swells@piedmontlithium.com, Author at Piedmont Lithium

Piedmont Lithium Announces Q4’24 North American Lithium Operational Results

February 4, 2025February 4, 2025 by swells@piedmontlithium.com

Piedmont had record quarterly shipments of ~55,700 dmt of spodumene concentrate in Q4’24, modestly exceeding guidance
NAL achieved its second consecutive quarter of production greater than 50,000 dmt
Piedmont recorded $87.8 million in cash and cash equivalents as of December 31, 2024

Belmont, North Carolina, February 4, 2025 – Piedmont Lithium Inc. (“Piedmont,” the “Company,” “we,” “our,” or “us”) (Nasdaq: PLL; ASX: PLL), a leading North American supplier of lithium products critical to the U.S. electric vehicle supply chain, announced that it shipped approximately 55,700 dry metric tons (“dmt”) of spodumene concentrate in Q4’24. NAL, North America’s largest producing spodumene mine, is jointly owned by Piedmont (25%) and Sayona Mining Limited (75%) (ASX: SYA).

Q4’24 Operational Results Summary

In Q4’24, NAL produced 50,922 dmt and shipped 66,035 dmt. Approximately 55,700 dmt of spodumene concentrate were sold to Piedmont and then shipped to its customers.

Although quarterly production at NAL declined by 2% in Q4’24 compared to the prior quarter, production remains on track to achieve Sayona Mining’s fiscal year 2025 production guidance of 190,000 – 210,000 dmt².Mill utilization of 90% in Q4’24 declined modestly from the record high of 91% in the prior quarter and was negatively impacted by a planned shutdown in October and other weather-related impacts in the crushing circuit. The Crushed Ore Dome mitigated the impact of the shutdown by enabling consistent feed and operations during the quarter. Recoveries improved to 68% for the quarter and were in-line with the life-of-mine target outlined in the 2023 Definitive Feasibility Study.

Piedmont Lithium and Sayona Mining signed a definitive agreement to merge in an all-stock transaction on November 18, 2024³. The merged entity will create a leading North American hard rock lithium producer and simplify the ownership structure of North American Lithium.

“NAL continues to operate at an impressive level,” said Keith Phillips, President and CEO of Piedmont Lithium. “NAL is North America’s largest lithium operation and holds considerable strategic value to Piedmont Lithium, our customers, and the ongoing energy transition. While the lithium market remains challenging, we were pleased with the consistent performance achieved during the December-end quarter. We look forward to finalizing the merger with Sayona to consolidate the economics of NAL and create value for shareholders.”

^{___________________________________________________________}

⁽¹⁾All references to information about or related to NAL are from the December 2024 Quarterly Activities Report filed with the ASX by Sayona Mining Limited on 31 January 2025.

⁽²⁾See Sayona Mining announcement “FY2024 Results Announcement” filed with the ASX by Sayona Mining Limited on 30 August 2024.

⁽³⁾See Piedmont Lithium announcement “Piedmont Lithium and Sayona Mining to Merge” filed with the SEC on 19 November 2024.

NAL Concentrate Production

About Piedmont

Piedmont Lithium Inc. (Nasdaq: PLL; ASX: PLL) is developing a world-class, multi-asset, integrated lithium business focused on enabling the transition to a net zero world and the creation of a clean energy economy in North America. Our goal is to become one of the largest lithium hydroxide producers in North America by processing spodumene concentrate produced from assets where we hold an economic interest. Our projects include our Carolina Lithium project in the United States and partnerships in Quebec with Sayona Mining (ASX: SYA) and in Ghana with Atlantic Lithium (AIM: ALL; ASX: A11). We believe these geographically diversified operations will enable us to play a pivotal role in supporting America’s move toward energy independence and the electrification of transportation and energy storage.

Cautionary Note to U.S. Investors

Piedmont’s public disclosures are governed by the U.S. Exchange Act of 1934, as amended, including Regulation S-K 1300 thereunder, whereas NAL discloses estimates of “measured,” “indicated,” and “inferred” mineral resources as such terms are used in the JORC Code and Canada’s National Instrument 43-101. Although S-K 1300, the JORC Code, and NI 43-101 have similar goals in terms of conveying an appropriate level of confidence in the disclosures being reported, they at times embody different approaches or definitions. Consequently, investors are cautioned that public disclosures by NAL prepared in accordance with the JORC Code or NI 43-101 may not be comparable to similar information made public by companies, including Piedmont, subject to S-K 1300 and the other reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder.

The statements in the link below were prepared by, and made by, NAL. The following disclosures are not statements of Piedmont and have not been independently verified by Piedmont. NAL is not subject to U.S. reporting requirements or obligations, and investors are cautioned not to put undue reliance on these statements. NAL’s original announcements can be found here: https://www.asx.com.au/markets/company/sya

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of or as described in securities legislation in the United States and Australia, including statements regarding exploration, development, construction, and production activities of Sayona Mining, Atlantic Lithium, and Piedmont; current plans for Piedmont’s mineral and chemical processing projects; Piedmont’s potential acquisition of an ownership interest in Ewoyaa; and strategy. Such forward-looking statements involve substantial and known and unknown risks, uncertainties, and other risk factors, many of which are beyond our control, and which may cause actual timing of events, results, performance, or achievements and other factors to be materially different from the future timing of events, results, performance, or achievements expressed or implied by the forward-looking statements. Such risk factors include, among others: (i) that Piedmont, Sayona Mining, or Atlantic Lithium may be unable to commercially extract mineral deposits, (ii) that Piedmont’s, Sayona Mining’s, or Atlantic Lithium’s properties may not contain expected reserves, (iii) risks and hazards inherent in the mining business (including risks inherent in exploring, developing, constructing, and operating mining projects, environmental hazards, industrial accidents, weather, or geologically related conditions), (iv) uncertainty about Piedmont’s ability to obtain required capital to execute its business plan, (v) Piedmont’s ability to hire and retain required personnel, (vi) changes in the market prices of lithium and lithium products, (vii) changes in technology or the development of substitute products, (viii) the uncertainties inherent in exploratory, developmental, and production activities, including risks relating to permitting, zoning, and regulatory delays related to our projects as well as the projects of our partners in Quebec and Ghana, (ix) uncertainties inherent in the estimation of lithium resources, (x) risks related to competition, (xi) risks related to the information, data, and projections related to Sayona Mining or Atlantic Lithium, (xii) occurrences and outcomes of claims, litigation, and regulatory actions, investigations, and proceedings, (xiii) risks regarding our ability to achieve profitability, enter into and deliver product under supply agreements on favorable terms, our ability to obtain sufficient financing to develop and construct our projects, our ability to comply with governmental regulations, and our ability to obtain necessary permits, and (xiv) other uncertainties and risk factors set out in filings made from time to time with the U.S. Securities and Exchange Commission (“SEC”) and the Australian Securities Exchange, including Piedmont’s most recent filings with the SEC. The forward-looking statements, projections, and estimates are given only as of the date of this press release and actual events, results, performance, and achievements could vary significantly from the forward-looking statements, projections, and estimates presented in this press release. Readers are cautioned not to put undue reliance on forward-looking statements. Piedmont disclaims any intent or obligation to update publicly such forward-looking statements, projections, and estimates, whether as a result of new information, future events or otherwise. Additionally, Piedmont, except as required by applicable law, undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Piedmont, its financial or operating results or its securities.

Michael White
Chief Financial Officer
T: +1 713 878 9049
E: mwhite@piedmontlithium.com

Piedmont Lithium and Sayona Mining To Merge

November 19, 2024November 19, 2024 by swells@piedmontlithium.com

Creates a Leading North American Lithium Producer and Developer

Piedmont and Sayona to combine in all-stock merger with ownership split of approximately 50% / 50% on a fully diluted basis immediately post-merger and prior to the conditional equity raising
Creating a leading North American hard rock lithium producer with geographically advantaged spodumene resources of global scale
Simplified corporate structure aligns North American Lithium (“NAL”) offtake economics, and removes contractual complexities
Unified ownership of NAL unlocks the potential for a significant brownfield expansion
Combined scale provides strategic flexibility to combine and optimize downstream strategies
Material corporate, logistics, marketing, and procurement synergies
Significantly strengthened balance sheet with two stage equity financing, with post-merger raise led by cornerstone subscription from Resource Capital Fund VIII L.P. (“RCF VIII”), associated with Resource Capital Funds (“RCF”), a critical minerals and mining-focused global investment firm
MergeCo will endeavor to complete an additional equity raise for eligible retail shareholders post-closing

BELMONT, North Carolina, November 18, 2024 – Piedmont Lithium Inc. (“Piedmont” or the “Company”) (NASDAQ: PLL; ASX: PLL), a leading North American supplier of lithium products critical to the U.S. electric vehicle supply chain, and Sayona Mining Limited (“Sayona”) (ASX: SYA) announce the signing of a definitive agreement (the “Merger Agreement”) to combine the two companies to create a leading lithium business, resulting in Sayona being the ultimate parent entity (“MergeCo”) (the “Transaction”).

The Transaction will result in an approximate 50% / 50% equity holding of shareholders of Piedmont and Sayona (on a fully diluted basis) in MergeCo immediately following the closing of the Transaction. Piedmont will be undertaking a proposed capital raise of ~US$27 million. Sayona is undertaking a capital raise of A$40 million (~US$27 million). Upon closing of the Transaction, Sayona will also undertake a conditional placement (“Conditional Placement”) for A$69 million in MergeCo to Resource Capital Fund VIII L.P. (“RCF VIII”). The placement is subject to completion of the Transaction and requisite Sayona shareholder approval and other conditions. The equity raisings, aggregating to approximately US$99million, plan to ensure MergeCo is well positioned to accelerate growth within its enlarged portfolio.

Completion of the Transaction is subject to shareholder approval for both companies and is expected to close in the first half of CY2025. A proxy statement containing important information about the Merger will be dispatched to Piedmont shareholders and filed with the U.S. Securities and Exchange Commission prior to a Piedmont shareholder meeting to seek approval of the Transaction. An Extraordinary General Meeting (“EGM NoM”) of Sayona shareholders is expected to be held in the first half of calendar year 2025 to seek, amongst other things, approval of the Transaction.

Piedmont Lithium’s President and Chief Executive Officer, Keith Phillips, said: “This merger combines two complementary businesses and will create a larger and stronger company. MergeCo will be North America’s largest lithium producer and will have an attractive growth profile with three DFS-stage development projects and an exciting near-term brownfield expansion opportunity at NAL. The merger financing, corner-stoned by leading mining private equity group RCF, will enable us to weather the current industry downturn while making intelligent investments in our growth projects to be positioned for the recovery in lithium markets that we expect in the medium-term. MergeCo will be domiciled in Australia, but will maintain a listing on Nasdaq and a strong commitment to our Carolina Lithium project and our U.S. headquarters in Belmont, North Carolina.”

Sayona’s Chief Executive Officer and Managing Director, Lucas Dow, said: “This merger marks a transformative step for Sayona and Piedmont, creating a leading North American lithium producer with the scale and capabilities to meet the growing demand for lithium products. We believe our combined resources and expertise will enable us to deliver significant value to our shareholders and stakeholders. We are excited about the opportunities this merger presents to accelerate our growth plans and enhance our strategic flexibility.”

Piedmont Lithium Board Unanimously Recommend the Transaction

The Merger Agreement and the Transaction have been unanimously approved by the board of directors of Piedmont (“Piedmont Board of Directors”). The Piedmont Board of Directors unanimously recommend shareholders vote in favor of the Transaction and intend to vote, or procure the voting of, any Piedmont shares held by them in favor of the Transaction, in each case subject to a superior proposal.

Strategic Rationale for the Merger

A combination between Piedmont and Sayona will create a simpler and stronger lithium business that is well-positioned to grow through cycles. The combination delivers scale, optimization and growth potential by creating the largest producer of hard rock lithium in North America.

Creates largest hard rock lithium producer in North America with compelling growth profile
- Currently the largest producing hard rock lithium miner in North America
- Significant combined lithium Ore Reserve estimate totaling 70.4Mt @ 1.15% Li₂O and Mineral Resource estimate totaling 153.5Mt @ 1.15% Li₂O (Measured and Indicated) and 51.4Mt @ 1.07% Li₂O (Inferred)^[1]
- Three high-quality development projects and the potential for brownfield expansion of NAL
Economic alignment to pursue NAL brownfield expansion
- Consolidated NAL offtake economics
- Early, internal studies commenced, underpinned by a significant resource base
- Low capital intensity with a lower cost base and shorter permitting process than identified greenfield projects
Simplified corporate structure and shared benefits of synergies
- Optimized logistics and procurement with potential to deliver lower operating costs
- Marketing synergies expected through significantly expanded customer relationships
Strengthened balance sheet with ability to fund and accelerate growth projects
- Capital raising provides MergeCo with funding runway to operate
- MergeCo go forward funding strategy is expected to focus on introducing strategic project-level partners with technical and funding capability and progressing non-dilutive sources of funding

Transaction Structure

The Transaction will be implemented by way of an Agreement and Plan of Merger between Piedmont and Sayona. A newly formed subsidiary of Sayona will merge with Piedmont Lithium which will result in Sayona Mining Limited being the ultimate parent entity of the merged group and will continue to be domiciled in Australia, with an ASX primary listing and a Nasdaq secondary listing of American depository shares (“ADSs”).

Under the terms of the Transaction, existing holders of Piedmont Lithium shares of common stock will receive Sayona ADSs corresponding to 527 Sayona ordinary shares for each Piedmont share of common stock held and existing holders of Piedmont Lithium CHESS Depository Interests (“CDIs”) will receive 5.27 Sayona Mining Limited ASX listed ordinary shares (instead of an ADS) for each Piedmont Lithium CDI held. The Transaction will result in an approximate 50% / 50% equity holding of shareholders of Sayona and Piedmont in MergeCo (on a fully diluted basis), prior to the Conditional Placement.

Governance and Leadership

Upon completion of the Merger, Lucas Dow will become the CEO and Managing Director of MergeCo and Keith Phillips will become a Strategic Advisor to MergeCo for a transition period.

The MergeCo Board will initially consist of 8 members, including (i) 4 directors to be appointed by Piedmont who will be deemed as independent by the Piedmont board, and one of which will be Chair of the MergeCo Board, and (ii) 4 directors to be appointed by Sayona, at least two of which will be deemed as independent by the Sayona board and one of which will be Lucas Dow, CEO of MergeCo.^[2]

Independent directors, who are appropriately qualified individuals having regard to MergeCo’s compliance requirements, will serve as the chairpersons of the Audit and Risk Committee, the Nomination Committee and the Remuneration Committee of MergeCo.

