ASX RELEASE | March 16, 2021 | ASX:PLL; NASDAQ:PLL

PIEDMONT LAUNCHES DFS FOR INTEGRATED BUSINESS

Enhancements to Lower Carbon Footprint and Improve Economics Feature Adoption of Metso Outotec Advanced Lithium Conversion Technology

Keith D. Phillips, President and Chief Executive Officer, said, “Demand for locally and ethically-sourced battery raw materials is accelerating, and Piedmont is engaging in multiple initiatives to meet this opportunity in the most sustainable way possible.  With the backdrop of new executive orders supporting domestic battery supply chains, we are very pleased to launch an integrated definitive feasibility study to advance our North Carolina operations.  In adopting the innovative Metso Outotec process we hope to deliver enhanced DFS economics while also positioning the Piedmont Lithium Project to have a lower environmental impact than any of the lithium hydroxide projects currently operating and under construction around the world.

“As the only spodumene-to-hydroxide lithium project in the United States, Piedmont is at the nexus of three important mega-trends – the ‘electrification of everything’, the ‘localization of supply chains’, and ‘the decarbonization of the economy’.  As our DFS progresses we will continue to engage in discussions with prospective customers and strategic investors to optimally position our North Carolina operations for development later this year.”

This announcement has been authorized for release by the Chief Executive Officer.

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Integrated Definitive Feasibility Study with Metso Outotec Alkaline Pressure Leach Technology

This announcement may include forward-looking statements. These forward-looking statements are based on Piedmont’s expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Piedmont, which could cause actual results to differ materially from such statements. Piedmont makes no undertaking to subsequently update or revise the forward-looking statements made in this announcement, to reflect the circumstances or events after the date of that announcement.

The Project’s Core Property Mineral Resource of 25.1Mt @ 1.13% Li₂O comprises Indicated Mineral Resources of 12.5Mt @ 1.13% Li₂O and Inferred Mineral Resources of 12.6Mt @ 1.04% Li₂O. The Central property Mineral Resource of 2.80Mt @ 1.34% Li₂O comprises Indicated Mineral Resources of 1.41Mt @ 1.38% Li₂O and Inferred Mineral Resources of 1.39Mt @ 1.29% Li₂O. The information contained in this announcement has been prepared in accordance with the requirements of the securities laws in effect in Australia, which differ from the requirements of U.S. securities laws. The terms "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are Australian terms defined in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”).  However, these terms are not defined in Industry Guide 7 ("SEC Industry Guide 7") under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), and are normally not permitted to be used in reports and filings with the U.S. Securities and Exchange Commission (“SEC”). Effective January 1, 2021, the SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the Exchange Act.  Issuers are not required to comply with such rules until their first fiscal year beginning on or after January 1, 2021.  Under the new rules the SEC now recognizes estimates of "measured mineral resources", "indicated mineral resources" and "inferred mineral resources". In addition, the SEC has amended its definitions of "proven mineral reserves" and "probable mineral reserves" to be "substantially similar" to the corresponding definitions under the JORC Code.  However, information contained herein that describes Piedmont’s mineral deposits may not be comparable to similar information made public by U.S. companies subject to reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder. U.S. investors are urged to consider closely the disclosure in Piedmont’s Form 20-F, a copy of which may be obtained from Piedmont or from the EDGAR system on the SEC’s website at http://www.sec.gov/.

Competent Persons Statement

The information in this announcement that relates to Exploration Results, Metallurgical Testwork Results, Exploration Targets, Mineral Resources, Concentrator Process Design, Concentrator Capital Costs, Concentrator Operating Costs, Mining Engineering and Mining Schedule is extracted from the Company’s ASX announcements dated July 23, 2020, May 26, 2020, June 25, 2019, April 24, 2019, and September 6, 2018 which are available to view 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 ASX announcements; 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.