• Strong operational performance with spodumene concentrate production up 28%
• Average realised price for spodumene concentrate down 58% to US$688/t
• Underlying EBITDA for Pilgangoora Operation declined 83% to $74M

Pilbara Minerals Ltd (PLS) reported its FY25 Interim Results, delivering strong operational performance but lower realised prices and profitability. Spodumene concentrate production was up 28% to 408.3 thousand tonnes (kt) for the six-month period ended 31 December 2024 (H1 FY25) compared to the prior corresponding period (H1 FY24). However, the average estimated realised price for spodumene concentrate declined 58% to US$688/t (CIF China) on a ~SC5.3 basis. Revenue declined 44% to $426M, driven by the lower realised prices, partly offset by a 37% increase in sales volume to 418.6kt. Underlying EBITDA for the Pilgangoora Operation declined 83% to $74M, reflecting the effects of lower pricing. The company reported a statutory loss after tax of $69M, which included the impacts of expenses and losses from its new growth platforms. PLS completed the P680 Crushing and Sorting facility and the P1000 Project, both on schedule and budget. The company also implemented the P850 operating model, placing the higher-cost, lower-capacity Ngungaju plant into temporary care and maintenance. Post-period, PLS completed the acquisition of Latin Resources, with plans to optimize the Colina Project in Brazil through exploration and studies. The company maintained a strong balance sheet position, with $1.2B in cash and an additional $625M of liquidity available from undrawn loan facilities.

PLS remains highly optimistic about the long-term outlook for the lithium market, with robust demand growth in 2024 and global investment in low-carbon energy transition exceeding US$2T. The company's strategy of measured, market-aligned investment, underpinned by its strong Pilgangoora operations and solid balance sheet, positions it to continue driving sustainable growth and deliver long-term shareholder value.