Piedmont Lithium (PLL) 10-Q 4 Nov 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Oct. 28, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-38427
Entity Registrant Name	PIEDMONT LITHIUM INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4996461
Entity Address, Address Line One	42 E Catawba Street
Entity Address, Address Line Two
Entity Address, City or Town	Belmont
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28012
City Area Code	704
Local Phone Number	461-8000
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	PLL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		18,010,228
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001728205
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 117,588,915	$ 64,244,983
Other current assets	3,362,103	2,514,602
Total current assets	120,951,018	66,759,585
Property, plant and mine development, net	64,342,373	40,055,354
Other non-current assets	15,728,575	4,561,122
Equity method investments in unconsolidated affiliates	96,833,438	58,872,710
Total assets	297,855,404	170,248,771
Liabilities and Stockholders’ Equity
Accounts payable	1,959,376	1,262,744
Accrued expenses	4,664,569	5,425,498
Current portion of long-term debt	458,572	762,189
Other current liabilities	119,584	99,587
Total current liabilities	7,202,101	7,550,018
Long-term debt, net of current portion	244,700	914,147
Operating lease liabilities, net of current portion	1,210,230	0
Deferred tax liabilities	3,814,015	0
Total liabilities	12,471,046	8,464,165
Commitments and contingencies (Note 11)
Stockholders’ equity:
Common stock; $0.0001 par value, 100,000,000 shares authorized; 17,994,576, and 15,894,395, shares issued and outstanding at September 30, 2022, and December 31, 2021, respectively	1,799	1,589
Additional paid-in capital	380,140,254	255,131,836
Accumulated deficit	(94,754,054)	(92,683,000)
Accumulated other comprehensive loss	(3,641)	(665,819)
Total stockholders’ equity	285,384,358	161,784,606
Total liabilities and stockholders’ equity	$ 297,855,404	$ 170,248,771

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	17,994,576	15,894,395
Common stock, shares outstanding (in shares)	17,994,576	15,894,395

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating expenses:
Exploration and mine development costs	$ 434,177	$ 5,563,028	$ 1,484,889	$ 12,865,364
General and administrative expenses	7,160,482	4,818,647	20,199,852	11,506,078
Total operating expenses	7,594,659	10,381,675	21,684,741	24,371,442
Loss from equity method investments in unconsolidated affiliates	(2,002,617)	(410,538)	(6,547,499)	(475,164)
Loss from operations	(9,597,276)	(10,792,213)	(28,232,240)	(24,846,606)
Other income (expense):
Interest income	373,204	0	373,492	3,830
Interest expense	(20,640)	(59,051)	(97,250)	(191,966)
Loss from foreign currency exchange	(35,469)	(10,095)	(60,118)	(35,627)
Gain on dilution of equity method investments in unconsolidated affiliates	29,367,281	0	29,367,281	0
Total other income (expense)	29,684,376	(69,146)	29,583,405	(223,763)
Income (loss) before taxes	20,087,100	(10,861,359)	1,351,165	(25,070,369)
Income tax expense	3,422,219	0	3,422,219	0
Net income (loss)	$ 16,664,881	$ (10,861,359)	$ (2,071,054)	$ (25,070,369)
Basic net income (loss) per weighted-average share (in dollars per share)	$ 0.93	$ (0.68)	$ (0.12)	$ (1.64)
Diluted net income (loss) per weighted-average share (in dollars per share)	$ 0.92	$ (0.68)	$ (0.12)	$ (1.64)
Basic weighted-average number of shares outstanding (in shares)	17,965,858	15,863,027	17,343,309	15,242,261
Diluted weighted-average number of shares outstanding (in shares)	18,081,486	15,863,027	17,343,309	15,242,261

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($)	3 Months Ended								9 Months Ended
	Sep. 30, 2022		Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021		Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022		Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 16,664,881		$ (9,581,303)	$ (9,154,632)	$ (10,861,359)		$ (7,632,972)	$ (6,576,038)	$ (2,071,054)		$ (25,070,369)
Other comprehensive income (loss):
Equity method investments income in other comprehensive income (loss), net of tax	811,301	[1]	$ (342,767)	$ 193,644	105,263	[1]	$ (31,288)		662,178	[1]	73,975	[1]
Other comprehensive income, net of tax	811,301				105,263				662,178		73,975
Comprehensive income (loss)	$ 17,476,182				$ (10,756,096)				$ (1,408,876)		$ (24,996,394)
[1]Equity method investments income in other comprehensive income (loss) is presented net of tax expense of $391,796 for the three and nine months ended September 30, 2022. We did not reflect a tax expense during the three and nine months ended September 30, 2021 because we had a full tax valuation allowance in impacted jurisdictions during these periods.

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net loss	$ 16,664,881	$ (10,861,359)	$ (2,071,054)	$ (25,070,369)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense			2,643,433	1,851,805
Loss from equity method investments in unconsolidated affiliates	2,002,617	410,538	6,547,499	475,164
Gain on dilution of equity method investments in unconsolidated affiliates	(29,367,281)	0	(29,367,281)	0
Deferred taxes			3,422,219	0
Depreciation	21,267	3,733	32,475	6,485
Noncash lease expense			72,253	113,914
Loss on sale of property, plant and mine development			11,542	0
Unrealized loss on investment			51,969	0
Changes in operating assets and liabilities:
Other assets			(959,175)	(2,374,222)
Operating lease liabilities			(68,819)	(115,551)
Accounts payable			270,493	576,344
Accrued expenses and other current liabilities			(2,627,020)	2,547,983
Net cash used in operating activities			(22,041,466)	(21,988,447)
Cash flows from investing activities:
Capital expenditures			(21,891,950)	(22,352,553)
Advances on Ewoyaa Lithium project (Ghana)			(9,815,418)	0
Purchases of equity investments in unconsolidated affiliates	(4,032,068)	(42,582,106)	(14,086,972)	(58,940,518)
Net cash used in investing activities			(45,794,340)	(81,293,071)
Cash flows from financing activities:
Proceeds from issuances of common stock, net of issuance costs			122,059,476	114,087,891
Proceeds from exercise of stock options			93,326	773,251
Principal payments on long-term debt			(973,064)	(563,466)
Net cash provided by financing activities			121,179,738	114,297,676
Net increase in cash			53,343,932	11,016,158
Cash and cash equivalents at beginning of period			64,244,983	70,936,994
Cash and cash equivalents at end of period	117,588,915	81,953,152	117,588,915	81,953,152
Supplemental disclosure of cash flow information:
Noncash capital expenditures in accounts payable and accrued expenses			2,226,692	0
Cash paid for interest			97,250	191,966
Capitalized stock-based compensation	$ 89,975	$ 0	212,393	0
Noncash acquisitions of mining interests financed by sellers			$ 0	$ 241,002

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($)		Total		Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2020				13,914,731
Beginning balance at Dec. 31, 2020		$ 79,328,671		$ 1,375	$ 137,249,496	$ (57,125,635)	$ (796,565)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net (in shares)				1,750,000
Issuance of common stock, net		114,087,891		$ 175	114,087,716
Stock-based compensation, net of forfeitures		406,488			406,488
Shares issued for exercise/vesting of stock-based compensation awards (in shares)				13,356
Shares issued for exercise/vesting of stock-based compensation awards		30,452			30,452
Net income (loss)		(6,576,038)				(6,576,038)
Ending balance (in shares) at Mar. 31, 2021				15,678,087
Ending balance at Mar. 31, 2021		187,277,464		$ 1,550	251,774,152	(63,701,673)	(796,565)
Beginning balance (in shares) at Dec. 31, 2020				13,914,731
Beginning balance at Dec. 31, 2020		79,328,671		$ 1,375	137,249,496	(57,125,635)	(796,565)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity method investments income in other comprehensive income (loss), net of tax	[1]	73,975
Net income (loss)		(25,070,369)
Ending balance (in shares) at Sep. 30, 2021				15,869,395
Ending balance at Sep. 30, 2021		171,045,224		$ 1,560	253,962,258	(82,196,004)	(722,590)
Beginning balance (in shares) at Mar. 31, 2021				15,678,087
Beginning balance at Mar. 31, 2021		187,277,464		$ 1,550	251,774,152	(63,701,673)	(796,565)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation, net of forfeitures		611,808			611,808
Shares issued for exercise/vesting of stock-based compensation awards (in shares)				81,446
Shares issued for exercise/vesting of stock-based compensation awards		185,699			185,699
Equity method investments income in other comprehensive income (loss), net of tax		(31,288)					(31,288)
Conversion of performance rights (in shares)				5,000
Net income (loss)		(7,632,972)				(7,632,972)
Ending balance (in shares) at Jun. 30, 2021				15,764,533
Ending balance at Jun. 30, 2021		180,410,711		$ 1,550	252,571,659	(71,334,645)	(827,853)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation, net of forfeitures		833,509			833,509
Shares issued for exercise/vesting of stock-based compensation awards (in shares)				104,862
Shares issued for exercise/vesting of stock-based compensation awards		557,100		$ 10	557,090
Equity method investments income in other comprehensive income (loss), net of tax		105,263	[1]				105,263
Net income (loss)		(10,861,359)				(10,861,359)
Ending balance (in shares) at Sep. 30, 2021				15,869,395
Ending balance at Sep. 30, 2021		171,045,224		$ 1,560	253,962,258	(82,196,004)	(722,590)
Beginning balance (in shares) at Dec. 31, 2021				15,894,395
Beginning balance at Dec. 31, 2021		161,784,606		$ 1,589	255,131,836	(92,683,000)	(665,819)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net (in shares)				2,012,500
Issuance of common stock, net		122,059,476		$ 201	122,059,275
Stock-based compensation, net of forfeitures		(85,908)			(85,908)
Shares issued for exercise/vesting of stock-based compensation awards (in shares)				22,631
Shares issued for exercise/vesting of stock-based compensation awards		0		$ 3	(3)
Equity method investments income in other comprehensive income (loss), net of tax		193,644					193,644
Net income (loss)		(9,154,632)				(9,154,632)
Ending balance (in shares) at Mar. 31, 2022				17,929,526
Ending balance at Mar. 31, 2022		274,797,186		$ 1,793	377,105,200	(101,837,632)	(472,175)
Beginning balance (in shares) at Dec. 31, 2021				15,894,395
Beginning balance at Dec. 31, 2021		161,784,606		$ 1,589	255,131,836	(92,683,000)	(665,819)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity method investments income in other comprehensive income (loss), net of tax	[1]	662,178
Net income (loss)		(2,071,054)
Ending balance (in shares) at Sep. 30, 2022				17,994,576
Ending balance at Sep. 30, 2022		285,384,358		$ 1,799	380,140,254	(94,754,054)	(3,641)
Beginning balance (in shares) at Mar. 31, 2022				17,929,526
Beginning balance at Mar. 31, 2022		274,797,186		$ 1,793	377,105,200	(101,837,632)	(472,175)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation, net of forfeitures		1,591,231			1,591,231
Shares issued for exercise/vesting of stock-based compensation awards (in shares)				35,337
Shares issued for exercise/vesting of stock-based compensation awards		93,326		$ 3	93,323
Equity method investments income in other comprehensive income (loss), net of tax		(342,767)					(342,767)
Net income (loss)		(9,581,303)				(9,581,303)
Ending balance (in shares) at Jun. 30, 2022				17,964,863
Ending balance at Jun. 30, 2022		266,557,673		$ 1,796	378,789,754	(111,418,935)	(814,942)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation, net of forfeitures		1,350,503			1,350,503
Shares issued for exercise/vesting of stock-based compensation awards (in shares)				29,713
Shares issued for exercise/vesting of stock-based compensation awards		0		$ 3	(3)
Equity method investments income in other comprehensive income (loss), net of tax		811,301	[1]				811,301
Net income (loss)		16,664,881				16,664,881
Ending balance (in shares) at Sep. 30, 2022				17,994,576
Ending balance at Sep. 30, 2022		$ 285,384,358		$ 1,799	$ 380,140,254	$ (94,754,054)	$ (3,641)
[1]Equity method investments income in other comprehensive income (loss) is presented net of tax expense of $391,796 for the three and nine months ended September 30, 2022. We did not reflect a tax expense during the three and nine months ended September 30, 2021 because we had a full tax valuation allowance in impacted jurisdictions during these periods.

