Piedmont Lithium Announces Outstanding PFS-level Metallurgical Results

• Testwork confirms ability to produce high-grade, low impurity spodumene concentrate
• Flow sheet adjusted to incorporate a combination of DMS and flotation processing
• Process simulations based on testwork results support a design basis of 85% lithium recovery
• Mineralogy shows spodumene as the only lithium bearing mineral in concentrate
• Optimization to further improve recoveries will be undertaken during Definitive Feasibility Study
• Updated flow sheet will be reflected in a Scoping Study update expected in the next 30 days

NEW YORK--(BUSINESS WIRE)--Piedmont Lithium Limited (“Piedmont” or “Company”) is pleased to announce positive results from pre-feasibility study (“PFS”) level metallurgical test work conducted on composite samples of ore from the Piedmont Lithium Project (“Project”) performed at SGS testing laboratories in Lakefield, Ontario.

Dense Medium Separation (“DMS”) and flotation Locked-Cycle Tests (“LCT”) test work results showed high quality spodumene concentrate product with a grade above 6.0% Li₂O, iron oxide below 1.0%, and low impurities from composite samples. Piedmont test results compare favorably in several quality categories with the reported shipments of three emerging Australian spodumene producers.

Table 1: Results of Dense Medium Separation + Locked Cycle Flotation Test Results (Composite Sample 1)
Sample	Feed Grade Li2O (%)	Concentrate Grade Li2O (%)	Fe2O3 (%)	Na2O (%)	K2O (%)	CaO+ MgO + MnO (%)	P2O5 (%)
Piedmont Composite Sample 1	1.11	6.35	0.93	0.63	0.49	0.96	0.32
Australian Producer 1	NR	6.00	1.20	NR	NR	NR	NR
Australian Producer 2	NR	5.90	1.50	NR	NR	NR	NR
Australian Producer 3	NR	6.10	0.61	0.80	0.76	0.79	0.30

NR: Not Reported

The composite samples were prepared to approximate the average grade of the Project’s ore body. Overall lithium recovery during testwork for the preferred flowsheet was 77% at a grade of 6.35% Li₂O. Simulations based on the testwork results support an overall plant design recovery of 85% when targeting a 6.0% Li₂O spodumene concentrate product. Further optimization will be undertaken in a future feasibility level pilot testwork program.

The Company’s forthcoming Scoping Study update will incorporate the updated flow sheet developed during this test work program. The benefit of incorporating DMS technology into the flow sheet will be reduced operating costs and accelerated ramp-up.

Keith D. Phillips, President and Chief Executive Officer, commented: “We are very pleased with the results of this PFS-level testwork program, which confirms the outstanding mineralogy and metallurgy of the Piedmont Lithium Project. We look forward to reflecting these strong results in our forthcoming Scoping Study update, which will also incorporate the substantially larger mineral resource announced in June as well as several other constructive refinements.”

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