Pilbara Minerals Limited (PILBF)

[TradingCharts]

ASX / MEDIA ANNOUNCEMENT Thursday, 28 April 2022
MARCH 2022 QUARTERLY ACTIVITIES REPORT

KEY POINTS
Production and sales
• Production of 81,431 dry metric tonnes (dmt) of spodumene concentrate (December
Quarter: 83,476 dmt). Production volumes impacted by resourcing shortfalls in staff and
contractors as a function of COVID-19 impacts and the tight labour market.
• Spodumene concentrate shipments of 58,383 dmt (December Quarter: 78,679 dmt),
impacted by a port delay in loading a ~20,000 dmt cargo, which was scheduled for late
March (departed Port Hedland on 7 April).
• Average spodumene price reference for sales in the March Quarter of US$2,650/dmt (SC
6.01
, CIF China basis), in line with prior guidance (being US$2,600-3,000/dmt CIF China
SC6.0 basis).
• Tantalite concentrate sales totalled 12,880 lbs (December Quarter: 29,038lbs).
Lithium market
• Price of US$5,650/dmt (SC 5.5, FOB Port Hedland basis) achieved under Battery Material
Exchange (“BMX”) auction conducted on 27 April 2022. Equates to an estimated price of
US$6,250/dmt (SC6.0, CIF China basis).
• Strong sales price dynamic during the March Quarter, with battery grade chemical pricing
suggesting another significant step-up in the offtake concentrate sales price during the
June Quarter.
Project development
• Pilgan Plant Improvements Project successfully commissioned, with installed production
capacity now re-rated from 330ktpa to 360-380ktpa of spodumene concentrate.
• Staged restart of production from the Ngungaju Plant continued. Load commissioning of
fines flotation circuit commenced on 9 April 2022.
• Scoping Study completed for Mid-Stream Project, providing preliminary support for the
development and construction of a demonstration plant chemicals facility at Pilgangoora,
producing value-added lithium phosphate salts via an innovative calcination and refining
process.
• A Life Cycle Assessment was completed for the Pilgangoora Project identifying
opportunities for decarbonisation at both Pilgangoora and within the supply chain
downstream.
Corporate
• Operating cashflow of $113.9M delivers Quarter-end cash balance of $284.9M, inclusive of
$75.2M of irrevocable bank letters of credit for shipments completed up to 31 March 2022

http://www.pilbaraminerals.com.au/site/PDF/3770128c-7c96-403e-abcf-fde1947756b9/March2022QuarterlyActivitiesReport