Strong EV demand bodes well for Pilbara Minerals' (ASX: PLS) revenue outlook

Fri 24 Nov 23, 08:40 AM | Team Kalkine

Image source: Ksenia Ragozina, Shutterstock

Highlights

Pilbara is an ASX-listed tantalum and lithium explorer and producer

Policy support in multiple jurisdictions supports demand for EVs, which bodes well for lithium demand

The Australian Government allocated AUD 200 million to the Critical Minerals Accelerator initiatives

Pilbara Minerals Limited (ASX: PLS) is an Australian pure-play lithium firm which is engaged in the development, exploration and mining of minerals in Australia.

During the first quarter of the financial year 2024 (1QFY24), production declined by 2% PcP to 144.2k tonnes, while sales increased by 6% PcP and reached 146.4 million tonnes. The company ended the latest quarter with a cash balance of AUD 3 billion, compared to AUD 1.4 billion in 1QFY23.

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