Piedmont Lithium (NASDAQ:PLL) Stock

Piedmont Lithium

Pall

Pall Corporation

NYSE

Piedmont Lithium Inc, is a U.S. based, development-stage, multi-asset, integrated lithium business in support of a clean energy economy and U.S. and world-wide energy security. Its portfolio of wholly-owned projects includes Carolina Lithium, a proposed fully integrated spodumene ore-to-lithium hydroxide project in Gaston County, North Carolina, and Tennessee Lithium, a proposed merchant lithium hydroxide manufacturing plant in McMinn County, Tennessee.

Lithium stocks

Commodities

SYAXF

Sayona Mining and Piedmont Lithium merger will create North America&#39;s largest hard rock lithium miner. The new firm will focus on an expansion in Quebec, but Australian assets provide an opportunity for diversification.

Sayona Merges With Piedmont Lithium, Pursues North American Lithium Growth

5 Things To Watch As US Stocks Set For Flattish Start

Long Ideas

Politics

Markets

Trading Ideas

CHPT

CSTM

EVGO

KALU

NISTF

PLUG

STLD

Wall Street prepares for sector-specific shakeups during Election Week 2024. A Democratic win could boost clean energy stocks, while a Trump victory could benefit the steel sector.

Trump Vs. Harris: EVgo, Cleveland-Cliffs, Plug Power, Nucor Brace For 2024 Election Impact

Lithium.Shutterstock

Government

News

BATT

USGS found massive lithium reserve in Arkansas, enough to supply nation&#39;s green tech transition. Exxon plans to extract it by 2027 with DLE tech.

Lithium Reserve Found In Arkansas With Help From AI: Why It Impacts Exxon Mobil

Piedmont Lithium Inc

GEMFIELDS GROUP LTD by Gemfields Group Ltd.

Gemfields Group Ltd

Pirelli & C SpA

PLATA LATINA MINERALS CRP by Plata Latina Minerals Corp

Plata Latina Minerals Corp

Piedmont Lithium Inc Chess Depository Interest

PALLADON VENTURES LTD NEW by Palladon Ventures Ltd.

Palladon Ventures Ltd

POLAREAN IMAGING LTD by Polarean Imaging Ltd.

Polarean Imaging PLC

General

Piedmont Posts ~55,700 dmt Of Spodumene Concentrate In Q4

WIIM

ATLX

IONR

LAAC

LITM

SGML

Shares of lithium companies are trading lower. This year, the commodity has experienced an oversupply.

BMO Capital analyst Greg Jones maintains Piedmont Lithium (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLL#NASDAQ">PLL</a>) with a Market Perform and raises the price target from $9.5 to $14.

Price Target

Analyst Ratings

BMO Capital Maintains Market Perform on Piedmont Lithium, Raises Price Target to $14

Piedmont Lithium shares are trading higher after Macquarie upgraded the stock from Underperform to Neutral and announced a price target of $13.5.

