USA’s Only Conventional Lithium Project  Corporate Presentation – March 2019  ASX: PLL  NASDAQ: PLL  ABN 50 002 664 495   
 
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 Executive Summary   
 
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 IDEAL LOCATION  50+ years of lithium processing in North CarolinaAbundant infrastructure and deep local talent poolLow operating costs and taxes  CONVENTIONAL PROCESSING  Conventional quarrying and concentrationConventional spodumene-to-hydroxide processLower-risk and faster ramp vs. brine or soft-rock  EXCEPTIONAL ECONOMICS  NPV of US$888mm on 13-year initial mine lifeIRR (after-tax) of 46% and 2-year paybackSteady-state EBITDA of US$235mm  VAST UPSIDE POTENTIAL  Largest land position on Carolina Tin-Spodumene BeltLand consolidation and exploration drilling ongoingResource and mine-life update expected mid-2019  SUPERIOR STRATEGIC POSITION  Only US spodumene projectStrategic US source of lithium hydroxideLow-risk and low-cost  America’s Only Conventional Lithium Project  3 
 
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 Superior Strategic Position  4     + 1.12% head grade+ 85% recoveries+ Superior infrastructure+ Local by-product markets+ Short transport distances+ Low-cost power and gas+ Local labor force+ Zero state royalties+ Low corporate taxes+ Favorable climate- Current 13-year mine life 
 
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 Ideally Located in North Carolina    # 1 State for Business Forbes Magazine  0%State Mining Royalties  23%Corporate Tax Rate  ~100%Historic Lithium Production  5 
 
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 North Carolina Cost Advantage               NORTH CAROLINA  WESTERN AUSTRALIA  CANADA  LABOR  $42 / Hr  $63 / Hr  $65 / Hr  ELECTRICITY  6c / kWh  17c / kWh  4c / kWh  DIESEL  $0.65 / L  $1.02 / L  $0.91 / L  NATURAL GAS  $4.00 / Gj  $6.57 / Gj  $12.54 / Gj  TRANSPORTATION  $6 / T  $46 / T  $50 / T  GOVERNMENT ROYALTIES  0%  5%  0%  EFFECTIVE TAX RATE  23%  30%  33%  Source: Public filings, Primero and Company estimates  Location drives 1st quartile cost position  6 
 
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 Ultra-Low-Cost Hydroxide Producer  Source: Roskill, Refined production cost includes all direct and indirect operating costs related directly to the physical activity of producing a refined lithium compounds, including feedstock costs (either from internal sources measured using the all-in sustaining cost of production (site operating plus other costs, as defined above), refining, on-site general and administrative costs and selling expenses. It does not include costs associated with corporate-level administrative expenses.   + Low-cost spodumene supply + Low-cost labor, power, natural gas  7 
 
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 Outstanding Scoping Study Results  Note: Mineral Resources of 16.2Mt @ 1.12% Li2O comprises Indicated Mineral Resources of 8.5Mt @ 1.15% Li2O and Inferred Mineral Resources of 7.7Mt @ 1.09% Li2O.   8 
 
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 Vast Potential For Project Life Extension  9    Maiden Resource supports 13 year mine lifeExploration Target of 4.5-5.5 Mt at 1.10-1.20%. The potential quantity and grade of this Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. Recent 18% addition to Core property to be drilled in Phase 4Outstanding initial drill results at Central Additional potential at Sunnyside + other 
 
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 Aggressive Land Consolidation Strategy  10  Initial Options415 Acres  2017903 Acres  20181,383 Acres  Current1,824 Acres   
 
