Slide 1: FY24 Full Year Results
26 August 2024 FY24 Full Year Results ASX: PLS
Slide 2: Pilbara Minerals – a major lithium materials supplier
Pilbara Minerals – a major lithium materials supplier 100% owner of Tier 1 Asset in leading low risk mining jurisdiction ~33-year mine life with 209Mt at 1.2% Li2O Ore Reserve1 ~140km to Port Production capacity increase Hedland by road to 1Mtpa2 under construction and 2Mtpa feasibility study in pro
Slide 3: Mission and strategy
Mission and strategy OUR AMBITION STRATEGIC PILLARS Operate Grow Chemicals Diversify Deliver our operating Achieve full Extract greater value Diversify revenue performance potential of the along the battery beyond the commitments Pilgangoora asset materials supply chain Pilgangoora asset 3
Slide 4: FY24 operational highlights
FY24 operational highlights OPERATE GROW CHEMICALS DIVERSIFY Record production of P680 crushing and POSCO JV on Proposed 725,329dmt ore sorting facility schedule with Train acquisition of 5 commissioned 1 in ramp up Latin Resources Record sales of Construction started On-strategy, counter- P1000 on
Slide 5: FY24 financial highlights
FY24 financial highlights REVENUE EBITDA EBITDA MARGIN $1,254M $538M 43% UNDERLYING PROFIT CASH MARGIN CASH BALANCE AFTER TAX 6 From Operations $318M $513M $1,626M 5 5
Slide 6: FY24 sustainability highlights
FY24 sustainability highlights Valuing our people Sustainable operations Responsible and ethical actions • Safety focus - 1.72 quality • Released Power • UN Global Compact safety interactions7 and Strategy9 Participant 3.41 TRIFR 8 • Developed Biodiversity • $977M total net tax • Launched Reconcilia
Slide 7: FY24 Full Year Results - Financials
FY24 Full Year Results - Financials Note: Non-IFRS financial metrics such as “Underlying Profit after tax”, “EBITDA”, “Cash margin from operations” and “Net Cash” are used throughout the presentation to provide additional information on business performance. A reconciliation of Non-IFRS metrics to s
Slide 8: Financial results – summary
Financial results – summary Strong production and sales performance offset by the impact of lower prices period on period Summary operational and financial metrics Units FY23 FY24 (%) • Revenue was $1.3B in FY24. The Group is a >$1B revenue business at the FY24 average realised price of US$1,176/dmt
Slide 9: Profit or loss – summary
Profit or loss – summary Total costs and unit operating costs (CIF) lower in the year Summary profit or loss metrics Units FY23 FY24 (%) • Operating costs (excluding depreciation) improved by 14% to $579M Revenue11 $M 4,064 1,254 (69) with lower royalties due to reduced pricing offsetting increased
Slide 10: Cash Flow
Cash Flow Strong ending cash balance Summary cash flow statement Operating cash flow $M FY23 FY24 (%) • Cash margin from operations was $513M in FY24. Receipt from customers 4,387 1,173 (73) • Operating cash flow declined by 113% to a cash outflow of $440M in Payments for operating costs (723) (660)
Slide 11: Cash Flow bridge
Cash Flow bridge Strong cash margin from operations Cash Flow bridge – 01 July 2023 to 30 June 2024 ($M) • Strong cash margin from operations for FY24 of $513M even at a lower average realised price of US$1,176/t. • Cash margin from operations less ongoing capex (capitalised mine development costs a
Slide 12: Cash and liquidity
Cash and liquidity Strong liquidity with net cash of $1.3B Summary cash and liquidity $M FY23 FY24 (%) • Strong balance sheet as at 30 June 2024 underpinned by focused Cash 3,339 1,626 (51) cash management. Current debt 60 60 - • Additional loan drawdowns were made during the year from the Group’s G
Slide 13: Balance sheet – summary
Balance sheet – summary Summary balance sheet metrics $M FY23 FY24 (%) • Reduction in receivables and payables at 30 June 2024 driven by the lower average realised price, timing of shipments and provisional Cash 3,339 1,626 (51) pricing adjustments. Receivables 132 78 (41) Inventories, current and n
Slide 14: Preserving balance sheet strength
Preserving balance sheet strength Strong balance Investment strategy • Investment in P680 and P1000 Projects to continue - fully funded, gives rise to lower unit costs and puts Pilbara Minerals in an even sheet with $1.6B of stronger position to benefit from higher prices. cash (30 June 2024) • Scen
