Piedmont Lithium Selected for $141.7 Million Grant by United States Department of Energy for Tennessee Lithium Project

Piedmont Lithium (“Piedmont”, “Company”) (Nasdaq: PLL; ASX: PLL), a leading
global developer of lithium resources critical to the U.S. electric vehicle
(“EV”) supply chain, today announced that it has been selected for a $141.7
million grant from the U.S. Department of Energy (“DOE”) – one of the first
set of projects funded by the President’s Bipartisan Infrastructure Law to
expand domestic manufacturing of batteries for EVs and the electrical grid
and for materials and components currently imported from other countries.
The funding will support the construction of the Company’s approximately
$600 million Tennessee Lithium project, which aims to expand the U.S. supply
of lithium hydroxide by 30,000 metric tons per year (“tpy”). Lithium
hydroxide is a key component of high energy density, long-range, electric
vehicle batteries.

“We are pleased that the DOE has chosen to support our Tennessee Lithium
project, and we are committed to being responsible stewards of these grant
funds”

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Piedmont President and CEO Keith Phillips said the Company is honored that
the Tennessee Lithium project has been selected for this DOE funding. “The
U.S. government is putting investment dollars behind its policies to support
energy independence and national security, and we are grateful to be
selected to help spur critical, domestic development of the EV battery
supply chain,” said Phillips. “Over 80% of lithium hydroxide production
today occurs in China. This grant will accelerate the development of the
Tennessee Lithium project as a world-class lithium hydroxide operation,
which is expected to more than double the domestic production of
battery-grade lithium hydroxide in the United States.”

Located in Etowah in McMinn County, Tennessee, Piedmont’s Tennessee Lithium
project is being designed to produce lithium hydroxide from spodumene
concentrate using the innovative Metso:Outotec process flow sheet, enabling
lower emissions and carbon intensity as well as improved capital and
operating costs relative to incumbent operations. The Tennessee Lithium
project is expected to drive significant economic activity in McMinn County
and create approximately 120 new, direct jobs.

“We are pleased that the DOE has chosen to support our Tennessee Lithium
project, and we are committed to being responsible stewards of these grant
funds,” said Piedmont Chief Operating Officer Patrick Brindle. “This funding
will enable us to accelerate detailed engineering and place orders for
long-lead items.” Construction at the Tennessee Lithium project is slated to
begin in 2023, subject to permitting and project financing timelines, with
production expected to commence in 2025.

As part of the Company’s selection for this DOE funding, Piedmont has been
invited to negotiate the specific terms of the grant, including timing and
any co-funding. The final details of the project grant are subject to these
negotiations. The grant will not be final until Piedmont and the DOE have
agreed to the specific terms of the grant. Once the terms have been
finalized, funding of the grant will remain subject to satisfaction from
time to time of conditions precedent set forth in those terms.

When the Company’s current portfolio of lithium assets becomes fully
operational, Piedmont expects to produce 60,000 tpy of lithium hydroxide in
the United States, where current domestic production is only approximately
15,000 tpy. Piedmont’s estimated production should position the Company to
serve the growing U.S. battery manufacturing industry, which has made
announcements of capital investments exceeding $50 billion for new U.S.
battery plants. These battery plants are expected to require more than
600,000 tpy of lithium hydroxide.

The Tennessee Lithium project is a core project in Piedmont’s development
plans, with the Company anticipating production to come online on the
following schedule:

2023: Quebec – spodumene concentrate production at North American Lithium
2024: Ghana – spodumene concentrate production at Ewoyaa
2025: Tennessee Lithium – lithium hydroxide production from spodumene
concentrate sourced from our international investments
2026: Carolina Lithium – integrated spodumene concentrate and lithium
hydroxide production
About Piedmont Lithium

Piedmont Lithium (Nasdaq: PLL; ASX: PLL) is developing a world-class,
multi-asset, integrated lithium business focused on enabling the transition
to a net zero world and the creation of a clean energy economy in North
America. Our goal is to become one of the largest lithium hydroxide
producers in North America by processing spodumene concentrate produced from
assets where we hold an economic interest. Our projects include our
wholly-owned Carolina Lithium and Tennessee Lithium projects in the United
States and partnerships in Quebec with Sayona Mining (ASX:SYA) and in Ghana
with Atlantic Lithium (AIM:ALL). These geographically 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 of Sayona Mining Limited, Atlantic Lithium Limited,
and Piedmont; current plans for Piedmont’s mineral and chemical processing
projects; and strategy. Such forward-looking statements involve substantial
and known and unknown risks, uncertainties, and other risk factors, many of
which are beyond our control, and which may cause actual timing of events,
results, performance or achievements and other factors to be materially
different from the future timing of events, results, performance, or
achievements expressed or implied by the forward-looking statements. Such
risk factors include, among others: (i) that Piedmont, Sayona Mining, or
Atlantic Lithium will be unable to commercially extract mineral deposits,
(ii) that Piedmont’s, Sayona Mining’s, or Atlantic Lithium’s properties may
not contain expected reserves, (iii) risks and hazards inherent in the
mining business (including risks inherent in exploring, developing,
constructing and operating mining projects, environmental hazards,
industrial accidents, weather or geologically related conditions), (iv)
uncertainty about Piedmont’s ability to obtain required capital to execute
its business plan, (v) Piedmont’s ability to hire and retain required
personnel, (vi) changes in the market prices of lithium and lithium
products, (vii) changes in technology or the development of substitute
products, (viii) the uncertainties inherent in exploratory, developmental
and production activities, including risks relating to permitting, zoning
and regulatory delays related to our projects as well as the projects of our
partners in Quebec and Ghana, (ix) uncertainties inherent in the estimation
of lithium resources, (x) risks related to competition, (xi) risks related
to the information, data and projections related to Sayona Quebec, Sayona
Mining, 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, (xiv) uncertainties related to the negotiation, execution and
funding of DOE grants, including our ability to successfully negotiate the
grant terms and to satisfy any funding conditions under the award and (xv)
other uncertainties and risk factors set out in filings made from time to
time with the U.S. Securities and Exchange Commission (“SEC”) and the
Australian Securities Exchange, including Piedmont’s most recent filings
with the SEC. The forward-looking statements, projections and estimates are
given only as of the date of this press release and actual events, results,
performance, and achievements could vary significantly from the
forward-looking statements, projections and estimates presented in this
press release. Readers are cautioned not to put undue reliance on
forward-looking statements. Piedmont disclaims any intent or obligation to
update publicly such forward-looking statements, projections, and estimates,
whether as a result of new information, future events or otherwise.
Additionally, Piedmont, except as required by applicable law, undertakes no
obligation to comment on analyses, expectations or statements made by third
parties in respect of Piedmont, its financial or operating results or its
securities.

Contacts
Erin Sanders
VP, Corporate Communications
T: +1 704 575 2549
E: esanders@piedmontlithium.com