Piedmont Lithium Inc (PLL) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is Carrie. I will be your conference operator today. At this time, I would like to welcome everyone to the Q1 2025 Piedmont Lithium earnings conference call.

感謝您的支持。我的名字是 Carrie。今天我將擔任您的會議主持人。現在，我歡迎大家參加 2025 年第一季 Piedmont Lithium 財報電話會議。

(Operator Instructions)

（操作員指示）

Thank you. I'd now like to turn the call over to Mr. John Koslow, Investor Relations at Piedmont Lithium. Please go ahead.

謝謝。現在我想將電話轉給 Piedmont Lithium 投資者關係部的 John Koslow 先生。請繼續。

Thank you, and good afternoon. Welcome to Piedmont Lithium's first-quarter 2025 earnings call. Joining us today from Piedmont Lithium are Keith Phillips, President and Chief Executive Officer; and Michael White, Chief Financial Officer. Keith will provide an introduction and review key updates from the quarter; and Michael will, then review our financial results. Keith will provide closing commentary, before we transition to a Q&A session.

謝謝，下午好。歡迎參加 Piedmont Lithium 2025 年第一季財報電話會議。今天與我們一起出席的還有 Piedmont Lithium 總裁兼執行長 Keith Phillips 和財務長 Michael White。基思 (Keith) 將進行介紹並回顧本季度的重要更新；然後邁克爾 (Michael) 將回顧我們的財務結果。在我們進入問答環節之前，Keith 將發表結束語。

As a reminder, today's discussion will contain forward-looking statements related 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 filing.

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，這些陳述受各種假設和警告的影響。今天的簡報、收益報告和我們向美國證券交易委員會提交的文件中都包含了可能導致公司實際結果與這些聲明有重大差異的因素。

In addition, we have included non-GAAP financial metrics in this presentation. And reconciliations to the most directly comparable GAAP financial measure can be found in today's earnings release and the appendix to today's slide presentation. Any references to EBITDA mean adjusted EBITDA, references to shipments are shipments of spodumene concentrate and tonnes are dry metric tonnes.

此外，我們在本簡報中加入了非 GAAP 財務指標。在今天的收益報告和今天的幻燈片簡報附錄中可以找到與最直接可比較的 GAAP 財務指標的對帳。任何提及 EBITDA 均指調整後的 EBITDA，提及出貨量均指鋰輝石精礦出貨量，噸數均指乾公噸。

Copies of our earnings release and presentation, in addition to a replay of this call, will be available on our website at piedmontlithium.com.

我們的收益報告和簡報的副本以及本次電話會議的重播將在我們的網站 piedmontlithium.com 上提供。

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

說完這些，我會把電話轉給 Keith Phillips。基思？

Thanks, John, and thank you, all for joining us today. 2025 has opened with considerable volatility in lithium markets. Prices have fluctuated as the industry continues to navigate shifts in global supply and demand, macroeconomic uncertainty, and evolving policy landscapes. Despite this backdrop, our team remains focused on what we can control, delivering operational and commercial excellence, maintaining capital discipline, and positioning our business for long-term success.

謝謝，約翰，也謝謝大家今天加入我們。 2025 年開年鋰市場波動較大。隨著產業持續應對全球供需變化、宏觀經濟不確定性以及不斷變化的政策環境，價格也隨之波動。儘管有這樣的背景，我們的團隊仍然專注於我們能夠控制的事情，提供卓越的營運和商業，保持資本紀律，並為我們的業務定位以取得長期成功。

We shipped 27,000 tonnes to customers to start the year. North American lithium produced a little over 43,000 tonnes, a decline from the record production level seen in the second half of 2024. Variable weather conditions impacted mill utilization. But the team reacted quickly to mitigate the effects, on a go-forward basis.