MergeCo will have a global presence with corporate headquarters in Brisbane, Australia, and offices in Belmont, North Carolina and Montreal, Quebec. Subject to shareholder approval of the Transaction, MergeCo is intended to be renamed at, or shortly after, the Transaction completion.

Closing Conditions and Timing

The Transaction has been unanimously approved by both the Piedmont and Sayona Boards of Directors. The Transaction is expected to close during the first half of calendar year 2025.

Closing of the Transaction is subject to:

Approval by Piedmont and Sayona shareholders;
International regulatory approvals, including approval from the Committee on Foreign Investment in the United States (“CFIUS”), approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (“HSR Act”) and approval under the Investment Canada Act;
Any required ASIC or ASX relief;
Effectiveness of the proxy statement/prospectus with the U.S. Securities and Exchange Commission; and
Other customary conditions for a transaction of this nature.

The Merger Agreement includes reciprocal exclusivity arrangements (including notification obligations) in favor of both parties, a matching right regime in favor of both parties and mutual termination fees in favor of both parties. The exclusivity arrangements are subject to customary exceptions that enable the directors of Piedmont and Sayona to comply with their respective fiduciary and/or statutory duties, including in respect of a superior proposal.

Piedmont and Sayona shareholders do not need to take any action at this time. A disclosure document containing important information about the Transaction will be dispatched to Piedmont shareholders and filed with the U.S. Securities and Exchange Commission in due course. A notice of meeting containing important information about the Transaction (“EGM NoM”) will be dispatched to Sayona shareholders and released on ASX in due course, likely in the first half of CY2025.

Further details of the terms and conditions of the Transaction are set out in the Merger Agreement, a copy of which is attached to this announcement.

Equity Raising Overview

As part of the merger, the parties intend to raise equity capital aggregating to approximately US$99 million in a series of transactions.

Piedmont intends to undertake an equity raising of approximately A$40 million (~US$27 million) (the “Piedmont Placement”) (before costs).

The funds from the Piedmont Placement will be applied to fund Piedmont’s standalone expenditures to closing of the Merger, including:

Progress Ewoyaa and Carolina development, including permit approvals
Select NAL capital projects to optimize production
General corporate purposes

In addition to the Transaction, Sayona is separately undertaking a fully underwritten unconditional institutional placement to raise approximately A$40 million (~US$27 million) (the “Sayona Unconditional Placement”) (before costs) through the issue of approximately 1,250.0 million new shares in Sayona (“New Shares”) utilizing Sayona’s available capacity under ASX Listing Rule 7.1.

Further, and conditional on closing of the Merger, MergeCo is undertaking a conditional placement to RCF VIII to raise approximately A$69 million (~US$45 million) (before costs) (the “Conditional Placement”) via the issue of new fully paid ordinary shares in MergeCo. A summary of the terms to the subscription agreement which RCF VIII has entered into can be found in Sayona’s ASX announcement dated 19 November 2024. If the Conditional Placement completes on its terms, then RCF VIII will be entitled to certain information rights and to nominate an observer to the Board. The Conditional Placement will be subject to Sayona shareholder approval for the purposes of the ASX Listing Rules at an extraordinary general meeting (“EGM”), and completion of the proposed Merger in accordance with the terms and conditions of the Merger Agreement among other customary conditions. Full details of the Conditional Placement will be set out in Sayona’s EGM notice of meeting which is expected to be released to the ASX and dispatched to eligible shareholders in the first half of calendar year 2025.

Please refer to Sayona’s ASX announcements for further information.

In addition, and also conditional on closing of the Merger, MergeCo is considering undertaking a further equity raising of up to US$15 million that will enable eligible MergeCo securityholders to participate in an equity financing of MergeCo.

Funds raised through the Conditional Placement will be applied to value accretive spending which will be pursued by MergeCo such as preliminary studies for the NAL brownfield expansion and activities to progress the Ewoyaa, Carolina, and Moblan projects. Further details on the proposed application of funds for the equity raising can be found in the investor presentation lodged on the ASX dated November 19, 2024.

Any securities to be offered in the Piedmont Placement will not be and have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Timetable

Events	Date
Trading halt and announcement of Merger and Capital Raising	19 November 2024
Sayona EGM	1H CY2025
Piedmont shareholder meeting	1H CY2025
Merger Effective Date	1H CY2025
Completion of Conditional Placement	1H CY2025
Anticipated announcement of further equity raising	1H CY2025

The above timetable is indicative only. Piedmont and Sayona reserve the right to amend any or all of these dates at their absolute discretion, subject to the Corporations Act 2001 (Cth), the ASX Listing Rules and any other applicable laws. The quotation of new CDIs is subject to confirmation from the ASX.

Additional Information

Further details of the Transaction and the equity raisings are set out in the Investor Presentation also provided to the ASX today. The Investor Presentation contains important information including key risks and foreign selling restrictions with respect to the equity raisings.

Conference Calls

Piedmont and Sayona management will host joint calls to discuss the Transaction.

The Sayona hosted joint conference call will be held during Australian business hours at 2:30PM AEDT on 19 November 2024. Investors and analysts can access the live webcast at https://webcast.openbriefing.com/ms-mu-2024/

The Piedmont hosted joint conference call will be held during U.S. business hours at 8:30AM ET on 19 November 2024. Investors and analysts can access the live webcast at https://webcast.openbriefing.com/ms-mu-2024/

Advisors and Counsel

J.P. Morgan is acting as exclusive financial advisor and Gibson Dunn, Thomson Geer, and Bennett Jones are acting as legal counsel to Piedmont.

Morgan Stanley is acting as exclusive financial advisor and Herbert Smith Freehills, Baker Botts and McCarthy Tétrault are acting as legal counsel to Sayona.

Canaccord Genuity is acting as equity capital markets advisor to the Transaction.

About Piedmont

Piedmont Lithium Inc. (Nasdaq: PLL; ASX: PLL) is developing a world-class, multi-asset, integrated lithium business focused on enabling the transition to a net zero world and the creation of a clean energy economy in North America. Our goal is to become one of the largest lithium hydroxide producers in North America by processing spodumene concentrate produced from assets where we hold an economic interest. Our portfolio of projects includes our wholly owned Carolina Lithium project in the United States and partnerships in Quebec with Sayona Mining (ASX: SYA) and in Ghana with Atlantic Lithium (AIM: ALL; ASX: A11). We believe these geographically diversified operations help us to play a pivotal role in supporting America’s move toward energy independence and the electrification of transportation and energy storage. For more information, follow us on Twitter @PiedmontLithium and visit www.piedmontlithium.com.

About Sayona

Sayona Mining Limited is a North American lithium producer (ASX:SYA; OTCQB:SYAXF), with projects in Québec, Canada and Western Australia. In Québec, Sayona’s assets comprise North American Lithium together with the Authier Lithium Project and the Tansim Lithium Project, supported by a strategic partnership with American lithium developer Piedmont Lithium Inc. Sayona also holds a 60% stake in the Moblan Lithium Project in northern Québec. In Western Australia, the company holds a large tenement portfolio in the Pilbara region prospective for gold and lithium. Sayona is exploring for Hemi style gold targets in the world class Pilbara region, while its lithium projects include Company-owned leases and those subject to a joint venture with Morella Corporation. For more information, please visit https://sayonamining.com.au/

About RCF

For more than 25 years, RCF has pioneered private equity investment in critical minerals and mining and forged partnerships with investors, innovators, and miners to mobilize capital into the mining sector. As a global alternative investment firm, we aim to deliver superior returns for all stakeholders. We believe metals and mining are essential for the energy transition, supporting industrialization worldwide and serving as the bedrock for human civilization and advancement, driving growth and innovation in a rapidly evolving landscape. For more information, visit www.resourcecapitalfunds.com

Forward Looking Statements

This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Generally, the words “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “contemplate,” “predict,” “forecast,” “likely,” “believe,” “target,” “will,” “could,” “would,” “should,” “potential,” “may” and similar expressions or their negative, may, but are not necessary to, identify forward-looking statements.

Such forward-looking statements, including those regarding the timing, consummation and anticipated benefits of the transaction described herein, involve risks and uncertainties. The Company’s experience and results may differ materially from the experience and results anticipated in such statements. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions including, but are not limited to, the following factors: the risk that the conditions to the closing of the transaction are not satisfied, including the risk that required approvals of the transaction from the stockholders of the Company or from regulators (including from the Australian court hearing) are not obtained; litigation relating to the transaction; uncertainties as to the timing of the consummation of the transaction and the ability of the Company to consummate the transaction; risks that the proposed transaction disrupts the current plans or operations of the Company; the ability of the Company to retain and hire key personnel; competitive responses to the proposed transaction; unexpected costs, charges or expenses resulting from the transaction; potential adverse reactions or changes to relationships with customers, suppliers, distributors and other business partners resulting from the announcement or completion of the transaction; the Company’s ability to achieve the synergies expected from the transaction, as well as delays, challenges and expenses associated with integrating the existing businesses; the impact of overall industry and general economic conditions, including inflation, interest rates and related monetary policy by governments in response to inflation; ability of the Company to commercially extract mineral deposits; risks and hazards inherent in the mining business (including risks inherent in exploring, developing, constructing and operating mining projects, environmental hazards, industrial accidents, weather or geologically related conditions); uncertainty about the Company’s ability to obtain required capital to execute its business plan; changes in the market prices of lithium and lithium products; changes in technology or the development of substitute products; geopolitical events, and regulatory, economic and other risks associated therewith, as well as broader macroeconomic conditions. Other factors that might cause such a difference include those discussed in the Company’s filings with the Securities and Exchange Commission (the “SEC”), which include its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and in the proxy statement to be filed in connection with the proposed transaction. For more information, see the section entitled “Risk Factors” and the forward looking statements disclosure contained in the Company’s Annual Reports on Form 10-K and in other filings. The forward-looking statements included in this communication are made only as of the date hereof and, except as required by the ASX Listing Rules, federal securities laws and rules and regulations of the SEC, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Additional Information and Where to Find It

In connection with the Merger, the Company intends to file with the SEC and mail or otherwise provide to its stockholders a proxy statement regarding the proposed transaction. The Company also plans to file other relevant documents with the SEC regarding the proposed transaction. BEFORE MAKING ANY VOTING DECISION, THE COMPANY’S STOCKHOLDERS ARE URGED TO CAREFULLY READ THE PROXY STATEMENT IN ITS ENTIRETY WHEN IT BECOMES AVAILABLE AND ANY OTHER DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE THEREIN BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE PARTIES TO THE PROPOSED TRANSACTION. Investors and stockholders will be able to obtain free copies of these documents (if and when available), and other documents containing important information about the Company and the proposed transaction, once such documents are filed with the SEC through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by the Company will be available free of charge on the Company’s website at www.piedmontlithium.com or by contacting the Company’s Investor Relations Department by email at info@piedmontlithium.com or by phone at +1 (704) 461-8000.

Participants in the Solicitation

The Company and certain of its directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information about the directors and executive officers of the Company is set forth in the Company’s proxy statement for its 2024 annual meeting of stockholders, which was filed with the SEC on April 28, 2023, and the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which was filed with the SEC on March 1, 2023, as amended on April 25, 2023. You can obtain a free copy of these documents from the Company using the contact information above. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC regarding the proposed transaction when such materials become available. Investors should read the proxy statement carefully when it becomes available before making any voting decisions. You may obtain free copies of these documents from the Company using the contact information indicated above.

No Offer or Solicitation

This communication is for information purposes only and is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. The proposed transaction will be implemented solely pursuant to the terms and conditions of the arrangement agreement, which contain the full terms and conditions of the proposed transaction.

Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Mineral Resources

The information contained herein and previously reported by North American Lithium has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws. The terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are Canadian mining terms defined in accordance with the requirements of NI 43-101. Comparable terms are now also defined by the U.S. Securities and Exchange Commission (“SEC”) in its newly adopted Modernization of Property Disclosures for Mining Registrants as promogulated in its S-K 1300 standards. While the guidelines for reporting mineral resources, including subcategories of measured, indicated, and inferred resources, are largely similar for NI 43-101 and S-K 1300 standards, information contained herein that describes North American Lithium’s mineral deposits is not fully comparable to similar information made public by U.S. companies subject to reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder. Piedmont does not guaranty or verify the accuracy of any of the historical reporting of North American Lithium.

Annexure 1
Piedmont and Sayona Mineral Resources

Mineral Resources (100% basis) – Piedmont

Piedmont’s current Ore Reserves and Mineral Resource Estimates (reported by Piedmont or its joint venture partners in accordance with the JORC Code (2012 edition)) are set out below (reported on a 100% basis).

The information in this announcement that relates to the ore reserves and mineral resource estimates of Piedmont’s Carolina Lithium project has been extracted from the ASX announcement “Piedmont Completes BFS of the Carolina Lithium Project” released on 15 December 2021 which is available at www.asx.com.au.

Piedmont confirms that it is not aware of any new information or data that materially affects the information included in that market announcement and that all material assumptions and technical parameters underpinning the estimates in that market announcement continue to apply and have not materially changed. Piedmont confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from that market announcement.

Mineral Resources

Ore Reserves

Mineral Resources (100% basis) – Sayona

Sayona’s current Ore Reserve Estimates and Mineral Resource Estimates (reported by Sayona in accordance with the JORC Code (2012 edition)) are set out below (reported on a 100% basis).

The information in this announcement that relates to the ore reserves and mineral resource estimates of Sayona’s projects (i.e. NAL, Authier and Moblan) has been extracted from the ASX announcement titled “Annual Report to Shareholders” released on 27 August 2024 and which is available at www.asx.com.au.

Sayona confirms that it is not aware of any new information or data that materially affects the information included in that market announcement and that all material assumptions and technical parameters underpinning the estimates in that market announcement continue to apply and have not materially changed. Sayona confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from that market announcement.

Mineral Resources

Ore Reserves

1. Combined Piedmont and Sayona spodumene Ore Reserves and Mineral Resource Estimates (in the measured and indicated category, inclusive of Ore Reserves). Ore Reserves and Mineral Resource Estimates reported in accordance with the JORC code. Metrics as reported and shown on a net attributable basis, refer to supporting information in Annexure 1.

2. Sayona Mining shareholders will be asked to vote on a resolution removing the casting vote of the Sayona Chair at the upcoming Sayona Annual General Meeting to be held on Thursday, November 28, 2024. However, upon closing of the Transaction, if the Sayona constitution continues to provide the Chair of the Sayona board with a casting vote on resolutions before the Sayona board of directors, Piedmont has confirmed that such casting vote shall not, at any point in time, be exercised.

