Piedmont Lithium : Completion of Institutional Placement

THIS ASX ANNOUNCEMENT IS NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES

Piedmont Lithium Limited (ASX: PLL; OTC - Nasdaq International: PLLLY) ("Piedmont" or "Company") is pleased to advise that it has completed its previously announced placement of 100 million shares at an issue price of A$0.16 per share to institutional and sophisticated investors in Australia, the United States, Canada, and the United Kingdom to raise gross proceeds of A$16 million ("Placement").

Proceeds from the Placement will be used to expedite development of the Company's 100% owned Piedmont Lithium Project ("Project") located in the world-class Carolina Tin-Spodumene Belt ("TSB") in the United States, including securing additional land within the TSB, completion of additional drilling and completion of technical studies for the Project.

Foster Stockbroking acted as Lead Manager to the Placement. An Appendix 3B and Section 708A Notice are attached.

For further information, contact:

Keith D. Phillips Anastasios (Taso) Arima

President & CEO Executive Director

T: +1 973 809 0505 T: +1 347 899 1522

E: keith@piedmontlithium.com E: taso@piedmontlithium.com

PIEDMONT LITHIUM LIMITED

50 002 664 4953

www.piedmontlithium.com

+61 8 9322 6322

+61 8 9322 6558

info@piedmontlithium.com

New York Office

Level 3, 6 E 46th Street NEW YORK NY 10017

Registered Office

Level 9, 28 The Esplanade

PERTH WA 6000

About Piedmont Lithium

Piedmont Lithium Limited (ASX: PLL; OTC - Nasdaq International: PLLLY) holds a 100% interest in the Piedmont Lithium Project ("Project") located within the world-class Carolina Tin-Spodumene Belt ("TSB") and along trend to the Hallman Beam and Kings Mountain mines, historically providing most of the western world's lithium between 1950 and 1990. The TSB is one of the premier localities in the world to be exploring for lithium pegmatites given its history of lithium bearing spodumene mining, favorable geology and ideal location with easy access to infrastructure, power, R&D centers for lithium and battery storage, major high-tech population centers and downstream lithium processing facilities.

Piedmont Lithium Location and Bessemer City Lithium Processing Plant (FMC, Top Right) and Kings Mountain Lithium Processing Facility (Albemarle, Top Left)

The TSB has previously been described as one of the largest lithium provinces in the world and is located approximately 40 kilometers west of Charlotte, North Carolina, United States. The TSB was the most important lithium producing region in the western world prior to the establishment of the brine operations in Chile in the late 1990's. The TSB extends over approximately 60 kilometers in length and reaches a maximum width of approximately 1.6 kilometers.

The Project was originally explored by Lithium Corporation of America which eventually was acquired by FMC Corporation ("FMC"). FMC and Albemarle Corporation ("Albemarle") both historically mined the lithium bearing spodumene pegmatites from the TSB with the historic Kings Mountain lithium mine being described as one of the richest spodumene deposits in the world by Albemarle. These two mines and their respective metallurgy also formed the basis for the design of the two lithium processing facilities in the region which were the first modern spodumene processing facilities in the western world.

Albemarle and FMC continue to operate these important lithium processing facilities with FMC's Bessemer City lithium processing facility being approximately 14 kilometers from the Project whilst Albemarle's Kings Mountain lithium processing facility is approximately 17 kilometers from the Project.

The Company is in a unique position to leverage its position as a first mover in restarting exploration in this historic lithium producing region with the aim of developing a strategic, U.S. domestic source of lithium to supply the increasing electric vehicle and battery storage markets.

