54% INCREASE IN JUNE QUARTER PRODUCTION DRIVES SIGNIFICANT INCREASE
IN CASH BALANCE
KEY POINTS
• Significant increase in estimated June Quarterly production to 123-127,000 dry
metric tonnes (dmt) of spodumene concentrate (~54% increase from the March
Quarter: 81,431dmt).
• FY22 annualised production now expected to be in the range of 373–377,000 dmt
(~33% increase from FY21: 281,098dmt), and at the upper end of the previous
guidance range of 340-380,000dmt.
• Estimated shipments for the June Quarter of ~127–132,000dmt (~ 118% increase from
the March Quarter: 58,383dmt).
• Total shipments for FY22 expected to be in the range of 355–360,000dmt (~26%
increase from FY21: 281,440dmt).
• 30 June 2022 cash balance expected to be in the range of ~A$850-855M, inclusive of
~A$269M of irrevocable bank letters of credit (March Quarter: A$284.9M, inclusive of
A$75.2m of LOC’s).
Pilbara Minerals Limited (ASX: “PLS”) (“Pilbara Minerals” or the “Company”) provides the
following update on June Quarter production and shipment activities at its 100%-owned
Pilgangoora Project in Western Australia.
The Pilgangoora Operation is set to achieve a significant increase in spodumene
concentrate production for the June Quarter of 123-127,000dmt (March Quarter 81,431dmt).
This will result in FY22 annual production of 373-377,000dmt, which is at the upper end of
the previous guidance range of 340-380,000dmt.
Despite various operational challenges during the year, including impacts from COVID-19
and labour shortages, the Company is pleased to have finished FY22 strongly to achieve the
higher end of production guidance. After overcoming production challenges early in the
June Quarter, Pilbara Minerals is closing the June Quarter with a strong operational
performance that demonstrates the Company’s ability to achieve annualised production
targets previously announced.
On the back of these production outcomes, the Company is likely to achieve June Quarter
shipments of 127-132,000/dmt (March Quarter: 58,383dmt), with annual sales for FY22 likely to be ~355-360,000dmt (FY21: 281,440dmt). Shipments for the June Quarter included a
cargo of 20,000dmt that was delayed as a result of berth access constraints at the end of
the March Quarter. This vessel subsequently sailed from Port Hedland on the 7th of April 2022.
The Company has seen further improvements in pricing outcomes during the June
Quarter, reflecting strong demand conditions. Further details on selling price outcomes
will be included in the Company’s upcoming June Quarterly Report, to be released on 28 July 2022.

Production from the Ngungaju Plant’s coarse concentrate circuit during the June Quarter
was consistent with plan, with wet commissioning (introduction of ore) to the fines flotation
circuit commencing in early April, followed by optimisation work during the remainder of
the Quarter. The Company expects the Ngungaju Plant to achieve nameplate capacity of
180-200ktpa during the September 2022 Quarter. Further optimisation work of the
Ngungaju Plant planned during the September Quarter is expected to support the
consistent achievement of name-plate production metrics.
Following the successful commissioning of the Pilgan Plant Improvements Project,
production capacity at this facility is now re-rated from 330ktpa to 360-380ktpa of
spodumene concentrate.
The combined production capacity of the entire Pilgangoora Operation will therefore
achieve a run rate of 540-580,000tpa by the end of the September Quarter 2022. The
combined production from both plants for the month of June to date supports the
Company’s ability to achieve this production run-rate.
Pilbara Minerals is targeting its next BMX auction for the second week of July 2022. Further
auctions are anticipated in the near term as the ramp-up of the Company’s Pilgangoora
Operations to full nameplate capacity continues, resulting in more uncontracted tonnes
being sold on a spot basis via the BMX platform.
Strong market pricing conditions have been experienced during the June Quarter which,
when combined with the increased shipment volumes achieved, will lead to a substantial
increase of ~A$565M in the Company’s estimated 30 June 2022 cash position to ~A$850-
$855M, including ~A$269M of irrevocable bank letters of credit (31 March 2022: A$284.9M
including A$75.2M of LOC’s) and after payment of capital, finance and corporate costs.
Unit cost (FOB Port Hedland excluding royalties)1 guidance for concentrate shipped from
the Pilgan operation during the June Quarter is now expected to be in the range of A$650-
A$680/dmt (March Quarter: A$632/dmt FOB Port Hedland excluding royalties). This
compares to the guidance released to the market on 28 April 2022 of A$490-A$530/dmt
(FOB Port Hedland excluding royalties).
Costs for the Quarter include substantial investment in mining activities and people to
support the planned expanded operation for both the Ngungaju ramp-up and associated
increase in production capacity from the P680 Project. Inflationary pressures have been
encountered by the Company during the Quarter, with a 40% increase in net diesel fuel
prices compared to the March Quarter (and negatively impacted by the short term 50%
reduction in the fuel tax rebate).
In addition, higher reagent costs (including related logistics) and labour costs associated
with the buoyant labour market for the WA mining industry (inclusive of bonus structures
to attract and retain employees) also contributed to cost increases.
The impact of COVID-19 affected the number of personnel on site and, ultimately, impacted
operational performance. Unit costs were also impacted by the absence of tantalum
production during the Quarter, as the operations deliberately targeted ore feed from the
South Pit to maximise lithia units to take full advantage of favourable market conditions.
Release authorised by Dale Henderson, Pilbara Minerals Limited’s CEO.

1 Unit operating costs (FOB Port Hedland excluding royalties) include mining, processing, transport, native title
costs, port charges, and site based general and administration costs and are net of Ta2O5 by-product credits. It is
calculated on an incurred basis (including accruals), and includes inventory movements, and credits for capitalised deferred mine waste development costs.

CONTACTS
Investors / shareholders
David Hann
Investor Relations Specialist
Ph. +61 (0)8 6266 6266