For further information, contact:

Sayona Mining
Andrew Barber
Director of Investor Relations
T: +617 3369 7058
E: ir@sayonamining.com.au

Piedmont Lithium Reports Q3 2024 Results

November 11, 2024November 12, 2024 by swells@piedmontlithium.com

NAL Production & Safety Records; Strong Commercial Performance for Company

NAL set new quarterly record for production (~52,100 dmt) and mill utilization (91%); lithium recovery steady (67%)
Piedmont had record shipments of approximately 31,500 dmt of spodumene concentrate and recorded revenue of $27.7 million in Q3’24
Piedmont achieved industry-leading price realizations in Q3’24 in difficult market environment
Piedmont continued to improve operating costs and reduce capital expenditures and investments in Q3’24
Carolina Lithium positioned to benefit from the U.S. Department of the Treasury’s 45X final rule guidance
Ewoyaa Lithium Project received Ghanaian Mine Operating Permit and EPA Permit
Piedmont recorded $64.4 million in cash and cash equivalents as of September 30, 2024
Piedmont entered into a non-dilutive $25 million working capital facility with a trading company partner

Belmont, North Carolina, November 12, 2024 – Piedmont Lithium Inc. (“Piedmont,” the “Company,” “we,” “our,” or “us”) (Nasdaq: PLL; ASX: PLL), a leading North American supplier of lithium products critical to the U.S. electric vehicle supply chain, today reported its third quarter 2024 financial results.

Piedmont shipped approximately 31,500 dry metric tons (“dmt”) of spodumene concentrate (~5.4% Li₂O) associated with spot shipments in Q3’24 and recognized $27.7 million in revenue. The Company’s realized price per ton was $878 in Q3’24, which outperformed industry peers during the quarter. Piedmont expects to ship approximately 41,000 to 55,000 dmt of spodumene concentrate in Q4’24, resulting in total shipments of approximately 102,000 to 116,000 dmt in 2024¹. Our Q4’24 shipments are expected to be long-term customer shipments or spot shipments structured to minimize downside risk. Production at North American Lithium (“NAL”) supports the Company’s Q4’24 shipment guidance.

NAL, North America’s largest operating spodumene mine, continued to achieve quarterly production records in Q3’24 following the achievement of steady-state production in June 2024. NAL produced approximately 52,100 dmt of spodumene concentrate during the quarter, up 5% from Q2’24, with recoveries remaining relatively steady at 67% in the quarter. Mill utilization achieved a new record high of 91%, benefiting from the recently completed crushed ore dome. The increased utilization rate also drove an improvement in unit operating costs, which declined by 15% quarter-over-quarter to US$729 when excluding the impact of inventory movements. Further, Sayona Mining Limited (“Sayona Mining”) reported an increase to NAL’s mineral resource estimate in Q3’24, including a significant increase in resources in the measured and indicated categories. NAL is jointly owned by Piedmont (25%) and Sayona Mining (75%).

Carolina Lithium remains the focus of the Company’s U.S. project development strategy following the receipt of the state mining permit in Q2’24 and the subsequent decision to shift the proposed Tennessee Lithium conversion capacity to the North Carolina project. Piedmont continues to pursue an air permit application currently under review by North Carolina’s Division of Air Quality, which would allow for up to 60,000 tons per year of lithium hydroxide production at Carolina Lithium. In addition, the U.S. Department of the Treasury recently issued final rules for the Inflation Reduction Act’s manufacturing credit (45X), which included modifications that could materially improve the after-tax economics of U.S. projects like Carolina Lithium.

¹ The timing of shipments is subject to shipping logistics, port and weather conditions, and customer requirements.

In Q3’24, our joint venture Ewoyaa Lithium Project (“Ewoyaa”) in Ghana received an environmental permit from Ghana’s Environmental Protection Agency (“EPA Permit”) and in October, received a Mine Operating Permit from the Ghanaian Minerals Commission. Development of the project remains subject to the outcome of the mining lease ratification by the Ghanaian Parliament, ongoing design work, additional regulatory approvals, prevailing market conditions, and project financing.

“We are very pleased with the continued quarterly progress at NAL, with new records set in Q3 for production and mill utilization rates. Production in Q3 benefited from the investments made at NAL during prior quarters, particularly the recently completed crushed ore dome, the availability of which also drove an improvement in unit operating costs,” said Keith Phillips, President and CEO of Piedmont Lithium. “In addition to the progress in operations, Sayona Mining announced a significant increase to the mineral resource estimate for NAL this quarter, indicating the potential for a brownfield expansion of annual production at some future point.”

“The third quarter was a successful one for Piedmont with a quarterly record of spodumene concentrate shipped via well-placed spot shipments that took advantage of the futures market. We expect to exceed Q3’s shipment record in Q4’24 to round out an excellent second half of the year,” said Phillips. “On the development side, Ewoyaa made key strides on the regulatory front, and we were heartened by the recent positive news from the U.S. Treasury that should provide material improvement to the economics of Carolina Lithium.”

“While lithium markets remain challenging, we have been successful in strengthening our financial position through reductions in operating costs, minimized spending on discretionary capital items, and the arrangement of low-cost working capital financing through a trading company partner,” added Phillips.

Third Quarter 2024 Financial Highlights

All references to dry metric tons (“dmt”) in this release relate to spodumene concentrate.

		Units	Q3’24	Q2’24	Q3’23
Sales
	Concentrate shipped	dmt thousands	31.5	14.0	29.0
	Revenue	$ millions	27.7	13.2	47.1
	Realized price⁽¹⁾	$/dmt	878	945	1,624
	Li₂O content⁽²⁾	%	5.4	5.5	5.3
	Realized cost of sales⁽³⁾	$/dmt	794	900	805

Profitability
	Gross profit	$ millions	2.7	0.6	23.8
	Gross profit margin	%	9.6	4.7	50.4
	Net (loss) income	$ millions	(16.7)	(13.3)	22.9
	Diluted EPS	$	(0.86)	(0.69)	1.19
	Adjusted net (loss) income⁽⁴⁾	$ millions	(8.1)	(12.7)	16.9
	Adjusted diluted EPS⁽⁴⁾	$	(0.42)	(0.65)	0.88
	Adjusted EBITDA⁽⁴⁾	$ millions	(8.7)	(13.2)	16.2

Cash
	Cash and cash equivalents⁽⁵⁾	$ millions	64.4	59.0	94.5

^{___________________________________________________________}

⁽¹⁾Realized price is the average estimated price, net of certain distribution and other fees, which includes reference pricing data up to the respective period end and is subject to final adjustment. The final adjusted price may be higher or lower than the estimated average realized price based on future price movements.

⁽²⁾ Weighted average Li₂O content for shipments made during the respective period.

⁽³⁾ Realized cost of sales is the average cost of sales including Piedmont’s offtake pricing agreement with Sayona Quebec Inc. (“Sayona Quebec”) for the purchase of spodumene concentrate at a market price subject to a floor of $500 per dmt and a ceiling of $900 per dmt, adjustments for product grade, freight, and insurance.

⁽⁴⁾See non-GAAP Financial Measures at the end of this release for a reconciliation of non-GAAP measures.

⁽⁵⁾ Cash and cash equivalents are reported as of the end of the period.

Third Quarter and Recent Business Highlights

Piedmont Lithium

Shipped approximately 31,500 dmt (~5.4% Li₂O) of spodumene concentrate from NAL to customers in Q3’24 and recognized $27.7 million in revenue with a realized sales price of $878 per dmt. On an SC6 equivalent basis, our realized price per metric ton was $976.
In July 2024, Piedmont streamlined its U.S. lithium hydroxide production plans in favor of deploying capital and technical resources more efficiently by shifting our proposed Tennessee Lithium conversion capacity to Carolina Lithium. We plan to leverage the North Carolina project by adding a second lithium hydroxide production train as part of a phased development approach on a measured timeline subject to market conditions.
In September 2024, we entered into a working capital facility with a trading company partner, whereby we may borrow up to $25.0 million based on the value of committed volumes of spodumene concentrate shipped within the following twelve months. Borrowings are credited against the outstanding balance at the time vessels complete loading, which provides additional borrowing availability. Interest is payable quarterly at the rate of SOFR plus 2.4%.
During the second half of 2024, we expanded our 2024 Cost Savings Plan and further reduced our workforce by 32% in October 2024. We expect to record restructuring charges in Q4’24 of approximately $0.6 million, which consists of $0.5 million in cash severance and employee benefits and $0.1 million in non-cash stock compensation expense. As part of our 2024 Cost Savings Plan, we reduced our total workforce by 48% between February 2024 and October 2024. We expect to recognize $14 million in annual cost savings in 2024.

North American Lithium (Quebec, Canada)

In Q3’24, NAL achieved record quarterly production of approximately 52,100 dmt and shipped approximately 49,000 dmt, of which approximately 31,500 dmt were sold to Piedmont.
In Q3’24, production at NAL increased nearly 5% compared to the prior quarter, recovery rates held consistent at 67%, and mill utilization increased to 91%, up 10% from the previous quarter.
During the third quarter of 2024, NAL operations benefited from the availability of the crushed ore dome, which was commissioned in Q2’24. Operations are expected to produce at steady-state for the remainder of 2024.
In Q3’24, Sayona announced an increase to the mineral resources estimate at NAL including a significant increase to the mineral resources in the measured and indicated categories in accordance with JORC Code requirements.
In September 2024, NAL reported an incident-free safety performance record with no lost time injuries, no modified duty injuries, and no medical aid injuries.
Concentrate produced and shipped by NAL and concentrate shipped by Piedmont:

		Share	Units	Q3’24	Q2’24	Q3’23
Piedmont Lithium
	Concentrate shipped	100%	dmt thousands	31.5	14.0	29.0

North American Lithium
	Concentrate produced	100%⁽¹⁾	dmt thousands	52.1	49.7	31.5
	Concentrate shipped	100%⁽²⁾	dmt thousands	49.0	27.7	48.2

^{___________________________________________________________}

⁽¹⁾ Concentrate produced represents 100% of NAL’s production.

⁽²⁾Concentrate shipped represents 100% of NAL’s shipments, inclusive of shipments to Piedmont.

Note: The table above reports quarterly and year-to-date information in accordance with Piedmont’s fiscal year reporting, which is on a calendar-year basis. Concentrate produced and concentrate shipped (above) are reported in the periods in which activities occurred. For financial statement purposes, Piedmont reports income (loss) from its 25% ownership in Sayona Quebec, which includes NAL, on a one-quarter lag.

Ewoyaa Lithium Project (Ghana)

In July 2024, the application to grant the Ewoyaa mining lease was submitted to the Ghanaian parliament to undergo the ratification process. The mining lease remains subject to parliamentary ratification as of the date of this Quarterly Report. We expect advances to Atlantic Lithium for Ewoyaa to decrease in the coming months depending on the timing of mining lease ratification, permitting, and prevailing market conditions.
In July 2024, Piedmont mandated a financial advisor to develop a funding strategy that includes an offtake-partner process to support our share of Ewoyaa construction capital and minimize dilution to Piedmont shareholders.
In September 2024, Ghana’s Environmental Protections Agency granted an environmental permit to the Ewoyaa project.
In October 2024, the Minerals Commission of Ghana issued a Mine Operating Permit in respect of the Ewoyaa project. The receipt of the permit marked an important milestone in achieving the regulatory approvals required to commence Project construction. The project, however, remains subject to ratification of the mining lease by the Ghanaian Parliament.

Carolina Lithium (North Carolina)

Piedmont continues to pursue an air permit application currently under review by North Carolina’s Division of Air Quality, which would allow for up to 60,000 tons per year of lithium hydroxide production at Carolina Lithium.
October 2024, the U.S. Department of the Treasury issued final guidance for the Inflation Reduction Act’s rules regarding the manufacturing credit (45X) with the modifications intended to drive critical mineral processing in the U.S. The new guidance supports the application of the 10% manufacturing credit to direct and indirect material costs, which could materially improve the after-tax economics of U.S. projects like Carolina Lithium.

Tennessee Lithium

In July 2024, Piedmont converted the proposed Tennessee Lithium project plans to a second lithium hydroxide train as part of a phased development for Carolina Lithium. The combined conversion facilities should allow Piedmont to significantly increase U.S. lithium hydroxide production capacity while deploying capital and technical resources more efficiently.

2024 Outlook

	Units	YTD’24	Q4’24	Full Year 2024
Shipments	dmt thousands	61	41 — 55	102 — 116
Capital expenditures	$ millions	11	0 — 1	11 — 12
Investments in and advances to affiliates	$ millions	25	2 — 4	27 — 29

Under our offtake agreement with Sayona Quebec, Piedmont has the right to purchase the greater of 50% of production or 113,000 dmt/year. Based on the production projection, customer requirements, and per the Company’s offtake agreement, Piedmont currently expects to ship 41,000 to 55,000 dmt in Q4’24, totaling approximately 102,000 to 116,000 dmt in 2024. In response to a customer request, the Company expects to shift a previously planned cargo from Q4’24 to early Q1’25 and is contemplating shifting a second shipment from December 2024 to January 2025 to realize material transport cost savings by combining this shipment with one from Sayona Quebec. As a result of these expected amendments to the shipment schedule, the Company has made an adjustment from our prior guidance of 126,000 dmt for 2024. We expect these shifts to be accretive to our 2025 shipments totals and not impact Piedmont’s total offtake quantities at NAL. We are prioritizing contract customer shipments and structuring spot shipments to limit downside exposure.

We expect less than $1 million in capital expenditures mainly related to Carolina Lithium in Q4’24. Investments in and advances to affiliates reflect cash contributions to Sayona Quebec and advances to Atlantic Lithium for the Ewoyaa project. With the restart capital program at NAL completed, and approvals at Ewoyaa ongoing, we expect payments to affiliates to substantially reduce in H2’24. Our outlook for forecasted capital expenditures and investments in and advances to affiliates is subject to market conditions.

Safety and Sustainability

Following the release in Q2’24 of Piedmont’s 2023 Sustainability Report, the Company continued policy development and training to support the long-term objective of establishing a robust safety and health management system. Employee engagement in safety events remained strong and identification and reporting of hazards, unsafe acts, conditions, and safety observations, and near misses continued to improve.

