Piedmont Lithium Presents the September 2019 Quarterly Report

Piedmont Lithium Limited (PLLPLL ("Piedmont" or "Company") is pleased to present its September 2019 quarterly report. Highlights during and subsequent to the quarter were:

• Completed an updated Scoping Study for the fully-integrated Project, which was managed by independent consultants, Primero Group Limited, and delivered outstanding results including:
  • a 25-year mine life and compelling economics including an NPV of US$1.45 billion and an after-tax IRR of 34%, due to attractive capital and operating costs;
  • a chemical plant producing 22,700tpa of lithium hydroxide supported by an open pit mine and concentrator producing 160,000tpa of 6% spodumene concentrate; and
  • by-product quartz (86,000tpa), feldspar (125,000tpa), and mica (13,000tpa) providing credits to the cost of lithium production;
• In response to strong interest from prospective lithium hydroxide customers, the Company has decided to accelerate development of its lithium chemical plant by compressing its project timeline into a single-stage, effectively accelerating chemical plant development by one year while deferring the mine/concentrator construction start date by one year, resulting in integrated operations from day one.
• Completed PFS-level metallurgical test work demonstrating high quality spodumene concentrate product with a grade above 6.0% Li₂O, iron oxide below 1.0%, and low impurities from representative samples using a combination of Dense Medium Separation ("DMS") and flotation technology;
• Continued the 25,000-meter Phase 4 drill program, where a total of 103 holes have been completed to date for a total of 17,187 meters;
• Completed Mineral Resource estimates and bench-scale metallurgical testwork for by-product quartz, feldspar and mica as by-products of spodumene concentrate from the Project. The Mineral Resource estimates were prepared by independent consultants, CSA Global Pty Ltd;
• Continued numerous preliminary off-take, financing and strategic conversations, including companies from the lithium, mining, chemicals, battery, automotive and private equity sectors;
• Completed an institutional placement of 145 million shares at A$0.145 per share to raise gross proceeds of A$21 million, led by cornerstone investor, Fidelity International ("Fidelity") and the Company's largest shareholder, AustralianSuper.

Next steps:

• Complete permitting to commence mining and processing operations at the Project;
• Commence permitting for the chemical plant in Q4 2019;
• Commence lithium hydroxide testwork in Q4 2019;
• Complete pre-feasibility study ("PFS") for the chemical plant in Q2 2020;
• Continue offtake discussions for lithium hydroxide with participants in the global battery supply chain; and
• Continue to evaluate strategic partnering options.

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