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ASX:PLS FY25 Full Year Financial Results 25 August 2025 For personal use only
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2 FY25 – Executing through the cycle Operate Chemicals Diversify Grow ✓ Commissioned world’s largest lithium ore sorter ✓ Expanded production capacity via P1000 Project ✓ Mineral Resource update increases contained lithium by 23%1 ✓ Record annual production of 755kt ✓ Implemented P850 model ✓ Rebranded to PLS ✓ Phase 1 Pilgangoora Power Strategy implemented 2 ✓ Acquired Colina Project (Brazil) via Latin Resources ✓ Key milestones achieved in South Korean Lithium hydroxide JV plant ✓ Mid-Stream Plant construction restarted following WA Government funding 1. For more information see ASX announcement “Pilgangoora Mineral Resource update delivers 23% increase in contained lithium” re leased on 11 June 2025. For personal use only
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31. Underlying EBITDA is the EBITDA which excludes the Mid-Stream Demonstration Plant project costs of $19.9M. 2. EBITDA is defined as earnings before interest, tax, depreciation and amortisation, and also excludes the share of profit/(loss) from P-PLS. FY25 financial highlights Robust balance sheet maintained Revenue Underlying EBITDA 1 Unit Operating Costs Sales Total liquidityCash $769M $627/t FOB760.1kt ~$1.6B~$1.0B$97M US$406/t FOB Reported EBITDA2 $78M For personal use only
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FY25 sustainability highlights 4 SAFETY FOCUS Power Strategy Stage 1 at Pilgangoora completed Multi year community partnerships Total procurement spend with Australian businesses $1.2B First Nations business spend $30.5M TRIFR1 – achieving target and below peer average 2.79 1. Recordable injury numbers and Total Recordable Injury Frequency Rate refers to Australian sites only. TRIFR is measured on 12 month moving average as at 30 June 2025. Group TRIFR inclusive of Australia and Brazil achieved 3.10. 2. Quality safety interactions at Australian sites are a measure of leadership safety conversations measured for the quarter and provide a lead indicator for the promotion of a strong safety culture. First Nations peoples employed – increase from FY24 3.1% Absolute scope 1 and 2 emission reduction 7.1% Reduction in power-related greenhouse gas emissions intensity 20% Royalties paid $41.3M UN Global Compact participant Responsible and ethical actionsValuing our people and communities Sustainable operations 12 Quality safety interactions2 frequency rate – achieving target 2.71 For personal use only
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FY25 Full Year Results - Financials 5 For personal use only
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Strong operational performance impacted by lower prices period-on-period Summary Operational and Financial Metrics Units FY25 FY24 % Operations Production kt 754.6 725.3 4 Sales kt 760.1 707.1 7 Realised price US$/t ~SC5.3 6721 1,1762 (43) US$/t SC6 769 1,347 (43) Profit and Loss Revenue $M 769 1,254 (39) Underlying EBITDA3 $M 97 574 (83) Underlying EBITDA Margin % 13 46 (33) Underlying (loss)/profit after tax4 $M (88) 347 (125) EBITDA5 $M 78 548 (86) Statutory (loss)/profit after tax $M (196) 257 (176) Cash margin from operations Cash margin from operations6 $M 192 513 (63) Cash margin from operations less mine development and sustaining capex $M 28 282 (90) Cash balance $B 1.0 1.6 (40) Liquidity $B 1.6 1.6 (2) Financial results summary 6 • Production volume of 754.6kt, 4% higher than the prior corresponding period (pcp) driven by P680 and P1000 projects. • Underlying EBITDA of $97M was 83% lower than pcp, driven by lower pricing, partially offset by efficiencies from the P850 operating model. • Underlying loss after tax of $88M, down 125% from pcp, reflects lower EBITDA and higher depreciation from the expanded asset base. • EBITDA was $78M, and the statutory loss after tax was $196M, which includes construction costs for the Mid-stream Demonstration Plant Project and non-cash impacts from the Group’s investment in P-PLS (see appendix A2). • The Group closed FY25 with a robust cash balance of ~$1.0B and total liquidity of $1.6B. 1. Average estimated realised price for ~5.3% Li2O grade (SC5.3 CIF China) as at 28 July 2025. The final adjusted price may be higher or lower than the estimated realised price. 2. Realised price for ~5.3% Li2O grade as reported in the FY24 Full Year Results dated 26 August 2024. 3. Underlying EBITDA is the EBITDA which excludes the Mid-Stream Demonstration Plant project costs of $19.9M. 4. Underlying profit/(loss) after tax excludes the fair value movement of the call option to increase PLS’ interest in the incorporated downstream joint venture (POSCO Pilbara Lithium Solution Co. Ltd, or “P-PLS”) from 18% to 30% of ($39.5M), the share of profit /(loss) from equity accounted investment (P-PLS) of ($46.7M), and the Mid-Stream Demonstration Plant Project costs of $19.9M. 5. EBITDA is defined as earnings before interest, tax, depreciation and amortisation, and also excludes the share of profit/(loss) from P-PLS. 6. Cash margin from operations calculated as receipts from customers less payments for operational costs. For personal use only
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7 Optimising costs while scaling operations Operating cost summary Total Operating Cost and Unit Operating Cost Metrics Units FY25 FY24 % Total cost Operating cost (FOB) $M 476 462 3 Operating cost (CIF) $M 559 579 (3) Unit Operating cost Operating cost (FOB)1 A$/t 627 654 (4) Operating cost (CIF)2 A$/t 735 818 (10) • Operating costs (FOB) of $476M increased by 3%, associated with a 4% increase in production volumes. • Operating costs (CIF) reduced by 3% to $559M driven by lower royalties and shipping costs, offsetting the higher FOB costs. • Unit operating cost (FOB) decreased 4% to $627/t, driven by higher volumes and efficiencies from the P850 model. • Unit operating cost (CIF) decreased 10% to $735/t, driven by the reduction in FOB unit cost as well as lower royalties and shipping expenses. 1. Unit operating cost (FOB Port Hedland excluding freight and royalties) includes mining, processing, transport, port charges, and site based general and administration costs and is net of any tantalite by-product credits. It is calculated on an incurred basis (including accruals), and includes inventory movements, and credits for capitalised deferred mine waste development cost, and it excludes depreciation of fixed assets and right of use leases, and amortisation of deferred stripping. 2. Unit operating cost (CIF China) includes the unit operating costs (FOB Port Hedland excluding freight and royalties) plus freight and royalty costs. Royalty costs include a 5% state government royalty on the FOB selling price, a 1% native title royalty on the FOB selling price, and a 5% private royalty on the FOB selling price which is only applied to a part of the resource/reserve acquired following the Altura Lithium Operation acquisition. For personal use only