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 11  Superior Economics vs. Other Mining Projects     Piedmont  Trilogy  Sabina  Corvus  Osisko  CleanTeQ  General Moly  Midas  Western Copper  eCobalt  Seabridge  Northern Dynasty  Polymet  Project  Piedmont  Arctic  Back River  North Bullfrog  Windfall  Sunrise  Mt. Hope  Stibnite  Casino  Idaho Cobalt  KSM  Pebble  Northmet  Commodity  Lithium  Copper  Gold  Gold  Gold  Nickel  Moly  Gold  Copper  Cobalt  Au / Cu  Copper  Copper  Location  USA  USA  Canada  USA  Canada  Australia  USA  USA  Canada  USA  Canada  USA  USA  Stage  PEA  PFS  DFS  PEA  PEA  DFS  DFS  PFS  DFS  DFS  PFS  PEA  DFS  After-tax NPV8 (US$mm)  $888   $1,413   $455   $586   $310   $1,390   $734   $832   $1,830   $136   $3,400   $1,774   $271   Initial Capex (US$mm)  $470   $780   $311   $424   $298   $1,491   $802   $970   $2,456   $187   $5,500   $4,695   $1,216   Profitability Index (NPV/Capex)  1.89   1.81   1.46   1.38   1.04   0.93   0.92   0.86   0.75   0.73   0.62   0.38   0.22   After-tax IRR  46%  33%  28%  38%  33%  19%  18%  19%  20%  21%  10%  15%  10%  Payback  2.0   2.0   2.9   2.1   2.1   4.3   4.1   3.4   3.0   2.9   6.4   5.3   7.5   Market Cap (US$mm)  $49   $281   $309   $176   $696   $171   $31   $164   $68   $35   $920   $299   $226   Profitability Index (After-tax NPV vs. Initial Capex) 
 
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 12  2019 Catalysts Should Drive Re-Rating vs. Lithium Peers  Enterprise Value (US$mm)  Resource of 16.6Mt @ 1.16% in March 2015  2018E LCE Production of 20,000t     Mine Life ExtensionLand AcquisitionExploration DrillingResource UpgradesEngineering StudiesScoping Study UpdateFeasibility StudyPermittingProject Financing 
 
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 Technical Consultants                Scoping Study Lead(Australia & Canada)  Resource Geology(Australia & Canada)  Metallurgy(Canada)  Permitting(North Carolina)          Mine Planning(Virginia)  Analytical Testwork(North Carolina)  Analytical Test Work(Colorado)  Blast Studies(North Carolina)  Highly-Experienced Project Team  13  Management Team      Keith PhillipsManaging Director & CEO30+ Years Wall Street Experience with JPMorgan, Merrill Lynch and Dahlman Rose  Anastasios ArimaExecutive Director & Co-founder10+ Years Mining Company Executive, Founder of multiple mining companies   Lamont LeathermanVP – Geology & Co-founder25+ Years Exploration Geologist, Ex-senior Positions in BHP & Noranda in the Carolinas  Patrick Brindle VP – Project Management20+ Years US & Global Engineering, Procurement and Construction Expert  David Buckley VP – Process Engineering25+ Years Lithium Extraction and Conversion Expert, Ex-FMC and Albemarle  Tim McKennaAdvisor – Government Relations30+ Years Government & Investor Relations, including with Rockwood Lithium 
 
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 Corporate Snapshot  Piedmont Lithium Limited    Shares outstanding  670.4 mm  ADRs effective  6.70 mm  Share price2 (ASX:PLL)  A$0.10  ADR price1,2 (Nasdaq:PLL)  US$7.48  Market capitalization2  US$50.1 mm  Cash (@ December 31, 2018)  US$9.6 mm  Key Shareholders    AustralianSuper Pty Ltd  13.2%  Directors  11.6%  Research Coverage                  Board of Directors      Ian Middlemas  Australia  Chairman  Keith D. Phillips  USA  CEO  Anastasios Arima  USA  Executive Director  Jeff Armstrong  USA  Director  Jorge Beristain  USA  Director  Levi Mochkin  Australia  Director  ASX Share Price (A$)  Daily Volume (million)  CEO Appointed  Name Change to Piedmont  A$16 million Placement  Senior Management Appointments  NasdaqListing  Maiden Resource  12  100 Ordinary Shares per ADRAs at February 22, 2019  Updated Scoping Study  A$12 million Placement  14 
 
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 Lithium Market Background   
 
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         ~53% Demand of Lithium by Li-ion Batteries in 2017  Lithium Demand by Market 20172  5x Estimated Increase in demand of Lithium by 2025  Lithium Demand Forecast to 2025 (000’s tonnes)2  30xIncrease in Lithium Supply Required in 100% EV World  ~10% Electric Vehicle Penetration Rate by 2025  Electric Vehicles in Market by 20251  1   Wall Street Consensus  2   UBS Securities 2018 Research Report  Outstanding Lithium Demand Fundamentals  16 
 
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 EV Adoption Growing Dramatically 
 
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 Tesla Model 3 the #1 Selling Car in America    Jaguar I-Pace(2018)  Audi e-tron (2019)  Porsche Taycan (2019)  Tesla Model 3  Tesla Model 3  Tesla Model 3 (2018)  18 
 
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 Have Sales of Traditional Cars Peaked in China? 
 
