Inaugural Revenue and Profit Recorded on Commencement of Lithium Concentrate Shipments

Revenue of $47.1 million on sales of 29,011 dry metric tons (dmt) of lithium concentrate.
Gross profit of $23.8 million, reflecting a gross profit margin of 50.4%.
Net income of $22.9 million and adjusted net income(1) of $16.9 million.
Diluted earnings per share of $1.19 and adjusted diluted earnings per share(1) of $0.88.
Adjusted EBITDA(1) of $16.2 million, reflecting an adjusted EBITDA margin(1) of 34.3%.
Cash and cash equivalents of $94.5 million at September 30, 2023.
On track to deliver full-year shipment guidance of approximately 56,500 dmt of lithium concentrate.
BELMONT, North Carolina, November 7, 2023 – Piedmont Lithium (“Piedmont” or the “Company”) (Nasdaq: PLL; ASX: PLL), a leading global supplier of lithium resources critical to the U.S. electric vehicle supply chain, today announced financial results for third quarter 2023.

“The third quarter was transformational for Piedmont as we made our first customer shipments under our offtake agreement with our joint-venture operation, North American Lithium(2). As a result, Piedmont became a revenue-generating lithium company and recorded adjusted net income of $17 million and adjusted earnings per share of $0.88.

“NAL is the largest operating lithium mine in North America, and production is ramping up well. see & read more on
https://piedmontlithium.com/piedmont-lithium-reports-third-quarter-2023-results/