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Wednesday, January 02, 2019 10:21:16 AM

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Pilbara Minerals enters trading halt ahead of funding update


Pilbara Minerals Ltd (ASX:PLS) has been granted a trading halt by the ASX pending an announcement regarding funding for its stage II expansion of the Pilgangoora Lithium-Tantalum Project in Western Australia.

The halt will remain in place until the earlier of January 3, 2019, or until an announcement is released to market.

One of the world's largest spodumene deposits
The Pilgangoora Project is one of the biggest new lithium ore (spodumene) deposits in the world, with a globally significant hard rock spodumene resource.

The project is accessible by road, with access to existing infrastructure including port facilities at the port of Port Hedland.

A September 2016 definitive feasibility study (DFS) confirmed a robust, high margin project with a post-tax net present value (NPV) of A$709 million.

Construction commenced in January 2017 and the first concentrate shipment left port on 2 October 2018.

Stage II DFS estimates $2.16 billion valuation
In February 2018, Pilbara Minerals released a Pre-feasibility Study into the expansion of the Pilgangoora Project to a 5 million tonnes per annum operation.

Following the positive PFS, a new DFS commenced for a stage II, 5 million tonnes per annum expansion, which estimated a post-tax NPV of $2.16 billion.

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