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"Our first quarter results reflect continued operational progress and the resilience of our team" said Keith Phillips, President and CEO of Piedmont Lithium. "We achieved record lithium recoveries at North American Lithium and the operation remains on track to meet shipment and cost guidance, despite weather-related impacts to mill utilization. In addition, we continued to take a disciplined approach to capital spending while making strong progress toward our planned merger with Sayona. We believe the proposed combination will enhance value for shareholders and position Elevra Lithium as a leading supplier to the North American battery supply chain," added Phillips.

Proposed Merger of Piedmont Lithium and Sayona Mining

Piedmont Lithium and Sayona signed a definitive merger agreement on November 19, 2024 to combine the two companies (the "Merger") to create a leading North American lithium business.

The Merger is expected to close in mid-2025, subject to stockholder approval for both companies. A proxy statement containing important information about the Merger will be sent to Piedmont stockholders and filed with the U.S. Securities and Exchange Commission.

Since the announcement, significant progress has been made in preparing for shareholder votes for Piedmont and Sayona. Recently, the companies announced:

• Subject to Sayona shareholder approval, the combined company will be renamed Elevra Lithium Limited ("Elevra") and will trade under the ticker symbol "ELV" on the ASX and ticker symbol for the American Depositary Shares ("ADS") traded on the Nasdaq will be "ELVR";

• The nominees for the Board of Elevra, which will be constituted of 4 members from the existing Piedmont Board and 4 members of the existing Sayona Board;

• Regulatory approval for the Investment Canada Act and the Hart-Scott-Rodino Act, and completion of review by the Committee on Foreign Investment in the United States;

• Subject to Sayona shareholder approval, a reverse stock split to consolidate Sayona’s shares at a ratio of 1-for-150 prior to the completion of the Merger, which will update the exchange ratio to 3.5133 Sayona shares for each Piedmont Lithium share compared to the previously announced 527 Sayona shares for each Piedmont Lithium share; and

• Each Sayona ADS issued in the Merger will represent 1,500 Sayona shares prior to the effect of the reverse stock split or 10 Sayona shares after the reverse stock split.

First Quarter 2025 Financial Highlights

All references to dmt in this release relate to spodumene concentrate.

First Quarter and Recent Business Highlights

Piedmont Lithium

• Shipped approximately 27,000 dmt (~5.4% Li₂O) of spodumene concentrate from NAL to customers in Q1’25 and recognized $20.0 million in revenue with an average realized sales price of $741 per dmt. On an SC6 equivalent basis, our realized price per metric ton was $823.

• Piedmont continued to advance the proposed merger with Sayona and reached several milestones in preparation for the shareholder vote. In April, the companies jointly announced the combined company would be renamed Elevra and disclosed the slate of nominees for the Board of Directors which includes 4 members of Piedmont’s existing Board, including Dawne Hickton who has been nominated as the Chair Designate of Elevra.

• In April 2025, Piedmont announced key regulatory approvals for the merger were received in the United States and Canada.

• In April 2025, Piedmont announced the signing of a revised merger agreement with Sayona which incorporated, among other things, an updated exchange ratio to incorporate the terms of a proposed reverse stock split to be undertaken by Sayona as part of the merger, subject to Sayona shareholder approval.

North American Lithium (Quebec, Canada)

• In Q1’25, NAL achieved quarterly production of 43,261 dmt and shipped approximately 27,000 dmt, all of which were sold to Piedmont.

• Production declined by approximately 15% compared to the prior quarter. The decline was primarily related to a reduction in mill utilization for the quarter, which was 80%, due to a combination of weather-related unplanned downtime and a scheduled maintenance shutdown. Lithium recovery improved modestly to 69% during the quarter and set a new monthly record of 72% in March.

• In April, the final results from the 2024 NAL drilling program were released. The results reinforce the potential for a future expansion at NAL and will be incorporated into an updated Mineral Resource Estimate, which is expected to be released in the middle of 2025.

• Concentrate shipped by Piedmont and produced and shipped by NAL:

Ewoyaa Lithium Project (Ghana)

• In January 2025, the Ewoyaa project was granted a Water Use Permit by the Ghanaian Water Resources Commission and Atlantic Lithium announced a JORC compliant Mineral Resource Estimate of feldspar, which is intended to supply the Ghanaian ceramics market.

