Nasdaq- and ASX-listed Piedmont Lithium has reported its financial results for the fourth quarter and full year of 2024, highlighting strong production performance and ongoing strategic growth initiatives.

During the fourth quarter, Piedmont shipped 55 700 dry metric tons (dmt) of spodumene concentrate, generating $45.6-million in revenue. The company achieved a realised price of $818/dmt, outperforming industry peers. 

Looking ahead, Piedmont expects to ship between 113 000 dmt and 130 000 dmt in 2025, with shipments structured to minimise downside risks.

Production at North American Lithium (NAL) remained robust, with 50 922 dmt of spodumene concentrate produced in the fourth quarter. Recovery rates improved to 68%, while mill utilisation was high at 90%. The company noted continued declines in unit operating costs and remains on track to meet its production and cost guidance for Sayona Mining’s financial year ending June 30, 2025.

On the development front, the Ewoyaa lithium project in Ghana received a mine operating permit from the country’s Minerals Commission, a key regulatory step toward construction. The project’s advancement remains subject to mining lease ratification, further regulatory approvals, and project financing.

“We ended 2024 with a strong quarter operationally and commercially, driven by strong production at NAL and record shipments, improved gross profit, and a lower operating cost structure at Piedmont,” said president and CEO Keith Phillips. “Lithium markets remain challenging, but we are well-positioned to benefit from an eventual price recovery. We are particularly excited about our upcoming merger with Sayona Mining as the merged entity will be the leading lithium producer in North America with a strong portfolio of growth projects and a balance sheet bolstered by the equity financings announced as part of the merger transaction.”

Piedmont and Sayona Mining signed a definitive merger agreement on November 18, aiming to create a leading North American lithium company. As part of the merger announcement, Piedmont successfully completed a capital raise, securing $26-million in gross proceeds. Following the merger’s completion, the combined entity expects to raise an additional A$69-million through a conditional placement to Resource Capital Fund VIII.

Completion of the merger remains subject to stockholder approval from both companies and is expected to close in mid-2025.