Pilbara Minerals Ltd.

PLS · ASX

pilbaraminerals.com

$10.1B

USD

Market cap · 2026–07 · week 29

🇦🇺 Australia, West Perth

Country

Battery Metals

Sector

Producer · Senior · Lithium · Asia · Australia · Brazil

Last updated 21 June 2026

Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.

Overview: Pilbara Minerals Limited (PLS) is a major independent hard-rock lithium producer headquartered in West Perth, Western Australia, operating primarily in the Pilbara region of Western Australia with growth assets in Brazil and South Korea. The company's portfolio consists of 4 projects, comprising 1 operating mine, 1 development project, 1 operating downstream chemical facility and 1 mid-stream demonstration plant under construction. Key assets include the Pilgangoora Operation, the Colina Project in Minas Gerais, Brazil, and the P-PLS Chemical Facility in Gwangyang, South Korea. The business model centres on producing spodumene concentrate from the tier-one Pilgangoora Operation — a roughly 32-year mine life asset — and selling it through customer offtake and sales agreements, with downstream integration capturing additional value along the battery materials supply chain. Processing capability is anchored by the Pilgan Plant, which, with its new ore sorting facility and the completed P1000 expansion circuit, has a production capacity of approximately 850,000 tonnes per annum under the single-plant P850 operating model, while the Ngungaju Plant is held in temporary care and maintenance with the ability to restart rapidly when prices recover. The P-PLS facility is South Korea's first commercial-scale, spodumene-based battery-grade lithium hydroxide operation and one of the few lithium chemical producers outside China, attracting customers seeking supply-chain diversification. Tantalite concentrate is produced as a by-product, generating credits against operating costs. The operating model provides flexibility to scale production in response to market conditions, supported by a conservative balance sheet. Principal model-linked risks include spodumene price volatility set by external markets, concentration of lithium demand in the Chinese market, and foreign-exchange exposure on US-dollar sales receipts.

Strategy: Strategic focus in a soft lithium market centres on cost discipline, operational flexibility and preserving balance-sheet strength while positioning for recovery. The Cost Smart Future Ready program delivered an estimated $230 million net cash flow improvement in FY25, anchored by the December 2024 transition to the P850 single-plant operating model that placed the Ngungaju Plant into temporary care and maintenance, reduced mining costs through lower plant feed requirements, and was complemented by a shift from contract hire to an owner-operator model for drill and blast and heavy mining equipment. The $560 million P1000 Expansion Project was completed in FY25 ahead of schedule and within budget, adding approximately 320,000 tonnes to nameplate capacity, with first ore on 31 January 2025 and ramp-up completed in the March 2025 quarter. Growth optionality is layered across the portfolio: the P2000 Feasibility Study is investigating an increase in spodumene capacity to 2 million tonnes per annum via a new processing plant and accelerated mine plan, with the study timeline extended to FY27 to optimise project economics; the Colina Project review and targeted exploration program will inform a development strategy with results expected in the June 2026 quarter; and a joint feasibility study with Ganfeng Lithium into a potential lithium chemical conversion facility is expected to be finalised in the December 2025 quarter. Downstream integration matures through the P-PLS joint venture, where a call option to lift ownership from 18% to 30% at cost has been extended to July 2026. Capital allocation remained conservative — no dividend was declared for FY25 — and liquidity is underpinned by a $974 million cash balance and a new A$1 billion revolving credit facility, giving capacity to rapidly restart the Ngungaju Plant and advance the development pipeline when lithium pricing improves.

Management: Executive leadership is headed by Managing Director and CEO Dale Henderson, who was awarded Leader of the Year at the 2025 Voltas Awards held in conjunction with the Fastmarkets Lithium Supply and Battery Raw Materials Conference in the United States. The Board is chaired by Kathleen Conlon, an independent non-executive director appointed to the Board on 1 January 2024 and as Chairman on 31 January 2024, who brings more than 20 years of professional non-executive directorship including most recently as Chairman of Lynas Rare Earths Limited, current non-executive directorships of Aristocrat Leisure Limited and BlueScope Steel Limited, chairmanship of the Corporate Governance Committee of the Australian Institute of Company Directors, and a prior 20-year consulting career as a partner of The Boston Consulting Group where she led the industrial practice advising multiple mining companies. Sally-Anne Layman chairs the Sustainability Committee. Board oversight is structured through 3 principal governance committees: the Audit and Risk Committee, the Sustainability Committee and the People and Culture Committee, with material business risks mapped to a designated governance committee. The Sustainability Committee oversees climate-related matters under its dedicated charter and receives quarterly reporting, while the Audit and Risk Committee oversees financial risk exposures including foreign currency management. Remuneration policy positions executive total remuneration against the 50th percentile of a defined peer-company market, and the remuneration report is independently reviewed.

