• Commissioned world's largest lithium ore sorter
• Expanded production capacity via P1000 Project
• Mineral Resource update increases contained lithium by 23%
• Acquired Colina Project (Brazil) via Latin Resources

Pilbara Minerals Ltd (ASX:PLS) reported its FY25 full year financial results, highlighting strong operational performance with record annual production of 755.6kt, a 4% increase over the prior year. However, the company's financial results were impacted by lower lithium prices, with revenue declining 39% to $769 million and underlying EBITDA decreasing 83% to $97 million. Despite the pricing pressure, Pilbara Minerals maintained a robust balance sheet, closing the year with $1 billion in cash and $1.6 billion in total liquidity. Key achievements during the year included commissioning the world's largest lithium ore sorter, expanding production capacity through the P1000 project, and delivering a 23% increase in the Pilgangoora Mineral Resource. The company also acquired the Colina Project in Brazil through the Latin Resources acquisition, diversifying its asset portfolio. Pilbara Minerals continued to focus on sustainability, with a 7.1% reduction in absolute scope 1 and 2 emissions and the completion of Stage 1 of the Pilgangoora Power Strategy. Looking ahead, the company is well-positioned to leverage its cost-efficient operating model and growth initiatives to navigate the lithium market dynamics.

Pilbara Minerals is focused on optimizing costs and scaling operations to maintain a strong competitive position. The company is progressing studies on the potential P2000 expansion at Pilgangoora to increase production capacity to over 2.0Mtpa, with outcomes expected in FY27. Additionally, the company is continuing its joint study with Ganfeng for a potential downstream lithium hydroxide conversion facility.