Q3 2024 Piedmont Lithium Earnings Call

Date:	Tuesday, November 12, 2024
Time:	8:30 a.m. Eastern Standard Time
Dial-in (Toll Free):	1 (800) 715-9871
Dial-in (Toll):	1 (646) 307-1963
Conference ID:	2536693
Participant URL:	https://events.q4inc.com/attendee/757137158

Piedmont’s earnings presentation and supporting material are available at:

https://www.piedmontlithium.com/wp-content/uploads/Piedmont_Lithium_Q3_2024_Earnings_Release_Presentation_FINAL.pdf

About Piedmont

Cautionary Note to U.S. Investors

Forward-Looking Statements

PIEDMONT LITHIUM INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts) (Unaudited)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Revenue	$ 27,663	$ 47,127	$ 54,291	$ 47,127
Costs of sales	25,010	23,363	50,321	23,363
Gross profit	2,653	23,764	3,970	23,764
Exploration costs	35	471	97	1,668
Selling, general and administrative expenses	9,466	11,185	26,576	31,793
Total operating expenses	9,501	11,656	26,673	33,461
(Loss) income from equity method investments	(3,514)	3,852	(13,864)	(1,565)
Restructuring and impairment charges	(4,563)	—	(6,657)	—
(Loss) income from operations	(14,925)	15,960	(43,224)	(11,262)
Interest income	806	1,031	2,286	2,959
Interest expense	(169)	(8)	(467)	(34)
Gain (loss) on sale of equity method investments	—	7,958	(13,886)	15,208
Other loss	(2,399)	(22)	(1,434)	(88)
Total other (expense) income	(1,762)	8,959	(13,501)	18,045
(Loss) income before taxes	(16,687)	24,919	(56,725)	6,783
Income tax expense (benefit)	—	2,028	(3,095)	3,170
Net (loss) income	$ (16,687)	$ 22,891	$ (53,630)	$ 3,613

Earnings per share:
Basic	$ (0.86)	$ 1.19	$ (2.77)	$ 0.19
Diluted	$ (0.86)	$ 1.19	$ (2.77)	$ 0.19

Weighted-average shares outstanding:
Basic	19,401	19,203	19,366	18,974
Diluted	19,401	19,239	19,366	19,011

PIEDMONT LITHIUM INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts) (Unaudited)

	September 30, 2024	December 31, 2023
Assets
Cash and cash equivalents	$ 64,358	$ 71,730
Accounts receivable	1,079	595
Other current assets	8,217	3,829
Total current assets	73,654	76,154
Property, plant and mine development, net	134,510	127,086
Advances to affiliates	39,208	28,189
Other non-current assets	1,707	2,164
Equity method investments	80,148	147,662
Total assets	$ 329,227	$ 381,255

Liabilities and Stockholders’ Equity
Accounts payable and accrued expenses	$ 6,532	$ 11,580
Payables to affiliates	287	174
Current debt obligations	19,966	149
Deferred revenue	6,866	—
Other current liabilities	3,375	29,463
Total current liabilities	37,026	41,366
Long-term debt, net of current portion	4,089	14
Operating lease liabilities, net of current portion	908	1,091
Other non-current liabilities	998	431
Deferred tax liabilities	—	6,023
Total liabilities	43,021	48,925

Stockholders’ equity:
Common stock; $0.0001 par value, 100,000 shares authorized; 19,429 and 19,272 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	2	2
Additional paid-in capital	470,149	462,899
Accumulated deficit	(180,474)	(126,844)
Accumulated other comprehensive loss	(3,471)	(3,727)
Total stockholders’ equity	286,206	332,330
Total liabilities and stockholders’ equity	$ 329,227	$ 381,255

PIEDMONT LITHIUM INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) (Unaudited)

	Nine Months Ended September 30,
	2024	2023
Cash flows from operating activities:
Net (loss) income	$ (53,630)	$ 3,613
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	6,869	7,378
Loss from equity method investments	13,864	1,565
Loss (gain) on sale of equity method investments	13,886	(15,208)
Loss on equity securities	1,036	—
Deferred taxes	(6,246)	3,170
Depreciation and amortization	221	174
Noncash lease expense	280	169
Loss on sale of assets	691	—
Noncash impairment charges	4,070	—
Unrealized foreign currency translation (gains) losses	(309)	27
Changes in assets and liabilities:
Accounts receivable	(484)	(23,281)
Other assets	2,675	(1,633)
Operating lease liabilities	(208)	(148)
Other liabilities	(25,372)	7,751
Payables to affiliates	113	21,484
Deferred revenue	6,866	—
Accounts payable and accrued expenses	(799)	342
Net cash (used in) provided by operating activities	(36,477)	5,403
Cash flows from investing activities:
Capital expenditures	(10,578)	(44,978)
Advances to affiliates	(10,310)	(6,828)
Proceeds from sale of marketable securities	45	—
Proceeds from sale of shares in equity method investments	49,103	—
Additions to equity method investments	(14,982)	(28,667)
Net cash provided by (used in) investing activities	13,278	(80,473)
Cash flows from financing activities:
Proceeds from issuances of common stock, net of issuance costs	—	71,084
Net proceeds from Credit Facility	18,007	—
Payments of debt obligations and insurance premiums financed	(1,509)	(344)
Payments to tax authorities for employee stock-based compensation	(671)	(422)
Net cash provided by financing activities	15,827	70,318
Net decrease in cash	(7,372)	(4,752)
Cash and cash equivalents at beginning of period	71,730	99,247
Cash and cash equivalents at end of period	$ 64,358	$ 94,495

Non-GAAP Financial Measures

The following information provides definitions and reconciliations of certain non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP. The non-GAAP financial measures presented do not have any standard meaning prescribed by GAAP and may differ from similarly-titled measures used by other companies. We believe that these adjusted measures provide meaningful information to assist management, investors, and analysts in understanding our financial condition and the results of operations. We believe these adjusted financial measures are important indicators of our recurring operations because they exclude items that may not be indicative of, or are unrelated to, our core operating results, and provide a better baseline for analyzing trends in our underlying businesses.

The following are non-GAAP financial measures for Piedmont:

Adjusted net (loss) income is defined as net (loss) income, as calculated under GAAP, plus or minus the gain or loss from sale of equity method investments, gain or loss on sale of assets, gain or loss from equity securities, gain or loss from foreign currency exchange, restructuring and impairment charges including severance and severance related costs and exit costs, and certain other adjustments we believe are not reflective of our ongoing operations and performance. These items include acquisition costs and other fees, and shelf registration costs.

Adjusted diluted earnings per share (or adjusted diluted EPS) is defined as diluted EPS, as calculated under GAAP, before gain or loss on sale of equity method investments, gain or loss on sale of assets, gain or loss from equity securities, gain or loss from foreign currency exchange, restructuring and impairment charges including severance and severance related costs and exit costs, and certain other costs we believe are not reflective of our ongoing operations and performance.

EBITDA is defined as net income (loss) before interest expenses, income tax expense, and depreciation.

Adjusted EBITDA is defined as EBITDA plus or minus the gain or loss on sale of equity method investments, gain or loss on sale of assets, gain or loss from equity securities, gain or loss from foreign currency exchange, restructuring and impairment charges including severance and severance related costs and exit costs, and certain other adjustments we believe are not reflective of our ongoing operations and performance.

Below are reconciliations of non-GAAP financial measures on a consolidated basis for adjusted net (loss) income, adjusted diluted EPS, EBITDA, and adjusted EBITDA.

Adjusted Net (Loss) Income and Adjusted Diluted EPS

	Three Months Ended
	September 30, 2024		June 30, 2024		September 30, 2023
(in thousands, except per share amounts)		Diluted EPS		Diluted EPS		Diluted EPS
Net (loss) income	$ (16,687)	$ (0.86)	$ (13,332)	$ (0.69)	$ 22,891	$ 1.19
Gain on sale of equity method investments⁽¹⁾	—	—	—	—	(7,958)	(0.41)
Loss on sale of assets	35	—	656	0.03	—	—
Loss (gain) on equity securities⁽²⁾	2,630	0.14	(210)	(0.01)	—	—
(Gain) loss from foreign currency exchange⁽³⁾	(266)	(0.01)	(158)	(0.01)	22	—
Restructuring and impairment charges⁽⁴⁾	4,563	0.24	314	0.02	—	—
Other costs⁽⁵⁾	1,592	0.08	81	—	152	0.01
Tax effect of adjustments⁽⁶⁾	—	—	(2)	—	1,794	0.09
Adjusted net (loss) income	$ (8,133)	$ (0.42)	$ (12,651)	$ (0.65)	$ 16,901	$ 0.88

______________________________________________________

⁽¹⁾ Gain on sale of equity method investments in the three months ended September 30, 2023 represents a noncash gain on dilution recognized primarily due to Piedmont electing not to participate in Sayona Mining’s share issuances. These shares were issued at a greater value than the carrying value of our ownership interest and as a result our interest in Sayona Mining was diluted and reduced.

⁽²⁾Loss (gain) on equity securities represents realized and unrealized gains on our equity security holdings in Atlantic Lithium and Ricca Resources.

⁽³⁾(Gain) loss from foreign currency exchange relates to currency fluctuations in our foreign bank accounts denominated in Canadian dollars and Australian dollars and marketable securities denominated in Australian dollars.

⁽⁴⁾Restructuring and impairment charges relates to severance and reorganization related costs and exit costs related to our 2024 Cost Savings Plan and impairment charges for land, capitalized construction and development costs, and other fixed assets associated Tennessee Lithium.

⁽⁵⁾Other costs include legal and transactional costs associated with the Department of Energy loan and grant initiatives, shelf registration costs, and costs related to certain strategic transactions.

⁽⁶⁾ No income tax impacts have been given to any items that were recorded in jurisdictions with full valuation allowances.

EBITDA and Adjusted EBITDA

	Three Months Ended
(in thousands)	September 30, 2024	June 30, 2024	September 30, 2023
Net (loss) income	$ (16,687)	$ (13,332)	$ 22,891
Interest income, net	(637)	(577)	(1,023)
Income tax (benefit) expense	—	(2)	2,028
Depreciation and amortization	64	75	68
EBITDA	(17,260)	(13,836)	23,964
Gain on sale of equity method investments⁽¹⁾	—	—	(7,958)
Loss on sale of assets	35	656	—
Loss (gain) on equity securities⁽²⁾	2,630	(210)	—
(Gain) loss from foreign currency exchange⁽³⁾	(266)	(158)	22
Restructuring and impairment charges⁽⁴⁾	4,563	314	—
Other costs⁽⁵⁾	1,592	81	152
Adjusted EBITDA	$ (8,706)	$ (13,153)	$ 16,180

______________________________________________________

⁽²⁾Loss (gain) on equity securities represents realized and unrealized gains on our equity security holdings in Atlantic Lithium and Ricca Resources.

Piedmont Lithium to Release Third Quarter 2024 Results on November 12, 2024

October 29, 2024October 30, 2024 by swells@piedmontlithium.com

BELMONT, North Carolina, October 30, 2024 – Piedmont Lithium (“Piedmont” or the “Company”) (Nasdaq: PLL; ASX: PLL), a leading North American supplier of lithium products critical to the U.S. electric vehicle supply chain, today announced that it will release its third quarter 2024 earnings by 7:00 a.m. Eastern Time (U.S. and Canada), prior to the Nasdaq open on Tuesday, November 12, 2024.

The Company will hold a conference call to discuss third quarter 2024 results on Tuesday, November 12, 2024, at 8:30 a.m. Eastern Time (U.S. and Canada). Access to the call is available via webcast or direct dial. A link to the webcast and direct dial numbers are provided below:

PARTICIPANT INFORMATION (Public):

Participant URL: https://events.q4inc.com/attendee/757137158
Participant Toll-Free Dial-In Number: 1 (800) 715-9871
Participant Toll Dial-In Number: 1 (646) 307-1963
Conference ID: 2536693

WEBCAST DETAILS

Event Title: Q3 2024 Piedmont Lithium Earnings Call
Event Date: November 12, 2024
Start Time: 8:30 a.m. Eastern Time (U.S. and Canada)

About Piedmont Lithium
Piedmont Lithium Inc. (Nasdaq: PLL; ASX: PLL) is developing a world-class, multi-asset, integrated lithium business focused on enabling the transition to a net zero world and the creation of a clean energy economy in North America. Our goal is to become one of the largest lithium hydroxide producers in North America by processing spodumene concentrate produced from assets where we hold an economic interest. Our projects include our Carolina Lithium project in the United States and partnerships in Quebec with Sayona Mining (ASX: SYA) and in Ghana with Atlantic Lithium (AIM: ALL; ASX: A11). We believe these geographically diversified operations helps us to play a pivotal role in supporting America’s move toward energy independence and the electrification of transportation and energy storage. For more information, follow us on Twitter @PiedmontLithium and visit www.piedmontlithium.com.

Piedmont Lithium Announces Q3’24 North American Lithium Operational Results

October 28, 2024October 28, 2024 by swells@piedmontlithium.com

Piedmont shipped approximately 31,500 dmt of spodumene concentrate in Q3’24; targets 55,000 dmt in Q4
Record quarterly production of 52,141 dmt, up 5% from Q2’24 as NAL continues to increase production
NAL achieved mill utilization of 91% and lithium recovery of 67% in Q3’24
Incident-free safety performance records achieved at NAL in September 2024

BELMONT, North Carolina, October 28, 2024 – Piedmont Lithium (“Piedmont” or the “Company”) (NASDAQ:PLL; ASX: PLL), a leading North American supplier of lithium products critical to the U.S. electric vehicle supply chain, announced that it shipped approximately 31,500 dry metric tons (“dmt”) of spodumene concentrate in Q3’24 as its jointly owned North American Lithium (“NAL”) achieved new quarterly production and operational performance records.¹ NAL, North America’s largest producing spodumene mine, is jointly owned by Piedmont (25%) and Sayona Mining Limited (75%) (ASX: SYA).

In response to a customer request, the Company will shift a planned cargo from Q4’24 to early Q1’25. As a result, Piedmont is targeting shipments of approximately 55,000 dmt of spodumene concentrate in Q4 for total 2024 shipments of approximately 116,000 dmt. While this single cargo push into early 2025 will cause a nominal adjustment from our prior guidance of 126,000 dmt for 2024, we expect this shift to be accretive to our 2025 shipments totals and does not impact Piedmont’s total offtake quantities at NAL.²

Q3’24 Operational Results Summary

Piedmont Lithium	Units	Q3’24	Q2’24	QoQ Variance	2024 YTD	2023 YTD	YoY Variance
Concentrate Shipped	kt dmt	31.5	15.5	125%	60.9	29.0	110%
Average Grade	% Li₂O	~5.4%	~5.5%	(0.1%)	~5.5%	~5.4%	0.1%

NAL¹	Units	Q3’24	Q2’24	QoQ Variance	2024 YTD	2023 YTD	YoY Variance
Ore Mined	kt wmt	240.3	233.7	3%	825.1	562.8	47%
Concentrate Produced	kt dmt	52.1	49.7	5%	142.2	64.6	120%
Plant (Mill) Utilization	%	91%	83%	8%	82%	65%	13%
Lithium Recovery	%	67%	68%	(1%)	67%	57%	10%
Concentrate Shipped	kt dmt	49.0	27.7	77%	134.8	48.2	180%

In Q3’24, NAL produced 52,141 dmt and shipped 48,992 dmt, of which approximately 31,500 dmt of spodumene concentrate were sold to Piedmont and shipped to Company customers.

