Nasdaq- and ASX-listed Piedmont Lithium has reported solid financial and operational results for the fourth quarter and full year of 2024, highlighting strong production and strategic growth initiatives.
In Q4, the company shipped 55,700 dry metric tons (dmt) of spodumene concentrate, generating $45.6 million in revenue at a realized price of $818/dmt—outperforming industry peers.
For 2025, shipments are expected to range between 113,000 dmt and 130,000 dmt, with a strategy to mitigate market risks.
Production at North American Lithium (NAL) remained strong, with 50,922 dmt of spodumene concentrate produced in Q4.
Recovery rates improved to 68%, and mill utilization was high at 90%. The company continues to reduce operating costs and is on track to meet its production and cost targets for Sayona Mining’s financial year ending June 30, 2025.
Piedmont’s Ewoyaa lithium project in Ghana reached a key milestone with the approval of its mine operating permit from the Minerals Commission. The project now awaits mining lease ratification, additional regulatory approvals, and financing.
“We ended 2024 with a strong quarter operationally and commercially, driven by record shipments, improved gross profit, and lower operating costs,” said President and CEO Keith Phillips.
“Despite challenges in the lithium market, we are well-positioned for a price recovery. Our upcoming merger with Sayona Mining will create North America’s leading lithium producer with a robust growth portfolio and a strengthened balance sheet.”
The merger agreement, signed on November 18, aims to establish a dominant North American lithium company. As part of the deal, Piedmont raised $26 million in gross proceeds and expects to secure an additional A$69 million through a conditional placement to Resource Capital Fund VIII.
The merger remains subject to stockholder approval and is expected to close by mid-2025.
