Pilbara Minerals : Corporate Presentation - December 2018 Quarterly Results

Pilgangoora: a world class lithium and tantalum project

Ken Brinsden, Managing Director/CEO December Quarterly Results Presentation 25 January 2019

ASX: PLS

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Not an Offer of Securities

This document has been independently prepared by Pilbara Minerals Limited ("Pilbara") and is dated 25/01/2019. This document is provided for informational purposes and does not constitute or contain an offer, invitation, solicitation or recommendation with respect to the purchase or sale of any security in Pilbara. This document is not a prospectus, product disclosure statement or other offering document under Australian law or any other law, will not be lodged with the Australian Securities and Investments Commission, and may not be relied upon by any person in connection with an offer or sale of Pilbara securities.

Summary Information

This document contains a summary of information about Pilbara and its activities that is current as at the date of this document unless otherwise stated. The information in this document is general in nature and does not contain all the information which a prospective investor may require in evaluating a possible investment in Pilbara or that would be required in a prospectus or a product disclosure statement prepared in accordance with the Corporations Act 2001 (Cth) ("Corporations Act") or the securities laws of any other jurisdiction.

No Liability

The information contained in this document has been prepared in good faith by Pilbara, however no guarantee, representation or warranty expressed or implied is or will be made by any person (including Pilbara and its affiliates and their directors, officers, employees, associates, advisers and agents) as to the accuracy, reliability, correctness, completeness or adequacy of any statements, estimates, options, conclusions or other information contained in this document. No person other than Pilbara is responsible for the preparation of this document. To the maximum extent permitted by law, Pilbara and its affiliates and their directors, officers, employees, associates, advisers and agents each expressly disclaims any and all liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of or reliance on information contained in this document including representations or warranties or in relation to the accuracy or completeness of the information, statements, opinions, forecasts, reports or other matters, express or implied, contained in, arising out of or derived from, or for omissions from, this document including, without limitation, any financial information, any estimates, forecasts, or projections and any other financial information derived therefrom. Statements in this document are made only as of the date of this document unless otherwise stated and the information in this document remains subject to change without notice. No responsibility or liability is assumed by Pilbara or any of its affiliates (or their directors, officers, employees, associates, advisers and agents) for updating any information in this document or to inform any recipient of any new or more accurate information or any errors or mis-descriptions of which Pilbara and any of its affiliates or advisers may become aware.

Forward Looking Statements

Statements contained in this document, including but not limited to those regarding the possible or assumed future costs, projected timeframes, performance, dividends, returns, revenue, exchange rates, potential growth of Pilbara, industry growth, commodity or price forecasts, or other projections and any estimated company earnings are or may be forward looking statements. Forward-looking statements can generally be identified by the use of words such as 'project', 'foresee', 'plan', 'expect', 'aim', 'intend', 'anticipate', 'believe', 'estimate', 'may', 'should', 'will' or similar expressions. Forward looking statements including all statements in this presentation regarding the outcomes of preliminary and definitive feasibility studies, projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. These statements relate to future events and expectations and as such involve known and unknown risks and significant uncertainties, many of which are outside the control of Pilbara. Actual results, performance, actions and developments of Pilbara may differ materially from those expressed or implied by the forward-looking statements in this document. Such forward-looking statements speak only as of the date of this document. There can be no assurance that actual outcomes will not differ materially from these statements. To the maximum extent permitted by law, Pilbara and any of its affiliates and their directors, officers, employees, agents, associates and advisers: disclaim any obligations or undertaking to release any updates or revisions to the information in this document to reflect any change in expectations or assumptions; do not make any representation or warranty, express or implied, as to the accuracy, reliability or completeness of the information in this document, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any forward-looking statement; and disclaim all responsibility and liability for these forward-looking statements (including, without limitation, liability for negligence). Nothing in this document will under any circumstances create an implication that there has been no change in the affairs of Pilbara since the date of this document.

Not Financial Product Advice

This document does not constitute financial product advice or take into account your investment objectives, taxation situation, financial situation or needs. This document consists purely of factual information and does not involve or imply a recommendation of a statement of opinion in respect of whether to buy, sell or hold a financial product. An investment in Pilbara is considered to be speculative in nature and is subject to known and unknown risks, some of which are beyond the control of Pilbara. Before making any investment decision in connection with any acquisition of securities, investors should consult their own legal, tax and/or financial advisers in relation to the information in, and action taken on the basis of, this document.

U.S. Securities Laws

Any securities issued by Pilbara have not been and will not be registered by Pilbara under the United States Securities Act of 1933 ("U.S. Securities Act"). Accordingly, such securities may not be offered or sold in the United States except in transactions that are exempt from, or not subject to, the registration requirements of the U.S. Securities Act.

