Q1 2024 Piedmont Lithium Inc Earnings Call Transcript
Key Points
- North American Lithium achieved record quarterly production, lithium recoveries, and safety performance.
- Carolina Lithium received its state mining permit, marking a significant milestone.
- Ewoyaa project in Ghana is progressing through the approvals process with attractive economics.
- Piedmont Lithium is on track to achieve $10 million in annual cost savings identified in the first quarter.
- The company expects spodumene shipments to more than double in the second half of 2024 compared to the first half.
- First quarter GAAP net loss was $23.6 million, or $1.22 per share.
- The company reported a first quarter adjusted net loss of $11.9 million, or $0.61 per share.
- Capital and investment spending was heavily weighted to the first quarter, impacting cash flow.
- The rezoning process for Carolina Lithium is expected to be a lengthy and costly endeavor.
- There are uncertainties regarding the timing and ramp-up of customer shipments, which may impact revenue.
Thank you for standing by. My name is Caitlyn, and I will be your operator today. At this time, I would like to welcome everyone to the First Quarter 2024 Piedmont Lithium Earnings Call. (Operator Instructions).
And now, I will turn the call over to Erin Sanders, Senior Vice President of Corporate Communications and Investor Relations. Please go ahead.
Thank you, operator, and good morning, everyone. Welcome to Piedmont Lithiumâs first quarter 2024 earnings call. Joining us today from Piedmont Lithium are Keith Phillips, President and Chief Executive Officer, who will provide the introductory remarks; Michael White, Chief Financial Officer, will then review our financial results; followed by Patrick Brindle, Chief Operating Officer, who will offer an update on our projects. Keith will then provide closing commentary before we transition to a live Q&A session.
As a reminder, todayâs discussion will contain forward-looking statements
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