Slide 15: Pilbara’s funding journey
Pilbara’s funding journey The beginning Largely Nordic Convertible equity bond bond funded Today: Future: Various 2017 2022 Next milestone in the Continued flexibility to utilise Proposed Group’s funding and new project debt and other capital management complementary funding options Project- Project
Slide 16: Debt funding update
Debt funding update Proposed new debt facility Key terms of the proposed new debt facility • Pilbara Minerals is well progressed on a proposed refinancing of its existing debt facilities. A$1 billion A$ and US$ Senior • Credit-approved commitments received from a group of RCF limit drawdown flexibil
Slide 17: Capital Management Framework
Capital Management Framework Safe and reliable operations Capital productivity • Highly disciplined approach to capital investment • Pilbara Minerals Capital Management Framework outlines Net operating cash flow the Group’s approach to capital allocation – as originally announced in November 2022 27
Slide 18: Making a positive contribution, minimising our impact and maximising opportunities
Making a positive contribution, minimising our impact and maximising opportunities 18
Slide 19: Sustainability pillars
Sustainability pillars Valuing our Sustainable Responsible people operations and ethical actions Great people Make a positive Responsible and that go home contribution, ethical actions safe and well minimise our underpinning each day proud impacts and long-term of their leverage success contribution
Slide 20: Valuing our people
Valuing our people • 1.72 - quality safety interactions frequency rate. 7 • 3.41 - total recordable injury frequency 8 rate. • 23.3% female employment. • Reconciliation Action Plan released. • Ongoing cultural awareness training for employees and contractors. • Launched Community Grants Program. • C
Slide 21: Sustainable operations
Sustainable operations • Power Strategy released and 9 implementation commenced. • More than 2,000ha surveyed for flora and fauna. • Biodiversity strategy developed. • Zero major environmental or water related incidents. 21
Slide 22: Responsible and ethical actions
Responsible and ethical actions • UN Global Compact participant. Update pic – • $977M total net tax contribution. on site • $1,617M total procurement spend - $1,570M in Australia. • Initiatives to reduce emissions continue including introduction of the first electric bus in the East Pilbara. 22
Slide 23: Transparent disclosures
Transparent disclosures Sustainability Databook 2024 available on the Pilbara Minerals website 23
Slide 24: Scaling production in line with lithium market growth
Scaling production in line with lithium market growth 24
Slide 25: Growing production in line with market
Growing production in line with market FY19 – FY24 CAGR 1000 2 Production +33% 28 Growth optionality Expanded nameplate capacity 820 725 timed to market 620 3 P2000 feasibility 378 study 281 175 91 (kdmt) FY19 FY20 FY21 FY22 FY23 FY24 FY25 P1000 Growth - rate (48%) 210% 34% 64% 17% 13% 25
Slide 26: Expansion projects well advanced to take production capacity to 1Mtpa
Expansion projects well advanced to take production capacity to 1Mtpa P680 Project P1000 Project Crushing and ore sorting facility ramp up on schedule Construction program on schedule P1000 processing plant footprint 26 Image: Crushing and ore sorting facility as at 12 August 2024. Image: P1000 Proj
Slide 27: Potential P2000
POTENTIAL P2000 @ Proposed P2000 Expansion Footprint Existing Operation Tice O Expansion Projects Under Construction
Slide 28: Strategically positioned to capture value across the supply chain
Strategically positioned to capture value across the supply chain Upstream Mid-Stream Downstream Spodumene concentrate Lithium enriched product Lithium hydroxide ~5.2% >16% >99% purity 29 lithia content lithium metal technical grade battery grade 30 31 32 JOINT STUDY 28
Slide 29: Pilbara Minerals to acquire Latin Resources
Pilbara Minerals to acquire Latin Resources On-strategy, counter-cyclical acquisition to diversify revenue beyond Pilgangoora 29
