Piedmont Lithium Inc. PLL announced that it has received an environmental permit ("EPA Permit") from Ghana’s Environmental Protection Agency for its Ewoyaa Lithium Project. This marks a major milestone in the development of the project.

PLL-Atlantic Lithium Partnership

Piedmont Lithium is jointly developing the Ewoyaa Project with Atlantic Lithium Limited.

Piedmont Lithium acquired a 22.5% stake in Ewoyaa in August 2023. This investment paves the way for Piedmont Lithium to potentially hold 50% equity in Atlantic Lithium's lithium assets portfolio in Ghana, pending regulatory approvals.

Future of Piedmont Lithium’s Ewoyaa Project

The EPA permit approval is a critical milestone for Ghana's first lithium mine. The construction of Ghana's first lithium mine will help meet the growing demand for electric vehicles and clean energy alternatives. 

The next steps for the project are to get the mining lease and obtain all essential licenses before its development. The project's progress is subject to remaining approvals and prevailing market conditions. 

PLL Q2 Earnings Dip Y/Y

In the second quarter of 2024, the company reported a loss of 69 cents per share, wider than the Zacks Consensus Estimate of a loss of 29 cents. It reported a loss of 55 cents in the prior-year quarter. It posted revenues of $13 million for the quarter ended in June 2024, missing the Zacks Consensus Estimate of $15 million.

Piedmont Share Price Lags Industry's Decline

PLL shares have lost 83.1% in the past year compared with the industry’s 4.6% decline.

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PLL’s Zacks Rank & Stocks to Consider

Piedmont currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks from the basic materials  space are Carpenter Technology Corporation CRS, IAMGOLD Corporation IAG and Eldorado Gold Corporation EGO, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Carpenter Technology’s fiscal 2025  earnings is pegged at $6.06 per share. The consensus estimate for 2025  earnings has moved 17% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 15.9%. CRS shares have gained 106.1% in a year.

The Zacks Consensus Estimate for IAMGOLD’s 2024 earnings is pegged at 39 cents per share. The consensus estimate for 2024 earnings has moved 44% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 200%. IAG shares have gained 135.7% in a year.

The Zacks Consensus Estimate for Eldorado Gold’s 2024 earnings is pegged at $1.32 per share. The consensus estimate for 2024 earnings has moved 22% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 430%. EGO shares have gained 84.7% in a year.

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Piedmont Lithium Inc. (PLL) : Free Stock Analysis Report

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