Ratings for Piedmont Lithium (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLL#NASDAQ">PLL</a>) were provided by 6 analysts in the past three months, showcasing a mix of bullish and bearish perspectives.
The table below offers a condensed view of their recent ratings, showcasing the changing sentiments over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th align="right">Bullish</th>
<th align="right">Somewhat Bullish</th>
<th align="right">Indifferent</th>
<th align="right">Somewhat Bearish</th>
<th align="right">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">3</td>
<td align="right">2</td>
<td align="right">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">2</td>
<td align="right">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
</tbody>
</table>
Analysts have set 12-month price targets for Piedmont Lithium, revealing an average target of $12.97, a high estimate of $31.00, and a low estimate of $7.80. Highlighting a 28.42% decrease, the current average has fallen from the previous average price target of $18.12. 
<img src="https://www.benzinga.com/files/images/story/2024/1732190436_0.png" alt="price target chart" />
<h2>Interpreting Analyst Ratings: A Closer Look</h2>
The standing of Piedmont Lithium among financial experts is revealed through an in-depth exploration of recent analyst actions. The summary below outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Austin Yun</td>
<td>Macquarie</td>
<td>Announces</td>
<td>Neutral</td>
<td>$13.50</td>
<td>-</td>
</tr>
<tr>
<td>Joe Reagor</td>
<td>Roth MKM</td>
<td>Lowers</td>
<td>Buy</td>
<td>$31.00</td>
<td>$40.00</td>
</tr>
<tr>
<td>Greg Jones</td>
<td>BMO Capital</td>
<td>Raises</td>
<td>Market Perform</td>
<td>$9.00</td>
<td>$8.50</td>
</tr>
<tr>
<td>Bill Peterson</td>
<td>JP Morgan</td>
<td>Lowers</td>
<td>Underweight</td>
<td>$8.00</td>
<td>$9.00</td>
</tr>
<tr>
<td>Hayden Bairstow</td>
<td>Macquarie</td>
<td>Announces</td>
<td>Underperform</td>
<td>$7.80</td>
<td>-</td>
</tr>
<tr>
<td>Greg Jones</td>
<td>BMO Capital</td>
<td>Lowers</td>
<td>Market Perform</td>
<td>$8.50</td>
<td>$15.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts frequently update their recommendations based on evolving market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to Piedmont Lithium. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Gaining insights, analysts provide qualitative assessments, ranging from 'Outperform' to 'Underperform'. These ratings reflect expectations for the relative performance of Piedmont Lithium compared to the broader market.</li>
<li>Price Targets: Delving into movements, analysts provide estimates for the future value of Piedmont Lithium's stock. This analysis reveals shifts in analysts' expectations over time.</li>
</ul>
Navigating through these analyst evaluations alongside other financial indicators can contribute to a holistic understanding of Piedmont Lithium's market standing. Stay informed and make data-driven decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/PLL/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Piedmont Lithium analyst ratings.</a>
If you are interested in following small-cap stock news and performance <a href="https://www.benzinga.com/news/small-cap">you can start by tracking it here</a>.
<h2>Delving into Piedmont Lithium's Background</h2>
Piedmont Lithium Inc, is a U.S. based, development-stage, multi-asset, integrated lithium business in support of a clean energy economy and U.S. and world-wide energy security. Its portfolio of wholly-owned projects includes Carolina Lithium, a proposed fully integrated spodumene ore-to-lithium hydroxide project in Gaston County, North Carolina, and Tennessee Lithium, a proposed merchant lithium hydroxide manufacturing plant in McMinn County, Tennessee.
<h3>Piedmont Lithium's Financial Performance</h3>
Market Capitalization Perspectives: The company's market capitalization falls below industry averages, signaling a relatively smaller size compared to peers. This positioning may be influenced by factors such as perceived growth potential or operational scale.
Negative Revenue Trend: Examining Piedmont Lithium's financials over 3 months reveals challenges. As of 30 September, 2024, the company experienced a decline of approximately -41.3% in revenue growth, reflecting a decrease in top-line earnings. As compared to its peers, the revenue growth lags behind its industry peers. The company achieved a growth rate lower than the average among peers in Materials sector.
Net Margin: Piedmont Lithium's financial strength is reflected in its exceptional net margin, which exceeds industry averages. With a remarkable net margin of -60.32%, the company showcases strong profitability and effective cost management.
Return on Equity (ROE): Piedmont Lithium's ROE falls below industry averages, indicating challenges in efficiently using equity capital. With an ROE of -5.7%, the company may face hurdles in generating optimal returns for shareholders.
Return on Assets (ROA): Piedmont Lithium's ROA is below industry averages, indicating potential challenges in efficiently utilizing assets. With an ROA of -4.99%, the company may face hurdles in achieving optimal financial returns.
Debt Management: With a below-average debt-to-equity ratio of 0.09, Piedmont Lithium adopts a prudent financial strategy, indicating a balanced approach to debt management.
<h2>Understanding the Relevance of Analyst Ratings</h2>
Experts in banking and financial systems, analysts specialize in reporting for specific stocks or defined sectors. Their comprehensive research involves attending company conference calls and meetings, analyzing financial statements, and engaging with insiders to generate what are known as analyst ratings for stocks. Typically, analysts assess and rate each stock once per quarter.
Some analysts also offer predictions for helpful metrics such as earnings, revenue, and growth estimates to provide further guidance as to what to do with certain tickers. It is important to keep in mind that while stock and sector analysts are specialists, they are also human and can only forecast their beliefs to traders.
Which Stocks Are Analysts Recommending Now?
Benzinga Edge gives you instant access to all major analyst upgrades, downgrades, and price targets. Sort by accuracy, upside potential, and more. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=be8be9arja3be22bz21&amp;utm_source=benzinga-insights">Click here to stay ahead of the market</a>.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Expert Outlook: Piedmont Lithium Through The Eyes Of 6 Analysts

