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September Quarter FY27 Activities Presentation 28 October 2026 ASX: PLS
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Positioned for value creation through the cycle Disciplined operational execution, strategic flexibility and financial strength to navigate market cycles 2 PLS – powering a sustainable energy future Strategically positioned exposure to established and diversified supply chains with flexible operating platform 100% owned lithium assets in both Australia and Brazil providing full control and leverage to upstream pricing Progressing growth optionality upstream and downstream – disciplined investments to provide further diversification 1. For more information refer to the ASX release “PLS approves P2000 FID to lift production to ~2Mtpa” dated 16 October 2026. F uture production profile is subject to successful construction and commissioning of the P2000 Project and is influenced by a range of factors that may change over time. The 10- year average production targets in respect of the P2000 Project are underpinned by PLS ’ existing Ore Reserves. 2. For more information refer to the ASX release “Pilgangoora Ore Reserve increases 31% in contained lithium” dated 16 October 2026. 3. For more information refer to the ASX release “PLS signs long- term power agreement to lower costs and emissions intensity at Pil gangoora” dated 28 October 2026. 4. Cash balance as at 30 September 2026. 5. For more information refer to the ASX release “PLS completes US$700M Senior Unsecured Notes Offering” dated 26 October 2026. Improving competitiveness P2000 FID1 Increases average annual production capacity to ~1,970kt with average unit operating costs (FOB) of ~A$600/t 3 (real) over the first 10 years at steady state Reserve growth Ore Reserve and Mineral Resource update 2 results in 31% increase in Ore Reserve contained lithia Power agreement3 20 year Power Purchase Agreement (PPA) signed with Fortescue which will materially reduce power costs and emissions intensity Colina Project Brazil Pilgangoora Operation Australia P-PLS Chemical Facility South Korea PLS head office Australia Balance sheet strength Cash balance of A$2,217M4. US$700M Senior Unsecured Notes offering completed post September Quarter end 5.
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A$15-20/t Power agreement signed5 Expected reduction in unit operating costs (FOB) upon commencement 3 Production 267.6kt Produced (SC5.3) Pricing1 (SC5.2) US$1,809/t (SC6.0 US$2,077/t) Costs3 A$539/t (US$381/t) unit operating cost (FOB) Revenue2 A$563M Group revenue P2000 expansion FID approved4 ~2Mtpa Production capacity with first product due September Quarter calendar year 2029 1. Average estimated realised price for ~5.2 Li2O grade (SC5.2 CIF China) as at 30 September 2026 (US$1,754/t as at 26 October 2026). The final adjusted price may be higher or lower than the estimated realised price. 2. Includes negative provisional pricing adjustments of A$69M as at 30 September 2026 (estimated A$88M as at 26 October 2026). 3. 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 costs, and it excludes depreciation of fixed assets and right of use leases, and amortisation of deferred stripping. 4. For more information refer to the ASX release “PLS approves P2000 FID to lift production to ~2Mtpa” dated 16 October 2026. Future production profile is subject to successful construction and commissioning of the P2000 Project and is influenced by a range of factors that may change over time. The 10- year average production targets in respect of the P2000 Project are underpinned by PLS’ existing Ore Reserves. 5. For more information refer to the ASX release “ PLS signs long-term power agreement to lower costs and emissions intensity at Pilgangoora” dated 28 October 2026. September Quarter highlights Strong operational outcomes and strategic delivery
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4 1. Recordable injury numbers and Total Recordable Injury Frequency Rate includes Australian and Brazilian sites. TRIFR is measur ed on 12-month moving average as at 30 September 2026. 2. Quality safety interactions (QSI) at Australian sites only. This is a measure of leadership safety conversations for the Quar ter and provides a lead indicator for the promotion of a strong safety culture. QSI per site leader measures the average number of leadership safety conversations per site leader over a rolling 12-month moving period. 4 Health and Safety Building the culture, systems and processes to ensure everyone goes home safely every day 2.36 Total recordable injury frequency rate (TRIFR)1 10.29 (previous quarter 9.92) Quality safety interactions completed per site leader over 12-month rolling period2
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1. Average estimated realised price for ~5.2% Li 2O grade (SC5.2 CIF China) as at 30 September 2026. As at 26 October 2026 the average estimated realised price for ~5.2% Li2O grade sales in the quarter had reduced to US$1,754/t. The final adjusted price may be higher or lower than the estimated reali sed price. 5 Pilgangoora Operation Record production underpinned by strong Pilgan performance and Ngungaju restart Key outcomes in the September Quarter performance: Mining TMM increased to 11.5 million tonnes, while ore mined totalled 1.5 million tonnes, supporting production requirements across both plants. Processing Record quarterly production of 267.6kt, up 25% from the prior Quarter. Pilgangoora lithia recovery of ~75%, supported by strong ore sorting performance. Sales Sales of 223.6kt with an average estimated realised sales price of US$1,809/t 1 (CIF China) on a ~SC5.2 basis (SC6.0 US$2,077/t). Ngungaju restart Ramp up progressed to schedule – Ngungaju returned to full operational status by the end of October.
