Sarah Wells, Author at Piedmont Lithium

Piedmont Lithium Announces Senior Management Changes

February 25, 2022February 28, 2022 by Sarah Wells

BELMONT, N.C., February 25, 2022 – Piedmont Lithium Inc. (“Piedmont” or the “Company”) (NASDAQ: PLL; ASX: PLL), a leading, diversified developer of lithium resources required to enable the U.S. electric vehicle supply chain, today announced two senior management changes. David Klanecky, Piedmont’s Chief Operating Officer, has accepted the position of Chief Executive Officer of Retriev Technologies, the largest most diverse lithium-ion battery processer in North America. Mr. Klanecky will continue to work as a member of Piedmont’s external Technical Advisory Board, and Community Foundation. “David has been a great teammate and I’m happy for him to have received this opportunity to be CEO of Retriev, a private company with sizeable existing operations and an exciting growth path,” said Piedmont CEO, Keith Phillips. Mr. Phillips added, “We are pleased to have David continue his association with the Company as both a strategic advisor and as a member of our Community Foundation, something he has been passionately involved in developing.”

Piedmont’s Chief Development Officer, Mr. Patrick Brindle, will assume the role of Chief Operating Officer going forward. Mr. Brindle joined Piedmont in January 2018 and has led the Company’s technical and strategic efforts over the past four years, including advancing the Company’s flagship Carolina Lithium Project and leading Piedmont’s strategic investments in Sayona Mining in Quebec and Atlantic Lithium in Ghana. Mr. Phillips commented, “Patrick is an exceptional talent who is deeply passionate about building North America’s largest and most sustainable lithium hydroxide business. Having helped create our world-class and geographically diversified asset base, Patrick is uniquely positioned within our team to lead a transformation of Piedmont Lithium from a development stage company into production and operations on the most practically achievable timelines possible.

Our mission in 2022 is the successful execution of our near-term goals including advancing permits and approvals for our flagship Carolina Lithium Project, expanding our business plans to produce 60,000 tons per year of lithium hydroxide with a second lithium conversion plant, bringing our North American Lithium mine back into production with our partner Sayona Mining, and completing a feasibility study at Atlantic Lithium’s Ewoyaa Project in Ghana.

We have grown from a team of four employees two years ago to 30 today, including a deep technical team. We are also blessed with strong partners at our businesses in Canada and Ghana, which are both pursuing accelerated development schedules to capitalize on strong lithium market conditions. With Sayona Mining projecting first production from the restart of North American Lithium in 2023, Atlantic Lithium planning first production at the Ewoyaa project in 2024, and our own projects advancing towards their construction decisions, Piedmont Lithium’s future is positively electric.”

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. The centerpiece of our operations, Carolina Lithium, is located in the renowned Carolina Tin-Spodumene Belt of North Carolina. Combining our U.S. assets with equally strategic and in-demand mineral resources, and production assets in Quebec and Ghana, positions us to be one of the largest, lowest cost, most sustainable producers of battery-grade lithium hydroxide in the world. We will also be the most strategically located to best serve the fast-growing North American electric vehicle supply chain. The unique geology, geography and proximity of our resources, production operations and customer base, will allow us to deliver valuable continuity of supply of a high-quality, sustainably produced lithium hydroxide from spodumene concentrate, preferred by most EV manufacturers. Our diversified operations will enable us to play a pivotal role in supporting America’s move toward decarbonization and the electrification of transportation and energy storage. For more information, 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, and construction activities; current plans for Piedmont’s mineral and chemical processing projects; strategy; and expectations regarding permitting. 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 will be unable to commercially extract mineral deposits, (ii) that Piedmont’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 Quebec and 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 presentation and actual events, results, performance, and achievements could vary significantly from the forward-looking statements, projections and estimates presented in this presentation. 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 Reports Results of Annual Meeting of Shareholders

February 8, 2022February 8, 2022 by Sarah Wells

BELMONT, N.C. – Piedmont Lithium Inc. (“Piedmont” or the “Company”) (NASDAQ: PLL; ASX: PLL), a leading, diversified developer of lithium resources required to enable the U.S. electric vehicle supply chain, is pleased to announce the results of its annual meeting of shareholders held virtually on February 3, 2022 (the “Meeting“), at which the shareholders approved all motions put forward by the Company.

A total of 8,520,938 votes were cast in connection with the Company’s proxy, representing 53.69% of the issued and outstanding common shares of the Company.

All resolutions, as outlined in the Company’s proxy statement dated November 30, 2021, available on the Company’s website and at: Form DEF 14A (dd7pmep5szm19.cloudfront.net) were approved by the requisite majority of votes cast at the Meeting. The number of directors is fixed at 6. The two director nominees named in the Proxy Statement were elected to serve until the 2024 Annual Meeting of Stockholders or until their successors are duly elected and qualified.

The other seven resolutions, the appointment of the Auditors, the issuance of stock options to Mr. Keith Phillips under the Company’s Stock Plan, and the issuance of restricted stock units to Mr. Jeff Armstrong, Mr. Keith Phillips, Mr. Todd Hannigan, Mr. Jorge Beristain, Mr. Claude Demby, and Ms. Susan Jones under the Company’s Stock Plan, also passed at the meeting. Details of voting are provided in the tables that follow:

PROPOSAL 1: Election of two (2) Class I director nominees to serve until the 2024 Annual Meeting of Stockholders and until their successors are duly elected and qualified:

NOMINEE	FOR	WITHHOLD
Mr. Keith Phillips	4,080,447	466,300
Mr. Todd Hannigan	4,020,943	525,804

PROPOSAL 2: Ratification of the selection of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the year ending June 30, 2022:

FOR	AGAINST	ABSTAIN
7,995,679	100,008	425,251

PROPOSAL 3: Approval to issue 10,786 stock options to Mr. Keith Phillips and/or his nominee under the Company’s Stock Plan:

FOR	AGAINST	ABSTAIN
2,789,952	1,272,986	483,809

PROPOSAL 4: Approval to issue 5,344 restricted stock units to Mr. Keith Phillips and/or his nominee under the Company’s Stock Plan:

FOR	AGAINST	ABSTAIN
3,392,760	668,728	485,259

PROPOSAL 5: Approval to issue 1,796 restricted stock units to Mr. Jeff Armstrong and/or his nominee under the Company’s Stock Plan:

FOR	AGAINST	ABSTAIN
2,892,549	1,171,544	482,654

PROPOSAL 6: Approval to issue 1,197 restricted stock units to Mr. Jorge Beristain and/or his nominee under the Company’s Stock Plan:

FOR	AGAINST	ABSTAIN
2,889,924	1,172,087	484,736

PROPOSAL 7: Approval to issue 1,197 restricted stock units to Mr. Todd Hannigan and/or his nominee under the Company’s Stock Plan:

FOR	AGAINST	ABSTAIN
2,891,059	1,170,771	484,917

PROPOSAL 8: Approval to issue 1,197 restricted stock units to Mr. Claude Demby and/or his nominee under the Company’s Stock Plan:

FOR	AGAINST	ABSTAIN
2,891,627	1,171,156	483,964

PROPOSAL 9: Approval to issue 1,197 restricted stock units to Ms. Susan Jones and/or her nominee under the Company’s Stock Plan:

FOR	AGAINST	ABSTAIN
2,895,108	1,167,384	484,255

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. The centerpiece of our operations, Carolina Lithium, is located in the renowned Carolina Tin-Spodumene Belt of North Carolina. Combining our U.S. assets with equally strategic and in-demand mineral resources, and production assets in Quebec and Ghana, positions us to be one of the largest, lowest cost, most sustainable producers of battery-grade lithium hydroxide in the world. We will also be the most strategically located to best serve the fast-growing North American electric vehicle supply chain. The unique geology, geography and proximity of our resources, production operations and customer base, will allow us to deliver valuable continuity of supply of a high-quality, sustainably produced lithium hydroxide from spodumene concentrate, preferred by most EV manufacturers. Our diversified operations will enable us to play a pivotal role in supporting America’s move toward decarbonization and the electrification of transportation and energy storage. For more information, visit www.piedmontlithium.com.

Forward Looking Statements

This announcement has been authorized for release by the Company’s President & CEO, Keith D. Phillips.

Appendix – Results of Annual Meeting of Shareholders

Piedmont Lithium Inc.

Annual General Meeting – 3 February 2022

The following information is provided in accordance with ASX Listing Rule 3.13.2:

Resolution	Number of Proxy Votes				Number of Votes cast on the Poll
Resolution	For	Against	Abstain	Proxy’s discretion	For	Against	Abstain	Result
1.1 Election of Mr Keith Phillips	4,080,447	N/A	466,300	–	4,080,447	N/A	466,300	Vote carried by poll
1.2 Election of Mr Todd Hannigan	4,020,943	N/A	525,804	–	4,020,943	N/A	525,804	Vote carried by poll
2. Ratification of Auditor Selection	7,995,679	100,008	425,521	–	7,995,679	100,008	425,521	Vote carried by poll
3. Approval to issue stock options � Mr Keith Phillips	2,789,952	1,272,986	483,809	–	2,789,952	1,272,986	483,809	Vote carried by poll
4. Approval to issue restricted stock units � Mr Keith Phillips	3,392,760	668,728	485,259	–	3,392,760	668,728	485,259	Vote carried by poll
5. Approval to issue restricted stock units � Mr Jeff Armstrong	2,892,549	1,171,087	482,654	–	2,892,549	1,171,087	482,654	Vote carried by poll
6. Approval to issue restricted stock units � Mr Jorge Beristain	2,889,924	1,172,087	484,736	–	2,889,924	1,172,087	484,736	Vote carried by poll
7. Approval to issue restricted stock units � Mr Todd Hannigan	2,891,059	1,170,771	484,917	–	2,891,059	1,170,771	484,917	Vote carried by poll
8. Approval to issue restricted stock units � Mr Claude Demby	2,891,627	1,171,156	483,964	–	2,891,627	1,171,156	483,964	Vote carried by poll
9. Approval to issue restricted stock units � Ms Susan Jones	2,895,108	1,167,384	484,255	–	2,895,108	1,167,384	484,255	Vote carried by poll

Piedmont Lithium Outlines 2022 Development Plans

February 2, 2022February 3, 2022 by Sarah Wells

Carolina Lithium Advancing Toward Final Investment Decision International Investments Support Plans for Additional U.S. Hydroxide Production

Piedmont expects to double U.S. lithium hydroxide production to 60,000 tpy
- 30,000 tpy at the fully integrated Carolina Lithium Project
- 30,000 tpy at a second planned U.S. plant, with site selection expected in Q2 2022
- Piedmont plans to produce or has offtake rights to an estimated 500,000 tpy of SC6 production
Flagship Carolina Lithium Project is advancing toward a Final Investment Decision
- Bankable Feasibility Study (BFS) published in December 2021
- Economic Impact Study (EIS) published in January 2022
- Key workstreams for 2022
  - Detailed engineering / Front End Engineering Design
  - EPC contractor selection
  - Final permitting and approvals
  - Strategic partnering and potential project debt financing
Investments in strategic resources in Quebec and Ghana position Piedmont for future growth
- Partnering with Sayona Mining (ASX: SYA) to develop one of Quebec’s leading lithium businesses
  - Planned H1 2023 restart of North American Lithium’s spodumene concentrate plant
  - Piedmont holds offtake rights to 50% of NAL production life-of-mine
- Partnering with Atlantic Lithium (AIM: ALL) to develop a world-class spodumene resource in Africa
  - Expected increases to mineral resource estimates in 2022 based on recent drill results
  - Feasibility Study (FS) expected late-2022; investment decision to follow

BELMONT, N.C., February 3, 2022 – Piedmont Lithium Inc. (“Piedmont” or the “Company”) (NASDAQ: PLL; ASX: PLL), a leading, diversified developer of lithium resources required to enable the U.S. electric vehicle supply chain, today provided an update on near-term growth initiatives with its projects in North Carolina, Quebec, and Ghana.

“We are developing our assets at an opportune time with global sales of electric vehicles (EVs) having doubled in 2021, and large U.S. battery plant investments being made by major automotive and battery companies. This electrification of the automotive market is a generational investment opportunity, and we are uniquely well-positioned to capitalize on it,” commented Piedmont Lithium President and CEO, Keith Phillips.

“We are advancing our flagship Carolina Lithium Project through key permitting, engineering, and project financing steps,” Mr. Phillips added, “and we expect to achieve significant milestones this year. Our recent feasibility study confirmed the strategic nature of Carolina Lithium, with NPV exceeding $2 billion and independent assessments confirming its impressive sustainability profile. We expect Carolina Lithium to be a critical factor in furthering the United States’ progress toward lithium self-sufficiency.

“In addition to Carolina Lithium, we are progressing our two international investments and our plans to develop a second lithium hydroxide conversion plant. We are collaborating with our partner, Sayona Mining, to capitalize on strong lithium market conditions through the restart of spodumene concentrate production at our jointly owned North American Lithium (NAL) business in Quebec. Long lead equipment has been ordered and production is expected to commence in the first half of 2023. Exploration activities are continuing at the Ewoyaa Project in Ghana and, along with our partner Atlantic Lithium, we plan to complete a feasibility study in 2022, with first production possible in 2024. These significant spodumene assets support our plans to launch a second 30,000 tpy lithium hydroxide conversion plant. U.S. lithium demand is soaring, and domestic lithium hydroxide capacity is currently a fraction of what will be required in the mid-/late-2020s.”

Carolina Lithium Project (North Carolina)

Piedmont published a Bankable Feasibility Study (FS) for its flagship, 100%-owned, fully integrated Carolina Lithium Project in December 2021. The FS contemplated production of 30,000 metric tons per year (tpy) of lithium hydroxide, 242,000 tpy of spodumene concentrate (SC6), as well as by-products quartz, feldspar, and mica. The Carolina Lithium Project is expected to be a highly sustainable low-cost producer given its location in Gaston County, North Carolina, and exceptional infrastructure, low power costs, proximity to important automotive and battery customers, and large markets for our by-product minerals.

The Carolina Lithium Project will be unique as the world’s only fully integrated single campus spodumene ore-to-hydroxide project under development or in operation. The integrated site provides economic and environmental advantages, including the elimination of long transport distances for SC6 concentrate compared with competitor operations. The FS outlines strong project economics, including an after-tax net present value (NPV₈) of $2.04 billion, after-tax internal rate of return of 27%, and steady-state EBITDA of more than $450 million per year in the first ten years.

The results of an Economic Impact Study (EIS), which analyzed the potential local economic benefits of the Carolina Lithium Project, were announced in January 2022. The EIS, prepared by independent consultant Dr. John Connaughton of The University of North Carolina at Charlotte, identified the potential for the Project to contribute approximately 1,100 full time jobs in Gaston County and contribute approximately $800 million in annual direct and indirect local economic output.

Piedmont is highly focused on advancing the Carolina Lithium Project towards a final investment decision and start of construction. Critical 2022 work streams include permitting, engineering and project financing.

Permitting Activities

In August 2021, we submitted a mining permit application to the North Carolina Department of Environmental Quality’s (NCDEQ) Division of Energy, Minerals, and Land Resources (DEMLR). DEMLR held standard public hearings in November 2021 in connection with our mining permit application. As is customary, we received requests for additional information from DEMLR related to certain aspects of our mining permit application, and we are responding to those requests on a timely basis. Our engagement with the regulators is constructive and we look forward to a successful conclusion of this important process.

In January 2022, we submitted a determination request to NCDEQ’s Division of Air Quality (DAQ) in connection with the air permit required for the Carolina Lithium Project. Upon receipt of a response from DAQ with respect to this request, we will proceed with an air permit application for the Project.

In September 2021, Gaston County updated its Unified Development Ordinance (“UDO”), which in part, defined operational requirements for new mines and quarries in the county. The UDO updates also established that new mines and quarries must operate on industrially zoned property in the county and will require a Special Use Permit approved by the Gaston County Board of Commissioners. We remain in pre-application consultation with Gaston County and will proceed with a re-zoning application and a special use permit application upon receipt of our DEMLR mining permit approval.

Contractor Selection and Design Engineering

Lithium Hydroxide Conversion Plant

We are evaluating bids for the front-end engineering design (FEED) for Carolina Lithium’s 30,000 tpy lithium hydroxide conversion plant. We expect to launch FEED for our hydroxide plant in Q2 2022.

