Pilbara Minerals Reports Record Production and Sales in June 2023 Quarterly
Pilbara Minerals Limited
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Pilbara Minerals Reports Record Production and Sales in June 2023 Quarterly

Pilbara Minerals Limited, a leading lithium miner, announced its June 2023 Quarterly Activities Report, showcasing impressive growth in production and sales. The company achieved record-breaking results in multiple key areas, solidifying its position as a key player in the industry.

Record Quarter for Production

Pilbara Minerals achieved a significant milestone in production, with a 10% increase to 162. 8 thousand tonnes (kt) of spodumene concentrate in Q4 FY23. This marks the highest quarter since the commissioning of the company, underscoring the success of their continued processing improvements. Moreover, the production for FY23 met the top end of the upgraded production guidance, affirming the company's ability to meet and exceed expectations.

Surge in Sales

The company experienced a notable surge in sales, with a 22% increase to 176.

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3kt of spodumene concentrate in Q4 FY23. This growth was driven by ongoing customer demand, showcasing the industry's trust and reliance on Pilbara Minerals' high-quality products. The average estimated realised price for spodumene concentrate for the quarter was $3,256 per dry metric tonne (dmt) CIF China. On an SC6. 0 equivalent basis, the average estimated sales price was $3,714 per dmt CIF China.

Impressive Financial Outcomes

Pilbara Minerals' financial outcomes for Q4 FY23 demonstrated resilience and growth. While the revenue was 18% lower compared to the previous quarter, it still experienced a significant increase of 238% to $4. 0 billion for FY23. This decrease in revenue was offset by the 33% decline in average realised selling price, which was compensated by the increase in sales volume.

Tight Cost Management

Pilbara Minerals showcased effective cost management strategies, ensuring sustainable profitability. The unit operating cost (FOB) remained stable at $628 per tonne in Q4 FY23, while on a CIF basis, it improved by 15% to $976 per tonne. This improvement was primarily due to declining royalty and shipping costs, demonstrating the company's ability to optimise its efficiency and maintain competitive pricing.

Strong Cash Position

Pilbara Minerals experienced a healthy boost to its cash balance in Q4 FY23, with a 24% increase to $3. 3 billion. This growth was driven by the increase in proceeds from sales, offsetting the step-up in capital investment. The company's strong financial position positions it for future growth and expansion.

Strategic Projects on Schedule

Pilbara Minerals remains on track with its strategic projects. The P680 primary rejection facility, P1000 expansion project, and POSCO JV lithium hydroxide plant are progressing according to schedule. Additionally, the final investment decision (FID) for the Mid-Stream Demonstration Plant is imminent, showcasing the company's commitment to exploring new opportunities and advancing its operations.

Exploring Downstream Joint Ventures

Pilbara Minerals has initiated a partnership process for a potential downstream joint venture. This venture aims to utilise up to 300,000 tonnes per annum (tpa) of future unallocated spodumene concentrate from the P1000 expansion. Pilbara Minerals' proactive approach in exploring partnerships highlights its dedication to securing long-term growth and solidifying its position in the lithium market.

In conclusion, Pilbara Minerals Limited's June 2023 Quarterly Activities Report highlights its exceptional performance in production, sales, and financial outcomes. The company's commitment to cost management, strategic projects, and exploring new partnerships positions it as a frontrunner in the lithium industry. With its strong cash position and ambitious growth plans, Pilbara Minerals is gearing up for a prosperous future.

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