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
OCI, equity method investment, tax	$ 391,796	$ 0	$ 391,796	$ 0

DESCRIPTION OF COMPANY

DESCRIPTION OF COMPANY	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF COMPANY	DESCRIPTION OF COMPANY Nature of Business Piedmont Lithium Inc. (“Piedmont Lithium,” “we,” “our,” “us,” or “Company”) is a United States (“U.S.”) based, development stage company advancing a multi-asset, integrated lithium business in support of a clean energy economy and America’s national energy security. We plan to supply lithium hydroxide to the electric vehicle and battery manufacturing supply chains in North America by processing spodumene concentrate produced from assets we own or have an economic interest. Our projects include our proposed Carolina Lithium and Tennessee Lithium projects in the southeastern U.S. and strategic investments in lithium assets in Canada and Ghana. Subject to obtaining permits and approvals, we plan to develop our operations with the aim of our equity method investments bringing spodumene concentrate production online in 2023 (Quebec) and 2024 (Ghana), and our lithium hydroxide production online in 2025 (Tennessee) and 2026 (North Carolina). Our investments in Canada should provide the opportunity for near-term revenue through production and offtake of spodumene concentrate. Offtake agreements from our international investments are expected to supply spodumene concentrate to our Tennessee Lithium project for conversion to lithium hydroxide, while our proposed Carolina Lithium project is a fully integrated spodumene-to-hydroxide operation in North Carolina. These diversified operations should enable us to play a pivotal role in supporting America’s energy independence and the electrification of transportation and energy storage. Change in Fiscal Year-End Effective January 1, 2022, we changed our fiscal year end from June 30 to December 31. The six-month period from July 1, 2021, to December 31, 2021, served as a transition period. Our fiscal year for 2022 commenced on January 1, 2022, and will end on December 31, 2022. See our Transition Report on Form 10-KT (“Transition Report”) filed with the Securities and Exchange Commission (the “SEC”) on February 28, 2022. Basis of Presentation The accompanying unaudited consolidated financial statements and related notes have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the rules and regulations of the SEC applicable to interim financial information. The unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Unless otherwise indicated, all references to “$” are to U.S. dollars, and all references to “AUD” are to Australian dollars. Our reporting currency is U.S. dollars. Certain information and note disclosures normally included in the consolidated financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations. Therefore, these unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-KT for the six-month transition period ended December 31, 2021. These unaudited consolidated financial statements reflect all adjustments and reclassifications that, in the opinion of management, are considered necessary for a fair statement of the results of operations, financial position and cash flows for the periods presented. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the year ending December 31, 2022, for any other interim period or for any other future fiscal year. Certain prior period amounts have been reclassified to conform with the current period presentation including reclassification of the Company’s proportional share of income in equity investments into operating income. See Note 3— Equity Method Investments in Unconsolidated Affiliates for further discussion. Piedmont Lithium acquired all of the issued and outstanding ordinary shares of Piedmont Lithium Pty Ltd (formerly named Piedmont Lithium Limited) (“Piedmont Australia”), our Australian predecessor and currently a wholly-owned subsidiary, pursuant to a Scheme of Arrangement under Australian law, which was approved by Piedmont Australia’s shareholders on February 26, 2021 and by the Supreme Court of Western Australia on May 5, 2021 (collectively referred to as “Redomiciliation”). As part of the Redomiciliation, we changed our place of domicile from Australia to the state of Delaware in the U.S., effective May 17, 2021. Piedmont Australia’s ordinary shares were listed on the Australian Securities Exchange (“ASX”), and Piedmont Australia’s American Depositary Shares (“ADSs”), each representing 100 of Piedmont Australia’s ordinary shares, were traded on the Nasdaq Capital Market (“Nasdaq”). Following the approval of the Redomiciliation, we moved the primary listing of our shares of common stock from the ASX to Nasdaq and retained an ASX listing via Chess Depositary Interests (“CDIs”), each representing 1/100th of a share of common stock of Piedmont Lithium Inc. All issued and outstanding shares of our common stock and per share amounts have been retroactively adjusted in these unaudited consolidated financial statements to reflect the 100:1 ratio and share consolidation. Shares of our common stock issued in connection with the Redomiciliation trade on Nasdaq under the symbol “PLL.” Risk and Uncertainties We are subject to a number of risks similar to those of other companies of similar size in our industry, including but not limited to, the success of our exploration and development activities, success of our equity investments in international projects, construction and permitting delays, the need for additional capital or financing to fund operating losses, competition from substitute products and services from larger companies, protection of proprietary technology, litigation, and dependence on key individuals. We have accumulated deficits of $94.8 million, and $92.7 million as of September 30, 2022 and December 31, 2021, respectively. We have incurred net losses and utilized cash in operations since inception, and we expect to incur future additional losses. We have cash available on hand and believe this cash will be sufficient to fund our operations and meet our obligations as they come due for at least one year from the date these unaudited consolidated financial statements are issued. In the event our cash requirements change during the next twelve months, management has the ability and commitment to make corresponding changes to our operating expenses as necessary. Until commercial production is achieved from our planned operations, we will continue to incur operating and investing net cash outflows associated with, among other things, funding capital projects, development stage technical studies, permitting activities associated with our projects, funding our commitments in Quebec and Ghana, maintaining and acquiring exploration properties and undertaking ongoing exploration activities. Our long-term success is dependent upon our ability to successfully raise additional capital or financing or enter into strategic partnership opportunities. Our long-term success is also dependent upon our ability to obtain certain permits and approvals, develop our planned portfolio of projects, earn revenues, and achieve profitability. Our unaudited consolidated financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, assumptions, and allocations that affect amounts reported in the consolidated financial statements and related notes. Significant items that are subject to such estimates and assumptions include, but are not limited to, long-lived assets, fair value of stock-based compensation awards, income tax uncertainties, valuation of deferred tax assets, contingent assets and liabilities, legal claims, asset impairments and environmental remediation. Actual results could differ due to the uncertainty inherent in the nature of these estimates. We base our estimates and assumptions on current facts, historical experience and various other factors that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from our estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. Significant Accounting Policies Exploration and Mine Development Costs We incur costs in resource exploration, evaluation and development during the different phases of our resource development projects. Exploration costs incurred before the declaration of proven and probable reserves, which primarily include exploration, drilling, engineering, metallurgical test-work, and compensation for employees associated with exploration activities, are expensed as incurred. We have also expensed as incurred engineering costs attributable to the evaluation of land for our future lithium hydroxide conversion plants and spodumene concentrator, development project management costs, feasibility studies and other project expenses that do not qualify for capitalization. After proven and probable reserves are declared, exploration and mine development costs necessary to bring the properties to commercial capacity, increase their capacity or extend their useful life are capitalized. Mine Development Mine development assets include engineering and metallurgical test-work, drilling and other related costs to delineate an ore body, and the removal of overburden to initially expose an ore body at open pit surface mines. Costs incurred before mineral resources are classified as proven and probable reserves are expensed and recorded to “Exploration and mine development costs” in our statements of operations. Capitalization of mine development project costs begins once mineral resources are classified as proven and probable reserves. Drilling and related costs are capitalized for an ore body where proven and probable reserves exist and the activities are directed at obtaining additional information on the ore body or converting mineralized material to proven and probable reserves. All other drilling and related costs are expensed as incurred. The cost of removing overburden and waste materials to access the ore body at an open pit mine prior to the production phase are referred to as pre-stripping costs. Pre-stripping costs will be capitalized during the development of an open pit mine. The removal, production, and sale of de minimis salable materials may occur during the development phase of an open pit mine and are assigned incremental mining costs related to the removal of that material. Mine development assets will be depleted using the units-of-production method based on estimated recoverable metric tons in proven and probable reserves. To the extent that these costs benefit an entire ore body, they will be depleted over the estimated life of the ore body. As of September 30, 2022, we had no projects in the production phase, and we did not record depletion expense for any of our mine development assets. Equity Method Investments in Unconsolidated Affiliates We apply the equity method of accounting for investments when we have significant influence, but not controlling interest in the investee. Judgment regarding the level of influence over each equity method investment includes key factors such as ownership interest, representation on the board of directors, participation in policy-making decisions, operational decision-making authority, and material intercompany transactions. Under this method of accounting, our proportionate share of the net income (loss) resulting from these investments is reported in “Loss from operations” in the consolidated statements of operations since the activities of the investees are closely aligned with, and a critical part of, our operations. The carrying value of our equity method investments is reported as “Equity method investments in unconsolidated affiliates” in our consolidated balance sheets. For all equity method investments, we record our share of an investee’s income or loss on a one quarter lag. We evaluate material events occurring during the quarter lag to determine whether the effects of such events should be disclosed in our financial statements. We classify distributions received from equity method investments using the cumulative earnings approach on our consolidated statements of cash flows. A change in our proportionate share of an investee’s equity resulting from issuance of common shares or in-substance common shares by the investee to third parties is recorded as a gain or loss in our consolidated statements of operations in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 323, “ Investments-Equity Method and Joint Ventures” (Subtopic 10-40-1). We assess investments for impairment whenever events or changes in circumstances indicate that the carrying value of an investment may not be recoverable. If the decline in value is considered to be other than temporary, the investment is written down to its estimated fair value, which establishes a new cost basis in the investment. We did not record any such impairment charges for any periods presented. For a further discussion of our significant accounting policies, see Note 2— Summary of Significant Accounting Policies within Part II, Item 8 of our Transition Report for the six-month period ended December 31, 2021. Recently Issued and Adopted Accounting Pronouncements We have considered the applicability and impact of all recently issued accounting pronouncements and have determined that they were either not applicable or were not expected to have a material impact on our unaudited consolidated financial statements.

