Piedmont Lithium Q2 2025 Results Q2 2025 Highlights 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 utilization3 - 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 efficiencies3 Proposed Merger with Sayona Mining 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)1011 - At the time of the meeting, 41.52% of outstanding common stock was represented, with 97.86% of votes cast in favor of the merger10 - Sayona Mining shareholders approved the merger at their Extraordinary General Meeting on July 30, 2025, with 97.34% of votes cast in favor11 Financial Performance 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 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 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 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) 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 Ewoyaa Lithium Project (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 review323 - Joint venture partner Atlantic Lithium announced corporate leadership changes and cost-cutting initiatives, consolidating day-to-day management under CEO Keith Mueller23 Carolina Lithium (North Carolina) 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 permit19 - Piedmont has adjusted near-term land acquisitions for the project to conserve capital in response to current market conditions4 2025 Outlook 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 year320 - Despite an increased outlook for cash contributions to affiliates, the company expects these payments to be substantially lower in 2025 compared to 202421 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 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 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 uncertainties27
Piedmont Lithium (PLL) - 2025 Q2 - Quarterly Results