Pilbara Minerals Limited’s Post

Transcript

I'm pleased to share the highlights of our full year results for the 2024 financial year. Although it was a lower pricing environment for lithium, the team has delivered a strong set of results for the financial year, reinforcing our position as a global leader in lithium production. So that disciplined execution of our strategic plan. Firstly, I'm proud of the team's strong improvement and safety with a notable 27% reduction in our total recordable injury frequency rate to 3.4. This is testament to our teams dedication to continuous improvement and pursuing a safer working environment and working closely with our contracting partners. As it relates to production, a 17% increase in spodumene concentrate production was achieved on the prior year with 725,000 tonnes produced. While the average realized price was lower on the prior year, our strong sales volume and ongoing focused on cost improvement have enabled the group to maintain a solid EBITDAR margin of 43. Send This strong uplift in production was achieved through the successful completion of the P680 primary rejection facility. The addition of this new facility also demonstrated unit operating cost benefits care of this larger combined operation. We look forward to further extending the scale benefit following the completion of the upcoming P-1000 project, which has also progressed during the year. Beyond these current expansion steps, the P 2000 project pre feasibility study was completed. Offering a potential further growth step in production up to 2,000,000 tonnes per annum. This study outcome followed the 35% reserve upgrade that occurred earlier in the year. This uplifted reserve and potential production expansion underscores our commitment to unlocking the full potential of our assets. This potential expansion would further reinforce Pilgrim Minerals position as a major lithium supply globally. In line with our chemicals priority of our strategy. The production ramp up is underway for the POSCO Pilbara Minerals. When Pincher Chemical plant in South Korea and back at the Pilgrim Gora side in Australia, constructionist commenced on the midstream chemicals demonstration plant project. Both of these initiatives are key as we position to extract greater value along the battery materials supply chain. As it relates to our diversification priority of our strategy, subsequent to the year end, we announced a binding scheme implementation agreement for the acquisition of Latin Resources. This strategic counter cyclic acquisition will further diversify our business. Adding a second 100% owned Hard Rock lithium asset that is expected to be highly accretive to our shareholders overtime. We are excited about the value of this transaction will create and look forward to updating the market as we progress. Lastly, subsequent to the end of the financial year, Pilgrim Minerals has received credit approved commitments from a banking group for a new $1 billion revolving credit facility, which will enable Pilgrim Minerals to mature its capital structure, providing further financial flexibility and liquidity. Today, we also released our 2024 sustainability Report, which highlights the significant strides we've made this year on our sustainability journey. I'm pleased to share the progress we've made on several key initiatives this year. We became a participant of the UN Global Compact, released our Power strategy and finalised our biodiversity strategy. We established 7 new community partnerships, bringing our total to 11 multi year community partnerships in addition. They also launched a grassroots community grants program. We launched our first reconciliation action plan, and I'm also proud to say our graduate program received national recognition. And finally, we continue to make improvements on the diversity front, increasing the percentage of women across the company, including at the board, executive and management level. At Pilgrim Minerals, our aim is to create an inclusive and empowered workplace, provide economic returns to our shareholders. And create shared value within the community. We're committed to building on the progress we've made to become a leader in driving a sustainable energy future. A huge thank you to the team for their efforts in preparing this year sustainability report. As we look forward, the 2025 financial year promises to be another exciting year for the Pilgrim Minerals team. The focus will remain building on our strengths, extending our low cost position as a scale operator, disciplined capital deployment to scale the operation and lockstep with the lithium market. Growth and preserving our strong balance sheet. Thank you to all our shareholders and stakeholders. We look forward to again updating in the future as we progress. Thank you very much.