Pilgangoora resource gets 23% boost

Pilbara Minerals (ASX: PLS) has delivered a 39mt increase in mineral resource for its Pilgangoora lithium deposit in WA’s Pilbara region.

The significant upgrade indicates an inferred mineral resource of 446mt at 1.28% lithium oxide hosting 5.7mt of lithium oxide and 45mt of tantalum pentoxide, a 14% increase to previous figures from FY24.

The mineral resource grade also improved by 12% largely as a result of the addition of new higher-grade prospects within the central extension drill areas.

The upgrade was underpinned by a 104,627m drilling program that saw 364 holes drilled across more than 7km of strike.

PLS managing director and chief executive Dale Henderson says the significant uplift consolidates PLS’ position as a leading global lithium supplier.

“This outcome is aligned with our strategy to optimise the operating base and unlock the full potential of this world-class asset, driving long-term value for our shareholders,” he said.

“It reflects the fundamental strengths of our business — large-scale, high-quality assets, disciplined operations, a diversified supply chain and a strong balance sheet.

“These strengths provide the resilience to navigate current market conditions, while preserving the flexibility to scale as the lithium market transitions to its next phase.”

Significant exploration potential remains at the operation with mineralisation remaining open along strike including at the bridge zone between the central and north areas that remains untested below 200m depth.