Slide 30: All share mutually beneficial transaction
5 All share mutually beneficial transaction 1 On-strategy, counter-cyclical transaction to diversify revenue beyond Pilgangoora 2 Pilbara Minerals to unlock Salinas’ value by de-risking funding and development 3 Expected to be accretive to Pilbara Minerals shareholders 4 Delivers second 100% owned,
Slide 31: Salinas Lithium Project at a glance
at a glance Latin Resources’ Salinas Lithium Project (Salinas) is an advanced stage, Tier 1, hard-rock lithium development project located in an attractive mining jurisdiction Location Hard rock • Located in Lithium Valley, in the State of • Single open pit, hard rock mine BRAZIL Minas Gerais, Brazi
Slide 32: Markets
oe Pilbara Minerals Markets 32
Slide 33: Strong growth for EVs and investment in clean energy solutions
Strong growth for EVs and investment in clean energy solutions Global investment in energy 36 Global EV sales 35 (July 2019 – June 2024) 2000 1,800,000 1,600,000 1,400,000 Investment in 1500 clean energy now 1,200,000 almost double 1,000,000 investment in fossil fuels US$B Units 800,000 1000 600,000
Slide 34: Questions
oe Pilbara Minerals Questions 34
Slide 35: Contacts
Contacts Investor Relations James Fuller Manager, Investor Relations T: +61 (0) 488 093 763 James.Fuller@pilbaraminerals.com.au Media Michael Vaughan Fivemark Partners T: +61 (0) 422 602 720 35
Slide 36: Appendix A
Appendix A Additional operational and financial information 36
Slide 37: FY25 guidance
FY25 guidance 37 Production Unit operating cost (FOB) Capital expenditure Spodumene Concentrate A$650 - $700/dmt Total capital expenditure 800-840,000 dmt - $615 - $685M SC ~5.2%38 Production volume guidance in FY25 reflects FY25 expansion requires increased operating cost to Growth capital the inte
Slide 38: Appendix A1 – Physicals summary
Appendix A1 – Physicals summary Total Ore Mined and Processed Units Sep Q FY24 Dec Q FY24 Mar Q FY24 Jun Q FY24 FY23 FY24 Ore mined wmt 1,411,017 1,618,748 1,535,521 1,841,748 5,034,998 6,407,034 Waste material wmt 7,741,062 7,965,907 7,761,304 7,407,146 26,785,850 30,875,419 Total material mined wm
Slide 39: Appendix A2 – Reconciliation
Appendix A2 – Reconciliation Statutory P&L to Management P&L Profit or loss - Statutory Profit or loss – Management $M FY23 FY24 (%) Cross ref $M FY23 FY24 (%) Cross ref Operating revenue11 4,064 1,254 (69) A Operating revenue11 4,064 1,254 (69) A B excluding depreciation in Operating costs (776) (7
Slide 40: Appendix A3 – Reconciliation
Appendix A3 – Reconciliation Reconciliation – FY24 statutory net profit and EBITDA ($M) References A. Consolidated statement of profit or loss and other comprehensive income in the financials statements B. Refer note 2.3 in the financial statements C. Refer 2.1.2 in the financial statements EBITDA P
Slide 41: Appendix A4 – Reconciliation
Appendix A4 – Reconciliation Reconciliation – FY24 Statutory operating cost to unit cost References A. Operating costs per the financial statements Unit Cost (CIF) B. Refer to note 2.1.2 in the financial statements for $818/dmt (Based on 707.1k depreciation in operating costs tonnes sold) Unit Cost
Slide 42: End notes
End notes 1. For more information, refer to ASX release titled “55Mt increase in Ore Reserves to 214Mt” dated 24 August 2023 and the 2024 (POSCO - Pilbara Lithium Solution Co Ltd) from 18% to 30%. Refer to note 3.3 of the Financial Report for year ended 30 June Annual Report dated 23 August 2024 whi
Slide 43: Appendix B
Appendix B Important notices and other supporting information 43
Slide 44: Important notices
Important notices This document has been prepared by Pilbara Minerals Limited (“Pilbara” or “Pilbara Minerals” or the “Company”) and is dated 26 August 2024. Not an offer of securities This document is provided for informational purposes and does not constitute or contain an offer, invitation, solic
Slide 45: Important notices
Important notices Important Information regarding Mineral Resources, Ore Reserves and P680, P1000 and P2000 Projects Information in this document regarding production targets and expansions in nameplate capacity of the Pilgangoora Operation in respect of the P680, P1000 and P2000 projects are underp