PROPERTY, PLANT AND MINE DEVELO

PROPERTY, PLANT AND MINE DEVELOPMENT	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND MINE DEVELOPMENT	PROPERTY, PLANT AND MINE DEVELOPMENT Property, plant and mine development, net, is presented in the following table: September 30, December 31, Mining interests $ 54,955,840 $ 39,303,043 Mine development 2,461,131 — Land 688,829 688,829 Leasehold improvements 276,421 — Facilities and equipment 548,698 107,248 Construction in process 5,456,049 — Property, plant and mine development 64,386,968 40,099,120 Accumulated depreciation (44,595) (43,766) Property, plant and mine development, net $ 64,342,373 $ 40,055,354 Depletion of mining interests and mine development assets does not commence until the assets are placed in service. As of September 30, 2022, we have not recorded depletion expense for any of our mining interests or mine development assets. Mining interests and mine development costs relate to our Carolina Lithium project. The vast majority of our construction in process relates to capitalized costs associated with our Tennessee Lithium and Carolina Lithium projects. Depreciation expense is included in “General and administrative expenses” in our consolidated statements of operations. Depreciation expense was $21,267 and $3,733 for the three months ended September 30, 2022 and 2021, respectively, and $32,475 and $6,485 for the nine months ended September 30, 2022 and 2021, respectively.

EQUITY METHOD INVESTMENTS IN UN

EQUITY METHOD INVESTMENTS IN UNCONSOLIDATED AFFILIATES	9 Months Ended
	Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
EQUITY METHOD INVESTMENTS IN UNCONSOLIDATED AFFILIATES	EQUITY METHOD INVESTMENTS IN UNCONSOLIDATED AFFILIATES We apply the equity method to investments when we have the ability to exercise significant influence over the operational decision-making authority and financial policies of the investee. We account for our existing investments in Atlantic Lithium Limited (“Atlantic Lithium”), Sayona Mining Limited (“Sayona”), and Sayona Quebec Inc. (“Sayona Quebec”), a subsidiary of Sayona and Piedmont Lithium, as equity method investments. We continue to evaluate operational developments and the impact of the anticipated significant expansion of the operations of our existing equity method investments. As discussed below, Atlantic Lithium’s completion of a prefeasibility study for the Ewoyaa Lithium project (“Ewoyaa”), along with the anticipated restart of Sayona Quebec’s North American Lithium operations, was impactful to the consideration of how we most appropriately reflect our proportional share of income (loss) from our three existing equity method investments. Offtake agreements with our equity method investments are expected to supply the majority of the spodumene concentrate to our wholly-owned Tennessee Lithium project for conversion to lithium hydroxide, or re-sell into the market. Based on our analysis, it was determined that our equity method investments have evolved into a critical, integrated part of our ongoing operations. We have determined this justifies a more meaningful and transparent presentation of our proportional share of income (loss) in our equity method investments as a component of our operating income. As a result, we have reclassified our share of income (loss) in equity method investments to operating income for all periods presented. Our share of the income (loss) from Atlantic Lithium, Sayona and Sayona Quebec is recorded on a one quarter lag within “Loss from operations” in our consolidated statements of operations. Below is a summary of our equity method investments as of September 30, 2022. Sayona We own an equity interest of approximately 14% in Sayona, an Australian company publicly listed on the ASX, and have formed a strategic partnership with Sayona to explore, evaluate, develop, mine, and ultimately produce spodumene concentrate in Quebec, Canada. Sayona completed equity offerings of its shares of common stock to raise additional capital. The issuances of additional shares reduced our ownership interest in Sayona. These shares were issued at a valuation greater than the carrying value of our ownership interest, which was diluted by not participating in these equity offerings. As a result, we recognized a noncash gain of $29.4 million in the three and nine months ended September 30, 2022. The additional share issuances were made during Sayona’s fiscal year ended June 30, 2022. We recorded the cumulative gain in “Gain on dilution of equity investments in unconsolidated affiliates” in our consolidated statements of operations. Certain portions of the gain related to prior periods which were determined by management to be immaterial. Sayona Quebec We own an equity interest of 25% in Sayona Quebec for the purpose of furthering our investment and strategic partnership in Quebec, Canada with Sayona. The remaining 75% equity interest is held by Sayona. Sayona Quebec holds a 100% interest in the existing lithium mining operations of North American Lithium, the Authier Lithium project and the Tansim Lithium project. We have a long-term supply agreement with Sayona Quebec, under which Sayona Quebec will supply Piedmont Lithium the greater of 113,000 metric tons per year or 50% of spodumene concentrate production on a life-of-mine basis. Purchases of spodumene concentrate by Piedmont Lithium from Sayona Quebec are subject to market pricing with a price floor of $500 per metric ton and a price ceiling of $900 per metric ton. In addition to spodumene mining and concentrate production, the North American Lithium complex also includes a partially completed lithium carbonate refinery, which was developed by a prior operator of North American Lithium. In the event Piedmont Lithium and Sayona decide to jointly construct and operate a lithium conversion plant through their jointly owned entity, Sayona Quebec, then spodumene concentrate produced from North American Lithium would be preferentially delivered to that conversion plant upon commencement of conversion operations. Any remaining spodumene concentrate not delivered to a jointly owned conversion plant would first be delivered to Piedmont Lithium up to Piedmont Lithium’s offtake right and then to third parties. Any decision to construct jointly-owned lithium conversion capacity must be agreed by both parties. Atlantic Lithium We own an equity interest of approximately 9% in Atlantic Lithium, an Australian company publicly listed on the Alternative Investment Market of the London Stock Exchange and the ASX, and have formed a strategic partnership with Atlantic Lithium to explore, evaluate, mine, develop, and ultimately produce spodumene concentrate in Ghana. We have the right to acquire a 50% equity interest in Atlantic Lithium’s Ghanaian-based lithium portfolio companies (collectively, “Atlantic Lithium Ghana”), which are wholly-owned subsidiaries of Atlantic Lithium, through current and future staged investments. We have a long-term supply agreement whereby Atlantic Lithium will sell 50% of spodumene concentrate produced in Ghana for the life of the mine to Piedmont Lithium, subject to us electing to exercise our option to fund construction costs of the Ewoyaa project. See Note 5— Other Assets . The following tables summarize the carrying amounts, including changes therein, of our equity method investments: Three Months Ended September 30, 2022 Sayona Sayona Quebec Atlantic Lithium Total Balance at beginning of period $ 17,117,606 $ 33,047,198 $ 14,068,805 $ 64,233,609 Additional investments — 4,032,068 — 4,032,068 Gain (loss) on dilution of equity method investments (1) 29,401,727 — (34,446) 29,367,281 Loss from equity method investments (228,393) (453,986) (1,320,238) (2,002,617) Share of income (loss) from equity method investments included in other comprehensive income (loss) 1,336,618 — (133,521) 1,203,097 Balance at end of period $ 47,627,558 $ 36,625,280 $ 12,580,600 $ 96,833,438 __________________________ (1) Gain (loss) on dilution of equity method investments relates to: (i) issuances of additional shares of Sayona, as discussed above, which reduced our ownership interest in Sayona, and as a result, we recognized a noncash gain of $29.4 million and (ii) the exercise of certain Atlantic Lithium stock options and share grants which resulted in a reduction of our ownership in Atlantic Lithium. Three Months Ended September 30, 2021 Sayona Sayona Quebec Atlantic Lithium Total Balance at beginning of period $ 11,194,905 $ 5,067,593 $ — $ 16,262,498 Additional investments 7,183,273 19,449,545 15,949,288 42,582,106 Loss from equity method investments (374,151) (36,387) — (410,538) Share of income (loss) from equity method investments included in other comprehensive loss 105,263 — — 105,263 Balance at end of period $ 18,109,290 $ 24,480,751 $ 15,949,288 $ 58,539,329 Nine Months Ended September 30, 2022 Sayona Sayona Quebec Atlantic Lithium Total Balance at beginning of period $ 18,256,488 $ 25,215,851 $ 15,400,371 $ 58,872,710 Additional investments 1,075,921 13,011,051 — 14,086,972 Gain (loss) on dilution of equity method investments (1) 29,401,727 — (34,446) 29,367,281 Loss from equity method investments (2,507,711) (1,646,382) (2,393,406) (6,547,499) Share of income (loss) from equity method investments included in other comprehensive loss 1,401,133 44,760 (391,919) 1,053,974 Balance at end of period $ 47,627,558 $ 36,625,280 $ 12,580,600 $ 96,833,438 __________________________ (1) Gain (loss) on dilution of equity method investments relates to: (i) issuances of additional shares of Sayona, as discussed above, which reduced our ownership interest in Sayona, and as a result, we recognized a noncash gain of $29.4 million and (ii) the exercise of certain Atlantic Lithium stock options and share grants which resulted in a reduction of our ownership in Atlantic Lithium. Nine Months Ended September 30, 2021 Sayona Sayona Quebec Atlantic Lithium Total Balance at beginning of period $ — $ — $ — $ — Additional investments 18,474,092 24,517,138 15,949,288 58,940,518 Loss from equity method investments (438,777) (36,387) — (475,164) Share of income (loss) from equity method investments included in other comprehensive loss 73,975 — — 73,975 Balance at end of period $ 18,109,290 $ 24,480,751 $ 15,949,288 $ 58,539,329 As of September 30, 2022 Sayona Sayona Quebec Atlantic Lithium Fair value of equity investments where market values from publicly traded entities are readily available $ 178,254,197 Not publicly traded $ 28,440,000 The following tables present summarized financial information included in our share of income (loss) from equity method investments noted above for our significant equity investments. The balances below were compiled from information provided to us by each investee and are presented in accordance with U.S. GAAP: Three Months Ended September 30, 2022 2021 Sayona Sayona Quebec Atlantic Lithium Sayona Sayona Quebec Revenue $ — $ — $ — $ — $ — Net loss from operations (1,584,963) (1,815,945) (13,458,082) (1,880,157) (145,550) Other comprehensive income (loss), net of tax 9,275,626 — (1,361,066) 528,961 — Comprehensive income (loss) 7,690,663 (1,815,945) (14,819,148) (1,351,196) (145,550) Nine Months Ended September 30, 2022 2021 Sayona Sayona Quebec Atlantic Lithium Sayona Sayona Quebec Revenue $ — $ — $ — $ — $ — Net loss from operations (15,397,751) (6,585,527) (24,287,222) (2,204,911) (145,550) Other comprehensive income (loss), net of tax 9,666,593 179,041 (3,968,514) 371,737 — Comprehensive loss (5,731,158) (6,406,486) (28,255,736) (1,833,174) (145,550)