Sustainability: The sustainability framework is anchored by a net zero emissions ambition for the decade commencing 2040 and a Climate Transition Action Plan developed in FY25 targeting high-impact emissions-reduction initiatives. Stage 1 of the Pilgangoora Power Strategy was delivered during the year — installing gas power generators, a liquefied natural gas storage facility and a lithium-ion battery energy storage system — reducing power-related greenhouse gas emissions intensity by 20% and contributing to a 7.1% absolute reduction in scope 1 and 2 emissions for Australian operations compared with FY24. Under the Australian Government's Safeguard Mechanism, the Pilgangoora Operation meets legislated emissions baselines through decarbonisation initiatives, operational efficiencies and surrender of Australian Carbon Credit Units, supported by a new cloud-based carbon monitoring platform deployed in FY25. Community investment in Australia increased to $2.2 million across 12 multi-year partnerships, including a new STEM-focused education partnership in Port Hedland, while spend with Aboriginal and Torres Strait Islander businesses reached $30.5 million, a 10.9% increase on FY24. In Brazil, the Community Development Program advanced 6 community projects around the Colina Project following the February 2025 acquisition, and a transparency channel was established for workforce and community grievances. Governance was strengthened with a new Supplier Code of Conduct and a First Nations Engagement Policy, a progressed Reconciliation Action Plan, and Voluntary Principles on Security and Human Rights training across the organisation. A dedicated Biodiversity Working Group was established, water and air-quality telemetry systems were installed at Pilgangoora for real-time environmental monitoring, and KPMG provides independent limited assurance over selected sustainability metrics.

Structure: The most significant structural change of FY25 was the acquisition of Latin Resources Limited, completed on 4 February 2025 for total consideration of $470.6 million, satisfied through the issue of 205.5 million new PLS ordinary shares representing approximately 6.4% of PLS shares on issue post-completion and bringing the Colina Project (formerly the Salinas Project) in Minas Gerais, Brazil into the portfolio; PLS had also advanced $10 million to Latin Resources prior to completion. Downstream integration is held through POSCO Pilbara Lithium Solution Co. Ltd (P-PLS), an incorporated joint venture with POSCO Holdings established in April 2022 in which PLS holds an 18% interest, made its first equity contribution of $40 million in FY25 in line with its pro-rata share, and holds a call option — extended to July 2026 — to increase ownership from 18% to 30% at cost. The Mid-Stream Demonstration Plant Project at Pilgangoora is a joint venture with Calix Limited in which PLS holds 55%, supported by $15 million in grant funding from the Western Australian Government and a $20 million grant from the Australian Government, with construction approximately 80% complete and scheduled to finish in the December 2025 quarter. A joint downstream feasibility study with Ganfeng Lithium Group Co Ltd, held 50/50, is assessing a potential lithium chemical conversion facility across worldwide locations including Australia. Capital structure milestones include the October 2024 establishment of an A$1 billion multi-currency secured revolving credit facility with domestic and international banks, split into 4-year and 5-year tranches of A$500 million each, which enabled full repayment of the prior secured syndicated and government debt facilities in October 2024; convertible bonds of $92.6 million remain outstanding. The Pilgangoora Operation also carries a 5% private royalty over part of the resource acquired through the earlier Altura Lithium Operation acquisition, alongside a 5% state government royalty and a 1% native title royalty on FOB selling prices.

