during the period - No defaults upon senior securities[209](index=209&type=chunk) [Item 4. Mine Safety Disclosures](index=47&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Mine safety disclosures are not applicable as the company does not currently operate any mines subject to the U.S. Federal Mine Safety and Health Act of 1977 - Not applicable as the Company does not currently operate any mines subject to the U.S. Federal Mine Safety and Health Act of 1977[210](index=210&type=chunk) [Item 5. Other Information](index=47&type=section&id=Item%205.%20Other%20Information) The Rule 10b5-1 trading plan adopted by President and CEO Keith Phillips expired during the quarter ended June 30, 2025, with no further transactions under this plan - The Rule 10b5-1 trading plan adopted by President and CEO Keith Phillips expired during the quarter ended June 30, 2025[211](index=211&type=chunk) [Item 6. Exhibits](index=48&type=section&id=Item%206.%20Exhibits) Lists all supplementary documents and certifications filed as part of the financial report [Signatures](index=49&type=section&id=Signatures) Contains the official signatures of the company's authorized officers, certifying the accuracy of the report

Piedmont Lithium Q2 2025 Results [Q2 2025 Highlights](index=1&type=section&id=Q2%202025%20Highlights) Piedmont Lithium reported Q2 2025 revenue of $11.9 million from shipping approximately 20,200 dmt of spodumene concentrate, with its joint venture, North American Lithium (NAL), achieving record quarterly production of 58,533 dmt and ending the quarter with $56.1 million in cash Metric | Metric | Value | | :--- | :--- | | Spodumene Concentrate Shipped | ~20,200 dmt | | Revenue | $11.9 million | | Realized Price | $587 per dmt | | Cash and Cash Equivalents (as of June 30, 2025) | $56.1 million | - North American Lithium (NAL) set new performance records with quarterly production of **58,533 dmt**, **73% lithium recovery**, and **93% mill utilization**[3](index=3&type=chunk) - Unit operating costs at NAL improved, declining **10% quarter-over-quarter** to **A$1,232 (US$791) per dmt sold** due to increased production and efficiencies[3](index=3&type=chunk) [Proposed Merger with Sayona Mining](index=2&type=section&id=Proposed%20Merger%20with%20Sayona%20Mining) Piedmont is pursuing a merger with Sayona Mining to create a leading North American lithium business, with the Special Meeting of Stockholders adjourned to August 11, 2025, to allow more time for shareholders to vote after the initial meeting did not achieve the required quorum - The Special Meeting of Stockholders was adjourned to **August 11, 2025**, because the initial meeting on July 31, 2025, did not reach the required quorum (majority of outstanding shares)[10](index=10&type=chunk)[11](index=11&type=chunk) - At the time of the meeting, **41.52% of outstanding common stock** was represented, with **97.86% of votes cast in favor of the merger**[10](index=10&type=chunk) - Sayona Mining shareholders approved the merger at their Extraordinary General Meeting on July 30, 2025, with **97.34% of votes cast in favor**[11](index=11&type=chunk) [Financial Performance](index=2&type=section&id=Financial%20Performance) In Q2 2025, the company reported a net loss of $9.7 million, or ($0.44) per diluted share, compared to a net loss of $13.3 million in Q2 2024, with a negative gross margin of (13.8)% due to a lower realized price against a higher cost of sales [Q2 2025 Financial Highlights](index=2&type=section&id=Q2%202025%20Financial%20Highlights) Piedmont's Q2 2025 financials reflect challenging market conditions with revenue of $11.9 million, down from $20.0 million in Q1 2025, driven by lower shipment volumes and a decreased realized price of $587/dmt, resulting in a gross loss of $1.6 million and a net loss of $9.7 million | Financial Metric | Q2'25 | Q1'25 | Q2'24 | | :--- | :--- | :--- | :--- | | Revenue | $11.9M | $20.0M | $13.2M | | Gross Profit (Loss) | ($1.6M) | $0.1M | $0.6M | | Net Loss | ($9.7M) | ($15.6M) | ($13.3M) | | Diluted EPS | ($0.44) | ($0.71) | ($0.69) | | Adjusted EBITDA | ($7.7M) | ($10.1M) | ($13.2M) | | Realized Price ($/dmt) | $587 | $741 | $945 | [Consolidated Financial Statements](index=7&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements show a net loss of $25.4 million for the six months ended June 30, 2025, with total assets of $318.5 million and total liabilities of $40.9 million, and a net cash usage of $21.3 million in operating activities for the first half of 2025 Consolidated Statement of Operations (Six Months Ended June 30) | (In thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | $31,853 | $26,628 | | Gross Profit (Loss) | ($1,498) | $1,317 | | Loss from Operations | ($21,452) | ($28,299) | | Net Loss | ($25,369) | ($36,943) | Consolidated Balance Sheet (In thousands) | | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Total Current Assets | $65,329 | $102,639 | | Total Assets | $318,546 | $349,885 | | Total Current Liabilities | $36,115 | $46,106 | | Total Liabilities | $40,897 | $51,638 | | Total Stockholders' Equity | $277,649 | $298,247 | Consolidated Statement of Cash Flows (Six Months Ended June 30, 2025, in thousands) | Cash Flow Activity | Amount | | :--- | :--- | | Net cash used in operating activities | ($21,328) | | Net cash used in investing activities | ($9,085) | | Net cash used in financing activities | ($1,353) | | **Net decrease in cash** | **($31,766)** | [Business Operations and Project Updates](index=3&type=section&id=Business%20Operations%20and%20Project%20Updates) Operational updates highlight record production at North American Lithium (NAL), ongoing mining lease negotiations for the Ewoyaa Project in Ghana, and continued permitting efforts for the Carolina Lithium project [North American Lithium (NAL)](index=3&type=section&id=North%20American%20Lithium%20(NAL)) NAL achieved a record quarter in Q2 2025, producing 58,533 dmt of spodumene concentrate, a 35% increase from Q1 2025, driven by new records for lithium recovery (73%) and mill utilization (93%) | NAL Metric (100% basis) | Q2'25 | Q1'25 | | :--- | :--- | :--- | | Concentrate Produced (dmt thousands) | 58.5 | 43.3 | | Concentrate Shipped (dmt thousands) | 67.0 | 27.0 | - NAL's production increased approximately **35%** compared to the prior quarter, benefiting from record lithium recoveries (**73%**) and mill utilization (**93%**)[18](index=18&type=chunk) [Ewoyaa Lithium Project (Ghana)](index=4&type=section&id=Ewoyaa%20Lithium%20Project%20(Ghana)) The Ewoyaa Lithium Project in Ghana is awaiting parliamentary review and ratification of its Mining Lease, with Ghana's Cabinet currently negotiating revised terms for the lease in light of the current lithium price environment - Revised terms of the Mining Lease for the Ewoyaa project are being negotiated by Ghana's Cabinet before being presented to Parliament for review[3](index=3&type=chunk)[23](index=23&type=chunk) - Joint venture partner Atlantic Lithium announced corporate leadership changes and cost-cutting initiatives, consolidating day-to-day management under CEO Keith Mueller[23](index=23&type=chunk) [Carolina Lithium (North Carolina)](index=4&type=section&id=Carolina%20Lithium%20(North%20Carolina)) Piedmont is continuing to advance critical permits for its Carolina Lithium project, actively pursuing an air permit application and a North Carolina General Stormwater permit, while adjusting near-term land acquisitions to conserve capital - The company is pursuing an air permit application for up to **60,000 tons per year of lithium hydroxide production** and a General Stormwater permit[19](index=19&type=chunk) - Piedmont has adjusted near-term land acquisitions for the project to conserve capital in response to current market conditions[4](index=4&type=chunk) [2025 Outlook](index=4&type=section&id=2025%20Outlook) Piedmont expects to ship between 113,000 and 125,000 dmt of spodumene concentrate for the full year 2025, with 23,000 to 27,000 dmt planned for Q3, while lowering its capital expenditure forecast to $3-5 million and increasing its outlook for investments in affiliates to $13-18 million | 2025 Outlook | H1'25 (Actual) | Q3'25 (Est.) | Q4'25 (Est.) | FY25 (Est.) | | :--- | :--- | :--- | :--- | :--- | | Shipments (dmt thousands) | 47 | 23 — 27 | 43 — 50 | 113 — 125 | | Capital Expenditures ($M) | 2 | 0 — 1 | 0 — 2 | 3 — 5 | | Investments in Affiliates ($M) | 7 | 3 — 5 | 3 — 6 | 13 — 18 | - The company expects to ship **113,000 to 125,000 dmt in 2025**, based on its offtake agreement with Sayona Quebec, which grants Piedmont the right to purchase the greater of **50% of production or 113,000 dmt per year**[3](index=3&type=chunk)[20](index=20&type=chunk) - Despite an increased outlook for cash contributions to affiliates, the company expects these payments to be substantially lower in 2025 compared to 2024[21](index=21&type=chunk) [Appendix](index=6&type=section&id=Appendix) This section contains important legal disclosures and reconciliations of non-GAAP financial measures, including a cautionary note to U.S. investors