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. We follow FASB ASC Topic 820, “Fair Value Measurement and Disclosure,” which establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. The three levels are defined as follows: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2: Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived from observable market data by correlation or other means. Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs). The level within which the financial asset or liability is classified is determined based on the lowest level of significant input to the fair value measurement. Measurement of Fair Value Our financial instruments consist primarily of cash and cash equivalents, investments in equity securities, trade and other payables, and long-term debt as follows: • Long-term debt —As of September 30, 2022 and December 31, 2021, we had $0.7 million and $1.7 million, respectively, of principal debt outstanding associated with seller financed loans. The carrying value of our long-term debt approximates its estimated fair value. • Investments in equity securities —As of September 30, 2022 and December 31, 2021, we had $0.5 million and $0.5 million, respectively, of investments in equity securities which are recorded at fair value based on Level 3 inputs. See Note 5— Other Assets . • Other financial instruments —The carrying amounts of cash and cash equivalents and trade and other payables approximate fair value due to their short-term nature. Level 3 activity was not material for all periods presented.

OTHER ASSETS

OTHER ASSETS	9 Months Ended
	Sep. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ASSETS	OTHER ASSETS Other current assets consisted of the following: September 30, December 31, Investments in equity securities $ 461,542 $ 513,511 Prepaid assets and other receivables 2,900,561 2,001,091 Total other current assets $ 3,362,103 $ 2,514,602 As of September 30, 2022, our investments in equity securities consisted of common shares in Ricca Resources Limited (“Ricca”), which we acquired as part of a spin-out of Ricca from Atlantic Lithium. Ricca is a private company focused on gold exploration in Africa. Other non-current assets consisted of the following: September 30, December 31, Advances on exploration project $ 14,125,591 $ 4,310,173 Other non-current assets 275,115 190,030 Operating lease right-of-use assets 1,327,869 60,919 Total other non-current assets $ 15,728,575 $ 4,561,122 We have a strategic partnership with Atlantic Lithium that includes Atlantic Lithium Ghana. Under our partnership, we entered into a project agreement to acquire a 50% equity interest in Atlantic Lithium Ghana as part of two phases of future staged investments by Piedmont Lithium in the Atlantic Lithium’s Ewoyaa project over an approximate period of three We are currently in phase one, which allows us to acquire a 22.5% equity interest in Atlantic Lithium Ghana by funding approximately $17 million for exploration and definitive feasibility study expenses. Our future equity interest ownership related to phase one is contingent upon completing a definitive feasibility study and making an election to proceed with phase two. Phase two allows us to acquire an additional 27.5% equity interest in Atlantic Lithium Ghana upon completion of funding approximately $70 million for capital costs associated with the construction of the Ewoyaa project. The current estimated capital costs of the Ewoyaa project, as defined by Atlantic Lithium’s prefeasibility study in September 2022, is approximately $125 million. Any cost savings or cost overruns from the initial commitment for each phase will be shared equally between Piedmont Lithium and Atlantic Lithium. Upon completion of phases one and two, we will have a total equity interest of 50% in Atlantic Lithium Ghana. Phase one funding costs are included in “Other non-current assets” in our consolidated balance sheets as an advance on our expected future investments in the Ewoyaa project. Our maximum exposure to a loss as a result of our involvement in the Ewoyaa project is limited to the total funding paid by Piedmont Lithium to Atlantic Lithium. As of September 30, 2022, we did not own an equity interest in Atlantic Lithium Ghana. We have made advanced payments primarily related to the Ewoyaa project, totaling $2.7 million and $9.8 million during the three and nine months ended September 30, 2022, respectively, and additional advance payments totaling $1.7 million have been made beginning October 1, 2022 through the date of this filing. During the quarter ended September 30, 2022, we entered into a new lease with a term of 7 years for our corporate offices in Belmont, North Carolina. Accordingly, we recorded a right-of-use asset and lease liability of $1.3 million as of the commencement date of the lease.

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
EQUITY	EQUITY We are authorized to issue up to 100,000,000 shares of common stock, par value $0.0001 per share, and 10,000,000 shares of preferred stock, par value $0.0001 per share. We have no outstanding shares of preferred stock. As of September 30, 2022, we had $369.2 million remaining under our shelf registration statement, which expires on September 24, 2024.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION Stock Incentive Plans In March 2021, our Board adopted, in connection with the Redomiciliation, the Piedmont Lithium Inc. Stock Incentive Plan (“Incentive Plan”). The Incentive Plan authorized the grant of stock options, stock appreciation rights, restricted stock units and restricted stock, any of which may be performance-based. Our Compensation Committee determines the exercise price for stock options and the base price of stock appreciation rights, which may not be less than the fair market value of our common stock on the date of grant. Generally, stock options or stock appreciation rights vest after three years of service and expire at the end of ten years. Performance rights awards (“PRAs”) vest upon achievement of certain pre-established performance targets that are based on specified performance criteria over a performance period. As of September 30, 2022, 2,293,130 shares of common stock were available for issuance under our Incentive Plan. We include the expense related to stock-based compensation in the same financial statement line item as cash compensation paid to the same employee. Additionally, and if applicable, we capitalize personnel expenses attributable to the development of our mine and construction of our plants, including stock-based compensation expenses. We recognize share-based award forfeitures as they occur. Stock-based compensation related to all stock-based incentive plans is presented in the following table: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Components of stock-based compensation: Stock-based compensation $ 1,358,391 $ 833,509 $ 3,714,477 $ 1,851,805 Stock-based compensation forfeitures (7,888) — (858,651) — Stock-based compensation, net of forfeitures $ 1,350,503 $ 833,509 $ 2,855,826 $ 1,851,805 Presentation of stock-based compensation in the unaudited consolidated financial statements: Exploration and mine development costs $ 131,382 $ 336,375 $ 133,382 $ 730,316 General and administrative expenses 1,129,146 497,134 2,510,051 1,121,489 Stock-based compensation expense, net of forfeitures (1) 1,260,528 833,509 2,643,433 1,851,805 Capitalized stock-based compensation (2) 89,975 — 212,393 — Stock-based compensation, net of forfeitures $ 1,350,503 $ 833,509 $ 2,855,826 $ 1,851,805 __________________________ (1) For the three and nine months ended September 30, 2022 and 2021, we did not reflect a tax benefit associated with stock-based compensation expense in our consolidated statements of operations because we had a full tax valuation allowance in impacted jurisdictions during these periods. As such, the table above does not reflect the tax impacts of stock-based compensation expense. (2) Capitalized stock-based compensation relates to direct labor costs associated with our Carolina Lithium and Tennessee Lithium projects and is included in “Property, plant and mine development, net” in our consolidated balance sheets. A summary of activity relating to our share-based awards is presented in the following table: 2022 2021 Stock Option Awards Restricted Stock Units Performance Rights Awards Stock Option Awards Restricted Stock Units Performance Rights Awards January 1 272,504 51,277 30,000 443,694 — 65,000 Granted 135,957 17,437 29,120 50,000 — — Exercised, surrendered or vested (15,000) (14,285) — (18,906) — — Forfeited or expired (19,458) (17,209) — — — — March 31 374,003 37,220 59,120 474,788 — 65,000 Granted 58,949 7,972 10,348 33,004 36,745 — Exercised, surrendered or vested (37,500) (9,219) — (115,288) — (5,000) Forfeited or expired (719) — — — — — June 30 394,733 35,973 69,468 392,504 36,745 60,000 Granted — 3,255 10,000 — — — Exercised, surrendered or vested (36,250) (1,250) — (120,000) — — Forfeited or expired — (561) — — — — September 30 358,483 37,417 79,468 272,504 36,745 60,000 As of September 30, 2022, we had remaining unvested stock-based compensation expense of $7.1 million to be recognized through December 2024. As of September 30, 2022, there were 79,468 unvested PRAs, which expire over the next three years and are subject to certain milestones related to construction, feasibility studies and supply agreements.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE We compute basic and diluted earnings per common share by dividing net earnings by the respective weighted average number of common shares outstanding for the periods presented. Our calculation of diluted earnings per common share also includes the dilutive effects for the assumed vesting of outstanding options, RSUs and PRAs based on the treasury stock method. In computing diluted earnings per share, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options. Diluted earnings per share excludes all dilutive potential shares if their effect is anti-dilutive. Basic and diluted net loss per share is reflected in the following table: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Net income (loss) $ 16,664,881 $ (10,861,359) $ (2,071,054) $ (25,070,369) Weighted-average number of common shares used in calculating basic earnings per share 17,965,858 15,863,027 17,343,309 15,242,261 Effect of potentially dilutive equity awards 115,628 — — — Weighted-average number of common shares used in calculating dilutive earnings per share 18,081,486 15,863,027 $ 17,343,309 $ 15,242,261 Basic net income (loss) per weighted-average share $ 0.93 $ (0.68) $ (0.12) $ (1.64) Diluted net income (loss) per weighted-average share $ 0.92 $ (0.68) $ (0.12) $ (1.64) Potentially dilutive shares were not included in the calculation of diluted net income (loss) per share because their effect would have been anti-dilutive in those periods. PRAs were not included as their performance obligations had not been met. The potentially dilutive and anti-dilutive shares not included in diluted net income (loss) per share are presented in the following table: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Stock options 222,733 272,504 358,483 272,504 RSUs 2,861 36,745 37,417 36,745 PRAs 79,468 60,000 79,468 60,000 Total potentially dilutive shares 305,062 369,249 475,368 369,249