Hedge: Commodity price exposure is unhedged: spodumene concentrate is not a commodity for which hedging or derivative transactions can be easily used to manage price risk, so the company relies on a conservative balance sheet, proactive debt management and delivery of cash improvement and operational performance targets to mitigate price cycles, leaving revenue fully exposed to market-determined spodumene prices and provisional pricing adjustments. Foreign-exchange policy is built on the principle of converting US-dollar sales receipts into Australian dollars: where there is a high degree of certainty over receipts (sales within a three-month window), committed hedging is executed with forward foreign exchange contracts, while longer-term, less certain receipts are protected with option contracts that establish a worst-case position (uncommitted hedging), with hedge volumes and the committed/uncommitted mix set against regularly reassessed target return levels. Option contracts are designated cash flow hedges measured at fair value with the effective portion recognised in other comprehensive income and accumulated in the hedge reserve, while forward contracts are carried at fair value through profit or loss. As at 30 June 2025, the position book comprised current foreign currency options with a fair value of $4.2 million (FY24: $0.1 million) and foreign currency forwards of $1.0 million (FY24: $1.9 million), with cash flow hedges of $2.7 million reclassified to profit or loss during the year. Interest-rate exposure arises on the variable-rate A$1 billion revolving credit facility, with interest payable at the end of selected interest periods typically ranging from 30 to 180 days.

Source: Pilbara Minerals Limited (PLS) - Annual Report - 2025

Operating · 1 project

Pilgangoora Operation

Asset

Australia, Pilbara, Western Australia

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Mining

Type

Operating

Status

🇦🇺 Australia, Pilbara, Western Australia

Country

Project information

As at 30 June 2025

Aggregation level: Asset

Report standard: Jorc

Ownership %: 100

Operator: Yes

Extraction: Open Pit

Ore type: Pegmatite

Processing route: Dense media separation and flotation

Description

As at 30 June 2025

Tier-one hard-rock lithium (spodumene) open-pit operation in the Pilbara region of Western Australia with a ~32-year mine life, in production since 2018. Comprises the Pilgan Plant (with new ore sorting facility) and the Ngungaju Plant, the latter placed into temporary care and maintenance in December 2024 under the single-plant P850 operating model (~850ktpa capacity) with rapid-restart capability. The $560M P1000 Expansion Project completed in FY25 added ~320ktpa nameplate capacity (first ore 31 January 2025; ramp-up completed March quarter 2025). A major power station upgrade added gas generators, LNG storage and a battery energy storage system. FY25 ore mined 5.22M wmt @1.4% Li2O; lithia recovery 71.9%; tantalite produced as by-product. Royalties: 5% WA state + 1% native title + 5% private royalty on part of the Altura-acquired resource. P2000 Feasibility Study (2Mtpa) extended to FY27; Mid-Stream Demonstration Plant (Calix JV) under construction on site.

Mining metrics

Multiple effective dates · inclusive

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Reserves & resources — detail

As at 30 June 2025

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Development · 1 project

Colina Project

Asset · Pre-feasibility

Brazil, Minas Gerais

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Mining

Type

Development

Status

🇧🇷 Brazil, Minas Gerais

Country

Project information

As at 30 June 2025

Aggregation level: Asset

Report standard: Jorc

Ownership %: 100

Operator: Yes

Extraction: Open Pit

Ore type: Pegmatite

Processing route: Dense media separation and flotation

Description

As at 30 June 2025

Greenfield hard-rock lithium project near Salinas in Minas Gerais, Brazil, acquired through the February 2025 acquisition of Latin Resources Limited (formerly the Salinas Project). Comprises the Colina deposit and the Fog's Block deposit. A comprehensive project review and targeted exploration program is underway, focused on infilling and expanding the existing Mineral Resource and testing new targets, with results expected in the June 2026 quarter to inform the development strategy. Preliminary environmental and installation licences were awarded by the state government in the March 2025 quarter. Internal technical studies and financial assessment are underway; future investment decisions will be guided by study outcomes and lithium market conditions. No Ore Reserves have been reported.

