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Pilbara Minerals' giant Pilgangoora Lithium project near Port Hedland

Pilbara Minerals win Gov approval to build Pilgangoora

Pilbara Minerals’ is set to begin Lithium production at Pilgangoora in the first quarter of 2018 after the WA government approved the company’s mining proposal.

The latest milestone, combined with the previously approved native vegetation clearing permit and project management plan, clears the way for the start of major site works at the Pilbara based project.

Pilbara Minerals’ Managing Director, Ken Brinsden, said the company had achieved an enormous amount in a very short period of time and was on track to become the world’s next major Lithium supplier.

He said; “With the achievement of each of these important milestones, we have continued to de-risk the Pilgangoora project. Now, with project financing just around the corner, our shareholders can look forward to steady news-flow as we complete major construction milestones on site and move into the full-scale development phase — putting us on track to begin commissioning the project from the first quarter of next year.”

Project financing received a major boost last week with news that off-take agreements had been struck for all production from stage 1 of the project and up to 50% of stage 2.

Chinese company Ganfeng Lithium has committed to take 160,000 tonnes per annum of chemical grade spodumene concentrate over a 10-year term, with options to extend for a further 10 years.

This followed an off-take agreement last year with General Lithium for 140,000tpa and means Pilbara now have binding contracts for all production from Stage 1 of the development, processing 2Mtpa.

The breakthrough deal underwrites the revenues to be generated by Pilgangoora and clears the way for the completion of funding and a final investment decision.

Ganfeng have also committed to subscribe for not less than $US20 million in any equity placement by Pilbara Minerals to raise funds for Stage 1.

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BN30 Index

Index = 100 as of 4 Jan 2016
Source: Morningstar

Top 10 Shareholders

Substantial shareholders as published in the annual report.
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Total Shareholder Return as at 30/04/20

1 year TSR5 year TSR
280thTanami Gold5%6%
375thMatsa Resources-7%-5%
378thPioneer Resources-8%-8%
742ndPilbara Minerals-64%36%
674 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
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Share Transactions

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$0 Issued
12/12/19
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12/12/19
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Total value as at the date of the transaction
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Revenue

42nd↑Pilbara Minerals$43.4m
52nd↑Sundance Resources$25.2m
56th↑Tanami Gold$16.9m
59th↑Matsa Resources$12.2m
60th↑Pioneer Resources$10.9m
477 listed resources companies ranked by revenue.
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