Macquarie analyst Austin Yun upgrades Piedmont Lithium (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLL#NASDAQ">PLL</a>) from Underperform to Neutral and announces $13.5 price target.

Upgrades

Macquarie Upgrades Piedmont Lithium to Neutral, Announces $13.5 Price Target

Trading Halt: Halt status updated at 7:00:00 AM ET: Quotation Resumption: News and Resumption Times

Australia's Sayona Mining (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SYAXF#OTC">SYAXF</a>) and U.S.-based Piedmont Lithium (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLL#NASDAQ">PLL</a>) announced a merger.
The two companies intend to form North America's largest hard rock<a href="https://www.benzinga.com/topic/lithium"> lithium producer</a>.
The all-stock deal results from a 50-50 equity split, creating a strengthened entity capable of navigating the challenging lithium market. Pending approval by the shareholders and regulators, the transaction is expected to close in the first half of 2025.
Sayona will become the parent company based in Australia. Its primary listing will be on the ASX and a secondary listing on Nasdaq. Sayona CEO Lucas Dow will lead the merged entity. Piedmont CEO Keith Phillips will be a strategic advisor.
"This merger marks a transformative step for Sayona and Piedmont," Dow <a href="https://wcsecure.weblink.com.au/pdf/SYA/02882580.pdf">said</a>, clarifying the potential for accelerated growth and improved strategic flexibility. 
The combined company would benefit from three feasibility-stage development projects and the opportunity for brownfield expansion at the North American Lithium (NAL) facility in Quebec. 
By consolidating ownership of NAL, the new entity will simplify corporate structures and unlock synergies, including cost savings from optimized logistics and procurement.
The two companies agreed on a merger following a prolonged lithium market downturn owing to oversupply and slower-than-anticipated electric vehicle adoption. Industry challenges have weighed on prices, but the combined company believes its enhanced scale and financial strength will provide resilience.
The new company will control considerable lithium resources, including ore reserves of 70.4 million tons at 1.15% lithium oxide and estimated resources of 153.5 million tons at 1.15% and 51.4 million tons at 1.07%.
Key assets include NAL in Quebec, the Carolina Lithium project in North Carolina, and spodumene assets in Ghana. Management noted the focus on accelerating NAL's brownfield expansion and advancing its other high-potential projects. Still, Sayona's Australian lithium holdings further diversify the portfolio, giving the company an advantage in serving global markets.
The lithium market experienced a severe crash after peaking at over $80,000 per ton in 2022. Still, despite persistent weakness, the market is showing signs of recovery after prices bottomed at $9,800 per ton.
Read Next:
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<li><a href="https://www.benzinga.com/news/guidance/24/11/42043138/analysts-see-iron-ore-below-100-weak-chinese-demand">Analysts See Iron Ore Below $100, Weak Chinese Demand</a></li>
</ul>
Image: Shutterstock

