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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
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Fair value
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A$9.1B
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A$7.9B
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A$2.3B
Debt
A$950.8M
6 newer ASX announcements not yet reflected in this valuation

People, delivery and responsibility

Management background checks

Evidence through 2026-10-31

Research assessment

Executive team

Rating locked: sign in to viewTeam rating and score are available to subscribers

PLS reports significant mining, financial and project experience and higher FY2026 production. The review identifies historical corporate environmental penalties, financial-reporting relief and safety context; it does not infer personal wrongdoing from company outcomes.

Decision-relevant facts

Material summary

Individual involvement and employer context shown separately

Dale Henderson

Managing Director and CEO

Current
Full background report for Dale Henderson
Company SuccessIssuer Reported · Medium materiality

FY2026 operating and financial results

The issuer reports FY2026 spodumene concentrate output of 879,543 dry tonnes, above its 820,000–870,000 tonne guidance, and statutory net profit after tax of A$525.8m versus an A$195.8m loss in FY2025. These outcomes reflect operations and market prices and are not attributable to the CEO alone.

Role overlaps event; causation unproven · CEO during both periods; team, market and other factors affect outcomes.

FY2026 annual report · Printed pages 2 and 18, highlights and production
EnvironmentDocumented · Medium materiality

Unapproved landfill enforcement

WA’s environmental regulator reported in 2019 that PLS paid A$22,500 in fines for constructing and operating the Pilgangoora landfill without approvals. The regulator does not identify Henderson as personally responsible.

Role overlaps event; causation unproven · He was PLS COO during the construction and operating period; the regulator’s release does not attribute personal fault.

Pilbara company fined for illegal landfill · Regulator media release, offence and payment
FY2022 annual report · Printed page 4, Henderson career
Evidence gaps · 3
  • Independent verification of reported qualifications and memberships remains incomplete.
  • Full prior-employer histories and person-specific regulator, court and incident records were not established.
  • This is limited public-record screening and does not establish absence of adverse information.

Full background report

Dale Henderson

Managing Director and CEO

Career chronology

  • 2017–present: PLS Group — Managing Director and CEO. FY2026 annual report (Printed page 10, executive team biography)

  • Before joining PLS in 2017; exact dates unknown: Fortescue, Occidental and Chevron — Senior resource-sector roles. FY2026 annual report (Physical page 12, Henderson biography)

Education and qualifications

Reported qualifications

As reported FY2026 · issuer reported · low materiality

BEng and fellow of AusIMM as reported by the issuer. Qualifications and active memberships were not independently verified.

Attribution: Responsibility not applicable. Issuer biography, not an independent credential check.

Relevance: Relevant to reported professional training.

FY2026 annual report (Printed page 10, executive team biography)

Contributions and company outcomes

FY2026 operating and financial results

FY2025–FY2026 · issuer reported · medium materiality

The issuer reports FY2026 spodumene concentrate output of 879,543 dry tonnes, above its 820,000–870,000 tonne guidance, and statutory net profit after tax of A$525.8m versus an A$195.8m loss in FY2025. These outcomes reflect operations and market prices and are not attributable to the CEO alone.

Attribution: Role overlaps event; causation unproven. CEO during both periods; team, market and other factors affect outcomes.

Relevance: Relevant to operational and financial delivery.

FY2026 annual report (Printed pages 2 and 18, highlights and production)

Environmental record

Unapproved landfill enforcement

2017–2019 · documented · medium materiality

WA’s environmental regulator reported in 2019 that PLS paid A$22,500 in fines for constructing and operating the Pilgangoora landfill without approvals. The regulator does not identify Henderson as personally responsible.

Attribution: Role overlaps event; causation unproven. He was PLS COO during the construction and operating period; the regulator’s release does not attribute personal fault.

Relevance: Environmental and operating controls during earlier growth.

Pilbara company fined for illegal landfill (Regulator media release, offence and payment); FY2022 annual report (Printed page 4, Henderson career)

Suitability for the current role

Experience relevant to current role

2017–present · analyst inference · medium materiality

The FY2026 annual report says Henderson joined PLS in 2017 as COO and became managing director and CEO in July 2022, following leadership positions with Fortescue, Occidental and Chevron. The assessment that this experience is relevant to the current mandate is an analyst inference; issuer statements do not establish individual outcomes.

Attribution: Responsibility not applicable. Issuer-reported chronology and inference, not an independently quantified achievement.

Relevance: Relevant to the assigned responsibilities.