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Diversifying revenue – Colina Project, Brazil Expanding tenure as studies progress Colina Project • Study activities continued including drilling, test work and flowsheet development with outcomes due December Quarter 2027. • Completed acquisition of Lithium Ionic’s interests in surrounding tenements1 and commenced infill resource development drilling. • Development timing dependent on successful studies, funding and supportive market conditions. 6 1. For more information refer to ASX release “FY26 Full Year Financial Results presentation” dated 24 August 2026.
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Chemicals Preserving long-term growth optionality and strategic positioning across the lithium value chain POSCO Pilbara Lithium Solution (P-PLS) Lithium Hydroxide chemical facility • 18% interest in lithium hydroxide (LH) facility in Gwangyang, South Korea – operated on a moderated single-train production basis in the September Quarter, with a second train run at very low volume to maintain operational readiness. • Total LH production of 3,558t for the September Quarter, with 98% (3,520t) achieving battery grade quality. Mid-Stream Demonstration Plant1 • Commissioning progressed, including first ore through the electric calciner and successful conversion. • First product now anticipated in the December Quarter 2026. 7 Image: Mid-Stream Demonstration Plant. 1. For more information, refer to ASX release “PLS commences commissioning of Mid- Stream Demonstration Plant with ARENA grant fundi ng secured and offtake in place” dated 24 April 2026.
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8 September Quarter financials
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September Quarter FY27 – vs prior quarter Production growth and cost discipline support strategic delivery 1. Average estimated realised price for ~5.2 Li2O grade (SC5.2 CIF China) as at 30 September 2026 (US$1,754/t as at 26 October 2026). The final adjusted price may be higher or lower than the estimated realised price. 2. Average estimated realised price for ~5.2 Li2O grade (SC5.2 CIF China) as reported in the June Quarterly Activities Report dated 30 July 2026. 3. Includes negative provisional pricing adjustments of A$69M as at 30 September 2026 (estimated A$88M as at 26 October 2026). 4. 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. 5. Cash margin from operations is calculated as receipts from customers less payments for operational costs. 6. Excludes estimated provisional pricing adjustment of negative A$88M related to September quarter sales as at 26 October 2026. 7. Excludes lease liability. Category Units Sep Q FY27 Jun Q FY26 % Production volume kt 267.6 214.3 25 Sales volume kt 223.6 249.9 (11) Realised price US$/t 1,8091 2,1072 (14) US$/t SC6 2,077 2,415 (14) Revenue A$M 5633 743 (24) Unit operating cost (FOB)4 A$/t 539 616 (12) US$/t 381 437 (13) Capex A$M 185 124 50 Cash Margin from Operations5 A$M 3926 579 (32) Cash balance A$M 2,217 2,290 (3) Net Cash/(Net Debt)7 A$M 1,277 1,339 (5) Liquidity A$M 2,717 2,790 (3) Revenue of $563M was 24% lower, reflecting a lower average estimated realised price and sales volumes affected by shipment timing, partly offset by favourable FX movements. Unit operating cost (FOB) of $539/t was 12% lower, driven by operational efficiencies and a greater volume of capitalised waste. Capex of $185M (accruals basis) was up 50%, comprising growth capex of $77M, mine development of $58M and infrastructure, projects and sustaining capital of $50M. Cash of $2,217M at 30 September following $161M final FY26 dividend payment, P2000 pre-FID capex and tenement acquisitions neighbouring Colina. Liquidity of $2,717M at 30 September, providing capacity for the P2000 expansion following FID approval. 9
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10 1. For more information refer to the ASX release “PLS completes US$700 million Senior Unsecured Notes Offering” dated 26 October 2026. 2. Actual and Pro forma Total Cash & Liquidity presented using 30 September 2026 AUDUSD exchange rate of 0.6977. 