Company Reports

PLS' first-quarter 2027 production grew 25% as Ngungaju restarted, but shipment delays and a lower lithium price resulted in revenue falling by 24% to AUD 563 million. Unit costs fell, alongside the miner signing a 20-year energy agreement with Fortescue, which it expects to lower costs for P2000.

PLS' primary asset is the Pilgangoora mine, the world’s second-largest hard rock lithium operation. Pilgangoora consists of two operating plants, Pilgan and Ngungaju, with a third, Jimmagunya, to begin production from 2029. These produce a spodumene concentrate, while Pilgan also produces tantalite, a byproduct of this process.

PLS is to almost double spodumene production from fiscal 2026 levels to an average of about 2 million metric tons per year over 10 years, with first production from 2029. The new plant, Jimmagunya, is a brownfield expansion at its Pilgangoora operations in Western Australia.

PLS' fiscal 2026 underlying EBITDA of AUD 1.1 billion is more than nine times higher than the prior year, on considerably stronger lithium prices and sales volumes along with lower unit costs at its Pilgangoora plant. Shares rose 7% on Aug. 24 as its improved earnings saw it reinstate dividends.

PLS' primary asset is the Pilgangoora mine, the world’s second-largest hard rock lithium operation. Pilgangoora consists of two operating plants, Pilgan and Ngungaju. Both produce a spodumene concentrate, while Pilgan also produces tantalite, a byproduct of this process.

Fiscal 2026 spodumene production of 880,000 metric tons at Pilgangoora exceeded company guidance. Guidance sees production lifting to 1.0 million-1.1 million metric tons of spodumene in fiscal 2027, with the Ngungaju plant restarted.

PLS' primary asset is the Pilgangoora mine, the world’s second-largest hard rock lithium operation. Pilgangoora consists of two operating plants, Pilgan and Ngungaju. Both produce a spodumene concentrate, while Pilgan also produces tantalite, a byproduct of this process.

PLS' planned expansion, the P2000 project, has reached a new milestone. The company approved capital expenditure to begin preparation ahead of the prefeasibility study outcome, which will determine whether the project proceeds. If it does, production would begin from mid-2029.

PLS' third-quarter fiscal 2026 production was 232,000 metric tons, with year-to-date volumes up 25% from a year ago and 12% from last quarter. Higher volumes offset rising fuel costs, with unit operating costs falling by 11% from last quarter.

PLS' primary asset is the Pilgangoora mine, the world’s second-largest hard rock lithium operation. Pilgangoora consists of two operating plants, Pilgan and Ngungaju. Both produce a spodumene concentrate, while Pilgan also produces tantalite, a byproduct of this process.

PLS' primary asset is the Pilgangoora mine, the world’s second-largest hard rock lithium operation. Pilgangoora consists of two operating plants, Pilgan and Ngungaju. Both produce a spodumene concentrate, while Pilgan also produces tantalite, a byproduct of this process.

PLS' first-half fiscal 2026 revenue rose 47% to AUD 624 million, driven by a 40% increase in realized price and 7% increase in sale volumes. The company also approved the restart of its higher-cost Ngungaju lithium processing plant, with production to resume in July 2026. Shares are flat on the day.

PLS' second-quarter fiscal 2026 revenue rose 49% to AUD 373 million on the prior quarter, driven by a 57% increase in realized spodumene price. Production fell 7% due to an expected increase in waste material. But fiscal 2026 production, cost, and capital expenditure guidance were reaffirmed.

PLS' primary asset is the Pilgangoora mine, the world’s second-largest hard rock lithium operation. Pilgangoora consists of two operating plants, Pilgan and Ngungaju. Both produce a spodumene concentrate, while Pilgan also produces tantalite, a byproduct of this process.

Our prior note incorporated incorrect forecast financial data, which this note corrects. Pilbara's fiscal 2026 first-quarter production was 2% higher than the prior quarter, but revenue was 30% higher, driven by higher prices.

Pilbara's fiscal 2026 first-quarter production was 2% higher than the prior quarter, but revenue was 30% higher, driven by higher prices. Unit costs were also lower, and the company is on track to meet the top end of fiscal 2026 production guidance. The share price rose 9% on the day.

Pilbara Minerals' primary asset is the Pilgangoora mine, the world’s second-largest hard rock lithium operation. Pilgangoora consists of two operating plants, Pilgan and Ngungaju. Both produce a spodumene concentrate, while Pilgan also produces tantalite, a byproduct of this process.

Pilbara Minerals' fiscal 2025 underlying loss after tax of AUD 88 million was materially down on its AUD 347 million profit last year, reflecting lower lithium prices. This was partly offset by efficiencies from expansion at Pilgangoora, leading to lower costs and higher production volumes.

Pilbara Minerals' primary asset is the Pilgangoora mine, the world’s second-largest hard rock lithium operation. Pilgangoora consists of two operating plants, Pilgan and Ngungaju. Both produce a spodumene concentrate, while Pilgan also produces tantalite, a byproduct of this process.

Pilbara Minerals' fiscal 2025 revenue of AUD 769 million fell by 39% on the prior year, driven by 43% lower realized prices, with 7% higher sales volumes a partial offset. Unit operating costs fell by 4% with mine expansion and operating efficiencies.