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Positive margin and EBITDA despite pricing pressure Profit and loss summary 8 769 210 97 (88) Revenue Operating Costs (exc. D&A) Gross Margin General and Admin. expense Exploration and Feasibility Expense Share Based Payments Underlying EBITDA1 Depreciation & Amortisation Net Finance income Income tax benefit Underlying loss after tax2 (559) (64) (38) (11) (221) 9 28 Profit and Loss – Underlying ($M) • Revenue of $769M, 39% lower than pcp, mainly due to weaker pricing, partially offset by a 7% increase in sales volume. • Gross margin of $210M was driven by cost efficiencies under the P850 operating model. • General and admin expenses of $64M, down 3% year on year (YoY) highlights ongoing cost discipline. • Exploration and feasibility spend of $38M, includes targeted drilling at Colina (~$13M). • Underlying EBITDA of $97M remained positive despite weaker pricing. • Underlying loss after tax of $88M reflects underlying EBITDA and increased depreciation. 1. Underlying EBITDA is the EBITDA which excludes the Mid-Stream Demonstration Plant Project costs of $19.9M 2. Underlying profit/(loss) after tax excludes the fair value movement of the call option to increase PLS’ interest in the incorporated downstream joint venture (POSCO Pilbara Lithium Solution Co. Ltd, or “P-PLS”) from 18% to 30% of ($39.5M), the share of profit /(loss) from equity accounted investment (P-PLS) of ($46.7M), and the Mid-Stream Demonstration Plant Project costs of $19.9M. For personal use only
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• Total cash outflow of $652M was driven by capex of $653M resulting in cash declining from ~$1.6B to ~$1.0B. • Cash margin from operations of $192M reflects strong cash generation at low average realised prices of US$672/t (SC5.3). • Total capex of $653M2 on a cash basis ($569M accrual basis) and was impacted by back-ended FY24 outflows for P680 and P1000. • Capex of $569M was driven by P1000 expansion and infrastructure and projects, which together accounted for approximately 70% or total spend. • Other investing cashflows includes a $40M equity contribution into P-PLS, marking PLS’ first equity injection since the JV’s formation in 2022, aimed at providing additional working capital. • Financing cash outflows of $98M included $56M principal lease repayments, $39M interest and finance costs. 1,626 832 (640) (81) 36 (653) (45) (3) (95) (2) 974 Cash 30 June 2024 Receipts from customers Payments for operating costs Other operating costs Income taxes refund Capital Expenditure2 Other investing activities Net proceeds from borrowings Interest, leases & other financing cash flows FX loss Cash 30 June 2025 Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Cash Margin from Operations1: $192M Cash Margin from Operations less Capitalised Mine Development Costs and Sustaining Capex: $28M Strong cash position through disciplined investment Cash flow bridge Cash Flow bridge – 30 June 2024 to 30 June 2025 ($M) 1. Cash margin from operations is calculated as receipts from customers less payments for operational costs. Cash margin from operations includes a YTD timing difference of $14M. 2. Capital expenditure includes ~$11M payment for tenements from Kairos Minerals and ~$6M capitalised transaction cost on Latin Resources acquisition. 9 For personal use only
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10 Summary Balance Sheet Metrics $M 30-Jun-25 30-Jun-24 % Cash 974 1,626 (40) Receivables 38 78 (51) Inventories, current and non-current 276 215 29 Property, plant, equipment and mine properties 2,702 2,148 26 Financial asset, current and non-current1 25 65 (61) Equity accounted investments 61 66 (8) Current tax asset 69 107 (36) Other, current and non-current 522 5 9,561 Total Assets 4,667 4,309 8 Payables, current and non-current 237 285 (17) Borrowings, current and non-current2 364 360 1 Lease, current and non-current2 226 109 108 Convertible bond2 93 87 6 Deferred tax liabilities 131 158 (17) Other, current and non-current 86 66 30 Total liabilities 1,136 1,065 7 Equity 3,531 3,244 9 • Receivables declined at 30 June 2025, primarily driven by lower pricing. • Inventory increased by 29% mainly due to higher ore stockpiles from reduced ore processed under the P850 model and expanded holdings due to P1000 (~$50M). Additionally, consumables increased, reflecting broader operational requirements and the transition to owner-operator model. • Financial Assets declined 61% to $25M, primarily reflecting a $40M decrease in the fair value of the Group’s P-PLS call option. • Equity accounted investments decreased 8% to $61M driven by the Group’s $47M share of loss from its 18% interest in P-PLS, partly offset by a $40M capital injection. • Current tax asset decrease reflects FY24 tax refunds of $132M, partially offset by PAYG tax payments of $96M made during the period. • Other assets increased largely due to the Colina project acquisition. • Borrowings remained broadly flat at $364M, reflecting the $375M drawn from the Group’s Revolving Credit Facility to refinance existing debt. • Lease liabilities increased 108% to $226M, driven by new finance leases under Phase 1 of the Heavy Mobile Equipment strategy, partially offset by repayments and lease expiries. Balance sheet summary 1. Includes the fair value of the Group’s call option to increase the Company’s interest in P-PLS from 18% to 30% . Refer to note 3.3 of the FY25 Financial Report. 2. Borrowings, Convertible Bond and Lease liabilities are shown collectively as Borrowings and Lease liabilities on the statutor y Balance sheet. Refer to note 5.2 of the FY25 Financial Report. For personal use only
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FY25 Full Year Results - Sustainability 11 For personal use only
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Responsible and ethical actions Valuing our people and communities Sustainable operations Shaping Tomorrow by delivering responsible and ethical actions that underpin long-term success Great People who champion Safety First and are proud of creating shared value with communities We Deliver as One Team to make a positive contribution, minimise our impacts and leverage opportunities Sustainability pillars 12 For personal use only
