Piedmont Lithium (ASX:PLL, OTC:PLLTL) is buoyed by the performance of the North American Lithium (NAL) operations in Quebec, with new quarterly and monthly production records established.
NAL reported shipping 15,500 dry metric tons (dmt) of spodumene concentrate in the first quarter of 2024, with a record quarterly production of 40,439 dmt at the NAL facility.
Quarterly and monthly records
In March alone the company broke its monthly production record, churning out 15,699 dmt, with an unprecedented lithium recovery rate of 69%.
These accomplishments are part of the facility's ramp-up to full run-rate production, which is expected in the second half of this year.
The company is prioritising shipments to contract customers, aiming to reduce reliance on the more volatile spot markets.
This strategy supports ambitions to ship around 126,000 dmt of spodumene concentrate in 2024, with the bulk of that load expected in the latter half of the year.
Strategic asset
"NAL is the largest producing spodumene operation in North America, and as such, is a tremendously strategic asset,” said Piedmont Lithium (ASX:PLL, OTC:PLLTL) president and CEO Keith Phillips.
“We are pleased to see production continue to set quarterly records and hopeful that NAL will hit steady-state production targets with the commissioning of the crushed ore dome.
"We are optimistic about the recent upturn in lithium prices, and we look forward to commencing regular shipments to our contract customers as the year progresses."
In a further boost to its production capabilities, NAL reported an 18% increase in quarterly production compared to the previous quarter and achieved its lowest quarterly recordable incident rate since operations commenced in March 2023.
Safety milestone
This safety milestone accompanies the completion of key infrastructure projects, including the crushed ore dome, which is expected to enhance mill utilisation and boost production levels.
The company remains optimistic about the lithium market's prospects, driven by recent upturns in lithium prices and steady progress towards its annual production goals.