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EQUITY INVESTMENTS IN UNCONSOLIDATED AFFILIATES
 6 Months Ended
Jun. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]  
EQUITY INVESTMENTS IN UNCONSOLIDATED AFFILIATES EQUITY 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, as equity method investments. Our share of the income or loss from Atlantic Lithium, Sayona and Sayona Quebec is recorded on a one-quarter lag.
The following is a summary or our equity method investments as of June 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, mine, develop, and ultimately produce spodumene concentrate in Quebec, Canada.
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.

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. In the event Sayona and Piedmont Lithium jointly construct and operate a lithium conversion plant, then spodumene concentrate produced from North American Lithium would be preferentially delivered to that conversion plant upon start of 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. Purchases are subject to market pricing with a price floor of $500 per metric ton and a price ceiling of $900 per metric ton.
Atlantic Lithium Limited
We own an equity interest of approximately 10% in Atlantic Lithium, an Australian company publicly listed on the Alternative Investment Market of the London Stock Exchange 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 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 exercising our ability to acquire an equity interest of 50% in Atlantic Lithium Ghana through expected future staged investments. See Note 5—Other Assets.
The following tables summarize the carrying amounts, including changes therein, of our equity method investments:
Three Months Ended June 30, 2022
Sayona
Sayona QuebecAtlantic LithiumTotal
Balance at beginning of period$16,945,836 $26,193,877 $14,583,345 $57,723,058 
Additional investments1,029,617 6,979,080 — 8,008,697 
Loss from equity method investments(857,847)(125,759)(171,773)(1,155,379)
Share of loss from equity method investments included in other comprehensive loss— — (342,767)(342,767)
Balance at end of period$17,117,606 $33,047,198 $14,068,805 $64,233,609 
Three Months Ended June 30, 2021
Sayona
Sayona QuebecTotal
Balance at beginning of period$9,316,394 $— $9,316,394 
Additional investments1,974,425 5,067,593 7,042,018 
Loss from equity method investments(64,626)— (64,626)
Share of loss from equity method investments included in other comprehensive loss(31,288)— (31,288)
Balance at end of period$11,194,905 $5,067,593 $16,262,498 
Six Months Ended June 30, 2022
Sayona
Sayona QuebecAtlantic LithiumTotal
Balance at beginning of period$18,256,488 $25,215,851 $15,400,371 $58,872,710 
Additional investments1,075,921 8,978,983 — 10,054,904 
Loss from equity method investments(2,279,318)(1,192,396)(1,073,168)(4,544,882)
Share of income (loss) from equity method investments included in other comprehensive loss64,515 44,760 (258,398)(149,123)
Balance at end of period$17,117,606 $33,047,198 $14,068,805 $64,233,609 
Six Months Ended June 30, 2021
Sayona
Sayona QuebecTotal
Balance at beginning of period$— $— $— 
Additional investments11,290,819 5,067,593 16,358,412 
Loss from equity method investments(64,626)— (64,626)
Share of loss from equity method investments included in other comprehensive loss(31,288)— (31,288)
Balance at end of period$11,194,905 $5,067,593 $16,262,498 
As of June 30, 2022
Sayona
Sayona QuebecAtlantic Lithium
Fair value of equity investments where market values from publicly traded entities are readily available$174,859,526 Not publicly traded$28,246,608 
The following tables present summarized financial information included in our share of income (loss) from equity method investments noted above for our significant equity investments. The balances below were compiled from information provided to us by each investee and are presented in accordance with U.S. GAAP:
Three Months Ended
June 30, 2022June 30, 2021
Sayona
Sayona QuebecAtlantic Lithium
Sayona
Revenue$— $— $— $— 
Net loss from operations(5,224,405)(503,037)(1,733,332)(324,754)
Other comprehensive loss, net of tax— — (3,458,798)(157,224)
Comprehensive loss(5,224,405)(503,037)(5,192,130)(481,978)
Six Months Ended
June 30, 2022June 30, 2021
Sayona
Sayona QuebecAtlantic Lithium
Sayona
Revenue$— $— $— $— 
Net loss from operations(13,812,789)(4,769,583)(10,829,140)(324,754)
Other comprehensive income (loss), net of tax390,967 179,041 (2,607,447)(157,224)
Comprehensive loss(13,421,822)(4,590,542)(13,436,587)(481,978)