Piedmont Lithium Inc (PLL) 2024 Q2 法說會逐字稿

My name is Marvin and I will be your conference call operator today. At this time, I would like to welcome everyone to the Q2 2024 Piedmont Lithium earnings call. (Operator Instructions)

我叫馬文，今天我將擔任您的電話會議接線生。此時此刻，我謹歡迎大家參加 2024 年第二季皮埃蒙特鋰業財報電話會議。（操作員說明）

I will now turn the call over to Erin Sanders, Senior Vice President of Corporate Communications and Investor Relations. Please go ahead.

我現在將把電話轉給企業傳播和投資者關係高級副總裁艾琳桑德斯 (Erin Sanders)。請繼續。

Thank you, operator, and good morning, everyone. Welcome to Piedmont Lithium's second 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 commercial activities and projects. Keith will then provide closing commentary before we transition to a live Q&A session.

謝謝接線員，大家早安。歡迎參加 Piedmont Lithium 的 2024 年第二季財報電話會議。今天來自 Piedmont Lithium 的總裁兼執行長 Keith Phillips 將發表介紹演說。隨後，財務長 Michael White 將審查我們的財務業績，營運長 Patrick Brindle 將介紹我們商業活動和專案的最新情況。然後，基斯將在我們過渡到現場問答環節之前提供結束評論。

As a reminder, today's discussion will contain forward-looking statements relating to future events and expectations that are subject to various assumptions and caveats. Factors that may cause the company's actual results to differ materially from these statements are included in today's presentation, earnings release and in our SEC filings.

提醒一下，今天的討論將包含與未來事件和預期相關的前瞻性陳述，這些陳述受到各種假設和警告的影響。可能導致公司實際結果與這些聲明有重大差異的因素包含在今天的簡報、收益發布和我們向 SEC 提交的文件中。

In addition, we have included non-GAAP financial measures in this presentation. Reconciliations to the most directly comparable GAAP financial measures can be found in today's earnings release and the appendix to today's slide presentation.

此外，我們也在本簡報中納入了非公認會計準則財務指標。與最直接可比較的公認會計準則財務指標的調節可以在今天的收益發布和今天幻燈片演示的附錄中找到。

Any reference in our discussion today to EBITDA means adjusted EBITDA. Further, references to shipments or shipments of spodumene concentrate in tons are dry metric tons. Please note that copies of our earnings release and presentation as well as a replay of this call will be available on our website, piedmontlithium.com.

我們今天討論中提及的 EBITDA 均指調整後的 EBITDA。此外，所提及的以噸為單位的鋰輝石精礦的裝運量或裝運量是乾公噸。請注意，我們的收益發布和簡報的副本以及本次電話會議的重播將在我們的網站 picedmontlithium.com 上提供。

With that, I'll turn the call over to Keith Phillips. Keith?

這樣，我會將電話轉給基斯·菲利普斯。基思？

Thanks, Erin, and thank you all for joining us today for Piedmont Lithium's second quarter 2024 earnings call. As I like to do at the start of these calls, I will quickly reiterate our mission and strategy for those of you who may be new to Piedmont Lithium and our story.

謝謝艾琳，也謝謝大家今天參加 Piedmont Lithium 的 2024 年第二季財報電話會議。正如我在電話會議開始時喜歡做的那樣，我將快速向那些可能對 Piedmont Lithium 和我們的故事不熟悉的人重申我們的使命和策略。

Piedmont is one of only two US-domiciled lithium companies actively supplying the market today. Our mission is to be a leading North American supplier of lithium products to support the electrification revolution and the battery manufacturing industry.

皮埃蒙特是當今積極向市場供應的僅有的兩家在美國註冊的鋰公司之一。我們的使命是成為北美領先的鋰產品供應商，以支持電氣化革命和電池製造業。

Our strategy is based on hard rock production. We believe spodumene concentrate represents the lowest risk and most commercially scalable raw material resource. Our goal is to play a key role in US efforts to reduce our country's reliance on foreign nations for critical materials, which is crucial to the future of our nation's energy security.

我們的戰略是基於硬石生產。我們相信鋰輝石精礦代表著風險最低、最具商業規模的原料資源。我們的目標是在美國減少關鍵材料對外國依賴的努力中發揮關鍵作用，這對我國能源安全的未來至關重要。

Turning to the key themes for the second quarter. And today, you'll hear about North American lithium achieving steady-state operations and other positive things happening in Quebec. We'll also discuss our decision to consolidate our US lithium hydroxide development strategy.

轉向第二季的關鍵主題。今天，您將聽到北美鋰業實現穩態營運以及魁北克發生的其他積極事情。我們也將討論我們鞏固美國氫氧化鋰發展策略的決定。

We'll talk about our refined commercial strategy for the second half to improve pricing realizations while meeting shipment guidance; our progress towards our $10 million 2024 cost reduction plan; and finally, an update on our theme from the first quarter a year of two halves, with a significant curtailment in capital and investment spending in the second half and also a significant increase in spodumene shipments in the second half of this year. Those are the key points we'll cover, and the through line that you'll hear throughout this call is strategic perseverance.

我們將討論下半年的精細化商業策略，以提高定價實現，同時滿足出貨指引；我們在 2024 年 1,000 萬美元成本削減計劃方面取得的進展；最後，我們的主題從一年兩半的第一季開始更新，下半年資本和投資支出大幅削減，而今年下半年鋰輝石出貨量也大幅增加。這些是我們將要討論的關鍵點，您在整個電話會議中聽到的貫穿始終是策略毅力。

Like many others in the lithium market, our focus in 2024 has been to position Piedmont to weather the prevailing pricing down cycle, preserve our assets and fortify the upside potential of our global portfolio. Our second half 2024 plans are designed for two things: smart capital deployment and cost savings so that when the lithium demand crunch hits and the market turns as we believe it will, Piedmont will be in a ready position to leverage our business.

與鋰市場上的許多其他公司一樣，我們 2024 年的重點是讓皮埃蒙特地區能夠經受當前的價格下跌週期，保護我們的資產並增強我們全球投資組合的上行潛力。我們的2024 年下半年計畫旨在實現兩件事：明智的資本部署和成本節約，以便當鋰需求緊縮來襲且市場如我們所相信的那樣轉變時，皮埃蒙特將做好充分利用我們業務的準備。

So let's look at our key focus areas by project. North American Lithium, already the largest lithium operation in North America, continues to demonstrate its potential as an excellent asset. In the second quarter, NAL again drove production records while reaching new highs in lithium recovery and mill utilization rates.

讓我們按項目來看看我們的重點關注領域。北美鋰業已經是北美最大的鋰業務，並繼續展示其作為優質資產的潛力。第二季度，NAL再次刷新產量紀錄，同時鋰回收率和工廠利用率創下新高。

The focus in the second half of the year is to continue steady-state operations and drive reductions in unit operating costs. The Sayona management team is also planning an update to NAL's mineral resource update following additional high-grade drill results in the second quarter.

下半年的重點是繼續穩定運營，推動單位運營成本下降。Sayona 管理團隊還計劃在第二季度獲得額外的高品位鑽探結果後更新 NAL 的礦產資源更新。

Obviously, as mineral resources and reserves grow, the potential for further growth in annual production at NAL will be evaluated. NAL has successfully cleared the gates at both operational restart and ramp up and is positioned to capitalize on any future lithium price recovery.

顯然，隨著礦產資源和儲量的增長，NAL 年產量進一步增長的潛力將得到評估。NAL 已成功掃清了營運重啟和產能擴張的大門，並做好了充分利用未來鋰價格復甦的準備。

For our Ewoyaa joint venture in Ghana, we have mandated a financial adviser to help secure our share of the project's construction capital. That process has kicked off and the early feedback from potential offtake partners is very encouraging.

對於我們在加納的 Ewoyaa 合資企業，我們委託了一名財務顧問來幫助確保我們在該專案建立資本中的份額。這個過程已經啟動，潛在承購合作夥伴的早期回饋非常令人鼓舞。

With approvals at Ewoyaa ongoing, we expect advances to Atlantic Lithium to reduce in the near term. And since the offtake from Ewoyaa will no longer be required as feedstock for Tennessee Lithium, an offtake partner funding opportunity has been created for Piedmont.

隨著 Ewoyaa 的批准正在進行，我們預計大西洋鋰業的預付款將在短期內減少。由於田納西鋰業不再需要 Ewoyaa 的承購作為原料，因此為皮埃蒙特創造了承購合作夥伴融資機會。

In the United States, we've made a strategic decision. Given market conditions and the receipt of the Carolina mining permit in the second quarter, we've made the decision to consolidate Tennessee Lithium's planned lithium hydroxide capacity into a second train in North Carolina. Our plan is to construct the trains in a phased approach. We believe developing Carolina Lithium as a multiphase larger operation is the right move for Piedmont and our shareholders to deploy capital and technical resources more efficiently.

