• Strong increase in lithium pricing supports cash flow
• Pilgangoora operation delivers record production
• Ngungaju plant restart on track for July 2026

Pilbara Minerals Ltd (PLS.ASX) reported its March quarter FY26 results, highlighting strong operational and financial performance. The company produced 232.4kt of spodumene concentrate, a 12% increase over the prior quarter, driven by improved operational efficiencies at the Pilgangoora operation. Lithium pricing also surged, with the average realised sales price increasing 61% to US$1,867/t (SC5.2 CIF China). This supported a 52% increase in revenue to A$567 million and a 52% rise in cash balance to A$1.455 billion. Unit operating costs (FOB) decreased 11% to A$520/t, demonstrating the company's cost discipline. PLS is progressing growth initiatives, including the restart of the Ngungaju plant, scheduled for July 2026, and the ongoing feasibility studies for the P2000 expansion project and the Colina project in Brazil. The company also strengthened its balance sheet with the successful pricing of a US$600 million senior unsecured bond, enhancing its funding flexibility. PLS remains well-positioned to navigate market cycles and capture further value creation opportunities.

PLS does not provide any specific financial guidance for FY26. However, the company highlighted that it is monitoring fuel and supply chain availability closely, and at this time, does not expect any material disruption to operations or impact on FY26 performance.

PLS is progressing growth initiatives, including the restart of the Ngungaju plant, scheduled for July 2026, and the ongoing feasibility studies for the P2000 expansion project and the Colina project in Brazil. The company is also evaluating a multi-year infrastructure investment program to support the Pilgangoora operation and position it for future growth.