Pilbara Minerals has produced first ore from its P1000 project, which aims to reach one million tonnes per annum (Mtpa) of spodumene production from the Pilgangoora operation.
The company, which recently rebranded as PLS, heralded the achievement in its half-year report, also announcing it had posted an underlying EBITDA of $71–75 million and a net loss after tax of $5–7 million in the first half (H1) of the 2024–25 financial year (FY25).
PLS has continued to advance its operational expansion despite a suppressed lithium pricing environment, with the installation of a new crushing and ore sorting facility taking place.
This facility, considered the largest of its kind in the world, has underpinned Pilgangoora’s growth to 680,000tpa of spodumene production, with the 1Mtpa production target to see upgrades made to PLS’ flagship Pilgan processing plant and a range of supporting infrastructure.
PLS produced approximately 813,000tpa of spodumene from Pilgangoora in 2024, which marked a new record for the company.
“PLS delivered a strong set of operating outcomes for the first half,” PLS managing director and chief executive officer Dale Henderson said.
“This included achieving a new record for total production and sales from the Pilgangoora operation along with delivering the P680 project on-time and on-budget. The underlying EBITDA and net result after tax reflect these achievements.”
PLS also updated the market on its downstream joint venture with POSCO (PPLS JV) and the demonstration plant it is building alongside Calix.
The company said the PPLS JV is expected to report a net loss after tax in H1 FY25, which is reflective of the South Korean plant’s continued ramp-up and the lower prices for lithium hydroxide monohydrate (LHM), which is the key product being produced.
The PPLS JV is ramping up Train 1 of the plant, with the Train 2 ramp-up recently commencing.
PLS and Calix were recently forced to halt construction of the demonstration plant for its midstream venture, which looks to use Calix’s patented calcination technology to produce a lithium phosphate product.
The WA Government recently awarded the two a $15 million grant, meaning the resumption of construction is a near-term possibility.
Subscribe to Australian Resources & Investment and receive the latest news on commodity prices, resource developments, executive movements and more.