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4.7 3.41 2.79 FY23 FY24 FY25 • 2.79 - TRIFR for Australian operations outperforming the safety target of ≤3.41. • 2.71 - quality safety interactions frequency rate.2 • 21.1% female employment. • Increase in First Nation employment to 3.1%. • $2.2M in community investment. 131. Recordable injury numbers and Total Recordable Injury Frequency Rate refers to Australian sites only. TRIFR is measured on 12 month moving average as at 30 June 2025. Group TRIFR inclusive of Australia and Brazil achieved 3.10. 2. Quality safety interactions at Australian sites are a measure of leadership safety conversations measured for the quarter and provide a lead indicator for the promotion of a strong safety culture Valuing our people and communities Great People, proud of creating shared value with communities TRIFR 1 For personal use only
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• 7.1% reduction in absolute scope 1 & 2 emissions. • Stage 1 of Pilgangoora Power Strategy completed – new on-site LNG and battery energy storage system. • Climate Transition Action Plan developed, and carbon accounting platform launched. • More than 44,000ha surveyed for flora and fauna. • Zero major environmental incidents. 14 Sustainable operations Delivering as One Team to make a positive contribution, minimise our impacts and leverage opportunities Image: Pilgangoora Operation battery energy storage system. For personal use only
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• $1.25B total procurement spend - $1.2B in Australia- maximising local economic contribution. • $30.5M spent with 16 First Nations businesses. • $41.3M in royalties paid to government, traditional landowners and other parties. • Supplier Code of Conduct rolled out in multiple languages, strengthening value chain accountability. • UN Global Compact participant. 15 Responsible and ethical actions Responsible and ethical actions which underpin long-term success Image: Strelley community school students enjoying art classes supported by a PLS community grant.. For personal use only
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Transparent disclosures 16 RAP 2024-2025 Sustainability Databook 2025 Corporate Governance Statement 2025 Gender Pay Equality Statement 2025 Modern Slavery Statement 2024 Industry Associations Review 2025 For more information visit pls.com/reporting-disclosures For personal use only
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Strategy delivery 17 For personal use only
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18 Our Purpose Vision A leader in the provision of materials supporting the global energy transition Mission Strategic pillars Operate Deliver our operating performance commitments Chemicals Extract greater value along the battery materials supply chain Diversify Diversify revenue beyond Pilgangoora Grow Achieve full potential of our global assets Powering a sustainable energy future 18 For personal use only
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Pilgangoora Operation - from investment to returns Investment cycle complete - delivering scale, operational flexibility and cost reduction Update pic Image: Pilgangoora ore sorting facility. 1. For more information, refer to ASX release “September Quarterly Activities Report” dated 30 October 2024. 19 P1000 expansion • P1000 increase in processing capacity. • Supports higher production volume and lower unit operating costs. P850 operating model1 P680 expansion • Ongoing operating efficiencies and cost reductions underpinned by the P850 operating model. • Crushing and ore sorting facility – supports higher proportion of lower grade contact material (a blend of ore and host rock from the ore contact boundary). • Increases utilisation of Mineral Resource. Complete Complete Ongoing For personal use only
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20 Cost Smart, operating scale and processing improvements driving sustained cost-out – continuing into FY26 Building long-run cost advantage 725 755 845 654 627 580 FY24 FY25 FY26e FY24-FY26 Production (kt) and Unit cost trend (A$/t) 1. The FY26 production and unit cost figures reflect the midpoint of the FY26 guidance. Owner-Operator model transition complete for drilling / blasting and ongoing for heavy mining equipment. Outcome - increased workforce flexibility, retained knowledge and reduced mining costs. Strategic supplier reviews delivered new arrangements with key suppliers for explosives and drill maintenance. Outcome - reduced cost and increased reliability. Efficiency enhancements included upgraded haul truck trays increasing payload capacity, increased haul speeds and increased open pit bench heights. Outcome - increased efficiency and reduced mining costs. 1 Consumption Pattern review led to improved consumption patterns and secured improved contracted rates for key consumables and reagents. Outcome - reduced reagent costs and improved processing outcomes. Processing review led to recovery and throughput improvements with multiple plant modifications to debottleneck throughput and improve spodumene recovery. Outcome - reduced processing costs and improved recoveries. Mining Processing Production Unit Cost FOB For personal use only
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Ngungaju Processing Plant • Ngungaju to remain in care and maintenance in FY26 - provides flexibility to increase production capacity upon sustained higher lithium pricing. 21 Building growth optionality Measured investments provide diversification and future growth optionality Image: Construction of the Mid-Stream Demonstration Plant Mid-Stream Demonstration Plant • Construction on schedule for completion in the December Quarter 2025. P2000 feasibility study • Study outcomes on the potential expansion of Pilgangoora Operation production capacity to more than 2.0Mtpa expected in FY27. • Development timing to depend on successful studies, funding and sustained higher lithium pricing environment. Joint downstream study • Joint study with Ganfeng for a potential downstream conversion facility ongoing. For personal use only
