The brief

Analyst view

• Record FY26 output of about 880,000 t of spodumene concentrate; FY27 guidance 1.03-1.10 Mt.
• Restarted its smaller Ngungaju plant in July 2026 after about 19 months idle in the lithium price slump.
• Feasibility study on P2000, which could double Pilgangoora to about 2 Mt a year, due by end of 2026.

Technical approach

As reported

Mining

Open-pit hard-rock lithium

Lithium sits in pegmatite rock as the mineral spodumene. PLS blasts and trucks it from open pits, unlike brine producers that evaporate salty water.

Concentrating

Crush, sort and float

Ore is crushed and spodumene is separated by density and froth flotation into a concentrate of about 6% lithium oxide for shipping.

Scale

Staged plant expansions

Pilgangoora grew in steps (P680, P1000) by adding plant capacity next to one large orebody, lowering cost per tonne with each step.

Downstream

A stake in lithium chemicals

PLS holds 18% of a POSCO joint venture in South Korea that turns concentrate into lithium hydroxide for battery cathodes.

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