September Quarterly Activities Presentation

• 2% increase in production volume to 224.8kt
• 30% increase in revenue to $251M
• 13% reduction in unit operating costs to $540/t
• $852M cash balance and $625M undrawn credit facility

Pilbara Minerals Ltd reported a strong start to FY26 with key highlights including a 2% increase in production volume to 224.8kt, a 30% increase in revenue to $251M, and a 13% reduction in unit operating costs to $540/t (US$353/t). The company's Pilgangoora Operation continued to demonstrate improved operational efficiencies, with lithium recovery increasing to 78% and the proportion of contact ore processed being progressively increased to leverage ore sorting capability and maximize unit cost reductions. Pilbara Minerals maintained a robust balance sheet, with a cash balance of $852M and $625M in undrawn credit facilities as of 30 September 2025, providing financial flexibility for strategic priorities. The company also provided updates on its growth optionality, including the Ngungaju Processing Plant, the P2000 feasibility study for potential expansion of the Pilgangoora Operation, and the Colina Project in Brazil. In the chemicals segment, the company reported progress on the POSCO Pilbara Lithium Solution (P-PLS) lithium hydroxide facility and the mid-stream demonstration plant. Overall, Pilbara Minerals delivered a strong operational and financial performance in the September quarter, positioning the company well to capitalize on the growing lithium market.

Pilbara Minerals is strategically positioned with 100% owned assets, a diversified portfolio, and embedded optionality to capitalize on the growing lithium market. The company is progressing growth optionality upstream and downstream, with measured investments to provide further diversification. Pilbara Minerals remains focused on delivering its operating performance commitments, achieving the full potential of its global assets, and extracting greater value along the battery materials supply chain.