Pls Group Limited · ASX:PLS
Pls — Investor Presentation (October 2026)
45 slides from Pls's investor presentation, Oct 16, 2026
Slide 1: The next phase of the Pilgangoora operation
The next phase of the Pilgangoora operation rsonal use only 16 October 2026 ASX: PLS
Slide 2: P2000 optimises the Pilgangoora orebody
P2000 optimises the Pilgangoora orebody Improved processing unlocks ~67Mt of previously uneconomic mineralised material and updated Ore Reserve increases by 23% and contained lithium by 31%. rsonal use only P2000 FID Ore Reserve Update1 Enhancing Infrastructure Greater ore recovery 31% more Improvin
Slide 3: Highlights
ersonal use only ighlights ©®PLS
Slide 4: P2000 – Expansion FID approved
P2000 – Expansion FID approved Delivering greater scale, competitiveness and value creation rsonal use only Production1 Unit operating costs (FOB)2 P2000 Project capex ~2Mtpa ~A$620/t ~A$1.9B 10-year average production once 10-year average unit operating at steady state costs (FOB, real) Incremental
Slide 5: P2000 – cost competitive and globally significant
P2000 – cost competitive and globally significant Long-life, low-cost, and world scale production rsonal use only Forecast top 10 primary lithium producers (CY2030-2040)1 Lithium industry cost curve2 (kt LCE) (CY2030 All-in Sustaining Cost US$/t LCE basis) 250 200 150 Pilgangoora 100 50 - Q1 Q2 Q3 Q
Slide 6: Ore Reserve – Larger Ore Reserve unlocked
Ore Reserve – Larger Ore Reserve unlocked 31% increase in contained Li2O and 23% increase in Ore Reserve tonnes – world leading scale rsonal use only Global lithium pegmatite project Ore Reserves by grade and tonnage (bubble size represents Ore Reserve LCE) 2.2% 2.0% 1.8% Greenbushes Pilgangoora - U
Slide 7: P2000 – Investing now to create value through the cycle
P2000 – Investing now to create value and strengthen Pilgangoora through the cycle P2000 combines attractive incremental returns with capacity timed for future demand, rsonal use only improved cost competitiveness and the financial strength to deliver. Attractive incremental returns Investment timed
Slide 8: Enhancing infrastructure
Enhancing infrastructure PLS intends to invest A$600–650M to reduce operating costs and improve productivity rsonal use only Access road upgrade Village and supporting Mine services facility infrastructure Sealed access road Permanent workforce Fleet maintenance capacity accommodation ~24km 8 servic
Slide 9: Strategy
ersonal use only trategy ©®PLS
Slide 10: Our Purpose
Our Purpose rsonal use only Vision Mission Powering a sustainable energy future Li Strategic Operate Grow Chemicals Diversify pillars Deliver our Achieve full Extract greater Diversify operating potential of our value along the revenue beyond performance global assets battery materials Pilgangoora c
Slide 11: Proven history of delivering growth
Proven history of delivering growth Reserve growth has supported PLS’ successful production expansions rsonal use only First drill First Acquisition P680 FID P1000 FID P2000 pre- P2000 FID hole at concentrate of Altura feasibility Pilgangoora produced at Lithium study Inaugural Pilgangoora Project u
Slide 12: A proven model of investment and value creation
A proven model of investment and value creation Expanded production and strong lithium pricing enabled PLS to reinvest in growth, reward shareholders and strengthen its balance sheet rsonal use only Investment Cycle Operational Outcomes Reinvest for growth Production expansion Larger Production Prof
Slide 13: P2000 – strengthening scale, cost competitiveness and returns
P2000 – strengthening scale, rsonal use only cost competitiveness and returns 13
Slide 14: P2000 – Unlocks greater value from Pilgangoora
P2000 – Unlocks greater value from Pilgangoora A larger, more capable processing plant enables greater ore recovery, less selective mining and more competitive production costs. rsonal use only Improvement From The Pre-feasibility Study Project Economics Mineralised contact material previously Ore +
Slide 15: Maximizing ore through improved processing
Maximizing ore through improved processing Processing changes enable more mineralised material to be recovered with lower strip ratio rsonal use only Processing enables more ore recovery and improved mining strip ratio Ore sorting host rock before wet processing; whole-of-ore flotation enables upgra
