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ASX / MEDIA ANNOUNCEMENT Pilbara Minerals ... Powering a sustainable energy future 28 JANUARY 2021 DECEMBER 2020 QUARTERLY ACTIVITIES REPORT RECORD SPODUMENE SHIPMENTS ACHIEVED AS MARKET CONDITIONS CONTINUE TO IMPROVE AND PILBARA MINERALS SECURES ITS POSITION AS THE WORLD'S LARGEST INDEPENDENT HARD - ROCK LITHIUM OPERATION KEY POINTS PRODUCTION AND SALES • • • • 62 % increase in sales from previous quarter delivers record quarterly spodumene concentrate shipments of 70,609 dry metric tonnes ( dmt ) ( September Quarter 2020 : 43,630 dmt ) , exceeding sales guidance . Production of 63,712 dmt of spodumene concentrate ( September Quarter 2020 : 62,404 dmt ) . Tantalite concentrate sales totalled 18,541 lbs ( September Quarter 2020 : 25,222 lbs ) . Unit cash operating cost of US $ 351 / dmt CIF China ( September Quarter 2020 : US $ 355 / dmt ) . LITHIUM MARKET • ● • Improved spodumene concentrate demand conditions evident both from within Pilbara Minerals ' existing customer group and from other market enquiries . Material uplift in lithium chemicals pricing within China towards the end of December 2020 and into 2021 , with Platts China Domestic Battery Grade lithium carbonate pricing up over 60 % in late January 2021 from its lows in August 2020 . CORPORATE • • • • Acquisition of Altura Lithium Project via the execution of a Share Sale Agreement during the Quarter to acquire all the shares in Altura Lithium Operations Pty Ltd for US $ 175M in upfront and deferred consideration . Acquisition funded through a $ 240M equity raising , which was successfully completed on 14 January 2021 . Settlement of Altura Lithium Operations Pty Ltd acquisition occurred on 20 January 2021 . Temporary royalty relief assistance secured from the Western Australian Government in respect of spodumene concentrate sales . 1. Cash operating cost includes mining , processing , transport , state and private royalties , native title costs , port , shipping / freight and site based general and administration costs and are net of Ta2O5 by - product credits . Cash operating costs are calculated on an incurred basis ( including accruals ) and include inventory movements . Level 2 , 88 Colin Street West Perth , Western Australia 6005 Phone : +61 8 6266 6266 Fax : +61 8 6266 6288 Web : pilbaraminerals.com.au ASX Code : PLS ACN 112 425 788 1