Information required under ASX Listing Rule 3.10.5A:

The Company issued 54,596,965 shares under Listing Rule 7.1 and 45,403,035 shares under Listing Rule 7.1A. The information required under ASX Listing Rule 3.10.5A is set out below:

1. Dilution to existing shareholders as a result of the issue under Listing Rule 7.1A is 8.2%, dilution to existing shareholders as a result of the issue under Listing Rule 7.1 is 9.8% and the total dilution to existing shareholders is 18.0%. The securities issued under Listing Rule 7.1A have been issued to existing security holders. The percentage of the post-placement capital is as follows:

2. 71.8% held by pre-placement security holders who did not participate in the placement;

3. 26.1% held by pre-placement security holders who did participate in the placement (including 10% held by those who participated under Listing Rule 7.1A); and

4. 2.1% held by participants in the placement who were not previously security holders (including 0% held by those who participated under Listing Rule 7.1A).

5. The Company issued 45,403,035 shares under Listing Rule 7.1A because the Placement was considered to be a more efficient mechanism for raising funds. The Placement did not expose the Company to additional costs, a protracted process and market volatility that may have been experienced with a pro-rata issue or other type of issue in which existing ordinary shareholders would have been eligible to participate;

6. No underwriting arrangements are in place for the Placement under Listing Rule 7.1A; and

7. A fee of 5% may be paid to brokers in connection with the Placement under Listing Rule 7.1A.

8. Updated disclosure is attached in accordance with Listing Rule 7.3A.6 in respect of approval of an additional 10% placement capacity under Listing Rule 7.1A at the upcoming Annual General Meeting to be held on 16 November 2017.

   Not for release in the United States

   This announcement has been prepared for publication in Australia and may not be released in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration of the US Securities Act and applicable US state securities laws.

   Forward Looking Statements

   This announcement may include forward-looking statements. These forward-looking statements are based on Piedmont's expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Piedmont, which could cause actual results to differ materially from such statements. Piedmont makes no undertaking to subsequently update or revise the forward-looking statements made in this announcement, to reflect the circumstances or events after the date of that announcement.

   Competent Persons Statement

   The information in this report that relates to Exploration Results, is extracted from the Company's ASX announcements dated 27 September 2017 entitled 'Four Kilometers of Mineralization Confirmed at the Piedmont Lithium Project', 23 May 2017 entitled 'Phase 1 Drilling Confirms Four Major High Grade Lithium Corridors at the Piedmont Lithium Project', 3 April 2017 entitled 'New Drilling Results Confirm Further High Grade Lithium Mineralisation at Piedmont Lithium Project', and 18 October 2016 entitled 'Previous Drilling Confirms High Grade Lithium Mineralisation' which are available to view on the Company's website at www.piedmontlithium.com.

   The information in the original ASX announcements that related to Exploration Results was based on, and fairly represents, information compiled by Mr Lamont Leatherman, a Competent Person who is a Registered Member of the 'Society for Mining, Metallurgy and Exploration', a 'Recognised Professional Organisation' (RPO). Mr Leatherman is a consultant to the Company. Mr Leatherman has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. The Company confirms that it is not aware of any new information or data that materially affects the information including in the original ASX announcements. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original ASX announcements.

   Appendix 3B New issue announcement

   Appendix 3B

   Rule 2.7, 3.10.3, 3.10.4, 3.10.5

   New issue announcement, application for quotation of additional securities and agreement

   Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

   Introduced 01/07/96 Origin: Appendix 5 Amended 01/07/98, 01/09/99, 01/07/00, 30/09/01, 11/03/02, 01/01/03, 24/10/05, 01/08/12, 04/03/13

   Name of entity

   Piedmont Lithium Limited

   ABN

   50 002 664 495

   We (the entity) give ASX the following information.

   Part 1 - All issues

   You must complete the relevant sections (attach sheets if there is not enough space).

   1	+Class of +securities issued or to be issued	Ordinary shares
   2	Number of +securities issued or to be issued (if known) or maximum number which may be issued	100,000,000
   3	Principal terms of the +securities (e.g. if options, exercise price and expiry date; if partly paid +securities, the amount outstanding and due dates for payment; if +convertible securities, the conversion price and dates for conversion)	Ordinary fully paid shares

   + See chapter 19 for defined terms.

   04/03/2013 Appendix 3B Page 1