Creates a leading North American lithium producer and developer
<ul>
<li>Piedmont and Sayona to combine in all-stock merger with ownership split of approximately 50% / 50% on a fully diluted basis immediately post-merger and prior to the conditional equity raising</li>
<li>Creating a leading North American hard rock lithium producer with geographically advantaged spodumene resources of global scale</li>
<li>Simplified corporate structure aligns North American Lithium ("NAL") offtake economics, and removes contractual complexities</li>
<li>Unified ownership of NAL unlocks the potential for a significant brownfield expansion</li>
<li>Combined scale provides strategic flexibility to combine and optimize downstream strategies</li>
<li>Material corporate, logistics, marketing, and procurement synergies</li>
<li>Significantly strengthened balance sheet with two stage equity financing, with post-merger raise led by cornerstone subscription from Resource Capital Fund VIII L.P. ("RCF VIII"), associated with Resource Capital Funds ("RCF"), a critical minerals and mining-focused global investment firm</li>
<li>MergeCo will endeavor to complete an additional equity raise for eligible retail shareholders post-closing</li>
</ul>

Reported Earlier, Piedmont And Sayona Merge To Form North America's Largest Hard Rock Lithium Producer

Trading Halt: Halted at 6:41:55 p.m. ET - Trading Halt: Halt News Pending

Piedmont Lithium (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLL#NASDAQ">PLL</a>) reported quarterly losses of $(0.42) per share which beat the analyst consensus estimate of $(0.58) by 27.59 percent. This is a 147.73 percent decrease over earnings of $0.88 per share from the same period last year. The company reported quarterly sales of $27.700 million which missed the analyst consensus estimate of $28.189 million by 1.74 percent. This is a 41.22 percent decrease over sales of $47.127 million the same period last year.

Earnings

Earnings Beats

Earnings Misses

Piedmont Lithium Q3 2024 Adj. EPS $(0.42) Beats $(0.58) Estimate, Sales $27.700M Miss $28.189M Estimate

ABOS

ABSI

ACNT

ACTG

AENT

AGEN

AIOT

AIRG

ALIT

ALTG

AMBC

AMPS

AMTX

APEI

AREB

ARIS

ARMN

ATRA

AUTL

Avadel Pharmaceuticals plc - American Depositary Shares each representing one Ordinary Share

AVDL

AXSM

AZTA

BHIL

BLDE

BLFS

BLTE

The Beachbody Company, Inc. Class A Common Stock

BODI

BRTX

BTMD

BTTR

BWAY

BXSL

BZFD

CAMT

CART

CATX

CAVA

CBAT

CBLL

CCLD

CGEN

CHGG

CHMI

CLSD

CNNE

CRNX

CRON

CRVS

CRWS

CVAC

CXAI

DAVA

DAVE

DRCT

DYAI

EARN

EGAN

ELMD

ETON

EVCM

EYEN

FENG

FGEN

FIHL

FLNG

FOUR

FTCI

GENI

GENK

GMGI

GOVX

GRAL

GRDN

GROV

GRPN

GRVY

Earnings Scheduled For November 12, 2024

As <a href="https://www.benzinga.com/topic/2024-presidential-election">Election Week 2024</a> is upon us, Wall Street is geared up for sector-specific shakeups, with JPMorgan's Bill Peterson spotlighting a decisive split in potential stock moves.
With a Democratic win likely to power up the clean energy sector and a Donald Trump victory poised to boost steel, the stakes are high for investors in metals, mining and clean tech.
<h1 class="wp-block-heading">A Harris Win: Green Light For Clean Tech Rally?</h1>
Should Vice-President Kamala Harris take the White House, expect a boost across clean tech stocks, especially those linked to electric vehicles (EV) and hydrogen.
Peterson points to EVgo Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EVGO#NASDAQ">EVGO</a>), ChargePoint Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHPT#NASDAQ">CHPT</a>) and lithium players like Lithium Americas Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LAC#NYSE">LAC</a>) and Piedmont Lithium Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLL#NASDAQ">PLL</a>) as likely to benefit from sustained clean energy initiatives.
Stocks like Plug Power Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLUG#NASDAQ">PLUG</a>) could also rally, riding on investor confidence that government spending won't dry up for sectors heavily backed by the Inflation Reduction Act and the Department of Energy's Loan Programs Office.
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<h1 class="wp-block-heading">Trump's Win: Steel's Comeback With A Dose Of Protectionism</h1>
A Trump victory could be a bullish setup for the steel sector, especially for domestic players like Nucor Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NUE#NYSE">NUE</a>), Steel Dynamics Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>), and Cleveland-Cliffs Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLF#NYSE">CLF</a>), which would benefit from protectionist policies supporting U.S. steel pricing.
Peterson highlights that Trump's stance against the proposed acquisition of U.S. Steel by Nippon Steel Corp (OTCPK: NISTF) could keep the spotlight on domestic operators, while Trade Expansion Act Section 232 tariffs could make U.S. steel prices attractive.
Kaiser Aluminum Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KALU#NASDAQ">KALU</a>) stands to gain over Constellium SE (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CSTM#NYSE">CSTM</a>) if more tariffs come into play, thanks to Kaiser&#8217;s U.S. footprint.
<h1 class="wp-block-heading">Rare Earths &amp; Base Metals: Supply Security Takes The Stage</h1>
Regardless of the outcome, Western supply chain security remains a hot-button issue, favorably positioning rare earth and graphite players like MP Materials Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MP#NYSE">MP</a>) and GrafTech International Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EAF#NYSE">EAF</a>).
For base metals, names like Alcoa Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AA#NYSE">AA</a>) and Freeport-McMoRan Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) may see an impact from intensified China tariffs, with pricing ripple effects dependent on global stimulus responses.
With the election outcome set to shape market dynamics, these sectors have distinct paths forward. For now, it's a wait-and-see game for investors in metals, mining, and clean tech.
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Photo: Shutterstock