今年年初我們向客戶運送了 27,000 噸。北美鋰產量略高於 43,000 噸，低於 2024 年下半年創紀錄的產量水準。多變的天氣條件影響了工廠的使用率。但該團隊迅速做出反應，以減輕影響並繼續前進。

On the corporate side of the business, we continued to advance toward the merger with Sayona Mining that we announced in November. We achieved several notable milestones, recently. And I will spend time at the end of the call, providing more detail on the merger process and why we are so excited about the transaction.

在公司業務方面，我們繼續推進與 Sayona Mining 的合併，並於 11 月宣布了合併計劃。最近，我們取得了幾個顯著的里程碑。我將在通話結束時花一些時間，提供有關合併過程的更多細節，以及我們對此交易如此興奮的原因。

First, let's move on to slide 4 to discuss the quarter at NAL in more detail. NAL saw a 15% quarter-over-quarter decline in production through March and produced approximately 43,000 tonnes to start the year. Importantly, the operation remains on track to meet the guidance provided by Sayona Mining, called for production of 190,000 to 210,000 tonnes, where their year ended June 30, 2025.

首先，讓我們轉到投影片 4，更詳細地討論 NAL 的本季。截至 3 月份，NAL 的產量環比下降了 15%，年初產量約為 43,000 噸。重要的是，該業務仍有望達到 Sayona Mining 提供的指導，即在 2025 年 6 月 30 日結束的年度產量為 190,000 至 210,000 噸。

The challenges encountered in Q1 were largely driven by volatile weather patterns to begin the year, with a stretch of warm and wet days followed by a cold snap, resulting in freezing conditions and hurting performance, principally, in the crushing circuit.

第一季遇到的挑戰很大程度上是由於年初天氣模式不穩定，先是一段溫暖潮濕的日子，隨後又出現寒流，導致天氣凍結，並主要影響了破碎迴路的表現。

While this type of weather pattern is atypical, it's exactly what we and our partners at Sayona plan for, when installing the crushed ore dome, to allow bypassing of the crushing circuit. The crushed ore dome's capacity is roughly 1.5 days of mill feed. So additional mobile crushing capacity was deployed to support the primary crushing activities, as needed.

雖然這種天氣模式並不典型，但這正是我們和 Sayona 的合作夥伴在安裝破碎礦石圓頂時所規劃的，以便繞過破碎迴路。破碎礦石穹頂的容量約為磨機 1.5 天的進料量。因此，根據需要部署了額外的移動破碎能力來支援主要的破碎活動。

There were several positive developments at NAL during the quarter, including the operation setting a record 72% recovery in March, thanks to process optimization. In April, Sayona announced the final drill results from the 2024 exploration program. And the focus, now, turns to producing an updated mineral resource estimate for the asset.

本季度，NAL 取得了多項積極進展，其中，得益於流程優化，3 月份營運恢復率創下了 72% 的紀錄。今年 4 月，Sayona 公佈了 2024 年勘探計畫的最終鑽探結果。現在的重點是提供該資產的最新礦產資源估算。

The program confirmed mineralization outside of the existing MRE and supports our belief that NAL is in the early stages of its life, with significant potential to expand its resource base, extend mine life, and scale production over time.

該計劃證實了現有 MRE 之外的礦化，並支持了我們的信念，即 NAL 正處於其生命的早期階段，具有擴大其資源基礎、延長礦山壽命和擴大生產規模的巨大潛力。

Now, let's turn to slide 5 for an update on the state of the lithium market. While recent price volatility has captured headlines, it's important to recognize that these fluctuations are not new or unique to the industry. The market is always encyclical and periods of pricing pressure have historically preceded sharp rebounds driven by structural demand growth.

現在，讓我們翻到第 5 張投影片來了解鋰市場的最新狀況。儘管最近的價格波動佔據了頭條新聞，但重要的是要認識到這些波動並不是行業新出現的或獨有的。市場總是具有週期性，歷史上，價格壓力期往往先於結構性需求成長所推動的強勁反彈。

Demand fundamentals remain strong. EV adoption continues to accelerate. And grid storage applications are growing across the globe. Our long-term trajectory for lifting demand remains intact. While there are plenty of lifting projects in the pipeline to meet this growing demand, the low pricing we've experienced in the past two years is beginning to have an impact.