在美國，我們做出了戰略決策。鑑於市場狀況和第二季獲得卡羅萊納州採礦許可證，我們決定將田納西鋰業公司計劃的氫氧化鋰產能整合到北卡羅來納州的第二條生產線。我們的計劃是分階段建造列車。我們相信，將 Carolina Lithium 開發為一個多階段的大型企業，對於 Piedmont 和我們的股東來說是正確的舉措，可以更有效地部署資本和技術資源。

The bulk of the front-end engineering work completed for the Tennessee facility is directly transferable to Carolina. They were always planned as twin facilities. And the 60,000 ton per year air permit that we continue to pursue with North Carolina's Division of Air Quality would support the increased tonnage. With the receipt of the Carolina state mining permit, we've taken the opportunity to re-engage in active discussions with potential strategic partners.

田納西州工廠完成的大部分前端工程工作可直接轉移到卡羅來納州。它們始終被規劃為雙胞胎設施。我們繼續與北卡羅來納州空氣品質部門尋求每年 60,000 噸的空氣許可證，這將支持增加的噸位。隨著獲得卡羅來納州採礦許可證，我們藉此機會重新與潛在的策略夥伴進行積極討論。

As you might imagine, the idea of an integrated spodumene hydroxide project in the Southeastern United States holds great appeal for a number of important players in the supply chain. In the near term, our key areas of focus will be funding, permitting and approvals. However, we are progressing our development of Carolina on a conservative time line with an eye on the dynamic market conditions.

正如您可能想像的那樣，美國東南部綜合氫氧化鋰輝石計畫的想法對供應鏈中的許多重要參與者俱有巨大的吸引力。短期內，我們的重點關注領域將是資金、許可和批准。然而，我們正在以保守的時間表推進卡羅萊納州的開發，並著眼於動態的市場狀況。

Ultimately, higher lithium prices will be required to support the development of lithium projects, ours and others that will be necessary to meet projected demand. I'll speak more about our thoughts on supply, demand and the market shortly.

最終，將需要更高的鋰價格來支持我們和其他滿足預計需求所需的鋰項目的開發。我很快就會多談論我們對供給、需求和市場的想法。

Now Michael will provide a detailed discussion of our second quarter financial performance. Michael?

現在麥可將詳細討論我們第二季的財務表現。麥可？

Thanks, Keith. Turning to slide 6, I'd like to provide a high-level review of our second quarter results. We shipped approximately 14,000 dry metric tons for the quarter and recognized $13.2 million in revenue, resulting in a realized price of $945 per metric ton. This compares to a realized cost per metric ton of $900.

謝謝，基斯。轉向幻燈片 6，我想對我們第二季的業績進行高級回顧。本季我們出貨了約 14,000 幹噸，並確認了 1,320 萬美元的收入，最終實現價格為每噸 945 美元。相比之下，每噸的實際成本為 900 美元。

Included in the realized price per ton were logistics costs, which are many times recorded as an offset to revenue depending on who bears responsibility for shipping and a downward provisional pricing adjustment associated with shipments in prior quarters. We ended the quarter with $59 million in cash and second quarter GAAP net loss was $13.3 million or a loss of $0.69 per share and adjusted net loss was $12.7 million or a loss of $0.65 on an adjusted per share basis.

每噸實現價格中包括物流成本，該成本多次被記錄為收入的抵消，具體取決於誰負責運輸以及與前幾個季度的發貨相關的向下的臨時定價調整。本季末，我們擁有 5,900 萬美元現金，第二季 GAAP 淨虧損為 1,330 萬美元，即每股虧損 0.69 美元，調整後淨虧損為 1,270 萬美元，即調整後每股虧損 0.65 美元。

Turning to slide 7 for sources and uses of cash. Our beginning and ending cash positions for the quarter were $71 million and $59 million respectively.

請參閱投影片 7，以了解現金的來源和用途。我們本季的期初和期末現金部位分別為 7,100 萬美元和 5,900 萬美元。

During the quarter and as part of our 2024 cost savings plan, we reduced CapEx to a modest $3 million. We expect further reductions in CapEx in the third and fourth quarters of 2024, which I'll discuss shortly. Within investments in affiliates was a $5 million investment in North American Lithium, which includes completion of the crushed ore dome and marks finalization of restart CapEx for the operation.

在本季度，作為 2024 年成本節約計畫的一部分，我們將資本支出減少至 300 萬美元。我們預計 2024 年第三季和第四季的資本支出將進一步減少，我將很快討論這一點。在附屬公司的投資中，有一項對 North American Lithium 的 500 萬美元投資，其中包括完成破碎礦石圓頂並標誌著該營運的重啟資本支出的最終確定。

Let's move to slide 8. It's imperative that we are appropriately managing our costs during the down cycle. And while we do not know how long the down cycle will last, we are committed in taking action to rightsizing our cost structure in a thoughtful yet agile manner. Let's break this down into two areas.

讓我們轉到幻燈片 8。我們必須在下行週期中適當管理成本。雖然我們不知道下行週期會持續多久，但我們致力於採取行動，以深思熟慮且靈活的方式調整我們的成本結構。讓我們將其分為兩個區域。

First, on our last earnings call, we discussed the commencement of our 2024 cost savings plan with a target of more than $10 million in annual run rate savings associated with our operating cost structure. Additionally, the plan included reductions in both CapEx and cash investments and advances to our joint ventures.

首先，在我們上次的財報電話會議上，我們討論了 2024 年成本節約計畫的啟動，目標是與我們的營運成本結構相關的年度運行率節省超過 1000 萬美元。此外，該計劃還包括減少資本支出和現金投資以及對合資企業的預付款。

I'm pleased to note that we have achieved our $10 million run rate target and we have been able to greatly reduce our second half 2024 CapEx and joint venture spending by supporting certain cost reductions and cost deferrals to 2025 and in some cases, beyond 2025. We expect to recognize the majority of our annual cost savings in the current year.

我很高興地註意到，我們已經實現了1000 萬美元的運行率目標，並且通過支持某些成本削減和成本推遲到2025 年，在某些情況下推遲到2025 年之後，我們能夠大大減少2024 年下半年的資本支出和合資支出。我們預計今年將實現大部分年度成本節省。

As noted on this slide, actions to reduce our annual run rate savings included headcount reductions made during the first quarter, office consolidation at our headquarters in North Carolina, and cutting of certain third-party and internal spending. Second, we are evaluating further reductions within our operating cost structure and capital expenditures, and we are working with our joint venture partners to lower planned expenditures during this down cycle. Lastly, we are executing our consolidation strategy of Tennessee Lithium and to Carolina Lithium, as Keith previously mentioned.

正如這張幻燈片所指出的，減少年度運行率節省的行動包括第一季的人員削減、北卡羅來納州總部的辦公室整合以及削減某些第三方和內部支出。其次，我們正在評估進一步削減營運成本結構和資本支出，並與合資夥伴合作，降低本次下行週期的計畫支出。最後，正如基斯之前提到的，我們正在執行田納西州鋰業和卡羅萊納州鋰業的整合策略。

Now let's turn to slide 9 for the second half outlook. We are maintaining our full-year outlook for shipments of approximately 126,000 dry metric tons in 2024. As reported, we shipped approximately 30,000 tons in the first half of the year.

現在讓我們轉向幻燈片 9 來展望下半年。我們維持 2024 年全年出貨量約 126,000 幹噸的預期。根據報道，今年上半年我們的出貨量約為3萬噸。

We plan to ship approximately 96,000 tons in the second half, which aligns with the production outlook and customer allocation of tons from our joint venture at North American Lithium. Of course, certain factors, including shipping constraints and customer requirements may impact the timing of future shipments. Patrick will provide a more detailed commercial strategy update in a moment.

我們計劃下半年出貨約 96,000 噸，這與我們合資企業北美鋰業的生產前景和客戶分配噸數一致。當然，包括運輸限制和客戶要求在內的某些因素可能會影響未來的出貨時間。帕特里克稍後將提供更詳細的商業策略更新。

The key takeaway in our CapEx and investments outlook is that project-related expenditures are greatly reduced compared to the first half of the year. Capital expenditures remain on track for our guidance of $3 million to $5 million in the second half of the year and relate mainly to Carolina Lithium. Our joint venture investments in Q2 were lower than anticipated.

我們的資本支出和投資前景的關鍵要點是，與今年上半年相比，專案相關支出大幅減少。下半年資本支出仍符合我們 300 萬至 500 萬美元的指導，主要與 Carolina Lithium 有關。我們第二季的合資投資低於預期。

Further, with the restart of North American Lithium's capital program having been completed and the ongoing approval process at Ewoyaa, we expect our joint venture funding to reduce substantially in the second half of 2024 compared to the first half. Given those considerations, we have provided tighter ranges for our full year guidance in these areas. As always, our outlook is subject to changes in market conditions.

此外，隨著 North American Lithium 資本計畫的重啟和 Ewoyaa 正在進行的審批流程，我們預計 2024 年下半年我們的合資企業融資將較上半年大幅減少。考慮到這些因素，我們為這些領域的全年指導提供了更嚴格的範圍。一如既往，我們的前景會受到市場狀況變化的影響。

And with that, I'll turn it over to Patrick Brindle for a review of operations and project updates.

