PLS confident in lithium outlook 

Despite weak lithium market conditions, Pilbara Minerals (ASX: PLS) reported record spodumene production of 754.5kt and a 7% increase in sales in FY25. 

PLS recorded $769m in revenue, a 39% decline from FY24 results driven by a 43% decrease in the average realised price of lithium, underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) decrease of 83% and an underlying net loss of $88m. 

PLS chief executive and managing director Dale Henderson says the company delivered record production and reduced unit operating costs, highlighting the strength and scalability of its Pilgangoora operation.  

“While the lithium market experienced material pricing pressure, we maintained strong operational performance, completed a major phase of capital investment and positioned the business for the next phase of growth,” he said.  

“With the P680 and P1000 expansions now complete and our ore sorting technology fully integrated, we’ve established a leading processing platform. The P850 operating model is unlocking further efficiencies, lowering costs, and enhancing our ability to manage through the cycle.” 

PLS maintained a robust balance sheet, closing FY25 with $1b in cash and total liquidity of $1.6b, as it continues to navigate the current market and invest in strategic growth opportunities. 

“The long-term fundamentals for lithium remain intact,” Mr Henderson said. 

“While market volatility may persist in the near term, our confidence is anchored in what we control — disciplined execution, operational excellence and strategic agility.” 

During FY25, PLS expanded its international footprint with the acquisition of Latin Resources and the Colina lithium project in Brazil and advancing its Ngungaju plant in South Korea, a downstream joint venture with POSCO. 

The Colina mineral resource currently stands at 77.7mt of 1.24% lithium oxide with a resource upgrade expected in Q4 FY26, potentially expanding the value and scale of the project.