Carolina Lithium (North Carolina)

• Piedmont continues to pursue an air permit application currently under review by North Carolina’s Division of Air Quality, which would allow for up to 60,000 tons per year of lithium hydroxide production at Carolina Lithium, and a North Carolina General Stormwater permit.

2025 Outlook

Under our offtake agreement with Sayona Quebec, Piedmont has the right to purchase the greater of 50% of production or 113,000 dmt per year. Based on the production projection, customer requirements, and per the Company’s offtake agreement, Piedmont currently expects to ship 8,000 to 20,000 dmt in Q2’25 and approximately 113,000 to 130,000 dmt in 2025. Piedmont and Sayona Mining are continuing to explore commingling shipments to achieve material transport cost savings and improve profitability.

We expect less than $2 million in capital expenditures in Q2’25, the majority of which relate to Carolina Lithium. Investments in and advances to affiliates reflect cash contributions to Sayona Quebec and advances to Atlantic Lithium for the Ewoyaa Lithium project. With continued operational discipline at NAL and approvals at Ewoyaa ongoing, we expect payments to affiliates to substantially reduce in 2025 compared to 2024. Our outlook for forecasted capital expenditures and investments in and advances to affiliates is subject to market conditions.

Safety and Sustainability

The Company continued policy development and training to support the long-term objective of establishing a robust safety and health management system. Employee engagement in safety events remained strong and identification and reporting of hazards, unsafe acts, conditions, and safety observations, and near misses continued to improve.

Piedmont Lithium Earnings Call Information

Piedmont’s earnings presentation and supporting material are available at:
https://piedmontlithium.com/investors-overview.

About Piedmont

Piedmont Lithium Inc. (Nasdaq: PLL; ASX: PLL) is developing a world-class, multi-asset, integrated lithium business focused on enabling the transition to a net zero world and the creation of a clean energy economy in North America. Our goal is to become one of the largest lithium hydroxide producers in North America by processing spodumene concentrate produced from assets where we hold an economic interest. Our projects include our Carolina Lithium project in the United States and partnerships in Quebec with Sayona Mining (ASX: SYA) and in Ghana with Atlantic Lithium (AIM: ALL; ASX: A11). We believe these geographically diversified operations will enable us to play a pivotal role in supporting America’s move toward energy independence and the electrification of transportation and energy storage.

Cautionary Note to U.S. Investors

Piedmont’s public disclosures are governed by the U.S. Exchange Act of 1934, as amended, including Regulation S-K 1300 thereunder, whereas NAL discloses estimates of "measured," "indicated," and "inferred" mineral resources as such terms are used in the JORC Code and Canada’s National Instrument 43-101. Although S-K 1300, the JORC Code, and NI 43-101 have similar goals in terms of conveying an appropriate level of confidence in the disclosures being reported, they at times embody different approaches or definitions. Consequently, investors are cautioned that public disclosures by NAL prepared in accordance with the JORC Code or NI 43-101 may not be comparable to similar information made public by companies, including Piedmont, subject to S-K 1300 and the other reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder.

The statements in the link below were prepared by, and made by, NAL. The following disclosures are not statements of Piedmont and have not been independently verified by Piedmont. NAL is not subject to U.S. reporting requirements or obligations, and investors are cautioned not to put undue reliance on these statements. NAL’s original announcements can be found here: https://www.asx.com.au/markets/company/sya

