Australian lithium producer, Pilbara Minerals Limited (ASX: PLS) (Pilbara Minerals or the Company), is pleased to announce that the remaining closing deliverables to establish a downstream joint venture (JV) with POSCO have now been satisfied and the transaction has completed.

To funds its 18% equity participation in the JV, Pilbara Minerals has today drawn down A$79,603,050 under the Convertible Bond Agreement with POSCO and will, in accordance with the terms of the Convertible Bond Agreement, issue 79,603,050 convertible bonds in favour of POSCO's wholly owned subsidiary, POS-LT Pty Ltd.

Contact:

David Hann

Tel: +61 (0)8 6266 6266

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