Piedmont Lithium Inc.

Piedmont Lithium Inc. is a junior lithium producer headquartered in Belmont, United States, operating primarily in Canada and USA. The company's portfolio consists of 3 projects, comprising 1 operating mine and 2 development projects. Key assets include NAL (North American Lithium) and Carolina Lithium. The company operates as a development-stage, integrated business focused on supplying the electric vehicle and battery manufacturing supply chains. Its business model is centered on processing spodumene concentrate from assets in which it holds an ownership or economic interest. A key technological aspect of the production plan involves utilizing Metso's pressure leach technology alongside other conventional manufacturing processes. The development strategy follows a measured timeline for its portfolio of projects and strategic investments, designed to optimize near-term cash flow and maximize long-term value. This approach includes developing greenfield operations with an emphasis on leveraging modern technologies, systems, and procedures to establish sustainable production. The enterprise's competitive positioning is supported by its diversified resource access and strategic equity investments, which are intended to provide a scalable and resilient operational base. The organization aims to become a key supplier by integrating its resource interests with downstream processing capabilities, thereby capturing value across the supply chain.

Strategic objectives are centered on becoming a leading producer of lithium products by developing a portfolio of spodumene assets. The business strategy involves advancing a multi-asset base through a measured development timeline that considers market conditions, project financing, and strategic partnerships. A core component of this approach is the use of offtake agreements to secure future revenue streams, such as the agreements with Tesla, Inc. and LG Chem, Ltd. Capital allocation is managed through a disciplined framework, as demonstrated by the 2024 Cost Savings Plan, which was implemented to reduce operating costs, defer capital spending, and limit investments in affiliates in response to market conditions. The organization actively evaluates opportunities to expand its resource base and production capacity through acquisitions, joint ventures, and strategic alliances. Funding strategies are diversified and include the evaluation of government loan programs, strategic partner contributions, offtake prepayments, and mineral royalties to support development objectives while aiming to preserve shareholder value. The recent consolidation of development plans to a single site reflects a focus on deploying capital and technical resources more efficiently.

The board of directors is composed of 7 members, 6 of whom are independent, and is structured into 3 classes for staggered terms. Board oversight is managed through 4 committees: Audit, Leadership and Compensation, Nominating and Corporate Governance, and a Transaction Committee, all of which consist solely of independent directors. The Audit Committee includes 2 members designated as financial experts. Executive leadership is headed by a President and Chief Executive Officer with a 30-year career in finance, including leading mining investment banking teams at major financial institutions. The governance framework includes stringent stock ownership guidelines requiring executive officers to hold company stock valued at multiples of their base salary, such as 5 times for the CEO and 2 times for Executive Vice Presidents. This framework is further reinforced by a formal clawback policy for incentive-based compensation and a comprehensive insider trading policy that mandates pre-clearance for transactions by restricted persons and establishes defined trading windows. These measures are designed to align management and director interests with those of shareholders and ensure robust corporate governance.

The organization's sustainability efforts are formalized through the publication of annual sustainability reports, with the second report issued in 2024. A central element of its community engagement is the Piedmont Lithium Foundation – Power for Life, Inc., which provides scholarships to students in science, technology, engineering, and mathematics. The company's commitment to safety, environment, and health (SEH) is guided by its 'Piedmont Promise,' a framework outlining its obligations to stakeholders. The corporate Code of Business Conduct and Ethics mandates fair treatment, nondiscrimination, and provides an anonymous whistleblower hotline for reporting ethical concerns. The entity maintains policies designed to eliminate all forms of forced and child labor, aligning with International Labor Organization standards. It is also committed to respecting human rights and the customs of communities where it plans to operate. The enterprise has established a formal policy of zero tolerance for discrimination or harassment and provides employee training to ensure compliance.

A significant structural development is the pending merger with Sayona Mining, governed by an agreement dated November 18, 2024, which will combine the two entities on a stock-for-stock basis. The company holds a 25% equity interest in the joint venture Sayona Quebec, with Sayona Mining holding the remaining 75%. The organization has an agreement with Atlantic Lithium to acquire up to a 50% equity interest in Atlantic Lithium Ghana, which holds the Ewoyaa project, through a phased investment plan. Additionally, an earn-in agreement is in place with Vinland Lithium to acquire up to a 62.5% interest in the Killick Lithium project via staged investments. In 2024, the company divested its entire shareholding in Sayona Mining and sold a significant portion of its shares in Atlantic Lithium. As of the reporting date, major shareholders include BlackRock Inc. with a 7.70% stake and LG Chem, Ltd. with a 5.00% stake in the company's common stock.