Slide 16: Updated Ore Reserve unlocks Pilgangoora value
Updated Ore Reserve unlocks Pilgangoora value Enhanced mining and processing strategy drives larger Ore Reserve rsonal use only 249.2Mt +23% +31% at 1.24% Li₂O Ore Reserve tonnes Contained Li₂O KEY UPDATES1 Pilgangoora Ore Reserve from FY26 Annual Report to updated Ore Reserve 01 ADDITIONAL CONTACT
Slide 17: The Jimmagunya processing plant
The Jimmagunya processing plant PLS' third major processing facility at Pilgangoora Pilgan Plant rsonal use only Key Facts World's largest Sensor based ore sorting installation, unlocking ~67Mt of contact ROM Ore. 9.0 Mtpa dry plant Crushing, ore sorting and covered coarse ore stockpile. 6.3 Mtpa we
Slide 18: Expanding production to ~2.0Mtpa
Expanding production to ~2.0Mtpa P2000 optimises processing across Pilgangoora to maximise orebody value Spodumene concentrate production (kt) rsonal use only OPTIMISED PROCESSING PLATFORM ~2,000 Jimmagunya Designed to process higher levels of contact material through ore sorting and whole-of-ore fl
Slide 19: Improved sustainability outcomes
Improved sustainability outcomes P2000 combines increased production with improved resource recovery, water efficiency and responsible project design rsonal use only Resource efficiency Water efficiency Responsible design Greater recovery ~40% Impact avoidance More ore extracted with less Potential
Slide 20: Scaling reliable supply for a growing lithium market
Scaling reliable supply for a growing lithium market PLS provides reliable supply, supported by long-life, low-cost operations, proven delivery and scale rsonal use only Indicative sales profile1 (% total sales) Supply reliability and downside protection Long-life, low-cost production supports PLS’s
Slide 21: Compelling project economics
Compelling project economics1 Attractive incremental returns, competitive costs and significant leverage to lithium prices A$2.7B 29.5% ~A$620/t rsonal use only Incremental post-tax NPV4 Incremental post-tax IRR Unit operating cost5 8% real discount rate Consensus pricing FOB real · FY31–40 average
Slide 22: Future growth optionality - underground mining
Future growth optionality - underground mining Underground demonstrates potential for higher production and extended Pilgangoora operating life rsonal use only 46.5Mt ~2.2Mtpa 25+ years Maiden underground ore reserve1 Potential combined production2 Potential Pilgangoora mine life 1.50% Li₂O | COS re
Slide 23: Future growth optionality - further exploration
Future growth optionality - further exploration Updated Exploration Target highlights further geological potential at Pilgangoora • Pilgangoora Exploration Target1 updated to 75Mt to 150Mt at 1.1% to 1.4% Li2O – does not form part of 2026 Mineral Resource. rsonal use only • The potential quantity an
Slide 24: Enhancing Pilgangoora's operating platform
Enhancing Pilgangoora’s rsonal use only operating platform 24
Slide 25: Wodgina Road East upgrade
Wodgina Road East upgrade Lowers costs and increases haulage efficiency rsonal use only • Upgrade and seal the 24km access road (Wodgina Road East) from Pilgangoora Operation to the Great Northern Highway. • Lowers unit transport costs through more efficient haulage, reduced maintenance costs and wa
Slide 26: New 1,200 bed permanent village
New 1,200 bed permanent village Critical infrastructure for employee wellbeing while improving operational flexibility rsonal use only • New permanent village for Pilgangoora Operation - existing village facilities approaching end of life. • 1,200 bed, cyclone rated camp with all supporting infrastr
Slide 27: Mine services facility
Mine services facility Improves fleet availability while reducing maintenance costs rsonal use only • Supports ongoing transition to owner operator HME fleet. • Next stage to introduce larger ultra-class fleet - improving mining efficiency. • In-house maintenance improves equipment availability and
Slide 28: Capex and funding
Capex and funding rsonal use only 28
Slide 29: Strong funding position supports investment cycle
Strong funding position supports investment cycle P2000 and enhancing infrastructure capital expenditure profile Capital expenditure (A$M) rsonal use only Strong funding foundation 1,300 • A$2.3B cash at 30 June 2026 and ongoing operating cash generation underpin the investment program. 400 Investme