需求基本面依然強勁。電動車的普及速度持續加快。電網儲存應用在全球範圍內正在成長。我們提升需求的長期軌跡維持不變。雖然有大量的起重項目正在進行中以滿足日益增長的需求，但過去兩年我們經歷的低價開始產生影響。

Greenfield developments are generally moving more slowly, including our own, due to the financing challenges associated with current pricing. In due course, we expect this growing demand and slowdown in project development to ultimately lead to tighter lithium market conditions and stronger pricing.

由於目前定價帶來的融資挑戰，綠地開發專案（包括我們自己的專案）的進展普遍較慢。我們預計，在適當的時候，這種不斷增長的需求和專案開發的放緩最終將導致鋰市場更加緊張和價格更加堅挺。

I'd like to take a moment to focus on developing a secure supply chain for critical minerals in North America. And I'll talk more about that on slide 6. As technology and the global demand for energy evolve, it is clear that national energy dominance cannot be achieved without critical minerals. And the global supply demand imbalance becomes even more apparent, when looking at North America.

我想花點時間專注於開發北美關鍵礦產的安全供應鏈。我將在第 6 張投影片上詳細討論這一點。隨著技術和全球能源需求的不斷發展，很顯然，如果沒有關鍵礦產，國家就無法在能源領域佔據主導地位。而從北美來看，全球供需失衡現象就更加明顯。

Lithium demand will continue to accelerate across the region, driven by the growth in EV and ESS demand and massive investments in battery manufacturing. The reality is that, today, North America is heavily reliant on imported lithium and current production levels are nowhere near what's needed to meet future demand.

受電動車和儲能係統需求成長以及電池製造領域大規模投資的推動，整個地區的鋰需求將繼續加速成長。現實情況是，目前北美嚴重依賴進口鋰，目前的產量遠遠無法滿足未來的需求。

At the same time, OEMs and battery manufacturers are seeking reliable IRA-compliant sources of supply, creating a clear opportunity for projects like ours.

同時，原始設備製造商和電池製造商正在尋求可靠的符合 IRA 標準的供應源，這為像我們這樣的專案創造了明顯的機會。

Trade policy is also emerging as a key factor shaping the market outlook. Recent and proposed tariffs could significantly alter supply chains and increase the strategic value of local supply. As policy continues to evolve in support of energy security and onshoring, we believe assets in the US and Canada will be increasingly favored by customers and capital markets.

貿易政策也正成為影響市場前景的關鍵因素。最近和擬議的關稅可能會顯著改變供應鏈並提高當地供應的戰略價值。隨著支持能源安全和在岸化的政策不斷發展，我們相信美國和加拿大的資產將越來越受到客戶和資本市場的青睞。

Now, we'll turn the call over to Michael White to discuss our financial results.

現在，我們將電話轉給麥可懷特，討論我們的財務表現。

Thanks, Keith, and good afternoon. We shipped approximately 27,000 dry metric tonnes for the quarter and recognized $20 million in revenue. This is down from the previous quarter, where we shipped approximately 55,700 dry metric tonnes and recorded $45.6 million in revenue. While our shipments and revenue declined sequentially, this was expected due to variations in customer requirements and in line with our guidance.

謝謝，基思，下午好。本季我們出貨了約 27,000 乾公噸，營收 2,000 萬美元。這比上一季有所下降，上一季我們出貨了約 55,700 乾公噸，營收為 4,560 萬美元。雖然我們的出貨量和收入連續下降，但這是由於客戶需求的變化而導致的，並且符合我們的預期。

Our fourth-quarter GAAP net loss was $15.6 million or a loss of $0.71 per share. And adjusted net loss was $10.1 million or a loss of $0.46, on an adjusted per share basis. Included in our GAAP results were $3.6 million in unrealized loss on equity securities related to Atlantic Lithium; $1.4 million of transaction costs related to our proposed merger with Sayona Mining; $300,000 related to restructuring charges associated with our 2024 cost savings plan; and approximately $200,000 in other items. We ended the year with $65.4 million in cash, compared to $87.8 million in cash at the start of 2025.