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 Falling Battery Costs Driving EV Costs Lower 
 
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 Purchase Price Parity Rapidly Approaching  Source: ARK Invest 
 
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 Tesla Model 3 Already Lower-Cost than Competitors    Tesla Model 3  Tesla Model 3  CATEGORY  Luxury sport sedan  Luxury sport sedan  0-60 MPH  4.6 seconds  4.6 seconds  RANGE  310 miles  ~400 miles  PRICE  $53,000  $55,000  5-YEAR FUEL 1  $2,549  $10,194  5-YEAR MAINTENANCE 1  $3,018  $9,551  5-YEAR INSURANCE 1  $4,430  $4,513  TAX INCENTIVE 2  ~$7,261  $0  5-YEAR TCO 3  $62,997 / $55,736(pre- / post- incentive)  $82,696  Source: Clean Technica and OEM websitesReflects New Jersey – $3,750 US tax credit plus waiver of 6.625% state sales taxIncludes insurance, Tesla shown pre-/post-tax benefits  “In the entry-level luxury market, (the Model 3) offers a better product at a lower cost of ownership…”“…In the mainstream sedan market, it offers a dramatically superior product at a similar cost of ownership.” - CleanTechnica  TESLA MODEL 3  AUDI S4 / BMW 340ix  22 
 
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 Big 4 Producing Nations Face Challenges    40% royalties / ‘war for water’  Hyperinflation / ‘temporary’ 8% export tax  High cost power / transport / labor  Imported raw materials / 16% VAT on re-exports  Low costs and taxes / large market / critical material  23 
 
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 Supply Growth Consistently Over-Estimated  24  Source: Goldman Sachs / Orocobre Limited 
 
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 Lithium Supply Disappointments Continue  25    3 unplanned shutdowns in 2018; Kemerton delayed 9 months  Carbonate expansion delay; volume down 15%  Stage 2 expansion delay; floods reducing 2019 outlook  Yield Optimization Project project delay; volume down 35%   Mine / concentrate plant on care and maintenance  Flotation plant delays  Must fund C$375mm capex over-run to maintain schedule 
 
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 Background Materials   
 
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 Maiden Resource on Core Property  16.2 Mt @ 1.12% Li2O450,000 tonnes of contained LCEShallow open pit mine design231 core holes in 35,300 meters of drillingOpen along strike and at depthExploration target of 4.5-5.5Mt @ 1.1%-1.2%    Mineral Resource Estimate – Piedmont Lithium Project                    Category   Tonnes (Mt)  Li2O    Quartz    Feldspar    Mica        Grade (%)  Tonnes (t)  Grade (%)  Tonnes (Mt)  Grade (%)  Tonnes (Mt)  Grade (%)  Tonnes (Mt)  Indicated   8.50  1.15  98,000  30.3  2.57  43.5  3.69  4.4  0.38  Inferred  7.69  1.09  84,000  30.0  2.31  44.4  3.41  4.5  0.34  Total  16.19  1.12  182,000  30.1  4.88  43.9  7.11  4.5  0.72  27 
 
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 Strong Grade and Metallurgy  Resource Grade  Recovered Grade  Competitive Resource Grade…1.12% Resource Grade   …and Positive Met Recoveries…85% recoveries…based on bench scale tests and in line with historical precedent in North Carolina  …Lead to Strong Recovered GradeDriving strong project economics  28 
 
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 Spodumene’s Hydroxide Cost Advantage  29  Source: McKinsey & Co., costs represent indicative 2025 costs for typical South American brine operations and typical Western Australian spodumene operations.  Brine is typically lower cost for carbonate…  …but spodumene is typically lower cost for hydroxide  “Spodumene is ~15% more cost-effective to produce lithium hydroxide than salt brine” – McKinsey & Co. 
 