Slide 30: Revised FY27 capex guidance
Revised FY27 capex guidance Updated to include P2000 and Enhancing Infrastructure capex rsonal use only FY27 FY27 capex guidance1 Unit Capex A$M Guidance 1,110 – 1,175 Base capex No change to original Base capex guidance. Sustaining capital NO CHANGE A$M 85 – 100 Base Mine development NO CHANGE A$M
Slide 31: Lithium market
Lithium market rsonal use only 31
Slide 32: Volatility persists as market rapidly expands
Volatility persists as market rapidly expands Lithium prices have repeatedly decoupled from fundamentals rsonal use only Spodumene concentrate price Lithium industry cost curve (SC6.0%, CIF China basis)1 (CY2026 All-in Sustaining Cost US$/t LCE basis)2 7,500 3,000 30,000 1,750 5,000 500 20,000 SPOT
Slide 33: Lithium demand set to triple by 2040
Lithium demand set to triple by 2040 Cost deflation, policy support and supply security are reinforcing energy transition Global average battery pack prices Lithium end-use demand diversification Lithium demand by end-use rsonal use only (US$/kWh)1 (Market share %)2 (Kt LCE)2 1,500 1,474 100% 6.0 1,
Slide 34: Market tightness expected to persist
Market tightness expected to persist Lengthening development timelines constrain the industry's ability to meet demand Global lithium supply and demand forecast2 - includes P2000 rsonal use only Mine development cycles1 Years, discovery to production production (Kt LCE) 6,000 1990-99 6 4,000 2000-09
Slide 35: Unlocking the full potential of Pilgangoora
Unlocking the full potential rsonal use only of Pilgangoora 35
Slide 36: The next phase of Pilgangoora
The next phase of Pilgangoora Investing today to create significant long-term value rsonal use only Improved processing capability unlocks greater value from Pilgangoora's world-class orebody. Expansion to ~2Mtpa strengthens scale, cost competitiveness and shareholder returns. Targeted infrastructur
Slide 37: Questions
rsonal use only Questions 37
Slide 38: Contacts
Contacts rsonal use only Investor Relations James Fuller Group Manager Investor Relations T: +61 (0) 488 093 763 James.Fuller@pls.com Media Michael Vaughan Fivemark Partners T: +61 (0) 422 602 720 38
Slide 39: Appendix
ersonal use only ppendix ©®PLS 39
Slide 40: Ore Reserve reference point: ROM to COS
Ore Reserve reference point: ROM to COS Reserve now stated at the wet plant feed point – contained lithium materially unchanged between methodologies Why the reference point has changed rsonal use only PREVIOUS REPORTING POINT NEW REPORTING POINT Ore sorting is a Modifying Factor The Jimmagunya flow
Slide 41: Pilgangoora Mineral Resource
Pilgangoora Mineral Resource Updated following P2000 FS and Underground PFS Mineral Resource at 30 June 2026 rsonal use only Category Tonnes (Mt) Li2O (%) Ta2O5 (ppm) Fe2O3 (%) Li2O (Mt) Ta2O5 (Mlb) Measured 14 1.29 104 0.42 0.2 3 Indicated 186 1.24 109 0.52 2.3 45 Open Pita Inferred 11 1.19 89 0.65
Slide 42: Pilgangoora Ore Reserve
Pilgangoora Ore Reserve Updated following P2000 FS and Underground PFS Ore Reserve as at 30 June 2026 – After Crushing-and-Sorting (COS) rsonal use only JORC code category Tonnes (Mt) Li2O (%) Ta2O5 (ppm) Fe2O3 (%) Li2O (Mt) Ta2O5 (M lb) Insert table Proved and footnotes 13.2 from ASX 1.24 release 9
Slide 43: Sources for Ore Reserve slide chart
Sources for Ore Reserve slide 6 chart Total (P&P)4 Proved Probable LT SCx price Tonnage Grade Tonnage Grade Tonnage Grade Company disclosing the Estimate1 Project Name Stage3 Date announced Announcement / report title rsonal use only (US$/t)5 (Mt) (% Li2O) (Mt) (% Li2O) (Mt) (% Li2O) PLS Group Limit
Slide 44: Important notices
Important notices This document has been prepared by PLS Group Limited (“PLS” or the “Group”) and is dated 16 October 2026. This document should be read in conjunction with the ASX announcements titled “PLS approves P2000 FID to lift production to ~2Mtpa” (“P2000 FID Announcement”), “Enhancing Infra
Slide 45: Important notices
Important notices Important Information regarding Mineral Resources, Ore Reserves and production targets Information in this document regarding production targets and expansions in nameplate capacity of the Pilgangoora Operation in respect of the P1000 operating models and the P2000 expansion projec