Pilbara Minerals (ASX:PLS,OTC Pink:PILBF) has released results for its 2025 fiscal year.
For the lithium producer, the highlight was its record spodumene concentrate production, which it said reflects its “strong operational performance.” Its output reached 754,600 tonnes for the period, up 4 percent.
Pilbara attributes the production increase to its P680 and P1000 expansion projects.
“With the P680 and P1000 expansions now complete, and our ore sorting technology fully integrated, we’ve established a leading processing platform,” commented Managing Director and CEO Dale Henderson.
Sales saw a 7 percent uptick year-on-year to come in at 760,100 tonnes.
Profit-wise, Pilbara’s annual revenue was AU$769 million, falling almost 39 percent short of last year’s AU$1.25 billion. Underlying EBITDA also saw a significant decrease, down 83 percent at AU$97 million.
After tax, Pilbara’s underlying net loss totalled AU$88 million.
“Despite the softer pricing environment, our balance sheet remains robust,” noted Henderson, adding that the lithium market’s long-term fundamentals “remain intact,” with potential tightness ahead.
“While market volatility may persist in the near term, our confidence is anchored in what we control — disciplined execution, operational excellence and strategic agility,” he added, key points he also discussed in his presentation at Fastmarkets’ Lithium Supply & Battery Raw Materials event, held this past June in Las Vegas.
Pilbara ended the fiscal year with approximately AU$1 billion in cash and AU$1.6 billion in total liquidity.
Several transactions by the company have made headlines over the past year, including its AU$560 million acquisition of Latin Resources, which was approved in January. Through the deal, Pilbara added Latin Resources’ Salinas lithium project to its portfolio; the asset is in Minas Gerais’ Bananal Valley area, 10 kilometres outside the town of Salinas.
Salinas has been renamed Colina, and an updated resource estimate was released on August 25.
With both the Colina and Fog’s Block deposits included, the measured, indicated and inferred resource now stands at 77.7 million tonnes grading 1.24 percent lithium oxide, containing 948,900 tonnes of lithium oxide.
In June, the company also published an updated resource estimate for its flagship Pilgangoora operation. Tonnage increased by 10 percent from the previous report, while contained lithium oxide rose 23 percent.
The resource now stands at 5.7 million tonnes of lithium oxide grading 1.28 percent lithium oxide.
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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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