NAL increased quarterly production by 5% in Q3’24 compared to the prior quarter. Mill utilization achieved a record high of 91% for the quarter benefitting from the availability of the recently completed crushed ore dome. The increased utilization rate also drove an improvement in unit operating costs, which declined by 15% quarter-over-quarter when excluding the impact of inventory movements. Recoveries dipped marginally in the quarter due to a slight reduction in feed grade and increased use of the WHIMS magnetic separators. Importantly, in September 2024, NAL reported its first incident-free safety month since the restart of operations in 2023 with no lost time injuries, no modified duty injuries, and no medical aid injuries.

“We are pleased to see the benefits from investments made at NAL during the last quarter, with the increase in quarterly production cementing NAL’s status as the largest spodumene producing mine in North America,” said Keith Phillips, President and CEO of Piedmont Lithium. “Operational performance continues to improve on a quarterly basis and Sayona’s recent announcement of the increase to the Mineral Resource Estimate lays the foundation for a potential growth at NAL in the future.”

NAL Concentrate Production

____________________

¹ All references to information about or related to NAL are from the September 2024 Quarterly Activities Report filed with the ASX by Sayona Mining Limited on 24 October 2024.

² The timing of shipments is subject to shipping logistics, port and weather conditions, and customer requirements.

About Piedmont Lithium

Piedmont Lithium Inc. (Nasdaq: PLL; ASX: PLL) is developing a world-class, multi-asset, integrated lithium business focused on enabling the transition to a net zero world and the creation of a clean energy economy in North America. Our goal is to become one of the largest lithium hydroxide producers in North America by processing spodumene concentrate produced from assets where we hold an economic interest. Our projects include our Carolina Lithium project in the Unted States and partnerships in Quebec with Sayona Mining (ASX: SYA) and in Ghana with Atlantic Lithium (AIM: ALL; ASX: A11). We believe these geographically diversified operations help us to play a pivotal role in supporting America’s move toward energy independence and the electrification of transportation and energy storage. For more information, follow us on Twitter @PiedmontLithium and visit www.piedmontlithium.com.

Cautionary Note to U.S. Investors

Piedmont’s public disclosures are governed by the U.S. Exchange Act of 1934, including Regulation S-K 1300 thereunder, whereas NAL discloses estimates of “measured,” “indicated,” and “inferred” mineral resources as such terms are used in the JORC Code and Canada’s National Instrument 43-101. Although S-K 1300, the JORC Code, and NI 43-101 have similar goals in terms of conveying an appropriate level of confidence in the disclosures being reported, they at timed embody different approaches or definitions. Consequently, investors are cautioned that public disclosures by NAL prepared in accordance with the JORC Code or NI 43-101 may not be comparable to similar information made public by companies, including Piedmont, subject to S-K 1300 and the other reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of or as described in securities legislation in the United States and Australia, including statements regarding exploration, development, construction, production, and ramp up activities or the timing of these activities, of Sayona Mining, Atlantic Lithium and Piedmont, including regarding operating cost improvements, regulatory approvals or permits or the timing thereof, project spend, timing of completion of capital projects and the effects of such projects, timing of planned deliveries and ability to improve productivity; current plans for Piedmont’s mineral and chemical processing projects; Piedmont’s potential acquisition of an ownership interest in Ewoyaa, including financing options, the timing of final investment decisions and project spend; strategy; market cycles; lithium prices; equity values; costs of new project developments; lithium shortages; lithium market recovery; certain Company approvals, permitting, partnering and debt funding discussions; a recently completed workforce reduction; expense management and possible or assumed future financial results or financial condition. Such forward-looking statements involve substantial and known and unknown risks, uncertainties, and other risk factors, many of which are beyond our control, and which may cause actual timing of events, results, performance or achievements and other factors to be materially different from the future timing of events, results, performance, or achievements expressed or implied by the forward-looking statements. Such risk factors include, among others: (i) that Piedmont, Sayona Mining or Atlantic Lithium may be unable to commercially extract mineral deposits, (ii) that Piedmont’s, Sayona Mining’s or Atlantic Lithium’s properties may not contain expected reserves, (iii) risks and hazards inherent in the mining business (including risks inherent in exploring, developing, constructing and operating mining projects, environmental hazards, industrial accidents, weather or geologically related conditions), (iv) uncertainty about Piedmont’s ability to obtain required capital to execute its business plan, (v) Piedmont’s ability to hire and retain required personnel, (vi) changes in the market prices of lithium and lithium products, (vii) changes in technology or the development of substitute products, (viii) the uncertainties inherent in exploratory, developmental and production activities, including risks relating to permitting, zoning and regulatory delays related to our projects as well as the projects of our partners in Quebec and Ghana, (ix) uncertainties inherent in the estimation of lithium resources, (x) risks related to competition, (xi) risks related to the information, data and projections related to Sayona Mining or Atlantic Lithium, (xii) occurrences and outcomes of claims, litigation and regulatory actions, investigations and proceedings, (xiii) risks regarding our ability to achieve profitability, enter into and deliver product under supply agreements on favorable terms, our ability to obtain sufficient financing to develop and construct our projects, our ability to comply with governmental regulations and our ability to obtain necessary permits, (xiv) our ability to deliver on our expense management efforts and other cost improvements expected upon completion of key capital projects as well as our future cash payments associated with these initiatives and potential future impairment charges, and (xv) other uncertainties and risk factors set out in filings made from time to time with the U.S. Securities and Exchange Commission (“SEC”) and the Australian Securities Exchange, including Piedmont’s most recent filings with the SEC. The forward-looking statements, projections and estimates are given only as of the date of this press release and actual events, results, performance, and achievements could vary significantly from the forward-looking statements, projections and estimates presented in this press release. Readers are cautioned not to put undue reliance on forward-looking statements. Piedmont disclaims any intent or obligation to update publicly such forward-looking statements, projections, and estimates, whether as a result of new information, future events or otherwise. Additionally, Piedmont, except as required by applicable law, undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Piedmont, its financial or operating results or its securities.

Piedmont Lithium Partners Release Technical Studies

June 30, 2023June 30, 2023 by swells@piedmontlithium.com

Atlantic Lithium releases DFS for Ewoyaa Lithium Project
Sayona Mining publishes preliminary technical study for carbonate production at NAL

BELMONT, North Carolina, June 30, 2023 – Piedmont Lithium (the “Company,” “Piedmont,” “we”, “our” and “us”) (Nasdaq: PLL; ASX: PLL), a developer of lithium resources critical to the U.S. electric vehicle supply chain, today announced that partners Atlantic Lithium (AIM: ALL; ASX: A11) and Sayona Mining (ASX: SYA) have released technical studies on the Ewoyaa Lithium Project (“Ewoyaa”) in Ghana and the producing North American Lithium project (“NAL”) in Quebec, respectively.

Atlantic Lithium Limited (“Atlantic Lithium”) recently published a JORC Code-compliant definitive feasibility study (“DFS”) for Ewoyaa. When implementing a mine plan developed on the basis of 25.6 million metric tons at 1.22% Li₂O of probable ore reserves only and excluding any mineral resources in the inferred category, the DFS delivers a production target of 340,000 metric tons per year of spodumene concentrate, half of which is expected to be delivered to Piedmont Lithium under the Company’s 50% allocation of production from Atlantic Lithium’s Ghanaian projects. The DFS projected robust economics for Ewoyaa, demonstrating an estimated after-tax net present value of US$1.4 billion and an after-tax internal rate of return of more than 100%. Piedmont Lithium is in the process of earning a 50% ownership interest in Ewoyaa. Based on completion of the DFS and Piedmont Lithium’s election to proceed into project development, the Company expects to earn the first 22.5% ownership interest in Ewoyaa. Atlantic Lithium is progressing through the mine permitting process, targeting construction at Ewoyaa to commence in the second half of 2024, with first production expected in 2025.

Sayona Mining Limited (“Sayona Mining”) released a preliminary technical study for lithium carbonate production at the operating NAL mine. NAL is jointly owned by Sayona Mining (75%) and Piedmont Lithium (25%). The NAL site includes a lithium carbonate facility that was partially completed by prior owners of the operation. Sayona Mining and Piedmont Lithium plan to work together with technical advisors to perform a trade-off study of lithium carbonate versus lithium hydroxide production at NAL, with a definitive technical study to follow for publication sometime in 2024. Spodumene concentrate operations at NAL have been ramping up since first production in March 2023, and first commercial shipments to customers are expected in Q3 2023.

Keith Phillips, President and CEO of Piedmont Lithium, commented, “We are grateful for the outstanding work by our partners at Atlantic Lithium and Sayona Mining in advancing these projects. We expect Ewoyaa to provide the primary feedstock for Tennessee Lithium and are in the final stages of securing the material permits needed to construct and operate the conversion facility. We look forward to the first spodumene shipments from NAL, expected in Q3 2023, and to confirming Piedmont’s transition from lithium developer to lithium producer.”

Atlantic Lithium and Sayona Mining are not subject to U.S. reporting requirements or obligations, and investors are cautioned not to put undue reliance on these statements.

About Piedmont Lithium

Piedmont Lithium (Nasdaq: PLL; ASX: PLL) is developing a world-class, multi-asset, integrated lithium business focused on enabling the transition to a net zero world and the creation of a clean energy economy in North America. Our goal is to become one of the largest lithium hydroxide producers in North America by processing spodumene concentrate produced from assets where we hold an economic interest. Our projects include our Carolina Lithium and Tennessee Lithium projects in the United States and partnerships in Quebec with Sayona Mining (ASX: SYA) and in Ghana with Atlantic Lithium (AIM: ALL; ASX: A11). These geographically diversified operations will enable us to play a pivotal role in supporting America’s move toward energy independence and the electrification of transportation and energy storage. For more information, follow us on Twitter @PiedmontLithium and visit www.piedmontlithium.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of or as described in securities legislation in the United States and Australia, including statements regarding exploration, development construction and production activities of Sayona Mining, Atlantic Lithium and Piedmont; current plans for Piedmont’s mineral and chemical processing projects; Piedmont’s potential acquisition of an ownership interest in Ewoyaa; and strategy. Such forward-looking statements involve substantial and known and unknown risks, uncertainties, and other risk factors, many of which are beyond our control, and which may cause actual timing of events, results, performance or achievements and other factors to be materially different from the future timing of events, results, performance, or achievements expressed or implied by the forward-looking statements. Such risk factors include, among others: (i) that Piedmont, Sayona Mining or Atlantic Lithium may be unable to commercially extract mineral deposits, (ii) that Piedmont’s, Sayona Mining’s or Atlantic Lithium’s properties may not contain expected reserves, (iii) risks and hazards inherent in the mining business (including risks inherent in exploring, developing, constructing and operating mining projects, environmental hazards, industrial accidents, weather or geologically related conditions), (iv) uncertainty about Piedmont’s ability to obtain required capital to execute its business plan, (v) Piedmont’s ability to hire and retain required personnel, (vi) changes in the market prices of lithium and lithium products, (vii) changes in technology or the development of substitute products, (viii) the uncertainties inherent in exploratory, developmental and production activities, including risks relating to permitting, zoning and regulatory delays related to our projects as well as the projects of our partners in Quebec and Ghana, (ix) uncertainties inherent in the estimation of lithium resources, (x) risks related to competition, (xi) risks related to the information, data and projections related to Sayona Mining or Atlantic Lithium, (xii) occurrences and outcomes of claims, litigation and regulatory actions, investigations and proceedings, (xiii) risks regarding our ability to achieve profitability, enter into and deliver product under supply agreements on favorable terms, our ability to obtain sufficient financing to develop and construct our projects, our ability to comply with governmental regulations and our ability to obtain necessary permits, and (xiv) other uncertainties and risk factors set out in filings made from time to time with the U.S. Securities and Exchange Commission (“SEC”) and the Australian Securities Exchange, including Piedmont’s most recent filings with the SEC. The forward-looking statements, projections and estimates are given only as of the date of this press release and actual events, results, performance and achievements could vary significantly from the forward-looking statements, projections and estimates presented in this press release. Readers are cautioned not to put undue reliance on forward-looking statements. Piedmont disclaims any intent or obligation to update publicly such forward-looking statements, projections, and estimates, whether as a result of new information, future events or otherwise. Additionally, Piedmont, except as required by applicable law, undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Piedmont, its financial or operating results or its securities.

Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Mineral Resources

Information presented herein related to the mineral resources and mineral reserves of Ewoyaa have been prepared in accordance with the requirements of the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves (the “JORC Code”). Comparable terms are now also defined by the SEC in its newly adopted Modernization of Property Disclosures for Mining Registrants as promogulated in its S-K 1300 standards. While the guidelines for reporting mineral resources, including subcategories of measured, indicated, and inferred mineral resources, are largely similar for JORC and S-K 1300 standards, information contained herein that describes Atlantic Lithium’s mineral deposits are not fully comparable to similar information made public by U.S. companies subject to reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder. U.S. investors are urged to consider Piedmont’s disclosure in its SEC filings, copies of which may be obtained from Piedmont or from the EDGAR system on the SEC’s website at www.sec.gov.

In June 2023, Atlantic Lithium announced the successful completion of a definitive feasibility study for Ewoyaa in accordance with the JORC Code, demonstrating the potential of Ewoyaa to produce low-cost spodumene concentrate using a dense medium only processing technique. In the Atlantic Lithium definitive feasibility study, 6% of the mined tons in the production target are based on the inclusion of inferred resources. Piedmont has disclosed the production target and estimated project economics of Ewoyaa on the basis of mining and processing of probable ore reserves only according to information provided by Atlantic Lithium in [Table 1 Section 4][[“‘JORC Code 2012 Table 1’ Section 4 Estimation and Reporting of Ore Reserves”?] of Atlantic’s DFS announcement released to the ASX on June 29, 2023. We consider the production target and its associated economics as a definitive feasibility study on the basis of processing ore reserves only.

Investors are cautioned that there is a low level of geological confidence associated with inferred mineral resources, and there is no certainty that further exploration work would result in a determination of measured or indicated mineral resources resulting from the inferred resources, that the inferred resources would be converted to mineral reserves or that the production target itself would be realized.

Piedmont Lithium Releases Inaugural Sustainability Report

June 27, 2023June 27, 2023 by swells@piedmontlithium.com

BELMONT, North Carolina, June 27, 2023 – Piedmont Lithium (“Piedmont”, “Company”) (Nasdaq: PLL; ASX: PLL), a leading global developer of lithium resources critical to the U.S. electric vehicle (“EV”) supply chain, today released its inaugural sustainability report, Progressing with Purpose. The report affirms the Company’s commitment to being a responsible, respectful steward of the planet, people, and the communities where Piedmont plans to operate its wholly owned projects, Tennessee Lithium and Carolina Lithium.

