• Production volume of 125.0kt, reflecting impact of P850 operating model and Cyclone Zelia
• Realised price up 7% to US$747/t, sales volume down 39% to 125.5kt
• Unit operating costs up 10% to A$685/t, but within FY25 guidance
• Cash balance of A$1.1B, cash margin from operations of A$39M

Pilbara Minerals reported its March quarterly activities, with production volume of 125.0 thousand tonnes (kt) reflecting the full quarter impact of the Ngungaju plant being in care and maintenance under the P850 operating model, tie-ins and ramp-up of the P1000 Project, as well as the impact of Severe Tropical Cyclone Zelia. Relative to the prior quarter, prices increased by 7% to an average estimated realised price of US$747/t (CIF China) on a ~SC5.3 basis, with sales of 125.5kt. Revenue decreased to A$150M, reflecting lower sales volume. Unit operating cost (FOB) of A$685/t was higher than the prior quarter, primarily due to the impact on availability from the P1000 Project tie-ins and ramp-up, and resultant lower sales volume. However, the year-to-date unit operating cost of A$630/t remains within FY25 guidance. The company reported a cash margin from operations of A$39M and ended the quarter with a strong cash balance of A$1.1B. The P1000 Project tie-ins and ramp-up were completed as planned, and the company is now focused on optimisation of the Pilgan plant, which is expected to support higher production and lower unit costs in the June quarter and throughout FY26. Pilbara Minerals also completed the acquisition of Latin Resources and initiated an exploration program for the Colina Project in Brazil.

FY25 guidance reconfirmed across all metrics.

The company is focused on optimisation of the P850 operating model and implementing cost reduction initiatives, which are expected to drive further savings across FY26 and FY27. The successful delivery of the P1000 Project will be a key driver of additional cost reductions through the June quarter 2025 and into FY26.