3. Debt Maturity Profile presented using 23 October 2026 RBA AUD/USD exchange rate of 0.7006 (i.e. as at Bond Pricing Close). • Post September Quarter end, PLS successfully closed its US$700M 8.00% Senior Unsecured Notes due 20321. • The Notes represent PLS’ second issuance in the US Debt Capital Markets, with continued support from high-quality global institutional investors. • The additional liquidity provides resilience through the upcoming capital investment period and preserves capacity for general corporate purposes and future growth opportunities. • The new Notes extend PLS’ debt maturity profile, giving flexibility to manage capital allocation priorities in accordance with the Capital Management Framework including dividend settings. • Across both PLS’ 2031/2032 Senior Unsecured Notes: o Weighted average cost of funds is 7.48% p.a. o Weighted average debt maturity extended to 5.3 years. Total Cash and Liquidity as at 30 September 2026 Actual v Pro forma (A$M)2 Debt maturity profile excluding leases effective 23 October 2026 3 30/09/2026 (Actual) Pro forma (post New 2032 Note) Total Cash 2,217 3,209 Undrawn RCF 500 500 Total Cash & Liquidity 2,717 3,709 - 500 1,000 1,500 2,000 2,500 3,000 3,500 A$m 99 500 856 999 - 200 400 600 800 1,000 FY27 FY28 FY29 FY30 FY31 FY32 FY33 A$m POSCO Convertible Bond RCF: Undrawn 2031 US$600m Senior Unsecured Note 2032 US$700m Senior Unsecured Note Extended Debt Maturity Runway beyond P2000 First Ore 10 Balance sheet resilience through the cycle New financing supports PLS funding depth and flexibility
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Post Quarter updates 11
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Investment outcomes Lower operating costs Improved productivity Strengthened operations at Pilgangoora 12 1. For more information refer to the ASX release “PLS approves P2000 FID to lift production to ~2Mtpa” dated 16 October 2026 (P2000 FID Announcement). 2. The P2000 Project Expansion NPV and IRR specified are incremental to PLS’ latest mine plan, excluding P2000. Based on a long-term SC6 price of US$1,620/t (CIF China), with other key parameters and assumptions summarised in table 3 of the P2000 FID Announcement. The A$2.7B Incremental NPV includes an attributable amount of the enhancing infrastructure expenditure. NPV and IRR calculations were based on unit operating costs (FOB) which exclude cost reductions from the PPA. 3. For more information refer to ASX release “Enhancing infrastructure to strengthen Pilgangoora Operation” dated 16 October 2026. 4. For more information refer to the ASX release “PLS signs long- term power agreement to lower costs and emissions intensity at Pil gangoora” dated 28 October 2026. Transforming Pilgangoora Investing to unlock value, lower costs and strengthen long-term competitiveness P2000 FID Approved1 Enhancing Infrastructure3 Power purchase agreement4 Incremental net present value2 A$2.7B 8% real, post-tax discount rate Capital expenditure ~A$1.9B P2000 Project capex Capital expenditure A$600 – 650M Investment in access road update, new permanent village and mine services facility Reduces costs A$15-20/t Expected to lower unit operating costs (FOB) under 20-year agreement Capital expenditure ~A$150M Transmission connection and power infrastructure upgrades Unlocking scale and value Improving productivity and efficiency Lowering costs and emissions
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13 PLS' third major processing facility at Pilgangoora The Jimmagunya processing plant Dry Plant Wet Plant Pilgan Plant Dry Plant Wet Plant Existing Operation 13 1. For more information refer to the ASX release “PLS approves P2000 FID to lift production to ~2Mtpa” dated 16 October 2026 (P2000 FID Announcement). 2. Future production profile is subject to successful construction and commissioning of the P2000 Project and is influenced by a range of factors that may change over time. The 10-year average production targets in respect of the P2000 Project are underpinned by PLS’ existing Ore Reserves. For further information, refer to the P2000 FID Announcement. 3. 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 tantal ite by-product credits. It is calculated on an incurred basis (including accruals) and includes inventory movements and credits for capitalised deferred mine waste development costs, and it excludes depreciation of fixed assets and right of use leases, and amortisation of deferred stripping. 4. For more information refer to the ASX release “PLS signs long- term power agreement to lower costs and emissions intensity at Pil gangoora” dated 28 October 2026. P2000 Project key facts1 ~2Mtpa Increases Pilgangoora 10-year average production capacity once at steady state2. ~A$600/t 10-year average unit operating costs (FOB, real)3,4. A$40 – 60M per annum Sustaining capital (real), FY31 – 40. ~A$180M per annum Mine development expenditure (real), FY31 – 40. Sep Quarter CY29 First production - with ~6 month ramp up to steady state.
