EL7.AI
StocksMedium•27 October 2026•
3 min read

Pilbara Minerals’ September-quarter revenue reaches A$563 million

Key Facts

1September-quarter revenue was A$563 million, and FOB operating costs were A$539 per tonne, down 12%.
2The estimated selling price fell 14% to US$1,809 per tonne on a CIF China basis at approximately SC5.2 grade.
3Cash margin from operations was A$392 million, and cash reserves were A$2.217 billion on September 30.
4The company kept fiscal 2027 production guidance at 1.03 to 1.10 million tonnes.

Pilbara Minerals reported revenue of A$563 million for the September 2026 quarter, according to its quarterly activities report published on October 28. The estimated selling price fell to US$1,809 per tonne on a CIF China basis at an approximate SC5.2 grade, equivalent to US$2,077 per tonne on an SC6 basis. That was a 14% decline from the previous quarter, the report said. Meanwhile, FOB operating costs fell to A$539 per tonne, down 12% from the June quarter. Cash margin from operations was A$392 million, while cash reserves stood at A$2.217 billion on September 30. The results come amid a major investment expansion at the Pilgangoora mine, with the company leaving its annual production outlook unchanged.

The September report was initially scheduled for October 27 before its publication date was changed to October 28, according to a report published by Colitco on October 14. The data are significant because they provide a more recent reading on prices, costs and liquidity following the previous fiscal year’s performance. In fiscal 2026, PLS increased production by 17% to 879.5 thousand tonnes and sales by 17% to 891.6 thousand tonnes, according to the company’s annual results. The record figure of 232.4 thousand tonnes refers to production in the March 2026 quarter, not the September quarter. In that quarter, the average realized price rose 61% to US$1,867 per tonne. FOB unit operating costs also fell 11% to A$520 per tonne, while cash margin from operations rose 178% to A$461 million.

The company kept its fiscal 2027 production range at 1.03 to 1.10 million tonnes and maintained expected FOB operating costs at A$575 to A$625 per tonne. But it raised its capital expenditure guidance to a range of A$1.13 billion to A$1.195 billion. The expansion plan includes the P2000 project at Pilgangoora, which the company approved on October 15 at a cost of A$1.9 billion, describing it as the largest investment decision in its history. PLS said on-site infrastructure projects will require investment of up to A$650 million and are expected to reduce operating costs, improve productivity and strengthen operations over the long term. These investments distinguish targeted capacity growth from the results already recorded in the September quarter.

The company said the Ngungaju plant resumed operations in July and reached full operating status by the end of October. It also signed a 20-year power purchase agreement to supply the Pilgangoora operation with a committed minimum of 325 gigawatt-hours a year. PLS expects the agreement to reduce operating costs at the P2000 project by about A$15 to A$20 per tonne. The company links energy supply and infrastructure to the expansion’s targeted cost reductions. The fiscal 2027 production range and capital expenditure guidance set the framework markets will use to track project progress and costs in coming periods.