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PLS has delivered record spodumene concentrate production of 267,600 tonnes at its Pilgangoora operation in Western Australia during the September quarter, a 25 per cent increase supported by the restart of its Ngungaju processing plant.
The result marks a strong start to the 2026–27 financial year (FY27), with increased production from Ngungaju complementing improved feed quality, ore sorting and stable processing performance at the Pilgan plant.
Ngungaju restarted as planned in July and performed in line with expectations throughout the quarter, before returning to full operational status by the end of October.
Combined performance across both plants supported an overall lithia recovery rate of 74.7 per cent, while total material mined increased to 11.5 million tonnes (Mt), up from 10.2Mt in the previous quarter.
Ore mined totalled approximately 1.5Mt, with stable weather conditions supporting uninterrupted mining and processing operations.
The production increase coincided with improved cost performance, as PLS reduced its unit operating costs by 12 per cent to $539 per tonne, down from $616 per tonne in the June quarter.
PLS said the improvement was attributed to operational efficiencies and a greater volume of capitalised waste, strengthening Pilgangoora’s cost position as the company prepares for its next expansion phase.
However, higher production did not translate into increased quarterly revenue.
Spodumene concentrate sales declined 11 per cent to 223,600 tonnes, partly reflecting a 15,000-tonne shipment delayed from September to October due to congestion at Port Hedland.
The average estimated realised selling price also declined 14 per cent to US$1809 per tonne, equivalent to US$2077 per tonne on a 6 per cent spodumene concentrate basis.
Consequently, quarterly revenue fell 24 per cent to $563 million, compared with $743 million in June, while cash margin from operations declined to $392 million.
Despite the softer financial results, PLS maintained a cash balance of $2.22 billion and net cash of $1.28 billion at September 30.
The company also reported improved safety performance, with its rolling 12-month total recordable injury frequency rate declining from 2.77 to 2.36, despite four recordable injuries during the quarter.
The operational milestone comes as PLS prepares to significantly expand production capacity at Pilgangoora.
Following the quarter, the company approved a $1.9 billion final investment decision for its P2000 expansion, targeting annual spodumene concentrate production capacity of approximately 2Mt through construction of the new Jimmagunya processing plant.
First production from P2000 is expected during the September quarter of 2029.
PLS also approved further infrastructure investment covering road upgrades, a new 1200-bed accommodation village and expanded mine maintenance facilities.
The company subsequently secured a 20-year power purchase agreement with Fortescue, targeting lower operating costs and emissions through access to the Green Grid network.
For FY27, PLS has maintained production guidance of 1.03–1.10Mt and unit operating cost guidance of $575–625 per tonne.
However, capital expenditure guidance has increased to $1.13–1.195 billion to account for its expanded investment commitments at Pilgangoora.
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