Key highlights

  • PLS reported Revenue of A$1,934 million, up 152%, and underlying EBITDA of A$1,137 million on 24 August 2026.
  • Net profit after tax was A$526 million compared with a A$196 million loss in FY25, and the final Dividend was 5 cents per share.
  • The cash balance rose to A$2,290 million, and the company approved about A$175 million of pre-FID spending for P2000.

PLS (ASX:PLS) released its FY26 full year results on 24 August 2026. The announcement described higher production, a sharp increase in realised prices, a return to profit and a shift in focus towards growth projects, following a sustained rise in Commodity pricing.

About PLS

PLS owns and operates the Pilgangoora lithium-tantalum operation in Western Australia, producing spodumene concentrate. Its project pipeline includes the P2000 expansion and the Colina project, and it has restarted the Ngungaju processing plant.

Production and prices

Production was 879.5 kilotonnes, up 17%, and sales were 891.6 kilotonnes, also up 17%. The average estimated realised price was US$1,488 per tonne, up 121%. Unit operating cost (FOB) improved 9% to A$569 per tonne, while the CIF unit cost was A$739 per tonne, up 1%.

Financial results

Revenue was A$1,934 million, up 152%. Underlying EBITDA was A$1,137 million at a 59% margin, compared with A$97 million at a 13% margin. Net profit after tax was A$526 million compared with a loss of A$196 million, with higher Depreciation from the expanded asset base and tax expense on the return to profitability partly offsetting higher earnings. Capital Expenditure fell 42% to A$328 million.

The cash balance rose to A$2,290 million, up A$1,316 million, including proceeds from an inaugural US$600 million bond. Liquidity was A$2,790 million. A final dividend of 5 cents per share, fully franked and worth about A$161 million, was determined.

Growth projects

After the rise in commodity prices, PLS moved from defensive positioning to a growth focus. It decided to restart the Ngungaju processing plant and updated study timelines for P2000 and Colina. About A$175 million of pre-FID capital expenditure for P2000 was approved in June, and feasibility studies for both projects progressed. FY26 guidance was achieved, and FY27 guidance was released with the June quarter update.

Risks to consider

Lithium prices were a major driver of the swing in results, and the company’s Earnings can move sharply with them, as the loss in FY25 showed. Higher prices also led it to restart capacity and commit growth spending.

Restarting the Ngungaju plant and advancing P2000 and Colina need capital and execution, and cost Inflation could affect returns. The company has issued a US$600 million bond, adding debt.

Catalysts to watch

Items to watch include FY27 guidance from the June quarter update, the restart of the Ngungaju plant, the P2000 and Colina feasibility studies and Investment decisions, realised prices, and unit costs.