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Access road upgrade • Upgrade and seal the ~24km access road from Pilgangoora Operation to the Great Northern Highway. • Enables upgrade to ultra-quad road trains – reducing daily truck movements by ~35%. • Reduces road maintenance and dust-suppression requirements. Village and supporting infrastructure Mine services facility • Supports ongoing transition to owner operator HME fleet. • 8 enclosed service bays sized for larger fleet and LOM. • Improves equipment availability and maintenance productivity while reducing maintenance costs. Enhancing infrastructure to strengthen Pilgangoora 141. For more information refer to the ASX release “Enhancing infrastructure to strengthen Pilgangoora Operation” dated 16 October 2026. • New permanent village for Pilgangoora Operation. • 1,200 bed, cyclone rated village with all associated infrastructure. • Existing village location to be utilised for more efficient mine sequencing. Investment to reduce operating costs and improve productivity Pilgangoora Operation ~24km Wodgina Road East Great Northern Highway
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15 20 years – minimum 325 GWh p.a. Long-term power agreement Fortescue Green Grid supply to support Pilgangoora’s growing power demand. A$15–20/t Lower FOB unit operating costs Expected savings beyond the P2000 FID cost base, further extending PLS’ low-cost position. A$150m Connection investment Phased FY27–FY29 >100 MW Transmission capacity Supports future growth Pilgangoora Power-related emissions intensity tCO₂-e/MWh | FY23 baseline to FY30 forecast Power purchase agreement with Fortescue 20-year agreement further reduces costs, emissions and supports future growth 1. For more information refer to the ASX release “PLS signs long- term power agreement to lower costs and emissions intensity at Pil gangoora” dated 28 October 2026. Extends PLS’ low-cost position while materially reducing emissions intensity and providing capacity for future growth.
