Piedmont Lithium Plans Development Funding For Ewoyaa

Piedmont Lithium (“Piedmont” or the “Company”) (Nasdaq: PLL; ASX: PLL), a leading global producer of lithium resources critical to the U.S. electric vehicle supply chain, today announced the Company will increase its stake in Atlantic Lithium Limited’s (“Atlantic Lithium”) (AIM: ALL, ASX: A11) Ewoyaa Lithium Project (“Ewoyaa” or the “Project”) as part of a staged investment agreement to earn a 50% equity interest in Atlantic Lithium’s Ghanaian lithium portfolio.

• Piedmont making staged investments to earn 50% of Atlantic Lithium’s Ghanaian portfolio
  
• Support for Ewoyaa Lithium Project reflects Piedmont’s confidence in development of Ghana assets
• Ewoyaa development furthers Piedmont’s strategy to secure feedstock for planned Tennessee conversion plant

The Company’s additional funding remains subject to the receipt of final government and regulatory approvals for the Project. Piedmont expects to be able to fund its contributions toward Project development through proceeds from the sale of lithium concentrate from its offtake agreement with North American Lithium.

The Company is entitled to purchase 50% of lithium concentrate production at Ewoyaa on a market-based pricing mechanism for the life of the mine. This offtake is being planned as feedstock for the Company’s proposed, 30,000-metric-ton-per-year lithium hydroxide conversion facility in Tennessee.

Piedmont President and CEO Keith Phillips said the funding to support Ewoyaa furthers the Company’s strategy to supply crucial lithium resources to U.S. electric vehicle and battery manufacturers. “We are pleased to help advance the progression of Ewoyaa as a key part of Piedmont Lithium’s global portfolio and the expected feedstock for our planned lithium hydroxide conversion facility in Tennessee,” said Phillips. “Our partners at Atlantic Lithium have made tremendous progress with positive Project economics recently published in a definitive feasibility study and minerals lease discussions that are progressing with Ghana’s Minerals Commission. We look forward to continuing our work with Atlantic Lithium to support the Project toward first production, currently targeted for 2025.”

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