Pls Group Limited · ASX:PLS
Pls — BMO Global Metals, Mining and Critical Minerals Conference 2026
25 slides from Pls's conference presentation, Feb 23, 2026
Slide 1: BMO Global Metals, Mining and Critical Minerals Conference
BMO Global Metals, Mining and Critical Minerals Conference For personal use only Built for the Cycle. Built for Value Creation. 23 February 2026 ASX: PLS
Slide 2: Our Purpose
Our Purpose For personal use only Vision A leader in the provision of materials supporting the global energy transition Mission Powering a sustainable energy future Li Strategic Operate Grow Chemicals Diversify pillars Deliver our Achieve full Extract greater Diversify operating potential of our val
Slide 3: Built for resilience through the lithium cycle
Built for resilience through the lithium cycle Scale, strength, discipline, and diversification For personal use only Asset quality and cost resilience 100% owned Tier-1 assets with growth potential and strong cost position that protects margins through the cycle GWANGYANG, SOUTH KOREA POSCO Pilbara
Slide 4: FY26 Interim half year results
FY26 Interim half year results Increase in sales and pricing supports strong financial outcomes For personal use only Sales Pricing Underlying NPAT EBITDA A$33M 1 446.0kt US$965/t A$253M 2 7% 40% 241% 147% vs H1 FY25 vs H1 FY25 vs H1 FY25 vs H1 FY25 Positioning Ngungaju restart approved – production
Slide 5: Building scale and strengthening margins
Building scale and strengthening margins Structural operating improvements are enhancing margin resilience through-the-cycle For personal use only Recovery Production Unit Operating Costs (%) (kt) (FOB A$/t) 870 Guidance range 77% 820 654 72% 627 68% 600 755 Guidance 725 range 560 1 2 2 FY24 FY25 H1
Slide 6: Potential production profile
Potential production profile Top 3 global primary lithium producer with further long-term production capacity potential For personal use only CY25 global lithium production – key peers Colina project4 (kt LCE primary production, attributable basis)1 (future) All future production subject to study ou
Slide 7: Lithium market update
Lithium market update For personal use only 7
Slide 8: Supply to fall materially short over next decade
Supply to fall materially short over next decade For personal use only Lithium supply and demand forecast (Mt LCE)1 Mine development cycles2 Years, discovery to production 1.8MT LCE supply 18 years to develop new mines from shortfall 1.8 discovery – 3 x increase (1990 – 2020) 18 16 5.5 2.2 11 6 1.5
Slide 9: The lithium refining landscape
The lithium refining landscape China controls the majority of refined lithium chemicals production capacity (‘midstream’), with the United States producing <1% of global supply with an opportunity to increase for more resilient supply chains. 68% For personal use only China North America Europe 1% 1
Slide 10: Positioned to create value through the cycle
Positioned to create value For personal use only through the cycle 10
Slide 11: Disciplined portfolio sequencing through the cycle
Disciplined portfolio sequencing through the cycle Preserved balance sheet strength; selectively activating value levers as fundamentals improve For personal use only Spodumene concentrate price (US$/t SC6.0, CIF China basis)1,2 1 CY23 → CY25 – Capital preservation phase 7,500 ✓ Preserved operating
Slide 12: Developing long-run cost advantage
Developing long-run cost advantage Cost Smart, operating scale and processing improvements driving sustained cost-out continuing into FY26 For personal use only Mining Processing Move to Owner- Reviews of key Efficiency Consumption Processing Operator model suppliers enhanced and review led to revie
Slide 13: Positive underlying EBITDA through the cycle
With this cost position, PLS generates positive underlying EBITDA through the cycle… For personal use only Realised price and FOB Unit Cost1,2 Underlying EBITDA (A$M)3,4 FOB Unit costs (US$/t) Realised Price (US$/t - SC5.3) Underlying EBITDA (A$M) Underlying EBITDA Margin (%) 100% 4,447 2100 82% Pos
Slide 14: Self-funds business while maintaining robust balance sheet
…and self funds its business while maintaining a robust balance sheet to invest in further growth For personal use only Cash flow bridge – 30 June 2022 to 31 December 20251 (A$M) Key projects status (128) (1,073) Through the last 3-year pricing cycle, P680 expansion PLS has generated significant cas
Slide 15: PLS is positioned to create value through the cycle
PLS is positioned to create value through the cycle As the lithium market expanded, PLS invested to transform its business and secure a structural advantage to capture value creating opportunities at the right time For personal use only …and to position it to capture value …and disciplined …allowed
Slide 16: Sequenced and disciplined
Sequenced For personal use only and disciplined 16
Slide 17: Ngungaju restart – disciplined capacity reactivation
Ngungaju restart – disciplined capacity reactivation Capital-light reactivation delivering incremental production capacity from July 2026 For personal use only Ngungaju operation restart approved • ~200ktpa1 Ngungaju plant to restart by July 2026. • Following sustained improvement in pricing and sec
Slide 18: Sequenced growth pipeline
Sequenced growth pipeline Upstream portfolio staged, subject to returns and market conditions For personal use only P2000 – Brownfields expansion (to ~2Mtpa) Colina Project – Greenfields development Study Timeline Study Timeline • Feasibility Study targeted • Feasibility Study targeted for release i
Slide 19: Growth optionality - chemicals
Growth optionality - chemicals Measured downstream investments provide diversification and long-term optionality For personal use only Image: Mid-Stream demonstration plant as at 29 January 2026 POSCO Pilbara Lithium Solution Lithium Hydroxide chemical facility • 18% minority interest in 43ktpa (nam
Slide 20: Questions
For personal use only Questions
Slide 21: Contacts
Contacts For personal 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 21
Slide 22: Appendix
For personal use only Appendix 22
Slide 23: Important notices
Important notices This document has been prepared by PLS Group Limited (PLS or the Group) and is dated 23 February 2026. For personal use only Not an offer of securities This document is provided for informational purposes and does not constitute or contain an offer, invitation, solicitation or reco
Slide 24: Important notices
Important notices Important Information regarding Mineral Resources, Ore Reserves For personal use only 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 expansio
Slide 25: Peer production data
Peer production data CY25e primary production (kt LCE) Operation Country Production Equity Attributable Source Mar'Q-25 Jun'Q-25 Sep'Q-25 Dec'Q-25 (kt LCE)1 (%) (kt LCE) (kt SCx) (% Li2O)2 (kt SCx) (% Li2O)2 (kt SCx) (% Li2O)2 (kt SCx) (% Li2O)2 PLS Group Limited Pilgangoora Australia 100 100% 100 P
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