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16 P2000 – cost competitive and globally significant Long-life, low-cost, and world scale production 1. Benchmark Mineral Intelligence, September 2026. Average annual production (2030– 2040) on corporate ownership basis, based on Benchmark Mineral Intelligence’s forecast production (including in relation to expansion projects) on a corporate basis for this period. PLS figure represents 10- year P2000 production estimate average, converted to LCE. 2. Project Blue Q3 2026 Lithium Extractive Cost Service 2030 AISC US$/t LCE cost curve. Pilgangoora positioning updated since P2000 FID data to reflect 20- year power purchase agreement, converted to LCE basis. Lithium industry cost curve2 (CY30 All-in Sustaining Cost US$/t LCE basis) Pilgangoora Q1 Q2 Q3 Q4 Forecast top 10 primary lithium producers (CY30-40)1 (kt LCE) Large low-cost asset 2nd quartile, 20+ year mine life Significant production capability World-scale lithium producer - 50 100 150 200 250
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Revised FY27 Guidance 17
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Revised FY27 capex guidance Updated to include PPA capex 18 FY27 guidance1 Unit FY27 Guidance Production volume2 kt 1,030 – 1,100 Unit operating cost (FOB) A$/t 575 – 625 Capex A$M 1,130 – 1,195 Sustaining capital A$M 85 – 100 Mine development A$M 250 – 280 Infrastructure & projects A$M 110 – 130 P2000 (post FID) A$M 500 Colina (pre-FID) A$M Access road, permanent village, mine services facility, PPA A$M 185 BaseGrowthEnhancing NO CHANGE NO CHANGE Growth $500M growth capex for the P2000 Project in FY27. This includes the previously announced pre-FID capex. Enhancing capex Enhancing capital investment improves productivity and reduces costs, with benefits independent of P2000. This includes sealing the access road to Pilgangoora, a new permanent village on site, a new HME facility and power connection and on site power infrastructure upgrades for the PPA.Subject to Board approval NO CHANGE NO CHANGE 1. Guidance is based on assumptions, budgets and estimates existing at the time of assessment which may change over time impacti ng the accuracy of those estimates. These estimates are developed in the context of an uncertain operating environment including in respect of inflationary macroeconomic conditions, incomplete engineering and uncertainties surrounding the risks associated with mining and project development. Actual results may therefore vary significantly depending on these risks and the timing required to address them. The information is provided as an indicative guide to assist sophisticated investors with model ling of the Company. It should not be relied upon as a predictor of future performance. 2. Production guidance is based on an average assumed product grade of ~ SC5.2 for FY27. 18 NO CHANGE NO CHANGE N/A REVISED REVISED
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Market update 19
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0 10,000 20,000 30,000 20 Volatility persists as market rapidly expands Short-term market conditions and long-term investment cycles contribute to volatility Spodumene concentrate price (SC6.0, CIF China basis)1 Lithium industry cost curve (CY26 All-in Sustaining Cost US$/t LCE basis)2 SPOT battery-grade carbonate3 1. Main chart: monthly average of rolling daily prices from major price reporting agencies, 01/01/2019 to 25/10/2026. Inset: rol ling daily average of prices, 01/09/2025 to 25/10/2026. Both series are SC6.0, CIF China basis, US$/t. 2. Project Blue Q3 2026 Lithium Extractive Cost Service 2026 AISC US$/t LCE cost curve. 3. Average of major price reporting agencies on 25 October 2026, China domestic US$/t Excl. VAT basis. 0 2,500 5,000 7,500 500 1,750 3,000 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 Oct-26
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1. BloombergNEF. Historical data has been adjusted to real 2025 dollars. Sectors include passenger cars, buses, commercial vehicles, two- and three-wheelers and stationary storage. 2. Benchmark Mineral Intelligence, September 2026. 21 Lithium demand by end-use (Kt LCE)2 Lithium end-use demand diversification (Market share %)2 Lithium demand set to triple by 2040 Cost deflation, policy support and supply security are reinforcing energy transition Global average battery pack prices (US$/kWh)1 1,474 108 0 500 1,000 1,500 2010 2015 2020 2025 0% 50% 100% 2020 2025 2030 2035 2040 China ROW 0.0 2.0 4.0 6.0 2020 2025 2030 2035 2040 EV BESS Other Economics enabling transition Cost deflation enabling mass adoption Geographic demand broadening Supply security requirements growing End-use diversification Lithium applications expanding beyond EVs
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1. S&P Global Market Intelligence, April 2025. 2. Chart prepared by PLS using Benchmark Mineral Intelligence Q3 2026 Lithium Forecast, including CY27 base and downside values. 22 CY27 supply downside risks2 (LCE Kt) Lithium supply faces growing risk of under-delivery Longer development timelines and project execution risks increase the potential for market deficits Near-term market balance forecast2 (LCE Kt) Longer lead times to new supply Supply shortfalls could materially widen market deficits 1,598 1,903 1,824 395 1,640 2,112 2,320 -42 CY2025 -209 CY2026 Base -101 Downside -496 CY2027 Supply At Risk Demand Mine development cycles1 Years, discovery to production 6 11 16 18 1990-99 2000-09 2010-19 2020-24 Forecast supply is exposed to significant downside 154 90 70 -101 81 -496 0 -100 -200 -300 -400 -500 -600 Discovery-to-production timelines have tripled since the 1990s Policy, security and environmental risks could remove a further ~400kt LCE from CY27 CY27 deficit could rise from ~100kt to ~500kt LCE
