• Increase in sales and pricing supports strong cash flow
• Progressing growth optionality upstream and downstream
• Evaluating portfolio sequencing amid changing market conditions

Pilbara Minerals Ltd reported a solid operational performance for the December quarter, with production of 208kt in line with plan. Sales volumes increased 8% to 232.0kt, with an average estimated realised price of US$1,161/t (SC5.2 CIF China), up 57% from the prior quarter. This drove a 49% increase in group revenue to A$373M and a significant improvement in cash margin from operations to A$166M. The company's cash balance increased 12% to A$954M at the end of the quarter. Pilbara Minerals is evaluating upstream growth options, including a potential restart of the Ngungaju processing plant and feasibility studies for the P2000 expansion and Colina project in Brazil, in light of changing market conditions. The company is also preserving long-term growth optionality and strategic positioning across the lithium value chain, with its POSCO Pilbara Lithium Solution joint venture currently idled to preserve working capital. Overall, Pilbara Minerals is well-positioned with resilient operations, strategic flexibility and financial strength to navigate market cycles.

Pilbara Minerals expects POSCO Pilbara Lithium Solution (P-PLS) production to remain idled for H2 FY26, with spodumene reallocated to other customers.