Roth MKM analyst Joe Reagor reiterates Piedmont Lithium (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLL#NASDAQ">PLL</a>) with a Buy and lowers the price target from $40 to $31.

Reiteration

Roth MKM Reiterates Buy on Piedmont Lithium, Lowers Price Target to $31

Rumors

Watching Piedmont Lithium; Traders Ciruclate James Altucher Newsletter Mentions Stock As A Buy

BMO Capital analyst Greg Jones maintains Piedmont Lithium (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLL#NASDAQ">PLL</a>) with a Market Perform and raises the price target from $8.5 to $9.

BMO Capital Maintains Market Perform on Piedmont Lithium, Raises Price Target to $9

Piedmont Lithium shares are trading higher after the company announced it hit record production by shipping over 31K tons of Spodumene in Q3 for EV supply chains.

Piedmont Lithium ("Piedmont" or the "Company") (NASDAQ:<a href="https://www.benzinga.com/stock/PLL#NASDAQ">PLL</a>, ASX: PLL))), a leading North American supplier of lithium products critical to the U.S. electric vehicle supply chain, announced that it shipped approximately 31,500 dry metric tons ("dmt") of spodumene concentrate in Q3'24 as its jointly owned North American Lithium ("NAL") achieved new quarterly production and operational performance records.1 NAL, North America's largest producing spodumene mine, is jointly owned by Piedmont (25%) and Sayona Mining Limited (75%) (ASX: SYA).
&nbsp;
<img src="https://mms.businesswire.com/media/20241028917492/en/2285280/4/Q3_24_Production_Update_table.jpg" alt="Figure 1: NAL Concentrate Production (Graphic: Business Wire)" />
Figure 1: NAL Concentrate Production (Graphic: Business Wire)
In response to a customer request, the Company will shift a planned cargo from Q4'24 to early Q1'25. As a result, Piedmont is targeting shipments of approximately 55,000 dmt of spodumene concentrate in Q4 for total 2024 shipments of approximately 116,000 dmt. While this single cargo push into early 2025 will cause a nominal adjustment from our prior guidance of 126,000 dmt for 2024, we expect this shift to be accretive to our 2025 shipments totals and does not impact Piedmont's total offtake quantities at NAL.2
Q3'24 Operational Results Summary
<figure class="table"> 
<table>
<tbody>
<tr>
<td colspan="1" rowspan="1">Piedmont Lithium</td>
<td colspan="1" rowspan="1">Units</td>
<td colspan="1" rowspan="1">Q3'24</td>
<td colspan="1" rowspan="1">Q2'24</td>
<td colspan="1" rowspan="1">QoQ Variance</td>
<td colspan="1" rowspan="1">2024 YTD</td>
<td colspan="1" rowspan="1">2023 YTD</td>
<td colspan="1" rowspan="1">YoY Variance</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Concentrate Shipped</td>
<td colspan="1" rowspan="1">kt dmt</td>
<td colspan="1" rowspan="1">31.5</td>
<td colspan="1" rowspan="1">15.5</td>
<td colspan="1" rowspan="1">125%</td>
<td colspan="1" rowspan="1">60.9</td>
<td colspan="1" rowspan="1">29.0</td>
<td colspan="1" rowspan="1">110%</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Average Grade</td>
<td colspan="1" rowspan="1">% Li2O</td>
<td colspan="1" rowspan="1">~5.4%</td>
<td colspan="1" rowspan="1">~5.5%</td>
