• Underlying EBITDA of $71M to $75M, driven by record production and sales
• Statutory net loss of $68M to $71M due to investments in chemicals projects
• Pilgangoora P680 expansion project completed on schedule and budget

Pilbara Minerals Ltd (ASX:PLS) has announced a business and earnings update for the half year period ended 31 December 2024 (H1 FY25). For the underlying Pilgangoora Operation, the Group's underlying earnings before interest, tax depreciation and amortisation (EBITDA) and net profit or (loss) after tax for H1 FY25 are expected to be in the range of $71M to $75M and $(5)M to $(7)M, respectively. These strong underlying results reflect record production and sales volumes from the Pilgangoora Operation and cost reductions from the P850 Operating Model. The Group also completed the P680 expansion project on schedule and budget during the period. However, the Group's statutory EBITDA and net profit or (loss) after tax for H1 FY25 are expected to be in the range of $45M to $49M and $(68)M to $(71)M, respectively. This is due to the impact of the Group's investments in its new growth platforms, including a non-cash reduction to the carrying value of the Group's call option to increase its stake in the PPLS JV, the share of net loss after tax of the PPLS JV, and costs associated with the Demonstration Plant Project. The Group's cash balance as at 31 December 2024 remains strong at $1.2B after accounting for these investments.

The profit or loss impact to the Group of the PPLS investment in H2 FY25 will be dependent on ramp up progress, sales performance and market prices. Additional PLS funding, representing a cash outlay, may be required into PPLS in CY25. Assuming the Demonstration Plant Project is recommenced, construction is expected to be completed in the December Quarter 2025 with an expected H2 FY25 cost to PLS of $15M fully offset by Government grant funding.