Spodumene Concentrator

Piedmont Lithium previously entered into an MOU with Primero Group – a world-leader in spodumene concentrate design, construction and operation – for the construction of our Carolina Lithium spodumene concentrator, by-products operations and associated infrastructure. The MOU addresses four areas of work scope:

Feasibility Study – completed
Front End Engineering Design
EPC delivery of the spodumene concentrator and by-products plants
Contract operations of the spodumene concentrator and by-products plants

The terms of the MOU (1) provide incentives for Primero Group to achieve safety, schedule, budget, process performance, production, and recovery targets, and (2) create a delivery framework which significantly reduces technical, operational, and commercial risks associated with the spodumene concentrator. We expect to authorize Primero Group to start FEED of the Carolina Lithium spodumene concentrator on a schedule that aligns with the issuance of our state mining permit.

Contract Mining Operations

In 2021 and in connection with our FS, we solicited requests for proposal for contract mining services covering pre-stripping, drilling and blasting, loading and hauling of waste rock, and construction of mining infrastructure including in-pit crushing and conveyor systems. We received proposals from four contractors.

The FS assumes capital and operating costs that are based on contract mining services. As part of FEED, we will continue to refine the estimated costs associated with our mining operations, with a goal of awarding contract mining services to a preferred contractor in H1 2022.

Project Financing

We continue to evaluate a number of alternatives to fund construction of the Carolina Lithium Project.

Advanced Technology Vehicle Manufacturing Loan Program

In 2021, we submitted a loan application to the Loan Programs Office (LPO) of the U.S. Department of Energy (DOE) for potential funding of construction costs for eligible components of the Carolina Lithium Project under the Advanced Technology Vehicle Manufacturing Program. We are actively engaged with the LPO and expect their due diligence process to continue for several months. If approved by the LPO with terms acceptable to Piedmont, debt-funding from the DOE would significantly contribute to the capital needs of Carolina Lithium.

Strategic Partnering

In 2021, we retained the services of two investment banking firms, Evercore and J.P. Morgan, to act as advisors in a strategic investment process for the Carolina Lithium Project. We are currently engaged in discussions for a potential investment in our flagship Carolina Lithium Project, and we expect to conclude this process later this year.

Growth Projects

Abitibi Hub (Quebec)

Piedmont owns ~16.5% of Sayona Mining (“Sayona”) (ASX: SYA) and 25% of Sayona Quebec, which has three lithium projects in the Abitibi region of Quebec, including Canada’s most advanced lithium project, North American Lithium (NAL).

Sayona recently announced plans to restart spodumene concentrate production at NAL, with first production expected in H1 2023. Plans for NAL include capital improvements designed to improve throughput, concentrate grade, recovery, and mechanical availability. Detailed design engineering plans of the upgrades has started, and key long lead equipment orders have been placed to maintain the target start-up date. The NAL operation has a nameplate capacity of 180,000 tpy of SC6, and Piedmont has an offtake agreement in place for the greater of 50% of production, or 113,000 tpy.

Sayona Quebec is also completing studies related to the potential inclusion of spodumene ore from the Authier Project as supplementary feed into NAL’s concentrate plant. A consolidated mineral resource update and a feasibility study for the combined operation are expected from Sayona in the coming months. Together with Sayona, we are studying longer-term options to produce lithium hydroxide in Quebec. In the event we develop conversion capacity jointly with Sayona in Quebec, SC6 deliveries from Authier and NAL would be prioritized to our jointly owned conversion plant.

Ewoyaa (Ghana)

Piedmont is earning a 50% interest in Atlantic Lithium’s spodumene projects in Ghana, and owns a 9.9% stake in the parent company (AIM: ALL). Atlantic Lithium’s flagship is the Ewoyaa Project, located near the Ghanaian coast approximately 70 miles from the deep-water port of Takoradi. Exploration activities are ongoing for the Ewoyaa Project, with recently announced drill results indicating potential to expand the existing high-grade mineral resource of 21.3Mt @1.31% Li₂O.

According to technical studies completed by Atlantic Lithium, the Ewoyaa project is expected to have attractive capital and operating costs and a relatively short construction and commissioning period. We are working with Atlantic Lithium to complete a prefeasibility study for Ewoyaa in H1 2022, with potential for first spodumene concentrate production during 2024. Atlantic Lithium forecasts that Ewoyaa is expected to produce ~300,000 tpy of SC6, and Piedmont has an offtake agreement in place for 50% of annual production at market prices.

Our strategy is that spodumene concentrate from Ewoyaa will support a second lithium hydroxide conversion plant.

U.S. Lithium Hydroxide Manufacturing Expansion to 60,000 tpy

Piedmont aspires to be America’s leading lithium hydroxide producer and our international spodumene investments in 2021 were made with this objective in mind. Our plan is to advance two 30,000 tpy lithium hydroxide conversion facilities in the U.S., each proceeding on the fastest practical timetable.

Our Carolina Lithium Project is proceeding through its approval and engineering processes. We expect to complete a preliminary economic assessment (PEA) in Q1 2022 for a second 30,000 tpy LiOH plant (Plant Two) that will be substantially identical to the conversion facilities described in our Carolina Lithium Project FS. We expect to support our LiOH manufacturing at Plant with SC6 deliveries under our SC6 offtake agreement with Atlantic Lithium.

Site selection for Plant Two is underway, and we expect that a decision will be finalized in Q2 2022. Key considerations for site selection include available infrastructure, supply logistics (for SC6 and reagents), proximity to prospective automotive and battery customers, and anticipated permitting requirements.

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. The centerpiece of our operations, Carolina Lithium, is located in the renowned Carolina Tin-Spodumene Belt of North Carolina. Combining our U.S. assets with equally strategic and in-demand mineral resources, and production assets in Quebec and Ghana, positions us to be one of the largest, lowest cost, most sustainable producers of battery-grade lithium hydroxide in the world. We will also be the most strategically located to best serve the fast-growing North American electric vehicle supply chain. The unique geology, geography and proximity of our resources, production operations and customer base, will allow us to deliver valuable continuity of supply of a high-quality, sustainably produced lithium hydroxide from spodumene concentrate, preferred by most EV manufacturers. Our diversified operations will enable us to play a pivotal role in supporting America’s move toward decarbonization and the electrification of transportation and energy storage. For more information, 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 and construction activities; current plans for Piedmont’s mineral and chemical processing projects; strategy; and expectations regarding permitting. 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 will be unable to commercially extract mineral deposits, (ii) that Piedmont’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 Quebec and 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 presentation and actual events, results, performance and achievements could vary significantly from the forward-looking statements, projections and estimates presented in this presentation. 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.

Competent Persons Statement

The information in this announcement that relates to Production Targets and Financial Analysis of the Carolina Lithium Project is extracted from the Company’s ASX announcement dated December 15, 2021, which is available on the Company’s website at www.piedmontlithium.com. Piedmont confirms that: a) it is not aware of any new information or data that materially affects the information included in the original announcement; b) all material assumptions and technical parameters underpinning Mineral Resources, Exploration Targets, Production Targets, and related forecast financial information derived from Production Targets included in the original ASX announcements continue to apply and have not materially changed; and c) the form and context in which the relevant Competent Persons’ findings are presented in this report have not been materially modified from the original ASX announcements.

Piedmont Lithium Issues Economic Impact Study for Carolina Lithium Project

January 12, 2022January 12, 2022 by Sarah Wells

Report Outlines Estimated Financial and Job Creation Impact in Gaston County, North Carolina

Report Highlights:

In 2027, the direct output impact is estimated to be $533,607,785
In 2027 the total output impact (including supplier chain impacts and induced impacts) is estimated at $687,844,432
In 2027 the direct employment of the project is estimated to be 428 jobs
In 2027 the total employment impact (including supplier chain impacts and induced impacts) is estimated at 1,051 jobs
In year 2027 the average compensation of the projected 428 direct employees of Piedmont Carolina Lithium is estimated at $82,181. That is 34 percent greater than the current Gaston County average compensation level of $61,377.

*All dollar values are expressed in 2022 constant dollars

BELMONT, N.C., January 12, 2022 (Business Wire) – Piedmont Lithium Inc., (“Piedmont” or the “Company”) (NASDAQ: PLL; ASX: PLL), a leading developer of lithium hydroxide production to enable the North American electric vehicle supply chain, today announced results of an Economic Impact Study (EIS) for its proposed Carolina Lithium Project in Gaston County, North Carolina. The report was developed by John E. Connaughton, Ph.D., Professor of Financial Economics at the University of North Carolina-Charlotte. The full report, along with the Executive Summary can be found at:

The proposed project will be undertaken by Piedmont Carolina Lithium as a single integrated facility that will include three operations: quarrying, spodumene concentration and by-product processing, and the production of an estimated 30,000 tons of lithium hydroxide from spodumene concentrate on an annual basis. The study was conducted assuming the facility ramps-up operations over a five-year period beginning in 2023. In 2023 the direct output of the project is estimated to be $6,401,995. The total output impact in 2023 (including supplier chain impacts and induced impacts) is estimated at $8,141,774. By year 2027, the direct annual output impact is estimated to be $533,607,785 The total annual output impact in 2027 (including supplier chain impacts and induced impacts) is estimated at $687,844,432.

About Piedmont Lithium

Piedmont Lithium 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. The centerpiece of our operations, located in the renowned Carolina Tin Spodumene Belt of North Carolina, when combined with equally strategic and in-demand mineral resources, and production assets in Quebec, and Ghana, positions us to be one of the largest, lowest cost, most sustainable producers of battery-grade lithium hydroxide in the world. We will also be strategically located to best serve the fast-growing North American electric vehicle supply chain. The unique geology, geography and proximity of our resources, production operations and customer base, will allow us to deliver valuable continuity of supply of a high-quality, sustainably produced lithium hydroxide from spodumene concentrate, preferred by most EV manufacturers. Our planned diversified operations should enable us to play a pivotal role in supporting America’s move toward decarbonization and the electrification of transportation and energy storage. As a member of organizations like the International Responsible Mining Association, and the Zero Emissions Transportation Association, we are committed to protecting and preserving our planet for future generations, and to making economic and social contributions to the communities we serve. For more information, www.piedmontlithium.com.

Piedmont Lithium Inc. Announces Adjournment of 2022 Annual Meeting of Stockholders until Thursday, February 3, 2022 and Encourages All Stockholders to Vote

January 11, 2022January 11, 2022 by Sarah Wells

BELMONT, North Carolina, January 11, 2022 (BUSINESS WIRE) – Piedmont Lithium Inc. (“Piedmont Lithium” or the “Company”) (NASDAQ: PLL) (ASX: PLL) today announced that after convening the Company’s 2022 Annual Meeting of Stockholders (the “Annual Meeting”) virtually on Tuesday, January 11, 2022, at 11 a.m. Eastern Time, the Company adjourned the Annual Meeting until Thursday, February 3, 2022 at 2 p.m. Eastern Time. Due to the COVID-19 pandemic and to mitigate the risks to the health and safety of our community, stockholders and employees, Piedmont Lithium will also be holding its rescheduled Annual Meeting in a virtual-only format, by way of webcast, and no physical or in-person meeting will be held.

At the original scheduled time of the Annual Meeting, a total of 7,329,207 shares of the Company’s common stock, or 46.18% of the common stock outstanding and entitled to vote as of November 22, 2021 (including shares of common stock underlying CHESS Depositary Interests (“CDIs”)), the record date for the Annual Meeting (the “Record Date”), were present at the Annual Meeting, either virtually or represented by proxy, which fell short of the majority of shares of common stock outstanding and entitled to vote required to reach quorum. For the sole reason of the lack of quorum, the Company adjourned the Annual Meeting to provide the Company’s stockholders additional time to vote their shares.

The preliminary voting tabulation, as of the original scheduled time of the Annual Meeting, is set forth below. As a reminder, the polls remain open and we encourage all stockholders to vote their shares if they have not already done so. Details of the final voting results, including votes validly received at the rescheduled Annual Meeting, will be tabulated and included with the official minutes of the Annual Meeting and will be available for all stockholders in our filings with the U.S. Securities and Exchange Commission within four business days.

	Votes For	Votes Withheld	Broker Non-Votes
Proposal 1. Election of Class I Directors
Mr. Keith Phillips	3,097,354	60,068	4,171,785
Mr. Todd Hannigan	3,037,072	120,350	4,171,785

	Votes For	Votes Against	Abstentions	Broker Non-Votes
Proposal 2. Ratification of Deloitte & Touche LLP as Independent Auditor	7,131,059	165,652	32,496	–

Proposal 3. Approval to issue 10,786 stock options to Mr. Keith Phillips	1,914,920	1,184,493	58,009	4,171,785

Proposal 4. Approval to issue 5,344 restricted stock units to Mr. Keith Phillips	2,511,398	586,044	59,980	4,171,785

Proposal 5. Approval to issue 1,796 restricted stock units to Mr. Jeff Armstrong	2,008,587	1,089,972	58,863	4,171,785

Proposal 6. Approval to issue 1,197 restricted stock units to Mr. Jorge Beristain	1,983,107	1,090,525	83,790	4,171,785

Proposal 7. Approval to issue 1,197 restricted stock units to Mr. Todd Hannigan	2,006,853	1,092,079	58,490	4,171,785

Proposal 8. Approval to issue 1,197 restricted stock units to Mr. Claude Demby	2,006,740	1,092,045	58,637	4,171,785

Proposal 9. Approval to issue 1,197 restricted stock units to Ms. Susan Jones	2,009,241	1,089,373	58,808	4,171,785

We encourage all stockholders to actively take steps to vote their shares. See below under “How do I vote?” for instructions on how to vote if you have not already voted.

We also encourage all stockholders and interested parties to refer to our Annual Report and Form 10-K for the year ended June 30, 2021 which can be found on our website at www.piedmontlithium.com. You can also find our proxy materials, including our proxy statement dated November 30, 2021 (the “Proxy Statement”) on our website in the “Investors” section under “SEC Filings.” The Proxy Statement and Annual Report are also available at www.proxyvote.com.

How can I participate in the rescheduled virtual Annual Meeting?

Stockholders of record as of the close of business on the Record Date are entitled to participate in and vote at the rescheduled virtual Annual Meeting. To participate in the rescheduled Annual Meeting, including to vote, ask questions and view the list of registered stockholders as of the Record Date during the meeting, stockholders of record should go to the same meeting website at www.virtualshareholdermeeting.com/PLL2022, enter the 16-digit control number found on your proxy card or Notice of Internet Availability of Proxy Materials (the “Notice”) and follow the instructions on the website. If your shares are held in street name and your voting instruction form or Notice indicates that you may vote those shares through www.proxyvote.com, then you may access, participate in and vote at the rescheduled Annual Meeting with the 16-digit access code indicated on that voting instruction form or Notice. Otherwise, stockholders who hold their shares in street name should contact their bank, broker or other nominee (preferably at least five days before the rescheduled Annual Meeting) and obtain a “legal proxy” in order to be able to attend, participate in or vote at the rescheduled Annual Meeting.

The meeting webcast will begin promptly at 2 p.m. Eastern Time. Online check-in will begin approximately 15 minutes before then, and we encourage you to allow ample time for check-in procedures. If you experience technical difficulties during the check-in process or during the meeting, please call the number listed on the meeting website for technical support. Additional information regarding the rules and procedures for participating in the rescheduled Annual Meeting will be set forth in our meeting rules of conduct, which stockholders can view during the meeting at the meeting website. Regardless of whether you plan to participate in the rescheduled Annual Meeting, it is important that your shares be represented and voted. Accordingly, we encourage you to vote in advance of the rescheduled Annual Meeting.

How do I vote?

Full details on how to vote, change or revoke a vote, appoint a proxyholder, attend the rescheduled virtual Annual Meeting, ask questions and other general proxy matters are available in the Proxy Statement, available on the Company’s website or the sec.gov website.

The record date for determining stockholders and CDI holders eligible to vote at the Annual Meeting will remain the close of business on November 22, 2021. Stockholders and CDI holders who have already submitted a valid proxy do not need to vote again for the rescheduled Annual Meeting, as the proxies submitted will remain valid. Stockholders who have already submitted a proxy and want to change their vote, can update their vote in the manner set forth in the Proxy Statement. Your vote will be recorded at the rescheduled Annual Meeting in accordance with your most recently submitted proxy.