然後，我會將其交給帕特里克·布林德爾 (Patrick Brindle)，以審查營運和專案更新。

Thanks, Michael. We can now turn to slide 11 for an update on operational performance at NAL. As Keith noted, ramp-up at NAL has gone well. Commissioning of the crushed ore dome this past quarter represents the completion of the capital spending of the NAL restart program that began in 2022. Steady-state production at full run rate was achieved in June 2024, ahead of our second half '24 forecast.

謝謝，麥可。我們現在可以轉向投影片 11，以了解 NAL 營運績效的最新情況。正如 Keith 指出的那樣，NAL 的發展進展順利。上個季度碎礦穹頂的調試標誌著 2022 年開始的 NAL 重啟計劃的資本支出的完成。2024 年 6 月實現了滿載穩定生產，早於我們對 24 年下半年的預測。

Given its history, North American Lithium may be the least understood asset in the industry. It's the largest active lithium operation in North America with arguably the best location among all Canadian spodumene projects. Significant capital has been deployed at NAL over the past 15 years and we are operating today with an improving cost profile, thanks to management's tremendous efforts.

鑑於其歷史，北美鋰可能是業界最不為人所知的資產。它是北美最大的活躍鋰礦項目，可以說是加拿大所有鋰輝石項目中位置最好的。過去 15 年，NAL 投入了大量資金，在管理層的巨大努力下，我們今天的營運成本狀況不斷改善。

So after two years of very hard work, I'd like to extend a special congratulations for achieving the ramp-up milestone to Sayona President, Sylvain Collard and his team, including Sal, Philippe, Sebastien, Lynn, Jean-Luc, Bernard, and Patrick and many others who played a role in getting us to this point. I'd also like to thank James Brown for his service as Sayona Mining's Interim CEO during the past year and to welcome Lucas Dow in his role as Sayona's Managing Director and CEO. We look forward to continuing our strong partnership and demonstrating the full potential of NAL over time.

因此，經過兩年的辛勤工作，我要特別祝賀 Sayona 總裁 Sylvain Collard 及其團隊（包括 Sal、Philippe、Sebastien、Lynn、Jean-Luc、Bernard）實現了升級里程碑，帕特里克和其他許多人為我們走到這一步發揮了作用。我還要感謝 James Brown 在過去一年中作為 Sayona Mining 臨時首席執行官所做的貢獻，並歡迎 Lucas Dow 擔任 Sayona 董事總經理兼首席執行官。我們期待繼續保持牢固的合作關係，並隨著時間的推移展示 NAL 的全部潛力。

Moving to slide 12. NAL increased production quarter-on-quarter by 23% to 49,700 tons of spodumene concentrate. Lithium recovery and mill utilization achieved new quarterly highs of 68% and 83% respectively. With ramp-up effectively completed, we expect continued steady-state production levels for the remainder of the year with incremental improvement to quarterly utilization rates.

轉到投影片 12。NAL 鋰輝石精礦產量較上季成長 23% 至 49,700 噸。鋰回收率和工廠利用率分別創下 68% 和 83% 的季度新高。隨著產能的有效完成，我們預計今年剩餘時間生產將持續保持穩定水平，季度利用率將逐步提高。

NAL's drill program also returned additional positive results in the quarter with assays identifying multiple new high-grade lithium zones beyond the current ultimate pit shell. Management will use these data and focus on the potential for a significant upgrade to NAL's mineral resources estimate.

NAL 的鑽探計劃在本季度還取得了額外的積極成果，透過分析確定了當前最終坑殼之外的多個新的高品位鋰區。管理層將使用這些數據並重點關注 NAL 礦產資源估算大幅升級的潛力。

Turning to slide 13 for a discussion on our commercial strategy and shipping plans. The forward price curves on this slide for CME, lithium hydroxide and GFEX lithium carbonate have been in contango for most of 2024 and this trend appears to continue into 2025.

轉向幻燈片 13，討論我們的商業策略和運輸計劃。這張投影片上的 CME、氫氧化鋰和 GFEX 碳酸鋰的遠期價格曲線在 2024 年的大部分時間裡一直處於升水狀態，這種趨勢似乎會持續到 2025 年。

Starting earlier this year, we began working with a trading partner to capitalize on this situation. We've structured spot sales beginning in Q2 of this year so that we can mitigate downside price exposure and avoid the M+1 settlement pricing in a falling price environment, which had negative consequences for us on shipments we made in 2023.

從今年早些時候開始，我們開始與貿易夥伴合作，以利用這種情況。我們從今年第二季開始建立了現貨銷售，以便我們可以減輕價格下行風險，並避免價格下跌環境下的 M+1 結算定價，這對我們 2023 年的出貨量產生了負面影響。

We've noted that most of our 2024 shipments will be backloaded to the second half of this year. Our target is to ship 96,500 tons from July through December. NAL is expected to produce at full run rate for the rest of this calendar year, which supports our sales target.

我們注意到，我們 2024 年的大部分出貨量將推遲到今年下半年。我們的目標是從 7 月到 12 月出貨 96,500 噸。NAL 預計將在今年剩餘時間內滿載生產，這支持了我們的銷售目標。

Also, to help reduce our cost of sales, we are planning to make fewer shipments going forward with larger cargo volumes per shipment. We're working in partnership with our Sayona Quebec joint venture to co-ship cargoes sold to Piedmont with cargoes sold to third parties. Depending on the size of each shipment, we estimate that this may save us as much as $60 per ton on a CIF basis.

此外，為了幫助降低我們的銷售成本，我們計劃未來減少出貨量，並增加每次出貨的貨運量。我們正在與 Sayona Quebec 合資企業合作，將出售給皮埃蒙特的貨物與出售給第三方的貨物共同運輸。根據每批貨物的尺寸，我們估計這可以為我們節省高達每噸 60 美元（CIF）。

Moving ahead to Ghana. In Ghana, the application to ratify the Ewoyaa mining lease has been submitted to the Ghanaian parliament. We're continuing to wait on the outcome of that process, which we expect will be positive in due course. However, that timeline is now subject to the country's legislative processes, which are outside of our control.

繼續前往加納。在加納，批准Ewoyaa採礦租約的申請已提交給加納議會。我們正在繼續等待該過程的結果，我們預計該結果將在適當的時候得到積極的結果。然而，該時間表現在受國家立法程序的約束，這不在我們的控制範圍內。

Meanwhile, as Keith mentioned, we have mandated a financial adviser as part of a funding strategy to raise our share of the development capital for Ewoyaa on a non-dilutive basis to Piedmont shareholders. Our general strategy is to mirror the efforts made by Atlantic Lithium to offer long-term offtake in exchange for funding to support our capital contribution. Our process is going well with initial outreach calls completed and we will continue with these efforts.

同時，正如 Keith 所提到的，我們已授權一名財務顧問作為融資策略的一部分，以在非稀釋的基礎上向 Piedmont 股東提高我們在 Ewoyaa 開發資本中的份額。我們的整體策略是效法大西洋鋰業所做的努力，提供長期承購，以換取支持我們出資的資金。我們的流程進展順利，初步外展電話已完成，我們將繼續這些努力。

Finally, and sadly, on July 9, 2024, Atlantic Lithium reported a fatality at the Ewoyaa project site. Following the accident, the Minerals Commission of Ghana conducted an investigation and since that time, Atlantic Lithium has resumed operations in accordance with the commission's recommendations. This has been a difficult time for our partner, and we send our deepest condolences to their teammate's family and friends.

最後，令人遺憾的是，2024 年 7 月 9 日，Atlantic Lithium 報告 Ewoyaa 計畫現場發生了一起死亡事件。事故發生後，加納礦產委員會進行了調查，自此之後，Atlantic Lithium 已按照委員會的建議恢復運作。對於我們的伴侶來說，這是一個艱難的時刻，我們向他們的隊友的家人和朋友致以最深切的哀悼。

Lastly, in North Carolina, the second quarter receipt of our state mining permit marked a significant milestone for Carolina Lithium, which allows us to renew possible strategic conversations on the project. But as Keith noted at the top of the call, the development time line for Carolina is dependent upon appropriately favorable market conditions, which don't exist at the moment.

最後，在北卡羅來納州，我們第二季度獲得的州採礦許可證標誌著卡羅來納鋰業的一個重要里程碑，這使我們能夠就該項目重新進行可能的戰略對話。但正如基斯在電話會議開頭指出的那樣，卡羅萊納州的開發時間表取決於適當有利的市場條件，但目前還不存在。

We have been in a reduced spend posture at Carolina for a number of months, and we'll continue to maintain this position in the current market. During this time, we plan to focus on advancement of our remaining permits and approvals, work on phased development planning and engage in strategic partnering conversations with interested parties.

