ATI Reports Q1 Earnings; Piedmont Lithium Boosts Production; Buenaventura Announces Q1 Results And More: Tuesday's Top Mining Stories

ATI ATI: The Dallas-based company reported first-quarter (Q1) revenue of $1.04 billion in 2024. Net income hovered at around $66 million (or 46 cents per share). 

• Aerospace and defense sales rose to $616 million, driving a 7% year-over-year growth. 
• Adjusted net income was $68.4 million (48 cents per share), with adjusted EBITDA at $151 million, or 14.5% of sales. 
• The company highlighted strong demand for specialty alloys and significant improvements in cash flow in addition to completing $150 million in share repurchases.

Piedmont Lithium PLL: The North Carolina-based company announced Q1 2024 shipments of about 15,500 dry metric tons (dmt) of spodumene concentrate. Piedmont also has a record quarterly production of 40,439 dmt at North American Lithium; it set a monthly record of 15,699 dmt in March. 

• The company is targeting full-year shipments of approximately 126,000 dmt, predominantly in the second half of 2024 as it ramps up to full production. 
• Piedmont is aiming to focus on contract customers to minimize dependence on the fluctuating spot market.

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Buenaventura BVN: Peru’s largest publicly-traded precious metals mining company reported an EBITDA of $94.4 million. That’s up from $51.6 million in Q1 2023.

• Net income of $67.1 million, slightly down from $72.8 million. 
• The company’s cash position stood at $174 million, with a net debt of $525.3 million, resulting in a leverage ratio of 1.87x. 
• Key developments included receiving the final operating permit for the Yumpag mine, anticipated to produce 6.5 to 7.2 million silver ounces in 2024, and $29.4 million in dividends from Cerro Verde. 
• Q1 CAPEX for the San Gabriel project was $38.4 million.

American Battery Technology ABAT: Scott Smith, a former Tesla executive, is now at American Battery Technology.

• American Battery named Smith vice president of financial planning and analysis to support the company’s strategic growth and lead investor relations. 
• Smith was the former Tesla TSLA head of financial planning and analysis in Europe and recently moved from Berlin to the Reno headquarters.
• He brings extensive experience in financial operations and market expansions, crucial to the company's expanding recycling and lithium manufacturing operations.

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