As we touched on last month, PLS is dealing with higher costs, but it’s actively optimising operations to hit long-term guidance of ~$600/t via improved efficiencies. Pilbara isn’t profitable, having posted losses in the 1H25. However, with operational improvements and cost efficiencies are underway, PLS is set to turn the corner if lithium can build on recent gains.
- We couldn’t chase PLS around $2.30 from a risk/reward perspective, but the shorts do need to cover sometime, and this does feel like a major inflexion point for the sector.
MM is cautiously bullish toward PLS
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