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2026-11-06
◂ Monitor PLS ASX

PLS Group Limited

Producer · Lithium · Australia · Brazil · South Korea · To be determined Rating locked: sign in to view v8 · pls-20261024t165242-full
Last 2026-11-06
A$2.83
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$9.1B
EV
A$7.9B
Cash
A$2.3B
Debt
A$950.8M
6 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

6 assets

Core asset

Pilgangoora Operation

Australia

Producer100% ownedLithium

Pilgan operates; Ngungaju restart began in July2026. P2000 capacity remains conditional on study, FID and funding.

Producer · Producer
Production annualised (attributable)
45.4k td
Production (last FY, 100%)
46.6k td
AISC (latest quarter)
—
AISC margin at spot
—
Delivery vs guidance
104.1%d
Reserve life
50.4 yrsd
Head grade
1.30% Li2O
Resources & reserves7
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured16M t ore1.27% Li2OLithium2026-06-30
Mineral ResourceIndicated354M t ore1.28% Li2OLithium2026-06-30
Mineral ResourceInferred70M t ore1.25% Li2OLithium2026-06-30
Mineral ResourceTotal440M t ore1.28% Li2OLithium2026-06-30
Ore ReserveProved10.1M t ore1.24% Li2OLithium2026-06-30
Ore ReserveProbable192.6M t ore1.16% Li2OLithium2026-06-30
Ore ReserveTotal202.7M t ore1.16% Li2OLithium2026-06-30
Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
P2000 key infrastructure works approvalWestern AustraliaGranted—Yes
Economic studies2
StudyStageStatusDateSummary
FY27 operating guidance and reserve-backed existing capacityOperating PlanCurrent2026-07-30FY27 issuer guidance: 1.030–1.100Mt production, A$575–625/t FOB unit costs and A$620–685m capital, including A$175m P2000 early works. Future P2000 timing and costs remain conditional.
P2000 PFSPFSSuperseded2024-06-21Original reserve-backed study: 23-year life, first ten years 1.895Mtpa SC5.2, A$1.193b capital with -20/+30% accuracy, 8% real discount and US$1,500/t SC6 price. Current feasibility timetable supersedes delivery dates.

Material

Colina Lithium Project

Brazil

Resource Stage100% ownedLithium

Feasibility is guided for December quarter2027; no final financed annual mine plan.

Resource / scoping · Resource stage
Contained metal (attributable)
948.9k td
Resource grade
1.24% Li2O
% Measured + Indicated
86.6%d
Resource tonnes
77.70 Mt
Our value per attrib. contained unit
Locked
Mining method
open pit concept
Resources & reserves5
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured Colina28.6M t ore1.31% Li2OLithium2026-06-30
Mineral ResourceIndicated Colina38.6M t ore1.23% Li2OLithium2026-06-30
Mineral ResourceInferred Colina3.6M t ore1.1% Li2OLithium2026-06-30
Mineral ResourceInferred Fog6.8M t ore0.87% Li2OLithium2026-06-30
Mineral ResourceTotal Colina and Fog77.7M t ore1.24% Li2OLithium2026-06-30

Material

P-PLS hydroxide JV

South Korea

Ramping Producer18% ownedLithium

PLS owns18% of a43ktpa refinery; FY26 batch production was11,471t, below full nameplate output.

Processing plant / refinery · Operating
Product and spec
battery-grade lithium hydroxide
Nameplate capacity
43.0k t lithium hydroxide/year
Throughput (12M)
—
Utilisation
26.7%d
Capital intensity (capex / tpa)
—
Feed source
Pilgangoora concentrate
Offtake contracted
—

Other

Mid-Stream Demonstration Plant

Australia

Ramping Producer100% ownedLithium

Commissioning began April2026. First product was guided for September quarter, but actual output was not confirmed by selected cutoff evidence.

Processing plant / refinery · Commissioning
Product and spec
lithium phosphate
Nameplate capacity
27.0k t concentrate/year
Throughput (12M)
—
Utilisation
—
Capital intensity (capex / tpa)
—
Feed source
Pilgangoora concentrate
Offtake contracted
—

Other

Ganfeng downstream chemicals JV

To be determined

PFS Developer50% ownedLithium

A proposed50/50 chemicals facility; site, FID and funding remain unresolved.

Processing plant / refinery · Study
Product and spec
—
Nameplate capacity
—
Throughput (12M)
—
Utilisation
—
Capital intensity (capex / tpa)
—
Feed source
—
Offtake contracted
—

Other

PF Mineracao exploration JV

Brazil

Early Explorer70% ownedLithium

A70% exploration subsidiary with a local partner; no separately quantified resource or cash-flow plan.

Exploration · Early explorer
Ownership
70%
Commodity
Li2Or
Country
BRr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—

d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)

Stock database

Other assets

Plants, holdings and assets valued inside a project
Listed equity investments · Other · Held
Ownership
100%
Description
Aggregate listed equity investments at reported carrying value
Book value
A$65.2md