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Acknowledgement of Country 23 Questions
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Contacts 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 24
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25 Appendix
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Physicals summary 1. Tantalite sales volume include adjustments relating to the June Quarter and are subject to final adjustment. Total Ore Mined and Processed Units Sep Q FY26 Dec Q FY26 Mar Q FY26 Jun Q FY26 Sep Q FY27 Ore mined wmt 1,725,478 1,514,444 1,286,891 1,665,782 1,547,632 Waste material wmt 5,978,805 6,627,413 8,603,435 8,514,506 9,994,063 Total material mined wmt 7,704,283 8,141,857 9,890,325 10,180,288 11,541,695 Average Li2O grade mined % 1.2 1.3 1.4 1.4 1.3 Ore processed dmt 1,050,348 1,018,155 1,096,026 976,579 1,317,082 Total Production and Shipments Units Sep Q FY26 Dec Q FY26 Mar Q FY26 Jun Q FY26 Sep Q FY27 Spodumene concentrate produced dmt 224,757 208,022 232,436 214,327 267,596 Spodumene concentrate shipped dmt 214,025 231,971 195,691 249,905 223,613 Tantalite concentrate produced Ib 74,267 58,171 40,891 47,255 46,233 Tantalite concentrate shipped Ib 66,161 73,987 40,729 58,218 39,2351 Spodumene concentrate grade produced % 5.3 5.2 5.3 5.3 5.3 Lithia recovery % 78.2 75.8 75.4 76.8 74.7 26
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500 900 500 185 485 130 FY27 FY28 FY29 P2000 Enhancing Infrastructure Capital expenditure profile updated to include PPA Three year growth and enhancing infrastructure capex 27 1. For more information refer to the “PLS approves P2000 FID to lift production to ~2Mtpa” dated 16 October 2026. 2. For more information refer to the ASX release “Enhancing Infrastructure to strengthen Pilgangoora Operation” dated 16 October 2 026. 3. Top end of Enhancing Infrastructure Capex guidance used. 4. For more information refer to the ASX release “PLS signs long- term power agreement to lower costs and emissions intensity at Pilgangoora” dated 28 October 2026. Capital expenditure (A$M) 2, 3, 4 685 1,385 630 1
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Important notices This document has been prepared by PLS Group Limited (“PLS” or the “Group”) and is dated 28 October 2026. This document shoul d be read in conjunction with the ASX announcement titled “September Quarterly Activities Report” released to the ASX on 28 October 2026. Not an offer of securities This document is provided for informational purposes only and does not constitute or contain an offer, invitation, solicitati on or recommendation with respect to the purchase or sale of any securities 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. This document may not be copied, disclosed, reproduced or distributed to any other person in whole or in part for any purpose without the express prior written c onsent of PLS. Summary information This document contains summary information about PLS and its activities that is current as at the date of this document unles s otherwise stated. The information in this document is general in nature and does not contain all the information which a prospect ive investor may require in evaluating a possible investment in PLS or that would be required in a prospectus or a product disclosure statement p repared 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 AS X. No liability The information contained in this document has been prepared in good faith by PLS, however no guarantee, representation or warra nty expressed or implied is or will be made by any person (including PLS and its affiliates and their directors, officers, em ployees, associates, advisers and agents) as to the accuracy, reliability, correctness, completeness or adequacy of any statements, estimates, opt ions, 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 negli gence, 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 es timates, 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 responsibi lity 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 or 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. Nothing in this document is intended to be 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 ac quisition of securities, investors should consult their own legal, tax and/or financial advisers in relation to the information in, and ac tion taken on the basis of, this document. Forward looking statements This document contains forward looking statements. All statements, other than statements of historical or present facts, are for ward looking statements, 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 o f synergies, the future strategies, results and outlook of operations, the outcomes of preliminary and definitive feasibility studies, projections, guidance on future earnings and estimates, industry growth, commodity or price forecasts, or other projections and any estimated Group earnings. Forward looking statements may be identified by words such as ‘project’, ‘foresee’, ‘plan’, ‘expect’, ‘aim’, ‘intend’, ‘anticipate’, ‘believe’, ‘estimate’, ‘may’, ‘should’, ‘will’ or similar expressions. Forward looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Although PLS believes that, based