Pilbara Minerals Announces Significant Increase in Mineral Resource, Extending its Position as a World-Class Lithium Project

Australian-based lithium producer, Pilbara Minerals Limited (ASX: PLS), has recently announced a notable increase in mineral resources at its 100%-owned Pilgangoora Operation situated in Western Australia’s Pilbara region. The FY23 drill program, which involved 46,904 metres of drilling, led to a substantial Mineral Resource increase for the project, taking it up to 414 million tonnes (Mt).

Resource Upgrade Highlights

A 36% increase in the total Measured, Indicated, and Inferred Resource to 413. 8 million tonnes (Mt), containing 4. 75Mt of lithium oxide and 101. 8 million pounds of Ta2O5.

A 64% increase in the total Measured and Indicated Resource to 337.

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3Mt, containing 3. 94Mt of lithium oxide and 80. 9 million pounds of Ta2O5.

An enhanced overall resource confidence, with 82% of the Mineral Resource now classified as Measured and Indicated.

The updated Mineral Resource includes all results from the FY23 exploration and development drilling campaign testing down-dip extensions.

Maximising Value

The increased Mineral Resource reinforces Pilgangoora Operation, as one of the largest lithium deposits globally and is consistent with the company's strategy of maximising value by achieving the full potential from its world-class operation. The significant Mineral Resource upgrade was achieved with an exploration cost of only 13 cents per tonne of additional resource—the cost-effectiveness of which is an outstanding result, according to Pilbara Minerals’ Managing Director and CEO, Dale Henderson.

The updated Mineral Resource will underpin an Ore Reserve update that is currently being progressed for release in the September 2023 Quarter. Pilbara Minerals Limited is excited to identify other exploratory drill areas that may further expand production capacity beyond P1000. Therefore, the company's FY24 drilling campaign is already underway, identifying further extension targets.

The latest Mineral Resource update is a testament to Pilbara Minerals Limited's commitment to growth, and the company's efforts to position itself as a leading producer of lithium globally. The increase will undoubtedly extend the project's position as a world-class lithium project.

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