幾個月來，我們在卡羅萊納州一直處於減少支出的狀態，我們將繼續在當前市場上保持這一地位。在此期間，我們計劃專注於推進剩餘的許可和批准，制定分階段的發展規劃，並與有興趣的各方進行策略合作對話。

That concludes our commercial and projects update. With that, I'll turn it back to Keith for an update on the market and our funding strategies.

我們的商業和專案更新到此結束。接下來，我會將其轉回基思，以了解市場和我們的融資策略的最新情況。

Thank you, Patrick. I'd like to conclude our presentation with some thoughts about the market. At this point, we are all aware that lithium prices are depressed. However, given the historic cyclicality of the industry, we believe the current market dynamics are setting the stage for significant opportunity in the mid and long term.

謝謝你，派崔克。我想用一些關於市場的想法來結束我們的演講。此時此刻，我們都知道鋰價低迷。然而，考慮到該行業的歷史週期性，我們認為當前的市場動態正在為中長期的重大機會奠定基礎。

Prices started the year low, began rebounding after the return from the Chinese New Year, and then retrenched. Those who have followed lithium for any period of time will tell you that the market is cyclical. It has been that way for the last decade, and we expect cyclicality to endure as the market continues to grow and mature. High prices were the cure for high prices in 2022 and 2023, with new supply entering the market.

價格年初處於低位，農曆新年回來後開始反彈，然後緊縮。那些長期關注鋰的人會告訴你，市場是週期性的。過去十年一直如此，我們預計隨著市場的不斷增長和成熟，週期性將持續下去。高價是2022年和2023年高價的良藥，新的供應進入市場。

As a result, prices are currently well below reinvestment economics, which has caused a raft of disruptions across the project development timeline. Just in the last week, we've heard from two major producers that are slowing down their spend on growth projects to conserve cash.

因此，目前的價格遠低於再投資經濟學，這對整個專案開發時程造成了一系列幹擾。就在上週，我們聽說兩家主要生產商正在放緩成長項目的支出以節省現金。

However, the key drivers of the energy transition remain intact. The global electrification industry continues to experience considerable growth for a maturing market. Lithium demand is growing significantly faster than other battery metals, such as copper and nickel and the regionalization of battery supply change is progressing.

然而，能源轉型的關鍵驅動因素仍然完好無損。隨著市場日趨成熟，全球電氣化產業持續經歷可觀的成長。鋰需求的成長速度明顯快於銅和鎳等其他電池金屬，且電池供應變化的區域化正在取得進展。

Next slide. I said this before, but the report of the lithium industry's demise has been greatly exaggerated. EV sales continue to rise across the globe. 7.1 million EVs were sold globally in the first half of 2024, reaching an all-time high in the second quarter.

下一張投影片。我之前說過，但有關鋰產業消亡的報導被過度誇大了。全球電動車銷量持續成長。 2024 年上半年全球電動車銷量為 710 萬輛，第二季達到歷史新高。

The US EV market also achieved records in Q2 with year-over-year growth of 11% and record high volumes. Total EV sales were also higher than Q1 sales by 23%, exceeding industry expectations. And battery sizes are growing with pack sizes forecasted to nearly double by 2040, as consumers demand longer ranges and larger vehicles.

美國電動車市場在第二季也創下了歷史新高，年增 11%，銷量創歷史新高。電動車總銷量也比第一季銷量高出 23%，超出產業預期。由於消費者需要更長的續航里程和更大的車輛，電池尺寸也在不斷增長，預計到 2040 年電池組尺寸將增加近一倍。

EVs are becoming more affordable. China has led in market adoption and offers multiple options for entry-level consumers priced below comparable internal combustion engine vehicles. In the US, select EVs are beginning to reach price parity and the growing competition to introduce new models should continue to add price pressure and further boost EV adoption.

電動車變得越來越便宜。中國在市場採用方面處於領先地位，並為入門級消費者提供了多種價格低於同類內燃機汽車的選擇。在美國，部分電動車正開始達到價格平價，而推出新車型的競爭日益激烈，這將繼續增加價格壓力，並進一步促進電動車的採用。

A host of other data is available, ranging from the growth of energy storage to demand for lithium relative to other battery metals, but the trend is clear. Lithium demand will continue to grow at an elevated rate as will America's need for a robust supply chain to support US electrification in the future of our nation's energy security.

還有大量其他數據可供使用，從能源儲存的成長到鋰相對於其他電池金屬的需求，但趨勢很明顯。鋰需求將繼續高速成長，美國需要強大的供應鏈來支持美國未來能源安全的電氣化。

Just a few days ago, Forbes published an article stating that the United States is approximately 4 times more reliant on China for critical minerals in the processing than it was on the Middle East at the peak of the nation's oil dependence. America is woefully behind in the race to build the domestic electrification supply chain, relying almost entirely on lithium imports to meet current battery demands, demands that are expected to grow by more than 35 times the current US lithium production capacity.

就在幾天前，《富比士》發表文章稱，美國在加工過程中的關鍵礦產方面對中國的依賴程度大約是美國石油依賴高峰期對中東的依賴程度的四倍。美國在建設國內電氣化供應鏈的競賽中嚴重落後，幾乎完全依賴鋰進口來滿足當前的電池需求，而這些需求預計將增加超過美國當前鋰產能的 35 倍。

Today, China produces approximately 60% of the world's total lithium supply versus only 2% for the United States. Point being, the demand for lithium is here, the future potential of the industry is strong and the need to fortify America's energy security to support the electrification revolution will only propel the growth potential of the domestic market. Whether the objective is to support American manufacturing and jobs or global decarbonization, US energy independence is an important bipartisan issue for electrification.

如今，中國生產的鋰約佔全球鋰供應總量的 60%，美國僅佔 2%。重點是，鋰的需求就在這裡，該產業的未來潛力強勁，加強美國能源安全以支持電氣化革命的需求只會推動國內市場的成長潛力。無論目標是支持美國製造業和就業還是全球脫碳，美國能源獨立都是電氣化的一個重要的兩黨議題。

Next slide. Shifting back to the current market dynamics to conclude with a few points. We all know that lithium markets have been challenging and companies throughout the sector are positioning to navigate the down cycle. Piedmont is no different. We are laser-focused on smart capital deployment and cost savings.

下一張投影片。回到目前的市場動態，總結幾點。我們都知道，鋰市場一直充滿挑戰，整個產業的公司都在做好應對下行週期的準備。皮埃蒙特也不例外。我們專注於智慧資本部署和成本節約。

We've achieved our annual run rate cost reduction target to date and are looking at opportunities for further savings. Significant reductions in CapEx and investments are expected in the second half of the year compared to the first half as we complete important investments in Quebec and defer other spending where possible.

迄今為止，我們已經實現了年度營運成本降低目標，並正在尋找進一步節省成本的機會。隨著我們完成在魁北克的重要投資並盡可能推遲其他支出，預計下半年資本支出和投資將比上半年大幅減少。

We are taking the necessary steps to maintain our position and preserve the upside potential of our assets. We have made smart fiscal and development decisions and are confident about our strategy for the current market. As a joint owner of the largest producing lithium operation in North America, we are positioned to capitalize on the up-cycle we see coming.

我們正在採取必要的措施來維持我們的地位並保持我們資產的上行潛力。我們做出了明智的財務和發展決策，並對當前市場的策略充滿信心。作為北美最大的鋰生產企業的共同所有者，我們有能力利用我們即將到來的上升週期。

That concludes our presentation portion of the call. Thank you for the time and attention. We'll shift to Q&A.

我們的電話會議演示部分就到此結束。感謝您的時間和關注。我們將轉向問答。

(Operator Instructions) Bill Peterson, JPMorgan.

（操作員指示）Bill Peterson，摩根大通。

This is Bennett, on for Bill. Given the strong 2Q production, spodumene production and comments and NAL has now reached a steady state as of June, wanted to gauge how much further upside do you think can be achieved relative to 2Q production levels as we look through the back half of the year?

我是貝內特，替比爾發言。鑑於第二季產量強勁，鋰輝石產量和評論以及 NAL 截至 6 月已達到穩定狀態，希望了解您認為在我們展望今年下半年時，相對於第二季度產量水平還能實現多少進一步上漲？

Thanks, Bennett. I think the target production at NAL is, say, 210,000 tons a year in that ZIP code. We're operating at that level now. So I think if you think about that as kind of 50,000 to 55,000 tons a quarter, I think that's something that should be sustainable going forward.

謝謝，貝內特。我認為 NAL 的目標產量是該郵遞區號地區的年產量 21 萬噸。我們現在就在這個層次上運作。因此，我認為，如果你將其視為每季 50,000 至 55,000 噸，我認為這應該是可持續發展的。

Okay. That's helpful. And then as we think about the cost structure with the crushed ore dome now complete, what are your expectations on further cost reductions through the back half of the year at NAL as well?