我們第四季的 GAAP 淨虧損為 1,560 萬美元，即每股虧損 0.71 美元。調整後淨虧損為 1,010 萬美元，按調整後每股虧損 0.46 美元。我們的 GAAP 結果包括與 Atlantic Lithium 相關的 360 萬美元股權證券未實現損失；與我們與 Sayona Mining 擬議合併相關的 140 萬美元交易成本；與我們 2024 年成本節約計劃相關的重組費用相關的 30 萬美元；以及約 20 萬美元的其他項目。我們截至年底的現金餘額為 6,540 萬美元，而 2025 年初的現金餘額為 8,780 萬美元。

Now, moving to slide 9 to discuss our realized pricing in more detail. Our realized price per metric ton was $741 for the quarter. On an FC6 equivalent basis, our realized price per metric ton equated to $823.

現在，轉到投影片 9，更詳細地討論我們的實際定價。本季我們的每公噸實現價格為 741 美元。以 FC6 當量計算，我們每公噸的實際價格為 823 美元。

While lithium prices improved from the lows seen in the second half of 2024, the backwards-looking nature of our customer contracts and the decline in pricing since the end of March have had a negative impact on our realized pricing to begin the year. Despite the decline, we are pleased to report a relatively strong price for the quarter, in the context of the soft market and pricing reported by other producers.

雖然鋰價較 2024 年下半年的低點有所回升，但我們客戶合約的回顧性質以及自 3 月底以來價格的下跌對我們年初的實際價格產生了負面影響。儘管價格有所下降，但我們很高興地報告，在市場疲軟和其他生產商報告的定價背景下，本季的價格相對強勁。

Now, moving to slide 10 to discuss our sources and uses of cash. Operating cash flows for the quarter were negative $19 million, driven by timing of working capital associated with sales of spodumene concentrate and our net loss. Operating cash flows improved $9 million from the first quarter of 2024, as we made large cash payments in Q1 2024 to settle 2023 spot sales, where the final price settlement was less than the provisional payment we received.

現在，轉到投影片 10，討論我們的現金來源和用途。本季營運現金流為負 1,900 萬美元，原因是與鋰輝石精礦銷售相關的營運資本時間和我們的淨虧損。經營現金流較 2024 年第一季增加了 900 萬美元，因為我們在 2024 年第一季支付了大筆現金以結算 2023 年的現貨銷售，而最終結算價格低於我們收到的臨時付款。

Additionally, our net loss narrowed versus the comparable period, as we are recognizing the benefits of our 2024 cost savings plan, which we completed at the end of last year. Cash outflows for our joint ventures, as well as capital expenditures, were approximately $2 million in aggregate for the first quarter and met the low end of our Q1 guidance range.

此外，由於我們認識到去年年底完成的 2024 年成本節約計畫帶來的好處，我們的淨虧損與同期相比有所縮小。第一季度，我們合資企業的現金流出和資本支出總計約為 200 萬美元，達到了我們第一季指導範圍的低端。

We anticipate an increase in cash contributions to our joint ventures and funding additional capital expenditures, this quarter. However, the levels will remain modest, as we look to preserve balance sheet strength.

我們預計本季對合資企業的現金貢獻和額外資本支出的資金將會增加。然而，由於我們希望保持資產負債表的強勁，因此該水準仍將保持適度。

While our cash balance decreased from $88 million at the end of Q4 to $65 million at the end of Q1, we do not expect to see this type of degradation in the second quarter of 2025, as the timing of working capital associated with sales of spodumene concentrate is driving short-term cash movements. Further to this point, we expect our cash balance at the end of the second quarter to be similar to our cash balance of $65 million at the end of Q1 of this year.

