• Solid operational performance with 208.0kt production
• Lithium recoveries remained strong at 76%
• December quarter sales increased 8% to 232.0kt
• Revenue increased 49% to $373M due to higher pricing and volumes

Pilbara Minerals Ltd (PLS) reported solid operational performance for the December quarter, with production of 208.0 thousand tonnes (kt) and lithium recoveries remaining strong at 76%. December quarter sales increased 8% to 232.0kt, with an average estimated realised price of US$1,161/t (CIF China) on a ~SC5.2 basis. On a SC6 equivalent basis, average realised prices increased by 59% to US$1,336/t. Revenue increased 49% to $373M, reflecting the higher realised pricing and sales volumes. Unit operating costs (FOB) increased 8% to $585/t (US$384/t) compared to the prior quarter, primarily due to lower production volumes and inventory drawdown. The company maintained a robust balance sheet with ~$1.6B in liquidity and cash increasing 12% during the quarter to $954M. Positive provisional pricing adjustments of ~$85M from the December quarter are expected to be received in the March quarter 2026. PLS is evaluating the potential restart of the ~200ktpa Ngungaju processing plant and progressing studies for the P2000 and Colina Project expansions. The company's chemicals strategy, including the mid-stream demonstration plant and downstream joint venture with POSCO, also advanced during the quarter.

FY26 guidance reaffirmed for all metrics, including production, sales, unit operating costs, and capital expenditure.

PLS is re-evaluating its upstream growth portfolio in response to the recent appreciation in spodumene pricing and evolving market conditions. The company will continue to sequence growth selectively and only progress initiatives that meet its capital allocation thresholds while preserving balance sheet strength.