好的。這很有幫助。然後，當我們考慮破碎礦石圓頂現已完成的成本結構時，您對 NAL 在今年下半年進一步降低成本的期望是什麼？

The progress is really good there. Sayona put out their own financial numbers a week or so ago. And they're accounting, obviously showing things on an accrual basis on a ton shipped basis and really running inventory sort of through the system inventory from several quarters ago, but operating costs themselves, cash operating costs are improving meaningfully. And I think over the course of the next -- and then will continue too over the course of the next year to 18 months and should be sub $700 a ton on a cash cost basis delivered to Quebec City.

那裡的進展確實很好。Sayona 大約一週前公佈了自己的財務數據。他們正在會計，顯然以噸運輸為基礎按權責發生製顯示內容，並通過幾個季度前的系統庫存真正運行庫存，但運營成本本身，現金運營成本正在顯著改善。我認為在接下來的過程中 - 然後在接下來的一年到 18 個月的過程中也將繼續，按交付給魁北克市的現金成本計算，每噸應該低於 700 美元。

I'd just follow up by saying in today's pricing environment, just the internal discussions we're having around NAL and looking at budgeting going forward, we see NAL in today's pricing environment is a cash flow breakeven or positive enterprise with obviously huge leverage to any increases. But in the past several quarters, it's been obviously a ramp-up in burning cash and the partners have had to contribute into that. That is something we think is coming to an end.

我接下來要說的是，在今天的定價環境中，我們圍繞NAL 進行內部討論並考慮未來的預算，我們認為NAL 在今天的定價環境中是一家現金流盈虧平衡或積極的企業，具有明顯巨大的槓桿作用任何增加。但在過去的幾個季度中，現金消耗顯然在增加，合作夥伴必須為此做出貢獻。我們認為這種情況即將結束。

Tyler DiMatteo, BTIG.

泰勒·迪馬特奧，BTIG。

Keith, I wanted to start on the shift in the strategy here with Tennessee and moving some capacity to North Carolina. Is Tennessee completely shelved for now? And I guess the comments surrounding the appropriate market levels surrounding the timing of North Carolina, I guess I'm just curious, what does that mean? And how do you really think about that and the implications for the time line there?

基思，我想開始改變田納西州的策略，並將部分產能轉移到北卡羅來納州。田納西州現在完全擱置了嗎？我想圍繞著北卡羅來納州時機的適當市場水平的評論，我想我只是好奇，這意味著什麼？您如何看待這一點以及對那裡的時間線的影響？

Yes. The way to think about Tennessee, I mean, Tennessee and Carolina were always intended to be developed in some sequence based on different kind of permitting time lines and market conditions. There was a period where it appeared that Tennessee is something we would prioritize first. That was certainly our view 18-plus months ago.

是的。考慮田納西州的方式，我的意思是，田納西州和卡羅萊納州總是打算根據不同類型的許可時間線和市場條件按某種順序開發。曾經有一段時間，田納西州似乎是我們首先優先考慮的地方。這當然是我們 18 個多月前的看法。

Ultimately, with the mine permit coming through in North Carolina with market conditions being such that neither project is going to be developed in today's market. And just fundamentally, the industry needs stronger pricing for big projects to be built full stop. That's across the board. It's not a Piedmont matter. You've heard it from Albemarle, you've heard it from Arcadian, you're going to hear it from others over time. We're just not at a pricing level where big new greenfield projects can get built. That just doesn't make sense. It's not a good use of money for shareholders.

最終，隨著北卡羅來納州的採礦許可證獲得通過，市場條件使得這兩個項目都不會在當今的市場上開發。從根本上講，該行業需要為大型專案提供更強有力的定價。這是全面的。這不是皮埃蒙特的問題。您已經從 Albemarle 聽到過，您從 Arcadian 中聽到過，隨著時間的推移，您也會從其他人那裡聽到。我們只是還沒有達到可以建造大型新綠地專案的定價水準。這根本沒有道理。對於股東來說，這不是一個很好的資金使用方式。

So as we thought about the development and we think about Tennessee really as an independent chemical plant, we've always been planning and permitting 60,000 tons of capacity at North Carolina. So the opportunity slot in Tennessee is Train 2 in Carolina from a longer-term perspective, was something that just makes more sense for us economically. Frankly, in conversations with strategic partners, their interest was more significant at Carolina.

因此，當我們考慮開發時，我們將田納西州真正視為一個獨立的化工廠，我們一直在規劃並允許在北卡羅來納州建造 60,000 噸產能。因此，從長遠來看，田納西州的機會是卡羅來納州的 2 號列車，這對我們來說在經濟上更有意義。坦白說，在與策略夥伴的對話中，他們對卡羅萊納州的興趣更為濃厚。

There was interest in Tennessee, but at the end of the day, the idea of having a plant in Carolina on top of a mine site, having an integrated facility all in one location is unique in the world and the fact that it is in the Southeastern US is exceptionally interesting to strategic parties, so it just made sense.

人們對田納西州很感興趣，但歸根結底，在卡羅萊納州的礦場頂部建立一家工廠，在一個地點擁有一個綜合設施的想法在世界上是獨一無二的，而且事實上它位於美國東南部對於戰略各方來說非常有趣，所以這是有道理的。

And from a timing perspective for Carolina, we still have things to go through from a permitting and approvals perspective, but ultimately, from a capital perspective, it's a large capital project, we're kind of advancing towards the position where we'll put funding in place, but that's not going to happen this year in this environment. It's just not the right environment for us to lock in funding. So I think that we don't have a set timeline for Carolina at this stage, but I would say FID is very unlikely to happen in the next, say, 24 months just because the funding process will take that long and we're working on a measured pace for that.

從卡羅萊納州的時間角度來看，從許可和批准的角度來看，我們仍然需要完成一些事情，但最終，從資本的角度來看，這是一個大型資本項目，我們正在朝著我們將要投入的位置前進資金到位，但在這種環境下今年不會發生這種情況。這不是我們鎖定資金的合適環境。所以我認為現階段我們還沒有卡羅萊納州的設定時間表，但我想說 FID 不太可能在接下來的 24 個月內發生，因為融資過程將需要很長時間，而我們正在努力並以有節奏的方式做到這一點。

Okay. Great. That's very helpful. And then kind of just shifting over to Ghana here. I guess how do you think about the offtake time line there for that, maybe what you're looking for, kind of what you're targeting and kind of how you're balancing that project versus North Carolina? Now I know you kind of pointed to lower lithium prices here, kind of making it tough for the industry across the board. Just kind of curious how you're balancing the two of the projects there and then the offtake for Ghana?

好的。偉大的。這非常有幫助。然後就轉移到加納了。我想你如何看待那裡的承購時間表，也許你正在尋找什麼，你的目標是什麼，以及你如何平衡該項目與北卡羅來納州的關係？現在我知道你有點指出這裡的鋰價格較低，這讓整個產業的處境變得艱難。只是有點好奇你如何平衡那裡的兩個項目以及加納的承購？

Yes. Good question. I mean, so listen, the Ewoyaa project in Ghana is a great project. It's a lower CapEx, higher return on invested capital kind of project. Having said that, with spodumene sub $1,000, the returns aren't sufficient for either partner to accelerate development there.

是的。好問題。我的意思是，聽著，加納的 Ewoyaa 計畫是一個很棒的計畫。這是一個資本支出較低、投資資本報酬率較高的項目。話雖如此，由於鋰輝石的價格低於 1,000 美元，回報不足以讓任何合作夥伴加速在那裡的開發。

So it will happen, but it will need a stronger environment, which I view is inevitable. It's just a matter of time. So I think the most important news, but I hear constantly that people are worried that we have a funding requirement at Ewoyaa right around the corner. That is not true.

所以它會發生，但它需要一個更強大的環境，我認為這是不可避免的。這只是時間問題。所以我認為這是最重要的消息，但我不斷聽到人們擔心我們 Ewoyaa 即將面臨資金需求。那不是真的。

The project is not getting developed on that time line. We're still finishing off parliamentary ratifications, permitting work, a lot of engineering work. If the markets were to roll back, it's possible that could be in kind of FID stage as early as a year from now. And I'd love for that to happen. It's a great project.

該項目並未在該時間線上開發。我們仍在完成議會的批准、許可工作以及大量的工程工作。如果市場回落，最快一年後可能會進入最終決定階段。我希望這一切能夠發生。這是一個偉大的項目。

We're confident we'll have our funding in place for it, but I think it's likely to take more time, again, unless markets were back. But the funding feedback is very positive. This is a 360,000 ton a year, low-cost spodumene operation, a mile from the Atlantic Ocean. It's by far the best located lithium project in all of Africa.

我們有信心為此籌集資金，但我認為這可能需要更多時間，除非市場恢復。但資金反饋非常正面。這是一個年產 36 萬噸的低成本鋰輝石作業項目，距離大西洋一英里。這是迄今為止整個非洲位置最好的鋰計畫。

And the parties who need spodumene, you can kind of guess who those are around the world are all really interested in it. And many of those are large entities that have capital they can essentially provide to us in form of advances to help us fund our capital. So my expectation is capital and development there will be deferred, but when it is developed, we will secure all of our funding for that project from offtake parties on a non-diluted basis.

