On August 12, 2024, Macquarie downgraded Piedmont Lithium to Neutral from Outperform, citing concerns over the Company’s cash generation capabilities and financial commitments. Specifically, Macquarie concluded that the Company’s North American Lithium operation is challenged due to high production costs and low realized lithium prices, placing its only cash generation source at risk.

Following this news, Piedmont Lithium’s stock price fell over 11% the same day.