Pilbara Minerals (PLS) has delivered record spodumene production in the 2024–25 financial year (FY25), cushioning the impact of the lithium downturn.
For the year to June 30, production rose 4 per cent to 754,600 tonnes of concentrate, while sales increased 7 per cent to 760,100 tonnes.
Weaker market conditions caused revenue to fall to $769 million, while underlying EBITDA dropped to $97 million, and the company recorded an underlying net loss after tax of $88 million.
“FY25 marked a transformational year for PLS,” PLS managing director and chief executive officer Dale Henderson said. “While the lithium market experienced material pricing pressure, we maintained strong operational performance, completed a major phase of capital investment, and positioned the business for the next phase of growth.”
“We delivered record production and reduced unit operating costs, highlighting the strength and scalability of the Pilgangoora operation.
“With the P680 and P1000 expansions now complete, and our ore sorting technology fully integrated, we’ve established a leading processing platform.”
PLS focused on capital discipline and cost reduction through the implementation of the P850 operating model and an ongoing cost review program that delivered a net cashflow improvement of approximately $230 million in FY25.
The company also advanced its South Korean downstream joint venture with POSCO and maintained the Ngungaju Plant in a state of readiness for restart if market conditions improve.
PLS ended FY25 with $1 billion in cash and $1.6 billion in liquidity, supported by cost savings delivered under the P850 operating model.
“The long-term fundamentals for lithium remain intact,” Henderson said. “While market volatility may persist in the near term, our confidence is anchored in what we control – disciplined execution, operational excellence and strategic agility.”
FY25 also saw PLS complete its acquisition of Latin Resources and the Colina lithium project in Brazil.
An updated Colina mineral resource estimate confirmed 77.7 million tonnes at 1.24 per cent lithium oxide (Li₂O), containing 948,000 tonnes of lithium oxide. This includes the flagship Colina deposit at 70.9 million tonnes grading 1.25 per cent Li₂O, and the Fog’s Block satellite deposit at 6.8Mt grading 0.87 per cent Li₂O.
Drilling resumed at Colina in March, with results expected to support a resource upgrade in mid-2026. Henderson said the project is an exciting growth platform in Brazil, a jurisdiction emerging as a major force in global lithium supply.
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