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22 Image: POSCO Pilbara Lithium Solution (P-PLS) lithium hydroxide chemical facility in Gwangyang, South Korea. • 18% interest in lithium hydroxide (LH) facility in Gwangyang, South Korea - nameplate capacity of 43ktpa. • Train 1 and Train 2 achieved production of battery grade quality LH – Train 2 customer certification ongoing. POSCO JV provides supply chain integration P-PLS a key component of South Korean battery and EV ecosystem The Korean OEM landscape includes Hyundai, Kia, Renault Korea (formerly Renault Samsung), and KG Mobility (formerly SsangYong), all of which have active or expected EV manufacturing operations in South Korea. The list of Korean hub supported OEMs reflect publicly available information about supply relationships between OEMs and the Korean battery industry. Inclusion of any logo does not imply a direct partnership with P -PLS. P-PLS customers Korean battery ecosystem and OEM landscape Korean battery-hub supported offshore OEMs Other names confidential P-PLS customers Korean battery ecosystem and OEM landscape Korean battery-hub supported offshore OEMs For personal use only
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23 • 100% owned hard rock project. • PLS drilling in progress targeting mineralisation extensions. • Study optimisation underway – outcomes due June Quarter 2026. • Proximity to Atlantic markets – North America and Europe. • Strong government and community support. • Targeted Colina Project expenditure of $40M - $45M in FY261 – exploration, studies and overheads. Asia to the Atlantic – Colina Project Brazil Asset portfolio diversified and enlarged with the Latin Resources acquisition 1. See ASX announcement “June Quarterly Activities Report” dated 30 July 2025 for more information. For personal use only
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24 Ongoing cost reduction initiatives achieved estimated cash flow improvement of ~$230M1 in FY25 Have supported FY24 FY25 FY26 No dividend Capex reduced by $55M–$100M Reduction in workforce Corporate cost reductions No dividend Cash flow improvement from P850 operating model $1B RCF established Reduction in workforce Cost Smart program Lower unit operating cost from P1000 plant Ongoing focus on capital expenditure Cost Smart program Cash Balance: ~$1.0B Total Liquidity: $1.6B Loan Facility: $1.0B ($375M drawn) Balance sheet built on discipline Capital discipline maintained with ~$230M cash flow improvement in FY25 supporting $1.6B liquidity 1. Estimated net cash flow improvement resulting from a reduction in operating costs, capital expenditure, corporate costs and other operating expenses arising from implementation of P850 operating model (relative to the previous P1000 operating model at consistent prices) and continuous cost reviews and improvement programs. This relates to Pilgangoora Operation only and does not include any cash outflows associated with the Colina Project, the Mid-Stream Demonstration Plant project or the P-PLS JV. For personal use only
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12% 63% 24% $3.1B1 Capital allocation – 1 July 2022 to 30 June 2025 ($M) 1. $3.1B was derived from statutory cashflow from operating activities and net financing cash flows (excluding dividends) over the period 1 July FY23 to 30 June FY25. 2. Represents an increase in cash of ~$0.4B (Net cash increase $0.2B) from ~$0.6B as at 30 June 2022 to ~$1B as at 30 June 2025. 3. Capital investment of $1.9B is on a cash basis. This includes Plant, Property and Equipment of ~$1.8B and other investing activities of ~0.1B 25 Capital Allocation Converting cycle returns to structural strength cycle returns create structural advantage Capital investment3 $1.9B (P680 / P1000 and other investments) $3.1B strategically allocated to growth, dividends and balance sheet strength – converting cycle gains into enduring advantage Shareholder returns $0.8B (Dividend payments) Balance sheet +$0.4B2 PLS generated significant cashflow through the FY22 / FY23 period of strong market pricing. Returned $0.8B to shareholders via dividends. Reinvested $1.9B into business growth, including the P680 and P1000 expansions. Multi-year investment cycle now complete, including P1000 and P680 projects, supporting reduced unit operating costs and increased production capacity. PLS retains 100% ownership of the Pilgangoora asset, ensuring operational flexibility. For personal use only
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(2,794) (4,790) (5,350)(6,000) (4,000) (2,000) 599 280 105 84 24 (234) (2,000) (1,500) (1,000) (500) - 500 1,000 PLS Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 26 ASX and North American listed lithium producers, pro-forma net cash / (debt) position (A$M) Source: PLS pro-forma calculations based on latest filings, as at 20 August 2025, for ASX and North American listed lithium prod ucers (excluding Rio Tinto and Wesfarmers). Excludes convertible instruments, preferred equity, lease liabilities and net cash/debt held in equity -accounted subsidiaries (e.g. Greenbushes holding company). Refer to Appendix B for further detail. Robust balance sheet Sector-leading net cash provides resilience today and flexibility for the future For personal use only
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Outlook 27 For personal use only
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28 Driving operational excellence and cost discipline to unlock full value, while preserving future optionality FY26 priorities – focused and disciplined Unlocking Pilgangoora’s full potential through operational excellence, efficiency gains, and reliability - maximising returns from our foundation asset. Maintaining growth readiness through targeted studies and modest investment - preserving the ability to scale when market conditions improve. Advancing Chemicals strategy selectively, balancing long- term value creation with near-term cash preservation. Targeted investment in Colina exploration and studies - preparing future growth options while maintaining strict capital discipline. Operate Chemicals Diversify Grow For personal use only
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29 FY26 guidance1 – scale and margin expansion Lower capex, reduced costs and higher volumes enable stronger cash margins 29 Production volume2 Unit operating cost (FOB) Capital expenditure 820-870(kt) (A$/t) (A$M) 560-600 300-330 1. See ASX announcement “June Quarterly Activities Report” dated 30 July 2025 for more information. 2. Production guidance is based on an average assumed product grade of ~ SC5.2% for FY26. For personal use only
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30 FY26: Capex down, costs down, output up Efficiency and scale improvement trend continues as investment cycle completes Capital Expenditure Unit Operating Costs (FOB A$/t) Production (kt) 865 569 315 FY24 FY25 FY26e 654 627 580 FY24 FY25 FY26e ($M) 725 755 845 FY24 FY25 FY26e 1. Mid point of FY26 guidance 1 1 1 For personal use only
