• Ngungaju plant restart approved, production to resume in July 2026
• P2000 Pilgangoora expansion feasibility study outcomes expected in December 2026
• Colina Project feasibility study outcomes expected in December 2027

Pilbara Minerals Ltd (ASX: PLS) has announced the restart of its ~200ktpa Ngungaju plant, with production to resume in early July 2026. The restart will be supported by the retention of key personnel and a completed crusher upgrade, with the plant expected to return to historical production levels following ramp-up. The company will incur some operating costs in the second half of FY26 to prepare for the restart, but FY26 unit operating costs (FOB) are anticipated to remain within guidance, likely towards the top end of the $560/t to $600/t range.Pilbara Minerals also provided updates on its growth studies. The P2000 Project, a potential expansion of the Pilgangoora Operation's concentrate production capacity to approximately 2.0 million tonnes per annum, is progressing through the feasibility study stage. Study outcomes are targeted for release in the December Quarter 2026.The Colina Project, a 100% owned hard rock spodumene development asset in Brazil, is also advancing through a formal feasibility study. Current work comprises an integrated program of drilling, metallurgical testwork, flowsheet refinement, and infrastructure studies. Feasibility study outcomes are targeted for release in the December Quarter 2027.Pilbara Minerals' capital allocation framework remains unchanged, with any final investment decisions on the growth projects subject to successful feasibility study outcomes, capital allocation thresholds, funding capacity, and confidence in sustained lithium market conditions.

FY26 unit operating cost (FOB) guidance is unchanged, expected toward the upper end of the $560/t to $600/t range due to Ngungaju plant restart preparation activities. FY27 guidance for the Pilgangoora Operation (production, unit operating costs (FOB) and capital expenditure) will be provided in the June Quarter 2026 update.

Pilbara Minerals' disciplined through-the-cycle strategy has positioned the company to capitalize on improving market fundamentals and deliver production growth from a position of strength. The company's low-cost operating base, established operating capability, and financial resilience will guide its selective growth decisions to deliver long-term shareholder value.