• Continued strong operational performance with 188.2k dmt of spodumene concentrate production
• Successful transition to P850 operating model with Ngungaju plant placed into care and maintenance
• Revenue increased by 3% to $216M despite lower sales volume

Pilbara Minerals Ltd (PLS.ASX) reported its December quarterly activities, delivering continued strong operational performance with 188.2 thousand dry metric tonnes (dmt) of spodumene concentrate production. The reduction in production volume compared to the prior quarter was due to the successful transition to the P850 operating model, with the Ngungaju plant being placed into care and maintenance and planned downtime for the ramp-up of the P680 Crushing and Sorting facility. Prices increased by 3% to an average estimated realised price of US$700/dmt (CIF China) on a ~SC5.3 basis, with sales of 204.1k dmt. Revenue increased by 3% to $216M compared to the prior quarter, reflecting the increase in price, partially offset by the lower sales volume. Unit operating cost (FOB) of $621/dmt was 2% higher than the prior quarter, in line with the new P850 operating model and driven by lower sales volume and operating costs. The company maintains a strong balance sheet position with a December quarter ending cash balance of $1.2B. The P1000 Project expansion is on schedule and on budget, with wet commissioning currently being undertaken. Pilbara Minerals also announced the proposed acquisition of Latin Resources, which is consistent with the company's strategy to diversify revenue beyond Pilgangoora.

The company expects the second half of FY25 production volume and unit cost performance to be affected by tie-ins, commissioning and process optimisation for the P1000 Project expansion.