• Production volume of 754.6kt exceeded FY25 guidance
• Unit operating cost (FOB) of $627/t within FY25 guidance range
• Cash balance of ~$1.0B despite challenging pricing environment

Pilbara Minerals Ltd reported a strong operational and financial performance for the June quarter of FY25, with production volume of 754.6kt exceeding the top end of market guidance of 700-740kt. The company's unit operating cost (FOB) of $627/t for FY25 was within the guidance range of $620-640/t, reflecting the benefits of the P1000 expansion and the transition to the P850 operating model. Revenue for the quarter was $193M, 28% higher than the prior quarter, supported by a 72% increase in sales volume, partially offset by a 20% decline in average realised price. The company's cash balance remained strong at ~$1.0B as at 30 June 2025, despite $653M in capital investment, including the completion of the P680 Crushing and Sorting and P1000 expansion projects at the Pilgangoora operation. Pilbara Minerals' diversified portfolio, including its interest in the POSCO Pilbara Lithium Solution (P-PLS) joint venture in South Korea and the Colina Project in Brazil, continues to provide the company with strategic value and future growth optionality.

FY26 priorities include operational excellence, disciplined cost control, and capital efficiency. The company is targeting an average lithium recovery of ~72% for FY26, subject to ongoing feed variability and processing optimisation.

Pilbara Minerals is focused on unlocking the full value of its recent Pilgangoora investments through operational excellence, disciplined cost control, and capital efficiency. The company is progressing its Cost Smart program to identify and execute a pipeline of continuous improvement and cost reduction initiatives across the business.