PILBARA MINERALS FINALISES JOINT VENTURE WITH POSCO TO PARTICIPATE IN DOWNSTREAM LITHIUM CHEMICALS FACILITY AGREEMENT PAVES WAY FOR DEVELOPMENT OF A 43KTPA JOINTLY OWNED LITHIUM HYDROXIDE CONVERSION FACILITY IN GWANGYANG, SOUTH KOREA, WITH COMMISSIONING EXPECTED FROM SEPTEMBER QUARTER 2023. KEY POINTS • Incorporated joint venture (JV) in South Korea agreed between Pilbara Minerals and POSCO to jointly construct and operate a 43ktpa LHM primary lithium hydroxide chemical processing facility (Conversion Facility). • JV supports Pilbara Minerals’ strategic objective of becoming a fully integrated lithium raw materials company and diversifies the Company’s global customer base providing exposure to the rapidly growing South Korean lithium chemicals market. • Pilbara Minerals will initially hold an 18% interest in the JV, funded largely from the previously announced A$79.6M Convertible Bond Agreement with POSCO. • Call option granted to allow Pilbara Minerals to stage its investment to increase its JV interest to 30%, for a period up to 18 months after the successful ramp up of the Conversion Facility. • Amended Offtake Agreement to supply 315ktpa of spodumene concentrate to the Conversion Facility at market pricing for the lesser of 20 years and the life of the Pilgangoora Project. • JV to provide US$25M offtake pre-payment facility to Pilbara Minerals to fund general working capital and future expansions at the Pilgangoora Project. • Conversion Plant to play integral role in POSCO’s supply chain and business strategy as it becomes a major battery materials supplier to global markets