Piedmont President and CEO Keith Phillips said the Company has a unique opportunity to chart its own course as it begins its environmental, social, and governance (“ESG”) journey. “We are fortunate to be starting from a clean slate with the full ability to build sustainability into the foundation of our organization,” Phillips said. “Our inaugural sustainability report represents an important first step in formalizing our ESG efforts as we develop our operations. We are pleased to share our plans with our stakeholders as we advance our projects in Tennessee and North Carolina and our equity interests in Quebec and Ghana.”

The sustainability report reflects aspirations intended to guide the Company’s ESG strategy and is centered on four key pillars: planet, people, communities, and governance. Key highlights include:

Plans for modern technologies and practices, including the innovative Metso alkaline pressure leaching process for refining spodumene concentrate, to mitigate climate and environmental impacts.
Responsible water use and management strategies to minimize consumption while ensuring robust treatment, monitoring, and mitigation.
A progressive reclamation strategy for responsible land use at Carolina Lithium, with plans to reclaim land impacted by mining activities as soon as practical to restore and prepare the site for post-operational use.
Completed biodiversity assessments to understand native species, protect habitats, and minimize impact.
Efforts to establish a corporate culture where safety and health, and diversity, equity, and inclusion are key cornerstones for engaging the Company’s workforce around future goals and objectives.
Responsible sourcing considerations and commitments as the Company’s projects advance.
Plans for modern mining practices and state-of-the-art technologies to minimize noise and vibration impact for neighbors near Carolina Lithium.
Investor, government, and community engagement activities to help inform and collaborate with key stakeholders as the Company develops its projects.
Civic investments made in the communities where Piedmont plans to operate to help ensure long-term socio-economic development.
The economic impact, job creation, and workforce development activities expected to result as the Company constructs and operates Carolina Lithium and Tennessee Lithium.

Piedmont Lithium Expands Senior Leadership

June 22, 2023June 22, 2023 by swells@piedmontlithium.com

James Griffiths joins as Senior Vice President of Corporate Development and Treasury;
Kara deBorde joins as Vice President of Risk Management

BELMONT, North Carolina, June 22, 2023 – Piedmont Lithium (“Piedmont”, “Company”) (Nasdaq: PLL; ASX: PLL), a developer of lithium resources critical to the U.S. electric vehicle supply chain, today announced the strategic addition of two new senior leaders to support its global portfolio of projects. James Griffiths, a global industrials and corporate finance expert, has been named Senior Vice President of Corporate Development and Treasury; Kara deBorde, an award-winning risk manager with broad-based leadership experience, has joined as Vice President of Risk Management.

Keith Phillips, President and CEO of Piedmont, said these positions are key as the Company nears revenue generation from the jointly owned North American Lithium project and continues to advance development plans in its global portfolio of lithium assets. “James and Kara are highly qualified professionals who have a broad depth of knowledge in their respective areas of expertise,” he explained. “James has an impressive track record in investment banking, covering mergers, acquisitions, and capital raising for chemical and industrial companies, and will be instrumental in advancing our strategic priorities and capital plans. Kara’s robust background in risk mitigation will further support our efforts to drive value for shareholders, as she sets the strategic risk management vision to minimize Piedmont’s exposure to loss and controls the cost of claims, litigation, and insurance. James and Kara are strong additions, and they are joining at an important time for Piedmont as we prepare for first commercial shipments from North American Lithium in Q3 2023 and diligently work toward production targets in Ghana, Tennessee, and North Carolina.”

As Piedmont’s Senior Vice President of Corporate Development and Treasury, Griffiths is responsible for advancing Piedmont’s strategic priorities and capital plans, providing leadership guidance on mergers and acquisition (M&A), joint venture, and strategic investment activities, along with associated capital structure and financing plans. With a background in investment banking and management consulting spanning 17 years, he has advised on a range of M&As, divestitures, and debt and equity capital raisings for public and private companies. Most recently, he served as a Director in the Global Industrials Group at Bank of America, working with some of the unit’s largest clients to help raise debt and equity financing and advising on M&A. Prior to that, Griffiths was a Vice President in the fixed-income futures, options, and cleared derivatives business, helping clients navigate the transition from over the counter to central cleared derivatives. He began his career at Accenture in its financial services management consulting business. As a UK native, Griffiths earned a bachelor’s degree in computer science from Lancaster University.

As the Company’s Vice President of Risk Management, deBorde is responsible for identifying, formulating, coordinating, and implementing all risk-related activities and procedures. With a background spanning more than 20 years, she has cultivated robust experience in strategic risk management vision, loss protection, savings, and analytics. Most recently, deBorde served as Senior Director of Risk Management at TC Transcontinental. Her career also includes positions with Coveris, S.A.; Michelin North America; S.B. Phillips Company; and Liberty Mutual Insurance. deBorde earned a bachelor’s degree in management from the University of South Carolina.

About Piedmont Lithium

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of or as described in securities legislation in the United States and Australia, including statements regarding exploration, development, and construction activities of Sayona Mining, Atlantic Lithium and Piedmont; current plans for Piedmont’s mineral and chemical processing projects; strategy; and strategy. Such forward-looking statements involve substantial and known and unknown risks, uncertainties, and other risk factors, many of which are beyond our control, and which may cause actual timing of events, results, performance or achievements and other factors to be materially different from the future timing of events, results, performance, or achievements expressed or implied by the forward-looking statements. Such risk factors include, among others: (i) that Piedmont, Sayona Mining, or Atlantic Lithium will be unable to commercially extract mineral deposits, (ii) that Piedmont’s, Sayona Mining’s or Atlantic Lithium’s properties may not contain expected reserves, (iii) risks and hazards inherent in the mining business (including risks inherent in exploring, developing, constructing and operating mining projects, environmental hazards, industrial accidents, weather or geologically related conditions), (iv) uncertainty about Piedmont’s ability to obtain required capital to execute its business plan, (v) Piedmont’s ability to hire and retain required personnel, (vi) changes in the market prices of lithium and lithium products, (vii) changes in technology or the development of substitute products, (viii) the uncertainties inherent in exploratory, developmental and production activities, including risks relating to permitting, zoning and regulatory delays related to our projects as well as the projects of our partners in Quebec and Ghana, (ix) uncertainties inherent in the estimation of lithium resources, (x) risks related to competition, (xi) risks related to the information, data and projections related to Sayona Mining or Atlantic Lithium, (xii) occurrences and outcomes of claims, litigation and regulatory actions, investigations and proceedings, (xiii) risks regarding our ability to achieve profitability, enter into and deliver product under supply agreements on favorable terms, our ability to obtain sufficient financing to develop and construct our projects, our ability to comply with governmental regulations and our ability to obtain necessary permits, and (xiv) other uncertainties and risk factors set out in filings made from time to time with the U.S. Securities and Exchange Commission (“SEC”) and the Australian Securities Exchange, including Piedmont’s most recent filings with the SEC. The forward-looking statements, projections and estimates are given only as of the date of this press release and actual events, results, performance, and achievements could vary significantly from the forward-looking statements, projections and estimates presented in this press release. Readers are cautioned not to put undue reliance on forward-looking statements. Piedmont disclaims any intent or obligation to update publicly such forward-looking statements, projections, and estimates, whether as a result of new information, future events or otherwise. Additionally, Piedmont, except as required by applicable law, undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Piedmont, its financial or operating results or its securities.

Piedmont Lithium Completes Definitive Feasibility Study of Tennessee Lithium Project – Revised

May 1, 2023May 1, 2023 by swells@piedmontlithium.com

Download a PDF Copy

Study demonstrates robust project economics, positive impacts of the Inflation Reduction Act

Feasibility indicates results of NPV8 of US$2.5 billion and post-tax IRR of 32% for the 30-year project
Average annual steady state EBITDA and after-tax cash flow increase to US$376 and US$317 million, respectively
Project economics demonstrate positive impact of America’s pro-EV policies
Innovative Metso:Outotec technology to provide improved sustainability profile over conventional conversion
Development-ready site with infrastructure, workforce, customer proximity, and cooperative government
Zoned for industrial use, reducing number of permits and approvals required to commence construction
Availability of low-cost, clean, reliable energy with TVA’s net-zero by 2050 aspiration
Permitting and project financing activities advancing with goal of commencing construction in 2024

BELMONT, NC, April 20, 2023 – Piedmont Lithium Inc. (“Piedmont” or the “Company”) (Nasdaq:PLL; ASX:PLL), a leading global developer of lithium resources, is pleased to report the results of a Definitive Feasibility Study (“DFS” or “Study”) of the Company’s proposed Tennessee Lithium project in McMinn County, Tennessee. The Study of the 30,000 metric ton per year (“tpy”) lithium hydroxide (“LiOH”) plant featuring the innovative and waste-reducing Metso:Outotec conversion technology affirms the potential for Piedmont to develop an American-based lithium hydroxide business using spodumene concentrate from market sources, including via existing offtake agreements with Sayona Quebec and Atlantic Lithium.

Study economics for Tennessee Lithium are shown in Table 1 below and are highlighted by an estimated after-tax NPV (8% discount rate) of US$2.5 billion and an after-tax IRR of 32%. The Study assumes fixed prices of US$26,000 per metric ton of lithium hydroxide and US$1,600 per metric ton of spodumene concentrate over the project’s 30-year life. The model includes a Section 45X production tax credit of 10% under the Inflation Reduction Act of 2022 and assumes a credit of US$141.7 million against project capital costs based on expected receipt of a U.S. Department of Energy (“DOE”) grant. Tennessee Lithium development remains subject to, among other things, receipt of material permits and arrangement of project financing.

Table 1: Project Summary Outcomes	Unit	Tennessee Lithium DFS (March 2023)
Operation life	years	30
Steady state annual LiOH production	tpy	30,000
Total initial capital cost	US$mm	$809
After-tax Net Present Value @ 8% discount rate	US$mm	$2,492
After-tax Internal Rate of Return	%	32%
Steady state LiOH conversion all-in sustaining costs	US$/t	$2,952
Steady state spodumene purchase costs	US$/t LiOH	$10,721
Average annual steady state EBITDA	US$mm/y	$376
Average annual steady state after-tax cash flow	US$mm/y	$317
Payback from start of operations	years	2.8

Piedmont President and Chief Executive Officer Keith Phillips, said he was pleased with the project economics and the positive impact of the Inflation Reduction Act, which strongly favors domestic battery and critical minerals production. “America’s pro-EV and battery manufacturing policies are providing an advantage to Piedmont at a time when many analysts are projecting lithium shortages to continue into the 2030s. Piedmont’s selection for a $141.7 million grant last year by the U.S. Department of Energy exemplifies America’s commitment to developing a domestic lithium supply chain.¹”

“Tennessee Lithium is positioned to be a key resource for EV and battery manufacturers,” Phillips added. “Through long- term supply agreements with our partners, we can source raw material from spodumene that we own or in which we have an economic interest, providing greater control of our feedstock while capturing the economics of integrated production. We can advance development of the operation with revenues anticipated from the restart of North American Lithium and our recent offtake agreements with Tesla and LG Chem. Further, with the Metso:Outotec flowsheet, we believe we can sustainably produce critical lithium materials on a cost-effective basis for a more responsible profile compared to producers utilizing sulfuric acid roasting.”

Piedmont is advancing permitting and project financing activities for Tennessee Lithium with the goal of beginning construction in 2024. The Company is focused on first commercial shipments in Q3 from North American Lithium with revenue generation to support activities across Piedmont’s global portfolio of projects, including Tennessee Lithium. A DFS is expected mid-2023 for the Ewoyaa Lithium Project in Ghana, which is expected to be the primary feedstock for Tennessee Lithium, while Carolina Lithium continues to advance through permitting and approvals processes.

About Piedmont Lithium

Piedmont Lithium (Nasdaq:PLL; ASX:PLL) is developing a world-class, multi-asset, integrated lithium business focused on enabling the transition to a net zero world and the creation of a clean energy economy in North America. Our goal is to become one of the largest lithium hydroxide producers in North America by processing spodumene concentrate produced from assets where we hold an economic interest. Our projects include our Carolina Lithium and Tennessee Lithium projects in the United States and partnerships in Quebec with Sayona Mining (ASX:SYA) and in Ghana with Atlantic Lithium (AIM:ALL; ASX:A11). These geographically diversified operations will enable us to play a pivotal role in supporting America’s move toward energy independence and the electrification of transportation and energy storage. For more information, follow us on Twitter @PiedmontLithium and visit www.piedmontlithium.com.

_{¹ The grant will not be final until Piedmont Lithium and the DOE have agreed to specific terms and conditions of the grant. Once terms and conditions are finalized, funding of the grant will remain subject to satisfaction of conditions set forth in those terms.}

TENNESSEE LITHIUM DEFINITIVE FEASIBILITY STUDY

This Definitive Feasibility Study (“DFS”) of Piedmont Lithium’s (“Piedmont” or “the Company”) proposed Tennessee Lithium project (“Project” or “LHP-2”) is based on a 30,000 metric ton per year (“tpy”) lithium hydroxide (“LiOH”) conversion facility featuring the innovative and waste-reducing Metso:Outotec conversion technology, which eliminates acid roasting of spodumene and reduces solid waste generation compared to conventional technologies.

The Project is based on a 30-year operation. This DFS assumes operations achieve nameplate capacity within a 12-month period, including both overall production and battery quality production. Table 2 provides a summary of production and cost figures for the Project as well as a comparison to the preliminary economic assessment of the Company’s LHP-2 project completed in March 2022. While the DFS assumes feedstock from Piedmont’s project investments in Quebec and Ghana, it does not incorporate the profits expected to be derived from the Company’s offtake agreements or the economic interests held in Sayona Quebec, Sayona Mining, and Atlantic Lithium. Note: All values are reported in U.S. dollars.

