Ann: Prospectus Supplement (ATM Facility), page-8

The "at-the-market" (ATM) offering described in the prospectus supplement is a type of financing facility that allows Piedmont Lithium to sell newly issued shares of its common stock incrementally over time, at prevailing market prices, through B. Riley Securities acting as the sales agent.

Here's how this ATM facility works:

1. Agreement: Piedmont Lithium enters into a sales agreement with B. Riley Securities, which allows the company to sell up to $50 million of its common stock through the sales agent.
2. Issuance and sale: At Piedmont's discretion and instruction, B. Riley Securities will sell shares of Piedmont's common stock into the existing trading market on the Nasdaq at the prevailing market price. Sales are made through ordinary brokers' transactions.
3. Pricing: The price of the shares sold will fluctuate based on the current market price of Piedmont's common stock at the time of each sale. Piedmont will set certain parameters with B. Riley (such as minimum price or maximum daily volume) but does not otherwise control the price.
4. Proceeds: As sales are made, B. Riley Securities receives the proceeds from investors and remits those funds, less a commission of up to 3%, to Piedmont Lithium. Piedmont receives the net proceeds over time as shares are sold.
5. Flexibility: Piedmont is not obligated to sell any specific number or dollar amount of shares, and can start or stop sales at any time. This allows Piedmont to opportunistically raise capital as needed.
6. Reporting: B. Riley Securities will provide written confirmation of each sale to Piedmont, and Piedmont will disclose the results of the ATM offering through its required SEC filings.

This type of facility provides flexibility for Piedmont to raise additional capital over time as needed for general corporate purposes, without some of the requirements and expenses of a traditional underwritten offering. However, it does result in incremental dilution to existing shareholders as new shares are issued and sold.