• Pilgangoora P680 and P1000 Projects complete, focus now on optimisation and unit cost reduction
• $1.1B cash balance and $625M undrawn credit facility, strong balance sheet
• Colina Project acquired, diversifying revenue beyond Pilgangoora

Pilbara Minerals has reported its March quarter activities, highlighting the completion of the Pilgangoora P680 and P1000 projects and a focus on optimisation and cost reduction. The company maintains a strong balance sheet with $1.1B in cash and $625M in undrawn credit facilities. Production for the quarter was 125.0kt, 34% lower than the prior quarter due to the full quarter impact of the P850 operating model, planned shutdowns for the P1000 project tie-in, and impacts from Cyclone Zelia. Revenue was $150M, 30% lower than the prior quarter, reflecting the lower sales volume, partially offset by a 7% increase in the average realised price. Unit operating costs increased 10% to $685/t (FOB) and 9% to $796/t (CIF) due to the lower sales volume, but were better than planned due to continued operating efficiency improvements. The company has also acquired the Colina Project, a hard-rock lithium asset in Brazil, to diversify its revenue beyond Pilgangoora. The POSCO JV in South Korea also progressed its ramp-up and customer certification during the quarter.

FY25 production guidance of 700-740kt reconfirmed. No other high-importance, price-sensitive forward-looking financial metrics provided.

The company is focused on optimising the Pilgangoora operation, with the investment phase now complete. The Colina Project acquisition provides diversification, and the company will continue to assess opportunities that align with its corporate strategy and capital management framework to create long-term value.