<td colspan="1" rowspan="1">(0.1%)</td>
<td colspan="1" rowspan="1">~5.5%</td>
<td colspan="1" rowspan="1">~5.4%</td>
<td colspan="1" rowspan="1">0.1%</td>
</tr>
<tr>
<td colspan="1" rowspan="1">NAL1</td>
<td colspan="1" rowspan="1">Units</td>
<td colspan="1" rowspan="1">Q3'24</td>
<td colspan="1" rowspan="1">Q2'24</td>
<td colspan="1" rowspan="1">QoQ Variance</td>
<td colspan="1" rowspan="1">2024 YTD</td>
<td colspan="1" rowspan="1">2023 YTD</td>
<td colspan="1" rowspan="1">YoY Variance</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Ore Mined</td>
<td colspan="1" rowspan="1">kt wmt</td>
<td colspan="1" rowspan="1">240.3</td>
<td colspan="1" rowspan="1">233.7</td>
<td colspan="1" rowspan="1">3%</td>
<td colspan="1" rowspan="1">825.1</td>
<td colspan="1" rowspan="1">562.8</td>
<td colspan="1" rowspan="1">47%</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Concentrate Produced</td>
<td colspan="1" rowspan="1">kt dmt</td>
<td colspan="1" rowspan="1">52.1</td>
<td colspan="1" rowspan="1">49.7</td>
<td colspan="1" rowspan="1">5%</td>
<td colspan="1" rowspan="1">142.2</td>
<td colspan="1" rowspan="1">64.6</td>
<td colspan="1" rowspan="1">120%</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Plant (Mill) Utilization</td>
<td colspan="1" rowspan="1">%</td>
<td colspan="1" rowspan="1">91%</td>
<td colspan="1" rowspan="1">83%</td>
<td colspan="1" rowspan="1">8%</td>
<td colspan="1" rowspan="1">82%</td>
<td colspan="1" rowspan="1">65%</td>
<td colspan="1" rowspan="1">13%</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Lithium Recovery</td>
<td colspan="1" rowspan="1">%</td>
<td colspan="1" rowspan="1">67%</td>
<td colspan="1" rowspan="1">68%</td>
<td colspan="1" rowspan="1">(1%)</td>
<td colspan="1" rowspan="1">67%</td>
<td colspan="1" rowspan="1">57%</td>
<td colspan="1" rowspan="1">10%</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Concentrate Shipped</td>
<td colspan="1" rowspan="1">kt dmt</td>
<td colspan="1" rowspan="1">49.0</td>
<td colspan="1" rowspan="1">27.7</td>
<td colspan="1" rowspan="1">77%</td>
<td colspan="1" rowspan="1">134.8</td>
<td colspan="1" rowspan="1">48.2</td>
<td colspan="1" rowspan="1">180%</td>
</tr>
</tbody>
</table>
</figure>
In Q3'24, NAL produced 52,141 dmt and shipped 48,992 dmt, of which approximately 31,500 dmt of spodumene concentrate were sold to Piedmont and shipped to Company customers.
NAL increased quarterly production by 5% in Q3'24 compared to the prior quarter. Mill utilization achieved a record high of 91% for the quarter benefitting from the availability of the recently completed crushed ore dome. The increased utilization rate also drove an improvement in unit operating costs, which declined by 15% quarter-over-quarter when excluding the impact of inventory movements. Recoveries dipped marginally in the quarter due to a slight reduction in feed grade and increased use of the WHIMS magnetic separators. Importantly, in September 2024, NAL reported its first incident-free safety month since the restart of operations in 2023 with no lost time injuries, no modified duty injuries, and no medical aid injuries.

