Start Time: 08:30 January 1, 0000 9:32 AM ET Piedmont Lithium Inc. (NASDAQ:PLL) Q1 2024 Earnings Conference Call May 09, 2024, 08:30 AM ET Company Participants Keith Phillips - President and CEO Michael White - EVP and CFO Patrick Brindle - EVP and COO Erin Sanders - SVP, Corporate Communications and IR Conference Call Participants David Deckelbaum - TD Cowen Austin Yun - Macquarie Joseph Eaker - ROTH MKM Gregory Lewis - BTIG Mahima Kakani - JPMorgan Greg Jones - BMO Capital Markets Stephen Richardson - Eve ...

PRESS RELEASE | May 9, 2024 | NASDAQ: PLL PIEDMONT LITHIUM REPORTS Q1 2024 RESULTS NAL Achieves Record Quarterly Production, Carolina Lithium Mining Permit Received Belmont, North Carolina, May 9, 2024 – Piedmont Lithium Inc. ("Piedmont," the "Company," "we," "our," or "us") (Nasdaq: PLL; ASX: PLL), a leading North American supplier of lithium products critical to the U.S. electric vehicle supply chain, today reported its first quarter 2024 financial results. North American Lithium ("NAL"), the largest prod ...

Financial Data and Key Metrics Changes - For full year 2023, the company reported a GAAP diluted earnings per share loss of $1.14 and an adjusted diluted earnings per share loss of $1.64, reflecting a $0.51 improvement compared to the prior year [11] - The company ended the year with $71.7 million in cash and cash equivalents, down from $99 million at the beginning of the year [52][24] - Full year revenue was $39.8 million, with a gross profit of $5.7 million, resulting in a realized price of $920 per metric ton and a realized cost of $789 per metric ton [29] Business Line Data and Key Metrics Changes - North American Lithium (NAL) produced nearly 99,000 tons and shipped more than 72,000 tons of lithium concentrate in 2023, with 43,000 tons sold to Piedmont [34] - In Q4 2023, NAL produced over 34,000 tons of concentrate, an increase of almost 3,000 tons compared to Q3 [55] - The company shipped 43.2 thousand dry metric tons of spodumene concentrate in the second half of 2023 [10] Market Data and Key Metrics Changes - The U.S. EV market saw 1.4 million vehicles sold in 2023, a 50% increase from 2022, with North American EV sales growing by 41% year-over-year in January [46] - The energy storage segment is expected to grow almost 50% in 2024, surpassing demand from the traditional portable market [69] - The lithium market is currently experiencing a downturn, with prices having fallen 85% to 90% from record highs in 2022 [65] Company Strategy and Development Direction - The company aims to be a leading supplier of lithium resources for the North American EV supply chain, focusing on hard rock production [3][22] - The company is prioritizing a prudent funding strategy while minimizing shareholder dilution, with plans to reduce spending by $10 million annually [14][48] - The Ewoyaa project in Ghana is planned to be a large spodumene producer with a high return on invested capital, and the Carolina Lithium project is designed for 30,000 tons of lithium hydroxide production [26][8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term future at NAL, citing exceptional drill results and the potential for further mine life extensions [25][18] - The company expects to achieve full production run rate at NAL within 2024, with improvements in production and unit operating costs anticipated [23][35] - Management believes that the current low price environment will eventually lead to a recovery in lithium prices, driven by strong demand growth in the EV industry [43][44] Other Important Information - The company reduced its workforce by 27% to manage costs and expects to record approximately $1 million in severance costs in Q1 2024 [14] - The company sold its holdings in Sayona Mining and a portion of its holdings in Atlantic Lithium for approximately $49 million in net proceeds [24][50] - The company is exploring non-dilutive project funding options to ensure leverage to the anticipated lithium price recovery [24][32] Q&A Session Summary Question: What is the environment for offtake and customers in the U.S.? - Management noted that customer interest remains high, with ongoing constructive conversations about pricing and potential floor pricing arrangements [90] Question: What are the final hurdles before permit completion for Carolina Lithium? - Management indicated that while the state reserves the right to ask additional questions, the current inquiries are straightforward and they expect to conclude the process soon [95] Question: How will cash cost improvements at NAL be achieved? - Management expects cash costs to improve significantly, potentially by C$400 to C$500 per ton, once strategic initiatives like the crushed ore dome are implemented [120]

performance. Net income before interest expenses, income tax expense, and depreciation. 33 nd as a result our interest in Atlantic Lithium was diluted and reduced. These gains (losses) are reported on a one-quarter lag. 22). Inpairment of of equity method investment represents the difference between the carrying ralue, which includes $46.3 million in accumulated gamon ofilintion, and fair (3) Loss from foreign currency exchange relates to FX Tuctuations in our foreign bank accounts denominated in Canadian d ...

 Erin Sanders - Senior Vice President, Corporate Communications and Investor Relations Keith Phillips - President and Chief Executive Officer Michael White - Chief Financial Officer Patrick Brindle - Chief Operating Officer David Deckelbaum - TD Cowen Joseph Reagor - ROTH MKM Matt Summerville - DA Davidson Austin Yun - Macquarie Bank Greg Lewis - BTIG Matthew Key - B. Riley Securities Eric Boyes - Evercore ISI Chris Kapsch - Loop Capital Markets Noel Parks - Tuohy Brothers Ladies and gentlemen, thank you f ...

EARNINGS PRESENTATION THIRD QUARTER 2023 LiOH Forward Looking Statements Non-GAAP Measures 2 PIEDMONT DEVELOPMENT PIPELINE 525,000tpy spodumene concentrate lithium hydroxide PIEDM $20,000 $25,000 $30,000 $35,000 $40,000 $45,000 $50,000 Fastmarkets Platts SMM $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 Fastmarkets Platts SMM :PLL :PLL ARBN 647 286 360 DISCLAIMERS Such fonward-koking statements in visves ubstantial and Incover and unknown risk factors, mary of which performance or achievementsexpressed o ...

| --- | --- | --- | |-------|-------|-------------------------------------------------------------------| | | | | | | | PIEDMONT LITHIUM, INC. | | | | | | | | POWER WITH TOMORROW IN MIND 2022 ANNUAL MEETING OF SHAREHOLDERS | | | | | ANNUAL MEETING OF SHAREHOLDERS January 11, 2022 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|---------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-----------------------------------------------| | | ...

LITHIUM – MADE IN THE USA Powering America's Clean Energy Transition :PLL :PLL ABN 50 002 664 495 September 2020 OUR PURPOSE : PLL : PLL To provide the domestic lithium required for America's transition to a clean energy future Founded in 2016 – Headquartered in Belmont, NC, USA Listed on NASDAQ and ASX – Symbol PLL Plan to Produce Lithium Hydroxide from Spodumene Ideally Located to Address China's Market Dominance O World-Class Business in Scale and Economics S Strong Cash Position Trading at Steep Discoun ...