Highlights

  • PLS achieved record September-quarter spodumene concentrate production of 267.6kt, rising 25% sequentially.
  • Unit operating costs declined 12% to AUD 539 per tonne as Revenue reached AUD 563M.
  • The company approved its AUD 1.9B P2000 expansion, targeting approximately 2Mt annual production capacity.
  • PLS ended September with AUD 2.22B cash and subsequently completed a US$700M notes offering.

PLS Group Ltd (ASX:PLS) is in focus following developments spanning pilgangoora delivers a record quarter and lower costs meet stronger revenue. The company’s latest reporting and announcements provide the operating context for its next milestones. Shares closed at AUD 2.63 on 3 November 2026, a 0.77% change for the session, with Market Capitalisation of approximately AUD 8.48B. The developments and market figures describe different aspects of the Business and do not establish a direct cause for the day’s price movement.

Pilgangoora Delivers a Record Quarter

PLS produced a record 267.6kt of spodumene concentrate in the September quarter, a 25% increase from the previous quarter. Performance at Pilgan and production from the restarted Ngungaju plant contributed to the increase. Ngungaju reached full operational status by the end of October, marking a further step in the company’s operational program.

PLS reported sales of 223.6kt of spodumene concentrate, below production of 267.6kt because shipment timing affected the quarter. Its average estimated realised price was US$1,809 per tonne on an SC5.2 basis, equivalent to US$2,077 per tonne on an SC6 basis. These distinctions matter when comparing sales revenue with output, because concentrate grade and the timing of customer shipments affect reported figures.

Lower Costs Meet Stronger Revenue

Unit operating costs fell 12% to AUD 539 per tonne. Revenue reached AUD 563M and operating cash Margin totalled AUD 392M. Sales were 223.6kt, with shipment timing affecting the relationship between production and sales. The average estimated realised price was US$1,809 per tonne on an SC5.2 basis.

The P2000 expansion was approved at an estimated AUD 1.9B, with first production from the new Jimmagunya processing plant expected in the September quarter of calendar 2029. The company also outlined AUD 600–650M of infrastructure spending, including an upgraded access road, a permanent village and a mine services facility. In Brazil, the Colina feasibility study remained scheduled for completion in the December quarter of 2027.

P2000 Receives an Investment Decision

PLS approved the AUD 1.9B P2000 expansion at Pilgangoora, targeting annual spodumene concentrate capacity of approximately 2Mt. The new Jimmagunya processing plant is expected to begin production in the September quarter of 2029. The investment follows completion of the P2000 feasibility study and is separate from the record production achieved during the latest quarter.

Funding and Power Arrangements

The company ended September with AUD 2.22B in cash and AUD 2.72B in total liquidity. It subsequently completed a US$700M senior notes offering. A 20-year power agreement with Fortescue is expected to reduce P2000 unit operating costs by approximately AUD 15–20 per tonne. PLS is also progressing the Colina feasibility study and its mid-stream demonstration plant.