Piedmont Lithium sees Q1 capex $1M-$2M

Under our offtake agreement with Sayona Quebec, Piedmont has the right to purchase the greater of 50% of production or 113,000 dmt per year. Based on the production projection, customer requirements, and per the Company’s offtake agreement, Piedmont currently expects to ship 25,000 to 30,000 dmt in Q1’25 and approximately 113,000 to 130,000 dmt in 2025. Piedmont and Sayona Mining are continuing to explore commingling shipments to achieve material transport cost savings and improve profitability. We are prioritizing contract customer shipments and structuring spot shipments to limit downside exposure. We expect less than $2 million in capital expenditures in Q1’25, the majority of which relate to Carolina Lithium. Investments in and advances to affiliates reflect cash contributions to Sayona Quebec and advances to Atlantic Lithium for the Ewoyaa Lithium project. With continued operational discipline at NAL and approvals at Ewoyaa ongoing, we expect payments to affiliates to substantially reduce in 2025. Our outlook for forecasted capital expenditures and investments in and advances to affiliates is subject to market conditions.