雖然我們的現金餘額從第四季末的 8,800 萬美元減少到第一季末的 6,500 萬美元，但我們預計 2025 年第二季不會出現這種下降，因為與鋰輝石精礦銷售相關的營運資金時機正在推動短期現金流動。進一步說，我們預計第二季末的現金餘額將與今年第一季末的 6,500 萬美元現金餘額相似。

Let's move to slide 11, where we provide our updated 2025 outlook for shipments, capital expenditures, and investments in joint ventures. We expect to ship 8,000 to 20,000 dry metric tonnes in the second quarter of 2025, with the variance related to a planned shipment, which is estimated to depart at the end of the quarter.

讓我們轉到第 11 張投影片，其中我們提供了 2025 年出貨量、資本支出和合資企業投資的最新展望。我們預計 2025 年第二季將運送 8,000 至 20,000 乾公噸貨物，差異與計劃運送的貨物有關，預計在本季末出發。

We expect any shipments that leave after the end of Q2 to be accretive to Q3 shipment totals and will not impact our full-year shipment outlook of 113,000 to 130,000 dry metric tonnes. Our 2024 shipping schedule is back-end loaded and, at times lumpy but this is not dissimilar to 2024. As always, certain factors, including shipping constraints and customer requirements, may impact the timing of future shipments.

我們預計，第二季結束後出發的任何貨物都將增加第三季的出貨總量，並且不會影響我們全年 113,000 至 130,000 乾公噸的出貨量預期。我們的 2024 年運輸計畫是後端裝載的，有時不平穩，但這與 2024 年並無不同。與往常一樣，某些因素（包括運輸限制和客戶要求）可能會影響未來發貨的時間。

For our CapEx outlook, we have reduced our full-year range from $6 million to $9 million down to $4 million to $6 million. This is the result of direct actions taken in relation to our land position for our Carolina Lithium project, whereby we have either deferred or opted out of certain land purchases that no longer makes sense, especially during the continued lithium downturn.

對於我們的資本支出預期，我們已將全年範圍從 600 萬至 900 萬美元下調至 400 萬至 600 萬美元。這是我們對卡羅萊納鋰業計畫土地狀況採取的直接行動的結果，我們推遲或選擇放棄某些不再有意義的土地購買，尤其是在鋰業持續低迷期間。

Joint venture investments and advances are expected to be in the range of $2 million to $4 million in the second quarter and approximately $7 million to $13 million for full year 2025. This compares to $26 million in 2024. Our outlook is subject to changes in market conditions and may vary materially.

預計第二季合資企業投資和預付款將在 200 萬至 400 萬美元之間，2025 年全年將在 700 萬至 1,300 萬美元之間。相較之下，2024 年這一數字為 2,600 萬美元。我們的前景受市場條件變化的影響，可能會發生重大變化。

With that, I'll turn the presentation back over to Keith.

說完這些，我會把演講交還給 Keith。

Thank you, Michael. Turning to slide 13, I'd like to provide a status update on our merger with Sayona Mining. After announcing the deal in mid-November, we've been hard at work progressing the deal towards completion. This is a complex transaction. But we've been very pleased with the progress made to date. And we continue to work, diligently, with our counterparts at Sayona.

謝謝你，麥可。翻到第 13 張投影片，我想提供我們與 Sayona Mining 合併的最新情況。自 11 月中旬宣布該交易以來，我們一直在努力推動該交易的完成。這是一項複雜的交易。但我們對迄今為止的進展感到非常滿意。我們將繼續與 Sayona 的同行勤奮合作。

We recently made several announcements related to progress, including the new name for the combined company, Elevra Lithium; and the names of the nominees to the Elevra Board of Directors. The deal has received regulatory clearance from Investment Canada and Hart-Scott-Rodino in the United States. CFIUS also completed the review and indicated it will take no further action, with respect to the transaction.

