The company noted strong demand conditions for its spodumene concentrate had underpinned a 577 per cent increase in sales revenue to $1.2 billion.
Pilbara shipped 361,035t of spodumene concentrate in the year, representing a 28 per cent increase from the previous year’s 281,440t.
It also revealed an average sales price of $US2382 per dry metric tonne delivered a substantial increase in gross margin to $853.5m, compared with just $46.2m in the year prior.
It ended the year with cash of $714.3m.
Managing director Dale Henderson said it had been an incredible year for Pilbara Minerals, with the company’s Pilgangoora operation capitalising on surging demand for lithium raw materials.
“The restart of the Ngungaju plant during the year, together with capacity improvements at the Pilgan plant enabled increased production volumes to sell into this strong pricing environment,” he said.
Mr Henderson said the result had transformed the company’s balance sheet and put it in an enviable position as it entered the new financial year.
“The Ngungaju plant is on-track to achieve its nameplate production capacity of 180,000-200,000tpa during the September quarter, increasing our combined annual production capacity across the Pilgangoora operation from both plants to 540,000-580,000tpa of spodumene concentrate,” he said.
“Having recently approved the expansion to grow production by a further 100,000tpa to a combined 640,000-680,000tpa, and with the company now progressing towards a final investment decision to expand production to 1Mtpa, Pilbara Minerals commences financial year 2023 in an exceptionally strong position.”