需要鋰輝石的各方，你可以猜測世界各地的人對它真正感興趣。其中許多都是大型實體，它們基本上可以以預付款的形式向我們提供資本，以幫助我們為資本提供資金。因此，我的期望是資本和開發將被推遲，但當開發完成後，我們將在不稀釋的基礎上從承購方獲得該項目的所有資金。

Greg Jones, BMO Capital Markets.

格雷格瓊斯，BMO 資本市場。

I wanted to follow up on one of the prior questions around the Carolina time line. Can you provide some guidance or estimation on when you think there might be an updated feasibility study that looks at this larger scale project or some details that might come out from the FEED study at Tennessee that could be used to help guide capital and other parameters around the project?

我想跟進有關卡羅萊納州時間表的先前問題之一。您能否提供一些指導或估計，說明何時可能會有更新的可行性研究來審視這個更大規模的項目，或者田納西州FEED 研究中可能得出的一些細節，這些細節可用於幫助指導資本和其他參數項目？

We don't have any current plans to publish an updated study. At some point, we'll do that. We're constantly sort of updating our thoughts on that and we're currently doing some optimization studies. So as an example, is 30,000 tons is a right size for that plant or is something big or smaller for each train?

我們目前沒有任何計劃發布更新的研究。在某個時候，我們會這樣做。我們不斷更新對此的想法，目前正在進行一些優化研究。舉個例子，30,000 噸對於該工廠來說是否合適，或者對於每列火車來說是大還是小？

We think it might make sense to make the trains somewhat smaller, say, 25,000 tons. It turns out there's real capital efficiencies there. On the mine side, is 242,000 tons a year the right throughput or is something a little different, better for a variety of different reasons? There's a lot of work being done there.

我們認為將列車設計得小一些（例如 25,000 噸）可能是有意義的。事實證明，那裡存在真正的資本效率。在礦場方面，每年 242,000 噸的吞吐量是否合適，還是因為各種不同的原因而略有不同、更好？那裡有很多工作正在進行。

It will be -- it's kind of continuous and we're moving it forward, I'd say, on a disciplined basis, just we're not kind of burning too many engineering dollars. We do keep updated models that we share with potential strategic investors and potential funding sources.

這將是——這是一個持續的過程，我想說，我們正在有紀律的基礎上推動它，只是我們不會燃燒太多的工程資金。我們確實會不斷更新模型，並與潛在的策略投資者和潛在的資金來源分享。

But we don't have any current plans to publish an updated study. I think it's fair to say -- we published the Carolina DFS in December 2021. It's fair to say capital has increased across the world and certainly across the lithium industry since then. I think people like you, I think, have that baked into their models. I haven't taken a close look recently at where those are relative to where things may end up, we'll see.

但我們目前沒有任何計劃發布更新的研究。我認為可以公平地說，我們在 2021 年 12 月發布了卡羅來納州 DFS。可以公平地說，自那時以來，全球範圍內的資本有所增加，當然整個鋰行業的資本也有所增加。我認為像你這樣的人已經將這一點融入了他們的模型中。我最近沒有仔細研究這些與事情可能最終結果的關係，我們拭目以待。

Okay. And one follow-up question, please. When you think about the larger scale project of Carolina, how are you thinking about feedstock sourcing requirements? So you've got obviously the portion from the integrated mine that would satisfy a portion of the production life. But under that larger scenario, where would you expect to source feedstock from?

好的。還有一個後續問題。當您考慮卡羅來納州的大型專案時，您如何考慮原料採購要求？因此，顯然您已經從綜合礦山中獲得了可以滿足部分生產壽命的部分。但在更大的情況下，您預計從哪裡購買原料？

Yes. No, good question. Listen, I think the good news is there are a lot of spodumene sources available for an American conversion project. So when you think about Phase 1 in North Carolina, is integrated, obviously, with our own mine. That will be developed probably a couple of years behind Ghana.

是的。不，好問題。聽著，我認為好消息是有很多鋰輝石來源可用於美國的轉換專案。因此，當您想到北卡羅來納州的第一階段時，顯然它與我們自己的礦場融為一體。該項目的開發可能會比加納晚幾年。

If you think about it that way, two or three years behind by the time it's up and running. Train 2 would be two or three or four years behind that. So if we secured all the Ghana offtake with the third party for five or six years, that material would free up again in time for Train 2. So that's an opportunity.

如果你這樣想的話，當它啟動並運行時，已經落後了兩三年。火車 2 會比那晚兩三年或四年。因此，如果我們在五到六年內與第三方確保所有加納的承購，這些材料將及時為 2 號列車再次釋放。所以這是一個機會。

But there's material coming from Quebec, there's material coming from Brazil, there's material coming from Australia, even that come into the US and the benefits are coming into the US in terms of avoiding VAT in China, just feeding the massive demand growth that is in the US are such that we don't really see any risk of being unable to secure spodumene on a longer-term basis. And that would be something we would work on as part of that development for Train 2.

但有來自魁北克的材料，有來自巴西的材料，有來自澳洲的材料，甚至這些材料都進入美國，而美國的好處是避免了中國的增值稅，只是滿足了中國巨大的需求成長。是這樣的，我們實際上並沒有看到任何無法長期獲得鋰輝石的風險。這將是我們在 Train 2 開發過程中要做的事情。

Matthew Key, B. Riley Securities.

馬修‧基 (Matthew Key)，B. 萊利證券 (Riley Securities)。

You mentioned in the slide deck that you're potentially looking at some opportunities to monetize noncore assets. Could you maybe provide some additional detail on that? And what exactly would you be kind of considering in terms of noncore and selling?

您在幻燈片中提到，您可能正在尋找一些將非核心資產貨幣化的機會。您能否提供一些額外的細節？在非核心和銷售方面您到底會考慮什麼？

Yes. Good question. Certainly, our projects are core. So we continue to own shares in Atlantic Lithium, for instance, which is a key partner, but the shareholding we have isn't core. We have some land that we own in the North Carolina vicinity that isn't core to our project as it is currently designed. So there's a series of things. They don't amount to the same quantum as what we were able to realize in the first half of the year by exiting our Sayona block at some of our Atlantic shares. But at the margin makes a difference, and we'll continue to look at those options.

是的。好問題。當然，我們的專案是核心。例如，我們繼續持有大西洋鋰業的股份，這是我們的主要合作夥伴，但我們持有的股份不是核心股份。我們在北卡羅來納州附近擁有一些土地，但按照目前的設計，這些土地並不是我們計畫的核心。於是就有了一系列的事情。它們與我們在今年上半年退出我們的一些大西洋股票的 Sayona 區塊所實現的數額並不相同。但在邊際上會產生影響，我們將繼續研究這些選擇。

Got it. It's clear. And just one follow-up for me. Kind of staying on Carolina. You guys obviously received the state mining permit recently, but could you remind me if there's anything else that needs to be done on the permitting side of things in Carolina? If I recall correctly, I think there were still some stuffs related to rezoning and other things like that. Could you just remind me where all that stands currently?

知道了。天氣晴朗。這只是我的一個後續行動。有點留在卡羅來納州。你們顯然最近收到了州採礦許可證，但是你能提醒我在卡羅來納州的許可方面是否還有其他需要做的事情嗎？如果我沒記錯的話，我認為還有一些與重新分區和其他類似的事情相關的東西。你能提醒我目前的狀況嗎？

Yes. Listen, we need -- so it's integrated projects, so you need the mine permit for the mining operation, you need air permit for the chemical plant operation. We hope to secure that in the first half of next year.

是的。聽著，我們需要－－所以這是綜合項目，所以採礦作業需要採礦許可證，化工廠作業需要空氣許可證。我們希望在明年上半年實現這一目標。

As a reminder, we did apply for 60,000 tons coverage there. And there's some other permits and then there is the rezoning process. I mean, obviously, this is private land. It's currently zoned, principally residential or agriculture. We need to rezone it for industrial and mining purposes. That's a process that we'll advance at the right time. That may be in 2025, maybe later depending on how we progress with permitting and some of the engineering designs we're doing.

提醒一下，我們確實在那裡申請了6萬噸的覆蓋。還有一些其他許可，然後是重新分區程序。我的意思是，顯然，這是私人土地。目前它的分區主要是住宅區或農業區。我們需要將其重新規劃為工業和採礦用途。我們將在適當的時候推進這項進程。這可能是在 2025 年，也可能會更晚，這取決於我們在許可方面的進展以及我們正在進行的一些工程設計。

So we want to be kind of fully transparent when we go through that process and really understand whether the train is 25,000 tons or the 30,000, is the mining going to pose 242,000 tons or some different number, et cetera. So there's work to be done.