FY2026 annual report (Printed page 10, executive team biography)

Evidence gaps

  • Independent verification of reported qualifications and memberships remains incomplete.

  • Full prior-employer histories and person-specific regulator, court and incident records were not established.

  • This is limited public-record screening and does not establish absence of adverse information.

Alex Willcocks

Chief Financial Officer

Current
Full background report for Alex Willcocks

No supported material findings selected. See this executive’s report and evidence gaps.

Evidence gaps · 3
  • Independent verification of reported qualifications and memberships remains incomplete.
  • Full prior-employer histories and person-specific regulator, court and incident records were not established.
  • This is limited public-record screening and does not establish absence of adverse information.

Full background report

Alex Willcocks

Chief Financial Officer

Career chronology

  • May 2026–present: PLS Group — Chief Financial Officer. FY2026 annual report (Printed page 10, executive team biography)

  • Before May 2026; precise individual start dates unknown: Wesfarmers — CFO, Wesfarmers Chemicals Energy & Fertilisers; former CFO, Kmart. Appointment of Chief Financial Officer (Page 1, appointment announcement)

Education and qualifications

Reported qualifications

As reported FY2026 · issuer reported · low materiality

Cambridge MA, CPA and CGMA as reported by the issuer. Qualifications and active memberships were not independently verified.

Attribution: Responsibility not applicable. Issuer biography, not an independent credential check.

Relevance: Relevant to reported professional training.

FY2026 annual report (Printed page 10, executive team biography)

Governance and interests

CFO commencement updated

December 2025–May 2026 · issuer reported · low materiality

The December 2025 appointment announcement originally anticipated a 25 May 2026 start; the April 2026 quarterly updated this to 1 May, and the FY2026 remuneration report confirms 1 May.

Attribution: Responsibility not applicable. Later source supersedes the earlier proposed date; no misconduct implied.

Relevance: Establishes tenure for evaluating results.

Appointment of Chief Financial Officer (Page 1, proposed date); March 2026 quarterly activities report (Page 6, executive update); FY2026 annual report (Physical page 158, footnote 5)

Suitability for the current role

Experience relevant to current role

May 2026–present · analyst inference · medium materiality

PLS says Willcocks was previously Wesfarmers Chemicals, Energy and Fertilisers CFO and Kmart CFO, having worked across the Wesfarmers group for more than 15 years. The assessment that this experience is relevant to the current mandate is an analyst inference; issuer statements do not establish individual outcomes.

Attribution: Responsibility not applicable. Issuer-reported chronology and inference, not an independently quantified achievement.

Relevance: Relevant to the assigned responsibilities.

FY2026 annual report (Printed page 10, executive team biography)

Evidence gaps

  • Independent verification of reported qualifications and memberships remains incomplete.

  • Full prior-employer histories and person-specific regulator, court and incident records were not established.

  • This is limited public-record screening and does not establish absence of adverse information.

Brett McFadgen

Chief Operating Officer

Current
Full background report for Brett McFadgen
SafetyIssuer Reported · Medium materiality

Reported operating safety performance

PLS reported four recordable injuries at Pilgangoora in the September 2026 quarter and a rolling group TRIFR of 2.36, down from 2.77 at June. FY2026 reporting identifies operational safety as delegated to the COO. These are company-reported measures, not findings about individual fault.

Role overlaps event; causation unproven · COO during reporting period; injury circumstances and individual responsibility not established.

September 2026 quarterly activities report · Pages 1–2, health and safety
FY2026 annual report · Printed pages 50–51, safety responsibilities
Evidence gaps · 4
  • Exact dates of Newcrest safety leadership and underlying incident records were not established.
  • Independent verification of reported qualifications and memberships remains incomplete.
  • Full prior-employer histories and person-specific regulator, court and incident records were not established.
  • This is limited public-record screening and does not establish absence of adverse information.

Full background report

Brett McFadgen

Chief Operating Officer

Career chronology

  • 2023–present: PLS Group — Chief Operating Officer. FY2026 annual report (Printed page 10, executive team biography)

  • Before 2023; exact dates unknown: Newcrest — Global Head of Health and Safety. Latin Resources scheme booklet (Section 6.7, executive profiles)

Education and qualifications

Reported qualifications

As reported FY2026 · issuer reported · low materiality

MBA and fellow of AusIMM as reported by the issuer. Qualifications and active memberships were not independently verified.

