Key facts
- PLS declared its first dividend on Monday.
- The company reported a full-year profit after tax of A$526 million ($377 million).
- Revenue increased by 152% to $1.93 billion.
- Underlying EBITDA was $1.137 billion with a 59% margin.
- Production reached 879.5k tonnes of spodumene concentrate, up 17%.
- A final dividend of 5 cents per share was declared, totaling $161 million.
- The company plans to release a feasibility study on doubling its Pilgangoora mine output capacity.
PLS, a prominent Australian lithium miner, has declared its inaugural dividend following a strong financial year marked by a significant increase in lithium prices. The company reported a full-year profit after tax of A$526 million ($377 million), a substantial turnaround from a loss in the previous year. Revenue surged by 152% to $1.93 billion, supported by record production of 879.5k tonnes of spodumene concentrate and an elevenfold rise in underlying earnings to $1.137 billion.
The rebound in lithium prices, with the realised price per tonne of 5.2% lithium spodumene reaching $2164 (more than double the previous year's amount), has prompted PLS to reinstate its dividend after a three-year hiatus. The company announced a fully franked final dividend of 5 cents per share, representing a total distribution of approximately $161 million.
PLS also reported a 9% reduction in unit operating costs to $569 per tonne (FOB) and ended the fiscal year with a cash balance of $2.29 billion. The company successfully accessed international debt capital markets with a $600 million bond issue. Looking ahead, PLS plans to release a feasibility study in the coming months on doubling the output capacity of its Pilgangoora mine in Western Australia and has approved $175 million in pre-investment for the P2000 project.
CEO Dale Henderson highlighted the company's through-cycle strategy, positioning the business to respond to improving market conditions. He noted the strong operational performance, financial strength, and confidence in the long-term lithium opportunity.