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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
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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

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$2.3B2025-09-30: 852,000,000 A$2025-12-31: 954,000,000 A$2026-03-31: 1,455,000,000 A$2026-06-30: 2,289,977,000 A$ Self Funding
Debt A$950.8M Net cash A$1.3B
Basic shares 3.2B 2026-10-12
Runway Self Funding Positive FY26 operating cash flow supports a self-funding producer classification. A burn-based cash runway is not meaningful; FY27 capital spending remains price-sensitive.

Liquidity

Financial position

Reported June cash is A$2,289.977m; cutoff cash is estimated separately after operating cash, dividend and dated payments. Lease cash is an operating deduction, so the lease liability is not deducted again from enterprise value.

Inventory composition1

Operating inventory already supports minecashflows; no separatebridge uplift.171.119 mcurrent plus 116.394 mnoncurrent.

Concentrate, ore stockpiles and consumables
A$287.5M carrying

Capital structure

Ownership and dilution

Ordinary shares
3.2B
Fully diluted
3.2B

Latest quoted shares are 3,225,946,768. Add 18,391,742 registered employee rights to obtain 3,244,338,510 fully diluted ordinary shares. The rounded June share count includes loan-backed shares; September quotation of 1,167,826 already issued loan shares and October trustee transfers are not new economic issuance. Small expired classes still registered are retained conservatively. The 79,603,050 convertible units are debt units, not ordinary shares; cash settlement and full debt deduction are assumed. Stock settlement would require sourced VWAP share equivalents and removal of settled debt.

Security classes11
ClassTypeQuantityStrikeExpiry
Quoted fully paid ordinary sharesOrdinary Share3.2B——
Registered employee share/performance/matching rights; expired classes retained conservatively until removedPerformance Right373.7KA$02026-12-31
Registered employee share/performance/matching rights; expired classes retained conservatively until removedPerformance Right3.7MA$02028-12-31
Registered employee share/performance/matching rights; expired classes retained conservatively until removedPerformance Right47.5KA$02026-08-31
Registered employee share/performance/matching rights; expired classes retained conservatively until removedPerformance Right8.6MA$02029-12-31
Registered employee share/performance/matching rights; expired classes retained conservatively until removedPerformance Right807.3KA$0—
Registered employee share/performance/matching rights; expired classes retained conservatively until removedPerformance Right1.7MA$0—
Registered employee share/performance/matching rights; expired classes retained conservatively until removedPerformance Right265.8KA$02027-06-30
Registered employee share/performance/matching rights; expired classes retained conservatively until removedPerformance Right20.5KA$02026-07-31
Registered employee share/performance/matching rights; expired classes retained conservatively until removedPerformance Right2.9MA$02027-12-31
Convertible bond units; repayment may be cash at issuer election, not ordinary-share quantityConvertible79.6M—2027-04-30

KPI history

Operating metrics

Source values by period
Operating metric source table24
MetricProjectPeriodPeriod typeValueStatus
Sep FY 26 productionPilgangooraSep FY26Quarter224,757 dmt spodumene concentrateReported
Sep FY 26 salesPilgangooraSep FY26Quarter214,025 dmt spodumene concentrateReported
Sep FY 26 throughputPilgangooraSep FY26Quarter1,050,348 dmt oreReported
Sep FY 26 recoveryPilgangooraSep FY26Quarter78.2 %Reported
Sep FY 26 unit costPilgangooraSep FY26Quarter540 AUD/t concentrateReported
Sep FY 26 cashCompanySep FY26Point In Time852,000,000 AUDReported
Dec FY 26 productionPilgangooraDec FY26Quarter208,022 dmt spodumene concentrateReported
Dec FY 26 salesPilgangooraDec FY26Quarter231,971 dmt spodumene concentrateReported
Dec FY 26 throughputPilgangooraDec FY26Quarter1,018,155 dmt oreReported
Dec FY 26 recoveryPilgangooraDec FY26Quarter75.8 %Reported
Dec FY 26 unit costPilgangooraDec FY26Quarter585 AUD/t concentrateReported
Dec FY 26 cashCompanyDec FY26Point In Time954,000,000 AUDReported
Mar FY 26 productionPilgangooraMar FY26Quarter232,436 dmt spodumene concentrateReported
Mar FY 26 salesPilgangooraMar FY26Quarter195,691 dmt spodumene concentrateReported
Mar FY 26 throughputPilgangooraMar FY26Quarter1,096,026 dmt oreReported
Mar FY 26 recoveryPilgangooraMar FY26Quarter75.4 %Reported
Mar FY 26 unit costPilgangooraMar FY26Quarter520 AUD/t concentrateReported
Mar FY 26 cashCompanyMar FY26Point In Time1,455,000,000 AUDReported
Jun FY 26 productionPilgangooraJun FY26Quarter214,327 dmt spodumene concentrateReported
Jun FY 26 salesPilgangooraJun FY26Quarter249,905 dmt spodumene concentrateReported
Jun FY 26 throughputPilgangooraJun FY26Quarter976,579 dmt oreReported
Jun FY 26 recoveryPilgangooraJun FY26Quarter76.8 %Reported
Jun FY 26 unit costPilgangooraJun FY26Quarter616 AUD/t concentrateReported
Jun FY 26 cashCompanyJun FY26Point In Time2,289,977,000 AUDReported
Company guidance4
MetricProjectPeriodLowHighStatus
Concentrate ProductionpilgangooraFY271,030,0001,100,000 dmt/yearCurrent
Fob Unit Operating Cost Excluding Freight And RoyaltiespilgangooraFY27575625 AUD/t concentrateCurrent
Capital Expenditure Including175Mp2000PrefidpilgangooraFY27620,000,000685,000,000 AUDCurrent
Concentrate ProductionpilgangooraFY26820,000870,000 dmt/yearAchieved