Piedmont Lithium stockholders and CDI holders as of close of business on the Record Date who have not voted are encouraged to vote by following the instructions in the Proxy Statement. Stockholders that need assistance voting or have questions may contact the Company’s proxy solicitation firm, Morrow Sodali, at PLL@investor.morrowsodali.com.

Previously, the voting cut-off date for CDI holders was 9 a.m. Australian Eastern Daylight Time, Thursday, January 6, 2022. Due to the adjournment of the Annual Meeting, the voting cut-off time for CDI holders has now been extended to Friday, January 28, 2022 at 9 a.m. Australian Eastern Daylight Time.

Whether or not you plan to attend the rescheduled virtual Annual Meeting, we urge you to vote and submit your proxy in advance of the Annual Meeting by one of the methods described in the Proxy Statement found on our corporate website.

About Piedmont Lithium Inc.

Piedmont Lithium 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. The centerpiece of our operations, located in the renowned Carolina Tin Spodumene Belt of North Carolina, when combined with equally strategic and in demand mineral resources, and production assets in Quebec, and Ghana, positions us to be one of the largest, lowest cost, most sustainable producers of battery-grade lithium hydroxide in the world. We will also be strategically located to best serve the fast-growing North American electric vehicle supply chain. The unique geology, geography and proximity of our resources, production operations and customer base, will allow us to deliver valuable continuity of supply of a high-quality, sustainably produced lithium hydroxide from spodumene concentrate, preferred by most EV manufacturers. Our planned diversified operations should enable us to play a pivotal role in supporting America’s move toward decarbonization and the electrification of transportation and energy storage. As a member of organizations like the International Responsible Mining Association, and the Zero Emissions Transportation Association, we are committed to protecting and preserving our planet for future generations, and to making economic and social contributions to the communities we serve. For more information please visit www.piedmontlithium.com.

Piedmont Completes Bankable Feasiblity Study of the Carolina Lithium Project with Positive Results

December 13, 2021December 14, 2021 by Sarah Wells

Piedmont Lithium Inc. (“Piedmont” or the “Company”) is pleased to report the results of a Bankable Feasibility Study (“BFS”) for its 100% owned proposed integrated lithium hydroxide business (“Carolina Lithium” or the “Project”) in Gaston County, North Carolina. The Study confirms that Carolina Lithium could be one of the world’s largest and lowest-cost producers of lithium hydroxide, with a sustainability footprint that is superior to incumbent producers, all in a highly favorable location to supply the rapidly growing electric vehicle supply chain in the United States.

EXECUTIVE SUMMARY

Piedmont’s Carolina Lithium Project is uniquely positioned to benefit from its highly favorable location in Gaston County, North Carolina, with exceptional infrastructure, a deep local talent pool, low-cost energy, and proximity to local markets for the monetization of by-product industrial minerals. The Study reflects more conservative costing assumptions than prior studies, with recent inflationary pressures having a substantial impact on both capital expenditures and operating costs. These cost impacts are partially offset using lithium pricing assumptions based on the more positive outlook incorporated in the consensus estimates described herein. Summary results of the Study are shown below.

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The competitive advantage of Carolina Lithium’s unique location is depicted in the following lithium hydroxide cost curve, which was prepared by Roskill, a leading lithium industry consultancy.

Figure 1 – Lithium hydroxide 2028 AISC cost curve (real basis) (Roskill) for Carolina Lithium BFS Production Case^[4]

AISC includes all direct and indirect operating costs including feedstock costs (internal AISC), refining, corporate G&A and selling expenses.

Industry Leading Sustainability Profile

Carolina Lithium is expected to have a superior sustainability profile relative to current lithium hydroxide producers in China and South America. Chinese lithium producers are highly reliant on coal-fired power and generally utilize a carbon-intensive sulfuric acid roasting process to convert raw materials shipped in from Australia, while South American producers tend to utilize vast tracts of land and large quantities of water, all in the driest desert in the world, the Atacama.

Figure 2 – Life cycle analysis of key carbon intensity, water usage, and land footprint of Carolina Lithium^[5]^[6]

United States Market Dynamics

2021 has been a transformative year for electrification in the United States. Current and forecasted battery manufacturing capacity now exceeds 500 GWh with public announcements of over $25bb in capital investments to occur by 2025. Based on an average requirement of 960 t of lithium hydroxide per GWh of manufacturing capacity the resultant U.S. demand for lithium hydroxide could exceed 460,0000 t/y by 2027, dramatically exceeding the current development plans of domestic lithium companies.

Figure 3 – Operating, Under Construction, or Announced U.S. Battery Manufacturing Capacity

Strong Estimated Financial Results with Potential for Extended Operational Life

The BFS prioritizes the production of the Company’s newly defined Probable Ore Reserves, which are calculated based upon compliance standards promogulated by the Joint Ore Reserve Committee (“JORC”) and those standards recently adopted by the United States Securities and Exchange Commission (SEC) via its rules issued under Regulation S-K, Item 1300. Following exhaustion of the Company’s Ore Reserves, chemical plant feed is assumed to be supplemented with ore obtained via the Company’s equity-backed offtake agreements or other spodumene concentrate purchased from the market.

The production target outlined in the BFS is limited to the Company’s Probable Ore Reserves. Table 1 summarizes the financial outcomes of the BFS Ore Reserves production scenario.

Table 1: Summary BFS Financial Outcomes	Unit	Ore Reserves Production Scenario
Operational Life
Lithium Hydroxide Plant Operation Life	years	30
Ore Reserve Life	years	11
Financial Performance
Average annual steady state EBITDA – first 10 years	$mm/y^[7]	$459
Average annual steady state EBITDA – life of operations	$mm/y	$346
Average annual steady state after-tax cash flow – first 10 years	$mm/y	$296
Average annual steady state after-tax cash flow – life of operations	$mm/y	$244
After tax Net Present Value (“NPV”) @ 8% discount rate	$mm	$2,041
After tax Internal Rate of Return (“IRR”)	%	27%

The BFS emphasizes an initial production target of 11 years of spodumene concentrate to be processed at the Company’s chemical plant which will be located adjacent to mining operations. The BFS incorporates assumptions of additional lithium hydroxide production sourced from equity-backed offtake agreements, discussed below, which allow the Company to secure spodumene from alternate sources, increasing the chemical plant life to 30 years.

Multi-Asset Business with Upside Potential

Strategic investments in logistically advantaged, high quality spodumene projects have transformed Piedmont Lithium in 2021 from a single project company to a multi-jurisdictional business with access to spodumene concentrate from multiple sources.

Piedmont Lithium holds a 25% equity interest in Sayona Quebec and North American Lithium along with a 50% offtake right to spodumene concentrate produced by Sayona Quebec on a life-of-mine basis.

Additionally, Piedmont Lithium has an earn-in right to acquire a 50% interest in Atlantic Lithium’s Ghanaian project portfolio including the Ewoyaa Project. Along with this equity earn-in right Piedmont holds a 50% offtake right to spodumene concentrate produced by Atlantic Lithium on a life-of-mine basis.

Offtake rights provide Piedmont Lithium the flexibility to extend the operational life of Carolina Lithium, or to increase lithium hydroxide production capacity through construction of a Phase 2 Lithium Hydroxide Conversion Plant.

The Company expects to publish additional technical studies in 2022 evaluating potential expansion cases for Phase 2 Lithium Hydroxide Operations.

Figure 4 – Piedmont holds spodumene concentrate offtake rights along with project investments in multiple jurisdictions

Fully Integrated Manufacturing Campus

Carolina Lithium contemplates a single, integrated site, comprising quarrying, spodumene concentration, by-products processing, and spodumene conversion to lithium hydroxide. There are currently no such integrated sites operating anywhere in the world, and the economic and environmental advantages of this strategy are compelling:
Premier location in Gaston County, North Carolina – “the cradle of the lithium business”
Integrated site eliminates unnecessary SC6 transportation costs and truck movements
Electric powered conveyors eliminate mine trucks, reduce noise, dust and diesel-based CO₂ emissions
On-site solar complex to power concentrate operations
Potential to co-locate downstream battery materials, Li-ion battery manufacturing, and by-product customers
Creation of up to 500 permanent manufacturing, engineering, and management jobs (Phase 1)

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Figure 5 – Site plan for the planned permit area of the Phase 1 30,000 t/y Carolina Lithium operations

“We are exceedingly pleased with the results of the BFS for the Carolina Lithium Project, which we believe confirm the Project’s industry-leading sustainability profile as well as exceptional economics while incorporating the substantial capital and operating cost inflation experienced during 2021.

We will soon commence detailed engineering for the Project with a view to a final investment decision in 2022. We are actively engaged in project financing discussions, including possible debt finance via the U.S. Department of Energy’s Advanced Technology Vehicle Manufacturing loan program, and potential strategic equity investments via the partnering process being coordinated by our financial advisors.

An important priority for 2022 will be the evaluation of expansion opportunities incorporating the spodumene concentrate assets we control in Quebec and in Ghana. Our ambition is to build America’s largest lithium hydroxide business, and the spodumene resource base we’ve assembled during 2021 should underpin substantial growth.”

Keith D. Phillips, President and Chief Executive Officer

CAROLINA LITHIUM 30,000 T/Y BANKABLE FEASIBILITY STUDY

Piedmont’s fully integrated Carolina Lithium Project’s Bankable Feasibility Study (“BFS”) is based on the Company’s Mineral Resource estimate reported in October 2021, of 44.2 Mt at a grade of 1.08% Li2O and the by-product Mineral Resource estimates comprising 7.4 Mt of quartz, 11.1 Mt of feldspar and 1.1 Mt of mica reported in June 2021. This announcement is intended to alert investors to the conversion of 18.3 million metric tons of previously categorized spodumene Mineral Resources (undiluted basis) to Probable Ore Reserves and to report the results of technical study of the production of battery grade lithium hydroxide from these Ore Reserves and other sources.

The BFS emphasizes an initial Ore Reserves only production target of 11 years of spodumene concentrate to be processed at the Company’s chemical plant which will be located adjacent to mining operations. The BFS incorporates assumptions of additional lithium hydroxide production sourced from offtake agreements which allow the Company to secure spodumene from alternate sources, increasing the chemical plant life to 30 years. Table 2 summarizes project outcomes under the BFS.

Table 2: BFS Summary Outcomes for the Carolina Lithium Project	Unit	Ore Reserves Scenario
LiOH Conversion Plant Production
Operation life	years	30
Steady-state annual lithium hydroxide production	t/y	30,000
Metallurgical recovery	%	91
Life of project battery quality LiOH production	kt	883
Mine Production
Ore Reserves production scenario	years	11
Average steady state SC6 production	t/y	242,000
Average steady state quartz production	t/y	252,000
Average steady state feldspar production	t/y	392,000
Average steady state mica production	t/y	28,000
Life-of-Mine (“LOM”) Production
Production target – run-of-mine ore	Mt	20.1
LOM SC6 production	Mt	2.6
LOM quartz production	Mt	2.7
LOM feldspar production	Mt	4.2
LOM mica production	Mt	0.3
LOM feed grade (excluding dilution)	%	1.10
LOM average concentrate grade	%	6.0
LOM average process recovery	%	77
LOM average strip ratio	waste:ore	11.6:1
Operating Costs – Steady-State Production – First 10 Years
Average LiOH production cash costs	$/t	$3,657
Average LiOH production all in sustaining costs	$/t	$4,377
Average SC6 production cash costs	$/t	$234
Operating Costs – Average Life of LiOH Conversion Operations
Average LiOH production cash costs	$/t	$6,235
Average LiOH production all in sustaining costs	$/t	$6,559
Average SC6 supply cost	$/t	$687

Table 2: BFS Summary Outcomes for the Carolina Lithium Project	Unit	Ore Reserves Scenario
Capital Costs
Mining	$mm	$81
Concentrator	$mm	$162
Byproducts	$mm	$45
Lithium hydroxide conversion plant	$mm	$408
Project indirects	$mm	$99
Owner’s costs	$mm	$73
Contingency	$mm	$120
Total initial capital cost	$mm	$988^[8]
Sustaining, working and deferred capital	$mm	$351
Financial Performance
Average annual steady state EBITDA – first 10 years	$mm/y	$459
Average annual steady state EBITDA – life of operations	$mm/y	$346
Average annual steady state after-tax cash flow – first 10 years	$mm/y	$296
Average annual steady state after-tax cash flow – life of operations	$mm/y	$244
After tax Net Present Value (“NPV”) @ 8% discount rate	$mm	$2,041
After tax Internal Rate of Return (“IRR”)	%	27%
Payback from start of operations	years	3.5

Updates from Prior Studies

The BFS represents a significant advancement in project definition compared with the Company’s previously announced Scoping Study update announced in June 2021. Estimate accuracy has been improved between June and December 2021 from ±35% to ±15%. Significant changes have occurred in lithium market conditions and product pricing, while inflationary pressures have contributed to increases in estimated project capital and operating costs.

Table 3: Comparative Outcomes of BFS and June 2021 Scoping Study Update
*Outcomes*	*Unit*	*BFS*	*June 2021 SSU*
Chemical Plant life	years	30	20
Spodumene concentrate production^[9]	years	11	20
Steady-state average annual LiOH production	kt/y	30	30
Steady-state average annual SC6 production	kt/y	242	248
Steady-state average annual by-product production	kt/y	672	714
Long term lithium hydroxide price	$/t	$18,000	$15,239
Long term spodumene concentrate price	$/t	$900	$762
Steady-state average cash cost of LiOH production	$/t	$3,657^[10]	$2,943
Steady-state average cost of SC6 production	$/t	$234^[11]	$181
Initial capital cost (including contingency)	$mm	$988	$838
Steady-state average annual EBITDA	$mm/y	$459^[12]	$401
After tax NPV @ 8% discount rate	$mm	$2,041	$1,923
After tax IRR	%	27%	31%
Payback from start of operations	years	3.5	2.9

BFS Consultants

The results of the BFS incorporate expertise and input from multiple industry experts and consultants of the Company. A Technical Report Summary (TRS) of the BFS will be filed prior to the release of the Company’s next quarterly filing, currently anticipated by the end of February 2022, which would allow the Company to express Ore Reserves in accordance with JORC and S-K 1300 standards.

Table 4: BFS Consultants
Consultant	Scope of Work
Primero Group Americas Inc.	Concentrate operations and overall BFS integration
Metso Outotec	Lithium hydroxide manufacturing technology package; LiOH pilot testwork
SGS Canada Inc.	Concentrate and byproducts metallurgical testwork
Marshall Miller and Associates	Mine design and scheduling; estimation of Ore Reserves
McGarry Geoconsulting Corp.	Mineral Resource estimation
HDR Engineering, Inc.	Permitting, environment, and social studies
Johnston, Allison, and Hord	Land title and legal
Benchmark Mineral Intelligence	Lithium products marketability
John Walker	By-products marketability

Feasibility Study Overview

Piedmont holds a 100% interest in the Carolina Lithium Project located within the Carolina Tin-Spodumene Belt (“TSB”) and along trend to the Hallman Beam and Kings Mountain mines, which historically provided most of the western world’s lithium between the 1950s and the 1980s. The TSB has been described as one of the largest hard rock lithium regions in the world and is located approximately 25 miles west of Charlotte, North Carolina.

The Company has previously reported a global Mineral Resource estimate (“MRE”) for the Project of 44.2Mt grading at 1.08% Li₂O. As of the date of our most recent 10-K filing, Piedmont has completed 599 drill holes on these properties totaling 88,185 meters to date spanning five drill campaigns. The BFS^[13] only considers mining of the company’s Core Property and results in the conversion of approximately 18 million tons of previously categorized Indicated Mineral Resources to Probable Ore Reserves.

The Project is located in a rural area of Gaston County, North Carolina, USA approximately 25 miles northwest of the city of Charlotte. As of October 31, 2021, the Project comprised approximately 3,245 total acres, of which 1,526 acres are claims on private property through option or deferred purchase agreements, 113 acres are under a long-term mineral leased agreement, 79 acres are under lease to own agreements, and 1,527 acres are owned by Piedmont. For the properties hosting the Mineral Resources in this report, Piedmont controls 100% of the surface and mineral rights per one or more agreement scenarios.