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Markets 31 For personal use only
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Lithium market – untamed and evolving An evolving market shaped by volatility, emerging maturity, and rising end-use demand • Industry emergence - Demand and supply growing rapidly from a small base to serve the expanding lithium-ion battery industry. • Pricing volatility - Lithium pricing remains prone to sharp swings, amplified by short- dated contracts, thin liquidity, and momentum trading. PLS continues to support price discovery through periodic spot sales - most recently completing an August spot sale above SC6 US$1,050/t CIF China, ~10% above the prevailing market average, highlighting the disconnect in reported pricing that can occur. • Recent price movements - Driven by compliance reviews across major lithium producing regions in China. Spodumene concentrate price (SC6.0%, CIF China basis)(USD/t)1 1 Daily average of five price reporting agencies (Benchmark Mineral Intelligence, Fastmarkets, Shanghai Metals Market, Platts, Asian Metals) from 1/07/2021 to 15/08/2025. Basis of US$/t, SC6.0%, CIF China. 32 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 600 700 800 900 1,000 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 CY2025 price movement to 15 August For personal use only
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0 10 20 30 2020 2021 2022 2023 2024 2025e 0 500 1,000 1,500 2020 2021 2022 2023 2024 2025e EV BESS Industrial Portables Other battery 0 100 200 300 2020 2021 2022 2023 2024 2025e 1 Benchmark Mineral Intelligence and Rho Motion as of June 2025. Lithium demand by end-use (Kt LCE)1BESS demand (GWh)1EV sales (M units)1 46% CAGR Rapid growth to date EV adoption and global electrification has driven rapid growth of lithium demand to date 93% CAGR 31% CAGR 33 For personal use only
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1 Benchmark Mineral Intelligence supply and demand forecast as of June 2025. Lithium supply and demand (Kt LCE)1BESS demand (GWh)1 0 200 400 600 800 1,000 1,200 2025 2030 2035 2040 Global EV penetration (%)1 0% 10% 20% 30% 40% 50% 60% 70% 80% 2025 2030 2035 2040 0 1,000 2,000 3,000 4,000 5,000 6,000 2025 2030 2035 2040 Supply Demand 10% CAGR10% CAGR8% CAGR Strong future growth fundamentals Structural drivers including energy transition, technology adoption and government policy to fuel demand growth 34 For personal use only
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Questions 35 For personal use only
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Investor Relations James Fuller Group Manager Investor Relations T: +61 (0) 488 093 763 James.Fuller@pls.com Media Michael Vaughan Fivemark Partners T: +61 (0) 422 602 720 Contacts 36 For personal use only
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Appendix A 37 Additional operational and financial information For personal use only
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Appendix A1 – Physicals summary 1. Tantalite sales volume includes adjustment to prior quarters and are subject to final adjustment. 2. Variances in produced and shipped grades occur due to differing sampling techniques, analytical methodologies and product blending. Total Ore Mined and Processed Units Sep Q FY25 Dec Q FY25 Mar Q FY25 Jun Q FY25 FY25 FY24 Ore mined wmt 1,388,698 1,191,453 1,137,437 1,500,849 5,218,437 6,407,034 Waste material wmt 8,078,567 5,728,569 4,503,580 4,890,456 23,201,172 30,875,419 Total material mined wmt 9,467,266 6,920,022 5,641,017 6,391,305 28,419,610 37,282,453 Average Li2O grade mined % 1.5% 1.5% 1.4% 1.4% 1.4% 1.4% Ore processed dmt 1,046,328 915,367 697,708 1,120,361 3,779,764 3,957,425 Total Production and Shipments Units Sep Q FY25 Dec Q FY25 Mar Q FY25 Jun Q FY25 FY25 FY24 Spodumene concentrate produced dmt 220,120 188,214 124,978 221,272 754,584 725,329 Spodumene concentrate shipped dmt 214,513 204,125 125,468 215,982 760,087 707,133 Tantalite concentrate produced Ib 33,113 30,938 20,744 59,622 144,417 121,154 Tantalite concentrate shipped Ib 51,270 15,787 50,166 60,9081 178,1311 62,707 Spodumene concentrate grade produced % 5.3% 5.2% 5.1% 5.1%2 5.2%2 5.2% Lithia recovery % 75.3% 72.1% 67.2% 71.6% 71.9% 67.7% 38 For personal use only
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39 Statutory P&L to Management P&L Appendix A2 – Reconciliation $M FY25 FY24 % Cross ref Operating revenue 769 1,254 (39) A Operating costs (excl. depreciation expense) (559) (579) 3 B excluding depreciation within Operating costs Gross margin 210 675 (69) General and administration expense (64) (66) 3 C Exploration and feasibility expense (38) (20) (86) D excluding Mid-Stream Demonstration plant costs Share-based payment expense (11) (16) 29 F Total costs (671) (680) 1 Underlying EBITDA1 97 574 (83) Depreciation expense (221) (150) (47) Sum of E and depreciation in B Underlying EBIT (124) 423 (129) Net finance income/(costs) 9 77 (89) G excluding P-PLS call option - fair value movement Underlying (loss)/profit before tax (115) 500 (123) Current year tax benefit/(expense) (excl. previously unrecognised tax losses) 28 (154) 118 I including net tax adjustments Underlying (loss)/profit after tax (88) 347 (125) Mid-Stream construction costs (20) (26) 22 Incl. within D P-PLS share of loss (47) (11) (342) H P-PLS call option (40) (61) 36 Incl. within G Tax effects (2) 8 (129) Net (loss)/profit for the period (196) 257 (176) Profit and loss – ManagementProfit and loss - Statutory $M FY25 FY24 % Cross ref Operating revenue 769 1,254 (39) A Operating costs (777) (725) (7) B Gross profit (8) 529 (102) Expenses General and administration expense (64) (66) 3 C Exploration and feasibility expense (58) (46) (26) D Depreciation expense (3) (4) 22 E Share-based payment expense (11) (16) 29 F Operating (loss)/profit (144) 398 (136) Finance income 57 118 (52) Finance costs (87) (102) 15 Net financing costs (31) 16 (294) G Share of loss equity accounted investee (47) (11) (342) H (Loss)/profit before tax (221) 403 (155) Income tax benefit/(expense) 25 (146) 117 I Net (loss)/profit for the period (196) 257 (176) 1. Underlying EBITDA is the EBITDA which excludes the Mid-Stream Demonstration Plant Project costs of $19.9M. For personal use only
