Ann: Pilbara Completes Ganfeng Equity Placement, page-4

COMPLETION OF A$50M EQUITY PLACEMENT TOGANFENG LITHIUM

Australian lithium and tantalum producer Pilbara Minerals Limited (ASX: PLS) (“Pilbara Minerals” or“the Company”) is pleased to advise that it has received A$50M from Jiangxi Ganfeng Lithium Co. Ltd(Ganfeng) under the previously announced Subscription Agreement (ASX announcement 2 January2019). The A$50M equity placement is in lieu of a debt or pre-payment facility for Ganfeng to securean additional 75,000tpa of spodumene concentrate under its Stage 2 offtake agreement (for a totalof 150,000tpa under the Stage 2 offtake agreement).The equity subscription utilised part of Pilbara Minerals’ existing placement capacity under ListingRule 7.1.

The equity subscription comprised the issue of 77,663,871 ordinary fully paid shares at anissue price of $0.6438 per share (being the 5-day VWAP prior to the execution of the SubscriptionAgreement on 28 December 2018).

Pilbara Minerals’ Managing Director and CEO, Ken Brinsden, said;

“The successful completion of the $50M placement continues our strong relationship with Ganfeng,who is a key partner in the development and expansion of the Pilgangoora Project and investor inPilbara Minerals.

“It speaks volumes to the confidence our partners have in our ability to deliver a quality product andbecome an integral part of their rapidly growing and high-quality customer base,” he added.

Funds received from the equity placement will be used for the Stage 2 development andexpansion of the Pilgangoora Project as well as corporate costs and general working capital.