Piedmont Lithium is a U.S.-based, development-stage lithium company. Its current revenue-generating activity is buying spodumene concentrate — a hard rock lithium ore used to produce battery-grade lithium hydroxide and carbonate — from a Canadian joint venture and reselling it to EV and battery manufacturers like Tesla and LG Chem. Piedmont owns 25% of Sayona Quebec, which operates North American Lithium (NAL), the largest active lithium mine in North America, located in Quebec. Piedmont holds a life-of-mine offtake from NAL capped at $900/dmt, and resells material to customers at market prices, with the spread between purchase cost and realized sale price driving profitability. Piedmont is also pursuing an all-stock merger with its joint venture partner, Sayona Mining, which would consolidate complementary North American spodumene assets. Longer term, Piedmont aims to become an integrated lithium hydroxide producer through its Carolina Lithium project in North Carolina — a wholly-owned, greenfield development that would co-locate a mine, concentrator, and conversion plant capable of producing up to 60,000 metric tons per year of lithium hydroxide. Carolina Lithium remains years from a final investment decision, pending permits, a strategic partner, and stronger lithium prices. Piedmont also holds a right to earn a 50% interest in the Ewoyaa spodumene project in Ghana, with a life-of-mine offtake for 50% of production, though that project similarly requires better market conditions before advancing.