On August 31, 2021 Piedmont submitted a mine permit application to the North Carolina Department of Environmental Quality’s (“NCDEQ”) Division of Energy, Minerals and Land Resources (“DEMLR”) covering 1,548 acres of the Project’s total land package. Ore Reserves are inclusive of tons within the mine permit application. Additionally, ore reserves and mine planning summarized in this announcement include a smaller portion of tons contained within currently controlled properties which are anticipated to be permitted and mined via future permit boundary revisions. Additional property acquisitions, the costs of which are included in BFS financials, would allow permit boundary revisions to capture these additional reserve tons. In addition to further property acquisitions which are needed to expand permit boundaries, the project will require additional waste storage volume which is not currently included in the permit application. The Company currently controls tracts of land which are contiguous to the permitted areas that could be utilized for additional waste material storage without sterilizing reserves as expressed in this BFS.

The BFS supplements production of the Company’s Ore Reserves with ore secured via interests and offtake agreements with Sayona Quebec and Atlantic Lithium. As part of the BFS financial modelling, the Company and its Consultants confirmed the economic viability of its controlled Ore Reserves absent the impact of offtake tonnages. Further details are included in the announcement’s appendix.

Figure 6 – Piedmont’s Carolina Lithium Project located within the TSB

Mineral Resource Estimates

On October 21, 2021 the Company announced an updated MRE prepared by independent consultant McGarry Geoconsulting Corp. (“McGarry Geo”) in accordance with the U.S. Securities and Exchange Commission’s Regulation S-K, Item 1300 (“S-K 1300”) and the JORC Code (2012 Edition). The total lithium Mineral Resources reported by Piedmont for the Carolina Lithium Project are 44.2 Mt grading at 1.08% Li₂O.

Table 5: Carolina Lithium Project – Summary of Mineral Resources Estimate at October 20, 2021
Resource Category	Tonnes (Mt)	Grade (Li₂O%)	Li₂O (t)	LCE (t)	LiOH·H2O (t)	Cut-Off Grade (% Li₂O)	Metallurgical Recovery (%)^{^[14]}
Indicated	28.2	1.11	313,000	774,000	879,000	0.4	71.2
Inferre	15.9	1.02	162,000	401,000	455,000
Total	44.2	1.08	475,000	1,175,000	1,334,000

On October 21, 2021 the Company announced updated MREs for by-products quartz, feldspar, and mica. The results are shown in Table 6. The by-product MRE’s have been prepared by independent consultants, McGarry Geo and are reported in accordance with requirements of S-K 1300 and the JORC Code (2012 Edition). The economic extraction of by-product minerals is contingent on Piedmont’s economic extraction of lithium Mineral Resources. Accordingly, the by-product Mineral Resource estimates are reported at a 0.4% Li₂O cut-off grade, consistent with the reported lithium MRE.

Table 6: Carolina Lithium Project – Summary of By-Product Quartz, Feldspar, and Mica Mineral Resources
			Li₂O		Quartz		Feldspar		Mica
Cut-Off Grade (Li₂O %)			0.4		0.4		0.4		0.4
Metallurgical Recovery (%)			71.2		50.8		51.1		35.5
Category	Deposit	Tonnes (Mt)	Grade (%)	Tonnes (Mt)	Grade (%)	Tonnes (Mt)	Grade (%)	Tonnes (Mt)	Grade (%)	Tonnes (Mt)
Indicated	Core	25.75	1.10	0.282	29.59	7.62	45.06	11.60	4.29	1.10
	Central	2.47	1.30	0.031	28.79	0.71	45.16	1.12	3.24	0.08
	Huffstetler	0.00	0.00	0.000	0.00	0.00	0.00	0.00	0.00	0.00
	Total	28.22	1.11	0.313	29.52	8.33	45.07	12.72	4.20	1.18
Inferred	Core	10.93	1.02	0.111	29.13	3.18	45.52	4.97	4.18	0.46
	Central	2.69	1.10	0.030	29.99	0.81	43.88	1.18	4.08	0.11
	Huffstetler	2.31	0.91	0.021	28.82	0.67	48.60	1.12	3.24	0.08
	Total	15.93	1.02	0.162	29.22	4.66	45.67	7.28	4.03	0.64
MRE Total		44.15	1.08	0.475	29.42	12.99	45.30	20.00	4.12	1.82

Ore Reserves

An estimate of Ore Reserves was made following detailed mine planning completed during the BFS and is based on the Indicated Mineral Resources contained within the Project’s Core Property. The Ore Reserves have been estimated in accordance with the requirements of S-K 1300 and the JORC Code. Section 4 of Table 1 of the JORC Code appear in the Appendices to this announcement.

Table 7: Carolina Lithium Project – Estimate of Ore Reserves (undiluted)
Ore Reserves Category	Tonnes (Mt)	Grade (Li₂O%)	Li₂O (t)	LCE (t)	LiOH·H₂O (t)	Cut-Off Grade (% Li₂O)	Metallurgical Recovery (%)^[15]
Proven	–	–	–	–	–			0.4	70.1
Probable	18.26	1.10	200,000	495,000	562,000
Total	18.26	1.10	200,000	495,000	562,000

The Qualified and Competent Persons responsible for the derivation of Probable Ore Reserves have considered pertinent modifying factors, inclusive of geological, environmental, regulatory, and legal factors, in converting a portion of the Mineral Resource to Mineral Reserve. Probable Ore Reserves, derived from previously stated Indicated Mineral Resources, incorporate reasonable expectations of costs and performance. Historic mining ventures in the TSB yield additional confidence in the likelihood of a successful mining project. The Qualified and Competent Persons have considered the rules and regulations promulgated by the Joint Ore Reserve Committee and US Securities and Exchange Commission in estimating Ore Reserves. The Qualified and Competent Persons find the assumptions and modifying factors utilized for the BFS to be sufficient and satisfactory in the delineation of Probable Ore Reserves based upon JORC and S-K 1300 regulations.

Ore Reserves Classification Criteria

All converted Mineral Resources were classified as Probable Ore Reserves. There were no Measured Mineral Resources defined that could be converted into Proven Ore Reserves and no Inferred Mineral Resources were included in the estimation of Ore Reserves.

Ore Reserves Cut-Off Parameters

Cutoff grade of 0.4% Li₂O was used in creation of the block model supplied by McGarry Geoconsulting Corp.

Ore Reserves Mining Factors

An open pit mining method was selected due to the ore body outcropping in several places along the surface. No other mining method was evaluated as part of the Ore Reserves estimation.

Mine design parameters include overburden batter angle in unconsolidated material of 27 degrees, face batter angle of 75 degrees, inter-ramp slope of 57 degrees, overall slope of 51 degrees, berm width of 9.5 meters, berm height working 12 meters, berm height final wall of 24 meters, ramp width of 30 meters, ramp grade of 10%, mine dilution of 10%, process recovery of 77%, and minimum mining width of 50 meters.

Ore Reserves Metallurgical Factors

In 2021, Piedmont engaged SGS Canada Inc. in Lakefield, Ontario to undertake testwork on nine variability samples. Samples were produced from drill core from the East and South pits and represented the early years of production (i.e., the first 10 years of operation). The samples generally contained elevated levels of host rock dilution (ranging from 9.4% to 17.3%) as compared to the mine plan average (10%). DMS and batch and locked-cycle flotation tests were undertaken. Based on the historical testwork and the 2021 variability program, the BFS assumes a spodumene recovery of 77.0% for a diluted head grade of 0.996% Li₂O when targeting a 6.0% Li₂O spodumene concentrate product.

Ore Reserves Revenue Factors

The BFS assumes a fixed price of $18,000/t for battery quality lithium hydroxide and $900/t for spodumene concentrate (SC6).

Ore Reserves Cost Factors

Capital costs include estimates for infrastructure development including roads, electrical power delivery and distribution, water sources for plant and dust control and initial site development based on contractor responses to requests for proposal based on BFS level engineering.

Operating costs were established using budget pricing from mining contractors based on a request for proposal issued by Marshall Miller and Associates combined with first-principles estimates for utilities including electrical service from Duke Energy.

Costs were estimated on a 2021 U.S. dollars basis in real terms. Royalties of $1.00 per ROM tonne are based on the average land option agreement.

Mining Production Target

Pit optimizations were completed by Marshall Miller & Associates in order to produce a production schedule on a quarterly basis for the first five years of operations and on an annual basis thereafter. This resulted in a total production target of approximately 2.56 Mt of 6.0% Li₂O spodumene concentrate (“SC6”), averaging approximately 242,000 t/y of SC6 over the 11-year ore reserve life. This equates to a steady state average of 1.90 Mt/y of ore processed, totaling approximately 20.1 Mt of run-of-mine (“ROM”) ore at an average fully diluted ROM grade of 1.0% Li₂O (diluted) over the 11-year ore reserve life.

The BFS assumes concentrate operations production life of 11 years (matching ore reserves) and chemical plant operations life of 30 years, commencing in year 1 of the Project. It is assumed that concentrate operations including by-products will commence about 90 days in advance of chemical plant start-up to build initial SC6 inventory. Produced SC6 which exceeds chemical plant capacities are assumed to be sold to third parties during the life of the Project. Of the total production target of 2.56 Mt of SC6, approximately 0.56 Mt will be sold to third parties during the operational life and approximately 2.0 Mt will be supplied to Piedmont’s chemical plant operations for conversion into lithium hydroxide.

The Study assumes production targets of 2.68 Mt of quartz concentrate, 4.17 Mt of feldspar concentrate, and 0.30 Mt of mica concentrate over the life of operations based on the potential recovery of these products from the concentrator flotation circuits and the Company’s analysis of domestic industrial minerals markets and engagement with prospective customers.

There remains significant opportunity to increase the operational life of Carolina Lithium beyond 11 years by conversion of existing mineral resources to ore reserves or by discovery of additional resources within the TSB within a reasonable trucking or conveying distance to the proposed concentrator. Reserves delineated as part of the BFS only consider the Company’s Core Property and are predominately limited to those tons which are captured by current permit applications. Significant upside exists via the potential future conversion of other resources to reserves, the impact of which is not captured in the BFS economics.

Chemical Plant Production

The lithium hydroxide plant is assumed to operate for 30 years, with 2.0 Mt of SC6 delivered from Carolina Lithium’s concentrate operations from years 1-11 and 3.9 Mt of SC6 delivered from third party spodumene concentrate purchases from years 12-30, resulting in a total production target of approximately 883,000 tonnes of battery quality lithium hydroxide, averaging approximately 29,400 t/y of lithium hydroxide over the 30-year production life.

Third party purchases of spodumene concentrate may include procurement of SC6 from Sayona Quebec, where Piedmont Lithium holds offtake rights to the greater of 113,000 t/y or 50% of SC6 production on a life-of-mine basis. SC6 may also be delivered from Atlantic Lithium, where Piedmont Lithium holds a 50% offtake right, currently forecasted as 147,500 t/y SC6 production for life-of-mine. The BFS project financials do not capture potential financial gains from Piedmont’s equity interests in Sayona Quebec or Atlantic Lithium.

Mining Optimization

Independent consultants Marshall Miller and Associates used Maptek Vulcan and Evolution to generate a series of economic pit shells using the updated Mineral Resource block model and input parameters as agreed by Piedmont. Overall slope angles in rock were estimated following a preliminary geotechnical analysis that utilized fracture orientation data from oriented core and downhole geophysics (Acoustic Televiewer), as well as laboratory analysis of intact rock strength. The preliminary geotechnical assessment involved both kinematic and overall slope analyses utilizing Rocscience™ modeling software.

Overall slope angles of 27 degrees were assumed for overburden and oxide material. Overall slope angles of 51 degrees were estimated for fresh material which includes a ramp width of 30 meters. Production schedules were prepared for the Project based on the following parameters:

A targeted run-of-mine production of 1.9 Mt/y targeting concentrator output of about 242,000 t/y of SC6
Mining dilution of 10%
Mine recovery of 100%
Concentrator processing recovery of 77%
Mine sequence targets utilized Proven and Probable reserves for the schedule

The results reported are based upon a scenario which utilizes extraction of Probable reserves from property currently under mine permit application filed with NC DEMLR and additional controlled tonnes which are anticipated to be added to the permit following additional property acquisitions. These tonnes are currently excluded from the permit due to geometric constraints and offset requirements, but are anticipated to be permitted in the future. Table 8 shows the production target.

Table 8: Total Production Target for Piedmont Properties
Property	ROM Tonnes Processed (Mt)	Waste Tonnes Mined (Mt)	Stripping Ratio (W:O t:t)	ROM Li₂O Undiluted Grade (%)	ROM Li₂O Diluted Grade (%)	Production Years	Tonnes of SC6 (Mt)
Core	20.09	232.52	11.58	1.10	0.996	1-11	2.57
Central	0	0	0	–	–	–	0
Huffstetler	0	0	0	–	–	–	0
Total	20.09	232.52	11.58	1.10	0.996	1-11	2.57

Production Schedule

A mine design has been prepared based on delivery of ore reserves to the spodumene concentrator. The open pit design incorporates the production schedule on a quarterly basis for the first five years and then annually for the remaining life of mine. Access ramps, ramp widths, conveyor passes, batter angles, berm widths, berm heights, mine permit limits, zoning permit requirements, and jurisdictional buffers from flood zones, streams and wetlands not permitted for disturbance were all incorporated into the mine design.

Table 9: Mine Production Schedule by Time Period
Yr.	Qtr.	ROM Production (MT)	Undiluted Grade (% Li₂O)	Diluted Grade (% Li₂O)	Probable Tonnes (MT)	SC6 Product (kT)	Quartz Product (kT)	Feldspar Product (kT)	Mica Product (kT)
0	0	–	–	–	–	–	–	–	–
1	1	0.24	1.22	1.11	0.24	35.2	35.6	54.7	3.5
1	2	0.24	1.07	0.97	0.24	29.7	36.0	55.3	3.6
1	3	0.24	1.20	1.09	0.24	35.0	36.4	55.9	3.6
1	4	0.24	1.20	1.09	0.24	35.0	36.4	55.9	3.6
2	1	0.47	1.25	1.14	0.47	71.5	70.2	107.8	7.0
2	2	0.47	1.20	1.09	0.47	67.9	71.0	109.0	7.1
2	3	0.48	1.11	1.01	0.48	62.0	71.7	110.2	7.1
2	4	0.48	1.01	0.91	0.48	54.7	71.7	110.2	7.1
3	1	0.47	1.02	0.93	0.47	54.8	70.8	108.7	7.0
3	2	0.47	1.14	1.03	0.47	63.3	70.8	108.7	7.0
3	3	0.48	0.98	0.89	0.48	52.4	71.5	109.9	7.1
3	4	0.48	1.13	1.03	0.48	63.8	71.5	109.9	7.1
4	1	0.47	1.07	0.97	0.47	57.9	70.2	107.8	7.0
4	2	0.47	1.00	0.91	0.47	53.8	71.0	109.0	7.1
4	3	0.48	1.07	0.97	0.48	59.0	71.7	110.2	7.1
4	4	0.48	1.01	0.92	0.48	54.7	71.7	110.2	7.1
5	1	0.47	1.05	0.96	0.47	56.6	70.2	107.8	7.0
5	2	0.47	1.07	0.97	0.47	58.4	71.0	109.0	7.1
5	3	0.48	1.17	1.06	0.48	66.4	71.7	110.2	7.1
5	4	0.48	1.22	1.11	0.48	70.3	71.7	110.2	7.1
6	1-4	1.90	1.12	1.02	1.90	250.3	284.6	437.2	28.3
7	1-4	1.90	1.04	0.94	1.90	225.1	284.6	437.2	28.3
8	1-4	1.90	1.06	0.97	1.90	233.4	284.6	437.2	28.3
9	1-4	1.90	1.07	0.97	1.90	235.7	284.6	437.2	28.3
10	1-4	1.90	1.13	1.02	1.90	251.5	284.6	437.2	28.3
11	1-4	1.90	1.14	1.03	1.90	254.7	284.6	437.2	28.3
12	1	0.15	1.06	0.97	0.15	18.3	22.3	34.3	2.2
Life of Mine	20.09	1.10	1.00	20.09	2,571.4	3,012.7	4,628.1	299.4

Metallurgical Testwork

Concentrate Metallurgy

In 2019, Piedmont engaged SGS Canada Inc. in Lakefield, Ontario to undertake testwork on variability and composite samples. Dense Medium Separation (“DMS”) and locked-cycle flotation tests produced high-quality spodumene concentrate with a grade above 6.0% Li₂O, iron oxide below 1.0%, and low impurities from composite samples. Table 10 shows the results of composite tests on the preferred flowsheet (previously announced on July 17, 2019). The feed grade of the composite sample was 1.11% Li₂O.

