By Digifin Pty Ltd · About this coverage
Key Points
- Final investment decision taken on P2000 at the 100%-owned Pilgangoora Operation
- Production to rise to approximately 2.0Mtpa of spodumene concentrate via the new Jimmagunya plant
- Project capital of approximately A$1.9B, including previously approved pre-FID expenditure
- Incremental post-tax NPV of A$2.7B (8% real) and post-tax IRR of 29.5% at US$1,620/t SC6
- First production expected in the September Quarter CY29
About PLS (ASX:PLS)
PLS Group Limited is an ASX-listed lithium miner headquartered in Perth and formerly named Pilbara Minerals. Its producing asset is the Pilgangoora mine in the Pilbara region of Western Australia, where hard-rock ore is processed into spodumene concentrate and shipped from Port Hedland to converters in Asia. The company also holds lithium development assets in Brazil and an interest in a downstream lithium hydroxide refining joint venture in South Korea.
PLS (ASX:PLS) has taken a final investment decision on the P2000 Project at its 100%-owned Pilgangoora Operation, committing to a new processing plant intended to lift spodumene concentrate production to approximately 2.0Mtpa.
The project centres on the new Jimmagunya processing plant, comprising a 9.0Mtpa dry plant and a 6.3Mtpa wet plant. Project capital is approximately A$1.9B, including previously approved pre-FID expenditure, against an inflation-adjusted A$1.3B in the June 2024 Pre-Feasibility Study, which PLS attributes mainly to the plant's larger scale. The Feasibility Study gives an incremental post-tax NPV of A$2.7B (8% real) and post-tax IRR of 29.5%, based on a long-term SC6 price assumption of US$1,620/t. Average annual production is expected to be approximately 1,970kt SC5.2 over the first 10 years at steady state, at average unit operating costs (FOB) of approximately A$620/t (real). Approximately 67Mt of mineralised contact material previously classified as waste is now included as ore, and the life-of-mine strip ratio falls to approximately 5.6x from 7.7x. First production is expected in the September Quarter CY29, followed by an approximate six-month ramp-up. Funding is underpinned by the existing cash balance of A$2.3B as at 30 June 2026 and operational cashflows.
PLS is still progressing the remaining approvals and licence amendments for the expanded operating model, and valuation outcomes are sensitive to the assumed SC6 price. Any future underground development is excluded and is subject to a further study and a separate investment decision.
Source: PLS Group Limited (ASX:PLS), 16 October 2026. Summary content supplied by Digifin Pty Ltd.
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