Attribution: Responsibility not applicable. Issuer biography, not an independent credential check.

Relevance: Relevant to reported professional training.

FY2026 annual report (Printed page 10, executive team biography)

Industrial safety

Reported operating safety performance

FY2026–September 2026 · issuer reported · medium materiality

PLS reported four recordable injuries at Pilgangoora in the September 2026 quarter and a rolling group TRIFR of 2.36, down from 2.77 at June. FY2026 reporting identifies operational safety as delegated to the COO. These are company-reported measures, not findings about individual fault.

Attribution: Role overlaps event; causation unproven. COO during reporting period; injury circumstances and individual responsibility not established.

Relevance: Relevant to operating and safety oversight.

September 2026 quarterly activities report (Pages 1–2, health and safety); FY2026 annual report (Printed pages 50–51, safety responsibilities)

Suitability for the current role

Experience relevant to current role

2023–present · analyst inference · medium materiality

PLS reports McFadgen joined in 2023 as operations GM, becoming COO in July 2025; he formerly held Newcrest global health and safety leadership and roles with Mineral Resources and Kalgoorlie Consolidated Gold Mines. The assessment that this experience is relevant to the current mandate is an analyst inference; issuer statements do not establish individual outcomes.

Attribution: Responsibility not applicable. Issuer-reported chronology and inference, not an independently quantified achievement.

Relevance: Relevant to the assigned responsibilities.

FY2026 annual report (Printed page 10, executive team biography); Latin Resources scheme booklet (Section 6.7, former Newcrest safety role)

Evidence gaps

  • Exact dates of Newcrest safety leadership and underlying incident records were not established.

  • Independent verification of reported qualifications and memberships remains incomplete.

  • Full prior-employer histories and person-specific regulator, court and incident records were not established.

  • This is limited public-record screening and does not establish absence of adverse information.

Sandra McInnes

Chief People and Sustainability Officer

Current
Full background report for Sandra McInnes

No supported material findings selected. See this executive’s report and evidence gaps.

Evidence gaps · 3
  • Independent verification of reported qualifications and memberships remains incomplete.
  • Full prior-employer histories and person-specific regulator, court and incident records were not established.
  • This is limited public-record screening and does not establish absence of adverse information.

Full background report

Sandra McInnes

Chief People and Sustainability Officer

Career chronology

Education and qualifications

Reported qualifications

As reported FY2026 · issuer reported · low materiality

BCom as reported by the FY2026 annual report. Qualifications and active memberships were not independently verified.

Attribution: Responsibility not applicable. Issuer biography, not an independent credential check.

Relevance: Relevant to reported professional training.

FY2026 annual report (Printed page 10, executive team biography)

Suitability for the current role

Experience relevant to current role

2023–present · analyst inference · medium materiality

PLS identifies McInnes as former Woodside vice-president of corporate affairs, joining PLS in 2023 to oversee sustainability and people functions. The assessment that this experience is relevant to the current mandate is an analyst inference; issuer statements do not establish individual outcomes.

Attribution: Responsibility not applicable. Issuer-reported chronology and inference, not an independently quantified achievement.

Relevance: Relevant to the assigned responsibilities.

FY2026 annual report (Printed page 10, executive team biography); Appointment of Chief Sustainability Officer (Page 1, appointment and former Woodside role)

Evidence gaps

  • Independent verification of reported qualifications and memberships remains incomplete.

  • Full prior-employer histories and person-specific regulator, court and incident records were not established.

  • This is limited public-record screening and does not establish absence of adverse information.

John Stanning

Chief Development Officer

Current
Full background report for John Stanning
Personal SuccessIssuer Reported · Medium materiality

Reported Altura transaction advice

The company reports Stanning advised it on the Altura acquisition and associated capital raising while at Macquarie, before his PLS appointment. It also reports his role covered more than 15 announced lithium transactions.

Individual involvement documented · The appointment release identifies his advisory role; individual contribution and transaction returns were not independently quantified.

Appointment of Chief Development Officer · Page 1, appointment announcement
Evidence gaps · 3
  • Independent verification of reported qualifications and memberships remains incomplete.
  • Full prior-employer histories and person-specific regulator, court and incident records were not established.
  • This is limited public-record screening and does not establish absence of adverse information.

Full background report

John Stanning

Chief Development Officer

Career chronology

Education and qualifications

Reported qualifications

As reported FY2026 · issuer reported · low materiality

MCom and BCom as reported by the FY2026 annual report. Qualifications and active memberships were not independently verified.

