Piedmont Lithium : September 2017 Quarterly Report

• Completed its extended Phase 2 drilling program at the Piedmont Lithium Project ("Project")

  located in North Carolina, consisting of 93 diamond core drill holes totaling 12,262 meters;

• Assay results from the first 26 holes of the Phase 2 program, together with visual analysis of remaining holes, has confirmed 8 mineralized trends totalling approximately 4 kilometers of strike;

• Assay results from the remaining 67 holes of the extended Phase 2 drilling program are expected to be released over the coming weeks;

• The mineralized trends consist of one or more spodumene bearing pegmatite dykes results confirming high grade lithium mineralization including:

  • 18.87m of cumulative drill thickness of mineralization across 5 pegmatites which includes high grade zones of 3.65m @ 1.63% Li2O and 7.28m @ 1.41% Li2O in Hole 17-BD-48
  • 16.49m of cumulative drill thickness of mineralization across 5 pegmatites which includes high grade zones of 1.59m @ 2.12% Li2O, 1.28m @ 2.45% Li2O and 10.76m @ 1.02% Li2O in Hole 17-BD-52
  • 17.62m of cumulative drill thickness of mineralization across 2 pegmatites which includes high grade zones of 16.18m @ 1.72% Li2O in Hole 17-BD-62
  • 10.81m of cumulative drill thickness of mineralization across 4 pegmatites which includes high grade zones of 3.25m @ 1.82% Li2O and 1.46m @ 1.9% Li2O in Hole 17-BD-41
  • 20.56m of cumulative drill thickness of mineralization across 3 pegmatites which includes high grade zones of 11.3m @ 1.43% Li2O and 2.76m @ 1.35% Li2O in Hole 17-BD-50
  • 20.35m of cumulative drill thickness of mineralization across 4 pegmatites which includes high grade zones of 5.49m @ 1.39% Li2O, 2.92m @ 1.18% Li2O and 10,45 @ 1.06% Li2O in Hole 17-BD-53

• Exploratory drilling to-date has only tested the shallow potential of the Project's pegmatite

  trends, with all corridors remaining open along strike and down dip;

• The extent of the mineralization demonstrated by the drilling completed to-date, combined with the Project's exceptional location within the cradle of the US lithium sector, underscores the strategic significance of the Piedmont Lithium Project;

• The Company appointed highly respected New York-based mining investment banker Mr. Keith

  D. Phillips as Managing Director, President and Chief Executive Officer of the Company; and

• Announced a placement of 100 million shares at an issue price of A$0.16 per share to institutional and sophisticated investors to raise A$16 million ("Placement").

For further information, contact:

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

Registered Office

Level 9, 28 The Esplanade

PERTH WA 6000

New York Office

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

The Company 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.

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.

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

2

In May 2017, the Company commenced its Phase 2 drilling program at the Project. The Phase 2 drilling was initially planned to consist of approximately 9,400 metres of drilling to systematically explore and define mineralization along the four high grade corridors identified on the Project. However, due to the success of the Phase 2 program, the Company extended the campaign by a further 3,000 meters which will test the known mineralisation both along strike and importantly down dip. The Phase 2 drilling program was completed in October 2017, consisting of a total of 93 diamond core drill holes totaling 12,262 meters.

Piedmont Lithium Project Mineralization Identified

Assay results from the first 26 holes of the Phase 2 drill program, together with visual analysis of the remaining Phase 2 drilling, has confirmed 8 mineralized trends totalling approximately 4 kilometers of total strike length within the Project with all pegmatite trends remaining open along strike and down dip. The initial assay results continue to show high grade mineralisation across significant, mineable widths. The Company is extremely encouraged by the visual observations of mineralisation in the remaining holes and expects to release additional assays over the coming weeks.

3

The first Phase 2 drill holes were focused on the B, F and G corridors identified from the Phase 1 campaign. The cross-section below illustrates significant results from the G Corridor to date, from the Phase 2 Campaign.

High grade results from the B Corridor included:

• 18.87m of cumulative drill thickness of mineralization across 5 pegmatites which includes high grade zones of 3.65m @ 1.63% Li2O and 7.28m @ 1.41% Li2O in Hole 17-BD-48
• 16.49m of cumulative drill thickness of mineralization across 5 pegmatites which includes high grade zones of 1.59m @ 2.12% Li2O, 1.28m @ 2.45% Li2O and 10.76m @ 1.02% Li2O in Hole 17-BD- 52
• 17.62m of cumulative drill thickness of mineralization across 2 pegmatites which includes high grade zones of 16.18m @ 1.72% Li2O in Hole 17-BD-62

  High grade results from the F Corridor included:

• 10.81m of cumulative drill thickness of mineralization across 4 pegmatites which includes high grade zones of 3.25m @ 1.82% Li2O and 1.46m @ 1.9% Li2O in Hole 17-BD-41
• 9.49m of cumulative drill thickness of mineralization across 4 pegmatites which includes high grade zones of 3.09m @ 1.45% Li2O and 3.72m @ 1.45% Li2O in Hole 17-BD-49
• 21.31m of cumulative drill thickness of mineralization across 4 pegmatites which includes high grade zones of 6.71m @ 1.32% Li2O, 4.48m @ 1.24% Li2O and 1.5m @ 1.52% Li2O n Hole 17-BD-57

  High grade results from the G Corridor included:

• 20.56m of cumulative drill thickness of mineralization across 3 pegmatites which includes high grade zones of 11.3m @ 1.43% Li2O and 2.76m @ 1.35% Li2O in Hole 17-BD-50
• 20.35m of cumulative drill thickness of mineralization across 4 pegmatites which includes high grade zones of 5.49m @ 1.39% Li2O, 2.92m @ 1.18% Li2O and 10,45 @ 1.06% Li2O in Hole 17-BD-53
• 17.4m of cumulative drill thickness of mineralization across 5 pegmatites which includes high grade zones of 3.94m @ 1.55% Li2O and 1.06 @ 1.58% Li2O and 2.21m @ 1.5% Li2O in Hole 17-BD- 58

Given the scale of the mineralization on the property and the additional drilling required to test the potential, the Company now intends to release an Exploration Target in December 2017 followed by a maiden Mineral Resource estimate in early-2018.

4