Table 10: 2019 Dense Medium Separation and Locked Cycle Flotation Test Concentrate Assays
Sample	Li₂O (%)	Fe₂O₃ (%)	Na₂O (%)	K₂O (%)	CaO+ MgO + MnO (%)	P₂O₅ (%)
Dense medium separation	6.42	0.97	0.56	0.45	0.51	0.12
Locked-cycle flotation	6.31	0.90	0.68	0.52	1.25	0.46
Combined concentrate	6.35	0.93	0.63	0.49	0.96	0.32

In 2020, a pilot plant testwork program was undertaken at SGS Canada Inc. A 54-t bulk outcrop sample from the Carolina Lithium Project was processed through a DMS and flotation pilot plant. Using the optimized results from the flotation pilot plant, the combined DMS and flotation concentrates graded >6% Li₂O and <1% Fe₂O₃ with lithium recoveries >70%. Optimized testing on the master composite sample resulted in lithium recovery of 82% and concentrate grading 6.13% Li₂O.

In 2021, Piedmont engaged SGS Canada Inc. in Lakefield, Ontario to undertake testwork on nine variability samples. Samples were produced from drill core from the East and South pits and represented the early years of production (i.e., the first 10 years of operation). The samples generally contained elevated levels of host rock dilution (ranging from 9.4% to 17.3%) as compared to the mine plan average (10%). DMS and batch and locked-cycle flotation tests were undertaken. Table 11 shows the composition of the nine variability samples and combined (DMS and flotation) concentrate grades and spodumene recoveries which were estimated based on feed mineralogy.

Table 11: 2021 Variability Testwork Results
Pit	Variability Sample	Feed		Combined Concentrate
Li₂O (%)	Fe₂O₃ (%)	Li₂O (%)	Fe₂O₃ (%)	Est Spodumene Recovery (%)
East	Early Flat 1	1.05	2.01	6.00	1.11	74.7
	Early Flat 2	0.99	1.80	6.16	0.92	73.2
	Early Steep	1.12	1.92	6.36	1.11	82.2
	Late Flat	0.69	1.89	6.10	0.92	74.9
	Late Low-grade	0.69	1.85	5.67	1.06	67.2
	Extension High-grade	1.05	1.40	5.84	1.14	81.5
	Extension Low-grade	1.01	1.81	5.81	1.10	67.4
South	Lower Flat	1.01	2.00	5.74	0.95	75.4
South	Upper Steep	1.10	2.25	6.05	1.59	79.3

Based on the historical testwork and the 2021 variability program, the BFS assumes a spodumene recovery of 77.0% for a diluted head grade of 0.996% Li₂O when targeting a 6.0% Li₂O spodumene concentrate product.

By-Product Metallurgy

The production of bulk quartz and feldspar concentrates as by-products from the spodumene locked-cycle flotation tailings was investigated. Six individual batch tests were conducted with the quartz and feldspar concentrates being composited. The results of these tests are provided in Table 12 (results previously announced May 13, 2020). Additional by-product testwork in conjunction with BFS is ongoing.

Table 12: Composite Locked Cycle By-product Assays (from Spodumene Tailings)
	Li₂O	SiO₂	Al₂O₃	K₂O	Na₂O	CaO	MgO	MnO	P₂O₅	Fe₂O₃
Quartz concentrate	0.02	99.0	0.32	0.04	0.11	0.01	0.01	0.01	0.01	0.01
Feldspar concentrate	0.12	68.0	19.35	2.45	9.30	0.17	0.04	0.01	0.15	0.05

Piedmont engaged North Carolina State University’s Minerals Research Laboratory in 2018 to conduct bench-scale testwork on samples obtained from the Company’s MRE within the Core Property for by-products quartz, feldspar, and mica. The objective of the testwork program was to develop optimized conditions for spodumene flotation and magnetic separation for both grade and recovery. Summary mica concentrate data are shown in Table 13. Complete mica data were previously announced on September 4, 2018. Further mica product optimization is in progress in conjunction with the BFS.

Table 13: Bench Scale Mica Physical Properties Results
Parameter	Unit	Optimized Value
Particle Size	Medium to Very Fine	40 – 635 Mesh
Bulk Density	g/cm³	0.681 – 0.682
Grit	%	0.70 – 0.79
Photovoltmeter	Green Reflectance	11.2 – 11.6
Hunter Value	± a [Redness(+) Greenness(-)]	0.27 – 1.25
Hunter Value	± b [Yellowness(+) Blueness(-)]	44.77 – 46.07

Mica quality is measured by its physical properties including bulk density, grit, color/brightness, and particle size. The bulk density of mica by-product generated from Piedmont composite samples was in the range of 0.680 – 0.682 g/cm³.

The National Gypsum Grit test is used mostly for minus 100 mesh mica which is used as joint cement compound and textured mica paint. Piedmont sample grit results were in the range of 0.70 – 0.79%, well below the typical specification for total grit in mica of 1.0%. Color/brightness is usually determined on minus 100 mesh material. Several instruments are used for this determination including the Hunter meter, Technedyne and the Photovoltmeter. The green reflectance is often reported for micas and talcs. Piedmont Green Reflectance results were in the range of 11.2 – 11.6.

Quartz and feldspar concentrates were produced during the 2021 Variability program at SGS Canada Inc. Batch flotation tests were operated to produce feldspar concentrate with the flotation tailings passed through wet high-intensity magnetic separation to produce quartz concentrate. Table 14 and Table 15 show assays for the feldspar and quartz concentrates produced from optimized variability batch tests.

Table 14: Optimized Batch Test Feldspar Concentrate Assays (from Spodumene Tailings)
Test	SiO₂	Al₂O₃	K₂O	Na₂O	CaO	MgO	P₂O₅	Fe₂O₃
1	69.3	18.5	2.32	8.15	0.51	0.06	0.13	0.3
2	65.6	20.8	2.25	8.92	1.08	0.05	0.13	0.1
3	67.8	18.8	2.28	8.14	0.95	0.04	0.11	0.1
4	69.0	18.8	2.46	8.46	0.48	0.05	0.13	0.1
5	69.3	18.5	2.53	8.56	0.36	0.05	0.13	0.1

Table 15: Optimized Batch Test Quartz Concentrate Assays (from Spodumene Tailings)
Test	SiO₂	Al₂O₃	K₂O	Na₂O	CaO	MgO	P₂O₅	Fe₂O₃
1	99.6	0.11	0.01	0.03	0.01	0.01	0.01	0.01
2	99.7	0.13	0.01	0.04	0.01	0.01	0.01	0.02
3	99.7	0.14	0.02	0.03	0.01	0.01	0.01	0.01
4	99.4	0.13	0.01	0.04	0.01	0.01	0.01	0.02
5	99.7	0.12	0.01	0.04	0.01	0.01	0.01	0.00

Conversion Metallurgy

In 2021, Piedmont engaged Metso Outotec to undertake pilot plant testwork using their proprietary Lithium Hydroxide Process. The spodumene concentrate sample used was produced during concentrator pilot plant operation in 2020. The spodumene concentrate was calcined by Metso Outotec at their laboratory in Oberursel, Germany. The calcined concentrate was then sent to Metso Outotec Research Center in Pori, Finland for hydrometallurgical testing.

The pilot plant flowsheet tested included: soda leaching, cold conversion, secondary conversion, ion exchange, and lithium hydroxide crystallization. The pilot plant operated for approximately 10 days. Roughly 100 kg of calcined spodumene concentrate was fed to the pilot plant. The average total lithium extraction achieved in soda leaching and cold conversion was 89% during the first 136 h of operation. Process recycles were incorporated in the pilot plant with no significant accumulation of impurities in the process. First stage lithium hydroxide crystallization was operated continuously during the pilot plant. Second stage crystallization was operated in batches after the completion of the continuous pilot plant. Impurities levels in the final battery-quality lithium hydroxide monohydrate product were typically low with Al <10 ppm, Ca <10 ppm, Fe <20 ppm, K <10 ppm, and Si <40 ppm. All other metal impurities were below detection limits.

Based on the testwork completed, Metso Outotec expects that 195,000 t/y of SC6 will be required to produce 30,000 t/y of battery quality lithium hydroxide. Based on Metso Outotec’s estimate, the BFS study assumes 91% lithium conversion through the lithium hydroxide conversion plant.

Process Design

The concentrator process design is based on historical testwork including the 2021 variability testwork program. Lithium hydroxide manufacturing process design is based on pilot plant results and Metso Outotec experience. The simplified process flow diagram for the Project is shown in Figure 7.

Diagram, schematic

Description automatically generated

Figure 7 – Proposed Carolina Lithium Project block flow diagram

Site Plan

A detailed site plan including mining operations, concentrate operations, lithium hydroxide manufacturing, overburden and waste rock disposal, by-product manufacturing and ancillary facilities was developed by Marshall Miller and Primero Group in connection with the Project’s mine permit application submitted in August 2021. This plan is expected to be modified as additional properties are acquired in order to execute the mine plan as expressed in the BFS. Most notably, the BFS assumes that tonnes contained between external property boundaries and pit extents, currently constrained by permitting offset requirements, are mined as additional properties are acquired. Also, a secondary waste pile, located on currently controlled property, is not included in the current permit application but is needed to develop the reserves as shown in the BFS. Staged permitting is a common practice and should not be considered abnormal for a mining venture of this magnitude. Figure 8 shows the proposed mine permit plan for the proposed integrated manufacturing campus.

Figure 8 – Proposed integrated manufacturing campus site plan

Navisworks models have been completed for the lithium hydroxide conversion operations (Figure 9) and spodumene concentrate facilities (Figure 10) to a BFS level of detail. Further optimization of the proposed layouts will be completed during front-end engineering design.

A picture containing text, colorful

Description automatically generated — ***Figure 9 – Carolina Lithium 30,000t/y lithium hydroxide conversion facilities***

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Description automatically generated — ***Figure 10 – Carolina Lithium spodumene and byproducts concentrator with integrated LiOH plant in background***

Infrastructure

Piedmont enjoys a superior infrastructure position relative to most lithium projects globally. The proposed site is approximately 25 miles west of Charlotte, North Carolina. The site is directly accessible by multiple state highways, CSX railroad, and is in close proximity to U.S. Highway 321 and U.S. Interstate I-85.

Piedmont’s proposed Carolina Lithium operations are in proximity to four (4) major US ports:

Charleston, SC, 197 miles
Wilmington, NC, 208 miles
Savannah, GA, 226 miles
Norfolk, VA, 296 miles

Charlotte-Douglas International Airport is 20 miles from the proposed operations. Charlotte-Douglas is the 6^th largest airport in the United States and has direct international routes to Canada, the Caribbean, South America, and Europe.

Temporary or permanent camp facilities will not be required as part of the Project. Furthermore, Livent Corporation and Albemarle Corporation operate lithium chemical plants in close proximity to the proposed Piedmont operations, and the local region is well serviced by fabrication, maintenance, and technical service contractors experienced in the sector.

Logistics

Most spodumene concentrate produced by Piedmont will be consumed by the Piedmont Carolina Lithium chemical plant. For internal transportation costs within the integrated campus, the cost to operate the belt conveyors connecting the concentrator and chemical plant are carried in the concentrator operating costs. Products are assumed to be shipped from site via truck.

Permitting

HDR Engineering has been retained by Piedmont to support permitting activities on the proposed Project.

In November 2019, the Company received a Clean Water Act Section 404 Standard Individual Permit from the US Army Corps of Engineers for the concentrate operations. This is the only federal permit required for the concentrate operations. The Company has also received a Section 401 Individual Water Quality Certification from the North Carolina Division of Water Resources. In connection with the 404 Permit an Environmental Assessment was completed for the Project which resulted in a Finding of No Significant Impact (“FONSI”).

The concentrate operations require a North Carolina State Mining Permit from the North Carolina Department of Environmental Quality (“NCDEQ”) Division of Energy, Mineral and Land Resources (“DEMLR”). The Company submitted a mine permit application to DEMLR on August 31, 2021. A public hearing in relation to the mine permit application was held on November 15, 2021. The Company has received additional information requests in connection with the mine permit application and is preparing a written response.

Piedmont previously received a Clean Air Act Title V synthetic minor permit from the NCDEQ Division of Air Quality for a proposed lithium hydroxide operation in Kings Mountain. Piedmont plans to apply for a new air permit for the Carolina Lithium integrated operations upon completion of the BFS.

Carolina Lithium remains subject to local rezoning and permit requirements. Piedmont remains in pre-application consultation with Gaston County at this time. A rezoning application will follow receipt of mine and air permits. The Company will apply for a special use permit required under the Gaston County UDO upon completion of the rezoning process.

The following environmental studies have been completed in connection with the Project (Table 16).

Table 16: List of Completed Environmental Background Studies for the Project
Study Description	Author	Date of completion
Jurisdictional Delineation	HDR Engineering	April 2019
Threatened and Endangered Species Survey	HDR Engineering	December 2018
Roadway Abandonment Technical Memo	HDR Engineering	March 2019
Cultural Resources Survey	HDR Engineering	April 2019
Static Groundwater model	HDR Engineering	June 2019
Summary of Waste Rock and Process Tailings Geochemical Assessment	Marshall Miller & Associates	August 2019
Addendum Report – Results of Humidity Cell Leaching Tests	Marshall Miller & Associates	December 2019
Water Quality Testing	HDR Engineering	March 2020
Dynamic Groundwater Model	HDR Engineering	August 2021
Toxicity Testing of the Lithium Hydroxide Conversion Plant Tailings	HDR Engineering	August 2021
Acid Base Account and Toxicity Characteristics Leaching Procedure Test Results Summary, and Proposed Mitigation Plan Associated with Potentially Acid Producing Waste Rock in the Southern East Pit	Marshall Miller & Associates	August 2021
Jurisdictional Delineation – Additional properties	HDR Engineering	November 2021
Threatened and Endangered Species Survey – Additional properties	HDR Engineering	November 2021

Marketing

Lithium Market Outlook

Benchmark Mineral Intelligence (“Benchmark”) reports that total battery demand will grow to 346 GWh in 2021 translating to 339kt of LCE demand in 2021, a growth of 51% over 2020 demand. Benchmark forecasts total demand in 2021 to be 473kt on an LCE basis.

Benchmark further expects the market to remain in a structural deficit (see Figure 11) for the foreseeable future as demand gets a head-start on supply. In the near impossible scenario that all projects come online on time as planned and without any issues, the first surplus will not occur until 2025. Benchmark believes that in this extreme case, a surplus could only be expected to last a few years before demand forces the market into a large deficit without further new projects yet undiscovered or developed.

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Description automatically generated — ***Figure 11 –Lithium hydroxide supply demand forecast***

The Company analyzed recent battery-grade lithium hydroxide and SC6 prices from Benchmark, JPMorgan and Macquarie for the period 2022-2025 as well as price forecasts recently announced by other lithium project developers.

Table 17: Price Forecasts for Battery-Grade Lithium Hydroxide ($/tonne)
Forecast	2022	2023	2024	2025
Benchmark Minerals	$20,600	$26,200	$25,200	$20,900
JPMorgan	$26,625	$22,500	$19,737	$18,420
Macquarie	$21,275	$20,415	$18,545	$17,540

Based on these and other data this Study assumes long-term pricing of $18,000/t for battery quality lithium hydroxide and $900/t for spodumene concentrate for the life of the project. Figure 12 compares the pricing used in the BFS to historical China pricing for lithium hydroxide.

