PLS Posts Record FY26 Output, Issues FY27 Guidance

PLS Group Limited (ASX:PLS) reported June Quarter production of 214.3kt of spodumene concentrate, down 8% on the March Quarter, and record quarterly sales of 249.9kt, up 28%, lifting revenue 31% to $743 million. The average estimated realised price rose 13% to US$2,107 per tonne on a CIF China, approximately SC5.2 basis, equivalent to US$2,415 per tonne on an SC6 basis. Unit operating cost on an FOB basis increased to $616 per tonne (US$437 per tonne), which PLS attributed to higher diesel prices and Ngungaju plant restart costs, while cash margin from operations rose 26% to $579 million. The cash balance increased 57% during the quarter to $2,290 million, including proceeds from an inaugural US$600 million 6.875% senior notes offering due 2031, with net cash of $1,344 million at 30 June 2026; a portion of the proceeds refinanced the $375 million drawn balance of the revolving credit facility, which was reduced from $1 billion to $500 million.

For the full year, PLS recorded production of 879.5kt and sales of 891.6kt, both up 17%, with revenue of $1,934 million, up 152%. All FY26 guidance metrics were met or exceeded: production of 880kt against guidance of 820kt to 870kt, unit operating cost (FOB) of $569 per tonne against $560 to $600 per tonne, and capital expenditure of $328 million against $300 million to $330 million. The Ngungaju plant restart commenced on 1 July 2026 and the plant is expected to reach target production capacity within the first four months of FY27. FY27 guidance is for spodumene production of 1,030kt to 1,100kt and unit operating cost (FOB) of $575 to $625 per tonne, with capital expenditure comprising sustaining capital of $85 million to $100 million, mine development of $250 million to $280 million, infrastructure and project capital of $110 million to $130 million, and $175 million of previously announced P2000 pre-final investment decision spending. P2000 Feasibility Study outcomes are expected in the December Quarter 2026, and the Board will consider a final dividend at the FY26 full year results, expected on 24 August 2026.