pll-20250630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________

FORM 10-Q

________________________________


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to ________

Commission File Number 001-38427

___________________________________________________________

Piedmont Lithium Inc.

(Exact name of Registrant as specified in its Charter)

_________________________________________________________________________________________


Delaware			36-4996461
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
42 E Catawba Street Belmont, North Carolina			28012
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: (704) 461-8000

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common stock, $0.0001 par value per share

PLL

The Nasdaq Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (“Exchange Act”) during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☐

Emerging growth company

☐

Non-accelerated filer

☒

Smaller reporting company

☒

☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of August 4, 2025, there were 21,946,069 shares of the registrant’s common stock outstanding.

Table of Contents


			Page
Glossary of Terms and Definitions			2
PART I - Financial Information
	Item 1.	Financial Statements	5
		Consolidated Statements of Operations	5
		Consolidated Statements of Comprehensive Loss	6
		Consolidated Balance Sheets	7
		Consolidated Statements of Cash Flows	8
		Consolidated Statements of Changes in Equity	9
		Notes to the Consolidated Financial Statements	10
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	36
	Item 4.	Controls and Procedures	36

PART II - Other Information
	Item 1.	Legal Proceedings	37
	Item 1A.	Risk Factors	37
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	37
	Item 3.	Defaults Upon Senior Securities	37
	Item 4.	Mine Safety Disclosures	37
	Item 5.	Other Information	37
	Item 6.	Exhibits	38

Signatures			39

Table of Contents

GLOSSARY OF TERMS AND DEFINITIONS

When the following terms and abbreviations appear in the text of this report, they have the meanings indicated below:


2024 Cost Savings Plan			Board approved action in response to the decline in the lithium market to reduce cash operating costs, defer capital spending, and limit cash investments in and advances to affiliates in 2024



Annual Report			Annual Report on Form 10-K
ASC			Accounting Standards Codification
ASX			Australian Securities Exchange
Atlantic Lithium			Atlantic Lithium Limited
Atlantic Lithium Ghana			Atlantic Lithium’s Ghanaian-based lithium portfolio companies
ATM Program			at-the-market issuance sales agreement
ATVM			Advanced Technology Vehicles Manufacturing
Authier			Authier Lithium project

Board			Piedmont Lithium’s Board of Directors
Carolina Lithium			Carolina Lithium project




CODM			Chief Operating Decision Maker



Credit Facility			$25.0 million working capital financing arrangement with a trading company partner based on committed volumes of spodumene concentrate

DEMLR			Department of Energy, Mineral and Land Resources
DFS			definitive feasibility study
dmt			dry metric ton(s)
DOE			U.S. Department of Energy




Ewoyaa			Ewoyaa Lithium project
Exchange Act			Securities Exchange Act of 1934



FDIC			Federal Deposit Insurance Corporation


IRA			Inflation Reduction Act of 2022
JORC Code			2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves
Killick Lithium			Killick Lithium Inc.



Tennessee Lithium			Tennessee Lithium project
Li2O			lithium oxide


Merger			The proposed transaction to consummate the combination of Piedmont Lithium Inc. and Sayona Mining Limited pursuant to the Merger Agreement
Merger Agreement			Agreement and Plan of Merger, dated as of November 18, 2024, by and among Piedmont Lithium, Sayona Mining, and Shock MergeCo Inc., a Delaware corporation and a wholly-owned subsidiary of Sayona Mining (as amended April 22, 2025)

MIIF			Minerals Income Investment Fund of Ghana
Milestone PRAs			PRAs that could be earned based upon achievement of certain specified milestones




NAL			North American Lithium Inc.

NCDEQ			North Carolina Department of Environmental Quality




OBBBA			One Big Beautiful Bill Act
Piedmont Australia			Piedmont Lithium Pty Ltd (formerly named Piedmont Lithium Limited)

PRAs			performance rights awards



Quarterly Report			Quarterly Report on Form 10-Q


Ricca			Ricca Resources Limited

RSUs			restricted stock units
Sayona Mining			Sayona Mining Limited
Sayona Quebec			Sayona Quebec Inc.
SEC			U.S. Securities and Exchange Commission



SOFR			secured overnight financing rate

Table of Contents


spodumene concentrate			spodumene concentrate or SC[X] where “X” represents the lithium content of the concentrate on an Li2O% basis
Stock Incentive Plan			Piedmont Lithium Inc. Stock Incentive Plan adopted by our Board on March 31, 2021
Tansim			Tansim Lithium project


TSR			total shareholder return
TSR PRAs			PRAs related to market goals based on a comparison of Piedmont Lithium’s total shareholder return relative to the total shareholder return of a pre-determined set of peer group companies for the performance periods
U.S.			United States of America
U.S. GAAP			U.S. generally accepted accounting principles
Vallée			Vallée Lithium project
Vinland Lithium			Vinland Lithium Inc.

Table of Contents

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

PIEDMONT LITHIUM INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts) (Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Revenue	$	11,857	$	13,227	$	31,853	$	26,628
Costs of sales	13,489		12,601		33,351		25,311
Gross profit (loss)	(1,632)		626		(1,498)		1,317
Operating expenses:
Exploration costs	—		9		—		62
Selling, general and administrative expenses	6,425		9,016		13,196		17,110
Total operating expenses	6,425		9,025		13,196		17,172
Loss from equity method investments	(1,139)		(4,910)		(6,074)		(10,350)
Restructuring charges	(401)		(314)		(684)		(2,094)
Loss from operations	(9,597)		(13,623)		(21,452)		(28,299)
Other (expense) income:
Interest income	537		653		1,236		1,480
Interest expense	(532)		(76)		(1,092)		(298)

Loss on sale of equity method investments(1)	—		—		—		(13,886)
Other (loss) income	(146)		(288)		(4,061)

SEC Form 10-Q filed by Piedmont Lithium Inc.