Chart, line chart

Description automatically generated — ***Figure 12 –Historical battery quality lithium hydroxide prices (ex-China) $/t***

As shown in Figure 13 below North America is seeing considerable growth in battery plant capacity. Figure 14 below shows the corresponding lithium hydroxide demand for the announced U.S. battery plant capacity at full production.

Chart, bar chart

Description automatically generated — *Figure 14 –LiOH 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 which is focused on EV demand growth in North America and Europe. Piedmont will concentrate this effort on these growing EV supply chains, particularly in light of the growing commitments of battery manufacturing by groups such as Ford, General Motors, Stellantis, Toyota, LGES, SK Innovation, Samsung SDI and others. Advanced discussions with prospective customers are ongoing.

By-Product Marketing

Piedmont proposes to produce quartz, feldspar and mica as by-products of spodumene concentrate operations. The Company engaged John Walker, an independent consultant, and Pronto Minerals, a joint venture between the Company and Ion Carbon & Materials, to assist the Company in estimating market opportunities for its by-products as shown in Table 18 below.

Table 18: Market Forecasts and Basket Pricing for By-Products ($/t)
Quartz (t/y)	Feldspar (t/y)	Mica(t/y)	Average Realized Price ($/t) Mine Gate
252,000	392,000	28,000	$69.70

Operating Cost Estimates

Spodumene Concentrate Operating Cost Estimate

The SC6 operating cost estimate was prepared based on operating at approximately 1.90 million t/y run-of-mine ore producing an average of 242,000 t/y of SC6. Table 19 summarizes the estimated operating costs at steady-state. Costs are presented on an FOB chemical plant basis. Analcime by-product from lithium hydroxide manufacturing is assumed to have zero credit value.

Table 19: Concentrate Operations Cash Operating Cost Summary (Steady State)
SC6 Production Costs	Total Average Annual Cost ($mm/y)	Cost $/t SC6
Mining	$62.1	$274
SC6 processing	$24.6	$101
Labor	$8.6	$36
Consumables	$9.0	$37
Power	$3.9	$16
Maintenance	$1.1	$4
Mobile Equipment	$0.6	$2
Lab and Plant G&A	$0.7	$3
Water Treatment	$0.8	$3
Royalties	$1.9	$8
Subtotal	$88.6	$383
By-product processing	$11.3	$46
Labor	$2.4	$10
Consumables	$5.4	$22
Power	$1.5	$6
Maintenance	$0.3	$1
Mobile Equipment	$0.3	$1
Lab and Plant G&A	$0.3	$1
Water Treatment	$1.2	$5
By-product credit	($46.8)	($195)
Total cash operating cost	$53.1	$234

Lithium Hydroxide Operating Cost Estimate

The operating cost estimate was prepared based on producing 30,000 t/y of lithium hydroxide monohydrate. Table 20 summarizes the estimated average operating costs for lithium hydroxide production over the life of mining operations and when using third-party spodumene concentrate.

Table 20: Chemical Plant Cash Operating Cost Summary
	Steady-State First 10 Years		Average Life of Operations
Operating Cost Component	Total Average Annual Cost ($mm/y)	Cost $/t LiOH	Total Average Annual Cost ($mm/y)	Cost $/t LiOH
Salaries	$10.0	$334	$10.0	$339
Operating Consumables	$30.5	$1,017	$30.5	$1,027
Power	$6.4	$214	$6.4	$218
Maintenance	$3.2	$107	$3.2	$108
Laboratory and QA/QC	$2.1	$70	$2.1	$70
Other Costs	$1.1	$32	$1.1	$32
Subtotal conversion costs	$53.3	$1,774	$53.3	$1,794
SC6 supply costs (cash cost basis)	$45.8^[16]	$1,527	$123.5^[17]	$4,131
G&A	$10.7	$356	$9.3	$310
Total cash operating costs	$109.8	$3,657	$186.1	$6,235

The operating cost estimate is based on Q4 2021 U.S. dollars with no escalation. Target accuracy of the operating cost estimate is ± 15%. Operating costs are based on steady-state production. The average operating costs include the commissioning and ramp-up phases of both concentrate operations and chemical plant operations. Third party SC6 sales are not included in the by-product credits.

During years 12-30, the chemical plant operations pay market price for spodumene concentrate either delivered CIF to the port of Charleston, South Carolina, or to DAP to Carolina Lithium’s rail siding in Cherryville, NC.

Operating costs assume that Carolina Lithium employs contract mining services.

*Figure 15 – Lithium hydroxide production average steady state cash cost first 10 years*

Capital Cost Estimate

Table 21 highlights the total estimated capital expenditures for the 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 Q4 2021 costs.

Table 21: Estimated Capital Costs
Cost Center	Total Capital Costs ($ mm)
Mining	$81
Concentrator	$162
Byproducts	$45
Lithium hydroxide conversion plant	$408
Project indirects	$99
Owner’s costs	$73
Total Initial Capital (excluding contingency)	$867
Contingency	$120
Total Development Capital	$988
Deferred, working and sustaining capital	$351

Project Schedule

An integrated schedule was prepared as part of the BFS. The level 1 summary schedule is presented in Figure 16. For the purposes of financial modeling construction of the Carolina Lithium Project is assumed to commence at the start of Q3 2022. Project approvals including a state mining permit, rezoning, air permit, and special use permit are required before construction activities can commence on the Project.

Commercial production at the lithium hydroxide plant is estimated to start 24 months after the start of construction, with full production achieved within 12 months from the start of production.

**Figure 16 – Carolina Lithium Project Level 1 Schedule**

Royalties, Taxes, Depreciation, and Depletion

The BFS project economics include the following key parameters related to royalties, tax, depreciation, and depletion allowances:

Royalties of $1.00 per ROM tonne based on the average land option agreement
Current North Carolina state corporate taxes are 2.5% but will reduce to 0% between 2024-2028
Federal tax rate of 21% is applied and state corporate taxes are deductible from this rate
Effective base tax rate of 22.975% in 2028 and reduces to 21% from 2028 onwards
Depletion allowance of 22% is applied to the spodumene concentrate and mica sales prices. For spodumene concentrate used internal to the Carolina Lithium operations a transfer price equal to the market price has been used to calculate depletion.
Depletion allowances for quartz and feldspar concentrates are 14% within the financial model
Depreciation in the concentrate operations is based on Asset Class 10.0 – Mining in IRS Table B-1 using the general depreciation system (“GDS”) over 7 years with the double declining balance method
Depreciation in the chemical 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

BFS Economics

Modeling Assumptions

A detailed project economical model was completed by the Company 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 time frame to nameplate production
Financial modeling has been completed on a monthly basis, including estimated cash flow for construction activities and project ramp-up
Mine scheduling was prepared on a quarterly basis for the first five years of operations, and annually thereafter.
Pricing information for battery-grade lithium hydroxide sales and spodumene concentrate supply are based on a fixed price of $18,000/t for battery quality lithium hydroxide and $900/t for 6.0% Li₂O spodumene concentrate
Royalties, tax, depreciation, and depletion allowances according to stated assumptions

Financial Modelling

A comprehensive economic model has been prepared which fully integrates the Carolina Lithium Project including concentrate and chemical operations. The Study assumes a chemical plant production life of 30 years commencing 3 months after the start of mining operations. The chemical plant operates using self-supplied spodumene concentrate for the first 11 years of operations followed by market procurement of SC6 from year 12, including potentially from offtake sources currently controlled by or contracted with Piedmont. The mining production target is approximately 20.1 Mt at an average run of mine grade of 1.0% Li₂O (fully-diluted) over an 11-year ore reserve life. The overall life of chemical plant operations is 30 years.

The current economic model is based on a monthly projection of capital costs and assumes that the full capital cost is spent across 21 months prior to commissioning of the concentrate operations and across 24 months prior to the commissioning of the chemical plant. Concentrate operations are assumed to ramp to full production over a one-year period and the chemical plant is also assumed to ramp to full production over a one-year period.

Payback Period

Payback periods for the Project constructed in a single phase is 3.5 years after the start of chemical plant operations or 5.5 years from the start of construction. Payback period is calculated on the basis of after-tax free cash flow.

Sensitivity Analyses

The concentrate operations and chemical plant components of the Study have been designed to a BFS level of detail with an intended accuracy of ± 15%. Key inputs into the Study have been tested by pricing, capital cost, and operating cost sensitivities. The impact to after tax net present value is presented in Figure 17 while impact to project IRR is presented in Figure 18. Additionally, applying discount rates of 7% and 9% resulted in NPV₇ of $2,360mm and NPV₉ of $1,768mm.

Chart

Description automatically generated — ***Figure 17 – Net present value sensitivity analysis for the Carolina Lithium Project***

Conclusions and Next Steps

The Study results demonstrate the potential for Carolina Lithium to become a major North American lithium hydroxide producer on a fully integrated spodumene mine to lithium hydroxide chemical plant basis. The Company will now concentrate on the following initiatives to drive the Project forward:

Complete an expanded Scoping Study to define a Phase 2 lithium hydroxide operation using partner sourced spodumene concentrate
Continue evaluation of environmentally sensitive issues for incorporation in mine planning
Undertake bridging and optimization engineering activities and launch FEED engineering
Selection of EPC contractor for execution of the Project
Respond to additional requests for information from DEMLR and continue to advance mine permit approvals
Complete and submit a new air permit application for the proposed 30,000 t/y Carolina Lithium Project
Engage in further pre-application consultation with Gaston County in advance of rezoning and special use permit application submittals
Complete formal submission of the Company’s Advanced Technology Vehicle Manufacturing program loan application
Continue to evaluate opportunities to add quality assets to the Company’s portfolio
Evaluate strategic partnering options in partnership with Evercore and JP Morgan

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

The information contained herein by Piedmont has been prepared in accordance with the requirements of the securities laws in effect in the United States and Australia. The terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are used herein as defined by the U.S. Securities and Exchange Commission (“SEC”) in Regulation S-K, Item 1300 (“S-K 1300”) and as defined in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”). The terms “Ore Reserves”, “Proven Ore Reserves”, and “Probable Ore Reserves” are used herein as defined by the U.S. Securities and Exchange Commission (“SEC”) in Regulation S-K, Item 1300 (“S-K 1300”) and as defined in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”).

Competent Persons and Qualified Persons Statements

The information in this announcement that relates to Exploration Results is based on, and fairly represents, information compiled or reviewed by Mr. Lamont Leatherman, a Competent Person and Qualified Person, who is a Registered Member of the ‘Society for Mining, Metallurgy and Exploration’, a ‘Recognized Professional Organization’ (RPO). Mr. Leatherman is an employee of the Company. Mr. Leatherman has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Leatherman’s credentials also allow him to satisfy the requirements of a Qualified person in accordance with the United States Securities and Exchange Commission’s Modernization of Property Disclosures. Mr. Leatherman consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this announcement that relates to lithium Mineral Resources is extracted from our announcement entitled “Piedmont Increases Mineral Resources with Completion of Phase 5 Infill Drilling dated October 22, 2021. This announcement is available to view on the Company website at www.piedmontlithium.com. Piedmont confirms that: a) it is not aware of any new information or data that materially affects the information included in the original announcements; b) all material assumptions and technical parameters underpinning the Mineral Resources in the original announcements continue to apply and have not materially changed; and c) the form and context in which the Competent/Qualified Person’s findings are presented in this announcement have not been materially modified from the original announcements.

The information in this announcement that relates to Metallurgical Testwork Results is based on, and fairly represents, information compiled or reviewed by Dr. Jarrett Quinn, a Competent and Qualified Person who is a Registered Member of Ordre des Ingénieurs du Québec’, a ‘Recognized Professional Organization’ (RPO). Dr. Quinn is a consultant to Primero Group Americas Inc. Dr. Quinn has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Mineral Resources and Ore Reserves’ and a Qualified Person under S-K 1300 standards. Dr. Quinn consents to the inclusion in the report of the matters based on information in the form and context in which it appears.

The information in this announcement that relates to Process Design and Operating Costs is based on, and fairly represents, information compiled or reviewed by Mr. Andrew Siemon, a Competent and Qualified Person who is a Registered Member of the ‘Australian Institute of Mining and Metallurgy’, a ‘Recognized Professional Organization’ (RPO). Mr. Siemon is a full time employee of Primero Group Americas Inc. Mr. Siemon has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Mineral Resources and Ore Reserves’ and a Qualified Person under S-K 1300 standards. Mr. Siemon consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

The information in this announcement that relates to Capital Costs and Financial Analysis is based on, and fairly represents, information compiled or reviewed by Mr. Stephane Normandin, a Competent and Qualified Person who is a Registered Member of ‘Ordres des Ingenieurs du Quebec’, a ‘Recognized Professional Organization’ (RPO). Mr. Normandin is a full time employee of Primero Group Americas Inc. Mr. Normandin has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Mineral Resources and Ore Reserves’ and a Qualified Person under S-K 1300 standards. Mr. Normandin consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

The information in this announcement that relates to Mining Engineering, Mining Schedule, Mining Costs & Ore Reserves is based on information compiled by Mr. Chris Scott and reviewed by Dr. Steven Keim, both of whom are employees of Marshall Miller and Associates (MM&A). Dr. Keim takes overall responsibility as Competent and Qualified Person for the portions of the work completed by MM&A. Dr. Steven Keim is a Competent Person who is a Registered Member of the ‘Society for Mining, Metallurgy & Exploration Society’, a ‘Recognized Professional Organization’ (RPO). Dr. Keim has sufficient experience, which is relevant to the style of mineral extraction under consideration, and to the activity he is undertaking, to qualify as Competent Person in terms of the JORC Code (2012 Edition) and a Qualified Person under S-K 1300 standards. Dr. Keim has reviewed this document and consents to the inclusion in this report of the matters based on his information in the form and context within which it appears.

Forward Looking Statements

This announcement may include forward-looking statements. 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. Forward-looking statements in this release include, but are not limited to, statements with respect to risks related to:

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 limited operating history in the lithium industry;
Piedmont’s status as an exploration stage company, including Piedmont’s ability to identify lithium mineralization and achieve commercial lithium mining;
mining, exploration and mine construction, if warranted, on Piedmont’s properties, 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 Ghana as well as properties that Piedmont may acquire or obtain an equity interest in the future;
completing required permitting, zoning and re-zoning activities required to commence mining and processing operations for the Carolina Lithium Project;
Piedmont’s ability to achieve and maintain profitability and to develop positive cash flows from Piedmont’s mining and processing activities;
Piedmont’s estimates of mineral reserves and resources and whether mineral resources will ever be developed into mineral reserves;
investment risk and operational costs associated with Piedmont’s exploration activities;
Piedmont’s ability to develop and achieve production on Piedmont’s 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; and
Piedmont’s failure to successfully execute Piedmont’s growth strategy, including any delays in Piedmont’s planned future growth.

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.

Based on the assumptions made as part of the Carolina Lithium Project’s BFS announcement dated December 14, 2021.
EBITDA defined as earnings before interest, taxes, depletion, depreciation, and amortization.
Indicative NPV and IRR of the Carolina Lithium Project when applying current spot prices as reported by Fastmarkets on 12/03/21 of $31,000/t for LiOH and $2,300/t for SC6 for pricing assumptions in the project’s financial model.