Attribution: Responsibility not applicable. Issuer biography, not an independent credential check.

Relevance: Relevant to reported professional training.

FY2026 annual report (Printed page 10, executive team biography)

Personal achievements

Reported Altura transaction advice

Before February 2023 · issuer reported · medium materiality

The company reports Stanning advised it on the Altura acquisition and associated capital raising while at Macquarie, before his PLS appointment. It also reports his role covered more than 15 announced lithium transactions.

Attribution: Individual involvement documented. The appointment release identifies his advisory role; individual contribution and transaction returns were not independently quantified.

Relevance: Prior transaction experience relevant to development.

Appointment of Chief Development Officer (Page 1, appointment announcement)

Suitability for the current role

Experience relevant to current role

2023–present · analyst inference · medium materiality

The company says Stanning joined in 2023 after co-heading Macquarie Capital Perth and advising PLS on the Altura acquisition and financing. The assessment that this experience is relevant to the current mandate is an analyst inference; issuer statements do not establish individual outcomes.

Attribution: Responsibility not applicable. Issuer-reported chronology and inference, not an independently quantified achievement.

Relevance: Relevant to the assigned responsibilities.

FY2026 annual report (Printed page 10, executive team biography); Appointment of Chief Development Officer (Page 1, prior Macquarie role and appointment)

Evidence gaps

  • Independent verification of reported qualifications and memberships remains incomplete.

  • Full prior-employer histories and person-specific regulator, court and incident records were not established.

  • This is limited public-record screening and does not establish absence of adverse information.

Paul Laybourne

Project Director

Current
Full background report for Paul Laybourne
LegalDocumented · Medium materiality

Roy Hill–Samsung commissioning dispute

A 2015 news account reports that a Roy Hill commercial director named Paul Laybourne provided an affidavit in a commissioning dispute with Samsung; the contractor disputed the allegations. PLS later reported that its project director of the same name held a senior Roy Hill role. The identity link has not been independently verified beyond name and employer, and the original court record and final dispute outcome were not located. The account does not allege wrongdoing by Laybourne.

Responsibility unresolved · Name and employer support a possible match, but identity and personal involvement in the cited dispute are not independently established.

Roy Hill accuses Samsung of delay · 26 November 2015 court report
Appointment of Project Director · Page 1, issuer states prior Roy Hill role
Evidence gaps · 5
  • The identity link between PLS project director Paul Laybourne and the Roy Hill commercial director named in the 2015 report is not independently confirmed beyond name and employer.
  • The complete court file and final outcome of the Roy Hill–Samsung commissioning dispute were not located.
  • Independent verification of reported qualifications and memberships remains incomplete.
  • Full prior-employer histories and person-specific regulator, court and incident records were not established.
  • This is limited public-record screening and does not establish absence of adverse information.

Full background report

Paul Laybourne

Project Director

Career chronology

  • 2023–present: PLS Group — Project Director. FY2026 annual report (Printed page 10, executive team biography)

  • Before joining PLS in 2023; exact dates unknown: Roy Hill — Senior project role (commercial director identified by a contemporaneous news account under the same name). Appointment of Project Director (Page 1, prior roles and Roy Hill project); Roy Hill accuses Samsung of delay (26 November 2015 report naming Roy Hill commercial director)

Education and qualifications

Reported qualifications

As reported FY2026 · issuer reported · low materiality

MSc as reported by the FY2026 annual report. Qualifications and active memberships were not independently verified.

Attribution: Responsibility not applicable. Issuer biography, not an independent credential check.

Relevance: Relevant to reported professional training.

FY2026 annual report (Printed page 10, executive team biography)

Litigation and enforcement

Roy Hill–Samsung commissioning dispute

2015 · documented · medium materiality

A 2015 news account reports that a Roy Hill commercial director named Paul Laybourne provided an affidavit in a commissioning dispute with Samsung; the contractor disputed the allegations. PLS later reported that its project director of the same name held a senior Roy Hill role. The identity link has not been independently verified beyond name and employer, and the original court record and final dispute outcome were not located. The account does not allege wrongdoing by Laybourne.

Attribution: Responsibility unresolved. Name and employer support a possible match, but identity and personal involvement in the cited dispute are not independently established.

Relevance: Relevant to prior project execution and contract context.

