Posted on 27 Oct 2025
Australian lithium miner PLS, formerly Pilbara Minerals, on Friday posted higher quarter-on-quarter revenue for the first quarter of 2026 (FY26), reflecting higher realised pricing for lithium.
The company’s revenue increased 30% to AUD 251 million ($163.1m) for the three months ended 30 September, up from AUD 193m in the previous quarter. During the September quarter last year, it posted a revenue of AUD 210m, Kallanish notes.
In Q1 FY26, the average estimated realised price for spodumene concentrate was $742/tonne (CIF China) for 5.3% product grade, up 24% q-o-q. Price for the product with 6% lithium oxide content rose 20% to $841/t.
PLS produced 224,800 t of spodumene concentrate during the period, reflecting a slight 2% increase from the previous quarter. Sales remained relatively flat at 214,000 t, compared to 216,000 t in the June quarter.
Speaking to analysts during the earnings call, ceo Dale Henderson says that although near-term pricing conditions remain volatile, long-term lithium fundamentals remain robust.
“[Pricing] improved from the prior quarter, with both spodumene and lithium carbonate spot prices recording double-digit gains,” he notes. “During my recent visit to China last month, every one of our customers reiterated confidence in the long-term outlook and expressed strong interest in securing additional supply from PLS.”
“That continued demand and engagement underscore confidence in the sector’s fundamentals and the prospectivity of our product supply,” he adds.
However, the current prices are not incentivising new supply, the ceo says, pointing to “tighter markets ahead.” Yet, he believes PLS is “well positioned to lead through the cycle and capture value as market conditions improve.”
According to analysts at Jefferies, “PLS continues to display resilient price performance in a somewhat depressed spodumene market.” That said, the lithium market would need to, at the least, hold at current levels for the miner to meet the FY26 earnings outlook.
Source:Kallanish