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-24Ann. 2026-08-24DividendA$161.3M——Completed—
2026-05-27DebtA$873.5M——Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-13

Primary filings cover Canmax, royalties, POSCO, Calix/ARENA/Ronbay, Ganfeng, PF Mineracao and historical FX contracts. The second floor contract lacks counterparty and committed volumes; plant unit margins are incomplete.

Binding 150 ktpa concentrate supply with a US$1,000/t SC 6 floor and no cap. Supply runs through mid-CY 28, with optional extension. The future shipment prepayment is a financing balance, not additional lifetime revenue.

Offtake · Active
Counterparties
Canmax Technologies
Applies to
Pilgangoora Operation · Lithium
Economic direction
Mixed
Period
2026-03-02 to 2028-06-30
Key terms
Annual binding supply: 150,000 t/year
Floor price: 1,000 USD/t SC6
Prepayment: 100,000,000 USD
Remaining contract liability: 138,303,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

A second post-year-end offtake has a US$1,000/t SC 6 floor and bank guarantee. Committed volume and counterparty are not disclosed; it provides qualitative downside support without extra modeled value.

Offtake · Active
Counterparties
Counterparty not disclosed
Applies to
Pilgangoora Operation · Lithium
Economic direction
Benefit
Period
Dates not stated
Key terms
Floor price: 1,000 USD/t SC6
Bank guarantee: 80,000,000 USD
Committed volume: — t
How it affects our valuation

No valuation treatment is available for this arrangement.

State and native-title royalties total 6% of FOB sales; private 5% royalty applies to acquired Altura ore only. Blended private mix is an analyst estimate.

Royalty · Active
Counterparties
Western Australia · Native title holders · Altura resource private royalty beneficiary
Applies to
Pilgangoora Operation · Lithium
Economic direction
Burden
Period
Dates not stated
Key terms
State royalty: 5 % FOB
Native title royalty: 1 % FOB
Private royalty: 5 % FOB
How it affects our valuation

No valuation treatment is available for this arrangement.

PLS currently owns 18% of P-PLS. Increasing to 30% requires new cash. The current investment and option rights are already attributable and must not be multiplied by ownership twice.

Joint Venture · Active
Counterparties
POSCO
Applies to
P-PLS hydroxide JV · Lithium
Economic direction
Mixed
Period
Dates not stated
Key terms
Current interest: 18 %
Call maximum interest: 30 %
Call option accounting value: 0 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

PLS owns 100% after purchasing Calix’s 45% interest. ARENA grant funding supports validation and Ronbay offtake supports product qualification; commercial margins are unproven. The A$5.7m second tranche is treated as paid before cutoff in estimated cash.

Strategic Partnership · Active
Counterparties
Calix · ARENA · Ningbo Ronbay
Applies to
Mid-Stream Demonstration Plant · Lithium
Economic direction
Mixed
Period
Dates not stated
Key terms
Ownership: 100 %
Grant maximum: 38,100,000 AUD
Tranche 2 purchase payable: 5,700,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Proposed 50/50 chemicals joint venture. Site choice, economic feasibility, financing and FID remain development gates.

Joint Venture · Conditional
Counterparties
Ganfeng Lithium
Applies to
Ganfeng downstream chemicals JV · Lithium
Economic direction
Mixed
Period
Through 2027-12-31; start date not stated
Key terms
PLS interest: 50 %
FIDdeadline: 2027-09-30 date
How it affects our valuation

No valuation treatment is available for this arrangement.

June FX contracts matured from July to September 2026, before cutoff. No long-term revenue hedge is inferred; the June liability is reserved pending cash-settlement reconciliation.

FX Hedge · Expired
Counterparties
FX counterparties
Applies to
Pilgangoora Operation · Lithium
Economic direction
Mixed
Period
Through 2026-09-30; start date not stated
Key terms
USD notional: 446,300,000 USD
Weighted rate: 0.71 USD/AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

A 70% exploration subsidiary with a 30% local partner. No standalone resource or cash-flow option uplift is supported.

Joint Venture · Active
Counterparties
Mineracao Felix LTDA
Applies to
PF Mineracao exploration JV · Lithium
Economic direction
Mixed
Period
Dates not stated
Key terms
PLS participation: 70 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Conditional adjacent mineral-rights purchase: US$30m completion plus US$7.5m by December2029/FID. Nominal payments and their present values are separately recorded; no undrilled resources are added.

Other · Conditional
Counterparties
Lithium Ionic group
Applies to
Colina Lithium Project · Lithium
Economic direction
Burden
Period
From 2026-08-13; no end date stated
Key terms
Total consideration: 37,500,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.