Slide 1: June Quarter FY25 Activities Presentation
30 July 2025 June Quarter FY25 Activities Presentation ASX:PLS 1 1
Slide 2: Strategically positioned
Strategically positioned Diversified portfolio, embedded optionality and positioned to capitalise on market cycle Strategically positioned Exposure to established and ex-China supply chains with GWANGYANG, SOUTH KOREA flexible operating platform POSCO Pilbara Lithium Solution 100% owned assets Pilga
Slide 3: June Quarter highlights
June Quarter highlights A strong Quarter finish to FY25 PRODUCTION SALES COSTS 77% vs Mar Q 72% vs Mar Q 10% vs Mar Q 221.3kt 216.0kt $619/t (US$397/t) produced shipped unit operating costs (FOB) REVENUE GROWTH GUIDANCE 28% vs Mar Q 23% FY25 guidance achieved $193M generated contained lithium Avg. S
Slide 4: Health and safety
Health and safety Building the culture, systems and processes to ensure everyone goes home safely every day 2.79 3.31 Total recordable injury frequency rate Quality safety interactions completed per (TRIFR)1 1,000 hours worked2 (target 1.6) 1. Recordable injury numbers and Total Recordable Injury Fr
Slide 5: Pilgangoora Operation
Pilgangoora Operation Pilgan plant optimised following P1000 expansion – positioned for steady state in FY26 • Key factors in June Quarter performance: o P1000 Pilgan plant ramp up completed supporting higher production volume and lower unit operating costs than the prior quarter. o Ore Sorting faci
Slide 6: FY25 guidance achieved
FY25 guidance achieved Strong operational result while completing P680 and P1000 expansions 1 Production 2 Unit Cost – 3 Capex 1• Production volume of 755kt exceeded the top end of market (kt) FOB (A$/t) (A$M) guidance of 700-740kt due to strong June Quarter production. 640 610 740 2• Unit operating
Slide 7: Strategically diversified portfolio
Strategically diversified portfolio Measured investments provide diversification and future growth optionality Australia South Korea Brazil Pilgangoora Operation POSCO Pilbara Lithium Solution (P-PLS) Colina Project Ngungaju Processing Plant 18% interest in lithium hydroxide (LH) facility in 100
Slide 8: June Quarter Financials
®PLS June Quarter Financials
Slide 9: June Quarter FY25 – vs prior quarter
June Quarter FY25 – vs prior quarter Pilgan optimisation boosts output and lowers unit costs post P1000 expansion Summary Operational and Financial Metrics Units Jun Q FY25 Mar Q FY25 % • Production volume of 221.3kt was 77% higher than the prior Quarter, driven by increased output from the optimise
Slide 10: June Quarter FY25 – cash flow bridge
June Quarter FY25 – cash flow bridge Positive cash margins reflect ongoing operational efficiency and cost focus Cash flow bridge – 31 March 2025 to 30 June 2025 ($M) • Cash declined by $88M, from ~$1.1B to ~$1.0B, driven by 239 completion of the P1000 expansion and capital expenditure in infrastruc
Slide 11: FY25 – vs prior year
FY25 – vs prior year Cost and volume gains underpinned by P1000 expansion and P850 operating model Summary Operational and Financial Metrics Units FY25 FY24 % • Production volume of 754.6kt was 4% higher than the prior corresponding period (pcp) driven by volume expansion enabled by P680 and P1000.
Slide 12: FY25 – cash flow bridge
FY25 – cash flow bridge Strong cash position through disciplined investment Cash Flow bridge – 30 June 2024 to 30 June 2025 ($M) 832 Closing Cash balance at 30 June 2025 remains strong at ~$1B, despite a challenging pricing environment. • Total cash outflow of $652M resulted in cash declining from $
Slide 13: Capital management
Capital management A disciplined focus on cost management has delivered a resilient balance sheet Ongoing cost reduction initiatives… Have supported… FY24 • Reduced FY24 capital expenditure guidance by Capex reduced $55M - $100M. No dividend • No dividend since September 2023. Cash Balance: Re
Slide 14: FY26 priorities and guidance
FY26 priorities and guidance 14
Slide 15: FY26 priorities
FY26 priorities Operational excellence, disciplined cost control, and capital efficiency OPERATE Unlocking the full value of recent Pilgangoora investments through operational excellence, disciplined cost control, and capital efficiency. Progression and expansion of Cost Smart program launched in FY
Slide 16: Leveraging ore sorting technology
Leveraging ore sorting technology Cost reduction benefits to be achieved from integrated mining and ore sorting strategy • The FY26 operating plan leverages new processing capability (ore sorting) to achieve lower operational cost. • A key initiative is the progressive increase over FY26 of contact
Slide 17: FY26 guidance
FY26 guidance Focus on optimisation and cost reduction FY26 guidance commentary 1• Production: volumes are expected to be steady FY26 Guidance1 Unit FY26 Guidance quarter-on-quarter. • Ngungaju plant is expected to remain in care and 1 Production volume2 kt 820 – 870 maintenance for FY26. 2 Unit ope
Slide 18: Market update
Market update ®PLS 18
Slide 19: Lithium market – Untamed and evolving
Lithium market – Untamed and evolving An evolving market shaped by volatility, emerging maturity, and rising end-use demand. Spodumene concentrate price (SC6.0%, CIF China basis)1 7,500 • Industry emergence - Demand and supply CY2025 price movement to 25 July growing rapidly from a small base to ser
Slide 20: Current pricing remains unsustainable
Current pricing remains unsustainable Significant portion of supply chain estimated to be loss making Global lithium cost curve (US$/t LCE)1 25,000 Long-term lithium carbonate price forecast2 20,000 15,000 10,000 Lithium carbonate price as of 28 July3 Lithium carbonate price as of 30 June3 5,000 - -
Slide 21: Strong growth fundamentals
Strong growth fundamentals Structural drivers include energy transition, technology adoption and government policy Global EV penetration (%)1 BESS demand (GWh)1 Lithium supply and demand (Kt LCE)1 80% 1,200 6,000 10% CAGR 8% CAGR 10% CAGR 70% 1,000 5,000 60% 800 50% 4,000 40% 600 3,000 30% 400 2,000
Slide 22: Questions
Questions ®PLS 22
Slide 23: Contacts
Contacts 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 23
Slide 24: Appendices
Appendices ®PLS 24
Slide 25: Physicals summary
Physicals summary Total Ore Mined and Processed Units Jun Q FY24 Sep Q FY25 Dec Q FY25 Mar Q FY25 Jun Q FY25 FY24 FY25 Ore mined wmt 1,841,748 1,388,698 1,191,453 1,137,437 1,500,849 6,407,034 5,218,437 Waste material wmt 7,407,146 8,078,567 5,728,569 4,503,580 4,890,456 30,875,419 23,201,172 Total
Slide 26: Important notices
Important notices This document has been prepared by Pilbara Minerals Limited (PLS or the Group) and is dated 30 July 2025. This document should be read in conjunction with the ASX announcement titled “June Quarterly Activities Report” released to the ASX on 30 July 2025. Not an offer of securities
Slide 27: Important notices
Important notices Important Information regarding Mineral Resources, Ore Reserves Information in this document regarding production targets and expansions in nameplate capacity of the Pilgangoora Operation in respect of the P850 and P1000 operating models and the P2000 expansion project, are underpi