Piedmont Lithium Hits Record Production, Shipping Over 31K Tons of Spodumene in Q3 for EV Supply Chain, Plans for 116K-Ton Spodumene Shipment Target in 2024

The U.S. Geological Survey (USGS) recently discovered a significant lithium reserve beneath southwestern Arkansas. Through water testing and artificial intelligence, the agency found as much as 19 million tons of lithium — enough to supply the nation's <a href="https://www.benzinga.com/topic/clean-energy">green tech transition</a>.
"Our research was able to estimate total lithium present in the southwestern portion of the Smackover in Arkansas for the first time.&nbsp; We estimate there is enough dissolved lithium present in that region to replace U.S. imports of lithium and more," <a href="https://www.usgs.gov/news/national-news-release/unlocking-arkansas-hidden-treasure-usgs-uses-machine-learning-show-large">said</a> Katherine Knierim, a hydrologist and the study's principal researcher.
The Smackover Formation is a leftover of an ancient sea that formed a porous and permeable limestone geologic unit that extends across the Southern U.S. states. Rich in oil and bromine, it has recently attracted attention for brine water — high-salinity waters that are a common byproduct of oil exploration.
Given the synergies, large oil producers such as Exxon Mobil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) are <a href="https://www.benzinga.com/news/large-cap/24/02/37182798/exxons-lithium-experiment-could-be-winner-for-oil-company-state-of-arkansas">already active in Arkansas</a>. The company plans to begin extraction by 2027 and produce enough lithium for one million electric vehicles annually by 2030 through Direct Lithium Extraction (DLE) technology, which offers a quicker, more environmentally friendly method than traditional mining.
DLE also has high profitability potential, as demonstrated by Canadian pioneer Volt Lithium, which recently produced the first <a href="https://www.benzinga.com/24/08/40287108/volt-lithium-ceo-talks-up-new-mining-extraction-method-promises-major-production-advancements">battery-grade lithium</a> from brine in the Permian basin. The company estimates production costs at $2,900 per ton, even from low-concentration brine, while current prices hover around $10,500 per ton.
Despite significant lithium resources in the form of brine and clay deposits such as Thacker Pass in Nevada, domestic production has yet to catch up to domestic consumption. The U.S. imports 25% of its lithium, mainly from Australia and South America. This reliance on foreign sources and China's dominance in lithium processing have raised concerns about supply chain vulnerabilities.
The reasons include environmental concerns and opposition from the Indigenous population, as prospective deposits often crisscross disputed sites. With inert bureaucracy and high capex costs, the <a href="https://www.benzinga.com/news/24/07/39870803/us-mine-development-delays-among-worlds-longest-second-only-to-zambia">average mine development</a> in the U.S. is 29 years.
Still, with heavyweights such as Exxon committed to tapping into Arkansas' and both local and federal decision-makers keeping a friendly stance toward battery metals — this Southern state might reach its goal of becoming an epicenter of U.S. lithium production.
Lithium stocks rallied on the news, with Piedmont Lithium (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLL#NASDAQ">PLL</a>) climbing 17% yesterday before giving back most of those gains today.
Major lithium ETFs Global X Lithium &amp; Battery Tech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LIT#NYSE">LIT</a>) and Amplify Lithium &amp; Battery Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BATT#NYSE">BATT</a>) had modest gains between 2% and 3% Wednesday morning before running out of steam.
Read Next: • <a href="https://www.benzinga.com/news/large-cap/24/10/41425070/vale-sets-samarco-dam-bill-estimate-at-30b-bhp-faces-uks-high-court">Vale Sets Samarco Dam Bill Estimate At $30B, BHP Faces UK&#8217;s High Court</a>
Photo: Shutterstock

Piedmont Lithium shares are trading lower after JP Morgan downgraded the stock from Neutral to Underweight and lowered its price target from $9 to $8.

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