• Production of 224.8kt, up 2% on prior quarter
• Sales of 214.0kt, average realised price of US$742/t
• Revenue increased 30% to A$251M
• Unit operating costs down 13% to A$540/t (US$353/t)

Pilbara Minerals delivered a strong operational and financial performance in the September 2025 quarter, with production volume of 224.8kt, a 2% increase on the prior quarter. Sales volume for the quarter was 214.0kt, with an average estimated realised price of US$742/t (CIF China) on a ~SC5.3 basis, a 20% increase compared to the prior quarter. Revenue increased 30% to A$251M, reflecting the higher realised pricing. The company's Pilgan Plant optimisation initiatives delivered improved lithium recoveries of 78%, up from 71.6% in the prior quarter, and a 13% reduction in unit operating costs (FOB) to A$540/t (US$353/t). Pilbara Minerals maintained a strong balance sheet, ending the quarter with A$852M in cash. The company's growth optionality includes the potential expansion of the Pilgangoora Operation to over 2Mtpa, the Colina Project in Brazil, and its midstream and downstream joint ventures. While near-term market volatility has impacted the company's joint venture in South Korea, Pilbara Minerals remains focused on progressing its growth strategy and delivering value for shareholders.

FY26 unit operating costs (FOB) are expected to remain within the full-year guidance range.