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES For the three months ended September 30, 2022 and 2021, we recorded an income tax provision of $3.4 million on income before taxes of $20.1 million, and a provision of $0 on a loss before taxes of $10.9 million, respectively. For the nine months ended September 30, 2022 and 2021, we recorded an income tax provision of $3.4 million on income before taxes of $1.4 million, and an income tax provision of $0 on a loss before taxes of $25.1 million, respectively. The effective tax rates were 17.0% and 0% for the three months ended September 30, 2022 and 2021, respectively, and 253.3% and 0% for the nine months ended September 30, 2022 and 2021, respectively. The increase in the income tax provision of $3.4 million for the three and nine months ended September 30, 2022 was primarily related to deferred tax effects related to the gain on dilution of our interests in certain equity method investments. See Note 3— Equity Method Investments in Unconsolidated Affiliates for further discussion. We continually review the adequacy of our valuation allowance and intend to continue maintaining a full valuation allowance on our net deferred tax assets where there is not sufficient evidence to support reversal of all or a portion of the allowance. As of September 30, 2022, we reached the conclusion that, as a result of the gain on dilution in our equity method investments, our valuation allowance on certain Australian deferred tax assets is no longer necessary, and therefore, recorded a valuation allowance release of $4.0 million. We continue to maintain a full valuation allowance against our U.S. federal and state deferred tax assets. Should our assessment change in a future period, we may release all or a portion of the valuation allowance at such time, which would result in a deferred tax benefit in the period of adjustment.

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING We report our segment information in the same way management internally organizes the business in assessing performance and making decisions regarding allocation of resources in accordance with ASC Topic 280, “Segment Reporting . ” We have a single reportable operating segment which operates as a single business platform. In reaching this conclusion, management considered the definition of the Chief Operating Decision Maker (“CODM”), how the business is defined by the CODM, the nature of the information provided to the CODM, how the CODM uses such information to make operating decisions, and how resources and performance are accessed. The results of operations provided to and analyzed by the CODM are at the consolidated level, and accordingly, key resource decisions and assessment of performance are performed at the consolidated level. We have a single, common management team and our cash flows are reported and reviewed at the consolidated level only with no distinct cash flows at an individual business level.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal Proceedings We are involved from time to time in various claims, proceedings, and litigation. We establish reserves for specific legal proceedings when we determine that the likelihood of an unfavorable outcome is probable and the amount of loss can be reasonably estimated. In July 2021, a lawsuit was filed against us in the U.S. District Court for the Eastern District of New York on behalf of a class of putative plaintiffs claiming violations of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The complaint alleged, among other things, that we made false and/or misleading statements and/or failed to make disclosure relating to proper and necessary permits. In February 2022, the Court appointed a lead plaintiff in this action, and the lead plaintiff filed an amended complaint in April 2022. On July 18, 2022, we moved to dismiss the amended complaint. On September 1, 2022, the lead plaintiff filed his Memorandum of Law in Opposition to our Motion to Dismiss. On October 7, 2022, we filed our Reply Memorandum in support of our Motion to Dismiss. The Court has yet to rule on our Motion to Dismiss. We intend to vigorously defend against these claim should the amended complaint survive. Although there can be no assurance as to the outcome, we do not believe these claims have merit. The potential monetary relief, if any, is not probable and cannot be estimated at this time, accordingly, we have not recorded a liability for this matter. On October 14, 2021, Vincent Varbaro, a purported holder of the Piedmont Australia’s American Depositary Shares and the Company’s equity securities, filed a shareholder derivative suit in the U.S. District Court for the Eastern District of New York, purporting to bring claims on behalf of the Company against certain of the Company’s officers and directors. The complaint alleges that the defendants breached their fiduciary duties in connection with the Company’s statements regarding the timing and status of government permits for the Company’s Carolina Lithium project in North Carolina, at various times between March 16, 2018 and July 19, 2021. No litigation demand was made to the Company in connection with this action. In December 2021, the parties agreed to a stipulation to stay the proceeding pending resolution of the motion to dismiss in the securities law matters described in the immediately preceding paragraph, and the Court ordered the case stayed. We intend to vigorously defend against these claims. Although there can be no assurance as to the outcome, we do not believe these claims have merit. The potential monetary relief, if any, is not probable and cannot be estimated at this time; accordingly, we have not recorded a liability for this matter. On July 5, 2022, Brad Thomascik, a purported shareholder of the Company’s equity securities, filed a shareholder derivative lawsuit in the U.S. District Court for the Eastern District of New York. On behalf of the Company, the lawsuit purports to bring claims against certain of the Company’s officers and directors. The complaint alleges that the defendants breached their fiduciary duties in connection with the Company’s statements regarding the timing and status of government permits for the Company’s Carolina Lithium project in North Carolina at various times between March 16, 2018 and July 19, 2021. No litigation demand was made to the Company in connection with this action. The lawsuit focuses on the same public statements as the shareholder derivative suit described above. On September 15, 2022, the parties jointly agreed to and filed a stipulation to stay the proceeding pending resolution of the motion to dismiss in the securities law matters described in the second paragraph of this section. The Court has not yet entered the order. We intend to vigorously defend against these claims. Although there can be no assurance as to the outcome, we do not believe these claims have merit. The potential monetary relief, if any, is not probable and cannot be estimated at this time; accordingly, we have not recorded a liability for this matter.

RELATED PARTIES

RELATED PARTIES	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
RELATED PARTIES	RELATED PARTIESLedger Holdings Pty Ltd, a company associated with a former non-executive director of the Company was paid $41,667 during the nine months ended September 30, 2021 for services related to business development activities. These fees and associated payments were included in the former director’s remuneration. Effective June 1, 2021, the director's term ended. We have no other significant or material related party transactions during the periods presented.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSIn October 2022, Piedmont was selected for a $141.7 million grant from the U.S. Department of Energy’s (“DOE”) Office of Manufacturing and Energy Supply Chains and Office of Energy Efficiency and Renewable Energy under the Bipartisan Infrastructure Law—Battery Materials Processing and Battery Manufacturing to expand domestic manufacturing of batteries for electric vehicles and for materials and components currently imported from other countries. The grant funding is specifically for the construction of our Tennessee Lithium project. The final details of the project grant are subject to negotiations. The grant will not be final until Piedmont and the DOE have agreed to the specific terms of the grant. Once the terms have been finalized, funding of the grant will remain subject to satisfaction of conditions set forth in those terms.