Table 2: Project Summary Outcomes	Unit	Tennessee Lithium DFS Results	LHP-2 PEA Results
Annual Production
Operation life	years	30	30
Steady state annual LiOH production	tpy	30,000	30,000
Average annual spodumene concentrate (SC6) purchases	tpy	196,000	196,000
Operating and Capital Costs
Steady state LiOH all-in sustaining conversion costs	$/t	$2,952	$2,572
Spodumene concentrate purchase price assumption	$/t SC6	$1,600	$1,200
Steady-state spodumene purchase costs	$/t LiOH	$10,721	$8,053
Development capital	$mm	$697	$480
Other owner’s costs	$mm	$26	$28
Contingency	$mm	$86	$64
Total initial capital cost	$mm	$809	$572
Sustaining capital	$mm	$208	$163
Financial Performance
LiOH sales price assumption	$/t	$26,000	$22,000
After-tax Net Present Value (“NPV”) @ 8% discount rate	$mm	$2,492	$2,248
After-tax Internal Rate of Return (“IRR”)	%	32%	33%
Average annual steady state EBITDA	$mm/y	$376	$346
Average annual steady state after-tax cash flow	$mm/y	$317	$269
Payback from start of operations	years	2.8	3.1

Study Consultants

This Study combines information and assumptions provided by a range of independent consultants, including these key contributors:

Table 3: DFS Study Consultants
Consultant	Scope of Work
Kiewit Engineering Group, Inc.	Front-end engineering design contractor
Primero Group Americas Inc.	LiOH plant design and overall Study integration
Metso:Outotec	LiOH manufacturing technology package
HDR Engineering	Environmental and permitting support and project controls
Carolina Material Technologies	Product packaging plant designer
PLG Consulting	Spodumene logistics consultants

Tennessee Lithium 30,000 tpy Lithium Hydroxide Plant Overview

Tennessee Lithium will be located at the North Etowah Industrial Park in McMinn County, Tennessee. Piedmont agreed to purchase the 279-acre site situated between Chattanooga and Knoxville in August 2022. Figure 1 shows Tennessee Lithium’s location relative to Piedmont’s headquarters and Carolina Lithium project in Gaston County, North Carolina.

_{Figure 1 – Planned Tennessee Lithium Site Location in Etowah, Tennessee}

The Project’s location in Tennessee was selected for several key reasons, including access to excellent infrastructure with convenient rail, road, and river transportation. The property is a CSX Select Site and a Select Tennessee Certified Site, ensuring that it meets high quality standards and is primed for development with documented environmental conditions and geotechnical analysis among other criteria. Further, the site is located in an Opportunity Zone, which gives Piedmont the ability to be a key contributor to the economic growth of the region.

The area also is home to a talented, industrial workforce with several nearby educational institutions to support workforce development objectives, including the Advanced Technologies Institute of Cleveland State Community College and the Tennessee College of Applied Technology – Athens.

Responsible power sources were another key criterion in the site selection process. Tennessee rated highly in this category due to the Tennessee Valley Authority’s aspiration to be net zero by 2050 and its commitment to replacing coal- fired generation with low-carbon resources, including nuclear, hydro, wind, and solar.

The site is in proximity to the “Battery Belt,” where battery and automotive plants are being constructed by prospective customers, and it is situated within a constructive business climate with cooperative local and state governments.

Figure 2 highlights examples of regional infrastructure as well as industries neighboring the industrial park.

_{Figure 2 –Industry and Infrastructure Near North Etowah Industrial Park}

The DFS assumes that Tennessee Lithium will operate for 30 years and produce 30,000 tpy of lithium hydroxide at steady state from approximately 196,000 tpy of 6% Li2O spodumene concentrate (“SC6”) purchased at market rates from third parties. To support Tennessee Lithium operations, our strategy is to work with Atlantic Lithium to develop the Ewoyaa Lithium Project (“Ewoyaa”) in Ghana, where Piedmont holds offtake rights to 50% of spodumene concentrate production on a life-of-mine basis. Atlantic Lithium submitted an application for mining license to the Minerals Commission of Ghana for Ewoyaa in 2022 and expects to complete a definitive feasibility study in 2023 for the project.

In addition, spodumene concentrate may be purchased from Sayona Quebec, where Piedmont holds offtake rights for the greater of 113,000 tpy or 50% of spodumene concentrate production on a life-of-mine basis from North American Lithium (“NAL”) and the Authier Lithium Project. NAL restarted spodumene concentrate production in Q1 2023 and is expected to begin commercial shipments as early as Q3 2023.

While the strategy of the Company is to align operations in Tennessee Lithium primarily with the supply of spodumene concentrate from Ghana and secondarily with the supply from North American Lithium, the Project has the potential to accept spodumene concentrate from other market sources.

Process Design

Piedmont has selected Metso:Outotec’s innovative and proprietary alkaline pressure leach process, rather than traditional acid roasting, for production of lithium hydroxide at Tennessee Lithium. By eliminating the use of sulfuric acid, the pressure leach process is expected to reduce solid waste generation and overall air emissions. We believe our entire conversion method will be more efficient and environmentally sustainable than conventional acid-roasting spodumene- to-hydroxide technologies, resulting in a process that is safer for employees, the environment, and the community. While Metso:Outotec’s pressure leach process is new to the lithium industry, it has been proven in other applications, and we expect it will be adopted and proven by other lithium producers ahead of our timeline. All other unit operations, excluding the pressure leach within the process flowsheet, are currently widely employed in the lithium industry.

In 2021, Piedmont engaged Metso:Outotec to undertake pilot plant testwork using their pressure leach process based upon a spodumene concentrate sample derived from the Carolina Lithium project. In September 2022, Metso:Outotec began additional bench scale alkaline pressure leach testwork using spodumene concentrate samples sourced from Ewoyaa and NAL. Supplemental testwork on third-party concentrates is planned to support design basis and determine the impact of mineralogical/characteristic variability, however, the process is being designed to convert a wide variety of spodumene sources with minor adjustments. Based on the testwork completed, Metso:Outotec expects that 196,000 tpy of SC6 will be required to produce 30,000 tpy of battery quality lithium hydroxide, which allows this Study to assume a 91% lithium conversion rate through the lithium hydroxide conversion plant.

A picture containing text, diagram, screenshot, font Description automatically generated

_{Figure 3 – Proposed Tennessee Lithium Process Block Flow Diagram}

Site Plan

A preliminary site plan and 3D model (Figure 4) of the Tennessee Lithium plant, including lithium hydroxide manufacturing, rail siding, and ancillary facilities, was developed by Primero Group and Kiewit Engineering during the course of the Study. Layout optimization and value engineering are ongoing as part of front-end engineering design efforts.

_{Figure 4 – Isometric View of Tennessee Lithium}

Infrastructure

Transportation

The proposed Tennessee Lithium site is located in the North Etowah Industrial Park in McMinn County, approximately

3.5 miles north of Etowah, Tennessee, and 6 miles southeast of Athens, Tennessee.

Etowah is located between Chattanooga and Knoxville, Tennessee, along the I-75 Corridor. Secondary roads connect Etowah to Athens, the closest access point to the Interstate. US Highway 411 runs through the city, paralleling the Interstate.

The North Etowah Industrial Park is a CSX Select Site, and the CSX main line track is adjacent to the Tennessee Lithium property. The CSX Select Site program reviews the most capable manufacturing and distribution development properties along the CSX network that can rapidly utilize freight rail service. The designation confirms that standard land use issues have been addressed and the site is ready for development.

Additionally, the site is in proximity to the Hiwassee River, which could provide an option for barge transportation via the Tennessee River system.

Power

Power supply to the site will be via a 161kV transmission line tap on the Tennessee Valley Authority (“TVA”) transmission system. The line tap will be provided by Etowah Utilities and will connect to a new local substation on the Project site. The substation will have the main step-down transformers to reduce voltage from 161kV to 13.8kV for power distribution on site.

The Project is expected to purchase power from the City of Etowah via an existing distributor contract that Etowah has with TVA. The Company has entered into a deposit agreement with TVA with respect to providing preliminary engineering design of a special delivery point to the Project’s planned substation.

TVA has transformed its power generation mix from 36% carbon free in 2005 to 57% carbon free in 2020, while reducing carbon emissions by 70% during that time period. TVA reduced its reliance on coal-fired power from 57% in 2005 to 15% in 2020² as part of that change in the generation mix. TVA also offers industrial customers the opportunity to partner in green energy programs, including TVA Green Flex and TVA Green Invest.³ Piedmont continues to evaluate these programs as opportunities to improve our overall emissions profile.

Waste Disposal Facilities

The study assumes that Piedmont will construct or acquire a storage facility for the analcime tailings from the pressure leach conversion process. These costs are included in the initial capital costs of the Project. The DFS also includes estimated costs to operate this facility as well as sustaining capital for storage facility maintenance and expansion during the 30-year Project life.

Piedmont continues to work with potential regional partners that could repurpose the analcime tailings for beneficial uses to reduce the Project’s solid waste profile and further lower production costs.

Natural Gas

The Company has entered into agreements securing capacity reservations for natural gas supply from the City of Etowah for firm-primary supply of 500 dekatherm/day of natural gas and a secondary capacity reservation of 4,350 dekatherm/day from Symmetry Energy Solutions. Excess natural gas requirements above these amounts will be provided by Symmetry Energy Solutions, if required.

Logistics

Piedmont commissioned PLG Consulting (“PLG”) to evaluate various logistics alternatives for delivery of spodumene concentrate to Tennessee Lithium. PLG studied over 20 modal options for spodumene concentrate delivery to Etowah, Tennessee, including nine ocean ports and terminals, two river terminals, six barge operators, two stevedoring companies, three railroads, and truck delivery.

Based on PLG’s analysis, the Study has assumed that spodumene concentrate can be delivered by rail from several U.S. East Coast or Gulf ports and delivered by rail or truck to Etowah, Tennessee with barge transportation as an alternate delivery option.

Permitting

As a Select Tennessee Certified Site, the property had already undergone a range of evaluations and analysis prior to Piedmont’s site selection to ensure that it is primed for development. The location within the North Etowah Industrial Park reduces the number of permits and approvals that Piedmont will need to independently secure to commence construction and operations at Tennessee Lithium.

In October 2022, the Company submitted an application for a Conditional Major Non-Title V Air Permit to the Tennessee Department of Environment and Conservation (“TDEC”). TDEC requested additional information related to our application in November 2022, and we responded in December 2022. In February 2023, TDEC deemed our application complete and subject to ongoing review. The Company also submitted a Construction Stormwater permit for the Project in March 2023. We expect to receive these permit approvals in Q2 or Q3 2023, allowing construction to commence once project financing has been arranged.

Certain height variances for structures may be required from McMinn County or the City of Etowah for the Project, depending on the final engineering design. Piedmont is currently collaborating with local officials and emergency response representatives regarding the potential requirements.

_{2 https://www.tva.com/about-tva/learn-about-tva/environmental-leadership}

_{3 https://www.tva.com/energy/valley-renewable-energy/renewables-for-large-business-and-industry}

Marketing

Lithium Market Outlook

Benchmark Mineral Intelligence (“Benchmark”) reports that total battery demand grew to nearly 590 GWh in 2022 translating to 540kt of lithium carbonate equivalent (“LCE”) demand in 2022, a growth of 55% over 2021 demand. Benchmark calculated total demand in 2022 to be 672kt on an LCE basis. Benchmark further expects the market to remain in a structural deficit (see Figure 5) as demand outpaces supply. In the near impossible scenario that all projects come online on time and as planned, without any issues, Benchmark projects a modest surplus in 2025-2027 before the market returns to a perpetual deficit without further new projects yet undiscovered or developed.

_{Figure 5 – Lithium supply demand forecast}

Lithium prices have experienced volatility since Piedmont published the preliminary economic assessment (“PEA”) for LHP-2 (now referred to as Tennessee Lithium) in March 2022. Prices continue to show volatility, but current spot prices for battery-grade lithium hydroxide and spodumene concentrate remain above historical averages. Since the PEA was published, market analysts and industry consultants have largely revised their price forecasts for lithium hydroxide and spodumene concentrate higher over both the medium- and long-term to account for changing industry dynamics.

This Study assumes flat prices of $26,000/t for battery-grade lithium hydroxide and $1,600/t for spodumene concentrate for the life of the Project. The selected price deck represents a discount to current spot market prices and recorded sale prices disclosed by operating companies in the space. The price forecasts were developed based on a basket of market analysts and industry consultant medium- and long-term price forecasts, in addition to internal expectations around the future pricing environment. We believe that prices should remain elevated for several years based on increasing demand for lithium-ion batteries, a shortage of qualified supply, and the emergence of high-cost lepidolite and other alternative supply sources. Figure 6 compares the pricing used in the Study to historical pricing for lithium hydroxide and spodumene concentrate.

_{Figure 6 – Historical Battery Quality Lithium Hydroxide (ex-China) and Spodumene Concentrate Prices ($/t) as of April 18, 2023 (Fastmarkets)}

As shown in Figure 7 below, North America is seeing considerable growth in battery plant capacity.

_{Figure 7 – Select Battery Plants Operating, Under Construction, or Announced in the United States}

Figure 8 below shows the corresponding lithium hydroxide demand given the expected capacity of the announced U.S. battery manufacturing plants at full production, reflecting dramatic growth from the current installed capacity base in the U.S. of approximately 20,000 tpy.

_{Figure 8 – Lithium Hydroxide Estimated Demand for Select U.S. Giga-Factories}

Market Strategy

Piedmont is focused on establishing strategic partnerships with customers for battery grade lithium hydroxide with an emphasis on a customer base that supports EV demand growth in North America and Europe. Piedmont expects to concentrate this effort on these growing EV supply chains, particularly considering the increasing commitments of battery and battery material manufacturing by groups such as Tesla, Ford, General Motors, Stellantis, Volkswagen, Toyota, LG Energy Solutions, LG Chem, SK Innovation, Samsung SDI, and others. Discussions with prospective customers and strategic parties are ongoing.

Operating and Capital Costs

Operating Cost Estimates

The operating cost estimate was prepared based on producing 30,000 tpy of lithium hydroxide monohydrate at Tennessee Lithium. Table 4 summarizes the estimated average operating costs during steady state operations and provides a comparison to the operating costs estimated in the PEA announced in March 2022.

Table 4: Chemical Plant Cash Operating Cost Summary (Steady State Operations)
	DFS (March 2023)		PEA (March 2022)
Operating Cost Component	Annual Cost ($mm/y)		Annual Cost ($mm/y)
	Annual Cost ($mm/y)	Cost $/t LiOH	Annual Cost ($mm/y)	Cost $/t LiOH
Salaries	$14.1	$469	$10.0	$334
Operating consumables and reagents	$30.8	$1,027	$33.0	$1,099
Power	$7.7	$256	$6.4	$214
Maintenance	$13.0	$435	$3.2	$107
Mobile equipment	$0.4	$13	$0.3	$10
Lab expenses	$2.1	$70	$2.1	$70
Tailings disposal	$1.3	$43	$5.7	$191
Chemical plant overheads	$3.5	$116	$3.1	$103
Subtotal conversion costs	$72.9	$2,429	$63.8	$2,128
SC6 supply costs (cash cost basis) (delivered to site)	$321.6	$10,721	$241.6	$8,053
Corporate G&A allocation	$8.0	$267	$8.0	$267
Total cash operating costs (steady state basis)	$402.5	$13,417	$313.4	$10,448
Sustaining capital	$7.7	$256	$5.3	$177

The DFS operating cost estimate is based on Q4 2022 U.S. dollars with no inflation allowance. Target accuracy of the operating cost estimate is ±15%. Operating costs are based on steady state production.