on information currently available, its expectations, estimates and forecast outcomes are based on reasonable assumptions, it can give no assurance that actual outcomes will be consistent with these forward- looking statements or they will be achieved. Forward- looking statements may be affected by a variety of variables and changes in underlying assumptions that are subject to risk factors associated with the nature of the business, which could cause actual results, performance, acti ons and developments of PLS to differ materially from those expressed herein. Accordingly, investors should not place undue r eliance on forward- looking statements. To the maximum extent permitted by law, PLS and any of its affiliates and their directors, officers, employees, agents, assoc iates and advisers: disclaim any obligations or undertaking to release any updates or revisions to the information in this docum ent to reflect any change in expectations or assumptions; do not make any representation or warranty, express or implied, as to t he 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 circumst ances create an implication that there has been no change in the affairs of PLS since the date of this document. Guidance as to Production, Unit Costs and Capital Expenditure Guidance as to production, unit costs and capital expenditure 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 and uncertainties surrounding the risks associated with mining and further optimisation and development of the Pilgangoora Operation 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. These statements should not be relied upon as a predictor of future performance. 28
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Important notices Reporting of Mineral Resources and Ore Reserves Recipients of this document outside Australia should note that it is a requirement of the Australian Securities Exchange list ing rules that the reporting of ore reserves and mineral resources in Australia comply with the Australasian Joint Ore Reserves C ommittee Code for Reporting of Mineral Resources and Ore Reserves (2012 edition) (“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 mining dis closure rules in the United States). Estimates of reserves and resources are largely dependent on the interpretation of data and may prove to be incorrect over ti me. No assurance can be given that the reserves and resources presented in the document will be recovered at the levels presented or at all. You should not assume that quantities reported as “resources” are capable of being reclassified as ore reserves under the JOR C Code or as reserves under any other reporting regime, including SEC mining disclosure rules. The inclusion of resource estimates should not be regarded as a representation that these amounts can be economically exploited, particularly inferred resources, and you are cautioned not to place undue reliance on those estimates. Important Information regarding Mineral Resources, Ore Reserves and production targets Information in this document regarding production targets and expansions in nameplate capacity of the Pilgangoora Operation i n respect of the 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 Competent Persons ( Mr Ross Jaine) for open pit and stockpile ore reserves and ( Mr Simon Kusabs) for underground ore reserves in accordance with the JORC Code. The Pilgangoora Operation Ore Reserve estimates were released by PLS to ASX on 16 October 2026 in the ASX announcement titled “Pilgangoora Ore Reserve increases 31% in contained lithium” (“Pilgangoora Ore Reserves and Mineral Resource Update Announcement”). 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 that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original market announcement. The Group confirms i t is not aware of any new information or data that materially affects the information included in the Pilgangoora Ore Reserve and M ineral Resource Update Announcement, and that all material assumptions and technical parameters underpinning the Ore Reserves estimates continue to apply and have not materially changed. The production targets, financial forecasts and other forward- looking statements in this document (such as NPV, IRR, capital expenditure and operating cost estimates) were released by PLS to the ASX on 16 October 2026 in the ASX announcement titled “PLS approves P2000 FID to lift production to ~2Mtpa”. PLS confirms that all material assumptions underpinning the production targets and financial forecasts continue to apply and have not materially changed. Reliance on third party information The views expressed in this document contain information that has, in some respects, been derived from third party sources and has not been independently verified by PLS. Although PLS believes that such sources are reliable, no representation or warrant y is made as to the accuracy, completeness or reliability of the third party information. This document should not be relied upon as a recommendation or forecast by PLS. Rounding Throughout this document, the sum totals may not add exactly due to rounding. Amounts are unaudited. Past performance Statements about past performance are not necessarily indicative of , and should not be relied upon as a representation of , future performance. References to Australian dollars All references to dollars ($) in this document 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. T o easily update communication preferences, please visit: www.investorcentre.com/au. 29