regarding mineral resource reporting standards, a forward-looking statements disclaimer, and detailed reconciliations of GAAP net loss to non-GAAP measures [Non-GAAP Financial Measures](index=10&type=section&id=Non-GAAP%20Financial%20Measures) Piedmont provides non-GAAP financial measures like Adjusted Net Loss and Adjusted EBITDA to offer a clearer view of its core operating results by excluding items such as gains/losses on asset sales, foreign currency exchange impacts, and restructuring charges Reconciliation of Net Loss to Adjusted Net Loss (Q2 2025, in thousands) | | Amount | | :--- | :--- | | Net loss (GAAP) | ($9,738) | | Adjustments (Loss on assets, equity securities, etc.) | $2,006 | | **Adjusted net loss (Non-GAAP)** | **($7,732)** | Reconciliation of Net Loss to Adjusted EBITDA (Q2 2025, in thousands) | | Amount | | :--- | :--- | | Net loss (GAAP) | ($9,738) | | Interest, Taxes, D&A | $51 | | EBITDA | ($9,687) | | Other Adjustments | $2,006 | | **Adjusted EBITDA (Non-GAAP)** | **($7,681)** | [Forward-Looking Statements](index=6&type=section&id=Forward-Looking%20Statements) This section contains a standard safe harbor statement, cautioning investors that the press release includes forward-looking statements regarding exploration, development, production, and the proposed merger, which involve substantial risks and uncertainties - The press release contains forward-looking statements concerning exploration, development, production activities, and the proposed merger with Sayona Mining, which are subject to significant risks and uncertainties[27](index=27&type=chunk)

Company Overview - Piedmont Lithium Inc. shares increased by 11.5% to close at $7.49, supported by high trading volume, compared to a 9.6% gain over the past four weeks [1] - The rise in Piedmont Lithium's stock is attributed to an increase in lithium prices, which have improved by 7.4% in the last month despite a year-over-year decline of 24.9% [1] Earnings Expectations - The company is projected to report a quarterly loss of $0.38 per share, reflecting a year-over-year change of +44.9%, with expected revenues of $11.3 million, down 14.6% from the previous year [2] - The consensus EPS estimate for Piedmont Lithium has remained unchanged over the last 30 days, indicating that stock price movements may not sustain without trends in earnings estimate revisions [3] Industry Context - Piedmont Lithium is part of the Zacks Mining - Miscellaneous industry, which includes other companies like Denison Mine, that finished the last trading session 0.5% higher at $1.87 [4] - Denison Mine's consensus EPS estimate has also remained unchanged at -$0.02, representing a 100% decline from the previous year [5]

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team covers medium and small-cap markets, as well as blue-chip companies, commodities, and broader investment stories [3] - Proactive's content includes insights across various sectors such as biotech, pharma, mining, natural resources, battery metals, oil and gas, crypto, and emerging technologies [3] Group 2 - Proactive has a strong focus on technology adoption to enhance workflows and content production [4] - The company utilizes automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [5]

Q1 2025 Earnings Snapshot - Piedmont shipped 27kt to customers, aligning with guidance[7] - Weather-related shutdowns led to reduced quarterly production at NAL, impacting mill utilization; actions were taken to mitigate future impacts and improve reliability[7] - Piedmont is advancing the proposed merger with Sayona Mining towards shareholder votes, with integration planning underway[7] NAL Production - NAL produced 43,261 dmt of concentrate in Q1 2025[12] - NAL remains on track to produce 190,000 – 210,000 dmt for the July 2024 - June 2025 period[12] - NAL achieved 69% global lithium recovery, driven by operational improvements[12] Demand Outlook - Lithium demand is projected to increase by 132% from 2024 to 2030[15] - Stationary Storage Lithium Demand is projected to increase by 143% from 2024 to 2030[16] Financial Highlights - Piedmont's Q1 2025 adjusted gross profit was $45 million[23] - Piedmont's Q1 2025 realized price per metric ton was $823[23] - Piedmont's Q1 2025 operating cash outflow was $19 million, primarily related to the timing of working capital and Q1 net loss[33] 2025 Outlook - Piedmont's 2025 shipment outlook is 113k – 130k dmt[36] Merger with Sayona Mining - Piedmont is advancing towards shareholder votes regarding the merger with Sayona Mining[39]