DESCRIPTION OF COMPANY (Policie

DESCRIPTION OF COMPANY (Policies)	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Change in Fiscal Year End	Change in Fiscal Year-End Effective January 1, 2022, we changed our fiscal year end from June 30 to December 31. The six-month period from July 1, 2021, to December 31, 2021, served as a transition period. Our fiscal year for 2022 commenced on January 1, 2022, and will end on December 31, 2022. See our Transition Report on Form 10-KT (“Transition Report”) filed with the Securities and Exchange Commission (the “SEC”) on February 28, 2022.
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements and related notes have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the rules and regulations of the SEC applicable to interim financial information. The unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Unless otherwise indicated, all references to “$” are to U.S. dollars, and all references to “AUD” are to Australian dollars. Our reporting currency is U.S. dollars. Certain information and note disclosures normally included in the consolidated financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations. Therefore, these unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-KT for the six-month transition period ended December 31, 2021. These unaudited consolidated financial statements reflect all adjustments and reclassifications that, in the opinion of management, are considered necessary for a fair statement of the results of operations, financial position and cash flows for the periods presented. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the year ending December 31, 2022, for any other interim period or for any other future fiscal year. Certain prior period amounts have been reclassified to conform with the current period presentation including reclassification of the Company’s proportional share of income in equity investments into operating income. See Note 3— Equity Method Investments in Unconsolidated Affiliates for further discussion. Piedmont Lithium acquired all of the issued and outstanding ordinary shares of Piedmont Lithium Pty Ltd (formerly named Piedmont Lithium Limited) (“Piedmont Australia”), our Australian predecessor and currently a wholly-owned subsidiary, pursuant to a Scheme of Arrangement under Australian law, which was approved by Piedmont Australia’s shareholders on February 26, 2021 and by the Supreme Court of Western Australia on May 5, 2021 (collectively referred to as “Redomiciliation”). As part of the Redomiciliation, we changed our place of domicile from Australia to the state of Delaware in the U.S., effective May 17, 2021. Piedmont Australia’s ordinary shares were listed on the Australian Securities Exchange (“ASX”), and Piedmont Australia’s American Depositary Shares (“ADSs”), each representing 100 of Piedmont Australia’s ordinary shares, were traded on the Nasdaq Capital Market (“Nasdaq”). Following the approval of the Redomiciliation, we moved the primary listing of our shares of common stock from the ASX to Nasdaq and retained an ASX listing via Chess Depositary Interests (“CDIs”), each representing 1/100th of a share of common stock of Piedmont Lithium Inc. All issued and outstanding shares of our common stock and per share amounts have been retroactively adjusted in these unaudited consolidated financial statements to reflect the 100:1 ratio and share consolidation. Shares of our common stock issued in connection with the Redomiciliation trade on Nasdaq under the symbol “PLL.”
Redomiciliation	Piedmont Lithium acquired all of the issued and outstanding ordinary shares of Piedmont Lithium Pty Ltd (formerly named Piedmont Lithium Limited) (“Piedmont Australia”), our Australian predecessor and currently a wholly-owned subsidiary, pursuant to a Scheme of Arrangement under Australian law, which was approved by Piedmont Australia’s shareholders on February 26, 2021 and by the Supreme Court of Western Australia on May 5, 2021 (collectively referred to as “Redomiciliation”). As part of the Redomiciliation, we changed our place of domicile from Australia to the state of Delaware in the U.S., effective May 17, 2021. Piedmont Australia’s ordinary shares were listed on the Australian Securities Exchange (“ASX”), and Piedmont Australia’s American Depositary Shares (“ADSs”), each representing 100 of Piedmont Australia’s ordinary shares, were traded on the Nasdaq Capital Market (“Nasdaq”). Following the approval of the Redomiciliation, we moved the primary listing of our shares of common stock from the ASX to Nasdaq and retained an ASX listing via Chess Depositary Interests (“CDIs”), each representing 1/100th of a share of common stock of Piedmont Lithium Inc. All issued and outstanding shares of our common stock and per share amounts have been retroactively adjusted in these unaudited consolidated financial statements to reflect the 100:1 ratio and share consolidation. Shares of our common stock issued in connection with the Redomiciliation trade on Nasdaq under the symbol “PLL.”
Risk and Uncertainties	Risk and Uncertainties We are subject to a number of risks similar to those of other companies of similar size in our industry, including but not limited to, the success of our exploration and development activities, success of our equity investments in international projects, construction and permitting delays, the need for additional capital or financing to fund operating losses, competition from substitute products and services from larger companies, protection of proprietary technology, litigation, and dependence on key individuals. We have accumulated deficits of $94.8 million, and $92.7 million as of September 30, 2022 and December 31, 2021, respectively. We have incurred net losses and utilized cash in operations since inception, and we expect to incur future additional losses. We have cash available on hand and believe this cash will be sufficient to fund our operations and meet our obligations as they come due for at least one year from the date these unaudited consolidated financial statements are issued. In the event our cash requirements change during the next twelve months, management has the ability and commitment to make corresponding changes to our operating expenses as necessary. Until commercial production is achieved from our planned operations, we will continue to incur operating and investing net cash outflows associated with, among other things, funding capital projects, development stage technical studies, permitting activities associated with our projects, funding our commitments in Quebec and Ghana, maintaining and acquiring exploration properties and undertaking ongoing exploration activities. Our long-term success is dependent upon our ability to successfully raise additional capital or financing or enter into strategic partnership opportunities. Our long-term success is also dependent upon our ability to obtain certain permits and approvals, develop our planned portfolio of projects, earn revenues, and achieve profitability. Our unaudited consolidated financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, assumptions, and allocations that affect amounts reported in the consolidated financial statements and related notes. Significant items that are subject to such estimates and assumptions include, but are not limited to, long-lived assets, fair value of stock-based compensation awards, income tax uncertainties, valuation of deferred tax assets, contingent assets and liabilities, legal claims, asset impairments and environmental remediation. Actual results could differ due to the uncertainty inherent in the nature of these estimates. We base our estimates and assumptions on current facts, historical experience and various other factors that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from our estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.
Exploration and Mine Development Costs	Exploration and Mine Development Costs We incur costs in resource exploration, evaluation and development during the different phases of our resource development projects. Exploration costs incurred before the declaration of proven and probable reserves, which primarily include exploration, drilling, engineering, metallurgical test-work, and compensation for employees associated with exploration activities, are expensed as incurred. We have also expensed as incurred engineering costs attributable to the evaluation of land for our future lithium hydroxide conversion plants and spodumene concentrator, development project management costs, feasibility studies and other project expenses that do not qualify for capitalization. After proven and probable reserves are declared, exploration and mine development costs necessary to bring the properties to commercial capacity, increase their capacity or extend their useful life are capitalized.
Mine Development	Mine Development Mine development assets include engineering and metallurgical test-work, drilling and other related costs to delineate an ore body, and the removal of overburden to initially expose an ore body at open pit surface mines. Costs incurred before mineral resources are classified as proven and probable reserves are expensed and recorded to “Exploration and mine development costs” in our statements of operations. Capitalization of mine development project costs begins once mineral resources are classified as proven and probable reserves. Drilling and related costs are capitalized for an ore body where proven and probable reserves exist and the activities are directed at obtaining additional information on the ore body or converting mineralized material to proven and probable reserves. All other drilling and related costs are expensed as incurred. The cost of removing overburden and waste materials to access the ore body at an open pit mine prior to the production phase are referred to as pre-stripping costs. Pre-stripping costs will be capitalized during the development of an open pit mine. The removal, production, and sale of de minimis salable materials may occur during the development phase of an open pit mine and are assigned incremental mining costs related to the removal of that material. Mine development assets will be depleted using the units-of-production method based on estimated recoverable metric tons in proven and probable reserves. To the extent that these costs benefit an entire ore body, they will be depleted over the estimated life of the ore body. As of September 30, 2022, we had no projects in the production phase, and we did not record depletion expense for any of our mine development assets.
Equity method Investments in Unconsolidated Affiliates	Equity Method Investments in Unconsolidated Affiliates We apply the equity method of accounting for investments when we have significant influence, but not controlling interest in the investee. Judgment regarding the level of influence over each equity method investment includes key factors such as ownership interest, representation on the board of directors, participation in policy-making decisions, operational decision-making authority, and material intercompany transactions. Under this method of accounting, our proportionate share of the net income (loss) resulting from these investments is reported in “Loss from operations” in the consolidated statements of operations since the activities of the investees are closely aligned with, and a critical part of, our operations. The carrying value of our equity method investments is reported as “Equity method investments in unconsolidated affiliates” in our consolidated balance sheets. For all equity method investments, we record our share of an investee’s income or loss on a one quarter lag. We evaluate material events occurring during the quarter lag to determine whether the effects of such events should be disclosed in our financial statements. We classify distributions received from equity method investments using the cumulative earnings approach on our consolidated statements of cash flows. A change in our proportionate share of an investee’s equity resulting from issuance of common shares or in-substance common shares by the investee to third parties is recorded as a gain or loss in our consolidated statements of operations in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 323, “ Investments-Equity Method and Joint Ventures” (Subtopic 10-40-1). We assess investments for impairment whenever events or changes in circumstances indicate that the carrying value of an investment may not be recoverable. If the decline in value is considered to be other than temporary, the investment is written down to its estimated fair value, which establishes a new cost basis in the investment. We did not record any such impairment charges for any periods presented.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued and Adopted Accounting Pronouncements We have considered the applicability and impact of all recently issued accounting pronouncements and have determined that they were either not applicable or were not expected to have a material impact on our unaudited consolidated financial statements.
Fair Value of Financial Instruments	FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. We follow FASB ASC Topic 820, “Fair Value Measurement and Disclosure,” which establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. The three levels are defined as follows: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2: Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived from observable market data by correlation or other means. Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs). The level within which the financial asset or liability is classified is determined based on the lowest level of significant input to the fair value measurement.

PROPERTY, PLANT AND MINE DEVE_2

PROPERTY, PLANT AND MINE DEVELOPMENT (Tables)	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment, Net	Property, plant and mine development, net, is presented in the following table: September 30, December 31, Mining interests $ 54,955,840 $ 39,303,043 Mine development 2,461,131 — Land 688,829 688,829 Leasehold improvements 276,421 — Facilities and equipment 548,698 107,248 Construction in process 5,456,049 — Property, plant and mine development 64,386,968 40,099,120 Accumulated depreciation (44,595) (43,766) Property, plant and mine development, net $ 64,342,373 $ 40,055,354

EQUITY METHOD INVESTMENTS IN _2

EQUITY METHOD INVESTMENTS IN UNCONSOLIDATED AFFILIATES (Tables)	9 Months Ended
	Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Summary of Equity Method Investments	The following tables summarize the carrying amounts, including changes therein, of our equity method investments: Three Months Ended September 30, 2022 Sayona Sayona Quebec Atlantic Lithium Total Balance at beginning of period $ 17,117,606 $ 33,047,198 $ 14,068,805 $ 64,233,609 Additional investments — 4,032,068 — 4,032,068 Gain (loss) on dilution of equity method investments (1) 29,401,727 — (34,446) 29,367,281 Loss from equity method investments (228,393) (453,986) (1,320,238) (2,002,617) Share of income (loss) from equity method investments included in other comprehensive income (loss) 1,336,618 — (133,521) 1,203,097 Balance at end of period $ 47,627,558 $ 36,625,280 $ 12,580,600 $ 96,833,438 __________________________ (1) Gain (loss) on dilution of equity method investments relates to: (i) issuances of additional shares of Sayona, as discussed above, which reduced our ownership interest in Sayona, and as a result, we recognized a noncash gain of $29.4 million and (ii) the exercise of certain Atlantic Lithium stock options and share grants which resulted in a reduction of our ownership in Atlantic Lithium. Three Months Ended September 30, 2021 Sayona Sayona Quebec Atlantic Lithium Total Balance at beginning of period $ 11,194,905 $ 5,067,593 $ — $ 16,262,498 Additional investments 7,183,273 19,449,545 15,949,288 42,582,106 Loss from equity method investments (374,151) (36,387) — (410,538) Share of income (loss) from equity method investments included in other comprehensive loss 105,263 — — 105,263 Balance at end of period $ 18,109,290 $ 24,480,751 $ 15,949,288 $ 58,539,329 Nine Months Ended September 30, 2022 Sayona Sayona Quebec Atlantic Lithium Total Balance at beginning of period $ 18,256,488 $ 25,215,851 $ 15,400,371 $ 58,872,710 Additional investments 1,075,921 13,011,051 — 14,086,972 Gain (loss) on dilution of equity method investments (1) 29,401,727 — (34,446) 29,367,281 Loss from equity method investments (2,507,711) (1,646,382) (2,393,406) (6,547,499) Share of income (loss) from equity method investments included in other comprehensive loss 1,401,133 44,760 (391,919) 1,053,974 Balance at end of period $ 47,627,558 $ 36,625,280 $ 12,580,600 $ 96,833,438 __________________________ (1) Gain (loss) on dilution of equity method investments relates to: (i) issuances of additional shares of Sayona, as discussed above, which reduced our ownership interest in Sayona, and as a result, we recognized a noncash gain of $29.4 million and (ii) the exercise of certain Atlantic Lithium stock options and share grants which resulted in a reduction of our ownership in Atlantic Lithium. Nine Months Ended September 30, 2021 Sayona Sayona Quebec Atlantic Lithium Total Balance at beginning of period $ — $ — $ — $ — Additional investments 18,474,092 24,517,138 15,949,288 58,940,518 Loss from equity method investments (438,777) (36,387) — (475,164) Share of income (loss) from equity method investments included in other comprehensive loss 73,975 — — 73,975 Balance at end of period $ 18,109,290 $ 24,480,751 $ 15,949,288 $ 58,539,329 As of September 30, 2022 Sayona Sayona Quebec Atlantic Lithium Fair value of equity investments where market values from publicly traded entities are readily available $ 178,254,197 Not publicly traded $ 28,440,000 The following tables present summarized financial information included in our share of income (loss) from equity method investments noted above for our significant equity investments. The balances below were compiled from information provided to us by each investee and are presented in accordance with U.S. GAAP: Three Months Ended September 30, 2022 2021 Sayona Sayona Quebec Atlantic Lithium Sayona Sayona Quebec Revenue $ — $ — $ — $ — $ — Net loss from operations (1,584,963) (1,815,945) (13,458,082) (1,880,157) (145,550) Other comprehensive income (loss), net of tax 9,275,626 — (1,361,066) 528,961 — Comprehensive income (loss) 7,690,663 (1,815,945) (14,819,148) (1,351,196) (145,550) Nine Months Ended September 30, 2022 2021 Sayona Sayona Quebec Atlantic Lithium Sayona Sayona Quebec Revenue $ — $ — $ — $ — $ — Net loss from operations (15,397,751) (6,585,527) (24,287,222) (2,204,911) (145,550) Other comprehensive income (loss), net of tax 9,666,593 179,041 (3,968,514) 371,737 — Comprehensive loss (5,731,158) (6,406,486) (28,255,736) (1,833,174) (145,550)

