PLS Group demonstrated resilient operational performance in its June Quarter FY26 activities update, delivering record annual production and sales that significantly exceeded market expectations. The company produced 880,000 tonnes for the full year, surpassing the top end of its 820-870 kilotonne guidance range, with the June quarter alone recording 249.9 kilotonne sales at an average estimated realised price of US$2,107 per tonne on a 5.2 percent lithium oxide basis. This combination of volume growth and strengthened pricing reflects both the operational excellence of its Pilgangoora asset and the structural demand dynamics supporting lithium markets.
The financial results underscore the underlying strength of the business. Group revenue reached $743 million in the quarter, representing a 31 percent increase compared to the March quarter, while sales pricing jumped 13 percent over the same period. More tellingly, the company’s cash balance expanded 57 percent sequentially to $2,290 million, with total liquidity standing at approximately $2,790 million as at 30 June 2026. The FY26 cash margin from operations of $1,356 million provides substantial financial flexibility for disciplined capital deployment and shareholder returns.
Operational efficiency remains a key competitive advantage. PLS achieved a unit operating cost of $569 per tonne on a free-on-board basis for the full year, landing at the bottom end of its $560-600 per tonne guidance range despite the capital intensity of the June quarter, which included restart costs for the Ngungaju processing plant. The Pilgangoora operation maintained lithium recovery rates of approximately 77 percent through the quarter, demonstrating the value creation from ore sorting technology, while mining throughput increased to 10.2 million tonnes per quarter in preparation for the Ngungaju expansion.
Capital expenditure of $328 million came in near the upper end of guidance, positioning the company for the next phase of production growth. The Ngungaju plant restart is progressing to schedule with the expectation of reaching pre care and maintenance production capacity within the first four months of FY27. This step change in processing capacity, combined with the company’s tier 1 Pilgangoora asset boasting an estimated 31 year mine life based on ore reserve guidance, provides visible medium-term growth optionality.
The announcement also signals management’s strategic flexibility around upstream and downstream diversification, with the P-PLS Chemical Facility in South Korea and the Colina Project in Brazil representing potential value creation avenues. Against the backdrop of a strong balance sheet and full operational control over 100 percent owned assets in Australia and Brazil, the company appears well positioned to navigate lithium market cycles while investing in long duration growth opportunities. Investors should monitor execution on the Ngungaju restart timetable and track lithium pricing trends in the period ahead, particularly how demand fundamentals support volume and price during the ramp-up phase. This announcement is price sensitive and has been flagged as material by the ASX.
View the full ASX announcement (PDF)
About PLS Group Limited (ASX: PLS)
PLS Group Limited is a global producer of lithium materials that explores, develops, and operates mineral resources with a focus on lithium extraction. The company owns and operates the Pilgangoora lithium mine in Western Australia’s Pilbara region and the Colina Project in Brazil, with spodumene concentrate primarily exported to lithium chemical converters in China. The company is also integrated into the lithium value chain through a joint venture with POSCO in South Korea for battery-grade lithium hydroxide production.
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