19 February 2026
PLS has approved the restart of the ~200 thousand tonnes per annum Ngungaju Plant at its Pilgangoora Operation in Western Australia, with production scheduled to resume in July 2026.
The restart follows sustained improvement in market conditions and customer demand.
Preparation works, including a crusher upgrade and plant readiness activities, were completed in the December Quarter 2025. Workforce recruitment, mobilisation and training will now commence, with an expected restart period of approximately four months.
Managing Director and CEO Dale Henderson said the restart decision reflects the Company’s disciplined strategy.
“The restart of the Ngungaju Plant demonstrates the disciplined through-the-cycle strategy we have executed – preserving operational capability and balance sheet strength during the downturn so we could respond decisively as conditions improved.
“Supported by customer contracting and strengthening market fundamentals, restart capital remains within our FY26 guidance, enabling us to bring approximately 200ktpa
of additional production capacity back online with limited execution risk and enhanced volume leverage.”
In addition, PLS has updated the expected timing of its major growth studies as market conditions continue to improve.
The P2000 feasibility study is now expected to be completed in the December Quarter 2026. The project would expand production capacity at Pilgangoora to approximately 2.0Mtpa, subject to a Final Investment Decision.
The Colina feasibility study is now expected to be completed in the December Quarter 2027. The timeline has been extended to allow for additional drilling and further technical and engineering work to strengthen the long-term development plan.
“Beyond Ngungaju, our growth options are sequenced and returns-driven. P2000 represents a material brownfield expansion opportunity progressing through feasibility, while at Colina we are investing in resource growth and expanding the development study to optimise long-term scale and economics. Both projects remain 100% owned and controlled by PLS, with production volumes currently unallocated, providing strategic flexibility as we progress toward investment decisions.
“PLS enters this phase from a position of strength, and our capital allocation framework remains unchanged – any growth will be advanced selectively, preserving financial flexibility and ensuring a clear pathway to attractive long-term returns for shareholders.”
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