Roy Hill accuses Samsung of delay (26 November 2015 court report); Appointment of Project Director (Page 1, issuer states prior Roy Hill role)

Suitability for the current role

Experience relevant to current role

2023–present · analyst inference · medium materiality

The company reports Laybourne joined in 2023 and previously held project leadership roles at Roy Hill, Hancock Prospecting, WSP and Turner & Townsend. The assessment that this experience is relevant to the current mandate is an analyst inference; issuer statements do not establish individual outcomes.

Attribution: Responsibility not applicable. Issuer-reported chronology and inference, not an independently quantified achievement.

Relevance: Relevant to the assigned responsibilities.

FY2026 annual report (Printed page 10, executive team biography); Appointment of Project Director (Page 1, prior project roles)

Evidence gaps

  • The identity link between PLS project director Paul Laybourne and the Roy Hill commercial director named in the 2015 report is not independently confirmed beyond name and employer.

  • The complete court file and final outcome of the Roy Hill–Samsung commissioning dispute were not located.

  • Independent verification of reported qualifications and memberships remains incomplete.

  • Full prior-employer histories and person-specific regulator, court and incident records were not established.

  • This is limited public-record screening and does not establish absence of adverse information.

Danielle Webber

Company Secretary

Current
Full background report for Danielle Webber
GovernanceDocumented · High materiality

Subsidiary reporting omissions and Federal Court relief

In 2025 the Federal Court granted relief concerning Pilgangoora subsidiaries’ failures to complete requirements for consolidated financial-reporting relief. Webber investigated and provided evidence. The judge found any responsibility on her part resulted from human error without dishonesty or wilful disregard, and recorded steps to avoid recurrence.

Individual involvement documented · Court expressly considered her role and found she acted honestly; relief was granted, with no substantial injustice found.

Pilbara Minerals Limited [2025] FCA 890 · [9]–[14], [68]–[76], orders
Evidence gaps · 3
  • Independent verification of reported qualifications and memberships remains incomplete.
  • Full prior-employer histories and person-specific regulator, court and incident records were not established.
  • This is limited public-record screening and does not establish absence of adverse information.

Full background report

Danielle Webber

Company Secretary

Career chronology

  • 2019–before November 2023; individual role dates not established: PLS Group — Assistant and Deputy Company Secretary. 2024 annual report (Printed page 103, company secretary biography)

  • 8 November 2023–present: PLS Group — Joint Company Secretary, then Company Secretary. 2024 annual report (Printed page 103, company secretary biography); Company secretary transition (Page 1, joint secretary appointment and 24 November ASX contact transition)

Education and qualifications

Reported qualifications

As reported FY2026 · issuer reported · low materiality

The company reports BA Mass Communication, AGIA and ACG; independent checks remain incomplete. Qualifications and active memberships were not independently verified.

Attribution: Responsibility not applicable. Issuer biography, not an independent credential check.

Relevance: Relevant to reported professional training.

2024 annual report (Printed page 103, company secretary biography)

Governance and interests

Subsidiary reporting omissions and Federal Court relief

2018–2025 · documented · high materiality

In 2025 the Federal Court granted relief concerning Pilgangoora subsidiaries’ failures to complete requirements for consolidated financial-reporting relief. Webber investigated and provided evidence. The judge found any responsibility on her part resulted from human error without dishonesty or wilful disregard, and recorded steps to avoid recurrence.

Attribution: Individual involvement documented. Court expressly considered her role and found she acted honestly; relief was granted, with no substantial injustice found.

Relevance: Material to company secretarial controls and subsequent remediation.

Pilbara Minerals Limited [2025] FCA 890 ([9]–[14], [68]–[76], orders)

Suitability for the current role

Experience relevant to current role

2019–present (joined); company secretary from 8 November 2023 · analyst inference · medium materiality

The FY2024 report says Webber joined PLS in 2019 and held assistant and deputy company secretary positions before her joint secretary appointment on 8 November 2023. The 2023 notice says she would assume primary ASX contact responsibility from 24 November. Relevant fit is an analyst inference, and prior-role dates are not separately established.

Attribution: Responsibility not applicable. Issuer-reported chronology and inference, not an independently quantified achievement.

Relevance: Relevant to the assigned responsibilities.

2024 annual report (Printed page 103, company secretary biography); Company secretary transition (Page 1, joint secretary appointment and ASX contact transition)

Evidence gaps

  • Independent verification of reported qualifications and memberships remains incomplete.

  • Full prior-employer histories and person-specific regulator, court and incident records were not established.

  • This is limited public-record screening and does not establish absence of adverse information.