我們最近發布了幾項與進度相關的公告，包括合併後公司的新名稱 Elevra Lithium；以及 Elevra 董事會候選人的姓名。該交易已獲得加拿大投資局和美國哈特-斯科特-羅迪諾監管部門的批准。美國外國投資委員會也完成了審查，並表示不會對該交易採取進一步行動。

Members of the Piedmont and Sayona teams have been engaged in detailed integration planning, making sure that the company is ready to execute as Elevra on day one. There are roughly a dozen different work streams, focused on everything, from corporate branding to project prioritization to measuring corporate synergies. We are in the SEC review process, now, and continue to expect that shareholder votes for both companies will occur in the coming weeks and the deal will close in mid-2025.

Piedmont 和 Sayona 團隊的成員一直參與詳細的整合規劃，確保公司在第一天就準備好以 Elevra 的形式運作。大約有十幾個不同的工作流程，關注從企業品牌到專案優先排序到衡量企業協同效應等所有方面。目前，我們正處於美國證券交易委員會的審查過程中，並繼續預計兩家公司的股東投票將在未來幾週內進行，交易將於 2025 年中期完成。

When we announced the transaction, we announced that Piedmont shareholders would receive 527 ordinary shares of Sayona Mining for each share of Piedmont Lithium common stock held or 5.27 Sayona shares for each Piedmont CDI. This ratio was devised to result in an approximate 50-50 split between shareholders of Piedmont and Sayona Mining on a fully-diluted basis.

當我們宣布交易時，我們宣布 Piedmont 股東每持有一股 Piedmont Lithium 普通股將獲得 527 股 Sayona Mining 普通股，或每持有一股 Piedmont CDI 將獲得 5.27 股 Sayona 股票。這一比例的設計使得 Piedmont 和 Sayona Mining 的股東在完全稀釋的基礎上實現約 50-50 的股權分割。

After our review, the parties agreed that a reverse box split or share consolidation in Australian parliament makes, sense as part of the transaction in order to improve our lever's appeal to institutional investors. The reverse split will occur at the Sayona level and be subject to their shareholders' approval. Sayona shareholders will receive one new lever share per 150 Sayona shares owned. And this will obviously impact the number of lever shares that Piedmont shareholders will receive in the merger.

經過我們的審查，各方同意，在澳洲議會進行反向盒式分割或股票合併是有意義的，作為交易的一部分，以提高我們的槓桿對機構投資者的吸引力。此次反向分割將在 Sayona 層級進行，並須經其股東批准。Sayona 股東每持有 150 股 Sayona 股票將獲得一股新的槓桿股票。這顯然會影響皮埃蒙特股東在合併中獲得的槓桿股份數量。

Additionally, Sayona is proposing a 1 for 10 ADR ratio for the American depository shares that will be listed on Nasdaq. A summary is laid out here on page 14. And there will be more detail included in the merger circular we'll send to shareholders in coming weeks. Importantly, while these proposals will impact a number of shares outstanding, they are not expected to have any valuation impact.

此外，Sayona 還提議在納斯達克上市的美國存託股票的 ADR 比率為 1 比 10。摘要列於第 14 頁。我們將在未來幾週向股東發送合併通函，其中包含更多詳細資訊。重要的是，雖然這些提議將影響一定數量的流通股，但預計不會產生任何估值影響。

I'd like to conclude this afternoon's call with some brief comments on the benefits to Piedmont Lithium shareholders from our planned merger with Sayona Mining. On slide 15, we've outlined some of the key benefits of bringing together our two complementary businesses.

在今天下午的電話會議結束時，我想簡要評論我們計劃與 Sayona Mining 合併將為 Piedmont Lithium 股東帶來的好處。在第 15 張投影片上，我們概述了將兩家互補業務合併在一起的一些主要好處。

We believe the merger will create a larger, simpler, and stronger company. With all of the tons produced at NAL coming under control of one company, lever will have increased relevance within the market to be a more attractive supplier to the industry. The combination also unlocks value for Piedmont shareholders by enabling the possible expansion of the NAL complex.