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of or as described in securities legislation in the United States and Australia, including statements regarding exploration, development, construction, and production activities of Sayona Mining, Atlantic Lithium, and Piedmont; current plans for Piedmont’s mineral and chemical processing projects; Piedmont’s potential acquisition of an ownership interest in Ewoyaa; and strategy. Such forward-looking statements involve substantial and known and unknown risks, uncertainties, and other risk factors, many of which are beyond our control, and which may cause actual timing of events, results, performance, or achievements and other factors to be materially different from the future timing of events, results, performance, or achievements expressed or implied by the forward-looking statements. Such risk factors include, among others: (i) that Piedmont, Sayona Mining, or Atlantic Lithium may be unable to commercially extract mineral deposits, (ii) that Piedmont’s, Sayona Mining’s, or Atlantic Lithium’s properties may not contain expected reserves, (iii) risks and hazards inherent in the mining business (including risks inherent in exploring, developing, constructing, and operating mining projects, environmental hazards, industrial accidents, weather, or geologically related conditions), (iv) uncertainty about Piedmont’s ability to obtain required capital to execute its business plan, (v) Piedmont’s ability to hire and retain required personnel, (vi) changes in the market prices of lithium and lithium products, (vii) changes in technology or the development of substitute products, (viii) the uncertainties inherent in exploratory, developmental, and production activities, including risks relating to permitting, zoning, and regulatory delays related to our projects as well as the projects of our partners in Quebec and Ghana, (ix) uncertainties inherent in the estimation of lithium resources, (x) risks related to competition, (xi) risks related to the information, data, and projections related to Sayona Mining or Atlantic Lithium, (xii) occurrences and outcomes of claims, litigation, and regulatory actions, investigations, and proceedings, (xiii) risks regarding our ability to achieve profitability, enter into and deliver product under supply agreements on favorable terms, our ability to obtain sufficient financing to develop and construct our projects, our ability to comply with governmental regulations, and our ability to obtain necessary permits, (xiv) risks related to the completion of our proposed merger with Sayona Mining and related capital raises, and (xv) other uncertainties and risk factors set out in filings made from time to time with the U.S. Securities and Exchange Commission ("SEC") and the Australian Securities Exchange, including Piedmont’s most recent filings with the SEC. The forward-looking statements, projections, and estimates are given only as of the date of this press release and actual events, results, performance, and achievements could vary significantly from the forward-looking statements, projections, and estimates presented in this press release. Readers are cautioned not to put undue reliance on forward-looking statements. Piedmont disclaims any intent or obligation to update publicly such forward-looking statements, projections, and estimates, whether as a result of new information, future events or otherwise. Additionally, Piedmont, except as required by applicable law, undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Piedmont, its financial or operating results or its securities.

Non-GAAP Financial Measures

The following information provides definitions and reconciliations of certain non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP. The non-GAAP financial measures presented do not have any standard meaning prescribed by GAAP and may differ from similarly-titled measures used by other companies. We believe that these adjusted measures provide meaningful information to assist management, investors, and analysts in understanding our financial condition and the results of operations. We believe these adjusted financial measures are important indicators of our recurring operations because they exclude items that may not be indicative of, or are unrelated to, our core operating results, and provide a better baseline for analyzing trends in our underlying businesses.

The following are non-GAAP financial measures for Piedmont:

Adjusted net (loss) income is defined as net (loss) income, as calculated under GAAP, plus or minus the gain or loss from sale of equity method investments, gain or loss on sale of assets, gain or loss from equity securities, gain or loss from foreign currency exchange, restructuring charges including severance and severance related costs and exit costs, and certain other adjustments we believe are not reflective of our ongoing operations and performance. These items include acquisition costs and other fees, and shelf registration costs.

Adjusted diluted earnings per share (or adjusted diluted EPS) is defined as diluted EPS, as calculated under GAAP, before gain or loss on sale of equity method investments, gain or loss on sale of assets, gain or loss from equity securities, gain or loss from foreign currency exchange, restructuring charges including severance and severance related costs and exit costs, and certain other costs we believe are not reflective of our ongoing operations and performance.

EBITDA is defined as net income (loss) before interest expenses, income tax expense, and depreciation.

Adjusted EBITDA is defined as EBITDA plus or minus the gain or loss on sale of equity method investments, gain or loss on sale of assets, gain or loss from equity securities, gain or loss from foreign currency exchange, restructuring charges including severance and severance related costs and exit costs, and certain other adjustments we believe are not reflective of our ongoing operations and performance.

Below are reconciliations of non-GAAP financial measures on a consolidated basis for adjusted net (loss) income, adjusted diluted EPS, EBITDA, and adjusted EBITDA.

Adjusted Net Loss and Adjusted Diluted EPS

EBITDA and Adjusted EBITDA

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250507619139/en/

Contacts

For further information, contact:

Michael White
Chief Financial Officer
T: +1 713 878 9049
E: mwhite@piedmontlithium.com

John Koslow
Investor Relations
T: +1 908 701 9928
E: jkoslow@piedmontlithium.com