- Piedmont shipped approximately 14,000 dmt of spodumene concentrate in Q2'24; targets 96,500 dmt in H2'24
- Record quarterly production of 49,660 dmt, up 23% from Q1'24 as NAL nears H2'24 steady-state production target
- New quarterly highs achieved for lithium recovery at 68% and process plant utilization at 83%
- Crushed ore dome now operational and expected to further improve production levels and utilization rates
BELMONT, N.C.--BUSINESS WIRE--
Piedmont Lithium ("Piedmont" or the "Company") (Nasdaq: PLL; ASX: PLL), a leading North American supplier of lithium products critical to the U.S. electric vehicle supply chain, today announced that it shipped approximately 14,000 dry metric tons ("dmt") of spodumene concentrate in Q2'24 as its jointly owned North American Lithium ("NAL") achieved new quarterly production and operations records.1 NAL, North America's largest-producing spodumene mine, is jointly owned by Piedmont (25%) and Sayona Mining Limited (75%) (ASX: SYA). Per Piedmont's NAL offtake agreement, the Company is targeting shipments of approximately 96,500 dmt of spodumene concentrate in H2'24 to support the full-year target of approximately 126,000 dmt, subject to shipping logistics, port and weather conditions, and customer requirements. Piedmont is prioritizing contract customer shipments as NAL nears the full run-rate production target of H2'24.
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Figure 1: North American Lithium Concentrate Production (Graphic: Business Wire)
Q2'24 Operational Results Summary
Piedmont Lithium |
Unit |
Q2'24 |
Q1'24 |
QoQ Variance |
2024 YTD |
2023 YTD |
YoY Variance |
Concentrate Shipped |
kt dmt |
14.0 |
15.5 |
(10%) |
29.5 |
- |
n/m2 |
Average Grade |
% Li2O |
~5.5% |
~5.5% |
- |
~5.5% |
- |
n/m |
NAL1 |
Unit |
Q2'24 |
Q1'24 |
QoQ Variance |
2024 YTD |
2023 YTD |
YoY Variance |
Ore Mined |
kt wmt |
233.7 |
351.1 |
(33%) |
584.8 |
338.4 |
73% |
Concentrate Produced |
kt dmt |
49.7 |
40.4 |
23% |
90.1 |
33.1 |
172% |
Plant (Mill) Utilization |
% |
83% |
73% |
10% |
79% |
69% |
10% |
Lithium Recovery |
% |
68% |
67% |
1% |
68% |
56% |
12% |
Concentrate Shipped |
kt dmt |
27.7 |
58.1 |
(52%) |
85.8 |
- |
n/m |
2 Not meaningful |
In Q2'24, NAL produced 49,660 dmt and shipped 27,729 dmt, of which approximately 14,000 dmt of spodumene concentrate were sold to Piedmont and shipped to customers. An additional Piedmont shipment totaling approximately 14,000 dmt was delayed from late Q2'24 to early Q3'24 due to port logistical issues.
NAL increased quarterly production by nearly 23% in Q2'24 compared to the prior quarter. Recovery rates improved to 68% during Q2'24, and mill utilization increased to 83%, up 10% from the previous quarter despite planned downtime in April to tie in the crushed ore dome. Notably, in June, mill utilization reached a record 91%, and operations set a single-day production record of 919 dmt of spodumene concentrate. Unit operating costs decreased by 2% quarter over quarter on a tons sold basis. Crushed ore dome commissioning was completed in Q2'24 and is expected to result in further improvements to production levels and utilization rates.
"As one of only a handful of active spodumene mines globally, NAL is a highly strategic asset with excellent operational performance as the ramp-up to steady-state production continues. With ongoing quarterly production records and the recent high-grade drill results of the 2023-2024 drill campaign, NAL has demonstrated significant progress and future potential," said Keith Phillips, President and CEO of Piedmont Lithium. "As we enter the second half of the year, we look forward to increasing our shipments to contract customers. We welcome Mr. Lucas Dow as the newly appointed Managing Director and CEO of our partner, Sayona Mining, and we thank Mr. James Brown for his prior leadership."
