• Record quarterly production of 232.4kt
• Average realised price increased 61% to US$1,867/t
• Unit operating cost (FOB) decreased 11% to A$520/t
• Cash margin from operations increased 178% to A$461M

Pilbara Minerals Ltd (ASX: PLS) reported a strong operational and financial performance in the March 2026 quarter, with record quarterly production of 232.4kt, a 61% increase in average realised price to US$1,867/t, and an 11% decrease in unit operating cost (FOB) to A$520/t. This resulted in a 178% increase in cash margin from operations to A$461M. Sales volumes were on budget at 195.7kt of spodumene concentrate, with an average shipped grade of ~SC5.2 Li2O. The company also executed a multi-year offtake agreement with Canmax Technologies Co. Ltd for the supply of 150kt per annum of spodumene concentrate, commencing in CY26. The agreement includes a US$100M unsecured prepayment and a floor price of US$1,000/t (SC6 basis). Pilbara Minerals continued to progress the feasibility studies for the P2000 expansion and the Colina Project in Brazil. In the chemicals segment, the company announced the restructuring of the Mid-Stream Demonstration Plant joint venture with Calix and the commencement of commissioning of the plant. The POSCO Pilbara Lithium Solution joint venture in South Korea also restarted operations during the quarter. Pilbara Minerals strengthened its balance sheet with a US$600M senior unsecured notes offering and ended the quarter with a cash balance of A$1,455M.

Pilbara Minerals reaffirmed its FY26 guidance for all metrics. The company is finalizing its FY27 budget, with capital expenditure in FY27 expected to be more heavily weighted towards mine development activity compared to FY26.

Pilbara Minerals is evaluating a potential multi-year investment program to enhance the Pilgangoora infrastructure to support existing operations and positioning the site for future expansion. The company is also engaged with customers across Europe, Korea, the United States and other markets, and expects the US government's policy direction on the 45X Advanced Manufacturing Production Credit to be a meaningful demand catalyst for ex-China battery supply chains, supporting the strategic market positioning of the POSCO Pilbara Lithium Solution joint venture.