我們相信，合併將創造一個更大、更簡單、更強大的公司。由於 NAL 生產的所有噸位都由一家公司控制，因此 LEVER 在市場上的相關性將會增加，從而成為該行業更具吸引力的供應商。此次合併也使 NAL 綜合設施得以擴張，為 Piedmont 股東釋放了價值。

The strong drill results we've seen at NAL indicate the possibility for meaningful resource and reserve expansion, hopefully leading to the possibility of an attractive brownfield expansion, spreading fixed costs over a larger operating base, and further enhancing the economics of the operation.

我們在 NAL 看到的強勁鑽探結果表明，資源和儲量有可能大幅擴張，有望實現富有吸引力的棕地擴張，將固定成本分攤到更大的營運基礎上，進一步提高營運的經濟效益。

The transaction also brings Moblan into our portfolio. Based on recent drill results reported by Sayona, Moblan is a transformative growth project: large, high-grade, scalable. It's exactly the kind of asset customers are looking for: secure, reliable, sustainable, with heat supply in North America.

此次交易也將 Moblan 納入我們的投資組合。根據 Sayona 報告的最新鑽探結果，Moblan 是一個變革性成長項目：規模大、品質高、可擴展。這正是客戶所尋求的資產類型：安全、可靠、可持續，並在北美供應熱量。

On the corporate side, we expect to realize synergies of approximately $15 million to $20 million annually; and the merger-secured committed funding of approximately $43 million from resource capital funds. RCF has a significant history of delivering substantial returns and contributing to the advancement of critical mineral project development.

在公司方面，我們預計每年可實現約 1,500 萬至 2,000 萬美元的協同效應；並從資源資本基金中獲得約 4,300 萬美元的合併擔保承諾資金。RCF 在提供豐厚回報和推動關鍵礦產項目開發方面有著悠久的歷史。

Lastly, a unified corporate structure will consolidate strong operational credentials, streamline decision-making, reduce duplication, and better align operational and strategic priorities across all assets. In summary, we believe the long-term fundamentals for lithium remain strong. And the combination of Piedmont and Cyanide to form the lever lithium will create a business that can operate through the cycles and generate sustained value for our shareholders.

最後，統一的公司結構將鞏固強大的營運資格，簡化決策，減少重複，並更好地協調所有資產的營運和策略重點。總而言之，我們相信鋰的長期基本面依然強勁。Piedmont 和 Cyanide 合併形成的槓桿鋰將創造一個可以在整個週期中運作並為我們的股東創造持續價值的業務。

With that, we can turn the call over to Q&A.

這樣，我們就可以將通話轉入問答環節。

(Operator Instructions)

（操作員指示）

Noel Parks, Tuohy Brothers.

諾埃爾·帕克斯 (Noel Parks)、圖伊兄弟 (Tuohy Brothers)。

Hi. Good afternoon. Of course, uncertainty is the word of the day or the month. But you just mentioned tariffs and the effect they could have on supply chains. And do you anticipate a direct effect that could impact North America? Or are you more the ripple effects of their supplies, their economics change, depending on how the tariffs are applied?

你好。午安.當然，「不確定性」是當今或本月的流行詞。但您剛才提到了關稅及其對供應鏈可能的影響。您是否預計這會對北美產生直接影響？或者您更關心的是他們的供應產生的連鎖反應，他們的經濟狀況會隨著關稅的實施而改變嗎？

Yeah. Good question. I think, from a long-term perspective, it would be -- and we're early innings here in terms of what may happen in terms of tariffs, whether they become a factor in global economics, in a way that haven't been for several decades or not.

是的。好問題。我認為，從長遠來看，關稅問題仍處於初期階段，無論它是否會成為影響全球經濟的因素，就像幾十年來從未發生過的因素。

In the long term, who knows? But I think having North American projects is critical and positive, from that perspective. Certainly, to the extent there are tariff borders up around the US, that's a positive for the Carolina Lithium project.

