• Pilbara Minerals approved pre-FID capital expenditure for P2000 Project
• The expenditure aims to expedite the Pilgangoora Operation's expansion
• Projected to target first ore in mid 2029, subject to FID
• Investments focus on engineering, infrastructure, and long-lead equipment procurement

Pilbara Minerals Ltd. (ASX: PLS) announced the approval of pre-final investment decision (pre-FID) capital expenditure for the P2000 Project at its Pilgangoora Operation. The approximately $175 million expenditure is aimed at expediting the project, with outcomes expected in the December Quarter 2026. The capital expenditure is divided into three work streams: processing plant procurement and engineering, on-site early works and operational preparation, and infrastructure and seasonal window execution. These investments are intended to preserve capital value, maintain development flexibility, and respond to long-term lithium demand. The final investment decision (FID) for P2000 will depend on positive study outcomes, funding capacity, and market conditions.

Targeting first ore in mid 2029, subject to FID

Pilbara Minerals is confident in the long-term demand outlook for lithium and plans to respond to potential supply-side constraints.