Piedmont Lithium (ASX:NASDAQ:PLL, OTC:PLLTL) Inc, a leading...

Piedmont Lithium (ASX:NASDAQ:PLL, OTCLLTL) Inc, a leading North American supplier of lithium products critical to the U.S. electric vehicle supply chain, today reported its first quarter 2024 financial results.

Largest spodumene operation

The company’s project, North American Lithium, the largest producing spodumene operation in North America, achieved record quarterly production of 40,439 dry metric tons (dmt) of spodumene concentrate in the first quarter of the year.

NAL is jointly owned by Piedmont (25%) and Sayona Mining Limited (75%).

The operation exceeded plan with lithium recoveries of 69% in March 2024, setting a new monthly record.

Overall safety performance improved as NAL recorded its lowest quarterly incident rate since the restart of operations in March 2023.

Construction materially completed

Construction of the crushed ore storage dome at NAL was materially completed during the first quarter with commissioning advancing in the second quarter.

This capital project, along with other improvements, is expected to result in increased NAL production and a reduction in NAL’s unit operating costs.

NAL management estimates operations will achieve full run-rate production in the second half of the year.

In North Carolina, Piedmont achieved a significant milestone in May 2024 with the receipt of the mining permit for Carolina Lithium, a strategic project situated in the US battery belt.

The mining permit is a catalyst for accelerating discussions with potential funding parties, including government loan agencies and strategic partners who could provide capital, offtake and technical support.

Based on its published technical studies the company expects Carolina Lithium to be a low-cost producer of spodumene concentrate and lithium hydroxide and a key contributor to US energy security.