Mineral Resources and Ore Reserves

Recipients of this presentation outside Australia should note that it is a requirement of the Australian Securities Exchange listing rules that the reporting of ore reserves and mineral resources in Australia comply with the Australasian Joint Ore Reserves Committee Code for Reporting of Mineral Resources and Ore Reserves ("JORC Code"), whereas mining companies in other countries may be required to report their ore reserves and/or mineral resources in accordance with other guidelines (for example, SEC Industry Guide 7 in the United States). Recipients should note that while Pilbara's mineral resource and ore reserve estimates comply with the JORC Code, they may not comply with the relevant guidelines in other countries, and do not comply with SEC Industry Guide 7. In particular, SEC Industry Guide 7 does not recognise classifications other than proven and probable reserves and, as a result, the SEC generally does not permit mining companies to disclose their mineral resources, including indicated and inferred resources, in SEC filings. Accordingly, if Pilbara were reporting in accordance with SEC Industry Guide 7, it would not be permitted to report any mineral resources, including indicated and inferred resources, and the amount of reserves reported by Pilbara may be lower than its estimates. You should not assume that quantities reported as "resources" will be converted to reserves under the JORC Code or any other reporting regime or that Pilbara will be able to legally and economically extract them. In addition, investors should note that under SEC Industry Guide 7, mine life may only be reported based on ore reserves. Mine life estimates in this presentation assume that a portion of non-reserve resources will be converted to ore reserves, which would not be permitted under SEC Industry Guide 7.

Acceptance

By attending a presentation or briefing, or accepting, accessing or reviewing this document you acknowledge, accept and agree to the matters set out above.

Competent Persons Statements

The Company confirms it is not aware of any new information or data that materially affects the information included in the 17 September 2018 Pilgangoora Mineral Resource estimate and that all material assumptions and technical parameters underpinning the estimate continue to apply and have not materially changed when referring to its resource announcement made on 17 September 2018.

The Company confirms it is not aware of any new information or data that materially affects the information included in the 17 September 2018 Pilgangoora Ore Reserve estimate and that all material assumptions and technical parameters underpinning the estimate continue to apply and have not materially changed when referring to its resource announcement made on 17 September 2018.

The Company confirms it is not aware of any new information or data that materially affects the information included in the 16 October 2018 Pilgangoora Exploration Target* and that all material assumptions and technical parameters underpinning the estimate continue to apply and have not materially changed when referring to its resource announcement made on 16 October 2018.

* Note to Exploration Target: The potential quantities and grades of the Exploration Target are conceptual in nature and there has been insufficient exploration to date to define a Mineral Resource. It is not certainthat further exploration will result in the estimation of a Mineral Resource.

Highlights December Quarter 2018

Pilgangoora Lithium-Tantalum Project: from first drill hole to production in under four years

• • Landmark first shipment of +6% spodumene concentrate 8,800wmt

• • Quarterly sales 46,682dmt spodumene concentrate with weighted average grade of 6.11% Li2O and 1.27% Fe2O3and tantalite concentrate of 27,821lb

• • Strong production ramp up with quarterly total of 47,859dmt and 56,634lbs tantalite concentrate, with December process tonnes throughput representing ~85% of the targeted annualised Stage 1 rate of 2Mtpa

• • Stage 2 - Board FID and financing underpinned by offtake customers

• • Stage 3 expansion to 6.2Mtpa and up to 7.5Mtpa being evaluated

• • Non-binding MoU with POSCO for larger chemical conversion facility 40ktpa

• • Project officially opened by WA Minister for Mines

• • Cash balance as at 31/12/18 $70.2M

Production and sales

The commencement of product sales was the highlight of the Quarter.

Production and sales

Direct Shipping Ore (DSO) sold Spodumene concentrate produced (6% Li20) Spodumene concentrate sold Tantalite concentrate produced

Tantalite concentrate sold

UnitsQ2 FY18

Q3 FY18

Q4 FY18

Q1 FY19

Q2 FY19 02

47,859

46,682 56,634 27,8213

• 1 Q1 FY19 spodumene concentrate produced has been adjusted for half-year surveyed stocks reconciliation.

• 2 The DSO program was suspended in Q2 FY19.

• 3 Sales estimates pending final assays results

Stock inventory

Units	Q1 FY19	Q2 FY19
ROM stockpile	dmt	N/A1	665,633
Coarse ore stockpile	dmt	N/A1	82,430
Spodumene product stock at site	dmt	N/A1	17,2662
Tantalite product stock at site	Ib	17,177	45,990

• 1 No previous reporting for period due to completion of build and commissioning phase.

• 2 Spodumene stock includes production of low grade stockpiles of 5,074dmt during commissioning, which may be reprocessed and/or sold.