Piedmont Lithium Inc. Unveils Q3 2023 Results

Piedmont Lithium Inc. (ASX: PLL) achieved significant milestones in Q3 2023, reporting a revenue of US$47.1 million from the sale of 29,011 dry metric tons (dmt) of lithium concentrate. With a gross profit of US$23.8 million, equating to a 50.4% gross profit margin, the company also declared a net income of US$22.9 million. Adjusted net income stood at US$16.9 million, resulting in diluted earnings per share of US$1.19 and adjusted diluted earnings per share of US$0.88. The adjusted EBITDA reached US$16.2 million, showcasing a 34.3% margin.

Holding cash and cash equivalents totalling US$94.5 million as of September 30, 2023, Piedmont is set to fulfill a full-year shipment forecast of about 56,500 dmt of lithium concentrate. Additionally, the company made a strategic move by investing US$1.5 million for a 19.9% equity stake in Vinland Lithium, granting the potential to acquire up to a 62.5% ownership in the Killick Lithium Project, in line with Piedmont’s strategy to expand its resource base. This strategic investment provides Piedmont with 100% marketing rights and a preferential option for lithium concentrate off-take at competitive rates.

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