從長遠來看，誰知道呢？但從這個角度來看，我認為開展北美計畫至關重要且具有正面意義。當然，就美國各地的關稅邊界而言，這對卡羅萊納鋰業項目來說是一個利好。

In the near term, with production in Quebec, between ourselves and Tesla -- sorry, between ourselves and Sayona, we ship most of the material to Asia. It's not impacted by tariffs. Shipments into the US will be impacted by tariffs. As I think I might've said last quarter, at prices like -- with prices as low as they are, the tariff burden isn't that significant. And we don't think it will affect customers' decisions on where the material goes. But it's certainly a factor everybody's watching.

短期內，由於我們在魁北克進行生產，我們和特斯拉之間——抱歉，是我們和 Sayona 之間，我們會將大部分材料運往亞洲。它不受關稅的影響。運往美國的貨物將受到關稅的影響。我想我上個季度可能已經說過了，在價格如此低廉的情況下，關稅負擔並不是那麼重。我們認為這不會影響客戶對材料去向的決定。但這無疑是每個人都在關注的因素。

And as a reminder, obviously, the tariff falls on the customer, the buyer of the material, not on us directly.

需要提醒的是，關稅顯然落在客戶（即材料購買者）身上，而不是直接落在我們身上。

Right. Thanks. I just wonder, the President's executive order that sort of put the spotlight on critical minerals. I just wonder if at this point, have you detected any impression it's made? Any shifts, in terms of just reception to the Carolina Lithium project on the ground and locally?

正確的。謝謝。我只是想知道，總統的行政命令是否將焦點放在了關鍵礦產上。我只是想知道，此時您是否已經察覺到它所造成的任何印象？就當地和本地對卡羅萊納鋰項目的接收而言，有任何變化嗎？

From what I understand, there's also a good bit going on with interest rates, USAID, and everything in that area of the country. Just wondering if you had detected anything in the last couple of months.

據我所知，該地區的利率、美國國際開發署以及各方面情況也都發生了很大變化。只是想知道在過去的幾個月裡您是否發現了什麼。

No. I would say neutral on that. I think the tone in the government of D.C. of the importance of critical minerals, that's very positive for us at many levels. And we think that would be positively seen locally, as well.

不。我對此持中立態度。我認為華盛頓特區政府對關鍵礦產重要性的重視，對我們在許多層面上都是非常積極的。我們認為這在當地也會產生正面的影響。

Just given the market we're in, our focus in Carolina, our primary focus right now remains completing the permitting process. We've got our mine permit. We're feeling good about the air permit for this year, some positive signals recently on that. So that's good.

考慮到我們所處的市場，我們的重點在卡羅來納州，我們目前的主要重點仍然是完成許可程序。我們已經獲得了採礦許可證。我們對今年的空氣許可證感到滿意，最近出現了一些正面的訊號。這很好。

So really, buttoning up the permitting, before we would approach the re-zoning process, anyway. And then, we're just faced with the reality, which I think everybody in the industry is that, with spodumene prices at these levels, it's really not a great time to push the button on a project anyway.

所以，無論如何，在我們開始重新分區程序之前，首先要先獲得許可。然後，我們面臨的現實是，我認為業內每個人都知道，在鋰輝石價格處於這種水平的情況下，現在確實不是啟動專案的好時機。

It's kind of ironic. On the one hand, it's probably never been a better time to go to Washington to get support for a project. On the other hand, with the lithium market conditions today, which I can't imagine can persist indefinitely are challenging. So it's just not a great time to be funding a project.

這有點諷刺。一方面，現在可能是前往華盛頓尋求專案支援的最佳時機。另一方面，就當今的鋰市場狀況而言，我無法想像這種情況能夠無限期地持續下去，這充滿挑戰。所以現在不是資助計畫的好時機。

(Operator Instructions) There are no further questions at this time. I'll turn it back over to management for any closing remarks.

（操作員指示）目前沒有其他問題。我將把它交還給管理層，以便他們做最後的總結。

Thanks very much, moderator. And thanks, everybody, for listening.

非常感謝，主持人。謝謝大家的聆聽。

Thank you for your participation. This does conclude today's conference call. You may now disconnect.

感謝您的參與。今天的電話會議到此結束。您現在可以斷開連線。