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40 Appendix A3 – Reconciliation References A. Consolidated statement of profit or loss and other comprehensive income in the financial statements B. Refer to note 2.3 in the FY25 Financial Report C. Refer to note 2.1.2 in the FY25 Financial Report Reconciliation – FY25 Underlying net loss and EBITDA ($M) 97 (88) (28) (115) (9) (124) 3 218 Underlying Net Loss2 Income tax Underlying Loss before tax Net financing income Underlying EBIT Depreciation expense Depreciation within operating costs Underlying EBITDA1 A A A B A C 1. Underlying EBITDA is the EBITDA which excludes the Mid-Stream Demonstration Plant Project costs of $19.9M. 2. Underlying profit/(loss) after tax excludes the fair value movement of the PPLS call option to increase the PLS’ interest in the incorporated downstream joint venture (POSCO Pilbara Lithium Solution Co. Ltd, or “P- PLS”) from 18% to 30% of ($39.5M), the share of profit/(loss) from equity accounted investment (P-PLS) of ($46.7M), and the Mid-Stream Demonstration Plant Project costs of $19.9M. For personal use only
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41 Reconciliation – FY25 statutory operating cost to FOB operating cost ($M) Appendix A4 - Reconciliation (218) (36) (46) 777 559 476 Unit Cost (CIF) $735/t (Based on 760.1k tonnes sold) Unit Cost (FOB) $627/t (Based on 760.1k tonnes sold) Statutory operating costs Depreciation within operating costs Total operating costs (CIF) Shipping Royalties Total operating costs (FOB) A B C D References A. Operating costs as per financial statements note 2.1. B. Refer to note 2.1.2 in the FY25 financial statements for depreciation within operating costs. C. Refer to note 2.1.2 for shipping expenses in operating costs. Not separately disclosed in the FY25 financial statements but included in operating expenses Note 2.1.2 (Mining and processing costs). D. Refer to note 2.1.2 for royalty expenses in operating costs. For personal use only
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FY26 Guidance1 Unit FY26 Guidance Production volume2 kt 820 – 870 Unit operating cost (FOB) A$/t 560 – 600 Capex A$M 300 – 330 Sustaining Capital A$M 45 – 55 Mine Development A$M 110 – 120 Infrastructure & Projects A$M 145 – 155 FY26 guidance commentary • Production: volumes are expected to be steady quarter-on-quarter. • Ngungaju plant is expected to remain in care and maintenance for FY26. • Unit Cost: Increased production and operational efficiency expected to support lower unit operating costs (FOB). • Capital expenditure: robust review completed. • Key infrastructure investment to include completion of the new tailings facility and spare parts warehouse, and commencing a dome cover for the crushed ore stockpile. Brazil • Targeted Colina Project expenditure of $40M - $45M will be largely expensed3 and includes: o ~$30M to ~$35M for exploration (primarily drilling to extend the Mineral Resource), contracted land purchases, licensing and study activities. o ~$10M for overheads and holding costs. 1. Guidance is based on assumptions, budgets and estimates existing at the time of assessment which may change over time impacting the accuracy of those estimates. These estimates are developed in the context of an uncertain operating environment including in respect of inflationary macroeconomic conditions, incomplete engineering and uncertainties surrounding the risks associated with mining and project development. Actual results may therefore vary significantly depending on these risks and the timing required to address them. The information is provided as an indicative guide to assist sophisticated investors with modelling of the Company. It should not be relied upon as a predictor of future performance. 2. Production guidance is based on an average assumed product grade of ~ SC5.2% for FY26. 3. Colina project costs will be largely expensed in FY26 apart from any acquisition costs relating to tenement purchases which are capitalised and not included in the FY26 Capital guidance. FY26 guidance Focus on optimisation and cost reduction 1 2 3 1 2 3 42 For personal use only
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PLS Capital Management Framework 43 Safe and reliable operations Sustaining capital Capital productivity Investment in sustainability commitments Strong balance sheet Target leverage ratio of <1.5x through the cycle 1 Target dividend payout ratio of 20-30% of free cash flow 2 Debt reduction Return excess capital via special dividends or buy-backs or capital return Invest in further simplification and cost reductions Investment in organic growth Investment in inorganic growth / acquisitions Net operating cash flow Excess cash flow Maximise value and returns 1. Net senior debt /EBITDA, subject to prevailing market conditions. 2. Free cash flow is defined as statutory cashflow from operating activities less tax paid / payable less sustaining capital (inclusive of capitalised waste mine development). For personal use only
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Appendix B 44 Important notices and other supporting information For personal use only
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This document has been prepared by Pilbara Minerals Limited (PLS or the Group) and is dated 25 August 2025. This document should be read in conjunction with the PLS 2025 Annual Report, dated 25 August 2025 and the ASX announcement titled “FY25 Full Year Results”” released to the ASX on 25 August 2025. Not an offer of securities This document is provided for informational purposes and does not constitute or contain an offer, invitation, solicitation or recommendation with respect to the purchase or sale of any security in PLS. This document is not a prospectus, product disclosure statement or other offering document under Australian law or any other law, will not be lodged with the Australian Securities and Investments Commission, and may not be relied upon by any person in connection with an offer or sale of PLS’ securities. Summary information This document contains a summary of information about PLS and its activities that is current as at the date of this document unless otherwise stated. The information in this document is general in nature and does not contain all the information which a prospective investor may require in evaluating a possible investment in PLS or that would be required in a prospectus or a product disclosure statement prepared in accordance with the Corporations Act 2001 (Cth) (Corporations Act) or the securities laws of any other jurisdiction. The information in this document should be read in conjunction with PLS’ other periodic and continuous disclosure announcements lodged on the ASX. No liability The information contained in this document has been prepared in good faith by PLS, however no guarantee, representation or warranty expressed or implied is or will be made by any person (including PLS and its affiliates and their directors, officers, employees, associates, advisers