By Digifin Pty Ltd · About this coverage
Key Points
- Record quarterly production of 267.6kt, up 25% on the prior quarter
- Sales of 223.6kt after a 15kt shipment slipped into October
- Unit operating cost (FOB) of $539/t and cash margin from operations of $392M
- Net cash of $1,277M at 30 September 2026
- FY27 capex guidance revised after the $1.9B P2000 Final Investment Decision
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) released its September quarter report to show record production after the restart of its Ngungaju plant, and to revise FY27 capital expenditure guidance following its decision to proceed with the P2000 expansion.
Pilgangoora production was a record 267.6kt, up 25% from 214.3kt in the prior quarter, while sales fell 11% to 223.6kt after a 15kt shipment scheduled for late September was delayed to October by port delays at Port Hedland. Revenue was $563M. The average estimated realised price was US$1,809/t (CIF China, ~SC5.2 basis), equivalent to US$2,077/t on an SC6 basis. Unit operating cost (FOB) fell to $539/t (US$381/t) and cash margin from operations was $392M. The cash balance was $2,217M at 30 September 2026 after the $161M FY26 final dividend payment, with net cash of $1,277M. After the quarter, PLS took a Final Investment Decision to invest $1.9B in the P2000 Project, which is expected to lift production capacity to ~2.0Mtpa with first ore in the September Quarter CY29. It also signed a power purchase agreement with FMG Clean Energy Pty Ltd that it says will deliver a future $15-$20/t FOB reduction. FY27 capital expenditure guidance is revised to 1,130 – 1,195 (A$M), while production guidance of 1,030 – 1,100kt and unit operating cost guidance of A$575 – 625/t are unchanged.
PLS says unit costs are likely to increase over the rest of FY27 because of wet season impacts and other cost pressures, and the release does not quantify that increase.
Source: PLS Group Limited (ASX:PLS), 28 October 2026. Summary content supplied by Digifin Pty Ltd.
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