Mine / resource · Australia

Pilgangoora

ProducingVerified 24 Oct 2026As of 24 Oct 2026

Owner: PLS Group 100%
Listed via: PLS.AX
Product: Spodumene
Deposit type: Spodumene
Capacity: FY26 879.5 kt SC; FY27 guidance 1,030–1,100 kt SC
≈ 125 kt LCE/yr (guidance)
Location: -21.05°, 118.91°
Source: Filing used for verification

P2000 FID approved 16 Oct 2026: new Jimmagunya plant to lift production to ~2.0 Mtpa SC.

Ownership structure

Effective economic interest of listed owners · As of 23 Oct 2026

Attributable capacity

Listed owner	Stake	kt SC/yr	kt LCE/yr
PLS Group PLS.AX	100%	≈1,003	≈125

Capacity × effective stake. kt SC ≈ kt LCE × 8.0 (grade-based, 90% recovery).

Structure: PLS Group 100%.

Value chain

Owners, buyers and the refineries on Li3atlas they feed · As of 24 Oct 2026

Listed ownersPLS GroupPLS.AX · 100%

Mine / resourcePilgangooraFY26 879.5 kt SC; FY27 guidance 1,030–1,100 kt SC

Quarterly production

As of 30 Jun 2026

kt SC, as reported · Source: Mar Q 2025, Jun Q 2025, Sep Q 2025, Dec Q 2025, Mar Q 2026, Jun Q 2026

Production (kt SC)Sales (kt SC)Realised price (US$/t) (US$, right axis)Unit cost (≈ US$)

	Jun Q 26	Mar Q 26	Dec Q 25	Sep Q 25	Jun Q 25	Mar Q 25
Production (kt SC)	214.3	232.4	208	224.8	221.3	125
Sales (kt SC)	—	195.7	232	214	216	125.5
Implied inventory change (prod − sales)	—	+36.7	−24	+10.8	+5.3	−0.5
Unit cost (AUD/t)	—	520 ≈$338	585 ≈$380	540 ≈$351	619 ≈$402	685 ≈$445
Realised price (US$/t)	$2,415	$2,155	$1,336	$841	$703	$851
Implied cash margin (US$/t)	—	+$1,817 84%	+$956 72%	+$490 58%	+$301 43%	+$406 48%

Production minus sales in the same unit: positive = stockpile built at the mine or port, negative = drawn down. Margin = realised price − unit cost converted at fixed FX. Bases can differ (price often CIF and SC6-equivalent, cost FOB per t of the actual grade, before royalties), so treat it as indicative.

Resource and mine life

As of 24 Oct 2026

Resource: 13.24 Mt LCE
Reserve: 7.63 Mt LCE
Grade: 1.33% Li2O
Mine life: 20 years
As of: 30 Jun 2026

Unit cost

Basis: FOB per t concentrate (guidance A$575–625)
Period: FY27 guidance

Cost bridge to US$/t LCE

Reported unit cost: AUD 600/t SC
In US$ (fixed FX): × 0.65 = $390/t SC
× t concentrate per t LCE: × 8.02 (5.6% Li₂O, 90% recovery)
Mine cost per t LCE: $3,129/t LCE
+ Conversion to chemicals (assumption): $3,500 · China Merchant Toll
+ Royalty (WA 5% of realised price): $701 (5% × SC6 $1,873/t, latest average realised)
Landed cost: $7,330/t LCE

Cost-curve quartile Q3 of 14 operations with a cost

Reported cash costs exclude the 5% WA royalty; it is modelled separately here. The conversion, freight and royalty settings are shared with the cost curve on the map page (Economics).

Position on the cost curve

Landed US$/t LCE, same assumptions as the cost curve · As of 24 Oct 2026

$7,330/t LCE · cheaper than about 40% of costed supply

Grey: every producing mine with a cost (width = capacity). Highlighted: this asset. Lighter dashed bars are implied costs (no reported unit cost).

Milestones

As of 24 Oct 2026

Upcoming (2)

28 Oct 2026September 2026 Quarterly Activities ReportReport · source
Q3 2029P2000 (Jimmagunya plant) first productionFirst production · source

Completed (8)

21 Oct 2026US$700M 8.00% Senior Unsecured Notes due 2032 pricedFinancing · source
16 Oct 2026P2000 final investment decision (~2.0 Mtpa)FID · source
1 Jul 2026Ngungaju plant restartRestart · source
19 Jun 2026P2000 pre-FID capex (~A$175M) approvedOther · source
23 Apr 2026US$600M 6.875% Senior Notes due 2031 closedFinancing · source
19 Feb 2026Board approves Ngungaju plant restart (~200 ktpa)Restart · source
10 Feb 2026Canmax offtake executed (150 ktpa, 2 years, US$100M prepayment)Offtake · source
31 Jan 2025P1000 Pilgan plant expansion first oreExpansion · source

Country risk · Australia

Policy risk: Low As of 24 Oct 2026

Royalty: Western Australia: 5% of gross sales revenue on spodumene concentrate, at first point of sale (since 28 Mar 2020)

Stable fiscal regime; royalty set by the state. source

Change history

Approved changes with their source · As of 24 Oct 2026

Date	Field	Change	Source
24 Oct 2026	Milestone	new: 23 Apr 2026 · US$600M 6.875% Senior Notes due 2031 closed Financing Completed	PLS completes US$600 million Senior Unsecured Notes Offering (23 April 2026)
24 Oct 2026	Realised price	new: Spodumene US$703/t · Jun Q 2025 · SC6 equiv., CIF China	PLS June Quarterly Activities Report (30 July 2025)
24 Oct 2026	Quarterly figures	new: Sep Q 2025 · production 224.8 kt SC · sales 214 kt SC · cost AUD 540 (FOB Port Hedland per t SC (excl. freight and royalties))	PLS September Quarterly Activities Report (24 October 2025)
24 Oct 2026	Realised price	new: Spodumene US$841/t · Sep Q 2025 · SC6 equiv., CIF China	PLS September Quarterly Activities Report (24 October 2025)
24 Oct 2026	Milestone	new: 10 Feb 2026 · Canmax offtake executed (150 ktpa, 2 years, US$100M prepayment) Offtake Completed	PLS executes offtake agreement with Canmax (10 February 2026)
24 Oct 2026	Quarterly figures	new: Dec Q 2025 · production 208 kt SC · sales 232 kt SC · cost AUD 585 (FOB Port Hedland per t SC (excl. freight and royalties))	PLS December Quarterly Activities Report (30 January 2026)
24 Oct 2026	Realised price	new: Spodumene US$1,336/t · Dec Q 2025 · SC6 equiv., CIF China	PLS December Quarterly Activities Report (30 January 2026)
24 Oct 2026	Milestone	new: 19 Feb 2026 · Board approves Ngungaju plant restart (~200 ktpa) Restart Completed	Ngungaju plant restart and growth studies update (19 February 2026)

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