and agents) as to the accuracy, reliability, correctness, completeness or adequacy of any statements, estimates, options, conclusions or other information contained in this document. No person other than PLS is responsible for the preparation of this document. To the maximum extent permitted by law, PLS and its affiliates and their directors, officers, employees, associates, advisers and agents each expressly disclaims any and all liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of or reliance on information contained in this document including representations or warranties or in relation to the accuracy or completeness of the information, statements, opinions, forecasts, reports or other matters, express or implied, contained in, arising out of or derived from, or for omissions from, this document including, without limitation, any financial information, any estimates, forecasts, or projections and any other financial information derived therefrom. Statements in this document are made only as of the date of this document unless otherwise stated and the information in this document remains subject to change without notice. No responsibility or liability is assumed by PLS or any of its affiliates (or their directors, officers, employees, associates, advisers and agents) for updating any information in this document or to inform any recipient of any new or more accurate information or any errors or mis-descriptions of which PLS and any of its affiliates or advisers may become aware. Not Financial Product Advice This document does not constitute financial product advice or take into account your investment objectives, taxation situation, financial situation or needs. This document consists purely of factual information and does not involve or imply a recommendation or a statement of opinion in respect of whether to buy, sell or hold a financial product. An investment in PLS is considered to be speculative in nature and is subject to known and unknown risks, some of which are beyond the control of PLS. Before making any investment decision in connection with any acquisition of securities, investors should consult their own legal, tax and/or financial advisers in relation to the information in, and action taken on the basis of, this document. Reporting of Mineral Resources and Ore Reserves Recipients of this presentation outside Australia should note that it is a requirement of the Australian Securities Exchange listing rules that the reporting of ore reserves and mineral resources in Australia comply with the Australasian Joint Ore Reserves Committee Code for Reporting of Mineral Resources and Ore Reserves (JORC Code), whereas mining companies in other countries may be required to report their ore reserves and/or mineral resources in accordance with other guidelines (for example, SEC regulations in the United States). Such estimates of reserves are largely dependent on the interpretation of data and may prove to be incorrect over time. No assurance can be given that the reserves and contingent resources presented in the document will be recovered at the levels presented. Recipients should note that while PLS’ mineral resource and ore reserve estimates comply with the JORC Code, they may not comply with the relevant guidelines in other countries including SEC regulations. You should not assume that quantities reported as “resources” will be converted to reserves under the JORC Code or any other reporting regime or that PLS will be able to legally and economically extract them. Forward looking statements Statements contained in this document, including but not limited to those regarding possible or assumed production, sales, future capital and operating costs, projected timeframes, performance, dividends, returns, revenue, exchange rates, potential growth of PLS, the timing and amount of synergies, the future strategies, results and outlook of the combined Pilgangoora Operation, industry growth, commodity or price forecasts, or other projections and any estimated Group earnings are or may be forward looking statements. Forward looking statements can generally be identified by the use of words such as ‘project’, ‘foresee’, ‘plan’, ‘expect’, ‘aim’, ‘intend’, ‘anticipate’, ‘believe’, ‘estimate’, ‘may’, ‘should’, ‘will’ or similar expressions. Forward looking statements including all statements in this presentation regarding the outcomes of preliminary and definitive feasibility studies, projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. These statements relate to future events and expectations and as such involve known and unknown risks and significant uncertainties, many of which are outside the control of PLS. Actual results, performance, actions and developments of PLS may differ materially from those expressed or implied by the forward-looking statements in this document. Such forward-looking statements speak only as of the date of this document. There can be no assurance that actual outcomes will not differ materially from these statements. To the maximum extent permitted by law, PLS and any of its affiliates and their directors, officers, employees, agents, associates and advisers: disclaim any obligations or undertaking to release any updates or revisions to the information in this document to reflect any change in expectations or assumptions; do not make any representation or warranty, express or implied, as to the accuracy, reliability or completeness of the information in this document, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any forward-looking statement; and disclaim all responsibility and liability for these forward-looking statements (including, without limitation, liability for negligence). Nothing in this document will under any circumstances create an implication that there has been no change in the affairs of PLS since the date of this document. Important notices 45 For personal use only
