Piedmont Lithium Sells Portion of Atlantic Shares to Assore

Piedmont Lithium (“Piedmont” or the “Company”) (Nasdaq: PLL; ASX: PLL), a leading global supplier of lithium resources critical to the U.S. electric vehicle supply chain, today announced an agreement to sell a portion of shares it holds in Atlantic Lithium (“Atlantic”) (AIM: ALL; ASX: A11) to Atlantic’s largest shareholder, Assore International Holdings (“Assore”).

The Company has agreed to sell 24.3 million shares of Atlantic for GBP0.25 per share, representing a premium to the prevailing market price. The shares to be sold represent approximately 3.9% of Atlantic’s outstanding shares and will result in approximately US$7.8 million in proceeds for Piedmont. Following the transaction, Assore will own approximately 28.4% of Atlantic. Piedmont will retain 32.7 million Atlantic shares, representing approximately 5.2% ownership in Atlantic. The sale of these shares has no impact on Piedmont’s joint venture, earn-in, or offtake position with Atlantic or the Ewoyaa project.

“We finished 2023 in a strong position with approximately US$72 million in cash and US$47.4 million in marketable securities as of market close on January 17. We have always viewed our Atlantic shares as a potential source of capital and are pleased to further bolster our cash balance through this agreement,” said Keith Phillips, President and CEO of Piedmont Lithium. “We remain confident about the potential of Ewoyaa as a logistically advantaged, low-cost producer of spodumene concentrate, but are taking a disciplined approach to deploying capital in the current lithium price environment and positioning ourselves for the recovery we anticipate in the lithium market.”

About Piedmont Lithium

Piedmont Lithium Inc. (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 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; ASX: A11). These geographically diversified operations will enable us to play a pivotal role in supporting America’s move toward energy independence and the electrification of transportation and energy storage. For more information, follow us on Twitter @PiedmontLithium and visit www.piedmontlithium.com.