19 June 2026
PLS has approved pre-final investment decision (pre-FID) capital expenditure to provide the Company optionality to expedite the P2000 Project (P2000) at its 100% owned Pilgangoora Operation.
The disciplined pre-FID capital expenditure reflects PLS’ confidence in the long-term demand outlook for lithium and the Company’s strategy to deploy capital where it generates compelling long-term shareholder value.
The P2000 feasibility study, representing the potential expansion of the Pilgangoora Operation’s concentrate production capacity to approximately 2.0 Mtpa, continues to progress with outcomes expected to be released in the December Quarter 2026. The final investment decision (FID) for P2000 will remain subject to positive study outcomes, funding capacity and market conditions.
PLS is one of the world’s largest lithium producers. Subject to a positive FID, P2000 would represent the next major phase of growth at Pilgangoora and further strengthen the Company’s position amongst the leading global lithium producers.
The ~$175M pre-FID capital expenditure helps position PLS to deliver an FID in December Quarter 2026, which, if sanctioned by the PLS Board, is expected to target first ore in mid 2029. By preserving schedule optionality for P2000, PLS is positioning the project to respond to long-term lithium demand and potential supply-side constraints, while maintaining discipline around the timing of any formal FID.
The pre-FID capital expenditure will be made across three distinct work streams in financial year 2027 (FY27), each addressing a specific barrier to execution:
The planned pre-FID capital expenditure is structured to preserve capital value and maintain development flexibility, with the majority directed toward engineering, infrastructure and long-lead equipment procurement.
PLS Managing Director and CEO, Dale Henderson, said P2000 had the potential to represent the next major phase of growth at Pilgangoora and further strengthen PLS’ position as one of the world’s leading lithium producers.
“This pre-FID capital expenditure preserves optionality and maintains momentum along the critical path. By progressing long-lead procurement, engineering and early works now, we are positioning PLS to respond to future lithium demand while retaining optionality for the timing of any final investment decision.
We are commencing pre-FID activities from a position of operational strength, robust cash generation and a balance sheet that continues to build. Importantly, any final investment decision for P2000 will only be taken where study outcomes, funding capacity and market conditions support.
This is disciplined growth in action – investing early to create long-term value, while preserving flexibility in how and when we deploy major capital.”
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