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Important Information regarding Mineral Resources, Ore Reserves Information in this document regarding production targets and expansions in nameplate capacity of the Pilgangoora Operation in respect of the P850 and P1000 operating models and the P2000 expansion project, are underpinned solely by the Group’s existing Pilgangoora Operation Ore Reserves that have been prepared by a Competent Person (Mr Ross Jaine) in accordance with the JORC Code (2012 Edition). The Pilgangoora Operation Ore Reserves was released by the Group to ASX on 24 August 2023 in its release titled “55Mt increase in Ore Reserves to 214Mt” (August 2023 Release) and the 2025 Annual Report, dated 25 August 2025, which sets out the adjustment for depletion. The relevant proportions of proved Ore Reserves and probable Ore Reserves underpinning the production targets are 6% proved Ore Reserves and 94% probable Ore Reserves. The Group confirms it is not aware of any new information or data that materially affects the information included in the August 2023 Release or the 2025 Annual Report, and that all material assumptions and technical parameters underpinning the Pilgangoora Operation Ore Reserves estimates continue to apply and have not materially changed. The Group confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. Information in this document regarding the Pilgangoora Operation Mineral Resource estimates is extracted from the ASX release dated 11 June 2025 titled “Pilgangoora Mineral Resource update delivers 23% increase in contained lithium”. The Group confirms that it is not aware of any new information or data that materially affects the information included in this announcement and that all mater ial assumptions and technical parameters underpinning the Pilgangoora Operation Mineral Resource estimates continue to apply and have not materially changed. The Group confirms that the form and context in which the Competent Persons’ findings are presented have not been ma terially modified from the original market announcement. Guidance as to Production, Unit Costs and Capital Expenditure Any guidance as to production, unit costs and capital expenditure in this presentation is based on assumptions, budgets and e stimates existing at the time of assessment which may change over time impacting the accuracy of those estimates. These estimates are developed in the context of an uncertain operating environment including in respect of inflationary macroeconomic conditions and uncertain ties surrounding the risks associated with mining and further optimisation of the P1000 Project which may impact production and have a flow on effect on sales. Actual results may therefore vary significantly depending on these risks and the timing required to address them. The information is therefore provided as an indicative guide to assist sophisticated investors with modelling of the Group. It should not be relied upon as a predictor of future performance. Use of Non-IFRS metrics Non-IFRS financial metrics such as “Underlying Profit /Loss after tax”, “EBITDA”, “Underlying EBITDA”, “Underlying EBITDA margin ”, “Cash margin from operations” and “Net Cash” are used throughout the presentation to provide additional information on bus iness performance. Rounding Throughout this presentation, amounts may not add due to rounding Past performance Statements about past performance are not necessarily indicative of future performance. References to Australian dollars All references to dollars ($) and cents in this report are to Australian currency, unless otherwise stated. Acceptance By accepting, accessing or reviewing this document you acknowledge, accept and agree to the matters set out above. Authorisation of release Release of this presentation is authorised by Mr Dale Henderson, Managing Director & CEO. Online communications PLS encourages investors to be paperless and receive Group communications, notices and reports by email. This will help further reduce our environmental footprint and costs. Shareholder communications available online include the Annual Report, Voting Forms, Notice of Meeting, Issuer Sponsored Holding Statements and other company related information. Investors can view, download or print shareholding information by choice. To easily update communication preferences, please visit: www.investorcentre.com/au. Important notices 46 For personal use only
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47 Pro-forma net debt calculations – PLS & peers Company Source As at Audited? Filing currency $M reported FX rate A$M Pilbara Minerals Cash & cash equivalents FY25 Full Year Results 30-Jun-25 Y AUD 974 1.000 974 RCF drawn FY25 Full Year Results 30-Jun-25 Y AUD (375) 1.000 (375) Pro-forma net cash / (debt) 599 IGO Limited Cash & cash equivalents June 2025 Quarterly Activities Report 30-Jun-25 N AUD 280 1.000 280 Pro-forma net cash / (debt) 280 Lithium Argentina AG Cash & cash equivalents Consolidated Interim Financial Statements 30-Jun-25 N USD 68 0.650 105 Pro-forma net cash / (debt) 105 Liontown Resources Limited Cash at 30 June 2025 June 2025 Quarterly Activities and Cashflow 30-Jun-25 N AUD 156 1.000 156 Aug-25 Institutional Placement (Tranche 1) Liontown raises A$316 million in Two Tranche Placement 8-Aug-25 N AUD 266 1.000 266 Ford Funding Facility - principal June 2025 Quarterly Activities and Cashflow 30-Jun-25 N AUD (300) 1.000 (300) Ford Funding Facility - capitalised interest June 2025 Quarterly Activities and Cashflow 30-Jun-25 N AUD (37) 1.000 (37) Pro-forma net cash / (debt) 84 Sayona Mining Limited Cash & cash equivalents Quarterly Activities Report 30-Jun-25 N AUD 72 1.000 72 Contract liabilities (prepayment facility) FY2025 Appendix 4D and Half Year Report 31-Dec-24 Y AUD (48) 1.000 (48) Pro-forma net cash / (debt) 24 Sigma Lithium Corporation Cash & cash equivalents Interim Consolidated Financial Statements 30-Jun-25 N USD 15 0.650 23 ST loans and export prepayment Interim Consolidated Financial Statements 30-Jun-25 N USD (54) 0.650 (83) LT loans and export prepayment Interim Consolidated Financial Statements 30-Jun-25 N USD (113) 0.650 (174) Pro-forma net cash / (debt) (234) Albemarle Corporation Cash & cash equivalents Form 10-Q Quarterly Report 30-Jun-25 N USD 1,807 0.650 2,780 Current portion of long-term debt Form 10-Q Quarterly Report 30-Jun-25 N USD (445) 0.650 (684) Long-term debt Form 10-Q Quarterly Report 30-Jun-25 N USD (3,178) 0.650 (4,889) Pro-forma net cash / (debt) (2,794) Sociedad Quimica y Minera de Chile S.A. Cash & cash equivalents 2Q2025 Earnings release 30-Jun-25 N USD 1,566 0.650 2,409 Short-term debt 2Q2025 Earnings release 30-Jun-25 N USD (904) 0.650 (1,391) Long-term debt 2Q2025 Earnings release 30-Jun-25 N USD (3,775) 0.650 (5,808) Pro-forma net cash / (debt) (4,790) Mineral Resources Limited Net debt as reported (excl. prepayment) Quarterly Activities Report - Q4 FY25 30-Jun-25 N AUD ~(5,350) 1.000 (5,350) Pro-forma net cash / (debt) (5,350) Source: PLS pro-forma calculations based on latest filings, as at 20 August 2025, for ASX and North American listed lithium prod ucers (excluding Rio Tinto and Wesfarmers). Excludes convertible instruments, preferred equity, lease liabilities and net cash/debt held in equity -accounted subsidiaries and JV’s (e.g. Greenbushes holding company). For personal use only