Piedmont Lithium Inc.

Mineral Properties

The below table discloses, as of December 31, 2024, our relevant mineral properties categorized as wholly-owned and owned through direct investment. We classify our mineral properties into three categories: “Production Properties,” “Development Properties,” and “Exploration Properties.” Production Properties are properties with material extraction of mineral reserves. Development Properties are properties that have mineral reserves disclosed but no material extraction. Exploration Properties are properties that have no mineral reserves disclosed. We currently categorize both Carolina Lithium and NAL as material individual properties under S-K 1300 and provide additional details accordingly under “Material Individual Properties.”

Property · Location · Effective Ownership at 12/31/2024 · Mineral/Extraction Type · Operator · Stage

Wholly-owned · Carolina Lithium · North Carolina · 100% · Lithium/ Hard rock · Piedmont Lithium Inc. · Development

Effective Ownership Through Direct Investment · NAL (1) · Quebec · 25% · Lithium/ Hard rock · Sayona Quebec · Production

Authier (1) · Quebec · 25% · Lithium/ Hard rock · Sayona Quebec · Development

Tansim (1) · Quebec · 25% · Lithium/ Hard rock · Sayona Quebec · Exploration

Vallée (1) · Quebec · 25% · Lithium/ Hard rock · Sayona Quebec · Exploration

Killick Lithium (2) · Newfoundland · 20% · Lithium/ Hard rock · Sokoman Minerals and Benton Resources · Exploration

Ewoyaa(3) · Ghana · 5% · Lithium/ Hard rock · Atlantic Lithium · Development

(1)As of December 31, 2024, we owned an equity interest of 25% interest in Sayona Quebec. Sayona Quebec owns 100% of NAL, Authier, Tansim, and Vallée. The effective ownership displayed regarding Vallée does not include our interest in the property claims being jointly developed with Jourdan Resources Inc.

(2)As of December 31, 2024, we owned an equity interest of 19.9% in Vinland Lithium. Vinland Lithium owns a 100% interest in Killick Lithium. We have entered into an earn-in agreement with Vinland Lithium to acquire up to a 62.5% equity interest in Killick Lithium through staged-investments. As of December 31, 2024, we have not earned any additional interest in the Killick Lithium. Accordingly, our effective ownership in Killick Lithium is 19.9%. For additional information, please refer to “Equity Method Investment Projects - Vinland Lithium” below in this Item 2.

(3)As of December 31, 2024, we owned an equity interest of approximately 5% in Atlantic Lithium. Atlantic Lithium owns a 100% ownership in Atlantic Lithium Ghana, which owns the Ewoyaa project. In August 2021, we entered into a project agreement with Atlantic Lithium, whereby we can acquire a 50% equity interest in Atlantic Lithium Ghana. In August 2023, we made the election to receive our initial 22.5% equity interest in Atlantic Lithium Ghana and currently await regulatory approvals of our ownership. Accordingly, as of the December 31, 2024, our effective ownership of the Ewoyaa project remained at approximately 5%. For additional information, please refer to “Ghana - Ewoyaa Lithium Project” below in this Item 2.

Production Table

Our aggregate annual production, for the most recent three years, is shown in the table below.

Lithium metal (1) (metric tons) · 2024(2) · 2023(3) · 2022

NAL · 1,230 · 856 · —

(1)Lithium production shows as lithium metal. Conversion to LCE is 0.1878 metric ton of lithium metal to 1 metric ton of LCE.

(2)As of December 31, 2024, through our ownership in Sayona Quebec joint venture, we owned 25% of NAL. We are therefore reporting 25% of NAL’s production.

(3)As of December 31, 2023, through our ownership in Sayona Mining and Sayona Quebec joint venture, we owned 34% of NAL. We are therefore reporting 34% of NAL’s production.

Summary Resources Table

The following table provides a summary of our mineral resources, exclusive of reserves as of December 31, 2024. Where applicable, the amounts represent our attributable portion based on ownership percentages previously noted. The relevant technical information supporting mineral resources for each material property is included in the “Material Individual Properties” section below. Relevant technical information supporting mineral resources for our non-material property Authier is included under the “Authier” section below and in the technical report summary attached as Exhibit 96.2 to this Annual Report.