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 World-Class Spodumene Business  Source: Roskill, Refined production cost includes all direct and indirect operating costs related directly to the physical activity of producing a refined lithium compounds, including feedstock costs (either from internal sources measured using the all-in sustaining cost of production (site operating plus other costs, as defined above), refining, on-site general and administrative costs and selling expenses. It does not include costs associated with corporate-level administrative expenses.   + Low unit operating costs+ Royalties <1%+ Short transportation distances+ By-product credits  2023 Spodumene Concentrate Cost Curve  30 
 
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 LOCATION  NC the #7 mining state in USA50 years of lithium processing experience in TSB3mm population within 30 milesNo fly-in / fly-out campsWeather conducive to year-round activity  TEAM  Core team has extensive project development experienceLead engineer Primero integral to recent successful start-ups / upgradesPilbara, Altura, Alliance, Mt. Cattlin…Mining engineers Marshall Miller a leader in eastern USA  BUDGET  Committed to setting realistic expectationsDespite locational advantages PLL capex estimates at high-end of rangeBudgeting 5-year ramp for LiOH plant vs. 2 years for othersBudgeting 1/3 of by-product capacityFixed price EPC contract anticipated for mine / concentrator  TIMELINE  PLL will build in phases to manage equity dilution and execution riskMore important to ‘do it right’ than to ‘do it fast’Li demand CAGR 20% pa for years to come – ‘marathon not a sprint’  ALIGNMENT  Officers and directors have substantial equity exposureMaximizing shareholder value is our core objective  Controlling Project Timeline and Capital Budget  31 
 
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 Conservative Capital Budgets  32  Source: Canaccord  Piedmont capex per ton among highest despite advantageous location 
 
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 Positive Impact of By-Products  By-products were a large business for past lithium producers in NCStrong local markets for quartz, feldspar and micaImports represent large market share due to US mine depletionsInitial offtake conversations underway with leading market participants  By-product  Annual Volume (tpy)  Assumed Sales Price (US$/t)  Markets  Quartz  99,000  $100  Low-iron glass including solar panel cover glass, industrial ceramics  Feldspar  125,000  $75  Glass, frit, and industrial ceramics  Mica  15,500  $50  Specialty paints including automotive, filler uses, joint-compound  33 
 
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 34  Undervalued vs. Lithium Peers     Location  Annual LiOH Production (Mtpy)  Enterprise Value (US$mm)  Production Cost per Tonne  Steady-State EBITDA (US$mm)  Net Present Value (US$mm)   Piedmont Lithium (PLL)  North Carolina  22,700  $48   $3,112   $235   $888    Albemarle / MinRes JV (ALB / MIN)  Australia  50,000  $1,150   $4,952   $452   NA   Kidman Resources (KDR)  Australia  22,627  $413   $4,900   $200   $993    Nemaska Lithium (NMX)  Quebec  32,000  $427   $2,811   $358   $1,800  
 