Based on the assumptions made as part of the Carolina Lithium Project’s BFS announcement dated December 14, 2021.
EBITDA defined as earnings before interest, taxes, depletion, depreciation, and amortization.
Indicative NPV and IRR of the Carolina Lithium Project when applying current spot prices as reported by Fastmarkets on 12/03/21 of $31,000/t for LiOH and $2,300/t for SC6 for pricing assumptions in the project’s financial model.
Carolina Lithium AISC presented based on December 2021 BFS results showing Piedmont’s steady-state AISC during the first 10 years of operations. All other costs shown based on Roskill May 2021 cost curve but assuming $900/t SC6 input costs for Merchant Converters to match BFS pricing assumptions. ↑
Water scarcity values published by AWARE and available at wulca-waterlca.org/aware/ LCA results previously announced on June 9, 2021 ↑
Atlantic Lithium and Sayona are spodumene projects in which the Company has equity interests and offtake agreements ↑
References to $ in this announcement are United States Dollars. ↑
Due to rounding the capital costs as presented do not add to $988mm ↑
Spodumene concentrate production in the BFS is a production target based solely on Ore Reserves, prior studies established production targets based on Indicated as well as Inferred Mineral Resources. There remains significant opportunity to increase the operational life of Carolina Lithium beyond 11 years by conversion of existing mineral resources to ore reserves or by discovery of additional resources within the TSB ↑
Steady-state cash costs of LiOH production during years 3-10 using SC6 sourced from Carolina Lithium ↑
Steady-state cash costs of SC6 production at Carolina Lithium at a BFS level from years 3-10 ↑
Average annual EBITDA during years 3-10 of operations. The average annual EBITDA life of chemical plant is $346mm ↑
The Terms “Feasibility Study” and “Bankable Feasibility Study” are defined and/or referred to by the JORC Code (2012 Edition) and the SEC adopting for release S-K 1300. With regards to both JORC and SEC rules, feasibility studies are intended to support the economic viability of Ore Reserves via a detailed engineering and financial analysis. The Bankable Feasibility Study in which this announcement relates includes assumptions pertaining to the production of lithium reserves currently controlled by the Company and processing of purchased spodumene concentrate from other entities. As such, the term “Feasibility Study” as referred to in this announcement presents a business case which includes costs and revenues associated with reserve and non-reserve material. With regards to assumptions related to the production of the company’s Ore Reserves, all engineering and financial analysis aligns with the requirements of JORC and SEC rules to meet feasibility level standards. While the feasibility study and this announcement present a business model which includes non-reserve material, the Company and its consultants have completed a stand-alone analysis of the Company’s reserves to document their economic viability absent assumptions of purchased spodumene material. ↑
Overall metallurgical recovery from spodumene ore to lithium hydroxide monohydrate assumption within resource model ↑
The metallurgical recovery of ore reserves is based on 77% recovery of ore to spodumene concentrate, and 91% metallurgical recovery of SC6 to battery quality lithium hydroxide as reported in this announcement. ↑
Expenses attributable to SC6 delivered to the lithium hydroxide conversion plant for processing. ↑
After depletion of Ore Reserves the model assumes that Carolina Lithium purchases SC6 at market rates of $900/t plus $35/t inland freight costs from U.S. port to Cherryville, NC. ↑

Piedmont Lithium Releases Updated Corporate Presentation for November 2021

November 10, 2021November 10, 2021 by Sarah Wells

November 9, 2021 (Business Wire) – Piedmont Lithium Inc., (“Piedmont” or the “Company”) (NASDAQ: PLL; ASX: PLL), a leading developer of lithium hydroxide production to enable the North American electric vehicle supply chain, today released a new Corporate Overview Presentation. The updated presentation includes information addressing overall market conditions, lithium supply and demand projections from industry analysts, pricing trends, as well as a status update on Piedmont’s multiple resources in North Carolina, Quebec, and Ghana.

“The tremendous momentum in the EV industry continues to accelerate, especially in North America with near daily expansion announcements from battery makers and electric vehicle makers alike. One thing that remains a constant in this electric environment is the need for lithium to power the industry’s projected growth,” said Piedmont President and CEO, Keith Phillips. “A company that controls a critical mass of spodumene with the ability to cost-effectively produce battery-grade lithium hydroxide, is well positioned to serve the fast-growing EV market, while returning increasing value to shareholders. And that is exactly how we are building our company,” added Phillips.

The updated presentation for November can be found under the Investor section of the Piedmont Lithium website at: https://www.piedmontlithium.com/investors/presentations.

About Piedmont Lithium

Piedmont Lithium 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. The centerpiece of our operations, located in the renowned Carolina Tin Spodumene Belt of North Carolina, when combined with equally strategic and indemand mineral resources, and production assets in Quebec, and Ghana, positions us to be one of the largest, lowest cost, most sustainable producers of battery-grade lithium hydroxide in the world. We will also be strategically located to best serve the fast-growing North American electric vehicle supply chain. The unique geology, geography and proximity of our resources, production operations and customer base, will allow us to deliver valuable continuity of supply of a high-quality, sustainably produced lithium hydroxide from spodumene concentrate, preferred by most EV manufacturers. Our planned diversified operations should enable us to play a pivotal role in supporting America’s move toward decarbonization and the electrification of transportation and energy storage. As a member of organizations like the International Responsible Mining Association, and the Zero Emissions Transportation Association, we are committed to protecting and preserving our planet for future generations, and to making economic and social contributions to the communities we serve. For more information, www.piedmontlithium.com.

Monique Parker Chosen to Lead Piedmont Lithium Health, Safety, and Environment

October 27, 2021October 28, 2021 by Sarah Wells

October 28, 2021 (Business Wire) – Piedmont Lithium Inc., (“Piedmont” or the “Company”) (NASDAQ: PLL; ASX: PLL), a leading developer of lithium hydroxide production to enable the North American electric vehicle supply chain, today announced that Monique Parker has joined the Company as Vice President of Health, Safety, and Environment. Reporting to Chief Operating Officer, David Klanecky, Ms. Parker brings more than a decade of experience managing environmental, health and safety operations for some of the most recognized manufacturers in the United States, such as Albemarle Corporation, Owens Corning, and Unilever. Ms. Parker also acquired several years of experience in other business leadership positions, where she was involved in strategy development, customer relationship management, new product development, operations, logistics and sales, within Albemarle’s Lithium Salts business.

“Monique brings a unique leadership perspective to this role having been involved in multiple business areas beyond health, safety, and environment,” commented Piedmont Lithium President and CEO, Keith Phillips. “When combined with her experience in the lithium space, her holistic view will be extremely important to our organization as we begin to build our integrated operations from the ground up understanding the critical importance of health, safety, and the environment, all of which are fundamental pillars of our operating philosophy.”

Ms. Parker joins Piedmont from Albemarle Corporation where she has held positions ranging from Business Unit HSE Director, Global Quality Director, and Business Process Improvement Director to Senior Global Business and New Product Development Leader. Prior to her time at Albemarle, she held several positions with Owens Corning, including Environmental, Health and Safety Leader where she led environmental and safety programs for multiple sites, executed the company’s environmental permitting process, as well as its programs focused on reducing waste to landfills. Ms. Parker began her career as a Manager of Environmental, Health and Safety with Hexcel Corporation.

Ms. Parker earned her Bachelor of Science in Chemical Engineering from Tennessee Technological University and is credentialed as a Certified Safety Professional (CSP) and an ISO 9001 Lead Auditor.

About Piedmont Lithium

Piedmont Increases Mineral Resources with Completion of Phase 5 Infill Drilling

October 20, 2021October 21, 2021 by Sarah Wells

Inaugural Mineral Resources reported under new U.S. S-K 1300 Standards

Carolina Lithium Project total Mineral Resources increase to 44.2 Mt @ 1.08% Li₂O
Indicated Mineral Resources increased 101% to 28.2 Mt @ 1.11% Li₂O for the Project
DFS completion for the integrated 30,000 t/y LiOH Carolina Lithium Project expected within Q4 2021

BELMONT, NC – Piedmont Lithium Inc. (Nasdaq: PLL) (“Piedmont” or “Company”) is pleased to announce an updated global Mineral Resource estimate (“MRE”) (Table 1) for the Company’s flagship Carolina Lithium Project in North Carolina, USA. The MRE includes updates for lithium and industrial mineral products. The total MRE for the project is 44.2 Mt @ 1.08% Li₂O, with 64% of the total MRE classified in the Indicated category. The Mineral Resource estimate reported in accordance with the U.S. Securities and Exchange Commission S-K 1300 standards and the Australasian JORC Code (2012 Edition).

*Table 1: Carolina Lithium Project – Summary of Mineral Resources Estimate at October 20, 2021 Based on Long-Term Pricing of US$ 15,239/t LiOHH₂O**
Resource Category	Tonnes (Mt)	Grade (Li₂O%)	Li₂O (t)	LCE (t)	LiOH·H₂O (t)	Cut-Off Grade (% Li₂O)	Metallurgical Recovery (%)¹
Indicated	28.2	1.11	313,000	774,000	879,000	0.4	71.2
Inferred	15.9	1.02	162,000	401,000	455,000
Total	44.2	1.08	475,000	1,175,000	1,334,000

Note 1 – Overall metallurgical recovery from spodumene ore to lithium hydroxide monohydrate

Keith D. Phillips, President and Chief Executive Officer, commented: “We are very pleased to have concluded our Phase 5 drill campaign and to further expand our world-class resource base. Carolina Lithium has one of the largest spodumene resources in North America, and the only one located in the United States. The increase in ‘Indicated’ resources of over 100% relative to resources previously reported under Australian standards, will underpin the definitive feasibility study for Carolina Lithium that we plan to publish later in 2021. The DFS will be another important step along the path to building America’s leading lithium business to support and enable the rapidly-growing electric vehicle supply chain in the United States.”

The Company intends to file an inaugural Technical Report Summary in accordance with the United States Securities and Exchange Commission Regulation S-K 1300 Modernization of Property Disclosures requirements in the Company’s next Quarterly Report on Form 10-Q.

The updated Mineral Resources will be incorporated into the upcoming Definitive Feasibility Study of the Carolina Lithium Project, which the Company expects to complete within Q4 2021.

Figure 1 – Piedmont Lithium’s Carolina Lithium Project Regional Map

Technical Discussion

Overview

Piedmont holds a 100% interest in the Carolina Lithium Project located within the Tin-Spodumene Belt and along trend to the Hallman Beam and Kings Mountain mines, which historically provided most of the western world’s lithium between the 1950s and the 1980s.

The Project is located in a rural area of Gaston County, North Carolina, USA approximately 40 km northwest of the city of Charlotte. The Project is located on the Bessemer City, Lincolnton West, and Lincolnton East United States Geological Survey (USGS) Quadrangles. The coordinate system and datum for the modeling is UTM-17N, NAD-83. The Property is centered at approximately 35°23’20”N 81°17”20”W and is comprised of approximately 3,245 total acres, of which 1,526 acres are claims on private property through option or deferred purchase agreements, 113 acres are under a long-term mineral leased agreement, 79 acres are under lease to own agreements, and 1,527 acres are owned by Piedmont. For the properties hosting the MREs in this report, Piedmont controls 100% of the surface and mineral rights per one or more agreement scenarios.

Global Mineral Resources

The Global Mineral Resource estimate, reported in Table 1, includes an update of lithium and by-product Mineral Resources for the Core property and the Central and Huffstetler Mineral Resources previously reported under Australian standards on 9 June 2021. The details of the three MREs are summarized in Table 2. Central and Huffstetler properties are within one mile of the Core property along the trend of the Carolina Tin-Spodumene Belt (Figure 2). The mineral percentages for the MRE were derived from a normative mineralogical calculation using XRF major oxide analysis for spodumene bearing pegmatites within the current lithium Mineral Resource.

The Qualified Person concludes that sufficient data have been obtained through various exploration, sampling, and metallurgical testwork programs to support the geological interpretation of lithium-bearing pegmatite deposits on the Property. The data are of sufficient quantity and reliability to reasonably support the MRE. The MRE has been classified as Indicated and Inferred based on the guidelines specified by S-K 1300 and the JORC Code (2012 Edition). Classification is based upon an assessment of geological understanding of the deposit, geological and grade continuity, drill hole spacing, quality control results, search and interpolation parameters, and an analysis of available density information. Modeled Mineral Resources for each deposit appear to be of sufficient grade, quality, quantity, and coherence to have reasonable prospects for eventual economic extraction by open pit mining methods.

The Mineral Resource is based on an overall metallurgical recovery from spodumene to lithium hydroxide of 71.20%.

The updated lithium and by-product Mineral Resources will support the completion of a Definitive Feasibility Study with an estimated completion date within Q4 2021.

Table 2: Carolina Lithium Project – Summary of By-Product Quartz, Feldspar, and Mica Mineral Resources Estimates Based on Long-Term Pricing of US$ 15,239/t LiOH*H₂O, Average By-Product Pricing of US$ 79.50/t
			Li₂O	Quartz	Feldspar	Mica
Cut-Off Grade (Li₂O %)	0.4	0.4	0.4	0.4
Metallurgical Recovery (%)	71.2¹	50.8	51.1	35.5
Category	Deposit	Tonnes (Mt)	Grade (%)	Tonnes (Mt)	Grade (%)	Tonnes (Mt)	Grade (%)	Tonnes (Mt)	Grade (%)	Tonnes (Mt)
Indicated	Core	25.75	1.10	0.282	29.59	7.62	45.06	11.60	4.29	1.10
Central	2.47	1.30	0.031	28.79	0.71	45.16	1.12	3.24	0.08
Huffstetler	0.00	0.00	0.000	0.00	0.00	0.00	0.00	0.00	0.00
Total	28.22	1.11	0.313	29.52	8.33	45.07	12.72	4.20	1.18
Inferred	Core	10.93	1.02	0.111	29.13	3.18	45.52	4.97	4.18	0.46
Central	2.69	1.10	0.030	29.99	0.81	43.88	1.18	4.08	0.11
Huffstetler	2.31	0.91	0.021	28.82	0.67	48.60	1.12	3.24	0.08
Total	15.93	1.02	0.162	29.22	4.66	45.67	7.28	4.03	0.64
MRE Total	44.15	1.08	0.475	29.42	12.99	45.30	20.00	4.12	1.82

Note 1 – Overall metallurgical recovery from spodumene ore to lithium hydroxide monohydrate

Figure 2 – Piedmont Carolina Lithium Project Mineral Resource location map showing updated MRE and resource constraining shells.

Core Property

This MRE update incorporates the results of 127 diamond core holes totaling 18,567 meters (Appendix 1) drilled during the recently completed Phase 5 drill program. The update has increased the Core property MRE by 16%, from the 31.68 Mt @ 1.07% Li₂O, reported in April 2021, to 36.68 Mt @ 1.07% Li₂O. The increase in MRE size has come from several areas with the most significant being in the north pit area where numerous laterally extensive pegmatite sills and inclined sheets have been discovered. Sills and inclined sheets are typically stacked with cumulative true thicknesses of 10 to 20 meters. Individual sheets have been traced for 500 meters along strike and 300 meters down dip and range up to 12 meters true thickness.

A primary objective of the Phase 5 drilling was to complete infill drilling at the Core property. Results from this drilling have increased the Mineral Resources in the Indicated category by 101% compared with the Mineral Resources previously reported on June 25, 2019. Indicated resources account for 70% of the updated Core Property MRE. Furthermore, 92% of the resource is within 150 m of the topography surface.

Figure 3 – Drillhole location map for the Core property

Summary of Resource Estimate and Reporting Criteria

The Mineral Resource estimate, representing in-situ lithium-bearing pegmatites, are reported in accordance with (SEC) Regulation S-K 1300 and are therefore suitable for public release. Lithium Mineral Resources include tonnage estimates for Li₂O and lithium hydroxide (LiOH·H₂O) whereby one tonne of Li₂O is equivalent to 2.81 tonnes lithium hydroxide.

The resource has additionally been prepared in compliance with S-K 1300, JORC Code 2012 Edition and the ASX Listing Rules.

The following is a summary of the pertinent information used in the MRE.

Geology and Geological Interpretation

Regionally, the Carolina Tin-Spodumene belt extends for 40 kilometers along the litho tectonic boundary between the Inner Piedmont and Kings Mountain belts. The mineralized pegmatites are thought to be concurrent and cross-cutting dike swarms extending from the Cherryville granite, as the dikes progressed further from their sources, they became increasingly enriched in incompatible elements such as lithium (Li) and tin (Sn). The dikes are considered to be unzoned.

On the property scale, spodumene pegmatites are hosted in a fine to medium grained, weakly to moderately foliated amphibolites and metasediments. The spodumene pegmatites range from fine grained (aplite) to very coarse-grained pegmatite with primary mineralogy consisting of spodumene, quartz, plagioclase, potassium-feldspar and muscovite.

Drilling and Sampling Techniques

These resources are an update to the previous Mineral Resource estimates reported in June 2021 in which the resource was informed by 415 drillholes at the Core property. The current resource estimate is now informed by a total of 542 drillholes at the Core property. Table 4 shows the allocation of drillholes per property.