Capital Cost Estimates

Table 5 highlights the total estimated capital expenditures for the Tennessee Lithium project. Variable contingency has been applied to Project costs based on the level of engineering definition completed and the confidence level of supplier and contractor quotations. The capital cost estimate has a ±15% accuracy and is based on a Q4 2022 cost basis.

Table 5: Estimated Capital Costs
Cost Center	DFS Estimated Capital Costs ($mm) (March 2023)	PEA Estimated Capital Costs ($mm) (March 2022)
Direct development costs	$540.9	$423.3
Project indirect costs	$156.2	$56.9
Owner’s costs	$25.7	$28.0
Contingency	$86.6	$63.9
Total Development Capital	$809.4	$572.1
Deferred and sustaining capital	$207.6	$163.3
Working capital	$97.4	$127.9

Figure 9 summarizes the significant CAPEX changes from the February 2022 PEA to the March 2023 DFS. The majority of the increases in CAPEX are due to inflation logistics and an increase in project definition.

_{Figure 9 – Capital Cost Comparison from PEA to DFS}

Project Schedule

Overall schedule development of the Tennessee Lithium project has been completed to a DFS level. An anticipated summary schedule is presented in Figure 10. Piedmont expects to complete front-end engineering design by the end of Q3 2023. Concurrent with completing FEED, Piedmont plans to begin detailed design engineering for the Project. Ordering of long-lead equipment and EPC execution will occur upon completion of permitting and project financing activities.

The Project schedule remains subject to ongoing design engineering, permitting approvals, spodumene concentrate supply sourcing, EPC contract negotiation, market conditions, and project financing activities.

_{Figure 10 – Indicative Tennessee Lithium Project Schedule}

Taxes and Depreciation

Tennessee Lithium project economics include, but are not limited to, the following key parameters related to taxes and depreciation allowances.

Model assumes Tennessee state corporate taxes of 6.5%.
The Federal tax rate of 21% is applied and state corporate taxes are deductible from this rate.
Depreciation in the lithium hydroxide plant is based on Asset Class 28.0 – Mfg. of Chemical and Allied Products in Table B-1 using GDS of 5 years with the double-declining balance method.
Bonus depreciation of 80% has been applied based on the bonus depreciation allowance in the Tax Cuts and Jobs Act of 2017, where applicable.
A 10% production tax credit under Section 45X of the Inflation Reduction Act has been included in the financial model. The tax credit is applied to all operating costs, including spodumene concentrate purchases.

Modeling Assumptions

A project economical model was completed by Primero as part of the Study with the following key assumptions:

Capital and operating costs are in accordance with technical study outcomes.
Chemical plant ramp-up is based on a 12-month timeframe to nameplate production.
Financial modeling has been completed on a yearly basis, including estimated cash flow for construction activities and Project ramp-up.
Pricing information for battery-grade lithium hydroxide sales and spodumene concentrate supply are based on a fixed price of $26,000/t for battery quality lithium hydroxide and $1,600/t for 6.0% Li2O spodumene concentrate.
Taxes and depreciation allowances according to stated assumptions.

Financial Modeling

The DFS assumes a chemical plant production life of 30 years as well as operations using market procurement of SC6, including potentially from offtake sources currently controlled by or contracted with Piedmont.

The current economic model is based on a yearly projection of capital costs and assumes that the full capital cost is spent across 2 years prior to commissioning the chemical plant. The chemical plant is assumed to ramp up to full production over a one-year period.

Payback Period

The payback period for Tennessee Lithium is estimated to be 2.8 years after the start of chemical plant operations or 5.3 years from the start of construction. The payback period is calculated based on after-tax free cash flow.

Sensitivity Analyses

Key inputs in the DFS have been tested by pricing, capital cost, and operating cost sensitivities. The impact to after-tax net present value (“NPV”) is presented in Figure 11, while the impact to Project internal rate of return is presented in Figure 12. Additionally, applying discount rates of 7% and 9% resulted in NPV7 of $2,851mm and NPV9 of $2,185mm.

Sensitivity Analysis – After Tax NPV₈ (US$mm)

_{Figure 11 – Tennessee Lithium net present value sensitivity analysis}

Sensitivity Analysis – After Tax IRR

_{Figure 12 – Tennessee Lithium Internal Rate of Return Sensitivity Analysis}

Project Financing

In October 2022, the Company was selected for a US$142 million grant from the U.S. Department of Energy (“DOE”) to support the construction of its Tennessee Lithium project in McMinn County, Tennessee. As part of the selection for this DOE funding, the Company has been invited to negotiate the specific terms of the grant, including timing and any co- funding. The final details of the project grant are subject to these negotiations. The grant will not be final until the Company 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 from time to time of conditions precedent set forth in those terms.

Assuming the availability of the US$142 million grant from the DOE, to achieve the range of outcomes indicated in the Study, additional funding in the order of US$668 million will likely be required to construct the Tennessee Lithium project. Investors should note that there is no certainty that the Company will be able to raise this amount of funding when needed. It is also possible that such funding may only be available on terms that may be dilutive to or otherwise affect the value of the Company’s existing shares.

The Company is debt free and is in a strong financial position, with approximately $129 million cash on hand at the end of Q1 2023. The current strong financial position means the Company is soundly funded to continue front-end engineering design activities, permitting, and detailed design engineering efforts needed to advance the Project to a final investment decision.

The Company considers that given the nature of the Project, the remaining funding required to construct the Tennessee Lithium project may involve potential strategic investors or end user customers, with potential funding sources including, but not limited to, traditional equity and debt, offtake prepayments and streams, royalty prepayments, or strategic equity, at either the Company and/or Project level.

Piedmont’s shares are listed on the Nasdaq Capital Market (“Nasdaq”) and its Chess Depositary Instruments (“CDI’s”) are listed on the Australian Securities Exchange (“ASX”). Nasdaq is one of the world’s premier venues for growth companies and provides increased access to capital from institutional and retail investors in the United States. Our market capitalization is approximately US$1.1 billion and we have a track record of successful equity raises over the past three years including most recently a US$75 million private placement with LG Chem in February 2023. Between October 2020 and December 2022, we successfully raised US$310 million in gross proceeds from equity offerings.

As a result, the Board has a high level of confidence that the Project will be able to secure funding in due course, having particular regard to:

Required capital expenditure;
Piedmont’s market capitalization;
The Company’s track record in raising equity;
Recently completed funding arrangements for similar or larger scale projects;
The range of potential funding options available;
The favorable key metrics generated by the Project; and
Investor interest to date.

Conclusions and Next Steps

The Tennessee Lithium DFS Study results demonstrate a robust technical and financial case for Piedmont to establish a merchant lithium hydroxide manufacturing business in the United States using spodumene concentrate from market sources, including the existing offtake agreements secured by the Company in 2021. The Company will now undertake the following activities with a view to a possible Final Investment Decision in 2024:

Complete front-end engineering design.
Continue permitting activities associated with the Project.
Undertake additional pilot testwork programs with Metso:Outotec.
Begin detailed design engineering.
Continue project financing discussions.

Forward Looking Statements

This announcement includes forward-looking statements within the meaning of applicable securities laws, including statements about LHP-2, the potential selection of a site for such plant, timing and expectations around any development and production of the plant and estimates and assumptions around permitting, revenues and costs of the plant. These forward-looking statements are based on Piedmont’s expectations and beliefs concerning future events. Such forward- looking statements concern Piedmont’s anticipated results and progress of its operations in future periods, planned exploration and, if warranted, development of its properties and plans related to its business and other matters that may occur in the future. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. All statements contained herein that are not clearly historical in nature are forward-looking, and the words “anticipate,” “believe,” “expect,” “estimate,” “may,” “might,” “will,” “could,” “can,” “shall,” “should,” “would,” “leading,” “objective,” “intend,” “contemplate,” “design,” “predict,” “potential,” “plan,” “target” and similar expressions are generally intended to identify forward- looking statements.

Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements. Such factors include, among others, risks related to:

the risk that anticipated plans, development, production, revenues or costs are not attained;
Piedmont’s operations being further disrupted and Piedmont’s financial results being adversely affected by public health threats, including the novel coronavirus pandemic;
Piedmont’s and its partners’ limited operating history in the lithium industry;
Piedmont’s status as a development stage company, including Piedmont’s ability to identify lithium mineralization and achieve commercial lithium mining;
risks of mining, exploration and mine construction, if warranted, on the properties of Piedmont and its partners, including timing and uncertainties related to acquiring and maintaining mining, exploration, environmental and other licenses, permits, access rights or approvals in Gaston County, North Carolina, the Province of Quebec, Canada and Cape Coast, Ghana as well as properties that Piedmont may acquire or obtain an equity interest in the future;
completing required permitting activities required to commence processing operations for Tennessee Lithium;
Piedmont’s ability to achieve and maintain profitability and to develop positive cash flows from Piedmont’s processing activities;
risk around estimates of mineral reserves and resources of Piedmont and its partners and whether any such mineral resources will ever be developed into mineral reserves;
investment risk and operational costs associated with exploration activities of Piedmont and its partners;
the ability of Piedmont and its partners to develop and achieve production on their properties;
Piedmont’s ability to enter into and deliver products under supply agreements;
the pace of adoption and cost of developing electric transportation and storage technologies dependent upon lithium batteries;
Piedmont’s ability to access capital and the financial markets;
recruiting, training and developing employees;
possible defects in title of Piedmont’s properties;
compliance with government regulations;
environmental liabilities and reclamation costs;
estimates of and volatility in lithium prices or demand for lithium;
Piedmont’s common stock price and trading volume volatility;
the development of an active trading market for Piedmont’s common stock;
Piedmont’s failure to successfully execute its growth strategy, including any delays in Piedmont’s planned future growth; and
other factors set forth in Piedmont’s most recent Annual Report on Form 10-K and subsequent reports, as filed with the U. S. Securities and Exchange Commission.

All forward-looking statements reflect Piedmont’s beliefs and assumptions based on information available at the time the assumption was made. These forward-looking statements are not based on historical facts but rather on management’s expectations regarding future activities, results of operations, performance, future capital and other expenditures, including the amount, nature and sources of funding thereof, competitive advantages, business prospects and opportunities. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, known and unknown, that contribute to the possibility that the predictions, forecasts, projections or other forward-looking statements will not occur. Although Piedmont have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated, or expected. Piedmont cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Except as otherwise required by the securities laws of the United States, Piedmont disclaims any obligation to subsequently revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. Piedmont qualifies all the forward-looking statements contained in this release by the foregoing cautionary statements.

For further information, contact:

Erin Sanders
SVP, Corporate Communications & Investor Relations
T: +1 704 575 2549
E: esanders@piedmontlithium.com

Christian Healy/Jeff Siegel
Media Inquiries
E: christian@dlpr.com
E: Jeff@dlpr.com

Scheme of Arrangement – FIRB Approval

May 7, 2021April 30, 2021 by swells@piedmontlithium.com

Piedmont Lithium Limited (ASX:PLL, NASDAQ:PLL) (Piedmont or Company) refers to its proposed re-domiciliation from Australia to the United States via a Scheme of Arrangement under which Piedmont Lithium Inc. (Piedmont US), a newly formed US Corporation, will acquire Piedmont (Scheme).

Piedmont is pleased to announce that Piedmont US has received confirmation from the Australian Foreign Investment Review Board (FIRB) that the Commonwealth has no objection to the Scheme. The receipt of this ‘no objection letter’ from FIRB satisfies the condition precedent in clause 3.1(a)(iii) of the Scheme Implementation Deed (SID) between Piedmont and Piedmont US, a copy of which was released on the ASX on December 9, 2020.

The Scheme remains subject to a number of outstanding conditions, including Court approval and the satisfaction, or waiver, of other conditions as outlined in the Scheme Booklet and in the SID. This announcement has been authorized for release by the Company’s Company Secretary.

Q4’24 Operational Results Summary

NAL Concentrate Production

About Piedmont

Cautionary Note to U.S. Investors

Forward-Looking Statements

Creates a Leading North American Lithium Producer and Developer

Piedmont Lithium Board Unanimously Recommend the Transaction

Strategic Rationale for the Merger

Transaction Structure

Governance and Leadership

Closing Conditions and Timing

Equity Raising Overview

Timetable

Additional Information

Conference Calls

Advisors and Counsel

About Piedmont

About Sayona

About RCF

Forward Looking Statements

Additional Information and Where to Find It

Participants in the Solicitation

No Offer or Solicitation

Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Mineral Resources

Annexure 1Piedmont and Sayona Mineral Resources

Mineral Resources (100% basis) – Piedmont

Mineral Resources

Ore Reserves

Mineral Resources (100% basis) – Sayona

Mineral Resources

Ore Reserves

NAL Production & Safety Records; Strong Commercial Performance for Company

Third Quarter 2024 Financial Highlights

Third Quarter and Recent Business Highlights

Piedmont Lithium

North American Lithium (Quebec, Canada)

Ewoyaa Lithium Project (Ghana)

Carolina Lithium (North Carolina)

Tennessee Lithium

2024 Outlook

Safety and Sustainability

Q3 2024 Piedmont Lithium Earnings Call

About Piedmont

Cautionary Note to U.S. Investors

Forward-Looking Statements

Non-GAAP Financial Measures

Adjusted Net (Loss) Income and Adjusted Diluted EPS

EBITDA and Adjusted EBITDA

PARTICIPANT INFORMATION (Public):

WEBCAST DETAILS

Q3’24 Operational Results Summary

NAL Concentrate Production

Atlantic Lithium releases DFS for Ewoyaa Lithium Project Sayona Mining publishes preliminary technical study for carbonate production at NAL

About Piedmont Lithium

Forward-Looking Statements

Study demonstrates robust project economics, positive impacts of the Inflation Reduction Act

TENNESSEE LITHIUM DEFINITIVE FEASIBILITY STUDY

Study Consultants

Tennessee Lithium 30,000 tpy Lithium Hydroxide Plant Overview

Process Design

Site Plan

Infrastructure

Transportation

Power

Waste Disposal Facilities

Natural Gas

Logistics

Permitting

Marketing

Lithium Market Outlook

Market Strategy

Operating and Capital Costs

Operating Cost Estimates

Capital Cost Estimates

Project Schedule

Taxes and Depreciation

Modeling Assumptions

Financial Modeling

Payback Period

Sensitivity Analyses

Annexure 1
Piedmont and Sayona Mineral Resources

Atlantic Lithium releases DFS for Ewoyaa Lithium Project
Sayona Mining publishes preliminary technical study for carbonate production at NAL

Sensitivity Analysis – After Tax NPV₈ (US$mm)