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	9 Months Ended
	Sep. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Current Assets	Other current assets consisted of the following: September 30, December 31, Investments in equity securities $ 461,542 $ 513,511 Prepaid assets and other receivables 2,900,561 2,001,091 Total other current assets $ 3,362,103 $ 2,514,602
Schedule of Other Non-current Assets	Other non-current assets consisted of the following: September 30, December 31, Advances on exploration project $ 14,125,591 $ 4,310,173 Other non-current assets 275,115 190,030 Operating lease right-of-use assets 1,327,869 60,919 Total other non-current assets $ 15,728,575 $ 4,561,122

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation Expense	Stock-based compensation related to all stock-based incentive plans is presented in the following table: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Components of stock-based compensation: Stock-based compensation $ 1,358,391 $ 833,509 $ 3,714,477 $ 1,851,805 Stock-based compensation forfeitures (7,888) — (858,651) — Stock-based compensation, net of forfeitures $ 1,350,503 $ 833,509 $ 2,855,826 $ 1,851,805 Presentation of stock-based compensation in the unaudited consolidated financial statements: Exploration and mine development costs $ 131,382 $ 336,375 $ 133,382 $ 730,316 General and administrative expenses 1,129,146 497,134 2,510,051 1,121,489 Stock-based compensation expense, net of forfeitures (1) 1,260,528 833,509 2,643,433 1,851,805 Capitalized stock-based compensation (2) 89,975 — 212,393 — Stock-based compensation, net of forfeitures $ 1,350,503 $ 833,509 $ 2,855,826 $ 1,851,805 __________________________ (1) For the three and nine months ended September 30, 2022 and 2021, we did not reflect a tax benefit associated with stock-based compensation expense in our consolidated statements of operations because we had a full tax valuation allowance in impacted jurisdictions during these periods. As such, the table above does not reflect the tax impacts of stock-based compensation expense. (2) Capitalized stock-based compensation relates to direct labor costs associated with our Carolina Lithium and Tennessee Lithium projects and is included in “Property, plant and mine development, net” in our consolidated balance sheets.
Share-Based Payment Arrangement, Activity	A summary of activity relating to our share-based awards is presented in the following table: 2022 2021 Stock Option Awards Restricted Stock Units Performance Rights Awards Stock Option Awards Restricted Stock Units Performance Rights Awards January 1 272,504 51,277 30,000 443,694 — 65,000 Granted 135,957 17,437 29,120 50,000 — — Exercised, surrendered or vested (15,000) (14,285) — (18,906) — — Forfeited or expired (19,458) (17,209) — — — — March 31 374,003 37,220 59,120 474,788 — 65,000 Granted 58,949 7,972 10,348 33,004 36,745 — Exercised, surrendered or vested (37,500) (9,219) — (115,288) — (5,000) Forfeited or expired (719) — — — — — June 30 394,733 35,973 69,468 392,504 36,745 60,000 Granted — 3,255 10,000 — — — Exercised, surrendered or vested (36,250) (1,250) — (120,000) — — Forfeited or expired — (561) — — — — September 30 358,483 37,417 79,468 272,504 36,745 60,000

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Loss per Share	Basic and diluted net loss per share is reflected in the following table: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Net income (loss) $ 16,664,881 $ (10,861,359) $ (2,071,054) $ (25,070,369) Weighted-average number of common shares used in calculating basic earnings per share 17,965,858 15,863,027 17,343,309 15,242,261 Effect of potentially dilutive equity awards 115,628 — — — Weighted-average number of common shares used in calculating dilutive earnings per share 18,081,486 15,863,027 $ 17,343,309 $ 15,242,261 Basic net income (loss) per weighted-average share $ 0.93 $ (0.68) $ (0.12) $ (1.64) Diluted net income (loss) per weighted-average share $ 0.92 $ (0.68) $ (0.12) $ (1.64)
Schedule of Antidilutive Securities Excluded from Calculation of Diluted Net Loss Per Share	The potentially dilutive and anti-dilutive shares not included in diluted net income (loss) per share are presented in the following table: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Stock options 222,733 272,504 358,483 272,504 RSUs 2,861 36,745 37,417 36,745 PRAs 79,468 60,000 79,468 60,000 Total potentially dilutive shares 305,062 369,249 475,368 369,249

DESCRIPTION OF COMPANY (Details

DESCRIPTION OF COMPANY (Details)	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	May 17, 2021
Class of Stock [Line Items]
CDI exchange ratio			0.01
Accumulated deficit	$ (94,754,054)	$ (92,683,000)
Piedmont Lithium Limited
Class of Stock [Line Items]
ADS conversion ratio			100

PROPERTY, PLANT AND MINE DEVE_3

PROPERTY, PLANT AND MINE DEVELOPMENT (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and mine development, gross	$ 64,386,968		$ 64,386,968		$ 40,099,120
Accumulated depreciation	(44,595)		(44,595)		(43,766)
Property, plant and mine development, net	64,342,373		64,342,373		40,055,354
Depreciation	21,267	$ 3,733	32,475	$ 6,485
Mining interests
Property, Plant and Equipment [Line Items]
Property, plant and mine development, gross	54,955,840		54,955,840		39,303,043
Mine development
Property, Plant and Equipment [Line Items]
Property, plant and mine development, gross	2,461,131		2,461,131		0
Land
Property, Plant and Equipment [Line Items]
Property, plant and mine development, gross	688,829		688,829		688,829
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and mine development, gross	276,421		276,421		0
Facilities and equipment
Property, Plant and Equipment [Line Items]
Property, plant and mine development, gross	548,698		548,698		107,248
Construction in process
Property, Plant and Equipment [Line Items]
Property, plant and mine development, gross	$ 5,456,049		$ 5,456,049		$ 0

EQUITY METHOD INVESTMENTS IN _3

EQUITY METHOD INVESTMENTS IN UNCONSOLIDATED AFFILIATES - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) t	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) t	Sep. 30, 2021 USD ($)
Schedule of Equity Method Investments [Line Items]
Gain on dilution of equity method investments in unconsolidated affiliates	$ 29,367,281	$ 0	$ 29,367,281	$ 0
Sayona Quebec
Schedule of Equity Method Investments [Line Items]
Long-term supply agreement, spodumene concentrate production (in Tonne) | t	113,000		113,000
Long-term supply agreement, spodumene concentrate production, percentage	50%		50%
Atlantic Lithium
Schedule of Equity Method Investments [Line Items]
Long-term supply agreement, percentage of spodumene concentrate produced for sale	50%		50%
Sayona Quebec
Schedule of Equity Method Investments [Line Items]
Long-term supply agreement, floor price | t	500		500
Long-term supply agreement, ceiling price | t	900		900
Sayona Quebec | North American Lithium Mining
Schedule of Equity Method Investments [Line Items]
Noncontrolling interest, ownership percentage by parent	100%		100%
Sayona
Schedule of Equity Method Investments [Line Items]
Equity interest, ownership percentage	14%		14%
Gain on dilution of equity method investments in unconsolidated affiliates	$ 29,401,727		$ 29,401,727
Sayona Quebec
Schedule of Equity Method Investments [Line Items]
Equity interest, ownership percentage	25%		25%
Gain on dilution of equity method investments in unconsolidated affiliates	$ 0		$ 0
Sayona Quebec | Sayona
Schedule of Equity Method Investments [Line Items]
Equity interest, ownership percentage	75%		75%
Atlantic Lithium
Schedule of Equity Method Investments [Line Items]
Equity interest, ownership percentage	9%		9%
Gain on dilution of equity method investments in unconsolidated affiliates	$ (34,446)		$ (34,446)
Equity interest, right to acquire ownership percentage	50%		50%

EQUITY METHOD INVESTMENTS IN _4

EQUITY METHOD INVESTMENTS IN UNCONSOLIDATED AFFILIATES - Summary of Changes in Equity Method Investments (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Increase (Decrease) in Equity Method Investment [Roll Forward]
Balance at beginning of period	$ 64,233,609	$ 16,262,498	$ 58,872,710	$ 0
Additional investments	4,032,068	42,582,106	14,086,972	58,940,518
Gain (loss) on dilution of equity method investments	29,367,281	0	29,367,281	0
Loss from equity method investments	(2,002,617)	(410,538)	(6,547,499)	(475,164)
Share of income (loss) from equity method investments included in other comprehensive income (loss)	1,203,097	105,263	1,053,974	73,975
Balance at end of period	96,833,438	58,539,329	96,833,438	58,539,329
Sayona
Increase (Decrease) in Equity Method Investment [Roll Forward]
Balance at beginning of period	17,117,606	11,194,905	18,256,488	0
Additional investments	0	7,183,273	1,075,921	18,474,092
Gain (loss) on dilution of equity method investments	29,401,727		29,401,727
Loss from equity method investments	(228,393)	(374,151)	(2,507,711)	(438,777)
Share of income (loss) from equity method investments included in other comprehensive income (loss)	1,336,618	105,263	1,401,133	73,975
Balance at end of period	47,627,558	18,109,290	47,627,558	18,109,290
Fair value of equity investments where market values from publicly traded entities are readily available	178,254,197		178,254,197
Sayona Quebec
Increase (Decrease) in Equity Method Investment [Roll Forward]
Balance at beginning of period	33,047,198	5,067,593	25,215,851	0
Additional investments	4,032,068	19,449,545	13,011,051	24,517,138
Gain (loss) on dilution of equity method investments	0		0
Loss from equity method investments	(453,986)	(36,387)	(1,646,382)	(36,387)
Share of income (loss) from equity method investments included in other comprehensive income (loss)	0	0	44,760	0
Balance at end of period	36,625,280	24,480,751	36,625,280	24,480,751
Atlantic Lithium
Increase (Decrease) in Equity Method Investment [Roll Forward]
Balance at beginning of period	14,068,805	0	15,400,371	0
Additional investments	0	15,949,288	0	15,949,288
Gain (loss) on dilution of equity method investments	(34,446)		(34,446)
Loss from equity method investments	(1,320,238)	0	(2,393,406)	0
Share of income (loss) from equity method investments included in other comprehensive income (loss)	(133,521)	0	(391,919)	0
Balance at end of period	12,580,600	$ 15,949,288	12,580,600	$ 15,949,288
Fair value of equity investments where market values from publicly traded entities are readily available	$ 28,440,000		$ 28,440,000

