• 100% ownership of Tier 1 asset (Pilgangoora) with ~33 year mine life
• Operate Pilgangoora P1000 Project expansion in ramp up with P850 operating model implemented to reduce costs
• Integration into battery materials supply chain via JV with POSCO and Ganfeng study

Pilbara Minerals Ltd has reported its FY25 interim financial results, highlighting strong operational performance with a 28% increase in production volume to 408.3kt and a 37% increase in sales volume to 418.6kt. However, the company experienced a 58% decline in average realised prices for 5.3% Li2O grade (SC5.3 CIF China) to US$688/t, resulting in a 44% decrease in revenue to $426M and an 83% decline in underlying EBITDA to $74M. The company's statutory loss after tax was $69M, compared to a profit of $220M in the prior corresponding period. Despite the lower pricing environment, Pilbara Minerals maintained a strong cash balance of $1.2B as at 31 December 2024, with a focus on cost management to support the balance sheet. The company also completed the acquisition of Latin Resources during the period to diversify its revenue streams beyond the Pilgangoora asset.

Pilbara Minerals will continue to focus on operational performance and progressing its expansion programs, including the ramp-up of the P1000 Project. The company will also review and optimise the Colina Project, with further planned investment in response to market conditions and customer and strategic partner requirements.