Mining metrics

As at 30 June 2025 · inclusive

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Reserves & resources — detail

As at 30 June 2025

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Processing facilities · 2 projects

Mid-Stream Demonstration Plant Project

Asset · Other · Construction · Ownership 55%

Australia, Pilbara, Western Australia

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Project information

Type: Processing Facility

Aggregation level: Asset

Status: Construction

Report standard: -

Ownership %: 55

Operator: Yes

Extraction: Processing Facility

Country: Australia

Region: Pilbara, Western Australia

Facility kind: Other

Licensed capacity: -

Capacity unit: -

Capacity period: -

Capacity kind: -

Description

Demonstration-scale mid-stream processing plant under construction at the Pilgangoora Operation in joint venture with Calix Limited (PLS 55%), aiming to establish the world's first industrial-scale electric spodumene calciner with potential to decarbonise one of the most carbon-intensive processes in the battery materials supply chain, reduce transport volumes and cost, and create more value at the mine site. Construction recommenced in the March 2025 quarter following award of $15M in grant funding from the Western Australian Government; the project is also supported by a $20M grant from the Australian Government. Construction was approximately 80% complete at FY25 year end, with completion scheduled for the December 2025 quarter. FY25 project costs of $19.9M were expensed.

Processing facilities

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P-PLS Chemical Facility

Asset · Other · Ownership 18%

South Korea, Gwangyang

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Project information

As at 30 June 2025

Type: Processing Facility

Aggregation level: Asset

Status: Operating

Report standard: -

Ownership %: 18

Operator: No

Operator name: POSCO Pilbara Lithium Solution Co. Ltd

Extraction: Processing Facility

Country: South Korea

Region: Gwangyang

Facility kind: Other

Licensed capacity: -

Capacity unit: -

Capacity period: -

Capacity kind: -

Description

As at 30 June 2025

Downstream lithium hydroxide chemical facility in Gwangyang, South Korea, owned through the P-PLS incorporated joint venture with POSCO Holdings (established April 2022; PLS 18%, equity accounted). South Korea's first commercial-scale, spodumene-based battery-grade lithium hydroxide operation and one of the few lithium chemicals producers outside China. Train 1 operates at commercial scale with certifications secured from three customers; Train 2 was commissioned in November 2024 with its first customer certification achieved after FY25 year end. PLS made its first equity contribution of $40M in FY25 in line with its pro-rata 18% interest, and holds a call option (extended to July 2026) to increase ownership from 18% to 30% at cost. Feedstock is spodumene concentrate from the Pilgangoora Operation.

Processing facilities

As at 30 June 2025

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Assumptions

The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.

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How to read this tab

The tables below list unit codes most often used in the Battery Metals sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.

What the Portfolio tab shows

The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.

Concepts in your sector — Battery metals

LCE vs Li metal vs Li₂O. Hard-rock reserves use % Li₂O; brine reserves use mg/L Li. Both translate to lithium carbonate equivalent (LCE) for chemical buyers.
1 t Li₂O ≈ 2.473 t LCE; 1 t Li metal ≈ 5.323 t LCE; 1 t LCE ≈ 0.188 t Li metal.
Spodumene concentrate (5–6% Li₂O) is the usual hard-rock product; brine producers sell lithium carbonate or hydroxide. ~7.5:1 spodumene tonne to LCE tonne at 6% Li₂O.
Nickel Class I (≥99.8% Ni, batteries) vs Class II (ferronickel/NPI, stainless). Cobalt is almost always a Cu/Ni by-product.

Portfolio tab — table guide

Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
Mining — one row per mining project, with columns for project name, location, status, primary commodities, production (with rating), reserves & resources (with rating), grade (with rating), costs and estimated lifetime. Multi-commodity projects emit one summary row per commodity.
Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.

Ownership / Working interest

Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.

Units, conversions & reporting standards

Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.

Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.

Lithium

Score

Production

Resource base

Grade

1 / 5

0–5 kt LCE

0–100 kt LCE

0–0.6 % Li2O

2 / 5

5–15 kt LCE

100–500 kt LCE

0.6–1 % Li2O

3 / 5

15–30 kt LCE

500–2000 kt LCE

1–1.3 % Li2O

4 / 5

30–50 kt LCE

2000–5000 kt LCE

1.3–1.6 % Li2O

5 / 5

≥ 50 kt LCE

≥ 5000 kt LCE

≥ 1.6 % Li2O

Copper uses kt Cu bands (Mlb Cu when lb-scale copper resources appear on featured projects). Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.

Assumptions

Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.