EQUITY METHOD INVESTMENTS IN _5

EQUITY METHOD INVESTMENTS IN UNCONSOLIDATED AFFILIATES - Equity Method Investment Summarized Financial Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Net loss from operations	$ (9,597,276)	$ (10,792,213)	$ (28,232,240)	$ (24,846,606)
Other comprehensive income (loss), net of tax	811,301	105,263	662,178	73,975
Comprehensive income (loss)	17,476,182	(10,756,096)	(1,408,876)	(24,996,394)
Sayona
Income Statement [Abstract]
Revenue	0	0	0	0
Net loss from operations	(1,584,963)	(1,880,157)	(15,397,751)	(2,204,911)
Other comprehensive income (loss), net of tax	9,275,626	528,961	9,666,593	371,737
Comprehensive income (loss)	7,690,663	(1,351,196)	(5,731,158)	(1,833,174)
Sayona Quebec
Income Statement [Abstract]
Revenue	0	0	0	0
Net loss from operations	(1,815,945)	(145,550)	(6,585,527)	(145,550)
Other comprehensive income (loss), net of tax	0	0	179,041	0
Comprehensive income (loss)	(1,815,945)	$ (145,550)	(6,406,486)	$ (145,550)
Atlantic Lithium
Income Statement [Abstract]
Revenue	0		0
Net loss from operations	(13,458,082)		(24,287,222)
Other comprehensive income (loss), net of tax	(1,361,066)		(3,968,514)
Comprehensive income (loss)	$ (14,819,148)		$ (28,255,736)

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term debt	$ 0.7	$ 1.7
Level 3
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Fair value of equity investments	$ 0.5	$ 0.5

OTHER ASSETS - Schedule of Othe

OTHER ASSETS - Schedule of Other Current Assets (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Investments in equity securities	$ 461,542	$ 513,511
Prepaid assets and other receivables	2,900,561	2,001,091
Total other current assets	$ 3,362,103	$ 2,514,602

OTHER ASSETS - Schedule of Ot_2

OTHER ASSETS - Schedule of Other Non-current Assets (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Advances on exploration project	$ 14,125,591	$ 4,310,173
Other non-current assets	275,115	190,030
Operating lease right-of-use assets	1,327,869	60,919
Total other non-current assets	$ 15,728,575	$ 4,561,122

OTHER ASSETS - Narrative (Detai

OTHER ASSETS - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Nov. 04, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Equity method investments		$ 96,833,438	$ 58,539,329	$ 96,833,438	$ 58,539,329	$ 64,233,609	$ 58,872,710	$ 16,262,498	$ 0
Equity method investments, advance payments		$ 4,032,068	$ 42,582,106	$ 14,086,972	$ 58,940,518
Lease term		7 years		7 years
Operating lease right-of-use assets		$ 1,327,869		$ 1,327,869			$ 60,919
Operating lease liabilities		$ 1,300,000		$ 1,300,000
Ghana Project
Schedule of Equity Method Investments [Line Items]
Strategic partnership investments, percentage expected		50%		50%
Equity method investment, estimated capital cost		$ 125,000,000		$ 125,000,000
Equity method investments		0		0
Equity method investments, advance payments		$ 2,700,000		$ 9,800,000
Ghana Project | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Equity method investments, advance payments	$ 1,700,000
Ghana Project | Minimum
Schedule of Equity Method Investments [Line Items]
Strategic partnership investments, period				3 years
Ghana Project | Maximum
Schedule of Equity Method Investments [Line Items]
Strategic partnership investments, period				4 years
Ghana Project, Phase One
Schedule of Equity Method Investments [Line Items]
Strategic partnership investments, percentage expected		22.50%		22.50%
Strategic partnership investments, funding amount		$ 17,000,000		$ 17,000,000
Ghana Project, Phase Two
Schedule of Equity Method Investments [Line Items]
Strategic partnership investments, percentage expected		27.50%		27.50%
Strategic partnership investments, funding amount		$ 70,000,000		$ 70,000,000

EQUITY (Details)

EQUITY (Details) - USD ($) $ / shares in Units, $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Equity [Abstract]
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000
Preferred stock, par value (in dollars per share)	$ 0.0001
Preferred stock, shares outstanding (in shares)	0
Remaining offering capacity	$ 369.2

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Mar. 31, 2021	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards cost not yet recognized, amount		$ 7.1
Performance Rights Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested awards expiring over the next three years (in shares)	65,000	79,468	69,468	59,120	30,000	60,000	60,000	65,000
Unvested awards expiring period		3 years
Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Expiration period	10 years
Number of common stock available for issuance (in shares)		2,293,130

STOCK-BASED COMPENSATION - Comp

STOCK-BASED COMPENSATION - Compensation Expense (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 1,358,391	$ 833,509	$ 3,714,477	$ 1,851,805
Stock-based compensation forfeitures	(7,888)	0	(858,651)	0
Stock-based compensation, net of forfeitures	1,350,503	833,509	2,855,826	1,851,805
Stock-based compensation (income) expense	1,260,528	833,509	2,643,433	1,851,805
Capitalized stock-based compensation	89,975	0	212,393	0
Stock-based compensation, net of forfeitures	1,350,503	833,509	2,855,826	1,851,805
Exploration and mine development costs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation (income) expense	131,382	336,375	133,382	730,316
General and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation (income) expense	$ 1,129,146	$ 497,134	$ 2,510,051	$ 1,121,489

STOCK-BASED COMPENSATION - Sche

STOCK-BASED COMPENSATION - Schedule of Stock Awards Activity (Details) - shares	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Stock Option Awards
Outstanding at beginning of period (in shares)	394,733	374,003	272,504	392,504	474,788	443,694
Granted (in shares)	0	58,949	135,957	0	33,004	50,000
Exercised, surrendered or vested (in shares)	(36,250)	(37,500)	(15,000)	(120,000)	(115,288)	(18,906)
Forfeited or expired (in shares)	0	(719)	(19,458)	0	0	0
Outstanding at end of period (in shares)	358,483	394,733	374,003	272,504	392,504	474,788
Restricted Stock Units
Restricted Stock Units & Performance Rights Awards
Unvested at beginning of period (in shares)	35,973	37,220	51,277	36,745	0	0
Granted (in shares)	3,255	7,972	17,437	0	36,745	0
Exercised, surrendered or vested (in shares)	(1,250)	(9,219)	(14,285)	0	0	0
Forfeited or expired (in shares)	(561)	0	(17,209)	0	0	0
Unvested at end of period (in shares)	37,417	35,973	37,220	36,745	36,745	0
Performance Rights Awards
Restricted Stock Units & Performance Rights Awards
Unvested at beginning of period (in shares)	69,468	59,120	30,000	60,000	65,000	65,000
Granted (in shares)	10,000	10,348	29,120	0	0	0
Exercised, surrendered or vested (in shares)	0	0	0	0	(5,000)	0
Forfeited or expired (in shares)	0	0	0	0	0	0
Unvested at end of period (in shares)	79,468	69,468	59,120	60,000	60,000	65,000

EARNINGS PER SHARE - Schedule o

EARNINGS PER SHARE - Schedule of Basic and Diluted Loss per Share (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net income (loss), basic	$ 16,664,881	$ (10,861,359)	$ (2,071,054)	$ (25,070,369)
Net income (loss), diluted	$ 16,664,881	$ (10,861,359)	$ (2,071,054)	$ (25,070,369)
Weighted-average number of common shares used in calculating basic earnings per share (in shares)	17,965,858	15,863,027	17,343,309	15,242,261
Effect of potentially dilutive equity awards (in shares)	115,628	0	0	0
Weighted-average number of common shares used in calculating dilutive earnings per share (in shares)	18,081,486	15,863,027	17,343,309	15,242,261
Basic net income (loss) per weighted-average share (in dollars per share)	$ 0.93	$ (0.68)	$ (0.12)	$ (1.64)
Diluted net income (loss) per weighted-average share (in dollars per share)	$ 0.92	$ (0.68)	$ (0.12)	$ (1.64)

EARNINGS PER SHARE - Schedule_2

EARNINGS PER SHARE - Schedule of Antidilutive Securities Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares considered anti-dilutive (in shares)	305,062	369,249	475,368	369,249
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares considered anti-dilutive (in shares)	222,733	272,504	358,483	272,504
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares considered anti-dilutive (in shares)	2,861	36,745	37,417	36,745
Performance Rights Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares considered anti-dilutive (in shares)	79,468	60,000	79,468	60,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income tax expense	$ 3,422,219	$ 0	$ 3,422,219	$ 0
Income (loss) before taxes	$ 20,087,100	$ (10,861,359)	$ 1,351,165	$ (25,070,369)
Effective tax rate	17%	0%	253.30%	0%
Gain on dilution of equity method investments in unconsolidated affiliates	$ 29,367,281	$ 0	$ 29,367,281	$ 0
Deferred tax effects related to gain on dilution of equity method investments in unconsolidated affiliates	$ 3,400,000		3,400,000
Decrease in valuation allowance			$ 4,000,000

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details)	9 Months Ended
	Sep. 30, 2022 segment
Segment Reporting [Abstract]
Number of Reportable Segments	1

RELATED PARTIES (Details)

RELATED PARTIES (Details)	9 Months Ended
	Sep. 30, 2021 USD ($)
Ledger Holdings Pty Ltd
Related Party Transaction [Line Items]
Amount paid for services related to business development	$ 41,667

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ in Millions	Oct. 31, 2022 USD ($)
Subsequent Event
Subsequent Event [Line Items]
Grants receivable	$ 141.7