Piedmont Lithium Sells Sayona Mining Shares

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 the sale of the shares it held in Sayona Mining (“Sayona”) (ASX: SYA).

The Company has agreed to sell 1,152.2 million shares of Sayona for A$0.052 Australian Dollars (“A$”) per share through a secondary block sale via Canaccord Genuity. The sale price represents a premium to the 20-day volume weighted average price and will result in gross proceeds of approximately A$59.9 million, or US$39.4 million for Piedmont. Following the transaction and some smaller recent public market share sales, Piedmont will no longer hold any shares of Sayona. The sale of these shares has no impact on Piedmont’s joint venture or offtake position with Sayona Quebec.

The decision to divest the Sayona shares aligns with Piedmont's commitment to maintaining a prudent balance sheet while simultaneously minimizing dilution of Piedmont’s shareholders. This action, in addition to the cost-saving initiatives outlined in Piedmont’s recent corporate update, strategically positions Piedmont for the long term.

“This transaction underscores our commitment to delivering long-term value for Piedmont shareholders," said Keith Phillips, President and CEO of Piedmont Lithium. “We acquired our initial Sayona shares as part of our strategic investment in the Sayona Quebec joint venture and will recognize a meaningful gain on the investment. We remain fully committed to our joint venture with Sayona, with a particular focus on the ongoing ramp up of North American Lithium, the largest lithium operation in North America. Our 25% joint venture interest and associated offtake agreement are core assets of Piedmont, and we look forward to continuing to work closely with our partners at Sayona to supply IRA-qualified lithium resources critical to the U.S. electric vehicle supply chain.”

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.