Measured Mineral Resources · Indicated Mineral Resources · Measured & Indicated Mineral Resources · Inferred Mineral Resources

(amounts in millions of metric tons) · Amount · Grade (Li2O%) · Amount · Grade (Li2O%) · Amount · Grade (Li2O%) · Amount · Grade (Li2O%)

Lithium - Hard Rock: North America

Carolina Lithium(1) · — · — · 9.96 · 1.14 · 9.96 · 1.14 · 15.93 · 1.02

NAL (2) · 0.18 · 1.00 · 1.63 · 1.15 · 1.83 · 1.14 · 8.25 · 1.23

Authier (3) · 0.06 · 0.80 · 0.80 · 0.98 · 0.85 · 0.96 · 1.59 · 0.98

(1)Lithium resources at Carolina Lithium at an effective date of December 31, 2021 were estimated at a spodumene concentrate price of $1,893 per dmt.

• Our growth will require new personnel, which we will be required to recruit, hire, train, and retain.
• Lawsuits may be filed against us and an adverse ruling in any such lawsuit may adversely affect our business, financial condition, or liquidity or the market price of our common stock.
• Our mineral properties may be subject to defects in title.
• Our directors and officers may be in a position of conflict of interest.
• In order to manage our growth effectively and support our future operations, we expect to improve our financial and operations systems.
• There is no assurance we will secure a loan from the Department of Energy’s Loan Programs Office.
• We are dependent on a limited number of customers, which makes us vulnerable to the continued relationship with and financial health of those customers.
• If we are required to register as an investment company, we will be subject to a significant regulatory burden and our results of operations will suffer.
• Risks Related to the Merger Agreement
• The completion of the Merger Agreement is subject to a number of conditions and the Merger Agreement may be terminated in accordance with its terms. As a result, the timing surrounding the closing of the Merger Agreement is uncertain and there is risk that the Merger may not be completed.
• The completion of the Merger is subject to risks and uncertainties surrounding conditions that may be imposed by regulatory or governmental entities which may reduce the anticipated benefits of the Merger or could prevent the closing of the Merger entirely.
• The termination of the Merger Agreement could negatively impact us and, in certain circumstances, could require us to pay a termination fee to Sayona.
• The pendency of the Merger could adversely affect our and Sayona Mining’s respective business, results of operations, and financial condition.
• While the Merger Agreement is in effect, Piedmont and Sayona Mining are subject to restrictions on their conduct and business activities, which could adversely affect both companies’ business, financial results, financial condition or share price.
• The Merger Agreement contains restrictions on our ability to pursue alternatives to the Merger, which may limit the value that our stockholders could receive from a transaction.
• Piedmont and Sayona Mining may be targets of shareholder class actions or derivative actions, which could result in substantial costs and may delay or prevent the Merger from being completed.
• The combined company may not realize all of the anticipated benefits of the Merger.
• Piedmont and Sayona Mining may have difficulty attracting, motivating and retaining executives and other employees in light of the Merger.
• Piedmont will incur significant costs related to the Merger that could have a material adverse effect on its liquidity, cash flows and operating results.
• Regulatory and Industry Risks
• We will be required to obtain governmental permits and approvals in order to conduct development and mining operations, a process that is often costly and time-consuming. There is no certainty that all necessary permits and approvals for our planned operations will be granted.
• Lithium and lithium byproduct prices are subject to unpredictable fluctuations which may greatly affect the value of our investment in our lithium assets and our ability to develop them successfully.
• The proposed Carolina Lithium project will be subject to significant governmental regulations, including the U.S. Federal Mine Safety and Health Act.
• Compliance with environmental regulations and litigation based on environmental regulations could require significant expenditures.
• Changes in technology or other developments could adversely affect demand for lithium compounds or result in preferences for substitute products.
• Our growth depends upon the continued growth in demand for electric vehicles with high performance lithium compounds.
• Our cash and cash equivalents could be adversely affected if the financial institutions in which we hold our cash and cash equivalents fail.
• Risks Related to an Investment in Our Common Stock
• The market price and trading volume of our common stock may be volatile and may be affected by economic conditions beyond our control.
• We incur significant costs as a result of being publicly traded in the U.S. and Australia.
• Some provisions of Delaware law and our certificate of incorporation and bylaws may deter third parties from acquiring us or limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees.
• We do not anticipate paying dividends in the foreseeable future.
• If U.S. securities or industry analysts do not publish research reports about our business, or if they issue an adverse opinion about our business, the market price and trading volume of our common stock could decline.
• Unstable market and economic conditions may have serious adverse consequences on our business and financial condition.
• Sales of our common stock, or the perception that such sales may occur, could depress the price of our common stock.