因此，當我們完成這個過程時，我們希望做到完全透明，真正了解火車的重量是 25,000 噸還是 30,000 噸，採礦量是 242,000 噸還是其他數字，等等。所以還有工作要做。

Just in the environment we're in, I think you have to think about a project like Carolina, where initial capital in the DFS was $1 billion, it's certainly going to be higher than $1 billion. These are projects that aren't going to be -- they require a different pricing environment like we frankly had over most of the last three years, but don't have today. So I think from a timing perspective, we'll be monitoring -- we're advancing the project toward a decision, but really being careful and disciplined about that. And ultimately, any development decision will be based on different market conditions and the availability of funding from strategic parties and lending sources.

就我們所處的環境而言，我認為你必須考慮像卡羅萊納州這樣的項目，DFS 的初始資本為 10 億美元，肯定會高於 10 億美元。這些項目不會——它們需要不同的定價環境，坦白說，我們在過去三年的大部分時間都經歷過這種情況，但今天卻沒有。因此，我認為從時間角度來看，我們將進行監控——我們正在推動專案做出決定，但對此要非常小心和嚴格。最終，任何開發決策都將基於不同的市場條件以及策略方和貸款來源的資金可用性。

David Deckelbaum, TD Cowen.

大衛·德克爾鮑姆，TD·考恩。

I was curious just if we could clarify progressing forward now. If I think about the footprint that you would have, obviously, you have the benefits of NAL through the JV. And then if you were to FID Carolina and then integrate a hydroxide conversion facility, which would be sort of co-located with Carolina, is the thought then that Ewoyaa would, at this point, not necessarily have a conversion partner associated with it? And that if you were to continue with Ewoyaa would just be either using like a tolling model or selling spodumene concentrate?

我很好奇我們現在是否可以澄清進展。如果我考慮一下您的足跡，顯然，您可以透過合資企業獲得 NAL 的好處。然後，如果您要 FID Carolina，然後整合一個氫氧化物轉化設施（該設施與 Carolina 位於同一地點），那麼 Ewoyaa 在這一點上是否不一定有與之相關的轉化合作夥伴？如果您繼續使用 Ewoyaa，您要么只是使用收費模型，要么銷售鋰輝石精礦？

Yes, no, great question. Yes, the way to think about -- I mean we initially invested in Ewoyaa as a really attractive mining project at relatively low investment cost for us to secure spodumene we could eventually convert in lithium hydroxide here in the US. And that's still kind of part of the plan, although I would characterize that as the longer-term part of the plan.

是的，不，很好的問題。是的，思考的方式- 我的意思是我們最初投資Ewoyaa 作為一個非常有吸引力的採礦項目，投資成本相對較低，對我們來說是為了獲得鋰輝石，我們最終可以在美國將其轉化為氫氧化鋰。這仍然是計劃的一部分，儘管我將其描述為計劃的長期部分。

Today, we look at Ewoyaa as a highly attractive spodumene mining project, where CapEx in the DFS, I think was around $180 million. It will end up being higher than that, but the CapEx is going to be very competitive, the operating costs to be quite competitive and we're going to be a joint owner of that project and produce and sell spodumene concentrate into the market.

今天，我們將 Ewoyaa 視為一個極具吸引力的鋰輝石採礦項目，我認為 DFS 的資本支出約為 1.8 億美元。最終會高於這個數字，但資本支出將非常有競爭力，營運成本也將非常有競爭力，我們將成為該項目的共同所有者，生產並向市場銷售鋰輝石精礦。

Our expectation at this stage will be -- and I think that Atlantic Lithium, our partner has similar expectations on their side, they're working through their own partnering process for offtake, is that we'll each have our own offtake party, basically funding our share of capital in exchange for securing our share of product. And in our case, we might be willing to commit all of our product for a period of time, four or five or six years.

我們現階段的期望是——我認為我們的合作夥伴大西洋鋰業也有類似的期望，他們正在透過自己的承購合作流程，基本上我們每個人都會有自己的承購方為我們的資本份額提供資金，以換取我們的產品份額。就我們而言，我們可能願意在一段時間內（四年、五年或六年）承諾我們的所有產品。

And if you're -- and there are parties around the world for whom that's pretty compelling because just like we had the prior question about Tennessee, but Phase 2 of Carolina, when we build that second plant, it will be important as spodumene supply locked up and the same will be true for other people in developing projects around the world now. So the availability of material from Ghana is really attractive.

如果你——而且世界各地有一些團體對此非常感興趣，因為就像我們之前關於田納西州的問題一樣，但是卡羅萊納州的第二階段，當我們建造第二座工廠時，這將是重要的鋰輝石供應被鎖定，對於現在世界各地開發項目的其他人來說也是如此。因此，來自加納的材料非常有吸引力。

So yes, you should -- I would think about the Ewoyaa a lot like maybe today, you think about NAL. We produce spodumene. We sell our material to people like Tesla and LG Chem. We'll have other similar customers for the material from Ghana and that's the business. That's our -- for the time being, our core business is spodumene concentrate mining and production, but eventually, we're still focused on with partners, developing the downstream side of the business.

所以是的，你應該——我會像今天一樣思考 Ewoyaa，你會思考 NAL。我們生產鋰輝石。我們將材料出售給 Tesla 和 LG Chem 等公司。我們還會有其他類似的客戶購買來自加納的材料，這就是業務。這就是我們的——目前，我們的核心業務是鋰輝石精礦的開採和生產，但最終，我們仍然專注於與合作夥伴一起開發下游業務。

Yes. Appreciate that clarification. And maybe following up on that a bit for my second question. And I guess it's a little bit philosophical. But as you look forward to Carolina, which is a bit of a crown jewel in your portfolio, is there a contingency where you would consider -- and I ask this in the context of there's obviously some circularity in logic in North America with bringing on a spodumene concentrate mine without a conversion facility that would be IRA-compliant.

是的。感謝您的澄清。也許我的第二個問題會跟進。我想這有點哲學。但是，當你期待卡羅萊納州（它是你投資組合中皇冠上的明珠）時，你是否會考慮一種偶然情況——我問這個問題的背景是，北美在邏輯上顯然存在一些循環性，沒有符合 IRA 要求的轉換設施的鋰輝石精礦礦。

But obviously, the conversion is the most capital-intensive portion and arguably the lowest margin return. Is there a scenario where you would consider bringing on the mine in a staggered fashion, whereas the conversion facility would be delayed years beyond that? Or does it always have to be coming online and coincident with each other?

但顯然，轉換是資本最密集的部分，可以說是最低的利潤回報。是否存在一種情況，您會考慮以交錯的方式啟動礦山，而轉換設施會延遲數年？或者它總是必須在線並且彼此同時發生？

We've thought about different scenarios and we could obviously develop it in different scenarios. We think with Carolina, in particular, it's a good ore body in an exceptional location and the location is particularly conducive to chemical conversion. And that's what makes it interesting for strategic parties.

我們考慮了不同的場景，顯然我們可以在不同的場景中發展它。我們認為，特別是卡羅萊納州，它是一個位置優越的優質礦體，而且該位置特別有利於化學轉化。這就是為什麼戰略各方感興趣的原因。

So you think about battery companies, car companies, other mining companies and lithium companies. It's a unique opportunity to build an integrated business. Ultimately, when we're in a position to kind of outline what the funding will look like for Carolina Lithium, I expect you're going to see very strong component of capital coming from one or more strategic partners, ideally with one of them being somebody who can contribute significantly on the technical side on the downstream business as well.

所以你想想電池公司、汽車公司、其他礦業公司和鋰公司。這是建立綜合業務的獨特機會。最終，當我們能夠概述 Carolina Lithium 的融資情況時，我預計您會看到來自一個或多個戰略合作夥伴的非常強大的資本組成部分，理想情況下其中之一是也可以在下游業務的技術方面做出重大貢獻的人。

So in an ideal world, we'll be -- and David, the format could take a lot of -- the deal could take a lot of different forms. We could own 100% of the mine and say 50% of the chemical plant, we could own 50% of everything. We could do a lot of different things. And those are the sorts of things we're kind of mulling around with different strategic parties. But their interest isn't in spodumene supply in North Carolina, their interest is in a lithium chemical supply in North Carolina and the Southeastern US.

因此，在理想的世界中，我們將 - 大衛，形式可能有很多 - 交易可以採取很多不同的形式。我們可以擁有 100% 的礦山，比如說 50% 的化工廠，我們可以擁有 50% 的一切。我們可以做很多不同的事情。這些是我們正在與不同策略方考慮的事情。但他們的興趣不是北卡羅來納州的鋰輝石供應，而是北卡羅來納州和美國東南部的鋰化學品供應。

And the project on an integrated basis holds together. I mean, where we are right now in Quebec, NAL is doing great. But to your point, when you're producing spodumene in Quebec and you're shipping it to the customers who are principally in China right now, there's just a lot of economics kind of lost in the transport industry and the logistics industry. And in North Carolina, we can eliminate all that captured in the project and it really improves the overall economics.