Table 4: Drill Hole Summary for the Mineral Resource Estimate Update
Property	Drill Type	Number of Holes	Number of Holes with XRF data
Core	Diamond and Rotary Sonic Core	542	303
Central	Diamond Core	36	22
Huffstetler	Diamond Core	14	14

All diamond drill holes were collared with HQ and were transitioned to NQ once non-weathered and unoxidized bedrock was encountered. Drill core was recovered from surface.

Oriented core was collected on select drill holes using the REFLEX ACT III tool by a qualified geologist at the drill rig. This data was highly beneficial in the interpretation of the pegmatite dikes.

The drill spacing is approximately 40 to 80 meters along strike and down dip. This spacing is sufficient to establish continuity in geology and grade for this pegmatite system.

Drill collars were located with the differential global positioning system (DGPS) with the Trimble Geo 7 unit which resulted in accuracies <1 meter. All coordinates were collected in State Plane and re-projected to Nad83 zone 17 in which they are reported.

Down hole surveying was performed on each hole using a REFLEX EZ-Trac multi-shot instrument. Readings were taken approx. every 15 meters (50 feet) and recorded depth, azimuth, and inclination. All holes were geologically and geotechnically logged. All holes were photographed prior to sampling. Sampled zones were subsequently photographed a second time after the samples had been marked.

The core was cut in half with a diamond saw with one half submitted as the sample and the other half retained for reference. Standard sample intervals were a minimum of 0.35 m and a maximum of 1.5 m for HQ or NQ drill core, taking into account lithological boundaries (i.e. sample to, and not across, major contacts). A CRM or coarse blank was included at the rate of one for every 20 drill core samples (i.e. 5%). Sampling precision is monitored by selecting a sample interval likely to be mineralized and splitting the sample into two ¼ core duplicate samples over the same sample interval. These samples are consecutively numbered after the primary sample and recorded in the sample database as “field duplicates” and the primary sample number recorded. Field duplicates were collected at the rate of 1 in 20 samples when sampling mineralized drill core intervals.

Sample Analysis Method

Normative mineralogy was calculated from total fusion X-ray fluorescence (XRF) major element data using a least squares method (MINSQ – Herrmann, W. and Berry, R.F., 2002, Geochemistry: Exploration, Environment, Analysis, volume 2, pp. 361-368). The normative calculations were validated against and corrected where necessary using X-ray diffraction (XRD) Rietveld semi-quantitative mineralogical data from 38 sample pulps selected to represent a range of chemical compositions and mineralogy, as well as 3 QEMSCAN analyses of composite samples prepared for metallurgical test work.

Resource Estimation Methodology

Lithological and structural features were defined based upon geological knowledge of the deposit derived from drill core logs and geological observations on surface. Wireframe models of 92 pegmatite bodies were created in Micromine® by joining polygon interpretations made on cross sections and level plans spaced at 40 meters. Weathering profiles representing the base of saprolite and overburden were modelled based upon drill hole geological logging. Modelling utilized a topographic digital terrain model (“DTM”) that incorporates LiDAR and photogrammetry data with high accuracy RTN-GPS survey control. The LiDAR data has an accuracy class of +/- 0.1 meters.

Rotated block models were constructed in Micromine® that encompass all modelled dikes using parent cell sizes of 6 m (E) by 12 to 18 m (N) by 6 to 18m (Z). The drill hole files were flagged by the pegmatite and weathering domains they intersected. Statistical analysis of the domained data was undertaken in Supervisor®. Samples were regularized to 1 meter composite lengths. Regularized weight percent mineral grades within the pegmatite model were analyzed to confirm the suitability of the Ordinary Kriging method also used for the lithium Mineral Resource estimate. For each modelled pegmatite, regularized compositional grades for spodumene, quartz, albite, K-spar and muscovite were interpolated into the corresponding pegmatite block model along with grades for biotite and other gangue minerals. Albite and K-spar grade estimates are summed to generate a compositional grade estimate for feldspar by-product.

Block grade interpolation was validated by means of swath plots, comparison of sample and block model mineral grade averages and correlation coefficients, and by overlapping mineral grade distribution charts for sample and block model data. Cross sections of the block model with drill hole data superimposed were also reviewed.

Classification Criteria

Resource classification parameters are based on the validity and robustness of input data and the estimator’s judgment with respect to the proximity of resource blocks to sample locations and confidence with respect to the geological continuity of the pegmatite interpretations and grade estimates.

All blocks captured in pegmatite dike interpretation wireframes below the topography surface are classified as Inferred. Indicated classification boundaries define regions of blocks that, overall, meet the following criteria: Within major pegmatite dikes that are informed by at least two drill holes within a range of approximately 25 meters to the nearest drill hole in the along strike and down dip directions.

No Measured category resources are estimated.

Cut-Off Grade, Mining and Metallurgical Methods and Parameters

The Mineral Resource Estimate is reported at a 0.4% Li₂O cut-off grade, in line with cut off grades utilized at comparable deposits. The economic extraction of by-product minerals is contingent on the economic extraction of lithium mineral resources at the Project. Accordingly, the by-product Mineral Resource Estimate is also reported at a 0.4% Li₂O cut-off grade.

The depth, geometry, and grade of pegmatites at the property make them amenable to exploitation by open cut mining methods. The Core resource model is constrained by a conceptual pit shell derived from a Whittle optimization using estimated block value and mining parameters appropriate for determining reasonable prospects of economic extraction. These include: maximum pit slope of 50° and strip ratio of 12, mining cost of US$2.90/t, spodumene concentration cost of US$25/t, processing cost of US$2,616/t LiOH·H₂O, commodity price equivalent to US$15,239/t LiOH·H₂O and with appropriate recovery and dilution factors. Material falling outside of this shell is considered to not meet reasonable prospects for eventual economic extraction.

Conceptual shells for Central and Huffstetler resource models, developed using the above parameters, extended to the base of the resource models and beyond the modelled strike extent of the resource model where the deposits are open. Accordingly, the entire Central and Huffstetler resource models are considered to have reasonable prospects of eventual economic extraction.

Reasonable prospects for metallurgical recovery of spodumene and by-product minerals are supported by the results of the variability and composite sample test work undertaken at SGS laboratories in Lakefield, Ontario and previously announced on May 13, 2020. Bulk samples of the quartz, feldspar and mica co-products from the Project have been evaluated for attributes such as product size distribution, chemical composition, purity, and color. Test work results demonstrate that by-products have specifications that are marketable to prospective regional customers and strategic partners in the solar glass, engineered quartz, ceramic tile, and other industrial minerals markets.

Future Exploration

Piedmont plans to release a Definitive Feasibility Study for the project within Q4 2021. Piedmont continues to evaluate newly acquired properties within the Carolina Tin Spodumene Belt for lithium mineralization.

The Qualified Person recommends the following actions are completed to support the ongoing Mineral Resource development effort at the Carolina Lithium Project:

Investigate shallow portions of Core Property deposits deemed amenable to early-stage mining through infill drilling and appropriate surface methods, at 20 m to 40 m spacings. An understanding of the short-range variability of mineralization, pegmatite dike orientation, and weathering should be developed, and Measured resource classification criteria established.
Model the extent of major metavolcanic and metasedimentary host rock units to support mine planning at the Core property. Models will improve bulk density estimation and support environmental and geotechnical characterization of waste rock.
Conduct infill drilling to increase data density and support the upgrading of Mineral Resources from Inferred to Indicated throughout the Project.
Undertake a study to identify new exploration targets and prioritize step-out drill targets that expand defined resource pegmatites.
To support exploration targeting across its properties, and to direct future property acquisitions, Piedmont should continue to synthesize a mineral system model for spodumene bearing pegmatites along the TSB.

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. The centerpiece of our operations, Carolina Lithium, is located in the renowned Carolina Tin Spodumene Belt of North Carolina. Combining our U.S. assets with equally strategic and in-demand mineral resources, and production assets in Quebec and Ghana, positions us to be one of the largest, lowest cost, most sustainable producers of battery-grade lithium hydroxide in the world. We will also be the most strategically located to best serve the fast-growing North American electric vehicle supply chain. The unique geology, geography and proximity of our resources, production operations and customer base, will allow us to deliver valuable continuity of supply of a high-quality, sustainably produced lithium hydroxide from spodumene concentrate, preferred by most EV manufacturers. Our diversified operations will enable us to play a pivotal role in supporting America’s move toward decarbonization and the electrification of transportation and energy storage. For more information, 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 and construction activities; current plans for Piedmont’s mineral and chemical processing projects; strategy; and expectations regarding permitting. 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 will be unable to commercially extract mineral deposits, (ii) that Piedmont’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, (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 Quebec and IronRidge Resources, (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 presentation and actual events, results, performance and achievements could vary significantly from the forward-looking statements, projections and estimates presented in this presentation. 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

Qualified Persons Statement

The information in this announcement that relates to Exploration Results is based on, and fairly represents, information compiled or reviewed by Mr. Lamont Leatherman, a Qualified Person who is a Registered Member of the ‘Society for Mining, Metallurgy and Exploration’, a ‘Recognized Professional Organization’ (RPO). Mr. Leatherman is an employee of the Company. Mr. Leatherman has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaken to qualify as a Qualified Person as defined in S-K 1300 and as a Competent Person as defined in the JORC Code. Mr. Leatherman consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Exploration Targets and Mineral Resources is based on, and fairly represents, information compiled or reviewed by Mr. Leon McGarry, a Qualified Person who is a Professional Geoscientist (P.Geo.) and registered member of ‘Professional Geoscientists Ontario’ (PGO no. 2348), a ‘Recognized Professional Organization’ (RPO). Mr. McGarry is a Principal Resource Geologist and full-time employee at McGarry Geoconsulting Corp. Mr. McGarry has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Qualified Person as defined in S-K 1300 and the JORC Code. Mr. McGarry consents to the inclusion in this report of the results of the matters based on his information in the form and context in which it appears.

Steve Keim is a licensed Professional Engineer (PE) and Registered Member of the Society of Mining Engineers (SME), Golden, Colorado, USA. Kevin Andrews is a Certified Professional Geologist (CPG) under requirements of the American Institute of Professional Geologists (AIPG) and a Registered Member of SME. SME and AIPG are Recognized Professional Organizations (RPO). Both Mr. Keim and Mr. Andrews are full-time employees of MM&A and are recognized as qualified individuals to review the resource estimate and associated data.

Krishna McVey Joins Piedmont Lithium as Vice President of Human Resources

October 13, 2021October 14, 2021 by Sarah Wells

October 14, 2021 (Business Wire) – Piedmont Lithium Inc., (“Piedmont” or the “Company”) (NASDAQ: PLL; ASX: PLL), a leading developer of lithium hydroxide production to enable the North American electric vehicle supply chain, today announced that Krishna McVey has joined the Company as Vice President of Human Resources. Reporting to Chief Executive Officer, Keith Phillips, Ms. McVey brings a broad, multi-dimensional background in human resources to Piedmont that includes experience in all aspects of labor and employment law and human capital management. Over her career Ms. McVey has led several complex, transformational organizational initiatives, as well as leading talent acquisition and management, design and implementation of compensation performance systems, and the formulation of a wide range of organizational policies for multinational, multi-business unit companies.

“Kris is a welcome addition to our expanding leadership team, and we feel extremely fortunate to have someone with her background and unique skillset join the Piedmont family,” said CEO, Keith Phillips. “As we evolve from a pre-production, pre-revenue company, to a global, multi-asset organization with a growing workforce that could reach nearly 500 teammates, Kris’ diverse, international leadership experience will be invaluable in helping us build a world-class company, with a world-class culture, and world-class HR systems and practices.”

Ms. McVey joins Piedmont from TC Transcontinental Packaging where she rose from Global Director of Human Resources to Vice President of Human Resources and U.S. Labor Relations. In her most recent role, she oversaw all human resources activities for TC’s largest consumer packaging segment, including cultural change management initiatives, and labor relations strategies in the U.S. and Canada. Prior to her time at TC Transcontinental, she had a 15-year career with Michelin with positions in both France and North America. She began her tenure at Michelin as Associate General Counsel, then progressed through the organization to become Director of Human Resources with the Aircraft Tire Division of Michelin North America where she developed policies and procedures for both the hourly and salaried population of the 500-employee operation. Ms. McVey began her career in private practice with the law firm Edwards Ballard where she represented a variety of private and public employers developing human resources policies and diversity programs, while providing extensive legal training to clients in all areas of human resources and employee relations.

Ms. McVey earned her Juris Doctor in Labor and Employment Law from the University of South Carolina School of Law, her Master of Human Resources from the Darla Moore School of Business at the University of South Carolina, as well as her Bachelor of Arts (French) degree from the University of South Carolina. Over her career, Ms. McVey has served on the Board of several philanthropic and community organizations, including SAFE Homes/Rape Crisis, the United Way of Stanly County, and the Centralina Workforce Development Board.

About Piedmont Lithium

	Lithium Hydroxide for the United States Electric Vehicle Market U.S. Electric Vehicle (“EV”) demand is expected to grow 12x by 2030 (Benchmark Minerals) Commitments of over $25 billion to build U.S. battery capacity by 2030 Lithium Hydroxide (“LiOH”) is required in the high-nickel batteries used in longer range EVs Carolina Lithium is positioned to be the leading U.S. source of Lithium Hydroxide
	Positive ESG Profile LiOH will power the electrification of the vehicle business, dramatically reducing carbon and other emissions vs. traditional internal combustion vehicles Superior sustainability profile relative to current LiOH producers in China and South America Automotive companies prefer spodumene-sourced lithium hydroxide for sustainability reasons Chemical Plant designed to rely on low carbon power sources in North Carolina Carolina Lithium will operate under U.S. labor, environmental and safety standards
	Strong Financial Results Expected from Low Estimated Operating Costs BFS indicates results of NPV₈ (after tax) of $2.0 billion and post-tax IRR of 27% BFS estimated steady-state EBITDA^[2] of $459 million over the first 10 years of operations Projected steady-state LiOH cash costs of $3,657/t and AISC of $4,377/t for the first 10 years
	Opportunities for Further Economic Upside Stronger lithium pricing – current spot prices point toward higher EBITDA than BFS projections with indicative after tax $4.5bb NPV₈ and 50% IRR using spot price modeling^[3] Conversion of additional ore reserves and new mineral resources consistent with Piedmont’s strong track-record through continued exploration of the Carolina Tin Spodumene Belt Continued evaluation of possible Phase 2 LiOH expansion using SC6 sourced from Piedmont-affiliated companies

Carolina Lithium Advancing Toward Final Investment Decision International Investments Support Plans for Additional U.S. Hydroxide Production

Contractor Selection and Design Engineering

Growth Projects

Report Outlines Estimated Financial and Job Creation Impact in Gaston County, North Carolina

Lithium Hydroxide for the United States Electric Vehicle Market

Positive ESG Profile

Strong Financial Results Expected from Low Estimated Operating Costs

Opportunities for Further Economic Upside

EXECUTIVE SUMMARY

Industry Leading Sustainability Profile

United States Market Dynamics

Strong Estimated Financial Results with Potential for Extended Operational Life

Multi-Asset Business with Upside Potential

Fully Integrated Manufacturing Campus

CAROLINA LITHIUM 30,000 T/Y BANKABLE FEASIBILITY STUDY

Updates from Prior Studies

BFS Consultants

Feasibility Study Overview

Mineral Resource Estimates

Ore Reserves

Ore Reserves Classification Criteria

Ore Reserves Cut-Off Parameters

Ore Reserves Mining Factors

Ore Reserves Metallurgical Factors

Ore Reserves Revenue Factors

Ore Reserves Cost Factors

Mining Production Target

Chemical Plant Production

Mining Optimization

Production Schedule

Metallurgical Testwork

Concentrate Metallurgy

By-Product Metallurgy

Conversion Metallurgy

Process Design

Site Plan

Infrastructure

Logistics

Permitting

Marketing

Lithium Market Outlook

Market Strategy

By-Product Marketing

Operating Cost Estimates

Spodumene Concentrate Operating Cost Estimate

Lithium Hydroxide Operating Cost Estimate

Capital Cost Estimate

Project Schedule

Royalties, Taxes, Depreciation, and Depletion

BFS Economics

Modeling Assumptions

Financial Modelling

Payback Period

Sensitivity Analyses

Conclusions and Next Steps

Technical Discussion