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 Disclaimers  Cautionary Statements and Important InformationThis presentation does not constitute or form part of any offer to sell, or solicitation of any offer to buy, any securities in the United States or any other country. This presentation may not form the basis of any contract or commitment whatsoever with any person. Distribution of this presentation may be restricted by applicable law. This presentation has been prepared by Piedmont Lithium Limited (“Piedmont”) as a summary only, and does not contain all information about Piedmont’s assets and liabilities, financial position and performance, profits and losses, prospects, and the rights and liabilities attaching to Piedmont’s securities. Any investment in Piedmont should be considered speculative and there is no guarantee that they will make a return on capital invested, that dividends would be paid, or that there will be an increase in the value of the investment in the future. Piedmont does not purport to give financial or investment advice. No account has been taken of the objectives, financial situation or needs of any recipient of this presentation. Recipients of this presentation should carefully consider whether the securities issued by Piedmont are an appropriate investment for them in light of their personal circumstances, including their financial and taxation position. Forward Looking StatementsThis presentation contains forward-looking statements within the meaning of securities legislation in Australia and the United States, including statements regarding exploration and development activities; plans for Piedmont’s mineral projects; projections of market demand and lithium prices; statements about the timing and amount of resource declarations; and statements about the timing and ability to complete scoping studies and feasibility studies. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual events, results, performance or achievements to be materially different from events, results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the risk that we will be unable to commercially extract mineral deposits, that our properties may not contain expected reserves, risks and hazards inherent in the mining business (including risks inherent in developing mining projects, environmental hazards, industrial accidents, weather or geologically related conditions), uncertainty about our ability to obtain required capital to execute our business plan, our ability to hire and retain required personnel, changes in the market prices of lithium, changes in technology or the development of substitute products, the uncertainties inherent in exploratory, developmental and production activities, including risks relating to permitting and regulatory delays, uncertainties inherent in the estimation of lithium resources, risks related to competition, as well as other uncertainties and risk factors set out in filings made from time to time with the Australian Stock Exchange and the U.S. Securities and Exchange Commission, including our most recent Form 20-F. Actual events, results, performance and achievements could vary significantly from the estimates presented in this presentation. Readers are cautioned not to put undue reliance on forward-looking statements. We disclaim any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, we undertake no obligation to comment on analyses, expectations or statements made by third parties in respect of Piedmont, its financial or operating results or its securities.Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred ResourcesThe information contained in this presentation has been prepared in accordance with the requirements of the securities laws in effect in Australia, which differ from the requirements of U.S. securities laws. The terms "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are Australian terms defined in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”). However, these terms are not defined in Industry Guide 7 ("SEC Industry Guide 7") under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), and are normally not permitted to be used in reports and filings with the U.S. Securities and Exchange Commission (“SEC”). Accordingly, information contained herein that describes Piedmont’s mineral deposits may not be comparable to similar information made public by U.S. companies subject to reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder. U.S. investors are urged to consider closely the disclosure in Piedmont’s Form 20-F, a copy of which may be obtained from Piedmont or from the EDGAR system on the SEC’s website at http://www.sec.gov/.Competent Persons StatementsThe information in this presentation that relates to Exploration Results is extracted from the Company’s ASX announcements dated August 23, 2018, July 19, 2018, June 14, 2018, June 7, 2018, May 17, 2018, May 10, 2018, April 9, 2018, 4 April 2018, 15 March 2018, 1 December 2017, 2 November 2017, 27 September 2017, 23 May 2017, 3 April 2017, and 18 October 2016 which are available to view on the Company’s website at www.piedmontlithium.com. The information in this presentation that relates to Exploration Targets and Mineral Resources is extracted from the Company’s ASX announcement dated June 14, 2018 which is available to view on the Company’s website at www.piedmontlithium.com. The information in this presentation that relates to Metallurgical Testwork Results is extracted from the Company’s ASX announcements dated September 4, 2018 and July 17, 2018 which are available to view on the Company’s website at www.piedmontlithium.com. The information in this presentation that relates to Process Design, Process Plant Capital Costs, and Process Plant Operating Costs is extracted from the Company’s ASX announcements dated September 13, 2018 and July 19, 2018 which are available to view on the Company’s website at www.piedmontlithium.com. The information in this presentation that relates to Mining Engineering and Mine Schedule is extracted from the Company’s ASX announcements dated September 13, 2018 and July 19, 2018 which are available to view on the Company’s website at www.piedmontlithium.com. Piedmont confirms that: a) it is not aware of any new information or data that materially affects the information included in the original ASX announcements; b) all material assumptions and technical parameters underpinning Mineral Resources, Exploration Targets, Production Targets, and related forecast financial information derived from Production Targets included in the original ASX announcements continue to apply and have not materially changed; and c) the form and context in which the relevant Competent Persons’ findings are presented in this report have not been materially modified from the original ASX announcements.Exploration TargetThe Exploration Target is based on the actual results of Piedmont’s previous drill programs. To determine potential tonnage and grade ranges at the deposit, Li2O assay values and density values from drilling have been applied to the volume estimates. For the 80% of assays within pegmatite models that are above a 0.4 % Li2O cut off, an average grade of 1.10 % Li2O is estimated. For the 70% of assays that are above a 0.6% Li2O cut off, an average grade of 1.20 % Li2O is estimated. Applying these assay frequency proportions to the modelled volumes outside the Mineral Resource results in estimated volume ranges from 1.75 million cubic meters to 2 million cubic meters for spodumene bearing pegmatite with economically interesting grades. A density value of 2.71 g/cm3 is applied to derive tonnage values. Using this methodology an Exploration Target of between 4.5 to 5.5 million tonnes at a grade of between 1.10% and 1.20% Li2O is approximated for the Piedmont Lithium Project deposit. The potential quantity and grade of this Exploration Target is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.    35 
 
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 America’s Only Conventional Lithium Project  Piedmont Lithium Limited  March 2019  Keith D. Phillips – President and CEO   +1 973 809 0505  kphillips@piedmontlithium.com  Exploration Office5706 Dallas-Cherryville Hwy. 279 | Bessemer City | NC 28016| USA   www.piedmontlithium.com  Registered Office28 The Esplanade | 9th Floor | Perth | WA 6000 | Australia   Head Office28 West 44th Street |Suite 810 | New York | NY 10036 | USA  
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