該項目在一個綜合的基礎上結合在一起。我的意思是，我們現在在魁北克省，NAL 做得很好。但就您而言，當您在魁北克生產鋰輝石並將其運送給目前主要在中國的客戶時，運輸業和物流業就會損失許多經濟利益。在北卡羅來納州，我們可以消除專案中捕獲的所有內容，這確實提高了整體經濟效益。

Noel Parks, Tuohy Brothers.

諾埃爾·帕克斯、圖伊兄弟。

I just had a couple of questions. I was thinking about in terms of funding, the hypothetical party you've been talking with for some time throughout the ups and downs of the lithium market the last couple of years. To the degree that there are sidelines now, how quickly, maybe roughly, could you envision that turning around and them arriving at satisfactory new terms in the event we did get some clearer visibility as to a rebound in lithium pricing? Is that something that is a quarter's worth of work away do you think or something that could be put together quite quickly just based on the work you've done to date?

我只是有幾個問題。我在考慮資金方面，在過去幾年鋰市場的起起落落中，你一直在與假設的一方進行一段時間的交談。就目前的觀望程度而言，如果我們確實對鋰價格反彈有更清晰的了解，您能想像多快（也許大致）出現轉變並達成令人滿意的新條款？您認為這是需要四分之一的工作量才能完成的工作，還是僅根據您迄今為止所做的工作就可以很快完成的工作？

Yes. Good question. I guess what I would say is the parties that care for the most part, still care pretty intensively right now. We're just not really interested in parting with substantial part of the economics based on kind of the current pricing environment. So it has been really interesting over the last four or five years to see the interest of different parties involved. We know they're big car companies. We know they're big battery companies, cathode companies, et cetera.

是的。好問題。我想我想說的是，最關心的各方現在仍然非常關心。我們只是不太願意根據目前的定價環境放棄大部分經濟學內容。因此，在過去的四、五年裡，看到不同各方的興趣真的很有趣。我們知道他們是大型汽車公司。我們知道他們是大型電池公司、正極公司等等。

And there are some other groups that are now interested that really weren't a couple of years ago. It's quite interesting how some of the people who are the most interested when we first started talking to partners about Carolina 2.5 years ago. One or two of them are still highly interested. One of two of them are less interested.

還有一些其他團體現在對此感興趣，而幾年前他們並不感興趣。很有趣的是，2.5 年前我們第一次與合作夥伴談論卡羅萊納州時，有些人最感興趣。他們中的一兩個人仍然很感興趣。其中兩個人中的一個不太感興趣。

But there are new parties who are all of a sudden quite interested. So there's no shortage of people of the parties that kind of want to pursue something. And it's just really a question of bringing it all together. And our conversations continue.

但有些新政黨突然對此非常感興趣。所以政黨裡不乏有追求的人。這實際上只是將所有這些整合在一起的問題。我們的談話仍在繼續。

The team was in Tokyo and Seoul two weeks ago seeing potentially interested parties. And the interest is sincere and pretty deep. But I think since we're in a position where we're not anxious to kind of develop the project right now anyway from a funding perspective and a market perspective, we just don't feel we're in a big hurry to bring that together.

兩週前，該團隊在東京和首爾會見了潛在感興趣的各方。而且興趣是真誠的、相當深的。但我認為，由於我們現在並不急於從資金角度和市場角度開發該項目，所以我們只是覺得我們並不急於實現這一目標一起。

And again, then the nature of the strategic party we get may impact the nature of the debt funding we seek. And so it's a little bit of a circular process and iterative process itself. But overall, I think to bring it all together the right way to develop the project responsibly and really protect returns for our shareholders, we're certainly 2-plus years away from FID, which we're okay with in this market.

同樣，我們所獲得的策略方的性質可能會影響我們所尋求的債務融資的性質。所以這本身就是一個循環過程和迭代過程。但總的來說，我認為，以正確的方式將所有這些結合起來，以負責任的方式開發項目，並真正保護我們股東的回報，我們肯定距離最終投資決定還有兩年多的時間，而我們在這個市場上對此是可以接受的。

But if the market was different, if the market hadn't gotten to these levels, that could all happen more quickly. So the project is DFS complete, mining permit in hand, final steps kind of in reaching our perspective and really just waiting like several other projects in the industry may be for a different market condition.

但如果市場不同，如果市場沒有達到這些水平，這一切都可能發生得更快。因此，該專案已完成 DFS，採礦許可證已在手，最終步驟已達到我們的預期，實際上只是等待，就像行業中的其他幾個專案可能會針對不同的市場條件。

Right. Fair enough. Absolutely. And just in the discussion a little while ago, you mentioned just an example, the demand for lithium for EV batteries and everything is still definitely on the ramp and there is visibility into that. I just wondered -- and sorry if you addressed this earlier and I just missed it, but thinking about sort of the energy storage part of lithium market is separate for mobility, just the whole sort of slug of demand that we're going to see from continuing to handle intermittent fee of renewable sources as they're integrating in the grid. It's not that we talked about a lot in some quarters and just barely mentioned in others the broader storage market. So any thoughts on how that might help the case for lithium sort of reemerge sooner rather than later?

正確的。很公平。絕對地。就在不久前的討論中，您提到了一個例子，電動車電池對鋰的需求仍然肯定在增長，而且這是有目共睹的。我只是想知道 - 很抱歉，如果您早些時候解決了這個問題，我只是錯過了，但考慮到鋰市場的能源存儲部分與移動性是分開的，只是我們將看到的整個需求旺盛在可再生能源併入電網時繼續處理間歇性費用。這並不是說我們在某些​​方面談論了很多，而在其他方面幾乎沒有提到更廣泛的儲存市場。那麼，對於這如何有助於鋰的盡快重新出現有什麼想法嗎？

Yes. Listen, I think there's a lot of people that study the EV demand for lithium very deeply and not as many that do as much analysis on ESS, but it is a huge market in and of itself, a huge growth market. We're not focused on it from a customer perspective, but obviously, to the extent energy storage complexes are being built at scale and require lithium ion batteries or whether they require them or not, they will use, they will prefer lithium ion batteries for the most part.

是的。聽著，我認為有很多人非常深入地研究電動車對鋰的需求，但對 ESS 進行大量分析的人卻不多，但它本身就是一個巨大的市場，一個巨大的成長市場。我們並不是從客戶的角度關注這個問題，但顯然，就儲能綜合體正在大規模建設並需要鋰離子電池而言，或者無論他們是否需要，他們都會使用，他們會更喜歡鋰離子電池大部分。

It just impacts in a positive way demand for lithium overall. That's good for us and that's a trend that's accelerating, not declining. So yes, I think the important takeaway and as we think about our company, where we are today and what we think is a depressed market is lithium demand growth, whether it's from EVs or continued growth in portables or ESS, which is a huge opportunity, is really strong, 15% to 20% CAGR going forward for the next 5 or 10 years.

它只會以積極的方式影響鋰的整體需求。這對我們有好處，而且這種趨勢正在加速，而不是下降。所以，是的，我認為重要的一點是，當我們思考我們的公司時，我們今天所處的位置以及我們認為低迷的市場是鋰需求的增長，無論是來自電動車還是便攜式設備或ESS 的持續成長，這是一個巨大的機會，非常強勁，未來 5 到 10 年複合年增長率為 15% 到 20%。

We had a couple of analysts from other firms send us their firm's outlook for demand growth for, say, copper or nickel or rare earths or other things. Copper, people talk about copper, which is -- it's a great commodity. People talk about the shortages and how much more we're going to need. Copper is growing 2% or 3% a year. Lithium is growing 15% to 20% a year.

我們有幾位來自其他公司的分析師向我們發送了他們公司對銅、鎳、稀土或其他物品的需求成長前景。銅，人們談論銅，這是一種很棒的商品。人們談論短缺以及我們還需要多少。銅每年增長 2% 或 3%。鋰的產量每年增長 15% 至 20%。

We're going to get through the supply and digestion, I think, sooner than people think. And I think we're going to be back on our front foot where demand growth is going to be hard to satisfy for a long period of time and I think prices are going to respond to that. So ESS demand growth is very welcome. It's not something we spend a lot of time focused on, but I think over time, it's going to become a bigger part of the business.

我認為，我們將比人們想像的更快完成供應和消化。我認為我們將重新站穩腳跟，在很長一段時間內需求成長將難以滿足，我認為價格將會對此做出反應。所以ESS需求成長是非常受歡迎的。這不是我們花費大量時間關注的事情，但我認為隨著時間的推移，它將成為業務的重要組成部分。

That concludes our Q&A session. I will now turn the conference back over to Erin for closing remarks.

我們的問答環節到此結束。現在我將把會議轉回艾琳做閉幕詞。

Thank you, operator. That concludes our call today. We thank you for your time and interest in Piedmont Lithium. As a reminder, you can find our earnings release, presentation and a replay of this call on our website. Thank you.

謝謝你，接線生。我們今天的電話會議到此結束。我們感謝您花時間關注 Piedmont Lithium。請注意，您可以在我們的網站上找到我們的收益發布、演示和本次電話會議的重播。謝謝。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。